Document:

exh10.1_10q2q03

EXHIBIT 10.1

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED 

REVOLVING LOAN AGREEMENT

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED REVOLVING LOAN
AGREEMENT (this "Amendment") made this 27th day of June, 2003, by
and among ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation
("Parent"), ALEXANDRIA REAL ESTATE EQUITIES, L.P., a Delaware limited
partnership ("Operating Partnership"), ARE-QRS CORP., a Maryland corporation
("QRS"), ARE ACQUISITIONS, LLC, a Delaware limited liability company ("ARE"),
the other Borrowers whose names are set forth on the signature pages of this
Amendment (collectively, with Parent, Operating Partnership, QRS and ARE, the
"Borrowers", all on a joint and several basis), each lender whose name is set
forth on the signature pages of this Amendment as "Banks" (collectively, the
"Banks" and individually, a "Bank") and FLEET NATIONAL BANK, as Administrative
Agent for the Banks (the "Administrative Agent").

W I T N E S S E T H:

WHEREAS, Borrowers, Administrative Agent and the Banks are parties to that
certain Third Amended and Restated Revolving Loan Agreement dated as of July 11,
2002 (the "Loan Agreement"); and

WHEREAS, the original Line Commitment under the Loan Agreement was
$400,000,000;

WHEREAS, on October 30, 2002 Borrowers, pursuant to &sect;2.13 of the
Loan Agreement, exercised their option to increase the Line Commitment by
$25,000,000 (the "Initial Increase Amount") (which increased the maximum
aggregate Line Commitment to $425,000,000) with Commerzbank AG, New York and
Grand Cayman Branches acquiring $10,000,000 of the Initial Increase Amount for a
total Line Commitment of $50,000,000, Keybank National Association acquiring
$10,000,000 of the Initial Increase Amount for a total Line Commitment of
$50,000,000 and Societe Generale acquiring $5,000,000 of the Initial Increase
Amount for a total Line Commitment of $45,000,000 (the "Initial Increase");

WHEREAS, Borrowers are only permitted to increase the Line Commitment once
pursuant to &sect;2.13(c) (the "Increase Restriction") and the increase must
be acquired by one or more existing Banks (the "Acquisition Restriction")
pursuant to &sect;2.13(b)(iv);

WHEREAS, Borrowers desire to further increase the Line Commitment by
$15,000,000 (the "Additional Increase Amount") (which would result in the
maximum aggregate Line Commitment being up to $440,000,000) with Bank One, NA
("Bank One") (which is not an existing Bank) acquiring the Additional Increase
Amount (the "Additional Increase");

WHEREAS, Agent and the Banks have agreed to waive the Increase Restriction
and the Acquisition Restriction and permit the Additional Increase;

WHEREAS, as a condition to the waiver of the Increase Restriction and the
Acquisition Restriction and consent to the Additional Increase, Administrative
Agent and the Banks have required that Borrowers execute this Amendment;

NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS
($10.00), and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto do hereby covenant and agree
as follows:

	Definitions.  All the terms used herein which are not otherwise
defined herein shall have the meanings set forth in the Loan Agreement.

	Modification of the Loan Agreement.  Borrowers, the Banks and
Administrative Agent do hereby modify and amend the Loan Agreement as follows:

	By deleting in its entirety the definition of the term "Line Commitment"
appearing in &sect;1.1 of the Loan Agreement, and inserting in lieu thereof
the following:

"Line Commitment"
means subject to Section 2.7, $440,000,000.  The respective Pro Rata
Shares of the Banks with respect to the Line Commitment are set forth in
Schedule 1.1."

	By deleting in its entirety Schedule 1.1 and inserting in lieu
thereof Schedule 1.1 attached hereto and made a part hereof.

	Consent to Additional Increase.  The Banks hereby waive the Increase
Restriction and the Acquisition Restriction with respect to and consent to the
Additional Increase, such Additional Increase to be undertaken contemporaneously
herewith in accordance with the requirement set forth in &sect;2.13 (other
than as set forth above).

	No Further Waiver.  Borrowers acknowledge that the Banks have made no
agreement and are in no way obligated to grant any further waivers or consents
other than as provided in Section 3 above.

	References to Loan Agreement.  All references in the Loan Documents
to the Loan Agreement shall be deemed a reference to the Loan Agreement, as
modified and amended herein.

