<PAGE>

                                                                    Exhibit 10.8

                                LEASE AGREEMENT

     1. THIS LEASE AGREEMENT (hereinafter "Agreement") made and entered into as
of September 4, 2001, between Randolph K. Repass [as trustee FBO Trust dated
6/25/96] (hereinafter "Landlord") and West Marine Products, Inc., a California
corporation (hereinafter "Tenant").

     2. WITNESSETH: The parties hereto agree that this Lease sets forth all
        ----------
agreements, covenants and conditions express or implied between the parties, and
except as set forth herein supersedes any prior oral or written agreements
between the parties with respect to the premises hereinafter described. The
following exhibits are attached to this Lease and made a part hereof:

     Exhibit "A" - Legal Description of Demised Premises and Entire Premises
     Exhibit "B" - Site Plan
     Exhibit "C" - Title Exceptions
     Exhibit "D" - Non-Disturbance and Attornment Agreement
     Exhibit "E" - Subordination, Non-Disturbance, and Attornment Agreement

     3. PREMISES: Landlord hereby leases to Tenant and Tenant hereby leases from
        --------
Landlord the approximately six thousand three hundred (6,300) square foot
premises located at 850 San Antonio Road in the City of Palo Alto, County of
Santa Clara, State of California, and more particularly described as the Demised
Premises in Exhibit "A" and shown outlined on Exhibit "B", together with all
improvements now or hereafter erected thereon and all rights and appurtenances
thereunto belonging. The Demised Premises is part of the Landlord's other
property hereinafter referred to as Entire Premises and described in Exhibit "A"
and shown outlined on Exhibit "B".

     3.1 TENANT'S PRO RATA SHARE: Whenever in this Lease reference is made to
         -----------------------
Tenant's pro rata share, same will be calculated as follows unless otherwise
specifically stated:

     Size (Floor Area) of Demised Premises                        6,300
                                                                 ------- = 74%
     Size (Floor Area) of All structures in the Entire Premises   8,514
     (to be verified upon completion of all Tenant Improvements)

unless and until either the size (Floor Area) of the Demised Premises or size
(Floor Area) of the structures in the Entire Premises are changed in which event
the above percentage shall be adjusted accordingly.

     4. TERM AND COMMENCEMENT: The term of this Lease (hereinafter "Term") shall
        ---------------------
commence on the same date as is provided in the Section of this Lease entitled
RENT for the commencement of payment of the monthly rent and shall expire five
----
(5) years after such commencement date (hereinafter "Commencement Date"), unless
sooner terminated or extended as herein provided. Upon


                                                                              1

<PAGE>

commencement of the Term the parties will execute a memorandum setting forth the
commencement and termination dates.

     5. RENEWAL OPTIONS: Landlord grants to Tenant three (3) separate options to
        ---------------
extend the Term for three (3) separate consecutive additional periods
(hereinafter "Renewal Periods") of five (5) years each on the same terms and
conditions as set forth in this Lease for the Term except that Rent during the
Renewal Options shall be as set forth hereinafter. Provided Tenant is not in
default beyond the applicable cure periods contained herein, each option shall
be deemed automatically exercised by Tenant unless Tenant shall give notice to
Landlord at least six (6) months before the expiration of the Term or Renewal
Period then in effect of Tenant's desire to terminate said Lease, and upon such
automatic renewal, the Renewal Period shall become part of the Term.

     6. RENT: Tenant agrees to pay to Landlord during the Term the monthly sum
        ----
of Eight Thousand Sixty-Four and no/100 Dollars ($8,064.00)($96,768.00
annually)(unless such rent shall be abated or diminished as in this Lease
elsewhere provided) (hereinafter "Rent") in advance, on the first day of each
calendar month, commencing February 1, 2002, and continuing throughout the
remainder of the Term. Landlord and Tenant agree that the monthly Rent for each
Renewal Period, if exercised, shall be the fair market value rent ("Fair Market
Value Rent") as hereinafter defined.
     Fair Market Value Rent means the rental rate at which similar premises
would rent for a five-year term in the vicinity of and possessing similar
amenities and features of the Demised Premises. Prior to Tenant's service of
notice that Tenant is exercising its option to extend the Term of the Lease,
Landlord and Tenant shall endeavor to agree upon the Fair Market Value Rent for
the applicable Renewal Period. If Landlord and Tenant are unable to agree upon
the Fair Market Rental Value by a date which is not later than one month prior
to the commencement of the extended Term, either party may give notice of its
election to have such value determined by appraisal.
     Following the service of notice of either party of its election to have
Fair Market Value Rent determined by appraisal, Landlord and Tenant shall
endeavor to select an appraiser that is mutually acceptable to Landlord and
Tenant, which appraiser shall have at least five years of commercial appraisal
experience in the State and County containing the Demised Premises and shall
disclose to both parties if such appraiser has previously worked for either
Landlord or Tenant. The parties shall equally share in the cost of such
appraiser.
     The Fair Market Value Rent shall be determined by taking into account and
considering all factors, data, and other information normally and customarily
considered by commercial appraisers in accordance with standard appraisal
practice.
     Once the Fair Market Value Rent shall be determined, the parties shall
execute an amendment to this Lease or other statement certifying the same for
the extended Term then commencing.


                                                                               2

<PAGE>

     6.1 LATE CHARGE: Tenant agrees to pay Landlord a late fee equal to five
         -----------
percent (5%) of any monthly Rent installment which is not paid to Landlord
within ten (10) days after the receipt of written notice that said Rent is due
and payable. Said late fee will be due and payable at the same time Tenant pays
that month's late Rent. It is agreed that payments made by check which do not
clear the bank cause additional expenses for book-keeping and clerical services.
Tenant agrees that any such check issued for payments due hereunder which is
returned without payment for any reason whatsoever shall carry a charge of
twenty-five dollars ($25.00) for each time said check is returned, which sum
shall be considered as additional rent hereunder, and shall be paid by Tenant to
Landlord immediately upon notice thereof.

     7. LANDLORD'S TITLE: (A) Landlord covenants that Landlord has fee simple
        ----------------
title to the Entire Premises and the Demised Premises described on Exhibit "A"
hereof and full right and authority to make this Lease; that said Demised
Premises are free and clear of and from all liens, restrictions, leases and
encumbrances (except as set forth in Exhibit "C") and that there are no laws,
ordinances, governmental rules or regulations or title restrictions or zoning or
other matters which will restrict, limit or prevent Tenant's operation of a
marine supply, boating gear and boating apparel store or any department thereof
in the Demised Premises. Landlord warrants and represents to Tenant that no
other tenant, subtenant or other occupant of the Entire Premises possesses any
contractual, leasehold or other exclusive right to sell any goods, products, or
services that would be violated by Tenant's sale of supplies, equipment and/or
apparel for marketed or sold for marine and boating uses. Landlord will
indemnify, defend and hold Tenant harmless from and against all costs, losses,
expenses (including attorneys' fees and costs), or judgments associated with the
violation or asserted violation of any such contractual, leasehold or other
actual or purported exclusive right to the extent same relates to or arises from
Tenant's sale of supplies, equipment and/or apparel for marine and boating uses.
Landlord covenants that so long as Tenant is not in default hereunder, beyond
the applicable cure periods, Tenant shall have quiet and peaceful possession and
enjoyment of the Demised Premises, the Common Facilities portions of Entire
Premises and of all rights and appurtenances thereunto belonging.
     (B) Concurrently, with the execution of this Lease, Landlord and Tenant
have executed a Short Form Lease. Immediately after commencement of the Term,
Landlord and Tenant shall execute an Amended Short Form Lease which sets forth
the actual commencement date of this Lease (if different from the previously
recorded Short Form Lease). Either Landlord or Tenant may record the Short Form
Lease and the Amended Short Form Lease and each party agrees to cooperate with
the other to facilitate such recording.
     (C) Concurrent with the execution of this Lease, Landlord shall furnish
Tenant duly acknowledged triplicate counterparts of the Non-Disturbance and
Attornment Agreement in the form attached as Exhibit "D" executed by any
mortgagee or holder of any lien prior to this Lease. Wherever


                                                                               3

<PAGE>

reference is made to a mortgage or mortgagee in this Lease, such reference shall
be deemed to include a deed of trust or the holder of a deed of trust.
     (D) Landlord represents, warrants and agrees and this Lease is made and
entered into upon the express condition that Landlord shall at all times during
the Term of this Lease or any extension or renewal thereof maintain a general
shopping center upon the Entire Premises which shopping center shall always have
as a part thereof a Parking Area as shown on Exhibit "B" annexed hereto, to
furnish parking space without charge to all customers of the Entire Premises
seeking same.

