Document:

Collateral Loan Agreement

 Exhibit 10.1 

COLLATERAL LOAN AGREEMENT 

THIS COLLATERAL LOAN AGREEMENT (the “Agreement”), dated as of August 25, 2010, is made and entered into by and
among SSTI 2900 CRESCENT SPRINGS RD, LLC, a Delaware limited liability company (“2900 Crescent Springs”), SSTI 550 MAIN ST, LLC, a Delaware limited liability company (“550 Main Street”), SSTI 4950 N DIXIE HWY, LLC,
a Delaware limited liability company (“4950 Dixie Hwy”), SSTI 16400 STATE RD 84, LLC, a Delaware limited liability company (“16400 State Road 84”), USA DURANGO LV SELF STORAGE, LLC, a Delaware limited liability
company (“Durango”), SSTI 10490 COLONEL CT, LLC, a Delaware limited liability company (“10490 Colonel Court”), SSTI 2035 POWERS FERRY RD, LLC, a Delaware limited liability company (“2035 Powers Ferry
Road”), SSTI 3636 E WASHINGTON ST, LLC, a Delaware limited liability company (“3636 Washington Street”), SSTI 1135 W BROADWAY RD, LLC, a Delaware limited liability company (“1135 Broadway Road”), SSTI 15
LANDINGS DR, LLC, a Delaware limited liability company (“15 Landings Drive”), and SSTI 3401 SOUTH STATE RD 7, LLC, a Delaware limited liability company (“3401 South State Road 7”) (2900 Crescent Springs, 550 Main
Street, 4950 Dixie Hwy, 16400 State Road 84, Durango, 10490 Colonel Court, 2035 Powers Ferry Road, 3636 Washington Street, 1135 Broadway Road, 15 Landings Drive, and 3401 South State Road 7 individually and collectively,
“Borrowers”) and THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation (“Lender”). 

RECITALS: 

This Agreement is entered into on the basis of the following facts, understandings and intentions of the parties: 

A. These Recitals refer to and utilize certain terms defined in this Agreement, which defined terms are incorporated into these Recitals
by reference when used herein. 
 B. Lender has made the Loans to each of Borrowers concurrently with entering into this
Agreement. The Loans are evidenced and secured by the Loan Documents, including this Agreement. 
 C. In connection with the
Loans, Borrowers have requested certain rights with respect to Transfers, certain rights to make Substitutions for one or more of the Individual Properties, and certain provisions for the Release of one or more of the Individual Properties. Lender
is willing to grant Borrowers such rights on the terms and conditions specified by Lender as set forth in this Agreement. 
 D.
The parties desire to enter into this Agreement in order to set forth their respective rights and obligations in connection with the administration of the Loans. 

NOW, THEREFORE, IN CONSIDERATION of the foregoing recitals, and the mutual covenants and promises of the parties contained in this
Agreement, the parties agree as follows: 
 1. GENERAL DEFINITIONS 

1.1 Loan Documents; Defined Terms. Capitalized terms which are not otherwise defined in this Agreement shall have the same
meaning given to such terms in the Mortgages (defined below) or other Loan Documents in which such terms are expressly defined. 

1.2 General Terms. In addition to other capitalized terms defined herein, when used herein the following terms shall have
the following meanings: 
 “Agreement” means this Collateral Loan Agreement dated as of August 25, 2010,
as it may be amended, supplemented or otherwise modified from time to time. 
 “Allocated Loan Amount” means
the pro rata allocation of the Loans to each Individual Property, as mutually agreed between Lender and Borrowers and as currently set forth on Exhibit A attached to this Agreement, as such allocation may be revised or otherwise modified from
time to time in accordance with the provisions of Sections 3.1 or 4.1 of this Agreement. 
 “Application” shall
mean that certain First Mortgage Loan Application No. 706108325, dated June 21, 2010, made by Borrowers with respect to the Loans, as amended by that certain First Amendment to First Mortgage Loan Application between Borrowers and Lender
dated June 21, 2010. 
  

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 “Assignments of Leases” means, collectively, each assignment of the
lessor’s interest in leases and rents (which may be incorporated in the Mortgage) executed and delivered by a Borrower in connection with an Individual Property for the benefit of Lender, modified to reflect the laws of the state where the
Individual Property is located and otherwise as Lender deems necessary or appropriate in its sole discretion, as amended, supplemented, restated, replaced, or otherwise modified from time to time in accordance with the provisions hereof or thereof.

 “Bank Monitor Rate” shall mean the average interest rate of money market accounts offered by banks located
in twenty-five (25) cities and/or metropolitan areas as published in the Bank Rate Monitor (referred to there in as the “Bank 25 Average”), as determined and reset by Lender on a monthly basis. 

“Borrower” means, individually, each of 2900 Crescent Springs, 550 Main Street, 4950 Dixie Hwy, 16400 State Road 84,
Durango, 10490 Colonel Court, 2035 Powers Ferry Road, 3636 Washington Street, 1135 Broadway Road, 15 Landings Drive, and 3401 South State Road 7. 

“Borrowers” means, collectively, 2900 Crescent Springs, 550 Main Street, 4950 Dixie Hwy, 16400 State Road 84, Durango,
10490 Colonel Court, 2035 Powers Ferry Road, 3636 Washington Street, 1135 Broadway Road, 15 Landings Drive, and 3401 South State Road 7. 

“Closing” or “Closing Date” means the date of this Agreement. 

“Closing Certification” means, collectively, the Closing Certifications executed and delivered by any Borrower to Lender
as of the date hereof in a form satisfactory to Lender. 
 “Collateral Documents” means, collectively, the
Mortgages, the Assignments of Leases, the Financing Statements, the Cross Collateral Mortgages, the Cross Collateral Assignments of Leases, the Environmental Indemnities, the ERISA Indemnities, the Fraudulent Conveyance Indemnity, and all other
instruments or documents now or hereafter granting Liens on property of Borrowers or any related entity for the benefit of Lender in connection with the Loans. 

“Cross Collateral Assignment of Leases” means a second priority assignment of the lessor’s interest in leases
(which may be incorporated in each Cross Collateral Mortgage) executed and delivered by a Borrower in connection with an Individual Property for the benefit of Lender, to secure the obligations of Borrowers as described in the Cross Collateral
Mortgage recorded with respect to the same Individual Property, and modified to reflect the laws of the state where the Individual Property is located and otherwise as Lender deems necessary or appropriate in its reasonable discretion, as amended,
supplemented, restated, replaced, or otherwise modified from time to time in accordance with the provisions hereof or thereof. 

“Cross Collateral Mortgage” means a second priority mortgage, deed of trust, indemnity deed of trust, deed to secure
debt or other similar instrument, executed and delivered by each Borrower, as “Trustor,” “Mortgagor,” or “Grantor” who owns the Individual Property or Individual Properties described in the Cross Collateral Mortgage,
for the benefit of Lender as “Beneficiary”, “Mortgagee” or “Grantee” for an Individual Property to secure the obligations of Borrowers under all Notes other than the Note secured by the Mortgage recorded with respect to
the same Individual Property, modified to reflect the laws of the state where the Individual Property is located and otherwise in a form reasonably satisfactory to Lender and as amended, supplemented, restated, replaced, or otherwise modified from
time to time in accordance with the provisions hereof or thereof. 
 “Debt Service Coverage Ratio” has the
meaning ascribed to such term in Section 3.1 of this Agreement. 
 “Environmental Indemnity” means
(i) with respect to any Individual Property located outside of the State of California and the State of Nevada, the Environmental and ERISA Indemnity Agreement executed and delivered by a Borrower and Guarantor to Lender in a form satisfactory
to Lender and modified to reflect the laws of the state where the Individual Property is located and otherwise as Lender deems necessary or appropriate in its sole discretion, and as amended, supplemented, restated, replaced, or otherwise modified
from time to time in accordance with the provisions hereof or thereof, and (ii) with respect to any Individual Property located in the State of California and the State of Nevada (if any), the Environmental Indemnity Agreement executed and
delivered by the applicable Borrower and Guarantor to Lender in a form reasonably satisfactory to Lender and modified to reflect the laws of the State of California or the State of Nevada, as applicable, and otherwise as Lender deems necessary or
appropriate in its reasonable discretion, and as amended, supplemented, restated, replaced, or otherwise modified from time to time in accordance with the provisions hereof or thereof. 

“Environmental Indemnities” means, collectively, each Environmental Indemnity for the Individual Properties. 

 

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 “Environmental Site Assessment” means, with respect to an Individual
Property, an assessment by an environmental consultant approved by Lender to determine the presence of hazardous material and/or wastes. Any Environmental Site Assessment shall comply with the Environmental Site Assessment Scope of Work Guidelines
previously delivered by Lender to Borrowers, as the same may be amended, modified or supplemented by Lender from time to time. 

“ERISA Indemnity” means, with respect to any Property located in the State of California and the State of Nevada (if
any), the ERISA Indemnity Agreement executed and delivered by the applicable Borrower and Guarantor to Lender in a form reasonably satisfactory to Lender and modified to reflect the laws of the State of California or the State of Nevada, as
applicable, and otherwise as Lender deems necessary or appropriate in its reasonable discretion, and as amended, supplemented, restated, replaced, or otherwise modified from time to time in accordance with the provisions hereof or thereof.

 “ERISA Indemnities” means, collectively, each ERISA Indemnity for the Individual Properties. 

“Event of Default” has the meaning ascribed to such term in Section 6.1 of this Agreement. 

“Excess Proceeds” has the meaning ascribed to such term in Section 6.4 of this Agreement. 

“Exiting Property” has the meaning ascribed to such term in Section 4.1 of this Agreement. 

“Expansion Loan” has the meaning ascribed to such term in Section 5.1 of this Agreement. 

“Expansion Property” has the meaning ascribed to such term in Section 5.1 of this Agreement. 

“Expansion Standby Fee” has the meaning ascribed to such term in Section 5.1(d) of this Agreement. 

“Financing Statement” means, with respect to an Individual Property, a UCC-1 Financing Statement executed and delivered
by any Borrower, as amended, supplemented, restated, replaced, or otherwise modified from time to time in accordance with the provisions hereof or thereof. 

“Fraudulent Conveyance Indemnity” means the Fraudulent Conveyance Indemnity Agreement executed and delivered by
Borrowers and Guarantor to Lender, as the same may be amended, supplemented, restated, replaced, or otherwise modified from time to time in accordance with the provisions hereof or thereof. 

“Grace Period” has the meaning ascribed to such term in Section 6.1(c) of this Agreement. 

