SEC Contract Filing

Filing Date: 2017-05-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exr-03312017x10qxex101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s5A03B7CA0AFA9B2D0059CF2199CAD15B"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit&#160;10.1</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">April 18, 2017</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mr. H. James Knuppe and <br>Mrs. Barbara J. Knuppe</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;">5601 Jensen Road</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;">Castro Valley, CA 94552-5013</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Re: </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Letter Agreement to Amend the Promissory Note and Irrevocable Waiver</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">of a Portion of the Series A Preferred Priority Return</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Sirs:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This letter agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Letter Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is being entered into by and between </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Extra Space Storage LP</font><font style="font-family:inherit;font-size:12pt;">, a Delaware limited partnership (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Partnership</font><font style="font-family:inherit;font-size:12pt;">&#8221;), </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ESS Holdings Business Trust I</font><font style="font-family:inherit;font-size:12pt;">, a Massachusetts business trust (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General Partner</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as general partner of the Partnership, and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">H. James Knuppe</font><font style="font-family:inherit;font-size:12pt;">&#32;and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Barbara J. Knuppe</font><font style="font-family:inherit;font-size:12pt;">&#32;(collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Knuppes</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as limited partners of the Partnership pursuant to the Third Amended and Restated Agreement of Limited Partnership of </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Extra Space Storage LP</font><font style="font-family:inherit;font-size:12pt;">&#32;(the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Partnership Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) dated as of November 22, 2013, as amended from time to time. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Letter Agreement amends certain provisions of that certain Promissory Note dated as of June 25, 2007 made by the Knuppes in favor of the Partnership (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Promissory Note</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as amended from time to time. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Paragraph 1</font><font style="font-family:inherit;font-size:12pt;">&#32;of the Promissory Note, as amended, currently provides that the outstanding balance of the amount due under the Promissory Note shall bear interest at the rate of four and eighty-five one hundredths percent (4.85%) per annum (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Interest Rate</font><font style="font-family:inherit;font-size:12pt;">&#8221;). </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Paragraph 2</font><font style="font-family:inherit;font-size:12pt;">&#32;of the Promissory Note, as amended by the letter agreement entered into by and between the Partnership, the General Partner, and the Knuppes dated as of November 22, 2013 (the &#8220;</f