Document:

Form of Limited Guaranty

 Exhibit 10.7 

 

			
	  
	 	

 LIMITED GUARANTY 

THIS LIMITED GUARANTY (this “Guaranty”) dated as of June 10, 2011, made by STRATEGIC STORAGE TRUST, INC., a Maryland
corporation (“Guarantor”), to and for the benefit of ING LIFE INSURANCE AND ANNUITY COMPANY, a Connecticut corporation (“Lender”). 
 W I T N E S S E T H: 
 WHEREAS, Lender has agreed to make a loan (the
“Loan”) to                     , a Delaware limited liability company (“Borrower”), in the aggregate principal amount of
$            ; 
 WHEREAS, the Loan is to be evidenced by a
Promissory Note made by Borrower to Lender dated on or about this same date (as the same may be extended, renewed, refinanced, refunded, amended, modified or supplemented from time to time, the “Note”); 

WHEREAS, the Note is to be secured by, inter alia, a Deed to Secure Debt and Security Agreement (as the same may be amended, modified or
supplemented from time to time, the “Security Deed”), and an Assignment of Rents and Leases (as the same may be amended, modified or supplemented from time to time, the “Assignment”), each of even date herewith and each intended
to be recorded in the Office of the Clerk of the Superior Court of              County,             ; 

WHEREAS, Guarantor has a significant interest in Borrower, and is familiar with the financial condition of Borrower and the transactions
contemplated by the Note, Security Deed and the Loan Documents (capitalized terms not defined herein shall have the meanings assigned to them in the Security Deed), expects to derive material benefits from the contemplated uses of the proceeds of
the Loan, and desires that Lender make the Loan; 
 WHEREAS, Guarantor acknowledges receipt of a copy of the Note, the Security
Deed, the Assignment, and the other Loan Documents; and 
 WHEREAS, the execution and delivery by Guarantor of this Guaranty is
a condition to Lender’s obligation to make the Loan to Borrower; 
 NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by Guarantor, and intending to be legally bound, Guarantor hereby agrees as follows: 

ARTICLE I 

GUARANTY 

1.01. Guarantied Obligations. Guarantor hereby unconditionally and irrevocably guaranties to Lender the due, punctual and full
payment and performance of, and covenants with Lender to duly, punctually and fully pay and perform, and to be fully liable to Lender for, the following (including without limitation reasonable attorney’s fees and disbursements and collections
costs incurred in connection therewith) (collectively, the “Guarantied Obligations”): 
 (i) the
application of rents, security deposits, or other income, issues, profits, and revenues derived from the Premises after the occurrence of an Event of Default to anything other than (a) normal and necessary operating expenses of the Premises or
(b) the Indebtedness evidenced by the Note. It is understood that any rents collected more than one month in advance as of the time of the Event of Default shall be considered to have been collected after the Event of Default; 

  
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 (ii) any loss, cost or damages arising out of or in connection with fraud or
material misrepresentations to Lender by Borrower (or by any of its general partners, officers, shareholders, members, or their agents, if applicable); 
 (iii) any loss, cost or damages arising out of or in connection with Borrower’s misuse or misapplication of (a) any proceeds paid under any insurance policies by reason of damage, loss or
destruction to any portion of the Premises, or (b) proceeds or awards resulting from the condemnation or other taking in lieu of condemnation of any portion of the Premises, for purposes other than those set forth in the Security Deed;

 (iv) any loss, cost or damages arising out of or in connection with any waste of the Premises or any portion
thereof and all reasonable costs incurred by Lender in order to protect the Premises; 
 (v) any taxes,
assessments and insurance premiums for which Borrower is liable under the Note, the Security Deed or any of the other Loan Documents and which are paid by Lender (but not the proportionate amount of any such taxes, assessments and insurance premiums
which accrue following the date of foreclosure [plus any applicable redemption period] or acceptance of a deed in lieu of foreclosure) and excluding any taxes, assessments and insurance premiums funds for the payment of which have been escrowed with
Lender by Borrower; 
 (vi) any loss, costs or damages arising out of or in connection with the covenants,
obligations, and liabilities under the Environmental Indemnification Agreement of even date herewith entered into by and among Borrower and Guarantor for the benefit of Lender; 

(vii) any loss, cost or damages to Lender arising out of or in connection with any construction lien, mechanic’s
lien, materialman’s lien or similar lien against the Premises arising out of acts or omissions of Borrower; 

(viii) any loss, costs or damages arising out of or incurred in order to cause the Improvements (as defined in the Deed of
Trust) to comply with the accessibility provisions of The Americans with Disabilities Act and each of the regulations promulgated thereunder, as the same may be amended from time to time and which are required by any governmental authority;

