Public Storage 2015 Annual Report Download - page 120
Download and view the complete annual report
Please find page 120 of the 2015 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.
7. PARACHUTE LIMITATIONS
1RWZLWKVWDQGLQJDQ\RWKHUSURYLVLRQRIWKLV$JUHHPHQWRURIDQ\RWKHUDJUHHPHQWFRQWUDFWRUXQGHUVWDQGLQJ
KHUHWRIRUHRUKHUHDIWHUHQWHUHGLQWRE\WKH*UDQWHHDQGWKH7UXVWRUDQ\6XEVLGLDU\H[FHSWDQDJUHHPHQWFRQWUDFWRU
XQGHUVWDQGLQJKHUHDIWHUHQWHUHGLQWRWKDWH[SUHVVO\PRGLILHVRUH[FOXGHVDSSOLFDWLRQRIWKLV6HFWLRQWKH³2WKHU
$JUHHPHQWV´DQGQRWZLWKVWDQGLQJDQ\IRUPDORULQIRUPDOSODQRURWKHUDUUDQJHPHQWKHUHWRIRUHRUKHUHDIWHUDGRSWHGE\
WKH7UXVWRUDQ\6XEVLGLDU\IRUWKHGLUHFWRULQGLUHFWFRPSHQVDWLRQRIWKH*UDQWHHLQFOXGLQJJURXSVRUFODVVHVRI
SDUWLFLSDQWVRUEHQHILFLDULHVRIZKLFKWKH*UDQWHHLVDPHPEHUZKHWKHURUQRWVXFKFRPSHQVDWLRQLVGHIHUUHGLVLQ
FDVKRULVLQWKHIRUPRIDEHQHILWWRRUIRUWKH*UDQWHHD³%HQHILW$UUDQJHPHQW´LIWKH*UDQWHHLVD³GLVTXDOLILHG
LQGLYLGXDO´DVGHILQHGLQ6HFWLRQ*FRIWKH&RGHWKH5HVWULFWHG6KDUH8QLWVDQGDQ\ULJKWWRUHFHLYHDQ\SD\PHQW
RURWKHUEHQHILWXQGHUWKLV$JUHHPHQWVKDOOEHUHGXFHGLWRWKHH[WHQWWKDWVXFKULJKWWRSD\PHQWRUEHQHILWWDNLQJLQWR
DFFRXQWDOORWKHUULJKWVSD\PHQWVRUEHQHILWVWRRUIRU*UDQWHHXQGHUWKH3ODQDOO2WKHU$JUHHPHQWVDQGDOO%HQHILW
$UUDQJHPHQWVZRXOGFDXVHDQ\SD\PHQWRUEHQHILWWRWKH*UDQWHHXQGHUWKLV$JUHHPHQWWREHFRQVLGHUHGD³SDUDFKXWH
SD\PHQW´ZLWKLQWKHPHDQLQJRI6HFWLRQ*ERIWKH&RGHDVWKHQLQHIIHFWD³3DUDFKXWH3D\PHQW´EXWRQO\LL
LIDVDUHVXOWRIUHFHLYLQJD3DUDFKXWH3D\PHQWWKHDJJUHJDWHDIWHUWD[DPRXQWVUHFHLYHGE\WKH*UDQWHHIURPWKH7UXVW
XQGHUWKLV$JUHHPHQWWKH3ODQDOO2WKHU$JUHHPHQWVDQGDOO%HQHILW$UUDQJHPHQWVZRXOGEHOHVVWKDQWKHPD[LPXP
DIWHUWD[DPRXQWWKDWFRXOGEHUHFHLYHGE\*UDQWHHZLWKRXWFDXVLQJDQ\VXFKSD\PHQWRUEHQHILWWREHFRQVLGHUHGD
