<PAGE>
                                                                 Exhibit 10.12

PROMISSORY NOTE

Maximum principal amount of                         dated as of January 29, 2001
$10,500,000.00

     FOR VALUE RECEIVED, the undersigned SAC Holding Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
                  -----          -----------
U-Haul International, Inc., a Nevada corporation, ("Payee"), at the principal
                                                    -----
office of the Payee at 2721 North Central Avenue, Phoenix, Arizona 85004 or at
such other place or places as the holder hereof may from time to time designate
in writing, the principal sum of up to Ten Million Five Hundred Thousand Dollars
($10,500,000), or, if less, the aggregate unpaid principal amount of the Loan
made by Payee to Maker, with Interest on the principal balance outstanding from
time to time, all as hereinafter set forth.

     1.   Definitions.  As used in this Note, each of the following terms shall
          -----------
have the following meanings, respectively:

          "Accrual Rate":  shall mean the annual interest rate of eight percent
           ------------
     (8.0%).

          "Additional Interest":  shall mean and include both Cash Flow
          ---------------------
     Contingent Interest and Capital Proceeds Contingent Interest.

          "Adjusted Operating Expenses":  shall mean Operating Expenses (i) to
          -----------------------------
     account for all actual or required Operating Expenses as opposed to
     escrowed or estimated payments made pursuant to the Senior Loans or
     otherwise and (ii) such other adjustments to Operating Expenses to adjust
     for seasonal, extraordinary or non-customary expenses and costs and other
     abnormalities.

          "Affiliate":  of any specified Person shall mean (i) any other Person
          -----------
     controlling or controlled by or under common control with such specified
     Person and (ii) any limited partner of such Person if such Person is a
     limited partnership, any shareholder of such Person if such Person is a
     corporation, or any member of such Person if such Person is a limited
     liability company.  For the purposes of this definition, "control," when
     used with respect to any specified Person, means the power to direct the
     management and policies of such person, directly or indirectly, whether
     through the ownership of voting securities, by contract, or otherwise; and
     the terms "controlling" and "controlled" have meanings correlative to the
     foregoing.

          "Basic Interest":  shall have the meaning given it in Section 2(a) and
          ----------------                                      -----------
     2(b) below.
     ----

          "Borrowers": collectively, are the entities that own fee title to the
          -----------
     properties identified by their respective street address on Schedule A
     hereto.
<PAGE>

          "Capital Proceeds Contingent Interest":  shall have the meaning given
          --------------------------------------
     it in Section 2(h)(i) below.
           ---------------

          "Cash Flow Contingent Interest":  shall have the meaning given it in
          -------------------------------
     Section 2(e) below.
     ------------

          "Catch-Up Payment":  shall have the meaning given it in Section 2(d).
          ------------------                                      ------------

          "Debt Papers":  shall mean the documents and instruments included
          -------------
     within the definition of the term "Debt Papers" as provided in Section 14
                                       -------------                ----------
     below.

          "Deferred Interest":  shall have the meaning given it in Section 2(a).
          -------------------                                      ------------

          "GAAP": shall mean generally accepted accounting principles as used
          ------
     and understood in the United States of America from time to time.

          "Gross Income":  shall equal Gross Receipts for the applicable twelve
          --------------
     (12) month period less (i) sale tax and other similar taxes, (ii)
     condemnation awards, (iii) casualty or other insurance proceeds, (iv)
     proceeds of any borrowing, (v) proceeds of any or sale of any Mortgaged
     Properties, (vi) proceeds of any sale of assets outside the ordinary course
     of business, (vii) revenues relating to equipment or vehicle rentals and
     (vii) any revenue generated other than in connection with the use of the
     Mortgaged Properties.

          "Gross Receipts":  shall mean, for any period all gross receipts,
          ----------------
     revenues and income of any and every kind collected or received by or for
     the benefit or account of Maker and the Borrower during such period arising
     from the ownership, rental, use, occupancy or operation of the Project or
     any portion thereof.  Gross Receipts shall include, without limitation, all
     receipts from all tenants, licensees and other occupants and users of the
     Project or any portion thereof, including, without limitation, rents,
     security deposits and the like, interest earned and paid or credited on all
     Maker's or the Borrowers' deposit accounts related to the Project, all
     proceeds of rent or business interruption insurance, and the proceeds of
     all casualty insurance or eminent domain awards to the extent not (i)
     applied, or reserved and applied within six (6) months after the creation
     of such reserve, to the restoration of the Project in accordance with the
     Mortgage, (ii) paid to Holder to reduce the principal amount of the Loan or
     (iii) paid to reduce the principal amount of the Senior Loans.  Gross
     Receipts shall include the net commission payable from U-Haul
     International, Inc. for the rental of its equipment (whether or not such
     equipment is owned by the Owner of the Mortgaged Property) at any Mortgaged
     Property; provided however that such net commissions payable shall not be
     included in Gross Receipts until the 15th day of the month following the
     month in which such rental occurred, all in accordance with the customary
     procedure for the payment of net commission.  Gross Receipts shall not
<PAGE>
     include any capital contributed to Maker, whether in the form of a loan or
     equity, or any proceeds from any loan made to Maker. Any receipt included
     within Gross Receipts in one period shall not be included within Gross
     Receipts for any other period (i.e., no item of revenue or receipts shall
     be counted twice).

          "Highest Lawful Rate": shall mean the maximum rate of interest which
          ---------------------
     the Holder is allowed to contract for, charge, take, reserve, or receive
     under applicable law after taking into account, to the extent required by
     applicable law, any and all relevant payments or charges hereunder.

          "Holder":  shall mean at any particular time, the Person that is then
          --------
     the holder of this Note.

          "Interest":  shall mean Additional Interest, Basic Interest and
          ----------
     Deferred Interest.

          "Loan":  shall mean the unsecured loan in the amount of up to
          ------
     $10,500,000.00 made by Payee to Maker and evidenced by this Note or up to
     such amount as may have been advanced by Payee to Maker from time to time.

          "Loan Year":  shall mean a year commencing on the date of this Note,
          -----------
     or an anniversary thereof, and ending 365 days (or 366 days in a leap year)
     thereafter.

          "Management Fee":  shall mean the fee paid to the Project Manager
          ----------------
     pursuant to the Property Management Agreement which fee shall in no event
     exceed six percent (6.0%) of Gross Receipts.

          "Material Adverse Effect":  shall mean the likely inability or
          -------------------------
     reasonably anticipated inability of Maker to pay the Loan and perform its
     other obligations in compliance with the terms of the Debt Papers.

          "Maturity Date":  shall mean the first to occur of the Stated Maturity
          ---------------
     Date and the earlier date (if any) on which the unpaid principal balance
     of, and unpaid Interest on, this Note shall become due and payable on
     account of acceleration by the Holder hereof.

          "Mortgage":  shall mean collectively the Deeds of Trust (and
          ----------
     Mortgages, and Deeds to Secure Debt), Assignment of Leases and Rents,
     Security Agreement and Financing Statement securing the promissory note
     representing the Senior Loans, as the same may be amended, modified or
     restated from time to time and together with all replacements and
     substitutions therefor.  The Mortgage is more fully identified in Section
                                                                       -------
     14 below.
     --

          "Mortgaged Properties": shall mean the properties of the Borrowers
          ----------------------
     identified on Schedule A hereto.
<PAGE>

          "Net Capital Proceeds":  shall have the meaning given it in Section
          ----------------------                                      -------
     2(h)(iv) below.
     --------

          "Net Cash Flow":  shall mean, for any period, the amount by which the
          ---------------
     Gross Receipts for such period exceed the sum of Interest paid during such
     period, Operating Expenses paid for and with respect to such period, and
     interest paid under and on account of the Senior Loans during such period;
     but Net Cash Flow for any period shall not be less than zero.

          "Net Cash Flow Before Debt Service":  shall mean, for any period, the
          -----------------------------------
     amount by which the Gross Receipts for such period exceed the Operating
     Expenses for and with respect to such period.

          "Net Operating Income":  shall mean the "Gross Income" generated by
          ----------------------
     the Project less Adjusted Operating Expenses, adjusted to reflect a ninety-
     five (95%) percent occupancy on a per Mortgaged Property basis for of the
     Project.

          "Note": shall mean this Promissory Note as it may be amended,
          ------
     modified, extended or restated from time to time, together with all
     substitutions and replacements therefor.