 (ix) the total Indebtedness in the event that Borrower or Guarantor voluntarily files a petition in bankruptcy
or commences a case or insolvency proceeding under any provision or chapter of the Federal Bankruptcy Code; 

(x) any loss, cost or damage, resulting from any act of Borrower or its general partners, shareholders, beneficiaries, or
members, as the case may be, to obstruct, delay or impede Lender from exercising any of its rights or remedies under the Loan Documents; 
 (xi) the total Indebtedness in the event that (a) Borrower makes an unpermitted transfer of an interest in the Borrower or in the Premises without the prior written approval of Lender, or
(b) Borrower makes an unpermitted encumbrance on the Premises or an interest in Borrower without the prior written approval of Lender; and 
 (xii) all third party costs and fees, including without limitation reasonable attorney fees, incurred by Lender in the enforcement of subparagraphs (i) through (xi) above. 

1.02. Guaranty Unconditional. The obligations of Guarantor hereunder are continuing, absolute and unconditional, irrespective of
any circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a guarantor or surety. Without limiting the generality of the foregoing, the obligations of Guarantor hereunder shall remain in full force and
effect without regard to, and shall not be released, discharged or in any way affected by: 

  
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 (a) any amendment, modification or supplement to the Security Deed, the Note or any other
Loan Document; 
 (b) any exercise or nonexercise of or delay in exercising any right, remedy, power or privilege under or in
respect of this Guaranty, the Security Deed, the Note or any other Loan Document (even if any such right, remedy, power or privilege shall be lost thereby), or any waiver, consent, indulgence or other action or inaction in respect thereof;

 (c) any bankruptcy, reorganization, insolvency, arrangement, composition, assignment for the benefit of creditors or similar
proceeding commenced by or against Borrower or Guarantor or any discharge, limitation, modification or release of liability of the Borrower or Guarantor by virtue of such proceedings; 

(d) any failure to perfect or continue perfection of, or any release or waiver of, any rights given to Lender in the Premises as security
for the performance of any of the Guarantied Obligations; 
 (e) any extension of time for payment or performance of any of the
Guarantied Obligations; 
 (f) the genuineness, validity or enforceability of the Loan Documents; 

(g) any limitation of liability of Borrower, or of any or all of the holders of ownership interests in Borrower, contained in any Loan
Document; 
 (h) any defense that may arise by reason of the failure of Lender to file or enforce a claim against the estate of
Borrower in any bankruptcy or other proceeding; 
 (i) any voluntary or involuntary liquidation, dissolution, sale of all or
substantially all of the property of, or any marshaling of assets and liabilities or other similar proceeding affecting, Borrower or Guarantor or any of its respective assets; 
 (j) the release of Borrower, or Guarantor, from performance or observance of any of the agreements, covenants, terms or conditions contained in the Loan Documents by operation of law; 

(k) the failure of Lender to keep Guarantor advised of Borrower’s financial condition, regardless of the existence of any duty to do
so but not in any way implying any obligation contractual or otherwise to do so; 
 (l) any sale or other transfer of the
Premises or any part thereof or any foreclosure by Lender on the Premises or any part thereof; 
 (m) any counterclaim,
recoupment, set-off, reduction or defense used in any claim Guarantor may assert or now or hereafter have against the Lender, the Borrower or Guarantor; or 
 (n) any other circumstances which might otherwise constitute a legal or equitable discharge of a guarantor or surety. 
 No set-off, claim, reduction or diminution of any obligation, or any defense of any kind or nature which Borrower or Guarantor now has or hereafter may have against Lender, shall be available hereunder to
Guarantor against Lender. Guarantor acknowledges that Lender may agree that it shall not in any foreclosure proceeding in respect of all or any portion of the Premises seek or obtain a deficiency judgment against Borrower, and that the obligations
of Guarantor shall in no way be diminished or otherwise affected by the failure to seek or obtain a deficiency judgment. 

1.03. No Notice or Duty to Exhaust Remedies. Guarantor hereby waives diligence, presentment, demand, protest, acceptance of this
Guaranty, and all notices of any kind, and waives any requirement that Lender exhaust any right or remedy, or proceed first or at any time, against Borrower or any other guarantor of, or any 

  
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security for, any of the Guarantied Obligations. This Guaranty constitutes an agreement of suretyship as well as of guaranty, and Lender may pursue its rights and remedies under this Guaranty and
under the other Loan Documents in whatever order, or collectively, as Lender may elect, and shall be entitled to payment and performance hereunder notwithstanding such other Loan Documents and notwithstanding any action taken by Lender or inaction
by Lender to enforce any of its rights or remedies against any other guarantor or any other person or property whatsoever. 

