Document:

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                                                                   EXHIBIT 10.36

                                      LEASE

         1. PARTIES. This Lease, dated, for reference purposes only, May 8th,
1992, is made by and between EASTPARK ASSOCIATES, LTD., herein called
"Landlord") and EXABYTE CORPORATION, a Delaware corporation (herein called
"Tenant").

         2. PREMISES. Landlord does hereby lease to Tenant and Tenant hereby
leases from Landlord that certain light industrial office space (herein called
"Premises") indicated on Exhibit "A" attached hereto and by reference thereto
made a part hereof, said Premises being agreed, for the purposes of this Lease,
to have an area of approximately 122,546 square feet (including a pro rata share
of the common areas) and being situated on the upper and lower floors of that
certain building known as the EASTPARK TECH BUILDING. Said Lease is subject to
the terms, covenants and conditions herein set forth and the Tenant covenants as
a material part of the consideration for this Lease to keep and perform each and
all of said terms, covenants and conditions by it to be kept and performed and
that this Lease is made upon the condition of said performance.

         3. TERM. The term of this Lease shall be for twelve (12) years,
commencing on the lst day of October, 1992, and ending on the 30th day of
September, 2004.

         4. POSSESSION.

                  a. Tenant shall take possession of the Premises in an "as is"
condition, on or before May 10, 1992, subject to the existing month-to-month
tenancy of approximately 30,571 square feet with Neodata Services, Inc. and
subject to the obligations of Landlord to repair and improve the property as
provided in Paragraph 32 hereof. Landlord shall continue to collect basic rent
and operating expenses from Neodata Services so long as Neodata remains a
tenant, but not later than through September 30, 1992. Landlord shall pay all
operating expenses related to the property through June 30, 1992. On and after
July 1, 1992, Landlord shall pay 24.9466% of operating expenses until Neodata
ceases being a tenant or through September 30, 1992, whichever event shall first
occur. Tenant shall pay 75.0534% of operating expenses commencing July 1, 1992,
and continue so long as Neodata remains a tenant prior to September 30, 1992.
After Neodata ceases to be a tenant or on and after October 1, 1992, which ever
shall first occur, Tenant shall pay 100% of Operating Expenses. Tenant shall pay
all costs and expenses related to the making of improvements to the property,
including those for which Landlord is obligated to reimburse Tenant pursuant to
the provisions of Paragraph 32 hereof.

                  b. Tenant shall have the right to demand, in writing, that
Landlord terminate the month-to-month tenancy of Neodata Services, Inc., at any
time on or after June 30, 1992; provided, however, the date of termination
demanded must be a date not less than thirty days after Landlord receives the
written demand. Tenant's demand may be made at any time after the execution of
this Lease and Landlord shall immediately give Neodata Services written notice
of the date of

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termination if the date of termination is thirty days or more after June 30,
1992, and the date Landlord receives Tenant's written demand.

         5. RENT.

                  a. Tenant agrees to pay to Landlord as basic rental, without
prior notice or demand, the sum of Seventy-Five Thousand Eight Hundred
Twenty-Eight Dollars ($75,828.00) commencing October 1, 1992, and a like sum on
or before the first day of each and every successive calendar month thereafter
during the term hereof, except that the first month's rent shall be paid upon
the execution hereof. Said rental shall be paid to Landlord, without deduction
or offset in lawful money of the United States of America, which shall be legal
tender at the time of payment at the 4843 Country Club Way, Boulder, Colorado
80301, or to such other person or at such other place as Landlord may from time
to time designate in writing.

                  b. On the first day of the month following the end of a Lease
year Landlord may increase the Base Rent payable for the subsequent twelve (12)
month period. The increase shall be measured by the increase in the Consumer
Price Index, as described below, but shall not exceed five percent (5%) of the
Base Rent owing for the immediately preceding year ("the 5% Cap"). The following
definitions and methods shall be used to calculate the increases in Base Rent
under this paragraph:

                  (1) "Consumer Price Index" shall mean the semi-annual indexes
                  of the Consumer Price Index for all Urban Consumers,
                  Denver-Boulder, Colorado (All Items; 1982-84 equals 100)
                  issued by the United States Department of Labor, Bureau of
                  Labor Statistics, or any successor agency of the United States
                  that issues such indexes or any successor index.

                  (2) "Initial Consumer Price Index" shall mean the Consumer
                  Price Index published for the nearest calendar period
                  preceding the Commencement Date of this Lease.

                  (3) "Latest Consumer Price Index" shall mean the Consumer
                  Price Index published for the nearest calendar period
                  preceding the first day on which an increase under this Lease
                  is to be effective.

                  (4) "Previous Consumer Price Index" shall mean the Consumer
                  Price Index published for the nearest calendar period
                  preceding the first day on which the previous increase under
                  this Lease was effective.

                  (5) The first increase will be calculated by multiplying the
                  Base Rent by a fraction, with the numerator being the Latest
                  Consumer Price Index and the denominator being the Initial
                  Consumer Price Index.

                  (6) Each subsequent increase will be calculated by multiplying
                  the then current Base Rent by a fraction, with the numerator
                  being the Latest Consumer Price Index and the denominator
                  being the Previous Consumer Price Index.

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                  (7) To the extent that the calculation under subparagraphs (5)
                  and (6) above exceed the 5% Cap, such excess ("Excess") shall
                  be preserved and carried forward to subsequent years until
                  utilized. All or part of the Excess may be added to the amount
                  calculated under subparagraph (6) above for any subsequent
                  year, subject to the 5% Cap.

                  (8) If the Consumer Price Index is discontinued, Landlord will
                  designate an alternative comparable index to be used in
                  calculating the increase in the Base Rent under this Lease.

                  (9) Tenant will not be entitled to a credit for any decrease
                  in the Consumer Price Index except to the extent that it shall
                  be off-set against any Excess carried forward under the
                  provisions of paragraph 5(b)(7).

                  c. Except as provided in subparagraph (a) of this paragraph,
notwithstanding any provision contained herein, the basic monthly rental due
under the terms hereof shall at no time be less than Seventy-Five Thousand Eight
Hundred Twenty-Eight Dollars ($75,828.00).

         6. SECURITY DEPOSIT. Tenant has deposited with Landlord the sum of
Ninety-Five Thousand Eight Hundred Forty-Four Dollars ($95,844.00). Said sum
shall be held by Landlord, without obligation for interest, as security for the
faithful performance by Tenant of all the terms, covenants, and conditions of
this Lease to be kept and performed by Tenant during the term hereof. If Tenant
defaults with respect to any provision of this Lease, including, but not limited
to the provisions relating to the payment of rent, Landlord may (but shall not
be required to) use, apply or retain all or any part of this security deposit
for the payment of any rent or any other sum in default, or for the payment of
any amount which Landlord may spend or become obligated to spend by reason of
Tenant's default, or to compensate Landlord for any other loss or damage which
Landlord may suffer by reason of Tenant's default. If any portion of said
deposit is so used or applied, Tenant shall within five (5) days after written
demand therefor, deposit cash with Landlord in an amount sufficient to restore
the security deposit to its original amount and Tenant's failure to do so shall
be a material breach of this Lease. Landlord shall not be required to keep this
security deposit separate from its general funds, and Tenant shall not be
entitled to interest on such deposit. If Tenant shall fully and faithfully
perform every provision of this Lease to be performed by it, the security
deposit or any balance thereof shall be returned to Tenant (or at Landlord's
option, to the last assignee of Tenant's interest hereunder) at the expiration
of the Lease term. In the event of termination of Landlord's interest in this
Lease, Landlord shall transfer said deposit to Landlord's successor in interest.

         7. OPERATING EXPENSES. For the purposes of this Article, operating
expenses means all reasonable and necessary costs and expenses of every kind and
nature, other than those expressly excluded below, paid or incurred by Landlord
in operating, managing, repairing, maintaining and administering the Building
including, without limitation or duplication:

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                  a. The cost of all insurance required to be kept by Landlord
pursuant to this Lease and any other insurance which Landlord may reasonably
elect to obtain with respect to the operation or ownership of the Property and
the part of any claim required to be paid under the deductible portion of any
insurance policies carried by Landlord in connection with the Property (where
Landlord is unable to obtain insurance without such deductible from a major
insurance carrier at reasonable rates).

                  b. The cost of general repairs, maintenance and replacements
made from time to time by Landlord to the Property, including costs under
mechanical or other maintenance contracts and repairs and replacements of
equipment used in connection with such maintenance and repair work.

                  c. The cost of pest control, security, trash removal, cleaning
and snow and ice removal services.

                  d. The cost of maintaining, repairing, redecorating,
renovating, replacement of floor coverings, and landscaping the Common
Facilities, and of maintaining and operating any fire detection, fire
prevention, lighting and communications systems.

                  e. The cost of all utilities (including, without limitation,
water, sewer, gas and electricity) used or consumed.

                  f. The cost of providing heating, ventilating and cooling to
the interior portions of the Building, if any.

                  g. Remuneration (including wages, usual expense accounts and
fringe benefits, costs to Landlord of workmen's compensation and disability
insurance and payroll taxes) and fees of persons and companies to the extent
engaged in operating, repairing, maintaining, or administering the Property.

                  h. The cost of capital improvements and structural repairs and
replacements made in, on or to the Property that are [i] made in order to
conform to changes subsequent to May 10, 1992, in any applicable laws,
ordinances, rules, regulations or orders of any governmental or
quasi-governmental authority having jurisdiction over the Property, or [ii]
designed primarily to reduce Operating Expenses or the rate of increase in
Operating Expenses and has been approved by Tenant; such costs shall be charged
by Landlord to Operating Expense in equal annual installments over the useful
life of such capital improvement or structural repair or replacement (as
reasonably determined by Landlord) together with interest on the balance of the
unreimbursed cost at 2% above the Prime Rate charged by the Affiliated National
Bank-Boulder on the date the cost was incurred by Landlord.

                  i. Real property taxes and assessments, gross receipts, taxes
(whether assessed against the Landlord or assessed against the Tenant and
collected by the Landlord, or both).

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                  j. Other costs and expenses, including supplies, not otherwise
expressly excluded hereunder attributable to the operation, management, repair,
maintenance and administration of the Property.

                  k. Parking lot rental for that portion of Lot 1 lying directly
south of Lot 2 and Lot 2, East Park, or interest in lieu of rental if said
property is purchased by Landlord, in the amount of $38,500.00 per annum.

         Operating Expenses shall not, however, include the following:

                  a. Any charge for depreciation of the Building or equipment
and any interest or other finance charge.

                  b. The cost of repairs, replacements or other work occasioned
by insured casualty or defects in construction or equipment to the extent such
cost is reimbursed to Landlord (or not charged to Landlord) by reason of
collected insurance proceeds (using Landlord's good faith efforts to collect
such proceeds) or any contractors', manufacturers' or suppliers' warranties.

                  c. Any fees paid for management of the Property.

                  d. Leasing commissions, advertising expenses and other costs
incurred in leasing space in the Building except as otherwise expressly provided
in this Lease.

                  e. The cost of repairing or rebuilding necessitated by
condemnation.

                  f. The cost of any damage to the Property or any settlement,
payment or judgment incurred by Landlord, resulting in either case from
Landlord's tortious act, neglect or breach of this Lease that is not covered by
insurance proceeds.

                  g. Any Operating Expense that Landlord and Tenant have agreed
that Tenant shall pay directly.

         Tenant shall pay 100.00% of Operating Expenses paid or incurred by the
Landlord for the operation or maintenance of the Building of which the Premises
are a part. Upon commencement of this Lease, Landlord shall give Tenant a
statement of the amount of Operating Expenses payable by Tenant with each
payment of rent, which shall be based upon a best estimate of such expenses if
no record of actual expenses for the prior year are available. Landlord shall
endeavor to give to Tenant on or before the first day of March of each year
thereafter a statement of the increase in Operating Expenses payable by Tenant
hereunder, but failure by Landlord to give such statement by said date shall not
constitute a waiver by Landlord of its right to require an increase in Operating
Expenses. The total amount of actual Operating Expenses for the prior year shall
be used as an estimate for current year and this amount shall be divided into
twelve (12) equal monthly installments, and Tenant shall pay to Landlord,
concurrently with the regular monthly rent payment next due following the
receipt of such statement, an amount equal to one (1) monthly installment
multiplied by the number of months

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from January in the calendar year in which said statement is submitted to the
month of such payment. Subsequent installments shall be payable concurrently
with the regular monthly rent payments for the balance of that calendar year and
shall continue until the next year's statement is rendered. If Operating
Expenses are more than estimated, then upon receipt of a statement from
Landlord, Tenant shall pay a lump sum equal to such total increase with the
regular monthly rent payment.

         Even though the term has expired and Tenant has vacated the Premises,
when the final determination is made of Tenant's share of Operating Expenses for
the year in which this Lease terminates, Tenant shall immediately pay any
increase due over the estimated expenses paid and, conversely, any overpayment
made in the event said expenses decrease shall be immediately rebated by
Landlord to Tenant.

         8. USE. Tenant shall use the Premises for office, laboratories, light
manufacturing and service to products manufactured by Tenant, and shall not use
or permit the Premises to be used for any other purpose without the prior
written consent of Landlord. Tenant shall refrain from the sale of merchandise
or the performance of services not usually incidental to such business.

         Tenant shall not do or permit anything to be done in or about the
Premises nor bring or keep anything therein which will in any way increase the
existing rate or affect any fire or other insurance upon the Building or any of
its contents, or cause cancellation of any insurance policy covering said
Building or any part thereof or any of its contents. Tenant shall not do or
permit anything to be done in or about the Premises which will, in any way,
obstruct or interfere with the rights of other tenants or occupants of the
Building or injure or annoy them or use or allow the Premises to be used for any
improper, immoral, unlawful or objectionable purpose, nor shall Tenant cause,
maintain or permit any nuisance in, on or about the Premises. Tenant shall not
commit or suffer to be committed any waste in or upon the Premises.

         9. COMPLIANCE WITH LAW. Tenant shall not use the Premises or permit
anything to be done in or about the Premises which will, in any way, conflict
with any law, statute, ordinance or governmental rule or regulation now in force
or which may hereafter be enacted or promulgated. Tenant shall, at its sole cost
and expense, promptly comply with all laws, statutes, ordinances and
governmental rules, regulations or requirements now in force or which may
hereafter be in force, and with the requirements of any board of fire insurance
underwriters or other similar bodies now or hereafter constituted, relating to,
or affecting the condition, use or occupancy of the Premises, excluding
structural changes not related to or affected by Tenant's improvements or acts.
The judgment against Tenant, whether the Landlord be a party thereto or not,
that Tenant has violated any law, statute, ordinance or governmental rule,
regulation or requirement, shall be conclusive of that fact as between the
Landlord and Tenant.

