Exhibit 10.31
FOURTH AMENDMENT TO LEASE
This FOURTH AMENDMENT TO LEASE (this "Amendment") is made this 11th day of
March, 2011 (the "Effective Date"), by and between US REAL ESTATE LIMITED
PARTNERSHIP, a Texas limited partnership ("Landlord") and THE UNIVERSITY OF
PHOENIX, INC., an Arizona corporation (''Tenant").
RECITALS
A.Landlord and Tenant entered into that certain Lease Agreement dated June 29,
2009, as amended by that certain First Amendment to Lease dated August 11, 2009,
that certain Second Amendment to Lease dated November 2, 2009, and that certain
Third Amendment to Lease dated February 19, 2010 (as so amended, the "Lease")
pursuant to which Tenant leased from Landlord approximately 439,070 rentable
square feet (the "Premises") located at 1625 Fountainhead Parkway and 1601
Fountainhead Parkway, Tempe, Arizona 85282 (the "Buildings").
B.The parties now wish to amend the Lease as of the Effective Date subject to
and on the terms and conditions set forth below.
AMENDMENT
1.Defined Terms. Terms in this Amendment shall have the same meaning as such
terms have in the Lease and Work Letter unless otherwise noted in this
Amendment.
2.Lease Amendments.
(a)    The first paragraph of Section 1.1(i) is deleted in its entirety and
replaced with the following:
TERM OF LEASE: The term (and rental payments) shall commence on the respective
Commencement Date (as defined in the Work Letter) for each of Office A and
Office B. The anticipated Commencement Date for Office A is September 1, 2011
and for Office B is June 1, 2011 (each an "Anticipated Commencement Date"). The
Lease shall expire at 11:59 p.m. Arizona time on the twelfth (12th) anniversary
of the later of the Commencement Date for Office A or Office B.
Number of Months: One hundred forty-four months from the later of the
Commencement Date for Office A or Office B.
As soon as reasonably practicable following the occurence of the Effective
Completion Date (as defined below) for both Office A and Office B, Landlord and
Tenant will execute a certificate in the form attached as Exhibit "M"
specifying, among other things, the expiration date for the Lease and the
Commencement Date and first date of Base Monthly Rent payment for both Office A
and Office B.
(b)    A new Exhibit "M" is added in the form attached to this Amendment.
3.Work Letter Amendment.
(a)    This sixth sentence of Paragraph 3(a) of the Work Letter is deleted in
its entirety

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and replaced with the following:
Landlord shall use commercially reasonable efforts to cause the Effective
Completion Date to occur for a Building on or before the Anticipated
Commencement Date for such Building.
(b)    The second sentence of Section 7(a) is deleted in its entirety and
replaced with the following:
If the proposed change (i) will not cause the Effective Completion Date of
either Building to be delayed to a date which is after the applicable
Anticipated Commencement Date for such Building, (ii) will not cause a change to
the Final TI Plans, and (iii) is not a material downgrade from or scope change
without obtaining Tenant's consent (but Landlord shall promptly notify Tenant of
such change prior to making such change, with such notice to be accompanied by a
copy of the pertinent Change Order [or other evidence of such change] and
reasonable support for Landlord's determination that such change satisfies the
criteria set out in this sentence).
(c)    The second sentence of Section 7(b) is deleted in its entirety and
replaced with the following:
If the proposed change to the Final TI Plans (i) will not cause the Effective
Completion Date of either Building to be delayed to a date which is after the
applicable Anticipated Commencement Date for such Building, and (ii) is not a
material downgrade from or scope change to the Final TI Plans as they then
exist, Landlord will not unreasonably withhold, condition or delay its approval
of such change.
(d)    The first sentence of Section 7(c) is deleted in its entirety and
replaced with the following:
Before implementing any change to the Plans and Specifications, Landlord will
submit to Tenant, in the form of a proposed Change Order, a statement of the
Change Order Cost that will occur by virtue of that change and a statement of
the terms and conditions under which Landlord will undertake to implement the
proposed change, including, without limitation, the effect that implementation
of the proposed change will have on the Effective Completion Date of the
Buildings.
(e)    Paragraph 8(b) of the Work Letter is deleted in its entirety and replaced
with the following:
Schedule. Landlord shall use its commercially reasonable efforts to cause the
General Contractor to Substantially Complete the construction of the Buildings
on or before the respective Anticipated Commencement Date for each Building;
provided, however, failure to achieve Substantial Completion