          "Operating Expenses":  shall mean, for any period, all cash
          --------------------
     expenditures of Maker or the Borrowers actually paid (and properly payable)
     during such period for (i) payments into escrow pursuant to the Debt Papers
     for real and personal property taxes; (ii) real and personal property taxes
     on the Project (except to the extent paid from escrowed funds); (iii)
     premiums for liability, property and other insurance on the Project; (iv)
     the Management Fee; (v) sales and rental taxes relating to the Project
     (except to the extent paid from the Tax and Insurance Escrow Account); and
     (vi) normal, reasonable and customary operating expenses of the Project.
     In no event shall Operating Expenses include amounts distributed to the
     partners or shareholder's of Maker or the Borrowers, payments to Affiliates
     not permitted under Section 7(c) below, any payments made on the Loan or
                         ------------
     any other loan obtained by Maker, amounts paid out of any funded reserve
     expressly approved by Holder, non-cash expenses such as depreciation, or
     any cost or expense related to the restoration of the Project in the event
     of a casualty or eminent domain taking paid for from the proceeds of
     insurance or an eminent domain award or any reserve funded by insurance
     proceeds or eminent domain awards.

          "Pay Rate":  shall mean the annual interest rate of two percent
          ----------
     (2.0%).

          "Pay Rate Interest":  shall mean for any period the amount of Basic
          -------------------
     Interest payable for such period less the amount of Deferred Interest which
     accrued during such period.

          "Person":  shall mean any corporation, natural person, firm, joint
          --------
<PAGE>
     venture, general partnership, limited partnership, limited liability
     company, trust, unincorporated organization, government or any department
     or agency of any government.

          "Present Value":  shall have the meaning given such term in Section
          ---------------                                             -------
     4(c) below.
     ----

          "Project":  shall mean the real estate, the improvements and the
          ---------
     personal property identified on Schedule A hereto, taken together
     collectively.

          "Project Manager":  shall have the meaning given it in Section 6(j)
          -----------------                                      ------------
     below.

          "Property Management Agreement":  shall have the meaning given such
          -------------------------------
     term in Section 6(j) below.
             ------------

          "Requirements of Law":  shall mean, as to any Person, requirements as
          ---------------------
     set out in the provisions of such Person's Articles of Incorporation and
     Bylaws (in the case of a corporation) partnership agreement and certificate
     or statement of partnership (in the case of a partnership) or other
     organizational or governing documents, or as set out in any law, treaty,
     rule or regulation, or final and binding determination of an arbitrator, or
     determination of a court or other federal, state or local governmental
     agency, authority or subdivision applicable to or binding upon such Person
     or any of its property or to which such Person or any of its property is
     subject, or in any private covenant, condition or restriction applicable to
     or binding upon such Person or any of its property or to which such Person
     or any of its property is subject.

          "Sale":  shall mean any direct or indirect sale, assignment, transfer,
          ------
     conveyance, lease (except for leases or licenses of terms not exceeding 1
     year to tenants in the ordinary course of business complying with standards
     and in a form approved by Payee) or disposition of any kind whatsoever of
     the Project, or of any portion thereof or interest (whether legal,
     beneficial or otherwise) of 25% or more (in the aggregate of all such
     sales, transfers, assignments, etc., made at any time or from time to time,
     taken together) of all equity interests in Maker.

          "Security Documents":  shall mean the documents and instruments
          --------------------
     included within the definition of the term "Security Documents" as provided
                                                --------------------
     in Section 14 below.
        ----------

          "Senior Loan Documents":  shall mean and include, at any time, all
          -----------------------
     promissory notes, mortgages and other documents and instruments which
     create, evidence or secure all or any part of the Senior Loans.

          "Senior Lender" shall mean Merrill Lynch Mortgage Lending, Inc.,
          ---------------
     and/or such other Person who may extend a senior loan with respect to the
     Project or any portion thereof, as the context may so require, in its
     capacity as the lender under the Senior Loans.
<PAGE>

          "Senior Loans":  shall mean, collectively, (i) that certain loan in
          --------------
     the amount of $18,524,000.00 made by Senior Lender to the Fifteen SAC Self
     Storage Corporation; (ii) that certain loan in the amount of $17,113,000.00
     made by Senior Lender to the Sixteen SAC Self Storage Corporation; and/or
     (viii) any other senior loan secured by the Project or any portion thereof.

          "Stated Maturity Date":  shall mean the earlier of January 1, 2021 and
          ----------------------
     the date on which all of the Property Management Agreements are terminated
     in accordance with Section 6 thereof,  or on demand by Payee.

          "Tax and Insurance Escrow Account":  shall mean any impound account
          ----------------------------------
     established pursuant to the Senior Loans, or any of them, and may include
     without limitation, impounds for capital repairs and replacements.

          "Triggering Event":  shall have the meaning given it in Section
          ------------------                                      -------
     2(h)(ii) below.
     --------

          "Yield Maintenance Premium":  shall have the meaning given such term
          ---------------------------
     in Section 4(b) below.
        ------------

     2.  Interest.
         --------

          (a)  Basic Interest Rate Prior to Maturity.  Prior to the Maturity
               -------------------------------------
     Date, interest ("Basic Interest") shall accrue on the principal balance of
                      --------------
     the Note outstanding from time to time at the Accrual Rate.  Such interest
     shall be paid as follows:  quarterly in arrears, on the first business day
     of each calendar quarter.  Maker shall pay to Holder an amount calculated
     by applying the Pay Rate to the principal balance outstanding hereunder;
     and, the remainder of the Basic Interest accrued hereunder at the Accrual
     Rate during such quarter through the last day of such quarter ("Deferred
                                                                     --------
     Interest") shall be deferred, shall be payable as and at the time provided
     --------
     in Section 2(d) below, and commencing on the day payment of Basic Interest
        ------------
     at the Pay Rate is due for such quarter, interest shall accrue on such
     Deferred Interest at the Accrual Rate (and any accrued interest thereon,
     shall be considered part of Deferred Interest).

          (b)  Post-Maturity Basic Interest.  From and after the Maturity Date
               ----------------------------
     interest ("Post Maturity Basic Interest") shall accrue and be payable on
                ----------------------------
     the outstanding principal balance hereof until paid in full at an annual
     rate equal to fifteen percent (15%) and such Post Maturity Basic Interest
     shall be payable upon demand.

          (c)  Computations.  All computations of interest and fees payable
               ------------
     hereunder shall be based upon a year of 360 days for the actual number of
     days elapsed.
<PAGE>

          (d)  Deferred Interest.  Deferred Interest shall be paid as follows:
               -----------------

               (i)  On each quarterly date for the payment of Basic Interest,
          Maker shall pay an amount (the "Catch-Up Payment") equal to the lesser
                                          ----------------
          of (i) the aggregate outstanding Deferred Interest on the last day of
          the quarter for which such payment is being made and (ii) ninety
          percent (90%) of the result of subtracting from Net Cash Flow Before
          Debt Service for that quarter the sum of principal and interest paid
          on the Senior Loans by the borrowers thereunder for such period plus
          an additional amount equal to twice the Pay Rate Interest for such
          period;

               (ii)  All unpaid Deferred Interest shall be paid on the Maturity
          Date; and

               (iii) No payment of Deferred Interest may, when added to all
          other payments of interest or payments construed as interest, shall
          exceed the Highest Lawful Rate.

          (e)  Cash Flow Contingent Interest.  In addition to Basic Interest and
               -----------------------------
     Deferred Interest, on each date on which Basic Interest is payable
     hereunder, Maker shall pay to Holder interest ("Cash Flow Contingent
                                                     --------------------
     Interest") in an amount equal to the amount (if any) by which ninety
     --------
     percent (90%) of the result of subtracting from Net Cash Flow Before Debt
     Service for that quarter the sum of principal and interest paid on the
     Senior Loans for such period plus an additional amount equal to twice the
     Pay Rate Interest for such period each calculated as of that date exceeds
     the Catch-Up Payment paid on that date by Maker to Holder.  Additionally,
     at the time of the closing of any impound accounts established pursuant to
     the Senior Loan Documents, deposits into which are considered Operating
     Expenses, Cash Flow Contingent Interest shall be due to the Holder on the
     balances in those accounts except to the extent such balances are paid to
     the Senior Lender.