     8. SUBORDINATION AND NON-DISTURBANCE: If any future Mortgagee so requests,
        ---------------------------------
this Lease shall be subject and subordinate to a Mortgage or Deed of Trust
covering the Demised Premises or Entire Premises and to all renewals,
modifications, consolidations, replacements and extensions thereof, provided
Landlord and such Mortgagee execute and deliver to Tenant duly acknowledged
triplicate counterparts of a Subordination, Non-Disturbance and Attornment
Agreement in substantially the form attached as Exhibit "E".

     9. POSSESSION: (A) Upon commencement of the Term the covenant of Landlord
        ----------
set forth in Subsection (A) of the Section of this Lease entitled LANDLORD'S
                                                                  ----------
TITLE shall be in force except for matters junior to this Lease.
-----
     (B) Tenant agrees to deliver to Landlord physical possession of the Demised
Premises upon the termination of the Term in good condition excepting, however,
ordinary wear and tear, damage by fire, or any other casualty insured against
under policies maintained or required to be maintained by Landlord, or damage
from any other cause unless such other cause is attributable to the willful
misconduct of Tenant.

     10. ASSIGNMENT AND SUBLETTING: Tenant may not assign this Lease or sublet
         -------------------------
the Demised Premises or any part thereof without the prior written consent of
Landlord, which consent shall not be unreasonably withheld. Notwithstanding the
foregoing, Tenant may assign this Lease or sublet the Demised Premises without
the consent of Landlord if such assignment or subletting is to facilitate the
sale by Tenant of all or a portion of Tenant's chain of stores, or if such
assignment or subletting is for the continued use of the Demised Premises as a
retailer and/or wholesaler of marine supplies, boating gear and boating apparel.
Landlord agrees that no merger, consolidation, corporate reorganization, or
assignment to an entity in Tenant's control or in the control of Tenant's parent
shall be an assignment so as to require Landlord's consent. Notwithstanding any
subletting or assignment, Tenant shall remain primarily liable for the
performance of all terms and conditions of this Lease.

     11. PROTECTIVE COVENANT: In order to induce Tenant to enter into this
         -------------------
Lease, Landlord agrees for itself, its successors and assigns, its officers,
directors and shareholders (holding more than ten percent (10%) of its stock),
its parent, affiliated and subsidiary corporations and any partner or other
party affiliated with it, that none of the foregoing shall use, suffer, permit
or consent to the use or


                                                                               4

<PAGE>

occupancy of any part of the Entire Premises except for the Demised Premises
during the Term of this Lease, as extended and renewed, and that Tenant shall
have the exclusive right, power and authority (1) to conduct the operation of a
retail and/or wholesale business for the sale and/or distribution of supplies,
equipment and apparel for marine and boating uses (hereinafter "Exclusive
Business") in the Entire Premise and (2) to sell mechanical, electrical and
other equipment, supplies, electronics, appliances, hardware, rope, rigging,
boat trailering, navigation, inflatable boats, plumbing and apparel for marine
and boating uses (hereinafter "Exclusive Products") in the Entire Premises.
Landlord agrees (i) not to enter into any new leases, (ii) not to renew or
extend any existing leases, which require Landlord's approval to renew or
extend, (iii) not to consent to any assignment or sublease, which require
Landlord's consent to assign or sublet, (collectively "New Lease") for the
premises in the Entire Premises that permit or contemplate the conduct of any
Exclusive Business or that permit or contemplate the sale of any Exclusive
Products. Landlord also agrees to include a disclosure in any New Lease of the
Exclusivity provisions contained in this Lease, to include a provision in any
New Lease wherein such person or entity agrees not to do any acts in violation
of the exclusivity provisions of this Lease, and to perform such acts as are
necessary or appropriate (including, without limitation, the commencement and
prosecution of legal action) to enforce the exclusivity provisions of this
Lease. In the event of a breach of the exclusivity provisions of this Section,
Landlord agrees that Tenant shall be entitled to obtain (among other relief)
injunctive relief and/or compensatory damages. For the purposes of this Lease,
the term "Affiliate" shall mean and include (without limitation) any
corporation, partnership, limited liability company, or other business entity
which is controlled (directly or indirectly) by Landlord or any officers,
partner or principals of Landlord. This restriction shall not apply to any
business whose principal business is that of a general merchandiser or any other
seller of a broad mix of general merchandise which sells mechanical, electrical
and other equipment, supplies, electronics, appliances, hardware, rope, rigging,
boat trailering, navigation, inflatable boats, plumbing and apparel for marine
and boating uses as an incidental part of its general merchandise business.
     With the exception of uses existing at the execution of this Lease,
prohibited uses of the Entire Premises include the following: commercial indoor
amusements, entertainment facilities; flea market or similar business; adult
entertainment, schools of any type; churches; car rentals or sales parking
vehicles offered for lease or sale in the parking areas of Entire Premises;
restaurants; nightclubs; cocktail lounges; taverns; undertaking establishments;
bingo games or off-track betting agencies; post offices or postal facilities
(excluding Mailboxes, Etc, or such similar business); gymnasiums, spas, tanning
facilities, dance studios or health clubs; theaters, either motion picture or
live; bowling alley; skating rink of any type; or any other similar uses which
require excessive use of the Parking Area in terms of number of parking spaces
or length of time of the use of the parking spaces. Landlord covenants and
agrees with Tenant


                                                                               5

<PAGE>

that Landlord will not consent to any assignment or subletting of any tenant's
leased space where the use of the space to be made by the assignee or sublessee
would violate this Section 11.

     11.1 OUTDOOR DISPLAY: Tenant shall be entitled to maintain a display of
          ---------------
inflatable boats and motors in the common areas of the Entire Premises at a
location mutually agreeable to Landlord and Tenant and shall be entitled to
install and maintain a "marine-style" flagpole in front of the Demised Premises.
Tenant's display of inflatable boats and motors will be conducted in a manner so
as to minimize interference with vehicular or pedestrian traffic in the common
areas, use of the common areas and other businesses in the Entire Premises and
so as to comply with local ordinances. Tenant's installation of a "marine-style"
flagpole shall be in a location mutually agreeable to Landlord and Tenant and
shall comply with local ordinances. Landlord represents and warrants that no
restrictions exist on the Entire Premises that would restrict Tenant's right to
place the outdoor display and/or flag pole in the common areas.

     12. LANDLORD'S REPAIRS: (A) Landlord shall, at its sole cost and expense,
         ------------------
cure any latent defects in or to the Entire Premises during the Lease or renewal
of the Lease.
     (B) Landlord shall, at its sole cost and expense, maintain in good working
order and repair throughout the Term: all the exterior portions and structural
elements of the Demised Premises or the building of which the Demised Premises
is a part and the appurtenances thereto and any improvements outside of the
Demised Premises erected by Landlord for Tenant, including but not limited to
the roof, roof structures and supports, foundations and structural supports,
walls (except interior painting), termite and dry rot protection, floors
(excepting floor covering) and mechanical equipment and conduits embedded in the
floors, gutters, downspouts, streets, parking lot, curbs and sidewalks. Landlord
shall also maintain in good order and repair throughout the Term the utility
lines servicing the Demised Premises to the extent not maintained by public
utility companies, and the electrical, sprinkler, plumbing and sewer systems and
other mechanical installations and facilities that are installed in the building
by or for Landlord or that are installed in other parts of Entire Premises by or
for Landlord to service the building. If the Demised Premises has a sprinkler
system, then Landlord shall, at Landlord's cost, cause the sprinkler system
serving the Demised Premises to be constantly monitored to make certain water is
not flowing from the system and the tamper switch on the valve of the sprinkler
system is open. Landlord shall keep Tenant informed of the name, address and
telephone number of the person or company performing the monitoring. Landlord
shall also make and pay for all other repairs to the interior of the Demised
Premises necessitated by (i) Landlord's failure to make any repairs required of
it hereunder, or (ii) defective workmanship or materials in the construction as
it existed immediately prior to the Commencement Date of the Demised Premises or
of any other improvements outside of the Demised Premises erected by Landlord
for Tenant. Landlord specifically agrees to repair any and all damage caused by
settling, expansion or contraction of the building and/or the land underneath
the building,