“Guarantor” means Strategic Storage Trust, Inc., a Maryland corporation. 

“Indebtedness” means the principal of and all other amounts, payments and premiums due under the Notes, and all other
indebtedness of Borrowers to Lender and any additional advances under, evidenced by and/or secured by the Loan Documents, plus interest accruing on all such amounts as provided in the Loan Documents. 

“Individual Loan” means the Allocated Loan Amount identified with an Individual Property as set forth on Exhibit
A attached hereto and by this reference made a part hereof 
 “Individual Property” means each real
property or group of real properties (including, without limitation, all buildings, fixtures or other improvements located thereon) now or hereafter included in the Security Pool and identified together as an “Individual Property” on
Exhibit B. 
 “Lender” means The Prudential Insurance Company of America, a New Jersey corporation, and
its successors and assigns. 
 “Lien” means any mortgage, deed of trust, deed to secure debt, pledge security
interest, encumbrance, lien or charge of any kind (including any agreement to give any of the foregoing), any conditional sale or other title retention agreement, any financing lease in the nature thereof, and the filing of or agreement to give any
financing statement under the Uniform Commercial Code of any jurisdiction. 
 “Loans” means, collectively, the
loans evidenced and secured by the Loan Documents. 
 “Loan Documents” means this Agreement, the Notes, the
Collateral Documents, and any other document or certificate executed and delivered by any Borrower and Guarantor to Lender in connection with the transactions contemplated by this Agreement. 

“Loan to Value Ratio” has the meaning ascribed to such term in Section 3.1 of this Agreement. 

 

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 “Mortgage” means a deed of trust, mortgage, deed to secure debt or other
similar instrument, executed and delivered by Borrower, as “Trustor,” “Mortgagor,” or “Grantor”, for the benefit of Lender as “Beneficiary,” “Mortgagee” or “Grantee”, for an Individual
Property, modified to reflect the laws of the state where such Individual Property is located and otherwise in form satisfactory to Lender and as amended, supplemented, restated, replaced, or otherwise modified from time to time in accordance with
the provisions hereof or thereof. 
 “Mortgages” means, collectively, each of the Mortgages for the Individual
Properties. 
 “NOI” has the meaning ascribed to such term in Section 3.1 hereof. 

“Note” means, individually, any one of the Notes. 

“Notes” means, collectively, each of (i) that certain Promissory Note dated even date herewith, in the original
principal amount of $1,600,000.00, executed by 2900 Crescent Springs Road, as maker, and payable to Lender or its order (“2900 Crescent Springs Road Note”), (ii) that certain Promissory Note dated even date herewith, in the
original principal amount of $8,700,000.00, executed by 550 Main Street, as maker, and payable to Lender or its order (“550 Main Street Note”), (iii) that certain Promissory Note dated even date herewith, in the original
principal amount of $3,300,000, executed by 4950 Dixie Highway, as maker, and payable to Lender or its order (“4950 Dixie Highway Note”), (iv) that certain Promissory Note dated even date herewith, in the original principal
amount of $7,725,000.00, executed by 16400 State Road 84, as maker, and payable to Lender or its order (“16400 State Road 84 Note”), (v) that certain Promissory Note dated even date herewith, in the original principal amount of
$1,525,000.00, executed by Durango, as maker, and payable to Lender or its order (“Durango Note”), (vi) that certain Promissory Note dated even date herewith, in the original principal amount of $1,550,000.00, executed by 10490
Colonel Court, as maker, and payable to Lender or its order (“10490 Colonel Court Note”), (vii) that certain Promissory Note dated even date herewith, in the original principal amount of $2,250,000.00, executed by 2035 Powers
Ferry Road, as maker, and payable to Lender or its order (“2035 Powers Ferry Road Note”), (viii) that certain Promissory Note dated even date herewith, in the original principal amount of $850,000.00, executed by 3636
Washington Street, as maker, and payable to Lender or its order (“3636 Washington Street Note”), (ix) that certain Promissory Note dated even date herewith, in the original principal amount of $1,000,000.00, executed by 1135
Broadway Road, as maker, and payable to Lender or its order (“1135 Broadway Road Note”), (x) that certain Promissory Note dated even date herewith, in the original principal amount of $1,350,000.00, executed by 15 Landings
Drive, as maker, and payable to Lender or its order (“15 Landings Drive Note”), and (xi) that certain Promissory Note dated even date herewith, in the original principal amount of $2,735,000.00, executed by 3401 South State
Road 7, as maker, and payable to Lender or its order (“3401 South State Road 7 Note”) 
 “Pool
Obligations” means all monetary and non-monetary obligations of every nature of all Borrowers from time to time to be performed by any of Borrowers under any of the Loan Documents, whether for principal, interest, fees, expenses,
indemnification or otherwise. 
 “Prepayment Premium” means the payment owed by Borrowers to Lender in
connection with the prepayment of any portion of the Loans, calculated in accordance with each Note. 
 “Principal
Payment Amount” has the meaning ascribed to such term in Section 3.1 of this Agreement. 
 “Recourse
Documents” means, collectively, (i) the Recourse Liabilities Guaranties, (ii) the Environmental Indemnities, and (iii) the ERISA Indemnities, each as amended, supplemented, restated, replaced, or otherwise modified from time
to time in accordance with the provisions hereof or thereof. 
 “Recourse Liabilities Guaranty” means, with
respect to an Individual Loan, the Recourse Liabilities Guaranty executed and delivered by Guarantor to Lender with respect to such Individual Loan, as amended, supplemented, restated, replaced or otherwise modified from time to time in accordance
with the provisions hereof or thereof. 
 “Recourse Liabilities Guaranties” means, collectively, each Recourse
Liabilities Guaranty for the Individual Loans. 
 “Recourse Obligations” means the obligations and liabilities
under the Recourse Documents and all provisions of the Loan Documents that provide for personal or recourse liability of Borrowers and/or Guarantor. 

“Release” has the meaning ascribed to such term in Section 3.1 of this Agreement. 

“Release Administrative Fee” has the meaning ascribed to such term in Section 3.1 hereof. 

“Release Price” has the meaning ascribed to such term in Section 3.1 hereof. 

 

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 “Release Property” has the meaning ascribed to such term in
Section 3.1 hereof. 
 “Security Pool” means, collectively, all Individual Properties on which Lender has
a Lien as security for the Loans, as the same may change from time to time in accordance with the terms and conditions hereof. The Individual Properties in the Security Pool as of the date hereof are set forth on Exhibit B attached hereto.

 “Substitute Property” has the meaning ascribed to such term in Section 4.1 hereof. 

“Substitution” has the meaning ascribed to such term in Section 4.1 hereof. 

“Substitution Administrative Fee” has the meaning ascribed to such term in Section 4.1 hereof. 

“TADS” has the meaning ascribed to such term in Section 3.1 hereof. 

“Title Policy” means each Lender’s ALTA Lender’s policy of title insurance issued to Lender, ensuring the
priority of the Mortgages. 
 2. SALE, TRANSFER OR ENCUMBRANCE OF INDIVIDUAL PROPERTIES IN SECURITY POOL 

2.1 Due-on-Sale or Encumbrance. It shall be an Event of Default and, at the sole option of Lender, Lender may accelerate the
Pool Obligations and the entire Pool Obligations (including any Prepayment Premium) shall become immediately due and payable, if, without Lender’s prior written consent (which consent may be given or withheld for any or for no reason or given
conditionally, in Lender’s sole discretion) any of the following shall occur: 
 (a) Any Borrower shall sell, convey,
assign, transfer, dispose of or be divested of its title to, convey security title to any Individual Property, mortgage, encumber or cause to be encumbered any Individual Property or any interest therein, in any manner or way, whether voluntary or
involuntary (other than items of personal property replaced with items of substantially equal utility in the ordinary course of business), excluding, however, Leases entered into in accordance with Section 7 of the Assignment of Leases and
Rents); or 
 (b) in the event of any merger, consolidation, sale, transfer, assignment, liquidation or dissolution involving
any or all of the assets of any Borrower or any general partner or managing member of any Borrower; or 
 (c) in the event of
the assignment, transfer, pledge, voluntary or involuntary sale, or encumbrance (or any of the foregoing at one time or over any period of time) of: 

(i)(1) any ownership interests in any Borrower, regardless of the type or form of entity of such Borrower, (2) the voting
stock or ownership interest of any corporation or limited liability company which is, respectively, general partner or managing member of any Borrower or any corporation or limited liability company directly or indirectly owning ten percent
(10%) or more of any such corporation or limited liability company, or (3) the ownership interests in any owner of ten percent (10%) or more of the beneficial interests of any Borrower if such Borrower is a trust; or 

(ii) any general partnership, managing member or controlling interest in (1) any Borrower, (2) an entity which is in any
Borrower’s chain of ownership and which is derivatively liable for the obligations of such Borrower, or (3) any entity partner who has the right to participate directly or indirectly in the control of the management or operations of any
Borrower; or 
 (d) in the event of the conversion of any general partnership interest in any Borrower to a limited partnership
interest, if such Borrower is a partnership; or 
 (e) in the event of any change, removal, or resignation of any general
partner of any Borrower, if such Borrower is a partnership; or 
 (f) in the event of any change, removal, addition or
resignation of a managing member (or if no managing member, any member) of any Borrower if such Borrower is a limited liability company; or 

(g) any Borrower shall (i) obtain any secured or unsecured debt except for customary and reasonable short-term trade payables
obtained and repaid in the ordinary course of such Borrower’s business or (ii)
  

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guarantee, or otherwise agree to be liable for (whether conditionally or unconditionally), any obligation of any person or entity. 

