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CROSS COLLATERALIZATION AND CROSS DEFAULT AGREEMENT

Security Agreement

CROSS COLLATERALIZATION AND CROSS DEFAULT AGREEMENT | Document Parties: STRATEGIC STORAGE TRUST, INC. | Crescent Springs Storage, LLC | Garrard Street Enterprises, LLC | SSTI 2526 Ritchie ST, LLC | SSTI 281 Richwood RD, LLC | SSTI 5970 Centennial CIR, LLC You are currently viewing:
This Security Agreement involves

STRATEGIC STORAGE TRUST, INC. | Crescent Springs Storage, LLC | Garrard Street Enterprises, LLC | SSTI 2526 Ritchie ST, LLC | SSTI 281 Richwood RD, LLC | SSTI 5970 Centennial CIR, LLC

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Title: CROSS COLLATERALIZATION AND CROSS DEFAULT AGREEMENT
Date: 2/13/2009

CROSS COLLATERALIZATION AND CROSS DEFAULT AGREEMENT, Parties: strategic storage trust  inc. , crescent springs storage  llc , garrard street enterprises  llc , ssti 2526 ritchie st  llc , ssti 281 richwood rd  llc , ssti 5970 centennial cir  llc
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CROSS COLLATERALIZATION
AND
CROSS DEFAULT AGREEMENT

     In order to induce Garrard Street Enterprises, LLC, a Kentucky limited liability company (“Garrard”), whose address is 281 Richwood Road, Walton, Boone County, Kentucky 41094, to lend the sum of Three Million Seven Hundred Thousand Dollars ($3,700,000.00) (“Garrard Note”) to SSTI 2526 Ritchie ST, LLC, a Delaware limited liability company (herein, “Crescent Borrower”), SSTI 5970 Centennial CIR, LLC, a Delaware limited liability company (herein, “Florence Borrower”), and SSTI 281 Richwood RD, LLC, a Delaware limited liability company (herein, “Walton Borrower”, and together with Crescent Borrower and Florence Borrower, hereafter collectively referred to as “Borrower”), whose mailing address is 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694; and in order to induce Crescent Springs Storage, L.L.C., a Kentucky limited liability company (“Crescent”; both Garrard and Crescent are hereinafter referred to collectively as “Lender”), whose address is 281 Richwood Road, Walton, Boone County, Kentucky 41094, to lend the sum of Eight Hundred Thousand Dollars ($800,000.00) (“Crescent Note”) to Borrower; Lender and Borrower now hereby agree as follows:

1.     

A default under (i) the Garrard Note, (ii) that certain Mortgage, Security Agreement and Financing Statement (the “Walton Mortgage”) executed by Walton Borrower in favor of Lender of even date therewith, and/or (iii) that other certain Mortgage, Security Agreement and Financing Statement (the “Florence Mortgage”) executed by Florence Borrower in favor of Lender of even date therewith, shall constitut


 
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