 What type of mortgage is secured by a loan or note?
A loan or note, held by the Borrower or a Subsidiary of the Borrower, secured by a first mortgage on a Self-Storage Property including land properly zoned for the construction of a Self-Storage Property, plans for which are sufficiently complete such that construction is expected to begin within six (6) months. For the avoidance of doubt, this includes the loans categorized as “Development Property Investments”, “Construction Loan Investments”, and “Operating Property Loans” in the REIT’s form 10-Q dated March 31, 2017.
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