Document:

exv10w10

THIRD AMENDMENT TO LEASE AGREEMENT

     THIS THIRD AMENDMENT TO LEASE AGREEMENT (the “Third Amendment”) is made and entered
into effective as of June ___, 2006, by and between SPIRIT MASTER FUNDING, LLC, a Delaware
limited liability company, as successor-in-interest to Spirit Finance Acquisitions, LLC, a Delaware
limited liability company (“Lessor”), and SIGNIFICANT EDUCATION, INC., a Delaware
corporation, as successor-in-interest to Significant Education, LLC, a Delaware limited liability
company (“Lessee”).

Recitals

     WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated as of June 28,
2004, as amended pursuant to that certain Amendment to Lease Agreement dated effective as of
September 24, 2004, and as further amended pursuant to that certain Second Amendment to Lease
Agreement dated effective as of August 23, 2005 (collectively, the “Lease”), with respect
to the real property and improvements as described in the Lease. Terms not defined in this Third
Amendment shall have the meanings ascribed to them in the Lease.

     WHEREAS, Lessee has requested, and Lessor has agreed to provide, additional funding for
additional tenant improvements pursuant to and in accordance with the terms of this Third
Amendment.

     NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee
agree as follows:

	1.	 	Additional Tenant Improvements. The following new subsections D and E shall
be added to the end of Section 44 of the Lease.

     D. Additional Tenant Improvements. Lessor shall reimburse Lessee an additional aggregate amount not
to exceed Five Million Eight Hundred Thousand and 00/100 Dollars ($5,800,000.00) (collectively, the
“Additional Funds”) for the construction, completion, rehabilitation, renovation or
installation of improvements to the Property related to the operation to the Permitted Facility
that are described on Exhibit E attached hereto and incorporated herein (collectively, the
“Additional Tenant Improvements ”). Lessor shall disburse the Additional Funds in
accordance with, and upon Lessee’s satisfaction of, Lessor’s standard disbursement procedures
(including without limitation, the completion, execution and delivery of the Draw Request
Certification in the form attached hereto as Exhibit F (the “Draw request”)), in
three (3) separate installments as follows: (i) an initial disbursement of $1,044,089.00 shall be
made on the date of execution and delivery of this Third Amendment, the Draw Request, and any other
documents reasonably requested by Lessor in connection with such initial disbursement; (ii) an
interim disbursement not to exceed the amount of $3,071,562.00 shall be made on July 31, 2006
(provided that Lessee has complied in all respects with Lessor’s disbursement procedures); and
(iii) a final disbursement not to exceed $1,684,349.00 shall be made upon completion of the
Additional Tenant Improvements (provided that Lessee has complied in all respects with Lessor’s
disbursement

 

 

procedures). Lessor reserves the right to utilize the services of a construction management firm in
connection with the Additional Tenant Improvements. Lessor further reserves the right to require
Lessee to enter into one or more written agreements to govern the disbursement of any Additional
Funds and/or to provide such other documentation reasonably requested by Lessor in connection with
the disbursement of any Additional Funds. All reasonable costs and expenses incurred by Lessor with
respect to any Additional Tenant Improvement, including, without limitation, attorneys’ fees,
construction management fees, inspection costs and title insurance policy endorsement fees, shall
be paid by Lessee and all such costs and expenses may be withheld from the Additional Funds in
Lessor’s discretion. Lessor and Lessee acknowledge and agree that the Additional Funds will be
available to Lessee up to and including December 31, 2006 (“Final Disbursement Date”). To
the extent that any Additional Tenant Improvement remains uncompleted as of the Final Disbursement
Date, Lessor shall have no obligation to disburse any further Additional Funds to Lessee; provided,
however, that the foregoing shall in no way eliminate or diminish Tenant’s obligation to complete
such Additional Tenant Improvements in a good and workmanlike manner, or to otherwise perform its
obligations under this Lease. All Additional Tenant Improvements shall constitute part of the
Property and shall be owned Lessor.

