Document:

Standard Offer

  
 Exhibit 10.1

 

 

 STANDARD OFFER, AGREEMENT AND ESCROW 

INSTRUCTIONS FOR PURCHASE OF REAL ESTATE 
 (Non-Residential) 
 AIR Commercial Real Estate Association 

November 5,
2010                         
 (Date for Reference Purposes)             
 1. Buyer. 
 1.1 SSTI ACQUISITIONS, LLC, a Delaware
limited liability company, (“Buyer”) hereby offers to purchase the real property, hereinafter described, from the owner thereof (“Seller”) (collectively, the “Parties” or individually, a
“Party”), through an escrow (“Escrow”) to close 30 or 15 days after the waiver or expiration of the Buyer’s Contingencies, (“Expected Closing Date”) to be held by
Lawyers Title Insurance Company (“Escrow Holder”) whose address is 4100 Newport Place, Suite 120, Newport Beach, CA 92660 — Attn. Dawn Niehaus, Escrow Officer, Phone No. (949) 724-3166, Facsimile No.
(949) 209-3916 upon the terms and conditions set forth in this agreement (“Agreement”). Buyer shall have the right to assign Buyer’s rights hereunder, but any such assignment shall not relieve Buyer of Buyer’s
obligations herein unless Seller expressly releases Buyer. 
 1.2 The term “Date of Agreement”
as used herein shall be the date when by execution and delivery (as defined in paragraph 20.2) of this document or a subsequent counteroffer thereto, Buyer and Seller have reached agreement in writing whereby Seller agrees to sell, and Buyer agrees
to purchase, the Property upon terms accepted by both Parties. 
 2. Property. 

2.1 The real property (“Property”) that is the subject of this offer consists of (insert a brief physical
description) EL DORADO SELF STORAGE in the City of Long Beach, CA, and 405 SELF STORAGE in the unincorporated area of Del Aire, CA (the term “Property” includes both of the foregoing properties, collectively) is located in the City
of xxxx, County of Los Angeles, State of California, is commonly known by the street address of 8110/8150 E. Wardlow Road, Long Beach & 12714 S. La Cienega Blvd., Del Aire, respectively and is legally described
as: legal descriptions to be provided by title insurance company (APN: 7018-019-016 & 4143-016-096 ). 
 2.2 If the legal description of the Property is not complete or is inaccurate, this Agreement shall not be invalid and the legal description shall be completed or corrected to meet the requirements of
Lawyers Title Insurance Company (“Title Company”), which shall issue the title policy hereinafter described. 
 2.3 The Property includes, at no additional cost to Buyer, the permanent improvements thereon, including those items which pursuant to applicable law are a part of the property, as well as the following
items, if any, owned by Seller and at present located on the Property: electrical distribution systems (power panel, bus ducting, conduits, disconnects, lighting fixtures); telephone distribution systems (lines, jacks and connections only); space
heaters; heating, ventilating, air conditioning equipment (“HVAC”); air lines; fire sprinkler systems; security and fire detection systems; carpets; window coverings; wall coverings; and excluding any personal property belonging
to the tenants of the Property (collectively, the “Improvements”). 
 2.4 The fire
sprinkler monitor:  ̈ is owned by Seller and included in the Purchase Price,  ̈ is leased by Seller, and Buyer will need to negotiate a new lease with the
fire monitoring company, þ ownership will be determined during Escrow, or  ̈ there is no fire sprinkler monitor. 

2.5 Except as provided in Paragraph 2.3, the Purchase Price does not include Seller’s personal property, furniture
and furnishings, and also does not include any furnishings or equipment located in the management office all of which shall be removed by Seller prior to Closing. 
 3. Purchase Price. 
 3.1 The purchase price
(“Purchase Price”) to be paid by Buyer to Seller for the Property shall be $26,000,000.00 , payable as follows: 
  

							
	 (a)
	 	 Cash down payment, including the Deposit as defined in paragraph 4.3 (or if an all cash transaction, the Purchase Price):
	  	$	26,000,000.00	  

 (Strike if
not 

  

					
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	  	FORM OF A-7-6/07E

 

	
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	 applicable)
	 	 (b)
	 	 Amount of “New Loan” as defined in paragraph 5.1, if any;
	  	 	$xxxx	  
		 	 (c)
	 	 Buyer shall take title to the Property subject to and/or assume the following existing deed(s) of trust (“Existing Deed(s) of
Trust”) securing the existing promissory note(s) (“Existing Note (s)):
	  			
		 		 	 (i)
	  	 An Existing Note (“First Note”) with an unpaid principal balance as of the Closing of approximately:
	  	 	$xxxx	  
	 (Strike if not applicable)
	 		 		  	 Said First Note is payable at $xxxx per month, including interest at the rate of xxxx% per annum until paid (and/or the entire
unpaid balance is due on xxxx).
	  			
					
		 		 	 (ii)
	  	 An Existing Note (“Second Note”) with an unpaid principal balance as of the Closing of approximately:
	  	 	$xxxx	  
		 		 		  	 Said Second Note is payable at $xxxx per month, including interest at the rate of xxxx % per annum until paid (and/or the entire unpaid balance is due on
xxxx).
	  			
	 (Strike if not applicable)
	 	 (d)
	 	 Buyer shall give Seller a deed of trust (“Purchase Money Deed of Trust”) on the property to secure the promissory note of
Buyer to Seller described in paragraph 6 (“Purchase Money Note”) in the amount of:
	  	 	$xxxx	  
			
		 	 Total Purchase Price:
	  	 	$26,000,000.00	  

3.2 If Buyer is taking title to the Property subject to, or assuming, an Existing Deed of Trust and such deed of
trust permits the beneficiary to demand payment of fees including, but not limited to points, processing fees, and appraisal fees as a condition to the transfer of the Property. Buyers agrees to pay such fees up to a maximum of 1.5% of the unpaid
principal balance of the applicable Existing Note. 
 4. Deposits. 

4.1  ̈ Buyer has delivered to Broker a check in the sum of
$                                        ,
payable to Escrow Holder, to be delivered by Broker to Escrow Holder within 2 or          business days after both Parties have executed this Agreement and the executed Agreement has been delivered to
Escrow Holder, or þ within 2 or 3 business days after both Parties have executed this Agreement and the executed Agreement has been delivered to Escrow Holder Buyer shall
deliver to Escrow Holder a check in the sum of $200,000.00. If said check is not received by Escrow Holder within said time period then Seller may elect to unilaterally terminate this transaction by giving written notice of such election to
Escrow Holder whereupon neither Party shall have any further liability to the other under this Agreement. Should Buyer and Seller not enter into an agreement for purchase and sale, Buyer’s check or funds shall, upon request by Buyer, be
promptly returned to Buyer. 
 4.2 Additional deposits: 

(a) Within 5 business days after the Date of Agreement, Buyer shall deposit with Escrow Holder the additional sum of $
Not Applicable to be applied to the Purchase Price at the Closing. 
 (b) Within 5 business days after the
contingencies discussed in paragraph 9.1 (a) through (k) are approved or waived, Buyer shall deposit with Escrow Holder the additional sum of $ Not Applicable to be applied to the Purchase Price at the Closing. 

4.3 Escrow Holder shall deposit the funds deposited with it by Buyer pursuant to paragraphs 4.1 and 4.2 (collectively the
“Deposit”), in a State or Federally chartered bank in an interest bearing account whose term is appropriate and consistent with the timing requirements of this transaction. The interest therefrom shall accrue to the benefit of
Buyer, who hereby acknowledges that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. Buyer’s Federal Taw Identification Number is
                                        .
NOTE: Such interest bearing account cannot be opened until Buyer’s Federal Tax Identification Number is provided. 
 5.
Financing Contingency. (Strike if not applicable) 
 5.1
This offer is contingent upon Buyer obtaining from an insurance company; financial institution or other lender, a commitment to lend to Buyer a sum equal to at least xxxx% of the Purchase Price, on terms reasonably acceptable
to Buyer. Such loan (“New Loan”) shall be secured by a first deed of trust or mortgage on the Property. If this Agreement provides for Seller to carry back junior financing, then Seller shall have the right to approve the terms of
the New Loan. Seller shall have 7 days from receipt of the commitment setting forth the proposed terms of the New Loan to approve or disapprove of such proposed terms. If Seller fails to notify Escrow Holder, in writing, of the disapproval within
said 7 days it shall be conclusively presumed that Seller has approved the terms of the New Loan. 

5.2 Buyer hereby agrees to diligently pursue obtaining the New Loan. If Buyer shall fail to notify its Broker,
Escrow Holder and Seller, in writing within xxxx days following the Date of Agreement, that the New Loan has not been obtained, it shall be conclusively presumed that Buyer has either obtained said New Loan or has waived this
New Loan contingency. 
 5.3 If, after due diligence, Buyer shall notify its Broker, Escrow
Holder and Seller, in writing, within the time specified in paragraph 5.2 hereof, that Buyer has not obtained said New Loan, this Agreement shall be terminated, and Buyer shall be entitled to the prompt return of the Deposit, plus any interest
earned thereon, less only Escrow Holder and Title Company cancellation fees and costs, which Buyer shall pay. 
 6.
Seller Financing (Purchase Money Note). (Strike if not applicable) 
 6.1 If Seller approves Buyer’s financials (see paragraph 6.5) the Purchase Money Note shall provide for interest on unpaid principal at the rate of
                    % per annum, with principal and interest paid as follows:
                                       
                          
                                 
                                         
                                         
                                         
                                         
                 

                     
                                         
                                         
                                         
                                         
                            
                                 
                                         
                                         
                                         
                                         
                 
 The
Purchase Money Note and Purchase Money Deed of Trust shall be on the current forms commonly used by Escrow Holder, and be junior and subordinate only to the Existing Note(s) and/or the New Loan expressly called for by this Agreement.

 6.2 The Purchase Money Note and/or the Purchase Money Deed of Trust shall contain provisions
regarding the following (see also paragraph 10.0 (b)); 

  

					
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(a) Prepayment. Principal may be prepaid in whole or in part at any time without penalty at the option of
the Buyer. 
 (b) Late Charge. A late charge of 6% shall be payable with respect to any
payment of principal, interest, or other charges, not made within 10 days after it is due. 

(c) Due on Sale. In the event the Buyer sells or transfers title to the Property or any portion thereof,
then the Seller may, at Seller’s option require the entire unpaid balance of said Note to be paid in full. 
 6.3 If the Purchase Money Deed of Trust is to be subordinate to other financing, Escrow Holder shall, at Buyer’s expense prepare and record on Seller’s behalf a request for notice of
default and/or sale with regard to each mortgage or deed of trust to which it will be subordinate. 

6.4 WARNING: CALIFORNIA LAW DOES NOT ALLOW DEFICIENCY JUDGEMENTS ON SELLER FINANCING,. IF BUYER ULTIMATELY
DEFAULTS ON THE LOAN, SELLER’S SOLE REMEDY IS TO FORECLOSE ON THE PROPERTY. 
 6.5
Seller’s obligation to provide financing is contingent upon Seller’s reasonable approval of Buyer’s financial condition. Buyer to provide a current financial statement and copies of its Federal tax returns for the last 3 years to
Seller within 10 days following the Date of Agreement. Seller has 10 days following receipt of such documentation to satisfy itself with regard to Buyer’s financial condition and to notify Escrow Holder as to whether or not Buyer’s
financial condition is acceptable. If Seller fails to notify Escrow Holder, in writing, of the disapproval of this contingency within said time period it shall be conclusively presumed that Seller has approved Buyer’s financial condition. If
Seller is not satisfied with Buyer’s financial condition or if Buyer fails to deliver the required documentation then Seller may notify Escrow Holder in writing that Seller Financing will not be available and Buyer shall have the option, within
10 days of the receipt of such notice, to either terminate this transaction or to purchase the Property without Seller Financing. If Buyer fails to notify Escrow Holder within said time period of its election to terminate this transaction then Buyer
shall be conclusively presumed to have elected to purchase the Property without Seller financing. If Buyer elects to terminate, Buyer’s Deposit shall be refunded less. Title Company and Escrow Holder cancellation fees and costs, all of which
shall be Buyer’s obligation. 
 7. Real Estate Brokers. 

7.1 The following real estate broker(s) (“Brokers”) and brokerage relationships exist in this transaction and
are consented to by the Parties (check the applicable boxes): 
  

					
	  ̈
	  	  
	 	 represents Seller exclusively (“Seller’s Broker”);

			
	  ̈
	  	  
	 	 represents Buyer exclusively (“Buyer’s Broker”); or

			
	 þ
	  	 Bancap Self Storage Group, Inc.
	 	 represents both Seller and Buyer (“Dual Agency”).

 The Parties acknowledge that Brokers are the procuring cause of this Agreement See paragraph 24 regarding the nature of a real estate agency relationship. Buyer shall use the services of
Buyer’s Broker exclusively in connection with any and all negotiations and offers with respect to the Property for a period of 1 year from the date inserted for reference purposes at the top of page 1. See Addendum, Paragraph 9.

 7.2 Buyer and Seller each represent and warrant to the other that he/she/it has had no dealings with any
person, firm, broker or finder in connection with the negotiation of this Agreement and/or the consummation of the purchase and sale contemplated herein, other than the Brokers named in paragraph 7.1, and no broker or other person, firm or entity,
other than said Brokers is/are entitled to any commission or finder’s fee in connection with this transaction as the result of any dealings or acts of such Party. Buyer and Seller do each hereby agree to indemnify, defend, protect and hold the
other harmless from and against any costs, expenses or liability for compensation, commission or charges which may be claimed by any broker, finder or other similar party, other than said named Brokers by reason of any dealings or act of the
indemnifying Party. 
 8. Escrow and Closing. 