The provisions set forth above shall not apply to transfers under any will or applicable law of descent. Notwithstanding anything to the
contrary contained in this Section 2, (i) any issuance, sale, transfer or other disposition of any shares of stock of Guarantor shall be permitted without Lender’s consent and without payment of any fee or prior notice to Lender as
long as such issuance, sale, transfer or other disposition, does not result in: (A) any Borrower no longer being the owner of the Individual Property associated with such Borrower on Exhibit A to this Agreement; (B) Guarantor no
longer being the sole general partner of Strategic Storage Operating Partnership, L.P., a Delaware limited partnership (“Operating Partnership”); (C) Operating Partnership no longer being the sole owner of any Borrower;
(D) Guarantor no longer being the guarantor (however defined) under the Recourse Liability Guaranties, the Environmental Indemnities or the Fraudulent Conveyance Indemnity; or (E) one person or group of affiliated persons acquiring more
than forty-nine (49%) of the voting shares of Guarantor in one or a series of related transactions, (ii) any issuance, sale, transfer or other disposition of any limited partnership interests in Operating Partnership shall be permitted
without Lender’s consent and without payment of any fee or prior notice to Lender as long as such issuance, sale, transfer or other disposition, does not result in: (A) any Borrower no longer being the owner of its respective Individual
Property as set forth in this Agreement; (B) Guarantor no longer being the sole general partner of Operating Partnership; (C) Operating Partnership no longer being the sole owner of any Borrower; or (D) Guarantor no longer being the
guarantor (however defined) under the Recourse Liability Guaranties, the Environmental Indemnities or the Fraudulent Conveyance Indemnity, (iii) any issuance, sale, transfer or other disposition of any limited partnership interests in SS REIT
II Operating Partnership, L.P., a Delaware limited partnership (“REIT II Operating Partnership”), shall be permitted without Lender’s consent and without payment of any fee or prior notice to Lender as long as such issuance,
sale, transfer or other disposition, does not result in: (A) Durango no longer being the owner of the Individual Property Individual Property identified on Exhibit A of this Agreement as “3825 S Durango Drive”; (B) Self
Storage REIT II, Inc., a Maryland corporation and a wholly-owned subsidiary of Guarantor, no longer being the sole general partner of REIT II Operating Partnership; (C) REIT II Operating Partnership no longer being the sole owner of Durango; or
(D) Guarantor no longer being the guarantor (however defined) under the Recourse Liability Guaranties, the Environmental Indemnities or the Fraudulent Conveyance Indemnity. 

3. RELEASE OF INDIVIDUAL PROPERTIES FROM SECURITY POOL. 

3.1 Partial Release. Upon not less than sixty (60) days prior written notice from Borrower, Lender shall release from
the lien of the Loan Documents (a “Release”) an Individual Property in the Security Pool owned by such Borrower (“Release Property”), upon the satisfaction (as determined by Lender in its sole discretion) of all of
the following terms and conditions: 
 (a) At the time of the applicable Borrower’s request and the time of the proposed
Release, there shall be no Event of Default under the Loan Documents, and there shall exist no condition or state of facts which with the passage of time or the giving of notice or both, would constitute an Event of Default under the Loan Documents;

 (b) Any such request may be made no sooner than the later of (i) nine (9) months after the Closing or
(ii) nine (9) months after the completion of the most recent Release or Substitution (as defined below), and such written request must be received no later than twelve (12) months prior to the maturity date of the Loans; 

(c) Each Release Property shall consist of an Individual Property, and each Release shall involve no more than one (1) Individual
Property; 
 (d) For each Release Property, the applicable Borrower shall have paid to Lender the “Release
Price”, which shall be equal to (i) one hundred twenty percent (120%) of the then unpaid principal balance of the Individual Loan Amount applicable to the Release Property (such amount shall herein be called the “Principal
Payment Amount”) plus (ii) the applicable Prepayment Premium (based on the Principal Payment Amount) plus (iii) all accrued interest with respect to the Individual Loan applicable to the Release Property and all accrued and unpaid
charges with respect to the Loans; 
 (e) The Principal Payment Amount shall be applied to pay in full the principal balance
due with respect to the Individual Loan applicable to the Release Property, and Lender, in its discretion, shall apply the portion of the Principal Payment Amount which is in excess of the then outstanding principal balance of the

  

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Individual Loan applicable to the Release Property to one or more of the other Individual Loans applicable to the other Individual Properties; 

(f) Lender shall have determined that, following the Release, the Debt Service Coverage Ratio (defined below), calculated with respect
to the remainder of the Security Pool (excluding the Release Property) shall be at least equal to the greater of (i) 1.90 to 1.00 or (ii) the Debt Service Coverage Ratio for the Loan immediately prior to the proposed Release (including the
Release Property). In the event the Debt Service Coverage Ratio calculated with respect to the remainder of the Security Pool (excluding the Release Property) is less than the required level, then Borrowers shall have the right, subject to payment
of the applicable Prepayment Premium, to pay Lender the amount necessary to increase the Debt Service Coverage Ratio calculated with respect to the remainder of the Security Pool (excluding the Release Property) to the required level; 

(g) Lender shall have determined that following the Release, the Loan to Value Ratio calculated with respect to the remainder of the
Security Pool (excluding the Release Property), shall not exceed the lesser of (i) 55% or (ii) the Loan to Value Ratio of the Property (including the Release Property) immediately prior to the proposed Release. In the event the Loan to
Value Ratio with respect to the remainder of the Security Pool (excluding the Release Property) exceeds the required level, then Borrowers shall have the right, subject to payment of the Prepayment Premium, to pay Lender the amount necessary to
reduce the Loan to Value Ratio calculated with respect to the remainder of the Security Pool (excluding the Release Property) to the required level; 

(h) At the time the applicable Borrower makes its written request to Lender for a Release, such Borrower shall pay to Lender a
non-refundable administrative fee of $5,000.00 (the “Release Administrative Fee”). The Release Administrative Fee shall be deemed earned by Lender upon its receipt by Lender and shall not be applied to the Principal Payment Amount,
the Prepayment Premium, or any other amounts due under the Loan Documents. 
 (i) Whether or not the Release is actually
consummated, Borrowers shall pay to Lender all escrow, closing and recording charges and taxes including, but not limited to, the cost of preparing and delivering releases, any re-conveyance documentation and modifications of the Loan Documents,
including legal fees and costs, the cost of any title insurance endorsements that Lender may require, any expenses incurred by Lender in connection with the Release, and any sums then due and payable under the Loan Documents; and 

(j) Lender shall have determined, that following the Release, the value applicable to (i) all of the Individual Properties in any
one (1) metropolitan area remaining in the Security Pool shall not exceed twenty percent (20%) of the total value of the Individual Properties remaining in the Security Pool; and 

(k) Lender has determined that, following the Release, the aggregate outstanding principal balance of the Loans shall be greater than
seventy percent (70%) of the original aggregate principal amount of the Loans; and 
 (l) Such other terms and conditions
as Lender shall reasonably require. 
 The term “Loan to Value Ratio” shall mean the ratio, as reasonably
determined by Lender, of (i) the aggregate principal balance of all encumbrances against the Property to (ii) the fair market value of the Property. The term “Debt Service Coverage Ratio” shall mean the ratio, as
reasonably determined by Lender, calculated by dividing (i) net operating income (“NOI”) by (ii) total annual debt service (“TADS”). NOI is the gross annual income realized from operations of the Property
for the applicable twelve (12) month period after subtracting all necessary and ordinary operating expenses (both fixed and variable) for that twelve (12) month period (assuming for expense purposes only that the Property is 95% leased and
occupied if actual leasing is less than 95%), including, without limitation, utilities, administrative expenses, cleaning, landscaping, security, repairs, and maintenance, ground rent payments, management fees, reserves for replacements, real estate
and other taxes, assessments and insurance, but excluding deduction for federal, state and other income taxes, debt service expense, depreciation or amortization of capital expenditures, and other similar non-cash items. Gross annual income shall be
based on the cash actually received for the preceding twelve (12) months and projected income based on the leases in place for the next succeeding twelve (12) months, and ordinary operating expenses shall not be prepaid. Documentation of
NOI and expenses shall be certified by an officer of Borrower with detail satisfactory to Lender and shall be subject to the approval of Lender. TADS shall mean the aggregate debt service payments for any given calendar year on the Loan and on all
other indebtedness secured, or to be secured, by any part of the Property. 
  

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 Notwithstanding anything to the contrary in this Section 3 and/or Section 4 below,
Borrowers shall only have the right to a combined cumulative total (during the entire term of the Loans) of three (3) Releases and Substitutions. 

This Section 3 shall be personal to the original Borrowers under the Loans, and no transferee shall have any rights under this
Section 3. 
 4. SUBSTITUTION OF INDIVIDUAL PROPERTIES 

4.1 Substitution of Collateral. Upon prior written notice to Lender, Borrower shall be entitled to obtain a release of an
Individual Property (for the purposes of this Section 4, the “Exiting Property”) from the lien of the Loan Documents and the Cross Collateral Documents upon substituting therefor (a
“Substitution”) another property (the “Substitute Property”) satisfactory to Lender (in its sole discretion) and upon satisfaction (as determined by Lender in its sole discretion) of all of the
following terms and conditions: 
 (a) At the time of such Borrower’s request for a Substitution and at the time of the
proposed Substitution, there shall exist no Event of Default, and there shall exist no condition or state of facts, which with the passage of time or the giving of notice, or both, would constitute an Event of Default under the Loan Documents;

 (b) No Event of Default shall have occurred under any of the Loan Documents at any time from the Closing Date to the date of
the consummation of the proposed Substitution; 
 (c) A Substitution shall involve only one (1) Individual Property;

 (d) The Substitution shall be in conjunction with the sale of the one (1) Individual Property to a third party
unrelated to any of the Borrowers, and Lender shall not be obligated to consummate the Substitution in the event the proposed sale of the Individual Property shall not actually be consummated; 

(e) Upon the applicable Borrower’s written request for a Substitution, such Borrower shall deliver to Lender a copy of the
then-current draft of the sale agreement pertaining to the sale of the Exiting Property, and as soon as available after Borrower’s written request for a Substitution, Borrower shall deliver to Lender a copy of the fully executed sale agreement
(along with a marked copy of such fully executed sale agreement indicating all changes made after the draft of the sale agreement previously delivered to Lender), but in no event shall the delivery of such fully executed sale agreement and such
marked sale agreement be later than two (2) business days after such Borrower’s execution of such sale agreement, and in all events such delivery shall be made at least thirty (30) days prior to the end of Lender’s period (as
specified below) for processing such Substitution; 
 (f) Any written request by a Borrower to Lender for a Substitution must
be received no sooner than the later of (i) nine (9) months after the Closing or (ii) nine (9) months after the completion of the most recent Substitution, and any such written request must be received no later than twelve
(12) months prior to the maturity date of the Loans; 
 (g) The proposed Substitute Property shall constitute the fee
simple estate to such property, and no joint venture or partnership interests or interests in ground leases shall be permitted; 

(h) The ownership entity of the Substitute Property shall be identical to the entity that owned the Exiting Property; 

(i) At the time of any Substitution, the Substitute Property shall not be less than eighty-two percent (82%) occupied by
third-party tenants in occupancy and paying rent, and free rent or other rental concessions shall have been extinguished except as may otherwise be approved in writing by Lender; 