1.04. Waiver of Subrogation. Notwithstanding any payments made or obligations performed by Guarantor by reason of this Guaranty
(including but not limited to application of funds on account of such payments or obligations), Guarantor hereby irrevocably waives and releases any and all rights it may have at any time (whether arising directly or indirectly, by operation of law,
contract or otherwise) (a) to assert any claim against Borrower or any other person, or against any direct or indirect security, on account of payments made or obligations performed under or pursuant to this Guaranty, including without
limitation any and all rights of subrogation, reimbursement, exoneration, contribution or indemnity, or (b) to require the marshaling of any assets of Borrower, which right of marshaling might otherwise arise from payments made or obligations
performed under or pursuant to this Guaranty, and any and all rights that would result in such Guarantor being deemed a “creditor” under the United States Bankruptcy Code of Borrower or any other person. 

1.05. Subordination of Indebtedness. Guarantor agrees that all indebtedness of Borrower to Guarantor, whether now existing or
hereafter created, direct or indirect, contingent, joint, several, independent, due or to become due, or held or to be held by Guarantor, whether created directly or acquired by assignment or otherwise (the “Subordinated Indebtedness”), be
and hereby is expressly subordinated and junior in right of payment to all of the Guarantied Obligations. Until the Loan is repaid in full, Guarantor shall take no action to enforce payment of any Subordinated Indebtedness by Borrower. 

1.06. Waivers. Guarantor hereby waives (a) notice of the execution and delivery of any of the Loan Documents, (b) notice
of the creation of any of the Guarantied Obligations, (c) notice of the Lender’s acceptance of and reliance on this Agreement, (d) presentment and demand for payment of the Guarantied Obligations and notice of non-payment and protest
of non-payment of the Guarantied Obligations, (e) any notice from the Lender of the financial condition of the Borrower regardless of the Lender’s knowledge thereof, (f) demand for observance, performance or enforcement of, or notice
of default under, any of the provisions of this Guaranty or any of the Loan Documents, and all other demands and notices otherwise required by law which Guarantor may lawfully waive, excepting therefrom notices which are expressly required by the
Loan Documents, if any, (g) any right or claim to cause a marshaling of the assets of the Borrower or Guarantor, and (h) any defense at law or in equity on the adequacy or value of the consideration for this Guaranty. Guarantor hereby
waives and relinquishes any duty on the part of the Lender (should any such duty exist) to disclose to such or any other guarantor any matter of fact or other information related to the business, operations or condition (financial or otherwise) of
the Borrower or its properties or to any Loan Document or the transactions undertaken pursuant to, or contemplated by, any such Loan Document, whether now or in the future known by the Lender. Guarantor further expressly waives any rights under or
arising out of                     . Guarantor hereby waives and relinquishes any duty on the part of the Lender (should any such duty
exist) to disclose to such or any other guarantor any matter of fact or other information related to the business, operations or condition (financial or otherwise) of the Borrower or its properties or to any Loan Document or the transactions
undertaken pursuant to, or contemplated by, any such Loan Document, whether now or in the future known by the Lender. 
 1.07.
Consents. Without notice to, or further consent of, Guarantor, Guarantor hereby consents that the Lender may at any time and from time to time on one or more occasions (a) renew, extend, accelerate, subordinate, change the time or manner
of payment or performance of, or otherwise deal with in any manner satisfactory to the Lender any of the terms and provisions of, all or any part of the Guarantied Obligations, (b) waive, excuse, release, change, amend, modify or otherwise deal
with in any manner satisfactory to the Lender any of the provisions of any of the Loan Documents, (c) release the Borrower or Guarantor, (d) waive, omit or delay the exercise of any of its powers, rights and remedies against the Borrower
or Guarantor or any collateral and security for all or any part of the Guarantied Obligations, (e) release, substitute, subordinate, add, fail to maintain, preserve or perfect any of its liens on, security interests in or rights to, or
otherwise deal with in any manner satisfactory to the Lender, any collateral and security for all or any part of the Guarantied Obligations, and/or the Indebtedness under the Note or the obligations under the Security Deed or other Loan Documents,
(f) apply any payments of all or any of the 

  
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Guarantied Obligations received from the Borrower or Guarantor, or any other party or source whatsoever, to the Guarantied Obligations in such order and manner as the Lender in its sole and
absolute discretion may determine, or (g) take or omit to take any other action, whether similar or dissimilar to the foregoing which may or might in any manner or to any extent vary the risk of Guarantor or otherwise operate as a legal or
equitable discharge, release or defense of Guarantor under applicable laws. 
 ARTICLE II 

