Document:

Collateral Assignment of Management Contract for the La Cienega-LA Property

 Exhibit 10.5 
 COLLATERAL ASSIGNMENT OF MANAGEMENT CONTRACT 
 Date: July 1,
2011         
 WHEREAS, SSTI 12714 S LA CIENEGA BLVD, LLC, a Delaware
limited liability company having an address at c/o Strategic Storage Holdings, LLC, 111 Corporate Drive, Suite 120, Ladera Ranch, CA 92694 (the “Assignor”), has entered into a certain Credit Agreement of even date herewith (hereinafter,
the “Credit Agreement”) with KEYBANK, NATIONAL ASSOCIATION, having an office at 225 Franklin Street, Boston, Massachusetts 02110, as agent (in its capacity as agent, hereinafter, the “Agent,” which term shall include, whenever
the context permits, its successors and assigns as the holder of this ASSIGNMENT and the Notes and other Obligations secured hereby), and the other lending institutions which now are or hereafter become parties to the Credit Agreement (Keybank,
National Association and such other lending institutions are collectively referred to as the “Lenders” and individually as the “Lender”), pursuant to which the Lenders have agreed to lend to the Borrower, subject to the terms and
conditions of the Credit Agreement, the sum of Twenty-Two Million Dollars ($22,000,000.00) (All capitalized terms used herein and not defined herein shall have the meanings set forth in the Credit Agreement); and 

WHEREAS, Assignor has entered into a certain agreement (hereinafter, as such may be amended from time to time, singly and
collectively, the “Management Contract”) with Strategic Storage Property Management, LLC, a Delaware limited liability company (hereinafter, the “Manager”), with its principal offices at 5949 Sherry Lane, Suite 1050, Dallas,
Texas 75225, in connection with the management and operation of the property and related facilities owned by the Assignor, as applicable, on certain premises located at 12714 S. La Cienega Blvd., Hawthorne, California (collectively, the
“Facility”); and 
 WHEREAS, one of the conditions of the making of the loan pursuant to the Credit
Agreement is the collateral assignment of the Management Contract by the Assignor to the Agent for the benefit of the Lenders, such assignment being given to secure the Borrower’s Obligations (as defined in the Credit Agreement) established
under the Loan Documents (as defined in the Credit Agreement); 
 NOW THEREFORE and in consideration of the
above, and of mutual covenants contained herein and benefits to be derived herefrom, the parties hereto agree as follows: 
  

	1.	 To secure the prompt, punctual, and faithful payment and performance of the Obligations of the Borrower to the Agent and the Lenders arising under
the Loan Documents, the Assignor hereby assigns to the Agent, for the benefit of the Lenders, all rights of the Assignor under the Management Contract. 

 

	2.	 This Assignment is an assignment only of all of the rights which the Assignor may now or at any time hereafter have under, pursuant, or in respect
of the Management Contract. The Agent shall not be deemed by virtue of this Assignment to have assumed any of the obligations of the Assignor under the Management Contract, each of which obligations the Assignor covenants and agrees with the Agent
to perform and observe as if this Assignment had not been made. The Agent is not under any liability of any kind to the 

	 	 
Manager under, pursuant to, or in respect of the Management Contract or by reason of any services furnished by the Manager to or for the account or benefit of the Assignor. By acceptance hereof,
the Agent agrees not to exercise any rights under this Assignment except upon the occurrence of an Event of Default (as defined in the Credit Agreement). The Assignor or the Manager may rely conclusively upon any written notice given by the Agent to
the Assignor or the Manager of the occurrence of such an Event of Default. Upon and after the giving of such notice, and until further written notice from the Agent to the Assignor or the Manager, the Agent may (but shall not be obligated to)
exercise all rights granted the Agent under this Assignment. 

  

	3.	 The Assignor and the Manager (by its assent hereto) represent and warrant that the Management Contract is in full force and effect and that there
are no defaults under the Management Contract by any party thereto, and the Assignor represents and warrants that the Assignor has not made and will not make any other assignment thereof. 

 

	4.	 Any action or proceedings to enforce this Assignment may be taken by the Agent either in its name or in the name of the Assignor as the Agent may
deem necessary. 

