Document:

Form of Security Agreement

 Exhibit 10.3 

 

			
	  
	 	

 SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT (“Agreement”) is made and entered into as of June 10, 2011, by
                    , a Delaware limited liability company (“Debtor”), in favor of ING LIFE INSURANCE AND ANNUITY COMPANY, a
Connecticut corporation (“Secured Party”), and is made with reference to the following facts: 
 RECITALS: 

A. Secured Party is loaning to Debtor the sum of
                     DOLLARS ($            ), to be evidenced by a
Promissory Note dated on or about this same date, executed by Debtor in favor of Secured Party (such Promissory Note together with any extensions, renewals, substitutions and amendments thereof are referred to as the “Note”). Payment of
the Note is secured by, among other things, a Deed to Secure Debt and Security Agreement (the “Security Deed”) executed by Debtor as grantor in favor of Secured Party, encumbering the real property described in Exhibit “A”
attached hereto and made a part hereof including improvements and personal property thereon (collectively, the “Premises”) and an Assignment of Rents and Leases (the “Assignment of Rents”) assigning all rents, issues and profits
of and from the Premises. This Agreement, the Note, the Security Deed, and the Assignment of Rents and the other documents referred to therein or executed in connection therewith are collectively called the “Loan Documents.” 

B. Debtor desires to grant to Secured Party a security interest in certain personal property as described in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing recitals and other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound, the Debtor agrees as follows: 
 1. Grant of Security Interest.
Debtor hereby grants to Secured Party a security interest in the Debtor’s right, title and interest in and to the following items and types of property, now owned and hereafter acquired, which property is collectively referred to herein as the
“Collateral”: 
 (a) Personal Property. All machinery, apparatus, equipment, goods, systems, building
materials, carpeting, furnishings, fixtures and property of every kind and nature whatsoever, now or hereafter located in or upon or affixed to the Premises, or any part thereof, or used or usable in connection with any construction on or any
present or future operation of the Premises, now owned or hereafter acquired by Debtor, including, but without limitation of the generality of the foregoing: all heating, lighting, refrigerating, ventilating, air-conditioning, air-cooling, fire
extinguishing, plumbing, cleaning, telephone, communications and power equipment, systems and apparatus; and all elevators, switchboards, motors, pumps, screens, awnings, floor coverings, cabinets, partitions, conduits, ducts and compressors; and
all cranes and craneways, oil storage, sprinkler/fire protection and water service equipment; and also including any of such property stored on the Premises or in warehouses and intended to be used in connection with or incorporated into the
Premises or for the pursuit of any other activity in which Debtor may be engaged on the Premises, and including without limitation all tools, musical instruments and systems, audio or video equipment, cabinets, awnings, window shades, venetian
blinds, drapes and drapery rods and brackets, screens, carpeting and other window and floor coverings, decorative fixtures, plants, cleaning apparatus, and cleaning equipment, refrigeration equipment, cables, computers, and computer equipment,
software, books, supplies, kitchen equipment, appliances, tractors, lawn mowers, ground sweepers and tools, swimming pools, whirlpools, recreational or play equipment together with all substitutions, accessions, repairs, additions and replacements
to any of the foregoing; it being understood and agreed that all such machinery, equipment, apparatus, goods, systems, fixtures, and property are a part of the Premises and are declared to be a portion of the security for the Obligations (as
hereinafter defined) (whether in single units or centrally controlled, and whether physically attached to said real estate or not), excluding, however, personal property owned by tenants of the Premises. All of such property is collectively referred
to as the “Personal Property.” 

  
 Page 1 of 8

 (b) Accounts. All accounts receivable and any right of Debtor to payment for goods
sold or leased or for services rendered, whether or not yet earned by performance, and whether or not evidenced by an instrument or chattel paper, arising from the operation of the Premises, now existing or hereafter created, substitutions therefor,
proceeds thereof (whether cash or noncash, movable or immovable, tangible or intangible) received upon the sale, exchange, transfer, collection or other disposition or substitution thereof and any or all of the foregoing and proceeds therefrom
(collectively, the “Accounts”). 
 (c) Permits. All authorizations, licenses, permits, contracts, management
agreements, franchise agreements, and occupancy and other certificates concerning the ownership, use and operation of the Premises (collectively, the “Permits”). 
 (d) Rents and Deposits. All monies on deposit for the payment of real estate taxes or special assessments against the Premises or for the payment of premiums on policies of fire and other hazard
insurance covering the Collateral or the Premises except as provided in the Security Deed; all proceeds paid for damage done to the Collateral or the Premises; all proceeds of any award or claim for damages for any of the Collateral or the Premises
taken or damaged under the power of eminent domain or by condemnation; all rents, issues and leases of the Premises; and all tenants’ or security deposits held by Debtor in respect of the Premises. 

(e) Trade Names and Rights. All names under or by which the Premises or any improvements thereon may at any time be operated or
known, and all rights to carry on business under any such names or any variant thereof, and all trademarks, trade names, patents, patents pending and goodwill with respect to the Premises, to the extent the foregoing are owned by Debtor. 

(f) Memberships. All shares of stock or partnership interest or other evidence of ownership of any part of the Premises that is
owned by Debtor in common with others, including all water stock relating to the Premises, if any, and all documents of membership in any owners’ or members’ association or similar group having responsibility for managing or operating any
part of the Premises and any management agreements. 
 (g) Plans. All plans and specifications (except those owned by
third parties) prepared for construction of improvements on the Premises and all studies, data and drawings related thereto; and all contracts and agreements of Debtor relating to the aforesaid plans and specifications or to the aforesaid studies,
data and drawings, or to the construction of improvements on the Premises. 
 (h) Reserve Accounts. All of Debtor’s
right, title and interest in, to and under any and all reserve, deposit or escrow accounts made pursuant to any loan document made between Debtor and Secured Party with respect to the Premises, together with all income, profits, benefits and
advantages arising therefrom. 
 (i) Other Collateral. All goods, accounts, general intangibles, chattel paper,
instruments, documents, consumer goods, equipment and inventory (as defined in the              Uniform Commercial Code (“UCC”)) located on and used in the operation of the
Premises. 
 (j) Substitutions. All substitutions, accessions, additions and replacements to any of the foregoing.

