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                                                                    EXHIBIT 4.16

 THIS INSTRUMENT IS SUBJECT TO THAT CERTAIN SAC PARTICIPATION AND SUBORDINATION
AGREEMENT (THE "PSA") DATED AS OF MARCH 15, 2004 AMONG SAC HOLDING CORPORATION,
    SAC HOLDING II CORPORATION (COLLECTIVELY, "SAC HOLDING"), AMERCO, U-HAUL
   INTERNATIONAL, INC., AND LAW DEBENTURE TRUST COMPANY OF NEW YORK, INC., AS
          TRUSTEE UNDER THAT CERTAIN INDENTURE WITH RESPECT TO THE 8.5%
                      SENIOR NOTES DUE 2014 OF SAC HOLDING

                      AMENDED AND RESTATED PROMISSORY NOTE

Maximum principal amount of up to                      Dated as of March 1, 2004
$76,000,000.00

         FOR VALUE RECEIVED, the undersigned SAC Financial 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 Payee may from time to time designate in writing,
the principal sum of up to Seventy-Six Million and no/100th Dollars
($76,000,000.00), 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 nine
percent (9%).

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

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

                  "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).

                  "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 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 Property Owner during such period
arising from the ownership, rental, use, occupancy or

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operation of the Real Property. Gross Receipts shall include, without
limitation, all receipts from all tenants, licensees, customers and other
occupants and users of the Real Property, including, without limitation, rents,
security deposits and the like, interest earned and paid or credited on all
Maker's or the Property Owner's deposit accounts related to the Real Property,
all proceeds of rent or business interruption insurance, and the proceeds of all
casualty insurance and eminent domain awards to the extent not applied, or
reserved and applied within six (6) months after the creation of such reserve,
to the restoration of the Real Property. Gross Receipts shall include the dealer
commission payable from U-Haul International, Inc. (or affiliate thereof) to
Maker (or affiliate thereof) for the rental of U-Haul equipment at the Real
Property; provided however that such dealer 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 dealer commissions. Gross Receipts shall not include any
capital contributed to Maker or proceeds from any loan made to Maker or proceeds
from the sale of any Real Property. 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 Payee 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.

                  "Interest": shall mean Basic Interest and Additional Interest.

                  "Loan": shall mean the unsecured loan in the amount of up to
$76,000,000.00 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.

                  "Management Fee": shall mean the fee paid to the Property
Manager pursuant to the Property Management Agreement.

                  "Maturity Date": shall mean the first to occur of: (i) the
Stated Maturity Date; (ii) the date on which the unpaid principal balance of,
and unpaid Interest on, this Note shall become due and payable on account of
acceleration by Payee and (iii) the date on which a Triggering Event occurs.

                  "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 and Operating Expenses paid for and with respect to 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.

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                  "Note": shall mean this Amended and Restated 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 and the Property Owner actually paid (and properly
payable) during such period for (i) real and personal property taxes on the Real
Property; (ii) principal and interest on the secured Real Property debt; (iii)
premiums for liability, property and other insurance on the Real Property; (iv)
the Management Fee; (v) sales and rental taxes relating to the Real Property;
and (vi) normal, reasonable and customary operating expenses of the Real
Property. In no event shall Operating Expenses include amounts distributed to
the partners or shareholder's of Maker or the Property Owner, any payments made
on the Loan or any other loan obtained by Maker, amounts paid out of any funded
reserve expressly approved by Payee, if any, non-cash expenses such as
depreciation, or any cost or expense related to the restoration of the Property
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 a rate per annum equal of two percent
(2.0%).

                  "Pay Rate Interest": shall mean the interest on the unpaid
principal balance of this Note from time to time outstanding at the Pay Rate.

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

                  "Property Manager": shall have the meaning given it in Section
6(f) below.

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

                  "Property Owner" means, collectively, Twenty-Four SAC
Self-Storage Partnership, a Nevada limited partnership, Twenty-Five SAC
Self-Storage Partnership, a Nevada limited partnership, Twenty-Six SAC
Self-Storage Partnership, a Nevada limited partnership and Twenty-Seven SAC
Self-Storage Partnership, a Nevada limited partnership

                  "Real Property" means the real property owned by Property
Owner from time to time.

                  "SAC Holding Senior Notes": shall mean the 8.5% Senior Notes
due 2014 of SAC Holding Corporation and SAC Holding II Corporation.

                  "SAC Notes Indenture": shall mean that certain Indenture with
respect to the SAC Holding Senior Notes.

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                  "Sale": shall mean any direct or indirect sale, assignment,
transfer, conveyance, lease or disposition of any kind whatsoever of (i) the
Real Property or any portion thereof (excluding leases and licenses in the
ordinary course of business, the granting of easements, servitudes,
rights-of-way, dedications and like interests in the ordinary course of business
and conveyances pursuant to condemnations or eminent domain) or (ii) 25% or more
(in the aggregate of all such sales, assignments, transfers, conveyances or
dispositions made at any time or from time to time, taken together) of the
equity interests in Property Owner.