REPRESENTATIONS AND COVENANTS 
 2.01. Representations. Guarantor hereby represents to Lender that: 
 (a)
Guarantor has a financial interest in Borrower, and Guarantor will receive a material benefit and advantage from the making of the Loan. 
 (b) Since the date of the last financial statements provided to Lender, there has been no material adverse change in the assets, net worth, credit standing or other financial condition of Guarantor. As of
the date of this Guaranty, there has been no material litigation filed or threatened by or against, nor any judgment entered against, Guarantor. As of the date of this Guaranty, no petition in bankruptcy or insolvency has been filed by or against
Guarantor, nor has any application been made for the appointment of a receiver or trustee relating to the business or assets of Guarantor, nor has Guarantor made an assignment for the benefit of creditors or taken any other similar action.

 (c) Guarantor has full power and authority to enter into this Guaranty, and the execution, delivery, and performance of this
Guaranty does not violate any judgment or order of any court, agency or other governmental body by which Guarantor is bound, or any Certificate or Articles of Incorporation, Bylaws, Partnership Agreement or other charter, organizational or governing
document of Guarantor, and does not violate or constitute any default under any agreement or instrument by which Guarantor is bound. 
 (d) Guarantor has established adequate means of obtaining financial and other information pertaining to the business, operations and condition (financial and otherwise) of the Borrower and its properties
on a continuing basis and that Guarantor is now and will in the future remain fully familiar with the business, operations and condition (financial and otherwise) of the Borrower and its properties. 

(e) Guarantor has reviewed and approved each of the Loan Documents and is fully familiar with the transaction contemplated by the Loan
Documents and that it will in the future remain fully familiar with such transaction and with any new Loan Documents and the transactions contemplated by such Loan Documents. 
 2.02. Covenants. Guarantor hereby covenants to Lender that: 
 (a) Promptly
upon becoming aware thereof, Guarantor shall give Lender notice of the commencement, existence or threat of any proceeding by or before any governmental authority having jurisdiction over the Premises (whether federal, state, local or municipal)
against or affecting Guarantor which, if adversely decided, would have a material adverse effect on the business, operations, or financial condition of Guarantor or on its ability to perform its obligations hereunder. 

(b) Guarantor shall permit such persons as Lender may designate to examine Guarantor’s books and records and take copies and
extracts therefrom and to discuss the affairs of Guarantor with its officers, employees and independent accountants at such times and as often as Lender may reasonably request provided Lender gives reasonable notice thereof. Guarantor hereby
authorizes such officers, employees and independent accountants to discuss with Lender the affairs of Guarantor. 
 (c)
Guarantor shall furnish to Lender within 90 days after the last day of each fiscal year of Guarantor, or upon written request by Lender if an Event of Default under the Loan Documents has occurred, financial statements of Guarantor in form and
content reasonably satisfactory to Lender. In addition, upon Lender’s request, 

  
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Borrower shall promptly provide copies of all annual federal or state income tax returns required to be filed by Guarantor; Guarantor covenants to pay all taxes shown on such returns when due.

 (d) If Guarantor is a corporation, limited liability company, or partnership, Guarantor shall not (i) dissolve or
(ii) sell, transfer or otherwise dispose of all or a substantial part of its assets except with Lender’s prior written consent or in a bona fide, arm’s length transaction and for a fair and reasonable consideration. Guarantor may
merge or consolidate with another entity provided that Guarantor provides Lender with reasonable advance written notice thereof, (y) the surviving entity’s net financial condition is not materially less than Guarantor’s net financial
condition immediately prior to said merger or consolidation and (z) the surviving entity executes such assumption or other documents as reasonably required by Lender. 
 ARTICLE III 
 DEFAULTS AND REMEDIES 

