Document:

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                                                                    EXHIBIT 10.4

                               AGREEMENT OF LEASE

                                    BETWEEN

                            OAKWOOD PARTNERS L.L.C.

                                    LANDLORD

                                      AND

                        COMPENSATION RISK MANAGERS, LLC

                                     TENANT

                                OAKWOOD COMMONS
                                  U.S. ROUTE 9
                             POUGHKEEPSIE, NEW YORK
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                                LIST OF EXHIBITS

       Exhibits
---------------

A      Floor Plan
A-1    Site Plan of Building and Complex
A-2    Subdivision Map of Complex
B      Work Letter to Lease
C      Rules and Regulations
D      Cleaning Services
E      HVAC Specifications
F      Contract of Sale

                                      -i-
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                       LEASE AGREEMENT DATED AUGUST 5, 2005

BETWEEN OAKWOOD PARTNERS L.L.C. ("LANDLORD"), a limited liability company of the
State of New York having a mailing address of P.O. Box 1580, Poughkeepsie, New
York 12601, and COMPENSATION RISK MANAGERS, LLC., a limited liability company of
the State of New York, ("TENANT") having an address at 112 Delafield Street,
Poughkeepsie, New York 12601 and having a taxpayer identification number
of_______________.

                                    PREAMBLE

BASIC LEASE PROVISIONS AND DEFINITIONS.

      In addition to other terms elsewhere defined in this Lease, the following
terms whenever used in this Lease should have only the meanings set forth in
this Preamble, unless such meanings are expressly modified, limited, or expanded
elsewhere herein.

      I. DEMISED PREMISES: The Demised Premises will be as depicted on floor
plans which will be annexed hereto and made a part hereof as Exhibit A upon
completion and will consist of approximately 26,400 rentable square feet (as
defined in Building Office and Managers Association ("BOMA") standard ANSI/BOMA
Z65.1-1996) of office space located on the fourth (4th) and fifth (5th) floors
in the building to be constructed by Landlord on the Land (as defined in
Paragraph 1(a) of this Lease), as shown on the site plan attached hereto and a
part hereof as Exhibit A-1 (the "BUILDING"). The Building is part of an
office/retail/restaurant/hotel complex to be known as Oakwood Commons (the
"COMPLEX"). The Complex, which is situated on the Complex Land (as defined in
Paragraph 1(a) of the Lease), will consist of five (5) buildings and a parking
garage, as shown on Exhibit A-1.

      II. TERM: Fifteen (15) years.

      III. EXPIRATION DATE: Midnight on: (i) the day immediately preceding the
fifteenth (15th) anniversary of the Commencement Date, if the Commencement Date
occurs on the first day of a calendar month; or (ii) the last day of the
calendar month occurring Fifteen (15) years after the Commencement Date, if the
Commencement Date does not occur on the first day of a calendar month.

      IV. PERMITTED USE: General first-class office use and for no other
purpose.

      V.  FIXED RENT: Thirty Five Dollars ($35) per rentable square foot of
office space per annum, being a total of Nine Hundred Twenty Four Thousand
($924,000.00) Dollars per annum from the Commencement Date through the last day
of the calendar month in which the fifth (5th) anniversary of the Commencement
Date occurs (the "RENT ADJUSTMENT DATE"); Thirty Eight and 50/100 Dollars
($38.50) per rentable square foot of office space per annum, being a total of
One Million Sixteen Thousand Four Hundred Dollars ($1,016,400.00) per annum from
the day after the Rent Adjustment Date through the fifth (5th) anniversary of
the Rent Adjustment Date; and Forty Two and 35/100 Dollars ($42.35) per rentable
square foot of office space per annum, being a total of One Million One Hundred
Eighteen Thousand Forty Dollars ($1,118,040.00) per annum from the day after the
fifth (5th) anniversary of the Rent Adjustment Date to the tenth (10th)
anniversary of the Rent Adjustment Date. During any Renewal Periods, the annual
Fixed Rent shall be as described in Paragraph 24. Fixed Rent shall be adjusted
based on the final determination of rentable square footage.

      VI. MONTHLY FIXED RENT: One-Twelfth of Fixed Rent, being Seventy Seven
Thousand ($77,000.00) Dollars per month initially. Monthly Fixed Rent shall be
adjusted based on the final determination of rentable square footage.

      VII. LATE CHARGE: An amount equal to the sum of: (i) interest at Prime
Rate, as defined hereinafter, plus four (4%) percent per annum, which interest
shall accrue from the date any payment of Fixed Rent or Additional Rent is due
until the date of payment of the same; plus (ii) an administrative fee equal to
four (4%) percent of said late payment.

      VIII. TENANT'S PROPORTIONATE SHARE: Forty and four hundredths (40.04%)
percent, which percentage is arrived at by dividing (i) the rentable square
footage of the Demised

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Premises (which, as of the Commencement Date, is deemed to be 26,400 rentable
square feet) by (ii) the rentable square footage of the Building (which, as of
the Commencement Date, is deemed to be 65,920 rentable square feet). Tenant's
Proportionate Share shall be adjusted based on the final determination of
rentable square footage.

      IX. BUILDING'S COMPLEX PROPORTIONATE SHARE: Twenty-Nine and ninety-six
hundredths (29.96%) percent, which percentage is arrived at by dividing (i) the
rentable square footage of the Building (which, as of the Commencement Date, is
deemed to be 65,920 rentable square feet) by (ii) the total square footage of
the Complex (which, as of the Commencement Date, is deemed to be 220,000 square
feet. Building's Complex Proportionate Share shall be adjusted based on the
final determination of square footage.

      X. SECURITY DEPOSIT: One Hundred Thousand ($ 100,000.00) Dollars.

      XI. NUMBER OF TENANT ALLOCATED PARKING SPACES: Ten (10) exclusive spaces
in the parking area on the Land shown on Exhibit A-1 and eighty (80)
non-exclusive spaces in the Parking Garage serving the Building and other
buildings on the Complex Land. Parking spaces are subject to the further
provisions of Paragraph 23 of this Lease.

      XII. PRIME RATE: The prime commercial bank lending rate on 90 day loans
announced by the Wall Street Journal.

      XIII. BUILDING HOLIDAYS: Building Holidays shall be President's Day; Good
Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving Day and day
after; Christmas Day and New Year's Day; the Monday before or the Friday after
if Christmas Day, New Year's Day, or Independence Day falls on Tuesday or on
Thursday, respectively; and the Friday before or the Monday after if Christmas
Day, New Year's Day, or Independence Day falls on Saturday or on Sunday,
respectively.

      XIV. BUSINESS DAYS: Weekdays excluding Building Holidays.

      XV. BUSINESS HOURS: Said hours shall be from 8:00 A.M. to 6:00 P.M. on
weekdays and 8:00 A.M. to 1:00 P.M. on Saturdays. Business Hours do not include
Sundays or Building Holidays.

      XVI. DESIGNATED BROKER: David S. Kaminski

      XVIII. PARKING GARAGE: the two-level parking garage to be constructed on
Lot 4, as shown on Exhibit A-1.

      XIX. RENEWAL TERMS: Two (2) Renewal Terms of Five (5) years each.

      The parties hereby agree to the following terms and conditions:

      1. Demised Premises. Term, and Purpose.

         (a) Landlord does hereby lease to Tenant, and Tenant does hereby lease
from Landlord the Demised Premises located in the Building, together with the
non exclusive right to use any pedestrian easements and/or vehicular easements
that may exist from time to time for the benefit of tenants of the Building over
any portion of the Complex Land, together with all other Common Areas, as
defined in Paragraph 1(d), for the Term commencing on the Commencement Date, as
defined in subparagraph (b) of this Paragraph 1, and ending on the Expiration
Date, or such earlier date upon which the Term may expire or be terminated
pursuant to the provisions of this Lease or pursuant to law. The parcels of land
on which the Complex is located (the "COMPLEX LAND") are shown on the
preliminary sub-division plan attached hereto and a part hereof as Exhibit A-2.
The parcel of land on which the Building is located (the "LAND") is designated
as Lot 2 on Exhibit A-2. Exhibit A-1 and Exhibit A-2 are preliminary plans,
subject to modification and final approval from the Town of Poughkeepsie.

         (b) For purposes of this Lease the "COMMENCEMENT DATE" is estimated to
be March 1,2007, subject to the provisions of Paragraph 4(b).

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         (c) The Demised Premises shall be used by Tenant for the Permitted Use
and for no other use or purpose. The Permitted Use shall not be deemed to
include the following uses which are expressly prohibited: governmental offices;
drive-up facility; educational, training, or similar classes for members of the
general public; union offices; medical or similar treatments; barber or beauty
parlor; restaurant; gaming or political activities; pornographic; employment,
recruiting, or placement activities (except executive search); retail or
wholesale sale and delivery of goods or services; repairing, servicing, or
receiving for repair or service; and any other use or uses that are of the same
or similar nature or character. Tenant shall not use or occupy the Demised
Premises or any part thereof for any purpose deemed unlawful, disreputable, or
extra-hazardous on account of fire or other casualty or for any purposes that
shall impair the character of the Building. Tenant, at its sole cost and
expense, shall obtain any consents, licenses, permits, or approvals (other than
those permits or approvals required in connection with the construction of the
Building and Tenant Improvements) required or obtainable in normal course to
conduct its business at the Demised Premises.

         (d) The "COMMON AREAS" shall consist of the "Building Common Areas," as
defined hereinafter, and the "Complex Common Areas," as defined hereinafter. The
Common Areas shall be operated and maintained by Landlord and/or such other
owners or operators for the benefit of all tenants in a manner similar to that
of other office buildings in the Dutchess, Putnam, Rockland and Westchester
County area that are reasonably similar to the Building with respect to tenant
mix, size, and age. The use of the Common Areas shall be in common with
Landlord, other tenants of the Building and the Complex, and other persons
entitled to use the same. Landlord shall not diminish the Common Areas in any
way that has a materially negative impact on Tenant's ability to conduct its
business for the Permitted Use at the Demised Premises.

            (i) The "BUILDING COMMON AREAS" shall be those parts of the Building
and other improvements designated by Landlord for the common use of all tenants
of the Building, including, but not limited to: utility lines, pumpstations,
drainage basins, swales, detention or retention ponds, and other facilities on
or serving the Land; halls; lobbies; delivery passages; drinking fountains;
public toilets; parking facilities; lobby plantings and interior landscaped
areas, exterior landscaped areas on the Land; atriums; and other facilities or
Improvements owned, operated, or maintained, in whole or in part, by Landlord
for use by all tenants of the Building.

            (ii) The "COMPLEX COMMON AREAS" shall be those parts of the Complex
designated by Landlord from time to time for the common use of all tenants and
occupants in the Complex, including, but not limited to: utility lines,
pumpstations, drainage basins, swales, detention or retention ponds, and other
facilities on or serving the Complex Land; parking lots; the Parking Garage;
service buildings; parkways; drives, including Route 9, and other road
improvements providing access to the lots comprising the Complex; greenspaces;
parks; fountains; and other facilities or Improvements owned, operated, or
maintained, in whole or in part, by Landlord or the owner or operator from time
to time of same, for use by all tenants and occupants of the Complex.

         (e) For purposes of this Lease the term "IMPROVEMENTS" shall mean and
include all, whether existing now or in the future, buildings, including the
Building, and/or appurtenant structures or improvements of any kind, whether
above, on, or below the Land surface (including, without limitation,
outbuildings; loading areas; canopies; walls; waterlines; sewer, electrical, and
gas distribution facilities; parking facilities; walkways; streets; curbs;
roads; rights of way; fences; hedges; exterior plantings; poles; and signs).

      2. Rent.

         (a) The rent reserved under this Lease for the Term hereof shall be and
consist of: (i) the Fixed Rent payable in equal monthly installments in advance
on the first day of each and every calendar month during the Term (except that
Tenant shall pay one (1) monthly installment on the execution of this Lease,
which installment shall be applied to the Monthly Fixed Rent due for the first
(1st) full month of the Term); plus (ii) such additional rent ("ADDITIONAL
RENT") in an amount equal to Tenant's Proportionate Share of Operating Expenses
and of Real Estate Taxes (as such terms are defined in Paragraph 3 of this
Lease), all charges for services and utilities pursuant to Paragraph 15 hereof,
and any other charges or amounts that

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shall become due and payable hereunder, including, without limitation, the
reasonable expenses incurred by Landlord in the enforcement of any of the
agreements, covenants, and obligations under this Lease and including reasonable
legal fees and/or post-judgment collection fees that may accrue in the event
suit for rent or dispossess proceedings are necessary to obtain the possession
of the Demised Premises or to collect the rent, all of which Additional Rent
shall be payable as hereinafter provided. All rent shall be paid to Landlord at
its office stated above or such other place Landlord may designate in writing.
If the Commencement Date shall occur on a date other than the first day of a
calendar month, or the Expiration Date or other termination date of this Lease
shall occur on a day other than the last day of a calendar month, the rent for
the partial month commencing on the Commencement Date or ending on the
Expiration Date (or other termination date) shall be appropriately pro-rated on
the basis of the pro rata portion of the calendar month during which such
payment is to be made.