	Representations.  Borrowers represent and warrant to Administrative
Agent and the Banks as follows:

	Each of the Borrowers has all requisite power and authority to execute and
deliver this Amendment and to perform its obligations hereunder.
	The execution, delivery and performance by each of Borrowers of this
Amendment have been duly authorized by all necessary corporate, partnership or
limited liability company action, as applicable, and do not and will not:

	Require any consent or approval not heretofore obtained of any partner,
director, stockholder, security holder or creditor of Borrowers;
	Violate or conflict with any provision of Borrowers' charter, articles of
incorporation, bylaws or other organizational agreements, as applicable;
	Result in or require the creation or imposition of any Lien or Right of
Others upon or with respect to any Property now owned or leased or hereafter
acquired by Borrowers;
	Violate any Requirement of Law applicable to Borrowers; or
	Result in a breach of or constitute a default under, or cause or permit the
acceleration of any obligation owed under, any indenture or loan or credit
agreement or any other Contractual Obligation to which Borrowers are a party or
by which Borrowers or any of their Property is bound or affected.

	Except as previously obtained or made, no authorization, consent, approval,
order, license or permit from, or filing, registration or qualification with,
any Governmental Agency is or will be required to authorize or permit under
applicable Laws the execution, delivery and performance by any of Borrowers of
this Amendment.
	This Amendment will, when executed and delivered by Borrowers, constitute
the legal, valid and binding obligation of Borrowers, enforceable against
Borrowers in accordance with its terms, except as enforcement may be
limited by Debtor Relief Laws or equitable principles relating to the granting
of specific performance and other equitable remedies as a matter of judicial
discretion.

	Conditions to Effectiveness.  The effectiveness of this Amendment is
subject to the satisfaction of each of the following conditions precedent:

	The Administrative Agent shall have received all of the following, each of
which shall be originals unless otherwise specified, each properly executed by a
Responsible Official of each party thereto, and each in form and substance
satisfactory to the Administrative Agent and its legal counsel (unless otherwise
specified or, in the case of the date of any of the following, unless the
Administrative Agent otherwise agrees or directs):

	at least one (1) executed counterpart of this Amendment, together with
arrangements satisfactory to the Administrative Agent for additional executed
counterparts, sufficient in number for distribution to the Banks and
Borrowers;
	with respect to each of Borrowers, such documentation as the Administrative
Agent may require to establish its authority to execute, deliver and perform
this Amendment, the identity, authority and capacity of each Responsible
Official thereof authorized to act on its behalf, including certified
copies of articles of incorporation and amendments thereto, bylaws and
amendments thereto (or certifications acceptable to Administrative Agent that
there have been no changes to any of such items from those previously delivered
to the Managing Agent pursuant to the Loan Agreement), certificates of good
standing and/or qualification to engage in business, tax clearance certificates,
certificates of corporate resolutions, incumbency certificates, Certificates of
Responsible Officials, and the like; 
	one (1) executed counterpart of a Line Note in the amount of $15,000,000
made by Borrower payable to Bank One; and 
	payment of such fees as Administrative Agent and Bank One may require with
respect to the Additional Increase Amount.

	The Administrative Agent shall have reviewed such other documents,
instruments, certificates, opinions, assurances, consents and approvals as the
Administrative Agent or the Administrative Agent's special counsel may
reasonably have requested.

	No Default.  By execution hereof, each of the Borrowers certifies
that such Persons are and will be in compliance with all covenants under the
Loan Documents after the execution and delivery of this Amendment, and that no
Default or Event of Default has occurred and is continuing.  

	Waiver of Claims. Each of the Borrowers acknowledges, represents and
agrees that none of such Persons has any defenses, setoffs, claims,
counterclaims or causes of action of any kind or nature whatsoever with respect
to the Loan Documents, the administration or funding of the Loan or with respect
to any acts or omissions of Administrative Agent or any Bank, or any past or
present officers, Administrative Agents or employees of Administrative Agent or
any Bank, and each of such Persons does hereby expressly waive, release and
relinquish any and all such defenses, setoffs, claims, counterclaims and causes
of action, if any.