                  "Stated Maturity Date": shall mean the earlier of (i) January
1, 2022 and (ii) from and after April 1, 2014, on demand by Payee.

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

         2. Interest.

                  (a) Basic Interest Rate Prior to Maturity. From the date
hereof through and including the Maturity Date, interest ("Basic Interest")
shall accrue on the principal balance of this Note outstanding from time to time
at the Accrual Rate. Notwithstanding the foregoing, on the first business day of
each month commencing on March 1, 2004 and through the Maturity Date, Maker
shall pay to Payee Pay Rate Interest on the unpaid principal balance of this
Note. The remainder of the Basic Interest ("Deferred Interest") shall be
deferred and shall bear interest at the Accrual Rate, and shall be payable as
and at the time provided in Section 2(d) below. Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest.

                  All interest hereunder shall be payable monthly in arrears, on
the first business day of each month.

                  (b) Post-Maturity Basic Interest. From and after the Maturity
Date, 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 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.

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

                           (i) On each monthly date for the payment of Basic
Interest, Maker shall pay an amount, if any (the "Catch-Up Payment"), equal to
the lesser of (i) the aggregate outstanding Deferred Interest on the last day of
the month 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 month
an amount equal to twice the Pay Rate Interest for such period;

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

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                           (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 Payee interest ("Cash Flow Contingent Interest")
in an amount equal to the amount (if any) by which (i) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period (each calculated
as of that date) exceeds (ii) the Catch-Up Payment paid on that date by Maker to
Payee.

                  (f) Statements; Adjustment of Payments. Within thirty (30)
days following the due date for each payment of Basic Interest, Maker shall,
upon the request of Payee, deliver to Payee a statement of operations of the
Real Property for the month or other period with respect to which such Basic
Interest is due, showing in reasonable detail and in a format approved by Payee
the respective amounts of, and the method of calculating Gross Receipts,
Operating Expenses, Net Cash Flow, Catch-Up Payment and Cash Flow Contingent
Interest for the preceding month, as well as (if requested by Payee) all data
reasonably 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 month to which they
relate. Payee shall have the right to inspect, copy and audit such books of
account and records during reasonable business hours, and upon prior reasonable
notice to Maker, for the purpose of verifying the accuracy of any payments made
on account of any interest payments made hereunder. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee 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. All interest
shall be equitably prorated on the basis of a 360-day year for any partial month
in which the term of the Loan commences or in which the Note is paid in full.

                  (h) Capital Proceeds Contingent Interest.

                           (i) Capital Proceeds Contingent Interest Defined.
Subject to Section 2(i) hereof, Maker shall pay to Payee, in addition to Pay
Rate 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. Subject to Section 2(i) hereof, 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"):

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

                                    (B) Default Occurrence. The occurrence of
any Event of Default 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 (the "Maturity Occurrence").

                           (iii) Notice of Triggering Event: Time for Payment of
Capital Proceeds Contingent Interest. Maker shall notify Payee of the occurrence
of a Triggering Event, and shall pay Payee 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 Payee written notice of any such
Triggering Event not less than forty-five (45) days before the date such
Triggering Event is to occur. Any Capital Proceeds Contingent Interest due Payee
on account of any Sale or Financing or the Maturity Occurrence shall be due and
payable to Payee within ninety (90) days of the date on which 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. Net
Capital Proceeds resulting from a 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) the Gross Capital Proceeds (as hereinafter defined) realized from the Real
Property 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 or stamp
taxes, mortgage taxes, environmental report fees, escrow fees and recording
charges, appraisal fees, reasonable attorneys' fees and costs, and sales taxes,
in each case actually paid or payable by Maker (or Property Owner) in connection
with the Sale or Financing, (bb) all payments of principal, Basic Interest and
Cash Flow Contingent Interest payable to Payee on account of this Note from the
proceeds of such Sale or Financing, and (cc) an amount equal to all payments of
principal, interest and yield maintenance and/or defeasance fees and expenses
due and payable on any senior loans, if any (including, without limitation the
SAC Holding Senior Notes), made from the proceeds of such Sale or Financing. For
purposes of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
proceeds of whatever form or

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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 Real Property 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 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).

                                    (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 Real Property 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, together
with accrued but unpaid Basic Interest on this Note and (bb) the outstanding
principal balance of, and accrued but unpaid interest on, the secured Real
Property debt.

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

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

                                    (B) Other Occurrences. In all other
circumstances the fair market value of the Real Property 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 Real Property 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 Real Property for the three immediately
preceding fiscal years of the Real Property.

                                    (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 Real Property 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 Real Property is located.

