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$50,000,000
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November 1, 2006
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FOR VALUE
RECEIVED, the undersigned, U-STORE-IT, L.P., a limited partnership
formed under the laws of the State of Delaware (the
“Borrower”), hereby promises to pay to the order of
Wachovia Bank, National Association, (the “Lender”) at
One Wachovia Center, 301 South College Street, Charlotte, North
Carolina 28288, or at such other address as may be specified in
writing by the Lender to the Borrower, the principal sum of FIFTY
MILLION AND NO/100 DOLLARS ($50,000,000) (or such lesser amount as
shall equal the unpaid principal amount of the Loan made by the
Lender to the Borrower under the Credit Agreement (as herein
defined)), on the dates and in the principal amounts provided in
the Credit Agreement, and to pay interest on the unpaid principal
amount owing hereunder, at the rates and on the dates provided in
the Credit Agreement.
The date and
amount of the Loan made by the Lender to the Borrower, and each
payment made on account of the principal thereof, shall be recorded
by the Lender on its books and, prior to any transfer o
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