         10. ALTERATIONS AND ADDITIONS. Tenant shall not make or suffer to be
made any alterations, additions or improvements to or of the Premises or any
part thereof that exceed a cost of Fifteen Thousand Dollars ($15,000.00) for a
single project

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or system or change the exterior or the structure of the Premises, without the
prior written consent of Landlord first had and obtained, and any alterations,
additions or improvements to or of said Premises, including, but not limited to,
wall covering, paneling and built-in cabinet work, but excepting movable
furniture and trade fixtures, shall, on the expiration of the term, become a
part of the realty and belong to the Landlord and shall be surrendered with the
Premises. Tenant, at its own cost and expense, make erect such shelves, bins,
machinery and trade fixtures as it desires, provided that (a) such items do not
alter the basic structure of the Premises; (b) such items do not overload or
damage the Premises; (c) such items may be removed without injury to the
Premises; and (d) the construction, erection or installation thereof complies
with all applicable governmental laws, ordinances, regulations and with
Landlord's specifications and requirements. In the event Landlord consents to
the making of any alterations, additions or improvements to the Premises by
Tenant, the same shall be made by Tenant at Tenant's sole cost and expense, and
any contractor or person selected by Tenant to make the same, must first be
approved of in writing by the Landlord. Upon the expiration or earlier
termination of the term hereof, Tenant shall, upon the written demand by the
Landlord, at Tenant's sole cost and expense, forthwith and with all due
diligence, remove any alterations, additions, or improvements made which have
been designated by the Landlord to be removed, and repair any damage to the
Premises caused by such removal. All installations, removals and restoration
shall be performed in a good and workmanlike manner so as not to damage or alter
the primary structure or structural qualities of the Premises.

         11. REPAIRS.

                  a. By taking possession of the Premises, Tenant shall be
deemed to have accepted the Premises as being in good, sanitary order, condition
and repair. Tenant shall, at Tenant's sole cost and expense, keep the Premises
and every part thereof in good condition and repair, damage thereto from causes
beyond the reasonable control of Tenant and ordinary wear and tear excepted. In
addition, Tenant is responsible for causing the parking areas, driveways, alleys
and grounds surrounding the Premises to be maintained in a good, neat, clean and
sanitary condition, which includes without limitation (1) promptly making all
necessary repairs and replacements thereto, (2) repaving of the parking areas
associated with the Premises, (3) maintenance and replacement of all grass,
shrubbery and other landscape treatments surrounding the Premises, (4)
maintenance and repainting of the exterior of he Premises, (5) sewage line
plumbing, and (6) any other maintenance items normally associated with the
foregoing. Tenant shall, upon the expiration or sooner termination of this Lease
hereof, surrender the Premises to the Landlord in good condition, ordinary wear
and tear and damage from causes beyond the reasonable control of Tenant
excepted. Except as specifically provided in an addendum, if any, to this Lease,
Landlord shall have no obligation whatsoever to alter, remodel, improve, repair,
decorate or paint the Premises or any part thereof, and the parties hereto
affirm that Landlord has made no representations to Tenant respecting the
condition of the Premises or the Building except as specifically herein set
forth.

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                  b. Tenant, at its own cost and expenses, shall cause to be
performed, in accordance with standards reasonably suitable to Landlord,
regularly scheduled preventive maintenance and services on all hot water,
heating and air conditioning systems and equipment within the Premises. Such
maintenance and services, of the new systems to be installed, must include all
service suggested by the equipment manufacturers in their operations/maintenance
manuals and must become effective within thirty (30) days of the date Tenant
takes possession of the Premises. If Tenant fails, with any reasonable time, to
perform Tenant's maintenance, repair and replacement obligations and any other
items that are otherwise its obligations under the terms of this Lease, then
Landlord reserves the right to perform such obligations and require
reimbursement from Tenant upon demand.

                  c. Landlord shall repair and maintain the structural portions
of the Building unless such maintenance and repairs are caused in part or in
whole by the act, neglect, fault or omission of any duty by the Tenant, its
agents, servants, employees or invitees, in which case Tenant shall pay to
Landlord the reasonable cost of such maintenance and repairs. The cost of all
such repairs (except repairs of structural defects) shall be included in
Operating Expenses as provided in Article 7 hereof. Landlord shall not be liable
for any failure to make any such repairs or to perform any maintenance unless
such failure shall persist for an unreasonable time after written notice of the
need of such repairs or maintenance is given to Landlord by Tenant. Except as
provided in Article 22 hereof, there shall be no abatement of rent and no
liability of Landlord by reason of any injury to or interference with Tenant's
business arising from the making of any repairs, alterations or improvements in
or to any portion of the Building or the Premises or in or to fixtures,
appurtenances and equipment therein. Tenant waives the right to make repairs at
Landlord's expense under any law, statute or ordinance now or hereafter in
effect.

         12. LIENS. Tenant shall keep the Premises and the property in which the
Premises are situated free from any liens arising out of any work performed,
materials furnished or obligations incurred by Tenant. Landlord may require, if
reasonably concerned about Tenant's ability to satisfy any lien, at Landlord's
sole option, that Tenant shall provide to Landlord, at Tenant's sole cost and
expense, a lien and completion bond in an amount equal to one and one-half
(1-1/2) times any and all estimated costs of improvements, additions, or
alterations in the Premises, to insure Landlord against any liability for
mechanics' and materialmen's liens and to insure completion of the work.

         13. ASSIGNMENT AND SUBLETTING.

                  a. Tenant shall not either voluntarily or by operation of law,
assign, transfer, mortgage, pledge, hypothecate or encumber this Lease or any
interest therein, and shall not sublet the said Premises or any part thereof, or
any right or privilege appurtenant thereto, or suffer any other person (the
employees, agents, servants and invitees of Tenant excepted) to occupy or use
the said Premises, or any portion thereof, without the written consent of
Landlord first had and obtained, which consent shall not be unreasonably
withheld; provided, however, Tenant shall have the right to sublet

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without the written consent of Landlord, either (1) for the same uses as
described in paragraph 8 if no alterations to the improvements will be made, or
(2) in any event, if Tenant returns the sublet portion of the Premises to the
condition that existed prior to the subletting. A consent to one assignment,
subletting, occupation or use by any other person shall not be deemed to be a
consent to any subsequent assignment, subletting, occupation or use by another
person. Any such assignment or subletting without such consent shall be void,,
and shall, at the option of the Landlord, constitute a default under this Lease;
provided, however, Tenant shall have the right to assign this Lease to its
parent, subsidiary, or successor (succeeds to all assets of Tenant) corporation.
Landlord may consider many factors in determining whether or not to consent,
including but not limited to the type of business to be operated by the proposed
sublessee and sublessee's credit worthiness and financial status. No assignment,
subletting or other transfer, whether consented to by Landlord or not, or
permitted hereunder, shall relieve Tenant of its liability under this Lease. If
an event of default occurs while the Premises or any part thereof are assigned
or sublet, then Landlord, in addition to any other remedies provided under this
Lease or by law, may collect directly from such assignee, sublessee or
transferee all rents payable to the Tenant and apply such rent against any sums
due Landlord hereunder. No such collection shall be construed to constitute a
novation or release of the Tenant from the further performance of Tenant's
obligations under this Lease.

                  b. If this Lease is assigned to any person or entity pursuant
to the provisions of the Bankruptcy Code, 11 U.S.C. Section 101 et. seq., (the
"Bankruptcy Code"), any and all monies or other consideration payable or
otherwise to be delivered in connection with such assignment shall be paid or
delivered to Landlord, shall be and remain the exclusive property of Landlord
and shall not constitute property of Tenant or of the estate of Tenant within
the meaning of the Bankruptcy Code. Any and all monies or other considerations
constituting Landlord's property under the preceding sentence not paid or
delivered to Landlord shall be held in trust for the benefit of Landlord and be
promptly paid or delivered to Landlord.

                  c. Any person or entity to which this Lease is assigned
pursuant to the provisions of the Bankruptcy Code shall be deemed, without
further act or deed, to have assumed all of the obligations arising under this
Lease on and after the date of such assignment. Any such assignee shall upon
demand execute and deliver to Landlord an instrument confirming such assumption.
The assignor in such situation, however, shall not be released from any
obligation under this Lease except in a specific, written release signed by
Landlord.

         14. HOLD HARMLESS. Tenant shall indemnify and hold harmless Landlord
against and from any and all claims arising from Tenant's use of the Premises
for the conduct of its business or from any activity, work, or other thing done,
permitted or suffered by the Tenant in or about the Building, and shall further
indemnify and hold harmless Landlord against and from any and all claims arising
from any breach or default in the performance of any obligation on Tenant's part
to be performed under the terms of this Lease, or arising from any act or
negligence of the Tenant, or any officer, agent, employee, guest, or invitee of
Tenant, and from all and against all costs,

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attorneys' fees, expenses and liabilities incurred in or about any such claim or
any action or proceeding brought thereon, and, in any case, action or proceeding
be brought against Landlord by reason of any such claim, Tenant, upon notice
from Landlord shall defend the same at Tenant's expense by counsel reasonably
satisfactory to Landlord. Tenant, as a material part of the consideration to
Landlord, hereby assumes all risk of damage to property or injury to persons,
in, upon or about the Premises, from any cause other than Landlord's negligence,
and Tenant hereby waives all claims in respect thereof against Landlord.
Landlord or its agents shall not be liable for any damage to property entrusted
to employees of the Building, nor for loss or damage to any property by theft or
otherwise, nor for any injury to or damage to persons or property resulting from
fire, explosion, falling plaster, steam, gas, electricity, water or rain which
may leak from any part of the Building or from the pipes, appliances or plumbing
works therein or from the roof, street or subsurface or from any other place
resulting from dampness or any other cause whatsoever, unless caused by or due
to the negligence of Landlord, its agents, servants or employees. Landlord or
its agents shall not be liable for interference with the light or other
incorporeal hereditaments, loss of business by Tenant, nor shall Landlord be
liable for any latent defects in the Premises or in the Building. Tenant shall
give prompt notice to Landlord in case of fire or accidents in the Premises or
in the Building or of defects therein or in the fixtures or equipment.

         15. SUBROGATION. As long as their respective insurers so permit,
Landlord and Tenant hereby mutually waive their respective rights of recovery
against each other for any loss insured by fire, extended coverage and other
property insurance policies existing for the benefit of the respective parties.
Each party shall obtain any special endorsements, if required by their insurer
to evidence compliance with the aforementioned waiver.

         16. LIABILITY INSURANCE. Tenant shall, at Tenant's expense, obtain and
keep in force during the term of this Lease a policy or policies of worker's
compensation and comprehensive general liability insurance, including personal
injury and property damage in the amount of One Million Dollars ($1,000,000.00)
verified per occurrence for property damage and One Million Dollars
($1,000,000.00) verified per occurrence for personal injuries or death of
persons occurring in or about the Premises. The limit of said insurance shall
not, however, limit the Liability of the Tenant hereunder. Tenant may carry said
insurance under a blanket policy, providing, however, said insurance by Tenant
shall have a Landlord's protective liability endorsement attached thereto. If
Tenant shall fail to procure and maintain said insurance, Landlord may, but
shall not be required to, procure and maintain same, but at the expense of
Tenant. Insurance required hereunder, shall be in companies rated A+, AAA or
better in "Best's Insurance Guide." Tenant shall deliver to Landlord prior to
occupancy of the Premises copies of policies of liability insurance required
herein or certificates evidencing the existence and amounts of such insurance
with loss payable clauses satisfactory to Landlord. No policy shall be
cancelable or subject to reduction of coverage except after ten (10) days' prior
written notice to Landlord.

         17. PROPERTY TAXES. Tenant shall pay, or cause to be paid, before
delinquency, any and all taxes levied or assessed and which become payable
during the

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term hereof upon all Tenant's leasehold improvements, equipment, furniture,
fixtures and personal property located in the Premises; except that which has
been paid for by Landlord, and is the standard of the Building. In the event any
or all of Tenant's leasehold improvements, equipment, furniture, fixtures and
personal property shall be assessed and taxed with the Building, Tenant shall
pay to Landlord its share of such taxes within ten (10) days after delivery to
Tenant by Landlord of a statement in writing setting forth the amount of such
taxes applicable to Tenant's property.

         18. RULES AND REGULATIONS. Tenant shall faithfully observe and comply
with the reasonable rules and regulations that Landlord shall, from time to
time, promulgate. Landlord reserves the right, from time to time, to make all
reasonable modifications to said rules. The additions and modifications to those
rules shall be binding upon Tenant upon delivery of a copy of them to Tenant.
Landlord shall not be responsible to Tenant for the nonperformance of any said
rules by any other tenants or occupants.

         19. HOLDING OVER. If Tenant remains in possession of the Premises or
any part after the expiration of the term hereof, without the express written
consent of Landlord, such occupancy shall be a tenancy from month-to-month at a
rental in the amount of the last monthly rental, plus all other charges payable
hereunder, and upon all the terms hereof applicable to a month-to-month tenancy.

         20. ENTRY BY LANDLORD. Landlord reserves, and shall at any and all
times, have the right to enter the Premises, inspect the same, supply janitorial
service and any other service to be provided by Landlord to Tenant hereunder, to
submit said Premises to prospective purchasers or tenants, to post notices of
non-responsibility, and to alter, improve or repair the Premises and any portion
of the Building of which the Premises are a part that Landlord may deem
necessary or desirable, without abatement of rent and may for that purpose erect
scaffolding and other necessary structures where reasonably required by the
character of the work to be performed, always providing that the entrance to the
Premises shall not be blocked thereby, and further providing that the business
of the Tenant shall not be interfered with unreasonably. Tenant hereby waives
any claim for damages or for any injury or inconvenience to or interference with
Tenant's business, any loss of occupancy or quiet enjoyment of the Premises, and
any other loss occasioned thereby. For each of the aforesaid purposes, Landlord
shall, at all times, have and retain a key with which to unlock all of the doors
in, upon and about the Premises, excluding Tenant's vaults, safes and files, and
Landlord shall have the right to use any and all means which Landlord may deem
proper to open said doors in an emergency, in order to obtain entry to the
Premises without liability to Tenant except for any failure to exercise due care
for Tenant's property. Any entry to the Premises obtained by Landlord by any of
said means, or otherwise shall not, under any circumstances, be construed or
deemed to be a forcible or unlawful entry into, or a detainer of, the Premises,
or an eviction of Tenant from the Premises or any portion thereof. It is
understood and agreed that if Landlord enters the Premises at anytime, with or
without a representative of Tenant being present, Landlord and its

                                       11
<PAGE>   12

representatives shall be subject to usual and customary duties of non-disclosure
of any information obtained as a result of such entry.

         21. RECONSTRUCTION. In the event the Premises or the Building of which
the Premises are a part are damaged by fire or other perils covered by extended
coverage insurance, Landlord agrees to forthwith repair the same; and this Lease
shall remain in full force and effect, except that the Tenant shall be entitled
to a proportionate reduction of the rent while such repairs are being made, such
proportionate reduction to be based upon the extent to which the making of such
repairs shall materially interfere with the business carried on by the Tenant in
the Premises. If the damage is due to the fault or neglect of Tenant or its
employees, there shall be no abatement of rent.