         (b) Tenant does hereby covenant and agree to pay promptly the Fixed
Rent and Additional Rent herein reserved as and when the same shall become due
and payable, without demand therefor and without any set-off, recoupment, or
deduction whatsoever. All Additional Rent payable hereunder that is not due and
payable on a monthly basis during the Term, unless otherwise specified herein,
shall be due and payable within twenty (20) days of delivery by Landlord to
Tenant of notice to pay the same.

         (c) In the event that any payment of Fixed Rent or Additional Rent
shall be paid more than five (5) Business Days after the due date for the same
as provided herein, Tenant shall pay, together with such payment, the Late
Charge. Furthermore, if Tenant fails to remit a full monthly installment of the
Monthly Fixed Rent or of the Additional Rent on or before the due date provided
herein for two (2) consecutive months, then Landlord may require (i) all Fixed
Rent and Additional Rent payments to be paid in advance on a quarterly annual
basis, rather than a monthly basis, and (ii) an increase in an amount equal to
one (1) installment of Monthly Fixed Rent in the Security Deposit. In addition,
if Tenant submits to Landlord a check for which there are insufficient funds
available, then Landlord may charge Tenant as Additional Rent an administrative
and handling fee in the amount of Two Hundred Fifty and 00/100 Dollars.

         3. Operating Expenses and Real Estate Taxes.

            (a) For purposes of this Paragraph, the following definitions shall
apply:

               "LEASE YEAR" shall mean the period commencing from the
Commencement Date and expiring at the end of the calendar year in which the
Commencement Date occurs and each calendar year subsequent thereto during the
Term.

               "REAL ESTATE TAXES" shall mean all real property taxes and
assessments now or hereafter imposed upon the Building, the Improvements
included with or located upon the Land, and the Building's Complex Proportionate
Share of Taxes on the Complex Land and the Parking Garage. If, due to a change
in the method of taxation or assessment, any franchise, income, profit or other
tax, however designated, shall be substituted by the applicable taxing
authority, in whole or in part, for the Real Estate Taxes now or hereafter
imposed on the Complex Land, the Improvements, or other real property included
in the Complex Land, such franchise, income, profit, or other tax shall be
deemed to be included in the term "Real Estate Taxes." Real Estate Taxes shall
not include any inheritance, estate, succession, transfer, gift, franchise, net
income, capital stock tax, corporate, capital levy, stamp, or transfer tax
(except to the extent that, as provided for above, such tax is substituted for
and in lieu of Real Estate Taxes now or hereafter imposed).

               "OPERATING EXPENSES" shall mean: (i) the total of all the costs
and expenses paid or incurred by Landlord (and/or others to the extent such
costs paid or incurred by others are chargeable to Landlord) with respect to the
management, operation, maintenance, and repair of the Land, the Building, and
any of the other Improvements and the services provided tenants therein
[excepting electrical energy expenses paid directly by tenants (including
Tenant) to Landlord or the applicable utility supplying said service pursuant to
Paragraph 15 of this Lease and equivalent provisions of other leases],
including, but not limited to: all utilities, including without limitation,
water, electricity, gas, lighting, sewer and waste disposal; air

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conditioning, ventilation, and heating; lobby maintenance and cleaning;
maintenance of elevators; protection and security; lobby plantings and interior
landscape maintenance; exterior landscape maintenance; snow/ice removal; parking
lot maintenance, striping, and repairs; operation, maintenance, repair, or
replacement of utility lines, pumpstations, drainage basins, swales, detention
or retention ponds, and other facilities on or serving the Land; maintenance and
painting of non-tenanted areas; fire, all-risk, boiler and machinery, sprinkler,
apparatus, public liability, environmental, loss of rent, property damage, rent,
plate glass, and terrorism insurance (including any applicable deductibles for
the foregoing insurance); the cost of licenses, certificates, permits and
inspections by governmental authorities; supplies; wages, salaries, disability
benefits, pensions, hospitalization, retirement plans, group insurance, worker's
compensation insurance, payroll, social security, unemployment, and other
similar taxes with respect to employees of Landlord to the extent and in such
proportion that the services of such employees are dedicated to the operation of
the Building; uniforms and workers' clothes for such employees and the cleaning
thereof and other similar employees benefits and expenses imposed on Landlord
pursuant to law or to any collective bargaining agreement with respect to
Landlord's employees (up to and including the Building manager) to the extent
and in such proportion that the services of such employees are dedicated to the
operation of the Building; the cost for a bookkeeper and for an accountant and
any other professional and consulting fees, including legal and auditing fees to
the extent and in such proportion that the services of such professional and
consultants are dedicated to the operation of the Building; association fees or
dues; the expenses, including payments to attorneys and appraisers, incurred by
Landlord in connection with any contest of a governmental regulation or the
application of same, or for an application or proceeding wherein Landlord
obtains or seeks to obtain reduction or refund of the Real Estate Taxes payable
or paid; management and administrative fees charged by Landlord and/or a
third-party management company, provided such fees do not exceed amounts
reasonably and customarily paid to independent administrators and managers of
comparable projects; and any other expenses of any other kind whatsoever
reasonably incurred in managing, operating, maintaining, or repairing the
Building, the Land, or any other of the Improvements; the rental value of any
on-site management office space (not to exceed 2,500 square feet of rentable
area); and (ii) the Building's Proportionate Share of Complex Operating
Expenses.

               "COMPLEX OPERATING EXPENSES" shall mean all costs and expenses
reasonably paid or incurred by the Landlord in operating, managing, equipping,
policing (if and to the extent provided by the Landlord), lighting, repairing,
replacing and maintaining all common facilities, utilities and facilities
serving the Complex (including off-site utilities and facilities such as traffic
signals, detention areas and drainage facilities, Parking Garage and all taxes,
assessments, costs and other expenses related thereto), and all other areas of
the Complex for the common use of all tenants and occupants of the Complex
(including, but without limitation, all landscaping and gardening) shall be
prorated, and the Tenant shall share therein in the manner hereinafter provided.
Such costs and expenses shall likewise include (but shall not be limited to)
water and sewer charges; utility system installation charges and assessments;
payments made by Landlord under any reciprocal easement agreement affecting the
common areas of the Complex or access/egress to the Complex; costs of the
installation, operation, maintenance, repair and replacement of any energy
management system; premiums for liability, property damage, fire, workers'
compensation, and other insurance (including all insurance: hazard, loss of rent
and otherwise, carried by the Landlord on the common facilities of the Complex);
wages, unemployment taxes, social security taxes, and personal property taxes
and assessments; fees for required licenses and permits; supplies; reasonable
depreciation of equipment used in the operation of the common areas; wages,
salary, or other compensation paid to any executive (but only to the extent set
forth below) or grounds maintenance personnel directly employed at the Complex,
to the extent and in such proportion that the services of such executive or
grounds maintenance personnel are dedicated to the operation of the Complex; and
a reserve for repair and replacement of the parking lot, driveways and other
facilities serving them, such as lighting structures and traffic signage and
barriers.

               Landlord agrees that with respect to all maintenance, repair,
replacement, and improvement expenses referred to in the two immediately
preceding paragraphs involving contracts or individual expenditures exceeding
SEVENTY-FIVE THOUSAND AND 00/100 DOLLARS ($75,000.00), other than emergency
repairs, Landlord shall obtain at least two (2) competitive bids and shall
utilize the lower (or lowest, as the case may be) responsible bidder for such
work.

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               It is agreed, however, that the foregoing Operating Expenses and
Complex Operating Expenses shall exclude or have deducted from them, as the case
may be and as shall be appropriate:

               (i) leasing commissions;

               (ii) salaries for executives above the grade of Building manager;

               (iii) Building start-up or opening expenses;

               (iv) Wages, salaries, disability benefits, pensions,
hospitalization, retirement plans, group insurance, worker's compensation
insurance, payroll, social security, unemployment, and other similar taxes with
respect to employees and grounds maintenance personnel of Landlord to the extent
and in such proportion that the services of such employees are not dedicated to
the operation of the Building or the Complex;

               (v) expenditures for capital improvements, except (x) those which
under generally accepted accounting principles consistently applied ("GAAP") are
expensed or regarded as deferred expenses, (y) capital expenses required to
comply with any Law, as hereinafter defined, enacted after the date of this
Lease and (Z) the cost of repaving the parking areas and driveways of the
Complex, no more frequently than once every five (5) years (but only to the
extent such cost exceeds the replacement reserve held by Landlord, described
above in the definition of Complex Operating Expenses); in any of which cases
the costs thereof shall be included in Operating Expenses for the calendar year
in which the costs are incurred and for subsequent calendar years on a straight
line basis amortized over an appropriate period not exceeding ten (10) years
with an interest factor equal to the Prime Rate at the time of Landlord's having
actually incurred said expenditure, provided, however, that nothing herein shall
relieve Tenant of the responsibility for payments for capital improvements
charged to Tenant pursuant to Paragraph 5 hereof;

               (vi) advertising, marketing, and promotional expenditures;

               (vii) legal fees for lease negotiations and disputes with
tenants;

               (viii) legal and auditing fees, other than legal and auditing
fees reasonably incurred in connection with (x) the maintenance and operation of
the Building or (y) the preparation of statements required pursuant to
additional rent or lease escalation provisions; and

               (ix) as a deduction, amounts received by Landlord through
proceeds of insurance to the extent the proceeds are compensation for expenses
that were previously included as Operating Expenses hereunder.

               If Landlord and/or others shall purchase any item of capital
equipment or make any capital expenditures designed to result in savings or
reductions in Operating Expenses or Complex Operating Expenses, then the costs
for same shall be included in Operating Expenses or Complex Operating Expenses.
The costs of such capital equipment or capital expenditures are to be included
in Operating Expenses or Complex Operating Expenses for the calendar year in
which the costs are incurred and subsequent calendar years on a straight line
basis amortized over such period of time as reasonably can be estimated as the
time in which such savings or reductions in Operating Expenses or Complex
Operating Expenses are expected to equal Landlord's costs for such capital
equipment or capital expenditure with an interest factor equal to the Prime Rate
at the time of Landlord's having actually incurred said costs. If Landlord
and/or others shall lease any such item of capital equipment designed to result
in saving or reductions in Operating Expenses, then the rentals and other costs
paid pursuant to such leasing shall be included in Operating Expenses or Complex
Operating Expenses for the calendar year in which they were incurred.

               If during all or part of any Lease Year, Landlord and/or others
does not furnish any particular item(s) of work or service that would constitute
an Operating Expense to portions of the Building or Complex Operating Expenses
due to the fact that (1) the Building

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and/or the Complex shall have been less than one hundred (100%) percent
occupied; or (2) such item of work or service is not required or desired by the
tenant of such portion or such tenant is itself obtaining and providing such
item of work or service or for any other reason; then, for the purposes of
computing the Additional Rent payable hereunder, the amount of the Operating
Expenses and/or the Complex Operating Expenses for such item for such period
shall be increased by an amount equal to the additional operating and
maintenance expenses that would reasonably have been incurred during such period
by Landlord and/or others if one hundred (100%) percent of the Building and/or
the Complex had been occupied or if the costs of all such work or services were
paid as Operating Expenses and/or Complex Operating Expenses.

            (b) In the event (i) that the Commencement Date shall occur on a day
other than the first day of a calendar year, or (ii) that the Expiration Date or
other termination date of this Lease shall occur on a day other than the last
day of a calendar year, then in each such event in applying the provisions of
this Paragraph 3 with respect to such calendar year in which such events have
occurred, appropriate adjustments shall be made to Tenant's Proportionate Share
of Operating Expenses and Real Estate Taxes payable pursuant to Paragraph 3(c)
so as to apportion such payment on the basis of the pro rata portion of the
calendar year during which such payment is to be made.

            (c) Tenant shall be responsible for and shall pay to Landlord in
accordance with this Paragraph 3 Tenant's Proportionate Share of Operating
Expenses and of Real Estate Taxes paid or incurred by Landlord in each Lease
Year during the Term, as hereinafter provided.

               (i) During each Lease Year Tenant shall pay to Landlord monthly,
on the first day of each calendar month, as Additional Rent, Landlord's estimate
of Tenant's Proportionate Share of Operating Expenses and of Real Estate Taxes
to be paid or incurred by Landlord in that particular Lease Year.

               (ii) Prior to the end of the first (1st) Lease Year of the Term
and thereafter for each successive Lease Year, or part thereof, Landlord shall
send to Tenant a statement of the projected Operating Expenses and Real Estate
Taxes for the applicable Lease Year ("OPERATING EXPENSE/REAL ESTATE TAX
PROJECTION") and shall indicate what the estimated amount of Tenant's
Proportionate Share of said Operating Expenses and said Real Estate Taxes shall
be, said amount to be paid in equal monthly installments (rounded to the nearest
whole dollar) in advance on the first day of each month by Tenant as Additional
Rent, commencing January 1st of the applicable Lease Year.