(j) The credit of the tenants (or if a lease is guaranteed, the credit of the guarantor so long as such lease is guaranteed pursuant to
a guaranty satisfactory to Lender) occupying the Substitute Property and the lease rollover schedule for such tenants shall be satisfactory to Lender. In addition, Lender shall have the right to set the minimum leasing requirements for the
Substitute Property; 
 (k) Lender shall have received a physical condition report (conforming with Lender’s then-current
guidelines and report requirements) of the Substitute Property from an engineer or architect chosen by Lender, which report shall be satisfactory in all respects to Lender. In addition, Lender shall have received an Environmental Site Assessment
(conforming with Lender’s then-current guidelines and report requirements) of the Substitute Property from an environmental consulting firm chosen by Lender, which Environmental Site Assessment

  

 8 

 
shall be satisfactory in all respects to Lender. The cost of preparation of all such reports and all necessary inspections shall be paid by Borrower; 

(l) The Substitute Property (including, without limitation, the location, the demographics of the market area, appearance,
configuration, quality and age of and access to the Substitute Property) shall be satisfactory to Lender; 
 (m) The value and
NOI of the Substitute Property shall equal or exceed the then-market value and NOI of the Exiting Property, all as determined by Lender; 

(n) All conditions that Borrowers were obligated to meet and satisfy under the terms of the Application in connection with the closing
of the Loans, or, if required by Lender, Lender’s then current closing and underwriting requirements, shall be satisfied regarding the Substitute Property, including without limitation, that (i) all Loan Documents shall be satisfactory to
Lender, (ii) Lender receives a satisfactory legal opinion from the applicable Borrower’s counsel, (iii) title to the Substitute Property shall be satisfactory in all respects to Lender (including, without limitation, evidence that
Lender shall have a first and exclusive Lien on the fee simple interest in the Substitute Property), (iv) Lender shall receive a satisfactory survey and title insurance policy, (v) Lender receives satisfactory evidence that the Substitute
Property complies with all applicable governmental requirements, and (vi) Borrowers’ current financial condition shall be satisfactory to Lender; 

(o) At the same time the applicable Borrower delivers its written notice to Lender requesting a Substitution, such Borrower shall pay to
Lender a non-refundable administrative fee of $10,000 (the “Substitution Administrative Fee”), and the Substitution Administrative Fee shall be deemed earned by Lender upon Lender’s receipt of such fee. At the closing of the
Substitution, Borrower shall pay to Lender a non-refundable fee of one-half of one percent (0.5%) of the Allocated Loan Amount for the Exiting Property; provided, however, that Lender shall credit against such non-refundable fee paid at the closing
of the Substitution the Substitution Administrative Fee that such Borrower previously paid to Lender. Neither the Substitution Administrative Fee nor the non-refundable fee paid at the closing of the Substitution shall be applied to the applicable
Individual Loan or the outstanding principal balance due under the Loan; 
 (p) Whether or not the Substitution actually
closes, Borrowers shall pay all costs and expenses associated with the Substitution, including but not limited to, title insurance and survey fees and expenses, recording charges and taxes, documentary stamp taxes, intangible taxes, reasonable
attorneys’ fees (including reasonable attorneys’ fees and expenses for Lender’s staff attorneys and outside counsel), reasonable fees of Lender’s architect and/or engineer, and reasonable fees related to the Environmental Site
Assessment; 
 (q) Lender shall have determined that, after giving effect to the proposed Substitution (excluding the Exiting
Property, but including the Substitute Property), the Loan to Value Ratio for the Security Pool shall not exceed sixty-two percent (62%), and Lender shall have determined that, after giving effect to the proposed Substitution (excluding the Exiting
Property, but including the Substitute Property), the Debt Service Coverage Ratio for the Security Pool shall be at least 1.90 to 1.00; 

(r) [intentionally omitted]; 

(s) If the Exiting Property is a self-storage facility, the Substitute Property must be a self-storage facility; 

(t) Lender shall have determined that, following the Substitution, the aggregate value of all Individual Properties in any one
metropolitan area remaining in the Security Pool shall not exceed ten percent (10%) of the total value of all Individual Properties remaining in the Security Pool (with the exception of Fort Lee, New Jersey, and South Florida, in which case the
total value cannot exceed thirty percent (30%); 
 (u) Borrowers shall only have the right to a combined cumulative total
(during the entire term of the Loans) of three (3) Substitutions; 
 (v) Lender shall have determined, that following the
Substitution, the amount of the Individual Loans of all Individual Properties that comprised part of the Security Pool on the Closing Date and that would remain as part of the Security Pool, shall be greater than sixty (60%) of the total
original principal amount of the Loans; 
 (w) Lender’s decision to accept or reject any proposed Substitute Property
shall be in Lender’s sole and absolute discretion, it being understood that, without limiting the foregoing, under no 
  

 9 

 
circumstances shall the Substitute Property qualify for a Substitution unless the value of the Substitute Property is, in Lender’s sole judgment, equal to or greater than one hundred percent
(100%) of the value of the Exiting Property, as determined by Lender, and is at least equal to the Exiting Property in each of the following respects: (a) stability of cash flow, taking into consideration weighted average lease maturities;
(b) tenant credit and quality and diversification; (c) building quality and diversification; and (d) location quality and diversification. Borrowers acknowledge that Lender may reject a property proposed as a Substitute Property for
any reason or without giving a reason, and Borrowers assume such risk notwithstanding that it may spend substantial resources preparing the reports and other information required by Lender with respect to the Substitute Property; 

(x) Lender determines in its sole discretion that the Substitution would not result in a violation of the ERISA provisions contained in
Lender’s then-current guidelines and requirements, and Borrowers delivers such certifications and other documents as Lender may request in connection therewith; 

(y) Lender is satisfied, and Borrowers shall deliver such assurances as may be reasonably requested by Lender (including a reaffirmation
certification or other agreement) that any guaranty, indemnity or similar instrument delivered to Lender in connection with the Loans remains in full force and effect, notwithstanding and taking into consideration the Substitution; and 

(z) The Individual Loan associated with the Substitute Property shall have the same unpaid principal balance allocated to such
Individual Loan as the then-existing unpaid principal balance allocated to the Individual Loan associated with the Exiting Property at the time of the closing of the Substitution. 

Lender shall have sixty (60) days in which to process any request to effect a Substitution after receipt of (1) all materials
and information necessary to evaluate such request and (2) the Substitution Administrative Fee. Within ten (10) business days following Lender’s receipt of Borrower’s notice to effect a Substitution and the Substitution
Administrative Fee, Lender shall preliminarily notify Borrower of any materials or information missing from documentation submitted to Lender with such written notice and which are needed by Lender to evaluate such request. 

This Section 4 shall be personal to the original Borrowers under the Loans, and no transferee shall have any rights under this
Section 4. 
 5. REQUEST FOR FINANCING FOR ADDITIONAL COLLATERAL. 

5.1 Provided (i) no Event of Default, or event which with the passage of time or the giving of notice or both would be an
Event of Default, shall then exist or shall have occurred at any time during the term of the Loans, and (ii) Lender, through its general account, is active in the business of providing commercial real estate mortgages and barring any material
change in Lender’s general account commercial mortgage lending business, the original Borrowers only shall have the right to submit additional properties (the “Expansion Property”) for Lender’s consideration for additional
financing (the “Expansion Loan”) from Lender during the term of the Loans subject to the following criteria: 

(a) Borrowers shall request the Expansion Loan in writing and shall provide Lender such information as Lender may reasonably require in
order to evaluate the making of the Expansion Loan. Lender agrees to respond to such request within thirty (30) days after receipt of the written request and all information required by Lender, provided, that, Lender reserves the right to
request additional information in the event that, in Lender’s reasonable belief, Lender requires additional information to complete or supplement Lender’s review of any information theretofore delivered to Lender; 

(b) The amount of the Expansion Loan shall be determined by Lender, in Lender’s sole discretion, at the time of the request;

 (c) The Expansion Loan shall be co-terminus with the Loans; 

(d) The terms used to quote the Expansion Loan will (i) reflect then-market conditions for a loan on similar properties of similar
quality at the time, employing Lender’s then-current underwriting parameters, and (ii) be based on spreads and treasuries which match the remaining term of the Loans. In the event Lender consents to the Expansion Loan and Borrower wants to
lock the interest rate prior to closing the Expansion Loan, Borrower shall post an interest rate standby fee (the “Expansion Standby Fee”)(in cash or by letter of credit in form and content and with an issuer acceptable to Lender)
with Lender equal to two percent (2%) of the amount of the Expansion Loan. The Expansion Standby Fee shall be held and disbursed in the same manner as the Fees (as 

 

 10 

 
defined in the Application) are held and disbursed under Section 17(d) and 17(e) of the Application. In the event the interest rate for the Expansion Loan is locked before the closing of the
Expansion Loan, the Expansion Loan must be closed within eighty (80) days after the date of such rate lock; 
 (e)
Borrower also agrees to pay Lender’s reasonable expenses incurred in connection with analyzing and closing the Expansion Loan whether or not the Expansion Loan closes, including, but not limited to, all reasonable legal fees and disbursements
for Lender’s staff attorneys and outside counsel, title insurance, appraisal fees, documentary stamp taxes, environmental site assessment expenses, any inspection(s) of the physical condition of the Expansion Property, mortgage taxes, and
recording fees; 
 (f) Any written request by Borrower to Lender for an Expansion Loan may be made no sooner than six
(6) months after the Closing, and any such written request must be received no later than twenty-four (24) months prior to the maturity date of the Loans; 

(g) The proposed Expansion Property shall constitute the fee simple estate to such property, and no joint venture or partnership
interests or interests in ground leases shall be permitted; 
 (h) The Expansion Property shall not be less than eighty-two
percent (82%) occupied by third-party tenants in occupancy and paying rent, and free rent or other rental concessions shall have been extinguished except as may otherwise be approved in writing by Lender; 

(i) The Expansion Property (including, without limitation, the location, the demographics of the market area, appearance, configuration,
quality and age of and access to the Expansion Property) shall be satisfactory to Lender; 
 (j) In the event Lender approves
Borrowers’ request to make the Expansion Loan on terms and conditions acceptable to Borrowers and Lender, Borrowers shall execute such documents to evidence and secure the Expansion Loan on Lender’s then-current forms with such revisions
as Lender shall require, which shall include but not be limited to, provisions which (i) cross-default the Expansion Loan with the Loans, (ii) make monthly payment dates on the Expansion Loan and the Loans coincide, and (iii) create
the same maturity dates for the Expansion Loan and the Loans. Borrower also agrees to deliver any Due Diligence Materials (as defined in the Application) reasonably requested by Lender, which shall include, without limitation, an environmental site
assessment, an inspection of the physical condition of the Expansion Property, an increase in Lender’s title insurance policy or a new title insurance policy, in Lender’s reasonable discretion, in the amount of the Expansion Loan with an
effective date that coincides with the funding of the Expansion Loan. The making of the Expansion Loan shall be conditioned upon (x) Lender’s review and approval of the Due Diligence Materials, in Lender’s sole discretion,
(y) there being be no material and adverse change to the Expansion Property, the Due Diligence Materials, or the financial condition of the Borrowers, and (z) the conditions of the Application pertaining to the making of the Loans must
have been satisfied, in Lender’s sole discretion, with respect to the making of the Expansion Loan; and 
 (k)
Notwithstanding anything to the contrary in this Section 5, Borrower acknowledges and agrees that Lender shall have no obligation to make the Expansion Loan and may accept or decline to make the Expansion Loan in Lender’s sole discretion.