                           (vi) Statement, Books and Records. With each payment
of Capital Proceeds Contingent Interest, Maker shall furnish to Payee a
statement setting forth Maker's calculation of

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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
Payee'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 Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee 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, Payee 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 Real Property 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 Payee, but Payee 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.

                  (i) Limitation on Capital Proceeds Contingent Interest while
SAC Holding Senior Notes Remain Outstanding. Notwithstanding anything to the
contrary herein, in the event a Triggering Event takes place at any time while
all or any portion of the SAC Holding Senior Notes is outstanding, the payment
of any Capital Proceeds Contingent Interest on account of such occurrence shall
be deferred as hereinafter provided, and any amounts constituting Excess Sale
Proceeds or Excess Refinancing Proceeds under the SAC Notes Indenture related to
such occurrence shall be applied to redeem or repurchase the SAC Holding Senior
Notes, in accordance with the terms of the SAC Notes Indenture, it being agreed
that payment of Capital Proceeds Contingent Interest is subordinate to the
payment in full of the SAC Holding Senior Notes. Subject to the terms of the SAC
Notes Indenture and the PSA, Capital Proceeds Contingent Interest shall be paid
within five years of the occurrence of such Triggering Event.

         3. Usury Savings Clause. The provisions of this Section 3 shall govern
and control over any inconsistent provision contained in this Note. The Payee
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
Payee ever receives, collects, or applies as interest any such excess, such
amount which would be excessive interest shall be deemed a 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 Payee 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)

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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 Payee 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 Payee 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 Payee Basic Interest
and Additional Interest the respective amounts, and at the respective times
provided in Section 2 hereinabove. No principal payments shall be due hereunder
except as required at the Maturity Date. Each payment of Basic Interest
(including without limitation, Deferred Interest) and Additional Interest shall
be payable in Phoenix, Arizona (or at any other place which Payee may hereafter
designate from time to time for such purpose in a notice duly given to 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
Payee 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) Principal. The principal amount of this Note, together
with all accrued but unpaid Interest, shall be due and payable upon the Maturity
Date.

                  (c) 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 Payee within five business days after the date it
first becomes due and payable, Maker shall pay to the Payee 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 hereunder (other than the principal
payment due upon Maturity Date, whether by acceleration or otherwise) is not
made when due, Payee 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 is a reasonable
estimate of the expenses reasonably anticipated to be so incurred.

                  (d) Prepayment. Maker shall have the right to prepay this
Note, without penalty, in whole or in part, at any time in Maker's discretion.

         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
and validly existing under the laws of the state of its organization, and has
the power and authority to execute and

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deliver this Note and consummate the transactions contemplated hereby;

                  (b) No Violation. Maker's execution, delivery and performance
of its obligations under this Note 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;

                  (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) 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 as any indebtedness under the Note remains unpaid, Maker shall:

                  (a) Use of Proceeds. Use the proceeds of the Loan to
capitalize the Property Owner and/or for other lawful corporate purposes.

                  (b) 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 shall be made of all dealings and transactions in
relation to its business and activities and, upon reasonable notice, permit
representatives of Payee 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
Payee 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. Such books and records shall be
available for at least five (5) years after the end of the relevant calendar
month. Payee shall have the right to inspect, copy and audit such books of
account and records at Payee'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 such audit will be paid by Payee,
except that Maker shall pay all reasonable costs and expenses of any such audit
which discloses that any amount properly payable by Maker to Payee hereunder
exceeded by five percent (5%) or more the amount actually paid and initially
reported by Maker as being payable with respect thereto.

                  (c) Notices. Give prompt written notice to Payee of (i) 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 Real
Property which, if adversely determined, could reasonably be expected to have a
material adverse effect on Maker (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). Additionally, Maker shall

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give prompt written notice to Payee of any fact known to Maker which would
prohibit the making of any payment on or in respect of this Note, but failure to
give such notice shall not affect any subordination of this Note to the SAC
Holding Senior Notes as provided in Section 2(i) hereof or otherwise.

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

                  (e) Co-operation. Execute and deliver to Payee 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 Payee
to effectuate the provisions and purposes of this Note.

                  (f) Management Agreement. Cause or permit the Real Property to
be 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
"Property Manager") approved by the Payee, which Property Manager shall be
employed pursuant to an agreement (the "Property Management Agreement") approved
by the Payee. In no event shall the fees paid (or required to be paid) to the
Property Manager exceed six percent (6%) of Gross Receipts for any time period.

         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 SAC Holding Senior Notes; (ii) the Loan; (iii) Maker's
contingent obligations under the secured Real Property debt (as the same may be
amended, extended or refinanced from time to time by mortgage loan, sale
leaseback transaction or otherwise) and the other senior mortgage loans extended
to subsidiaries or other affiliates of Maker (as the same may be amended,
extended or refinanced from time to time by mortgage loan, sale leaseback
transaction or otherwise); (iv) non-delinquent taxes; (v) unsecured debt
incurred in the ordinary course of business and (vi) other indebtedness owed to
Payee and its affiliates; provided, however, that for so long as the SAC Holding
Senior Notes are outstanding, Maker shall not incur any Indebtedness prohibited
by the terms of the SAC Notes Indenture.

