AMERCO /NV/ (Form: 10-Q, Received: 11/07/2007 16:24:21)

AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT

THIS AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT (this " Agreement ") is entered into as of June 20, 2007 among Eleven SAC Self-Storage Corporation, a Nevada corporation and Eleven SAC Self-Storage Odenton, Inc., a Nevada corporation (collectively, " Owner "), and the subsidiaries of U-Haul International, Inc. set forth on the signature block hereto (" Manager ").

RECITALS

A. Owner owns the real property and all improvements thereon and appurtenances thereto located at the street addresses identified 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 and Manager are currently parties to a Property Management Agreement (the “Original Agreement”), which Original Agreement is hereby amended and restated in its entirety by this Agreement.

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

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto hereby agree as follows.

1.	Employment.

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

(b) Owner acknowledges that Manager, and/or Manager affiliates, is in the business of managing self-storage facilities and businesses conducted thereat, including, but not limited to, the sale of packing supplies and rental of trucks and equipment, both for its own account and for the account of others. It is hereby expressly agreed that notwithstanding this Agreement, Manager and such affiliates may continue to engage in such activities, may manage facilities other than those presently managed by Manager 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 its duties under this Agreement, 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 venturors, nor construed as making Manager an employee of Owner.

2.	Duties and Authority of Manager.

Subject to the terms and conditions of this Agreement, on behalf of, and as agent of, the Owner:

(a) General Duties and Authority . Manager shall have the sole and exclusive duty and authority to fully manage the Property and supervise and direct the business and affairs associated or related to the daily operation thereof, to collect on behalf of Owner all revenues related to the Property, to pay on behalf of Owner all expenses of the Property - and to execute on behalf of Owner such documents and instruments as, in the sole judgment of Manager, are reasonably necessary or advisable under the circumstances in order to fulfill Manager's duties hereunder. Such duties and authority shall include, without limitation, those set forth below. Notwithstanding the foregoing or any other term or provision herein, upon notice to Manager, Owner shall have the right to assume responsibility for the direct payment of certain expenses of Owner, as may be determined by Owner. In such event, Owner shall provide an accounting of such costs to Manager. In the event Owner fails to provide such accounting to Manager, Manager shall assume no liability for nonpayment for such expenses so assumed by Owner. The parties acknowledge and agree that Owner will retain title to, ownership of, and exclusive right to control the Property, subject to the terms of this Agreement, and that portion of the Gross Revenue (as hereinafter defined) owned by Owner (“Owner’s Revenue”) (which includes the revenue from the storage operations at the Property, retail sales, miscellaneous income and Owner’s UMove commission), and that Manager will not acquire title to, any interest in, or any income or revenues from the Property or Owner’s Revenue. In performing its services and making any payments hereunder, Manager will make known to third parties that Manager is acting solely as the agent of Owner. Under no circumstances will Manager represent or hold itself out to any third party as having any title to or property interest in the Property or Owner’s Revenue.

(b) Renting of the Property . Manager shall establish policies and procedures for the marketing activities for the Property, and shall advertise the Property through such media as Manager deems advisable. Manager's marketing activities for the Property shall be consistent with the scope and quality implemented by Manager and its affiliates at any other properties operated by Manager or its affiliates. Manager 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 Manager 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 on behalf and for the account of Owner. Manager may jointly advertise the Property with other properties owned or managed by Manager or its Affiliates, and in that event, Manager shall reasonably allocate the cost of such advertising among such properties.

(c) Repair, Maintenance and Improvements . Manager 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. Manager 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, provided, however, that such maintenance, repair and landscaping shall be consistent with the maintenance, repair and landscaping implemented by

Manager and its affiliates at any other properties operated by Manager or its affiliates. Manager shall, on behalf of Owner, negotiate and contract for and supervise the installation of all capital improvements related to the Property; provided, however, that Manager agrees to secure the prior written approval of Owner on all such expenditures in excess of $10,000.00 - for any one item, except monthly or recurring operating charges and/or emergency repairs if in the opinion of Manager such emergency-related expenditures are necessary to protect the Property from damage or to maintain services to the Owners or self-storage licensees as called for in their respective leases or self-storage agreements. In the event of such emergency repairs in excess of $10,000, Manager shall notify Owner and the insurer of the cost estimate for such work.

(d) Personnel . Manager 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 Manager, and shall be carried on the payroll of Manager. Employees may include, but need 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 in the general vicinity of each respective Property. Manager shall be responsible for all legal and insurance requirements relating to its employees.

(e) Service Agreements . Manager shall negotiate and execute on behalf of Owner such agreements which Manager 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 Manager is responsible hereunder.

(f) Other Decisions . Manager shall make the decisions in connection with the day-to-day operations of the Property.

(g) Regulations and Permits . Manager shall comply in all respects with any statute, ordinance, law, rule, regulation or order of any governmental or regulatory body pertaining to the Property (collectively, "Laws"), respecting the use of the Property or the maintenance or operation thereof, the non-compliance with which could reasonably be expected to have a material adverse effect on Owner or any Property. Manager shall apply for and obtain and maintain, on behalf of Owner, all licenses and permits required or advisable (in the reasonable judgment of Manager) in connection with the management and operation of the Property. Notwithstanding the foregoing, Manager shall be permitted to contest any Applicable Laws to the extent and pursuant to the same conditions that Owner is permitted to contest any Laws. To the extent that Manager does not comply, Manager will be responsible for the costs and penalties incurred as a result of the non-compliance.

(h) Records and Reports of Disbursements and Collections . Manager shall establish, supervise, direct and maintain the operation of a system of cash record keeping and bookkeeping with respect to all receipts and disbursements and all business activities and operations conducted by Manager in connection with the management and operation of the

Property. Manager shall be responsible for cash shortages and discrepancies incurred in the normal course of management operations. The books, records and accounts shall be maintained at the Manager's office or at Owner's office, or at such other location as Manager and Owner shall determine, and shall be available and open to examination and audit quarterly by Owner, its representatives, its lender, if any, and as provided by Owner, and, subject to any mortgagee of the Property, and such mortgagee's representative. Manager shall cause to be prepared and delivered to Owner a monthly statement on a per-Property basis, of receipts, expenses and charges, and any other information as reasonably required by Owner to prepare its financials statements, together with a statement, on a per-Property basis, of the disbursements made by Manager during such period on Owner's behalf, which shall include separate lines for prepaid items and inventory. Manager shall provide Owner with rent rolls and occupancy reports if requested.

(i) Collection . Manager shall be responsible for the billing and collection of all receipts and for payment of all expenses with respect to the Property and shall be responsible for establishing policies and procedures to minimize the amount of bad debts. Bad debt incurred as a result of non compliance with management policies and procedures (such as improper verifications or acceptance of bad credit cards or bad checks) will be the responsibility of Manager.

(j) Legal Actions . Manager shall cause to be instituted, on behalf and in its name or in the name of Owner as appropriate, any and all legal actions or proceedings Manager deems necessary or advisable in connection with the Property, including, without limitation, to collect charges, rent or other income due to Owner with respect to the Property and to oust or dispossess tenants where appropriate 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 Owner, licensee, concessionaire or occupant.

(k) Insurance . Manager will insure, on its Master Policy, against all liabilities at the Property at Manager’s cost (General Liability Insurance). Manager will insure equipment at Manager’s cost. If requested by Owner, Manager will obtain and charge the annual Owner’s property insurance (Property & Casualty Insurance) and pay same on Owner’s behalf. Property & Casualty Insurance shall meet Lender’s required coverage, to include earthquake, flood and other Lender requirements as the case may be, and shall be the cost of Owner.