 6. EVENT OF DEFAULT. 

6.1 Definition. The following shall be an “Event of Default”: 

(a) if any Borrower fails to make any scheduled payment required under the Loan Documents when due and such failure continues for five
(5) days after written notice; provided, however, that if Lender gives two (2) notices of such a default within any twelve (12) month period, none of Borrowers shall have any further right to any notice of such a default during
the next following twelve (12) month period; provided, further, however, Borrowers shall have no right to any such notice upon the maturity date of the Notes; 

(b) except for defaults listed in the other subsections of this Section 6.1, if any Borrower fails to perform or comply with any
other provision contained in the Loan Documents that is capable of cure by the payment of money and the default is not cured within fifteen (15) days of Lender providing written notice thereof; provided, however, that (i) with respect to
any failure by any Borrower to pay Assessments as required under the Documents, if Lender gives one (1) notice of such a default within any twelve (12) month period, such Borrower shall have no further right to any notice of such a default
during the next following twelve (12) month period, and (ii) with respect to any failure by any Borrower to pay Insurance Premiums as required under the Loan Documents, 

 

 11 

 
if Lender gives one (1) notice of such a default within any twelve (12) month period, such Borrower shall have no further right to any notice of such a default during the next following
twelve (12) month period; 
 (c) except for defaults listed in the other subsections of this Section 6.1, if any
Borrower fails to perform or comply with any other provision contained in any of the Loan Documents and the default is not cured within thirty (30) days of Lender’s providing written notice thereof, or such longer period as may be provided
for in the Loan Documents (the “Grace Period”); provided, however, that Lender may extend the Grace Period up to an additional sixty (60) days (for a total of ninety (90) days from the date of default) if (i) such
Borrower immediately commences and diligently pursues the cure of such default and delivers (within the Grace Period) to Lender a written request for more time and (ii) Lender determines in good faith that (1) such default cannot be cured
within the Grace Period but can be cured within ninety (90) days after the default, (2) no Lien or security interest created by the Loan Documents will be impaired prior to completion of such cure, and (3) Lender’s immediate
exercise of any remedies provided hereunder or by law is not necessary for the protection or preservation of the applicable Individual Property or Lender’s security interest; 

(d) if any representation made (i) in connection with any of the Loans or any of the Pool Obligations, or (ii) in the
Application or any of the Loan Documents shall be false or misleading in any material respect when made or when deemed made; 

(e) if any default under Section 2 of this Agreement occurs; 

(f) if any Borrower shall (i) become insolvent, (ii) make a transfer in fraud of creditors, (iii) make an assignment for
the benefit of its creditors, (iv) not be able to pay its debts as such debts become due, or (v) admit in writing its inability to pay its debts as they become due; 

(g) if any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding, or any other proceedings for the relief of
debtors, is instituted by or against any Borrower, and, if instituted against any Borrower, is allowed, consented to, or not dismissed within the earlier to occur of (i) ninety (90) days after such institution or (ii) the filing of an
order for relief; 
 (h) if any of the events in Sections 6.1(f) or (g) of this Agreement shall occur with respect to
any (i) managing member of any Borrower (if Borrower is a limited liability company), (ii) general partner of any Borrower (if Borrower is a partnership) or (iii) guarantor of payment and/or performance of any of the Pool Obligations;

 (i) if any Individual Property shall be taken, attached, or sequestered on execution or other process of law in any action
against any Borrower; 
 (j) if any default occurs under the Recourse Documents and such default is not cured within any
applicable grace period in that document; 
 (k) if any Borrower shall fail at any time to obtain, maintain, renew, or keep in
force the insurance policies required by Section 3.06 of the Mortgages within ten (10) days after written notice; 

(l) if any Borrower shall be in default under any other mortgage, deed of trust, deed to secure debt or security agreement covering any
part of the Security Pool, whether it be superior or junior in Lien to the Mortgages; 
 (m) if any claim of priority (except
based upon a Permitted Encumbrance) to the Loan Documents by title, Lien, or otherwise shall be upheld by any court of competent jurisdiction or shall be consented to by any Borrower; 

(n) (i) the consummation by any Borrower of any transaction which would cause (A) any of the Loans or any exercise of
Lender’s rights under any of the Loan Documents to constitute a non-exempt prohibited transaction under ERISA, or (B) a violation of a state statute regulating governmental plans; (ii) the failure of any representation in
Section 3.11 of the Mortgages or Section 3 of the ERISA Indemnities to be true and correct in all respects; or (iii) the failure of any Borrower or any Guarantor or Indemnitor to provide Lender with the written certifications required
by Section 3.11 of the Mortgages and Section 3 of the ERISA Indemnities; or 
 (o) (i) the consummation by any
Borrower of any transaction which would cause an OFAC Violation [defined in the Mortgages]; (ii) the failure of any representation in Section 2.09 of the Mortgages to be true and correct in all respects; or (iii) the failure of any
Borrower to comply with the provisions of Section 3.20 of 
  

 12 

 
the Mortgages, unless such default is cured within the lesser of (A) fifteen (15) days after written notice of such default to any Borrower or (B) the shortest cure period, if any,
provided for under any Laws applicable to such matters (including, without limitation, the Anti-Terrorism Regulations [defined in the Mortgages]). 

6.2 Remedies. Upon the occurrence of any Event of Default, Lender may at any time declare all of the Indebtedness to be due
and payable, and the same shall thereupon become immediately due and payable, together with all payments due in accordance with the terms of this Agreement, the Notes, and the other Loan Documents, without any further presentment, demand, protest or
notice of any kind, and Lender shall also have all rights and remedies provided for in the Loan Documents. All remedies of Lender provided for herein and in the Loan Documents are cumulative and shall be in addition to any and all other rights and
remedies provided in the other Loan Documents or, by law, including any right of offset. The exercise of any right or remedy by Lender hereunder shall not in any way constitute a cure or waiver of default hereunder or under the Loan Documents, or
invalidate any act done pursuant to any notice of default, or prejudice Lender in the exercise of any of its rights hereunder or under the Loan Documents. 

6.3 Multiple Obligations; Cross Default. Each Borrower understands, acknowledges and agrees that each of the Notes is a
separate and distinct legal obligation and that the execution of a single Loan Agreement and references herein to the “Loan” or “Loans” is for purposes of administrative convenience only. Each Borrower further understands,
acknowledges and agrees that the occurrence of a default under any of the Notes or other Loan Documents shall constitute a default under all other Notes and other Loan Documents, following the expiration of any applicable cure period, and shall
entitle Lender to exercise all of its rights and remedies under all of the Loan Documents and the Recourse Documents, including, without limitation, accelerating the maturity date of any or all of the Notes and foreclosing the Liens of any or all of
the Mortgages in such order and manner as Lender may elect in its sole and absolute discretion. 
 6.4 Application of
Foreclosure Proceeds. In the event of a foreclosure (non-judicial or judicial) of any of the Mortgages encumbering any of the Individual Properties, each Borrower agrees that Lender shall have full and complete discretion to apply any
proceeds from the sale of the applicable Individual Property, after payment of any and all costs of foreclosure, attorneys’ and trustee’s fees, and after satisfaction of the foreclosed obligation (any such remaining proceeds being defined
as the “Excess Proceeds”) to the prepayment or repayment (together with applicable Prepayment Premium, if any) of the indebtedness evidenced by any of the other Notes. Each Borrower hereby irrevocably assigns, transfers and conveys
to Lender any and all of its right, title and interest in and to the Excess Proceeds and consents to the prepayment or repayment of indebtedness herein above provided. Each Borrower hereby waives any right to require Lender to (i) marshal any
assets of any Borrower (including, without limitation, the Individual Properties), or (ii) any right to require a sale in inverse order of alienation in the event of foreclosure of the Liens and security interests created by the Mortgages or
any of the other Loan Documents. 
 7. MISCELLANEOUS 

7.1 Amendments and Waivers. No amendment, modification, termination or waiver of any provision of this Agreement, the Notes
or any of the other Loan Documents, or consent to any departure by Lender or any Borrower therefrom, shall in any event be effective without the written concurrence of Lender and Borrowers thereto. No amendment, modification, termination or waiver
of any provision of any Note shall be effective without the written agreement of Lender and Borrowers. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. In the event of any
inconsistency between the terms and conditions of the other Loan Documents and this Agreement, the terms and conditions of this Agreement shall control. 

7.2 Notices. All notices, demands or documents of any kind that Borrowers and Lender may be required or may desire to give
or serve under this Agreement shall be given or served in the manner provided in the Mortgages. 
 7.3 Successors and
Assigns; Subsequent Holders of Notes. The terms, covenants and conditions contained in this Agreement shall inure to the benefit of and be binding on the parties and their respective heirs, executors, administrators, successors, and assigns,
and all subsequent owners of the Individual Properties and all subsequent holders of the Notes and the Mortgages, subject in all events to the provisions of the Mortgages and this Agreement regarding transfers by Borrowers. 

 

 13 

 7.4 Survival of Warranties and Certain Agreements. All agreements,
representations and warranties made herein shall survive the execution and delivery of this Agreement, the making of the Loans hereunder and the execution and delivery of the Notes. 