                  (b) 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.

         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 or Interest upon this Note as and when the same becomes due and
payable in accordance with the provisions

                                       11
<PAGE>

hereof, and the continuation of such failure for a period of ten (10) days after
receipt of notice thereof to the Maker;

                  (b) Any representation, warranty or certification made by
Maker herein or in any report delivered to the Payee under or in connection with
this Note 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
Payee within 30 days written notice thereof to Maker;

                  (c) 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;

                  (d) (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 Payee'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; or

                  (f) one or more final judgments or orders that exceed $80
million in the aggregate (net of amounts bonded, covered by insurance or covered
by a binding agreement for indemnification from a third party) for the payment
of money have been entered by a court or courts of competent jurisdiction
against Maker and such judgment or judgments have not been satisfied, stayed,
annulled or rescinded within 60 days of being entered or, in the event such
judgments have been bonded to the extent required pending appeal, after the date
such judgments become non-appealable.

         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 at the option of the Payee and without
demand or notice of any kind to the undersigned or any other person, shall,

                                       12
<PAGE>

subject to the terms of the PSA, immediately become and be due and payable in
full; and the Payee shall have and may exercise any and all rights and remedies
available at law or in equity.

         9. Offset. In addition to (and not in limitation of) any rights of
offset that the Payee hereof may have under applicable law, upon the occurrence
of any Event of Default hereunder the Payee 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 Payee or an affilate of Payee.

         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 Payee hereof may be allocated by the
Payee to principal, Interest or other charges or amounts as the Payee 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, 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) and the undersigned 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 Payee 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
Payee 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
<PAGE>

         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 Payee hereof, on demand, all reasonable costs of collection or
enforcement, including (but not limited to) all attorneys' fees, court costs,
and other costs and reasonable expenses incurred by the Payee hereof, on demand,
all reasonable costs of collection or enforcement, including (but not limited
to) all attorneys' fees, court costs, and other reasonable costs and expenses
incurred by the Payee hereof in connection with the protection of this Note,
whether or not any lawsuit is ever filed with respect thereto.

         14. Unsecured Note. This Note is unsecured.

         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
                           Fax No.: 480-835-5478

         If to Payee :     U-Haul International, Inc.
                           2721 North Central Avenue
                           Phoenix, Arizona 85004
                           Attention: President

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, 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 Payee'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. PAYEE NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER SHALL
THE PAYEE OF THIS NOTE BE DEEMED TO BE A

                                       14
<PAGE>

PARTNER OR A CO-VENTURER WITH MAKER OR MAKER'S SUBSIDIARIES. MAKER SHALL NOT
REPRESENT TO ANY PERSON THAT THE MAKER AND THE PAYEE HEREOF ARE PARTNERS OR
CO-VENTURERS.

         20. 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 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, AND AGREES
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.

         21. Entire Agreement. This Note constitutes 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.

                                       15
<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 FINANCIAL CORPORATION
                  a Nevada corporation

                  By:  __________________________________

                  Its: __________________________________

                                       16<PAGE>

                                                                   EXHIBIT 10.23

                          PROPERTY MANAGEMENT AGREEMENT

         THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is entered into
as of June 30, 2000 among Twelve SAC Self-Storage Corporation, a Nevada
corporation, with its principal place of business at 715 South Country Club
Drive, Mesa, AZ 85210 ("Owner"), and the property managers signatory hereto
(each such property manager is respectively referred to herein as "U-Haul").

                                    RECITALS

         A. Owner owns the real property and self-storage related improvements
thereon as identified by city, state and "U-Haul" store number specified on
Exhibit A hereto (hereinafter, collectively the "Property").

         B. Owner intends that the Property be rented on a space-by-space retail
basis to corporations, partnerships, individuals and/or other entities for use
as self-storage facilities.

         C. Owner desires that U-Haul manage the Property and U-Haul desires to
act as the property manager for the Property, all in accordance with the terms
and conditions of this Agreement and as more specifically designated on Exhibit
A hereto.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, Owner and U-Haul hereby agree as follows.

1. Employment.

         (a) Owner hereby retains U-Haul, and U-Haul agrees to act as manager of
the Property upon the terms and conditions hereinafter set forth.

         (b) Owner acknowledges that U-Haul, and/or U-Haul affiliates, is in the
business of managing self-storage facilities, both for its own account and for
the account of others. It is hereby expressly agreed that notwithstanding this
Agreement, U-Haul and such affiliates may continue to engage in such activities,
may manage facilities other than those presently managed by U-Haul and its
affiliates (whether or not such other facilities may be in direct or indirect
competition with Owner) and may in the future engage in other business which may
compete directly or indirectly with activities of Owner.