(l) Taxes . During the term of this Agreement, Manager shall pay on behalf of Owner, prior to delinquency, real estate taxes, personal property taxes, and other taxes assessed to, or levied upon, the Property, but only in the event requested by Owner. If requested, Manager will charge to Owner an expense monthly equal to 1/12 of annual- real property taxes.

(m) Limitations on Manager Authority . Notwithstanding anything to the contrary set forth in this Section 2, Manager 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 unless such lease or agreement is terminable by the giving of not more than thirty (30) days written notice, (ii) alter the building or other structures of the Property in violation of loan documents executed by Owner in connection with the property (“Loan Documents”); (iii) enter on behalf of Owner 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, (v) violate any term or condition of the Loan Documents; (vi) fail to correct any misunderstanding of any third party of which Manager becomes aware as to the separateness of Owner and Manager; or (vii) except as explicitly set forth in this Agreement, exercise any authority to act on behalf of, or hold itself out has having authority to act on behalf of, Owner.

(n) Shared Expenses . Owner acknowledges that certain economies may be achieved with respect to certain expenses to be incurred by Manager on behalf of Owner hereunder if materials, supplies, insurance or services are purchased by Manager in quantity for use not only in connection with Owner's business at the Property but in connection with other properties owned or managed by Manager or its affiliates. Manager shall have the right to purchase such materials, supplies, insurance (subject to the terms of this Agreement) 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 that are either inconsistent with the expenses of other "U-Haul branded" locations in the general vicinity of the applicable Property or greater than would otherwise be incurred at competitive prices and terms available in the area where the Property is located; and provided further, Manager shall give Owner access to records (at no cost to Owner) so Owner may review any such expenses incurred.

(o) Deposit of Gross Revenues . All revenue from operations at the Property (“Gross Revenue”) shall be deposited daily by Manager into (i) a bank account (the “Deposit Account”) maintained by Manager (or its parent company) solely for the benefit of Owner; or (ii) a collective bank account (the “Collective Account”) maintained by Manager (or its parent company) for the benefit of multiple property owners. Manager shall transfer daily all Owner’s Revenue in the Deposit Account and all Owner’s Revenue in the Collective Account to Owner’s separately identified depositary account (“Owner’s Account”). To the extent that Gross Revenue is deposited into a Collective Account, Manager (or its parent company) shall reconcile such Collective Account daily and maintain such records as shall clearly identify each day the respective interest of each property owner in such account. Manger shall not, and shall not permit any other property owner or any affiliate of Manager to borrow, lend or use Owner’s Revenue while it is in a Collective Account. Owner shall apply Owner’s Revenue first to the repayment of Owner’s senior debt with respect to the Property, and then to Manager in reimbursement of documented expenses and for management fees as provided under Section 4 below.

(p) Obligations under Loan Documents and other Material Contracts . Manager shall take such actions as are necessary or appropriate under the circumstances to ensure that Owner is in compliance with the terms of the Loan Documents and any other material agreement relating to the Property to which Owner is a party. Notwithstanding the foregoing, nothing herein contained shall be deemed to obligate Manager to fund from its own resources any payments owed by Owner under the Loan Documents or otherwise be deemed to make Manager a direct obligor under the Loan Documents.

(q) Obligations notwithstanding other Tenancy at the Property . Manager shall perform all of its obligations under this Agreement in a professional manner consistent with the standards it employs at all of its managed locations.

(r) Segregation . Owner and Manager shall maintain the Property and Owner’s Revenue in such a manner that it is not costly or difficult to segregate, ascertain or identify Owner’s individual assets from those of Manager or any other person.

3.	Duties of Owner.

Owner shall cooperate with Manager in the performance of Manager's duties under this Agreement and to that end, upon the request of Manager, shall provide, at such rental charges, if any, as are deemed appropriate, reasonable office space for Manager employees on the premises of the Property (to the extent available). Owner shall not unreasonably withhold or delay any consent or authorization to Manager required or appropriate under this Agreement. Owner shall provide Manager with copies of all Loan Documents.

4.	Compensation of Manager.

(a) Reimbursement of Expenses . Manager shall be entitled to request and receive reimbursement for all timely authorized out-of-pocket reasonable and customary expenses actually incurred by Manager in the discharge of its duties hereunder. Such reimbursement shall be the obligation of Owner, whether or not Gross Revenues are sufficient to pay such amounts. Unpaid balances shall accrue interest at 4% thirty (30) days after presentment, unless a written request is received detailing Owner’s objection to a billed amount.

(b) Management Fee . Owner shall pay to Manager as the full amount due for the services herein provided a monthly fee (the “Management Fee”) which shall be six percent (6%) of the Property’s current month Owner’s Revenue, as determined on a cash basis. Subject to the terms of Section 2(o) the Management Fee shall be paid promptly, in arrears, within fifteen (15) days of Owner’s receipt therefor, which invoice shall be sent from Manager to Owner following the end of each calendar month. Such invoice shall be itemized and shall include reasonable detail and be free from errors.

Except as provided in this Section 4, it is further understood and agreed that Manager shall not be entitled to additional compensation of any kind in connection with the performance by it of its duties under this Agreement.

(c) Inspection of Books and Records . Owner shall have the right, upon prior reasonable notice to Manager, to inspect Manager's books and records with respect to the Property, to assure that proper fees and charges are assessed hereunder. Manager shall cooperate with any such inspection. Owner shall bear the cost of any such inspection; provided, however, that if it is ascertained that Manager has overcharged Owner by more than 5% in any given quarter, the cost of such inspection shall be borne by Manager. Manager shall promptly reimburse Owner for any overpayment.

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 (the " Manager Trade Marks ") 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 Manager and its affiliates, and that, except as expressly provided in this Agreement, 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." 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 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 Manager lease form or use other forms prepared by Manager. It is understood and agreed that Manager 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.	Default; Termination.

(a) Any material failure by Manager or Owner (a " Defaulting Party ") to perform its respective duties or obligations hereunder (other than a default by Owner under Section 4 of this Agreement), which material failure is not cured within thirty (30) calendar days after receipt of written notice of such failure from the non-defaulting party, shall constitute an event of default hereunder; provided, however, the foregoing shall not constitute an event of default hereunder in the event the Defaulting Party commences cure of such material failure within such thirty (30) day period and diligently prosecutes the cure of such material failure thereafter but in no event shall such extended cure period exceed ninety (90) days from the date of receipt by the non-defaulting party of written notice of such material default; provided further, however, that in the event such material failure constitutes a default under the terms of the Loan Documents and the cure period for such matter under the Loan Documents is shorter than the cure period specified herein, the cure period specified herein shall automatically shorten such that it shall match the cure period for such matter as specified under the Loan Documents. In addition, following notice to Manager of the existence of any such material failure by Manager, Owner shall have the right to cure any such material failure by Manager, and any sums so expended in curing shall be owed by Manager to such curing party and may be offset against any sums owed to Manager under this Agreement.

(b) Any material failure by Owner to perform its duties or obligations under Section 4, which material failure is not cured within ten (10) calendar days after receipt of written notice of such failure from Manager, shall constitute an event of default hereunder.

(c) Owner shall have the right to terminate this Agreement, with or without cause, by giving not less than thirty (30) days' written notice to Manager pursuant to Section 14

hereof. Subject to the terms of the Loan Documents, Manager shall have the right to terminate this Agreement, with or without cause, by giving not less than ninety (90) days' written notice to Owner pursuant to Section 14 hereof.

(d) Upon termination of this Agreement, (x) Manager shall promptly return to Owner all monies, books, records and other materials held by Manager for or on behalf of Owner and shall otherwise cooperate with Owner to promote and ensure a smooth transition to the new manager and (y) Manager shall be entitled to receive its Management Fee and reimbursement of expenses through the effective date of such termination, including the reimbursement of any prepaid expenses for periods beyond the date of termination (such as Yellow Pages advertising).