7.5 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of Lender or any holder of any
Note in the exercise of any power, right or privilege hereunder or under the Notes shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any
such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing under this Agreement and the Notes are cumulative to, and not exclusive of, any rights or remedies
otherwise available. 
 7.6 Severability. In case any provision in or obligation under this Agreement or the Notes
shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or
impaired thereby. 
 7.7 Headings. Sections and subsection headings in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

7.8 Counterparts. This Agreement and any amendments, waivers, consents or supplements may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same Agreement. 

7.9 Applicable Law. THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS (EXCEPT TO THE EXTENT SUCH OTHER DOCUMENT CONTAINS
A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 

7.10 Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. All judicial proceedings arising out of or
relating to this Agreement, any Note or the Loan Documents or any of the Pool Obligations may be brought only in any state or Federal court of competent jurisdiction in the State of New Jersey and by execution and delivery of this Agreement, each
Borrower accepts for itself and in connection with its properties, generally and unconditionally, the nonexclusive jurisdiction of the aforesaid courts and waives any defense of forum non conveniens, and, subject to any appeal rights, irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Agreement, such Note, the Loan Documents or such Pool Obligations; provided, however, that Lender in its sole discretion shall have the right to commence proceedings with
respect to any Collateral Document (and the Note governed by the laws of such state) in the state where the Individual Property secured by such Collateral Document is located. TO THE EXTENT PERMITTED BY LAW, ALL PARTIES TO THIS AGREEMENT
IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY JUDICIAL PROCEEDING ARISING OUT OR RELATING TO THIS AGREEMENT, ANY NOTE OR ANY OBLIGATION. 

7.11 Exhibits and Schedules. The exhibits and schedules annexed hereto are incorporated herein and shall be a part of this
Agreement. 
 7.12 Limited Recourse Liability. The provisions of Paragraphs 8 and 9 of the Notes are
incorporated into this Agreement as if such provisions were set forth in their entirety in this Agreement. 
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INTENTIONALLY LEFT BLANK] 
 [SIGNATURES BEGIN ON NEXT PAGE] 

 

 14 

 IN WITNESS WHEREOF, this Agreement has been duly executed by Lender and Borrowers as of the
day and year first above written. 
  

									
	BORROWERS:	 		 		 	
			
	SSTI 2900 CRESCENT SPRINGS RD, LLC,
a Delaware limited liability company	 		 	 SSTI 550 MAIN ST, LLC, a Delaware limited liability

company

					
	By:	 	 Strategic Storage Holdings, LLC, a Delaware

limited liability company, its Manager
	 		 	By:	 	Strategic Storage Holdings, LLC, a Delaware limited
liability company, its Manager
					
	By:	 	 /s/ H. Michael Schwartz
	 		 	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, its President	 		 		 	H. Michael Schwartz, its President
			
	SSTI 4950 N DIXIE HWY, LLC,
a Delaware limited liability company	 		 	 SSTI 16400 STATE RD 84, LLC, a Delaware limited

liability company

					
	By:	 	 Strategic Storage Holdings, LLC, a Delaware

limited liability company, its Manager
	 		 	By:	 	Strategic Storage Holdings, LLC, a Delaware limited
liability company, its Manager
					
	By:	 	 /s/ H. Michael Schwartz
	 		 	By:	 	 /s/ H. Michael Schwartz 

		 	H. Michael Schwartz, its President	 		 		 	H. Michael Schwartz, its President
			
	USA DURANGO LV SELF STORAGE, LLC,
a Delaware limited liability company	 		 	SSTI 10490 COLONEL CT, LLC, a Delaware limited
liability company
					
	By:	 	 Strategic Capital Holdings, LLC, a Virginia

limited liability company, its Manager
	 		 	By:	 	 Strategic Storage Holdings, LLC, a Delaware limited

liability company, its Manager

					
	By:	 	 /s/ H. Michael Schwartz
	 		 	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, its President	 		 		 	H. Michael Schwartz, its President
			
	 SSTI 2035 POWERS FERRY RD, LLC, a

Delaware limited liability company
	 		 	SSTI 3636 WASHINGTON ST, LLC, a Delaware
limited liability company
					
	By:	 	 Strategic Storage Holdings, LLC, a Delaware

limited liability company, its Manager
	 		 	By:	 	Strategic Storage Holdings, LLC, a Delaware limited
liability company, its Manager
					
	By:	 	 /s/ H. Michael Schwartz
	 		 	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, its President	 		 		 	H. Michael Schwartz, its President
			
	 SSTI 1135 W BROADWAY RD, LLC, a

Delaware limited liability company
	 		 	 SSTI 15 LANDINGS DR, LLC, a Delaware limited

liability company

					
	By:	 	 Strategic Storage Holdings, LLC, a Delaware

limited liability company, its Manager
	 		 	By:	 	Strategic Storage Holdings, LLC, a Delaware limited
liability company, its Manager
					
	By:	 	 /s/ H. Michael Schwartz
	 		 	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, its President	 		 		 	H. Michael Schwartz, its President
				
	SSTI 3401 SOUTH STATE RD 7, LLC, a Delaware
limited liability company	 		 		 	
					
	By:	 	 Strategic Storage Holdings, LLC, a Delaware

limited liability company, its Manager
	 		 		 	
					
	By:	 	 /s/ H. Michael Schwartz
	 		 		 	
		 	H. Michael Schwartz, its President	 		 		 	

  

 15 

 [SIGNATURES CONTINUED FROM PREVIOUS PAGE] 

[SIGNATURE PAGE TO COLLATERAL LOAN AGREEMENT] 

 

			
	LENDER:
	
	 THE PRUDENTIAL INSURANCE COMPANY OF

AMERICA, a New Jersey corporation

		
	 By:
	 	 /s/ Christine Haskins

	 Name:
	 	 Christine Haskins

	 Title:
	 	Vice President
		
		 	[CORPORATE SEAL]

 [END
OF SIGNATURES] 
  

 16 

 EXHIBIT A 

Allocated Loan Amounts for Individual Properties 
  

										
	 	  	 Individual Property
	  	 Individual Borrower
	  	 Loan
Number
	  	 Allocated Loan

Amount

					
	    1	  	2900 Crescent Springs Pike	  	SSTI 2900 Crescent Springs RD	  	706108325	  	$	1,600,000.00
					
	    2	  	550 Main Street	  	SSTI 550 Main ST	  	706108325	  	$	8,700,000.00
					
	    3	  	4950 N Dixie Highway	  	SSTI 4950 N Dixie HWY	  	706108325	  	$	7,725,000.00
					
	    4	  	16400 State Rd. 84	  	SSTI 16400 State RD 84	  	706108325	  	$	3,300,000.00
					
	    5	  	3825 S Durango Drive	  	USA Durango LV Self Storage	  	706108325	  	$	1,525,000.00
					
	    6	  	10490 Colonel Court	  	SSTI 10490 Colonel CT	  	706108325	  	$	1,550,000.00
					
	    7	  	2035 Powers Ferry Road	  	SSTI 2035 Powers Ferry RD	  	706108325	  	$	2,250,000.00
					
	    8	  	3636 E Washington	  	SSTI 3636 E Washington ST	  	706108325	  	$	850,000.00
					
	    9	  	1135 W. Broadway Road	  	SSTI 1135 W Broadway RD	  	706108325	  	$	1,000,000.00
					
	    10	  	15 Landings Road	  	SSTI 15 Landings DR	  	706108325	  	$	1,350,000.00
					
	    11	  	3401 South State Road 7	  	SSTI 3401 South State RD 7	  	706108371	  	$	2,735,000.00
					
		  	TOTAL	  		  		  	$	32,585,000.00

  

 17 

 EXHIBIT B 

Individual Properties 
  

					
	 	  	 Individual Property
	  	 Address

			
	    1.	  	2900 Crescent Springs Pike	  	 2900 Crescent Springs Pike

Erlanger, Kenton Co., KY 41018

			
	    2.	  	550 Main Street	  	 550 Main St.
 Fort Lee, Bergen
Co., NJ 07024

			
	    3.	  	4950 N Dixie Highway	  	 4950 N Dixie Highway
 Ft.
Lauderdale, Broward Co., FL 33334

			
	    4.	  	16400 State Rd. 84	  	 16400 State Rd. 84
 Weston,
Broward Co., FL 33331

			
	    5.	  	3825 S Durango Drive	  	 3825 S Durango Drive
 Las
Vegas, Clark Co., NV 89147

			
	    6.	  	10490 Colonel Court	  	 10490 Colonel Court
 Manassas,
Prince William Co., VA 20110

			
	    7.	  	2035 Powers Ferry Road	  	 2035 Powers Ferry Road

Marietta, Cobb Co., GA 30067

			
	    8.	  	3636 E Washington	  	 3636 E Washington
 Phoenix,
Maricopa Co., AZ 85034

			
	    9.	  	1135 W. Broadway Road	  	 1135 W. Broadway Road
 Tempe,
Maricopa Co., AZ 85282

			
	    10.	  	15 Landings Road	  	 15 Landings Road
 Pittsburgh,
Allegheny Co., PA 15238

			
	    11.	  	3401 South State Road 7	  	 3401 South State Road 7
 Davie,
Broward Co., FL 33314

  

 18Form of Promissory Note

 Exhibit 10.2 

PROMISSORY NOTE 

(property address) 

$         

August 25, 2010 
 Loan No.
             
 FOR VALUE RECEIVED, [property owning
LLC], a Delaware limited liability company (“Borrower”), promises to pay to the order of THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation (“Lender,” which shall also mean successors and
assigns who become holders of this Note), at 2100 Ross Avenue, Suite 2500, Dallas, Texas 75201, the principal sum of             
($        ), with interest on the unpaid balance (“Balance”) at the rate of five and forty-three hundredths percent (5.43%) per annum (“Note Rate”) from and
including the date of the first disbursement of Loan proceeds under this Note (“Funding Date”) until Maturity (defined below). Capitalized terms used without definition shall have the meanings ascribed to them in the Instrument
(defined below). 
 1. Regular Payments. Principal and interest shall be payable as follows: 

(a) Interest from and including the Funding Date to September 5, 2010 shall be due and payable on the Funding Date. Principal and
interest shall be paid in one hundred eight (108) monthly installments of          Dollars ($        ) each, commencing on October 5, 2010
and continuing on the fifth (5th) day of each succeeding month to and including September 5, 2019. Each payment due date is referred to as a “Due Date.” The entire Obligations shall be due and payable on September 5,
2019 (“Maturity Date”). “Maturity” shall mean the Maturity Date or earlier date that the Obligations may be due and payable by acceleration by Lender as provided in the Documents. 