               (iii) If during the course of any Lease Year, Landlord shall have
reason to believe that the Operating Expenses or Real Estate Taxes shall be
higher than that upon which the aforesaid Operating Expense/Real Estate Tax
Projection was originally based, as set forth in subparagraph (c)(ii) above,
then Landlord shall be entitled to adjust the Operating Expense/Real Estate Tax
Projection by a lump sum invoice for the months of the Lease Year which precede
the revised Operating Expense/Real Estate Tax Projection and to advise Tenant of
an adjustment in future monthly projection amounts to the end result that
Landlord's Operating Expense/Real Estate Tax Projection shall be on a reasonably
current basis each Lease Year.

               (iv) Within one hundred fifty (150) days following the end of
each Lease Year, Landlord shall send to Tenant a statement of the actual
Operating Expenses and Real Estate Taxes incurred for the prior Lease Year
showing Tenant's Proportionate Share of the Operating Expenses and of the Real
Estate Taxes due from Tenant. In the event that the amount prepaid by Tenant
exceeds the amount that was actually due based upon actual year-end cost,
Landlord shall pay to Tenant an amount equal to the over-charge. Landlord shall
reimburse Tenant for such over-charge by either, at Landlord's option, (1)
paying such amount together with the statement of the actual increase or (2)
crediting such amount to the next installment of Fixed or Additional Rent due
and payable by Tenant. In the event that Landlord has undercharged Tenant, then
Landlord shall provide Tenant with an invoice stating the additional amount due,
which amount shall be paid in full by Tenant within twenty (20) days of receipt.

            (d) Each and every of the aforesaid Operating Expense/Real Estate
Tax Projection amounts, whether requiring lump sum payment or constituting
projected monthly amounts added to the Fixed Rent, shall for all purposes be
treated and considered as Additional

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Rent and the failure of Tenant to pay the same as and when due in advance and
without demand shall have the same effect as a failure to pay any installment of
the Fixed Rent and shall afford Landlord all or any of the remedies provided in
this Lease therefor, including, without limitation, the Late Charge as provided
in Paragraph 2(c) of this Lease.

            (e) Tenant acknowledges and agrees that Landlord shall have the
right to change the period of the Lease Year, either before or during the Term,
to any other fiscal year or twelve month period. In the event that Landlord
makes such a change, then the same shall be effective upon written notice to
Tenant and, in such event, Tenant shall pay Tenant's Proportionate Share of
Operating Expenses and of Real Estate Taxes paid or incurred by Landlord over
the Operating Expenses and Real Estate Taxes paid or incurred by Landlord for
the period from the end of the initially designated Lease Year, as last billed,
to the beginning of the newly designated Lease Year, prorated for such period,
within twenty (20) days of the rendering by Landlord of the bill for such
interim period.

            (f) Tenant acknowledges that Landlord shall have the exclusive
right, but not the obligation, to contest or appeal any assessment for Real
Estate Taxes.

            (g) For the protection of Tenant, Landlord shall maintain books of
account that shall be open to Tenant and its representatives so that Tenant, at
its sole cost and expense, may audit said books of account to determine that any
Operating Expenses have, in fact, been paid or incurred, said audit to be
subject to the following conditions:

               (1) Such audit shall be conducted only during regular business
hours at the office where Landlord maintains said books of account;

               (2) Tenant shall provide to Landlord fourteen (14) days' prior
written notice;

               (3) Tenant is not in default of any of the terms and provisions
of the Lease from the time Tenant provides Landlord with notice through the time
such audit is conducted;

               (4) Tenant shall deliver to Landlord a copy of the results of
such audit within fifteen (15) days of its receipt by Tenant;

               (5) Any information obtained by Tenant in connection with such an
audit is sensitive and proprietary in nature, and Tenant agrees that all such
information shall be kept private and confidential;

               (6) Only an independent and nationally recognized accounting firm
that is not being compensated by Tenant on a contingency fee basis may perform
such audit; and,

               (7) Any such audit must be concluded within five (5) days after
it is first commenced.

If, as a result of the audit, any disagreement with respect to any one or more
of the charges exists and is not satisfactorily settled between Landlord and
Tenant, said disagreement may be referred by either party to an independent
certified public accountant to be mutually agreed upon, and if such an
accountant cannot be agreed upon, the American Arbitration Association may be
asked by either party to select an arbitrator whose decision shall be final and
binding upon both parties, who shall jointly share any cost of such arbitration.
Pending resolution of said dispute, Tenant shall pay to Landlord the sum so
billed by Landlord, subject to the ultimate resolution as described above.
Notwithstanding anything herein to the contrary, once Landlord shall have
finally determined the Operating Expenses at the expiration of each Lease Year
as described in Paragraph 3(c)(iv) above, then Tenant shall be entitled to audit
and dispute any charge so established for a period of sixty (60) days after
Tenant's receipt of such statement, and Tenant specifically waives any right to
dispute or audit any such charge at the expiration of said sixty (60) day
period. Furthermore, no subtenant shall have any right to conduct an audit, and
no assignee shall conduct an audit for any period during which such assignee was
not in possession of the Demised Premises.

                                       8
<PAGE>
      4. Completion of Improvements and Commencement of Rent.

         (a) Landlord agrees to provide the improvements and other work in and
to the Demised Premises (the "TENANT IMPROVEMENTS") in accordance with the
terms, conditions, and provisions of Exhibit B attached hereto and made a part
hereof. Landlord shall construct the Building in accordance with the base
building specifications attached to Exhibit B as Schedule I (the "BASE BUILDING
SPECIFICATIONS").

         (b) The Demised Premises shall be deemed ready for occupancy and the
Commencement Date hereunder shall occur on or about March 1, 2007 or such later
date that: (i) the Demised Premises shall be delivered to Tenant in tenantable
condition, free of violations of any health, safety, fire, and other statutes
and regulations governing the Demised Premises and its use, all of which shall
be established by the issuance by the appropriate governmental authority of a
certificate (temporary or final) permitting occupancy of the Demised Premises
for the purposes set forth herein; and (ii) Landlord has Substantially
Completed, as defined hereinafter, the Tenant Improvements. If the occurrence of
any of the conditions listed in the preceding sentence, and thereby the making
of the Demised Premises ready for occupancy, shall be delayed due to Tenant
Delay, as defined in Exhibit B; then the Commencement Date shall be accelerated
by a time period equal to the number of days of delay so caused by Tenant. As
used herein, Landlord shall be deemed to have "SUBSTANTIALLY COMPLETED" the
Tenant Improvements notwithstanding that minor or insubstantial details of
construction, mechanical adjustment, or decoration remain to be performed in the
Demised Premises or any part thereof, the noncompletion of which does not
materially interfere with Tenant's use of the Demised Premises.

         (c) Tenant shall occupy the Demised Premises as soon as the same are
ready for its occupancy and the Commencement Date shall have occurred (but not
prior to said date except to install Tenant's personal property as provided in
this Lease). If and when Tenant shall take actual possession of all or any part
of the Demised Premises, it shall be conclusively presumed that the same is in
satisfactory condition, except as to those items of work remaining to be
performed by Landlord pursuant to this Paragraph 4, or any items of work set
forth in two punch lists (collectively, the "PUNCH LIST") to be submitted to and
acknowledged by Landlord in writing both: (i) on the Commencement Date and (ii)
within thirty (30) days after the Commencement Date.

         (d) Upon prior written notice from Landlord, Tenant shall be permitted
to enter the Demised Premises prior to the anticipated Commencement Date for the
purpose of moving personal property into the Demised Premises, all without
obligation to pay Fixed Rent or Additional Rent therefor, provided all of such
work shall be performed for Tenant so as not to cause or create any labor
dispute for Landlord or to disrupt the performance of the Tenant Improvements,
and further provided Tenant complies with all of the other terms and provisions
of this Lease, to include but not be limited to the provisions of Paragraph 10
of this Lease.

      5. Covenants as to Condition of Demised Premises and Compliance with Laws.

         (a) In the event that the Building or any of the equipment affixed
thereto or stored therein should be damaged (other than by ordinary wear and
tear) as a result of any act of Tenant, its agents, servants, employees,
invitees, or contractors, Tenant shall, upon demand, pay to Landlord the cost of
all required repairs, including structural repairs.

         (b) Tenant shall commit no act of waste and shall take good care of the
Demised Premises and the equipment affixed thereto and stored therein and, at
Tenant's sole cost and expense, shall maintain the Demised Premises in good
condition and state of repair, including making any necessary replacements. In
addition, Tenant, at Tenant's sole cost and expense, shall promptly comply with
all laws, rules, regulations, and ordinances of all governmental authorities or
agencies having jurisdiction over the Demised Premises and of all insurance
bodies (including, without limitation, the Board of Fire Underwriters) at any
time duly issued or in force, applicable to the Demised Premises or any part
thereof or to Tenant's use thereof, including, without limitation the Americans
with Disabilities Act (collectively "LAWS" or, as the context requires, "LAW" or
"LAWS"); provided however, that Tenant shall not be

                                       9
<PAGE>
responsible for compliance with any Laws which would require the performance by
Tenant of any act which is the obligation of Landlord under this Lease. Tenant
agrees to provide Landlord with immediate notice of the need for any of the
foregoing maintenance, repairs, replacements, or modifications, and Landlord
shall perform, or cause to be performed, all of the same with the costs incurred
therefor to be paid by Tenant immediately upon demand as Additional Rent.

         (c) Landlord shall maintain and repair the Building Common Areas, the
costs of which shall be passed through as an Operating Expense to the extent
permitted in Paragraph 3 but subject to the obligations of Tenant to pay for the
same as a direct Additional Rent expense as specifically provided in this
Paragraph 5. Such maintenance and repair shall specifically include (i)
maintenance and repairs to the Building's HVAC, fire safety (including without
limitation, sprinklers), electrical, plumbing, or other systems to the extent
that such systems service the Demised Premises in common with other leasable
areas (but specifically excluding the distribution portions of such Building
Systems, as hereinafter defined, located within the Demised Premises that serve
the Demised Premises exclusively, in which case Landlord shall make such repair
and/or modification, but Tenant shall pay to Landlord the costs incurred
therefor immediately upon demand as Additional Rent) and (ii) any structural
maintenance or repairs to the Building. In addition, Landlord shall perform all
maintenance and make all repairs to the Common Areas of the Building and to the
Land that are necessary to comply with any applicable Laws, the costs of which
shall be passed through to the Building tenants as an Operating Expense, unless
excluded therefrom under the provisions of Paragraph 3. As used herein, the term
"BUILDING SYSTEMS" shall be defined as the HVAC (including, without limitation,
the VAV boxes located in the Demised Premises), plumbing, electrical (including,
without limitation, the Building standard ceiling light fixtures and wiring in
the Demised Premises), and fire safety systems (including, without limitation,
sprinklers) serving the Building.

         (d) Upon the Expiration Date or sooner termination of this Lease,
Tenant shall deliver up the Demised Premises in good order and condition, wear
and tear from a reasonable use thereof excepted.

      6. Tenant Improvements, Alterations, and Installations.

         (a) All fixtures, equipment, improvements, alterations, installations
that are attached to the Demised Premises; any additions and appurtenances made
by Tenant to the Demised Premises; and any Tenant Improvements (excluding
Tenant's trade fixtures, business equipment, movable partitions, and personal
property) shall become the property of Landlord upon installation. Not later
than the last day of the Term, Tenant shall, at its expense, remove from the
Demised Premises all of Tenant's trade fixtures, business equipment, movable
partitions, personal property, and any Alterations (as defined hereinafter)
Landlord elects to have removed pursuant to this Paragraph 6. Tenant, at its
sole cost and expense, shall repair injury done by or in connection with the
installation or removal of the Alterations required to be removed. Any
equipment, fixtures, goods, or other property of Tenant not removed by Tenant
upon the termination of this Lease or upon any quitting, vacating, or
abandonment of the Demised Premises by Tenant shall be considered as abandoned,
and Landlord shall have the right, without any notice to Tenant, to sell or
otherwise dispose of the same, at the expense of Tenant, and shall not be
accountable to Tenant for any part of the proceeds of such sale, if any.
Landlord may have any such property stored at Tenant's risk and expense.

         (b) Tenant, without Landlord's prior consent, shall have the right to
make non-structural Alterations in or to the Demised Premises that (i) involve a
total cost of not more than Twenty-five Thousand and 00/100 Dollars
($25,000.00); (ii) do not require a building permit to be issued by any
governmental authority to make same legally; (iii) do not affect any Building
Systems inside or outside the Demised Premises; and (iv) do not result in a
violation of the Permitted Use of the Demised Premises. No other Alterations
(structural or non-structural) shall be made by Tenant without Landlord's
express prior written approval. Landlord agrees that approval of Alterations of
a non-structural nature that do not affect any Building Systems shall not be
unreasonably withheld. Tenant shall give Landlord prior written notice of any
proposed alterations, installations, additions, or improvements ("ALTERATIONS")
with copies of proposed plans and as-built plans upon completion of the
Alterations. Tenant acknowledges that the proposed plans and the as-built plans,
both of which shall be complete, detailed, and accurate, shall be provided to
Landlord on AutoCAD disks. Landlord shall have the right to elect that

                                       10

<PAGE>
Tenant remove any Alteration made to the Demised Premises prior to the
expiration of the Lease and to restore the Demised Premises to the condition
existing prior to said Alteration. All such Alterations shall be done at
Tenant's sole expense and the making thereof shall not interfere with the use of
the Building by other tenants. Tenant agrees to indemnify, defend, and hold
harmless Landlord and any mortgagee of Landlord, if any, from any and all costs,
expenses, claims, causes of action, damages, and liabilities of any type or
nature whatsoever (including, but not limited to, attorneys' fees and costs of
litigation) arising out of or relating to the making of the Alterations by
Tenant. The foregoing indemnity shall survive the expiration or sooner
termination of this Lease. Nothing herein contained shall be construed as
constituting the permission of Landlord for a mechanic or subcontractor to file
a construction lien claim against the Demised Premises, and Tenant agrees to
secure the removal of any such construction lien that a contractor purports to
file against the Demised Premises by payment or otherwise pursuant to law. All
Alterations shall be effected in compliance with all applicable Laws.

