Document:

EX-10.9

 

Exhibit 10.9

MARKETING AND ANCILLARY SERVICES AGREEMENT

          THIS MARKETING AND ANCILLARY SERVICES AGREEMENT (this “Agreement”) is made
as of October    , 2004, between U-Store-It Mini Warehouse Co., an Ohio
corporation (“Service Provider”) and Rising Tide Development, LLC, an Ohio
limited liability company (“Property Owner”).

RECITALS

          WHEREAS, Property Owner owns the self-storage facilities listed on Exhibit
A (the “Facilities”);

          WHEREAS, Property Owner simultaneously with the execution hereof has
entered into a property management agreement with YSI Management LLC (“YSI”),
pursuant to which YSI will provide property management services with respect to
the Facilities;

          WHEREAS, YSI is a wholly owned subsidiary of U-Store-It, L.P., a Delaware
limited partnership (“U-Store-It”);

          WHEREAS, Service Provider, which is a wholly owned subsidiary of
U-Store-It, L.P., and is a taxable REIT subsidiary under Section 856(l) of the
Internal Revenue Code of 1986, as amended (the “Code”) with respect to
U-Store-It Trust, a Maryland real estate investment trust that is the general
partner of and the owner of substantially all of the partnership interests in
U-Store-It (“U-Store-It REIT”), is engaged in the business of providing certain
services to customers of self-storage facilities such as the Facilities,
including without limitation sales of locks, boxes, packing materials, and
other ancillary items, rentals of trucks and referral activities with respect
to insurance and other services, as more fully described on Exhibit B hereto
(collectively the “Marketing and Ancillary Services”);

          WHEREAS, in order to remain competitive in the self-storage rental market,
Property Owner desires that the tenants at the Facilities be provided the
Marketing and Ancillary Services;

          WHEREAS, Property Owner believes it is in its best interest to enter into
an agreement with Service Provider for the provision of Marketing and Ancillary
Services at the Facilities;

          WHEREAS, under federal income tax rules applicable to U-Store-It REIT, YSI
cannot perform some or all of the Marketing and Ancillary Services without
causing adverse tax consequences to U-Store-It REIT;

          WHEREAS, Service Provider desires to perform for its own account the
Marketing and Ancillary Services with respect to tenants at the Facilities; and

 

 

          WHEREAS, Property Owner desires to grant to Service Provider the rights
necessary for Service Provider to perform the Marketing and Ancillary Services
for its own account at the Facilities;.

          NOW THEREFORE, in consideration of the foregoing, the mutual agreements
set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Service Provider and Property
Owner hereby agree as follows:

MARKETING AND ANCILLARY SERVICES; LICENSE

     1.1 Rights and Duties of Service Provider

          (a) Property Owner hereby grants Service Provider the exclusive rights to:

          (i) perform Marketing and Ancillary Services at the Facilities
for its own account and, to retain all profits, income, referral
fees or other remuneration earned therefrom under the activities
set forth on or referred to in Exhibit B hereto, as it may be
amended from time to time by the parties hereto (subject to such
third-party consents, if any, as may be required), in each case
during the term hereof;

          (ii) subject to rules and regulations which may be applicable
at each Facility and such other reasonable restrictions imposed by
Property Owner, access the Facilities (including accessing, and
occupying, space at the Facilities necessary to perform and provide
the Marketing and Ancillary Services) and contact and deal directly
with tenants at the Facilities in order to perform the Ancillary
Services;

          (iii) develop and distribute marketing materials and products,
in accordance with Section 1.2 hereof, for use in connection with
its performance of the Marketing and Ancillary Services;

          (iv) utilize trademarks, trade names, logos, service marks and
other intellectual property of Property Owner, in accordance with
the restrictions set forth in Section 1.3 hereof, in connection
with the development and use of marketing materials (including
lists of potential and actual tenants and other tenant information
and customer contacts); and

          (v) enter into contracts or other arrangements with service
providers that will provide services to the tenants at the

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Facilities, including those that are either “noncustomary” or
a “service to tenants” within the meaning of Section 856 of the
Code, and receive cash or other compensation under such contracts.

     (b) Service Provider shall:

          (i) independently for its own account perform, or cause to be
performed, any Marketing and Ancillary Services it undertakes in
accordance with the terms of this Agreement and in accordance with
commercially sound business practices;

          (ii) indemnify Property Owner for all losses, claims costs,
damages and expenses sustained by Property Owner (including,
without limitation, attorneys’ fees, judgments and fines) arising
out of acts or omissions by Service Provider or its permitted
subcontractors or sublicensees in accordance with Article 5 of this
Agreement; and

          (iii) bear all expenses or costs incurred in connection with
the Marketing and Ancillary Services (including those incurred
pursuant to Section 1.2).

     (c) Notwithstanding the foregoing terms of this Section 1.1,
Property Owner may require Service Provider to cease and desist from
conducting any Ancillary Services at any Facility if Property Owner
determines, in its sole discretion, that the conduct of such Ancillary
Service is having or may have a material adverse effect on the operations
and business of Property Owner.

     (d) Service Provider shall not cease to conduct any Ancillary
Service at any Facility without Property Owner’s prior written consent,
in which event Property Owner may require Service Provider to procure
third party vendors to offer such Marketing and Ancillary Service at
Service Provider’s expense, if the offering of such Marketing and
Ancillary Service in connection with the rental of storage space is
deemed necessary by Property Owner in its reasonable judgment for the
prudent operation of the Facility.

     1.2 Marketing Materials

          Service Provider may, at its discretion, except as limited by Section 1.3,
design and produce customized marketing brochures and marketing materials for
some or all of the Marketing and Ancillary Services to be conducted at the
Facilities.

     1.3 License

          (a) Property Owner hereby grants to Service Provider a non-exclusive,
royalty free license to utilize the trademarks, trade names, logos and

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service marks of Property Owner (collectively, the “Marks”) solely in
connection with Service Provider’s performance of Marketing and Ancillary
Services to be conducted at or with respect to the Facilities during the term
of this Agreement (including in connection with the development and use of
marketing materials for use at or with respect to the Facilities pursuant to
this Agreement) and subject to compliance with Property Owner’s trademark
policies in effect from time to time.

          (b) All representations of the Marks that Service Provider uses shall be
exact copies of those used by Property Owner, or shall be submitted to Property
Owner for prior approval of, for example, design, color and other details.