	Ratification.  Except as hereinabove set forth, all terms, covenants
and provisions of the Loan Agreement remain unaltered and in full force and
effect, and the parties hereto do hereby expressly ratify and confirm the Loan
Documents and the Loan Agreement as modified and amended herein.  Nothing in
this Amendment shall be deemed or construed to constitute, and there has not
otherwise occurred, a novation, cancellation, satisfaction, release, waiver,
extinguishment or substitution of the indebtedness evidenced by the Notes or the
other obligations of Borrowers under the Loan Documents. 

	Amendment as Loan Document.  This Amendment shall constitute a Loan
Document.  

	Counterparts.  This Amendment may be executed in any number of
counterparts which shall together constitute but one and the same
agreement.

	Miscellaneous.  This Amendment shall be construed and enforced in
accordance with the laws of the State of California.  This Amendment shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective permitted successors, successors-in-title and assigns as provided in
the Loan Agreement.

 

 

[Signatures on Following Pages]

          IN WITNESS WHEREOF, the parties hereto have hereto set their
hands and affixed their seals as of the day and year first above written.

BORROWERS:

 

ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation

By:/s/ Peter J. Nelson

     Peter J. Nelson, CFO

 

 

                                             [Signatures Continue on
Following Page]

 

 

 
 
 
 
 
 
 
 
 
ALEXANDRIA REAL ESTATE EQUITIES, L.P., a Delaware limited partnership

By:ARE-QRS Corp., a Maryland corporation, general 

partner

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

ARE-QRS CORP., a Maryland corporation

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

ARE ACQUISITIONS, LLC

ARE-1401 RESEARCH BOULEVARD, LLC

ARE-1500 EAST GUDE, LLC

ARE-JOHN HOPKINS COURT, LLC

By: ARE-QRS Corp., a Maryland corporation,

 managing member

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

 

 

 

 

 

 

ARE-215 COLLEGE ROAD, LLC

ARE-819/863 MITTEN ROAD, LLC

ARE-150/154 TECHNOLOGY PARKWAY, LLC

ARE-8000/9000/10000 VIRGINIA MANOR, LLC

ARE-19 FIRSTFIELD ROAD, LLC

ARE-10150 OLD COLUMBIA, LLC

ARE-170 WILLIAMS DRIVE, LLC

ARE-3005 FIRST AVENUE, LLC

ARE-15020 SHADY GROVE, LLC

ARE-5 TRIANGLE DRIVE, LLC

ARE-50 WEST WATKINS MILL, LLC

ARE-100 PHILLIPS PARKWAY, LLC

ARE-279 PRINCETON ROAD, LLC

ARE-2001 ALICEANNA STREET, LLC

ARE-3770 TANSY STREET, LLC

ARE-10505 ROSELLE STREET, LLC

ARE-9363/9373/9393 TOWNE CENTRE, LLC

ARE-2425/2400/2450 GARCIA BAYSHORE, LLC

ARE-108 ALEXANDER ROAD, LLC

ARE-480 ARSENAL STREET, LLC

ARE-500 ARSENAL STREET, LLC

ARE-7030 KIT CREEK, LLC

ARE-6146 NANCY RIDGE, LLC

ARE-29 HARTWELL AVENUE, LLC

ARE-901/951 GATEWAY BOULEVARD LLC

ARE-770/784/790 MEMORIAL DRIVE, LLC

ARE-1201/1208 EASTLAKE AVENUE, LLC

ARE-1208 EASTLAKE AVENUE, LLC

By:Alexandria Real Estate Equities, L.P., a Delaware limited partnership,
their sole member

By:ARE-QRS Corp., a Maryland corporation,

general partner

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

 

 

 

ARE-129/153/161 HILL STREET, LLC

By:Alexandria Real Estate Equities, L.P., a Delaware limited partnership,
its managing member

By:ARE-QRS Corp., a Maryland corporation,

general partner

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

 

 

 

ARE-5 RESEARCH PLACE, LLC, a Maryland limited liability company

By:Alexandria Real Estate Equities, L.P., a Delaware limited partnership,
its managing member

By:ARE-QRS Corp., a Maryland corporation,

general partner

 

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

 

ARE-79/96 CHARLESTOWN NAVY YARD, LLC

ARE-280 POND STREET, LLC

ARE-60 WESTVIEW, LLC

ARE-381 PLANTATION STREET, LLC

By:AREE-Holdings, L.P., a Delaware limited

 partnership, managing member

By:ARE-GP Holdings QRS Corp., a Delaware corporation, general partner

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

 

 

 

ARE-5100/5110 CAMPUS DRIVE, L.P.