 (k) Products and Proceeds. All products and proceeds of any of the foregoing, or with respect to the Premises,
including without limitation, insurance proceeds, proceeds of any voluntary or involuntary disposition or diminution in value of any of the foregoing or of the Premises, and any claim respecting any thereof (pursuant to judgment, condemnation award
or otherwise) and all goods, accounts, general intangibles, chattel paper, instruments, documents, consumer goods, equipment and inventory, wherever located, acquired with the proceeds of any of the foregoing or proceeds thereof. 

For purposes of this Agreement, the term “proceeds” means whatever is received when any of the foregoing or the proceeds thereof (including,
without limitation, cash proceeds) is sold, exchanged or otherwise disposed of (including involuntary dispositions or destruction and claims for damages thereto), including without limitation cash proceeds, insurance proceeds, condemnation proceeds,
and any other rights or property arising under or receivable 

  
 Page 2 of 8

 
upon any such disposition. The security interest is granted in the Collateral for the purpose of securing the following obligations (“Obligations”): (a) payment of the indebtedness
evidenced by the Note; (b) the strict performance and observance of all agreements, warranties, covenants and conditions of Debtor contained in the Note, Security Deed, Assignment of Rents, this Agreement, the other Loan Documents, and every
other instrument securing payment of the Note; and (c) the repayment of all monies expended by Secured Party under the provisions hereof, the Security Deed, the Assignment of Rents, the other Loan Documents, or any other instrument securing
payment of the Note, with interest thereon from the date of expenditure at the Default Rate (as defined in the Note); upon the terms and conditions set forth herein. 
 2. Representations. Debtor hereby represents and warrants to Secured Party that: 
 (a) Debtor owns, or with respect to property hereafter acquired will own, all of the Collateral free and clear of all liens, charges, encumbrances, financing statements and adverse claims of any kind or
nature whatsoever in favor of any entity other than Secured Party. 
 (b) Debtor owns, or with respect to property hereafter
acquired will own, and is, or will be, entitled to collect, without right of counterclaim or set-off, all of the Accounts presently held and those arising in the future, free and clear of all liens, charges, encumbrances, financing statements and
adverse claims of any nature whatsoever. 
 (c) Debtor is the holder of the Permits, which allow Debtor to operate the Premises
for its intended use. 
 (d) The Collateral is not used or bought primarily for personal, family or household purposes of
Debtor. 
 3. Change of Name or Jurisdiction. Debtor shall not change its name or its jurisdiction of organization unless
it has given Secured Party at least 30 days prior written notice thereof and has authorized, at the request of Secured Party, such additional financing statements to be filed in such jurisdictions as Secured Party may deem necessary or desirable in
its sole discretion. 
 4. Covenants. Debtor hereby covenants and agrees that: 

(a) Debtor will pay any indebtedness owed to Secured Party evidenced by the Note promptly when due (giving effect to applicable notice
and grace periods, if any) and will repay immediately upon demand all expenses, including reasonable attorneys’ fees, legal expenses and costs, together with interest at the Default Rate (as defined in the Note) from the date of such
expenditure, incurred by Secured Party in enforcing the Obligations and this Agreement. Payment of such expenses and interest shall be secured by this Agreement and the other Loan Documents. 

(b) Debtor will maintain complete and accurate financial information concerning the Collateral. Debtor will permit Secured Party’s
representatives to enter on Debtor’s property at any reasonable time and upon reasonable prior notice to inspect the Collateral and Debtor’s books and records relating thereto and to make extracts from such books and records. 

(c) Debtor shall promptly notify Secured Party of all claims and demands made against the Collateral and any information received that
may affect the value of the Collateral or the rights and remedies of Secured Party relating thereto (including any liens, encumbrances or security interests purporting to affect the title to the Collateral). In the event of any such claim or demand,
Debtor shall promptly take such action as may be reasonably necessary to protect the value of the Collateral. 
 (d) Debtor will
pay when due all taxes, assessments or similar obligations affecting the Collateral. Debtor shall have the right to contest the amount or validity of any such taxes, assessments or obligations by appropriate proceedings conducted in good faith and
with due diligence and otherwise in accordance with the provisions of the Security Deed. 

  
 Page 3 of 8

 (e) The Personal Property shall be kept on the Premises except for the sales of inventory in
the ordinary course of business. Debtor agrees that, without the written consent of Secured Party, Debtor will not remove or permit to be removed from the Premises any of the Collateral except that so long as the Debtor is not in default hereunder,
Debtor shall be permitted to sell or otherwise dispose of the Collateral, when obsolete, worn out, inadequate, unserviceable or unnecessary for use in the operation of the Premises, upon replacing the same or substituting for the same other
Collateral at least equal in value to the initial value to that disposed of and in such a manner so that said Collateral shall be subject to the security interest created hereby, and so that the security interest of Secured Party shall be first in
priority, it being expressly understood and agreed that all replacements of the Collateral are covered hereby. 
 (f) Debtor
will keep the Collateral free from any lien, charge, encumbrance, financing statement or adverse claim in favor of any entity other than Secured Party. Debtor will protect and defend the Collateral against all claims thereto and hereby indemnifies
and agrees to defend and save Secured Party harmless against and with respect to any liability or claim in connection therewith. Debtor will not grant a security interest or other encumbrance in any portion of the Collateral or authorize the filing
of any financing statement covering any portion of the Collateral in favor of any person other than Secured Party. 
 (g) Debtor
will do all acts necessary to maintain, preserve, protect and keep the Collateral in good condition and repair, ordinary wear and tear excepted, will not permit any waste or unusual or unreasonable depreciation of Collateral to occur and will not
commit any act for which any portion of the Collateral might be confiscated by any governmental or private entity. 
 (h) Debtor
will maintain and deliver to Secured Party policies of insurance relating to the Collateral as required by the Security Deed. 