                                                                               6

<PAGE>

parking or common areas. Landlord shall not alter or remodel the exterior of the
Demised Premises without Tenant's prior written consent, and any request for
such consent shall be accompanied by plans and specifications for such work
approved by applicable governmental authorities, together with Landlord's
proposal for removing, storing and replacing Tenant's sign and furnishing
temporary signs for Tenant while the work is being performed. Unless required by
law or due to casualty, Landlord shall refrain from commencing any such
remodeling of the exterior of the Demised Premises during the months of March
through September, Tenant's high sales season.
     (C) There currently does not exist in the Demised Premises an HVAC system.
Landlord hereby agrees that should Tenant install an HVAC system in the Demised
Premises Tenant shall be entitled to offset against Rent the combined costs of
such HVAC system and its installation over a ten year period in equal monthly
installments commencing on the date of the completed installation. If installed,
during the Term and any Renewal Options, Tenant shall repair and maintain the
HVAC.
     (D) Anything in this Lease to the contrary notwithstanding, if any repairs
required to be made by Landlord are necessary to end an emergency and if
Landlord, after Tenant's good faith effort to give either written, personal or
telephonic notice, fails to commence repair as soon as reasonably possible
thereafter, Tenant may make such repairs at Landlord's cost. Landlord agrees to
pay Tenant the cost of such repairs on demand, and Landlord further agrees that
if it fails so to pay to Tenant, Tenant may deduct the amount so expended by it
from Rent or any other payment due or to become due.
     (E) If Tenant is deprived of the use of any portion of the Demised Premises
for a period of more than three (3) consecutive days during the making of any
repairs, improvements or alterations by Landlord under any provisions of this
Lease, then so long as Landlord does not proceed diligently to remedy such
condition all Rent and other sums payable hereunder shall abate for such period
as Tenant is deprived of such use. Furthermore, if Landlord fails within three
(3) days following Landlord's receipt of written notice of the need therefor
from Tenant to commence any repairs required to be made by Landlord to stop any
leaks of water into the Demised Premises or if Landlord thereafter fails to
complete any such repairs or replacements with diligence, then, in either event,
the Rent and all other sums due hereunder shall abate until such time as such
repairs and/or replacements are completed.

     13. TENANT'S REPAIRS AND ALTERATIONS: Subject to Landlord's obligations
         --------------------------------
under the Section of this Lease entitled LANDLORD'S REPAIRS, Tenant shall make
                                         ------------------
and pay for all ordinary non-structural repairs to the interior of the Demised
Premises arising from Tenant's operation of business therein not occasioned by
ordinary wear and tear, fire or other casualty. Tenant may make and shall pay
for any alterations and improvements to the Demised Premises as Tenant deems
desirable and Tenant agrees that all such alterations and improvements shall be
made in a good and workmanlike manner and in such fashion as not to diminish the
value of the Demised Premises. If Tenant's construction of any alterations,
additions and improvements in and to the Demised Premises requires the
penetration of


                                                                               7

<PAGE>

the roof, then Tenant shall use Landlord's roofing contractor to perform such
penetration in accordance with any and all warranties. On surrendering
possession of the Demised Premises to Landlord at the expiration or sooner
termination of this Lease, Tenant shall not be required to restore the same to
the condition existing at the commencement of the Term and Landlord agrees to
accept the Demised Premises with all alterations and improvements made by
Tenant. Except for Tenant's furniture, trade fixtures and equipment (which shall
remain the property of Tenant), all alterations, additions and leasehold
improvements made by Tenant shall be and become Landlord's property upon the
expiration or earlier termination of the Term of this Lease.

     13.1 TENANT'S SIGNAGE: Tenant may paint, erect or authorize the
          ----------------
installation of signs, of the maximum allowable size and in the maximum
allowable quantity, under prevailing law, (which Tenant deems necessary to the
operation of its business) on the exterior of the Demised Premises and the North
(freeway) side of the Building, and inside of the Demised Premises identifying
same as Tenant's store. Tenant may also erect and maintain its sign panels on
the current monument sign at the adjacent street at its expense. Tenant may at
any time or from time to time remove such signs or change them to reflect new
designs. Tenant may use its standard colors and logo in all signage. Landlord
shall not and may not install or maintain, or permit anyone to install,
maintain, remove or modify, any signs on the exterior or roof of the Demised
Premises or within the air space above the Demised Premises during the Term of
this Lease or any extensions or renewals thereof. Landlord shall not alter,
modify, remove, relocate or replace or cause any of the aforementioned to be
done to any of Tenant's signs.

     14. COMPLIANCE WITH LAWS: Tenant shall make and pay for non-structural
         --------------------
improvements and alterations to comply with all laws, rules or regulations of
any governmental authority promulgated after the commencement of the Term
applying to the physical condition of the Demised Premises and arising from
Tenant's conduct of business in the Demised Premises. Landlord agrees to make
and pay for all other repairs, improvements or alterations to the Demised
Premises required by any such authority.

     15. TENANT'S FIXTURES: Tenant may install in the Demised Premises such
         -----------------
fixtures (trade or otherwise) and equipment as Tenant deems desirable and all of
said items shall remain Tenant's property whether or not affixed or attached to
the Demised Premises. Tenant may remove said fixtures and equipment from the
Demised Premises at any time and from time to time during the Term. Landlord
shall not mortgage, pledge or encumber said fixtures, equipment or improvements.
Tenant shall, within thirty (30) days after expiration of the Term, repair any
damage to the Demised Premises caused by Tenant's removal of any such fixtures
or equipment. Tenant shall be allowed access, either underground or aerial as
required by the telecommunications supplier, to all telecommunications lines and
facilities, including the right to install at Tenant's expense on an exterior
wall or roof area a digital communications reflector no larger than two meters
in diameter, complete with attached cable to Demised Premises.


                                                                               8

<PAGE>

     16. UTILITIES: Landlord shall provide to the Demised Premises throughout
         ---------
the Term such sanitary and storm sewer facilities and such utilities (including,
without limitation, water, electric power and gas) as the Tenant may require.
Tenant shall be solely responsible for and promptly reimburse Landlord as
additional rent unless individually metered all charges for water, gas,
electricity, sewer, trash and garbage removal for the Demised Premises and any
pro rata share of the common area utilities. The building electric meter and
water is allocated 47% to Tenant to be reconciled to actual cost year-end
verified by actual billings less readings from sub-meter of other tenant(s) in
the building. The garbage and gas are to be billed to Landlord and reimbursed
100% by Tenant less water/storm fee which is a common area expense and charged
at 74% to West Marine. In no event shall Landlord be liable for an interruption
or failure in the supply of any such utilities to the Demised Premises unless
such interruption or failure is the direct result of Landlord's negligence.

     16.1 TRASH REMOVAL: Tenant may store all Tenant's trash in no fewer than
          -------------
two dumpsters (one for waste and another, at Tenant's option, for recycling) or
other covered trash receptacles customary in shopping centers. Tenant's trash
receptacles shall be located near Tenant's loading areas and Landlord shall have
Tenant's trash removed from the Entire Premises regularly.

     17. PUBLIC LIABILITY INSURANCE: (A) Commencing on the date Tenant takes
         --------------------------
possession and continuing throughout the Term, or any extensions thereof, Tenant
shall maintain insurance against public liability for injury to person
(including death) or damage to property occurring within the building and the
Demised Premises arising out of the use and occupancy thereof by Tenant. Such
insurance shall be with minimum single limits of $2,000,000.00 for personal
injury, death or property damage and Landlord and its designated property
manager shall be named as additional insured under the policy. Upon written
request therefor, Tenant shall deliver to Landlord a certificate of such
insurance naming Landlord as an additional insured and an agreement by the
insurer that said policy may not be canceled without ten (10) days prior written
notice delivered to Landlord.
     (B) Commencing on the date Tenant takes possession and continuing
throughout the Term or any extensions thereof, Landlord shall maintain insurance
against public liability for injury to person (including death) or damage to
property arising out of the acts or omissions of Landlord or arising out of the
use of Common Facilities as defined in this Lease by Tenant or its licensees,
employees, invitees, or customers. Such insurance shall be with minimum single
limits of $2,000,000.00 for personal injury, death or property damage and Tenant
shall be named as additional insured under the policy. Upon written request
therefor, Landlord shall deliver to Tenant a certificate of such insurance
naming Tenant as an additional insured and an agreement by the insurer that said
policy of insurance may not be canceled without ten (10) days prior written
notice delivered to Tenant.

