<DOCUMENT>
<TYPE>EX-10.43A
<SEQUENCE>173
<FILENAME>p68936exv10w43a.txt
<DESCRIPTION>EXHIBIT 10.43A
<TEXT>
<PAGE>

                                                                  EXHIBIT 10.43a

                    AMENDMENT AND ADDENDUM TO PROMISSORY NOTE

         FOR VALUE RECEIVED, the undersigned, SAC Holding Corporation, a Nevada
corporation ("Maker"), hereby amends that certain Promissory Note (the "Note")
dated as of May 7, 1999 in the original principal amount of $10,000,000 payable
to the order of Oxford Life Insurance Company. ("Payee"), as follows.
Capitalized words used herein and not otherwise defined herein have the meaning
ascribed to such words in the Note.

         Section 2(a) of the Note is hereby amended to provide that effective as
of April 1, 2002, Basic Interest (which, for clarity, includes Pay Rate Interest
and Deferred Interest) is payable on a monthly basis, in arrears, on the first
business day of each month throughout the term of the Note.

         In addition, Section 2(e) of the Note is hereby amended to provide that
effective as of April 1, 2002, Cash Flow Contingent Interest is payable on a
monthly basis, in arrears, on the first business day of the month throughout the
term of the Note.

         The Note remains in full force and effect and is not amended in any
respect, except as expressly provided herein.

         IN WITNESS WHEREOF, the undersigned executes this Amendment and
Addendum to Promissory Note as of April 16, 2002.

                                               SAC Holding Corporation

                                               By: /s/ Bruce Brockhagen
                                                   -----------------------------
                                                   Bruce Brockhagen, Secretary

         Payee hereby agrees and consents to the above-described amendment to
the Note this 16th day of April, 2002.

                                               Oxford Life Insurance Company

                                               By: /s/ Mark Haydukovich
                                                   ---------------------------
                                                   Mark Haydukovich, President

<PAGE>

                                 PROMISSORY NOTE

Maximum principal amount of                              dated as of May 7, 1999
$10,000,000

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

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

                  "Accrual Rate": shall mean the annual interest rate of eight
         and one-half percent (8.5%).

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

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

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

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

                  "Borrowers": collectively, are the following: Six-A SAC
         Self-Storage Corporation, Six-B SAC Self-Storage Corporation, Six-C SAC
         Self-Storage Corporation, Eight SAC Self-Storage Corporation, Nine SAC
         Self-Storage
<PAGE>

         Corporation, Ten SAC Self-Storage Corporation and Eleven SAC
         Self-Storage Corporation, each Nevada corporations.

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

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

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

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

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

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

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

                  "Gross Receipts": shall mean, for any period all gross
         receipts, revenues and income of any and every kind collected or
         received by or for the benefit or account of Maker and the Borrower
         during such period arising from the ownership, rental, use, occupancy
         or operation of the Project or any portion thereof. Gross Receipts
         shall include, without limitation, all receipts from all tenants,
         licensees and other occupants and users of the Project or any portion
         thereof, including, without limitation, rents, security deposits and
         the like, interest earned and paid or credited on all Maker's or the
         Borrowers' deposit accounts related to the Project, all proceeds of
         rent or business interruption insurance, and the proceeds of all
         casualty insurance or eminent domain awards to the extent not (i)
         applied, or reserved and applied within six (6) months after the
         creation of such reserve, to the restoration of the Project in
         accordance with the Mortgage, (ii) paid to Holder to reduce the
         principal amount of the Loan or (iii) paid to reduce the principal
         amount of the Senior Loans. Gross Receipts shall include the net
         commission payable from U-Haul International, Inc. for the rental of
         its equipment (whether or not such equipment is owned by the Owner of
         the Mortgaged Property) at any Mortgaged Property; provided however
         that such net commissions payable shall not be included in Gross
         Receipts until the 15th day of the month following the month in which
         such rental occurred, all in accordance with the customary procedure
         for the payment of net commission. Gross

                                       2
<PAGE>

         Receipts shall not include any capital contributed to Maker, whether in
         the form of a loan or equity, or any proceeds from any loan made to
         Maker. For the purpose of calculating the permitted Management Fee and
         the Capital Expenditure Reserve Deposit, Gross Receipts shall also
         exclude sales taxes collected by the Maker in connection with the
         operation of the Project and held in trust for payment to the taxing
         authorities. Further, in calculating the Management Fee, Gross Receipts
         shall be further modified as provided for in the Property Management
         Agreement. Any receipt included within Gross Receipts in one period
         shall not be included within Gross Receipts for any other period (i.e.,
         no item of revenue or receipts shall be counted twice).