8.1 Upon acceptance hereof by Seller, this Agreement, including any counteroffers incorporated herein by the Parties,
shall constitute not only the agreement of purchase and sale between Buyer and Seller, but also instructions to Escrow Holder for the consummation of the Agreement through the Escrow. Escrow Holder shall not prepare any further escrow instructions
restating or amending the Agreement unless specifically so instructed by the Parties or a Broker herein. Subject to the reasonable approval of the Parties, Escrow Holder may, however, include its standard general escrow provisions. 

8.2 As soon as practical after the receipt of this Agreement and any relevant counteroffers. Escrow Holder shall
ascertain the Date of Agreement as defined in paragraphs 1.2 and 20.2 and advise the Parties and Brokers, in writing, of the date ascertained. 
 8.3 Escrow Holder is hereby authorized and instructed to conduct the Escrow in accordance with this Agreement, applicable law and custom and practice of the community in which Escrow Holder is located,
including any reporting requirements of the Internal Revenue Code. In the event of a conflict between the law of the state where the Property is located and the law of the state where the Escrow Holder is located, the law of the state where the
Property is located shall prevail. 
 8.4 Subject to satisfaction of the contingencies herein described, Escrow
Holder shall close this escrow (the “Closing”) by recording a general warranty deed (a grant deed in California) and the other documents required to be recorded, and by disbursing the funds and documents in accordance with this Agreement.

 8.5 Buyer and Seller shall each pay one-half of the Escrow Holder’s charges and Seller shall pay the
usual recording fees and any required documentary transfer taxes. Seller shall pay the premium for a standard coverage owner’s or joint protection policy of title insurance, (See also paragraph 11) 

8.6 Escrow Holder shall verify that all of Buyer’s contingencies have been satisfied or waived prior to Closing. The
matters contained in paragraphs 9.1 subparagraphs (b), (c), (d), (e), (g), (i), (n), and (o), 9.4, 9.5, 12, 13,14, 16, 18, 20, 21, 22, and 24 are, however, matters of agreement between the Parties only and are not instructions to Escrow Holder.

 8.7 If this transaction is terminated for non-satisfaction and non-waiver of a Buyer’s Contingency, as
defined in paragraph 9.2, then neither of the Parties shall thereafter have any liability to the other under this Agreement, except to the extent of a breach of any affirmative covenant or warranty in this Agreement. In the event of such
termination, Buyer shall be promptly refunded all funds deposited by Buyer with Escrow Holder, less only Title Company and Escrow Holder cancellation fees and costs, all of which shall be Buyer’s obligation. If this transaction is terminated as
a result of Seller’s breach of this Agreement then Seller shall pay the Title Company and Escrow Holder cancellation fees and costs. 
 8.8 The Closing shall occur on the Expected Closing Date, or as soon thereafter as the Escrow is in condition for Closing; provided, however, that if the Closing does not occur by the Expected Closing
Date and said Date is not extended by mutual instructions of the Parties, a Party not then in default under this Agreement may notify the other Party, Escrow Holder, and Brokers, in writing that, unless the Closing occurs within 5 business days
following said notice, the Escrow shall be deemed terminated without further notice or instructions. 
 8.9
Except as otherwise provided herein, the termination of Escrow shall not relieve or release either Party from any obligation to pay Escrow Holder’s fees and costs or constitute a waiver, release or discharge of any breach or default that has
occurred in the performance of the obligations, agreements, covenants or warranties contained therein. 
 8.10
If this sale of the Property is not consummated for any reason other than Seller’s breach or default, then at Seller’s request, and as a 

  

					
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condition to any obligation to return Buyer’s deposit (see paragraph 21), Buyer shall within 5 days after written request deliver to Seller, at no charge, copies of all surveys, engineering
studies, soil reports, maps, master plans, feasibility studies and other similar items prepared by or for Buyer that pertain to the Property. Provided, however, that Buyer shall not be required to deliver any such report if the written contract
which Buyer entered into with the consultant who prepared such report specifically forbids the dissemination of the report to others. 
 9. Contingencies to Closing. 
 9.1 The Closing of this
transaction is contingent upon the satisfaction or waiver of the following contingencies. IF BUYER FAILS TO NOTIFY ESCROW HOLDER, IN WRITING, OF THE DISAPPROVAL OF ANY OF SAID CONTINGENCIES WITHIN THE TIME SPECIFIED THEREIN, IT SHALL BE
CONCLUSIVELY PRESUMED THAT BUYER HAS APPROVED SUCH ITEM, MATTER OR DOCUMENT. Buyer’s conditional approval shall constitute disapproval, unless provision is made by the Seller within the time specified therefore by the Buyer in such
conditional approval or by this Agreement, whichever is later, for the satisfaction of the condition imposed by the Buyer. Escrow Holder shall promptly provide all Parties with copies of any written disapproval or conditional approval which it
receives. With regard to subparagraphs (a) through (m) the pre-printed time periods shall control unless a different number of days is inserted in the spaces provided. 

(a) Disclosure. See Addendum, Paragraph 4 Seller shall make to Buyer, through Escrow, all of the
applicable disclosures required by law (See AIR Commercial Real Estate Association (“AIR”) standard form entitled “Seller’s Mandatory Disclosure Statement”) and provide Buyer with a completed Property Information
Sheet (“Property Information Sheet”) concerning the Property, duly executed by or on behalf of Seller in the current form or equivalent to that published by the AIR within 10 or
             days following the Date of Agreement. Buyer has 10 days from the receipt of said disclosures to approve or disapprove the
matters disclosed. 
 (b) Physical Inspection. Buyer has 10 or 30 days from the
receipt of the Property Information Sheet or the Date of Agreement, whichever is later, to satisfy itself with regard to the physical aspects and size of the Property. 

(c) Hazardous Substance Conditions Report. Buyer has 30 or 30 days from the receipt of the Property
Information Sheet or the Date of Agreement, whichever is later, to satisfy itself with regard to the environmental aspects of the Property. Seller recommends that Buyer obtain a Hazardous Substance Conditions Report
concerning the Property and relevant adjoining properties. Any such report shall be paid for by Buyer. A “Hazardous Substance” for purposes of this Agreement is defined as any substance whose nature and/or quantity of existence,
use, manufacture, disposal or effect, render it subject to Federal, state or local regulation, investigation, remediation or removal as potentially injurious to public health or welfare. A “Hazardous Substance Condition” for
purposes of this Agreement is defined as the existence on, under or relevantly adjacent to the Property of a Hazardous Substance that would require remediation and/or removal under applicable Federal, state or local law. 

(d) Soil Inspection. Buyer has 30 or 30 days from the receipt of the Property Information Sheet
or the Date of Agreement, whichever is later, to satisfy itself with regard to the condition of the soils on the Property. Seller recommends that Buyer obtain a soil test report. Any such report shall be paid for by Buyer.
Seller shall provide Buyer copies of any soils report that Seller may have within 10 days of the Date of Agreement. 
 (e) Governmental Approvals. Buyer has 30 or 30 days from the Date of Agreement to satisfy itself with regard to approvals and permits from governmental agencies or departments which have or
may have jurisdiction over the Property and which Buyer deems necessary or desirable in connection with its intended use of the Property, including, but not limited to, permits and approvals required with respect to zoning, planning, building and
safety, fire, police, handicapped and Americans with Disabilities Act requirements, transportation and environmental matters. 
 (f) Conditions of Title. Escrow Holder shall cause a current commitment for title insurance (“Title Commitment”) concerning the Property issued by the Title Company, as well as
legible copies of all documents referred to in the Title Commitment (“Underlying Documents”), and a scaled and dimensioned plot showing the location of any easements to be delivered to Buyer within 10 or
             days following the Date of Agreement. Buyer has 10 days from the receipt of the Title Commitment, the Underlying Documents and the plot plan to satisfy itself with
regard to the condition of title. The disapproval by Buyer of any monetary encumbrance, which by the terms of this Agreement is not to remain against the Property after the Closing, shall not be considered a failure of this contingency, as Seller
shall have the obligation, at Seller’s expense, to satisfy and remove such disapproved monetary encumbrance at or before the Closing (provided, however, that Seller shall have the right to contact any monetary encumbrance which Seller, in good
faith, believes is invalid). 
 (g) Survey. Buyer has 30 or 30 days from the Date of Agreement
receipt of the Title Commitment and Underlying Documents to satisfy itself with regard to any ALTA title supplement based upon a survey prepared to American Land Title Association (“ALTA”) standards for an
owner’s policy by a licensed surveyor, showing the legal description and boundary lines of the Property, any easements of record, and any improvements, poles, structures and things located within 10 feet of either side of the Property boundary
lines. Any such survey shall be prepared at Buyer’s direction and expense. If Buyer has obtained a survey and approved the ALTA title supplement, Buyer may elect within the period allowed for Buyer’s approval of a survey to have an ALTA
extended coverage owner’s form of title policy, in which event Buyer shall pay any additional premium attributable thereto. 
 (h) Existing Leases and Tenancy Statements. Seller shall within 10 or              days of the Date of Agreement provide both
Buyer and Escrow Holder with legible copies of all leases, subleases or rental arrangements (collectively, “Existing Leases”) affecting the Property, and with a tenancy statement (“Estoppel Certificate”) in
the latest form or equivalent to that published by the AIR, executed by Seller and/or each tenant and subtenant of the Property. Seller shall use its best efforts to have each tenant complete and execute an Estoppel Certificate. If any tenant fails
or refuses to provide an Estoppel Certificate then Seller shall complete and execute an Estoppel Certificate for that tenancy. Buyer has 10 20 days from the Date of Agreement receipt of said Existing Leases and
Estoppel Certificates to satisfy itself with regard to the Existing Leases and any other tenancy issues. 
 (i) Owner’s Association. Seller shall within 10 or              days of the Date of Agreement
provide Buyer with a statement and transfer package from any owner’s association servicing the Property. Such transfer package shall at a minimum include: copies of the association’s bylaws, articles of incorporation, current budget and
financial statement. Buyer has 10 days from the receipt of such documents to satisfy itself with regard to the association. 
 (j) Other Agreements. Seller shall within 10 or              days of the Date of Agreement provide Buyer with legible copies of
all other agreements (“Other Agreements”) known to Seller that will affect the Property after Closing. Buyer has 10 days from the receipt of said Other Agreements to satisfy itself with regard to such Agreements. 

(k) Financing. If paragraph 5 hereof dealing with a financing contingency has not been stricken, the
satisfaction or waiver of such New Loan contingency. 
 (l) Existing Notes. If paragraph
3.1(c) has not been stricken, Seller shall within 10 or              days of the Date of Agreement provide Buyer with legible copies of the Existing Notes, Existing
Deeds of Trust and related agreements (collectively, “Loan Documents”) to which the Property will remain subject after the Closing. Escrow Holder shall promptly request from the holders of the Existing Notes a beneficiary statement
(“Beneficiary Statement”) confirming: (1) the amount of the unpaid principal balance, the current interest rate, and the date to which interest is paid, and (2) the

  

					
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nature and amount of any impounds held by the beneficiary in connection with such loan. Buyer has 10 or
             days from the receipt of the Loan Documents and Beneficiary Statements to satisfy itself with regard to such financing. Buyer’s obligation to close
is conditioned upon Buyer being able to purchase the Property without acceleration or change in the terms of any Existing Notes or charges to Buyer except as otherwise provided in this Agreement or approved by Buyer, provided, however, Buyer shall
pay the transfer fee referred to in paragraph 3.2 hereof. 
 (m) Personal Property. In the event
that any personal property is included in the Purchase Price, Buyer has 10 or 30 days from the Date of Agreement to satisfy itself with regard to the title condition of such personal property. Seller recommends that Buyer
obtain a UCC-1 report. Any such report shall be paid for by Buyer. Seller shall provide Buyer copies of any liens or encumbrances affecting such personal property that it is aware of within 10 or
             days of the Date of Agreement. 

(n) Destruction, Damage or Loss. There shall not have occurred prior to the Closing, a destruction of, or damage
or loss to, the Property or any portion thereof, from any cause whatsoever, which would cost more than $10,000.00 $250,000.00 to repair or cure. If the cost of repair or cure is $250,000.00 $10,000,00 or less,
Seller shall repair or cure the loss prior to the Closing. Buyer shall have the option, within 10 days after receipt of written notice of a loss costing more than $250,000.00 $10,000.00 to repair or cure, to either terminate this
Agreement or to purchase the Property notwithstanding such loss, but without deduction or offset against the Purchase Price. If the cost to repair or cure is more than $250,000.00 $10,000.00, and Buyer does not elect to terminate
this Agreement, Buyer shall be entitled to any insurance proceeds applicable to such loss. Unless otherwise notified in writing, Escrow Holder shall assume no such destruction, damage or loss has occurred prior to Closing. 

(o) Material Change. Buyer shall have 10 days following receipt of written notice of a Material Change within
which to satisfy itself with regard to such change. “Material Change” shall mean a substantial adverse change in the use, occupancy, tenants, title, or condition of the Property that occurs after the date of this offer and prior to
the Closing. Unless otherwise notified in writing, Escrow Holder shall assume that no Material Change has occurred prior to the Closing. 
 (p) Seller Performance. The delivery of all documents and the due performance by Seller of each and every undertaking and agreement to be performed by Seller under this Agreement. 

(q) Brokerage Fee. See Addendum, Paragraph 9 Payment at the Closing of such brokerage fee as is
specified in this Agreement or later written instructions to Escrow Holder executed by Seller and Brokers (“Brokerage Fee”). It is agreed by the Parties and Escrow Holder that Brokers are a third party beneficiary of this Agreement
insofar as the Brokerage Fee is concerned, and that no change shall be made with respect to the payment of the Brokerage Fee specified in this Agreement, without the written consent of Brokers. See Addendum. 