     17.1 INDEMNITY: (A) Tenant hereby agrees to hold and save Landlord
          ---------
harmless, and to protect and indemnify Landlord from and against any and all
claims, punitive damages, injuries, costs, losses,


                                                                               9

<PAGE>

demands, debts, liens liabilities, causes of action, suits, interest, and
expenses (including attorney's fees incurred in defense and enforcing this
indemnity) of any kind whatsoever paid, incurred or suffered by, or asserted
against Tenant, arising out of injury to person or property, or both, including
without limitation, injury to the person or property of Tenant, its agents
officers, employees, or licensees arising out of the condition of the Demised
Premises or any portion thereof over which Tenant has control and a duty to
repair and maintain under the terms of this Lease: provided, however, that this
covenant shall not apply to the injury to person or property resulting from acts
of Landlord, its agents or employees while in or on the Demised Premises.
     (B) Landlord hereby agrees to hold and save Tenant harmless, and to protect
and indemnify Tenant from and against any and all claims, punitive damages,
injuries, costs, losses, demands, debts, liens liabilities, causes of action,
suits, interest, and expenses (including attorney's fees incurred in defense and
enforcing this indemnity) of any kind whatsoever paid, incurred or suffered by,
or asserted against Landlord, arising out of injury to person or property, or
both, including without limitation, injury to the person or property of
Landlord, its agents, officers, employees, or licensees arising out of the
condition of the Entire Premises or any portion thereof over which Landlord has
control and a duty to repair and maintain under the terms of this Lease:
provided, however, that this covenant shall not apply to the injury to person or
property resulting from acts of Tenant, its agents or employees while in or on
the Entire Premises.

     18. DAMAGE BY CASUALTY: (A) If the Demised Premises is damaged or destroyed
         ------------------
by fire, the elements, subsidence of sublateral or subjacent support or other
casualty, Landlord shall within thirty (30) days after receipt of diligently
pursued permits begin repairs and shall restore the Demised Premises or any such
other store to its condition just prior to the damage, within ninety (90) days
after receipt of such permits, or Tenant may cancel this Lease.
     (B) If Tenant is not actually open for business during all or any part of
the period ("Restoration Period") from the date of such damage or destruction as
aforesaid until the date the Demised Premises is redelivered to Tenant in
accordance with the terms of this Lease, all Rent or other sums payable
hereunder shall abate for such period as Tenant is not open for business without
causing default by Tenant. If Tenant is open for business during the Restoration
Period, the Rent and other sums payable hereunder shall abate in proportion to
the usable space; provided, however, that if Landlord does not proceed
diligently with restoration of the Demised Premises, all Rent and other sums
payable hereunder shall abate without causing default by Tenant.
     (C) If any other building erected on Entire Premises is damaged or
destroyed by fire, the elements, subsidence of sublateral or subjacent support
or other casualty, Landlord shall within ninety (90) days promptly and
diligently either (i) repair and restore such other building to its condition
just prior


                                                                              10

<PAGE>

to the damage or (ii) level such other building to the ground and clear up all
debris therefrom or (iii) put such other buildings in a clean and safe
condition.
     (D) Landlord agrees to keep in effect on the Demised Premises and on all
other buildings erected on Entire Premises and to provide Tenant upon written
request therefor with proof of fire insurance with extended coverage endorsement
in an amount not less than the full replacement cost of the buildings and
improvements thereon.
     (E) If any such damage or destruction to the Demised Premises shall occur
within the last two (2) years of the Term, or of any Renewal Period, affecting
more than fifty percent (50%) of the replacement cost of the Demised Premises,
either party may terminate this Lease by notice to the other party within thirty
(30) days after the date of such damage or destruction. If Landlord shall
terminate this Lease as above provided, Tenant may, within thirty (30) days
after receipt of notice thereof, extend the Term or Renewal Period, if a Renewal
Period is available under this Lease to exercise, to run for five (5) years from
the date of restoration and redelivery of the Demised Premises to Tenant,
whereupon Landlord's termination shall be void and Landlord shall restore the
Demised Premises in accordance with the terms of this Section. Tenant shall not
have the right to void a termination by Landlord during the last Renewal Period.
If this Lease is terminated as provided in this Section, both parties shall be
relieved of any further liabilities hereunder except for obligations accrued at
the date of such damage or destruction and any sums prepaid by Tenant shall be
apportioned and appropriately refunded to Tenant.

     18.1 FIRE INSURANCE WITH EXTENDED COVERAGE: Tenant shall within thirty (30)
          -------------------------------------
days after receipt of an annual billing from Landlord, supported by Landlord's
invoices, reimburse Landlord, as Additional Rent, for Tenant's pro rata share of
the cost of fire insurance with extended coverage premiums.

     19. WAIVER OF SUBROGATION AND HOLD HARMLESS: Landlord and Tenant shall
         ---------------------------------------
obtain from their respective insurers endorsements whereby the insurers agree to
waive any right of subrogation against Landlord or Tenant, as the case may be,
in connection with liability, fire or other risks or casualties covered by said
insurance. Landlord agrees that it shall make no claim nor authorize any claim
to be made against Tenant, its employees, servants or agents in connection with
or as a result of fire, explosion or other casualty damaging the Demised
Premises or other buildings in Entire Premises. Tenant agrees that it shall make
no claim nor authorize any claim to be made against Landlord, its employees,
servants or agents in connection with or as a result of fire, explosion, or
other casualty damaging the contents or fixtures installed in the Demised
Premises, excepting, however, such claims as may be permitted pursuant to the
terms of the Section of this Lease entitled LANDLORD'S REPAIRS hereof by reason
                                            ------------------
of Landlord's failure to make repairs to the Demised Premises.

     20. EMINENT DOMAIN: (A) If (i) all or part of the Demised Premises or any
         --------------
rights in the Demised Premises, or (ii) so much of any rights in Entire Premises
shall be taken or appropriated under any right


                                                                              11

<PAGE>

of eminent domain or under any other legal right whereby the taking authority is
obligated to compensate Landlord therefor so that there does not remain (a)
parking area as shown on plot plan Exhibit "B" excluding the "Permitted Taking"
area shown as outlined on Exhibit "B" or up to a maximum of eighteen (18)
parking spaces located elsewhere on the Entire Premises, or (b) premises
suitable in the opinion of Tenant for the operation of its business, or (c)
direct access at grade level to all abutting streets, then Tenant may terminate
and cancel this Lease as of the date on which the condemning authority takes
physical possession upon giving to Landlord written notice of such election.
Landlord agrees immediately within ten (10) days after any notice of intended or
actual taking or appropriation to give Tenant written notice thereof, providing
to Tenant full details of such taking or appropriation including without
limitation copies of all condemnation plans or surveys submitted by the
condemning authority, a statement of the nature of the project to be conducted
by the condemning authority, and such other information as might be necessary to
enable Tenant to determine its future course of conduct.
     (B) If this Lease shall be terminated and canceled as a result of any
taking or appropriation, Tenant shall be released from any further liability and
the Rent and other sums for the last month of Tenant's occupancy shall be pro
rated and Landlord shall refund to Tenant any sums paid in advance. If at the
time of such taking or appropriation Tenant shall not have fully amortized
expenditures which it might have made on account of any improvements or
alterations made or erected on the Demised Premises, the amount thereof shall be
payable to Tenant out of any award, subject and subordinate to the right of any
Mortgagee permitted under the terms of the Section of this Lease entitled
SUBORDINATION AND NON-DISTURBANCE.
---------------------------------
     (C) Tenant may file such claims as are permitted by law for the loss of its
leasehold interest, business dislocation damages, moving expense, or other
damages caused by such taking or appropriation. Tenant's right to receive
compensation or damages for its fixtures or its personal property shall not be
affected in any manner by this Lease.
     (D) If this Lease is not terminated and canceled because of any such taking
or appropriation, Landlord shall within thirty (30) days after receipt of
diligently pursued permits begin to restore the Demised Premises to a condition
as nearly comparable as practicable to the condition existing just before such
taking or appropriation. Restoration shall be completed within ninety (90) days
after receipt of such permits. If because of such taking Tenant is not actually
open for business during all or any part of the period from the date of such
taking or appropriation until the date the Demised Premises is redelivered to
Tenant in accordance with the terms of this Lease (hereinafter "Rebuilding
Period"), all Rent or other sums payable hereunder shall abate for such period
as Tenant is not open for business. If Tenant is actually open for business
during the Rebuilding Period, the Rent shall abate proportionately for the
unusable area; provided, however, that if Landlord does not proceed diligently
with restoration of the Demised Premises, all Rent and other sums payable
hereunder shall abate. After restoration of the


                                                                              12

<PAGE>

Demised Premises, the Rent shall be reduced in the ratio that the total floor
area of the Demised Premises taken or appropriated bears to the total floor area
of the Demised Premises before such taking or appropriation.