5. Secured Party’s Actions. Upon the occurrence of an Event of Default (as hereinafter defined), Secured Party shall have the
right, but shall not be obligated, to discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the Collateral or on the Premises, pay for insurance on the Collateral, pay for the maintenance and preservation
of the Collateral, sign and endorse any checks, notes, drafts, money orders, acceptances or other forms of remittance payable to Debtor and any invoice, freight or express bill, bill of lading, or other documents relating to the Collateral, demand,
bring suit, collect or give acquittance for any monies due on the Accounts or compromise, prosecute or defend any action, claim or proceeding arising from the Collateral. Secured Party shall have the right to do any or all of the foregoing in the
name of Debtor or otherwise. Should Debtor fail or refuse to make any payment, perform any covenant or obligation, observe any condition or take any action which Debtor is obligated hereunder to make, perform, observe, take or do, at the time or in
the manner herein provided, then Secured Party shall have the right to, at Secured Party’s sole discretion, without notice to or demand upon Debtor with respect to any Event of Default and without releasing Debtor from any obligation, covenant
or condition hereof, make, perform, observe, take or do the same in such manner and to such extent as Secured Party may, during any period of time that Debtor is in default hereunder, deem necessary to protect the Collateral and the security
provided by this Agreement. Debtor agrees to reimburse Secured Party on demand for any reasonable payment made, or any reasonable expense incurred, including reasonable attorneys’ fees, by Secured Party in connection with the foregoing,
together with interest thereon at the Default Rate. 
 6. Default. The occurrence of any one or more of the following
events shall constitute an event of default hereunder (“Event of Default”): (i) the failure of Debtor to make any payment due hereunder within ten (10) days after written demand therefor, or (ii) default shall be made in the
due observance or performance of any of the other covenants, agreements or conditions hereinbefore or hereinafter contained, required to be kept or performed or observed by the Debtor which does not relate to the nonpayment of any monetary sum, and
such default is not cured within thirty (30) days following written notice thereof by Secured Party to Debtor or such longer period as is reasonably necessary to cure such default as long as Debtor is diligently pursuing such cure and such
default is curable by Debtor within a reasonable time provided that such additional time shall not exceed thirty (30) days (for an aggregate sixty (60) day period), or (iii) the filing of any amendment to or termination of a financing
statement naming Debtor as debtor and Secured Party as secured party, or any correction statement with respect thereto, in any jurisdiction by any party other than Secured Party, or (iv) the failure of any representation concerning the legal
name 

  
 Page 4 of 8

 
of Debtor, the state of organization of Debtor or the identification of Debtor’s chief executive office to be true and accurate, or (v) the failure of Debtor to obtain the written
consent of Secured Party prior to merging or consolidating into or with any other person or entity, or (vi) the failure of Debtor to obtain the written consent of Secured Party prior to transferring any of the Collateral to any other person or
entity except as provided in Paragraph 4(e) above, or (vii) the occurrence of any breach, default, event of default, or failure of performance (however denominated) under the Note, the Security Deed or any of the other Loan Documents, and the
expiration of any applicable cure period without the same having been cured. Any Event of Default hereunder shall constitute a default under each and all of the other Loan Documents. Upon the occurrence of any one or more Events of Default
hereunder, Secured Party shall have the right at its option and without notice or demand, to declare all Obligations and indebtedness secured hereby immediately due and payable, and to do one or more of the following: 

(a) Foreclose or otherwise enforce Secured Party’s security interest in any manner permitted by the UCC or other applicable laws, or
provided for in the Note, the Security Deed, the Assignment of Rents, this Agreement or other Loan Documents or applicable agreement. 
 (b) Enter upon the Premises, exclude Debtor therefrom and take immediate possession of the Collateral, either personally or by means of a receiver appointed by a court, and may, at Secured Party’s
option, use, operate, manage and control the Collateral in any lawful manner or business and collect and receive all rents, income, revenue, earnings, issues and profits of the Collateral, remove all or part of the Collateral as Secured Party may
determine in Secured Party’s discretion, and any monies so collected or received by Secured Party shall be applied to the payment of all costs and expenses of Secured Party’s taking and fees for such operation thereof, all costs and
expenses of such repairs, renovations and alterations of the Collateral and attorneys’ fees in a reasonable sum, with the remainder, if any, to be applied upon any indebtedness secured hereby, or toward the satisfaction of any of the
Obligations, in such order as is specified in the Note and at such times as Secured Party may determine. 
 (c) With respect to
the Accounts, at any time give notice of assignment to any and all obligors or account debtors under the Accounts and may collect the Accounts. Debtor hereby covenants and agrees that Debtor will cooperate fully with Secured Party, and its employees
and agents, and will provide any and all documents deemed by Secured Party to be necessary or desirable to collect the Accounts. 
 (d) Sell, lease or otherwise dispose of any Collateral at one or more public or private sales, whether or not such Collateral is present at the place of sale, for cash or credit or future delivery, on
such terms and in such manner as Secured Party may determine. In the event of a sale, lease or other disposition of the Collateral or of collection of the Accounts: 

(1) Any person, including Debtor and Secured Party, may purchase at the sale. 

(2) (A) In connection with any sale or other dispositions of the Collateral, the parties agree that without limiting any
other commercially reasonable conduct as may be followed by Secured Party, the following procedures shall be deemed to comprise and constitute a commercially reasonable sale (the “sale”): 

(i) Secured Party shall mail to Debtor written notice of the sale not less than ten (10) days prior to such sale.

 (ii) In the event of a public sale, as often as (but no more than) required under the UCC immediately
preceding the sale, Secured Party will publish notice of the sale in an appropriate publication that Secured Party selects. The notice will advise prospective purchasers as to where they may obtain information with respect to the Collateral.

 (iii) Upon receipt of any written request to do so, Secured Party will make available to any bona fide
prospective purchaser for inspection, within five (5) business days following receipt of such request and during reasonable business hours, such information (including records and documents with respect to the Accounts) as shall be necessary to
enable a prospective purchaser to prepare a bid. 

  
 Page 5 of 8

 (B) Notwithstanding paragraph (A) hereof, in the event Secured Party
offers to sell all or any part of the Collateral, Secured Party will be under no obligation to consummate a sale if, in its reasonable business judgment, none of the offers received by it reasonably approximates the fair value of such Collateral.

 (3) Secured Party shall apply the proceeds of any sale, collection, or disposition hereunder to payment of the
following: (A) the expenses of such sale or disposition, including but not limited to the costs of publishing, recording, mailing and posting notice; (B) the cost of any search and other evidence of title procured in connection therewith
and any transfer tax on any deed or conveyance or bill of sale; (C) all sums expended under the terms hereof, not then repaid, with accrued interest in the amount provided herein; (D) all sums evidenced by the Note and secured hereby and
evidenced or owed pursuant to the Security Deed; and (E) the remainder, if any, to the person or persons legally entitled thereto. 
 (4) Secured Party may require Debtor to make the Collateral available to Secured Party at a reasonable place designated by Secured Party. 