     E. Rent Adjustments. Simultaneously with the disbursement of any Additional Funds,
Lessor and Lessee agree to amend the Lease to increase the Base Annual Rental by the amount
of such disbursement multiplied by a cap rate of ten and one-half percent (10.5%).

     2. Exhibits E and F. Exhibit E and Exhibit F attached hereto shall be added to
the Lease as if fully set forth therein.

     3. Definitions. The following definitions shall be added to Exhibit A of the Lease:

     “Additional Funds” has the meaning set forth in Section 44.D.

     “Additional Tenant Improvements” has the meaning set forth in Section 44.D.

     “Base Annual Rent” shall mean $3,574,629.35.

     “Final Disbursement Date” has the meaning set forth in Section 44.D.

     4. Lessor’s Total Investment. The definition of “Lessor’s Total Investment” in Exhibit
A of the Lease shall be deleted in its entirely, and the following new definition shall be
inserted in lieu thereof:

     “Lessor’s Total Investment” means, with respect to any Property, the sum of (a) the
gross purchase price paid for the Property by Lessor (or Lessor’s predecessor-in-interest)
(including, without limitation, any mortgage debt incurred or assumed in connection
therewith and any Contingent Purchase Price paid by Lessor), plus (b) all amounts disbursed
and all costs and expenses incurred by Lessor pursuant to Section 44 of this Lease, plus
(c) the closing costs and expenses incurred by Lessor (or Lessor’s predecessor-in-interest)
with respect to the purchase of the Property.

2

 

     5. Ratification. Except as expressly stated herein, the Lease shall remain in full force and
effect. If there is any conflict between the Lease and the terms of this Third Amendment, the terms
of this Third Amendment shall control.

[Remainder of page intentionally left blank; signature page(s) to follow]

3

 

     Lessor and Lessee have executed this Third Amendment as of the dated set forth above.

	 	 	 	 	 
	 	LESSOR:

SPIRIT MASTER FUNDING, LLC

 	 
	 	By:  	/s/
Gregg A. Seibert	 
	 	 	Printed Name:  	Gregg A. Seibert
 	 
	 	 	Title: 	
Senior Vice President 	 
	 
	 	LESSEE:

SIGNIFICANT EDUCATION, INC.

 	 
	 	By:  	/s/ Timothy R. Fischer
 	 
	 	 	Printed Name:  	Timothy R. Fischer 	 
	 	 	Title:  	Chief Financial Officer 	 

4

 

	 	 	 	 	 

EXHIBIT E

ADDITIONAL TENANT IMPROVEMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Project description	 	Project Cost	 	Reason for Project	 	Justification
	Installation of Promenade to student union
	 	$	850,000	 	 	Reduce liability, cosmetic change to draw students	 	Demonstrate to current and future students that GCU is on its way to
becoming a destination campus
	New Swimming Pool
	 	$	1,700,000	 	 	Cosmetic & Revenue Generator	 	A modern pool will attract significant
camps over the summer, corporate outings and other revenue generating activities. We estimate on the low
side we can generate $20,000 for 14 weeks of summer and $4,000
per week during the rest of the year
	Kaibab Remodeling
	 	$	2,200,000	 	 	Office Space for Online	 	Currently paying $200K annual lease
at 24th Street. Amount likely to double over the next two years.
Market value of comparable space 20,000 SF @ $25 = $500,000
	Bright Angel Remodeling
	 	$	850,000	 	 	Classroom Space for Nursing and Office Space	 	Add up to 12  classrooms/labs on the campus.
Every lab built allows admission of 25 more nurses per start. Assuming we
build two labs, 300 additional nurses per year at $3,150 in revenue per year.
Also, have additional class space for future expansion.
	New Student Snack & Activity Center
	 	$	200,000	 	 	Cosmetic & Revenue Generator	 	Build a coffee house hang out on the promenade in
the middle of the campus offer, wireless internet, coffee, food, etc.
	Total Cost
	 	$	5,80,000	 	 	 	 	 	 	 	 	 