9.2 All of the contingencies specified in subparagraphs (a) through (m) of paragraph 9.1 are for the benefit
of, and may be waived by, Buyer, and may be elsewhere herein referred to as “Buyer’s Contingencies.” 
 9.3 If any of Buyer’s Contingencies or any other matter subject to Buyer’s approval is disapproved as provided for herein in a timely manner (“Disapproved Item”), Seller shall
have the right within 10 days following the receipt of notice of Buyer’s disapproval to elect to cure such Disapproved Item prior to the Expected Closing Date (“Seller’s Election”). Seller’s failure to give to Buyer
within such period, written notice of Seller’s commitment to cure such Disapproved Item on or before the Expected Closing Date shall be conclusively presumed to be Seller’s Election not to cure such Disapproved Item. If Seller elects,
either by written notice or failure to give written notice, not to cure a Disapproved Item, Buyer shall have the right, within 10 days after Seller’s Election to either accept title to the Property subject to such Disapproved Item, or to
terminate this Agreement. Buyer’s failure to notify Seller in writing of Buyer’s election to accept title to the Property subject to the Disapproved Item without deduction or offset shall constitute Buyer’s election to terminate this
Agreement. Unless expressly provided otherwise herein. Seller’s right to cure shall not apply to the remediation of Hazardous Substance Conditions or to the Financing Contingency. Unless the Parties mutually instruct otherwise, if the time
periods for the satisfaction of contingencies or for Seller’s and Buyer’s elections would expire on a date after the Expected Closing Date, the Expected Closing Date shall be deemed extended for 3 business days following the expiration of:
(a) the applicable contingency period(s), (b) the period within which the Seller may elect to cure the Disapproved Item, or (c) if Seller elects not to cure, the period within which Buyer may elect to proceed with this transaction,
whichever is later. 
 9.4 Buyer understands and agrees that until such time as all Buyer’s Contingencies
have been satisfied or waived, Seller and/or its agents may solicit, entertain and/or accept back-up offers to purchase the Property. 
 9.5 The Parties acknowledge that extensive local, state and Federal legislation establish broad liability upon owners and/or users of real property for the investigation and remediation of Hazardous
Substances. The determination of the existence of a Hazardous Substance Condition and the evaluation of the impact of such a condition are highly technical and beyond the expertise of Brokers. The Parties acknowledge that they have been advised by
Brokers to consult their own technical and legal experts with respect to the possible presence of Hazardous Substances on the Property or adjoining properties, and Buyer and Seller are not relying upon any investigation by or statement of Brokers
with respect thereto. The Parties hereby assume all responsibility for the impact of such Hazardous Substances upon their respective interests herein. 
 10. Documents Required at or Before Closing: 
 10.1 Five
days prior to the Closing date Escrow Holder shall obtain an updated Title Commitment concerning the Property from the Title Company and provide copies thereof to each of the Parties. 

10.2 Seller shall deliver to Escrow Holder in time for delivery to Buyer at the Closing: 

(a) Grant or general warranty deed, duly executed and in recordable form, conveying fee title to the Property to Buyer.

 (b) If applicable, the Beneficiary Statements concerning Existing Note(s). 

(c) If applicable, the Existing Leases and Other Agreements together with duly executed assignments thereof by Seller and
Buyer. The assignment of Existing Leases shall be on the most recent Assignment and Assumption of Lessor’s interest in Lease form published by the AIR or its equivalent. 

(d) If applicable, Estoppel Certificates executed by Seller and/or the tenant(s) of the Property.

 (e) An affidavit executed by Seller to the effect that Seller is not a “foreign person” within the
meaning of Internal Revenue Code Section 1445 or successor statutes. If Seller does not provide such affidavit in form reasonably satisfactory to Buyer at least 3 business days prior to the Closing, Escrow Holder shall at the Closing deduct
from Seller’s proceeds and remit to the Internal Revenue Service such sum as is required by applicable Federal law with respect to purchases from foreign sellers. 

(f) If the Property is located in California, an affidavit executed by Seller to the effect that Seller is not a
“nonresident” within the meaning of California Revenue and Tax Code Section 18662 or successor statutes. If Seller does not provide such affidavit in form reasonably satisfactory to Buyer at least 3 business days prior to the Closing,
Escrow Holder shall at the Closing deduct from Seller’s proceeds and remit to the Franchise Tax Board such sum as is required by such statute. 
 (g) If applicable, a bill of sale, duly executed, conveying title to any included personal property to Buyer. 
 (h) If the Seller is a corporation, a duly executed corporate resolution authorizing the execution of this Agreement and the sale of the Property. 

  

					
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 10.3
Buyer shall deliver to Seller through Escrow: 
 (a) The cash portion of the Purchase Price and such additional
sums as are required of Buyer under this Agreement shall be deposited by Buyer with Escrow Holder, by federal funds wire transfer, or any other method acceptable to Escrow Holder in immediately collectable funds, no later than 2:00 P.M. on the
business day prior to the Expected Closing Date. 
 (b) If a Purchase Money Note and Purchase Money Deed of
Trust are called for by this Agreement, the duly executed originals of those documents, the Purchase Money Deed of Trust being in recordable form, together with evidence of fire insurance on the improvements in the amount of the full replacement
cost naming Seller as a mortgage loss payee, and a real estate tax service contract (at Buyer’s expense), assuring Seller of notice of the status of payment of real property taxes during the life of the Purchase Money Note. 

(c) The Assignment and Assumption of Lessor’s interest in Lease form specified in paragraph 10.2(c) above, duly
executed by Buyer. 
 (d) Assumptions duly executed by Buyer of the obligations of Seller that accrue after
Closing under any Other Agreements. 
 (e) If applicable, a written assumption duly executed by Buyer of the
loan documents with respect to Existing Notes. 
 (f) If the Buyer is a corporation, a duly executed corporate
resolution authorizing the execution of this Agreement and the purchase of the Property. 
 10.4 At Closing,
Escrow Holder shall cause to be issued to Buyer a standard coverage (or ALTA extended, if elected pursuant to 9.1(g)) owner’s form policy of title insurance effective as of the Closing, issued by the Title Company in the full amount of the
Purchase Price, insuring title to the Property vested in Buyer, subject only to the exceptions approved by Buyer. In the event there is a Purchase Money Deed of Trust in this transaction, the policy of title insurance shall be a joint protection
policy insuring both Buyer and Seller. 
 IMPORTANT: IN A PURCHASE OR EXCHANGE OF REAL PROPERTY, IT MAY BE ADVISABLE TO
OBTAIN TITLE INSURANCE IN CONNECTION WITH THE CLOSE OF ESCROW SINCE THERE MAY BE PRIOR RECORDED LIENS AND ENCUMBRANCES WHICH AFFECT YOUR INTEREST IN THE PROPERTY BEING ACQUIRED. A NEW POLICY OF TITLE INSURANCE SHOULD BE OBTAINED IN ORDER TO ENSURE
YOUR INTEREST IN THE PROPERTY THAT YOU ARE ACQUIRING. 
 11. Prorations and Adjustments. 

11.1 Taxes. Applicable real property taxes and special assessment bonds shall be prorated through Escrow as of the
date of the Closing, based upon the latest tax bill available. The Parties agree to prorate as of the Closing any taxes assessed against the Property by supplemental bill levied by reason of events occurring prior to the Closing. Payment of the
prorated amount shall be made promptly in cash upon receipt of a copy of any supplemental bill. 
 11.2
Insurance. WARNING: Any insurance which Seller may have maintained will terminate on the Closing. Buyer is advised to obtain appropriate insurance to cover the Property. 

11.3 Rentals, Interest and Expenses. Scheduled rentals, interest on Existing Notes, utilities, and operating
expenses shall be prorated as of the date of Closing. The Parties agree to promptly adjust between themselves outside of Escrow any rents received after the Closing. 

11.4 Security Deposit. Security Deposits held by Seller shall be given to Buyer as a credit to the cash required
of Buyer at the Closing. 
 11.5 Post Closing Matters. Any item to be prorated that is not determined or
determinable at the Closing shall be promptly adjusted by the Parties by appropriate cash payment outside of the Escrow when the amount due is determined. 
 11.6 Variations in Existing Note Balances. In the event that Buyer is purchasing the Property subject to an Existing Deed of Trust(s), and in the event that a Beneficiary Statement as to the
applicable Existing Note(s) discloses that the unpaid principal balance of such Existing Note(s) at the closing will be more or less than the amount set forth in paragraph 3.1(c) hereof (“Existing Note Variation”), then the Purchase
Money Note(s) shall be reduced or increased by an amount equal to such Existing Note Variation. If there is to be no Purchase Money Note, the cash required at the Closing per paragraph 3.1(a) shall be reduced or increased by the amount of such
Existing Note Variation. 
 11.7 Variations in New Loan Balance. In the event Buyer is obtaining a New
Loan and the amount ultimately obtained exceeds the amount set forth in paragraph 5.1, then the amount of the Purchase Money Note, if any, shall be reduced by the amount of such excess. 

11.8 Owner’s Association Fees. Escrow Holder shall: (i) bring Seller’s account with the association
current and pay any delinquencies or transfer fees from Seller’s proceeds, and (ii) pay any up front fees required by the association from Buyer’s funds. 
 12. Representations and Warranties of Seller and Disclaimers. 
 12.1 Seller’s warranties and representations shall survive the Closing and delivery of the deed for a period of one (1) year 3 years, and, are true, material and relied upon by
Buyer and Brokers in all respects. Seller hereby makes the following warranties and representations to Buyer and Brokers: 
 (a) Authority of Seller. Seller is the owner of the Property and/or has the full right, power and authority to sell, convey and transfer the Property to Buyer as provided herein, and to perform
Seller’s obligations hereunder. 
 (b) Maintenance During Escrow and Equipment Condition At Closing.
Except as otherwise provided in paragraph 9.1(m) hereof, Seller shall maintain the Property until the Closing in its present condition, ordinary wear and tear excepted. 

(c) Hazardous Substances/Storage Tanks. Seller has no knowledge, except as otherwise disclosed to Buyer in
writing, of the existence or prior existence on the Property of any Hazardous Substance, nor of the existence or prior existence of any above or below ground storage tank. 

(d) Compliance. Seller has no knowledge of any aspect or condition of the Property which violates applicable laws,
rules, regulations, codes or covenants, conditions or restrictions, or of improvements or alterations made to the Property without a permit where one was required, or of any unfulfilled order or directive of any applicable governmental agency or
casualty insurance company requiring any investigation, remediation, repair, maintenance or improvement be performed on the Property. 
 (e) Changes in Agreements. Prior to the Closing, Seller will not violate or modify any Existing Lease or Other Agreement, or create any new leases or other agreements affecting the
Property, without Buyer’s written approval, which approval will not be unreasonably withheld. 

(f) Possessory Rights. Seller has no knowledge that anyone will, at the Closing, have any right to possession of
the Property, except as disclosed by this Agreement or otherwise in writing to Buyer and except, for tenants of the Property. 
 (g) Mechanics’ Liens. There are no unsatisfied mechanics’ or materialmens’ lien rights concerning the Property. 

(h) Actions, Suits or Proceedings. Seller has no knowledge of any actions, suits or proceedings pending or
threatened before any commission, board, bureau, agency, arbitrator, court or tribunal that would affect the Property or the right to occupy or utilize same. 
 (i) Notice of Changes. Seller will promptly notify Buyer and Brokers in writing of any Material Change (see paragraph 9.1(n)) affecting the Property that becomes known to Seller prior to the
Closing. 
 (j) No Tenant Bankruptcy Proceedings. Seller has no notice or knowledge that any
tenant of the Property is the subject of a bankruptcy or insolvency proceeding. 
 (k) No Seller
Bankruptcy Proceedings. Seller is not the subject of a bankruptcy, insolvency or probate proceeding. 
 (l)
Personal Property. Seller has no knowledge that anyone will, at the Closing, have any right to possession of any personal property included in the Purchase Price nor knowledge of any liens or encumbrances affecting such personal property,
except as disclosed by this Agreement or otherwise in writing to Buyer. 

  

					
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	  		  	 ATD

	  
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 12.2
Buyer hereby acknowledges that, except as otherwise stated in this Agreement, Buyer is purchasing the Property in its existing condition and will, by the time called for herein, make or have waived all inspections of the Property Buyer believes are
necessary to protect its own interest in, and its contemplated use of, the Property. The Parties acknowledge that, except as otherwise stated in this Agreement, no representations, inducements, promises, agreements, assurances, oral or written,
concerning the Property, or any aspect of the occupational safety and health laws, Hazardous Substance laws, or any other act, ordinance or law, have been made by either Party or Brokers, or relied upon by either Party hereto. 

12.3 In the event that Buyer learns that a Seller representation or warranty might be untrue prior to the Closing, and
Buyer elects to purchase the Property anyway then, and in that event, Buyer waives any right that it may have to bring an action or proceeding against Seller or Brokers regarding said representation or warranty. 

12.4 Any environmental reports, soils reports, surveys, and other similar documents which were prepared by third party
consultants and provided to Buyer by Seller or Seller’s representatives, have been delivered as an accommodation to Buyer and without any representation or warranty as to the sufficiency, accuracy, completeness, and/or validity of said
documents, all of which Buyer relies on at its own risk. Seller believes said documents to be accurate, but Buyer is advised to retain appropriate consultants to review said documents and investigate the Property. 

