SEC Contract Filing

Filing Date: 2016-08-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101partnershipunitdesign.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s206A9438EA4FBFEA667C13108051EA2E"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PARTNERSHIP UNIT DESIGNATION OF SERIES HA <br>CLASS B OP UNITS OF <br>NSA OP, LP</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Partnership Unit Designation (this "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Partnership Unit Designation</font><font style="font-family:inherit;font-size:11pt;">") is made as of April 1, 2016 by National Storage Affiliates Trust, a Maryland real estate investment trust and the general partner (the "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">General Partner</font><font style="font-family:inherit;font-size:11pt;">") of NSA OP, LP, a Delaware limited partnership (the "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Partnership</font><font style="font-family:inherit;font-size:11pt;">"). </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the General Partner has determined that it is necessary to establish a series of Class B OP Units in the Partnership designated as Series HA Class B OP Units (the "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Series HA Class B OP Units</font><font style="font-family:inherit;font-size:11pt;">") in accordance with Section 4.3(a) of the Partnership Agreement.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby establishes the Series HA Class B OP Units as follows:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE I <br>SERIES HA CLASS B OP UNITS</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Section 1.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Creation and Designation</font><font style="font-family:inherit;font-size:11pt;">. A series of Class B OP Units is hereby created and is designated as "Series HA Class B OP Units." </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Section 1.2&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Separate Series</font><font style="font-family:inherit;font-size:11pt;">. The Series HA Class B OP Units is considered a separate series of Class B OP Units for purposes of the Partnership Agreement, entitling the holders thereof, except as provided below, with the rights and obligations of the holders of the Series HA Class B OP Units as specified in the Partnership Agreement and in this Partnership Unit Designation. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE II<br>DEFINITIONS</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For purposes of this Partnership Unit Designation, the following terms shall have the respective meanings indicated in this </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Article II</font><font style="font-family:inherit;font-size:11pt;">, and capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Partnership Agreement:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">"</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Actual FCCR" </font><font style="font-family:inherit;font-size:11pt;">has the meaning set forth in the Facilities Portfolio Management Agreement relating to the Series HA Facilities Portfolio. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">"</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Allocated Portfolio Capital Expense Reserve</font><font style="font-family:inherit;font-size:11pt;">" means the annual capital reserve funds allocated to capital improvements for the Series HA Facilities Portfolio. Such allocation shall be equal to the greater of (a) $0.15 per average annual square feet (calculated on a per day basis) for the Series HA Facilities Portfolio and (b) total capital reserves as determined by a Property Condition Audit for each property in