(5) If the holder of the Note is a purchaser at such sale, such holder shall be entitled to apply any portion of the
indebtedness then secured hereby for or in settlement or payment of any portion of the purchase price of the property purchased at such sale. 
 (e) Recover from Debtor all reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred or paid by Secured Party in exercising any right, power or remedy
provided by this Agreement or by law. 
 7. Exercise of Remedies; No Waiver. All remedies conferred upon Secured Party
shall be deemed cumulative with, and not exclusive of, any other remedy conferred by this Agreement, the Note, the Security Deed, the Assignment of Rents, any of the other Loan Documents, or by law or equity. The exercise of any one remedy shall not
preclude the exercise of any other. Failure of Secured Party to exercise any rights it may have upon Debtor’s default hereunder shall not be deemed to be a waiver of Secured Party’s rights thereupon or to be a release of Debtor from its
Obligations. The acceptance by Secured Party of any sum after the same is due shall not constitute a waiver of the right either to require prompt payment, when due, of all other sums hereby secured or to declare a default as herein provided. The
acceptance by Secured Party of any sum in an amount less than the sum then due shall not constitute a waiver of the obligation of Debtor to pay the entire sum then due. The waiver by Secured Party of any default hereunder shall not be deemed to
constitute a waiver of any succeeding default. Debtor waives any right to require Secured Party to proceed against any person or to exhaust any Collateral or to pursue any remedy in Secured Party’s power. 

8. Successors. All agreements, covenants, conditions and provisions of this Agreement shall inure to the benefit of Secured Party
and its successors and assigns, and shall bind the heirs, executors, administrators, successors in interest of Debtor in the Collateral. In the event that there is more than one Debtor or successor in interest of Debtor in the Collateral, they shall
be jointly and severally liable hereunder. The obligations of Debtor hereunder shall be binding on any community of which Debtor is a part and on any separate or quasi-community property of any Debtor. 

9. Term. This Agreement shall remain in full force and effect until the Obligations and the indebtedness secured hereby, including
charges, expenses, fees, costs, and interest, shall have been paid in full or until its release and termination is given in writing by Secured Party. No party to this Agreement or otherwise liable for the Obligations shall be discharged by any
extension of time, additional advances, renewals and extensions of the Note, the Security Deed, or the Assignment of Rents, the taking of further security, releases of a part or all of the Collateral, or any other acts except as provided in this
section. 
 10. Governing Law. This Agreement shall be governed by and construed in accordance with the laws (excluding
conflicts of laws rules) of             . 

  
 Page 6 of 8

 11. No Modification. This Agreement may not be modified or amended except by a
written instrument executed by the party sought to be charged or bound thereby. If any provision hereof should be held unenforceable or void, then such provision shall be deemed separable from the remaining provisions hereof and shall in no way
affect the validity of this Agreement except that if such provision relates to the payment of any monetary sum, then Secured Party may at its option declare the indebtedness evidenced by the Note and all other sums secured hereby immediately due and
payable. 
 12. Financing Statements. Debtor hereby authorizes Secured Party, its counsel or its representative, at any
time and from time to time, to file financing statements and amendments that describe the Collateral covered by this Agreement in such jurisdictions as Secured Party may deem necessary or desirable in order to perfect the security interest granted
by Debtor under this Agreement. 
 13. Notices. All notices, demands, requests, and other communications desired or
required to be given hereunder by the Debtor or Secured Party (“Notices”), shall be in writing and shall be given by: (i) hand delivery to the address for Notices; (ii) delivery by overnight courier service to the address for
Notices; or (iii) sending the same by United States mail, postage prepaid, certified mail, return receipt requested, addressed to the address for Notices. 
 All Notices shall be deemed given and effective upon the earlier to occur of: (x) the hand delivery of such Notice to the address for Notices; (y) one business day after the deposit of such
Notice with an overnight courier service by the time deadline for next day delivery addressed to the address for Notices; or (z) three business days after depositing the Notice in the United States mail as set forth in (iii) above. All
Notices shall be addressed to the following addresses: 
  

							
		 	Debtor:	 	  
	  	
		 		 	c/o Strategic Storage Trust, Inc.	  	
		 		 	111 Corporate Drive, Suite 120
		 		 	Ladera Ranch, CA 92694
		 		 	Attn: H. Michael Schwartz
		
	With a copy to:	 	Mastrogiovanni Schorsch and Mersky, P.C.
		 		 	2001 Bryan Street, Suite 1250
		 		 	Dallas, Texas 75201
		 		 	Attn: Charles Mersky, Esq.
		
	Secured Party:	 	ING Life Insurance and Annuity Company
		 		 	c/o ING Investment Management LLC
		 		 	5780 Powers Ferry Road, NW, Suite 300
		 		 	Atlanta, Georgia 30327-4349
		 		 	Attention: Mortgage Loan Servicing Department
				
		 		 	and	  	
			
		 		 	ING Investment Management LLC
		 		 	5780 Powers Ferry Road, NW, Suite 300
		 		 	Atlanta, Georgia 30327-4349
		 		 	Attention: Real Estate Law Department
		
	With a copy to:	 	Nyemaster Goode, P.C.
		 		 	700 Walnut, Suite 1600
		 		 	Des Moines, Iowa 50309

 or to such other persons
or at such other place as any party hereto may by Notice designate as a place for service of Notice. Provided, that the “copy to” Notice to be given as set forth above is a courtesy copy only; and a Notice

  
 Page 7 of 8

 
given to such person is not sufficient to effect giving a Notice to the principal party, nor does a failure to give such a courtesy copy of a Notice constitute a failure to give Notice to the
principal party. 
 14. Time is of the Essence. Time is of the essence in the performance of Debtor’s obligations
under this Agreement. 
 15. Exculpation. The liability of Debtor personally to pay the Note or any interest that may
accrue thereon, or any indebtedness or obligation accruing or arising hereunder is limited to the extent set forth in the Note. 

16. Integration. This Agreement, the other Loan Documents and the certain Environmental Indemnification Agreement together
constitute the entire agreement between the parties hereto pertaining to the subject matters hereof and thereof and supersede all negotiations, preliminary agreements and all prior or contemporaneous discussions and understandings of the parties
hereto in connection with the subject matters hereof and thereof. 
 17. Attorney Fees. Notwithstanding anything to the
contrary contained herein, all references herein and in any of the Loan Documents to attorneys’ fees shall be deemed to refer to attorneys’ fees actually incurred and not to statutory attorneys’ fees under
                    . 
 18. WAIVER OF JURY TRIAL. THE PARTIES HERETO, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A
TRIAL BY JURY IN ANY LITIGATION BASED ON OR ARISING OUT OF THIS AGREEMENT OR INSTRUMENT, OR ANY RELATED INSTRUMENT OR AGREEMENT, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS, WHETHER ORAL OR WRITTEN,
OR ACTION OF ANY PARTY HERETO. NO PARTY SHALL SEEK TO CONSOLIDATE BY COUNTERCLAIM OR OTHERWISE, ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THESE PROVISIONS
SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY ANY PARTY HERETO EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY ALL PARTIES. 
 IN WITNESS WHEREOF, Debtor has caused this Agreement to be executed and sealed as of the date first set forth above and acknowledges receipt of a copy hereof at the time of execution. 