          (f)  Quarterly Statements; Adjustment of Payments. On the due date for
               --------------------------------------------
     each payment of Basic Interest, Maker shall deliver to Holder a certified
     statement of operations of the Project for the calendar quarter or other
     period with respect to which such Basic Interest is due, showing in
     reasonable detail and in a format approved by Holder respective amounts of,
     and the method of calculating, the Gross Receipts, Gross Income, Operating
     Expenses, Net Cash Flow, Catch-Up Amount and Cash Flow Contingent Interest
     for the preceding calendar quarter, as well as (if requested by Holder) all
     data necessary for the calculation of any such amounts.  Maker shall keep
     and maintain at all times full and accurate books of account and records
     adequate to correctly reflect all such amounts.  Such books and records
     shall be available for at least five years after the end of the calendar
     quarter to which they relate.  Holder shall have the right to inspect, copy
     and audit such books of account and records during reasonable business
     hours, and upon reasonable notice to Maker, for the purpose of verifying
     the accuracy of any payments made on account of Cash Flow Contingent
     Interest.  The costs of any such audit will be paid by Holder, except that
     Maker shall pay all reasonable costs and expenses of any such audit which
<PAGE>
     discloses that any amount properly payable by maker to Holder hereunder
     exceeded by five percent (5%) or more the amount actually paid and
     initially reported by maker as being payable with respect thereto.

          (g)  Prorations of Cash Flow Contingent Interest. Cash Flow Contingent
               -------------------------------------------
     Interest shall be equitably prorated on the basis of a 365-day year for any
     partial calendar quarter in which the term of the Loan commences or in
     which the Note is paid in full.  If the payment of Cash Flow Contingent
     Interest due on the Maturity Date is made before the delivery to Holder of
     the quarterly statement for the then current calendar quarter, then Maker
     shall pay to Holder on Maturity Date an estimate of such amount.  Maker
     shall subsequently deliver to Holder an operating statement as required by
     Section 2(f) for the quarter in which the Maturity Date occurred, and an
     ------------
     appropriate adjustment of the estimated amount previously paid by Maker
     shall be made by the parties within ten (10) days after the operating
     statement for such final quarter is delivered to Holder.

          (h)  Capital Proceeds Contingent Interest.
               ------------------------------------

               (i)  Capital Proceeds Contingent Interest Defined. Maker shall
                    --------------------------------------------
     pay to Holder, in addition to Basic Interest, Deferred Interest and Cash
     Flow Contingent Interest, at the time or times and in the manner
     hereinafter described, an amount equal to ninety percent (90%) of the Net
     Capital Proceeds resulting from, or determined at the time of, any of the
     Triggering Events described below (collectively, "Capital Proceeds
                                                       ----------------
     Contingent Interest").
     -------------------

               (ii)  Events Triggering Payment of Net Capital Proceeds.  Capital
                     -------------------------------------------------
     Proceeds Contingent Interest shall be due and payable concurrently with the
     occurrence of each and every one of the following events (collectively
     "Triggering Events", and individually, a "Triggering Event"):
      -----------------                        ----------------

                    (A)  Project Sale or Financing.  The closing of any Sale of
                         -------------------------
     the Project (any such event is hereinafter collectively referred to as a
     "Sale or Financing");
      -----------------

                    (B)  Default Occurrence.  The occurrence of any Event of
                         ------------------
     Default which is not fully cured within the period of time, if any,
     expressly provided for cure herein, and the acceleration of the maturity of
     the Loan on account thereof (hereinafter collectively referred to as a
     "Default Occurrence"); and
      ------------------

                    (C)  Maturity Occurrence.  The occurrence of the Maturity
                         -------------------
     Date or the prepayment by Maker (if permitted hereunder) of all principal
     and accrued Basic Interest (including, without limitation, Deferred
     Interest) and Cash Flow Contingent Interest outstanding on the Loan (the
     "Maturity Occurrence").
      -------------------
<PAGE>

               (iii)  Notice of Triggering Event: Time for Payment of Capital
                      -------------------------------------------------------
     Proceeds Contingent Interest.  Maker shall notify Holder of the occurrence
     ----------------------------
     of a Triggering Event, and shall pay Holder the full amount of any
     applicable Capital Proceeds Contingent Interest which is payable in
     connection therewith, as follows:

                    (A)  In the case of any Sale or Financing or the Maturity
     Occurrence, Maker shall give Holder written notice of any such Triggering
     Event not less than seventy five (75) days before the date such Triggering
     Event is to occur.  Any Capital Proceeds Contingent Interest due Holder on
     account of any Sale or Financing or the Maturity Occurrence shall be paid
     to Holder on the date such Triggering Event occurs.

                    (B)  In the case of a Default Occurrence, no notice of such
     a Triggering Event need be given by Maker.  In such event, payment of any
     and all Capital Proceeds Contingent Interest on account of the Default
     Occurrence shall be immediately due and payable upon acceleration of the
     maturity of the Loan.

               (iv)  Determination of Net Capital Proceeds.  Prior to the
                     -------------------------------------
     occurrence of a Triggering Event (or, in the event of a Default Occurrence,
     within a reasonable time thereafter), the "Net Capital Proceeds" resulting
                                                --------------------
     from such Triggering Event shall be determined as follows:

                    (A)  Net Capital Proceeds From Sale or Financing.  Except as
                         -------------------------------------------
     provided in Section 2(h)(iv)(B) below, in the event of a Sale or Financing,
                 -------------------
     "Net Capital Proceeds" shall be the amount which is equal to: (I) either
      --------------------
     (x) the Gross Capital Proceeds (as hereinafter defined) realized from the
     Project, or (y) the fair market value of the Project determined pursuant to
     Section 2(h)(v) below, if Holder in its discretion requires such a
     ---------------
     determination, minus (II) the sum of: (aa) reasonable brokerage commissions
                    -----
     (excluding any payments to any Affiliate of Maker to the extent such
     payments exceed those which would have been due as commissions to a non-
     Affiliate broker rendering identical services), title insurance premiums,
     documentary transfer taxes, escrow fees and recording charges, appraisal
     fees, reasonable attorneys' fees and costs, and sales taxes (if any), in
     each case actually paid or payable by Maker in connection with the Sale or
     Financing, plus (bb) all payments of principal and Deferred Interest paid
     to Holder an account of this Note from the proceeds of such Sale or
     Financing, plus (cc) an amount equal to all payments of principal and
     interest on the Senior Loans made from the proceeds of such Sale or
     Financing, plus (dd) any amount paid as Yield Maintenance Premium as a
     result of such Sale or Financing.  For purposes of this Section 2(h),
                                                             ------------
     "Gross Capital Proceeds" shall mean the gross proceeds of whatever form or
      ----------------------
     nature payable directly or indirectly to or for the benefit or account of
     Maker in connection with such Sale or Financing, including, without
     limitation: cash; the outstanding balance of any financing which will
     remain as a lien or encumbrance against the Project or any portion thereof
     following such Sale or Financing (but only in the case of a Sale, and not
     in the case of an encumbrance); and the cash equivalent of the fair market
<PAGE>
     value of any non-cash consideration, including the present value of any
     promissory note received as part of the proceeds of such Sale or Financing
     (valued at a market rate of interest, as determined by an independent
     investment banker designated by Holder).

                    (B)  Net Capital Proceeds In Connection With a Default or
                         ----------------------------------------------------
     Maturity Occurrence.  In the event of a Default Occurrence or the Maturity
     -------------------
     Occurrence when no Sale or Financing has occurred, the "Net Capital
                                                             -----------
     Proceeds" shall equal: (I) the fair market value of the Project determined
     --------
     as of the date of such Triggering Event in accordance with Section 2(h)(v)
                                                                ---------------
     below, minus (II) the sum of (aa) the outstanding principal balance plus
     Deferred Interest on the Note plus (bb) the outstanding principal balance
     of, and accrued but unpaid interest on, the Senior Loans.

               (v)  Determination of Fair Market Value.  The fair market value
                    ----------------------------------
     of the Project shall be determined for purposes of this Note as follows:

                    (A)  Partial Sale.  In the event of a Sale of a portion of
                         ------------
     the Project, Holder shall select an experienced and reputable appraiser to
     prepare a written appraisal report of the fair market value of the Project
     in accordance with clause (C) below, and the appraised fair market value
     submitted to Holder by such appraiser shall be conclusive for purposes of
     this Note.