          (c) At no time during or after the term of this Agreement shall Service
Provider contest any of the Marks or attempt to register any trademarks,
service marks, or trade names similar to the Marks anywhere in the world.

          (d) Except as expressly set forth herein, nothing contained in this
Agreement shall grant or shall be deemed to grant any right, title or interest
in or to the Marks.

          (e) All uses of the Marks shall inure solely to Property Owner and Service
Provider shall obtain no rights with respect to any Marks, other than the right
to produce marketing materials for use in connection with the performance of
the Marketing and Ancillary Services. All of Property Owner’s patent,
copyright, trademark, trade secret or other intellectual property rights and
all of Property Owner’s customer information is and will remain the sole
exclusive property of Property Owner and its licensors.

2 CERTAIN REPRESENTATIONS

          (a) Service Provider represents and warrants to Property Owner that (i) it
has full power and authority to enter into and to perform its obligations under
this Agreement and (ii) it has to its knowledge all approvals necessary to
enter into and perform its obligations under this Agreement.

          (b) Property Owner represents and warrants to Service Provider that (i) it
has full power and authority to enter into, and to perform its obligations
under this Agreement; (ii) it has to its knowledge all approvals necessary to
enter into and perform its obligations under this Agreement; (iii) it is to its
knowledge the owner or valid licensee of the Marks, and (iv) it has the right
to grant to Service Provider the rights granted under Section 1.3 of this
Agreement

3 TERM; TERMINATION.

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          The term of this Agreement shall commence on the date hereof and, except
as otherwise expressly provided herein, shall continue for a period of four
years or, if earlier, until the earlier of (x) the expiration of the Option
Term as described in the Option Agreement dated as of October    , 2004 between
Property Owner and U-Store-It, and (y) the date on which all the Facilities are
sold or otherwise disposed of. If at the end of such four year period,
Property Owner hasn’t sold all of the Facilities, Property Owner will be
entitled to extend this Agreement for a period of up to one year with 60 days
advance written notice.

          In the event of (i) Service Provider’s breach of this Agreement, which
breach materially and adversely affects Property Owner or the Facilities and
which, if capable of cure, remains uncured for 30 days after written notice
thereof, (ii) the gross negligence, willful misconduct or fraud in the
performance by Service Provider of its obligations hereunder which, if capable
of cure, remains uncured for 30 days after written notice thereof, (iii) the
filing by Service Provider of a petition under any bankruptcy, insolvency or
similar law seeking dissolution, liquidation or reorganization, (iv) a general
assignment by Service Provider for the benefit of creditors or (v) the
dissolution of Service Provider, Property Owner shall have the right to
terminate this Agreement upon written notice to Service Provider in accordance
with the notice provisions set forth in Section 6.14, which termination shall
be effective seven business days after delivery of such written notice.

          In the event of (i) Property Owner’s breach of this Agreement, which
breach materially and adversely affects Service Provider or the Facilities and
which, if capable of cure, remains uncured for 30 days after written notice
thereof, (ii) the gross negligence, willful misconduct or fraud in the
performance by Property Owner of its obligations hereunder which, if capable of
cure, remains uncured for 30 days after written notice thereof, (iii) the
filing by Property Owner of a petition under any bankruptcy, insolvency or
similar law seeking dissolution, liquidation or reorganization, (iv) a general
assignment by Property Owner for the benefit of creditors or (v) the
dissolution of Property Owner, Service Provider shall have the right to
terminate this Agreement upon written notice to Property Owner in accordance
with the notice provisions set forth in Section 6.14, which termination shall
be effective seven business days after delivery of such written notice.

          Notwithstanding anything to the contrary set forth herein, no termination
of this Agreement shall be effective unless and until Property Owner has
received the consent of any lender to Property Owner required under the terms
of the applicable loan documents.

4 CONFIDENTIAL INFORMATION.

          (a) Service Provider acknowledges that by reason of its relationship to
Property Owner hereunder that it will have access to information concerning
Property Owner’s and U-Store-It’s businesses, plans, customers, technical

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descriptions, technology and services that are confidential and of
substantial value to Property Owner and/or U-Store-It (“Confidential
Information”), which value would be impaired if such information were disclosed
to a third party. Service Provider shall not use Confidential Information of
Property Owner or U-Store-It in any way for its own account or the account of
any third party other than in connection with performing its obligations under
this Agreement, nor disclose to any third party any Confidential Information
revealed to it by Property Owner, except that it may disclose Confidential
Information to its representatives in connection with performing its
obligations under this Agreement and to third party vendors or suppliers in
connection with the performance of the Marketing and Ancillary Services,
subject to appropriate protective covenants.

          (b) Confidential Information shall not include any information which (i)
was publicly known and made generally available in the public domain prior to
the time of disclosure by the disclosing party, (ii) becomes publicly known and
made generally available after disclosure by the disclosing party to the
receiving party through no action or inaction of the receiving party, (iii) is
already in the possession of the receiving party at the time of disclosure by
the disclosing party as shown by the receiving party’s files and records in
existence immediately prior to the time of disclosure, (iv) is obtained by the
receiving party from a third party without a breach of such third party’s
obligations of confidentiality, (v) is independently developed by the receiving
party without use of or reference to the disclosing party’s Confidential
Information, as shown by documents and other competent evidence in the
receiving party’s possession, or (vi) is required by law to be disclosed by the
receiving party, provided that the receiving party gives the disclosing party
prompt written notice of such requirement prior to such disclosure and
assistance in obtaining an order protecting the information from public
disclosure.

5 INDEMNIFICATION.

     5.1 Indemnification of Parties.

          Service Provider on the one hand, and Property Owner, on the other, shall
each indemnify, hold harmless, release, and defend the other party, its
affiliates, partners and members, and their respective partners, members,
officers, directors, employees, agents, contractors, subcontractors, invitees,
and successors, as the case may be, from and against any and all claims,
liabilities, losses, costs, damages and expenses (including reasonable attorney
and expert fees, and disbursements incurred by any of them in any action or
proceeding brought by any third party or any party hereto), to the extent
caused by any act or omission, negligent or otherwise, by such party and/or its
affiliates, officers, members, partners, employees, agents, contractors,
subcontractors and invitees arising out of or connected with this Agreement,
including a breach of any representation or

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covenant hereunder or a failure by such party to perform its obligations
hereunder. No person shall be entitled to indemnity under the preceding
sentence to the extent that a court of competent jurisdiction determines that
the acts or omissions, negligent or otherwise, of such person or its affiliates
caused such damages.

