twenty percent Uses in Default Clause

Default from Lease

THIS LEASE (Lease) is made as of this 29th day of June, 2005, and is effective as of May 7, 2005, between AMSDELL AND AMSDELL, an Ohio general partnership (Landlord) and U-Store-It, L.P., a Delaware Limited Partnership (Tenant).

Default. If (a) Tenant defaults in the payment of Fixed Minimum Rent or any other charges due hereunder or in the performance of any of its other agreements hereunder, and if such default relates to the payment of money and Tenant fails to remedy the default within three (3) days of the due date, or if the default relates to matters other than the payment of money and Tenant fails to commence to remedy such default within ten (10) days after Landlord gives Tenant written notice thereof and thereafter diligently pursues correction thereof (but in no event shall such cure exceed thirty (30) days); (b) Tenant vacates or abandons a substantial part of the Premises; (c) Tenant fails to procure or maintain the insurance required of Tenant hereunder; (d) a receiver, non-bankruptcy trustee or custodian of any property of Tenant or the Premises is appointed; (e) there is an appointment of Tenant or any guarantor as a debtor-in-possession for its business or property; (f) Tenants interest in the Premises is levied upon by legal process or there is a filing of a petition under applicable bankruptcy laws by or against Tenant or any guarantor of Tenants obligations hereunder whereby Tenant or such guarantor seeks financial relief from any monetary obligations or based upon or by reason of the failure or inability of Tenant or such guarantor to pay its respective debts as they become due; (g) Tenant or any such guarantor is reorganized or there is an arrangement by Tenant or any such guarantor with its creditors, whether pursuant to applicable bankruptcy laws or any similar federal or state proceeding, unless such petition is filed by a party other than Tenant or any such guarantor and such petition is withdrawn or dismissed within fifteen (15) days after the date of its filing; (h) Tenant disposes of all or substantially all of its assets in bulk or makes an assignment for benefit of its creditors; or (i) the taking, sale or transfer of Tenants interest in the Premises under attachment, execution or other process at law or equity, then and in any such instance, without further notice to Tenant, Landlord, in addition to and not in lieu of any of the other remedies available to it at law or in equity, may (x) enter upon the Premises and terminate this Lease, in which event the obligations of Tenant hereunder shall cease, without prejudice, however, to the right of Landlord to recover from Tenant any sums due Landlord for Fixed Minimum Rent or otherwise to the date of entry, and in addition, as liquidated damages, a sum equal to the Fixed Minimum Rent and any other sums payable hereunder remaining unpaid for the unexpired portion of the term of this Lease discounted at the rate of four percent (4%) per annum to present net worth, plus the estimated expenses and cost of reletting (including, without limitation, brokers commission, remodeling and redecorating expenses and attorneys fees), except that if Tenant is adjudicated a bankrupt, Landlord shall, in lieu of such liquidated damages, be allowed a claim in the bankruptcy proceeding for future Fixed Minimum Rent to the extent permitted by applicable bankruptcy laws; (y) enter upon the Premises without terminating this Lease, expel or remove Tenant or any other party occupying the Premises, by force if necessary, without any liability to Tenant or any other party on account thereof and relet the Premises, in Landlords name for the account of Tenant, for the remainder of the term of this Lease at the amount of Fixed Minimum Rent then attainable and immediately recover from Tenant any deficiency for the balance of the term of this Lease between the amount for which the Premises were relet and the Fixed Minimum Rent provided hereunder discounted at the rate of four percent (4%) per annum to present net worth, plus any expenses and costs of reletting (including, without limitation, brokers commissions, remodeling and redecorating expenses and attorneys fees); or (z) cure the default at Tenants sole cost and expense, in which event Tenant shall reimburse Landlord, upon demand, for Landlords cost and expense of such performance together with interest (Default Rate) at the greater of fifteen percent (15%) per annum or three percent (3%) in excess of the publicly announced prime or base rate of interest from time to time charged by any bank selected by Landlord with offices located in Cleveland, Ohio; provided, however, that in no event shall the Default Rate exceed the highest rate of interest permitted by applicable law.