7.	Indemnification.

Manager hereby agrees to indemnify, defend and hold Owner, all persons and companies affiliated with Owner, and all officers, shareholders, directors, employees and agents of Owner 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 and operations thereon (including the loss of use thereof following any damage, injury or destruction), arising from any cause or matter whatsoever, including, without limitation, any environmental condition or matter caused by Manager’s operation of the Property, except to the extent attributable to the willful misconduct or gross negligence on the part of the Indemnified Persons.

8.	Assignment.

Manager shall not assign this Agreement to any party without the consent of Owner.

9.	Standard for Property Manager's Responsibility.

Manager agrees that it will perform its obligations hereunder according to industry standards, in good faith, and in a commercially reasonable manner.

10.	Estoppel Certificate.

Each of Owner and Manager agree to execute and deliver to one another, from time to time, within ten (10) business days of the requesting party's request, a statement in writing certifying, to the extent true, that this Agreement is in full force and effect, and acknowledging that there are not, to such parties knowledge, any uncured defaults or specifying such defaults if they are claimed and any such other matters as may be reasonably requested by such requesting party.

11.	Term; Scope.

Subject to the provisions hereof, this Agreement shall have an initial term (such term, as extended or renewed in accordance with the provisions hereof, being called the " Term ") commencing on the date hereof (the " Commencement Date ") and ending on the last day of the one hundred and twentieth (120th) calendar month next following the date hereof or the maturity date of the applicable Loan Documents (which ever is later) (the " Expiration Date "); provided however, the parties shall have the right upon mutual agreement to terminate this Agreement

with respect to any individual Property no longer subject to the Loan Documents (for instance due to a significant casualty or condemnation of such Property).

12.

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.

13.	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 Nevada.

14.

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 above on the first page of this Agreement, 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. Any notice to Owner shall be to the attention of President, 715 South Country Club Drive, Mesa, AZ 85210. Any notice to Manager shall be to the attention of c/o U-Haul International, Inc. Legal Dept, 2721 North Central Avenue, Phoenix, AZ 85004, Attn: Secretary.

15.	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.

16.	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.

17.	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).

18. 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.

IN WITNESS WHEREOF, the undersigned execute this Agreement as of the date set forth above.

Owner :

Eleven SAC Self-Storage Corporation,

Eleven SAC Self-Storage Odenton, Inc.,

By: __________________________________

Bruce Brockhagen, Secretary

Manager :

U-Haul Co. Arizona

U-Haul Co. Arkansas

U-Haul Co. California

U-Haul Co. Georgia

U-Haul Co. Louisiana

U-Haul Co. U-Haul Co. Maryland

U-Haul Co. North Carolina

U-Haul Co. Pennsylvania

U-Haul Co. South Carolina

U-Haul Co. Virginia

By: ___________________________________

Gary B. Horton, Treasurer

Exhibit A

List of Properties

882056	11	U-HAUL STORAGE CACTUS&51ST AVE	12280 NORTH 51ST AVENUE	GLENDALE	ARIZONA	3103
882087	11	U-HAUL STORAGE COLONEL GLENN	6224 COLONEL GLENN	LITTLE ROCK	ARKANSAS	74112
884016	11	U-HAUL STORAGE CARLSBAD	6175 PASEO DEL NORTE	CARLSBAD	CALIFORNIA	97403
884035	11	U-HAUL STORAGE RIALTO	2775 FOOTHILL BLVD	RIALTO	CALIFORNIA	97005
882084	11	U-HAUL STORAGE WASHINGTON	4540 WASHINGTON ROAD	COLLEGE PARK	GEORGIA	19013
882070	11	AIRPORT SELF STORAGE	2828 MARIETTA STREET	KENNER	LOUISIANA	19147
883005	11	U-HAUL STORAGE MARRERO	7201 WEST BANK EXPRESSWAY	MARRERO	LOUISIANA	29206
883003	11	U-HAUL STORAGE WESTWOOD	5919 FINANCIAL PLAZA	SHREVEPORT	LOUISIANA	29210
882092	11 **	U-HAUL STORAGE ODENTON	1480 ANNAPOLIS ROAD	ODENTON	MARYLAND	29575
882060	11	U-HAUL STORAGE BOONE	HWY 105 BYPASS	BOONE	NORTH CAROLINA	77095
882069	11	U-HAUL STORAGE CHESTER	1600 HIGHLAND AVENUE	CHESTER	PENNSYLVANIA	78757
882073	11	U-HAUL STORAGE DECKER PARK RD	125 DECKER PARK ROAD	COLUMBIA	SOUTH CAROLINA	75041
882074	11	U-HAUL STORAGE JAMIL ROAD	156 JAMIL ROAD	COLUMBIA	SOUTH CAROLINA	77301
882090	11	U-HAUL STORAGE OF MYRTLE BEACH	5604 SOUTH KINGS HIGHWAY	MYRTLE BEACH	SOUTH CAROLINA	20166
882078	11	U-HAUL STORAGE ELM DRIVE	8083 ELM DRIVE	MECHANICSVILLE	VIRGINIA	23224
882052	11	U-HAUL STORAGE BELT BLVD	351 EAST BELT BLVD	RICHMOND	VIRGINIA	23434
882091	11	U-HAUL STORAGE NORTH BLVD	2930 NORTH BLVD	RICHMOND	VIRGINIA	23111
795057	11	U-HAUL CENTER STERLING	45715 OLD OX ROAD	STERLING	VIRGINIA	23230
882077	11	U-HAUL STORAGE HOLLAND ROAD	1325 HOLLAND ROAD	SUFFOLK	VIRGINIA	23666

AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT

THIS AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT (this " Agreement ") is entered into as of June 20, 2007 among Fifteen SAC Self-Storage Corporation, a Nevada corporation (" Owner "), and the subsidiaries of U-Haul International, Inc. set forth on the signature block hereto (" Manager ").

RECITALS

A. Owner owns the real property and all improvements thereon and appurtenances thereto located at the street addresses identified 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.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto hereby agree as follows.

1.	Employment.

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

2.	Duties and Authority of Manager.

Subject to the terms and conditions of this Agreement, on behalf of, and as agent of, the Owner:

(f) Other Decisions . Manager shall make the decisions in connection with the day-to-day operations of the Property.

3.	Duties of Owner.

4.	Compensation of Manager.

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

6.	Default; Termination.

(c) Owner shall have the right to terminate this Agreement, with or without cause, by giving not less than thirty (30) days' written notice to Manager pursuant to Section 14

7.	Indemnification.

8.	Assignment.

Manager shall not assign this Agreement to any party without the consent of Owner.

9.	Standard for Property Manager's Responsibility.

Manager agrees that it will perform its obligations hereunder according to industry standards, in good faith, and in a commercially reasonable manner.

10.	Estoppel Certificate.

11.	Term; Scope.

with respect to any individual Property no longer subject to the Loan Documents (for instance due to a significant casualty or condemnation of such Property).

12.

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.

13.	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 Nevada.

14.

Notices.

15.	Severability.

16.	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.

17.	Attorneys' Fees.

18. 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.

IN WITNESS WHEREOF, the undersigned execute this Agreement as of the date set forth above.

Owner :

Fifteen SAC Self-Storage Corporation,

a Nevada corporation

By: __________________________________

Bruce Brockhagen, Secretary

Manager :

U-Haul Co. of Arkansas

U-Haul Co. of California

U-Haul Co. of Connecticut

U-Haul Co. of Massachusetts and Ohio, Inc.

U-Haul Co. of New Jersey, Inc.

U-Haul Co. of New York, Inc.