      7. Various Negative Covenants by Tenant. Tenant agrees that it shall not,
without Landlord's prior written consent, which consent may be withheld in
Landlord's sole discretion:

         (a) do anything in or near the Demised Premises that will increase the
rate of fire insurance on the Building;

         (b) permit the accumulation of waste or refuse matter in or near the
Demised Premises, except in containers provided therefor;

         (c) except as expressly permitted herein, permit any signs, lettering,
or advertising matter to be erected or attached to the Demised Premises that is
visible from outside of the Demised Premises;

         (d) mortgage, hypothecate, pledge, assign, transfer, or sublet all or a
portion of the Demised Premises or this Lease, as the case may be, except to the
extent specifically permitted in Paragraph 27;

         (e) encumber or obstruct the Common Areas surrounding the Demised
Premises, nor cause the same to be encumbered or obstructed, nor encumber or
obstruct any access ways to the Demised Premises, nor cause the same to be
encumbered or obstructed; or

         (f) install anything on, or otherwise use or modify the exterior of the
Building, including the roof, except as expressly permitted by the terms of this
Lease.

      8. Various Affirmative Covenants of Tenant. Tenant covenants and agrees
that Tenant will:

         (a) At any time and from time to time execute, acknowledge, and deliver
to Landlord, or to anyone Landlord shall designate, within ten (10) days of
receipt of request therefor, a tenant estoppel certificate in form reasonably
acceptable to Landlord or to the financial institutions requesting the same
relating to matters customarily included in tenant estoppel certificates.
Notwithstanding anything herein to the contrary, in the event Tenant fails to
return the requested estoppel certificate within such ten (10) day period, then
the estoppel certificate shall be deemed accepted as complete and accurate by
Tenant.

         (b) Faithfully observe and comply with the rules and regulations
attached hereto and made a part hereof as Exhibit C and such additional rules
and regulations as Landlord may hereafter at any time or from time to time
communicate in writing to Tenant, and which, in the reasonable judgment of
Landlord, shall be necessary or desirable for the reputation, safety, care, or
appearance of the Building or the Complex, or the preservation of good order
therein, or the operation or maintenance of the Building or Complex, or the
equipment thereof, or the comfort of tenants or others in the Building or
Complex; provided, however, that in the case of any conflict between the
provisions of this Lease and any such rule or regulation, the provisions of this
Lease control. Nothing contained in this Lease shall be construed to impose upon
Landlord any duty or obligation to enforce the rules and regulations or the
terms, covenants, or conditions in any other lease as against any other tenant,
and Landlord shall not be

                                       11
<PAGE>
liable to Tenant for violation of any rule or regulation by any other tenant,
its employees, agents, visitors, invitees, subtenants, or licensees.

      9. Building Directory. Landlord shall, at the request of Tenant, maintain
a listing of the name of Tenant on the directory(ies) located at the Building.
Said listing, which shall not include any individual names of Tenant's
employees, shall be Building standard lettering.

      10. Casualty and Insurance.

         (a) In the event of partial or total destruction of the Building or of
the Demised Premises by reason of fire or any other cause, Tenant shall
immediately notify Landlord of the same, and Landlord shall promptly restore and
rebuild the Building and/or the Demised Premises (excluding the Tenant
Improvements constructed by Landlord pursuant to Exhibit B and Tenant's trade
fixtures, equipment, and personal property) at Landlord's expense (but only to
the extent of the insurance proceeds covering such damage actually received by
Landlord and subject to the terms and conditions contained in this Paragraph
10), unless Landlord elects by notice to Tenant within ninety (90) days of said
destruction not to restore and rebuild the Building and/or Demised Premises,
and, in such case, upon a date specified in said notice by Landlord, this Lease
shall terminate. If Landlord elects to restore and rebuild the Demised Premises,
then during the period of restoration of any such area, if any portion of the
Demised Premises is rendered untenantable by said damage, Tenant waives the
benefit of applicable Laws with respect to casualty and agrees that Tenant will
not be relieved of its obligation to pay Fixed and Additional Rent in case of
damage to or destruction of the Demised Premises or the Building, except with
respect to the portion of the Fixed and Additional Rent herein reserved that
relates to said untenantable portion only. Tenant acknowledges that Landlord
will not carry insurance on Tenant's furniture, furnishings, fixtures,
equipment, personal property, improvements, Tenant Improvements, and other
Alterations; therefore, Tenant agrees that Landlord shall have no obligation to
repair any damage to the same regardless of cause of loss whatsoever.

         (b) Tenant shall, at Tenant's sole cost and expense, except to the
extent prohibited by law with respect to worker's compensation insurance, for
the benefit of Tenant, Landlord, and any Additional Insured (as hereinafter
defined) and/or any other additional insured as Landlord shall from time to time
reasonably determine, maintain or cause to be maintained (i) commercial general
liability insurance coverage with a limit of not less than Five Million and
00/100 Dollars ($5,000,000.00) per each occurrence (the "CGL"), to include
commercial umbrella liability coverage, if necessary [If the CGL contains a
general aggregate, it shall apply separately to the Demised Premises. The CGL
shall be written on ISO occurrence form CG00011093 or a substitute providing
equivalent coverage and shall cover liability arising from the Demised Premises,
operations, independent contractors, products-completed operations, personal
injury (including death), advertising liability, and contractual liability. The
commercial umbrella liability coverage shall be consistent and follow form with
the primary coverage.]; (ii) worker's compensation insurance covering all
persons employed in connection with the construction of any improvements by
Tenant and the operation of its business upon the Demised Premises; (iii)
Special Form ("all risk") property coverage on all of Tenant's personal
property, including, but not limited to, rent loss coverage in an amount not
less than twelve (12) months' rental income, standard fire and extended coverage
insurance with vandalism and malicious mischief endorsements on all of the
Tenant Improvements and Alterations in or about the Demised Premises, to the
extent of their full replacement value; and (iv) terrorism insurance covering
against physical damage or loss to property resulting from acts of terrorism.
If, in the opinion of any mortgagees or ground lessors of the Land and/or the
Building, the foregoing coverages and/or limits shall become inadequate or less
than that commonly maintained by prudent tenants in similar buildings in the
area by tenants making similar uses, Landlord shall have the right to require
Tenant to increase its insurance coverage and/or limits. Any deductibles or
self-insured retention applicable to the above insurance shall be subject to
Landlord's prior approval. All such insurance shall, to the extent permitted by
law, name any management agents, mortgagees and ground lessors of the Land and
the Building and any owners, management agents, mortgagees, and ground lessors
of other portions of the Complex, and their successors and assigns (the
"ADDITIONAL INSUREDS") and Landlord, as additional insureds and shall be written
by an insurance carrier authorized to do business in the State of New Jersey and
that is rated at least A+ XII by A.M. Best Company, Oldwick, New Jersey.

                                       12
<PAGE>
         (c) Prior to the Commencement Date, Tenant shall deliver to Landlord a
certificate of each policy required under this Lease, which certificate shall be
in a form reasonably satisfactory to Landlord and shall, at a minimum: (i)
specify the additional insured status of Landlord and of the Additional
Insureds, (ii) evidence the waiver of subrogation required pursuant to Paragraph
10(d), and (iii) provide that said policy shall not be reduced in amount (or
otherwise materially changed) or canceled or lapse without providing to Landlord
at the address specified in Paragraph 18 of this Lease at least thirty (30)
days' written notice of such reduction (or other material change), cancellation,
or lapse. Tenant agrees to provide to Landlord timely renewal certificates as
the coverage renews. Notwithstanding anything herein to the contrary, all
policies required to be effected by Tenant under this Lease shall be maintained
in force throughout the Term or any Renewal Term.

         (d) Landlord and Tenant waive all rights against each other and any of
their respective contractors, agents, employees, and the Additional Insureds for
any damages caused by fire or any other perils covered by any All-Risk property
policy which the waiving party is required to carry under this Paragraph 10. In
addition, during the Term, all property insurance policies shall contain a
waiver of subrogation. Landlord and Tenant agree that their respective property
insurance policies represent the sole recourse for loss or damage to property,
and each waive all rights to recover from the other for property damage.
Landlord and Tenant shall, upon written request of the other party (made not
more frequently than two (2) times each Lease Year), furnish evidence of such
currently effective waiver which shall be in customary form.

         (e) Each insurance policy required to be maintained under this Lease
shall state that, with respect to the interest of Landlord and of the Additional
Insureds, the insurance maintained pursuant to each such policy shall not be
invalidated by any action or inaction of Tenant and shall insure Landlord and
the Additional Insureds regardless of any breach or violation of any warranties,
declarations, conditions, or exclusions by Tenant.

         (f) Each insurance policy required to be maintained under this Lease
shall state that all provisions of each such insurance policy, except for the
limits of liability, shall operate in the same manner as if a separate policy
had been issued to each person or entity insured thereunder.

         (g) Each insurance policy required to be maintained by Tenant under
this Lease shall state that the insurance provided thereunder is primary
insurance without any right of contribution from any other insurance which may
be carried by or for the benefit of Landlord or the Additional Insureds.

         (h) Each insurance policy required to be maintained under this Lease
shall recognize the indemnification set forth in Paragraph 11 of this Lease.

         (i) The failure of Tenant to maintain any of the insurance required
under this Lease, or to cause to be provided in any insurance policy the
requirements set forth in this Paragraph 10, shall constitute a default under
this Lease without any notice of any such default.

         (j) Landlord shall maintain or cause to be maintained, at a minimum:
(i) commercial general public liability insurance in respect of the Building
(and the Complex, to the extent that Landlord owns portions of the Complex other
than the Building) and the conduct and operation of its business therein, with
combined base and umbrella coverage limits of not less than Ten Million and
00/100 Dollars ($10,000,000.00) for bodily injury or death and property damage
in any one occurrence, including water damage and sprinkler leakage legal
liability; and (ii) fire and extended coverage insurance (including, without
limitation, rent insurance) in respect of the Building, including, without
limitation, the Common Areas, (and in respect of the buildings and other
improvements in the Complex, to the extent that Landlord owns portions of the
Complex other than the Building, but not including the property Tenant is
required to cover with insurance under Paragraph 10(b) and similar property of
other tenants and occupants in the Building and the Complex) for the benefit of
the Additional Insureds, as their interests may appear. The fire and extended
coverage insurance with respect to the Building shall be in the amount of full
replacement value, and with respect to the Complex (to the extent

                                       13
<PAGE>
that Landlord owns portions of the Complex other than the Building) shall be not
less than the amount sufficient to avoid the effect of the co-insurance
provisions of the applicable policy or policies. Landlord shall have the right
to provide any insurance maintained or caused to be maintained by it under
blanket policies provided that such policies shall in all other respects comply
with the requirements of this Paragraph 10(j). The cost of maintaining the
insurance required of Landlord under this subparagraph (j) shall be an Operating
Expense under Paragraph 3 hereof.

      11. Indemnification. Tenant shall indemnify, defend, and hold harmless
Landlord, the Additional Insureds, any mortgagee, and any lessor under any
underlying leases or ground leases, from and against any expense (including,
without limitation, legal and collection fees), loss, liability, or
consequential damages suffered or incurred as a result of or in connection with
(a) any breach of Tenant of its obligations contained in this Lease, or (b) its
acts or omissions or the acts or omissions of its agents, representatives,
servants, invitees, licensees, contractors, or employees. This provision shall
survive the expiration or sooner termination of this Lease.

      12. Non-Liability of Landlord. Landlord shall not be liable for (and
Tenant shall make no claim for) any property damage or personal injury that may
be sustained by Tenant or by any other person as a consequence of the failure,
breakage, leakage, inadequacy, defect, or obstruction of the water, plumbing,
steam, sewer, waste or soil pipes, roof drains, leaders, gutters, valleys,
downspouts, or the like or of the electrical, gas, power, conveyor,
refrigeration, sprinkler, air conditioning, or heating systems, elevators or
hoisting equipment; or by reason of the elements; or resulting from the
carelessness, negligence, or improper conduct on the part of any other tenant of
Landlord or on the part of Landlord's or Tenant's or any other tenant's agents,
employees, guests, licensees, invitees, subtenants, assignees, or successors; or
attributable to any interference with, interruption, or failure of any services
or utilities to be furnished or supplied by Landlord. Tenant shall give Landlord
prompt written notice of the occurrence of any events set forth in this
Paragraph 12.