Attached hereto is a true and correct copy of the Anticipated Draw Schedule

 

 

					
	Spirit Finance 

Remodel Projects — 2006
	 	Project Timeline
	 	Exhibit B— Third
Amendment to Lease Agreement

8/13/2006 1:38PM

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	6/30/06	 	 	 	 	 	Draw Forecasts	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Invoices	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining	 	 
	 	 	Project	 	Payments	 	Accrued &	 	Spirit Draw for	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Total Project	 	Spirit	 	% of Funds
	Project	 	Cost	 	to Date	 	Unpaid	 	June	 	7/31/06	 	8/31/06	 	9/30/06	 	10/31/06	 	11/30/06	 	12/31/06	 	Costs	 	Funds	 	Remaining
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Promenade to
Student Union
	 	 	850,000	 	 	 	210,209.99	 	 	 	58,018.95	 	 	 	268,228.94	 	 	 	581,771	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	850,000	 	 	 	0	 	 	 	0.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	New
Swimming Pool
	 	 	1,700,000	 	 	 	15,650.97	 	 	 	 	 	 	 	15,650.97	 	 	 	 	 	 	 	850,000	 	 	 	 	 	 	 	300,000	 	 	 	300,000	 	 	 	234,349	 	 	 	1,700.00	 	 	 	0	 	 	 	0.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kaibab Remodeling
	 	 	2,200,000	 	 	 	677,251.19	 	 	 	82,958.33	 	 	 	760,209.52	 	 	 	300,000	 	 	 	1,139,790	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,200,000	 	 	 	0	 	 	 	0.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bright Angel
Remodeling
	 	 	850,000	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	300,000	 	 	 	200,000	 	 	 	200,000	 	 	 	150,000	 	 	 	850,000	 	 	 	0	 	 	 	0.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	New Student Snack &
Activity Center
	 	 	200,000	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	 	 	 	 	200,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	200,000	 	 	 	0	 	 	 	0.00	%
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Spirit
Remodel Projects
	 	 	5,800,000	 	 	 	903,112.15	 	 	 	140,977.28	 	 	 	1,044,089.43	 	 	 	881,771	 	 	 	2,189,790	 	 	 	300,000	 	 	 	500,000	 	 	 	500,000	 	 	 	384,349	 	 	 	5,800,000	 	 	 	0	 	 	 	0.00	%
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Draws =	 	$	1,044,089	 	 	$	3,071,562	 	 	 	 	 	 	 	 	 	 	Upon completion	 	$	1,684,349	 	 	$	5,800,000	 	 	 	 	 	 	 	 	 

 

EXHIBIT F

DRAW REQUEST CERTIFICATION

DRAW REQUEST NUMBER 8

	 	 	 
	DATE:

	 	June 9, 2006
	 
	 	 
	LESSOR:

	 	Spirit Master Funding, LLC
	 
	 	 
	LESSEE:

	 	Significant Education, Inc.
	 
	 	 
	PROJECT:

	 	Additional Tenant Improvements / Grand Canyon University

3300 West Camelback Road, Phoenix, Arizona

     Reference is made to that certain Lease Agreement dated as of June 28, 2004 between Lessor and
Lessee, as amended pursuant to that certain Amendment to Lease Agreement dated effective as of
September 24, 2004, as further amended pursuant to that certain Second Amendment to Lease Agreement
dated effective as of August 23, 2005, and as further amended pursuant to that certain Third
Amendment to Lease Agreement dated effective as of June ___, “Lease”). Capitalized terms
used herein without definition shall have the meanings set forth in the Lease, unless the context
shall require otherwise.

     Lessee requests that Lessor disburse proceeds from the Additional Funds in the amounts and for the
Additional Tenant Improvements stated in the attached Schedule 1 (the “Draw
Request”).

     1. In connection with such requested disbursement, Lessee hereby represents, warrants
and certifies to Lessor as of the date hereof as follows:

     (a) No Event of Default presently exists under the Lease.