13. Possession. 
 Possession of the Property shall be given to Buyer at the Closing subject to the rights of tenants under Existing Leases. 
 14. Buyer’s Entry. 
 At any time during the Escrow period, Buyer, and
its agents and representatives, shall have the right at reasonable times and subject to rights of tenants, to enter upon the Property for the purpose of making inspections and tests specified in this Agreement. No destructive testing shall be
conducted, however, without Seller’s prior approval which shall not be unreasonably withheld. Following any such entry or work, unless otherwise directed in writing by Seller, Buyer shall return the Property to the condition it was in prior to
such entry or work, including the recompaction or removal of any disrupted soil or material as Seller may reasonably direct. All such inspections and tests and any other work conducted or materials furnished with respect to the Property by or for
Buyer shall be paid for by Buyer as and when due and Buyer shall indemnify, defend, protect and hold harmless Seller and the Property of and from any and all claims, liabilities, losses, expenses (including reasonable attorneys’ fees), damages,
including those for injury to person or property, arising out of or relating to any such work or materials or the acts or omissions of Buyer, its agents or employees in connection therewith. 

15. Further Documents and Assurances. 
 The Parties shall each, diligently and in good faith, undertake all actions and procedures reasonably required to place the Escrow in condition for Closing as and when required by this Agreement. The
Parties agree to provide all further information, and to execute and deliver all further documents, reasonably required by Escrow Holder or the Title Company. 
 16. Attorneys’ Fees. 
 If any Party or Broker brings an action or
proceeding (including arbitration) involving the Property whether founded in tort, contract or equity, or to declare rights hereunder, the Prevailing Party (as hereafter defined) in any such proceeding, action, or appeal thereon, shall be entitled
to reasonable attorneys’ fees. Such fees may be awarded in the same suit or recovered in a separate suit, whether or not such action or proceeding is pursued to decision or judgment. The term “Prevailing Party” shall include, without
limitation, a Party or Broker who substantially obtains or defeats the relief sought, as the case may be, whether by compromise, settlement, judgment, or the abandonment by the other Party or Broker of its claim or defense. The attorneys’ fees
award shall not be computed in accordance with any court fee schedule, but shall be such as to fully reimburse all attorneys’ fees reasonably incurred. 
 17. Prior Agreements/Amendments. 
 17.1 This Agreement
supersedes any and all prior agreements between Seller and Buyer regarding the Property. 
 17.2 Amendments to
this Agreement are effective only if made in writing and executed by Buyer and Seller. 
 18. Broker’s Rights. See
Addendum, Paragraph 9. 
 18.1 If this sale is not consummated due to the default of either the Buyer
or Seller, the defaulting Party shall be liable to and shall pay to Brokers the Brokerage Fee that Brokers would have received had the sale been consummated. If Buyer is the defaulting party, payment of said Brokerage Fee is in addition to any
obligation with respect to liquidated or other damages. 
 18.2 Upon the Closing, Brokers are
authorized to publicize the facts of this transaction. 
 19. Notices. 

19.1 Whenever any Party, Escrow Holder or Brokers herein shall desire to give or serve any notice, demand, request,
approval, disapproval or other communication, each such communication shall be in writing and shall be delivered personally, by messenger or by mail, postage prepaid, to the address set forth in this Agreement or by facsimile
transmission.—See Addendum, Section 35 for notices addresses. 
 19.2 Service of any
such communication shall be deemed made on the date of actual receipt if personally delivered. Any such communication sent by regular mail shall be deemed given 48 hours after the same is mailed. Communications sent by United States Express Mail or
overnight courier that guarantee next day delivery shall be deemed delivered 24 hours after delivery of the same to the Postal Service or courier. Communications transmitted by facsimile transmission shall be deemed delivered upon telephonic
confirmation of receipt (confirmation report from fax machine is sufficient), provided a copy is also delivered via delivery or mail. If such communication is received on a Saturday, Sunday or legal holiday, it shall be deemed received on the next
business day. 
 19.3 Any Party or Broker hereto may from time to time, by notice in writing, designate a
different address to which, or a different person or additional persons to whom, all communications are thereafter to be made. 

20. Duration of Offer. 
 20.1 If this offer is not accepted by Seller on or before 5:00 P.M. according to the time standard applicable to the city of Los Angeles, CA on the date of 5 days from execution
by Buyer, it shall be deemed automatically revoked. 
 20.2 The acceptance of this offer, or of any
subsequent counteroffer hereto, that creates an agreement between the Parties as described in paragraph 1.2, shall be deemed made upon delivery to the other Party or either Broker herein of a duly executed writing unconditionally accepting the last
outstanding offer or counteroffer. 
 21. LIQUIDATED DAMAGES. (This Liquidated Damages paragraph is applicable only if
initialed by both Parties). 
 THE PARTIES AGREE THAT IT WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX, PRIOR
TO SIGNING THIS AGREEMENT, THE ACTUAL DAMAGES WHICH WOULD BE SUFFERED BY SELLER IF BUYER FAILS TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT. THEREFORE, IF, AFTER THE SATISFACTION OR WAIVER OF ALL

  

					
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CONTINGENCIES PROVIDED FOR THE BUYER’S BENEFIT, BUYER BREACHES THIS AGREEMENT, SELLER SHALL BE ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT OF $200,000.00. UPON PAYMENT OF SAID SUM TO
SELLER, BUYER SHALL BE RELEASED FROM ANY FURTHER LIABILITY TO SELLER, AND ANY ESCROW CANCELLATION FEES AND TITLE COMPANY CHARGES SHALL BE PAID BY SELLER. 
  

													
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		 		 	Buyer Initials	 		 	Seller Initials	 		 	

 22. ARBITRATION OF DISPUTES. (This Arbitration of Disputes paragraph is
applicable only if initialed by both Parties.) 
 22.1 ANY CONTROVERSY AS TO WHETHER SELLER IS
ENTITLED TO THE LIQUIDATED DAMAGES AND/OR BUYER IS ENTITLED TO THE RETURN OF DEPOSIT MONEY, SHALL BE DETERMINED BY BINDING ARBITRATION BY, AND UNDER THE COMMERCIAL RULES OF THE AMERICAN ARBITRATION ASSOCIATION (“COMMERCIAL RULES”).
ARBITRATION HEARINGS SHALL BE HELD IN THE COUNTY WHERE THE PROPERTY IS LOCATED. ANY SUCH CONTROVERSY SHALL BE ARBITRATED BY 3 ARBITRATORS WHO SHALL BE IMPARTIAL REAL ESTATE BROKERS WITH AT LEAST 5 YEARS OF FULL TIME EXPERIENCE IN BOTH THE AREA WHERE
THE PROPERTY IS LOCATED AND THE TYPE OF REAL ESTATE THAT IS THE SUBJECT OF THIS AGREEMENT. THEY SHALL BE APPOINTED UNDER THE COMMERCIAL RULES. THE ARBITRATORS SHALL HEAR AND DETERMINE SAID CONTROVERSY IN ACCORDANCE WITH APPLICABLE LAW. THE INTENTION
OF THE PARTIES AS EXPRESSED IN THIS AGREEMENT AND ANY AMENDMENTS THERETO, AND UPON THE EVIDENCE PRODUCED AT AN ARBITRATION HEARING PRE ARBITRATION DISCOVERY SHALL BE PERMITTED IN ACCORDANCE WITH THE COMMERCIAL RULES OR STATE LAW APPLICABLE TO
ARBITRATION PROCEEDINGS. THE AWARD SHALL BE EXECUTED BY AT LEAST 2 OF THE 3 ARBITRATORS, BE RENDERED WITHIN 30 DAYS AFTER THE CONCLUSION OF THE HEARING, AND MAY INCLUDE ATTORNEY’S FEES AND COSTS TO THE PREVAILING PARTY PER PARAGRAPH 16 HEREOF.
JUDGMENT MAY BE ENTERED ON THE AWARD IN ANY COURT OF COMPETENT JURISDICTION NOTWITHSTANDING THE FAILURE OF A PARTY DULY NOTIFIED OF THE ARBITRATION HEARING TO APPEAR THEREAT. 

22.2 BUYER’S RESORT TO OR PARTICIPATION IN SUCH ARBITRATION PROCEEDINGS SHALL NOT BAR SUIT IN A COURT OF
COMPETENT JURISDICTION BY THE BUYER FOR DAMAGES AND/OR SPECIFIC PERFORMANCE UNLESS AND UNTIL THE ARBITRATION RESULTS IN AN AWARD TO THE SELLER OF LIQUIDATED DAMAGES. IN WHICH EVENT SUCH AWARD SHALL ACT AS A BAR AGAINST ANY ACTION BY BUYER FOR
DAMAGES AND/OR SPECIFIC PERFORMANCE. 
 22.3 NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE
AGREEING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN THE “ARBITRATION OF DISPUTES” PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE
LITIGATED IN A COURT OR JURY TRIAL BY INITIALING IN THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS SUCH RIGHTS ARE SPECIFICALLY INCLUDED IN THE “ARBITRATION OF DISPUTES” PROVISION. IF YOU REFUSE TO
SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY. 

WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE
“ARBITRATION OF DISPUTES” PROVISION TO NEUTRAL ARBITRATION. 
  

													
		 		 	  
	 		 	  
	 		 	
		 		 	Buyer Initials	 		 	Seller Initials	 		 	

 23. Miscellaneous. 

23.1 Binding Effect. This Agreement shall be binding on the Parties without regard to whether or not paragraphs 21
and 22 are initialed by both of the Parties. Paragraphs 21 and 22 are each incorporated into this Agreement only if initialed by both Parties at the time that the Agreement is executed. 

23.2 Applicable Law. This Agreement shall be governed by, and paragraph 22.3 is amended to refer to, the laws of
the state in which the Property is located. 
 23.3 Time of Essence. Time is of the essence of this
Agreement. 
 23.4 Counterparts. This Agreement may be executed by Buyer and Seller in counterparts, each
of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Escrow Holder, after verifying that the counterparts are identical except for the signatures, is authorized and instructed to combine the
signed signature pages on one of the counterparts, which shall then constitute the Agreement. 
 23.5 Waiver
of Jury Trial. THE PARTIES HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING INVOLVING THE PROPERTY OR ARISING OUT OF THIS AGREEMENT. 

23.6 Conflict. Any conflict between the printed provisions of this Agreement and the typewritten or handwritten
provisions shall be controlled by the typewritten or handwritten provisions. 
 23.7 1031 Exchange. Both
Seller and Buyer agree to cooperate with each other in the event that either or both wish to participate in a 1031 exchange. Any party initialing an exchange shall bear all costs of such exchange 

23.8 Days. Unless otherwise specifically indicated to the contrary, the word “days” as used in this
Agreement shall mean and refer to calendar days. 

  

					
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	  		  	 ATD

	  
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	 INITIALS
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 24. Disclosures
Regarding The Nature of a Real Estate Agency Relationship. 
 24.1 The Parties and Brokers agree that their
relationship(s) shall be governed by the principles set forth in the applicable sections of the California Civil Code, as summarized in paragraph 24.2. 
 24.2 When entering into a discussion with a real estate agent regarding a real estate transaction, a Buyer or Seller should from the outset understand what type of agency relationship or representation it
has with the agent or agents in the transaction. Buyer and Seller acknowledge being advised by the Brokers in this transaction, as follows: 
 (a) Seller’s Agent. A Seller’s agent under a listing agreement with the Seller acts as the agent for the Seller only. A Seller’s agent or subagent has the following affirmative
obligations: (1) To the Seller: A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller. (2) To the Buyer and the Seller: a. Diligent exercise of reasonable skills and care in performance
of the agent’s duties. b. A duty of honest and fair dealing and good faith. c. A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent
attention and observation of, the Parties. An agent is not obligated to reveal to either Party any confidential information obtained from the other Party which does not involve the affirmative duties set forth above. 

(b) Buyer’s Agent. A selling agent can, with a Buyer’s consent, agree to act as agent for the Buyer
only. In these situations, the agent is not the Seller’s agent, even if by agreement the agent may receive compensation for services rendered, either in full or in part from the Seller. An agent acting only for a Buyer has the following
affirmative obligations. (1) To the Buyer: A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer. (2) To the Buyer and the Seller: a. Diligent exercise of reasonable skills and care in
performance of the agent’s duties. b. A duty of honest and fair dealing and good faith. c. A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the
diligent attention and observation of, the Parties. An agent is not obligated to reveal to either Party any confidential information obtained from the other Party which does not involve the affirmative duties set forth above. 

(c) Agent Representing Both Seller and Buyer. A real estate agent, either acting directly or through one or more
associate licenses, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer. (1) In a dual agency situation, the agent has the following affirmative
obligations to both the Seller and the Buyer: a. A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either Seller or the Buyer. b. Other duties to the Seller and the Buyer as stated above in their respective
sections (a) or (b) of this paragraph 24.2. (2) In representing both Seller and Buyer, the agent may not without the express permission of the respective Party, disclose to the other Party that the Seller will accept a price less than
the listing price or that the Buyer will pay a price greater than the price offered. (3) The above duties of the agent in a real estate transaction do not relieve a Seller or Buyer from the responsibility to protect their own interests. Buyer
and Seller should carefully read all agreements to assure that they adequately express their understanding of the transaction. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a
competent professional. 
 (d) Further Disclosures. Throughout this transaction Buyer and Seller may
receive more than one disclosure, depending upon the number of agents assisting in the transaction. Buyer and Seller should each read its contents each time it is presented, considering the relationship between them and the real estate agent in this
transaction and that disclosure. Brokers have no responsibility with respect to any default or breach hereof by either Party. The Parties agree that no lawsuit or other legal proceeding involving any breach of duty, error or omission
relating to this transaction may be brought against Broker more than one year after the Date of Agreement and that the liability (including court costs and attorneys’ fees), of any Broker with respect to any breach of duty, error or omission
relating to this Agreement shall not exceed the fee received by such Broker pursuant to this Agreement; provided, however, that the foregoing limitation on each Broker’s liability shall not be applicable to any gross negligence or willful
misconduct of such Broker. 
 24.3 Confidential Information: Buyer and Seller agree to identify
to Brokers as “Confidential” any communication or information given Brokers that is considered by such Party to be confidential. 
 25. Construction of Agreement. In construing this Agreement, all headings and titles are for the convenience of the Parties only and shall not be considered a part of this Agreement. Whenever
required by the context, the singular shall include the plural and vice versa. Unless otherwise specifically indicated to the contrary, the word “days” as used in this Agreement shall mean and refer to calendar days. This Agreement shall
not be construed as if prepared by one of the Parties, but rather according to its fair meaning as a whole, as if both Parties had prepared it. 
 26 Additional Provisions: 
 Additional provisions of this offer, if any, are
as follows or are attached hereto by an addendum consisting of paragraphs
                                        
through
                                         .
(If there are no additional provisions write “NONE”.) 
  