         In the event the Premises or the Building of which the Premises are a
part are damaged as a result of any cause other than the perils covered by fire
and extended coverage insurance, then Landlord shall forthwith repair the same,
provided the extent of the destruction be less than ten percent (10%) of the
then full replacement cost of the Premises or the Building of which the Premises
are a part. In the event the destruction of the Premises or the Building is to
an extent greater than ten percent (10%) of the full replacement cost, then
Landlord shall have the option: (1) to repair or restore such damage, this Lease
continuing in full force and effect, but the rent to be proportionately reduced
as hereinabove in this Article provided; or (2) give notice to Tenant at any
time within sixty (60) days after such damage terminating this Lease as of the
date specified in such notice, which date shall be no less than thirty (30) and
no more than sixty (60) days after the giving of such notice. In the event of
giving such notice, this Lease shall expire and all interest of the Tenant in
the Premises shall terminate on the date so specified in such notice and the
Rent, reduced by a proportionate amount, based upon the extent, if any, to which
such damage materially interfered with the business carried on by the Tenant in
the Premises, shall be paid up to date of said such termination. Notwithstanding
anything to the contrary contained in this Article, Landlord shall not have any
obligation whatsoever to repair, reconstruct or restore the Premises when the
damage resulting from any casualty covered under this Article occurs during the
last twelve (12) months of the term of this Lease or any extension thereof. If
Landlord elects to restore the Premises, the restoration must be completed
within a reasonable period time after the destruction taking into consideration
the extent of destruction and all other facts and circumstances relating to the
destruction and reconstruction.

         Landlord shall not be required to repair any injury or damage by fire
or other cause, or to make any repairs or replacements of any panels,
decoration, office fixtures, railings, floor coverings, partitions, or any other
property installed in the Premises by Tenant.

         The Tenant shall not be entitled to any compensation or damages from
Landlord for loss of the use of the whole or any part of the Premises, Tenant's
personal property or any inconvenience or annoyance occasioned by such damage,
repair, reconstruction or restoration.

                                       12
<PAGE>   13

         22. DEFAULT. The occurrence of any one or more of the following events
shall constitute a default and breach of this Lease by Tenant:

                  a. The vacating or abandonment of the Premises by Tenant.

                  b. The failure by Tenant to make any payment of rent or any
other payment required to be made by Tenant hereunder, as and when due, where
such failure shall continue for a period of five (5) days after payment is due.
If Tenant is late in tendering said rental payment twice during any Lease Year
or if the funds paid are not collectable at any time, Landlord is granted the
right to require all future rental payments in cash or certified funds.

                  c. The failure by Tenant to observe or perform any of the
covenants, conditions or provisions of this Lease to be observed or performed
by the Tenant, other than described in Article 23.b above, where such failure
shall continue for a period of ten (10) days after written notice thereof by
Landlord to Tenant; provided, however, that if the nature of Tenant's default is
such that more than ten (10) days are reasonably required for its cure, then
Tenant shall not be deemed to be in default if Tenant commences such cure within
said ten (10) day period and thereafter diligently prosecutes such cure to
completion.

                  d. The making by Tenant of any general assignment or general
arrangement for the benefit of creditors; or the filing by or against Tenant of
a petition to have Tenant adjudged a bankrupt, or a petition of reorganization
or arrangement under any law relating to bankruptcy (unless, in the case of a
petition filed against Tenant, the same is dismissed within sixty [60] days); or
the appointment of a trustee or a receiver to take possession of substantially
all of Tenant's assets located at the Premises or of Tenant's interest in this
Lease, where possession is not restored to Tenant within thirty (30) days; or
the attachment, execution or other judicial seizure of substantially all of
Tenant's assets located at the Premises or of Tenant's interest in this Lease,
where such seizure is not discharged in thirty (30) days.

         23. REMEDIES IN DEFAULT. In the event of any such default or breach by
Tenant, Landlord may at any time thereafter, with or without notice or demand,
and without limiting Landlord in the exercise of a right or remedy which
Landlord may have by reason of such default or breach:

                  a. Terminate Tenant's right to possession of the Premises by
any lawful means, in which case this Lease shall terminate and Tenant shall
immediately surrender possession of the Premises to Landlord. In such event
Landlord shall be entitled to recover from Tenant all damages incurred by
Landlord by reason of Tenant's default including, but not limited to, the cost
of recovering possession of the Premises; expenses of reletting, including
necessary renovation and alteration of the Premises, reasonable attorneys' fees,
any real estate commission actually paid; the worth at the time of award by the
court having jurisdiction thereof of the amount by which the unpaid rent for the
balance of the term after the time of such award exceeds the amount of such
rental loss for the same period that Tenant proves could be reasonably avoided;

                                       13
<PAGE>   14

that portion of the leasing commission paid by Landlord and applicable to the
unexpired term of the Lease. Unpaid installments of rent or other sums shall
bear interest from the date due at the rate of twenty percent (20%) per annum.
In the event Tenant shall have abandoned the Premises, Landlord shall have the
option of (a) taking possession of the Premises and recovering from Tenant the
amount specified in this paragraph, or (b) proceeding under the provisions of
subparagraph b of this paragraph.

                  b. Maintain Tenant's right to possession, in which case this
Lease shall continue in effect whether or not Tenant shall have abandoned the
Premises. In such event, Landlord shall be entitled to enforce all of Landlord's
rights and remedies under this Lease, including the right to recover the rent as
it becomes due hereunder.

                  c. If no security deposit has been previously made, demand
that a security deposit equal to two months rent be paid immediately to
Landlord.

                  d. Pursue any other remedy now or hereafter available to
Landlord under the laws or judicial decision of the State in which the Premises
are located.

         24. EMINENT DOMAIN. If more than fifty percent (50%) of the Premises
shall be taken or appropriated by any public or quasi-public authority under the
power of eminent domain, either party hereto shall have the right, at its
option, to terminate this Lease, and Landlord shall be entitled to any and all
income, rent, award, or any interest therein whatsoever which may be paid or
made in connection with such public or quasi-public use or purpose, and Tenant
shall have no claim against Landlord for the value of any unexpired term of this
Lease. If either less than or more than fifty percent (50%) of the premises is
taken, and neither party elects to terminate as herein provided, the rental
thereafter to be paid shall be equitably reduced. If any part of the Building
other than the Premises may be so taken or appropriated, Landlord shall have the
right at its option to terminate this Lease and shall be entitled to the entire
award as above provided.

         25. ESTOPPEL STATEMENT. Tenant shall at any time and from time to time
upon not less than ten (10) days' prior written notice from Landlord execute,
acknowledge, and deliver to Landlord a statement in writing, (a) certifying that
this Lease is unmodified and in full force and effect (or, if modified, stating
the nature of such modification and certifying that this Lease as so modified,
is in full force and effect), and the date to which the rental and other charges
are paid in advance, if any, and (b) acknowledging that there are not, to
Tenant's knowledge, any uncured defaults on the part of the Landlord hereunder,
or specifying such defaults if any are claimed. Any such statement may be relied
upon by any prospective purchaser or encumbrancer of all or any portion of the
real property of which the Premises are a part.

         26. PARKING. Tenant shall have the right to use in common with other
tenants or occupants of the Building the parking facilities of the Building, if
any, subject to the reasonable rules and regulations for such parking facilities
which may be established or altered by Landlord at any time or from time to time
during the term hereof. Landlord shall mark parking spaces for the specific use
of all tenants only when

                                       14
<PAGE>   15

necessary to avoid conflict among tenants. Landlord shall not be responsible for
enforcing Tenant's parking right against third parties. Tenant agrees not to use
more parking spaces that so provided. Tenant shall be entitled to not less than
490 parking spaces.

         27. AUTHORITY OF PARTIES. Each individual executing this Lease on
behalf of Tenant represents and warrants that he is duly authorized to execute
and deliver this Lease on behalf of the corporation, in accordance with a duly
adopted resolution of the board of directors of said corporation or in
accordance with the bylaws of said corporation, and that this Lease is binding
upon said corporation in accordance with its terms.

         28. HAZARDOUS MATERIALS AND ENVIRONMENTAL CONSIDERATIONS.

                  a. Tenant covenants and agrees that Tenant and its agents,
employees, contractors and invitees shall comply with all Hazardous Materials
Laws (as hereinafter defined) as they apply to this property. Without limiting
the foregoing, Tenant covenants and agrees that it will not use, generate, store
or dispose of, nor permit the use, generation, storage or disposal of Hazardous
Materials (as hereinafter defined) on, under or about the Leased Premises, nor
will it transport or permit the transportation of Hazardous Materials to or from
the Leased Premises, except in full compliance with any applicable Hazardous
Materials Laws. Any Hazardous Materials located on the Leased Premises shall be
handled in an appropriately controlled environment which shall include the use
of such equipment (at Tenant's expense) as is necessary to meet or exceed
standards imposed by any Hazardous Materials Laws and in such a way as not to
interfere with any other tenant's use of its premises. Upon breach of any
covenant contained herein, Tenant shall, at Tenant's sole expense, cure such
breach by taking all action prescribed by any applicable Hazardous Materials
Laws or by any governmental authority with jurisdiction over such matters.

                  b. Tenant shall inform Landlord at any time of (1) any
Hazardous Materials it intends to use, generate, handle, store or dispose of,
on or about or transport from, the Leased Premises and (ii) of Tenant's
discovery of any event or condition which constitutes a violation of any
applicable Hazardous Materials Laws. Tenant shall provide to Landlord copies of
all communications to or from any governmental authority or any other party
relating to Hazardous Materials affecting the Leased Premises.

                  c. Tenant shall indemnify and hold Landlord harmless from any
and all claims, judgments, damages, penalties, fines, costs, liabilities,
expenses or losses (including, without limitation, diminution on value of the
Leased Premises, damages for loss or restriction on use of all or part of the
Leased Premises, sums paid in settlement of claims, investigation of site
conditions, or any cleanup, removal or restoration work required by any federal,
state or local governmental agency, attorney's fees, consultant fees and expert
fees) which arise as a result of or in connection with any breach of the
foregoing covenants or any other violation contained herein shall also accrue to
the benefit of the employees, agents, officers, directors and/or partners of
Landlord.

                                       15
<PAGE>   16

                  d. Upon termination of this Lease and/or vacation of the
Leased Premises, Tenant shall properly remove all Hazardous Materials and shall
thereafter, within a reasonable period of time, provide to Landlord an
environmental audit report, prepared by a professional consultant satisfactory
to Landlord and at Tenant's sole expense, certifying that the Leased Premises
have not been subjected to environmental harm caused by Tenant's use and
occupancy of the Leased Premises, Tenant shall at all times be entitled a copy
of any environmental audit reports which Landlord may have obtained. Landlord
shall grant to Tenant and its agents or contractors such access to the Leased
Premises as is necessary to accomplish such removal and prepare such report.

                  e. "Hazardous Materials" shall mean (a) any chemical,
material, substance or pollutant which poses a hazard to the Leased Premises or
to persons on or about the Leased Premises or would cause a violation of or is
regulated by any Hazardous Materials Laws, and (b) any chemical, material or
substance defined as or included in the definitions of "hazardous substances,"
"hazardous wastes," "hazardous materials," "extremely hazardous waste,"
"restricted hazardous waste," "toxic substances," "regulated substances," or
words of similar import under any applicable federal, state or local law or
under the regulations adopted or publications promulgated pursuant thereto,
including, but not limited to, the Comprehensive Environmental Response.
Compensation and Liability Act of 1980, as amended, 42 U.S.C. Sec. 9601, et
seq.; the Hazardous Materials Transportation Act, as amended, 49 U.S.C. Sec.
1801, et seq.; the Resource Conservation and Recover Act, as amended, 42 U.S.C.
Sec. 6901, et seq.; the Solid Waste Disposal Act, 42 U.S.C. Sec. 6991 et seq.;
the Federal Water Pollution Control Act, as amended, 33 U.S.C. Sec. 1251, et
seq., of the Colorado Revised Statutes. "Hazardous Materials Laws" shall mean
any federal, state or local laws, ordinances, rules, regulations, or policies
(including, but not limited to, those laws specified above) relating to the
environment, health and safety or the use, handling, transportation, production,
disposal, discharge or storage of Hazardous Materials, or to industrial hygiene
or the environmental conditions on, under or about the Leased Premises. Said
term shall be deemed to include all such laws as are now in effect or as
hereafter amended and all other such laws as may hereafter be enacted or adopted
during the term of this Lease.

                  f. All obligations of Tenant hereunder shall survive and
continue after the expiration of this Lease or its earlier termination for any
reason.

                  g. Tenant further covenants and agrees that it shall not
install any storage tank (whether above or below the ground) on the Leased
Premises without obtaining the prior written consent of the Landlord, which
consent may be conditioned upon further requirements imposed by Landlord with
respect to, among other things, compliance by Tenant with any applicable laws,
rules, regulations or ordinances and safety measures or financial responsibility
requirements.

         29. GENERAL PROVISIONS.

                  a. Plats and Riders. Clauses, plats and riders, if any, signed
by the Landlord and the Tenant and endorsed on or affixed to this Lease are a
part hereof.

                                       16
<PAGE>   17

                  b. Waiver. The waiver by Landlord of any term, covenant, or
condition herein contained shall not be deemed to be a waiver of such term,
covenant or condition or any subsequent breach of the same or any other term,
covenant or condition herein contained. The subsequent acceptance of rent
hereunder by Landlord shall not be deemed to be a waiver of any preceding breach
by Tenant of any term, covenant or condition of this Lease, other than the
failure of the Tenant to pay the particular rental so accepted, regardless of
Landlord's knowledge of such preceding breach at the time of the acceptance of
such rent.

                  c. Notices. All notices and demands which may or are to be
required or permitted to be given by either party to the other hereunder shall
be in writing. All notices and demands by the Landlord to the Tenant shall be
sent by United States Mail, postage prepaid, addressed to the Tenant at the
Premises, or to such other place as Tenant may, from time to time, designate in
a notice to the Landlord. All notices and demands by the Tenant to the Landlord
shall be sent by United States Mail, postage prepaid, addressed to the Landlord
at the Office of the Building, or to such other person or place as the Landlord
may, from time to time, designate in a notice to the Tenant.

                  d. Joint obligation. If there be more than one Tenant the
obligations hereunder imposed upon Tenants shall be joint and several.

                  e. Marginal Headings. The marginal headings and Article titles
to the Articles of this Lease are not a part of this Lease and shall have no
effect upon the construction or interpretation of any part hereof.

                  f. Time. Time is of the essence of this Lease and each and all
of its provisions in which performance is a factor.

                  g. Successors and Assigns. The covenants and conditions herein
contained, subject to the provisions as to assignment, apply to and bind the
heirs, successors, executors, administrators and assigns of the parties hereto.

                  h. Recordation. Neither the Landlord nor Tenant shall record
this Lease or a short form memorandum hereof without the prior written consent
of the other party.

                  i. Quiet Possession. Upon Tenant paying the rent reserved
hereunder and observing and performing all of the covenants, conditions and
provisions of Tenant's part to be observed and performed hereunder, Tenant shall
have quiet possession of the Premises for the entire term hereof, subject to all
the provisions of this Lease.

                  j. Late Charges. Tenant hereby acknowledges that late payment
by Tenant to Landlord of rent or other sums due hereunder will cause Landlord to
incur costs not contemplated by this Lease, the exact amount of which will be
extremely difficult to ascertain. Such costs include, but are not limited to,
processing and accounting charges, and late charges which may be imposed upon
Landlord by terms of any mortgage or trust deed covering the Premises.
Accordingly, if any installment of

                                       17
<PAGE>   18
rent or of a sum due from Tenant shall not be received by Landlord or Landlord's
designee within five (5) days after said amount is due, then Tenant shall pay to
Landlord a late charge equal to five percent (5%) of such overdue amount. The
parties hereby agree that such late charges represent a fair and reasonable
estimate of the cost that Landlord will incur by reason of the late payment by
Tenant. Acceptance of such late charges by the Landlord shall in no event
constitute a waiver of Tenant's default with respect to such overdue amount, nor
prevent Landlord from exercising any of the other rights and remedies granted
hereunder.

                  k. Prior Agreements. This Lease contains all of the agreements
of the parties hereto with respect to any matter covered or mentioned in this
Lease, and no prior agreements or understanding pertaining to any such matters
shall be effective for any purpose. No provision of this Lease may be amended or
added to except by an agreement in writing signed by the parties hereto or their
respective successors in interest. This Lease shall not be effective or binding
on any party until fully executed by both parties hereto.

                  l. Attorneys' Fees. In the event of any action or proceeding
brought by either party against the other under this Lease, the prevailing party
shall be entitled to recover all costs and expenses, including the fees of its
attorneys in such action or proceeding in such amount as the court may adjudge
reasonable as attorneys' fees.

                  m. Sale of Premises by Landlord. In the event of any sale of
the Building, Landlord shall be and is hereby entirely freed and relieved of all
liability under any and all of its covenants and obligations contained in or
derived from this Lease arising out of any act, occurrence or omission occurring
after the consummation of such sale; and the purchaser, at such sale or any
subsequent sale of the Premises, shall be deemed, without any further agreement
between the parties or their successors in interest or between the parties and
any such purchaser, to have assumed and agreed to carry out any and all of the
covenants and obligations of the Landlord under this Lease.

                  n. Subordination, Attornment. Upon request of the Landlord,
Tenant will, in writing, subordinate its rights hereunder to the lien of any
first mortgage or first deed of trust to any bank, insurance company or other
lending institution, now or hereafter in force against the land and Building of
which the Premises are a part, and upon any buildings hereafter placed upon the
land of which the Premises are a part, and to all advances made or hereafter to
be made upon the security thereof.