U-Haul Co. of Texas

By: _____________________________________

Gary B. Horton, Treasurer

Exhibit A

List of Properties

884074	15	U-HAUL STORAGE I-30	9302 INTERSTATE 30	LITTLE ROCK	ARKANSAS
882053	15	U-HAUL STORAGE IVAR AVENUE	3527 IVAR AVENUE	ROSEMEAD	CALIFORNIA
884015	15	U-HAUL STORAGE GLENDORA	1301 E ROUTE 66	GLENDORA	CALIFORNIA
883082	15	U-HAUL STORAGE BLACK ROCK	3029 FAIRFIELD AVENUE	BRIDGEPORT	CONNECTICUT
837025	15	U-HAUL CENTER OF SALISBURY	6 MERRILL STREET	SALISBURY	MASSACHUSETTS
882081	15	U-HAUL STORAGE LAURELWOOD	611 BLACKWOOD CLEMENTON ROAD	LINDENWOLD	NEW JERSEY
882079	15	U-HAUL STORAGE BUSINESS AVE	5600 BUSINESS AVENUE	CLAY	NEW YORK
883002	15	U-HAUL STORAGE HULEN	7225 SOUTH HULEN	FORT WORTH	TEXAS
884051	15	U-HAUL STORAGE WAXAHACHIE	1103 WEST 287 BYPASS	WAXAHACHIE	TEXAS
884076	15	U-HAUL STORAGE TARRANT ROAD	2455 TARRANT ROAD	GRAND PRAIRIE	TEXAS


Commission File Number	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.


1-11255	AMERCO	88-0106815
	(A Nevada Corporation)
	1325 Airmotive Way, Ste. 100
	Reno, Nevada 89502-3239
	Telephone (775) 688-6300

		Page No.
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Condensed Consolidated Balance Sheets as of September 30, 2007 (unaudited) and March 31, 2007	1
	b) Condensed Consolidated Statements of Operations for the Quarters ended September 30, 2007 and 2006 (unaudited)	2
	c) Condensed Consolidated Statements of Operations for the Six Months ended September 30, 2007 and 2006 (unaudited)	3
	d) Condensed Consolidated Statements of Cash Flows for the Six Months ended September 30, 2007 and 2006 (unaudited)	4
	e) Notes to Condensed Consolidated Financial Statements (unaudited)	5 – 32
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33 – 51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	52 – 53

	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	53
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3.	Defaults Upon Senior Securities	54
Item 4.	Submission of Matters to a Vote of Security Holders	54
Item 5.	Other Information	54
Item 6.	Exhibits	55 - 56

	September 30,			March 31,
	2007			2007
	(Unaudited)
	(In thousands)
ASSETS
Cash and cash equivalents	$	203,344		$	75,272
Reinsurance recoverables and trade receivables, net		189,869			184,617
Notes and mortgage receivables, net		1,862			1,669
Inventories, net		62,983			67,023
Prepaid expenses		47,487			52,080
Investments, fixed maturities and marketable equities		656,912			681,801
Investments, other		166,650			178,699
Deferred policy acquisition costs, net		43,887			44,514
Other assets		231,506			95,123
Related party assets		205,849			245,179
		1,810,349			1,625,977
Property, plant and equipment, at cost:
Land		206,780			202,917
Buildings and improvements		834,331			802,289
Furniture and equipment		313,303			301,751
Rental trailers and other rental equipment		206,599			200,208
Rental trucks		1,736,826			1,604,123
SAC Holding II - property, plant and equipment		81,385			80,349
		3,379,224			3,191,637
Less: Accumulated depreciation		(1,310,726	)		(1,294,566	)
Total property, plant and equipment		2,068,498			1,897,071
Total assets	$	3,878,847		$	3,523,048
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	264,876		$	251,197
AMERCO's notes and loans payable		1,452,042			1,181,165
SAC Holding II notes and loans payable, non-recourse to AMERCO		74,197			74,887
Policy benefits and losses, claims and loss expenses payable		773,250			768,751
Liabilities from investment contracts		361,380			386,640
Other policyholders' funds and liabilities		10,774			10,563
Deferred income		14,935			16,478
Deferred income taxes		137,676			113,170
Related party liabilities		2,008			2,099
Total liabilities		3,091,138			2,804,950
Commitments and contingencies (Notes 3, 6 and 7)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Series A preferred stock, with no par value, 6,100,000 shares authorized;
6,100,000 shares issued and outstanding as of September 30 and March 31, 2007		-			-
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of September 30 and March 31, 2007		-			-
Series common stock, with or without par value, 150,000,000 shares authorized:
Series A common stock of $0.25 par value, 10,000,000 shares authorized;
none issued and outstanding as of September 30 and March 31, 2007		-			-
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700
issued as of September 30 and March 31, 2007		10,497			10,497
Additional paid-in capital		376,661			375,412
Accumulated other comprehensive loss		(32,628	)		(41,779	)
Retained earnings		941,870			849,300
Cost of common shares in treasury, net (21,926,386 shares as of
September 30, 2007 and 21,440,387 as of March 31, 2007)		(501,165	)		(467,198	)
Unearned employee stock ownership plan shares		(7,526	)		(8,134	)
Total stockholders' equity		787,709			718,098
Total liabilities and stockholders' equity	$	3,878,847		$	3,523,048

	Quarter Ended September 30,
	2007			2006
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	439,801		$	445,720
Self-storage revenues		33,088			32,416
Self-moving and self-storage products and service sales		62,495			61,916
Property management fees		3,993			3,986
Life insurance premiums		27,937			31,120
Property and casualty insurance premiums		7,332			6,470
Net investment and interest income		16,419			15,626
Other revenue		9,492			8,999
Total revenues		600,557			606,253

Costs and expenses:
Operating expenses		284,990			280,808
Commission expenses		53,437			53,605
Cost of sales		33,943			31,448
Benefits and losses		25,592			28,842
Amortization of deferred policy acquisition costs		3,266			4,825
Lease expense		34,457			37,385
Depreciation, net of (gains) losses on disposals		55,746			43,087
Total costs and expenses		491,431			480,000

Earnings from operations		109,126			126,253
Interest expense		(27,495	)		(21,063	)
Amortization of fees on early extinguishment of debt		-			(6,969	)
Pretax earnings		81,631			98,221
Income tax expense		(31,157	)		(37,730	)
Net earnings		50,474			60,491
Less: Preferred stock dividends		(3,241	)		(3,241	)
Earnings available to common shareholders	$	47,233		$	57,250
Basic and diluted earnings per common share	$	2.39		$	2.74
Weighted average common shares outstanding: Basic and diluted		19,733,755			20,910,204

	Six Months Ended September 30,
	2007			2006
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	835,878		$	852,954
Self-storage revenues		65,124			62,847
Self-moving and self-storage products and service sales		131,209			129,367
Property management fees		7,940			7,833
Life insurance premiums		57,124			62,039
Property and casualty insurance premiums		13,248			11,852
Net investment and interest income		30,788			29,101
Other revenue		17,404			16,932
Total revenues		1,158,715			1,172,925

Costs and expenses:
Operating expenses		558,321			542,187
Commission expenses		101,360			103,141
Cost of sales		68,591			63,764
Benefits and losses		54,869			59,448
Amortization of deferred policy acquisition costs		7,183			10,451
Lease expense		67,195			74,757
Depreciation, net of (gains) losses on disposals		100,011			82,758
Total costs and expenses		957,530			936,506

Earnings from operations		201,185			236,419
Interest expense		(51,266	)		(39,525	)
Amortization of fees on early extinguishment of debt		-			(6,969	)
Pretax earnings		149,919			189,925
Income tax expense		(57,693	)		(74,013	)
Net earnings		92,226			115,912
Less: Preferred stock dividends		(6,482	)		(6,482	)
Earnings available to common shareholders	$	85,744		$	109,430
Basic and diluted earnings per common share	$	4.32		$	5.23
Weighted average common shares outstanding: Basic and diluted		19,850,874			20,903,946