                    (B)  Other Occurrences.  In all other circumstances the fair
                         -----------------
     market value of the Project shall be deemed to equal the result of dividing
     the Net Cash Flow Before Debt Service for the immediately preceding fiscal
     year by ten percent (10%).  However, if the Net Cash Flow Before Debt
     Service for the immediately preceding fiscal year has been lowered because
     of unusually high Operating Expenses during such fiscal year the fair
     market value of the Project may, at the option of the Maker be determined
     by dividing by ten percent (10%) the mean average of the Net Cash Flow
     Before Debt Service of the Project for the 3 immediately preceding fiscal
     years of the Project.

                    (C)  Appraisal Standards and Assumptions.  In making any
                         -----------------------------------
     determination by appraisal of fair market value, the appraiser(s) shall
     assume that the improvements then located on the Project constitute the
     highest and best use of the property.  If the Triggering Event is a Sale or
     Financing, the appraiser(s) shall take the sales price into account,
     although such sales price shall not be determinative of fair market value.
     Each appraiser selected hereunder shall be an independent MAI-designated
     appraiser with not less than ten years' experience in commercial real
     estate appraisal in the general geographical area where the Project is
     located.

               (vi)  Effect on Holder's Approval Rights.  Nothing contained in
                     ----------------------------------
     this Section 2(h) shall be deemed or construed to waive, restrict, impair,
          ------------
     or in any manner affect Holder's rights hereunder to consent (or withhold
     its consent) to: any prepayment of the Loan in whole or in part; sales or
<PAGE>
     other transfers of all or any portion of the Project or any interest
     therein; sales or other transfers of any ownership interests in Maker; any
     refinancing of all or any portion of the Loan; any junior financing; or,
     any other matters which require Holder's consent.

               (vii)  Statement, Books and Records.  With each payment of
                      ----------------------------
     Capital Proceeds Contingent Interest, Maker shall furnish to Holder a
     statement setting forth Maker's proposed calculation of Net Capital
     Proceeds and Capital Proceeds Contingent Interest and shall provide a
     detailed breakdown of all items necessary for such calculation.  For a
     period of five years after each payment of Capital Proceeds Contingent
     Interest, Maker shall keep and maintain full and accurate books and records
     adequate to correctly reflect each such item.  Said books and records shall
     be available for Holder's inspection, copying and audit during reasonable
     business hours following reasonable notice for the purpose of verifying the
     accuracy of the payments made on account of Capital Proceeds Contingent
     Interest.  The costs of any such audit will be paid by Holder, except that
     Maker shall pay all reasonable costs and expenses of any such audit which
     discloses that any amount properly payable by Maker to Holder hereunder
     exceeded by five percent (5%) or more the amount actually paid and
     initially reported by maker as being payable with respect thereto.

               (viii)  Negative Capital Proceeds Contingent Interest.
                       ---------------------------------------------
     Notwithstanding any other provision of this Agreement, Holder shall not be
     responsible or liable in any respect to Maker or any other Person for any
     reduction in the fair market value of the Project or for any contingency,
     condition or occurrence that might result in a negative number for Capital
     Proceeds Contingent Interest.  If at any time it is calculated, Capital
     Proceeds Contingent Interest shall be a negative amount, no Capital
     Proceeds Contingent Interest shall at that time be payable to Holder, but
     Holder shall in no way be liable for any such negative amount and there
     shall be no deduction or offset for such negative amount at any time when
     Capital Proceeds Contingent Interest shall be subsequently calculated.

               (ix) No payment of Capital Proceeds Contingent Interest may, when
     added to all other payments of interest or payments construed as interest,
     shall exceed the Highest Lawful Rate.

     3.  Usury Savings Clause.  The provisions of this Section 3 shall govern
         --------------------                          ---------
and control over any irreconcilably inconsistent provision contained in this
Note or in any other document evidencing or securing the indebtedness evidenced
hereby.  The Holder hereof shall never be entitled to receive, collect, or apply
as interest hereon (for purposes of this Section 3, the word "interest" shall be
                                         ---------
deemed to include Basic Interest, Additional Interest and any other sums treated
as interest under applicable law governing matters of usury and unlawful
interest), any amount in excess of the Highest Lawful Rate (hereinafter defined)
and, in the event the Holder ever receives, collects, or applies as interest any
such excess, such amount which would be excessive interest shall be deemed a
<PAGE>
partial prepayment of principal and shall be treated hereunder as such; and, if
the principal of this Note is paid in full, any remaining excess shall forthwith
be paid to Maker.  In determining whether or not the interest paid or payable,
under any specific contingency, exceeds the Highest Lawful Rate, Maker and the
Holder shall, to the maximum extent permitted under applicable law, (i)
characterize any nonprincipal payment as an expense, fee, or premium rather than
as interest, (ii) exclude voluntary prepayments and the effects thereof, and
(iii) spread the total amount of interest throughout the entire contemplated
term of this Note; provided, that if this Note is paid and performed in full
prior to the end of the full contemplated term hereof, and if the interest
received for the actual period of existence  hereof exceeds the Highest Lawful
Rate, the Holder shall refund to Maker the amount of such excess or credit the
amount of such excess against the principal of this Note, and, in such event,
the Holder shall not be subject to any penalties provided by any laws for
contracting for, charging, or receiving interest in excess of the Highest Lawful
Rate.
     4.  Payments.
         --------

          (a)  Interest.  Maker promises to pay to the Holder hereof Basic
               --------
     Interest, Deferred Interest and Additional Interest as, in the respective
     amounts, and at the respective times provided in Section 2 hereinabove.  No
                                                      ---------
     principal payments shall be due hereunder except at the Stated Maturity
     Date or as otherwise provided herein in the event of default.  Each payment
     of Basic Interest (including without limitation, Deferred Interest), and
     Additional Interest on, or any other amounts of any kind with respect to,
     this Note shall be made by the Maker to the Holder hereof at its office in
     Phoenix, Arizona (or at any other place which the Holder may hereafter
     designate for such purpose in a notice duly given to the Maker hereunder),
     not later than noon, Pacific Standard Time, on the date due thereof; and
     funds received after that hour shall be deemed to have been received by the
     Holder on the next following business day.  Whenever any payment to be made
     under this Note shall be stated to be due on a date which is not a business
     day, the due date thereof shall be extended to the next succeeding business
     day, and interest shall be payable at the applicable rate during such
     extension.

          (b)  Late Payment Charges.  If any amount of Interest, principal or
               --------------------
     any other charge or amount which becomes due and payable under this Note is
     not paid and received by the Holder within five business days after the
     date it first becomes due and payable, Maker shall pay to the Holder hereof
     a late payment charge in an amount equal to five percent (5%) of the full
     amount of such late payment, whether such late payment is received prior to
     or after the expiration of the ten-day cure period set forth in Section
                                                                     -------
     8(a).  Maker recognizes that in the event any payment secured hereby (other
     ----
     than the principal payment due upon maturity of the Note, whether by
     acceleration or otherwise) is not made when due, Holder will incur extra
     expenses in handling the delinquent payment, the exact amount of which is
     impossible to ascertain, but that a charge of five percent (5%) of the
     amount of the delinquent payment would be a reasonable estimate of the
     expenses so incurred.  Therefore, if any such payment is not received when
     due and payable, Maker pay to Holder to cover expenses incurred in handling
<PAGE>
     the delinquent payment, an amount calculated at five percent (5%) of the
     amount of the delinquent payment.

          (c)  No Prepayment.  Maker shall have the right to prepay this Note at
               -------------
     any time, but only subject to the requirements and conditions set forth
     below.  If under any circumstances whatsoever (other than pursuant to
     Section 3 above) this Note is paid in whole or in part, whether
     voluntarily, following acceleration after the occurrence of an Event of
     Default, with the consent of Holder, by Holder's application of any
     condemnation or insurance proceeds to amounts due under the Note, by
     operation of law or otherwise, and whether or not such payment prior to the
     Stated Maturity Date results from the Holder's exercise of its rights to
     accelerate the indebtedness evidenced hereby, then Maker shall pay to the
     Holder the Yield Maintenance Premium (defined hereinbelow) in addition to
     paying the entire unpaid principal balance of this Note and all Interest
     which has accrued but is unpaid except with the written consent of the
     Holder.