         (c) In the performance of their respective duties under this Agreement,
each U-Haul property manager shall occupy the position of an independent
contractor with respect to Owner. Nothing contained herein shall be construed as
making the parties hereto (or any of them) partners or joint venturers, nor
(except as expressly otherwise

                                       1

<PAGE>

provided for herein) construed as making U-Haul an agent or employee of Owner or
of any other U-Haul property manager hereunder.

2. Duties and Authority of U-Haul.

         (a) GENERAL DUTIES AND AUTHORITY. Subject only to the restrictions and
limitations provided in paragraphs (o) and (p) of this Section 2 and the right
of Owner to terminate this Agreement as provided in Section 6 hereof, U-Haul
shall have the sole and exclusive authority to fully manage the Property and
supervise and direct the business and affairs associated or related to the daily
operation thereof, and, to that end on behalf of Owner, to execute such
documents and instruments as, in the sole judgment of U-Haul, are reasonably
necessary or advisable under the circumstances in order to fulfill U-Haul's
duties hereunder. Such duties and authority shall include, without limitation,
those set forth below.

         (b) RENTING OF THE PROPERTY. U-Haul shall establish policies and
procedures for the marketing activities for the Property, and may advertise the
Property through such media as U-Haul deems advisable, including, without
limitation, advertising with the Yellow Pages. U-Haul shall have the sole
discretion, which discretion shall be exercised in good faith, to establish the
terms and conditions of occupancy by the tenants of the Property, and U-Haul is
hereby authorized to enter into rental agreements on behalf and for the account
of Owner with such tenants and to collect rent from such tenants. U-Haul may
jointly advertise the Property with other properties owned or managed by U-Haul,
and in that event, U-Haul shall reasonably allocate the cost of such advertising
among such properties.

         (c) REPAIR, MAINTENANCE AND IMPROVEMENTS. U-Haul shall make, execute,
supervise and have control over the making and executing of all decisions
concerning the acquisition of furniture, fixtures and supplies for the Property,
and may purchase, lease or otherwise acquire the same on behalf of Owner. U-Haul
shall make and execute, or supervise and have control over the making and
executing of all decisions concerning the maintenance, repair, and landscaping
of the Property. U-Haul shall, on behalf of Owner, negotiate and contract for
and supervise the installation of all capital improvements related to the
Property, provided, however, that U-Haul agrees to secure the prior written
approval of Owner on all such expenditures in excess of $5,000.00 for any one
item, except monthly or recurring operating charges and/or emergency repairs if
in the opinion of U-Haul such emergency-related expenditures are necessary to
protect the Property from damage or to maintain services to the tenants as
called for in their respective leases.

         (d) PERSONNEL. U-Haul shall select all vendors, suppliers, contractors,
subcontractors and employees with respect to the Property and shall hire,
discharge and supervise all labor and employees required for the operation and
maintenance of the Property. Any employees so hired shall be employees of
U-Haul, and shall be carried on

                                       2

<PAGE>

the payroll of U-Haul. Employees may include, but will not be limited to,
on-site resident managers, on-site assistant managers, and relief managers
located, rendering services, or performing activities on the Property in
connection with its operation and management. The cost of employing such persons
shall not exceed prevailing rates for comparable persons performing the same or
similar services with respect to real estate similar to the Property.

         (e) AGREEMENTS. U-Haul shall negotiate and execute on behalf of Owner
such agreements which U-Haul deems necessary or advisable for the furnishing of
utilities, services, concessions and supplies, for the maintenance, repair and
operation of the Property and such other agreements which may benefit the
Property or be incidental to the matters for which U-Haul is responsible
hereunder.

         (f) OTHER DECISIONS. U-Haul shall make all decisions in connection with
the daily operation of the Property.

         (g) REGULATIONS AND PERMITS. U-Haul shall comply in all material
respects with any statute, ordinance, law, rule, regulation or order of any
governmental or regulatory body, having jurisdiction over the Property,
respecting the use of the Property or the maintenance or operation thereof.
U-Haul shall apply for and attempt to obtain and maintain, on behalf of Owner,
all licenses and permits required or advisable (in the sole judgment of U-Haul)
in connection with the management and operation of the Property.

         (h) RECORDS AND REPORTS OF DISBURSEMENTS AND COLLECTIONS. U-Haul shall
establish, supervise, direct and maintain the operation of a system of record
keeping and bookkeeping with respect to all receipts and disbursements in
connection with the management and operation of the Property. The books, records
and accounts shall be maintained at the U-Haul office or at such other location
as U-Haul shall determine, and shall be available and open to examination and
audit quarterly by Owner, its representatives, any mortgagee of the Property,
and such mortgagee's representative. On or before thirty (30) days after the
close of each quarter, U-Haul shall cause to be prepared and delivered to Owner,
a monthly statement of receipts, expenses and charges, together with a statement
of the disbursements made by U-Haul during such period on Owner's behalf.