						September 30,		March 31,
	2008 Rate (a)			Maturities		2007		2007
						(Unaudited)
						(In thousands)
Real estate loan (amortizing term)		6.93	%	2018		$	290,000	$	295,000
Real estate loan (revolving credit)		-		2018			-		-
Senior mortgages		5.19%-5.75	%	2015			519,990		521,332
Construction loan (revolving credit)		7.32	%	2009			21,700		-
Working capital loan (revolving credit)		-		2008			-		-
Fleet loans (amortizing term)		6.11%-7.42	%		2012-2014		322,143		364,833
Fleet loans (securitization)		5.40%-5.56	%		2010-2014		298,209		-
Fleet loan (revolving credit)		-		2011			-		-
Total AMERCO notes and loans payable						$	1,452,042	$	1,181,165

(a) Interest rate as of September 30, 2007, including the effect of applicable hedging instruments

	Year Ending September 30,
	2008		2009		2010		2011		2012		Thereafter
	(Unaudited)
	(In thousands)
Notes payable, secured	$	110,829	$	125,323	$	159,029	$	63,355	$	141,671	$	851,835

	Revolving Credit Activity
	Quarter Ended September 30,
	2007			2006
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.87	%		6.85	%
Interest rate at the end of the quarter		7.32	%		6.82	%
Maximum amount outstanding during the quarter	$	121,700		$	90,000
Average amount outstanding during the quarter	$	98,874		$	90,000
Facility fees	$	65		$	57

	Foreign Currency Translation			Unrealized Gain (Loss) on Investments			Fair Market Value of Cash Flow Hedge			FASB Statement No. 158 Adjustment			Accumulated Other Comprehensive Income (Loss)
	(Unaudited)
	(In thousands)
Balance at March 31, 2007	$	(36,166	)	$	(355	)	$	(5,105	)	$	(153	)	$	(41,779	)
Foreign currency translation		11,879			-			-			-			11,879
Unrealized loss on investments		-			(1,287	)		-			-			(1,287	)
Change in fair market value of cash flow hedge		-			-			(1,441	)		-			(1,441	)
Balance at September 30, 2007	$	(24,287	)	$	(1,642	)	$	(6,546	)	$	(153	)	$	(32,628	)

	Property, Plant and Equipment		Rental Equipment		Total
	(Unaudited)
			(In thousands)
Year-ended September 30:
2008	$	12,458	$	116,904	$	129,362
2009		12,134		102,248		114,382
2010		11,723		84,057		95,780
2011		11,601		67,796		79,397
2012		10,928		53,883		64,811
Thereafter		22,593		52,125		74,718
Total	$	81,437	$	477,013	$	558,450

	Moving & Storage																AMERCO Legal Group								AMERCO as Consolidated
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				AMERCO Consolidated			SAC Holding II			Eliminations				Total Consolidated
	(Unaudited)
	(In thousands)
Assets:
Cash and cash equivalents	$	31		$	182,197		$	2,995		$	-			$	185,223		$	4,459	$	13,662	$	-			$	203,344		$	-		$	-			$	203,344
Reinsurance recoverables and trade receivables, net		-			25,255			25			-				25,280			154,004		10,585		-				189,869			-			-				189,869
Notes and mortgage receivables, net		-			1,307			555			-				1,862			-		-		-				1,862			-			-				1,862
Inventories, net		-			61,644			-			-				61,644			-		-		-				61,644			1,339			-				62,983
Prepaid expenses		-			47,169			44			-				47,213			-		-		-				47,213			274			-				47,487
Investments, fixed maturities and marketable equities		-			-			-			-				-			151,662		505,250		-				656,912			-			-				656,912
Investments, other		-			966			13,917			-				14,883			71,784		79,983		-				166,650			-			-				166,650
Deferred policy acquisition costs, net		-			-			-			-				-			76		43,811		-				43,887			-			-				43,887
Other assets		6			181,375			41,738			-				223,119			2,193		911		-				226,223			5,283			-				231,506
Related party assets		1,208,523			233,811			89			(1,146,512	)	(d)		295,911			8,663		-		(17,962	)	(d)		286,612			-			(80,763	)	(d)		205,849
		1,208,560			733,724			59,363			(1,146,512	)			855,135			392,841		654,202		(17,962	)			1,884,216			6,896			(80,763	)			1,810,349

Investment in subsidiaries		(160,547	)		-			-			444,861		(c)		284,314			-		-		(284,314	)	(c)		-			-			-				-
Investment in SAC Holding II		(8,901	)		-			-			-				(8,901	)		-		-		-				(8,901	)		-			8,901		(c)		-
Total investment in subsidiaries and SAC Holding II		(169,448	)		-			-			444,861				275,413			-		-		(284,314	)			(8,901	)		-			8,901				-

Property, plant and equipment, at cost:
Land		-			43,731			163,049			-				206,780			-		-		-				206,780			-			-				206,780
Buildings and improvements		-			112,781			721,550			-				834,331			-		-		-				834,331			-			-				834,331
Furniture and equipment		4,645			290,586			18,072			-				313,303			-		-		-				313,303			-			-				313,303
Rental trailers and other rental equipment		-			206,599			-			-				206,599			-		-		-				206,599			-			-				206,599
Rental trucks		-			1,736,826			-			-				1,736,826			-		-		-				1,736,826			-			-				1,736,826
SAC Holding II - property, plant and equipment (b)		-			-			-			-				-			-		-		-				-			155,597			(74,212	)	(e)		81,385
		4,645			2,390,523			902,671			-				3,297,839			-		-		-				3,297,839			155,597			(74,212	)			3,379,224
Less: Accumulated depreciation		(950	)		(1,004,243	)		(302,187	)		-				(1,307,380	)		-		-		-				(1,307,380	)		(13,851	)		10,505		(e)		(1,310,726	)
Total property, plant and equipment		3,695			1,386,280			600,484			-				1,990,459			-		-		-				1,990,459			141,746			(63,707	)			2,068,498
Total assets	$	1,042,807		$	2,120,004		$	659,847		$	(701,651	)		$	3,121,007		$	392,841	$	654,202	$	(302,276	)		$	3,865,774		$	148,642		$	(135,569	)		$	3,878,847

(a) Balances as of June 30, 2007
(b) Included in this caption is land of $57,169, buildings and improvements of $97,680, and furniture and equipment of $748
(c) Eliminate investment in subsidiaries and SAC Holding II
(d) Eliminate intercompany receivables and payables
(e) Eliminate gain on sale of property from U-Haul to SAC Holding II

	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended September 30, 2007
Total revenues	$	565,860	$	34,697	$	600,557
Depreciation and amortization, net of (gains) losses on disposals		56,802		2,210		59,012
Interest expense		27,342		153		27,495
Pretax earnings		79,511		2,120		81,631
Income tax expense		30,436		721		31,157
Identifiable assets		3,758,139		120,708		3,878,847

Quarter ended September 30, 2006
Total revenues	$	575,446	$	30,807	$	606,253
Depreciation and amortization, net of (gains) losses on disposals		46,060		1,852		47,912
Interest expense		20,959		104		21,063
Pretax earnings		94,987		3,234		98,221
Income tax expense		36,630		1,100		37,730
Identifiable assets		3,615,432		88,680		3,704,112

	Moving & Storage		RepWest (a)		Oxford (a)		SAC Holding II
	(Unaudited)
	(In thousands)
Cash and cash equivalents	$	185,223	$	4,459	$	13,662	$	-
Other financial assets		337,936		386,113		595,818		-
Debt obligations (b)		1,452,042		-		-		74,197