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

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

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

                  "Loan": shall mean the mortgage loan in the amount of up to
         $10,000,000.00 made by Payee to Maker and evidenced by the Note or up
         to such amount as may have been advanced by Payee to Maker from time to
         time.

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

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

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

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

                  "Mortgage": shall mean collectively the Deeds of Trust (and
         Mortgages, and Deeds to Secure Debt), Assignment of Leases and Rents,
         Security Agreement and Financing Statement securing the promissory note
         representing the Senior Loans, as the same may be amended, modified or
         restated from time to time and together with

                                       3
<PAGE>

         all replacements and substitutions therefor. The Mortgage is more fully
         identified in Section 14 below.

                  "Mortgaged Properties": shall mean the properties of the
         Borrowers encumbered by the Senior Loan Documents.

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

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

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

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

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

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

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

                                       4
<PAGE>

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

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

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

                  "Project": shall mean the real estate, the improvements and
         the personal property encumbered pursuant to the Senior Loan Documents,
         taken together collectively.

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

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

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

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

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

                                       5
<PAGE>

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

                  "Senior Lender" shall mean Wells Fargo Bank, N.A. ("Wells"),
         GE Capital Corporation ("GE") and/or First Union National Bank, N.A.
         ("First Union"), as the context may so require, in their respective
         capacities as the lenders under the Senior Loans.

                  "Senior Loans": shall mean, collectively, (i) that certain
         loan in the amount of $32,100,000.00 made by the Wells to the Eleven
         SAC Self Storage Corporation; (ii) that certain loan in the amount of
         $9,626,000.00 made by the GE to the Eight SAC Self Storage Corporation;
         (iii) that certain loan in the amount of $8,945,000.00 made by the GE
         to the Nine SAC Self Storage Corporation; (iv) that certain loan in the
         amount of $10,272,000.00 made by the GE to the Ten SAC Self Storage
         Corporation; (v) that certain loan in the amount of $9,675,000.00 made
         by the First Union to the Six-A SAC Self Storage Corporation; (vi) that
         certain loan in the amount of $9,423,000.00 made by the First Union to
         the Six-B SAC Self Storage Corporation; and (vii) that certain loan in
         the amount of $10,513,000.00 made by the First Union to the Six-C SAC
         Self Storage Corporation.

                  "Stated Maturity Date": shall mean May 7, 2019, or the date on
         which all of the Property Management Agreements are terminated in
         accordance with Section 6 thereof, or on demand by Payee.

                  "Tax and Insurance Escrow Account": shall mean any impound
         account established pursuant to the Senior Loans, or any of them.

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

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

         2. Interest.

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

                                       6
<PAGE>

         such quarter, interest shall accrue on such Deferred Interest at the
         Accrual Rate (and any accrued interest thereon, shall be considered
         part of Deferred Interest).

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

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

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

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

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

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

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

                  (f)Quarterly Statements; Adjustment of Payments. On the due
         date for each payment of Basic Interest, Maker shall deliver to Holder
         a certified statement of operations of the Project for the calendar
         quarter or other period with respect to which such Basic Interest is
         due, showing in reasonable detail and in a format approved by Holder
         respective amounts of, and the method of calculating, the Gross