         (i) [Reserved].

         (j) COLLECTION. U-Haul shall be responsible for the billing and
collection of all accounts receivable and for payment of all accounts payable
with respect to the Property and shall be responsible for establishing policies
and procedures to minimize the amount of bad debts.

                                       3

<PAGE>

         (k) LEGAL ACTIONS. U-Haul shall cause to be instituted, on behalf and
in the name of Owner, any and all legal actions or proceedings U-Haul deems
necessary or advisable to collect charges, rent or other income due to Owner
with respect to the Property and to oust or dispossess tenants or other persons
unlawfully in possession under any lease, license concession agreement or
otherwise, and to collect damages for breach thereof or default thereunder by
such tenant, licensee, concessionaire or occupant.

         (l) INSURANCE. U-Haul shall use its best efforts to assure that there
is obtained and maintained in force, fire, comprehensive liability and other
insurance policies in amounts generally carried with respect to similar
facilities. U-Haul may in its discretion obtain employee theft or similar
insurance in amounts and with such deductibles as U-Haul deems appropriate.
U-Haul shall promptly provide Owner with such certificates of insurance as Owner
may reasonably request in writing, evidencing such insurance coverage.

         (m) TAXES. During the term of this Agreement, U-Haul shall pay from
Owner's funds, prior to delinquency, all real estate taxes, personal property
taxes, and all other taxes assessed to, or levied upon, the Property. If
required by the holder of any note secured by the Property, U-Haul will set
aside, from Owner's funds, a reserve from each month's rent and other income
collected, in an amount required by said holder for purposes of payment of real
property taxes.

         (n) RESTRICTIONS. Notwithstanding anything to the contrary set forth in
this Section 2, U-Haul shall not be required to do, or cause to be done,
anything for the account of Owner (i) which may make U-Haul liable to third
parties; (ii) which may not be commenced, undertaken or completed because of
insufficient funds of Owner; or, (iii) which may not be commenced, undertaken or
completed because of acts of God, strikes, governmental regulations of laws,
acts of war or other types of events beyond the control of U-Haul, whether
similar or dissimilar to the foregoing.

         (o) LIMITATIONS ON U-HAUL AUTHORITY. Notwithstanding anything to the
contrary set forth in this Section 2, U-Haul shall not, without obtaining the
prior written consent of Owner, (i) rent storage space in the Property by
written lease or agreement for a stated term in excess of one year, (ii) alter
the building or other structures of the Property in any material manner; (iii)
make any other agreements which exceed a term of one year and are not terminable
on thirty day's notice at the will of Owner, without penalty, payment or
surcharge; (iv) act in violation of any law; or (v) act in violation of any duty
or responsibility of Owner under any mortgage loan secured by the Property.

         (p) SHARED EXPENSES. Owner acknowledges that certain economies may be
achieved with respect to certain expenses to be incurred by U-Haul on behalf of
Owner hereunder if materials, supplies, insurance or services are purchased by
U-Haul in quantity for use not only in connection with the Property but in
connection with other

                                       4

<PAGE>

properties owned or managed by U-Haul or its affiliates. U-Haul shall have the
right to purchase such materials, supplies, insurance and/or services in its own
name and charge Owner a pro rata allocable share of the cost of the foregoing;
provided, however, that the pro rata cost of such purchase to Owner shall not
result in expenses greater than would otherwise be incurred at competitive
prices and terms available in the area where the Property is located; and
provided further, U-Haul shall give Owner access to records so Owner may review
any such expenses incurred.

         (q)      DEPOSIT OF GROSS REVENUES. All Gross Revenues (as hereinafter
defined) shall be deposited into a "lock box account" maintained by U-Haul
International, Inc., parent company of U-Haul, in accordance with the terms of a
certain Cash Management Agreement dated as of the date hereof among Owner, Wells
Fargo Bank, National Association (as lender and agent) and U-Haul (the "CMA").
Borrower and U-Haul each hereby covenant and agree that they shall comply with
the terms and provisions of the CMA.

3. Duties of Owner.

         Owner hereby agrees to cooperate with U-Haul in the performance of
U-Haul's duties under this Agreement and to that end, upon the request of
U-Haul, to provide, at such rental charges, if any, as are deemed appropriate,
reasonable office space for U-Haul employees on the premises of the Property and
to give U-Haul access to all files, books and records of Owner relevant to the
Property. Owner shall not unreasonably withhold or delay any consent or
authorization to U-Haul required or appropriate under this Agreement.