     5.2 Indemnification Procedures.

          If a person entitled to indemnification under Section 5.1 hereof (an
"Indemnitee”) intends to seek indemnification under this Article 5 from Service
Provider or Property Owner (as applicable, the “Indemnitor”), the Indemnitee
shall give the Indemnitor notice of such claim within ninety (90) days of the
commencement of, or the Indemnitee’s actual knowledge of, such claim. Such
notice shall describe the claim in reasonable detail, and shall indicate the
amount (estimated if necessary) of the claim that has been, or may be sustained
by, the Indemnitee. To the extent that the Indemnitor is actually and
materially prejudiced as a result of failure to provide such notice, such
notice shall be a condition precedent to any liability of Indemnitor under the
provisions for indemnification contained in this Agreement.

     5.3 Survival.

          The indemnification obligations under this Article 5 resulting from acts
or omissions that occur during the term of this Agreement shall continue in
full force and effect regardless of whether this Agreement has either expired
or been terminated or canceled.

6 MISCELLANEOUS

     6.1 No Third-Party Beneficiaries.

          The parties agree that this Agreement is for the benefit of the parties
hereto and is not intended to confer any rights or benefits on any third party,
including any employee of any of the parties, and that there are no third-party
beneficiaries to this Agreement or any part or specific provision of this
Agreement.

     6.2 No Partnership or Joint Venture.

          Service Provider shall perform the Marketing and Ancillary Services as an
independent contractor. The parties are not, and shall not be deemed to be,
partners or joint venturers with each other, except to the extent specifically
provided by a separate agreement. Nothing in this Agreement shall be construed
to create a partnership or joint venture among the parties for any purpose.

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     6.3 Assignment.

          This Agreement and all of the provisions hereof shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns, but neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by any party hereto without the
prior written consent of the other parties, except that any party may assign
this Agreement without the consent of the other parties to any acquirer of all
or substantially all of the assets of a party.

     6.4 Applicable Law.

          This Agreement shall be governed by and construed in accordance with the
laws of the State of Ohio, without regard to the choice of law principles
applied in such jurisdiction.

     6.5 Severability.

          If fulfillment of any provision of this Agreement, or performance of any
transaction related hereto, at the time such fulfillment of performance shall
be due, shall involve transcending the limit of validity prescribed by law,
then the obligation to be fulfilled or performed shall be reduced to the limit
of such validity; and if any clause or provision contained in this Agreement
operates or would prospectively operate to invalidate this Agreement in whole
or in part, then such clause or provision only shall be held ineffective, as
though not herein contained, and the remainder of this Agreement shall remain
operative and in full force and effect.

     6.6 Construction.

          Each party acknowledges that all parties participated equally in the
negotiation and drafting of this Agreement and that, accordingly, no court
construing this Agreement shall construe it more stringently against one party
than against any other.

     6.7 Pronouns.

          All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular, or plural, as the identity of the person
or entity may require.

     6.8 Headings.

          The headings are used herein for convenience of reference only, and shall
not be deemed to vary to contents of this Agreement.

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     6.9 Counterparts.

          To facilitate execution, this Agreement may be executed in as many
counterparts as may be required; and it shall not be necessary that the
signature of each party, or that the signatures of all persons required to bind
any party, appear on each counterpart, but it shall be sufficient that the
signature of each party or that the signatures of the persons required to bind
any party, appear on one or more such counterparts. All counterparts shall
collectively constitute a single agreement.

     6.10 Entire Agreement.

          This Agreement contains the entire agreement among the parties with
respect to its subject matter, and supersedes all prior oral or written
agreements, understandings, representations and communications.

     6.11 Amendments.

          This Agreement shall not be amended, in whole or in part, except by an
instrument in writing signed by all parties hereto, or their respective
successors or permitted assigns, provided however that any such amendment is
subject to the pre-approval of a majority of the “independent” members of the
Board of Trustees of U-Store-It REIT (as defined in the U-Store-It REIT
Bylaws), and no amendment may occur without such pre-approval.

     6.12 Lender Provisions.

          Notwithstanding anything contained in this Agreement to the contrary,
during any period that Property Owner is a party to one or more loan agreements
or other instruments of indebtedness secured by one or more of the Facilities
(the “Loan Agreements”) with one or more third party financial institutions
(collectively, the “Lender”), Service Provider agrees that:

          (a) this Agreement (including any occupancy rights of Service Provider,
whether set forth in the herein or otherwise) and the interests and estates
created hereby and the rights, privileges and powers of Service Provider
hereunder, shall be unconditionally made and at all times remain subject,
subordinate and inferior to any security deed, mortgage or similar security
instrument relating to a Loan Agreement, and all the rights, privileges and
powers of the Lender, or any
agent thereof, thereunder and to any and all renewals, modifications,
consolidations, replacements and extensions thereof;

          (b) without the prior written consent of Lender, Service Provider shall
have no right to assign, in whole or in part, its interest under this
Agreement, and any attempted or purported assignment without such prior written
consent shall be, at Lender’s sole and absolute discretion, void and of no
force or effect;

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          (c) if any act or omission by Property Owner or any other circumstance
(each such act, omission, and circumstance, a “default or condition”) which
would give Service Provider the right, either immediately or after a lapse of
time, with or without notice, to terminate this Agreement or otherwise entitle
Service Provider to a claim, offset, defense or charge against Property Owner,
shall occur or exist, then Service Provider immediately upon knowledge of such
event shall give written notice of such default or condition to Lender, and
notwithstanding anything contained herein, Service Provider will not exercise
any such right unless and until 30 days have expired;

          (d) not to enforce, or otherwise claim the benefit of, any and all rights,
claims and liens which Service Provider may now or hereafter have in and to the
Facilities, including, without limitation, any rights, claims and liens of
Service Provider, or rights to file or have filed any liens, claims of lien,
pursuant to any applicable laws on or against the Facilities on account of any
services furnished or to be furnished by Service Provider. In addition,
Service Provider shall indemnify and hold harmless Lender from and against any
such claim or lien which may be asserted by any agent, broker, or other
intermediary by reason of any act or agreement of Service Provider; and

          (e) to take such steps and execute such documentation as may be required
by the Lender or Property Owner to implement and evidence any of the foregoing
provisions.