ARE-702 ELECTRONIC DRIVE, L.P.

By:AREE-Holdings, L.P., a Delaware limited

partnership, general partner

By:ARE-GP Holdings QRS Corp., a Delaware corporation, general partner

 

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

 

 

 

 

ARE-10933 NORTH TORREY PINES, LLC

ARE-11099 NORTH TORREY PINES, LLC

By:Alexandria Real Estate Equities, Inc., a Maryland corporation, their
sole member

By:/s/ Peter J. Nelson

Peter J. Nelson, CFO

Address for all the foregoing:

Alexandria Real Estate Equities, Inc.

135 N. Los Robles Avenue, Suite 250

Pasadena, California 91101

Attn: Mr. Joel S. Marcus, Chief Executive Officer

Telephone:(626) 578-0777

Telecopier:(626) 578-0770

 

 

 

 

 

 

 

 

 

 

 

 

FLEET NATIONAL BANK, individually

And as Administrative Agent

By:/s/ Daniel P. Stegemoeller

 Daniel P. Stegemoeller

Director

Address:

Fleet National Bank

100 Federal Street

Boston, Massachusetts 02110

Attn:  Real Estate Divison

With a copy to:

Fleet National Bank

115 Perimeter Center Place, N.E., Suite 500

Atlanta, Georgia 30346

Attn:  Mr. Dan Stegemoeller, Director

Telephone:  (770) 390-6547

Telecopier:  (770) 390-8434

 

 
  
 

JPMORGAN CHASE BANK

By:/s/ Susan M. Tate

 Susan M. Tate

Vice President

Address:

JPMorgan Chase Bank

707 Travis Street, 6th Floor North

Houston, Texas 77002

Attn:  Ms. Susan Tate

 
 

 

 

SOCIETE GENERALE

By:/s/ Scott Gosslee

 Scott Gosslee

Director

Address:

Societe Generale

2001 Ross Avenue

Suite 4900

Dallas, Texas 75201

Attn:  Mr. Scott Gosslee

 

 

 

 
 

 

COMMERZBANK AG, NEW YORK

AND GRAND CAYMAN BRANCHES

By:/s/ R. William Knickerbocker

 R. William Knickerbocker

Vice President

By:/s/ E. Marcus Perry      

 E. Marcus Perry

Assistant Vice President

Address:

Commerzbank AG, New York and

Grand Cayman Branches

2 World Financial Center

New York, New York 10281

Attn:  Mr. David Schwarz

 

 
 

 

 

KEYBANK NATIONAL ASSOCIATION

By:/s/ Cheryl F. Van Klompenberg

 Cheryl F. Van Klompenberg

Assistant Vice President

Address:

KeyBank National Association

1675 Broadway

Suite 400

Denver, Colorado 80202

Attn:  Mr. Scott Childs

 

 

 
 

 

 

EUROHYPO AG, NEW YORK

BANK

By:/s/ Ben J. Marciano

 Ben J. Marciano

Managing Director

By:/s/ Andrew Cherrick

 Andrew Cherrick

Vice President

Address:

Eurohypo AG, New York Branch

355 S. Grand Ave., Suite 3200

Los Angeles, California 90071

Attn:  Mr. Gabe Potyondy

 

 

 

 

 
 

 

SUNTRUST BANK

By:/s/ Blake K. Thompson

 Blake K. Thompson

Vice President

Address:

SunTrust Bank

8245 Boone Boulevard

Vienna, Virginia 22182

Attn:  Mr. Blake Thompson

 

 

 

 

 
CITIZENS BANK OF RHODE ISLAND

By:/s/ Craig E. Schermerhorn

 Craig E. Schermerhorn

Vice President

Address:

Citizens Bank of Rhode Island

1 Citizens Plaza RC 0440

Providence, Rhode Island 02903

Attn:  Mr. Craig Schermerhorn

 

 

 

 

 

 

 
CITIZENS BANK OF MASSACHUSETTS

By:/s/ Craig E. Schermerhorn

 Craig E. Schermerhorn

Vice President

Address:

Citizens Bank of Massachusetts

1 Citizens Plaza RC 0440

Providence, Rhode Island 02903

Attn:  Mr. Craig Schermerhorn

 

 

 

 

 

 

 

 

 
SOVEREIGN BANK

By:/s/ T. Gregory Donohue

 T. Gregory Donohue

Vice President

Address:

Sovereign Bank

75 State Street

MA 1 SST 04 11

Boston, Massachusetts 02109

Attn:  Mr. T. Gregory Donohue

 

 

 

 

 

 

 

 

 
CHEVY CHASE BANK, F.S.B.