  

	5.	 The Manager has assented to this Assignment and hereby acknowledges this Assignment of the Management Contract to the Agent and the Lenders and
consents thereto. The Manager agrees that it will furnish to the Agent copies of all written notices given to the Assignor with respect to any default of the Assignor under the Management Contract, simultaneously with the giving of such notice to
the Assignor, and anything in the Management Contract to the contrary notwithstanding, agrees that the Agent shall have a reasonable opportunity to cure any such default. The Manager further agrees that it will accept any such performance by the
Agent which cures such default. So long as the Agent commences to cure or causes to be cured any such default, and the elimination of any such default is carried on with due diligence, the Manager will continue to fully meet its obligations under
the Management Contract to the end that there shall be no interruption of the work called for thereby. 

  

	6.	 The Manager (by its assent hereto) agrees that unless the Agent expressly assumes the obligations of the Assignor under the Management Contract, the
Agent shall not be deemed to have assumed any of the obligations of Assignor under the Management Contract, nor shall the Agent or any Lender be under any liability of any kind to Manager under the Management Contract or by reason of any services
furnished by the Manager to or for the account or benefit of the Assignor. This Assignment does not release or affect in any way the obligations of the Assignor to the Manager. 

 

	7.	 The Manager agrees to promptly, punctually and faithfully perform the responsibilities of the Manager in accordance with the Management Contract.
Notwithstanding the terms and provisions of the Management Contract, in the event the Assignor defaults thereunder, the Manager shall be obligated to continue to fully meet its obligations under the Management Contract (other than any obligations to
advance any funds of the Manager for the benefit of Facility) without any further right to any payment for services 

  
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rendered in connection with the operation of the Facility; provided, however, if the Manager is required to so meet its obligations without payment, the Manager may terminate the Management
Contract upon thirty (30) days’ prior written notice to the Assignor and the Agent. Further, regardless of such election by the Agent, the Manager agrees that the Agent and the Lenders shall not be under any liability to the Manager by
reason of any services rendered by the Manager to or for the account or benefit of the Assignor, whether prior to or after the date of such election by the Agent, unless Agent specifically acknowledges its’ liability for such amounts.

  

	8.	 The rights of the Agent hereunder may be fully exercised by the Agent’s designee or assignee. Further, upon the assignment by the Agent of its
rights hereunder, the Agent shall be automatically released from any liability of any nature whatsoever hereunder or under the Management Contract. 

  

	9.	 If an Event of Default exists, the Manager agrees that: 

 

	 	a.	 all payments to be made to the Manager under the Management Contract shall cease until the Event of Default is cured and the Manager receives
written notice from the Agent that it may resume receiving said payments; provided, however, if the Manager is required to fully meet its obligations under the Management Contract without payment, the Manager may terminate the Management Contract
upon thirty (30) days prior written notice to the Assignor and the Agent; 

  

	 	b.	 all of the Manager’s rights to payment (other than reimbursement for expenses incurred on behalf of Assignor), and all other rights, remedies,
powers, privileges and discretions as set forth in the Management Contract shall be subject to and subordinate to prior payment and satisfaction in full of the Obligations of the Borrower to the Agent and the Lenders under the Loan Documents;
provided, however, as long as no Event of Default exists under the Loan Documents, Manager may be paid, when due, all fees payable to Manager under the Management Contract; 

 

	 	c.	 Any and all amounts which are collected, enforced or received by the Manager shall be held by the Manager as trustee for the Agent and shall be paid
over to the Agent on account of the Obligations of the Borrower to the Agent under the Loan Documents; and 

  

	 	d.	 the Agent may, upon thirty (30) days written notice, terminate the Management Contract without being subject to any termination fee, penalty,
fine, or assessment, whatsoever. 

  

	10.	 This Assignment shall be governed by, and construed in accordance with, the laws of the State of New York. 

[SEE ATTACHED SIGNATURE PAGES] 

  
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 It is intended that this Assignment take effect as a sealed instrument as of
the date first above written. 
  