     21. PERMITS AND LICENSES: Landlord agrees upon request of Tenant to execute
         --------------------
or join in the execution of any application for permits and licenses which may
be necessary in connection with any construction, alterations, improvements
and/or repairs permitted under this Lease.

     22. COMMON FACILITIES: (A) All those portions of Entire Premises shown on
         -----------------
Exhibit "B" which are not presently occupied by buildings shall be Common
Facilities for the non-exclusive joint use of all tenants of Entire Premises,
their employees, customers and invitees and Landlord hereby grants to Tenant,
its employees, customers and invitees, the right to use, in common with all
other tenants of Entire Premises, all of said Common Facilities (except that
Tenant's loading area shall be reserved for Tenant's exclusive use) and any
enlargement thereof for ingress and egress to and from the Demised Premises and
the public streets and highways shown on Exhibit "B" and for the parking of
motor vehicles in the areas designated as "Parking Area". Subject to
reimbursement in Section 22.1, Landlord agrees to maintain throughout the Term
all Common Facilities in good repair, clean and clear of snow, ice, rubbish and
debris, properly drained, clearly striped and adequately lighted at all times
when the Demised Premises is open for business and for one-half hour after
closing thereof.
     (B) Throughout the Term, the Common Facilities shall contain a Parking Area
as shown on Exhibit "B", and Landlord shall not use or permit the Common
Facilities to be used for carnivals or other businesses, temporarily or
permanently. If at any time during the Term, such Parking Area shall be reduced
below the minimum area above set forth by reason of taking or appropriation
under any power of eminent domain and if Tenant does not terminate this Lease as
permitted in the Section of this Lease entitled EMINENT DOMAIN, the Rent payable
                                                --------------
pursuant to the Section of this Lease entitled RENT of this Lease shall abate in
                                               ----
the same proportion that the Parking Area so taken bears to the minimum Parking
Area above set forth. If, at any time during the Term, Landlord by its acts or
omissions reduces or permits a reduction of the Parking Area or Common
Facilities below the above minimum or if the Landlord changes the location or
arrangement of the Parking Area, the Rent payable pursuant to the terms of the
Section of this Lease entitled RENT of this Lease and all other charges payable
                               ----
under the terms of this Lease shall abate.

     22.1 COMMON FACILITIES MAINTENANCE: Tenant agrees to pay throughout the
          -----------------------------
Term, as Additional Rent, its pro rata share of common facilities maintenance
costs ("Common Facilities Maintenance Charges"). Common Facilities Maintenance
Charges shall include only the following items: lighting of the Common
Facilities and parking areas, patching of potholes in the Parking Area,
sweeping, maintenance of landscaping existing as of the lease date, snow removal
and striping of the Parking Area, touch-up painting, sealing, security for the
common area, and repairs of the parking lights, light


                                                                              13

<PAGE>

standards, entrance and exit signs. A combined management and administrative fee
of not greater than ten (10) percent of the Common Facilities Maintenance
Charges shall be paid in addition to the Common Facilities Maintenance Charges.
     Effective as of the Commencement Date, Tenant shall pay to Landlord the
Common Facilities Maintenance Charges on the first day of each month without any
prior demand therefor from Landlord, the monthly installment of Common
Facilities Maintenance Charges specified by Landlord, as such amount may be
adjusted from time to time. Tenant's pro rata share of such expenses shall be
estimated for each calendar year, and Landlord shall submit to Tenant a
statement of the estimated amount for each calendar year. Tenant shall pay the
Common Facilities Maintenance Charges on the first day of each month until
notified by Landlord of a change in the estimated Common Facilities Maintenance
Charges and Tenant shall thereafter pay the adjusted amount.
     Within sixty (60) days following the end of each calendar year, Landlord
shall furnish Tenant a statement together with invoices covering such calendar
year just expired, showing the Common Facilities Maintenance Charges and the
amount of Tenant's pro rata share of such Common Facilities Maintenance Charges
for such calendar year and the payments made by Tenant with respect to said
calendar year as set forth above. If Tenant's pro rata share of such Common
Facilities Maintenance Charges is greater than Tenant's actual Common Facilities
Maintenance Charge payments, Tenant shall pay Landlord the difference as
Additional rent within thirty (30) days after receipt of such statement, and
thereafter, pay the adjusted amount as provided above until further adjusted by
Landlord. If Tenant's pro rata share of such Common Facilities Maintenance
Charges is less than Tenant's actual Common Facilities Maintenance Charges
payments, Landlord shall credit any overpayment toward Tenant's next payment of
such Common Facilities Maintenance Charges, unless such adjustment is for the
last year of the Term, in which case Landlord shall reimburse such overpayment
to Tenant within thirty (30) days after request therefor.

     23. USE OF PREMISES BEFORE TERM COMMENCES: Tenant may enter the Demised
         -------------------------------------
Premises at any time prior to the commencement of the Term to construct Tenant's
improvements and install therein fixtures and equipment and receive and store
therein merchandise and other property at Tenant's own risk, free from Rent and
Additional Rent, provided that such entry does not interfere unreasonably with
the work being done in or to the building by Landlord. Such entry into the
Demised Premises shall not be construed as an acceptance of delivery thereof
under the terms and provisions of this Lease.

     24. TRANSFER OF TITLE: If there shall be any change in or transfer of title
         -----------------
of Landlord in or to the Demised Premises or any part thereof, Tenant may
withhold payments thereafter accruing until notified in writing by Landlord of
such change in title and until given satisfactory proof, whereupon Tenant shall
submit such payment to the party properly entitled to receive it.


                                                                              14

<PAGE>

     25. TENANT'S DEFAULT IN RENT: If Tenant shall default in payment of Rent
         ------------------------
herein reserved, when due, Landlord shall forward written notice of such default
to Tenant, by certified mail, return receipt requested, and the failure of
Tenant to cure such default within fifteen (15) days after the date of receipt
of such notice shall at the option of the Landlord cause the termination of this
Lease.

     26. OTHER DEFAULTS BY TENANT: If Tenant shall default in the performance of
         ------------------------
any of the terms or provisions of this Lease other than the payment of Rent, and
if Landlord shall give to the Tenant written notice by certified mail, return
receipt requested, of such default and if Tenant shall fail to cure such default
within thirty (30) days after receipt of such notice, or if the default is of
such a character as to require more than thirty (30) days to cure, then, if
Tenant shall fail to use reasonable diligence in curing such default Landlord
may cure such default for the account of and at the cost and expense of Tenant
and the reasonable sums so expended by Landlord shall be deemed to be Rent and
on demand shall be paid by Tenant on the day when Rent shall next become due and
payable. In no event, however, shall any default under the terms of this Section
be the basis of a forfeiture of this Lease or otherwise result in the eviction
of the Tenant or the termination of this Lease.

     27. RESPONSIBILITY OF LANDLORD: If Landlord fails to pay any installment of
         --------------------------
taxes or assessments or any interest, principal, costs or other charges upon any
mortgage or mortgages or other liens and encumbrances affecting the Demised
Premises or Entire Premises when any of the same become due, or if Landlord
fails to make any repairs or do or complete any work required of it under any of
the provisions of this Lease, or if Landlord fails to perform any covenant or
agreement in this Lease contained on the part of Landlord to be performed,
Tenant, after the continuance of any such failure or default for thirty (30)
days after written notice thereof is given by Tenant to Landlord, may elect to
pay said taxes, assessments, interest, principal, costs and other charges or
cure such defaults on behalf of and at the expense of Landlord and do all
necessary work and make all necessary payments in connection therewith. This
shall include, without limitation, the payment of any counsel fees, costs and
charges of or in connection with any legal or equitable action which may be
brought and Tenant may further take such other proceedings at law or in equity
as Tenant deems necessary, notwithstanding any other remedy herein provided. In
the event of such election by Tenant, Landlord agrees to pay to Tenant any
amount so paid by Tenant, and agrees that Tenant may withhold any and all rental
payments and other sums due and becoming due after the expiration of the
aforesaid notice period to the Landlord pursuant to the provisions of this Lease
and may apply the same to the payment of such indebtedness of the Landlord until
such indebtedness is fully paid. In addition to the foregoing, Tenant may
proceed in equity to enjoin any breach by Landlord or by any other party of any
provision of this Lease. Nothing herein contained shall preclude the Tenant from
proceeding to collect the amount so paid by it, as aforesaid, without waiting
for rental offsets to accrue. If at the expiration of the Term of this Lease
there shall be any sums owing by Landlord to Tenant, this Lease may at the
election of Tenant be extended


                                                                              15

<PAGE>

and continued in full force and effect until the last day of the month following
the date when the indebtedness of Landlord to Tenant shall have been fully paid.
If any alleged default is of such a nature that it cannot be completely remedied
or cured within the thirty (30) day period above provided, then notwithstanding
the provisions of this Section to the contrary, Tenant shall not have a right to
enforce any of the remedies herein set forth if Landlord shall commence curing
such default within such thirty (30) day period and shall proceed with
reasonable diligence in good faith to complete the curing thereof.