3.01. Event of Default. The occurrence of any one or more of the following events shall constitute an Event of Default under the
provisions of this Guaranty, and the term “Event of Default” as used in this Guaranty shall mean the occurrence of any one or more of the following events: (a) the failure of Guarantor to promptly pay or perform all or any part of the
Guarantied Obligations within ten (10) days after written demand therefor, (b) any representation or warranty made herein or any financial statement or other information furnished by Guarantor pursuant hereto shall prove to have been false
or misleading in any material respect on the date as of which the same was made or furnished, (c) the failure of Guarantor to observe, perform and comply with any of the covenants set forth in section 2.02 of this Guaranty, and such failure
shall continue uncured for a period of ten (10) days from the date of notice thereof from the Lender to Guarantor, or (d) the commencement or filing of any proceedings by or against Guarantor or any of Guarantor’s assets or properties
under the provisions of any bankruptcy, reorganization, arrangement, insolvency, receivership, liquidation or similar law for the relief of debtors, and, except with respect to any such proceedings instituted by Guarantor, are not discharged within
ninety (90) days of their commencement. 
 3.02. Rights and Remedies. Upon the occurrence of an Event of Default
under the provisions of this Guaranty, an amount equal to the total of the Guarantied Obligations then outstanding (whether matured or unmatured and regardless of whether any portion of such Guarantied Obligations are then due and payable by the
Borrower) shall immediately and automatically be due and payable by Guarantor to Lender without further action by, or notice of any kind from, Lender unless expressly provided for herein, and the Lender may at any time and from time to time
thereafter exercise any powers, rights and remedies available to the Lender under the provisions of this Guaranty, the Loan Documents and applicable laws to enforce and collect the obligations and liabilities of Guarantor hereunder, all such powers,
rights and remedies being cumulative and enforceable alternatively, successively or concurrently. Guarantor shall pay to Lender on demand the amount of any and all costs and expenses, including, without limitation, court costs and reasonable
attorney’s fees and expenses, paid or incurred by or on behalf of the Lender in exercising any such powers, rights and remedies, together with interest thereon from the date due until paid in full at the Default Rate (as defined in the Note).
Each and every Event of Default hereunder shall give rise to a separate cause of action hereunder, and separate actions may be brought hereunder as each cause of action arises. No failure or delay by the Lender in one or more instances to require
strict performance by Guarantor of any of the provisions hereof or to exercise any powers, rights or remedies available to it under the provisions of this Guaranty, the Loan Documents or applicable laws shall operate as a waiver thereof or preclude
Lender at any later time or times from demanding strict performance thereof or exercising any such powers, rights or remedies. No conduct, custom or course of dealing shall be effective to waive, amend, modify or release this Guaranty. No
modification or waiver of any of the provisions of this Guaranty shall be effective unless it is in writing and signed by the Lender, and any such waiver shall be effective only in the specific instance and for the specific purpose for which it is
given. 
 3.03. Effect of Bankruptcy Proceedings. This Guaranty shall continue to be effective, or be automatically
reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Guarantied Obligations is rescinded or must otherwise be restored or returned by Lender as a preference, fraudulent conveyance or otherwise under any
bankruptcy, insolvency or similar law, all as though such payment had not been made. If an Event of Default at any time shall have occurred and be continuing or exist and declaration of default or acceleration

  
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under or with respect to any of the Loan Documents shall at such time be prevented by reason of the pendency against Borrower of a case or proceeding under any bankruptcy or insolvency law,
Guarantor agrees that, for purposes of this Guaranty and Guarantor’s obligations hereunder, such Loan Documents shall be deemed to have been declared in default or accelerated with the same effect as if such Loan Documents had been declared in
default and accelerated in accordance with the terms thereof, and Guarantor shall forthwith pay the Guarantied Obligations in full without further notice or demand. 
 ARTICLE IV 
 MISCELLANEOUS 

4.01. Further Assurances. From time to time upon the request of Lender, Guarantor shall promptly and duly execute, acknowledge and
deliver any and all such further instruments and documents as Lender may reasonably deem necessary or desirable to confirm this Guaranty, to carry out the purpose and intent hereof or to enable Lender to enforce any of its rights hereunder.

 4.02. Amendments, Waivers, Etc. This Guaranty cannot be amended, modified, waived, changed, discharged or terminated
except by an instrument in writing signed by the party against whom enforcement of such amendment, modification, waiver, change, discharge or termination is sought. 
 4.03. No Implied Waiver; Cumulative Remedies. No course of dealing and no delay or failure of Lender in exercising any right, power or privilege under this Guaranty or any other Loan Document shall
affect any other or future exercise thereof or exercise of any other right, power or privilege; nor shall any single or partial exercise of any such right, power or privilege or any abandonment or discontinuance of steps to enforce such a right,
power or privilege preclude any further exercise thereof or of any other right, power or privilege. The rights and remedies of Lender under this Guaranty are cumulative and not exclusive of any rights or remedies which Lender would otherwise have
under the other Loan Documents, at law or in equity. 
 4.04. Notices. (a) All notices, demands, requests, and other
communications desired or required to be given hereunder (“Notices”), shall be in writing and shall be given by: (i) hand delivery to the address for Notices; (ii) delivery by overnight courier service to the address for Notices;
or (iii) sending the same by United States mail, postage prepaid, certified mail, return receipt requested, addressed to the address for Notices. 
 (b) All Notices shall be deemed given and effective upon the earlier to occur of: (i) the hand delivery of such Notice to the address for Notices; (ii) one business day after the deposit of such
Notice with an overnight courier service by the time deadline for next day delivery addressed to the address for Notices; or (iii) three business days after depositing the Notice in the United States mail as set forth in (a)(iii) above. All
Notices shall be addressed to the following addresses: 
  