     (b) All of representations and warranties of Lessee under the Lease are hereby remade and
restated and are true and correct in all material respects.

     (c) With respect to the requested Additional Funds:

     (i) Lessee has satisfied all conditions precedent to the disbursement of the Additional
Funds as set forth in the Lease:

     (ii) the Lease is in full force and effect;

Draw Request Certification

Grand Canyon University — Additional Tenant Improvements

1

 

     (iii) the sum of all amounts expended for the Additional Tenant Improvements identified on the Draw
Request does not exceed the total amount budgeted for such Additional Tenant Improvements; and

     (iv) all contractors, subcontractors, vendors, materialmen and other Persons entitled to payment
with respect to the Additional Tenant Improvements for which the Additional
Funds are being requested have been paid or will be paid with the proceeds of the requested the
Additional Funds.

     (d) All insurance required to be maintained by Lessee remains in full force and effect, and each is
of the type and in the amount, and issued by insurers, as previously approved by Lessor.

     (e) With respect to any Additional Tenant Improvement for which the Additional Funds are being
requested in the Draw Request:

     (i) All such Additional Tenant Improvements have been made in a good and workmanlike
manner and in compliance with all applicable permits, authorizations and Legal
Requirements;

     (ii) No Additional Tenant Improvement impairs the safety or structural integrity of the
applicable building or structure upon which it is located; and

     (iii) Attached to the Draw Request are supporting invoices of each such contractor,
subcontractor, vendor, materialman or other person with respect to the work and/or
materials as to which a disbursement of the Additional Funds is being requested.

     2. Lessee will certify, or cause any general contractor to certify, to Lessor, upon request of
Lessor at any time, and from time to time, as to all materialmen, laborers, subcontractors,
suppliers, and any other parties who might or could claim statutory or common law liens as a result
of furnishing material or labor to the Property or any portion thereof or interest therein (the
“Contracting Parties”), together with evidence satisfactory to Lessor, that such
Contracting Parties have been paid or will be paid from the disbursement of the Additional Funds
being requested hereunder.

     3. Lessee shall obtain lien waivers from any and all such Contracting Parties after such
Contracting Parties have been paid all amounts then due for labor and/or materials and provide such
lien waivers to Lessor within ten (10) business days after Lessor disburses the proceeds of the
Draw Request to Lessee.

     4. If, during the construction or installation of the Additional Tenant Improvements, a lien is
filed against the Property for work performed or goods and/or services provided to the Property,
Lessee shall provide Lessor with notice of the filing of such lien promptly after Lessee obtains
knowledge of such filing. Lessee shall then have twenty (20) days after delivery of such notice to
Lessor to cause such lien to be released or bonded off pursuant to Arizona statute from

Draw Request Certification

Grand Canyon University — Additional Tenant Improvements

2

 

the applicable real property records or to post a bond or to provide an indemnity satisfactory to
First American Title Insurance Company (the “Title Company”) which would enable the Title
Company to issue an endorsement to Lessor’s title policy issued for the Property which would insure
over such lien. If Lessee fails to cause such lien to be released or to post such a bond or deliver
such an indemnity, such failure shall be deemed an Event of Default under the Lease and shall
entitle Lessor to exercise its remedies contained therein.

     5. Lessee agrees to indemnify, hold harmless and defend Lessor and its respective officers,
managers, members, employees, successors, assigns, agents, lenders, contractors, subcontractors,
experts, licensees, affiliates, mortgagees, trustees and invitees, as applicable, from and against
any and all claims, demands, causes of action, suits, proceedings, losses, costs, liabilities, damages
(including consequential and punitive) and expense, including, without limitation, attorneys’ fees
caused by, incurred or resulting from the breach of any of the representations, warranties,
covenants, agreements or obligations of Lessee set forth in this Draw Request, or Lessee’s
operations of or relating in any manner to Property.