By:/s/ Frederick H. Denecke

 Frederick H. Denecke

Vice President

Address:

Chevy Chase Bank, F.S.B.

7501 Wisconsin Avenue

12th Floor

Bethesda, Maryland 20814

Attn:  Mr. Frederick H. Denecke

 

 

 

 

 

 

 
BANK OF THE WEST

By:/s/ Jake Little

 Jake Little

Syndication Officer

Address:

Bank of the West

300 S. Grand Avenue

Suite 1350

Los Angeles, CA 90071

Attn:  Ms. Tina Derderian

 

 

 

 

 
COMERICA BANK

By:/s/ Scott Helmer

 Scott Helmer

Vice President

Address:

Comerica Bank

500 Woodward Avenue

MC: 3256

Detroit, Michigan 48226

Attn:  Mr. Scott Helmer

 

 

 

 

 

 
MIZUHO CORPORATE BANK,LTD.

By:/s/ Bertram H. Tang

 Bertram H. Tang

Vice President & Team Leader

Address:

Mizuho Corporate Bank, Ltd.

Corporate Finance Division (Americas #3)

Specialized Finance Department

1251 Avenue of the Americas

New York, New York 10020

Attn:  Mr. Takeshi Kubo

 

 

 

 

 

 

 

 
MANUFACTURERS BANK

By:/s/ Manny Ahsan

 Manny Ahsan

Vice President

Address:

Manufacturers Bank

515 S. Figueroa St. Suite 400

Phone: 213-489-8729

Los Angeles, CA 90071

Attn:  Mr. Manny Ahsan

 

 

 

 

 
CEDARS BANK

By:/s/ Concetta Smarius

 Concetta Smarius

Senior Vice President

Address:

Cedars Bank

444 S. Flower Street

14th Floor

Los Angeles, California

Attn:  Mr. James Busick

 

 

 

 
BANK ONE, NA

By:/s/ Angela L. Kleiman

 Angela L. Kleiman

Director

Address:

Bank One, NA

1 Bank One Plaza

Suite 111-0315

Chicago, IL 60670

Attn:  Ms. Angela L. Kleiman<PAGE>
                                                                   Exhibit 10.21

                                    SUBLEASE

     THIS SUBLEASE, effective June 16, 2003, is executed by UNITED STATES
EXPLORATION, INC. ("UXP"), a Colorado Corporation with its principal business
address at 1560 Broadway, Suite 1900, Denver, Colorado 80202, and ASPECT ENERGY,
LLC ("ASPECT"), a Colorado limited liability company.

                                    Recitals

     A.   EOP - One Civic Center Plaza, L.L.C., a Delaware limited liability
company, ("PRIME LANDLORD,") and UXP as tenant, are parties to an Office Lease
Agreement dated October 15, 1998, copies of which UXP has delivered to ASPECT
(the "PRIME LEASE"). The premises covered by the Prime Lease include
approximately 11,854 rentable square feet of space designated (and referred to
here) as "SUITE 1950" in the building located at 1560 Broadway, Denver, Colorado
80202 (the "BUILDING").

     B.   UXP and ASPECT have agreed to enter into a Sublease with respect to a
portion of Suite 1950, as documented below.

     C.   The consent of Prime Landlord is required to permit such subletting.

                                    Sublease

     1.   Agreement.

          a. Sublease. In accordance with this Sublease, and subject to the
consent of Prime Landlord (in accordance with and subject to the terms and
provisions of the attached Consent, which shall be deemed a part hereof) and the
terms and conditions of the Prime Lease, UXP subleases to ASPECT, and ASPECT
subleases from UXP, premises comprised of approximately 8,401 rentable square
feet of space in Suite 1950, depicted as the areas double cross hatched on the
floor plan of Suite 1950 attached as Exhibit A (the "PREMISES"). ASPECT
acknowledges that the balance of Suite 1950 marked "UXP" and single cross
hatched on Exhibit A is reserved for the exclusive use of UXP.

          b. Related Facilities. Throughout the term of this Sublease, ASPECT
will have the right to use two of the unreserved parking spaces in the Building
garage facility available to UXP under Exhibit E of the Prime Lease upon payment
of the applicable parking fees by ASPECT to UXP, currently $165.00 per month per
space.

          c. Effect of Prime Lease. Subject to Section 6 below, the provisions
of the Prime Lease are incorporated into this Sublease as the agreement of UXP
and ASPECT as though UXP were "Landlord" under the Prime Lease and ASPECT were
"Tenant" under the Prime Lease.

