Debt Service Guaranty, dated as of March 7, 2025

EX-10.3 4 sstvi-ex10_3.htm EX-10.3 EX-10.3

Exhibit 10.3

DEBT SERVICE GUARANTEE


TO:	QuadReal Real Estate Debt (Canada) GP Inc., in its capacity as general partner of QuadReal Real Estate Debt (Canada) Limited Partnership
AND TO:	McCarthy Tétrault LLP
RE:	QuadReal Real Estate Debt (Canada) GP Inc. in its capacity as general partner of QuadReal Real Estate Debt (Canada) Limited Partnership (the “Lender”) loan to SST VI 19 Esandar Dr, ULC, SST VI 1230 Lakeshore Rd E, ULC, SST VI 1770 Appleby Line, ULC, SST VI 2068 S Sheridan Way, ULC, SST VI 24-60 Sanford Ave N, ULC, SST VI 411 Cityview Blvd, ULC and SST VI 1615 Franklin St, ULC (collectively, the “Borrowers”) secured by, *inter alia, a Charge/Mortgage registered on title to the lands and premises municipally and legally described in Schedule “A” attached hereto (collectively, the “Properties”) pursuant to a commitment letter dated as of March 7, 2025 among, *inter alios, the Borrowers, as borrowers, and QuadReal Finance LP on behalf of the Lender, as amended, supplemented, restated and replaced from time to time (the “Commitment”) Loan No. 100567**
DATE:	March 7, 2025

IN CONSIDERATION OF the Lender making the initial advance under the above‑noted loan transaction (the “Loan”) and the sum of TWO DOLLARS ($2.00) paid by the Lender to the undersigned, the receipt and sufficiency of which are acknowledged by them, the undersigned hereby jointly and severally irrevocably undertakes, covenants and agrees as follows:

to pay all amounts incurred or arising on account of debt servicing for the Properties when due (“Debt Service Amounts”);

to pay all Debt Service Amounts when and if the same arise and, in any event, upon demand for same by the Lender or its authorized agent. If any Debt Service Amounts are not promptly paid by the Borrowers forthwith after demand therefor by the Lender or its authorized agent, the Lender may, at its option, make any such payment on the Borrowers' behalf and any amount so paid shall become immediately due and payable to the Lender together with interest thereon at the rate then payable under the Loan calculated from the date of payment by the Lender until the date of repayment by the Borrowers;

that failure by the undersigned to comply with the foregoing undertakings, covenants and agreements shall constitute default by the Borrowers under the Loan and all security given in connection therewith, whereupon the Lender shall be entitled, at its option, to enforce all remedies available to it;

all debts and liabilities, present and future, of the Borrowers to Strategic Storage Trust VI, Inc. (the “Guarantor”) are assigned to the Lender and postponed to the obligations of the Borrowers to the Lender and all money received by the Guarantor in respect thereof will be held in trust for the Lender and forthwith upon receipt will be paid over to the Lender, the whole without in any way lessening or limiting the liability of the Guarantor hereunder

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and this assignment and postponement will remain in full force and effect until, in the case of the assignment, such amounts have been repaid. The Guarantor will not be entitled to subrogation until the Guarantor performs or makes payment to the Lender of all amounts owing by the Guarantor to the Lender under this Debt Service Guarantee and until all obligations owing by the Borrowers to the Lender under the Commitment, the Security Documents and all other loan documents (including, without limitation, all Loans and other amounts owing thereunder) have been repaid in full. Thereafter, the Lender will, at the Guarantor’s request and expense, execute and deliver to the Guarantor appropriate documents, at the Guarantor’s expense, without recourse and without representation and warranty, necessary to evidence the transfer by subrogation to the Guarantor of an interest in the obligations of the Borrowers to the Lender and any security held therefor resulting from such performance or payment by the Guarantor;

liability under this Debt Service Guarantee is unlimited; and

this Debt Service Guarantee may be executed and delivered by telecopier, in PDF form or by other electronic transmission, and, if so executed and transmitted, shall be for all purposes as effective as if the parties had delivered an executed original document.

[signature page follows]

DATED as of the date first above written.


STRATEGIC STORAGE TRUST VI, INC.


Per:	/s/ H. Michael Schwartz
	Name: H. Michael Schwartz
	Title: Chief Executive Officer and President

I have authority to bind the corporation.