			
	Guarantor:	  	Strategic Self Storage Trust, Inc.
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, CA 92694
		  	Attn: H. Michael Schwartz
		
	With a copy to:	  	Mastrogiovanni Schorsch and Mersky, P.C.
		  	2001 Bryan Street, Suite 1250
		  	Dallas, Texas 75201
		  	Attn: Charles Mersky, Esq.
		
	Lender:	  	ING Life Insurance and Annuity Company
		  	c/o ING Investment Management LLC
		  	5780 Powers Ferry Road, NW, Suite 300
		  	Atlanta, Georgia 30327-4349
		  	Attention: Mortgage Loan Servicing Department

  
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		  	 and

		
		  	ING Investment Management LLC
		  	5780 Powers Ferry Road, NW, Suite 300
		  	Atlanta, Georgia 30327-4349
		  	Attention: Real Estate Law Department
		
	With a copy to:	  	Nyemaster Goode, P.C.
		  	700 Walnut, Suite 1600
		  	Des Moines, Iowa 50309

 or to such other persons or at such
other place as any party hereto may by Notice designate as a place for service of Notice. Provided, that the “copy to” Notice to be given as set forth above is a courtesy copy only; and a Notice given to such person is not sufficient to
effect giving a Notice to the principal party, nor does a failure to give such a courtesy copy of a Notice constitute a failure to give Notice to the principal party. 
 4.05. Expenses. Guarantor agrees to pay or cause to be paid and to save Lender harmless against liability for the payment of all out-of-pocket expenses, including reasonable fees and expenses of
counsel for Lender, incurred by Lender from time to time arising in connection with Lender’s enforcement or preservation of rights under this Guaranty, including but not limited to such expenses as may be incurred by Lender in connection with
any default by Guarantor of any of Guarantor’s obligations hereunder. 
 4.06. Continuing Agreement. This Guaranty
shall be a continuing one and shall be binding upon Guarantor regardless of how long before or after the date hereof any of the Guarantied Obligations were or are incurred, and all representations, warranties, covenants, undertakings, obligations,
consents, waivers and agreements of Guarantor herein shall survive the date of this Guaranty and shall continue in full force and effect until all Guarantied Obligations have been indefeasibly paid in full and no commitments therefor are
outstanding. 
 4.07. Jurisdiction. Guarantor after consultation with counsel irrevocably (a) agrees that Lender may
bring suit, action or other legal proceedings arising out of this Guaranty in the courts of the State of              in
             County, or the United States District Court in the federal judicial district in which the Premises is located; (b) consents to the jurisdiction of each such court
in any such suit, action or proceeding; (c) consents to service of process in any such suit, action, or proceeding by the mailing of copies of such process to Guarantor by certified or regular mail at the notice address provided herein;
(d) waives any objection which Guarantor may have to the laying of the venue of any such suit, action or proceeding in any of such courts; and (e) waives any right Guarantor may have to a jury trial in connection with any such suit, action
or proceeding. 
 4.08. Severability. If any term or provision of this Guaranty or the application thereof to any person
or circumstance shall to any extent be invalid or unenforceable, the remainder of this Guaranty, or the application of such term or provision to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be
affected thereby, and each term and provision of this Guaranty shall be valid and enforceable to the full extent permitted by law. 
 4.09. Counterparts. This Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an
original, but all such counterparts shall constitute but one and the same instrument. 
 4.10. Governing Law. This
Guaranty shall be governed by, and construed in accordance with, the laws (excluding conflicts of laws rules) of the State of             . 

4.11. Joint and Several. If there is more than one guarantor, the obligations of Guarantor hereunder shall be joint and several.

 4.12. Successors and Assigns. This Guaranty shall bind Guarantor and Guarantor’s heirs, executors, successors and
assigns, and shall inure to the benefit of Lender and its successors and assigns. 