(b) Interest on the Balance for any full month shall be calculated on the basis of a three hundred sixty (360) day year consisting
of twelve (12) months of thirty (30) days each. For any partial month, interest shall be due in an amount equal to (i) the Balance multiplied by (ii) the Note Rate divided by (iii) 360 multiplied by (iv) the number of
days during such partial month that any Balance is outstanding to (but excluding) the date of payment. 
 2. Late Payment and Default Interest.

 (a) Late Charge. If any scheduled payment due under this Note is not fully paid by its Due Date
(other than the principal payment due on the Maturity Date), a charge of $         per day (the “Daily Charge”) shall be assessed for each day that elapses from and after the Due Date
until such payment is made in full (including the date payment is made); provided, however, that if any such payment, together with all accrued Daily Charges, is not fully paid by the fourteenth
(14th) day following the applicable Due Date, a late
charge equal to the lesser of (i) four percent (4%) of such payment or (ii) the maximum amount allowed by law (the “Late Charge”) shall be assessed and be immediately due and payable; provided, further, however, if
the Loan is not paid at maturity (whether by acceleration or otherwise) no Daily Charge or Late Charge shall be due on the unpaid amount of the Loan. The Late Charge shall be payable in lieu of Daily Charges that shall have accrued. The Late Charge
may be assessed only once on each overdue payment. These charges shall be paid to defray the expenses incurred by Lender in handling and processing such delinquent payment(s) and to compensate Lender for the loss of the use of such funds. The Daily
Charge and Late Charge shall be secured by the Documents. The imposition of the Daily Charge, Late Charge, and/or requirement that interest be paid at the Default Rate (defined below) shall not be construed in any way to (i) excuse Borrower
from its obligation to make each payment under this Note promptly when due or (ii) preclude Lender from exercising any rights or remedies available under the Documents upon an Event of Default. 

(b) Acceleration. Upon any Event of Default, Lender may declare the Balance, unpaid accrued interest, the Prepayment Premium
(defined below) and all other Obligations immediately due and payable in full. 
 (c) Default Rate. Upon an Event of
Default or at Maturity, whether by acceleration (due to a voluntary or involuntary default) or otherwise, the entire Obligations (excluding accrued but unpaid interest if prohibited by law) shall bear interest at the Default Rate. The
“Default Rate” shall be the lesser of (i) the maximum rate allowed by law or (ii) five percent (5%) plus the greater of (A) the Note Rate or (B) the prime rate (for corporate

  

 BORROWER’S INITIALS:         

 1 

 
loans at large United States money center commercial banks) published in The Wall Street Journal on the first Business Day (defined below) of the month in which the Event of Default or
Maturity occurs and on the first Business Day of every month thereafter. The term “Business Day” shall mean each Monday through Friday except for days on which commercial banks are not authorized to open or are required by law to
close in New York, New York. 
 3. Application of Payments. Until an Event of Default occurs, all payments received under this Note shall
be applied in the following order: (a) to unpaid Daily Charges, Late Charges and costs of collection; (b) to any Prepayment Premium due; (c) to interest due on the Balance; and (d) then to the Balance. After an Event of Default,
all payments shall be applied in any order determined by Lender in its sole discretion. 
 4. Prepayment. This Note may be prepaid, in
whole or in part, upon at least thirty (30) days’ prior written notice to Lender and upon payment of all accrued interest (and other Obligations due under the Documents) and a prepayment premium (“Prepayment Premium”)
equal to the greater of (a) one percent (1%) of the principal amount being prepaid multiplied by the quotient of the number of full months remaining until the Maturity Date, calculated as of the prepayment date, divided by the number of
full months comprising the term of this Note, or (b) the Present Value of the Loan (defined below) less the amount of principal and accrued interest (if any) being prepaid, calculated as of the prepayment date. The Prepayment Premium shall be
due and payable, except as provided in the Instrument or as limited by law, upon any prepayment of this Note, whether voluntary or involuntary, and Lender shall not be obligated to accept any prepayment of this Note unless it is accompanied by the
Prepayment Premium, all accrued interest and all other Obligations due under the Documents. Lender shall notify Borrower of the amount of and the calculation used to determine the Prepayment Premium. Borrower agrees that (a) Lender shall not be
obligated to actually reinvest the amount prepaid in any Treasury obligation and (b) the Prepayment Premium is directly related to the damages that Lender will suffer as a result of the prepayment. The “Present Value of the
Loan” shall be determined by discounting all scheduled payments remaining to the Maturity Date attributable to the amount being prepaid at the Discount Rate (defined below). If prepayment occurs on a date other than a Due Date, the actual
number of days remaining from the date of prepayment to the next Due Date will be used to discount within this period. The “Discount Rate” is the rate which, when compounded monthly, is equivalent to the Treasury Rate (defined
below), when compounded semi-annually. The “Treasury Rate” is the semi-annual yield on the Treasury Constant Maturity Series with maturity equal to the remaining weighted average life of the Loan, for the week prior to the
prepayment date, as reported in Federal Reserve Statistical Release H.15 - Selected Interest Rates, conclusively determined by Lender (absent a clear mathematical calculation error) on the prepayment date. The rate will be determined by linear
interpolation between the yields reported in Release H.15, if necessary. If Release H.15 is no longer published, Lender shall select a comparable publication to determine the Treasury Rate. Except as provided in Section 3 of the Collateral Loan
Agreement (“Loan Agreement”), in the event that Borrower prepays the entire amount of any Individual Loan (as defined in the Loan Agreement), Borrower must simultaneously prepay the entire amount of all the other Individual Loans.
In all events, the applicable Prepayment Premium must also be paid. Notwithstanding the foregoing, no Prepayment Premium shall be due if this Note is prepaid during the last sixty (60) days prior to the Maturity Date. 

With respect to the foregoing provisions, Borrower hereby expressly agrees as follows: 

(a) The Note Rate provided herein has been determined based on the sum of (i) the treasury rate in effect at the time the Note Rate
was determined under the Loan application submitted to Lender, plus (ii) an interest rate spread over such treasury rate, which together represent Lender’s agreed-upon return for making the proceeds of the Loan hereunder available to
Borrower over the term of such Loan. 
 (b) The determination of the Note Rate, and in particular the aforesaid interest rate
spread, were based on the expectation and agreement of Borrower and Lender that the principal sums advanced hereunder would not be prepaid during the term of this Note, or if any such prepayment occurs, the Prepayment Premium (calculated in the
manner set forth above) would apply (except as expressly permitted by this Note). 
 (c) The Lender’s business involves
making financial commitments to others based in part on the returns it expects to receive from this Note and other similar loans made by Lender, and Lender’s financial performance as a business depends not only on the returns from each loan or
investment it makes but also upon the aggregate amounts of the loans and investments it is able to make over any given period of time. 

(d) In the event of a prepayment hereunder, Lender will be required to redeploy the funds received into other loans or investments, which
(i) may not provide a return to Lender comparable to the return Lender 
  

 BORROWER’S INITIALS:         

 2 

 
anticipates based on the Note Rate and (ii) may reduce the total amount of loans or investments Lender is able to make during the term of the Loan, which in turn may impair the profitability
of Lender’s business. Therefore, in order to compensate Lender for the potential impact and risks to its business of prepayments under this Note, Lender has limited the Borrower’s right to prepay this Note and has offered the method of
calculation of the Prepayment Premium set forth above. 
 (e) Borrower acknowledges that (i) Lender could have determined
that it would not permit any prepayments under the Note during its term, and therefore, in electing to permit prepayments hereunder, Lender is entitled to determine and negotiate the terms on which it will accept prepayments of its loans, and
(ii) Borrower could have elected to negotiate more permissive prepayment provisions and/or a more favorable manner of calculating the Prepayment Premium, but in such event the applicable interest rate spread, and therefore the Note Rate, would
have been higher to compensate Lender for the potential loss of income on account of the risk that Borrower might elect to prepay this Note at an earlier time and/or for a lesser Prepayment Premium than set forth herein. 

Therefore, in consideration of Lender’s agreement to the Note Rate set forth herein, and in recognition of Lender’s reliance on the prepayment
provisions of this Note (including the method of calculating the Prepayment Premium), Borrower agrees that the manner of calculation of the Prepayment Premium set forth in this Note represents bargained-for compensation to Lender for granting to
Borrower the privilege of prepaying this Note on the terms set forth herein and for the potential loss of future income to Lender arising from having to redeploy the amounts prepaid under this Note into other loans or investments. As such, the
Prepayment Premium constitutes reasonable compensation to Lender for making the Loan on the terms reflected in this Note and does not represent a penalty. 

5. No Usury. Under no circumstances shall the aggregate amount paid or to be paid as interest under this Note exceed the highest lawful rate
permitted under applicable usury law (“Maximum Rate”). If under any circumstances the aggregate amounts paid on this Note shall include interest payments which would exceed the Maximum Rate, Borrower stipulates that payment and
collection of interest in excess of the Maximum Rate (“Excess Amount”) shall be deemed the result of a mistake by both Borrower and Lender, and Lender shall promptly credit the Excess Amount against the Balance (without Prepayment
Premium or other premium) or refund to Borrower any portion of the Excess Amount which cannot be so credited. 
 6. Security and Documents
Incorporated. This Note is the Note referred to and secured by the Deed of Trust and Security Agreement (First Priority - 10490 Colonel Court) of even date herewith between Borrower, Manus E. Holmes, Esq., as trustee, and Lender (the
“Instrument”) and is secured by the Property. Borrower shall observe and perform all of the terms and conditions in the Documents. The Documents are incorporated into this Note as if fully set forth in this Note. 