	
	 SEE ADDENDUM HERETO DATED AS OF THE DATE HEREOF AND EXECUTED BY SELLER AND BUYER,
WHICH

	 ADDENDUM IS INCORPORATED HEREIN BY REFERENCE (REFERRED TO UNDER THIS AGREEMENT AS
THE

	 “ADDENDUM”)

	
	  

	  

	  

	
	  

	  

	  

	
	  

	  

	  

	
	  

	  

 

  

					
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	PAGE 9 OF 12

  
 ATTENTION: NO
REPRESENTATION OR RECOMMENDATION IS MADE BY THE AIR COMMERCIAL REAL ESTATE ASSOCIATION OR BY ANY BROKER AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS AGREEMENT OR THE TRANSACTION TO WHICH IT RELATES. THE PARTIES ARE URGED
TO: 
 1. SEEK ADVICE OF COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS AGREEMENT. 

2. RETAIN APPROPRIATE CONSULTANTS TO REVIEW AND INVESTIGATE THE CONDITION OF THE PROPERTY. SAID INVESTIGATION SHOULD INCLUDE BUT NOT
BE LIMITED TO: THE POSSIBLE PRESENCE OF HAZARDOUS SUBSTANCES, THE ZONING OF THE PROPERTY, THE INTEGRITY AND CONDITION OF ANY STRUCTURES AND OPERATING SYSTEMS, AND THE SUITABILITY OF THE PROPERTY FOR BUYER’S INTENDED USE. 

WARNING: IF THE PROPERTY IS LOCATED IN A STATE OTHER THAN CALIFORNIA, CERTAIN PROVISIONS OF THIS AGREEMENT MAY NEED TO BE REVISED TO
COMPLY WITH THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED. 
 NOTE: 

1. THIS FORM IS NOT FOR USE IN CONNECTION WITH THE SALE OF RESIDENTIAL PROPERTY. 

2. IF THE BUYER IS A CORPORATION, IT IS RECOMMENDED THAT THIS AGREEMENT BE SIGNED BY TWO CORPORATE OFFICERS.

 The undersigned Buyer offers and agrees to buy the Property on the terms and conditions stated and acknowledges
receipt of a copy hereof. 

 

			
	 BROKER:

	
	 Bancap Self Storage Group, Inc.

	  

		
	 Attn:
	  	 Dean L. Keller

			
	 Title:
	  	  

			
	 Address:
	  	 30021 Tomas Street, Suite 245

			
	 Rancho Santa Margarita, CA 92688

			
	 Telephone: (949)
	  	  

			
	 Facsimile: (949)
	  	  

			
	 Email:
	  	  

			
	 Federal ID No.
	  	  

			
		
	 Broker/Agent DRE License #:
	 	  

	  

	
 

			
	 BUYER:

	
	 SSTI ACQUISITIONS, LLC,

	
a Delaware limited liability company

	
	
		
	 By:
	 	 /s/ H. Michael
Schwartz

			
		
	 Date: 
	 	  

			
	 Name Printed:
	 	  

			
	 Title:
	 	  

			
	 Telephone: (        )
	 	  

			
	 Facsimile: (        )
	 	  

			
	 Email:
	 	  

			
		 	
		
	 By:
	 	  

			
	 Date:
	 	  

			
	 Name Printed:
	 	  

			
	 Title:
	 	  

			
	 Address:
	 	 See Addendum Section 35, for
notices

			
	 address for Buyer

	 Telephone: (        )
	 	  

			
	 Facsimile: (        )
	 	  

			
	 Email:
	 	  

			
	 Federal ID No.
	 	
 

  
 27. Acceptance.

 27.1 Seller accepts the foregoing offer to purchase the Property and hereby agrees to sell the Property to
Buyer on the terms and conditions 

  

							
	 HMS
	  		  	RECEIVED	  	 ATD

	  
	  		  	NOV 08 2010	  	 JDV

	 INITIALS
	  		  	By              
       	  	 INITIALS

  

			
	 ©2003 - AIR COMMERCIAL REAL ESTATE ASSOCIATION
	  	FORM OF A-7-6/07E

 

	
	PAGE 10 OF 12

 therein specified. 

27.2 See Addendum, Paragraph 5. Seller acknowledges that Brokers have been retained to locate a Buyer and
are the procuring cause of the purchase and sale of the Property set forth in this Agreement. In consideration of real estate brokerage service rendered by Brokers, Seller agrees to pay Brokers a real estate Brokerage Fee in a sum equal
to      % of the Purchase Price to be divided equally between Seller’s Broker and Buyer’s Broker. This Agreement shall serve as an irrevocable instruction to
Escrow Holder to pay such Brokerage Fee to Brokers out of the proceeds accruing to the account of Seller at the Closing. 
 27.3 Seller acknowledges receipt of a copy hereof and authorizes Brokers to deliver a signed copy to Buyer. 
 NOTE: A PROPERTY INFORMATION SHEET IS REQUIRED TO BE DELIVERED TO BUYER BY SELLER UNDER THIS AGREEMENT. 

 

			
	 BROKER:

	  

	  

		
	 Attn:
	 	  

			
	 Title:
	 	  

			
	 Address:
	 	  

			
	  

	 Telephone: (            )
	 	  

			
	 Facsimile: (            )
	 	  

			
	 Email:
	 	  

			
	 Federal ID No.:
	 	  

			
		
	 Broker/Agent DRE License #:
	 	  

			
	  

	
 

			
	 SELLER:

	
	 With respect to the El Dorado Park Self Storage Property:

	
	 EL DORADO PARK SELF STORAGE, LLC

	 a California limited liability company,

	 tenant in common as to an undivided 83% interest

		
	 By:
	 	 /s/ A. Terrance Dickens

		 	 A. Terrance Dickens, Manager

	
	 and

	
	 JDV EL DORADO PARK STORAGE, LLC,

	 a California limited liability company,

	 as tenant in common as to an undivided 17% interest

		
	 By:
	 	 /s/ James D. Vandever

		 	 James D. Vandever, Manager

	
	 With respect to the 405 Self Storage Property:

	
	 405 Self Storage, LLC

	 a California limited liability company,

	 tenant in common as to an undivided 83% interest

		
	 By:
	 	 /s/ A. Terrance Dickens

		 	 A. Terrance Dickens, Manager

	
	 and

	
	 JDV 405 SELF STORAGE, LLC,

	 a California limited liability company, a tenant in common as to an undivided 17%

		
	 By:
	 	 /s/ James D. Vandever

		 	 JAMES D. VANDEVER, MANAGER

		
	 Date:
	 	 November 5,
2010

  

							
	 HMS
	  		  	RECEIVED	  	 ATD

	  
	  		  	NOV 08 2010	  	 JDV

	 INITIALS
	  		  	By              
       	  	 INITIALS

  

			
	 ©2003 - AIR COMMERCIAL REAL ESTATE ASSOCIATION
	  	FORM OF A-7-6/07E

 

	
	PAGE 11 OF 12

  
 
			
	 See Addendum, Section 35, for Notices Address

		
	 Name Printed:
	 	 A.Terrance
Dickens

			
	 Title:
	 	
Manager

			
	 Telephone: (562)
	 	
712-1200

			
	 Facsimile: (714)
	 	
459-7230

			
	 Email:
	 	 terry@dickensproperties.
com

			
	
	 See signatures on previous page

		
	 By:
	 	
 

			
		
	 Date:
	 	
 

			
	 Name Printed:
	 	
 

			
	 Title:
	 	
 

			
		
	 Address:
	 	 8150 E. Wardlow
Road

			
	 Long Beach, CA
90808

			
	 Telephone: (            )
	 	
 

			
	 Facsimile: (            )
	 	
 

			
	 Email:
	 	
 

			
	 Federal ID No.:
	 	  

NOTICE: These forms are often modified to meet changing requirements of law and industry needs. Always write or call to make sure you
are utilizing the most current form: AIR Commercial Real Estate Association, 800 W 6th Street, Suite 800, Los Angeles, CA 90017. Telephone No. (213) 687-8777. Fax No.: (213) 687-8616. 

© Copyright 2003 By AIR Commercial Real Estate Association. 

All rights reserved. 
 No part of these works may be reproduced in any form without permission in writing. 
  

			
		 	RECEIVED
		 	NOV 08 2010
		 	By           
          

  

					
	 HMS
	  		  	 ATD

	  
	  		  	 JDV

	 INITIALS
	  		  	 INITIALS

  

			
	 ©2003 - AIR COMMERCIAL REAL ESTATE ASSOCIATION
	  	FORM OF A-7-6/07E

 

	
	PAGE 12 OF 12Addendum

  
 Exhibit 10.2

 ADDENDUM TO STANDARD OFFER, 
 AGREEMENT AND ESCROW INSTRUCTIONS 
 FOR PURCHASE OF REAL ESTATE 

(“ADDENDUM”) 
 THIS ADDENDUM, dated for reference purposes as of November 5, 2010, is made and entered into by and between the undersigned Buyer and Seller. Pursuant to this Addendum, that certain STANDARD OFFER,
AGREEMENT AND ESCROW INSTRUCTIONS FOR PURCHASE OF REAL ESTATE dated November 5, 2010 (the “Agreement”) by and between Buyer and Seller for the purchase and sale of El Dorado Park Self Storage and 405 Self Storage is hereby
amended and modified as follows: 
 1. Definitions; Addendum Controlling. Unless otherwise defined
herein, the capitalized terms used herein shall have the meanings given them in the Agreement. In the event of any conflict between the Agreement and this Addendum, the terms and provisions of this Addendum shall be deemed to be controlling.

 2. Expected Closing Date. Notwithstanding anything contained in Paragraph 1.1 of the Agreement to the
contrary, the Expected Closing Date shall occur on December 16, 2010 unless Seller and Buyer, in their sole and absolute discretion, agree to an extension of such date. Buyer acknowledges and agrees that the Expected Closing Date is of material
consideration to Seller for entering into the Agreement and that time shall be of the essence hereunder with respect to all obligations of Seller and Buyer under the Agreement and this Addendum. Accordingly, in the event Escrow shall fail to close
on or before the Expected Closing Date, Seller shall have the right, at its election, to terminate the Agreement and the Escrow immediately upon delivery of written notice thereof to Buyer and the Escrow, in which event the Deposit shall be returned
to Buyer, without the consent or joinder of Seller being required, and notwithstanding any contrary instructions which might be provided by Seller; provided however, that in the event the failure to close is due to a default by either party under
the Agreement, then Paragraph 21 of the Agreement and Sections 8 and 28 of this Addendum shall apply, as applicable, and shall be controlling. 
 3. Allocation of Purchase Price; Closing Costs, and Terms of Deposit. 
 (a) The Purchase Price shall be allocated $13,100,000.00 for 405 Self Storage and $12,900,000.00 for El Dorado Park Self Storage. Seller shall pay any costs assessed by Seller’s lender for defeasance
or transfer fees. Seller shall pay for a standard CLTA title insurance policy to be issued to Buyer at closing; and Buyer shall be responsible for the additional premium for ALTA extended coverage and for all endorsements. Buyer and Seller shall
each pay one-half of any recording or Escrow fees; and Seller shall pay any documentary transfer taxes and any customary county or municipal fees. Buyer and Seller shall each be responsible for payment of one-half ( 1/2) of any sales or use taxes, if any, relating to the transfer of any
personal property to Buyer hereunder. All other closing costs shall be paid by the parties according to custom in Los Angeles County. All costs and expenses relating to retirement of any and all indebtedness secured by the Property, including
without limitation prepayment penalties, yield maintenance fees, defeasance costs and the costs of recording all mortgage cancellations, shall be paid by Seller. Additionally, on the Expected Closing Date, Seller shall leave petty cash in the amount
of Two Hundred and no/100 Dollars ($200.00) on site at each project comprising the Property, which amount shall be reimbursed by Buyer to Seller at Closing as a credit in favor of Seller on the closing statement. 

(b) The Deposit shall be applicable to the Purchase Price. At such time as the Buyer’s Contingencies are approved or
waived by Buyer pursuant to Paragraph 9 of the Agreement, the Deposit shall be non-refundable, except as may be otherwise expressly provided in this Agreement, and applied to the Purchase Price at Closing. In the event of any default under the
Agreement by Buyer, not cured within the applicable notice and cure period, the Deposit shall constitute liquidated damages pursuant to Paragraph 21 of the Agreement. 