  
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 4.13. Time is of the Essence. Time is of the essence in connection with all
obligations of Guarantor hereunder. 
 4.14. Assignment. The Lender may, without notice or consent to Guarantor, assign
or transfer all or any part of the Guarantied Obligations and this Guaranty will inure to the benefit of Lender’s assignee or transferee; provided that the Lender shall continue to have the unimpaired right to enforce this Guaranty as to that
part of the Guarantied Obligations the Lender has not assigned or transferred. In connection with any such assignment, transfer, or the grant of any participation in all or a part of the Guarantied Obligations, the Lender may divulge to any
potential or actual assignee, transferee or participant all reports, financial or other information and documents furnished or executed in connection with this Guaranty. 
 4.15. WAIVER OF JURY TRIAL. GUARANTOR, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHT GUARANTOR MAY
HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED ON OR ARISING OUT OF THIS AGREEMENT OR INSTRUMENT, OR ANY RELATED INSTRUMENT OR AGREEMENT, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS, WHETHER ORAL OR
WRITTEN, OR ACTION OF ANY PARTY HERETO. GUARANTOR SHALL NOT SEEK TO CONSOLIDATE BY COUNTERCLAIM OR OTHERWISE, ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THESE
PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY ANY PARTY HERETO EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY ALL PARTIES. 
 4.16. Acknowledgment. The undersigned further acknowledge having received advice from legal counsel to the undersigned as to the nature and extent of all waivers set forth in this Guaranty.

 4.17. Gender; Number; Terms. Words and phrases herein shall be construed as in the singular or plural number and as
masculine, feminine or neuter gender, according to the context. The use of the words “herein,” “hereof,” “hereunder” and other similar compounds of the word “here” shall refer to this entire Guaranty and not
to any particular section, paragraph or provision. 
 IN WITNESS WHEREOF, Guarantor has duly executed and delivered this
Guaranty to be effective as of the date first above written. 
  

					
	STRATEGIC STORAGE TRUST, INC., a Maryland corporation
			
	By:	 	  
	 	(SEAL)
	Name:	 	  
	 	
	Title:	 	  
	 	

  
 Page 9 of 9Seventh Amendment to Second Amended and Restated Loan and Security Agreement

 Exhibit 10.31 
 SEVENTH AMENDMENT 
 TO 

SECOND AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT 
 THIS SEVENTH AMENDMENT to Second
Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into this 9th day of June, 2011 (the “Amendment Date”), by and between SILICON VALLEY BANK (“Bank”) and
QUICKLOGIC CORPORATION, a Delaware corporation (“Borrower”), whose address is 1277 Orleans Drive, Sunnyvale, California 94089-1138. 
 RECITALS 
 A. Borrower and Bank have previously entered into
that certain Second Amended and Restated Loan and Security Agreement dated as of June 30, 2006 (as amended, modified, supplemented or restated, from time to time, the “Loan Agreement”). 

B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. Borrower has requested that Bank amend the Loan Agreement and Bank has agreed to so amend certain provisions of the Loan Agreement,
but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the
Loan Agreement. 
 2. Amendments to Loan Agreement. 

2.1 Section 13 (Definitions). The following definition set forth in Section 13.1 of the Loan Agreement is hereby
amended in its entirety and replaced with the following: 
 “Revolving Maturity Date” is June 28, 2012

 2.2 Disclosure Letter. The Disclosure Letter delivered in connection with the Second Amended and Restated Loan and
Security Agreement is hereby amended in its entirety and replaced with the Disclosure Letter attached as Exhibit I to this Amendment. All references to the Disclosure Letter in the Loan Documents shall be deemed to refer to the Disclosure
Letter attached hereto. 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may
have in the future under or in connection with any Loan Document. 

  
 1 

 3.2 This Amendment shall be construed in connection with and as part of the Loan
Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as
follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained
in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and
(b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and
deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The
organizational documents of Borrower delivered to Bank on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this
Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction
with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly
executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium
or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 5.
Costs and Expenses. Borrower shall pay to Bank all of Bank’s out-of-pocket costs and expenses (including, without limitation, the fees and expenses of its counsel), arising in connection with the preparation, execution, and delivery of this
Amendment and all related documents. 