                  In the event any proceedings are brought for foreclosure, or
in the event of the exercise of the power of sale under any mortgage or deed of
trust made by the Landlord covering the Premises, the Tenant shall attorn to the
purchaser upon any such foreclosure or sale and recognize such purchaser as the
Landlord under this Lease.

                  The provisions of this Article to the contrary
notwithstanding, and so long as Tenant is not in default hereunder, this Lease
shall remain in full force and effect for the full term hereof.

                                       18
<PAGE>   19

                  o. Name. Tenant shall not use the name of the Building or of
the development in which the Building is situated for any purpose other than as
an address of the business to be conducted by the Tenant in the Premises.

                  p. Separability. Any provision of this Lease which shall prove
to be invalid, void or illegal shall in no way affect, impair or invalidate any
other provision hereof and such other provision shall remain in full force and
effect.

                  q. Cumulative Remedies. No remedy or election hereunder shall
be deemed exclusive but shall, wherever possible, be cumulative with all other
remedies at law or in equity.

                  r. Choice of Law. This Lease shall be governed by the laws of
the State in which the Premises are located.

                  s. Signs and Auctions. Tenant shall not place any sign upon
the Premises or Building or conduct any auction thereon without Landlord's prior
written consent.

                  t. Landlord's Liability. The liabilities of the partners of
the Landlord pursuant to this Lease shall be limited to the assets of the
partnership, and Tenant, its successors and assigns hereby waive all right to
proceed against any of the partners, or the officers, shareholders, or directors
of any corporate partner of Landlord. The term "Landlord," as used in this
article, shall mean only the owner or owners at the time in question of the fee
title or an interest in a ground lease of the building. Notwithstanding anything
to the contrary contained herein, the extent of Landlord's liability under this
Lease shall be limited to the property of which the Premises herein are a part,
and Tenant shall not seek any personal liability against Landlord or any of
Landlord's partners.

         30. BROKERS. Tenant warrants that it has had no dealings with any real
estate brokers or agents in connection with the negotiation of this Lease
excepting only and it knows of no other real estate broker or agent who is
entitled to a commission in connection with this Lease, excepting only Regal
Management Company, Colorado Group, and Ebert Investment Company.

         31. LIEN OF LANDLORD. Tenant hereby grants to the Landlord a lien upon
all the furniture, fixtures, equipment, and other property belonging to the
Tenant located on or within the leased premises at any time during the Lease
term, to secure the performance of the Tenant's obligations under this Lease,
said lien to be prior to any other lien on such property except a lien in favor
of the seller of such property to secure the unpaid purchase price thereof. This
Landlord's lien may be foreclosed in the same manner as a security agreement,
and the filing of this Lease or a memorandum thereof, or a financing statement
in the security interest records of Boulder County, Colorado, shall constitute
full lawful notice of this lien. If the Landlord also has a lien on such
property, or any portion thereof, by virtue of any other instrument, or by
operation of law, the lien under this Lease shall be in addition thereto, and
the Landlord

                                       19
<PAGE>   20

shall have alternate remedies at his option. Landlord and Tenant agree that this
Lease and security agreement serves as a financing statement and that a copy or
other reproduction of this portion of this Lease may be filed of record by
Landlord and have the same force and effect as the original. This security
agreement and financing statement also covers fixtures located at the Premises
on a portion to the Land described on Exhibit A, which is owned by Landlord.
Notwithstanding anything to the contrary in this Lease, Landlord agrees to
subordinate any lien in its favor under this paragraph to any security interest
or lien now existing or hereafter created in favor of any lender that has loaned
or will loan money to Tenant for the acquisition of assets used in the Premises
or for working capital for Tenant's operations in the Premises. Landlord agrees
to execute documentation reasonably acceptable to its counsel to evidence the
subordination of Landlord's lien rights.

         32. MISCELLANEOUS.

                  a. Roof drains have leaked allowing water to enter the lower
level of the building of which the Premises are a part. Landlord shall prior to
September 1, 1992, repair the roof drains. Thereafter the repair of roof drains
shall be a part of Tenant's maintenance responsibility.

                  b. The building needs additional heating, ventilating and air
conditioning equipment installed in the building to provide and maintain the
level of comfort required. The Tenant Improvement allowance herein provided for
shall be used to the extent necessary to purchase and install sufficient
equipment to provide and maintain the desired comfort level.

                  c. Landlord has retained an electrical engineer to plan and
design a parking lot lighting system to replace the existing system. Landlord
shall, prior to September 1, 1992, install and pay for the revised lighting
system in accordance with said plans.

                  d. Landlord has filed with the City of Boulder a request that
the City permit Landlord to construct a new parking lot, with 23 additional
parking places, at the east end of the building. Landlord agrees to diligently
pursue the request and, if granted, to construct the new parking lot and
re-landscape the area surrounding the parking lot, at its expense, within 90
days after the request is granted. It is also agreed that Landlord and Tenant
will coordinate the construction of the parking lot and Tenant improvements so
that Tenant will be able to install conduit or other improvements under the new
parking lot in the most cost effective manner.

                  e. Landlord shall seal, repair and restripe, at its expense,
the parking lot prior to September 30, 1992, unless Tenant requests a delay for
any reason.

                  f. So long as Tenant properly maintains and repairs the
heating, ventilating and air conditioning equipment, either existing or
installed by Landlord or Tenant after the date of this Lease, Tenant shall have
primary responsibility for such maintenance and repair; provided, however,
Tenant shall maintain records of the

                                       20
<PAGE>   21

maintenance and repair which records shall be made available to Landlord upon
request. Landlord presently contracts with Control Service Center, Inc. to
maintain and repair the heating, ventilating and air conditioning equipment and
would prefer to have Control Service Center maintain such equipment for the
Property. Landlord recognizes that it is in the best interest of Tenant to
contract for such maintenance with the company of its choosing, but agrees to
allow Control Service Center to bid for such service during the term of this
Lease and shall consider using Control Service Center to maintain and repair
said equipment.

                  g. Landlord shall provide Tenant a Tenant Finish Allowance
("TFA"), not to exceed $12.00 per square foot for 122,546 square feet of the
demised premises, or $1,470,552.00. The basic rental provided for in Paragraph 5
hereof includes amortization of the TFA based upon a loan interest rate of
9.75%, coverage rate of 1.25, a twelve year term (or an increase in the basic
rental $5.30 per square foot by $2.1252 per square foot for the entire 122,546
square feet). If, during the term of this lease, the interest rate charged by
Landlord's lender or lenders increases or decreases, the unamortized portion of
the TFA shall be reamortized over the remaining term of this Lease using the new
interest rate or rates times the coverage rate of 1.25 and the basic rental
shall be adjusted to reflect the change in the interest rate being paid by
Landlord as of the date of change. Tenant finish constructed under the
provisions Paragraph 32.g. and 32.h. shall be substantially in accordance with
the preliminary design prepared by Tenant and approved by Landlord on or before
July 31, 1992 and when signed by both Landlord and Tenant shall be considered
Exhibit D to this Lease.

                  h. Tenant agrees pay for additional tenant improvements
costing not less than $980,368.00 on the same 122,546 square feet that Landlord
is providing a Tenant Finish Allowance of $1,470,552. If Tenant does not expend
said amount on or before June 30, 1993, Landlord's Tenant Finish Allowance shall
be reduced pro rata. For example, if Tenant pays $7.00 per square foot for
tenant finish (a reduction of 12.5%) Landlord's TFA shall be reduced by $1.50
per square foot (12.5% of $12.00). Tenant shall pay for all tenant improvements
in the first instance and shall notify Landlord, in writing, when $1,470,552.00
of improvements have been completed. Landlord shall reimburse Tenant
$1,470,552.00 within one hundred and twenty (120 days) after receipt of said
written notice, but in no event later than October 1, 1992. Tenant shall spend
not less than $1,470,552.00 for improvements to the property prior to October 1,
1992 and shall on or prior to October 1, 1992, sign and deliver the Estoppel
Statement attached hereto as Exhibit "C" to Landlord.

                  i. Landlord agrees to pay for a new Carlyle EPDM roof system
to be installed on the entire roof at an estimated cost of $158,744.00. Landlord
and Tenant agree that they shall coordinate the roof installation and the tenant
finish to avoid unnecessary delays and additional costs. Tenant agrees to pay
Landlord, as additional operating expenses, the amortized cost of the roof
system over the term of this lease remaining after installation of the roof is
complete. The roof cost, including the cost of a fifteen year guarantee, shall
be amortized at 10% per annum over a term of fifteen years.

                                       21
<PAGE>   22

                  k. Any Tenant improvements will be designed to the Tenant's
specifications and Tenant shall contract with a general contractor in accordance
with the provisions of Paragraph 10 hereof to complete same. The cost estimate
for the Tenant finish improvements will be reviewed and approved by both parties
prior to construction.

                  l. If for any reason, after the Tenant has commenced
construction of these improvements, if Tenant should terminate, abandon, or
cause possession of the demised Premises to be terminated prior to the end of
the initial Lease Term, or if the Tenant should fail to occupy the demised
Premises immediately upon completion of the improvements, it is acknowledged
that, in addition to any other natural responsibilities or liabilities the
Tenant might have to the Landlord for damages, the Tenant and/or its guarantor
shall be obligated to immediately reimburse the Landlord for any and all costs
incurred by the Landlord in providing these improvements.

                  m. Landlord agrees that Tenant shall have a right-of-first
refusal to purchase Premises on the same terms and conditions contained in a
bona fide offer received by Landlord from a third party. Tenant shall have five
(5) days after receipt of written notice from Landlord that Landlord has
received an offer, within which to deliver to Landlord written notice of its
intent to exercise this right-of-first refusal. If Tenant fails to exercise this
right-of-first refusal as provided, the right shall terminate forthwith.

                  n. At anytime Landlord's consent is required herein, such
consent shall not be unreasonably withheld.

                  o. Landlord hereby consents to Tenant's construction of
additional parking on that portion of Lot 1 lying east of Exposition Drive
provided, however, Tenant shall obtain the required modifications to the PUD and
building permits to do so; provided further, however, any such construction
shall be paid for by Tenant and said construction shall be completed pursuant to
the provisions of Paragraph 10 of this Lease.

                  p. Notwithstanding the provisions of Paragraph 5(a) hereof,
basic rental for the month of January 1994 shall be reduced by $54,125.00.

         The parties hereto have executed this Lease at the place and on the
dates specified immediately adjacent to their respective signatures.

         If this Lease has been filled in, it has been prepared for submission
to Tenant's attorney for its approval. No representation or recommendation is
made by the real estate broker or its agents or employees as to the legal
sufficiency, legal effect, or tax consequences of this Lease, or the
transactions relating thereto.

                                       22
<PAGE>   23

LANDLORD:                                 TENANT:

EASTPARK ASSOCIATES, LTD.                 EXABYTE CORPORATION
By:  /s/  BYRON R. CHRISMAN               By:  /s/ FRANK M. LAHUE
   -------------------------------           -----------------------------
     Byron R. Chrisman,                        Frank M. LaHue
     General Partner                           Senior Vice President -
     4843 Country Club Way                     President
     Boulder, Colorado 80301                   1685 38th Street
                                               Boulder, CO  880301

                                       23
<PAGE>   24

                                    EXHIBIT A

All of Lots 1 and 2, East Park, a subdivision of the City of Boulder, State of
Colorado, and improvements thereon subject to easements, restrictions and
reservations of record.