(c) Any funds delivered by Buyer to the Escrow Holder pursuant to Section 10.3(a) of the Agreement shall be held in
escrow by the Escrow Holder until such time as Buyer has authorized the disbursement of said funds in writing. At any time prior to Buyer providing Escrow Agent with written authorization to disburse funds deposited with Escrow Holder pursuant to
Section 10.3(a) of the Agreement, the Escrow Agent shall, upon Buyer’s request, immediately returned to Buyer said funds, without the consent or joinder of Seller being required, and notwithstanding any contrary instructions which might be
provided by Seller. However, notwithstanding any of the foregoing to the contrary, the Deposit of Two Hundred Thousand Dollars ($200,000.00) (as “Deposit” is defined in Paragraph 4.3 of the Agreement) shall remain in Escrow pending the
Closing of Escrow (at which time it shall be fully 

  
 1 

 
applicable to the Purchase Price), except as otherwise provided in Paragraph 21 (Liquidated Damages) of the Agreement or Section 8 (Seller’s Default) of this Addendum below, whichever
is applicable. 
 4. Due Diligence Documents. Subparagraph 9.1(a) of the Agreement is hereby amended in
its entirety to provide that: (a) Seller shall deliver to Buyer, within five (5) days after the Date of Agreement, the “Due Diligence Documents” identified in Schedule “A” attached hereto and made a part
hereof, to the extent available to Seller; and (b) promptly upon the opening of Escrow, the Escrow Holder shall order a standard Natural Hazards Disclosures Statement (at Seller’s expense) for Buyer’s review. Buyer shall have thirty
(30) days from the Date of Agreement to satisfy itself with regard to the Due Diligence Documents and the Natural Hazards Disclosures Statement. If this Agreement is terminated, Buyer shall promptly return all of the Due Diligence Documents to
Seller. Notwithstanding anything to the contrary contained in the Agreement or this Addendum, in no event shall the return of the Due Diligence Documents to Seller by Buyer (or any other items required to be returned to Seller by Buyer under the
Agreement), be a condition to the return of the Deposit to Buyer by the Escrow Holder, should Buyer be entitled to the return of the Deposit under the express terms of the Agreement or this Addendum (but the foregoing shall not relieve Buyer of the
obligation to return the Due Diligence Documents to Seller in the event Escrow is cancelled for any reason). 

5. As Is, Where Is. 
 (a) As a material inducement to the execution and delivery of the Agreement by Seller, Buyer does hereby acknowledge, represent, warrant and agree, to and with Seller, that: (a) Buyer is purchasing
the Property in its “AS-IS,” “WHERE IS” condition and SUBJECT TO ALL RISKS; (b) Seller shall have no obligation to repair or correct any faults, defects or conditions with respect to the Property or to compensate Buyer for
same; (c) by the Close of Escrow, Buyer shall have undertaken all such physical inspections and examinations of the Property as Buyer deems necessary or appropriate, and that based upon same, Buyer is and will be relying strictly and solely
upon such inspections and examinations and the advice and counsel of its agents and consultants; (d) except as to any representations on the part of Seller under Paragraph 12.1 of the Agreement, as modified, neither Seller nor any partner,
officer, employee, person, member, firm, agent or representative acting or purporting to act on behalf of Seller, is making or has made any warranty or representation, whether express or implied, with respect to all or any part of the Property or
with respect to any information disclosed in the Due Diligence Documents as an inducement to Buyer to enter into this Agreement and thereafter to purchase the Property (including, but not limited to, any representations or warranties as to the
condition, value, expense of operation, or income potential of the Property); (e) by reason of all of the foregoing, Buyer shall assume the full risk of any loss or damage occasioned by any fact, circumstance, fault, condition or defect
pertaining to the physical and financial condition of the Property; and (f) Buyer hereby expressly and unconditionally waives and releases Seller and all of its parents, subsidiaries, affiliates, members, and agents and their respective
officers, directors, members, shareholders, agents and employees, and their respective successors, heirs and assigns and each of them from any and all rights, claims and/or causes of action Buyer may have with respect to the Property. In furtherance
of the foregoing, the Grant Deed to be recorded at the close of Escrow shall expressly provide that Buyer is taking title to the Property in its AS IS, WHERE IS condition and SUBJECT TO ALL RISKS, and that the conveyance of title is subject to all
matters of record. This Section 6 shall survive the close of Escrow and recordation of the Deed and shall remain in full force and effect as an agreement between Buyer and Seller. 

(b) Notwithstanding anything to the contrary contained in Section 12.1 of the Agreement, all warranties and
representations on the part of Seller thereunder shall be to the actual knowledge of A. Terrance Dickens on the basis of his actual knowledge (as distinguished from implied, imputed and constructive knowledge), without any duty of investigation or
inquiry other than review of his own records, and are made with the exclusion of any facts disclosed to or otherwise known by Buyer. However, in no event shall the foregoing give rise to any personal liability on the part of Mr. Dickens or any
other member, officer or employee of Seller; provided, however, that Seller represents and warrants to Buyer that Terrance Dickens is familiar with the day to day operations of the Property, and is the individual in Seller’s business
organization that is most familiar (on an executive level) with the Property and the facts underlying the foregoing representations and warranties. 
 (c) Notwithstanding anything to the contrary contained in this Section 5 or elsewhere in this Addendum or the Agreement, the terms and provisions of this Section 5 shall in no manner affect,
diminish, modify, impair or vitiate any of Seller’s representation, warranties and/or covenants contained in this Addendum, the Agreement and/or in any of the documents executed by Seller at closing. 

6. Buyer’s Inspection of the Property. Buyer’s inspection of the Property pursuant to Paragraphs 9.1 and
14 of the Agreement shall be subject to the following terms and conditions: 

  
 2 

  
 (a)
Buyer (including its agents, consultants and/or employees) shall have the right to enter upon the Property on customary business days upon 48 hours prior written notice to Seller as to the time, place and scope of Buyer’s proposed inspection,
for the purpose of inspecting the Property including the roof, tenant spaces, and mechanical systems; provided, however, that: (i) any such inspection must be non-intrusive and shall be subject to such limitations as may be reasonably imposed
by Seller for the protection of the Property and the tenants thereof; (ii) no such inspections may be undertaken by Buyer unless and until it has provided Seller with an insurance certificate evidencing the insurance coverage required pursuant
to subparagraph 6(b) below; and (iii) in the event Buyer desires to perform any environmental analysis of the Property in the course of Buyer’s investigation of the Property, the scope of any such analysis which requires physical sampling
of all or any part of the Property shall be subject to the prior written consent of Seller, which consent Seller may grant or deny at its sole and absolute discretion. Buyer shall indemnify, defend, protect and hold harmless Seller and the Property
in connection with its inspection of the Property as more particularly provided in Paragraph 14 of the Agreement, which obligation on the part of Buyer shall survive, as applicable, any termination of this Agreement or the close of Escrow and
recordation of the Deed. 
 (b) Prior to any inspections of or entry onto the Property by Buyer or its agents,
employees or consultants, Buyer shall, at its sole cost and expense, obtain for the benefit of Seller commercial liability and property damage insurance coverage with combined single limit coverage in an amount not less than $2,000,000.00 issued by
an insurance company qualified to do business in the State of California naming Seller as an additional insured thereunder, in connection with any claims arising from Buyer’s inspection. 

(c) Seller agrees, at no cost or expense to Seller, to reasonably assist Buyer’s auditor in the conduct of an audit
of the income statements of the Property for the current year and the two prior years. 
 Additionally, from the Date of
Agreement through and including seventy five (75) days after the Expected Closing Date, Seller shall provide to Buyer (at Buyer’s expense) copies of, or shall provide Buyer access to, the books and records with respect to the ownership,
management, maintenance and operation of the Property and shall furnish Buyer with such additional information concerning the same as Buyer shall reasonably request and which is in the possession or control of Seller, or any of its affiliates,
agents, or accountants, to enable Buyer (or Strategic Storage Operating Partnership, L.P. or Strategic Storage Trust, Inc.), to file its or their Form 8-K, if, as and when such filing may be required by the Securities and
Exchange Commission (“SEC”). At Buyer’s sole cost and expense, following the Due Diligence Period (as defined in Section 17 below), Seller shall allow Buyer’s auditor (Reznick Group, P.C. or any successor auditor
selected by Buyer) to conduct an audit of the income statements of the Property for the calendar year prior to Closing (or to the date of Closing) and the two (2) prior years, and shall cooperate (at no cost to Seller) with Buyer’s auditor
in the conduct of such audit. In addition, following the Closing of Escrow or at such earlier time following the Due Diligence Period as may be required by the SEC, Seller agrees to provide to Buyer’s auditor a letter of representation
substantially in the form attached hereto as Exhibit “B”, and, if requested by such auditor, historical financial statements for the Property, including income and balance sheet data for the Property. Without limiting the foregoing,
(i) Buyer or its auditor may audit Seller’s operating statements of the Property, at Buyer’s expense, and Seller shall provide such documentation as Buyer or its auditor may reasonably request in order to complete such audit,
(ii) Seller shall furnish to Buyer such financial and other information as may be reasonably required by Buyer to make any required filings with the SEC or other governmental authority; provided, however, that the foregoing obligations of
Seller shall be limited to providing such information or documentation as may be in the possession of, or reasonably obtainable by, Seller, or its agents and accountants, at no cost to Seller, and in the format that Seller (or
its affiliates, agents or accountants) have maintained such information, and (iii) Seller and Buyer acknowledge and agree that the letter of representation to be delivered by Seller to Buyer substantially in the form attached hereto as
Exhibit “B” is not intended to expand, extend, supplement or increase the representations and warranties made by Seller to Buyer pursuant to the terms and provisions of this Agreement or to expose Seller to any risk of liability to
third parties. The provisions of this Section 6(c) shall survive Closing. However, notwithstanding any of the foregoing to the contrary, Seller shall have no obligation to provide, disclose or furnish to Buyer or its auditor or other agents any
of the following (the “Excluded Items”): (A) any personal records or other personal information of any member, officer, agent or employee of Seller, or any personal records or other personal information of any member, officer, agent
or employee of any member of Seller, including but not limited to personal books, ledgers, files, correspondence, contracts, agreements, work product, tax returns (including any other communications to or from the Internal Revenue Service, the
California Franchise Tax Board or any other governmental 

  
 3 

 
entity), documents or other materials, whether located on- or off-site; (B) Seller’s tax returns or any other communications to or from the Internal Revenue Service, the California
Franchise Tax Board or any other governmental entity relating to the taxation of Seller’s (or its members’) income; and/or (C) any information or documentation or other materials which is/are privileged or confidential (such as, by
way of example only, attorney work product or attorney-client communications). 
 Further, all information, materials, data and
documents requested by Buyer or its auditor (collectively, the “Confidential Information”) in connection with Buyer’s Form 8-K shall be treated and held as confidential by Buyer and its auditor and shall be disclosed only to
the extent required by applicable securities laws and regulations; and Buyer and its auditor shall refrain from using any such Confidential Information in any manner or for any purpose not in connection with Buyer’s Form 8-K. Buyer and its
auditor shall also take all necessary and appropriate measures to assure that any representatives of Buyer or its auditor who receive or have access to the Confidential Information shall observe and comply with the provisions of this paragraph,
which paragraph shall survive the close of Escrow. 
 Notwithstanding any provisions of this Section 6 and Exhibit
“B” to the contrary, Buyer hereby acknowledges and agrees that: (1) Buyer shall have no right to delay, postpone or extend the Due Diligence Period or the Expected Closing Date in connection with the foregoing provisions of this
Section 6; (2) Seller does not prepare its books, records and other financial statements and information in accordance with GAAP (as defined in Exhibit “B” hereto), and Seller makes no representation or warranty as to the
adoption of adequate programs to prevent and detect fraud; (3); Seller may amend Exhibit “B” to reflect any exceptions, if any, to the representations and warranties therein and to reflect that any such representations and warranties are
only to the actual knowledge of Seller; (4) Buyer, at its sole cost and expense, shall be responsible for payment of all reasonable costs and expenses incurred by Seller and its members pursuant to this Section 6 and Exhibit “B”
hereto, including, but not limited to, all fees and costs charged by Seller’s accountant and/or auditor, the cost and expense of converting Seller’s books, records and other financial statements and information to GAAP, any legal fees
necessary in connection with any opinion letter required pursuant to Exhibit “B” hereto or required by any auditor or accountant in connection therewith, and the cost and expense of preparation by Seller’s accountant and/or auditor of
any financial statements for Seller; provided, however, that Buyer shall not be responsible for the foregoing costs and expenses to the extend they exceed $5,000.00 (the “Expense Cap”); (5) Seller shall be responsible for providing
the required information only through the Expected Closing Date, (6) Seller may, at its option, require payment by Buyer in advance for any of the expenses to be incurred by Seller pursuant to this Section 6 and Exhibit “B”,
subject to the Expense Cap; and (7) the terms and provisions of this paragraph, including but not limited to the monetary obligations of Buyer, shall survive the Closing of Escrow and recordation of the Grant Deed or, if applicable, the
termination of the Agreement. 
 7. Right to Receivables and Operation of the Property. 

(a) Notwithstanding anything in Paragraph 11.3 of the Agreement to the contrary, Seller shall receive a credit at closing
for: (i)100% of all uncollected rent receivables which are due from the current tenants of the Property, but which are not more than ten days past-due as of the date that Escrow closes, and (ii) 90% of all uncollected rent receivables which are
due from the current tenants of the Property, but which are past-due for a time period of eleven to thirty days as of the date that Escrow closes; and Seller shall have no further rights in and to any rents collected by Buyer from and after Closing.
Seller shall also receive a credit at the close of Escrow for all bonds, security Deposit, letters of credit, set aside letters or other similar items, if any, that are outstanding with respect to the Property that have been provided by Seller or
any of its affiliates to any governmental agency, public utility, or similar entity (collectively, “Owner Deposit”) to the extent assignable to Buyer, and actually assigned to Buyer at Closing. To the extent any Owner Deposit are
not assignable to Buyer, Buyer shall replace such Owner Deposit and Seller shall obtain the release of Seller (or its affiliates) from any obligations under such Owner Deposit. To the extent that any funds are released as a result of the termination
of any Owner Deposit for which Seller did not get a credit, such funds shall be delivered to Seller immediately upon their receipt. 
 (b) If, as a result of any tax protest or otherwise, any refund or reduction of any real property taxes or other taxes, fees or assessments relating to the Property is granted by the applicable taxing
agency for the time period preceding the date of closing of Escrow, Seller shall be entitled to receive or retain such refund or the benefit of such reduction. 
 (c) Seller hereby reserves the right, during the pendency of the Escrow, to enter into new rental agreements and to modify existing rental agreements with new or existing tenants of the Property in the
normal course of business. Subsequent to Closing, Seller have the right to send notice to the service, maintenance, supply and other contractors serving the Property, advising them of the sale of the Property to Buyer. 