     6.13 Termination of Existing Management Agreement.

          Notwithstanding anything to the contrary in any document, each of Property
Owner and Service Provider acknowledge that the Property Management Agreement
dated as of December 23, 2002 between Property Owner and Service Provider is,
simultaneously with the execution of this Agreement, hereby terminated, that
any and all Ancillary Services to be provided to the Properties subsequent to
the date hereof shall be provided by Service Provider pursuant to the terms of
this Agreement.

     6.14 Notices.

          Unless otherwise provided, any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given (a)
upon personal delivery to the party to be notified, (b) on the fifth business
day after deposit with the United States Post Office, by registered or
certified mail, postage prepaid, (c) on the next business day after dispatch
via nationally recognized overnight courier or (d) upon confirmation of
transmission by facsimile, all addressed to the party to be notified at the
address indicated for such party below, or at such other address as such party
may designate by 10 days’ advance written

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notice to the other parties. Notices
should be provided in accordance with this Section at the following addresses:

     If to Service Provider, to:

	 	 	 
	

	 	U-Store-It Mini Warehouse Co.
	

	 	6745 Engle Road, Suite 300
	

	 	Middleburg Heights, Ohio 44130
	

	 	Attention: Todd C. Amsdell
	

	 	Facsimile: (440) 234-8776

     If to Property Owner

	 	 	 
	

	 	Rising Tide Development, LLC
	

	 	6745 Engle Road, Suite 300
	

	 	Middleburg Heights, Ohio 44130
	

	 	Attention: Robert J. Amsdell
	

	 	Facsimile: (440) 234-8776

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

	 	 	 	 	 
	 	 	U-Store-It Mini Warehouse Co.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	 	 	Name: Todd C. Amsdell
	 	 	Title: President
	 
	 	 	 	 
	 	 	RISING TIDE DEVELOPMENT, LLC
	 
	 	 	 	 
	 	 	By: Mizzen, LLC, it Sole Member
	 
	 	 	 	 
	 	 	By: Amsdell Holdings X, Inc., its Manager
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	 	 	Name: Robert J. Amsdell
	 	 	Title: President

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Exhibit 10.10

PROPERTY MANAGEMENT AGREEMENT

     PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) made as of the    day
of October    , 2004, by and between Rising Tide Development, LLC, an Ohio
limited liability company (“Owner”), and YSI Management LLC, a Delaware limited
liability company (“Property Manager”).

     WHEREAS, Owner desires to retain the services of Property Manager, as an
independent contractor, in connection with the management and operation of
certain parcels of real estate identified on Exhibit A (each a “Property” and
collectively the “Properties”), and Property Manager desires to assume such
responsibilities, upon the terms and conditions set forth in this Agreement;
and

     WHEREAS, concurrently with the execution of this Agreement, Owner and
U-Store-It Mini Warehouse Co., an Ohio Corporation (“Service Provider”), are
entering into a Marketing and Ancillary Services Agreement (the “Ancillary
Services Agreement”), pursuant to which (i) Owner has retained the services of
Service Provider, as an independent contractor, in connection with providing
certain services related to the Properties (the “Ancillary Services”), and (ii)
Owner and Service Provider have terminated the Property Management Agreement
dated as of December 23, 2002, as amended (the “Existing Management
Agreement”), pursuant to which Service Provider previously provided both
management and ancillary services to Owner.

     NOW, THEREFORE, in consideration of the premises and the mutual promises
and covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Owner and
Property Manager agree as follows:

ARTICLE 1

APPOINTMENT

     Section 1.1 Appointment. Owner hereby engages Property Manager, as an
independent contractor, to manage and operate each Property, subject to the
terms and provisions of this Agreement and subject to the ultimate authority of
Owner.

ARTICLE 2

TERM OF AGREEMENT

     Section 2.1 Initial Term. The term of this Agreement shall commence on
the date hereof and, except as otherwise expressly provided herein, shall
continue for a period of four years or, if earlier, until the earlier of (x)
the expiration of the Option Term as described in the Option Agreement dated as
of October    , 2004 between Owner and U-Store-It, L.P., a Delaware limited
partnership, and (y) the date on which all the Properties are sold or otherwise
disposed of. If at the end of such four year period, Owner hasn’t sold all of
the Properties, Owner will be entitled to extend this Agreement for a period of
up to one year with 60 days advance written notice.

     Section 2.2 Termination.

 

 

          (a) In the event of (i) Property Manager’s breach of this Agreement, which
breach materially and adversely affects Owner or the Properties and which, if
capable of cure, remains uncured for 30 days after written notice thereof, (ii)
the gross negligence, willful misconduct or fraud in the performance by
Property Manager of its obligations hereunder which, if capable of cure,
remains uncured for 30 days after written notice thereof, (iii) the filing by
Property Manager of a petition under any bankruptcy, insolvency or similar law
seeking dissolution, liquidation or reorganization, (iv) a general assignment
by Property Manager for the benefit of creditors or (v) the dissolution of
Property Manager, Owner shall have the right to terminate this Agreement upon
written notice to Property Manager in accordance with the notice provisions set
forth in Section 9.1, which termination shall be effective seven business days
after delivery of such written notice.

          (b) In the event of (i) Owner’s breach of this Agreement, which breach
materially and adversely affects Property Manager or the Properties and which,
if capable of cure, remains uncured for 30 days after written notice thereof,
(ii) the gross negligence, willful misconduct or fraud in the performance by
Owner of its obligations hereunder which, if capable of cure, remains uncured
for 30 days after written notice thereof, (iii) the filing by Owner of a
petition under any bankruptcy, insolvency or similar law seeking dissolution,
liquidation or reorganization, (iv) a general assignment by Owner for the
benefit of creditors or (v) the dissolution of Owner, Property Manager shall
have the right to terminate this Agreement upon written notice to Owner in
accordance with the notice provisions set forth in Section 9.1, which
termination shall be effective seven business days after delivery of such
written notice.

          (c) Notwithstanding anything to the contrary set forth herein, no
termination of this Agreement shall be effective unless and until Owner has
received the consent of any lender to Owner required under the terms of the
applicable loan documents.

     Section 2.3 Effect of Expiration or Termination. Any expiration or
termination of this Agreement shall in no way affect or impair any rights or
obligations which have accrued to either party hereto prior to such expiration
or termination, including without limitation the rights of Property Manager to
receive payments provided for hereunder accrued to the date of termination.
Immediately upon the expiration or termination of this Agreement, Property
Manager shall deliver to Owner all funds, including tenant security deposits,
tenant correspondence, property files, vendor invoices and books and records of
Owner related to the Properties then in possession or control of Property
Manager. Within 60 days following the expiration or termination of this
Agreement, Property Manager shall deliver to Owner a final accounting, in
writing, with respect to the operations of each Property.