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on or before the Anticipated Commencement Date for each Building shall neither
affect the validity of this Lease nor the obligations of Tenant under this
Lease, except as set forth in Paragraph 8.c of this Work Letter.
(f)    The first paragraph of Paragraph 8(c) of the Work Letter is deleted in
its entirety and replaced with the following:
If the Effective Completion Date for both Buildings has not occurred on or
before July 31, 2013, subject to Tenant Delay Tenant may elect to terminate this
Lease by delivering written notice to Landlord at any time prior to the
occurrence of the Effective Completion Date for both Buildings. Upon such
termination, neither party shall have any obligation to the other with regard to
the Lease or the Work Letter.
(g)    The last sentence of the second paragraph of Paragraph 8(c) of the Work
Letter is deleted in its entirety and replaced with the following:
If any period of Tenant Delay causes a delay in any component required to occur
for an Effective Completion Date to be achieved for a Building and such delay
extends the Effective Completion Date beyond the Anticipated Commencement Date
for such Building, Tenant shall pay to Landlord within fifteen (15) days of
Landlord's written notice to Tenant per diem Base Monthly Rent for each day of
such Tenant Delay.
(h)    Paragraph 9(b) of the Work Letter is deleted in its entirety and replaced
with the following:
Commencement Date. The term "Commencement Date" for a Building shall mean the
latest of all the following for each such Building: (i) all of the Base Building
and Tenant Improvements for the Building to be constructed by Landlord have been
Substantially Completed, (ii) a certificate of occupancy and/or a conditional
use permit (not subject to restrictions which would materially limit Tenant's
use and operation of the Building) or other such document has been issued for
the Building by the applicable governing authority, if required, (iii) the
Building has been delivered to Tenant as evidenced b deliver of the keys to
Tenant to allow Tenant to begin its installation of its fixtures, equipment, and
electrical connections, (iv) in the case of Office B, the parking structure has
been completed, and (v) the Anticipated Commencement Date has occurred for such
Building. For purposes of the Work Letter and the Lease, the term "Effective
Completion Date" for a Building shall mean the date that (i) through (iv) have
occurred for such Building.
Landlord shall, by the applicable Commencement Date for either Office A or
Office B, provide access to Office A or Office B to allow Tenant to install its
fixtures and equipment and prepare the Building for Tenant's use and occupancy,
or for any other purposes permitted by Landlord provided that all provisions of
the Lease are applicable on such date.

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(i)    Paragraph 9(c) is deleted in its entirety and replaced with the
following:
The requirement, if any, for securing a Certificate of Occupancy for a Base
Building or Tenant Improvements may be satisfied by securing a temporary or
conditional certificate of occupancy so long as (i) the condition of the Base
Building for the Tenant Improvements, in the absence of those items of
construction that the General Contractor must complete as a condition to the
issuance of a final, unconditional certificate of occupancy therefor, is
reasonably adequate for the conduct of Tenant's business therein and (ii) the
ongoing construction activity that shall be necessary in order for issuance of a
final, unconditional certificate of occupancy therefor will not materially,
adversely affect the conduct of Tenant's business therein. Nothing set forth in
this Paragraph shall relieve Landlord of the obligation to obtain a certificate
of occupancy within a reasonable time following the Substantial Completion of
the Base Building or the Tenant Improvements. Notwithstanding the foregoing,
Landlord and Tenant acknowledge that Tenant has planned to complete its
installation of fixtures, equipment and electrical after the Commencement Dates
for Office A and Office B.
(j)    Landlord and Tenant agree that the Base Building Plans as described on
Schedule 1 attached hereto shall be considered for all purposes as the "Base
Building Plans" under the Work Letter.
(k)    Landlord and Tenant agree that the Tenant Improvement Plans as described
on Schedule 2 attached hereto shall be considered on the date hereof as the
"Tenant Improvement Plans" under the Work Letter.
4.Ratification. Landlord and Tenant each hereby reaffirm its rights and
obligations under the Lease and Work Letter as modified by this Amendment. In
the event of a conflict or ambiguity between the Lease or Work Letter and this
Amendment, the terms and provisions of this Amendment shall control.
5.Counterparts. This Amendment may be executed in several counterparts each of
which when executed and delivered is an original, but all of which together
shall constitute one instrument.