  
 4 

  
 (d)
Seller shall be entitled to a time period of six (6) months occupancy at no rent following the close of Escrow for those rental units presently occupied by Seller or its affiliates and associates, as more particularly described on Exhibit
“F” attached hereto and incorporated herein. 
 (e) Buyer agrees that Seller shall retain all rights
to, and the conveyance of the Property to Buyer shall not include, the trade names and trademarks “Too Much Stuff Self-Storage” and “2 Much Stuff Self-Storage”, provided, however, that Buyer and Seller shall cooperate in good
faith prior to closing to enter into a license agreement in the event Buyer desires the right to use such trade names and trademarks in connection with the Property (but such license shall not pertain to any properties other than the Property).

 (f) The foregoing provisions of this Paragraph 7 shall survive the close of Escrow and recordation of the
Deed and shall remain in full force and effect as an agreement between Buyer and Seller. 
 8. Seller’s
Default. If Escrow does not close due to the default of either party comprising Seller, and such default is not cured by Seller within fifteen (15) days from receipt of written notice of default from Buyer, and Buyer does not waive such
default in writing, Buyer’s sole and exclusive remedy and recourse hereunder shall be to either: (a) terminate the Agreement and the Escrow by giving written notice to Seller and the Escrow Holder, in which case the full amount of the
Deposit and all interest earned thereon shall be immediately refunded to Buyer, and Seller shall reimburse Buyer upon demand for any and all reasonable third party out-of-pocket expenses incurred by Buyer in connection with this Agreement, including
without limitation appraisal fees, engineering fees, legal and accounting fees and accounting fees, and other related due diligence costs, or (b) enforce specific performance of Seller’s obligation under this Agreement, in which case Buyer
hereby waives any action for monetary, compensatory or consequential damages, provided, however, that in the event that specific performance for any reason is unavailable then Buyer shall be entitled to pursue the remedy set forth in
Section 8(a) above. However, except in the event of an anticipatory breach by Seller, the failure of any condition or contingency shall not constitute a default by Seller, and Buyer shall have no right to declare Seller in default hereunder
unless Buyer has performed all obligations of Buyer under this Agreement, and has satisfied or waived, as applicable, all conditions and contingencies to Buyer’s obligation to close hereunder. Buyer does hereby specifically waive any right to
pursue any other remedy at law or equity for any such default of Seller. 
 9. Brokers. The terms of the
commission arrangement between Seller and the Broker identified in Paragraph 7.1 of the Agreement (the “Designated Broker”) shall be by separate written agreement, and the Designated Broker shall not be considered as a third party
beneficiary under the Agreement and shall have no rights thereunder. Buyer acknowledges that certain principals of Seller, including A. Terrance Dickens and James D. Vandever, are licensed as real estate brokers. Except for Seller’s arrangement
with the Designated Broker, each party hereto warrants and represents to the other party that it has not used the services of any broker or finder to whom a commission is payable in connection herewith; and each party hereto agrees to indemnify and
hold harmless the other party from and against any and all claims, costs, expenses or damages (including, but not limited to, reasonable attorneys’ fees and court costs) arising from any agreement, arrangement or understanding alleged to have
been made by the indemnifying party with any broker or finder in connection with the Agreement. Buyer shall have no liability whatsoever for any commissions, fees or other amounts which may be payable to Designated Broker in connection with the
Agreement or the transaction contemplated hereby, and Seller hereby indemnifies and agrees to hold Buyer harmless therefrom (except to the extent such liability results from any written agreement made between Buyer or any agent thereof and the
Designated Broker). 
 10. Buyer’s Representations and Warranties. Buyer hereby represents and
warrants to Seller that: 
 (a) Buyer is a Delaware limited liability company duly organized, validly existing
and in good standing under the laws of such State, and is not subject to any bankruptcy proceedings; 
 (b)
Buyer is not a person or entity described by Section 1 of the Executive Order (No. 13,224) Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism, 66 Fed. Reg. 49,079 (September 24,
2001), and does not engage in any dealings or transactions, and is not otherwise associated, with any such persons or entities; and 
 (c) The Due Diligence Documents and all information regarding the Property made available to Buyer by Seller or its agents or representatives (collectively, the “Proprietary Information”)
shall be considered confidential (except to the extent already in the public domain) and shall not be disclosed by Buyer, except as may be required by law, to any other person except those assisting Buyer with the transaction. If the transaction
contemplated hereby fails to close, Buyer shall return to Seller, or cause to be returned to Seller, all Proprietary Information. This subparagraph shall survive any termination of this Agreement. 

  
 5 

  
 11.
Assignment by Buyer. Buyer may not assign its rights under the Agreement without the reasonable prior written consent of Seller; provided, however, that Seller agrees to consent to an assignment to an entity affiliated with Buyer or its
members so long as such affiliate agrees in writing to assume and perform all of Buyer’s obligations under the Agreement. Additionally, Buyer shall have the right, without Seller’s consent, to assign its rights under the Agreement an
entity in which Strategic Storage Operating Partnership, L.P., a Delaware limited partnership and/or Strategic Storage Trust, Inc., a Maryland corporation, has a direct or indirect ownership interest, which entity shall agree in writing to assume
and perform all of Buyer’s obligations under the Agreement. 
 12. Intentionally Deleted.

 13. NO OPTION TO PURCHASE. THE SUBMITTAL OF THE AGREEMENT AND THIS ADDENDUM TO BUYER FOR
EXAMINATION AND NEGOTIATION DOES NOT CONSTITUTE AN OFFER TO SELL OR AN OPTION TO PURCHASE THE PROPERTY. THE AGREEMENT AND THIS ADDENDUM SHALL BE EFFECTIVE AND BINDING ONLY IF AND WHEN EXECUTED AND DELIVERED BY BOTH BUYER AND SELLER. UNLESS AND UNTIL
THE AGREEMENT AND THIS ADDENDUM ARE FULLY EXECUTED AND DELIVERED BY BOTH BUYER AND SELLER, SELLER SHALL HAVE THE ABSOLUTE, UNRESTRICTED RIGHT TO TERMINATE NEGOTIATIONS AND TO WITHDRAW THE PROPERTY FROM SALE TO BUYER. 

14. Buyer’s Name. Section 1.1 of the Agreement is revised to provide that SSTI Acquisitions, LLC is a
Delaware, not a California, limited liability company. 
 15. Non-Competition. Each entity comprising
Seller shall deliver a non-compete agreement (the “Non-Compete Agreement”) to Buyer at Closing in the form attached hereto as Exhibit “H”. The Non-Compete Agreement shall provide that neither party comprising Seller nor any of
its principals, partners, members, directors, officers, shareholders and/or affiliates may directly or indirectly develop, own, lease, manage or operate a self storage facility for a period of two (2) years subsequent to the Closing within a
two (2) mile radius of the Property. 
 16. Property. The real property to be conveyed pursuant to
the terms of the Agreement is more particularly described on Exhibit “A” attached hereto and incorporated herein. For purposes of the Agreement, the Property shall include: (i) all easements, if any, benefiting the real property,
(ii) all rights and appurtenances pertaining to the real property, including any right, title and interest of Seller in and to adjacent streets, alleys or rights-of-way, (iii) all improvements and related amenities in and on the real
property, comprising approximately (a) 87,348 net rentable square feet of storage space and 772 rental units with respect to the 405 Self Storage facility, and (b) 87,021 net rentable square feet of storage space and 825 rental units with
respect to the El Dorado Storage facility, (iv) Seller’s interest under (a) all written leases, occupancy agreements and rental agreements for rental units in the Property, including all tenant leasing files, together with all tenant
security Deposit held by Seller on the Expected Closing Date, and (b) all cellular tower leases relating to the Property, if any, as more particularly described on Exhibit “C” attached hereto and incorporated herein, (v) all
appliances, fixtures, equipment, machinery, furniture, carpet, drapes and other items of personal property owned by Seller and located on or about the real property and the improvements, including, without limitation, any and all motor vehicles set
forth on Exhibit “D” attached hereto, those items of personal property set forth on Exhibit “D” attached hereto, and further including all on-site moving trucks, if any, listed on Exhibit “D” hereto,
(vi) Seller’s interest (to the extent the same is assignable) under those service contracts listed on Exhibit “E” attached hereto which Buyer elects to assume during the “Due Diligence Period” (as defined below), with
Seller being obligated to terminate all other service contracts effective as of Closing provided they are cancellable on 30 days notice or less without payment of any penalty, and provided that Buyer shall assume (to the extent assumable) any such
non-terminable contracts (copies of which shall be provided to Buyer in accordance with Schedule “A” hereto), and (vii) all intangible property owned by Seller and pertaining to the real property and related improvements, including,
without limitation, (a) all “yellow page” advertisements, (b) all transferable utility contracts, (c) all transferable telephone exchange numbers, including the telephone numbers 310.725.0088 and 562.799.9900 and the
telecopy numbers 310.725.0083 and 562.799.1442, (d) all plans and specifications, (e) all licenses, permits, engineering plans and landscape plans, (f) all assignable warranties and guarantees relating to the Property or any part
thereof, and (g) all internet websites and other internet related property rights owned by Seller and/or any affiliate thereof and relating to the Property, including the domain name edstore.com and 405selfstorage.com. However,
notwithstanding any of the foregoing to the contrary: (A) Seller shall retain 100% ownership of the trade names and trademarks “Too Much Stuff Self-Storage” and “2 Much Stuff Self-Storage” as more particularly provided in
Subsection 7(e) of this Addendum above; and (B) the Property shall not include the furniture, computers, printers and similar office equipment owned by Dickens Properties in its function as property manager, which

  
 6 

 
is located in the private office at El Dorado Park Self Storage where Dickens Properties runs its commercial real estate and management operations—such office has no customer or storage
employee access, and the activity conducted in such office does not directly impact the day to day operations of the storage business. 
 17. Due Diligence Period. Buyer shall have a period of thirty (30) days following the Date of Agreement (herein the “Due Diligence Period”) within which to review the Due Diligence
Documents and all other matters relating to the Property. In the event Buyer, for any reason or no reason, is not satisfied with its review of any such matters, Buyer shall have the right, in its sole and absolute discretion, to terminate the
Agreement upon written notice to Seller delivered prior to the expiration of the Due Diligence Period, in which event (i) the Deposit immediately shall be returned to Buyer by the Escrow Holder, without the consent or joinder of Seller being
required, and notwithstanding any contrary instructions which might be provided by Seller, and (ii) the parties shall have no further rights or obligations under the Agreement except for such matters that expressly survive termination of the
Agreement (the “Surviving Obligations”. In the event of any conflict between the terms of this Section 17 and any other provision set forth in either this Addendum or the Agreement, it is expressly understood and agreed that this
Section 17 shall control. 
 18. Insurance. From the Date of Agreement through and including the
Expected Closing Date, Seller agrees to keep the Property insured under its current policies against fire and other hazards covered by extended coverage endorsement and commercial general liability insurance against claims for bodily injury, death
and property damage occurring in, on or about the Property, and to pay all premiums for such insurance prior to the applicable due dates. Seller shall provide Buyer with copies of all insurance policies showing the aforementioned coverage with the
Due Diligence Documents within five (5) days after the Date of Agreement. 
 19. New Service
Contracts. From the Date of Agreement through and including the Expected Closing Date, Seller agrees to enter into only those third-party contracts which are necessary to conduct the normal day to day operation of the Property, which shall be on
market terms and cancellable on thirty (30) days written notice or less, without payment of any fee or penalty (except that Seller may enter into a new trash disposal contract for a term up to one year, provided that a copy thereof shall be
provided to Buyer during the Due Diligence Period). 
 20. Obligation to Provide Notices. Seller agrees
to promptly provide Buyer with copies of any and all notices which Seller receives from and after the Date of Agreement concerning (i) any proposed or threatened condemnation of the Property, (ii) any alleged violations of the Property
with respect to applicable governmental laws or requirements, or (iii) any litigation filed or threatened against Seller or the Property. 
 21. Title Matters. Seller shall convey good and marketable title to the Property to Buyer at Closing, subject only to the “Permitted Encumbrances” (defined below). Within two
(2) business days following the Date of Agreement, Seller shall order from the Escrow Holder, at its sole cost and expense, and deliver to Buyer, a title commitment (the “Title Commitment”) for an ALTA Owner’s Policy of
Title Insurance (the “Title Policy”), issued by the Title Company, insuring good and marketable fee simple title to the Property, together with legible copies of all exceptions listed therein. Buyer shall have ten (10) days
following its receipt of the Title Commitment, legible copies of all exceptions listed therein and the “Survey” (defined below), to deliver to Seller written notice of Buyer’s objections to title (the “Title Objection
Letter”); provided, however, that any such Title Objection Letter shall be delivered to Seller within a maximum of twenty-five (25) calendar days from the Date of Agreement or shall be deemed waived by Buyer. Seller shall have the
right, but not the obligation, to cure Buyer’s objections to title; subject, however, to Seller’s obligation to remove all “Monetary Liens” (as defined below) by Closing. Seller shall notify Buyer in writing within five
(5) days following Seller’s receipt of the Title Objection Letter concerning which title objections, if any, Seller has agreed to cure. In the event that Seller does not undertake to cure all of the objections in the Title Objection Letter
to Buyer’s sole satisfaction (or does not timely respond to the Title Objection Letter), then Buyer shall have the right for five (5) days after receipt of Seller’s response to the Title Objection Letter (or five (5) days
following the expiration of the period within which Seller was to so respond) to either (i) waive any such title objection in writing and proceed to Closing (in which event such waived title objection shall be deemed to be a “Permitted
Encumbrance”, as defined below), or (ii) terminate this Agreement upon written notice to Seller and receive an immediate refund of the Deposit, without the consent or joinder of Seller being required and notwithstanding any contrary
instructions which might be provided by Seller, in which event neither party hereto shall have any further obligations under this Agreement except for the Surviving Obligations. All exceptions set forth in Schedule B of the Title Commitment
which are not objected to by Buyer (including matters initially objected to by Buyer which objections are subsequently waived in writing) are herein collectively called the “Permitted Encumbrances”. In the event that any
update to the Title Commitment indicates the existence of any liens, encumbrances or other defects or exceptions (the “Unacceptable Encumbrances”) which are not 