(a) As of June 30, 2007
(b) Payable to third parties

	September 30, 2007
	(Unaudited)
	(In millions)

Real estate loan (revolving credit)	$	200.0
Construction loan (revolving credit)		18.3
Working capital loan (revolving credit)		35.0
Fleet loan (revolving credit)		100.0
	$	353.3

Notional Amount		Fair Value			Effective Date	Expiration Date	Fixed Rate			Floating Rate

$106,698,977	(a), (b)		(931,326	)	5/10/2006	4/10/2012		5.06	%	1 Month LIBOR
117,289,327	(a), (b)		(2,573,061	)	10/10/2006	10/10/2012		5.57	%	1 Month LIBOR
38,729,819	(a)		(1,012,204	)	7/10/2006	7/10/2013		5.67	%	1 Month LIBOR
289,166,667	(a)		(7,873,389	)	8/18/2006	8/10/2018		5.43	%	1 Month LIBOR
26,500,000	(a)		(390,249	)	2/12/2007	2/10/2014		5.24	%	1 Month LIBOR
19,000,000	(a)		(113,106	)	3/12/2007	3/10/2014		4.99	%	1 Month LIBOR
18,000,000	(a)		(99,536	)	3/12/2007	3/10/2014		4.99	%	1 Month LIBOR

(a) interest rate swap agreement
(b) forward swap

	Moving & Storage															AMERCO Legal Group												AMERCO as Consolidated
	AMERCO			U-Haul			Real Estate			Elimination			Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination			AMERCO Consolidated			SAC Holding II			Elimination			Total Consolidated
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	92,052		$	55,119		$	4,298		$	(59,417	)	$	92,052		$	3,924		$	3,816		$	(7,740	)	$	92,052		$	355		$	(181	)	$	92,226
Earnings from consolidated entities		(67,512	)		-			-			59,417			(8,095	)		-			-			7,740			(355	)		-			355			-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		322			106,115			5,634			-			112,071			-			-			-			112,071			1,403			(280	)		113,194
Amortization of deferred policy acquisition costs		-			-			-			-			-			179			7,004			-			7,183			-			-			7,183
Change in provision for loss on trade receivables		-			31			-			-			31			-			56			-			87			-			-			87
Change in provision for gain on mortgage notes		-			(19	)		-			-			(19	)		-			-			-			(19	)		-			-			(19	)
Change in provision for inventory reserve		-			1,281			-			-			1,281			-			-			-			1,281			-			-			1,281
Net gain on sale of real and personal property		-			(3,011	)		(10,012	)		-			(13,023	)		-			-			-			(13,023	)		(160	)		-			(13,183	)
Net (gain) loss on sale of investments		-			-			-			-			-			167			(18	)		-			149			-			-			149
Deferred income taxes		31,666			121			-			-			31,787			2,411			(572	)		-			33,626			234			106			33,966
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(6,754	)		(2	)		-			(6,756	)		1,168			434			-			(5,154	)		-			-			(5,154	)
Inventories		-			3,143			-			-			3,143			-			-			-			3,143			38			-			3,181
Prepaid expenses		11,173			(7,056	)		(14	)		-			4,103			-			-			-			4,103			17			-			4,120
Capitalization of deferred policy acquisition costs		-			-			-			-			-			(59	)		(2,480	)		-			(2,539	)		-			-			(2,539	)
Other assets		6			797			(9,774	)		-			(8,971	)		(447	)		(79	)		-			(9,497	)		(876	)		-			(10,373	)
Related party assets		5,812			17,204			12,574			-			35,590			1,246			5,040			-			41,876			5			-			41,881
Accounts payable and accrued expenses		415			18,485			(4,187	)		-			14,713			-			(1,613	)		-			13,100			397			-			13,497
Policy benefits and losses, claims and loss expenses payable		-			26,459			-			-			26,459			(15,548	)		(5,845	)		-			5,066			-			-			5,066
Other policyholders' funds and liabilities		-			-			-			-			-			280			(69	)		-			211			-			-			211
Deferred income		-			(1,655	)		-			-			(1,655	)		-			-			-			(1,655	)		(18	)		-			(1,673	)
Related party liabilities		-			(3,715	)		-			-			(3,715	)		(167	)		235			-			(3,647	)		236			-			(3,411	)
Net cash provided (used) by operating activities		73,934			206,545			(1,483	)		-			278,996			(6,846	)		5,909			-			278,059			1,631			-			279,690
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(58	)		(338,531	)		(20,590	)		-			(359,179	)		-			-			-			(359,179	)		(1,332	)		-			(360,511	)
Short term investments		-			-			-			-			-			(34,607	)		(94,020	)		-			(128,627	)		-			-			(128,627	)
Fixed maturities investments		-			-			-			-			-			(12,885	)		(32,737	)		-			(45,622	)		-			-			(45,622	)
Real estate		-			-			(3,203	)		-			(3,203	)		(238	)		-			-			(3,441	)		-			-			(3,441	)
Mortgage loans		-			-			-			-			-			-			(4,895	)		-			(4,895	)		-			-			(4,895	)
Proceeds from sales of:
Property, plant and equipment		-			88,385			11,884			-			100,269			-			-			-			100,269			391			-			100,660
Short term investments		-			-			-			-			-			37,778			107,036			-			144,814			-			-			144,814
Fixed maturities investments		-			-			-			-			-			15,029			46,177			-			61,206			-			-			61,206
Equity securities		-			-			-			-			-			-			46			-			46			-			-			46

	Moving & Storage															AMERCO Legal Group												AMERCO as Consolidated
	AMERCO			U-Haul			Real Estate			Elimination			Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination			AMERCO Consolidated			SAC Holding II			Elimination			Total Consolidated
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings (loss)	$	115,738		$	84,362		$	(3,306	)	$	(81,056	)	$	115,738		$	2,187		$	4,804		$	(6,991	)	$	115,738		$	997		$	(823	)	$	115,912
Earnings from consolidated entities		(90,886	)		-			-			81,056			(9,830	)		-			-			8,833			(997	)		-			997			-
Adjustments to reconcile net earnings (loss) to cash provided by operations:
Depreciation		122			80,042			5,323			-			85,487			-			-			-			85,487			1,338			(280	)		86,545
Amortization of deferred policy acquisition costs		-			-			-			-			-			1,265			9,186			-			10,451			-			-			10,451
Change in provision for (gain) loss on trade receivables		-			(57	)		-			-			(57	)		-			46			-			(11	)		-			-			(11	)
Change in provision for gain on mortgage notes		-			(20	)		-			-			(20	)		-			-			-			(20	)		-			-			(20	)
Net (gain) loss on sale of real and personal property		-			597			(4,384	)		-			(3,787	)		-			-			-			(3,787	)		-			-			(3,787	)
Net loss on sale of investments		-			-			-			-			-			505			386			-			891			-			-			891
Write-off of unamortized debt issuance costs		-			302			6,667			-			6,969			-			-			-			6,969			-			-			6,969
Deferred income taxes		25,888			(16	)		-			-			25,872			24			1,030			-			26,926			644			107			27,677
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(2,797	)		1			-			(2,796	)		20,125			1,054			-			18,383			-			-			18,383
Inventories		-			(8,249	)		-			-			(8,249	)		-			-			-			(8,249	)		(108	)		-			(8,357	)
Prepaid expenses		1,096			(3,938	)		-			-			(2,842	)		-			-			-			(2,842	)		(120	)		-			(2,962	)
Capitalization of deferred policy acquisition costs		-			-			-			-			-			(699	)		(2,467	)		-			(3,166	)		-			-			(3,166	)
Other assets		(3	)		(936	)		1,266			-			327			138			11			-			476			(571	)		-			(95	)
Related party assets		(17,621	)		11,360			2,793			18,668			15,200			6,232			(60	)		(5,568	)		15,804			2,900			(5,805	)		12,899
Accounts payable and accrued expenses		(19,824	)		31,704			(6,774	)		-			5,106			-			1,697			-			6,803			577			-			7,380
Policy benefits and losses, claims and loss expenses payable		-			31,763			-			-			31,763			(30,506	)		(9,677	)		-			(8,420	)		-			-			(8,420	)
Other policyholders' funds and liabilities		-			-			-			-			-			1,863			(286	)		-			1,577			-			-			1,577
Deferred income		-			486			-			-			486			-			-			-			486			44			-			530
Related party liabilities		(201	)		4,801			-			(18,668	)		(14,068	)		(1,977	)		186			5,184			(10,675	)		(5,145	)		5,804			(10,016	)
Net cash provided (used) by operating activities		14,309			229,404			1,586			-			245,299			(843	)		5,910			1,458			251,824			556			-			252,380
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(931	)		(340,932	)		(36,566	)		-			(378,429	)		-			-			-			(378,429	)		(176	)		-			(378,605	)
Short term investments		-			-			-			-			-			(28,201	)		(75,798	)		-			(103,999	)		-			-			(103,999	)
Fixed maturities investments		-			-			-			-			-			(33,855	)		(25,178	)		-			(59,033	)		-			-			(59,033	)
Mortgage loans		-			-			-			-			-			-			(8,855	)		-			(8,855	)		-			-			(8,855	)
Proceeds from sales of:
Property, plant and equipment		-			52,817			4,387			-			57,204			-			-			-			57,204			-			-			57,204
Short term investments		-			-			-			-			-			51,069			93,975			-			145,044			-			-			145,044
Fixed maturities investments		-			-			-			-			-			10,968			41,088			-			52,056			-			-			52,056
Cash received in excess of purchase of company acquired		-			-			-			-			-			-			1,235			-			1,235			-			-			1,235
Preferred stock		-			-			-			-			-			-			125			-			125			-			-			125