          A Yield Maintenance Premium in an amount equal to the grater of (A)
     one percent (1.0%) of the principal amount being prepaid, and (B) the
     positive excess of (1) the present value ("PV") of all future installments
     of principal and interest due pursuant to Section 4(a) of this Note absent
                                               ------------
     any such prepayment including the principal amount due at the Stated
     Maturity Date (collectively, "All Future Payments"), discounted at an
     interest rate per annum equal to the sum of (a) the Treasury Constant
     Maturity Yield Index published during the second full week preceding the
     date on which such Yield Maintenance Premium is payable for instruments
     having a maturity coterminous with the remaining term of this Note, and (b)
     One Hundred Forty (140) basis points, over (2) the then outstanding
     principal balance hereof immediately before such prepayment [(PV of All
     Future Payments) (Principal balance at the time of prepayment) = Yield
     Maintenance Premium].  "Treasury Constant Maturity Yield Index" shall mean
     the average yield for "This Week" as reported by the Federal Reserve Board
     in Federal Reserve Statistical Release H.15 (519).  If there is no Treasury
     Constant Maturity Yield Index for instruments having a maturity coterminous
     with the remaining term of this Note, then the index shall be equal to the
     weighted average yield to maturity of the Treasury Constant Maturity Yield
     Indices with maturities next longer and shorter than such remaining average
     life to the maturity, calculated by averaging (and rounding upward to the
     nearest 1/100 of 1% per annum, if the average is not such a multiple) the
     yields of the relevant Treasury Constant Maturity Yield Indices (rounded,
     if necessary, to the nearest 1/100 of 1% with any figure of 1/200 of 1% or
     above rounded upward).  In the event that any Yield Maintenance Premium is
     due hereunder, Holder shall deliver to Maker a statement setting forth the
     amount and determination of the Yield Maintenance Premium and, provided
     that Holder shall have in good faith applied the formula described above,
     Maker shall not have the right to challenge the calculation or the method
     of calculation set forth in any such statement in the absence of manifest
     error, which calculation may be made by Holder on any day during the thirty
     (30) day period preceding the date of such prepayment.  Holder shall not be
     obligated or required to have actually reinvested the prepaid principal
<PAGE>
     balance at the Treasury Constant Maturity Yield Index or otherwise as a
     condition to receiving the Yield Maintenance Premium. No Yield Maintenance
     Premium or premium shall be due or payable in connection with any
     prepayment of the indebtedness evidenced by this Note made on or after any
     date after January 1, 2008.  In addition to the aforesaid Yield Maintenance
     Premium if, upon any such prepayment (whether prior to or after any date
     that is after January 1, 2008, the aforesaid prior written notice has not
     been received by Holder, the Yield Maintenance Premium shall be increased
     by an amount equal to the lesser of (i) thirty (30) days' unearned interest
     computed in the outstanding principal balance of this Note, so prepaid and
     (ii) unearned interest computed on the outstanding principal balance of
     this Note so prepaid for the period from, and including, the date of
     prepayment through the otherwise Stated Maturity Date of this Note.

          Without limiting the scope of the foregoing provisions, the provisions
     of this paragraph shall constitute, within the meaning of any applicable
     state statute, both a waiver of any right Maker may have to prepay the
     Note, in whole or in part, without premium or charge, upon acceleration of
     the maturity of the Note, or otherwise, and an agreement by Maker to pay
     the prepayment charge described in this Note, whether such prepayment is
     voluntary or upon or following any acceleration of this Note, or otherwise,
     and for such purpose Maker has separately initialed this provision in the
     space provided below, and Maker hereby declares that Holder's agreement to
     make the Loan to Maker at the interest rate and for the term set forth in
     the Note constitutes adequate consideration, of individual weight, for this
     waiver and agreement by Maker.

     Notwithstanding the foregoing, or anything else in this Note to the
     contrary, it is agreed that in the event this Note becomes due and payable
     as a result of the termination of all of the Property Management
     Agreements, Maker shall not be subject to the Yield Maintenance Premiums or
     other prepayment premiums contemplated herein and Maker shall only be
     required to repay the outstanding principal balance of this Note and
     accrued but unpaid  Basic Interest and Deferred Interest through the date
     of such prepayment, it being agreed that in such event, Maker shall not be
     required to pay any Capital Proceeds Contingent Interest or Cash Flow
     Contingent Interest.

                   Maker's Initials:  /S/ MVS
                                      -------

     5.  Representations and Warranties of Maker.  Maker represents and warrants
         ---------------------------------------
to Payee, as of the date hereof, that:

          (a)  Due Authorization.  Maker is a corporation duly organized under
               -----------------
     the laws of the state of its organization, with the authority to consummate
     the transactions contemplated hereby;
<PAGE>

          (b)  No Violation.  Maker's execution, delivery and performance of its
               ------------
     obligations under the Debt Papers do not and will not violate the articles
     of incorporation or by-laws of Maker and will not violate, conflict with or
     constitute a default under any agreement to which Maker is a party or by
     which the Project is bound or encumbered, or violate any Requirements of
     Law to which Maker or the Project is subject;

          (c)  Consents.  No consents, approvals, filings, or notices of, with
               --------
     or to any Person are required on the part of Maker in connection with
     Maker's execution, delivery and performance of its obligations hereunder
     that have not been duly obtained, made or given, as the case may be;

          (d)  Enforceability.  The Note is valid, binding and enforceable in
               --------------
     accordance with its terms, except as the enforceability hereof may be
     limited by bankruptcy, insolvency, moratorium, reorganization or similar
     laws relating to or affecting the enforcement of creditors' rights
     generally.

          (e)  Compliance with Laws.  Each Mortgaged Property is in compliance
               --------------------
     in all material respects with all applicable Requirements of Law;

          (f)  Zoning and Other Laws.  The Project and the use thereof as a
               ---------------------
     self-storage facility, separate and apart from any other properties,
     constitutes a legal and conforming use under applicable zoning regulations
     and each such Project is in compliance in all material respects with all
     applicable Requirements of Law;

          (g)  Litigation.  No litigation, investigation or proceeding or notice
               ----------
     thereof before any arbitrator or governmental authority, agency or
     subdivision is pending or, to Maker's best knowledge, threatened, against
     Maker or the Project;

          (h)  Utilities; Licenses.  All utilities required by Requirements of
               -------------------
     Law or by the normal and intended use of the Project are installed to the
     property line and connected by valid permits and the Maker possesses, or
     will possess as and when necessary, all patents, patent rights or licenses,
     trademarks, trade names, trade name right, service marks, copyrights,
     licenses, permits and consents (or rights thereto) which are required to
     conduct its business as it is now conducted or as it is presently proposed
     to be conducted, or which are required by any governmental entity or
     agency;

          (i)  Intentionally omitted; and

          (j)  Place of Business.  Maker's principal place of business is
               -----------------
     located at 715 South Country Club Drive, Mesa, AZ 85210.

     6.  Affirmative Covenants.  Maker hereby covenants and agrees that, so long
              ---------------------
<PAGE>
as any indebtedness under the Note remains unpaid, Maker shall:

          (a)  Use of Proceeds.  Use the proceeds of the Loan to repay certain
               ---------------
     indebtedness presently outstanding against the Project and held by Payee or
     to capitalize the Borrowers.

          (b)  Financial Statements.  Deliver or cause to be delivered to
               --------------------
     Holder:

                         (i)  As soon as available and in any event within 90
          days after the end of each calendar year, annual financial reports on
          the Project showing all income and expenses certified to be accurate
          and complete by an officer of the Maker; and

                         (ii)  As soon as available and in any event within 45
          days after the end of each of the first three calendar quarters of
          each year, (1)  a detailed comparative earnings statement for such
          quarter and for the period commencing at the end of the previous
          fiscal year and ending with the end of such quarter, and (2) financial
          reports on the Project showing all income and expenses, certified to
          be accurate and complete by an officer of the managing general partner
          of Maker (or, if Maker is a corporation, of Maker); and

                         (iii)  Promptly, such additional financial and other
          information (including, without limitation, information regarding the
          Project) as Holder may from time to time reasonably request.