 

							
	DEBTOR:	 	
	
	                    , a Delaware limited liability
company
		
	By:	 	Strategic Storage Trust, Inc., a Maryland corporation, its Manager
				
		 	By:	 	  
	 	(SEAL)
		 	Name:	 	  

		 	Title:	 	  

  
 Page 8 of 8Form of Promissory Note

 Exhibit 10.4 

 

			
	  
	 	

 PROMISSORY NOTE 

 

			
	$            	  	June 10, 2011

 FOR VALUE
RECEIVED, the undersigned,                     , a Delaware limited liability company (“Maker”), hereby promises to pay to the
order of ING LIFE INSURANCE AND ANNUITY COMPANY, a Connecticut corporation, or any subsequent holder hereof (“Payee”), at the office of Payee, c/o ING Investment Management LLC, 5780 Powers Ferry Road, NW, Suite 300, Atlanta, Georgia
30327-4349, or at such other place as Payee may from time to time designate in writing, the principal sum of                      DOLLARS
($            ) and interest thereon from and after the date of disbursement hereunder at five and forty-seven one-hundredths percent (5.47%) per annum (“Note
Rate”), both principal and interest to be paid in lawful money of the United States of America, as follows: 

(i) Interest only from and including the date of disbursement of the loan proceeds through and including the last day of
the month, shall be paid on the first day of the month following the date hereof or, at the option of Payee, on the date hereof; and 
 (ii) Payments of principal and interest shall be made in 360 successive monthly installments commencing on the first day of August, 2011, and continuing on the first day of each and every calendar month
thereafter up to and including the first day of July, 2041 (the “Maturity Date”) or, upon exercise of Payee’s right under the following paragraph, the Call Date as to which Payee has exercised its right, all but the final installment
thereof to be in the amount of                      Dollars
($            ), and the final installment payable on the Maturity Date, or, if earlier, the exercised Call Date to be in the full amount of outstanding principal of this Promissory
Note (“Note”), interest and all other sums remaining unpaid hereunder and under the Security Deed (as hereinafter defined). 
 Notwithstanding any provisions of this Note to the contrary, the Payee reserves the right to declare the entire amount of outstanding principal of this Note, interest and all other sums remaining unpaid
hereunder and under the Security Deed (defined below) to be due and payable on any of the following dates (each referred to as a “Call Date”): 
  

	 	(i)	the first day of July, 2021; 

  

	 	(ii)	the first day of July, 2026; 

  

	 	(iii)	the first day of July, 2031; or 

  

	 	(iv)	the first day of July 2036. 

 Such right shall
be exercised by Payee, in its sole and absolute discretion, by giving written notice to Maker at least six (6) months prior to the Call Date as to which Payee is electing, which notice shall refer to this Note and state the Call Date elected by
Payee. The exercise of such right by Payee shall not relieve Maker of its obligation to make scheduled payments hereunder, or to pay any other sums due and owing hereunder, between the date of such notice and the elected Call Date. The exercise of
such right by Payee will result in the original principal amount of this Note not having been fully amortized by the payment of the monthly installments hereunder prior to the exercised Call Date, and Maker shall be obligated to make a payment of
the entire amount of outstanding principal of this Note and interest and all other sums remaining unpaid hereunder and under the Security Deed on the Call Date. 
 All payments on account of the Indebtedness (as hereinafter defined) shall be applied: (i) first, to further advances, if any, made by the Payee as provided in the Loan Documents (as hereinafter
defined); (ii) next, to any Late Charge (as hereinafter defined); (iii) next, to interest at the Default Rate (as hereinafter defined), if applicable; (iv) next, to the Prepayment Premium (as hereinafter defined), if applicable;
(v) next, to interest at the Note Rate on the unpaid principal balance of this Note unless interest at the Default Rate is applicable; and (vi) last, to reduce the unpaid principal balance of this Note. Interest shall be calculated on the
basis of a year consisting of 360 days and with twelve thirty-day months, except that interest due and payable for less than a full month shall be calculated by multiplying the actual number of days elapsed in such period by a daily interest rate
based on a 360-day year. As 

  
 Page 1 of 8

 
used herein, the term “Indebtedness” shall mean the aggregate of the unpaid principal amount of this Note, accrued interest, all Late Charges, any Prepayment Premium, and advances made
by Payee under the Loan Documents. 
 In the event any installment of principal or interest due hereunder, or any escrow fund
payment for real estate taxes, assessments, other similar charges or insurance premiums due under the Security Deed shall be more than ten (10) days overdue, Maker shall pay to the holder hereof a late charge (“Late Charge”) of four
cents ($.04) for each dollar so overdue or, if less, the maximum amount permitted under applicable law, in order to defray part of the cost of collection and of handling delinquent payments, provided, however, that a Late Charge shall not apply to
payment of the entire outstanding principal amount of the Note due upon maturity or acceleration. 
 The terms of this Note are
expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to the Payee exceed the highest lawful rate of interest permissible under applicable law. If, from any circumstances whatsoever, fulfillment of any provision
hereof or any other documents securing the Indebtedness at the time performance of such provision shall be due, shall involve the payment of interest exceeding the highest rate of interest permitted by law which a court of competent jurisdiction may
deem applicable hereto, then, ipso facto, the obligation to be fulfilled shall be reduced to the highest lawful rate of interest permissible under applicable law; and if for any reason whatsoever Payee shall ever receive as interest an
amount which would be deemed unlawful, such interest shall be applied to the payment of the last maturing installment or installments of the principal portion of the Indebtedness (whether or not then due and payable) and not to the payment of
interest. 
 Payment of this Note is secured by a Deed to Secure Debt and Security Agreement (the “Security Deed”)
dated on or about this same date by Maker, as Grantor, for the benefit of Payee, as Grantee, encumbering certain real estate and other property interests situated in             
County,              and more particularly described in the Security Deed (the “Premises”). This Note is cross-collateralized and cross-defaulted with certain affiliate
loans as described in a Loan Agreement dated as of this same date between Maker, Payee and certain affiliates of Maker (the “Loan Agreement”). This Note, the Loan Agreement, the Security Deed, and all other instruments now or hereafter
evidencing, securing or guarantying the loan evidenced hereby are sometimes collectively referred to as the “Loan Documents.” The Security Deed contains “due on sale or further encumbrance” provisions which, together with all
other terms of the Security Deed, are incorporated herein by this reference. 
 No prepayment of the principal of this Note
shall be allowed except as expressly set forth in this Note, and as permitted under the Loan Agreement. Beginning with the first day of July, 2012, and subject to the further requirements or restrictions for prepayment set forth in the Loan
Agreement, the principal of this Note may be prepaid in whole, but not in part, on any regular scheduled payment date, provided that: (1) not later than sixty (60) days prior to such prepayment, Maker delivers written notice to Payee that
Maker intends to prepay this Note in full on the date specified in such notice; and, (2) Maker pays to Payee at the time of such prepayment, a sum (the “Prepayment Premium”) equal to the greater of the following calculations:

 (i) The sum of (a) the present value of the scheduled monthly payments set forth
above in this Note from the date of prepayment to the Maturity Date or the next applicable Call Date, whichever is the next to occur, and (b) the present value of the amount of principal and interest due on the Maturity Date or the next
applicable Call Date, whichever is the next to occur (assuming all scheduled monthly payments due prior to such date were made when due); minus the outstanding principal balance of this Note as of the date of prepayment. The present values described
in clauses (a) and (b) above shall be computed on a monthly basis as of the date of prepayment discounted at an interest rate equal to the yield of actively traded U.S. Treasury obligations having the same maturity as the Maturity Date or
the next applicable Call Date, whichever is the next to occur, as published in the Federal Reserve Statistical Release H.15 (519) Selected Interest Rates listed under the U.S. Government Securities, Treasury Constant Maturities, Nominal
(“Treasury Rate”). The Treasury Rate so used shall be the “week ending” yield for the week immediately preceding the date of such prepayment. If no Treasury Constant Maturities, Nominal are published for the specific length of
time from the date of prepayment of this Note to the Maturity Date or the next applicable Call Date, whichever is the next to occur, the Treasury Rate that shall be used shall be computed based on a linearly interpolated interest rate yield between
the two Treasury Constant Maturities, Nominal that (i) most closely correspond with the Maturity Date or the next applicable Call Date, whichever is the next to occur, as of the date of 

  
 Page 2 of 8

 
such prepayment and (ii) bracket in time the Maturity Date or the next applicable Call Date, whichever is the next to occur, one being before the Maturity Date or the next applicable Call
Date and the other being after the Maturity Date or the next applicable Call Date. If for any reason Treasury Constant Maturities, Nominal is no longer published in the Federal Reserve Statistical Release H.15 (519) Selected Interest Rates, the
Treasury Rate shall be based on the yields reported in another publication of comparable reliability and institutional acceptance as selected by the Payee in its sole and absolute discretion that most closely approximates yields in percent per annum
of actively traded U.S. Treasury obligations of varying maturities. The sum calculated in accordance with this subparagraph (i) is intended to be the sum that, together with the principal amount prepaid, shall be sufficient to enable Payee to
invest in U.S. Treasury obligations for the remaining original term of this Note or until the next applicable Call Date, whichever is next to occur, to produce, as nearly as possible, the same effective yield to the Maturity Date or the next
applicable Call Date, whichever is next to occur, as would have been produced under this Note. 
 (ii) One
percent (1%) of the then outstanding principal balance of this Note. 
 Except as provided in the next sentence, in no
event shall the amount prepaid be less than the total amount of the then outstanding principal and accrued and unpaid interest thereon plus one percent (1%) of the then outstanding principal balance of this Note. Notwithstanding the foregoing,
no Prepayment Premium shall be payable with respect to a prepayment of the principal of this Note in part or in full that (a) results from application of proceeds of casualty insurance with respect to insured property damage, or compensation
received in respect of condemnation or other governmental taking of all or part of the Premises, in either case when no Event of Default exists, or (b) is made within ninety (90) days prior to the Maturity Date or any Call Date, regardless
of whether Payee has exercised its option to call this Note. In the event the Prepayment Premium were to be construed by a court having jurisdiction thereof to be an interest payment, in no event shall the Prepayment Premium exceed an amount equal
to the excess, if any, of (i) interest calculated at the highest applicable rate permitted by applicable law, as construed by courts having jurisdiction hereof, on the principal balance of this Note from time to time outstanding from the date
thereof to the date of such acceleration, less (ii) interest theretofore paid and accrued on this Note. 
 If the maturity
of the Indebtedness is accelerated by Payee as a consequence of the occurrence of an Event of Default, or in the event the right to foreclose the Security Deed shall otherwise accrue to Payee, the Maker agrees that an amount equal to the Prepayment
Premium (determined as if prepayment were made on the date of acceleration, and if during the time that no prepayment is permitted the Prepayment Premium shall be payable) shall be added to the balance of unpaid principal and interest then
outstanding, and that the Indebtedness shall not be discharged except: (i) by payment of such Prepayment Premium, together with the balance of principal and interest and all other sums then outstanding, if the Maker tenders payment of the
Indebtedness prior to completion of a non-judicial foreclosure sale (if applicable in             ), judicial order or judgment of foreclosure sale; or (ii) by inclusion of such
Prepayment Premium as a part of the Indebtedness in any such completion of a non-judicial foreclosure sale (if applicable in             ), judicial order or judgment of foreclosure.

 It is hereby expressly agreed by Maker that time is of the essence in the performance of this Note and that each of the
following occurrences shall constitute a default (“Event of Default”) under this Note: 
 (i) The
failure of the Maker to: 
 (a) make any payment of principal or interest under this Note within ten (10) days after the
same shall fall due, or 
 (b) comply with any of the other terms of this Note within thirty (30) days after written notice
of such failure has been given by Payee to Maker or within such longer period of time, not to exceed an additional thirty (30) days, as may be reasonably necessary to cure such non-compliance if Maker is diligently and with continuity of effort
pursuing such cure and the failure is susceptible of cure within such additional thirty-day period. 

