|      CREDIT AGREEMENT  dated as of  April 29, 2011  by and between  AMERCO REAL ESTATE COMPANY and U-HAUL CO. OF FLORIDA,collectively, as Borrower Sponsors  and  JPMORGAN CHASE BANK, N.A.,as Lender ________________           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                              |

----

| ARTICLE I Definitions                      |
|-------------------------------------------------|
|                                            |   |   |   |
| SECTION 1.01.                                   | Defined Terms                                                                                      |  1 |   |
| SECTION 1.02.                                   | Terms Generally                                                                                      |  7 |   |
| SECTION 1.03.                                   | Accounting Terms; GAAP                                                                                      |  7 |   |
|                                            |   |   |   |
| ARTICLE II Borrowings                      |
|                                            |   |   |   |
| SECTION 2.01.                                   | Commitment                                                                                      |  7 |   |
| SECTION 2.02.                                   | Loans and Borrowings                                                                                      |  8 |   |
| SECTION 2.03.                                   | Requests for Borrowings                                                                                      |  8 |   |
| SECTION 2.04.                                   | Funding of Borrowings                                                                                      |  9 |   |
| SECTION 2.05.                                   | Commitment Fees |  9 |   |
| SECTION 2.06.                                   | Termination of Commitments, Extension of Expiration Date |  9 |   |
| SECTION 2.07.                                   | Repayment of Loans; Evidence of Debt                                                                                      |  10 |   |
| SECTION 2.08.                                   | Prepayment of Loans                                                                                      |  10 |   |
| SECTION 2.09.                                   | Fees                                                                                      |  10 |   |
| SECTION 2.10.                                   | Interest                                                                                      |  11 |   |
| SECTION 2.11.                                   | Alternate Rate of Interest                                                                                      |  11 |   |
| SECTION 2.12.                                   | Increased Costs                                                                                      |  11 |   |
| SECTION 2.13.                                   | Intentionally Omitted                                                                                      |  12 |   |
| SECTION 2.14.                                   | Taxes                                                                                      |  12 |   |
| SECTION 2.15.                                   | Payments Generally                                                                                      |  12 |   |
| SECTION 2.16.                                   | Mitigation Obligations                                                                                      |  13 |   |
|                                            |   |   |   |
| ARTICLE III Representations and Warranties |
|                                            |   |   |   |
| SECTION 3.01.                                   | Organization; Powers                                                                                      |  13 |   |
| SECTION 3.02.                                   | Authorization; Enforceability                                                                                      |  13 |   |
| SECTION 3.03.                                   | Governmental Approvals; No Conflicts                                                                                      |  13 |   |
| SECTION 3.04.                                   | Properties                                                                                      |  14 |   |
| SECTION 3.05.                                   | Compliance with Laws and Agreements                                                                                      |  14 |   |
| SECTION 3.06.                                   | Investment Company Status                                                                                      |  14 |   |
| SECTION 3.07.                                   | Taxes                                                                                      |  14 |   |
| SECTION 3.08.                                   | Disclosure                                                                                      |  14 |   |
|                                            |   |   |   |
| ARTICLE IV Conditions                      |   |
| SECTION 4.01.                                   | Effective Date                                                                                      |  14 |   |
| SECTION 4.02.                                   | Each Credit Event                                                                                      |  15 |   |