                                       24<PAGE>   1

                                                                   EXHIBIT 10.37

                                      LEASE

                                 BY AND BETWEEN

                                BOULDER 38TH LLC

                                       AND

                               EXABYTE CORPORATION

                                 October 1, 1999

<PAGE>   2

<Table>
<S>                                                                     <C>
ARTICLE I - REFERENCE DATA..................................................1
    1.1    BASIC LEASE TERMS................................................1
    1.2    EXHIBITS.........................................................3
ARTICLE II - PREMISES AND TERM..............................................3
    2.1    PREMISES.........................................................3
    2.2    APPURTENANT RIGHTS AND RESERVATIONS..............................3
    2.3    TERM.............................................................3
ARTICLE III - DELIVERY OF PREMISES; CONSTRUCTION............................3
    3.1    AS IS DELIVERY...................................................3
    3.2    GENERAL PROVISIONS APPLICABLE TO CONSTRUCTION....................4
ARTICLE IV - RENT...........................................................4
    4.1    BASE RENT........................................................4
    4.2    ADDITIONAL RENT..................................................5
    4.3    REAL PROPERTY TAXES..............................................6
    4.4    PAYMENTS.........................................................6
ARTICLE V - LANDLORD'S COVENANTS............................................6
    5.1    LANDLORD'S COVENANTS DURING THE TERM.............................6
    5.2    INTERRUPTIONS....................................................7
ARTICLE VI - TENANT'S COVENENTS.............................................8
    6.1    TENANT'S COVENANTS DURING THE TERM...............................8
ARTICLE VII - CASUALTY AND TAKING..........................................14
    7.1    CASUALTY AND TAKING.............................................14
    7.2    RESERVATION OF AWARD............................................14
ARTICLE VIII - RIGHTS OF MORTGAGEE.........................................14
    8.1    SUBORDINATION...................................................14
    8.2    SUCCESSOR LANDLORD..............................................15
    8.3    NO PREPAYMENT OR MODIFICATION, ETC..............................16
ARTICLE IX - DEFAULT.......................................................16
    9.1    EVENTS OF DEFAULT...............................................16
    9.2    TENANT'S OBLIGATIONS AFTER TERMINATION..........................17
ARTICLE X - MISCELLANEOUS..................................................18
    10.1   NOTICES FROM ONE PARTY TO THE OTHER.............................18
    10.2   BIND AND INURE..................................................18
    10.3   NO SURRENDER....................................................19
    10.4   NO WAIVER, ETC..................................................19
    10.5   NO ACCORD AND SATISFACTION......................................19
    10.6   CUMULATIVE REMEDIES.............................................19
    10.7   LANDLORD'S RIGHT TO CURE........................................20
    10.8   ESTOPPEL CERTIFICATE............................................20
    10.9   WAIVER OF JURY TRIAL............................................20
    10.10  ACTS OF GOD.....................................................20
    10.11  BROKERAGE.......................................................21
    10.12  SUBMISSION NOT AN OFFER.........................................21
    10.13  APPLICABLE LAW AND CONSTRUCTION.................................21
</Table>

                                       i
<PAGE>   3

<Table>
<S>                                                                     <C>
    10.14  SIGNS...........................................................22
    10.15  SECURITY DEPOSIT................................................22
    10.16  RENEWAL OPTIONS.................................................23
    EXHIBIT A - PLAN OF PREMISES..........................................A-1
</Table>

                                       ii
<PAGE>   4

                                   ARTICLE I
                                 REFERENCE DATA

1.1 BASIC LEASE TERMS.

         Each reference in this Lease to any of the following subjects shall be
construed to incorporate the data stated for that subject in this Section 1.1:

LANDLORD:                               Boulder 38th LLC, a Delaware limited
                                        liability company

LANDLORD'S NOTICE ADDRESS:              c/o Great Point Investors LLC
                                        265 Franklin Street, 18th Floor
                                        Boston, MA 02110
                                        Attn: John H. Baxter

                                        with a copy to:
                                        Bancroft Capital Advisors, Inc.
                                        1112 Ocean Drive, Suite 300
                                        Manhattan Beach, CA
                                        Attn: Douglas J. McDonald

                                        Rent payments to be sent to:
                                        Dean Callan & Company Property
                                        Management Services Inc.
                                        1510 28th Street, Suite 200
                                        Boulder, CO 80303
                                        Attn: Scott Callan

TENANT:                                 Exabyte Corporation, a Delaware
                                        corporation

TENANT'S NOTICE ADDRESS:                1685 38th Street
                                        Boulder, CO 80301
                                        Attn: Craig Smith or Mark Harding

PREMISES:                               Approximately 98,466 rentable square
                                        feet in the complex commonly known as
                                        1685-1695 38th Street and 1715-1775 38th
                                        Street, Boulder, Colorado (the
                                        "Buildings"), which Premises are shown
                                        on the plan attached to this Lease as
                                        Exhibit A, together with the right, in
                                        common with others, to use certain
                                        parking areas, other improvements and
                                        easements related to the Buildings
                                        (together with the Buildings, the
                                        "Property")

                                       1
<PAGE>   5

RENTABLE FLOOR AREA OF                  Approximately 98,466 rentable square
PREMISES:                               feet

COMMENCEMENT DATE:                      October 1, 1999

BUILDINGS RENTABLE AREA:                155,821 rentable square feet

TENANT'S PRO RATA SHARE:                63.20%

TERM EXPIRATION DATE:                   June 30, 2004

TERM:                                   Four years and eight months commencing
                                        on the Commencement Date and expiring on
                                        the Expiration Date

LEASE YEAR:                             The period of twelve full calendar
                                        months beginning with the first full
                                        calendar month of the Term, and each
                                        subsequent period of twelve full
                                        calendar months during the Term

ANNUAL BASE RENT:                       10/l/99-12/31/99     $1,192,423.20
                                        1/1/00-12/31/00      $1,222,233.84
                                        1/l/01-12/31/01      $1,252,789.68
                                        1/l/02-12/31/02      $1,284,109.44
                                        1/l/03-12/31/03      $1,316,212.20
                                        1/l/04-6/30/04       $1,349,117.51

PARKING SPACES ALLOCATED TO TENANT:     312 unreserved parking spaces

SECURITY DEPOSIT:                       $17,500.00

PERMITTED USES:                         Office use and/or the administrative and
                                        production facilities for the
                                        manufacturing of computer products

BROKERS:                                None

                                       2
<PAGE>   6

1.2 EXHIBITS.

         The exhibits listed below in this section are incorporated in this
Lease by reference and are to be construed as part of this Lease:

         EXHIBIT A  Plan of Premises

                                   ARTICLE II
                                PREMISES AND TERM

2.1 PREMISES.

         Landlord hereby leases to Tenant, and Tenant leases from Landlord the
Premises for the rents hereinafter reserved, and upon and subject to the terms
and conditions of this Lease.

2.2 APPURTENANT RIGHTS AND RESERVATIONS.

         Tenant shall have, as appurtenant to the Premises, the nonexclusive
right to use and to permit its invitees to use in common with others the Parking
Spaces Allocated to Tenant and the other Common Areas (as defined below) of the
Property. Such rights shall always be subject to reasonable rules and
regulations from time to time established by Landlord by written notice to
Tenant in advance and to the right of Landlord to reasonably designate and
change from time to time any Common Areas provided (i) Tenant is given written
notice before any such change and (ii) any such change does not materially
adversely affect Tenant's ability to use the Premises for the Permitted Uses.

         As used in this Lease, "Common Areas" shall mean all areas within the
Property which are not part of the rentable areas of the Buildings, including,
but not limited to, lobbies, loading docks, parking areas, driveways, sidewalks,
access roads, landscaping, and planted areas.

2.3 TERM.

         The Premises are leased for the Term unless the Term shall sooner
terminate pursuant to any of the terms of this Lease or pursuant to Law.

                                  ARTICLE III
                       DELIVERY OF PREMISES; CONSTRUCTION

3.1 AS IS DELIVERY.

         Landlord is leasing and delivering the Premises to Tenant "as is,"
without any representations or warranties of any kind (including, without
limitation, any express or implied warranties of merchantability, fitness or
habitability), subject to all recorded matters, laws, ordinances, and
governmental regulations and orders. Tenant acknowledges that it has been the
tenant of the Premises prior to the execution of this

                                       3
<PAGE>   7

Lease and the Commencement Date and that it is fully aware of, and accepts the
condition of, the Premises as they are on the date hereof.

3.2 GENERAL PROVISIONS APPLICABLE TO CONSTRUCTION.

         Tenant shall not make any installations, alterations, additions, or
improvements in or to the Premises, including, without limitation, any apertures
in the walls, partitions, ceilings or floors, without, on each occasion where
such installations, alterations, additions or improvements will cost in excess
of $50,000, obtaining the prior written consent of Landlord which shall not be
unreasonably withheld. Tenant shall reimburse Landlord for all costs incurred by
Landlord or any Superior Mortgagee (as defined below) in reviewing Tenant's
proposed installation, alterations, additions or improvements. Any such work so
approved by Landlord shall be performed only in accordance with plans and
specifications therefor approved by Landlord. Tenant shall procure at Tenant's
sole expense all necessary permits and licenses before undertaking any work on
the Premises and shall perform all such work in a good and workmanlike manner
employing materials of good quality and so as to conform with all applicable
insurance requirements, laws, ordinances, regulations and orders of governmental
authorities. Tenant shall employ for such work only contractors reasonably
approved by Landlord and shall require all contractors employed by Tenant to
carry worker's compensation insurance in accordance with statutory requirements
and commercial general liability insurance covering such contractors on or about
the Premises with a combined single limit not less than $2,000,000 and shall
submit certificates evidencing such coverage to Landlord prior to the
commencement of such work. Landlord acknowledges that Tenant may use its own
employees to perform work and maintenance at the Premises. Tenant shall
indemnify and hold harmless Landlord from all injury, loss, claims or damage to
any person or property occasioned by or growing out of such work. Landlord may
inspect the work of Tenant at reasonable times and give notice of observed
defects. Upon completion of any such work, Tenant shall provide Landlord with
"as built" plans, copies of all construction contracts and proof of payment for
all labor and materials. Notwithstanding the foregoing, Landlord's consent shall
not be required for any alterations or improvements to the Premises which do not
affect the structural integrity of the Premises or any of the Building systems
and which cost less than $50,000.

                                   ARTICLE IV
                                      RENT

4.1 BASE RENT.

         Beginning on the Commencement Date, Tenant agrees to pay base rent to
Landlord without notice or demand and without any offset or reduction whatever
(except as made in accordance with the express provisions of this Lease), equal
to the Base Rent in equal monthly installments in advance on the first day of
each calendar month included in the Term. If the Commencement Date occurs on a
day other than the first day of a calendar month, Tenant shall pay to Landlord,
on the Commencement

                                       4
<PAGE>   8

Date, Base Rent for the partial month after the Commencement Date at the
proportionate rate payable for such portion.

4.2 ADDITIONAL RENT.

         All sums payable by Tenant under this Lease other than Base Rent shall
be deemed "Additional Rent;" the term "Rent" shall mean Base Rent and Additional
Rent. Landlord shall reasonably estimate in advance by written notice to Tenant
at least thirty days in advance and charge to Tenant the following costs (the
"Total Operating Costs"), to be paid with the Base Rent throughout the Term in
equal monthly installments based on Landlord's most recent reasonable estimate:
(i) all Real Property Taxes for which Tenant is liable under Section 4.3 of the
Lease, (ii) all utility costs (if not separately metered) for which Tenant is
liable under Section 6.1.1 of the Lease, (ill) all insurance premiums for which
Tenant is liable under Section 5.1.2 of the Lease and (iv) all roof and parking
lot repair and maintenance costs for which Tenant is liable under Section 5.1.3
of the Lease. Landlord may adjust its estimates of Total Operating Costs at any
time based upon Landlord's experience and reasonable anticipation of costs, upon
at least ten business days prior written notice specifying the reasons for any
adjustments. Such adjustments shall be effective as of the next Rent payment
date after notice to Tenant. Within 120 days after the end of each fiscal year
(which shall be January 1 through December 31 for this Lease) during the Term,
Landlord shall deliver to Tenant a statement (the "Statement") prepared in
accordance with generally accepted accounting principles setting forth, in
reasonable detail, the Total Operating Costs paid or incurred by Landlord during
the preceding fiscal year. Within thirty days after Tenant's receipt of such
Statement, there shall be an adjustment made in good faith between Landlord and
Tenant, with payment to or credit given by Landlord (as the case may be) in
order that Landlord shall have received the actual amount of Total Operating
Costs for such period. Tenant (and its accountants and representatives) shall
have the right, within thirty days of receipt of the Statement, to notify
Landlord that it would like to audit Landlord's books and records with respect
to the Total Operating Costs. Such audit is to be at Tenant's sole cost and
expense (except as provided in the following sentence) and is to performed and
completed within two months of the receipt of the Statement by Tenant. If such
audit reveals that the Total Operating Costs billed to Tenant exceed the actual
Total Operating Costs by more than five percent, Landlord shall pay the
reasonable costs of such audit.

         In addition to its obligation to pay Base Rent and Total Operating
Expenses, Tenant is required hereunder to pay directly to suppliers, vendors,
carriers, contractors, etc. certain maintenance expenses, insurance premiums,
utility costs, personal property taxes, cleaning and other expenses
(collectively "Additional Expenses"). If Landlord pays for any Additional
Expenses in accordance with the terms of this Lease, Tenant's obligation to
reimburse such costs shall be an Additional Rent obligation. Unless this Lease
provides otherwise, Tenant shall pay all Additional Rent then due with the next
monthly installment of Base Rent due after Tenant received written notice of the
amount of such Additional Rent.

                                       5
<PAGE>   9

4.3 REAL PROPERTY TAXES.

         Tenant shall pay to Landlord Tenant's Pro Rata Share of all Real
Property Taxes on the Premises attributable to any period included in the Term;
provided, however, if the Term includes only a portion of a fiscal tax period,
the Real Property Taxes for such period shall be prorated according to the
fraction of the total days in such period falling within the Term, and Tenant
shall be responsible for paying only such prorated amount. The term "Real
Property Taxes" shall mean taxes, assessments (special, betterment, or
otherwise), levies, fees, rent taxes, impositions, excises, charges, water and
sewer rents and charges, and all other government levies and charges, general
and special, ordinary and extraordinary, foreseen and unforeseen, which are
imposed or levied upon or assessed against the Premises or any Rent or other
sums payable by any tenants or occupants thereof. If at any time during the term
the present system of ad valorem taxation of real property shall be changed so
that in lieu of the whole or any part of the ad valorem tax on real property, or
in lieu of increases therein, there shall be assessed on Landlord a capital levy
or other tax on the gross rents received with respect to the Property or a
federal, state, county, municipal, or other local income, franchise, excise or
similar tax, assessment, levy, or charge distinct from any now in effect)
measured by or based, in whole or in part, upon gross rents, then all of such
taxes, assessments, levies, or charges, to the extent so measured or based,
shall be deemed to be a Real Property Tax. Notwithstanding any other provision
of this Lease, Real Property Taxes shall not include, and Tenant shall have no
obligation to pay, any taxes on Landlord's net income.

         Landlord shall have the right, but not the obligation, to dispute any
Real Property Taxes attributable to any fiscal tax period included wholly or
partially within the Term. The cost of such contest shall be included in the
calculation of Total Operating Costs.

4.4 PAYMENTS.

         All payments of Rent shall be made to Landlord at the address specified
in Section 1.1, or to such other person as Landlord may from time to time
designate by written notice to Tenant. If any installment of Rent is paid more
than 5 days after the due date thereof, at Landlord's election, it shall bear
interest from such due date at a rate equal to the average prime commercial rate
from time to time established by BankBoston plus 4% per annum, which interest
shall be immediately due and payable as further Additional Rent. Notwithstanding
the foregoing, the first time in each Lease Year that Tenant is late in the
payment of any installment of Rent, interest shall not be charged until 10
business days after Tenant receives written notice of such non-payment.

                                   ARTICLE V
                              LANDLORD'S COVENANTS

5.1 LANDLORD'S COVENANTS DURING THE TERM.

         Landlord covenants during the Term:

                                       6
<PAGE>   10

         5.1.1 Quiet Enjoyment. That Landlord has the right to make this Lease
and that Tenant on paying the Rent and performing its obligations hereunder
shall peacefully and quietly have, hold and enjoy the Premises throughout the
Term without any manner of hindrance or molestation from Landlord or anyone
claiming under Landlord, subject however to all the terms and provisions hereof.

         5.1.2 Insurance. During the Term, Landlord shall maintain in effect all
risk insurance covering loss of or damage to the Buildings and other
improvements at the Property in the amount of its replacement value with such
endorsements and deductibles as Landlord shall reasonably determine from time to
time. Landlord shall have the right to obtain flood, earthquake, and such other
insurance as Landlord shall reasonably determine from time to time or shall be
required by any lender holding a security interest in the Premises. Landlord
shall not obtain insurance for Tenant's trade fixtures, equipment or building
improvements. During the Term, Landlord shall also maintain a rental income
insurance policy, with loss payable to Landlord, in an amount equal to one
year's Base Rent, plus estimated Real Property Taxes, operating costs for the
Property, and insurance premiums. Tenant shall not do or permit anything to be
done which shall invalidate any such insurance. Any policy obtained by Landlord
shall not be contributory, shall not provide primary insurance, and shall be
excess over any insurance maintained by Tenant. Landlord shall also maintain
during the Term a policy of general liability insurance with respect to the
Premises naming Tenant as an additional insured.