          (c)  Inspection of Property; Books and Records; Discussions.  Keep
               ------------------------------------------------------
     proper books of record and account in which full, true and correct entries
     in conformity with GAAP and all Requirements of Law shall be made of all
     dealings and transactions in relation to its business and activities and,
     upon reasonable notice, permit representatives of Holder to examine and
     make abstracts from any of its books and records at any reasonable time and
     as often as may reasonably be desired by Holder and to discuss the
     business, operations, properties and financial and other conditions of
     Maker with officers and employees of Maker and with its independent
     certified public accountants.  In addition, on the last day of each
     calendar month on which an Interest payment is due, Maker shall furnish to
     Holder a certified statement of operations of the Project for the calendar
     month in which such Interest payment is due, showing in reasonable detail
     and in a format approved by Holder the Gross Receipts, Operating Expenses,
     and Net Cash Flow, as well as (if required by Holder) all data necessary
     for the calculation of any such amounts.  Maker shall keep and maintain at
     all times full and accurate books of account and records adequate to
     correctly reflect all such amounts.  Such books and records shall be
     available for at least five (5) years after the end of the relevant
     calendar month.  Holder shall have the right to inspect, copy and audit
     such books of account and records at Holder's expense, during reasonable
     business hours, and upon reasonable notice to Maker, for the purpose of
     verifying the accuracy of any principal payments made.  The costs of any
<PAGE>
     such audit will be paid by Holder, except that Maker shall pay all
     reasonable costs and expenses of any such audit which discloses that any
     amount properly payable by Maker to Holder hereunder exceeded by five
     percent (5%) or more the amount actually paid and initially reported by
     Maker as being payable with respect thereto.

          (d)  Notices.  Give prompt written notice to Holder of (a) any claims,
               -------
     proceedings or disputes (whether or not purportedly on behalf of Maker)
     against, or to Maker's knowledge, threatened or affecting Maker or the
     Project which, if adversely determined, could reasonably be expected to
     have a Material Adverse Effect (without in any way limiting the foregoing,
     claims, proceedings, or disputes involving in the aggregate monetary
     amounts in excess of $500,000 not fully covered by insurance shall be
     deemed to be material), or (b) any proposal by any public authority to
     acquire the Project or any portion thereof.

          (e)  Expenses.  Pay all reasonable out-of-pocket expenses (including
               --------
     fees and disbursements of counsel, including special local counsel) of
     Holder, incident to any amendments, waivers and renewals of this Note.
<PAGE>

          (f)  Debt Papers.  Comply with and observe all terms and conditions of
               -----------
     the Debt Papers to which it is subject.

          (g)  INDEMNIFICATION.  INDEMNIFY AND HOLD HARMLESS HOLDER AND ITS
               ---------------
     DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS AND AGENTS (THE "INDEMNIFIED
                                                                -----------
     PARTIES") FROM AND AGAINST ALL DAMAGES AND LIABILITIES (COLLECTIVELY AND
     -------
     SEVERALLY, "LOSSES") ASSESSED AGAINST ANY OF THEM RESULTING FROM THE CLAIMS
                 ------
     OF ANY PARTY RELATING TO OR ARISING OUT OF THE TRANSACTIONS CONTEMPLATED
     HEREBY, EXCEPT FOR LOSSES CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL
     MISCONDUCT OF SUCH INDEMNIFIED PARTY, AND REIMBURSE EACH INDEMNIFIED PARTY
     FOR ANY EXPENSES (INCLUDING THE FEES AND DISBURSEMENTS OF LEGAL COUNSEL)
     REASONABLY INCURRED IN CONNECTION WITH THE INVESTIGATION OF, PREPARATION
     FOR OR DEFENSE OF ANY ACTUAL OR THREATENED CLAIM, ACTION OR PROCEEDING
     ARISING THEREFROM (INCLUDING ANY SUCH COSTS OF RESPONDING TO DISCOVERY
     REQUEST OR SUBPOENAS), REGARDLESS OF WHETHER HOLDER OR SUCH OTHER
     INDEMNIFIED PERSON IS A PARTY THERETO.  WITHOUT DEROGATING THE PROVISIONS
     OF SECTION 20 BELOW, IT IS ACKNOWLEDGED AND AGREED BY MAKER THAT THE
        ----------------
     INDEMNIFICATION RIGHTS OF THE INDEMNIFIED PARTIES HEREUNDER ARE IN ADDITION
     TO AND CUMULATIVE WITH ALL OTHER RIGHTS OF THE INDEMNIFIED PARTIES.  WITH
     REFERENCE TO THE PROVISIONS SET FORTH ABOVE IN THIS SECTION 6(g) FOR
                                                         ------------
     PAYMENT BY MAKER OF ATTORNEYS' FEES INCURRED BY THE INDEMNIFIED PARTIES IN
     ANY ACTION OR CLAIM BROUGHT BY A THIRD PARTY, MAKER SHALL, IF IT ADMITS
     LIABILITY HEREUNDER TO ANY INDEMNIFIED PARTY, DILIGENTLY DEFEND SUCH
     INDEMNIFIED PARTY AND DILIGENTLY CONDUCT THE DEFENSE.  IF HOLDER OR ANY
     OTHER SUCH INDEMNIFIED PARTY DESIRES TO ENGAGE SEPARATE COUNSEL, IT MAY DO
     SO AT ITS OWN EXPENSE; PROVIDED, HOWEVER, THAT SUCH LIMITATION ON THE
     OBLIGATION OF MAKER TO PAY THE FEES OF SEPARATE COUNSEL FOR SUCH
     INDEMNIFIED PARTY SHALL NOT APPLY IF SUCH INDEMNIFIED PARTY HAS RETAINED
     SAID SEPARATE COUNSEL BECAUSE OF A REASONABLE BELIEF THAT MAKER IS NOT
     DILIGENTLY DEFENDING IT AND/OR NOT DILIGENTLY CONDUCTING THE DEFENSE AND SO
     NOTIFIES MAKER.  THE OBLIGATIONS OF MAKER UNDER THIS SECTION 6(g) SHALL
                                                          ------------
     SURVIVE REPAYMENT IN FULL OF THE INDEBTEDNESS EVIDENCED HEREBY.  EXCEPT AS
     OTHERWISE PROVIDED, IT IS THE INTENT OF THIS SECTION 6(g) THAT THE MAKER
                                                  ------------
<PAGE>
     SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNIFIED PARTIES FROM LOSSES
     OCCASIONED BY THE ACTS OR OMISSIONS, INCLUDING, WITHOUT LIMITATION,
     NEGLIGENCE, OF THE INDEMNIFIED PARTIES.

                   MAKER'S INITIALS  /S/ MVS
                                     -------

          (g)  Co-operation.  Execute and deliver to Holder any and all
               ------------
     instruments, documents and agreements, and do or cause to be done from time
     to time any and all other acts, reasonably deemed necessary or desirable by
     Holder to effectuate the provisions and purposes of this Note.

          (h)  Requirements of Law.  Comply at all times with all Requirements
               -------------------
     of Law.

          (i)  Management Agreement.  Cause or permit the Project to be
               --------------------
     initially managed by subsidiaries of U-Haul International, Inc. or to be at
     all times managed by a nationally recognized self-storage property
     management company (the "Project Manager") approved by the Holder, which
                              ---------------
     Project Manager shall be employed pursuant to an agreement (the "Property
                                                                      --------
     Management Agreement") approved by the Holder.  In no event shall the fees
     --------------------
     paid (or required to be paid) to the Project Manager exceed six percent
     (6%) of Gross Receipts for any time period.  The Maker agrees, upon request
     of the Holder, to exercise its right to terminate any Project Manager upon
     the occurrence and continuance of (i) an Event of Default, (ii) a Sale of
     U-Haul International, Inc. or such Project Manager, (iii) a breach by such
     Project Manager of its respective Property Management Agreement, or (iv)
     the Net Cash Flow prior to subtracting Interest shall fall twenty percent
     (20%) or more for one complete Loan Year.

     7.  Negative Covenants.  Maker hereby agrees that, as long as any
         ------------------
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

          (a)  Indebtedness.  Create, incur or assume any Indebtedness except
               ------------
     for: (i) the Loan; (ii) Maker's contingent obligations under the Senior
     Loans; (iii) non-delinquent taxes; (iv) unsecured debt incurred in the
     ordinary course of business and (v) other indebtedness owed to Payee and
     its affiliates.

          (b)  Consolidation and Merger.  Liquidate or dissolve or enter into
               ------------------------
     any consolidation, merger, partnership, joint venture, syndicate or other
     combination (except for a merger or consolidation for the purpose of, and
     having the effect of changing Maker's jurisdiction of organization).