                                       7
<PAGE>

         Receipts, Gross Income, Operating Expenses, Net Cash Flow, Catch-Up
         Amount and Cash Flow Contingent Interest for the preceding calendar
         quarter, as well as (if requested by Holder) all data necessary for the
         calculation of any such amounts. Maker shall keep and maintain at all
         times full and accurate books of account and records adequate to
         correctly reflect all such amounts. Such books and records shall be
         available for at least five years after the end of the calendar quarter
         to which they relate. Holder shall have the right to inspect, copy and
         audit such books of account and records during reasonable business
         hours, and upon reasonable notice to Maker, for the purpose of
         verifying the accuracy of any payments made on account of Cash Flow
         Contingent Interest. The costs of any such audit will be paid by
         Holder, except that Maker shall pay all reasonable costs and expenses
         of any such audit which discloses that any amount properly payable by
         maker to Holder hereunder exceeded by five percent (5%) or more the
         amount actually paid and initially reported by maker as being payable
         with respect thereto.

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

                  (h) Capital Proceeds Contingent Interest.

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

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

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

                                       8
<PAGE>

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

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

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

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

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

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

                                    (A) Net Capital Proceeds From Sale or
         Financing. Except as provided in Section 2(h)(iv)(B) below, in the
         event of a Sale or Financing, "Net Capital Proceeds" shall be the
         amount which is equal to: (I) either (x) the Gross Capital Proceeds (as
         hereinafter defined) realized from the Project, or (y) the fair market
         value of the Project determined pursuant to Section 2(h)(v) below, if
         Holder in its discretion requires such a determination, minus (II) the
         sum of: (aa) reasonable brokerage commissions (excluding any payments
         to any Affiliate of Maker to the extent such payments exceed those
         which would have been due as commissions to a non-Affiliate broker
         rendering identical services), title insurance premiums, documentary
         transfer taxes, escrow fees and recording charges, appraisal fees,
         reasonable attorneys' fees and costs, and sales taxes (if any), in each
         case actually paid or payable by Maker in connection with the Sale or
         Financing, plus (bb) all payments of principal and Deferred Interest
         paid to Holder an account of this Note from the proceeds of such Sale
         or Financing, plus (cc) an amount equal to all

                                       9
<PAGE>

         payments of principal and interest on the Senior Loans made from the
         proceeds of such Sale or Financing, plus (dd) any amount paid as Yield
         Maintenance Premium as a result of such Sale or Financing. For purposes
         of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
         proceeds of whatever form or nature payable directly or indirectly to
         or for the benefit or account of Maker in connection with such Sale or
         Financing, including, without limitation: cash; the outstanding balance
         of any financing which will remain as a lien or encumbrance against the
         Project or any portion thereof following such Sale or Financing (but
         only in the case of a Sale, and not in the case of an encumbrance); and
         the cash equivalent of the fair market value of any non-cash
         consideration, including the present value of any promissory note
         received as part of the proceeds of such Sale or Financing (valued at a
         market rate of interest, as determined by an independent investment
         banker designated by Holder).

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

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

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

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

                                    (C) Appraisal Standards and Assumptions. In
         making any determination by appraisal of fair market value, the
         appraiser(s) shall assume that the improvements then located on the
         Project constitute the highest and best use of the property. If the
         Triggering Event is a Sale or Financing, the appraiser(s) shall take
         (A)

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<PAGE>

         the sales price into account, although such sales price shall not be
         determinative of fair market value. Each appraiser selected hereunder
         shall be an independent MAI-designated appraiser with not less than ten
         years' experience in commercial real estate appraisal in the general
         geographical area where the Project is located.

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

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

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

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

                                       11
<PAGE>

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

         4. Payments.

                  (a) Interest and Principal. Maker promises to pay to the
         Holder hereof Basic Interest, Deferred Interest and Additional Interest
         as, in the respective amounts, and at the respective times provided in
         Section 2 hereinabove. Each payment of Basic Interest (including
         without limitation, Deferred Interest), and Additional Interest on, or
         any other amounts of any kind with respect to, this Note shall be made
         by the Maker to the Holder hereof at its office in Phoenix, Arizona (or
         at any other place which the Holder may hereafter designate for such
         purpose in a notice duly given to the Maker hereunder), not later than
         noon, Eastern Standard Time, on the date due thereof; and funds
         received after that hour shall be deemed to have been received by the
         Holder on the next following business day. Whenever any payment to be
         made under this Note shall be stated to be due on a date which is not a
         business day, the due date thereof shall be extended to the next
         succeeding business day, and interest shall be payable at the
         applicable rate during such extension.