Default from Lease

THIS LEASE (Lease) is made as of this 29th day of June, 2005, and is effective as of May 1, 2005, between AMSDELL AND AMSDELL, an Ohio general partnership (Landlord) and U-Store-lt, L.P., a Delaware Limited Partnership (Tenant).

Default. If (a) Tenant defaults in the payment of Fixed Minimum Rent or any other charges due hereunder or in the performance of any of its other agreements hereunder, and if such default relates to the payment of money and Tenant fails to remedy the default within three (3) days of the due date, or if the default relates to matters other than the payment of money and Tenant fails to commence to remedy such default within ten (10) days after Landlord gives Tenant written notice thereof and thereafter diligently pursues correction thereof (but in no event shall such cure exceed thirty (30) days); (b) Tenant vacates or abandons a substantial part of the Premises; (c) Tenant fails to procure or maintain the insurance required of Tenant hereunder; (d) a receiver, non-bankruptcy trustee or custodian of any property of Tenant or the Premises is appointed; (e) there is an appointment of Tenant or any guarantor as a debtor-in-possession for its business or property; (f) Tenants interest in the Premises is levied upon by legal process or there is a filing of a petition under applicable bankruptcy laws by or against Tenant or any guarantor of Tenants obligations hereunder whereby Tenant or such guarantor seeks financial relief from any monetary obligations or based upon or by reason of the failure or inability of Tenant or such guarantor to pay its respective debts as they become due; (g) Tenant or any such guarantor is reorganized or there is an arrangement by Tenant or any such guarantor with its creditors, whether pursuant to applicable bankruptcy laws or any similar federal or state proceeding, unless such petition is filed by a party other than Tenant or any such guarantor and such petition is withdrawn or dismissed within fifteen (15) days after the date of its filing; (h) Tenant disposes of all or substantially all of its assets in bulk or makes an assignment for benefit of its creditors; or (i) the taking, sale or transfer of Tenants interest in the Premises under attachment, execution or other process at law or equity, then and in any such instance, without further notice to Tenant, Landlord, in addition to and not in lieu of any of the other remedies available to it at law or in equity, may (x) enter upon the Premises and terminate this Lease, in which event the obligations of Tenant hereunder shall cease, without prejudice, however, to the right of Landlord to recover from Tenant any sums due Landlord for Fixed Minimum Rent or otherwise to the date of entry, and in addition, as liquidated damages, a sum equal to the Fixed Minimum Rent and any other sums payable hereunder remaining unpaid for the unexpired portion of the term of this Lease discounted at the rate of four percent (4%) per annum to present net worth, plus the estimated expenses and cost of reletting (including, without limitation, brokers commission, remodeling and redecorating expenses and attorneys fees), except that if Tenant is adjudicated a bankrupt, Landlord shall, in lieu of such liquidated damages, be allowed a claim in the bankruptcy proceeding for future Fixed Minimum Rent to the extent permitted by applicable bankruptcy laws; (y) enter upon the Premises without terminating this Lease, expel or remove Tenant or any other party occupying the Premises, by force if necessary, without any liability to Tenant or any other party on account thereof and relet the Premises, in Landlords name for the account of Tenant, for the remainder of the term of this Lease at the amount of Fixed Minimum Rent then attainable and immediately recover from Tenant any deficiency for the balance of the term of this Lease between the amount for which the Premises were relet and the Fixed Minimum Rent provided hereunder discounted at the rate of four percent (4%) per annum to present net worth, plus any expenses and costs of reletting (including, without limitation, brokers commissions, remodeling and redecorating expenses and attorneys fees); or (z) cure the default at Tenants sole cost and expense, in which event Tenant shall reimburse Landlord, upon demand, for Landlords cost and expense of such performance together with interest (Default Rate) at the greater of fifteen percent (15%) per annum or three percent (3%) in excess of the publicly announced prime or base rate of interest from time to time charged by any bank selected by Landlord with offices located in Cleveland, Ohio; provided, however, that in no event shall the Default Rate exceed the highest rate of interest permitted by applicable law.