  
 7 

 
shown in the initial Title Commitment and that are unacceptable to Buyer, Buyer shall within five (5) days after receipt of any such update to the Title Commitment notify Seller in writing
of its objection to any such Unacceptable Encumbrance (the “Unacceptable Encumbrance Notice”). Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to take any steps or bring any action or
proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to Closing, eliminate by paying, bonding around or otherwise discharging in a manner
satisfactory to Buyer (i) any Unacceptable Encumbrances that arise by, through or under Seller (but the foregoing shall not prevent Seller from contesting with the title insurance company any Unacceptable Encumbrance which Seller believes in
good faith is fraudulent), and (ii) any mortgages, deeds of trust, deeds to secure debt, mechanics’ liens or monetary judgments that appear on the Title Commitment (“Monetary Liens”). In the event Seller is unable,
unwilling or for any reason fails to eliminate or modify all of the Unacceptable Encumbrances to the satisfaction of Buyer (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding
sentence), Buyer may terminate this Agreement by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Expected Closing Date, (ii) five (5) days after Seller’s written notice to Buyer of Seller’s
intent to not cure one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement pursuant to the
immediately preceding sentence, the Deposit shall be returned to Buyer, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller, and neither party shall have any further
obligations hereunder other than the Surviving Obligations. 
 22. Survey. Within three (3) business
days following the Date of Agreement, Buyer shall order, at its sole cost and expense, current, as-built surveys of each parcel of land comprising the Property prepared by a registered surveyor acceptable to Buyer (the
“Survey”), which may be an update of any existing survey delivered by Seller to Buyer under Section 4 of this Addendum. 
 23. Real Estate Reporting Person. Seller and Buyer hereby designate the Escrow Holder as the “Real Estate Reporting Person” with respect to the transaction contemplated by the Agreement,
for purposes of compliance with Section 6045(e) of the Tax Reform Act of 1986, as amended, and the Escrow Holder, by its execution below, hereby accepts such designation. 

24. Disapproved Items. Section 9.3 of the Agreement is hereby deleted in its entirety. 

25. Additional Representations and Warranties. Seller hereby makes the following representations and warranties to
Buyer: 
  

	 	 (a)
	 the list of contracts attached hereto as Exhibit E is a true, correct and complete list of all service contracts, equipment leases and/or
maintenance agreements affecting the Property (including month-to-month contracts, equipment leases and agreements), and there are no other such agreements affecting the Property; 

 

	 	 (b)
	 Seller is not a “foreign person” within the meaning of Sections 1445 and 7701 of the Internal Revenue Code of 1986, as amended;

  

	 	 (c)
	 at Closing there will be no unpaid bills or claims in connection with any repair of the Property by or on behalf of Seller that could result in the
filing of a lien against the Property; 

  

	 	 (d)
	 Seller has no knowledge of, and has not received, with respect to the Property, written notice from any governmental authority regarding, any change
to the zoning classification, any condemnation proceedings or proceedings to widen or realign any street or highway adjacent to the Property or that otherwise affects the land or the improvements comprising the Property;

  

	 	 (e)
	 the financial statements delivered by Seller to Buyer pursuant to Section 4 above, and all other information delivered by Seller to
Buyer pursuant to Section 4 above, are true, correct and complete in all material respects 

  

	 	 (f)
	 the “Rent Roll” (herein so called) of the Property, which is effective as of the date indicated thereon, provided by Seller to Buyer in
connection herewith, and as the same shall be updated and recertified at Closing by Seller, is and shall be true, correct and complete in all material respects and no concessions, discounts or other periods of free or discounted rent

  
 8 

	 	 
have been given other than those reflected on such Rent Roll; and 

  

	 	 (g)
	 there are no employment agreements of any kind to which Seller is a party, including union or collective bargaining agreements, which will be
binding on Buyer after the Closing. 

 Seller shall deliver a certificate to Buyer at Closing
updating and recertifying all of Seller’s representations and warranties set forth in the Agreement and this Addendum, as of the Expected Closing Date. However, notwithstanding any of the foregoing to the contrary, all of the foregoing
warranties and representations on the part of Seller shall be to the actual knowledge of A. Terrance Dickens on the same basis as provided in Subsection 5(b) of this Addendum above. 

26. Additional Closing Deliveries. Section 10 of the Agreement is hereby modified to provide that, at
Closing, Seller shall execute and deliver to Buyer and/or the Escrow Holder, as applicable (i) an Assignment of Personal Property, Service Contracts, Warranties and Leases (the “Assignment”), in the form attached to this
Agreement as Exhibit “G”, (ii) evidence of the termination of any and all management agreements affecting the Property effective as of the Expected Closing Date, and duly executed by Seller and the property manager(s),
(iii) an affidavit in the form required by the Escrow Holder to remove any standard exceptions, including mechanics’ liens, parties in possession and similar matters, together with a GAP Indemnity, (iv) certificates of title, or such
other instruments of assignment as may be necessary to transfer title to all motor vehicles, if any, to Buyer at Closing, and (v) Seller shall execute and deliver to the Escrow Holder a Seller’s Closing Statement, in conformity with the
terms of this Purchase and Sale Agreement, and otherwise in form satisfactory to Seller. Seller and Buyer shall deliver at Closing signed statements or notices to all tenants of the Property notifying such tenants that the Property has been
transferred to Buyer and that Buyer is responsible for security Deposit (specifying the amounts of such Deposit) returnable under the leases and notifying such tenants of the new address where tenants are to make rental payments after the Closing.
The amounts of the security Deposit set forth in the tenant notices shall correspond to the security Deposit set forth in the Rent Roll, as updated and certified by Seller at the Closing. 

27. Casualty. Section 9.1(n) of the Agreement is hereby modified by deleting the number “$250,000”
in each place were it appears therein, and substituting therefor the number “$150,000” in each such place. Section 9.1(n) is further modified to provide that in the event Buyer terminates the Agreement pursuant to any termination
right provided for therein, the Deposit shall be returned to Buyer by Escrow Agent, without the consent or joinder of Seller being required, and notwithstanding any contrary instructions which might be provided by Seller. 

28. Cure Rights. In the event of a default by Seller or Buyer under this Agreement, the non-defaulting party shall
provide the defaulting party with notice and ten (10) days to cure such default, prior to pursuing any remedies available with respect to such default. 
 29. Termination Fees. Section 8.7 of the Agreement is hereby modified to provide that the “Title Company and Escrow Holder’s cancellation fees and costs” for which Buyer is
responsible shall in no event exceed the sum of $500. 
 30. Title Policy. It shall be a condition to
Buyer’s obligation to close that, at Closing, the Title Company shall deliver to Buyer the Title Policy, issued by the Title Company, in the form required by this Agreement; provided that in the event the Title Policy is not available at
Closing, then the Title Company shall provide Buyer at Closing, at Buyer’s option, with either (a) a “marked title commitment”, committing to issue the Title Policy in the form required by the Agreement, or (b) a proforma
owner’s title policy, with the Title Policy to be delivered to Buyer as promptly after Closing as reasonably possible 
 31. Multiple Counterparts. Both the Agreement and this Addendum may be executed in a number of identical counterparts which, taken together, shall constitute collectively one agreement. In making
proof of the Agreement and this Addendum, it shall not be necessary to produce or account for more than one such counterpart with each party’s signature. Facsimile and/or electronic signature pages shall be effective for purposes of this
Section. 
 32. Date of Agreement. Section 1.2 of the Agreement is hereby modified to provide that
the term “Date of Agreement”, whenever used in either the Agreement or this Addendum, shall be deemed to mean the later of the dates that this Addendum and the Agreement have been executed by both Seller and Buyer, as set forth on the
signature pages hereof. 

  
 9 

  
 33.
Escrow Holder. Section 1.1 of the Agreement is hereby modified to provide that the Escrow Holder and title insurer shall be Lawyers Title Company, 4100 Newport Place Drive, Suite 120, Newport Beach, CA 92660—Escrow Officer Dawn
Niehaus. 
 34. Joint and Several Liability. Each of the two entities (El Dorado Park Self Storage, LLC,
a California limited liability company, and JDV El Dorado Park Storage, LLC, a California limited liability company, not including the members thereof) owning El Dorado Park Self Storage as tenants in common shall be jointly and severally liable for
all of Seller’s representations, warranties, covenants and obligations contained in the Agreement and this Addendum concerning El Dorado Park Self Storage. Each of the two entities (405 Self Storage, LLC, a California limited liability company,
JDV 405 Storage, LLC, a California limited liability company, not including the members thereof) owning 405 Self Storage as tenants in common shall be jointly and severally liable for all of Seller’s representations, warranties, covenants and
obligations contained in the Agreement and this Addendum concerning 405 Self Storage. 
 35. Notices.
Paragraph 19 of the Agreement is hereby supplemented by the following addresses and information for the sending of notices: 
 To Seller: 
 Dickens Properties 

8150 East Wardlow Road 

Long Beach, CA 90808 

Tel.: (562) 712-1200 

Fax: (714) 459-7230 

Email: terry@dickensproperties.com 

And 
 James D. Vandever 
 27448 Eastvale Road 

Palos Verdes Peninsula, CA 90274 

Tel.: (310) 918-9834 

Fax: (310) 541-2466 

jamesvandever@gmail.com 

With a copy to: 
 Law Offices of Roy A. Lesowitz 
 18201 Von Karman
Ave. 
 Suite 1000 

Irvine, CA 92612 

Tel.: (949) 724-5208 

Fax: (949) 724-5212 

Email: roy@lesowitzlaw.com 

To Buyer: 
 SSTI Acquisitions, LLC
 111 Corporate Drive, Suite
120 
 Ladera Ranch, CA 92694 

Attn: H. Michael Schwartz 

Tel: (949) 429-6600 

Fax: (949) 429-6606 

with copies to:
 SSTI Acquisitions, LLC 
 5949 Sherry Lane, Suite
1050 
 Dallas, Texas 75225 

Attn: Wayne Johnson\ 

Tel: (214) 217-9797 

Fax: (214) 217-9790; 

  
 10 

  
 and

 Mastrogiovanni Schorsch & Mersky, P.C. 

2001 Bryan Street, Suite 1250 

Dallas, Texas 75201 

Attn: Charles Mersky, Esq. 

Tel: (214) 922-8800 

Fax: (214) 922-8801 
 [Signature page to follow] 

  
 11 

  
 SELLER’S SIGNATURE
PAGE 
 IN WITNESS WHEREOF, the parties have executed this ADDENDUM TO STANDARD OFFER, AGREEMENT AND ESCROW
INSTRUCTIONS FOR PURCHASE OF REAL ESTATE dated November     , 2010 for the purchase and sale of El Dorado Park Self Storage and 405 Self Storage as of the dates indicated hereinbelow. 

 

			
	 Seller:

	
	 El Dorado Park Self Storage, LLC,

	 a California limited liability company,

	 Tenant-in-Common, as to an undivided 83% interest

		
	 By:
	 	 /s/ A. Terrance Dickens

	 Name:
	 	 A. Terrance Dickens, Manager

	
	 JDV El Dorado Park Storage, LLC,

	 a California limited liability company

	 Tenant-in-Common, as to an undivided 17% interest

		
	 By:
	 	 /s/ James D. Vandever

	 Name:
	 	 James D. Vandever, Manager

		
	 Date:
	 	 November 5, 2010

	
	 405 Self Storage, LLC,

	 a California limited liability company,

	 Tenant-in-Common, as to an undivided 83% interest

		
	 By:
	 	 /s/ A. Terrance Dickens

	 Name:
	 	 A. Terrance Dickens, Manager

	
	 JDV 405 Storage, LLC,

	 a California limited liability company

	 Tenant-in-Common, as to an undivided 17% interest

		
	 By:
	 	 /s/ James D. Vandever

	 Name:
	 	 James D. Vandever, Manager

		
	 Date:
	 	 November 5, 2010

  
 12 

  
 BUYER’S SIGNATURE
PAGE 
 IN WITNESS WHEREOF, the parties have executed this ADDENDUM TO STANDARD OFFER, AGREEMENT AND ESCROW
INSTRUCTIONS FOR PURCHASE OF REAL ESTATE dated November     , 2010 for the purchase and sale of El Dorado Park Self Storage and 405 Self Storage as of the dates indicated hereinbelow. 

 

			
	 Buyer:

	
	 SSTI ACQUISITIONS, LLC

	 a Delaware limited liability company

		
	 By:
	 	 /s/ H. Michael Schwartz

	 Name:
	 	 H. Michael Schwartz

	 Title:
	 	 President

		
	 Date:
	 	 November     , 2010

  
 13

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