----

|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |           |   |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------|
| ARTICLE V Affirmative Covenants |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |           |   |
| SECTION 5.01.                        | Notices of Material Events                                                                                                                                 |  17       |   |
| SECTION 5.02.                        | Existence; Conduct of Business                                                                                                                             |  17       |   |
| SECTION 5.03.                        | Maintenance of Properties; Insurance                                                                                                                       |  17       |   |
| SECTION 5.04.                        | Books and Records; Inspection Rights                                                                                                                       |  19       |   |
| SECTION 5.05.                        | Compliance with Laws                                                                                                                                       |  19       |   |
| SECTION 5.06.                        | Use of Proceeds                                                                                                                                            |  19       |   |
| SECTION 5.07                    | Financial Reporting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  19       |   |
| ARTICLE VI Negative Covenants   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| SECTION 6.01.                        | Equity Interests                                                                                                                                           |  20       |   |
| SECTION 6.02.                        | Fundamental Changes                                                                                                                                        |  20       |   |
| SECTION 6.03.                        | Government Regulation                                                                                                                                      |  20       |   |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |           |   |
| ARTICLE VII Defaults            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  20       |   |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |           |   |
| ARTICLE VIII Miscellaneous      |
| SECTION 8.01.                        | Notices                                                                                                                                                    |  22       |
| SECTION 8.02.                        | Waivers; Amendments                                                                                                                                        |  22       |
| SECTION 8.03.                        | Expenses; Indemnity; Damage Waiver                                                                                                                         |  23       |
| SECTION 8.04.                        | Successors and Assigns                                                                                                                                     |  23       |
| SECTION 8.05.                        | Survival                                                                                                                                                   |  24       |
| SECTION 8.06.                        | Counterparts; Integration;  Effectiveness                                                                                                        |  24       |
| SECTION 8.07.                        | Severability                                                                                                                                               |  24       |
| SECTION 8.08.                        | Intentionally Omitted                                                                                                                                      |  24       |
| SECTION 8.09.                        | Governing Law; Jurisdiction; Consent  to Service of Process                                                                                      |   24 |
| SECTION 8.10.                        | WAIVER OF JURY TRIAL                                                                                                                                       |  25       |
| SECTION 8.11.                        | Headings                                                                                                                                                   |  25       |
| SECTION 8.12.                        | Confidentiality                                                                                                                                            |  25       |
| SECTION 8.13.                        | Interest Rate Limitation                                                                                                                                   |  26       |
| SECTION 8.14.                        | USA PATRIOT Act                                                                                                                                            |  26       |
| SECTION 8.15.                        | Information                                                                                                                                                |  26       |
| SECTION 8.16.                        | No Representation                                                                                                                                          |  26       |

----

| Exhibit A – Form of Borrowing Request / Election Request |
|----------------------------------------------------------------|

| Exhibit B -- Form of Promissory Note |
|--------------------------------------|

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

|   |     (a)  the SPE Subsidiary shall fail to pay any principal of or interest on any Loan within five (5) Business Days of when the same shall become due and payable, whether as a regularly scheduled due date or a date fixed for prepayment or otherwise; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (b) any representation or warranty made or deemed made by or on behalf of the Borrower Sponsors or any Borrower Subsidiary in or in connection with this Credit Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Credit Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been materially incorrect when made or deemed made; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (c)  a Borrower Sponsor shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02 or 5.06 or in Article VI; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (d)  a Borrower Sponsor shall fail to observe or perform any covenant, condition or agreement contained in this Credit Agreement (other than those specified in any other clause of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from Lender to the Borrower Sponsor, provided, however, if such matter cannot reasonably be cured within such 30 day period and Borrower Sponsor commences curing such matter within such 30 day period, and thereafter diligently prosecutes such cure, such Borrower Sponsor shall have an additional 90 day period in which to cure such matter; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (e) if AMERCO, any subsidiary of AMERCO, any Borrower Sponsor, any SPE Subsidiary or any other Borrower Subsidiary, in each case that is not a that is not an Excluded Subsidiary, shall fail to make any payment (whether of principal or interest and regardless of |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |     (f)  an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of  AREC, UHC FL, any SPE Subsidiary or, with respect to any of the foregoing, any of its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for AREC, UHC FL, any SPE Subsidiary or, with respect to any of the foregoing, for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (g)  any of AREC, UHC FL or an SPE Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Borrower Subsidiary or for a substan­tial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the fore­going; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (h)  any Borrower Sponsor or any SPE Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (i)  one or more final, non-appealable judgments for the payment of money in an aggregate amount $15,000,000 or more above any applicable and undisputed insurance coverage shall be rendered against one or more of AREC, UHC FL or any SPE Subsidiary and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of AREC, UHC FL or any SPE Subsidiary to enforce any such judgment; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |     (i)  if to a Borrower Sponsor, 1325 Airmotive Way, Suite 100, Reno, Nevada 89502, Attention of Kevin Harte, Telecopy No. 775-688-6338 (Kevin_Harte@uhaul.com); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | with a copy to: |
|--------|-----------------|

|   | Amerco Real Estate Company, 2727 No. Central Avenue, Phoenix, Arizona 85004, Attention of Jennifer Settles, Telecopy No. 602-263-6173 (Jennifer_Settles@uhaul.com); and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     (ii)  if to Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 201 North Central Avenue, 21st Floor, Phoenix, Arizona 85001, Attention of Gene L. Coffman, Telecopy No. 602-221-1259 (gene.l.coffman@chase.com). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

----