          (c)  Transactions with Affiliates.  Purchase, acquire or lease any
               ----------------------------
     property from, or sell, transfer or lease any property to, or lend or
     advance any money to, or borrow any money from, or guarantee any obligation
     of, or acquire any stock, obligations or securities of, or enter into any
<PAGE>
     merger or consolidation agreement, or any management or similar agreement
     with, any Affiliate, or enter into any other transaction or arrangement or
     make any payment to (including, without limitation, on account of any
     management fees, service fees, office charges, consulting fees, technical
     services charges or tax sharing charges) or otherwise deal with, in the
     ordinary course of business or otherwise, any Affiliate on terms which are
     unreasonably burdensome or unfair, except (i) transactions relating to the
     sharing of overhead expenses, including, without limitation, managerial,
     payroll and accounting and legal expenses, for which charges assessed
     against Maker are not greater than would be incurred by Maker in similar
     transactions with non-Affiliates, or (ii) fair and reasonable transactions
     between Maker and U-Haul International, Inc. and its related companies.

          (d)  Sale of Interests in the Project or in the Maker.  Without
               ------------------------------------------------
     obtaining the prior written consent of Holder (which Holder may withhold or
     condition in its sole and absolute discretion), cause, permit or acquiesce
     in any Sale or Financing.

          (e)  Distributions.  Notwithstanding anything to the contrary
               -------------
     contained in this Note or the Debt Papers, Maker shall not make any
     distributions to any of its partners, except for distributions of amounts
     not in excess of (i) the Catch-Up Amount for any quarter, (ii) any Net Cash
     Flow for any quarter remaining after the payment to Holder of all Interest
     and the Catch-Up Amount payable for and with respect to such quarter, and
     (iii) upon the Sale or Financing any Net Sale or Financing proceeds
     remaining after payment to Holder of the amounts to which Holder is
     entitled hereunder in connection therewith.

          (f)  Business.  Engage, directly or indirectly, in any business other
               --------
     than that arising out of the issuance of this Note, entering into the Debt
     Papers, taking the actions required to be performed under the Debt Papers
     and operating the Mortgaged Properties.

          (g)  No Bankruptcy Filing.  To the extent permitted by law, without
               --------------------
     the unanimous consent of the Board of Directors of the Maker (for these
     purposes such Board of Directors will not include any committee thereof)
     voluntarily file any petition for bankruptcy, reorganization, assignment
     for the benefit of creditors or similar proceeding.

          (h)  No Joint Venture.  Engage in a joint venture or become a partner
               ----------------
     with any other Person.

     8.   Event of Default; Remedies.  Any one of the following occurrences
          --------------------------
shall constitute an Event of Default under this Note:

          (a)  The failure by the undersigned to make any payment of principal,
     Interest or Yield Maintenance Premium upon this Note as and when the same
     becomes due and payable in accordance with the provisions hereof, and the
     continuation of such failure for a period of ten (10) days after notice
     thereof to the Maker;
<PAGE>

          (b)  The failure by the Maker to deposit in any account established
     and maintained pursuant to any collection account agreement any amount
     required to be deposited in such account within 2 days of when required
     pursuant to the terms of such collection account agreement;

          (c)  Any representation, warranty or certification made by Maker under
     any Debt Paper or in any report, certificate or financial statement
     delivered to the Holder under or in connection with any Debt Paper is
     materially inaccurate or incomplete as of the date made; provided, however,
     that such inaccurate or incomplete representation, warranty or
     certification is material and cannot be cured without material prejudice to
     the Holder within 30 days written notice thereof to the Maker;

          (d)  The failure by Maker to perform any obligation under, or the
     occurrence of any other default with respect to any provision of, this Note
     other than as described in any of the other clauses of this Section 8, and
     the continuation of such default for a period of 30 days after written
     notice thereof to the Maker;

          (e)  The occurrence of any Default under the Debt Papers;

          (f)  (i) Maker shall file, institute or commence any case, proceeding
     or other action (A) under any existing or future law of any jurisdiction,
     domestic or foreign, relating to bankruptcy, insolvency, reorganization or
     relief of debtors, seeking to have an order for relief entered with respect
     to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
     reorganization, arrangement, adjustment, winding-up, liquidation,
     dissolution, composition or other relief with respect to it or its debts,
     or (B) seeking appointment of a receiver, trustee, custodian or other
     similar official for it or for all or any substantial part of its assets,
     or Maker shall make a general assignment for the benefit of its creditors;
     or (ii) there shall be filed, instituted or commenced against Maker any
     case, proceeding or other action of a nature referred to in clause (i)
     above which (A) results in the entry of any order for relief or any such
     adjudication or appointment, or (B) remains undismissed undischarged for a
     period of 60 days; or (iii) there shall be commenced against Maker any
     case, proceeding or other action seeking issuance of a warrant of
     attachment, execution, distraint or similar process against all or
     substantially all of its assets which results in the entry of an order for
     any such relief which shall not have been vacated, discharged, stayed,
     satisfied, or bonded to Holder's satisfaction pending appeal, within 60
     days from the first entry thereof; or (iv) Maker shall take any action in
     furtherance of, or indicating its consent to, approval of, or acquiescence
     in, any of the acts described in any of the preceding clauses (i) , (ii) or
     (iii); or (v) Maker shall not, or shall be unable to, or shall admit in
     writing its inability to, pay its debts as they become due, or shall in
     writing admit that it is insolvent;

          (g)  One or more judgments or decrees in an aggregate amount exceeding
<PAGE>
     $1,000,000.00 shall be entered against Maker and all such judgments or
     decrees shall not have been vacated, discharged, stayed, satisfied, or
     bonded to Holder's satisfaction pending appeal within 60 days from the
     first entry thereof; or

          (h)  The occurrence of a Event of Default under the promissory notes
     evidencing the Senior Loans.

Upon the occurrence of any Event of Default hereunder:  the entire unpaid
principal balance of, and any unpaid Basic Interest and Additional Interest then
accrued on, this Note together with the Yield Maintenance Premium, if any, and
other charges payable pursuant to the Debt Papers shall, at the option of the
Holder hereof and without demand or notice of any kind to the undersigned or any
other person, immediately become and be due and payable in full (except that
such acceleration shall occur automatically upon the occurrence of any Event of
Default described in the preceding clause (e) of this Section 8, without further
action or decision by Holder); and the Holder shall have and may exercise any
and all rights and remedies available at law or in equity and also any and all
rights and remedies provided in the Mortgage and any of the other Security
Documents.

     9.  Offset.  In addition to (and not in limitation of) any rights of offset
         ------
that the Holder hereof may have under applicable law, upon the occurrence of any
Event of Default hereunder the Holder hereof shall have the right, immediately
and without notice, to appropriate and apply to the payment of this Note any and
all balances, credits, deposits, accounts or moneys of the Maker then or
thereafter with or held by the Holder hereof.

     10.  Allocation of Balances or of Payments.  At any and all times until
          -------------------------------------
this Note and all amounts hereunder (including principal, Interest, and other
charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Holder hereof may be allocated by the
Holder to principal, Interest or other charges or amounts as the Holder may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

     11.  Captions.  Any headings or captions in this Note are inserted for
          --------
convenience of reference only, and they shall not be deemed to constitute a part
hereof, nor shall they be used to construe or interpret the provisions of this
Note.

     12.  Waiver.
          ------

          (a)  Maker, for itself and for its successors, transferees and assigns
     and all guarantors and endorsers, hereby waives diligence, presentment and
     demand for payment, protest, notice of protest and nonpayment, dishonor and
     notice of dishonor, notice of the intention to accelerate, notice of
     acceleration, and all other demands or notices of any and every kind
     whatsoever (except only for any notice of default expressly provided for in
     Section 8 of this Note or in the Security Documents) and the undersigned
     ---------
<PAGE>
     agrees that this Note and any or all payments coming due hereunder may be
     extended from time to time in the sole discretion of the Holder hereof
     without in any way affecting or diminishing their liability hereunder.

          (b)  No extension of the time for the payment of this Note or any
     payment becoming due or payable hereunder, which may be made by agreement
     with any Person now or hereafter liable for the payment of this Note, shall
     operate to release, discharge, modify, change or affect the original
     liability under this Note, either in whole or in part, of the Maker if it
     is not a party to such agreement.

          (c)  No delay in the exercise of any right or remedy hereunder shall
     be deemed a waiver of such right or remedy, nor shall the exercise of any
     right or remedy be deemed an election of remedies or a waiver of any other
     right or remedy.  Without limiting the generality of the foregoing, the
     failure of the Holder hereof promptly after the occurrence of any Event of
     Default hereunder to exercise its right to declare the indebtedness
     remaining unmatured hereunder to be immediately due and payable shall not
     constitute a waiver of such right while such Event of Default continues nor
     a waiver of such right in connection with any future Event of Default on
     the part of the undersigned.