	 	 	 	 	 
	 	LESSEE:

SIGNIFICANT EDUCATION, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Timothy R. Fischer
 	 
	 	 	Printed Name:  	 Timothy R. Fischer 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

Draw Request Certification

Grand Canyon University-Addition Tenant Improvements

3

 

SCHEDULE 1 TO DRAW REQUEST NUMBER 8

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Check	 	Check	 	 	 	 	 	 	 	 	 	 	Project Sub-	 
	Date	 	#	 	Date	 	 	Description	 	Amount	 	 	Project	 	Total	 
	 
	Project Payments	 	 	 	 	 	 	 	 	 	 	 	 
	01/27/06
	 	239845	 	 	01/30/06	 	 	Moline Construction	 	 	41,520.00	 	 	Kaibab	 	 	 	 
	02/08/06
	 	241532	 	 	03/03/06	 	 	Sullivan Designs, Inc.	 	 	625.00	 	 	Kaibab	 	 	 	 
	02/14/06
	 	241526	 	 	03/03/06	 	 	Richard Caviness	 	 	1,134.00	 	 	Kaibab	 	 	 	 
	02/14/06
	 	241675	 	 	03/08/06	 	 	Moline Construction	 	 	266,850.00	 	 	Kaibab	 	 	 	 
	02/28/06
	 	241444	 	 	03/03/06	 	 	American Express	 	 	453.67	 	 	Kaibab	 	 	 	 
	 
	 	 	 	 	 	 	 	(Hajoca Phoenix)	 	 	 	 	 	 	 	 	 	 
	03/31/06
	 	245774	 	 	04/18/06	 	 	Moline Construction	 	 	89,902.00	 	 	Kaibab	 	 	 	 
	04/29/06
	 	246221	 	 	05/02/06	 	 	Moline Construction	 	 	72,065.00	 	 	Kaibab	 	 	 	 
	04/26/06
	 	246146	 	 	04/28/06	 	 	Richard Caviness	 	 	1,990.00	 	 	Kaibab	 	 	 	 
	05/11/06
	 	10326	 	 	05/11/06	 	 	Salt River Project	 	 	10,652.00	 	 	Kaibab	 	 	 	 
	04/18/06
	 	12260	 	 	05/22/06	 	 	Valley Systems	 	 	17,128.52	 	 	Kaibab	 	 	 	 
	04/26/06
	 	12465	 	 	05/26/06	 	 	Sullivan Designs, Inc.	 	 	1,350.00	 	 	Kaibab	 	 	 	 
	05/25/06
	 	12325	 	 	05/22/06	 	 	SRP	 	 	73,581.00	 	 	Kaibab	 	 	677,251.19	 
	06/02/06
	 	12964	 	 	6/2/2006	 	 	Moline Construction	 	 	100,000.00	 	 	Kaibab Pool	 	 	15,650.97	 	 
	01/31/06
	 	241098	 	 	02/24/06	 	 	Dickens Quality	 	 	15,650.97	 	 	Demolition	 	 	 	 
	 