3DUDFKXWH3D\PHQW,QWKHHYHQWWKDWWKHUHFHLSWRIDQ\VXFKULJKWWRH[HUFLVHSD\PHQWRUEHQHILWXQGHUWKLV
$JUHHPHQWLQFRQMXQFWLRQZLWKDOORWKHUULJKWVSD\PHQWVRUEHQHILWVWRRUIRUWKH*UDQWHHXQGHUWKH3ODQDQ\2WKHU
$JUHHPHQWRUDQ\%HQHILW$UUDQJHPHQWZRXOGFDXVHWKH*UDQWHHWREHFRQVLGHUHGWRKDYHUHFHLYHGD3DUDFKXWH
3D\PHQWXQGHUWKLV$JUHHPHQWWKDWZRXOGKDYHWKHHIIHFWRIGHFUHDVLQJWKHDIWHUWD[DPRXQWUHFHLYHGE\WKH*UDQWHHDV
GHVFULEHGLQFODXVHLLRIWKHSUHFHGLQJVHQWHQFHWKHQWKRVHULJKWVSD\PHQWVRUEHQHILWVXQGHUWKLV$JUHHPHQWWKH
3ODQDQ\2WKHU$JUHHPHQWVDQGDQ\%HQHILW$UUDQJHPHQWVWKDWVKRXOGEHUHGXFHGRUHOLPLQDWHGVRDVWRDYRLGKDYLQJ
WKHSD\PHQWRUEHQHILWWRWKH*UDQWHHXQGHUWKLV$JUHHPHQWEHGHHPHGWREHD3DUDFKXWH3D\PHQWVKDOOEHUHGXFHGLQ
WKHIROORZLQJRUGHU[FDVKSD\PHQWVWKDWGRQRWFRQVWLWXWHGHIHUUHGFRPSHQVDWLRQZLWKLQWKHPHDQLQJRI6HFWLRQ
$RIWKH&RGH\ZHOIDUHRULQNLQGEHQHILWVDQG]FDVKSD\PHQWVWKDWFRQVWLWXWHGHIHUUHGFRPSHQVDWLRQLQHDFK
FDVHEHJLQQLQJZLWKSD\PHQWVRUEHQHILWVWKDWDUHWREHSDLGWKHIDUWKHVWLQWLPHIURPWKHGDWHRIVXFKUHGXFWLRQ
8. DISCLAIMER OF RIGHTS.
1RSURYLVLRQRIWKLV$JUHHPHQWVKDOOEHFRQVWUXHGWRFRQIHUXSRQWKH*UDQWHHWKHULJKWWREHHPSOR\HGE\WKH
7UXVWDQ\6XEVLGLDU\RUDQ\$IILOLDWHRUWRLQWHUIHUHLQDQ\ZD\ZLWKWKHULJKWDQGDXWKRULW\RIWKH7UXVWDQ\6XEVLGLDU\
RUDQ\$IILOLDWHHLWKHUWRLQFUHDVHRUGHFUHDVHWKHFRPSHQVDWLRQRIWKH*UDQWHHDWDQ\WLPHRUWRWHUPLQDWHDQ\
HPSOR\PHQWRURWKHUUHODWLRQVKLSEHWZHHQWKH*UDQWHHDQGWKH7UXVWDQ\6XEVLGLDU\DQ\6HUYLFH3URYLGHURUDQ\
$IILOLDWHRIDQ\RIWKHIRUHJRLQJ
9. GOVERNING LAW.
7KLV$JUHHPHQWVKDOOEHJRYHUQHGE\WKHODZVRIWKH6WDWHRI&DOLIRUQLDEXWQRWLQFOXGLQJWKHFKRLFHRIODZ
UXOHVWKHUHRI
IN WITNESS WHEREOFWKHSDUWLHVKHUHWRKDYHFDXVHGWKLV5HVWULFWHG6KDUH8QLW$JUHHPHQWWREHGXO\
H[HFXWHGDVRIWKHGDWHILUVWDERYHZULWWHQ
PUBLIC STORAGE
%\
1DPH
7LWOH
GRANTEE:
3ULQW1DPH