4. Compensation of U-Haul.

         (a)      MANAGEMENT FEE. Owner shall pay to U-Haul as the full amount
due for the services herein provided a fee (the "Management Fee") equal to six
percent (6%) of the "Gross Revenue" derived from or connected with the Property
so managed by U-Haul hereunder. The term "Gross Revenue" shall mean all receipts
(excluding security deposits unless and until Owner recognizes the same as
income) of Owner (whether or not received by U-Haul on behalf or for the account
of Owner) arising from the operation of the Property, including without
limitation, rental payments of lessees of space in the Property, vending machine
or concessionaire revenues, maintenance charges, if any, paid by the tenants of
the Property in addition to basic rent, parking fees, if any, and all monies
whether or not otherwise described herein paid for the use of the Property.
"Gross Revenue" shall be determined on a cash basis. The Management Fee shall be
paid promptly at the end of each calendar quarter and shall be calculated on the
basis of the "Gross Revenue" of such preceding quarter. The Management Fee shall
be paid to each U-Haul property manager herein identified based on the Gross
Revenue of each respective Property for which such property manager is
responsible as set forth on Exhibit

                                       5

<PAGE>

A hereto. Each property manager agrees that its monthly Management Fee shall be
subordinate to that month's principal balance and interest payment on any first
lien position mortgage loan on the Property.

         It is understood and agreed that the Management Fee will not be reduced
by the cost to Owner of those employees and independent contractors engaged by
or for Owner, including but not limited to the categories of personnel
specifically referred to in Section 2(d). Except as provided in this Section 4,
it is further understood and agreed that U-Haul shall not be entitled to
additional compensation of any kind in connection with the performance by it of
its duties under this Agreement.

         (b)      REIMBURSEMENT OF CERTAIN EXPENSES. In addition to the
Management Fee described above, U-Haul shall be entitled to reimbursement from
Owner, on a quarterly basis, for all out-of-pocket expenses incurred by U-Haul
hereunder in connection with the management and operation of the Property,
including, without limitation, taxes, insurance, operational expenses, overhead,
litigation and dispute resolution related expenses, capital improvement
expenses, and costs of sales.

5. Use of Trademarks, Service Marks and Related Items.

         Owner acknowledges the significant value of the "U-Haul" name in the
operations of Owner's property and it is therefore understood and agreed that
the name, trademark and service mark, "U-Haul", and related marks, slogans,
caricatures, designs and other trade or service items shall be utilized for the
non-exclusive benefit of Owner in the rental and operation of the Property, and
in comparable operations elsewhere. It is further understood and agreed that
this name and all such marks, slogans, caricatures, designs and other trade or
service items shall remain and be at all times the property of U-Haul and its
affiliates, and that, except during the term hereof and as expressly provided
herein, Owner shall have no right whatsoever therein. Owner agrees that during
the term of this agreement the sign faces at the property will have the name
"U-Haul." The U-Haul sign faces will be paid for by Owner. Upon termination of
this agreement at any time for any reason, all such use by and for the benefit
of Owner of any such name, mark, slogan, caricature, design or other trade or
service item in connection with the Property shall, in any event, be terminated
and any signs bearing any of the foregoing shall be removed from view and no
longer used by Owner. In addition, upon termination of this Agreement at any
time for any reason, Owner shall not enter into any new leases of Property using
the U-Haul lease form or use other forms prepared by U-Haul. It is understood
and agreed that U-Haul will use and shall be unrestricted in its use of such
name, mark, slogan, caricature, design or other trade or service item in the
management and operation of other storage facilities both during and after the
expiration or termination of the term of this Agreement.

6. Termination.

                                       6

<PAGE>

         Owner or U-Haul may terminate this Agreement with or without cause by
giving not less than sixty days' written notice to the other party pursuant to
Section 11 hereof. In addition, if Owner fails to pay U-Haul any amounts owed
under this Agreement when due, U-Haul may terminate this Agreement by giving
Owner not less than ten days written notice pursuant to Section 11 hereof.
Notwithstanding the foregoing, however, U-Haul shall not resign as property
manager of the Property until a nationally recognized and reputable successor
property manager is available and prepared to assume property management
responsibilities with respect to the Property in question Upon termination of
this Agreement, U-Haul shall promptly return to Owner all monies, books, records
and other materials held by U-Haul for or on behalf of Owner. In addition, if
U-Haul has contracted to advertise the Property in the Yellow Pages, Owner
shall, at the option of U-Haul, continue to be responsible for the cost of such
advertisement and shall either (i) pay U-Haul the remaining amount due under
such contract in a lump sum; or (ii) pay U-Haul monthly for the amount due under
such contract.