      13. Remedies and Termination Upon Tenant Default,

         (a) In the event that:

            (i) Tenant shall default in the payment of any Fixed Rent, or any
Additional Rent, or other charge payable monthly hereunder by Tenant to
Landlord, on any date upon which the same becomes due, and such default shall
continue for five (5) days after the same becomes due; or

            (ii) Tenant shall default in the payment of any Additional Rent that
is not due and payable hereunder on a monthly basis on the date upon which the
same becomes due, and such default shall continue for five (5) days after
Landlord shall have given to Tenant a written notice specifying such default; or

            (iii) Tenant shall default in the due keeping, observing, or
performing of any covenant, agreement, term, provision, or condition of
Paragraph 1(c) of this Lease on the part of Tenant to be kept, observed, or
performed and if such default shall continue and shall not be remedied by Tenant
within one (1) Business Day after Landlord shall have given to Tenant a written
notice specifying the same; or

            (iv) Tenant shall default in the due keeping, observing, or
performing of any covenant, agreement, term, provision, or condition of this
Lease on the part of Tenant to be kept, observed, or performed [other than a
default of the character referred to in clauses (i), (ii), or (iii) of this
Paragraph 13(a)], and if such default shall continue and shall not be remedied
by Tenant within fifteen (15) days after Landlord shall have given to Tenant a
written notice specifying the same;

then, Landlord may, in addition to any other remedies herein contained, as may
be permitted by law, without being liable for prosecution therefor, or for
damages, re-enter the Demised Premises and have and again possess and enjoy the
same; and as agent for Tenant or otherwise, re-let the Demised Premises and
receive the rents therefor and apply the same first to the payment of such
expenses, reasonable attorneys' fees and costs, as Landlord may have been put to
in re-entering

                                       14
<PAGE>
and repossessing the same and in making such repairs and alterations as may be
necessary and second to the payment of the rents due hereunder. In addition to
any post-judgment collection fees, Tenant shall remain liable for such rents as
may be in arrears and also the rents as may accrue subsequent to the re-entry by
Landlord to the extent of the difference between the rents reserved hereunder
and the rents, if any, received by Landlord during the remainder of the
unexpired Term hereof, after deducting the aforementioned expenses, fees, and
costs; the same to be paid as such deficiencies arise and are ascertained each
month. Landlord, at its option, may require Tenant to pay in a single lump sum
payment, at the time of such termination or re-entry, as the case may be, a sum
which represents the present value (using a discount rate of four (4%) percent
per annum) of the excess of the aggregate of the Fixed Rent that would have been
payable by Tenant for the period commencing with such termination or re-entry,
as the case may be, and ending on the originally fixed Expiration Date of the
Term, over the aggregate fair market rental value of the Demised Premises for
the same period. Nothing contained in this Lease shall be construed as a waiver
by Tenant of the duty of Landlord to mitigate damages in the event of a default
by Tenant, as required by Law.

         (b) Upon the occurrence of any of the contingencies set forth in the
preceding subparagraph (a) of this Paragraph 13, or should Tenant be adjudicated
bankrupt or insolvent or placed in receivership, or should proceedings be
instituted by or against Tenant for bankruptcy, insolvency, receivership,
agreement of composition, or assignment for the benefit of creditors, or if this
Lease or the estate of Tenant hereunder shall pass to another by virtue of any
court proceedings, writ of execution, levy, sale, or by operation of law,
Landlord may, if Landlord so elects, at any time thereafter, terminate this
Lease and the Term hereof, upon giving to Tenant or to any trustee, receiver,
assignee, or other person in charge of or acting as custodian of the assets or
property of Tenant, five (5) days' notice in writing of Landlord's intention so
to do. Upon the giving of such notice, this Lease and the Term hereof shall end
on the date fixed in such notice as if the same date were the Expiration Date;
and Landlord shall have the right to remove all persons, goods, fixtures, and
chattels therefrom by force or otherwise without liability for damages.

         (c) Tenant hereby appoints Landlord attorney-in-fact, irrevocably, to
execute and deliver, on behalf of Tenant, any document reasonably needed by
Landlord during any period Tenant is in default of any terms and provisions of
this Lease beyond any applicable notice and cure period.

      14. Remedies Cumulative: Non-Waiver By Landlord. The various rights,
remedies, options, and elections of Landlord expressed herein are cumulative,
and the failure of Landlord to enforce strict performance by Tenant of the
conditions and covenants of this Lease, to exercise any election or option, or
to resort or have recourse to any remedy herein conferred, or the acceptance by
Landlord of any installment of rent after any breach by Tenant, in any one or
more instances, shall not be construed or deemed to be a waiver or a
relinquishment for the future by Landlord of any such conditions and covenants,
options, elections, or remedies, but the same shall continue in full force and
effect.

      15. Services; Electric Energy

         (a) During Business Hours, Landlord shall (i) supply heating,
ventilation, and air conditioning to the Demised Premises in accordance with the
HVAC specifications attached hereto as Exhibit E; (ii) provide snow and ice
removal for the parking area, sidewalks, and driveways in a reasonably
expeditious manner; and (iii) provide refuse removal from a dumpster to be
provided on site to be used for normal paper waste attendant to an office
building. Tenant agrees at all times to cooperate fully with Landlord and to
abide by all the regulations and requirements that Landlord may prescribe for
the proper functioning and protection of such air conditioning system. Landlord
shall clean the Demised Premises in accordance with the cleaning schedule
annexed hereto as Exhibit D. The cost of the services and utilities provided
pursuant to this Paragraph 15(a) is included in Operating Expenses, as defined
in Paragraph 3(a).

         (b) Provided Tenant is not then in default of this Lease, Landlord
shall provide to Tenant overtime services and utilities when and to the extent
reasonably requested by Tenant, or when activated by Tenant's use of an overtime
thermostat and time clock, and in accordance with such reasonable conditions as
shall be determined by Landlord. Tenant shall

                                       15
<PAGE>
pay to Landlord, as Additional Rent, a charge determined by Landlord for such
additional service and utilities, which charge shall cover all costs and
expenses of Landlord in providing such overtime services, including, without
limitation, the cost of the utility usage, the cost of maintenance, repairs,
inspections of such Building Systems, the depreciation of such Building Systems,
and employee and administrative costs related to such services. Such charge
shall constitute a direct charge to Tenant and not an Operating Expense as
defined in Paragraph 3.

         (c) Landlord reserves the right, without liability to Tenant and
without constituting any claim of constructive eviction, to stop or interrupt
any heating, lighting, ventilating, air conditioning, gas, steam, power,
electricity, water, or other service and to stop or interrupt the use of any
building or Building facilities at such times as may be necessary and for as
long as may reasonably be required by reason of accidents, strikes, or the
making of repairs, alterations, or improvements, or inability to secure a proper
supply of fuel, gas, steam, water, electricity, labor or supplies, or by reason
of any other similar or dissimilar cause beyond the reasonable control of
Landlord. No such stoppage or interruption shall entitle Tenant to any
diminution or abatement of rent or other compensation, nor shall this Lease or
any of the obligations of Tenant be affected or reduced by reason of any such
stoppage or interruption.

         (d) Landlord shall furnish to Tenant, through the transmission
facilities installed in the Demised Premises, electric energy to be used by
Tenant, at Tenant's expense as provided for in this Paragraph 15, in the Demised
Premises in such reasonable quantity as shall be sufficient to meet Tenant's
ordinary business needs for lighting and the operation of its business machines,
including, without limitation, photocopy equipment and computer and data
processing equipment, provided that Landlord shall not be obligated to provide
such electrical energy in any amount in excess of six (6) watts per rentable
square foot or that set forth in Schedule I to Exhibit B attached hereto and
made a part hereof.

         (e) Landlord shall, prior to the Commencement Date, at Tenant's sole
cost and expense, install a separate electrical meter to measure the consumption
of electricity in the Demised Premises. Landlord shall charge Tenant for: (i)
such electrical usage at Landlord's actual cost therefor (based upon the average
kilowatt hour cost of each invoice) without mark-up, and (ii) the reasonable
costs of a third party meter reader; and Tenant shall pay such amount to
Landlord as Additional Rent hereunder within thirty (30) days of Landlord's
giving Tenant notice of the amount then due.

         (f) If the cost to Landlord of electricity shall have been increased or
decreased subsequently, by change in Landlord's electric rates, charges, fuel
adjustment, or by taxes of any kind imposed thereon, or for any other reason,
then the aforesaid electricity charge shall be increased or decreased in the
same percentage.

         (g) If Landlord discontinues furnishing electric energy to Tenant,
Tenant shall arrange to obtain electric energy directly from the public utility
company furnishing electric service to the Building. Such electric energy may be
furnished to Tenant by means of the then existing Building System feeders,
risers, and wiring to the extent that the same are available, suitable and safe
for such purposes. All meters and additional panel boards, feeds, risers,
wiring, and other conductors and equipment that may be required to obtain
electric energy directly from such public utility company shall be installed by
Landlord at Tenant's expense. There shall be no discontinuance of the furnishing
of electric current to the Demised Premises by Landlord until Tenant has
completed its arrangements to obtain electric current directly from the public
utility company furnishing electric current to the Building so that there is no
interruption in the continuity of electric service.

         (h) In the event that Tenant shall require electric energy for use in
the Demised Premises in excess of the quantity to be initially furnished
pursuant hereto and if, in Landlord's judgment, such excess requirements cannot
be furnished unless additional risers, conduits, feeders, switchboards, and/or
appurtenances are installed in the Building, Landlord, upon written request of
Tenant, shall proceed with reasonable diligence to install such additional
risers, conduits, feeders, switchboards, and/or appurtenances, provided the same
and the use thereof shall not cause permanent damage or injury to the Building
or the Demised Premises, or cause or create a dangerous or hazardous condition,
or entail excessive or unreasonable alterations or repairs, or interfere with or
disrupt other tenants or occupants of the Building, and

                                       16
<PAGE>
Tenant agrees to pay all costs and expenses incurred by Landlord in connection
with such installation.

         (i) Landlord, at Tenant's expense, shall purchase and install all lamps
(including, but not limited to, incandescent and fluorescent), starters, and
ballasts used in the Demised Premises.

         (j) In order that Landlord may at all times have all necessary
information which it requires in order to maintain and protect its equipment,
Tenant agrees that Tenant shall not make any material alteration or material
addition to the electrical equipment and/or appliances in the Demised Premises
without the prior written consent of Landlord in each instance, which Landlord
may withhold in its sole discretion, and shall promptly advise Landlord of any
other alteration or addition to such electrical equipment and/or appliances.
Tenant agrees to advise Landlord in writing as to any material change in the
periods of use of the lighting fixtures and Tenant's business machines and
equipment.

      16. Subordination. This Lease is subject and subordinate in all respects
to any underlying leases, ground leases, licenses, or agreements, and to all
mortgages which may now or hereafter be placed on or affect such leases,
licenses, or agreements or the Land or the Demised Premises, and also to all
renewals, modifications, consolidations, and extensions of such underlying
leases, ground leases, licenses, agreements, and mortgages. Although no
instrument or action on the part of Tenant shall be necessary to effectuate such
subordination, Tenant shall, nevertheless, execute and deliver such further
instruments confirming such subordination as may be desired by any holder of any
such mortgage or by any lessor, licensor, or party to an agreement under any
such underlying lease, ground lease, license, or agreement, respectively. Tenant
hereby appoints Landlord attorney-in-fact, irrevocably, to execute and deliver
any such instrument on behalf of Tenant. If any underlying lease, ground lease,
license, or agreement to which this Lease is subject and subordinate terminates,
or if any mortgage to which this Lease is subordinate is foreclosed, Tenant
shall, on timely request, attorn to the holder of the reversionary interest or
to the mortgagee in possession, as the case may be. If Landlord shall notify
Tenant that the Demised Premises, Building, or Land is encumbered by a mortgage,
then notwithstanding anything in this Lease to the contrary, no notice intended
for Landlord shall be deemed properly given unless a copy thereof is
simultaneously sent to such mortgagee in the manner provided for in Paragraph
18. Notwithstanding the foregoing, the subordination of this Lease to a ground
lease or mortgage is conditioned upon Tenant's receipt of a subordination,
nondisturbance and attornment agreement from the lender or ground lessor on such
party's customary form, provided such form is customary in financing
transactions comparable to the one being undertaken by Landlord.

      17. Curing Tenant's Defaults.

         (a) If Tenant shall fail or refuse to comply with and perform any
conditions and covenants of this Lease, Landlord may, if Landlord so elects,
carry out and perform such conditions and covenants, at the cost and expense of
Tenant, and said cost and expense shall be payable on demand, or, at the option
of Landlord, shall be added to the installment of Monthly Fixed Rent due
immediately thereafter but in no case later than one month after such demand,
whichever occurs sooner, and shall be due and payable as such. This remedy shall
be in addition to such other remedies Landlord may have hereunder by reason of
the breach of Tenant of any of the covenants and conditions in this Lease
contained.