                  (b) Late Payment Charges. If any amount of Interest, principal
         or any other charge or amount which becomes due and payable under this
         Note is not paid and received by the Holder within five business days
         after the date it first becomes due and payable, Maker shall pay to the
         Holder hereof a late payment charge in an amount equal to five percent
         (5%) of the full amount of such late payment, whether such late payment
         is received prior to or after the expiration of the ten-day cure period
         set forth in Section 8(a). Maker recognizes that in the event any
         payment secured hereby (other than the principal payment due upon
         maturity of the Note,

                                       12
<PAGE>

         whether by acceleration or otherwise) is not made when due, Holder will
         incur extra expenses in handling the delinquent payment, the exact
         amount of which is impossible to ascertain, but that a charge of five
         percent (5%) of the amount of the delinquent payment would be a
         reasonable estimate of the expenses so incurred. Therefore, if any such
         payment is not received when due and payable, Maker shall without
         prejudicing or affecting any other rights or remedies of the trustee
         under those certain Junior Deeds of Trust (or Junior Mortgages, or
         Junior Deeds to Secure Debt), Assignment of Leases and Rents, Security
         Agreement, Financing Statement and Fixture Filing of even date herewith
         or Holder pay to Holder to cover expenses incurred in handling the
         delinquent payment, an amount calculated at five percent (5%) of the
         amount of the delinquent payment.

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

                  A Yield Maintenance Premium in an amount equal to the grater
         of (A) one percent (1.0%) of the principal amount being prepaid, and
         (B) the positive excess of (1) the present value ("PV") of all future
         installments of principal and interest due pursuant to Section 4(a) of
         this Note absent any such prepayment including the principal amount due
         at the Stated Maturity Date (collectively, "All Future Payments"),
         discounted at an interest rate per annum equal to the sum of (a) the
         Treasury Constant Maturity Yield Index published during the second full
         week preceding the date on which such Yield Maintenance Premium is
         payable for instruments having a maturity coterminous with the
         remaining term of this Note, and (b) One Hundred Forty (140) basis
         points, over (2) the then outstanding principal balance hereof
         immediately before such prepayment [(PV of All Future Payments)
         (Principal balance at the time of prepayment) = Yield Maintenance
         Premium]. "Treasury Constant Maturity Yield Index" shall mean the
         average yield for "This Week" as reported by the Federal Reserve Board
         in Federal Reserve Statistical Release H.15 (519). If there is no
         Treasury Constant Maturity Yield Index for instruments having a
         maturity coterminous with the remaining term of this Note, then the
         index shall be equal to the weighted average yield to maturity of the
         Treasury Constant Maturity Yield Indices with maturities next longer
         and shorter than such remaining average life to the maturity,
         calculated by averaging (and rounding upward to the nearest 1/100 of 1%
         per annum, if the average is not such a multiple) the yields of the
         relevant Treasury Constant Maturity Yield Indices

                                       13
<PAGE>

         (rounded, if necessary, to the nearest 1/100 of 1% with any figure of
         1/200 of 1% or above rounded upward). In the event that any Yield
         Maintenance Premium is due hereunder, Holder shall deliver to Maker a
         statement setting forth the amount and determination of the Yield
         Maintenance Premium and, provided that Holder shall have in good faith
         applied the formula described above, Maker shall not have the right to
         challenge the calculation or the method of calculation set forth in any
         such statement in the absence of manifest error, which calculation may
         be made by Holder on any day during the thirty (30) day period
         preceding the date of such prepayment. Holder shall not be obligated or
         required to have actually reinvested the prepaid principal balance at
         the Treasury Constant Maturity Yield Index or otherwise as a condition
         to receiving the Yield Maintenance Premium. No Yield Maintenance
         Premium or premium shall be due or payable in connection with any
         prepayment of the indebtedness evidenced by this Note made on or after
         any date after June 1, 2005. In addition to the aforesaid Yield
         Maintenance Premium if, upon any such prepayment (whether prior to or
         after any date that is after June 1, 2005, the aforesaid prior written
         notice has not been received by Holder, the Yield Maintenance Premium
         shall be increased by an amount equal to the lesser of (i) thirty (30)
         days' unearned interest computed in the outstanding principal balance
         of this Note, so prepaid and (ii) unearned interest computed on the
         outstanding principal balance of this Note so prepaid for the period
         from, and including, the date of prepayment through the otherwise
         Stated Maturity Date of this Note.