  
 2 

 6. Counterparts. This Amendment may be executed in any number of counterparts and all
of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 7. Effectiveness. This
Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) Bank’s receipt of a loan fee in the amount of $10,000, fully earned and payable to Bank as of the
Amendment Date. 
 [Signature page follows.] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	BANK 	 		 	BORROWER
			
	Silicon Valley Bank	 		 	QuickLogic Corporation
					
	By:	 	        /S/ RICK FREEMAN
	 		 	By:	 	        /S/ RALPH
MARIMON

									
	Name:	 	    Rick Freeman
	 		 	Name:	 	    Ralph
Marimon

									
	Title:	 	     Relationship Manager
	 		 	Title: 	 	     Chief Financial Officer

  
 S-1

 Seventh Amendment to Second Amended and Restated Loan and Security Agreement 

 EXHIBIT I 

Disclosure Letter 

  
 Exhibit I

 DISCLOSURE LETTER 

To: Silicon Valley Bank 
 This amendment to the Disclosure Letter is delivered pursuant to the Seventh Amendment to the Second Amended and Restated Loan and Security Agreement (the “Credit Agreement”) dated as of
June 30, 2006, by and between QuickLogic Corporation, as Borrower (“Company”), and Silicon Valley Bank, as Bank. The items set forth in the attached Schedules represent exceptions, qualifications and disclosures which are listed
herein pursuant to the terms of the Credit Agreement which are in addition to the Litigation, Permitted Indebtedness, Permitted Investments and Permitted Liens identified in the Credit Agreement. Capitalized terms used herein (or in the attached
Schedules) and defined in the Credit Agreement shall have the meanings ascribed in the Credit Agreement, unless the context otherwise requires. 
 IN WITNESS WHEREOF, the undersigned has executed this amended Disclosure Letter as of June 9, 2011. 

 

			
	 QuickLogic Corporation
 a Delaware Corporation

		
	By:	 	/s/ RALPH S. MARIMON

			
	Name:	 	Ralph S. Marimon

			
	Title:	 	Chief Financial Officer

 Schedule A 
 Litigation 
 To the Borrower’s knowledge, Borrower has no material
proceeding, pending or threatened litigation which is not disclosed in either the Credit Agreement or the Borrower’s public financial statements filed with the Securities and Exchange Commission. 

  
 -2-

 Schedule B 
 Permitted Indebtedness 
 To the Borrower’s knowledge, Borrower has no
material indebtedness which is not disclosed in either the Credit Agreement, the Borrower’s public financial statements filed with the Securities and Exchange Commission or filed under the Uniform Commercial Code, including but not limited to
the following items: 
 Current debt with Silicon Valley Bank 

Lease obligations, including but not limited to: 
 International office leases 
 Orleans Properties, LLC – Sunnyvale facility,
including leasehold improvements 
 De Lage Landen Financial Services – copiers, fax machines, etc. 

Pitney Bowes Credit Corporation – mail machine 
 Mentor – synthesis software for resale 
 Cadence – design software
license 
 Indebtedness to trade creditors in the ordinary course of business 

  
 -3-

 Schedule C 
 Permitted Investments 
 To the Borrower’s knowledge, Borrower has no
material investments which are not disclosed in either the Credit Agreement or the Borrower’s public financial statements filed with the Securities and Exchange Commission (other than the Amkor Investment), including but not limited to the
following items: 
 Investments in Tower Semiconductor ordinary shares. The Company currently holds 645,000 shares of Tower
which it may decide to sell at any time. 
 Investments, advances, and bank accounts in wholly-owned subsidiaries, including but
not limited to QuickLogic International, Inc., QuickLogic Canada Company, QuickLogic Kabushiki Kaisha (wholly-owned subsidiary of QuickLogic International, Inc.), and QuickLogic (India) Private Limited. 

Travel advances and relocation loans to employees 
 Housing advances to employees in India 
 Notes receivable of, or prepaid royalties
or license fees, and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business. 

  
 -4-

 Schedule D 
 Permitted Liens 
 To the Borrower’s knowledge, Borrower has no
material liens which are not disclosed in either the Credit Agreement, the Borrower’s public financial statements filed with the Securities and Exchange Commission or filed under the Uniform Commercial Code, including but not limited to the
following items: 
 Liens for taxes, fees, assessments and other government charges or levies that are either not delinquent or
are being contested in good faith. 
 Purchase money liens on Equipment or Software. 

Liens for Permitted Debt, including Capital Leases and debt with Cadence for EDA software, with Mentor Grahics for development and
support synthesis software and with other suppliers used to finance our equipment and software purchases, including but not limited to: 
 UCC filings by Silicon Valley Bank; 
 UCC filings by De Lage Landen Financial
Services; 
 Licenses and sublicenses granted in the ordinary course of business; 

Leases of subleases granted in the ordinary course of business, including in connection with Borrower’s leased premises or leased
property. 

  
 -5-

 Schedule E 
 Business Locations 
 Borrower currently has offices in California; Texas;
Ontario, Canada; Bangalore, India; London, England; Shanghai, China; Taipei, Taiwan; and Tokyo, Japan. 

  
 -6-

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