ARTICLE 3

MANAGEMENT

     Section 3.1 General Management Duties. Subject to the availability of
funds provided under the Budget, the restrictions set forth in this Agreement
and Owner’s right to terminate this Agreement as to any Property or all
Properties, Property Manager shall manage and operate the business of the
Properties (other than the Marketing and Ancillary Services (as defined in the
Ancillary Services Agreement)) in a manner consistent with the management and
operation of comparable properties and shall provide such services as are
customarily provided by a manager of
comparable properties (but shall not provide Marketing and Ancillary
Services). Specifically,

 

 

Property Manager shall, at Owner’s expense, have the
sole and exclusive authority to perform, and shall perform (subject to the
ultimate authority of Owner), the following services and duties for Owner in a
faithful, diligent and efficient manner:

          (a) timely prepare and deliver to Owner such accounting and operations
reports as and in the manner required pursuant to Owner’s standard reporting
requirements set forth in Owner’s partnership agreement, as amended from time
to time, or as otherwise may be required pursuant to any loan documents
applicable to Owner;

          (b) maintain businesslike relations with tenants of the Properties whose
service requests shall be received, considered and recorded in systematic
fashion in order to show the action taken with respect to each request;

          (c) exercise commercially reasonable efforts to collect all rents and
other sums and charges due from tenants, subtenants, licensees and
concessionaires of the Properties;

          (d) prepare or cause to be prepared for execution and filing by Owner all
forms, reports and returns, if any, required by all federal, state or local
laws in connection with unemployment insurance, workmen’s compensation
insurance, disability benefits, Social Security and other similar taxes now or
hereafter in effect; provided, however, that Property Manager shall not be
obligated to, and shall not, prepare any of Owner’s local, state or federal
income tax returns;

          (e) pay prior to delinquency all real estate taxes, sales tax, personal
property taxes and assessments levied against any Property, or any part
thereof, except if Property Manager is contesting such taxes and is permitted
under applicable law not to pay such taxes while they are being contested; and

          (f) perform such other acts as are reasonable, necessary and proper in the
discharge of its duties under this Agreement.

     Section 3.2 Budgets.

          (a) Property Manager shall prepare an annual operating budget (the “Annual
Budget”) for each fiscal year during the term hereof. The Annual Budget shall
include, without limitation, a reasonable description of each item of gross
income and expense. A proposed Annual Budget shall be submitted to Owner for
approval or disapproval at least 90 days prior to the commencement of each
fiscal year. Any comments or requested changes to the preliminary Annual
Budget shall be provided to Property Manager within 30 days after the receipt
thereof by Owner. A revised preliminary Annual Budget shall be prepared and
submitted to Owner within 15 days after Property Manager’s receipt of the
comments and requested changes. Once approved, it shall become the Annual
Budget for the next fiscal year. Until a final Annual Budget is approved,
Property Manager shall operate under the immediately preceding fiscal year’s
Annual Budget.

          (b) Property Manager shall pay all expenses according to the approved
Annual Budget, including the Management Fee (as defined below).
Notwithstanding any other provision in this Agreement, without the prior
written consent of Owner, Property Manager shall not incur or
permit to be incurred expenses under this Agreement (other than for
emergency repairs as provided

 

 

in Section 3.6(a)) that exceed the aggregate
amount allocated to the applicable budget line items for payroll, on-site
personnel, other operating expenses, advertising and replacement reserves in
the Annual Budget by more than 15%. Property Manager shall promptly notify
Owner whenever Property Manager determines that the Annual Budget or any line
item in the Annual Budget is insufficient to cover the expenses of operating
the Properties or the applicable line item.

     Section 3.3 Reimbursable and Nonreimbursable Costs. All costs incurred by
Property Manager in the performance of its duties under this Agreement that are
in accordance with the approved Annual Budget or as permitted by Section 3.2(b)
hereof shall be reimbursed by Owner. Notwithstanding any other provision
herein or in the Annual Budget, the following costs shall not be reimbursable
by Owner to Property Manager:

          (a) costs relating to bookkeeping services required to be performed by
Property Manager hereunder;

          (b) salaries and payroll expenses of Property Manager’s employees,
including but not limited to regional managers, except for on-site personnel
located at a Property;

          (c) Property Manager’s off-site overhead and general administrative
expenses; and

          (d) costs of Property Manager’s principal and branch offices, if any.

     Section 3.4 Personnel.

          (a) Property Manager shall employ, supervise and discharge all employees
required in connection with the operation and management of the Property.
Employees of Property Manager shall include an on-site or shared on-site
property manager who is primarily responsible for overseeing the management of
the Property and who is experienced in the administration and operation of
self-storage facilities of the size, character and quality of the Property or,
in Property Manager’s judgment, is otherwise qualified to oversee the
management of the Property, and such other personnel as are required to operate
and maintain the Property. All such personnel shall be employees of Property
Manager or independent contractors. Property Manager shall provide and
maintain, so long as this Agreement is in force, worker’s compensation
insurance in full compliance with all applicable state and federal laws and
regulations covering all employees of Property Manager performing work in
respect of the business and operations. The granting of nonbudgeted employee
fringe benefits and plans not required by law or union contract shall be
subject to the prior written approval of Owner.

          (b) Property Manager shall use commercially reasonable efforts to comply
with all governmental antidiscrimination laws and shall not knowingly do any
act, or permit any act to be done that would constitute a violation of any such
law. Property Manager shall indemnify and hold Owner harmless from and against
any and all claims, penalties, liabilities and expenses of whatever kind and
nature which may be asserted by any governmental body having authority or by
any person claiming to be aggrieved by reason of any act or failure to act by
Property Manager in accordance with or in violation of any antidiscrimination
law provided that such act or failure to act was not directed by Owner.

 

 

          (c) Owner shall indemnify and hold harmless from and against any and all
claims, penalties, liabilities and expenses of whatever kind and nature arising
out of the performance by Property Manager of its obligations and duties
hereunder.