     28. HAZARDOUS SUBSTANCES: (A) As used in this Lease, "HAZARDOUS SUBSTANCES"
         --------------------
shall be defined as any substance that is biologically or chemically active or
is a hazardous, toxic, or dangerous waste, substance (including, but not limited
to, petroleum derivative substances), or material defined as such in (or for
purposes of) any state, federal or local environmental laws, regulations,
decrees or ordinances or in the Comprehensive Environmental Response,
Compensation and Liability Act, as amended, or in any of the so called state or
local "Super Fund", "Super Lien" or "Cleanup Lien" laws or any other federal,
state or local regulation, order or decree relating to or imposing liability or
standards of conduct concerning any such substances or materials or any
amendments or successor statutes thereto.
     (B) Tenant represents and warrants that, except for items commonly sold or
utilized in marine and boating supply and accessories stores, no HAZARDOUS
SUBSTANCES will be stored on the Demised Premises and that during the Term of
this Lease or any Renewal Period thereof, no HAZARDOUS SUBSTANCES will be
discharged on the Entire Premises by Tenant or anyone under its direction or
control. Tenant agrees that such representations and warranties shall survive
any termination of this Lease and Tenant agrees to indemnify and hold harmless
the Landlord from any and all costs, expenses, claims and damages, including but
not limited to attorneys' fees and costs of remediation, arising from Tenant's
breach of any of the foregoing representations and warranties.
     (C) Landlord shall indemnify and hold Tenant harmless from and against all
costs, expenses, and damages, including but not limited to attorneys' fees and
costs of remediation, arising out of any claim for loss or damage to property,
injuries to or death of persons, any contamination of or adverse effects on the
environment or any violation of any environmental or other law, caused by or
resulting from any hazardous waste or HAZARDOUS SUBSTANCE or any leakage or
contamination from underground tanks on or under the Entire Premises and not
resulting from Tenant's operations in the Demised Premises. This indemnification
precedes, is concurrent with, and survives this Lease.
     (D) Furthermore, Landlord represents and warrants to Tenant that Landlord
has no actual or constructive knowledge (1) of the presence of any HAZARDOUS
SUBSTANCES on, under or within the Entire Premises; (2) of any spills, releases,
discharges or disposals of HAZARDOUS SUBSTANCES that have occurred or are
presently occurring on or onto the Entire Premises; (3) of any spills or
disposal of HAZARDOUS SUBSTANCES that have occurred or are occurring adjacent to
the Entire Premises as a


                                                                              16

<PAGE>

result of any construction on or operation and use of the Entire Premises or
adjacent property; (4) of any failure to comply with all applicable local, state
and federal environmental laws, regulations, ordinances, and administrative and
judicial orders relating to the generation, recycling, reuse, sale, storage,
handling, transport and disposal of any HAZARDOUS SUBSTANCES on the Entire
Premises or adjacent property; (5) the presence of any underground storage tanks
now or in the past on the Entire Premises.

     29. NOTICE: All notices or demands required or permitted to be given or
         ------
served pursuant to this Lease shall be deemed to have been given or served only
if in writing, postage pre-paid and shall be sent by U.S. Certified Mail with
Return Receipt Requested or by nationally recognized overnight courier to:

      LANDLORD:                                   TENANT:
      --------                                    ------
      Randolph K. Repass                          West Marine Products, Inc.
      c/o PacCom Management Services, Inc.        Attn: Real Estate Department
      Attn: Mr. Carl Sprague                      500 Westridge Drive
      155 Westridge Drive                         Watsonville, California  95076
      Watsonville, California  95076
      (831) 722-7609
      (831) 722-4629 Fax

     Such addresses may be changed from time to time by either party by serving
notice as above provided.

     30. REAL ESTATE TAXES: Landlord shall pay all Real Estate Taxes
         -----------------
(hereinafter "Taxes") upon the Entire Premises and shall within sixty (60) days
thereafter provide Tenant with a copy of the paid Tax receipt. Tenant shall
reimburse Landlord, as Additional Rent, within thirty (30) days of Landlord's
request therefor, for Tenant's pro rata share of said Taxes. Landlord shall
submit to Tenant, along with the request for reimbursement, a copy of the Tax
bill and a computation of Tenant's pro rata share of said Taxes for which
Landlord is seeking reimbursement. In addition to any other limitations
contained on this Lease, Tenant's pro rata share of Taxes levied or assessed
against the Demised Premises and/or the Entire Premises shall expressly exclude
(i) any federal, state or local documentary transfer or similar taxes imposed
and assessed in connection with the execution, delivery and/or recordation of
any deed or conveyance of title to the Shopping Center and/or the Premises, (ii)
any late or delinquency fees, penalties or costs associated with the late
payment of such real property taxes and/or assessments, and (iii) any special
assessments levied against the Shopping Center of the Premises relating to the
initial development of the Shopping Center.

     31. USE: Tenant may use the Demised Premises as a Marine Supply, Boating
         ---
Gear and Boating Apparel store to conduct the operation of a retail and/or
wholesale business for the sale and/or distribution of supplies, equipment and
apparel for marine and boating uses or for any other lawful purpose for which
Landlord provides it's written consent, such consent not to be unreasonably
withheld.


                                                                              17

<PAGE>

Landlord's consent shall be deemed to not be unreasonably withheld where (1)
Tenant's proposed use would violate an exclusive granted in the Entire Premises,
or (2) Tenant's proposed use would duplicate an existing use in the Entire
Premises. Tenant shall indemnify and hold Landlord harmless of and from all
fines or penalties imposed by law arising by reason of the violation by Tenant
of any laws, rules, ordinances or regulations relating to the conduct of
business in the Demised Premises issued by any governmental authority having
jurisdiction over the Demised Premises.
     Tenant shall not have any obligation to continuously use or occupy the
Demised Premises or conduct business therein during the Term and Tenant shall
have the right (at any time and from time to time) to discontinue the use and
occupancy of the Demised Premises or cease the conduct of business therein;
provided, however, that neither the cessation of Tenant's use or occupancy of
the Demised Premises nor the discontinuation of the conduct of business therein
shall relieve or discharge Tenant from its obligation to pay Rent, Additional
Rent or other amounts payable by Tenant and perform the obligations required by
this Lease in the time and manner set forth herein.

     32. INTENTIONALLY OMITTED
         ---------------------
     33. DELIVERY:  Tenant is currently in possession of the Demised Premises.
         --------
     34. INTENTIONALLY OMITTED
         ---------------------
     35. GENERAL PROVISION:
         -----------------
     (A) The captions and numbered Sections of this Lease are inserted for
convenience only and are not a part of this Lease and do not in any way limit or
amplify the terms and provisions of this Lease.
     (B) If more than one person or corporation is named as Landlord in this
Lease and executed the same as Landlord, then the word "Landlord" wherever used
in this Lease shall refer to all such persons or corporations, and the liability
of such persons or corporations for compliance with or for the performance of
all the terms, covenants and provisions of this Lease shall be joint and
several.
     (C) All the provisions of this Lease shall be construed as covenants and
agreements as though the words importing such covenants and agreements were used
in each separate Section hereof, and all the provisions hereof shall bind and
inure to the benefit of the parties hereto, their respective heirs, legal
representatives, successors and assigns.
     (D) No amendment or modification of this Lease shall be effective unless in
writing and executed by duly authorized representatives of both Landlord and
Tenant.
     (E) The Sections of this Lease are intended to be severable. If any Section
or provision of this Lease shall be held to be unenforceable by any court of
competent jurisdiction, this Lease shall be construed as though such Section had
not been included in it. If any Section or provision of this Lease shall be
subject to two constructions, one of which would render such Section or
provision invalid, then such Section or provision shall be given that
construction which would render it valid.


                                                                              18

<PAGE>

     (F) Upon request of Tenant, Landlord shall promptly complete an IRS Form
W-9 so that Tenant may report the payments made by Tenant to Landlord under this
Lease as required by applicable governmental authorities.
     (G) This Lease shall not be strictly construed against Tenant as the draft
or writing of Tenant or because of any presumption arising out of terms
favorable to Tenant.
     (H) In the event of any litigation between Tenant and Landlord to enforce
any provision of this Lease or any right of either party hereto, the
unsuccessful party to such litigation shall pay the successful party all costs
and expense, including reasonable attorneys' fees, incurred therein. Moreover,
if either party hereto without fault is made a party to any litigation
instituted by or against any other party to this Lease, such other party shall
indemnify Landlord or Tenant, as the case may be, against and save it harmless
from all costs and expenses, including reasonable attorneys' fees, incurred by
it in connection therewith.