	 	 	 	 	 	 	 	Demolition	 	 	 	 	 		 	 	 	 
	03/09/06
	 	241813	 	 	03/10/06	 	 	Salt River Project	 	 	39,180.00	 	 	Promenade	 	 	 	 
	02/22/06
	 	242519	 	 	03/17/06	 	 	Desert Services	 	 	787.50	 	 	Promenade	 	 	 	 
	05/02/06
	 	243233	 	 	05/02/06	 	 	Salt River Project	 	 	2,400.00	 	 	Promenade	 	 	 	 
	04/26/06
	 	12266	 	 	05/22/06	 	 	Wescor General, Inc.	 	 	13,293.53	 	 	Promenade	 	 	 	 
	05/19/06
	 	12266	 	 	05/22/06	 	 	Wescor General, Inc.	 	 	75,000.00	 	 	Promenade	 	 	 	 
	05/31/06
	 	12839	 	 	05/31/06	 	 	Wescor General, Inc.	 	 	74,057.96	 	 	Promenade	 	 	 	 
	05/17/06
	 	12956	 	 	6/2/2006	 	 	Liberty Pipeline	 	 	5,491.00	 	 	Promenade	 	 	210,209.99	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Project Payments to Date
	 	 	903,112.15	 	 	 	 	 	903,112.15	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Invoices Received & Not Yet Paid	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	06/06/06
	 	 	 	 	 	 	 	Richard Caviness	 	 	2,000.00	 	 	Kaibab	 	 	 	 
	05/17/06
	 	 	 	 	 	 	 	Sullivan Designs, Inc.	 	 	625.00	 	 	Kaibab	 	 	 	 
	05/26/06
	 	 	 	 	 	 	 	Brooks Engineers	 	 	293.84	 	 	Kaibab	 	 	 	 
	05/31/06
	 	 	 	 	 	 	 	American Express	 	 	9,656.00	 	 	Kaibab	 	 	 	 
	06/05/06
	 	 	 	 	 	 	 	Moline Construction	 	 	70,383.49	 	 	Kaibab	 	 	82,958.33	 
	05/12/06
	 	 	 	 	 	 	 	Liberty Pipeline Services, LLC	 	 	1,612.09	 	 	Promenade	 	 	 	 
	05/18/06
	 	 	 	 	 	 	 	Brooks Engineers	 	 	576.00	 	 	Promenade	 	 	 	 
	05/26/06
	 	 	 	 	 	 	 	Wescor General, Inc.	 	 	55,830.86	 	 	Promenade	 	 	258,018.95	 
	Total Invoices Received & Not Yet Paid
	 	 	140,977.28	 	 	 	 	 	140,977.28	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Draw Request #8
	 	$	1,044,089.43	 	 	 	 	$	1,044,089.43exv10w11

FOURTH AMENDMENT TO LEASE AGREEMENT

     THIS FOURTH AMENDMENT TO LEASE AGREEMENT (the “Fourth Amendment”) is made and entered
into effective as of August 9, 2006, by and between SPIRIT MASTER FUNDING, LLC, a Delaware limited
liability company, as successor-in-interest to Spirit Finance Acquisitions, LLC, a Delaware limited
liability company (“Lessor”), and SIGNIFICANT EDUCATION, INC., a Delaware corporation, as
successor-in-interest to Significant Education, LLC, a Delaware limited liability company
(“Lessee”)

Recitals

     WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated as of June 28,
2004, as amended pursuant to that certain Amendment to Lease Agreement dated effective as of
September 24, 2004, as further amended pursuant to that certain Second Amendment to Lease Agreement
dated effective as of August 23, 2005, and as further amended pursuant to that certain Third
Amendment to Lease Agreement dated effective as of June 15, 2006 (collectively, the
“Lease”), with respect to the real property and improvements as described in the Lease.
Terms not defined in this Fourth Amendment shall have the meanings
ascribed to them in the Lease.

     WHEREAS, Lessor has provided additional funding for additional tenant improvements, and Lessor
and Lessee wish to amend the Lease pursuant to the terms hereof.

     NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee
agree as follows:

1. Definitions. The definition of “Base Annual Rent” shall be deleted in its entirety and the
following new definition of “Base Annual Rent” shall be substituted in lieu thereof:

     “Base Annual Rent” shall mean $4,020,595.58.

2. Ratification. Except as expressly stated herein, the Lease shall remain in full force and
effect If’ there is any conflict between the Lease and the terms of this Fourth Amendment, the
terms of this Fourth Amendment shall control.

[Remainder of page intentionally left blank, signature page(s) to follow]

 

 

Lessor and Lessee have executed this Fourth Amendment as of the date set forth above.

	 	 	 	 	 
	 	LESSOR:

SPIRIT MASTER FUNDING, LLC

 	 
	 	By:  	/s/ Michael T. Bennett
 	 
	 	 	Printed Name:  	Michael T. Bennett 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	LESSEE:

SIGNIFICANT EDUCATION, INC.

 	 
	 	By:  	/s/ Brent Richardson
 	 
	 	 	Printed Name:  	Brent Richardson 	 
	 	 	Title:  	Chief Executive Officer

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