					
	ASSIGNOR:
	
	 SSTI 12714  S  LA  CIENEGA  BLVD, LLC,

a Delaware limited liability company

		
	By:	  	Strategic Storage Trust, Inc., a Maryland corporation, its Manager
			
		  	By:	 	 /s/ H. Michael Schwartz

		  	Name: H. Michael Schwartz
		  	Title:   President

			
	AGENT:
	
	KEYBANK, NATIONAL ASSOCIATION,
		
	By:	  	 /s/ Christopher T. Neil

	Name: Christopher T. Neil
	Title:   Senior Relationship Manager

 
					
	MANAGER:
	
	 STORAGE PROPERTY MANAGEMENT, LLC,
 a Delaware limited liability company

		
	By:	 	 Strategic Capital Holdings, LLC,
 a Virginia limited liability company,
 its Manager

			
		 	By:	    	 /s/ H. Michael Schwartz

		 	Name:	    	H. Michael Schwartz
		 	Title:	    	PresidentCollateral Assignment and Security Agreement in Respect of Contracts

 Exhibit 10.6 
 COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT 
 IN RESPECT OF CONTRACTS,
LICENSES AND PERMITS 
  

	1.	 PARTIES. 

 SSTI 12714 S LA CIENEGA BLVD, LLC, a Delaware limited liability company having a place of business at 111 Corporate Drive, Suite 120, Ladera Ranch, CA 92694 (hereinafter called “Assignor”) as of
this 1st day of July, 2011, hereby assigns, transfers,
sets over, pledges and, if applicable, delivers, to KEYBANK NATIONAL ASSOCIATION, a national banking association as agent under a Credit Agreement (hereinafter called the “Credit Agreement”) of even date among the Assignor, Strategic
Storage Operating Partnership, L.P., a Delaware limited partnership, and its Subsidiaries party to the Credit Agreement, as “Borrower”, Keybank, National Association and the other lending institutions which become parties to the Credit
Agreement (Keybank, National Association and the other lending institutions which become parties to the Credit Agreement are collectively referred to as the “Lenders” and individually as the “Lender”), and Keybank, National
Association, as Agent (hereinafter called “Agent”), having a place of business at 225 Franklin Street, Boston, Massachusetts 02110 and hereby grants to Agent a continuing security interest in the Assigned Contracts and Permits (as defined
herein) to secure the Obligations (as defined herein). 
  

	2.	 CREDIT AGREEMENT; DEFINED TERMS. This collateral assignment and security agreement (“Assignment of Contracts” or “Collateral
Assignment”) is given pursuant to the terms, provisions and conditions of the Credit Agreement. Capitalized terms not otherwise specifically defined herein shall have the same meaning herein as in the Credit Agreement.

  

	3.	 ASSIGNED CONTRACTS AND PERMITS. The term “Assigned Contracts and Permits” shall mean all of the contracts, licenses, permits,
approvals, agreements and warranties, and all of Assignor’s right, title and interest therein, whether now owned or hereafter acquired, and all proceeds and products thereof, and all accounts, contract rights and general intangibles related
thereto, which are in any manner related to the Mortgaged Property owned by Assignor. The Assigned Contracts and Permits include, but are not limited to, those described on Schedule A which is annexed hereto and made a part hereof. The
Assigned Contracts and Permits do not include the Leases. 

  

	4.	 OBLIGATIONS. The term “Obligations” shall mean all obligations of Borrower to Agent and the Lenders, whether now existing or
hereafter arising, direct or indirect, under each of the following instruments, documents and agreements, each dated as of even date herewith and as the same may be hereafter modified and amended: (i) the Credit Agreement; (ii) the certain
promissory notes (collectively, the “Notes”) now or hereafter made by the Borrower payable to the respective order of the Lenders; (iii) the Deed of Trust; (iv) this Assignment; and (v) each other Loan Document.