         5.1.3 Representations and Warranties. Landlord represents and warrants
to Tenant that (a) Landlord owns the Property; (b) Landlord is a limited
liability company duly organized, validly existing and in good standing under
the laws of the State of Delaware and is qualified to do business in the State
of Colorado; (c) Landlord has all necessary power and authority to own, manage
and operate the Property and to enter into this Lease; and (d) Landlord and its
members have taken all actions necessary to authorize the execution and delivery
of this Lease and to perform its obligations under this Lease.

         5.1.4 Tenant's Access. Tenant shall have access to the Premises at all
times (24 hours each day and seven days each week).

         5.1.5 Indemnity. To indemnify, defend with counsel satisfactory to
Landlord, and hold harmless Tenant from all claims for loss or damage resulting
from injury or losses to persons or property occurring at the Property to the
extent resulting from the negligence or willful misconduct of Landlord or its
agents, servants or employees, including the cost of reasonable attorneys' fees
and court costs incurred in defending against such claim, except to the extent
that such loss or damage is caused by the negligence or willful misconduct of
Tenant or its agents, employees or contractors.

5.2 INTERRUPTIONS.

         Landlord shall not be liable to Tenant for any compensation or
reduction of Rent by reason of inconvenience or annoyance or for loss of
business arising from power

                                       7
<PAGE>   11

losses or shortages or from the necessity of Landlord's entering the Premises
for any of the purposes in this Lease authorized, or for repairing the Premises
or any portion thereof. In case Landlord is prevented or delayed from making any
repairs, alterations or improvements, or furnishing any service or performing
any other covenant or duty to be performed on Landlord's part, by reason of any
cause beyond Landlord's reasonable control, Landlord shall not be liable to
Tenant therefor, nor, except as expressly otherwise provided in Article VII,
shall Tenant be entitled to any abatement or reduction of rent by reason
thereof, nor shall the same give rise to a claim in Tenant's favor that such
failure constitutes actual or constructive, total or partial, eviction from the
Premises.

         Landlord reserves the right to stop any service or utility system when
necessary by reason of accident or emergency acting in good faith, until
necessary repairs have been completed. Except in case of emergency repairs,
Landlord will give Tenant reasonable advance written notice of any contemplated
stoppage and will use reasonable efforts to avoid unnecessary inconvenience to
Tenant by reason thereof.

         Landlord also reserves the right, by written notice to Tenant at least
10 days in advance, to institute such policies, programs and measures as may be
required to comply with applicable codes, rules, regulations or standards.

                                   ARTICLE VI
                               TENANT'S COVENENTS

6.1 TENANT'S COVENANTS DURING THE TERM.

         Tenant covenants during the Term and such further time as Tenant
occupies any part of the Premises:

         6.1.1 Tenant's Payments. To pay when due (a) all Base Rent and
Additional Rent, (b) all taxes which may be imposed on Tenant's personal
property in the Premises (including, without limitation, Tenant's fixtures and
equipment) regardless to whomever assessed, (c) all charges by public utilities
for telephone, electricity and other utility services (including service
inspections therefor) rendered to the Premises, and (d) as Additional Rent, all
other charges payable to Landlord pursuant to this Lease.

         6.1.2 Repairs to Premises and Yielding Up. Except as otherwise provided
in Article VII, at Tenant's sole expense, to keep the Premises, including the
heating, ventilation and air conditioning systems and equipment serving the
Premises, in as good order, repair and condition as exists on the Commencement
Date or in such improved condition as it may be put during the Lease Term,
reasonable wear and damage by fire, casualty and eminent domain excepted, and to
make all necessary and customary repairs thereto in order to do so; and at the
expiration or termination of this Lease peaceably to yield up the Premises and
all changes and additions therein in good order, repair and condition, first
removing all goods and effects of Tenant and any items, the removal of which is
required by agreement or specified herein to be removed at Tenant's election

                                       8
<PAGE>   12

and which Tenant elects to remove, and repairing all damage caused by such
removal and restoring the Premises and leaving them clean and neat.

         6.1.3 Care of Property. Tenant shall, at its own cost, and in a manner
acceptable to Landlord, (A) operate, maintain, and repair the Building of which
the Premises is a part, including, without limitation, the interiors and
exteriors of the Building, including the roofs, drainage systems, gutters, walls
and foundations; mechanical, electrical, plumbing, security and communication
systems, including all connections to all services; exterior loading and trash
areas, walkways, driveways, entrances and the parking lot servicing the
Building; and (B) hire, supervise, direct and pay for the maintenance and repair
of all painted surfaces; all mechanical, plumbing, electrical and communication
systems and services; all walls, glass doors and other exterior areas of the
Buildings; all security and safety systems; all landscaping; the removal of
snow, trash, rubbish, garbage and other refuse; all supplies used in the
maintenance of the Property; all depreciation on the machinery and equipment
used in such maintenance and repairs; personnel to oversee such maintenance
operations and to perform maintenance jobs; all hallways, elevators, lobbies and
loading docks, all utilities necessary to operate and maintain the Building in
good operating condition and in a manner equal to that of other first-class
properties and building in the City of Boulder.

         6.1.4 Occupancy and Use. Continuously from the Commencement Date, to
use and occupy the Premises only for the Permitted Uses; not to injure or deface
the Premises; and not to permit in the Premises any use thereof which is
contrary to law or ordinances, or creates a nuisance or to render necessary any
alteration or addition to the Buildings; not to dump, flush, or in any wav
introduce any hazardous substances or any other toxic substances into the
septic, sewage or other waste disposal system serving the Premises, not to
generate, store or dispose of hazardous substances in or on the Premises or
dispose of hazardous substances from the Premises to any other location without
the prior written consent of Landlord, which shall not be unreasonably withheld,
delayed or conditioned, and then only in compliance with all applicable laws,
ordinances and regulations; to notify Landlord of any incident which would
require the filing of a notice under applicable federal, state, or local law;
not to store or dispose of hazardous substances on the Premises without first
submitting to Landlord a list of all such hazardous substances and all permits
required therefor and thereafter providing to Landlord on an annual basis
Tenant's certification that all such permits have been renewed with copies of
such renewed permits; and to comply with the orders and regulations of all
governmental authorities with respect to zoning, building, fire, health and
other codes, regulations, ordinances or laws, to the extent applicable to
Tenant's use of the Premises, including without limitation, the Americans with
Disabilities Act. "Hazardous substances" as used in this paragraph shall mean
"hazardous substances" as defined in the Comprehensive Environmental Response
Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section 9601 and
regulations adopted pursuant to said Act, provided, however, "hazardous
substances" shall not include customary quantities of ordinary office and
cleaning products, fuel for any generators on the Premises.

                                       9
<PAGE>   13

         6.1.5 Rules and Regulations/Security. To comply with any reasonable
rules and regulations hereafter made by Landlord, of which Tenant has been given
notice, for the care and use of the Premises and the Property. To provide, at
its sole cost and expense, any security system serving the Premises. Tenant
acknowledges that Landlord is not providing any security system or security
guards at the Property.

         6.1.6 Safety Appliances. To keep the Premises equipped with all safety
appliances required by law or ordinance or any other regulation of any public
authority because of any use made by Tenant and to procure all licenses and
permits so required because of such use and, if reasonably requested by
Landlord, to do any work so required because of such use, it being understood
that the foregoing provisions shall not be construed to broaden in any way
Tenant's Permitted Uses.

         6.1.7 Assignment and Subletting. Not without the prior written consent
of Landlord (which shall not be unreasonably withheld) to assign this Lease, to
make any sublease, or to permit occupancy of the Premises or any part thereof by
anyone other than Tenant, voluntarily or by operation of law; as Additional
Rent, to reimburse Landlord promptly for reasonable and customary legal and
other expenses incurred by Landlord or any Superior Mortgagee in connection with
any request by Tenant for consent to assignment or subletting; no assignment or
subletting shall affect the continuing primary liability of Tenant (which,
following assignment, shall be joint and several with the assignee); no consent
to any of the foregoing in a specific instance shall operate as a waiver in any
subsequent instance. Landlord's consent to any proposed assignment or subletting
is required both as to the terms and conditions thereof, and as to the
creditworthiness of the proposed assignee or subtenant and the consistency of
the proposed assignee's or subtenant's business with the Permitted Uses of the
Premises. In the event that any assignee or subtenant pays to Tenant any
consideration attributable to the interest in this Lease or the Premises so
assigned or subleased in excess of the Rent then payable hereunder, or pro rata
portion thereof on a square footage basis for any portion of the Premises, after
deducting Tenant's reasonable attorneys' fees, brokerage commissions and other
expenses relating to such assignment or sublease, Tenant shall promptly pay 50%
of said net excess to Landlord as and when received by Tenant. If a Tenant
requests Landlord's consent to assign this Lease or sublet the Premises, or the
assignment or sublease term will begin three or fewer months before the end of
the Lease Term, Landlord shall have the option, exercisable by written notice to
Tenant given within 10 days after receipt of such request, to terminate this
Lease as of a date specified in such notice which shall be not less than 30 days
after the date of such notice.

         6.1.8 Indemnity. To defend, with counsel reasonably approved by
Landlord, all actions against Landlord, its officers, directors, members,
employees, agents, advisors and contractors and all others who could be liable
for the obligations of any of them, and any holders of mortgages secured by the
Property ("Indemnified Parties") with respect to, and to indemnify and save
harmless, to the extent permitted by law, all Indemnified Parties from and
against, any and all liabilities, losses damages, costs, expenses (including
reasonable attorneys' fees and expenses), causes of action, suits, claims,
demands or judgments of any nature (a) to which any Indemnified Party is

                                       10
<PAGE>   14

subject because of its estate or interest in the Property, or (b) arising from
(i) injury to or death of any person, or damage to or loss of property, on the
Property, or connected with the use, condition or occupancy of any thereof, (ii)
a breach of Tenant's obligations under this Lease, or (iii) any act, negligence
or willful misconduct of Tenant or its employees, agents, contractors,
licensees, sublessees or invitees; except to the extent arising from the gross
negligence or willful misconduct of Landlord or any Indemnified Party.

         6.1.9 Tenant's Liability Insurance.

                  a. Liability Insurance. To maintain in effect commercial
general liability insurance insuring Tenant against liability for bodily injury,
property damage (including loss of use of property) and personal injury at the
Premises. Such insurance shall name Landlord, its property manager, any
mortgagee of which Tenant has received written notice, and Great Point Investors
LLC, as additional insureds. The initial amount of such insurance shall be Two
Million Dollars ($2,000,000) per occurrence, Five Million Dollars ($5,000,000)
in the aggregate, and Ten Million Dollars ($10,000,000) as umbrella coverage,
and shall be subject to reasonable periodic increases specified by Landlord
based upon inflation, increased liability awards, recommendation of Landlord's
professional insurance advisers, and other relevant factors. The liability
insurance obtained by Tenant under this Section 6.1.9 shall (i) be primary and
(ii) insure Tenant's obligation to Landlord under Section 6.1.8 under a standard
contractual liability endorsement. The amount and coverage of such insurance
shall not limit Tenant's liability nor relieve Tenant of any other obligation
under this Lease.

                  b. Worker's Compensation Insurance. To maintain in effect
Worker's Compensation Insurance (including Employees' Liability Insurance) in
the statutory amount covering all employees of Tenant employed or performing
services at the Premises, in order to provide the statutory benefits required by
the laws of the state in which the Premises are located.

                  c. Automobile Liability Insurance. To maintain in effect
Automobile Liability Insurance, including but not limited to, passenger
liability, on all owned, nonowned, and hired vehicles used by Tenant or its
employees in connection with the Premises, with a combined single limit per
occurrence of not less than One Million Dollars ($1,000,000) per vehicle for
injuries or death of one or more persons or loss or damage to property.

                  d. Personal Property Insurance. To maintain in effect Personal
Property Insurance covering Tenant's personal property and trade fixtures from
time to time in, on, or at the Premises, in an amount not less than 100% of the
full replacement cost, without deduction for depreciation, providing protection
against events protected under "All Risk Coverage," as well as against sprinkler
damage, vandalism, and malicious mischief. Any proceeds from the Personal
Property Insurance shall be used for the repair or replacement of the property
damaged or destroyed, unless this Lease is terminated under an applicable
provision herein.

                                       11
<PAGE>   15

                  e. Business Interruption Insurance. To maintain in effect
Business Interruption Insurance, providing in the event of damage or destruction
of the Premises an amount sufficient to sustain Tenant for a period of not less
than six months for: (i) the net profit that would have been realized had
Tenant's business continued; and (ii) such fixed charges and expenses as must
necessarily continue during a total or partial suspension of business to the
extent to which they would have been incurred had no business interruption
occurred, including, but not limited to, interest on indebtedness of Tenant,
salaries of executives, foremen, and other employees under contract, charges
under noncancelable contracts, charges for advertising, legal or other
professional services, taxes and rents that may still continue, trade
association dues, insurance premiums, and depreciation.

                  f. General Insurance Provisions.

                           (i) Any insurance which Tenant shall be required to
maintain under this Lease shall include a provision which requires the insurance
carrier to give Landlord not less than 30 days' written notice prior to any
cancellation or modification of such coverage.

                           (ii) Prior to the earlier of Tenant's entry into the
Premises or the Commencement Date, Tenant shall deliver to Landlord an insurance
company certificate that Tenant maintains the insurance required by Sections
6.1.9(a)-(e) and not less than 30 days prior to the expiration or termination of
any such insurance, Tenant shall deliver to Landlord renewal certificates
therefor. Tenant shall provide Landlord with copies of the policies promptly
upon request from time to time. If Tenant shall fail to deliver any certificate
or renewal certificate to Landlord required under this Lease within the
prescribed time period or if any such policy shall be canceled or modified in a
manner materially adverse to Landlord during the Lease Term without Landlord's
consent, Landlord may, after notice and the expiration of the applicable grace
period, obtain such insurance, in which case Tenant shall reimburse Landlord, as
Additional Rent, for the cost of procuring such insurance within 10 days after
receipt of a statement of the cost of such insurance.

                           (iii) Tenant shall maintain all insurance required
under this Lease with companies having a "General Policy Rating" of A-X or
better, as set forth in the most current issue of the Best Key Rating Guide.
Landlord and Tenant, on behalf of themselves and their insurers, each hereby
waive any and all rights of recovery against the other, or against the officers,
partners, members, employees, agents, or representatives of the other, for loss
of or damage to its property or the property of others under its control, if
such loss or damage shall be covered by, any insurance policy in force (whether
or not described in this Lease) at the time of such loss or damage. All property
insurance carried by either party shall contain a waiver of subrogation against
the other party to the extent such right shall have been waived by the insured
party prior to the occurrence of loss or injury.

         6.1.10 Landlord's Right of Entry. To permit Landlord and Landlord's
agents entry upon reasonable advance notice and without material interference
with Tenant's

                                       12
<PAGE>   16

use of the Premises: to examine the Premises at reasonable times and, if
Landlord shall so elect, to make repairs or replacements as required or
permitted by this Lease; to remove, at Tenant's expense, any changes, additions,
signs, curtains, blinds, shades, awnings, aerials, flagpoles, or the like not
consented to in writing (to the extent required under this Lease); and to show
the Premises to prospective tenants during the 9 months preceding expiration of
the Term and to prospective purchasers and mortgagees at all reasonable times.