         (b) Landlord shall be in default of this Lease if it fails to perform
any obligation of Landlord under this Lease and if such failure is not cured
within thirty (30) days after written notice thereof is given by Tenant to
Landlord; however, if said failure cannot reasonably be cured within thirty (30)
days, Landlord shall not be in default of this Lease if Landlord commences to
cure the failure within the thirty (30) day period and diligently continues to
cure the default. If Landlord does not cure a default in accordance with the
foregoing time periods, Tenant shall give to Landlord's first mortgagee(s), if
any, notice of such default (in addition to the notice required to be given
pursuant to Paragraph 16) and an additional cure period equal to that specified
above for Landlord.

      18. Notices. Any notice, demand, statement, or other communication which
under the terms of this Lease or under any statute or law must or may be given
shall be given by

                                       17
<PAGE>
hand delivery; or by registered or certified mail, return receipt requested; or
by reputable private overnight delivery service providing a receipt of delivery
or refusal, delivered, or addressed to the respective parties at the following
address:

 As to Tenant:     Compensation Risk Managers, LLC
                         Attn: Louis J. Viglotti, Esq.
                         112 Delafield Street
                         Poughkeepsie, NY 12601
                         Fax: 845-473-6154

 with copy to:     Vergilis, Stenger, Roberts,
                         Pergament & Viglotti, LLP
                         Attn: Gerald A. Vergilis, Esq.
                         1136 Route 9
                         Wappingers Falls, NY 12590
                         Fax: 845-298-2842

  As to Landlord:  Oakwood Partners L.L.C.
                          c/o TCD Management Corp.
                          P.O. Box 1580
                          (20 Kingwood Lane)
                          Poughkeepsie, NY 12601
                          Attention: David S. Kaminski
                          Fax: 845-463-0712

  with copy to      Lawrence F. Reilly, Esq.
                          Pitney Hardin LLP
                          200 Campus Drive
                          Florham Park, NJ 07932
                          Fax: 973-966-1550

Any such notice, demand, statement, or other communication shall be deemed to
have been given or made (i) upon delivery, if hand delivered, (ii) upon receipt
or refusal of delivery after mailing, if mailed, postage paid, certified or
registered mail, and (iii) upon receipt or refusal of delivery, if delivered,
charges prepaid or charged to sender, by a reputable private overnight delivery
service. Any of the above addresses may be changed at any time by notice given
as provided above. Legal counsel for the respective parties may provide the
requisite notice(s) hereunder on behalf of their respective clients.

      19. Quiet Enjoyment. Landlord covenants that Tenant, upon keeping and
performing each and every covenant, agreement, term, provision, and condition
herein contained on the part and on behalf of Tenant to be kept and performed,
shall quietly enjoy the Demised Premises without hindrance or molestation by
Landlord or by any other person lawfully claiming by, through, or under the
same, subject to the covenants, agreements, terms, provisions, and conditions of
this Lease and the effects of the application of same.

      20. Security Deposit. Tenant has this day deposited with Landlord the
Security Deposit for the payment of the Fixed Rent, Additional Rent, and other
charges hereunder and the full and faithful performance by Tenant of the
covenants and conditions on the part of Tenant to be performed. Tenant, in lieu
of cash, may deliver to Landlord, as the Security Deposit, an irrevocable
negotiable letter of credit (the "LETTER OF CREDIT") by and drawn on a bank or
trust company approved by Landlord, in form and content acceptable to Landlord
for its account in the amount of the Security Deposit. The expiration date of
the Letter of Credit shall be the sixtieth (60th) day after the Expiration Date.
Upon Landlord's demand, Tenant, at its expense, shall revise the Letter of
Credit by changing the beneficiary thereunder to whomever Landlord or its
managing agent may designate from time to time. Tenant shall deliver the revised
Letter of Credit naming the new beneficiary within thirty (30) days after
Landlord requests delivery of same. Failure to deliver such revised Letter of
Credit within the aforementioned thirty (30) day period shall be a breach of
this Lease, and Landlord shall have the right, among other remedies provided
hereunder, to present the existing Letter of Credit for payment in full, draw
thereon, and either to apply or retain the proceeds thereof in accordance with
this Paragraph, or to assign such proceeds to any Building purchaser of
Landlord. The

                                       18
<PAGE>
Security Deposit shall be returned to Tenant, without interest, after the
expiration of the Term hereof provided that Tenant has fully and faithfully
performed all such covenants and conditions and is not in arrears in Fixed Rent,
Additional Rent, and other charges. During the Term hereof, Landlord may, if
Landlord so elects, have recourse to such security, to make good any default by
Tenant in which event Tenant shall, on demand, promptly restore said security to
its original amount. Liability to repay said security to Tenant shall run with
the reversion and title to the Demised Premises, whether any change in ownership
thereof be by voluntary alienation or as the result of judicial sale,
foreclosure, or other proceedings, or the exercise of a right of taking or entry
by any mortgagee. Landlord shall assign or transfer said security, for the
benefit of Tenant, to any subsequent owner or holder of the reversion or title
to Demised Premises, in which case the assignee shall become liable for the
repayment thereof as herein provided, and the assignor shall be deemed to be
released by Tenant from all liability to return such security.

      21. Inspection and Entry by Landlord.

         (a) During the Term, Tenant agrees to permit Landlord and Landlord's
agents, employees, or other representatives to show the Demised Premises to any
lessor under any underlying lease or ground lease, to any mortgagee, or to any
persons wishing to purchase the same, the Building, or the Complex. In addition,
Tenant agrees that, from and after the twelfth (12th) month preceding the
Expiration Date, Landlord or Landlord's agents, employees, or other
representatives shall have the right to show the Demised Premises to any
prospective tenants.

         (b) Tenant agrees that Landlord and Landlord's agents, employees, or
other representatives, shall have the right to enter into and upon the Demised
Premises or any part thereof, at all reasonable hours, for the purpose of
inspecting the same, or reading meters, or performing maintenance, or making
such repairs or alterations therein as may be necessary for the safety and
preservation thereof. This clause shall not be deemed to be a covenant by
Landlord nor be construed to create an obligation on the part of Landlord to
make such inspection or repairs.

      22. Brokerage. Tenant and Landlord warrant and represent to each other
that neither has dealt with any broker or brokers regarding the negotiation of
this Lease, other than the Designated Broker. Tenant and Landlord agree to be
responsible for and to indemnify and hold the other harmless from and against
any claim for a commission or other compensation by any broker other than the
Designated Broker claiming to have negotiated with the indemnifying party with
respect to the Demised Premises or to have called the said Demised Premises to
Tenant's attention or to have called Tenant to Landlord's attention.

      23. Parking. Tenant shall have the right under this Lease to the
nonexclusive use of the number of parking spaces in the Parking Garage
designated in the Preamble, and to the exclusive use of the space in the common
parking lot on the Complex Land, as shown on Exhibit A-l. provided, however,
that all of Tenant's employees shall utilize the Parking Garage, other than
those assigned to the exclusive spaces. Tenant shall comply with such reasonable
Rules and Regulations as Landlord may promulgate from time to time with respect
to said parking. Landlord shall have the right to assign the location of said
non-exclusive spaces or may designate the location of same from time to time.

      24. Renewal Option.

         (a) Tenant is hereby granted two (2) successive option(s) to renew this
Lease for a Renewal Term of five (5) years each, subject to the terms of this
Paragraph 24. In the event that Tenant desires to renew this Lease, it shall
give notice in writing to Landlord of its intention to renew the Lease at least
twelve (12) months prior to the Expiration Date and at least twelve (12) months
prior to the expiration of the first (1st) Renewal Term, as the case may be.
During each of the Renewal Terms, Tenant shall lease the Demised Premises in its
"AS IS" condition and all of the terms and conditions of this Lease shall
otherwise remain in effect during each of the Renewal Terms, except that the
annual Fixed Rent payable during the Renewal Terms shall be Forty Seven and
64/100 Dollars ($47.64) per rentable square foot of office space per annum,
being a total of One Million Two Hundred Fifty Seven Thousand Six Hundred Ninety
Six Dollars ($1,257,696.00) per annum during the first (1st) Renewal Term; and
Fifty Three and 60/100 Dollars ($53.60) per rentable square foot of office per
annum, being a total of

                                       19
<PAGE>
One Million Four Hundred Fifteen Thousand Forty Dollars ($1,415,040.00) per
annum during the second (2nd) Renewal Term.

         (b) Time shall be of the essence of this Lease with respect to the time
periods within which Tenant must provide the notices to renew as set forth in
subparagraph (a) of this Paragraph 24; provided, however, that, notwithstanding
the foregoing, Tenant shall not lose its right to exercise either option after
the expiration of the time period for exercise of same until the expiration of
fifteen (15) days after Tenant's receipt of a reminder notice from Landlord that
the option period has elapsed, without Tenant exercising the particular option.

         (c) It shall be a condition of the exercise of the option set forth in
this Paragraph 24, that at the time of the exercise of said option, Tenant shall
not be in default under this Lease beyond applicable grace periods.

         (d) Tenant acknowledges and agrees that the option(s) set forth in this
Paragraph 24 shall be personal to Tenant and shall not be exercisable by any
party (including any assignees) other than Tenant named herein and an Affiliated
Entity as described in Paragraph 27(d), below. Furthermore, notwithstanding
anything herein to the contrary, Tenant shall not have the right to exercise the
renewal option(s) set forth herein if the amount of rentable square footage of
the Demised Premises leased by Tenant during the applicable Renewal Term is
fifty (50%) percent or less than the amount of rentable square footage leased by
Tenant as of the Commencement Date.

      25. Landlord's Inability to Perform. This Lease and the obligation of
Tenant to pay the rent hereunder and to comply with the covenants and conditions
hereof shall not be affected, curtailed, impaired, or excused because of
Landlord's inability to supply any service or material called for herein, by
reason of any rule, order, regulation, or preemption by any governmental entity,
authority, department, agency, or subdivision or for any delay that may arise by
reason of negotiations for the adjustment of any fire or other casualty loss or
because of strikes or other labor trouble or for any cause beyond the control of
Landlord or for any other reason constituting Force Majeure. "FORCE MAJEURE"
shall mean and include those situations beyond either party's control, including
by way of example and not limitation, acts of God; accidents; repairs; strikes;
shortages of labor, supplies, or materials; inclement weather; scheduling of
planning board meetings or other municipal action affecting any issuance of
construction permits and/or approvals; where applicable, the passage of time
while waiting for an adjustment of insurance proceeds; or war, terrorism, or
bioterrorism.

      26. Condemnation.

         (a) In the event that the whole of the Demised Premises shall be
lawfully condemned or taken in any manner for any public or quasi-public use or
purpose or is transferred, under threat of condemnation, by Landlord to any
party having the right of condemnation (any of such acts are referred to herein
as "EMINENT DOMAIN"), this Lease and the Term and estate hereby granted shall
forthwith cease and terminate as to the date of vesting of title ("DATE OF
TAKING"), and Tenant shall have no claim against Landlord for, or make any claim
for the value of, any unexpired term of this Lease, and the Fixed Rent and
Additional Rent shall be apportioned as of such date.

         (b) In the event that any part of the Demised Premises shall be so
condemned or taken, this Lease shall be and remain unaffected by such
condemnation or taking, except that the Fixed Rent and Additional Rent allocable
to the part so taken shall be apportioned as of the date of taking, and Tenant
shall have no claim against Landlord for, or make any claim for the value of,
the portion of the unexpired Term of this Lease allocable to the part so taken,
provided, however, that Landlord may elect to cancel this Lease in the event
that more than twenty-five (25%) percent of the Demised Premises should be so
condemned or taken, provided such notice of election is given by Landlord to
Tenant not later than sixty (60) days after the date when title shall vest in
the condemning authority. Upon the giving of such notice, this Lease shall
terminate on the thirtieth (30th) day following the date of such notice, and the
Fixed Rent and Additional Rent shall be apportioned as of such termination date,
and Tenant shall have no claim against Landlord for, or make any claim for the
value of, the unexpired Term of this Lease. Upon such partial taking and this
Lease continuing in force as to any part of the Demised Premises, the Fixed Rent
and Additional Rent shall be diminished by an amount representing the

                                       20
<PAGE>
part of the Fixed Rent and Additional Rent properly applicable to the portion or
portions of the Demised Premises that may be so condemned shall be reduced
proportionately. If, as a result of the partial taking (and this Lease
continuing in force as to the part of the Demised Premises not so taken) any
part of the Demised Premises not taken is damaged, Landlord agrees with
reasonable promptness to commence the work necessary to restore the damaged
portion to the condition existing immediately prior to the taking and to
prosecute the same with reasonable diligence to its completion. In the event
Landlord and Tenant are unable to agree as to the amount by which the Fixed Rent
and Additional Rent shall be diminished, the matter shall be determined by a
mutually acceptable third party. Pending such determination, Tenant shall pay to
Landlord the Fixed Rent and Additional Rent as fixed by Landlord, subject to
adjustment upon resolution of such dispute.

         (c) Nothing herein provided shall preclude Tenant from appearing,
claiming, proving, and receiving in the condemnation proceeding Tenant's moving
expenses and the value of trade fixtures provided such claim shall be separate
from and shall not adversely affect Landlord's award.