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IN WITNESS WHEREOF, Landlord and Tenant have each executed this Amendment on the
dates written below their names.

LANDLORD:
US REAL ESTATE LIMITED,
PARTNERSHIP, a Texas limited
partnership
By: /s/ Bruce C. Peterson
Name: Bruce C. Petersen
Title: Executive Managing Director

TENANT:
THE UNIVERSITY OF PHOENIX, INC.,
an Arizona corporation

By: /s/ Brian L. Swartz
Name: Brian L. Swartz
Title: Vice President & Assistant Treasurer
3/9/11
By: /s/ Joseph C. D'Amico
Name: Joseph C. D'Amico
Title: Chairman, VP & Assistant Secretary
3/9/11

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EXHIBIT "M"
RENT COMMENCEMENT DATE CERTIFICATE
This Rent Commencement Date Certificate is executed to be effective as of
________________, 20___, by and between US REAL ESTATE LIMITED PARTNERSHIP, a
Texas limited partnership ("Landlord") and THE UNIVERSTIY OF PHOENIX, INC., an
Arizona corporation ("Tenant") with respect to that certain Fountainhead
Corporate Park Lease dated June 29, 2009, as amended by that certain First
Amendment to Lease dated August 11, 2009, that certain Second Amendment to Lease
dated November 2, 2009, that certain Third Amendment to Lease dated February 19,
2010, and that certain Fourth Amendment to Lease dated February ___, 2011 (as so
amended, the "Lease").
Landlord and Tenant hereby certify as follows:
1.    The Lease represents the entire agreement between Landlord and Tenant as
to the Premises.
2.    The Commencement Date for Office A is _____________ and the Commencement
Date for Office B is ______________________. The Term commenced or shall
commence and rental payments commenced or shall commence for both Office A and
Office B on such dates, respectively. The expiration date for the Lease is
_________________.
3.    The Lease is in full force and effect and has not been modified,
supplemented or amended in any way except as provided above.
4.    Tenant has not transferred, assigned, or sublet any portion of the
Premises nor entered into any license or concession agreements with respect to
the Premises except as follows: ______________________________.
5.    No Rent has been paid more than thirty (30) days in advance of the date on
which it became due except as expressly required under the terms of the Lease
and no security has been deposited with Landlord except as provided in the
Lease.
6.    To the best of the undersigned's knowledge and belief, as of the date of
this certificate, there are no existing defenses or offsets that Tenant has,
which preclude Landlord's enforcement of the Lease, except as provided in
Exhibit 1.
7.    All monthly installments of Base Monthly Rent have been paid through
_____________________.
8.    The initial monthly installment of Base Monthly Rent is $___________.
The undersigned acknowledge that this Rent Commencement Date Certificate may be
delivered to Landlord's mortgagee, prospective mortgagee, or prospective
purchaser, or their successors or assigns, and further acknowledge and recognize
that, if that delivery occurs, that mortgagee, prospective mortgagee, or
prospective purchaser, or their successors or assigns, will be relying upon the
statements contained in this Rent Commencement Date Certificate in making the
loan or acquiring the Premises, and in accepting an assignment of the Lease as
collateral security, and that receipt by it of this Rent Commencement Date
Certificate is a condition of making the loan or acquisition of the Premises.

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IN WITNESS WHEREOF, Landlord and Tenant have each executed this Rent
Commencement Date Certificate on the dates first written above.

LANDLORD:
US REAL ESTATE LIMITED,
PARTNERSHIP, a Texas limited
partnership
By: _____________________________
Name: ___________________________
Title: ____________________________

TENANT:
THE UNIVERSITY OF PHOENIX, INC.,
an Arizona corporation

By: _____________________________
Name: ___________________________
Title: ____________________________

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SCHEDULE 1

BASE BUILDING PLANS

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SCHEDULE 2

TENANT IMPROVEMENT PLANS

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