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

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

                      Maker's Initials: [ILLEGIBLE]

                                       14
<PAGE>

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

                  (a) Due Authorization. Maker is a corporation duly organized
         under the laws of the state of its organization, with the authority to
         own the Project and enter into the Debt Papers and consummate the
         transactions contemplated thereby;

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

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

                  (d) Enforceability. The Debt Papers are valid, binding and
         enforceable in accordance with their terms, except as the
         enforceability thereof may be limited by bankruptcy, insolvency,
         moratorium, reorganization or similar laws relating to or affecting the
         enforcement of creditors' rights generally.

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

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

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

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

                                       15
<PAGE>

                  (i) Easements. Maker has obtained and has encumbered in favor
         of Holder pursuant to the Mortgage all easements, appurtenances and
         rights of way necessary for access to and the normal uses of the
         Project; and

                  (i) Place of Business. Maker's principal place of business is
         located at 715 South Country Club Drive, Mesa, AZ 85210, and that
         address is its only place of business or its chief executive office.

         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 repay
         certain indebtedness presently outstanding against the Project and held
         by Payee.

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

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

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

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

                  (c) Inspection of Property; Books and Records; Discussions.
         Keep proper books of record and account in which full, true and correct
         entries in conformity with GAAP and all Requirements of Law shall be
         made of all dealings and transactions in relation to its business and
         activities and, upon reasonable notice, permit representatives of
         Holder to examine and make abstracts from any of its books and records
         at any reasonable time and as often as may reasonably be desired by
         Holder and to discuss the business, operations, properties and
         financial and other conditions of Maker with officers and employees of
         Maker and with its independent certified public accountants. In
         addition, on the last day of each calendar month on which an Interest
         payment is due, Maker shall furnish to Holder a certified statement of
         operations of the Project for the calendar month in which such Interest
         payment is due, showing in reasonable detail and in a format approved
         by Holder the Gross Receipts, Operating Expenses, and Net Cash Flow, as
         well as (if required by Holder)

                                       16
<PAGE>

         all data necessary for the calculation of any such amounts. Maker shall
         keep and maintain at all times full and accurate books of account and
         records adequate to correctly reflect all such amounts. Such books and
         records shall be available for at least five (5) years after the end of
         the relevant calendar month. Holder shall have the right to inspect,
         copy and audit such books of account and records at Holder's expense,
         during reasonable business hours, and upon reasonable notice to Maker,
         for the purpose of verifying the accuracy of any principal payments
         made. The costs of any such audit will be paid by Holder, except that
         Maker shall pay all reasonable costs and expenses of any such audit
         which discloses that any amount properly payable by Maker to Holder
         hereunder exceeded by five percent (5%) or more the amount actually
         paid and initially reported by Maker as being payable with respect
         thereto.

                  (d) Notices. Give prompt written notice to Holder of (a) any
         claims, proceedings or disputes (whether or not purportedly on behalf
         of Maker) against, or to Maker's knowledge, threatened or affecting
         Maker or the Project which, if adversely determined, could reasonably
         be expected to have a Material Adverse Effect (without in any way
         limiting the foregoing, claims, proceedings, or disputes involving in
         the aggregate monetary amounts in excess of $15,000 not fully covered
         by insurance shall be deemed to be material, exclusive of deductibles
         in an amount not to exceed $1,000), or (b) any proposal by any public
         authority to acquire the Project or any portion thereof.