         (d) Subject to the provisions of Paragraph 26(c), the entire award for
any act of eminent domain shall be paid to Landlord, and, in the event of a
partial taking, if this Lease is not canceled by either party pursuant to the
provisions of this Paragraph 26, Landlord, at Landlord's own expense, shall
restore the unaffected part of the Demised Premises to substantially the same
condition and tenantability as existed prior to the taking. Until said
unaffected portion is restored, Tenant shall be entitled to a proportionate
abatement of Fixed Rent and Additional Rent of that portion of the Demised
Premises that is being restored and is not usable until the completion of the
restoration or until said portion of the Demised Premises is used by Tenant,
whichever occurs sooner. Said unaffected portion shall be restored within a
reasonable time, provided, however, if Landlord is delayed by Force Majeure, the
time for completion shall be extended for a period equivalent to the delay. If
such partial taking shall occur in the last year of the Term, either party,
irrespective of the area of the space remaining, may elect to cancel this Lease
and the Term hereby granted, provided such party shall, within sixty (60) days
after such taking, give notice to that effect, and upon the giving of such
notice, the Fixed Rent and Additional Rent shall be apportioned and paid to the
date of expiration of the term specified, which date shall be not more than
thirty (30) days after the date of such notice, and this Lease and the Term
hereby granted shall cease, expire and come to an end upon the expiration of the
period specified in said notice. If either party shall so elect to end this
Lease and the Term hereby granted, Landlord need not restore any part of the
Demised Premises and the entire award for partial condemnation shall be paid to
Landlord, and Tenant shall have no claim to any part thereof.

         (e) If the temporary use or occupancy of all or any part of the Demised
Premises shall be so taken, (i) the Term shall not be reduced or affected in any
way except as provided in (iv) below, (ii) Tenant shall continue to be
responsible for all of its obligations hereunder and shall continue to pay all
Fixed Rent and Additional Rent when due, (iii) Tenant shall be entitled to
receive that portion of the award that represents reimbursement for the cost of
restoration of the Demised Premises, compensation for the use and occupancy of
the Demised Premises and for any taking of Tenant's property, except that, if
the temporary period of taking shall extend beyond the expiration of the Term,
the portion of the award representing compensation for the use and occupancy of
the Demised Premises shall be apportioned between Landlord and Tenant as of the
Expiration Date, and Landlord shall receive that portion of the award which
represents reimbursements for the cost of restoration of the Demised Premises,
and (iv) if the date of taking shall occur during the last year of the Term and
the taking shall exceed twenty-five (25%) percent of the Demised Premises,
Tenant may elect to cancel this Lease by notice of election given by Tenant to
Landlord not later than sixty (60) days after the date when title shall vest in
the condemning authority. Upon the giving of such notice, this Lease shall
terminate on the thirtieth (30th) day following the date of such notice, and the
Fixed Rent and Additional Rent shall be apportioned as of such termination date,
with Landlord, and not Tenant, to receive the portion of the award that
represents reimbursement for the cost of restoration of the Demised Premises and
the portion of the award representing compensation for the use and occupancy of
the Demised Premises for the time subsequent to the cancellation date.

                                       21
<PAGE>
      27. Assignment and Subletting.

      Tenant may not mortgage, hypothecate, pledge, assign, transfer, or sublet
all or a portion of the Demised Premises or this Lease, as the case may be,
except as specifically permitted in this Paragraph 27.

         (a) In the event that Tenant desires to assign this Lease or sublease
all or any portion of the Demised Premises, Tenant shall provide to Landlord the
following information in writing at least forty-five (45) days prior to the
effective date of any such assignment or sublease: (i) the terms and conditions
of such assignment or sublease, and (ii) complete and accurate banking,
financial, and other credit information with respect to the proposed assignee or
sublessee, which information must be sufficient to enable Landlord to judge the
fiscal strength of said proposed assignee or sublessee. Then, at least fifteen
(15) days prior to such effective date, Landlord shall have the option,
exercisable in writing to Tenant, to recapture this Lease, or the space intended
to be sublet, as the case may be, as of such effective date, and Tenant shall
thereupon be fully released from any and all future obligations hereunder with
respect to the Demised Premises, in case of an assignment, or with respect to
the space to have been sublet, in the case of a sublease, except those
obligations which by their terms, survive the expiration of the Term of this
Lease. If Landlord recaptures sublet space hereunder which is less than the
entire Demised Premises, Tenant shall reimburse Landlord for any reasonable and
necessary costs incurred to separate the recaptured area, so that it may be
separately demised, such reimbursement to be due as Additional Rent within
thirty (30) days after Tenant's receipt of an invoice for such work.

            (i) Tenant acknowledges that, in no event shall Tenant have any
right to sublet all or any portion of the Demised Premises at a square foot
rental rate less that the greater of: (1) Landlord's prevailing rental rate in
an arms-length transaction for comparable space in the Building and/or the
Complex, as determined by Landlord in its sole and absolute discretion; or (2)
the current Fixed and Additional Rent under this Lease as of the date of
Tenant's sublease request (the "SUBLEASE RENT FLOOR").

            (ii) Except as provided hereinafter, any sale or other transfer,
whether voluntary or involuntary, by operation of law or otherwise (including,
without limitation, by consolidation, merger, or reorganization), of a majority
of the voting stock of Tenant, if Tenant is a corporation, or a majority of the
partnership interests in Tenant, if Tenant is a partnership, shall be an
assignment for purposes of this Paragraph 27 whether such transfer is
accomplished in one (1) transaction or a series of transactions.

         (b) In the event that Landlord elects not to recapture the Lease as
hereinabove provided, Tenant may nevertheless assign or sublet the whole of the
Demised Premises, subject to Landlord's prior written consent, which consent
shall not be unreasonably withheld or delayed, and subject to the consent of any
mortgagee or ground lessor if required under the terms of any mortgage or ground
lease, on the basis of the following terms and conditions:

            (i) Tenant shall provide to Landlord (1) the name and address of the
assignee or sublessee, (2) complete and accurate banking, financial, and other
credit information with respect to the proposed assignee or sublessee, which
information must be sufficient to enable Landlord to judge the fiscal strength
of said proposed assignee or sublessee, and (3) any other information reasonably
requested by Landlord.

            (ii) The assignee or sublessee shall assume, by written instrument,
all of the obligations of this Lease (but in the case of a sublease, only to the
extent applicable to the space sublet for the term of the sublease), and a copy
of such assumption agreement shall be furnished to Landlord within ten (10) days
of its execution.

            (iii) Tenant and each assignee or sublessee shall be and remain
liable for the observance of all of the covenants and provisions of this Lease,
including, but not limited to, the payment of Fixed Rent, Additional Rent, and
other charges due hereunder through the entire Term of this Lease, as the same
may be renewed, extended, or otherwise modified.

                                       22
<PAGE>
            (iv) Tenant shall promptly pay to Landlord one hundred (100%)
percent of any consideration other than rent received for or in connection with
any assignment or sublease, however denominated, and one hundred (100%) percent
of all of the rent, as and when received, in excess of the rent required to be
paid by Tenant for the area assigned or sublet.

            (v) In any event, the acceptance by Landlord of any rent from any of
the subtenants or the failure of Landlord to insist upon the strict performance
of any of the terms, conditions, and covenants herein from any assignee or
subtenant shall not release Tenant herein, from any and all of the obligations
herein during and for the entire Term of this Lease.

            (vi) The assignment or sublease shall provide that there shall be no
further assignments and/or subletting without Landlord's consent.

            (vii) Tenant shall pay the actual, reasonable legal costs incurred
by Landlord to cover its handling charges for each request for consent to any
assignment or sublet prior to its consideration of the same. Tenant acknowledges
that its sole remedy with respect to any assertion that Landlord's failure to
consent to any assignment or sublet is unreasonable shall be the remedy of
specific performance, and Tenant shall have no other claim or cause of action
against Landlord as a result of Landlord's actions in refusing to consent
thereto.

            (viii) Landlord shall have the right to require from Tenant or any
assignee an increase in the Security Deposit prior to the effective date of any
permitted assignment or sublease, as more particularly set forth herein.

         (c) Tenant expressly acknowledges that any of the following instances
shall be deemed to be a reasonable basis on which Landlord may withhold its
consent under this Paragraph:

            (i) the proposed assignee or subtenant is not, in Landlord's
opinion, appropriate for the Building or in keeping with the character of its
existing tenancies;

            (ii) the proposed assignee's or subtenant's occupancy will cause a
density of traffic or make demands on Building services, maintenance, or
facilities unreasonably in excess of those related to Tenant's occupancy;

            (iii) the proposed assignee or subtenant (or any entity that is in
common control with said assignee or subtenant, controlled by said assignee or
subtenant, or controls said assignee or subtenant) (1) is a tenant of the
Building or any other office building in the Complex owned by or through the
persons constituting Landlord hereunder or any affiliate, subsidiary, or parent
of Landlord or (2) is vacating premises in such a building;

            (iv) the proposed sublease is for fifty (50%) percent or less of the
rentable square footage of one floor of the Demised Premises;

            (v) Landlord (or any affiliate, subsidiary, or parent of Landlord)
is negotiating or has negotiated with the proposed assignee or subtenant (or any
entity that is in common control with said assignee or subtenant, controlled by
said assignee or subtenant, or controls said assignee or subtenant) within the
period of twelve (12) months preceding Tenant's request for consent; or

            (vi) Landlord (or any affiliate, subsidiary, or parent of Landlord)
has competing office premises available for occupancy in the Complex within the
relevant timeframe.

         Tenant further expressly acknowledges that the foregoing is not a
complete list and shall in no way be construed to be a limitation on Landlord's
ability to reasonably withhold its consent for other reasons not included above.

         (d) Any sublet or assignment to an Affiliated Entity, as defined
hereinafter, shall not be subject to the recapture provisions set forth in
Paragraph 27(a) or to the provisions of Subparagraphs 27(b)(iv) and 27(b)(vii)
and shall not require Landlord's prior

                                       23
<PAGE>
written consent, but all other terms and conditions of this Paragraph 27
[including, but not limited to, Tenant's obligation to provide the information
required under Paragraph 27(a)] shall apply. As used herein, an "AFFILIATED
ENTITY" shall refer to an entity resulting from a merger with Tenant or from the
transfer of substantially all of the equity interests or assets of Tenant or
that is in common control with Tenant, is controlled by Tenant, or controls
Tenant; however, the Affiliated Entity or its guarantor must have a net worth
that equals or is greater than the greater of the following: (i) the net worth
of Tenant as of the date of this Lease and (ii) the net worth of Tenant
immediately prior to the sublease or assignment. If the net worth of a guarantor
is offered by Tenant, the guarantor shall execute a guaranty of all lease
obligation of the assignee or subtenant in form satisfactory to Landlord,

      28. Environmental Laws.

         (a) Tenant agrees, in its use and occupancy of the Demised Premises, to
comply with all present or future federal, state, or local laws, rules, or
regulations dealing with environmental protection ("ENVIRONMENTAL LAWS"), having
jurisdiction over the Demised Premises. Tenant agrees that such compliance shall
be at Tenant's sole cost and expense. Tenant shall immediately provide Landlord,
as they are issued or received by Tenant, with copies of all correspondence,
reports, notices, orders, findings, declarations, and other materials that are
pertinent to Tenant's compliance with Environmental Laws. The foregoing
obligations shall not apply to any activity which is the obligation of Landlord
hereunder, unless the required compliance arises out of the acts or negligence
of Tenant, its employees or agents.

         (b) Tenant shall not generate, store, manufacture, refine, transport,
treat, dispose of, or otherwise permit to be present on or about the Demised
Premises any Hazardous Substances with the exception of de minimis quantities of
Hazardous Substances commonly used in the cleaning and maintenance of general
business offices in quantities appropriate to such use. As used herein,
"HAZARDOUS SUBSTANCE" shall be defined as any "hazardous chemical," "hazardous
substance," "hazardous waste," or similar term as defined in the Comprehensive
Environmental Response Compensation and Liability Act, as amended (42 U.S.C.
Sections 9601, et seq.), any rules or regulations promulgated thereunder,
or in any other present or future Environmental Laws.

         (c) Tenant agrees to indemnify, defend, and hold harmless Landlord and
each mortgagee of the Demised Premises from and against any and all liabilities,
damages, claims, losses, judgments, causes of action, costs, and expenses
(including the reasonable fees and expenses of counsel) that may be incurred by
Landlord or any such mortgagee or threatened against Landlord or such mortgagee,
relating to or arising out of any breach by Tenant of this Paragraph 28, which
indemnification shall survive the expiration or sooner termination of this
Lease.

      29. Parties Bound.

         (a) The covenants, agreements, terms, provisions, and conditions of
this Lease shall bind and benefit the respective successors, assigns, and legal
representatives of the parties hereto with the same effect as if mentioned in
each instance where a party hereto is named or referred to, except that no
violation of the provisions of Paragraph 7(d) or of Paragraph 27 hereof shall
operate to vest any rights in any successor, assignee, or legal representative
of Tenant and that the provisions of this Paragraph 29 shall not be construed as
modifying the conditions contained in Paragraph 13 hereof.