         6.1.11 Loading. Not to place Tenant's property (as described in Section
6.1.13), upon the Premises so as to exceed the floor load capacities; Tenant's
business machines and mechanical equipment which cause vibration or noise that
may be transmitted to the Building structure shall be placed and maintained by
Tenant in settings of cork, rubber, spring, or other types of vibration
eliminators sufficient to eliminate such vibration or noise,

         6.1.12 Landlord's Costs. In case Landlord shall be made party to any
litigation commenced by or against Tenant or by or against any parties in
possession of the Premises or any part thereof claiming under Tenant, except any
litigation arising out of a breach by Landlord of its obligations under this
Lease or the negligence or willful misconduct of Landlord or its agents,
employees or contractors (unless Landlord is the prevailing party in such
litigation), to pay, as Additional Rent, all reasonable costs including, without
implied imitation, reasonable counsel fees incurred by or imposed upon Landlord
in connection with such litigation and, as Additional Rent, also to pay all such
costs and fees incurred by Landlord in connection with the successful
enforcement by Landlord of any obligations of Tenant under this Lease.

         6.1.13 Tenant's Property. All the furnishings, fixtures, equipment,
effects and property of every kind, nature and description of Tenant and of all
persons claiming by, through or under Tenant which, during the continuance of
this Lease or any occupancy of the Premises by Tenant or anyone claiming under
Tenant, may be on the I)remises, shall be at the sole risk and hazard of Tenant,
and if the whole or any part thereof shall be destroyed or damaged by fire,
water or otherwise, or by the leakage or bursting of water pipes, steam pipes,
or other pipes, by theft, or from any other cause, no part of said loss or
damage is to be charged to or to be borne by Landlord, unless due to the gross
negligence of Landlord.

         6.1.14 Labor or Materialmen's Liens. To pay promptly when due the
entire cost of any work done on the Premises by Tenant, its agents, employees,
or independent contractors; not to cause or permit any liens for labor or
materials performed or furnished in connection therewith to attach to the
Premises; and to discharge any such liens which may so attach within five
business days after receiving notice of such liens.

         6.1.15 Holdover. (A) For each month or portion thereof that Tenant
shall retain possession of the Premises, to pay Landlord 200% of the greater of
(i) the then fair market rent as conclusively determined by Landlord or (ii) the
total of the Base Rent and Additional Rent then applicable for each month or
portion thereof, and (B) also to pay all damages sustained by Landlord on
account thereof. The provisions of this

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<PAGE>   17

Subsection 6.1.15 shall not operate as a waiver by Landlord of the right of
re-entry provided in this Lease.

                                  ARTICLE VII
                               CASUALTY AND TAKING

7.1 CASUALTY AND TAKING.

         In case during the Term all or any substantial part of the Premises,
are damaged materially by fire or any other cause, or by action of public or
other authority in consequence thereof, or are taken by eminent domain, Landlord
shall have the right to terminate this Lease, by notice to Tenant within 30 days
after the occurrence of the event giving rise to the election to terminate,
which notice shall specify the effective date of termination which shall be not
less than 30 nor more than 60 days after the date of notice of such termination.
If Landlord does not terminate this Lease as provided above, Landlord shall use
due diligence to restore the Premises, or, in case of a taking, what may remain
thereof (excluding any items installed or paid for by Tenant which Tenant may be
required or permitted to remove) into proper condition for use and occupation
within 180 days of Landlord's receipt of insurance or condemnation proceeds to
the extent permitted by the net award of insurance or damages available to
Landlord, and a just proportion of the Base Rent according to the nature and
extent of the injury shall be abated until the Premises or such remainder shall
have been restored by Landlord to such condition; and in case of a taking which
permanently reduces the area of the Premises, a just proportion of the Base Rent
shall be abated for the remainder of the Term.

7.2 RESERVATION OF AWARD.

         Landlord reserves to itself any and all rights to receive awards made
for damages to the Premises and the leasehold hereby created, accruing by reason
of exercise of eminent domain or by reason of anything lawfully done in
pursuance of public or other authority. Tenant hereby releases and assigns to
Landlord all Tenant's rights to such awards, and covenants to deliver such
further assignments and assurances thereof as Landlord may from time to time
request. and hereby irrevocably designates and appoints Landlord its attorney-
in-fact to execute and deliver in Tenant's name and behalf all such further
assignments thereof. It is agreed and understood, however, that Landlord does
not reserve to itself, and Tenant does not assign to Landlord, any damages
payable for (i) trade fixtures installed by Tenant or anybody claiming under
Tenant, at its own expense or (ii) relocation expenses recoverable by Tenant
from such authority in a separate action.

                                  ARTICLE VIII
                               RIGHTS OF MORTGAGEE

8.1 SUBORDINATION.

         This Lease and all rights of Tenant hereunder shall be subject and
subordinate in all respects to (a) all present and future ground leases,
operating leases, superior leases,

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<PAGE>   18

overriding leases and underlying leases and grants of term of the Premises or
any portion thereof (collectively, including the applicable items set forth in
Subdivision (d) of this Section 8.1, the "Superior Lease") whether or not the
Superior Lease shall also cover other lands or buildings, (b) all mortgages and
building loan agreements, including leasehold mortgages, which may now or
hereafter affect the Premises or the Superior Lease (collectively, including the
applicable items set forth in Subdivisions (c) and (d) of this Section 8.1, the
"Superior Mortgage"), whether or not any Superior Mortgage shall also cover
other lands or buildings or leases, (c) each advance made or to be made under
any Superior Mortgage, and (d) all renewals, modifications, replacements,
substitutions and extensions of the Superior Lease and any Superior Mortgage.
Any holder of a Superior Mortgagee (a "Superior Mortgagee") may elect that this
Lease shall have priority over such Superior Mortgage and, upon notification
thereof by such Superior Mortgagee to Tenant, this Lease shall be deemed to have
priority over such Superior Mortgage, whether this Lease is dated prior to or
subsequent to the date of such Superior Mortgage. If, in connection with the
obtaining, continuing or renewing of financing for which the Premises or the
interest of the lessee under the Superior Lease represents collateral, in whole
or in part, any bank, insurance company, pension fund or other lending
institution shall request reasonable modifications of this Lease as a condition
of its granting such financing, Tenant will not unreasonably withhold its
consent thereto, provided that such modifications do not increase the Base Rent,
materially and adversely increase the obligations of Tenant hereunder or
materially and adversely affect Tenant's rights hereunder. Tenant agrees that it
will take no steps to terminate this Lease or abate Rent payable hereunder
without giving each lessor under a Superior Lease (a "Superior Lessor"), and any
Superior Mortgagee requesting same, written notice of any default by Landlord
and the opportunity to cure such default (without any obligation on the part of
any such person to cure such default) within 45 days thereafter or, if such
Superior Lessor or Superior Mortgagee commences such cure within 30 business
days and diligently pursues such cure, such longer period as may be reasonably
necessary to effect such cure. Landlord shall endeavor to obtain a subordination
and non-disturbance agreement, in recordable form, for each present and future
Superior Mortgagee or Superior Lessor.

8.2 SUCCESSOR LANDLORD.

         For purposes of this Section 8.2, the term "Successor Landlord" shall
mean and include (i) any person, including but not limited to any Superior
Lessor or Superior Mortgagee, who, prior to the termination of this Lease,
acquires or succeeds to the interest of Landlord under this Lease through
summary proceedings, foreclosure action, assignment, deed in lieu of foreclosure
or otherwise, and (ii) the successors and assigns of any person referred to in
clause (i) of this sentence. Upon any Successor Landlord's so acquiring, or so
succeeding to, the interest of Landlord tinder this Lease, Tenant shall, at the
election and upon the request of the Successor Landlord, fully attorn to and
recognize such Successor Landlord as Tenant's landlord under this Lease upon the
then executory terms of this Lease, but only if such Successor Landlord is bound
by a Non-Disturbance Agreement and only in accordance with such Non-Disturbance
Agreement. No Successor Landlord shall be bound by any prepayment of Rent for
more than one month in advance or any amendment or modification of this Lease
made without the

                                       15
<PAGE>   19

consent of the Superior Mortgagee or Superior Lessor from which such Successor
Landlord derives its interest in this Lease or the Premises. Upon demand of any
such Successor Landlord, Tenant agrees to execute instruments to evidence and
confirm the foregoing provisions of this Section reasonably satisfactory to any
such Successor Landlord.

8.3 NO PREPAYMENT OR MODIFICATION, ETC.

         Tenant shall not pay Rent, or any other charge more than thirty days
prior to the due date thereof, no prepayment of the Rent (except one monthly
installment of Base Rent) or other charge, no assignment of this Lease and no
agreement to modify the Lease so as to reduce the Rent, change the Term, or
otherwise materially change the rights of Landlord under this Lease, or to
relieve Tenant of any obligations or liability under this Lease, shall be
enforceable against any Superior Mortgagees unless consented to in writing by
all Superior Mortgagees, if any.

                                   ARTICLE IX
                                     DEFAULT

9.1 EVENTS OF DEFAULT.

         There shall be an "Event of Default" hereunder if:

                  (i) any default by Tenant continues after written notice
         (describing such default in reasonable detail), (a) in case of the
         payment of Rent or any other monetary obligation to Landlord for more
         than 5 days, (b) in case of the delivery of any document to Landlord
         for more than 10 days or (c) in any other case for more than 30 days
         and such additional time, if any, as is reasonably necessary to cure
         the default if the default is of such a nature that it cannot
         reasonably be cured in 30 days and Tenant diligently commences and
         continues to cure such default and completes such cure within 90 days;
         or

                  (ii) if Tenant becomes insolvent, fails to pay its debts as
         they fall due, files a petition under any chapter of the U. S.
         Bankruptcy Code, 11 U.S.C., 101 et seq., as it may be amended (or any
         similar petition under any insolvency law of any jurisdiction), or if
         such petition is filed against Tenant and not dismissed within 60 days;
         or

                  (iii) if Tenant proposes any dissolution, liquidation,
         composition, financial reorganization or recapitalization with
         creditors, makes an assignment or trust mortgage for benefit of
         creditors, or if a receiver, trustee, custodian or similar agent is
         appointed or takes possession with respect to any property of Tenant
         and such appointment or taking is not dismissed within 60 days; or if
         the leasehold hereby created is taken on execution or other process of
         law in any action against Tenant.

         If there shall be an Event of Default hereunder, Landlord and the
agents and servants of Landlord may, in addition to and not in derogation of any
remedies for any

                                       16
<PAGE>   20

preceding breach of covenant, immediately or at any time thereafter while such
Event of Default continues and without further notice, at Landlord's election,
do any one or more of the following:

                  (a) give Tenant written notice stating that the Lease is
terminated, effective upon the giving of such notice or upon a date stated in
such notice, as Landlord may elect, in which event the Lease shall be
irrevocably extinguished and terminated as stated in such notice without any
further action; or

                  (b) with process of law, in a lawful manner enter and
repossess the Premises and expel Tenant and those claiming through or under
Tenant, and remove its and their effects, without being guilty of trespass, in
which event the Lease shall be irrevocably extinguished and terminated at the
time of such entry; or

                  (c) pursue any other rights or remedies permitted by law.

         Any such termination of the Lease shall be without prejudice to any
remedies which might otherwise be used for arrears of Rent or prior breach of
covenant, and in the event of such termination Tenant shall remain liable under
this Lease as hereinafter provided. Tenant hereby waives all statutory rights
(including, without limitation, rights of redemption, if any) to the extent such
rights may be lawfully waived, and Landlord, without notice to Tenant, may store
Tenant's effects and those of any person claiming through or under Tenant at the
reasonable expense and risk of Tenant and, if Landlord so elects, may sell such
effects at public auction or private sale and apply the net proceeds to the
payment of all sums due to Landlord from Tenant, if any, and pay over the
balance, if any, to Tenant.

9.2 TENANT'S OBLIGATIONS AFTER TERMINATION.

         In the event that this Lease is terminated under any of the provisions
contained in Section 9.1 or shall be otherwise terminated for breach of any
obligation of Tenant, Tenant covenants to pay forthwith to Landlord, as
compensation, the excess of the total rent reserved for the residue of the Term
over the rental value of the Premises for said residue of the Term. In
calculating the rent reserved and the rental value, there shall be included, in
addition to the Base Rent and all Additional Rent, the value of all other
consideration agreed to be paid or performed by Tenant for said residue. Tenant
further covenants as an additional and cumulative obligation after any such
termination to pay punctually to Landlord all the sums and perform all the
obligations which Tenant covenants in this Lease to pay and to perform in the
same manner and to the same extent and at the same time as if this Lease had not
been terminated. In calculating the amounts to be paid by Tenant under the next
foregoing covenant, Tenant shall be credited with any amount paid to Landlord as
compensation as provided in the first sentence of this Section 9.2 and also with
the net proceeds of any rents obtained by Landlord by reletting the Premises,
after deducting all Landlord's reasonable expenses in connection with such
reletting, including, without implied limitation, all repossession costs,
brokerage commissions, fees for legal services and expenses of preparing the
Premises for such reletting, it being agreed by Tenant that Landlord may (i)
relet the

                                       17
<PAGE>   21

Premises or any part or parts thereof for a term or terms which may at
Landlord's option be equal to or less than or exceed the period which would
otherwise have constituted the balance of the Term and may grant such
concessions and free rent as Landlord in its reasonable judgment considers
advisable or necessary to relet the same and (ii) make such alterations, repairs
and decorations in the Premises as Landlord in its sole judgment considers
advisable or necessary to relet the same, and no action of Landlord in
accordance with the foregoing or failure to relet or to collect rent under
reletting shall operate or be construed to release or reduce Tenant's liability
as aforesaid.

         Nothing contained in this Lease shall, however, limit or prejudice the
right of Landlord to prove and obtain in proceedings for bankruptcy or
insolvency by reason of the termination of this Lease, an amount equal to the
maximum allowed by any statute or rule of law in effect at the time when, and
governing the proceedings in which, the damages are to be proved, whether or not
the amount be greater, equal to, or less than the amount of the loss or damages
referred to above.

                                   ARTICLE X
                                  MISCELLANEOUS

10.1 NOTICES FROM ONE PARTY TO THE OTHER.

         All notices, requests and other communications required or permitted
under this Lease shall be in writing and shall be personally delivered or sent
by certified mail, return receipt requested, postage prepaid or by a national
overnight delivery service which maintains delivery records. Notices to Tenant
and Landlord shall be delivered to the address specified in Article I above. All
notices shall be effective upon delivery (or refusal to accept delivery). Either
party may change its notice address upon notice to the other party.

10.2 BIND AND INURE.

         The obligations of this Lease shall run with the land, and this Lease
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that the Landlord named herein and
each successive owner of the Property shall be liable only for the obligations
accruing during the period of its ownership. The obligations of Landlord shall
be binding upon the assets of Landlord which comprise the Property and the
proceeds of any insurance or action in the nature of eminent domain relating to
the Property, but not upon other assets of Landlord. No individual partner,
trustee, stockholder, officer, director, employee, member, beneficiary, agent or
advisor of Landlord shall be personally liable under this Lease and Tenant shall
look solely to Landlord's interest in the Property, and the proceeds of any
insurance or action in the nature of eminent domain relating to the Property
remedies upon an event of default hereunder, and the general assets of the
individual partners, trustees, stockholders, officers, employees, members or
beneficiaries of Landlord shall not be subject to levy, execution or other
enforcement procedure for the satisfaction of the remedies of Tenant.