     13.  Payment of Costs.  The undersigned hereby expressly agrees that upon
          ----------------
the occurrence of any Event of Default under this Note, the undersigned will pay
to the Holder hereof, on demand, all costs of collection or enforcement of every
kind, including (but not limited to) all attorneys' fees, court costs, and other
costs and expenses of every kind incurred by the Holder hereof, on demand, all
costs of collection or enforcement of every kind, including (but not limited to)
all attorneys' fees, court costs, and other costs and expenses of every kind
incurred by the Holder hereof in connection with the protection or realization
of any or all of the security for this Note, whether or not any lawsuit is ever
filed with respect thereto.

     14.  The Debt Papers.  This Note is unsecured.  The Senior Loans are
          ---------------
secured by, inter alia,  certain Deeds of Trust (and Mortgages, and Deeds to
Secure Debt), Assignment of Leases and Rents, Security Agreement and Financing
Statement, made and granted by subsidiaries of Maker to or for the benefit of
the Senior Holders, respectively, which create liens on real estate in the
Project and which also creates a security interest in personal property located
thereat or utilized in connection therewith, and each and every additional
document or instrument which may at any time be delivered to the Senior Holders
as security under the Senior Loans, as any of the same may at any time or from
time to time be amended, modified or restated, and together with all
substitutions and replacements therefor, are sometimes referred to collectively
herein as the "Security Documents").  Reference should be made to the Security
               ------------------
Documents for a description of the property encumbered thereby and the nature
and extent of the security thereof. The Security Documents and all other
documents executed in connection with the Senior Loans are referred to
collectively herein as the "Debt Papers". Notwithstanding anything to the
                            -----------
contrary set forth or implied herein, this Note is not indebtedness of the
Borrowers, and is not secured, whether directly or indirectly, by the Project or
<PAGE>
any collateral or property owned or operated by the Borrowers, or any of them.

     15.  Notices.  All notices, demands and other communications hereunder to
          -------
either party shall be made in writing and shall be deemed to have been given
when actually received or, if mailed, on the first to occur of actual receipt or
the third business day after the deposit thereof in the United States mails, by
registered or certified mail, postage prepaid, addressed as follows:



     If to the Maker:   SAC Holding Corporation
                        715 South Country Club Drive
                        Mesa, AZ 85210
                        Attention:  President

     If to the Holder:  U-Haul International, Inc.
                        2721 North Central Avenue
                        Phoenix, Arizona 85004
                        Attention: Treasurer


or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

     16.  Time of the Essence.  Time is hereby declared to be of the essence of
          -------------------
this Note and of every part hereof.

     17.  Governing Law.  This Note shall be governed by and construed in
          -------------
accordance with the internal laws of the State of Arizona.

     18.  Jurisdiction.  In any controversy, dispute or question arising
          ------------
hereunder or under the other Debt Papers, the Maker consents to the exercise of
jurisdiction over its person and property by any court of competent jurisdiction
situated in the State of Arizona (whether it be a court of the State of Arizona,
or a court of the United States of America situated in the State of Arizona),
and in connection therewith, agrees to submit to, and be bound by, the
jurisdiction of such court upon the Holder's mailing of process by registered or
certified mail, return receipt requested, postage prepaid, within or without the
State of Arizona, to the Maker at its address for receipt of notices under this
Note.

     19.  HOLDER NOT PARTNER OF MAKER.  UNDER NO CIRCUMSTANCES WHATSOEVER SHALL
          ---------------------------
THE HOLDER OF THIS NOTE BE DEEMED TO BE A PARTNER OR A CO-VENTURER WITH MAKER OR
WITH ANY OTHER PERSON.  MAKER SHALL NOT REPRESENT TO ANY PERSON THAT THE MAKER
<PAGE>
AND THE HOLDER HEREOF ARE PARTNERS OR CO-VENTURERS.  ANY AND ALL ACTIONS BY THE
HOLDER HEREOF IN EXERCISING ANY RIGHTS, REMEDIES OR PRIVILEGES HEREOF OR IN
ENFORCING THIS NOTE OR THE OTHER DEBT PAPERS WILL BE EXERCISED BY THE HOLDER
SOLELY IN FURTHERANCE OF ITS ROLE AS A SECURED LENDER.

     20.  Intentionally omitted.
          ---------------------

     21.  JURY TRIAL.  THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY
          ----------
JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS NOTE
OR ANY DEBT PAPERS TO WHICH IT IS A PARTY, OR UNDER ANY AMENDMENT, INSTRUMENT,
DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN
CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN
CONNECTION WITH THIS NOTE OR ANY DEBT PAPERS, AND AGREES THAT ANY SUCH ACTION OR
PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

     22.  Entire Agreement.  This Note and the other Security Documents
          ----------------
constitute the entire agreement between Maker and Payee.  No representations,
warranties, undertakings, or promises whether written or oral, expressed or
implied have been made by the Payee or its agent unless expressly stated in this
Note or the Security Documents.
<PAGE>

























                     [THIS SPACE INTENTIONALLY LEFT BLANK]
<PAGE>

     IN WITNESS WHEREOF, the undersigned has executed and delivered this Note,
pursuant to proper authority duly granted, as of the date and year first above
written.


            SAC HOLDING CORPORATION
            a Nevada corporation

            By:  /S/ Mark V. Shoen
                 ----------------------------------

            Its: President
                 ----------------------------------
<PAGE>




                               Schedule A

                        Description of the Project


884015          U-HAUL STORAGE    1301 ALOSTA AVENUE       GLENDORA  CA  91740
                      GLENDORA
837025        U-HAUL CENTER OF      6 MERRILL STREET      SALISBURY  MA  01952
                     SALISBURY
882053     U-HAUL STORAGE IVAR      3527 IVAR AVENUE       ROSEMEAD  CA  91770
                        AVENUE
882079          U-HAUL STORAGE         5600 BUSINESS           CLAY  NY  13041
               BUSINESS AVENUE                AVENUE
882081          U-HAUL STORAGE         611 BLACKWOOD      CLEMENTON  NJ  08024
                    LAURELWOOD             CLEMENTON
883002    U-HAUL STORAGE SOUTH      7225 SOUTH HULEN     FORT WORTH  TX  76133
                         HULEN
883082    U-HAUL STORAGE BLACK        3029 FAIRFIELD     BRIDGEPORT  CT  06605
                          ROCK                AVENUE
884051       U-HAUL WAXAHACHIE  1103 WEST 287 BYPASS      WAXHACHIE  TX  75165
884074     U-HAUL STORAGE I-30    9302 INTERSTATE 30    LITTLE ROCK  AR  72209
884076  U-HAUL STORAGE TARRANT     2455 TARRANT ROAD  GRAND PRAIRIE  TX  75050
                          ROAD


882061       U-HAUL RIO SALADO             500 NORTH     SCOTTSDALE  AZ  85281
                                     SCOTTSDALE ROAD
882080          U-HAUL STORAGE         2055 RIDGEWAY         GREECE  NY  14616
               RIDGEWAY AVENUE                AVENUE
882083          U-HAUL STORAGE        94 CONNECTICUT     BURLINGTON  NJ  08016
                    BURLINGTON                 DRIVE
882089          U-HAUL STORAGE     36 NORTH SYCAMORE       PASADENA  CA  91107
                  SYCAMORE AVE                AVENUE
88300      U-HAUL STORAGE RUFE   6404 BROWNING DRIVE     FORT WORTH  TX  76181
                          SNOW
884014     U-HAUL STORAGE ALMA       3401 ALMA DRIVE          PLANO  TX  75023
709022     U-HAUL CENTER WHITE  6201-6261 WHITE LANE    BAKERSFIELD  CA  93309
                          LANE
884025          U-HAUL STORAGE         1200 NEWFIELD     MIDDLETOWN  CT  06457
                    MIDDLETOWN            STREET (RT
884061          U-HAUL STORAGE       7741-43 ECKHART    SAN ANTONIO  TX  78240
                     WESTCHASE                  ROAD
884063          U-HAUL STORAGE       2101 S KINGSHWY      ST. LOUIS  MO  63110
                     SOUTHSIDE                  BLVD