	Moving & Storage														AMERCO Legal Group											AMERCO as Consolidated
	AMERCO			U-Haul			Real Estate			Elimination		Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination		AMERCO Consolidated			SAC Holding II			Elimination		Total Consolidated
	(Unaudited)
Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		-			221,815			54,929			-		276,744			-			-			-		276,744			-			-		276,744
Principal repayments on credit facilities		-			(17,684	)		(21,295	)		-		(38,979	)		-			-			-		(38,979	)		(635	)		-		(39,614	)
Debt issuance costs		-			(110	)		(429	)		-		(539	)		-			-			-		(539	)		-			-		(539	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			608			-			-		608			-			-			-		608			-			-		608
Proceeds from (repayment of) intercompany loans		(6,894	)		10,831			(3,937	)		-		-			-			-			-		-			-			-		-
Preferred stock dividends paid		(6,482	)		-			-			-		(6,482	)		-			-			-		(6,482	)		-			-		(6,482	)
Investment contract deposits		-			-			-			-		-			-			8,444			-		8,444			-			-		8,444
Investment contract withdrawals		-			-			-			-		-			-			(40,275	)		-		(40,275	)		-			-		(40,275	)
Net cash provided (used) by financing activities		(13,376	)		215,460			29,268			-		231,352			-			(31,831	)		-		199,521			(635	)		-		198,886

Effects of exchange rate on cash		-			131			-			-		131			-			-			-		131			-			-		131

Increase (decrease) in cash and cash equivalents		2			156,835			(80	)		-		156,757			(862	)		4,853			10,664		171,412			(255	)		-		171,157
Cash and cash equivalents at beginning of period		7			140,499			856			-		141,362			9,815			4,027			-		155,204			255			-		155,459
Cash and cash equivalents at end of period	$	9		$	297,334		$	776		$	-	$	298,119		$	8,953		$	8,880		$	10,664	$	326,616		$	-		$	-	$	326,616
	(page 2 of 2)
(a) Balance for the six months ended June 30, 2006

	Votes Cast For		Votes Cast Against		Withheld		Abstentions		Non-Votes

Election of Directors:

John P. Brogan		18,282,729		-		1,236,866		-		-

Daniel R. Mullen		18,280,718		-		1,238,877		-		-

Michael L.Gallagher		18,282,267		-		1,237,328		-		-

Ratification of Appointment of Auditors:		19,499,098		19,253		-		1,244		-

Stockholder Proposal Regarding Ratification of SAC Transactions:		14,404,454		2,944,200		-		2,167,075		3,866

Exhibit Number	Description	Page or Method of Filing
2.1	Joint Plan of Reorganization of AMERCO and AMERCO Real Estate Company	Incorporated by reference to AMERCO’s Current Report on Form 8-K filed October 20, 2003, file no. 1-11255
2.2	Disclosure Statement Concerning the Debtors’ Joint Plan of Reorganization	Incorporated by reference to AMERCO’s Current Report on Form 8-K filed October 20, 2003, file no. 1-11255
2.3	Amended Joint Plan of Reorganization of AMERCO and AMERCO Real Estate Company	Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2003, file No. 1-11255
2.4	Disclosure Statement Concerning the Debtor’s First Amended Joint Plan of Reorganization	Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2003, file No. 1-11255
3.1	Restated Articles of Incorporation of AMERCO	Incorporated by reference to AMERCO’s Registration Statement on form S-4 filed March 30, 2004, file number 1-11255
3.2	Restated By-Laws of AMERCO	Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1996, file No. 1-11255
10.1	Amended and restated Property Management Agreement among Six-A SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.2	Amended and restated Property Management Agreement among Six-B SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.3	Amended and restated Property Management Agreement among Six-C SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.4	Amended and restated Property Management Agreement among Eight SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.5	Amended and restated Property Management Agreement among Nine SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.6	Amended and restated Property Management Agreement among Ten SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.7	Amended and restated Property Management Agreement among Eleven SAC Self-Storage Corporation and Eleven SAC Self-Storage Odenton, Inc. and subsidiaries of U-Haul International, Inc.	Filed herewith
10.8	Amended and restated Property Management Agreement among Twelve SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.9	Amended and restated Property Management Agreement among Thirteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.10	Amended and restated Property Management Agreement among Fourteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.11	Amended and restated Property Management Agreement among Fifteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.12	Amended and restated Property Management Agreement among Sixteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith
10.13	Amended and restated Property Management Agreement among Seventeen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.	Filed herewith

Exhibit Number	Description	Page or Method of Filing
10.14	Promissory Note. SAC Holding Corporation, a Nevada corporation ("Borrower"), pay to U-Haul International, Inc., a Nevada corporation	Filed herewith
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting Officer of AMERCO	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certificate of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith

818067	6-A	U-HAUL HYATTSVILLE	2421 CHILLUM ROAD	HYATTSVILLE	MARYLAND
790062	6-A	U-HAUL CTR S WILLOW	515 S WILLOW STREET	MANCHESTER	NEW HAMPSHIRE
704074	6-A	U-HAUL CT BEAVERTON	14225 SW TV HWY	BEAVERTON	OREGON
737074	6-A	U-HAUL CENTER BURNET ROAD	8710 BURNET ROAD	AUSTIN	TEXAS

743052	6-B	U-HAUL CT HOLLYWOOD	2205 HOLLYWOOD	SHREVEPORT	LOUISIANA
734052	6-B	U-HAUL DOWNTOWN	1530 LOCUST ST	KANSAS CITY	MISSOURI
700076	6-B	U-HAUL CTR FRANKLIN	4400 FRANKLIN BLVD	EUGENE	OREGON
741070	6-B	U-HAUL CTR L B J	12215 LBJ FREEWAY	GARLAND	TEXAS
824027	6-B	U-HAUL CENTER LOMBARDY	900 NORTH LOMBARDY	RICHMOND	VIRGINIA