     Section 3.5 Contracts and Supplies. Property Manager shall, at Owner’s
expense, at the lowest cost as in its judgment is consistent with good quality,
workmanship and service standards, enter into contracts on behalf of Owner for
the furnishing to the Properties of required utility services and any other
services and concessions which are required in connection with the maintenance,
repair and operation of the Properties. Property Manager shall also place
purchase orders for services and such equipment, supplies and other personal
property (collectively, “Personal Property”) as are necessary to properly
maintain the Properties. All such contracts and orders shall be subject to the
limitations set forth in the Annual Budget and this Agreement. When taking
bids or issuing purchase orders, Property Manager shall use all reasonable
efforts to secure for and credit to Owner any discounts, commissions or rebates
obtainable as a result of such purchases or services. Property Manager shall
use all reasonable efforts to make purchases and (where necessary or desirable)
let bids for necessary labor and materials at the lowest possible cost as in
its judgment is consistent with good quality, workmanship and service
standards. Property Manager shall not engage or contract with any person or
entity in which Property Manager or any of Property Manager’s employees has a
financial or other interest or with which Property Manager or any of its
employees is affiliated unless (a) the price of or fee therefor is not higher
than that which would have been charged as a result of bona fide arms’ length
negotiation for goods or services of comparable quality, and (b) the person or
entity engaged to perform such service is qualified to perform such service.

     Section 3.6 Alterations, Repairs and Maintenance.

          (a) Property Manager shall, at Owner’s expense, perform or cause to be
performed all necessary or desirable repairs, maintenance, replacements and
improvements in and to the Properties subject to the limitations set forth in
the Annual Budget; provided, however, that no unbudgeted alterations, additions
or improvements involving a fundamental change in the character of any Property
or constituting a major new construction program shall be made without the
prior written approval of Owner. In addition, no unbudgeted expenditure in
excess of that permitted under Section 3.2(b) hereof shall be made for such
purposes without the prior written approval of Owner. However, emergency
repairs involving manifest danger to life or property, immediately necessary
for the preservation or the safety of a Property or for the safety of the
tenants of a Property or required to avoid the suspension of any necessary
service to a Property may be made by Property Manager without prior approval
and regardless of the cost limitations imposed by this Section 3.6(a); provided
that emergency repairs undertaken without the prior approval of Owner must be
confirmed in writing to Owner within 24 hours following the making of such
repairs.

          (b) In accordance with the terms of the approved Annual Budget and upon
written request and/or approval of Owner, Property Manager shall, from time to
time during the term hereof, at Owner’s expense, make or cause to be made all
required capital improvements, replacements or repairs to the Properties.

          (c) Property Manager shall give Owner written notice of any material or
latent defect in any Property and all parts thereof known to Property Manager
promptly after such defect

 

 

comes to Property Manager’s attention. Property Manager shall make
periodic visual inspections of the Properties. Property Manager shall have no
obligation to discover any such condition or make any other inspections, but
Property Manager shall be required to ascertain the existence of any
contractor/subcontractor warranty or guaranty and to submit a request to the
appropriate contractor/subcontractor to repair the defect as necessary.

     Section 3.7 Licenses and Permits. Property Manager shall, at Owner’s
expense, attempt to obtain and maintain in the name of Owner all licenses and
permits required of Owner or Property Manager in connection with the management
and operation of each Property. Owner agrees to execute and deliver any and
all applications and other documents and to otherwise cooperate with Property
Manager in applying for, obtaining and maintaining such licenses and permits.

     Section 3.8 Compliance with Laws. Property Manager shall use commercially
reasonable efforts to comply with all applicable laws, regulations and
requirements of any federal, state or municipal government having jurisdiction
with respect to the use or manner of use of any Property or the maintenance or
operation thereof.

     Section 3.9 Legal Proceedings. Property Manager shall cause to be
instituted, on behalf and in the name of Owner, any and all legal actions or
proceedings Property Manager deems necessary or advisable to collect charges,
rent or other income due to Owner with respect to any Property or to oust or
dispossess tenants or other persons unlawfully in possession under any lease,
license, concession agreement or otherwise and to collect damages for breach
thereof or default thereunder by such tenant, licensee, concessionaire or
occupant. In connection with such legal actions or proceedings, only legal
counsel designated by Owner shall be retained and all costs of such legal
actions or proceedings shall be borne by Owner.

     Section 3.10 Third Party Vendors. All third party vendors with whom
Property Manager enters into contracts on behalf of Owner for goods or services
costing in excess of $20,000 during any one year or for landscaping or
snowplowing services regardless of the cost thereof shall be required to submit
certificates (naming Owner as an additional insured) of insurance evidencing
that such vendor carries at least $300,000 in comprehensive general liability
insurance and in automobile/liability insurance and such workers compensation
insurance as may be required by statute in the state in which the Property is
located.

     Section 3.11 Leases. In accordance with the terms and provisions of this
Agreement, Property Manager shall use commercially reasonable efforts to ensure
that all tenants comply with the terms and provisions of their leases, license
agreements or rental contracts (the “Leases”) and shall take customary actions
to enforce the Leases.

     Section 3.12 Limitations on Activities. Notwithstanding anything to the
contrary expressed or implied in this Agreement, Property Manager shall not,
without the prior written consent of Owner, cause or permit income to be
generated from any Property for the account of Owner other than (a) rents
(excluding any rents the determination of the amount of which depends in whole
or in part on the income or profits derived by any person from the property
leased (other than an amount based on a fixed percentage or percentages of
gross receipts or sales)) for the use of real property, including without
limitation late charges, security deposits, fees for nonsufficient fund
returned checks, administration fees for processing rental agreements, fees for
the maintenance of common

 

 

areas and damages for defaults on rent payments (which may include income
from auction sales in the event of a default by the tenant and the sale of such
tenant’s property) and (b) interest on short term deposits. Without limiting
the foregoing, Property Manager shall specifically be prohibited from causing
or permitting to be generated from any Property for the account of Owner any
(a) income from the rendering of services to or for the benefit of any tenant,
including such services as are to be provided pursuant to the Ancillary
Services Agreement, (b) rents for the use of personal property (other than
personal property leased with real property where the rents attributable to the
personal property do not exceed 15% of the total rents from the real property
and the personal property subject to the Lease) or (c) income from the sale of
goods in the ordinary course of business. In addition, Property Manager shall
not, without the prior written consent of Owner, permit more than 25% of the
total leasable space in any Property to be leased to any person.

