Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.5.0.1
Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

13. SUBSEQUENT EVENTS

 

On May 9, 2016, the Company through its wholly owned subsidiary, entered into an agreement with Gray Eagle Development, LLP to acquire a self storage facility located in Fishers, Indiana (the "New Property") for the sum of $7,700,000 (the "Purchase Agreement").  The Company's obligation to close under the Purchase Agreement is expressly conditioned upon (i) the New Property being satisfactory to the Company in all respects upon completion of the Company's due diligence review and inspection of the New Property and (ii) the occurrence or fulfillment of other conditions precedent to closing under the Purchase Agreement.  If certain of the conditions precedent to closing under the Purchase Agreement are not satisfied, the Company, in addition to its other remedies set forth in the Purchase Agreement, shall be entitled to (A) terminate the Purchase Agreement and the Purchase Agreement shall be deemed null and void, (B) pursue specific performance of the Purchase Agreement and/or (C) pursue any other remedies at law or in equity.