  
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	5.	 COVENANTS, WARRANTIES AND REPRESENTATIONS. Assignor covenants with, and warrants and represents to, Agent and Lenders that:

  

	 	5.1	 Assignor is and shall be the owner of the Assigned Contracts and Permits free and clear of all pledges, liens, security interests and other
encumbrances of every nature whatsoever except in favor of Agent; 

  

	 	5.2	 Assignor has the full right, power and authority to assign, and to grant the pledge of and security interest in, the Assigned Contracts and Permits
as herein provided; 

  

	 	5.3	 The execution, delivery and performance of this Collateral Assignment and Security Agreement by Assignor does not and will not result in the
violation of any mortgage, indenture, contract, instrument, agreement, judgment, decree, order, statute, rule or regulation to which Assignor is subject or by which it or any of its property is bound; 

 

	 	5.4	 Assignor shall not make any other assignment of, or permit any pledge, lien, security interest or encumbrance to exist with respect to, the Assigned
Contracts and Permits except in favor of Agent, and Assignor shall not otherwise transfer, assign, sell or exchange its interest in the Assigned Contracts and Permits; 

 

	 	5.5	 A true and complete executed counterpart, or certified copy, of each Assigned Contract and Permit which now exists and which is evidenced by a
written agreement or document has been delivered to Agent and a true and complete counterpart, or certified copy, of each Assigned Contract and Permit which becomes effective or is issued in the future shall be promptly delivered to Agent;

  

	 	5.6	 Each Assigned Contract and Permit presently in existence is in full force and effect, is valid and enforceable in accordance with its terms, has not
been modified, and no default exists thereunder on the part of any party thereto. Each Assigned Contract and Permit which comes into existence after the date hereof shall be valid and enforceable in accordance with its terms;

  

	 	5.7	 No Assigned Contract and Permit shall be amended, modified or changed in any material respect, have any of its material terms waived by Assignor, or
cancelled or terminated, without Agent’s prior written consent in each instance; and 

  

	 	5.8	 Assignor shall pay and perform all of its obligations under or with respect to each Assigned Contract and Permit and not permit any default by it to
exist with respect thereto. Assignor shall exercise all commercially reasonable efforts necessary to enforce or secure performance by any other party to any Assigned Contract and Permit. 

  
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	6.	 RIGHTS OF ASSIGNOR PRIOR TO DEFAULT. So long as there is no Event of Default, Assignor shall have and may exercise all rights as the owner or
holder of the Assigned Contracts and Permits which are lawful and are not inconsistent with the provisions of the Loan Documents. Immediately upon the occurrence of any Event of Default, the right described in the preceding sentence shall cease and
terminate, and in such event Agent is hereby expressly and irrevocably authorized, but not required, to exercise every right, option, power or authority inuring to Assignor under any one or more of the Assigned Contracts and Permits as fully as
Assignor could itself. 

  

	7.	 IRREVOCABLE DIRECTION. Assignor hereby irrevocably directs the contracting party to, or grantor or licensor of, any such Assigned Contract
and Permit, whether identified in Schedule A or otherwise, to the extent not prohibited by either such Assigned Contract and Permit or applicable law, or to the extent permitted under any recognition or other agreement executed by such grantor or
licensor, upon demand and after notice from Agent of the occurrence of an Event of Default under any of the Loan Documents, to recognize and accept Agent as the holder of such Assigned Contract and Permit for any and all purposes as fully as it
would recognize and accept Assignor and the performance of Assignor thereunder. Assignor does hereby constitute and appoint Agent, while this Assignment remains in force and effect, irrevocably, and with full power of substitution and revocation,
its true and lawful attorney for and in its name, place and stead, after the occurrence of such an Event of Default, to demand and enforce compliance with all the terms and conditions of the Assigned Contracts and Permits and all benefits accrued
thereunder, whether at law, in equity or otherwise. 

  

	8.	 UCC RIGHTS AND REMEDIES. Further, and without limitation of the foregoing rights and remedies, upon an Event of Default Agent shall have the
rights and remedies of a secured party under the Uniform Commercial Code, as enacted in the State of California, with respect to the Assigned Contracts and Permits, in addition to the rights and remedies otherwise provided for herein or by law or in
equity or in any other Loan Document. The Agent shall give Assignor ten (10) days, prior written notice of the time and place of any public sale of any such Assigned Contract and Permit or the time after which any private sale or any other
intended disposition is to be made. After deducting all expenses incurred in connection with the enforcement of its rights hereunder, Agent shall cause the proceeds of the Assigned Contracts and Permits to be applied to the Obligations in such order
as Agent may determine and Assignor shall remain liable for any deficiency. 