     36. NO OPTION: The submission of this Lease for examination does not
         ---------
constitute a reservation of or option for the Demised Premises and this Lease
becomes effective as a Lease only upon execution and delivery thereof by
Landlord and Tenant.

     37. ESTOPPEL AGREEMENT: Tenant shall, from time to time, upon at least ten
         ------------------
(10) business days prior notice by Landlord, execute, acknowledge and deliver to
a prospective purchaser or mortgagee, a statement executed by both Landlord and
Tenant certifying that this Lease is unmodified and in full force and effect
(or, if there have been modifications, that the same is in full force and effect
as modified and stating the modifications), stating the dates to which the Rent
and Additional Rent have been paid, and stating whether or not there exists any
defaults by Landlord or Tenant under this Lease, and, if so, specifying each
such default.

     38. DELAYS: In the event the scheduled performance of any duty of
         ------
obligation required to be performed by Tenant under this Lease or in the event
the scheduled date for the exercise of any right or option contained herein
shall fall on a Saturday, Sunday, or legal holiday, such performance or exercise
by Tenant or Landlord shall occur on the next business day.

     39. MECHANICS LIENS: If any mechanic's or other liens shall at any time be
         ---------------
filed against the Demised Premises by reason of work, labor, services or
materials performed or furnished to Tenant, Tenant shall cause the same to be
discharged of record or bonded within thirty (30) days of Tenant's notice of
such lien. If Tenant shall fail to cause such lien to be so discharged or bonded
after being notified of the filing thereof, then, Landlord may bond or discharge
the same by paying the amount claimed to be due, and the amount so paid by
Landlord, including reasonable attorneys' fees incurred by Landlord either in
defending against such lien or in procuring the bonding or discharge of such
lien, shall be due and payable by Tenant to Landlord as Additional Rent.


                                                                              19

<PAGE>

     40. RIGHT OF ENTRY: Upon at least twenty-four hours prior written notice,
         --------------
Landlord or its agents shall have the right to enter the Demised Premises to
make repairs to the Demised Premises as required of Landlord under this Lease
without any liability to Tenant for trespass. Landlord shall be required to
cooperate with Tenant to minimize any disturbance to Tenant's conduct of
business in the Demised Premises caused by such entry.

     41. HOLDING OVER: If Tenant shall be in possession of the Demised Premises
         ------------
after the expiration of the Lease Term, in the absence of any agreement
extending the Term, the tenancy under this Lease shall become one from month to
month, terminable by either party on thirty (30) days' prior notice, and shall
be subject to all of the terms and conditions of this Lease as though the Term
had been extended from month to month, except that the monthly Rent payable
hereunder for each month during said holdover period shall be equal to one
hundred ten percent of the monthly Rent payable during the last month of the
Term.

     42. SUCCESSORS: All rights and liabilities herein given to, or imposed
         ----------
upon, the respective parties hereto shall extend to and bind the several
respective heirs, executors, administrators, successors, and assigns of said
parties; and if there shall be more than one tenant, they shall be bound jointly
and severally the terms, covenants and agreements herein. No rights, however,
shall inure to the benefit of any assignee of Tenant unless the assignment to
such assignee has been approved by Landlord in writing.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day
and year first above written.


LANDLORD:                                   TENANT:

                                            West Marine Products, Inc., a
                                            California corporation

By: /s/  Randolph K. Repass                 By: /s/  Frank G. Fawcett
   -------------------------------             ---------------------------------
         Randolph K. Repass                          Frank G. Fawcett
         [as trustee FBO Trust                       AVP of Real Estate
         dated 6/25/96]
                                            By: /s/  Linda I. Leyba
                                               ---------------------------------
                                                     Linda I. Leyba
                                                     Sr. Director of Real Estate


                                                                              20

<PAGE>

                                   EXHIBIT "A"

Demised Premises:

     The storeroom shown outlined as "Demised Premises", Exhibit "B", annexed
hereto having a frontage of       feet (  ') and a depth of one hundred
                            -----       --
forty-seven feet (  '), and an overall area of six thousand three hundred
                  --
(6,300) square feet, all being a part of Entire Premises hereinafter described.



Entire Premises:


<PAGE>

                                   EXHIBIT "B"

Page 1 of 1

                                    Site Plan


<PAGE>


                                   EXHIBIT "C"

Page 1 of 1
                                Title Exceptions

Mortgages:

     Landlord covenants that prior to commencement of the Term of this Lease,
the mortgages described below shall either be discharged of record or the
mortgagees shall execute an agreement in accordance with Section 7(c) of this
Lease.

                                     "NONE"

     Landlord warrants that there are no easements, restrictions, or other
matters that will affect or limit the use of the Demised Premises or Common
Facilities by Tenant in accordance with the terms of this Lease, except as
follows:

                                     "NONE"

<PAGE>

                                   EXHIBIT "D"

                    NON-DISTURBANCE AND ATTORNMENT AGREEMENT
                    ----------------------------------------

     THIS NON-DISTURBANCE AND ATTORNMENT AGREEMENT (hereinafter "Agreement") is
made by and between                           (hereinafter called "Lender"), the
                    -------------------------
holder of a promissory note secured by a Deed of Trust or Mortgage recorded
                                 in                       ,
--------------------------------    ----------------------  --------------------
in the hereinafter described property, and West Marine Products, Inc., a
California corporation, (hereinafter called "Tenant"), which is the Tenant under
a Lease (the "Lease") from                               , a                ,
                           ------------------------------    ---------------
(hereinafter called "Landlord"), dated                    , pertaining to
                                       -------------------
certain store premises and real property more fully described in Exhibit "A"
attached hereto (hereinafter called the "premises").

     1. Tenant's agreement is upon and subject to the express conditions that:

          a. So long as Tenant continues to pay the Rent as provided for in the
     Lease and otherwise complies with all the terms and provisions thereof,
     Lender shall not disturb the rights of possession of Tenant in and to the
     premises as set forth in the Lease, notwithstanding any foreclosure or
     proceedings in lieu thereof affecting the premises and whether or not
     Tenant is made a party thereto; and

          b. If all or any part of the premises is damaged or destroyed by
     casualty or by the exercise of any right of eminent domain, the proceeds of
     any insurance or condemnation award relating thereto shall be made
     available for the purpose of repair or restoration thereof as provided for
     in the Lease; and

          c. Upon passing of title to the premises or any part thereof to the
     Lender or to any other party in any foreclosure or proceedings in lieu
     thereof, the party acquiring such title shall thereupon during the period
     of such party's ownership, by virtue of such acquisition of title and
     continued ownership and without the execution of any further instruments or
     documents be deemed to be the Landlord for all purposes of the Lease during
     the period of such ownership and be deemed to have assumed the full and
     complete performance of all the obligations of Landlord as set forth in the
     Lease which accrue during the period of such ownership; and

          d. If Lender shall take possession to the premises, without acquiring
     title thereto, but in such a manner as to be entitled to receive rents
     therefrom, Lender shall, in addition, be deemed to have assumed all the
     obligations of Landlord set forth in the Lease accruing during such period
     of possession.

     2. Lender, by its acceptance of this Agreement, agrees that in the event
Lender or any other party takes possession of the premises as
note-holder-in-possession, by foreclosure of the Deed of Trust or Mortgage, or
by acquisition of title in lieu of foreclosure, Lender or such other party shall
not affect or disturb Tenant's right to possession of the premises or Tenant's
other rights under the Lease in the exercise of


<PAGE>

Lender's or such other party's rights so long as Tenant is not then in default
under any of the terms, covenants, or conditions of the Lease beyond the
curative periods applicable thereto as provided in the Lease. In the event that
Lender or any other party succeeds to the interest of Landlord under the Lease
by foreclosure or by acquisition of title to the premises in lieu of
foreclosure, or any other action taken under the Deed of Trust or Mortgage by
Lender, or in the event that Lender or any other party exercises the rights
granted to it by any assignment, Tenant hereby agrees to be bound to Lender or
such other party under all of the terms, covenants and conditions of the Lease;
and, Tenant agrees that it shall attorn to, and be liable to and recognize
Lender or such other party as Tenant's new landlord for the balance of the Term
of the Lease upon and subject to all the terms and conditions thereof, and the
Lease and the rights of Tenant thereunder shall continue in full force and
effect as a direct lease between Tenant and Lender or such other party upon all
the terms, covenants, and agreements set out in the Lease, and Tenant shall
thereafter make the rental payments set out in the Lease as instructed by
written notice of Lender or such other party, forwarded to Tenant by certified
mail, return receipt requested or registered mail, postage prepaid, at least ten
(10) days prior to the date when the next payment of Rent or other sum payable
under the Lease is due. Such attornment shall be effective and self-operative
without the execution of any further instrument by Lender or such other party
and Tenant immediately upon the succession by Lender or such other party to the
interest of the Landlord under the Lease, and the respective rights and
obligations of Tenant and Lender or such other party upon such attornment, to
the extent of the then remaining balance of the Term of the Lease and any
extension of renewal permitted thereby, shall be and are the same as are now set
forth in the Lease or as it may have been modified with Lender's consent.