  
 Page 3 of 8

 (ii) The failure of Maker to make payment of any amount due the Payee under
any Loan Document other than this Note, on the date the same shall fall due (including any applicable grace or cure period). 
 (iii) The occurrence of any breach, default, event of default or failure of performance (however denominated) under any Loan Document other than this Note, and the expiration of any applicable cure period
without the same having been cured. 
 From and after the date of the occurrence of any Event of Default and continuing until
such Event of Default is fully cured (if Maker is entitled under this Note to cure such default) or until this Note is paid in full, the Maker promises to pay interest on the principal balance of this Note then outstanding at the rate (the
“Default Rate”) equal to the Note Rate plus five percentage points per annum or, if less, the maximum rate permitted under applicable law. Interest at the Default Rate shall accrue on the amount of any judgment rendered hereon or in
connection with any foreclosure of the Security Deed. The Maker agrees that such additional interest which has accrued shall be paid at the time of and as a condition precedent to the curing of such Event of Default. Notwithstanding anything herein
to the contrary, during the existence of any such Event of Default Payee may apply payments received on any amounts due hereunder or under the terms of any of the Loan Documents as Payee shall determine. 

Payee shall have the following rights, powers, privileges, options and remedies whenever any Event of Default shall occur under this
Note: 
 (i) To foreclose, or exercise any power of sale under, the Security Deed. 

(ii) To accelerate the maturity of the Indebtedness and declare the entire unpaid principal balance of, and any unpaid
interest then accrued on, this Note, together with any Prepayment Premium, without demand or notice of any kind to the Maker or any other person, to be immediately due and payable. 

(iii) To exercise any and all rights, powers, privileges, options and remedies available at law or in equity and as
provided in any of the Loan Documents. 
 Upon the occurrence of an Event of Default, the Maker expressly agrees to pay all
costs of collection and enforcement of every kind, including without limitation, all reasonable attorneys’ fees and expenses, court costs, costs of title evidence and insurance, inspection and appraisal costs and expenses of every kind incurred
by Payee in connection with the protection or realization of any or all of the security for this Note, whether or not any lawsuit is filed with respect thereto including, but not limited to, any post judgment fees and any costs or expenses,
including reasonable attorneys’ fees and expenses, incurred on any appeal or in collection of any judgment, or in appearing and/or enforcing any claim in any bankruptcy or insolvency proceeding. The occurrence of an Event of Default under this
Note shall constitute a default under each and all of the other Loan Documents. 
 The rights, powers, privileges, options and
remedies of Payee, as provided in this Note, in any of the Loan Documents, or otherwise available at law or in equity shall be cumulative and concurrent, and may be pursued singly, successively or together at the sole discretion of Payee, and may be
exercised as often as occasion therefor shall occur. No delay or discontinuance in the exercise of any right, power, privilege, option or remedy hereunder shall be deemed a waiver of such right, power, privilege, option or remedy, nor shall the
exercise of any right, power, privilege, option or remedy be deemed an election of remedies or a waiver of any other right, power, privilege, option or remedy. Without limiting the generality of the foregoing, the failure of the Payee after the
occurrence of any Event of Default to exercise Payee’s right to declare the Indebtedness remaining unmatured hereunder to be immediately due and payable shall not constitute a waiver of such right in connection with any future Event of Default.
Acceleration of maturity, once elected by Payee, may be, in Payee’s sole and absolute discretion rescinded by Payee’s written acknowledgment to that effect, but without limiting the foregoing, the tender and acceptance of partial payment
or partial performance shall not, by itself, in any way affect or rescind such acceleration. 
 Maker waives presentment for
payment, demand, notice of nonpayment, notice of dishonor, protest of any dishonor, notice of protest, notice of intent to accelerate, notice of acceleration of maturity, and all other notices in

  
 Page 4 of 8

 
connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note, except as otherwise provided herein, and agrees that if more than one the liability of
each of them hereunder shall be joint, several and unconditional without regard to the liability of any other party and shall not be in any manner affected by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee; and Maker consents to any and all extensions of time, renewals, waivers or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and to the release of any collateral given to secure the
payment hereof, or any part thereof, with or without substitution, and agrees that additional makers or guarantors may become parties hereto without notice to any of them or affecting any of their liability hereunder. 

Payee shall not by any acts of omission or commission be deemed to have waived any rights or remedies hereunder unless such waiver is in
writing and signed by Payee, and then only to the extent specifically set forth therein; a waiver in respect of one event shall not be construed as continuing or as a bar to the exercise or waiver of such right or remedy in respect of a subsequent
event. 
 All notices, demands, requests, and other communications desired or required to be given hereunder
(“Notices”) shall be in writing and shall be given by: (i) hand delivery to the address for Notices; (ii) delivery by overnight courier service to the address for Notices; or (iii) sending the same by United States mail,
postage prepaid, certified mail, return receipt requested, addressed to the address for Notices. 
 All Notices shall be deemed
given and effective upon the earliest to occur of: (x) the hand delivery of such Notice to the address for Notices; (y) one business day after the deposit of such Notice with an overnight courier service by the time deadline for next day
delivery addressed to the address for Notices; or (z) three business days after depositing the Notice in the United States mail as set forth in (iii) above. All Notices shall be addressed to the following addresses: 

 

					
	Maker:	  	  
	  	
		  	c/o Strategic Storage Trust, Inc.	  	
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, CA 92694
		  	Attn: H. Michael Schwartz
		
	With a copy to:	  	Mastrogiovanni Schorsch and Mersky, P.C.
		  	2001 Bryan Street, Suite 1250
		  	Dallas, Texas 75201
		  	Attn: Charles Mersky, Esq.
		
	Payee:	  	ING Life Insurance and Annuity Company
		  	c/o ING Investment Management LLC
		  	5780 Powers Ferry Road, NW, Suite 300
		  	Atlanta, Georgia 30327-4349
		  	Attention: Mortgage Loan Servicing Department
			
		  	and	  	
		
		  	ING Investment Management LLC
		  	5780 Powers Ferry Road, NW, Suite 300
		  	Atlanta, Georgia 30327-4349
		  	Attention: Real Estate Law Department
		
	With a copy to:	  	Nyemaster Goode, P.C.
		  	700 Walnut, Suite 1600
		  	Des Moines, Iowa 50309

 or to such other persons
or at such other place as any party hereto may by Notice designate as a place for service of Notice. Provided, that the “copy to” Notice to be given as set forth above is a courtesy copy only; and a Notice