                  (e) Expenses. Pay all reasonable out-of-pocket expenses
         (including fees and disbursements of counsel, including special local
         counsel) of Holder, incident to any amendments, waivers and renewals
         relating to the Debt Papers and the protection of the rights of Holder
         under the Debt Papers whether by judicial proceedings or otherwise,
         including, without limitation, in connection with bankruptcy,
         insolvency, liquidation, reorganization, moratorium or other similar
         proceedings involving Maker or a "workout" of the Loan. The obligations
         of Maker under this Section 6(e) shall survive repayment of the Loan.

                  (f) Debt Papers. Comply with and observe all terms and
         conditions of the Debt Papers.

                  (g) INDEMNIFICATION. INDEMNIFY AND HOLD HARMLESS HOLDER AND
         ITS DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS AND AGENTS (THE
         "INDEMNIFIED PARTIES") FROM AND AGAINST ALL DAMAGES AND LIABILITIES
         (COLLECTIVELY AND SEVERALLY, "LOSSES") ASSESSED AGAINST ANY OF THEM
         RESULTING FROM THE CLAIMS OF ANY PARTY RELATING TO OR ARISING OUT OF
         THE DEBT PAPERS OR THE TRANSACTIONS CONTEMPLATED THEREBY, EXCEPT FOR
         LOSSES CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH
         INDEMNIFIED PARTY, AND REIMBURSE EACH INDEMNIFIED PARTY FOR ANY
         EXPENSES (INCLUDING THE FEES AND DISBURSEMENTS

                                       17
<PAGE>

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

                       MAKER'S INITIALS [ILLEGIBLE]

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

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

                                       18
<PAGE>

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

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

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

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

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

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

                                       19
<PAGE>

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

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

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

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

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

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

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

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

                  (d) The failure by Maker to perform any obligation under, or
         the occurrence of any other default with respect to any provision of,
         this Note other than as

                                       20
<PAGE>

         described in any of the other clauses of this Section 8, and the
         continuation of such default for a period of 30 days after written
         notice thereof to the Maker;

                  (e) The occurrence of any Default under the Mortgage, under
         the Security Agreement and Assignment (Management Agreement), or under
         any of the other Debt Papers;

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

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

                  (h) The occurrence of a Event of Default under the Promissory
         Notes evidencing the Senior Loans.

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

                                       21
<PAGE>

and remedies available at law or in equity and also any and all rights and
remedies provided in the Mortgage and any of the other Security Documents.

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

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

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

         12. Waiver.

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

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

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

                                       22
<PAGE>

         continues nor a waiver of such right in connection with any future
         Event of Default on the part of the undersigned.

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

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

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

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

         If to the Holder: Oxford Life Insurance Company
                           2721 North Central Avenue
                           Phoenix, Arizona 85004
                           Attention: Treasurer

                                       23
<PAGE>

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

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

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

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

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

         20. Limitation of Personal Liability. Except for fraud or knowing
misrepresentations, neither Maker nor any partner in Maker shall be liable
personally to pay this Note or the indebtedness evidenced hereby, and the Holder
shall not seek any personal or deficiency judgment on this Note except for fraud
or knowing misrepresentations, and the sole remedy of the Holder hereunder or
under any of the other Debt Papers shall (except for fraud, misappropriation of
funds or knowing misrepresentations) be under the Security Documents for
enforcement thereof or shall otherwise be against the Collateral (defined for
purposes hereof as defined in the Mortgage) and any other property at any time
securing any or all of the Liabilities (defined for purposes hereof as defined
in the Mortgage); provided, however, that the foregoing shall not in any way
diminish or affect (i) any rights the Holder may have (as a secured party or
otherwise) to, against or with respect to the Collateral or any other property
at any time securing any of the liabilities, (ii) any rights of the Holder
against the Maker with respect to any fraud, misappropriation of funds or
knowing misrepresentation, or (iii) any rights of the Holder under or with
respect to any guaranty at any time furnished to the Holder relating to or
concerning any of the Liabilities.

                                       24
<PAGE>

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

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

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       25
<PAGE>

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

                     SAC HOLDING CORPORATION
                     a Nevada corporation

                     By: /s/ [ILLEGIBLE]
                     -----------------------------
                     Its: SECRETARY

                                       26

</TEXT>
</DOCUMENT>