                                       18
<PAGE>   22

10.3 NO SURRENDER.

         The delivery of keys to any employee of Landlord or to Landlord's agent
or any employee thereof shall not operate as a termination of this Lease or a
surrender of the Premises.

10.4 NO WAIVER, ETC.

         The failure of Landlord or of Tenant to seek redress for violation of,
or to insist upon the strict performance of any covenant or condition of this
Lease shall not be deemed a waiver of such violation nor prevent a subsequent
act, which would have originally constituted a violation, from having all the
force and effect of an original violation. The receipt by Landlord of Base Rent
or Additional Rent with knowledge of the breach of any covenant of this Lease
shall not be deemed a waiver of such breach by Landlord, unless such waiver is
in writing and signed by Landlord. No consent or waiver, express or implied, by
Landlord or Tenant to or of any breach of any agreement or duty shall be
construed as a waiver or consent to or of any other breach of the same or any
other agreement or duty.

10.5 NO ACCORD AND SATISFACTION.

         No acceptance by Landlord of a lesser sum than the Rent then due shall
be deemed to be other than on account of the earliest installment of such Rent
due, nor shall any endorsement or statement on any check or any letter
accompanying any check or payment as Rent be deemed as accord and satisfaction,
and Landlord may accept such check or payment without prejudice to Landlord's
right to recover the balance of such installment or pursue any other remedy in
this Lease provided.

10.6 CUMULATIVE REMEDIES.

         The specific remedies to which Landlord may resort under the terms of
this Lease are cumulative and are not intended to be exclusive of any other
remedies or means of redress to which it may be lawfully entitled in case of any
breach or threatened breach by Tenant of any provisions of this Lease. In
addition to the other remedies provided in this Lease, Landlord shall be
entitled to the restraint by injunction of the violation or attempted or
threatened violation of any of the covenants, conditions or provisions of this
Lease or to a decree compelling specific performance of any such covenants,
conditions or provisions.

                                       19
<PAGE>   23

10.7 LANDLORD'S RIGHT TO CURE.

         If Tenant shall at any time default in the performance of any
obligation under this Lease, Landlord shall have the right, but shall not be
obligated, to enter upon the Premises and to perform such obligation,
notwithstanding the fact that no specific provision for such substituted
performance by Landlord is made in this Lease with respect to such default. In
performing such obligation, Landlord may make any payment of money or perform
any other act. All sums so paid by Landlord (together with interest at the rate
of 4% per annum in excess of the then average prime commercial rate of interest
being charged by BankBoston) and all necessary incidental costs and expenses in
connection with the performance of any such act by Landlord, shall be deemed to
be Additional Rent under this Lease and shall be payable to Landlord immediately
on demand. Landlord may exercise the foregoing rights without waiving any other
of its rights or releasing Tenant from any of its obligations under this Lease.

10.8 ESTOPPEL CERTIFICATE.

         Tenant agrees, from time to time, upon not less than 10 days' prior
written request by Landlord, to execute, acknowledge and deliver to Landlord a
statement in writing certifying that this Lease is unmodified and in full force
and effect; that, to Tenant's knowledge, Tenant has no defenses, offsets or
counterclaims against its obligations to pay the Rent and to perform its other
covenants under this Lease; that to the extent true, there is no default or
Event of Default then existing and Tenant has not received a notice of any
alleged default by Tenant under the Lease; that the Lease has not been modified
or amended (or, if there have been modifications, that this Lease is in full
force and effect as modified and stating the modifications, and, if there are
any defenses, offsets, counterclaims, or defaults, setting them forth in
reasonable detail); the dates to which the Base Rent, Additional Rent and other
charges have been paid; and such other factual matters as Landlord may
reasonably request. Any such statement delivered pursuant to this Section 10.8
shall be in a form reasonably acceptable to and may be relied upon by any
prospective purchaser or mortgagee of premises which include the Premises or any
prospective assignee of any such mortgagee.

10.9 WAIVER OF JURY TRIAL.

THE PARTIES HERETO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY PARTY(IES) AGAINST ANY OTHER PARTY(IES) ON ANY MATTER ARISING OUT
OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP OF THE
PARTIES CREATED HEREUNDER.

10.10 ACTS OF GOD.

         In any case where either party hereto is required to do any act, delays
caused by or resulting from Acts of God, war, civil commotion, fire, flood or
other casualty, labor difficulties not limited to the Premises or Tenant's or
Landlord's business operations,

                                       20
<PAGE>   24

shortages of labor, materials or equipment, government regulations, unusually
severe weather, or other causes beyond such party's reasonable control shall not
be counted in determining the time during which work shall be completed, whether
such time be designated by a fixed date, a fixed time or a "reasonable time",
and such time shall be deemed to be extended by the period of such delay.

10.11 BROKERAGE.

         Tenant represents and warrants that it has dealt with no broker in
connection with this transaction other than the Brokers and agrees to defend,
with counsel reasonably approved by Landlord, indemnify and save Landlord
harmless from and against any and all cost, expense or liability for any
compensation, commissions or charges claimed by a broker or agent, other than
the Brokers, with respect to Tenant's dealings in connection with this Lease.
Landlord represents and warrants to Tenant that it has dealt with no broker in
connection with this transaction other than the Brokers and agrees to defend,
with counsel reasonably approved by Tenant, indemnify and save Tenant harmless
from and against any and all cost, expense or liability for any compensation,
commissions or charges claimed by a broker or agent with respect to Landlord's
dealings in connection with this Lease.

10.12 SUBMISSION NOT AN OFFER.

         The submission of a draft of this Lease or a summary of some or all of
its provisions does not constitute an offer to lease or demise the Premises, it
being understood and agreed that neither Landlord nor Tenant shall be legally
bound with respect to the leasing of the Premises unless and until this Lease
has been executed by both Landlord and Tenant and a fully executed copy has been
delivered to each of them.

10.13 APPLICABLE LAW AND CONSTRUctiON.

         This Lease shall be governed by and construed in accordance with the
laws of the state in which the Premises are located. If any term, covenant,
condition or provision of this Lease or the application thereof to any person or
circumstances shall be declared invalid or unenforceable by the final ruling of
a court of competent jurisdiction having final review, the remaining terms,
covenants, conditions and provisions of this Lease and their application to
persons or circumstances shall not be affected thereby and shall continue to be
enforced and recognized as valid agreements of the parties, and in the place of
such invalid or unenforceable provision, there shall be substituted a like, but
valid and enforceable provision which comports to the findings of the aforesaid
court and most nearly accomplishes the original intention of the parties.

         There are no oral or written agreements between Landlord and Tenant
affecting this Lease, except as specified in this Lease. This Lease may be
amended, and the provisions hereof may be waived or modified, only by
instruments in writing executed by Landlord and Tenant.

         The titles of the several Articles and Sections contained herein are
for convenience only and shall not be considered in construing this Lease,

                                       21
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         Unless repugnant to the context, the words "Landlord" and "Tenant"
appearing in this Lease shall be construed to mean those named above and their
respective heirs, executors, administrators, successors and assigns, and those
claiming through or under them respectively to there be more than one tenant,
the obligations imposed by this Lease upon Tenant shall be joint and several.

10.14 SIGNS.

         Tenant may install, at its sole cost and expense, signs on the Building
and the monument sign as presently existing. All signage must comply with all
applicable laws, codes and regulations, including, without limitation, zoning
and building codes. Tenant shall be responsible for obtaining all necessary
permits and approvals. Any changes in the location, materials, design and method
of installation of all signage, or any new signage, shall be subject to
Landlord's prior written approval.

10.15 SECURITY DEPOSIT.

         Tenant has deposited with Landlord the Security Deposit as security for
the full, faithful and punctual performance by Tenant of all of the terms of
this Lease, whether in cash or by delivery to Landlord of a clean, irrevocable
letter of credit in the amount of the Security Deposit. In the event Tenant
defaults in the performance of any of the terms of this Lease, including the
payment of Rent, Landlord may use, apply or retain the whole or any part of the
Security Deposit to the extent required for the payment of any Rent or for any
sum which Landlord may expend or may be required to expend by reason of Tenant's
default in respect of any of the terms of this Lease, including any damages or
deficiency in the re-letting of the Premises, whether accruing before or after
summary proceedings or other re-entry by Landlord. In the case of every such
use, application or retention, Tenant shall, on demand, pay to Landlord the sum
so used, applied or retained which shall be added to the Security Deposit so
that the same shall be replenished to its former amount and Tenant's failure to
do so shall be a material breach of this Lease. If the monthly Rent shall, from
time to time, increase during the Term, Tenant shall then deposit with Landlord
an additional security deposit so that the amount of such Security Deposit held
by Landlord shall at all times bear the same proportion to current Rent as the
original security deposit bears to the original monthly Rent set forth in this
Lease. Landlord shall not be required to keep such deposit separate from its
general accounts and Tenant shall not be entitled to interest on the Security
Deposit. The Security Deposit shall not be deemed a limitation on Landlord's
damages or a payment of liquidated damages or a payment of the monthly Rent due
for the last month of the Term of this Lease. If Tenant shall fully and
punctually comply with all of the terms of this Lease, the Security Deposit, or
so much of it as has not been applied by Landlord, shall be returned to Tenant,
without interest or other increment for its use, after the termination of this
Lease and after delivery of exclusive possession of the Premises to Landlord. In
the event of a sale or lease of the Building, Landlord shall have the right to
transfer the Security Deposit to the vendee or lessee and Landlord shall
immediately be released by Tenant from all liability for the return of such
Security Deposit; and Tenant agrees to look solely to the new owner or landlord
for the return of said Security Deposit; and it is agreed that the provisions
hereof shall

                                       22
<PAGE>   26

apply to every transfer or assignment made of the Security Deposit to a new
owner or landlord. Tenant shall not assign or encumber or attempt to assign or
encumber the monies deposited herein as the Security Deposit and neither
Landlord nor its successors or assigns shall be bound by any such assignment,
encumbrance, attempted assignment or encumbrance. This Lease does not create a
trust relationship between Landlord and Tenant with respect to such Security
Deposit, and Landlord shall be entitled to treat such Security Deposit as
Landlord's own property, subject only to Tenant's right to receive repayment of
it as and to the extent provided in this Section.

10.16 RENEWAL OPTIONS.

         10.16.1 Provided Tenant is not in default under this Lease and that no
event or condition exists which with notice and the expiration of any grace
period would constitute an Event of Default under this Lease at the time the
option may be exercised and at the time the Renewal Period commences, Landlord
grants Tenant options (the "Renewal Options") to extend this Lease with respect
to all of the Premises for two additional consecutive periods of five years
(each a "Renewal Period"). The first Renewal Option shall be exercised by Tenant
delivering written notice to Landlord at least 9 months prior to the Expiration
Date of the initial Term, and provided that Tenant has exercised the first
Renewal Option, the second Renewal Option may be exercised by Tenant delivering
written notice to Landlord at least 9 months prior to the Expiration Date of the
Term of the first Renewal Period.

         10.16.2 The rate of annual Base Rent (the "Renewal Rental Rate") for
each Renewal Period shall be the market rental rate, which shall be the rental
rate then being charged by landlords (including Landlord) in the metropolitan
area in which the Premises is located on new leases or on renewed leases to
tenants of a similar credit quality to Tenant for space of similar quality and
size as the Premises, but in no event shall the Renewal Rental Rate be less than
the Base Rent in effect for the last Lease Year of the initial Term.

         10.16.3 Within fifteen days after Tenant's exercise of each Renewal
Option, Landlord shall notify Tenant in writing of Landlord's proposed Renewal
Rental Rate as determined by the above formula. Tenant shall have ten days from
the receipt of Landlord's notice to either accept or dispute Landlord's
determination of the Renewal Rental Rate. In the event that Tenant disputes
Landlord's determination, Tenant shall so notify Landlord and advise Landlord of
Tenant's determination of the Renewal Rental Rate for the Renewal Period as
determined by the above formula. If Landlord and Tenant cannot agree upon the
Renewal Rental Rate within thirty days of Tenant's original notice of its intent
to exercise its Renewal Option, the following "Dispute Resolution Mechanism"
shall be utilized: The parties, within ten days after the expiration of said
thirty day period, shall jointly appoint as arbitrator, a certified commercial
real estate appraiser with a minimum of ten years experience in the applicable
market, employed by a major real estate firm operating in the Boulder, Colorado
area. If Landlord and Tenant cannot agree on an acceptable arbitrator, Landlord
and Tenant shall each choose, within an additional ten days thereafter, its own
arbitrator who meets the qualifications described above. The arbitrators shall
then

                                       23
<PAGE>   27

jointly select, within an additional ten days, an arbitrator to serve as the
arbitrator hereunder. Within twenty days after appointment, the arbitrator shall
choose either Landlord's or Tenant's determination of the Renewal Rental Rate.
The cost of the arbitrator(s) shall be borne by the party whose determination of
the Renewal Rental Rate was not selected by the arbitrator.

         10.16.4 Landlord and Tenant shall execute an amendment to this Lease
within fifteen days after the determination of the Renewal Rental Rate, which
amendment shall set forth the extended Term and the Renewal Rental Rate. Except
for any change in the rate of Base Rent, the Renewal Period shall be subject to
all of the terms and conditions of this Lease.

         10.16.5 Neither any option granted to Tenant to renew or extend the
Term, nor the exercise of any such option by Tenant, shall prevent Landlord from
exercising any option or right granted or reserved to Landlord in this Lease, or
that Landlord may otherwise have, to terminate this Lease or any renewal or
extension of the Term either during the original Term or during the renewed or
extended term. Any renewal or extension right granted to Tenant shall be
personal to Tenant and may not be exercised by any assignee, subtenant or legal
representative of Tenant. Any termination of this Lease shall serve to terminate
any such renewal or extension of the Term, whether or not Tenant shall have
exercised the option to renew or extend the Term. No option granted to Tenant to
renew or extend the Term shall be deemed to give Tenant any further option to
renew or extend.

                         SIGNATURES FOLLOW ON NEXT PAGE

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         EXECUTED as a sealed instrument in two or more counterparts on the day
and year first above written.

LANDLORD:

BOULDER 38TH LLC

By: Boulder Campus LLC, Manager

    By: MSC Boulder LLC, Primary Member

        By: /s/ JOHN H. BAXTER
            ---------------------------
            Name:  John H. Baxter
            Title: Vice President

TENANT:

EXABYTE CORPORATION

By: /s/ WILLIAM L. MARRINER
    -----------------------------------
    Name:  William L. Marriner
    Title: President and Chief Executive Officer

A copy of Tenant's corporate authorization for such execution is attached
hereto.

                                      A-1
<PAGE>   29

                                                                   EXHIBIT 10.37

The Registrant hereby agrees to furnish supplementally a copy of the following
omitted Certificates and Appendices:

         Certificate                        Certificate of Incumbency
         Appendix A                         Plan of Premises

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