ARTICLE 4

MANAGEMENT FEE

     Section 4.1 Management Fee. As consideration for the performance by
Property Manager of all of its property management duties under this Agreement,
Owner agrees to pay to Property Manager for each Property subject to this
Agreement and each month during the term of this Agreement that such Property
is subject to this Agreement a property management fee equal to the greater of
5.35% of Gross Receipts and $1,500 per Property per month (the “Management
Fee”). The Management Fee shall be paid not later than the 10th day of the
month following the month for which such fee is earned. “Gross Receipts” means
all receipts of every kind and nature derived by the Property Manager from the
operation of the Property during a specified period determined on a cash basis,
including without limitation rent, late fees and parking charges, if any, paid
by tenants of the Property in addition to basic rent, proceeds of rent
interruption insurance and tenant reimbursements, if any, for operating
expenses, taxes and insurance, but excluding (a) security deposits (to the
extent not applied to delinquent rents) and other refundable deposits, (b)
interest on bank accounts for the operation of the Property, (c) proceeds from
the sale or refinancing of the Property or any part thereof, (d) insurance
proceeds or dividends received from any insurance policies pertaining to
physical loss or damage to the Property or any part thereof (but not proceeds
of rent interruption insurance), (e) condemnation awards or payments received
in lieu of condemnation of the Property or any part thereof, and (f) any trade
discounts and rebates received in connection with the purchase of Personal
Property.

     Section 4.2 Payment of Management Fee. Provided that Property Manager is
not in default under this Agreement, Property Manager shall be entitled to pay
itself the monthly Management Fee from the Property bank account referred to in
Section 6.2.

 

 

ARTICLE 5

LEASING

     Section 5.1 Leasing Activities. Property Manager shall procure and
negotiate, on behalf of Owner, Leases for the renting of space of the
Properties. Property Manager shall establish rates and leasing policies for
each Property, which shall have commercially reasonable terms, and shall use
diligence and commercially reasonable efforts to lease space in the Property to
tenants in accordance with such rates and leasing policies. Property Manager
shall also perform such other services in connection with the efficient leasing
of the Property as Owner may from time to time direct. To the extent necessary
to obtain tenants for the Property, Property Manager shall, at Owner’s expense,
subject to the limitations set forth in the Annual Budget, advertise the
Property and conduct such promotional activities as it deems necessary and
appropriate.

     Section 5.2 Authority. Except as may otherwise be specifically authorized
by Owner in writing or by the Annual Budget, Property Manager shall not be
authorized to (a) execute any Leases or other agreements on behalf of Owner for
a term of less than 30 days or more than 18 months, (b) enter into any
agreement (except for Leases) that is not terminable upon 30 days’ notice at
the will of Owner, without penalty, payment or surcharge or (c) alter any
building or other structure on any Property in any material way, except as
provided in Section 3.6(a), it being expressly understood and agreed that the
warehouse structures may be reconfigured as and when necessary to accommodate
the storage needs of the tenants thereof and any such reconfiguration shall not
be deemed a material alteration hereunder.

ARTICLE 6

PROCEDURE FOR HANDLING

RECEIPTS AND OPERATING CAPITAL

     Section 6.1 Receipts. All monies received by Property Manager for or on
behalf of Owner in connection with the operation and management of a Property
shall be promptly deposited by Property Manager in a segregated operating
account or segregated accounts established in the Property’s name (“Operating
Accounts”). Periodically throughout the term of this Agreement, but not less
frequently than monthly, Property Manager shall transfer funds from the
Operating Accounts to such account(s) of Owner as Owner directs. Property
Manager may not (a) use funds from the Operating Accounts of the Properties to
pay costs and expenses attributable to any other property that may be managed
by Property Manager or (b) commingle the funds or assets in the Operating
Accounts or generated from the operations of the Properties with the funds or
assets in any accounts established in connection with the Property Manager’s
management of any other property or generated from the operations of any other
property.

     Section 6.2 Disbursements. Owner shall deposit and maintain sufficient
funds in the Operating Accounts, and Property Manager shall withdraw and pay
from the Operating Accounts such amounts at such times as the same are required
in connection with the management and operation of the Properties in accordance
with the provisions of this Agreement and the Annual Budget.

     Section 6.3 Authorized Signatories. Certain designated officers and
employees of Property Manager, approved by Owner and listed on Exhibit B, shall
be authorized signatories on the

 

 

Operating Accounts and shall have authority to make withdrawals from the
Operating Accounts. Property Manager shall, at Owner’s expense, maintain
throughout the term of this Agreement a fidelity bond of not less than $100,000
covering all employees who are authorized signatories on the Operating Accounts
or who are handling Owner’s assets and funds.

     Section 6.4 Security Deposits. All security deposits of tenants of the
Properties shall be maintained by Property Manager in such manner as Owner
shall approve and as required by the applicable state law.

ARTICLE 7

ACCOUNTING

     Section 7.1 Books and Records. Property Manager shall maintain, at the
central office of Property Manager, a comprehensive system of office records,
books, computer files and data and accounts pertaining to each Property, which
system shall be satisfactory to Owner and which system, records, books,
computer files and data and accounts shall be available for examination,
copying and audit by Owner and its agents, accountants and attorneys during
regular business hours. Property Manager shall preserve all records, books,
computer files and data and accounts for each Property and upon termination of
this Agreement shall deliver or make available to Owner such records, books,
computer files and data and accounts. All such records, books and computer
files and data and accounts shall, at all times, be the property of Owner.

     Section 7.2 [Intentionally Omitted].

     Section 7.3 Audit. In the event that Owner requires an audit of any
Property, the audit shall be at Owner’s expense and Property Manager shall
cooperate with the auditors.

ARTICLE 8

INSURANCE

     Section 8.1 Insurance. Owner shall obtain insurance policies for each
Property in Owner’s name and at Owner’s expense, and Property Manager shall be
named as an additional insured party under such insurance policies. Property
Manager shall obtain a fidelity bond for its employees as provided in Section
6.3.