  

	9.	 INDEMNIFICATION. Assignor hereby agrees to indemnify and to defend and hold Agent and the Lenders harmless against and from all liability
loss, damage and expense, including reasonable attorney’s fees, which it may or shall incur by reason of this Agreement, or by reason of any commercially reasonable action taken in good faith by Agent hereunder or with respect to the Assigned
Contracts and Permits, and against and from any and all claims and demands whatsoever which may be asserted against Agent or any Lender by reason of any alleged obligation or undertaking on its part to perform or discharge any of the terms,
covenants and conditions contained in any of the Assigned Contracts and Permits. Should Agent or any Lender incur any such liability, loss, damage or expense, the amount thereof, together with interest thereon at the Default Rate of interest under
the Note, shall be payable by Assignor to Agent and the Lenders immediately upon demand, or at the option of Agent, Agent may reimburse itself therefor out of any receipts, rents, income or profits of the Property collected by Agent before the
application of such receipts, rents, income or profits to any other Obligations. 

  
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	10.	 AGENT/LENDER NOT OBLIGATED. Nothing contained herein or elsewhere shall operate to obligate, or be construed to obligate, Agent or any Lender
to perform any of the terms, covenants or conditions contained in the Assigned Contracts and Permits or otherwise to impose any obligation upon Agent or any Lender with respect to the Assigned Contracts and Permits prior to written notice by Agent
to Assignor of Agent’s election to assume Assignor’s obligations under one or more of the Assigned Contracts and Permits. Prior to written notice from Agent of such election, this Agreement shall not operate to place upon Agent any
responsibility for the operation, control, care, management or repair of the Property or for the payment, performance or observance of any obligation, requirement or condition under any such Assigned Contract and Permit, or under any agreement in
respect to any such Assigned Contract and Permit, and the execution of this Agreement by Assignor shall constitute conclusive evidence that all responsibility for the operation, control, care, management and repair of the Property as well as the
payment, performance or observance of any obligation, requirement or condition under the Assigned Contracts and Permits is and shall be that of Assignor, prior to written notice from Agent of such election. Even if Agent does exercise its rights, it
shall only be liable to any of the other parties to the Assigned Contracts and Permits only during the period that it is exercising the rights of Assignor under the Assigned Contracts and Permits, and at all times Assignor retains the obligation to
reimburse Agent promptly upon demand or otherwise pay when due all obligations incurred in connection with the Assigned Contracts and Permits. 

  

	11.	 FURTHER ASSURANCES; UCC FILINGS. Assignor agrees to execute and deliver to Agent, at any time or times during which this Agreement shall be
in effect, such further instruments as Agent in good faith may deem necessary to make effective this Agreement, the security interest created hereby and the covenants of Assignor herein contained. To evidence such security interest, at the request
of Agent, Assignor shall, in a form satisfactory to Agent, execute and deliver one or more financing statements, and any continuation thereof, pursuant to the provisions of the Uniform Commercial Code as enacted in the State of California and shall
pay the cost for filing thereof. 

  

	12.	 NO WAIVER: CUMULATIVE RIGHTS. Failure of Agent to avail itself of any of the terms, covenants, and conditions of this Agreement for any
period of time, or at any time or times, shall not be construed or deemed to be a waiver of any of its rights hereunder. The rights and remedies of Agent under this Assignment are cumulative and are not in lieu of, but are in addition to, any other
rights and remedies which Agent shall have under or by virtue of the Obligations and the Loan Documents. The rights and remedies of Agent hereunder may be exercised from time to time and as often as such exercise is deemed expedient by Agent.