     Notwithstanding the foregoing, throughout this Sublease, including the
provisions incorporated in it by reference, the term "Premises" refers to the
space subleased by ASPECT hereunder, and that definition is substituted for the
definition of "Premises" in the Prime Lease;

<PAGE>

"Lease Term" is the term in Section 2; Tenant's pro rata share" is governed by
Section 3.6; the term "Commencement Date" in the text of the Prime Lease will
have the meaning set forth in Section 2 below; the term "Base Rent," used in the
Prime Lease, will have the meaning set forth in Section 3.a below; the term
"Security Deposit" in the Prime Lease shall mean the amount delivered by ASPECT
to UXP as security for ASPECT's obligations hereunder pursuant to Section 9,
below; and the phrase "this Lease" set forth in the text of the Prime Lease will
refer to this Sublease.

          d. Reservation by UXP. Upon reasonable advance notice to ASPECT, UXP
reserves the right to enter upon the Premises from time to time as necessary to
perform the obligations of UXP under the Prime Lease. The preceding sentence
will not limit the rights of UXP to enter upon the Premises in the exercise of
its remedies or the exercise of any other rights of UXP under this Sublease,
including the Prime Lease provisions incorporated in it.

     2.   Term.

     The term of this Sublease will begin June 16, 2003 (the "COMMENCEMENT
DATE") and continue through March 31, 2008, which is the expiration of the date
of the Prime Lease, conditioned, however, on the continuing rights of UXP to
possession of the Premises under the Prime Lease.

     3.   Rent.

          a. Base Rent . ASPECT will pay UXP, for the entire term of this
Sublease, the sum of $92,411.00 as the annual rental for the Premises in monthly
installments of $7,700.92, each due on the first day of the month (the "BASE
RENT").

          b. Additional Base Rent. ASPECT will also pay, in addition to Base
Rent, ASPECT's proportionate share of all Additional Base Rent, as defined in
the Prime Lease, attributable to the Premises under the Prime Lease. ASPECT's
proportionate share (the "SUBTENANT'S SHARE") is agreed to be 1.4485%,
determined by dividing the rentable square foot area of the Premises (8,401) by
the rentable square foot area of the Building (579,999). ASPECT shall pay the
Subtenant's Share in monthly installments concurrently with each payment of Base
Rent, and UXP shall bill ASPECT for the Subtenant's Share on an estimated basis
throughout each year, with the understanding that UXP and ASPECT will make
appropriate adjustments to the Subtenant's Share, based on the actual Additional
Base Rent charged by Prime Landlord to UXP, all at the times and in a manner
consistent with Article IV of the Prime Lease.

          c. Out-of-Pocket Expenses. ASPECT will also pay directly to UXP or
reimburse UXP for any out-of-pocket expenses charged to or incurred by UXP as a
result of the occupancy of the Premises by ASPECT and not included in Basic
Costs, as defined, in the Prime Lease. Such expenses include, by way of example
and not limitation, any costs incurred by UXP under the Prime Lease for
replacement light bulbs, and any costs of separately metered electrical service
to the Premises. ASPECT will make such payment or reimbursement with the next
payment of Base Rent coming due after UXP has presented ASPECT with a bill
(together

                                       2
<PAGE>

with the supporting invoice or other documentation, if any) detailing the
charges, or within 10 days after receipt, whichever is later.

          d. General Provisions. The sums due to UXP under this Section 3 and
any other monies due to UXP under this Sublease apart from Base Rent will be
considered as Additional Base Rent, and UXP may enforce ASPECT's obligation for
such Additional Base Rent with all remedies available to UXP for any default in
the payment of Base Rent. (As used in this Sublease, the term "rent" will
include "Base Rent" and "Additional Base Rent.")