ARTICLE 9

MISCELLANEOUS PROVISIONS

     Section 9.1 Notices. All notices, waivers, demands, requests or other
communications required or permitted hereunder shall, unless otherwise
expressly provided, be in writing and be deemed to have been properly given,
served and received (a) if delivered by messenger, when delivered, (b) if
mailed, two business days after deposit in the United States mail, certified or
registered, postage prepaid, return receipt requested, (c) if telexed,
telegraphed or telecopied, upon transmission or (d) if delivered by reputable
overnight express courier, freight prepaid, the next business day after
delivery to such courier; in every case addressed to the party to be notified
as follows:

 

 

	 	 	 	 	 
	

	 	To Property Manager:
	 	YSI Management LLC
	

	 	 	 	6745 Engle Road, Suite 300
	

	 	 	 	Middleburg Heights, OH 44130
	

	 	 	 	Attention of Todd C. Amsdell
	

	 	 	 	Telephone: 440/234-0700
	

	 	 	 	Facsimile: 440/234-8776
	 
	 	 	 	 
	

	 	Owner:
	 	Rising Tide Development, LLC
	

	 	 	 	6745 Engle Road, Suite 300
	

	 	 	 	Middleburg Heights, Ohio 44130
	

	 	 	 	Attention of Todd C. Amsdell
	

	 	 	 	Telephone: 440/234-0700
	

	 	 	 	Facsimile: 440/234-8776

or to such other address(es) or addressee(s) as any party entitled to receive
notice hereunder shall designate to the others in the manner provided herein
for the service of notices. Rejection or refusal to accept or inability to
deliver because of changed address or because no notice of changed address was
given shall be deemed receipt.

     Section 9.2 Severability. If any term, covenant or condition of this
Agreement or the application thereof to any person or circumstance shall, to
any extent, be held to be invalid or unenforceable, the remainder of this
Agreement, or the application of such term, covenant or condition to persons or
circumstances other than those as to which it is held invalid or unenforceable,
shall not be affected thereby, and each term, covenant or condition of this
Agreement shall be valid and shall be enforced to the fullest extent permitted
by law.

     Section 9.3 Modification, Termination. This Agreement may be amended or
modified only by a written instrument executed by Property Manager and Owner.

     Section 9.4 Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof.

     Section 9.5 Article and Section Headings. Article and Section headings
contained in this Agreement are for reference only and shall not be deemed to
have any substantive effect or to limit or define the provisions contained
herein.

     Section 9.6 Successors and Assigns. This Agreement shall be binding on
the parties hereto and their successors and permitted assigns. Property
Manager may not assign or otherwise transfer its interest in this Agreement or
its duties and obligations under this Agreement to any person without the prior
written consent of Owner, which consent may be granted or withheld in Owner’s
sole discretion. This Agreement is freely assignable by Owner.

     Section 9.7 Governing Law. This Agreement shall be construed in
accordance with the internal laws of the State of Ohio.

 

 

     Section 9.8 No Third Party Beneficiaries. Subject to Section 9.9, nothing
in this Agreement, expressed or implied, is intended to confer any rights or
remedies upon any person, other than the parties hereto, their respective
successors and assigns.

     Section 9.9 Lender Provisions. Notwithstanding anything contained in this
Agreement to the contrary, during any period that Owner is a party to a senior
credit facility (the “Credit Facility”) with one or more third party financial
institutions (collectively, the “Lender”), Property Manager agrees that:

          (a) this Agreement (including any occupancy rights of Property Manager,
whether set forth herein or otherwise) and the interests and estates created
hereby and the rights, privileges and powers of Property Manager hereunder,
shall be unconditionally made and at all times remain subject, subordinate and
inferior to any security deed, mortgage or similar security instrument secured
in the Credit Facility, and all the rights, privileges and powers of the
Lender, or any agent thereof, thereunder and to any and all renewals,
modifications, consolidations, replacements and extensions thereof;

          (b) without the prior written consent of Lender, Property Manager shall
have no right to assign, in whole or in part, its interest under this
Agreement, and any attempted or purported assignment without such prior written
consent shall be, at Lender’s sole and absolute discretion, void and of no
force or effect;

          (c) if any act or omission by Owner or any other circumstance (each such
act, omission, and circumstance, a “default or condition”) which would give
Property Manager the right, either immediately or after a lapse of time, with
or without notice, to terminate this Agreement or otherwise entitle Property
Manager to a claim, offset, defense or charge against Owner, shall occur or
exist, then Property Manager immediately upon knowledge of such event shall
give written notice of such default or condition to Lender, and notwithstanding
anything contained herein, Property Manager will not exercise any such right
unless and until 30 days have expired;

          (d) not to enforce, or otherwise claim the benefit of, any and all rights,
claims and liens which Property Manager may now or hereafter have in and to the
Property, including, without limitation, any rights, claims and liens of
Property Manager, or rights to file or have filed any liens, claims of lien,
pursuant to any applicable laws on or against said Property on account of any
services furnished or to be furnished by Property Manager; and

          (e) to take such steps and execute such documentation as may be required
by the Lender or Owner to implement and evidence any of the foregoing
provisions.

     Section 9.10 Amendment. This Agreement may not be amended except by an
instrument in writing signed by the parties, provided however that any such
amendment is subject to the pre-approval of a majority of the “independent”
members of the Board of Trustees of U-Store-It Trust (the “Trust”) (as defined
in the Trust’s Bylaws), a Maryland real estate investment trust and affiliate
of Owner and Property Manager, and no amendment may occur without such
pre-approval.

 

 

     Section 9.11 Termination of Existing Management Agreement.
Notwithstanding anything to the contrary in any document, each of Owner and
Property Manager acknowledge that the Existing Management Contract, pursuant to
the terms of the Ancillary Services Agreement and simultaneously with the
execution of this Agreement, will terminate, and that any and all Ancillary
Services to be provided to the Properties subsequent to the date hereof shall
be provided by Service Provider pursuant to the terms of the Ancillary Services
Agreement attached hereto as Exhibit C.

[Remainder of page intentionally left blank]

 

 

     IN WITNESS WHEREOF, this Agreement has been executed as of the date first
above written.

	 	 	 	 	 	 	 
	 	 	OWNER:
	 
	 	 	 	 	 	 
	 	 	RISING TIDE DEVELOPMENT, LLC
	 
	 	 	 	 	 	 
	 	 	By: Mizzen, LLC, it Sole Member
	 
	 	 	 	 	 	 
	 	 	By: Amsdell Holdings X, Inc., its Manager
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	
 	 	 
	 	 	Name: Robert J. Amsdell
	 	 	Title: President
	 
	 	 	 	 	 	 
	 	 	PROPERTY MANAGER:
	 
	 	 	 	 	 	 
	 	 	YSI MANAGEMENT LLC
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	
 	 	 
	 	 	Name: Todd C. Amsdell
	 	 	Its: President

- 13 -

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