  
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	13.	 AGENT/LENDER: RIGHT TO ASSIGN. Assignor agrees that upon any sale or transfer by Agent and the Lenders of the Loan Documents and the
indebtedness evidenced thereby, or upon any person acquiring the Property or any interest therein, Agent may deliver to the purchaser or transferee the Assigned Contracts and Permits and may assign to such purchaser or transferee the rights of Agent
hereunder, who shall thereupon become vested with all powers and rights given to Agent and the Lenders in respect thereto (and subject to Agent’s obligations hereunder), and Agent and the Lenders shall be forever relieved and fully discharged
from any liability or responsibility thereafter accruing in connection therewith. In no event shall Agent be liable with respect to, or on account of, the Assigned Contracts and Permits, except for the safekeeping of any instruments delivered to
Agent pursuant hereto, and Agent shall specifically have no obligation to enforce any rights against any contractor, or grantor or issuer. 

  

	14.	 TERMINATION AND REASSIGNMENT. Upon full payment and performance of the obligations and liabilities set forth or contained in this Assignment
and the other Loan Documents (excluding only any liabilities which might arise in the future under the Environmental Indemnity) and simultaneously with the discharge of the Mortgage, this Collateral Assignment and Security Agreement shall become and
be void and of no effect and, in that event, upon the request of Assignor, Agent covenants to execute and deliver to Assignor instruments effective to evidence the termination of this Agreement and the reassignment (without recourse) to Assignor of
the Assigned Contracts and Permits and the rights, title, interest, power and authority assigned herein; provided, however, that any affidavit, certificate or other written statement of any officer of Agent stating that any part of said indebtedness
remains unpaid shall be and constitute conclusive evidence of the then validity, effectiveness and continuing force of this Agreement and any person, firm, or corporation receiving any such affidavit, certificate or statement may, and is hereby
authorized to rely thereon. 

  

	15.	 COPIES OF DEFAULT NOTICES. Assignor agrees to provide Agent promptly, but in any event within five (5) Business Days after receipt or
knowledge thereof by Assignor, with copies of any and all notices received by Assignor which allege, either directly or indirectly, that Assignor is in default of, or deficient in the performance of the terms of any obligation of Assignor under, any
Assigned Contract and Permit, or that any fact or circumstance exists which could reasonably lead to the termination, suspension, revocation or loss of any Assigned Contract and Permit. 

 

	16.	 NO CANCELLATION. Assignor covenants and agrees that without the prior written consent of Agent in each instance, Assignor will not permit or
agree to any cancellation, abridgement, or modification of any of the material terms, covenants and conditions of any Assigned Contract and Permit. 

  

	17.	 NOTICES. Any notices given pursuant to this Agreement shall be sufficient only if given in the manner provided for in the Credit Agreement.

  
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	18.	 SUCCESSORS AND ASSIGNS. All of the agreements, obligations, undertakings, representations and warranties herein made by Assignor shall inure
to the benefit of Agent, each Lender and their successors and assigns and shall bind Assignor and its successors and assigns. 

  

	19.	 CAPTIONS AND HEADINGS. Captions and headings in this Agreement are intended solely for the convenience of the parties and shall not be
considered in the determination of the meaning of any provision hereof. 

  

	20.	 GRACE PERIODS AND NOTICE. The grace period and notice provisions set forth in the Credit Agreement shall be applicable to any Default under
this Assignment. 

  

	21.	 COUNTERPARTS. This Collateral Assignment may be executed in several counterparts, each of which when executed and delivered is an original,
but all of which together shall constitute one instrument. In making proof of this agreement, it shall not be necessary to produce or account for more than one such counterpart which is executed by the party against whom enforcement of such
collateral assignment is sought. 

  

	22.	 GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Notwithstanding the
foregoing choice of law, matters relating to the creation, perfection, priority and enforcement of the liens on and security interests in the Assigned Contracts and Permits, shall be governed by the laws of the State of California.

 [signatures appear on next page] 

  
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 IN WITNESS WHEREOF, Assignor has caused this Assignment to be duly executed and delivered by
their respective authorized officers as of the day and year first above written. 
  

					
	ASSIGNOR:
	
	 SSTI 12714 S LA CIENEGA BLVD, LLC,
 a Delaware limited liability company

		
	By:	 	 Strategic Storage Trust, Inc., a Maryland
 corporation, its Manager

			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

 (Notary)

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