     This Agreement shall be binding on and inure to the benefit of the Tenant,
the Lender and their respective successors and assigns.

     Landlord joins in this Agreement for the purpose of consenting to the
provisions hereof and agrees to be bound hereby.

     IN WITNESS WHEREOF, Tenant, Landlord and Lender have caused this Agreement
to be executed as of the       day of                , 2001.
                         -----        ---------------


LANDLORD:                                   TENANT:

                                            West Marine Products, Inc., a
                                            California corporation

By:  /s/                                    By:
   ---------------------------------           ---------------------------------
        Randolph K. Repass, Trustee                 Frank G. Fawcett
        FBO Trust dated June 25, 1996               AVP of Real Estate

                                            By:
                                               ---------------------------------
                                                    Linda I. Leyba
                                                    Sr. Director of Real Estate


<PAGE>

LENDER

By:
   ---------------------------------

Title:
      ------------------------------


<PAGE>

                                   Exhibit "E"

            SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT
            -------------------------------------------------------

     THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (hereinafter
"Agreement") is made by and between                       , a                 ,
                                    ----------------------    ----------------
(hereinafter called "Lender"), its successors and assigns (including but not
limited to the holder of the promissory note and Deed of Trust hereinafter
described), and West Marine Products, Inc., a California corporation,
(hereinafter called "Tenant"), which is the Tenant under a lease from
              , a                    , ("hereinafter called Landlord"), dated
--------------    -------------------
             pertaining to certain real property and store premises more fully
------------
described in Exhibit "A" attached hereto and made a part hereof (hereinafter
called the "Demised Premises").

     As an inducement to Lender to make a first Deed of Trust Loan (hereinafter
called the "Loan") in the original principal amount of $                and
                                                        ---------------
interest secured by the Demised Premises and certain personal property,
evidenced or to be evidenced by a promissory note secured by the hereinafter
described Deed of Trust, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, Tenant hereby warrants and represents
to Lender and agrees with Lender as of the date hereof, as follows:

     1. The aforesaid Lease and any and all extensions, modifications, and
renewals thereof and all of Tenant's rights and interest thereunder (hereinafter
collectively called the "Lease"), are hereby subjected and subordinated to, and
are declared to be subjected and subordinated to that certain Deed of Trust from
Landlord to Lender, and all extensions, modifications and renewals thereof or of
the indebtedness secured thereby, given as security for the Loan and recorded in
the                            in the                                    of the
    --------------------------        ----------------------------------
County of                             ,                         , and pertaining
          ----------------------------  ------------------------
to the Demised Premises (such Deed of Trust or Mortgage and all extensions,
modifications and renewals thereof are referred to herein collectively as the
"Deed of Trust"), to the same extent as if the Deed of Trust documents had been
executed, delivered and recorded prior to the execution of the Lease; provided,
however, the Deed of Trust shall not increase or add to any obligations of
Tenant under the Lease or terminate or diminish any rights of Tenant under the
Lease.

     2. Tenant's subordination is upon and subject to the express conditions
that:

          a. So long as Tenant continues to pay the rent as provided for in the
     Lease and otherwise complies with all the terms and provisions thereof,
     Lender shall not disturb the rights of possession of Tenant in and to the
     Demised Premises or other premises as set forth in


<PAGE>

     the Lease, notwithstanding any foreclosures or proceedings in lieu thereof
     affecting the Demised Premises and/or such other premises and whether or
     not Tenant is made a party thereto; and

          b. If the Demised Premises or other such premises or any part thereof
     is damaged or destroyed by casualty or by the exercise of any right of
     eminent domain, the proceeds of any insurance or condemnation award
     relating thereto shall be made available for the purpose of repair or
     restoration thereof as provided for in the Lease; and

          c. Upon passing of title to the Demised Premises and/or such other
     premises to the Lender or to any other party in any foreclosure or
     proceedings in lieu thereof, the party acquiring such title shall thereupon
     during the period of such party's ownership, by virtue of such acquisition
     of title and continued ownership and without the execution of any further
     instruments or documents, be deemed to be the Landlord for all purposes of
     the Lease during the period of such ownership and be deemed to have assumed
     the full and complete performance of all the obligations of Landlord as set
     forth in the Lease which accrue during the period of such ownership; and

          d. If Lender shall take possession to the Demised Premises and/or such
     other premises, without acquiring title thereto, but in such a manner as to
     be entitled to receive rents therefrom, Lender shall, in addition, be
     deemed to have assumed all the obligations of Landlord set forth in the
     Lease accruing during such period of possession.

     3. Lender, by its acceptance of this Agreement, agrees that in the event
Lender or any other party takes possession of the Demised Premises and/or other
such premises as note-holder-in-possession, by foreclosure of the Deed of Trust
or by acquisition of title in lieu of foreclosure, that Lender or such other
party shall not affect or disturb Tenant's right to possession or Tenant's other
rights under the Lease in the exercise of Lender's or such other party's rights
so long as Tenant is not then in default under any of the terms, covenants, or
conditions of the Lease beyond the curative periods applicable thereto under the
Lease. In the event that Lender or any other party succeeds to the interest of
Landlord under the Lease by foreclosure or by acquisition of title to the
Demised Premises and/or other premises in lieu of foreclosure, or any other
action taken under the Deed of Trust by Lender or any other party, or in the
event that Lender or any other party exercises the rights granted to it by any
assignment, Tenant hereby agrees to be bound to Lender or such other party under
all of the terms, covenants and conditions of the Lease, and Tenant agrees that
it shall attorn to, and be liable to and recognize Lender or such other party as
Tenant's new landlord for the balance of the Term of the Lease upon and subject
to all the terms and conditions thereof, and the Lease and the rights of Tenant
thereunder shall continue in full force and effect as a direct lease between
Tenant and Lender or such other party upon all the terms, covenants, and
agreements set out in the Lease, and the rights of Tenant thereunder shall not
be terminated or disturbed except in accordance with the terms and


<PAGE>

provisions of the Lease, and Tenant shall thereafter make the rental payments
set out in the Lease as instructed by written notice of Lender or such other
party, forwarded to Tenant by certified mail, return receipt requested or
registered mail, postage prepaid, at least ten (10) days prior to the date when
the next payment of Rent or other sum payable to the Landlord under the Lease is
due. Such attornment shall be effective and self-operative without the execution
of any further instrument by Lender and Tenant immediately upon the succession
by Lender or such other party to the interest of the Landlord under the Lease;
and the respective rights and obligations of Tenant and Lender upon such
attornment, to the extent of the then remaining balance of the Term of the Lease
and any extension of renewal permitted thereby, shall be and are the same as are
now set forth in the Lease or as it may have been modified with Lender's
consent.

     This Agreement shall be binding on and inure to the benefit of the Tenant,
the Lender and their respective successors and assigns, including but not
limited to the purchasers at or in lieu of a foreclosure under the Deed of
Trust.

     Landlord joins in this Agreement for the purpose of consenting to the
provisions hereof and agrees to be bound hereby.

     IN WITNESS WHEREOF, Tenant, Landlord and Lender have caused this Agreement
to be executed as of the       day of                  , 2001.
                         -----        -----------------

LANDLORD:                                   TENANT:

                                            West Marine Products, Inc., a
                                            California corporation

By:  /s/                                    By:
   ---------------------------------           ---------------------------------
        Randolph K. Repass, Trustee                 Frank G. Fawcett
        FBO Trust dated June 25, 1996               AVP of Real Estate

                                            By:
                                               ---------------------------------
                                                    Linda I. Leyba
                                                    Sr. Director of Real Estate


LENDER

By:
   ---------------------------------
Title:
      ------------------------------