7. Indemnification.

         Owner hereby agrees to indemnify and hold each of U-Haul, all persons
and companies affiliated with U-Haul, and all officers, shareholders, directors,
employees and agents of U-Haul and of any affiliated companies or persons
(collectively, the "Indemnified Persons") harmless from any and all costs,
expenses, attorneys' fees, suits, liabilities, judgments, damages, and claims in
connection with the management of the Property (including the loss of use
thereof following any damage, injury or destruction), arising from any cause
except for the willful misconduct or gross negligence on the part of the
Indemnified Persons. In addition, no Indemnified Person shall be liable for any
error of judgment or for any mistake of fact or law, or for anything which it
may do or refrain from doing hereafter, except in cases of willful misconduct or
gross negligence. U-Haul hereby agrees to indemnify and hold Owner harmless from
any and all costs, expenses, attorneys' fees, suits, liabilities, judgments,
damages and claims in connection with the management of the Property arising
from the willful misconduct of, gross negligence of, or breach of this Agreement
by the Indemnified Persons. In addition, U-Haul shall not be liable to Owner for
the acts or omissions of U-Haul's officers, shareholders, directors, employees,
and agents except for U-Haul's own gross negligence or willful misconduct.

8. Assignment.

         This Agreement may be assigned by Owner in connection with any mortgage
loan on the Property, whether pursuant to a conditional or unconditional,
absolute assignment. U-Haul shall have the right to assign this Agreement to an
affiliate or a wholly or majority owned subsidiary, provided, however, any such
assignee must assume all obligations of U-Haul hereunder, Owner's rights
hereunder will be enforceable against

                                       7

<PAGE>

any such assignee and U-Haul shall not be released from its liabilities
hereunder unless Owner shall expressly agree thereto in writing.

9.  Headings.

         The headings contained herein are for convenience of reference only and
are not intended to define, limit or describe the scope or intent of any
provision of this Agreement.

10. Governing Law.

         The validity of this Agreement, the construction of its terms and the
interpretation of the rights and duties of the parties shall be governed by the
internal laws of the State of Arizona.

11. Notices.

         Any notice required or permitted herein shall be in writing and shall
be personally delivered or mailed first class postage prepaid or delivered by an
overnight delivery service to the respective addresses of the parties set forth
below their signatures on the signature page thereof, or to such other address
as any party may give to the other in writing. Any notice required by this
Agreement will be deemed to have been given when personally served or one day
after delivery to an overnight delivery service or five days after deposit in
the first class mail.

12. Severability.

         Should any term or provision hereof be deemed invalid, void or
unenforceable either in its entirety or in a particular application, the
remainder of this Agreement shall nonetheless remain in full force and effect
and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

                                       8

<PAGE>

13. Successors.

         This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their permitted assigns and successors in
interest.

14. Attorneys' Fees.

         If it shall become necessary for any party hereto to engage attorneys
to institute legal action for the purpose of enforcing their respective rights
hereunder or for the purpose of defending legal action brought by the other
party hereto, the party or parties prevailing in such litigation shall be
entitled to receive all costs, expenses and fees (including reasonable
attorneys' fees) incurred by it in such litigation (including appeals).

15. Counterparts.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

16. Scope of Property Manager Responsibility.

         The duties, obligations and liability of each property manager
identified herein shall extend only so far as to relate to the Property for
which such property manager is managing located in the domicile state of such
property manager, as more specifically described on Exhibit A hereto, and no
individual property manager hereunder shall be liable for the acts or omissions
of any other property manager hereunder. Each property manager shall use its
best efforts to assist Owner in fulfilling Owner's obligations arising under any
loan to Owner that is secured by the Property, including but not limited to
preparing and providing financial and accounting reports, and maintaining the
Property. Each property manager agrees that it will perform its obligations
hereunder according to reasonable industry standards, in good faith, and in a
commercially reasonable manner. U-Haul agrees that, in discharging its duties
hereunder, it will not have any relationship with any of its affiliates that
would be less favorable to Owner than would reasonably be available in a
transaction with an unaffiliated party.

[Rest of page intentionally left blank]

                                       9

<PAGE>

                  IN WETNESS WHEREOF, the parties hereto execute this Agreement
         as of the date first above written.

"Owner"

Twelve SAC Self-Storage Corporation,
a Nevada corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, attorney-in-fact
    For Mark V. Shoen, President

"U-Haul"

U-Haul Co. of California, Inc.,
a California corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Florida, Inc.,
A Florida corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Texas, Inc.,
a Texas corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Louisiana, Inc.,
a Louisiana corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

                                       10

<PAGE>

U-Haul Co. of Oregon, Inc.,
An Oregon corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Arizona, Inc.,
An Arizona corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Georgia, Inc.,
A Georgia corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Pennsylvania, Inc.,
A Pennsylvania corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

                                       11

<PAGE>

                                  EXHIBIT "A"

Tigard, OR
704027

Vacaville, CA
710022

Scottsdale, AZ
723031

San Antonio, TX
744023

Slidell, LA
747073

College Park,GA
777024

Ft. Lauderdale, FL
788052

Mechaniscburg, PA
811055

                                       12

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