CROSS COLLATERALIZATION AND CROSS DEFAULT AGREEMENT
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CROSS COLLATERALIZATION AND CROSS DEFAULT AGREEMENT |
In order to induce Xxxxxxx Street Enterprises, LLC, a Kentucky limited liability company (“Xxxxxxx”), whose address is 000 Xxxxxxxx Xxxx, Xxxxxx, Xxxxx Xxxxxx, Xxxxxxxx 00000, to lend the sum of Three Million Seven Hundred Thousand Dollars ($3,700,000.00) (“Xxxxxxx Note”) to SSTI 0000 Xxxxxxx XX, LLC, a Delaware limited liability company (herein, “Crescent Borrower”), SSTI 0000 Xxxxxxxxxx XXX, LLC, a Delaware limited liability company (herein, “Xxxxxxxx Borrower”), and SSTI 281 Richwood RD, LLC, a Delaware limited liability company (herein, “Xxxxxx Borrower”, and together with Crescent Borrower and Xxxxxxxx Borrower, hereafter collectively referred to as “Borrower”), whose mailing address is 000 Xxxxxxxxx Xxxxx, Xxxxx 000, Xxxxxx Xxxxx, Xxxxxxxxxx 00000; and in order to induce Crescent Springs Storage, L.L.C., a Kentucky limited liability company (“Crescent”; both Xxxxxxx and Crescent are hereinafter referred to collectively as “Lender”), whose address is 000 Xxxxxxxx Xxxx, Xxxxxx, Xxxxx Xxxxxx, Xxxxxxxx 00000, 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 Xxxxxxx Note, (ii) that certain Mortgage, Security Agreement and Financing Statement (the “Xxxxxx Mortgage”) executed by Xxxxxx Borrower in favor of Lender of even date therewith, and/or (iii) that other certain Mortgage, Security Agreement and Financing Statement (the “Xxxxxxxx Mortgage”) executed by Xxxxxxxx Borrower in favor of Lender of even date therewith, shall constitute a default under the Crescent Note. A default under the Crescent Note and/or the that certain Mortgage, |
| Security Agreement and Financing Statement (the “Crescent Mortgage”) executed by Crescent Borrower in favor of Crescent of even date therewith, shall constitute a default under the Xxxxxxx Note. | |
| 2. | The collateral for the Xxxxxxx Note, as described in the Xxxxxxx Mortgage and the Xxxxxxxx Mortgage, shall also be considered as collateral for the Crescent Note, and the collateral for the Crescent Note, as described in the Crescent Mortgage, shall also be considered as collateral for the Xxxxxxx Note. “Collateral” shall be construed broadly to include both the real estate and personal property described in each of the Xxxxxx Mortgage, the Xxxxxxxx Mortgage and the Crescent Mortgage. |
| 3. | This Agreement is meant to supplement any other agreements between the parties and is to survive the closing and the execution of the Crescent Note, the Xxxxxxx Note, the Xxxxxx Mortgage, the Xxxxxxxx Mortgage and the Crescent Mortgage. |
| 4. | This Agreement is binding upon the respective heirs, successors and assigns of each party to it, but shall terminate and be null and void and of no further force or effect upon payment of the Crescent Note and the Xxxxxxx Note. |
| 5. | This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same instrument. |
DATED this 12th day of February, 2009.
XXXXXXX:
Xxxxxxx Street Enterprises LLC, a Kentucky limited liability company By:/s/ Xxxx Xxxxxxx Name: Xxxx Xxxxxxx Its: Managing Member
CRESCENT:
Crescent Springs Storage, L.L.C., a Kentucky limited liability company By: /s/ Xxxx Xxxxxxx Name: Xxxx Xxxxxxx Its: Member
BORROWER:
SSTI 000 Xxxxxxxx XX, LLC, a Delaware limited liability company By: Strategic Storage Holdings, LLC, a Delaware limited liability company, its Manager By: /s/ H. Xxxxxxx Xxxxxxxx Name: H. Xxxxxxx Xxxxxxxx Title: President
SSTI 0000 Xxxxxxxxxx XXX, LLC, a Delaware limited liability company By: Strategic Storage Holdings, LLC, a Delaware limited liability company, its Manager By: /s/ H. Xxxxxxx Xxxxxxxx Name: H. Xxxxxxx Xxxxxxxx Title: President
SSTI 0000 Xxxxxxx XX, LLC, a Delaware limited liability company By: Strategic Storage Holdings, LLC, a Delaware limited liability company, its Manager By: /s/ H. Xxxxxxx Xxxxxxxx Name: H. Xxxxxxx Xxxxxxxx Title: President