787078	6-C	U-HAUL UNIVERSITY	6701 S DIXIE HIGHWAY	SOUTH MIAMI	FLORIDA
766053	6-C	U-HAUL CT CLARK AVE	6000 CLARK AVE	CLEVELAND	OHIO
761073	6-C	U-HAUL MEMORIAL	1010 SOUTH MEMORIAL DRIVE	TULSA	OKLAHOMA
808066	6-C	U-HAUL CTR OF S PHILADELPHIA	1015-25 SOUTH 12TH STREET	PHILADELPHIA SOUTH	PENNSYLVANIA
745024	6-C	U-HAUL CENTER CONROE	1305 S I-45	CONROE	TEXAS

707064	8	U-HAUL CTR DUBLIN	6265 SCARLETT COURT	DUBLIN	CALIFORNIA
711085	8	U-HAUL NORTHRIDGE	18160 PARTHENIA ST	NORTHRIDGE	CALIFORNIA
784022	8	U-HAUL CENTER OF ORANGE PARK	701 BLANDING BLVD	ORANGE PARK	FLORIDA
761071	8	U-HAUL INDUSTRIAL	5140 SOUTH 103 EAST AVE	TULSA	OKLAHOMA

709083	9	U-HAUL CENTER LODI	450 N CHEROKEE	LODI	CALIFORNIA	92376
788022	9	U-HAUL CENTER OF MARGATE	1700 NORTH STATE ROAD 7	MARGATE	FLORIDA	33143
745023	9	U-HAUL CENTER OF COPPERFIELD	8330 HIGHWAY 6 NORTH	HOUSTON NORTH	TEXAS	2118
825054	9	U-HAUL CT COLISEUM	1023 W MERCURY BLVD	HAMPTON	VIRGINIA	74146

715025	10	U-HAUL SAN CLEMENTE	310 AVE PICO , San Clemente CA
785050	10	U-HAUL E COLONIAL	4001 E COLONIAL DR Orlando, FL
884065	10	U-HAUL STORAGE RUSFIELD ROAD**	15 RUSFIELD ROAD, Boston, MA
738066	10	U-HAUL MCARTHUR PK	6500 NW EXPRESSWAY ST Oklahoma City, OK

723031	12	U-HAUL CENTER HAYDEN ROAD	15455 NORTH 84TH STREET	SCOTTSDALE	ARIZONA
710022	12	U-HAUL CENTER OF VACAVILLE	1240 E MONTE VISTA AVE	VACAVILLE	CALIFORNIA
788052	12	U-HAUL CTR BROWARD	2800 WEST BROWARD BLVD	FORT LAUDERDALE	FLORIDA
777024	12	U-HAUL CENTER OLD NATL HWY	5390 OLD NATL HWY	COLLEGE PARK	GEORGIA
747073	12	U-HAUL GAUSE BLVD	1685 GAUSE BOULEVARD	SLIDELL	LOUISIANA
704027	12	U-HAUL CT OF TIGARD	11552 SW PACIFIC HWY	TIGARD	OREGON
744023	12	U-HAUL CENTER GRISSOM ROAD	5420 GRISSOM ROAD 215	SAN ANTONIO	TEXAS
836042	12	U-HAUL CTR OF N RICHLAND HILLS	8221 GRAPEVINE HWY	NORTH RICHLAND HILLS	TEXAS

713059	13	U-HAUL CTR COVINA	1040 NORTH AZUSA AVENUE	COVINA	CALIFORNIA
715059	13	U-HAUL LAMBERT ROAD	661 E LAMBERT	LA HABRA	CALIFORNIA
785053	13	U-HAUL CENTER GOLDENROD	508 NORTH GOLDENROD ROAD	ORLANDO	FLORIDA
779069	13	U-HAUL CTR SAVANNAH	8810 ABERCORN EXPY	SAVANNAH	GEORGIA
747055	13	U-HAUL CTR TULANE	2801 TULANE AVE	NEW ORLEANS	LOUISIANA
796067	13	U-HAUL OF HYANNIS	594 BEARSES WAY	HYANNIS	MASSACHUSETTS
884085	13	U-HAUL STORAGE WORCESTER**	495 SHREWSBURY STREET	WORCESTER	MASSACHUSETTS
811055	13	U-HAUL MECHANICSBRG	4725 OLD GETTYSBURG	MECHANICSBURG	PENNSYLVANIA
745045	13	U-HAUL CENTER I-10 WEST	10220 OLD KATY ROAD	HOUSTON NORTH	TEXAS

758059	14	U-HAUL LINCOLN PARK	1200 WEST FULLERTON	CHICAGO NORTH	ILLINOIS
734025	14	U-HAUL CENTER OF OLATHE	12540 SOUTH ROGERS ROAD	OLATHE	KANSAS
838054	14	U-HAUL CENTER NORTH RANCHO	3969 NORTH RANCHO DRIVE	LAS VEGAS	NEVADA
800057	14	U-HAUL CTR ALBANY	139 BROADWAY	ALBANY	NEW YORK
806056	14	U-HAUL OF INWOOD	20A SHERIDAN BLVD	INWOOD	NEW YORK
737037	14	U-HAUL CENTER TEXAS AVENUE	2813 TEXAS AVENUE	COLLEGE STATION	TEXAS

882061	16	U-HAUL STORAGE RIO SALADO	500 NORTH SCOTTSDALE ROAD	TEMPE	ARIZONA
709022	16	U-HAUL CENTER WHITE LANE	6201 - 6261 WHITE LANE	BAKERSFIELD	CALIFORNIA
882089	16	U-HAUL STORAGE SYCAMORE AVENUE	36 NORTH SYCAMORE AVENUE	PASADENA	CALIFORNIA
884025	16	U-HAUL STORAGE MIDDLETOWN	1200 NEWFIELD STREET (RT 3)	MIDDLETOWN	CONNECTICUT
884063	16	UHAUL STG SOUTH SIDE	2101 S KINGSHWY BLVD	SAINT LOUIS	MISSOURI
882083	16	U-HAUL STORAGE BURLINGTON	94 CONNECTICUT DRIVE	BURLINGTON	NEW JERSEY
882080	16	U-HAUL STORAGE RIDGEWAY AVE	2055 RIDGEWAY AVENUE	ROCHESTER	NEW YORK
883001	16	U-HAUL STORAGE RUFE SNOW	6550 BROWNING DR	NORTH RICHLAND HILLS	TEXAS
884014	16	U-HAUL STORAGE ALMA	3401 ALMA DRIVE	PLANO	TEXAS
884061	16	U-HAUL STORAGE WESTCHASE	7741-43 ECKHERT RD	SAN ANTONIO	TEXAS

837078	17	U-HAUL OF MEDFORD	600 MYSTIC VLY PKWY	SOMERVILLE	MASSACHUSETTS
736055	17	U-HAUL KINGS HIGHWAY	1641 S KINGS HWY	SAINT LOUIS	MISSOURI
806070	17	U-HAUL CENTER ROCKVILLE	230-240 MAPLE AVENUE	ROCKVILLE CENTRE	NEW YORK
737024	17	U-HAUL CENTER OF ROUND ROCK	1535 ROUND ROCK AVENUE	ROUND ROCK	TEXAS
746071	17	U-HAUL CTR BEAUMONT	3885 MILAM	BEAUMONT	TEXAS
825053	17	U-HAUL CTR DOWNTOWN	1301 MONTICELLO AVE	NORFOLK	VIRGINIA