Signature Page – Debt Service Guarantee

SCHEDULE “A”

PROPERTIES

 Property Address
 Legal / Beneficial Ownership
 PIN / Legal Description 
 

 19 Esandar Drive, Toronto, ON 
 
 Legal Owner:
SST VI 19 ESANDAR DR, ULC
Beneficial Owner: 
SST VI 19 ESANDAR DR, LLC
 PIN 10369-0190(LT)
PT LT 13 CON 3 FTB TWP OF YORK PT 5 TO 7 64R10411; CITY OF TORONTO 
 

 1230 Lakeshore Road East, Mississauga, ON
 
 Legal Owner:
SST VI 1230 LAKESHORE RD E, ULC
Beneficial Owner: 
SST VI 1230 LAKESHORE RD E, LLC
 PIN ###-###-####(LT) 
PT LT 6 CON 3 SDS TORONTO PT 1, 43R20469; S/T TT119305; CITY OF MISSISSAUGA 
 

 1770 Appleby Line, Burlington, ON 
 Legal Owner:
SST VI 1770 APPLEBY LINE, ULC
 
Beneficial Owner: 
SST VI 1770 APPLEBY LINE, LLC
 PIN: 07181-1327(LT)
PART BLOCK 3, PLAN M249, PART 1, PLAN 20R-21900; CITY OF BURLINGTON
 

 2068 South Sheridan Way, Mississauga, ON
 
 Legal Owner:
SST VI 2068 S SHERIDAN WAY, ULC
 
Beneficial Owner: 
SST VI 2068 S SHERIDAN WAY, LLC
 PIN: 13429-0952(LT)
PART LOT 31, CONCESSION 2, SDS,(TORONTO) AS IN VS67469, RO510767, VS32808; SAVE AND EXCEPT PART 1, PLAN 43R38933; SUBJECT TO AN EASEMENT AS IN RO502828; SUBJECT TO AN EASEMENT AS IN VS420047; SUBJECT TO AN EASEMENT IN GROSS OVER PARTS 1 AND 2, 43R-39554 AS IN PR3694334; CITY OF MISSISSAUGA
 
 

 24-60 Sanford Avenue North, Hamilton, ON 
 
 Legal Owner:
SST VI 24-60 SANFORD AVE N, ULC
 
Beneficial Owner: 
SST VI 24-60 SANFORD AVE N, LLC
 PIN: 17199-0017(LT)
LTS 17, 18, 19, 20, 21, 22, 23 & 24, PL 46 ; PT LTS 25, 26, 27, 28, 29, 30, 31 & 32, PL 46 , AS IN VM231207 ; LANE, PL 46 , AS CLOSED BY ORDERS HA118450 & HA130962, AS IN VM231207; HAMILTON
 

DOCPROPERTY "DocID" \* MERGEFORMAT 218322/597055
MTDOCS 60340053

 411 Cityview Boulevard, Woodbridge, ON 
 
 Legal Owner:
SST VI 411 CITYVIEW BLVD, ULC
 
Beneficial Owner: 
SST VI 411 CITYVIEW BLVD, LLC
 PIN: 03327-8199
PT BLK 133, PL 65M3899, PTS 1 TO 5 PL 65R35515; S/T EASEMENT OVER PTS 1, 2 AND 3 PL 65R35515 AS IN YR651192; S/T EASEMENT OVER PTS 2 AND 4 PL 65R35515 AS IN YR773653; CITY OF VAUGHAN
S/T SUBSECTION 44(1) OF THE LAND TITLES ACT, R.S.O. 1990 EXCEPT PARAGRAPHS 3 & 14 THEREOF. NOV. 21, 2000. THE FOLLOWING REMARK HAS BEEN ADDED ON 2008/05/13 AT 16:05 BY SHARON COLES
 

 1615, 1625 and 1633 Franklin Street, Vancouver, British Columbia
 Legal Owner:
SST VI 1615 FRANKLIN ST, ULC
 
Beneficial Owner: 
SST VI 1615 FRANKLIN ST, LLC
 PID: 031-060-668
LOT A BLOCK C DISTRICT LOT 183 GROUP 1 NEW WESTMINSTER DISTRICT PLAN EPP86314
 