  
 Page 5 of 8

 
given to such person is not sufficient to effect giving a Notice to the principal party, nor does a failure to give such a courtesy copy of a Notice constitute a failure to give Notice to the
principal party. 
 This Note shall be governed by and construed in accordance with the laws (excluding conflicts of laws rules)
of             . 
 Subject to the terms of the next
succeeding paragraph and notwithstanding anything to the contrary otherwise contained in this Note or any of the other Loan Documents, but without in any way releasing, impairing or otherwise affecting the other provisions of this Note or any of the
other Loan Documents (including without limitation any separate guaranties or indemnification agreements executed by Strategic Storage Trust, Inc. (“Guarantor”) or Maker of even date herewith), or the validity hereof or thereof, or the
lien of the Security Deed, it is agreed that Payee’s sole source of satisfaction of the Indebtedness and Maker’s other obligations hereunder and under the Loan Documents is expressly limited to (a) the Premises and proceeds thereof,
(b) rents, income, issues, proceeds and profits arising out of the Premises, and (c) any separate guaranty or indemnification agreements guarantying or indemnifying Payee with respect to the payment of any amounts due hereunder and under
the Loan Documents and/or Maker’s performance hereunder and under the Loan Documents and Payee shall not seek satisfaction of the Indebtedness and Maker’s other obligations hereunder and under the other Loan Documents, against any other
asset, property or funds of Maker; provided, however, that nothing herein contained shall be deemed to be a release or impairment of said Indebtedness or the security therefor intended by the Security Deed, or be deemed to preclude Payee from
foreclosing the Security Deed or from enforcing any of Payee’s rights or remedies in law or in equity thereunder concerning such foreclosure, or in any way or manner affecting Payee’s rights and privileges under any separate guaranty or
indemnification agreements guarantying Maker’s payment and/or performance hereunder and/or under the Loan Documents. 

NOTWITHSTANDING THE FOREGOING LIMITATION OF LIABILITY PROVISION, IT IS EXPRESSLY UNDERSTOOD AND AGREED THAT MAKER SHALL BE PERSONALLY
LIABLE FOR THE PAYMENT TO PAYEE OF: 
 (i) the application of rents, security deposits, or other income,
issues, profits, and revenues derived from the Premises after the occurrence of an Event of Default to anything other than (a) normal and necessary operating expenses of the Premises or (b) the Indebtedness evidenced by the Note. It is
understood that any rents collected more than one month in advance as of the time of the Event of Default shall be considered to have been collected after the Event of Default; 

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

(iv) any loss, cost or damages arising out of or in connection with any waste of the Premises or any portion thereof and
all reasonable costs incurred by Payee in order to protect the Premises; 
 (v) any taxes, assessments and
insurance premiums for which Maker is liable under this Note, the Security Deed or any of the other Loan Documents and which are paid by Payee (but not the proportionate amount of any such taxes, assessments and insurance premiums which accrue
following the date of foreclosure [plus any applicable redemption period] or acceptance of a deed in lieu of foreclosure), and excluding any taxes, assessments and insurance premiums funds for the payment of which have been escrowed with Payee by
Maker; 

  
 Page 6 of 8

 (vi) any loss, cost or damages arising out of or in connection with the
covenants, obligations and liabilities under the Environmental Indemnification Agreement of even date herewith entered into by and among Maker and Guarantor for the benefit of Payee; 

(vii) any loss, cost or damages to Payee arising out of or in connection with any construction lien, mechanic’s lien,
materialman’s lien or similar lien against the Premises arising out of acts or omissions of Maker; 
 (viii)
any loss, cost or damages arising out of or incurred in order to cause the Improvements (as defined in the Security Deed) to comply with the accessibility provisions of The Americans with Disabilities Act and each of the regulations promulgated
thereunder, as the same may be amended from time to time and which are required by any governmental authority; 

(ix) the total Indebtedness in the event that Maker or Guarantor, voluntarily files a petition in bankruptcy or commences
a case or insolvency proceeding under any provision or chapter of the Federal Bankruptcy Code; 
 (x) any loss,
cost or damage resulting from any act of Maker or its general partners, shareholders, beneficiaries, or members, as the case may be, to obstruct, delay or impede Payee from exercising any of its rights or remedies under the Loan Documents;

 (xi) the total Indebtedness in the event that (a) Maker makes an unpermitted transfer of an interest in
the Maker or in the Premises without the prior written approval of Payee, or (b) Maker makes an unpermitted encumbrance on the Premises or on an interest in Maker without the prior written approval of Payee; 

(xii) all third-party costs and fees, including without limitation reasonable attorney fees, incurred by Payee in the
enforcement of subparagraphs (i) through (xi) above. 
 With the exception of those items of liability specifically set forth in items
(i) through (xii) above, the lien of any judgment against Maker in any proceeding instituted on, under or in connection with this Note shall not extend to any property now or hereafter owned by Maker other than the interest of the Maker in
the Premises and the other security for the payment of this Note. 
 This Note, together with the other Loan Documents and the
certain Environmental Indemnification Agreement executed by Maker, constitute the entire agreement between the parties hereto pertaining to the subject matters hereof and thereof and supersede all negotiations, preliminary agreements and all prior
or contemporaneous discussions and understandings of the parties hereto in connection with the subject matters hereof and thereof. 
 Notwithstanding anything to the contrary contained herein, all references herein and in any of the Loan Documents to attorneys’ fees shall be deemed to refer to attorneys’ fees actually incurred
and not to statutory attorneys’ fees under                     . 

THE PARTIES HERETO, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, TO THE EXTENT PERMITTED BY LAW, KNOWINGLY,
VOLUNTARILY, AND INTENTIONALLY WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED ON OR ARISING OUT OF THIS AGREEMENT OR INSTRUMENT, OR ANY RELATED INSTRUMENT OR AGREEMENT, OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS, WHETHER ORAL OR WRITTEN, OR ACTION OF ANY PARTY HERETO. NO PARTY SHALL SEEK TO CONSOLIDATE BY COUNTERCLAIM OR OTHERWISE, ANY SUCH ACTION IN WHICH A JURY TRIAL HAS
BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY ANY PARTY HERETO EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY ALL
PARTIES. 

  
 Page 7 of 8

 Maker acknowledges receipt of a copy of this instrument at the time it was signed.

 THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OR PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 
 THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 

IN WITNESS WHEREOF, the Maker has executed and delivered this Promissory Note, under seal, as of the date first above written.

  

							
	                    , a Delaware limited liability
company
		
	By:	 	Strategic Storage Trust, Inc., a Maryland corporation, its Manager
				
		 	By:	 	  
	 	(SEAL)
		 	Name:	 	  

		 	Title:	 	  

  
 Page 8 of 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]