7. Treatment of Payments. All payments under this Note shall be made, without offset or deduction, (a) in lawful money of the United States
of America at the office of Lender or at such other place (and in the manner) Lender may specify by written notice to Borrower, (b) in immediately available federal funds, and (c) if received by Lender prior to 2:00 p.m. Eastern Time at
such place, shall be credited on that day, or, if received by Lender at or after 2:00 p.m. Eastern Time at such place, shall, at Lender’s option, be credited on the next Business Day. Initially (unless waived by Lender), and until Lender shall
direct Borrower otherwise, Borrower shall make all payments due under this Note in the manner set forth in Section 3.13 of the Instrument. If any Due Date falls on a day which is not a Business Day, then the Due Date shall be deemed to have
fallen on the next succeeding Business Day. 
 8. Limited Recourse Liability. Except to the extent set forth in Paragraph 8 and Paragraph
9 of this Note, Borrower shall not have any personal liability for the Obligations. Notwithstanding the preceding sentence, Lender may bring a foreclosure action or other appropriate action to enforce the Documents or realize upon and protect the
Property (including, without limitation, naming Borrower and any other necessary parties in the actions for the limited purpose of effecting such foreclosure or bringing an action for specific performance or any other appropriate action or
proceeding to enable Lender to enforce and realize upon its interest under this Note, the Instrument and the other Documents, or in the Property, the Rents or any other collateral given to Lender pursuant to the Documents; provided, however, except
as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent Borrower’s interest in the Property, in the Rents and in any other collateral given to Lender) and
IN ADDITION BORROWER AND STRATEGIC STORAGE TRUST, INC., A MARYLAND CORPORATION (SINGULARLY OR COLLECTIVELY, THE “RECOURSE PARTIES”) SHALL HAVE JOINT AND SEVERAL PERSONAL LIABILITY FOR: 

 

 BORROWER’S INITIALS:         

 3 

 (a) any amounts accrued and/or payable under any indemnities, guaranties, master leases or
similar instruments furnished by either or both of the Recourse Parties in connection with the Loan (including, without limitation, the provisions of Sections 8.03, 8.04, 8.05, 8.06 and 8.07 of the Instrument and the Environmental Indemnity;
provided that the personal liability of Indemnitors for any indemnity obligations under Section 8.02 of the Instrument shall be limited to the matters specifically set forth in Sections 8 and 9 of this Note [other than in this
Section 8(a)]); 
 (b) the amount of any special assessments, real estate taxes, ad valorem and/or personal property taxes
(collectively, “Assessments”) (accrued and/or payable) with respect to the Property not paid prior to the due date for such Assessments; 

(c) the amount of any security deposits, rents prepaid more than one (1) month in advance, or prepaid expenses of tenants to the
extent not turned over to (i) Lender upon foreclosure, sale (pursuant to power of sale), or conveyance in lieu thereof, or (ii) a receiver or trustee for the Property after appointment; 

(d) the amount of any insurance proceeds or condemnation awards neither turned over to Lender, to the extent required under the terms of
the Documents, nor used in compliance with Sections 3.07 and 3.08 of the Instrument; 
 (e) damages suffered or incurred by
Lender as a result of Borrower (i) entering into a new Lease, (ii) entering into an amendment or termination of an existing Lease, or (iii) accepting a termination, cancellation or surrender of an existing Lease, in each case in
breach of the leasing restrictions set forth in Section 7 of the Assignment; 
 (f) damages suffered or incurred by Lender
by reason of any waste of the Property; 
 (g) the amount of any rents or other income from the Property received by any of the
Recourse Parties after a default under the Documents and not otherwise applied to the indebtedness under the Documents or to the current (not deferred) operating expenses of the Property; PROVIDED, HOWEVER, THAT THE RECOURSE PARTIES SHALL HAVE
PERSONAL LIABILITY for amounts paid as expenses to a person or entity related to or affiliated with any of the Recourse Parties except for (A) reasonable salaries for on-site employees, (B) a reasonable allocation of the salaries of
off-site employees for accounting and management, and (C) out-of-pocket expenses of Borrower’s management company relating to the Property, but in no event shall such expenses include any profit or be greater than prevailing market rates
for any such services; 
 (h) the face amount of any letter of credit expressly required to be maintained by Borrower under the
Documents or otherwise in connection with the Loan, and that Borrower fails to maintain; 
 (i) following an Event of Default
under the Documents, the amount of (1) any security deposit cashed or applied by Borrower with respect to any Lease, or any termination fee, cancellation fee or any other fee received by, or on behalf of, any of the Recourse Parties in
connection with any lease termination, cancellation, surrender or expiration with respect to any Lease, and (2) any judgment, settlement or other recovery received by, or on behalf of, any of the Recourse Parties against or from any tenant
under, or any guarantor of, any Lease (with any item described in (1) or (2) above being herein called a “Recovery”); 

(j) with respect to any Lease that provides more than five percent (5%) of the gross annual income from the Property during any
twelve (12) month period during the term of the Loan, the amount of any Recovery if such Recovery is greater than one (1) month’s base rent payable under the applicable Lease, which is received by, or behalf of, any of the Recourse
Parties at any time during the term of the Loan and which is not paid to Lender (or an escrow agent selected by Lender) to be disbursed for the payment of Lender approved (1) tenant improvements and/or (2) market leasing commissions;

 (k) following an Event of Default under the Documents, all reasonable attorneys’ fees, including allocated costs of
Lender’s staff attorneys, and other expenses incurred by Lender in enforcing the Documents if Borrower contests, delays, or otherwise hinders or opposes (including, without limitation, the filing of a bankruptcy) any of Lender’s
enforcement actions; provided, however, that if in such action Borrower successfully proves that no default occurred under the Documents, Borrower shall not be required to reimburse Lender for such attorneys’ fees, allocated costs and other
expenses; and 
  

 BORROWER’S INITIALS:         

 4 

 (l) damages suffered or incurred by Lender as a result of Borrower’s breach or
violation of Sections 2.10, 3.21 and/or 3.22 of the Instrument. 
 9. Full Recourse Liability. Notwithstanding the provisions of
Paragraph 8 of this Note, the RECOURSE PARTIES SHALL HAVE JOINT AND SEVERAL PERSONAL LIABILITY for the Obligations if: 

(a) there shall be any breach or violation of Article V of the Instrument; or 

(b) there shall be any fraud or material misrepresentation by any of the Recourse Parties in connection with the Property, the Documents,
the Loan application, or any other aspect of the Loan; or 
 (c) the Property or any part thereof shall become an asset in
(i) a voluntary bankruptcy or insolvency proceeding or (ii) an involuntary bankruptcy or insolvency proceeding which is not dismissed within ninety (90) days of filing; provided, however, that this Paragraph 9(c) shall not apply if
(A) an involuntary bankruptcy is filed by Lender or (B) the involuntary filing was initiated by a third-party creditor independent of any collusive action, participation or collusive communication by (1) Borrower, (2) any
partner, shareholder or member of Borrower or Borrower’s general partner, or (3) any of the Recourse Parties; or 

(d) [intentionally omitted]; 

(e) the Instrument or any of the other Documents are deemed fraudulent conveyances or preferences or are otherwise deemed void pursuant
to any principles limiting the rights of creditors, whether such claims, demands or assertions are made under the Bankruptcy Code (as amended or replaced from time to time), including, without limitation, under Sections 544, 547 or 548 thereof, or
under any applicable state fraudulent conveyance statues or similar laws; or 
 (f) if the Property is located in California,
the Property is determined to be “environmentally impaired” pursuant to the provisions of Section 726.5 of the California Code of Civil Procedure. 

10. Joint and Several Liability. This Note shall be the joint and several obligation of all makers, endorsers, guarantors and sureties, and shall
be binding upon them and their respective successors and assigns and shall inure to the benefit of Lender and its successors and assigns. 
 11.
Unconditional Payment. Borrower is and shall be obligated to pay principal, interest and any and all other amounts which became payable hereunder or under the other Documents absolutely and unconditionally and without abatement, postponement,
diminution or deduction and without any reduction for counterclaim or setoff. In the event that at any time any payment received by Lender hereunder shall be deemed by a court of competent jurisdiction to have been a voidable preference or
fraudulent conveyance under any bankruptcy, insolvency or other debtor relief law, then the obligation to make such payment shall survive any cancellation or satisfaction of this Note or return thereof to Borrower and shall not be discharged or
satisfied with any prior payment thereof or cancellation of this Note, but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof, and such payment shall be immediately due and payable upon demand.

 12. Certain Waivers. Borrower and all others who may become liable for the payment of all or any part of the Obligations do hereby
severally waive presentment and demand for payment, notice of dishonor, protest and notice of protest, notice of non-payment and notice of intent to accelerate the maturity hereof (and of such acceleration). No release of any security for the
Obligations or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Instrument or the other Documents shall release, modify, amend, waive, extend, change,
discharge, terminate or affect the liability of Borrower, and any other who may become liable for the payment of all or any part of the Obligations, under this Note, the Instrument and the other Documents. 

13. WAIVER OF TRIAL BY JURY. EACH OF BORROWER AND LENDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM FILED BY EITHER PARTY, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE DOCUMENTS, OR ANY ALLEGED ACTS OR OMISSIONS OF LENDER OR BORROWER IN CONNECTION THEREWITH. 

14. Changes in Laws Regarding Taxation. In the event of the passage of any law of the Commonwealth of Virginia, the City of Manassas, the County
of Prince William or any other applicable taxing authority deducting from the value of real property for the purpose of taxation any lien or encumbrance thereon or changing in any way 

 

 BORROWER’S INITIALS:         

 5 

 
the laws for the taxation of mortgages or debts secured by mortgages for federal, state or local purposes or the manner of the collection of any such taxes, and imposing a tax (other than a tax
on income, revenue, return of principal or reserves or the lack thereof), either directly or indirectly, on the Instrument, this Note, any of the other Documents or the entire outstanding principal balance of this Note, Borrower shall, if permitted
by law, pay any tax imposed as a result of any such law within the statutory period or within twenty (20) days after demand by Lender, whichever is less; provided however, that if, in the opinion of counsel for Lender, Borrower is
not permitted by law to pay such taxes, Lender shall have the right, at its option, to declare the entire outstanding principal balance of this Note immediately due and payable upon ninety (90) days’ prior written notice to Borrower. No
Prepayment Premium shall be payable in connection with any such payment of this Note. 
 15. Documentary Stamps and Other Charges.
Borrower shall pay all taxes (excluding income, franchise and doing business taxes), assessments, charges, expenses, costs and fees (including registration and recording fees and revenue, stamp and other similar taxes) levied on, or assessed against
Lender and related to the Obligations, or otherwise required to be paid in connection with any of the Documents or the principal balance of this Note. If Borrower shall fail to promptly make such payments after demand therefor, Lender shall have the
right (but not the obligations) to pay for the same and Borrower shall reimburse Lender therefor immediately upon demand, with interest at the Default Rate. 
  

	16.	Governing Law. This Note shall be governed by and construed in accordance with the laws of the
                    . 

IN WITNESS WHEREOF, this Note has been executed by Borrower as of the date first set forth above. 

 

					
	 BORROWER:

 

                  
              , a Delaware limited liability company

		
	 By:
	 	Strategic Storage Holdings, LLC, a Delaware limited liability company, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 		 	H. Michael Schwartz, its President

  

 BORROWER’S INITIALS:         

 6

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