     ASPECT will pay all rent to UXP at the address of UXP in the first
paragraph of this Sublease or to any other address specified by UXP in
accordance with the notice provisions of Section 15 below.

     If the term of this Sublease begins on other than the first day of a month
or ends on other than the last day of a month, rent will be appropriately
prorated.

     4. Assignment and Subletting. ASPECT will not assign this Sublease,
sublease the Premises, pledge its interest in this Sublease or in the Premises
as security for any obligation of ASPECT (except any obligation owed to UXP), or
allow any other party to occupy the Premises without the written consent of UXP
except for the following entities:

    Alliance for Choice in Education;
    CARE;
    PLEXUS;
    ONSIGHT;and
    CHx Capital, LLC
(collectively the "Permitted Occupants").

Any change in the controlling interest in any constituent of ASPECT, by
operation of law or otherwise, will be a transfer requiring the consent of UXP
under this Section. The Permitted Occupants shall not be tenants under this
Sublease. Any compensation or consideration paid by any of the Permitted
Occupants to ASPECT in excess of rent due UXP hereunder shall be paid by ASPECT
to UXP as Additional Rent.

     5. ASPECT's Repair and Maintenance Responsibilities. ASPECT agrees to keep
the interior portion of the Premises in good repair and maintenance at all
times, including all glass and doors, except for repairs and maintenance which
are the responsibility of Prime Landlord pursuant to the Prime Lease, or which
are necessitated by the negligence of UXP or its agents or employees. ASPECT
will give UXP written notice of any repairs or maintenance to be performed by
UXP or Prime Landlord pursuant to this Section.

     6. Services. UXP is not obligated to provide any Building services to
ASPECT except as specifically provided in this Sublease. ASPECT's sole source of
such services is Prime Landlord pursuant to the Prime Lease; however, UXP shall
make any reasonable actions that ASPECT believes are necessary to cause Prime
Landlord to comply with its obligations under the Prime Lease.

                                       3
<PAGE>

     7. Default. In the event of any default by ASPECT in the payment or
performance of any covenant, term or condition required of ASPECT under this
Sublease, including any provision of the Prime Lease governing or incorporated
in this Sublease, ASPECT will be deemed to be in breach of this Sublease, and
the remedies stated in the Prime Lease, as provided to Prime Landlord, will be
available to UXP in addition to those given by law. In the event UXP commits a
default under this Sublease and does not cure the same within 30 days after
notice from ASPECT, ASPECT may terminate this Sublease and/or may exercise such
other remedies as ASPECT may have at law or in equity. In the event of an
uncured default by UXP under the Prime Lease that would allow the Prime Landlord
to terminate the Prime Lease, ASPECT may cure the same within the cure period
stated under the Prime Lease and deduct the cost of such cure from Additional
Base Rent due UXP hereunder.

     8. The Prime Lease. ASPECT will not cause or allow to be caused any default
under the Prime Lease. ASPECT will indemnify UXP against any claim, cause of
action, suit, loss, liability, damages, judgment and expenses (including
reasonable attorneys' fees and costs and charges for legal assistants) arising
out of any default under the Prime Lease caused by ASPECT. UXP will comply with
and perform all of its obligations under the Prime Lease and agrees not to
commit any act of omission that results in a surrender of the Premises or a
termination of the Prime Lease. UXP will indemnify ASPECT against any claim,
cause of action, suit, loss, liability, damages, judgment and expenses
(including reasonable attorneys' fees and costs and charges for legal
assistants) arising out of any default under the Prime Lease caused by UXP.

     9. Security Deposit. ASPECT deposited with UXP the sum of $11,551.38
representing $3,850.46 for the June 2003 rent and $7,700.92 as a security
deposit under this Sublease. UXP will apply $3,850.46 as the rent for June 2003
and shall hold $7,700.92 as a security deposit under this Sublease, to secure
the payment and performance of all obligations binding ASPECT under this
Sublease. If ASPECT defaults in fulfilling these obligations, UXP may use all or
part of the security deposit for the payment of rent or amounts which UXP may
spend or become obligated to spend by reason of ASPECT's default, or for the
loss or damage UXP may suffer because of ASPECT's default. If UXP so uses any
portion of the security deposit, ASPECT will restore the security deposit to its
original amount within five days after written demand from UXP. UXP will not be
required to keep the security deposit separate from its general funds, and
ASPECT will not be entitled to interest on the security deposit. The security
deposit will not be a limitation on the damages or other rights of UXP under
this Sublease, or a payment of liquidated damages, or an advance payment of the
rent. If ASPECT pays the rent and performs all of its other obligations under
this Sublease, UXP will return the unused portion of the security deposit to
ASPECT within 60 days after the end of the term; provided, however, if UXP has
evidence that the right to the security deposit has been assigned to an assignee
of the Sublease, UXP will return the security deposit to that assignee. UXP may
deliver the security deposit to any purchaser or assignee of the interest of UXP
in the Premises and be discharged from further liability with respect to it.

     10. Security Agreement. INTENTIONALLY OMITTED.

     11. Quiet Enjoyment. UXP warrants that UXP has full right and authority to
execute and perform this Sublease and to grant the estate conveyed by this
Sublease. Upon

                                       4
<PAGE>

ASPECT's payment of rent and performance of the covenants contained in this
Sublease, ASPECT will have quiet enjoyment of the Premises, subject to the Prime
Lease and all covenants, conditions, restrictions, encumbrances of record
against the Premises or the Building.

     12.  Signs. ASPECT will be permitted to maintain one sign in the hallway of
the Building at the entrance to the Premises and to list the Permitted Occupants
thereon, on the condition that UXP and Prime Landlord shall have approved the
design and size of the sign, and ASPECT will continue to pay for the maintenance
of, and, at the end of the term, removal of the sign.

     13.  Miscellaneous Provisions.

          a. All improvements made by ASPECT including the demising walls must
be approved by the Prime Landlord pursuant to the Prime Lease and completed
pursuant to the Prime Lease at the sole cost of ASPECT, lien free.

          b. ASPECT shall provide to UXP the same insurance required in Article
XVI of the Prime Lease and shall name UXP and the Prime Landlord as insureds.

          c. ASPECT hereby makes the same indemnities and waivers for the
benefit of UXP as UXP made in Article XV of the Prime Lease.

          d. In the event of litigation regarding this Sublease, the prevailing
party shall be entitled to recover its attorneys' fees and costs including
charges for legal assistants.

          e. The provisions of this Sublease shall be binding upon, and shall
inure to the benefit of, the parties hereto and their successors and assigns.

          f. The rights of the Permitted Occupants are derivative of ASPECT, and
UXP shall owe no duty to the Permitted Occupants. As a condition precedent to
taking occupancy, each Permitted Occupant shall execute and deliver to UXP an
agreement to indemnify and save UXP harmless regarding any damages caused by the
Permitted Occupant which results in a breach of the Prime Lease, and to
reimburse UXP for attorneys fees and costs including charges of legal assistants
in the event it becomes necessary to evict the Permitted Occupant or to recover
damages from the Permitted Occupant. Those attorneys fees and costs may be
recovered in any civil action to evict ASPECT or recover damages from ASPECT.

     14.  Brokers. UXP and ASPECT each warrants and represents to the other that
neither party has dealt with any broker in connection with this Sublease, and
each indemnifies the other against all claims and costs (including without
limitation reasonable attorneys' fees) incurred by the indemnified party in the
event of the breach by the other party of the warranty and representation set
forth in this paragraph.

     15.  Notices. Any notices under this Sublease will be written and given by
(i) personal delivery, (ii) registered or certified mail, return receipt
requested, (iii) overnight courier, with all charges prepaid; or (iv) telecopy
transmittal, to ASPECT at the Premises; and to UXP at its offices in the
Building. Notices will be deemed given and effective upon confirmed receipt on

                                       5
<PAGE>

a business day. (For these purposes, the term "business day" means any day other
than a Saturday, Sunday, or holiday observed by banking institutions in
Colorado.) The parties may change their addresses for notice or may designate
additional addresses by notice pursuant to this Section. Each party hereto shall
promptly deliver to the other true and complete copies of any and all notices or
other material correspondence regarding the Prime Lease, this Sublease the
Building or the Premises during the term hereof.

                           UNITED STATES EXPLORATION, INC., a
                           Colorado corporation

                           By:  /s/ Bruce D. Benson
                              --------------------------------------------------
                                                                       President

                           ASPECT ENERGY, LLC, a Colorado limited
                           liability company

                           By:  /s/ James M. Piccone
                              --------------------------------------------------
                              James M. Piccone
                              Executive Vice President

                                       6

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