         (b) Tenant acknowledges and agrees that neither Landlord, a limited
liability company member, tenant-in-common, venturer, trustee, trust
beneficiary, grantor, trustee-grantor, or other individual or entity having an
interest in Landlord shall have any personal liability for the performance of
any of the terms, covenants, or conditions to be performed by Landlord under
this Lease; rather, Tenant agrees to look solely to Landlord's interest and
estate in the Land and the Building for the satisfaction of Tenant's remedies
arising out of or related to this Lease.

         (c) The term "LANDLORD" as used in this Lease means only the owner, or
the mortgagee in possession, for the time being, of the Demised Premises (or the
owner of a lease of the Demised Premises) so that in the event of, and from and
after the date of, any sale or

                                       24
<PAGE>
other transfer of the Land, the Building, or the Demised Premises, or of this
Lease, such Landlord shall be and hereby is entirely freed and relieved of all
covenants and obligations of Landlord under this Lease, and it shall be deemed
and construed without further agreement between the parties or their
successors-in-interest, or between the parties and the purchaser at any such
sale, or the said lessee of the Land, Building, or of the Demised Premises, that
the purchaser or other transferee of the same has assumed and agreed to carry
out any and all covenants and obligations of Landlord hereunder.

      30. Miscellaneous.

         (a) This Lease contains the entire contract between the parties. No
representative, agent, or employee of Landlord has been authorized to make any
representations or promises with reference to the leasing of the Demised
Premises or to vary, alter, or modify the terms hereof. No additions, changes or
modifications, renewals, or extensions hereof shall be binding unless reduced to
writing and signed by Landlord and Tenant.

         (b) The terms, conditions, covenants, and provisions of this Lease
shall be deemed to be severable. If any clause or provision herein contained be
adjudged to be invalid or unenforceable by a court of competent jurisdiction or
by operation of any applicable law, it shall not affect the validity of any
other clause or provision herein, but such other clauses or provisions shall
remain in full force and effect.

         (c) The paragraph headings in this Lease are for convenience only and
are not to be considered in construing the same.

         (d) If, in connection with obtaining financing for the Building, a
banking, insurance, or other recognized institutional lender shall request
reasonable modifications in this Lease as a condition to such financing, Tenant
shall not unreasonably withhold, delay, or defer its consent thereto, provided
that such modifications do not increase the obligations of Tenant hereunder or
affect to more than a de minimis extent the leasehold interest created or the
conduct of Tenant's business operations at the Demised Premises.

         (e) This Lease shall be governed by and construed in accordance with
the laws of the State of New York.

         (f) The parties agree that any litigation arising out of this Lease
shall be venued in Dutchess County, New York. Each party waives trial by jury in
any action or proceeding arising out of this Lease. In addition, if Landlord
commences any summary proceedings for nonpayment of Fixed or Additional Rent,
Tenant shall not interpose any non-mandatory counterclaim of any nature or
description in any such proceeding or action. In any litigation between the
parties, the prevailing party shall be entitled to recover from the other party
its reasonable expenses of the litigation, including legal fees.

         (g) Tenant shall not do or cause anything to be done whereby the
Demised Premises may be encumbered by a construction lien. If any construction
lien is filed against the Demised Premises, the Building, or the Land as a
result of any Alterations, repairs, or any other work or act of Tenant, Tenant
shall discharge or bond the same within fifteen (15) days from the date of the
filing of said lien. If Tenant shall fail to discharge or bond the lien,
Landlord may bond or pay lien or claim for the account of Tenant without
inquiring into the validity of the lien or claim, and Tenant shall reimburse
Landlord upon demand.

         (h) Tenant represents that the undersigned officers) have been duly
authorized to enter into this Lease and that the execution and consummation of
this Lease by Tenant does not and shall not violate any provision of any
by-laws, certificate of incorporation, agreement, order, judgment, governmental
regulation, or any other obligations to which Tenant is a party or is subject.
Upon execution hereof, Tenant shall deliver a Secretary's certificate evidencing
its authority to execute this Lease.

         (i) In any case where Landlord's consent, permission, or approval is
requested (or required to be requested) by Tenant in connection with this Lease,
Landlord shall have the right to charge Tenant all costs (architectural,
engineering and legal) as Additional Rent

                                       25

<PAGE>
that Landlord incurs in determining whether such consent, permission, or
approval shall be granted.

      31. Hold Over Tenancy. If Tenant shall remain in the Demised Premises
after the expiration of the Term of this Lease without having executed and
delivered a new lease (or amendment to this Lease) with Landlord, such holding
over shall not constitute a renewal or extension of this Lease. Landlord may, at
its option, (i) elect to treat Tenant as one who has not removed at the end of
its Term and thereupon be entitled to all the remedies against Tenant provided
by law in that situation, or (ii) construe such holding over as a month-to-month
tenancy subject to all the terms and conditions of this Lease, except as to the
duration thereof, in which event Tenant shall pay to Landlord two hundred (200%)
percent of the sum of: (a) the greater of (x) the Fixed Monthly Rent in effect
on the Expiration Date and (y) the then fair market rent of the Demised
Premises; plus (b) all other sums due hereunder, making such payment in
accordance with this Lease. Tenant shall be otherwise bound by all of the terms,
covenants, and conditions contained in this Lease.

      32. Co-Operation. Each of the Parties shall cooperate with each other's
applications and shall join in any application or other matter if required by
governmental authorities. Landlord may provide Tenant with copies of all
applications and submissions as they are delivered to the municipality, for
Tenant's information (but not approval). However, Tenant and its employees and
consultants shall make public appearances, at the request of Landlord, in any
proceeding. Such request shall be made to Tenant a reasonable time before the
date of the meeting, giving due regard for the amount of notice Landlord
receives from the governmental authority. Tenant shall also timely prepare and
provide any color renderings, color elevations, materials boards and other
relevant information, as may be required to obtain the governmental approvals.
The parties shall similarly cooperate in efforts to secure Empire Zone
classification from the State of New York for the Land and other parts of the
Complex.

      33. Financial Statements. Tenant agrees, within ten (10) days after
written request from Landlord, to furnish to Landlord and to any mortgagee or
ground lessor of the Building and/or Land a certified balance sheet and income
statement for the last accounting year; provided that (a) such request is in
connection with a contemplated sale or financing of the Building or the Complex
or an investment in Landlord, and (b) Landlord and/or the recipient of such
statements agree to keep the information confidential, unless such information
is otherwise available to the public.

      34. Satellite Dish Antenna. Provided Landlord shall have the continued
ability to lawfully allow other tenants or itself the right to install, operate,
and maintain roof-top antennas or other communication devices, Tenant shall have
the non-exclusive right to install, operate, and maintain, at its sole cost and
expense, up to three (3) antennae on the roof of the Building, the height of
which antennae is subject to Landlord's prior written approval and to any
applicable governmental regulation or ordinance. Said antennae shall not display
any name, logo, or other identity. Tenant shall be solely responsible for
obtaining, with Landlord's reasonable cooperation, if necessary (but at no cost
to Landlord), any and all governmental approvals and permits, including, without
limitation, any FCC permit, which may be required in connection with the
installation and use of the antennae. Tenant shall be responsible for any and
all damage to the Building in connection with said antennae and agrees to
indemnify and hold Landlord harmless from all direct and indirect reasonable
costs, expenses, and claims resulting therefrom. Landlord shall designate
satisfactory Building locations (taking into consideration Tenant's antenna
requirements), reasonable method of annexation (including the location of any
necessary wiring), and installer for said antennae. Tenant agrees not to
interfere with other radio transmission or reception equipment located at the
Building. If Tenant should cause such interference, Tenant shall cease its
operation of the applicable antennae and, at its sole cost and expense,
immediately take the necessary and appropriate action to eliminate and correct
such interference before resuming operation. Such corrective action may include,
but not be limited to, Landlord's relocation of the antenna and any related
equipment, the cost of which Tenant shall pay as Additional Rent to Landlord
within ten (10) days of Tenant's receipt of a bill therefor. Upon the expiration
or sooner termination of this Lease, Tenant, at Landlord's option, shall remove
said antennae and repair all injury done by or in connection with the
installation or removal of said antennae.

                                       26
<PAGE>
      35. Telecommunications.

         (a) Tenant and its telecommunications companies, including local
exchange telecommunications companies and alternative vendor service companies,
shall have no right of access to or within the Building and/or the Land for the
installation or operation of telecommunications services or systems, including,
but not limited to, voice, video, data, and other telecommunications services
provided over wire, fiber optic, microwave, wireless, or any other transmission
system, for all or part of Tenant's telecommunications within the Building and
from the Building and/or the Land to any other location without Landlord's prior
written consent, which Landlord may withhold in its sole discretion.

         (b) In the event that Landlord consents in writing to the installation
of any cabling and/or wires, Tenant acknowledges and agrees that the following
terms and conditions shall apply to the same:

            (i) Within ten (10) days after the expiration or sooner termination
of the Lease, Landlord may elect by written notice to Tenant (the "ELECTION
RIGHT") to:

                (1) Retain any or all wiring, cables, risers, and similar
installations appurtenant thereto installed by Tenant in the risers of the
Building (the "WIRING");

                (2) Remove any or all such Wiring and restore the Demised
Premises and risers to their condition existing prior to the installation of the
Wiring (the WIRE RESTORATION WORK"). Landlord shall perform such Wire
Restoration Work at Tenant's sole cost and expense; or

                (3) Require Tenant to perform the Wire Restoration Work at
Tenant's sole cost and expense.

         (c) In the event Landlord elects to retain the Wiring, Tenant covenants
that:

            (i) Tenant shall be the sole owner of such Wiring, Tenant shall
have good right to surrender such Wiring, and such Wiring shall be free of all
liens and encumbrances; and

           (ii) All wiring shall be left in good condition, working order,
properly labeled at each end and in each telecommunications/electrical closet
and junction box, and in safe condition.

         (d) Notwithstanding anything to the contrary in Paragraph 20, Landlord
may retain Tenant's Security Deposit after the expiration or sooner termination
of this Lease until the earliest of the following events:

            (i) Landlord elects to retain the Wiring;

           (ii) Landlord elects to perform the Wiring Restoration Work, the
Wiring Restoration Work is complete, and Tenant has fully reimbursed Landlord
for all costs related thereto; or

          (iii) Landlord elects to require Tenant to perform the Wiring
Restoration Work, the Wiring Restoration Work is complete, and Tenant has paid
for all costs related thereto.

         (e) In the event Tenant fails or refuses to pay all costs of the Wiring
Restoration Work within thirty (30) days of Tenant's receipt of Landlord's
notice requesting Tenant's reimbursement for or payment of such costs, Landlord
may apply all or any portion of Tenant's Security Deposit toward the payment of
such unpaid costs relative to the Wiring Restoration Work.

                                       27
<PAGE>
         (f) The retention or application of the Security Deposit as provided in
this Paragraph 35 does not constitute a limitation on or waiver of Landlord's
right to seek further remedy under this Lease, at law, or in equity.

         (g) The provisions of this Paragraph 35 shall survive the expiration or
sooner termination of this Lease.

      36. Termination. This Lease may be terminated by either party by notice to
the other party if (a) Landlord has not secured the zoning reclassification of
the Complex by December 31, 2005, or (b) Landlord has not, by August 15, 2006,
secured (i) governmental approval for the subdivision of the Land from the
remainder of the Complex, (ii) governmental site plan approval for the
construction of the Building, and (iii) title to the Complex from IBM. These
contingencies are for the mutual benefit of Landlord and Tenant and may not be
waived by either party without the without the written consent and waiver of the
other party.

      37. Purchase Option.

         (a) Initial Option. Tenant shall have an initial option to purchase the
Land and the Building (collectively, the "Property") from Landlord, in
accordance with the following procedures (the "Initial Option"):

            (i) Landlord shall provide written notice of the anticipated
delivery date of the Demised Premises at least one hundred twenty (120) days
prior to such anticipated delivery date;

            (ii) Within thirty (30) days of receipt of Landlord's notice set
forth in subsection 37(a)(i) above, Tenant shall provide written notice of its
desire to enter into the Review Period (defined below). Tenant shall execute a
non-disclosure agreement with Landlord in a form reasonably acceptable to
Landlord;

            (iii) Once the foregoing contingencies have been satisfied, Landlord
shall deliver to Tenant certified true copies of all leases in effect for the
Property and all management and service agreements applicable to the Property.
Tenant shall thereafter have sixty (60) days to review the leases and agreements
and determine whether or not it still desires to purchase the Property (the
"Review Period");

            (iv) Not later than the expiration of the Review Period, Tenant
shall provide to Landlord two (2) fully executed original copies of the contract
of sale in the form attached hereto as Exhibit F, which will serve as Tenant's
notice of exercise of the Initial Option.

            (v) If Tenant timely exercises the Initial Option to purchase, the
closing shall take place after the latest to occur of the following: (a) Thirty
(30) days after Landlord's receipt of two (2) fully executed original copies of
the Purchase and Sale Agreement, (b) Landlord's acquisition of title to the
Complex from IBM, (c) Landlord's receipt of unappealable approval from the
appropriate governmental authorities for the subdivision of the Land from the
remainder of the Complex and (d) Landlord's receipt of unappealable approval
from the appropriate governmental authorities for the construction of the
Building.

            (vi) If Tenant exercises the Initial Option, the closing of title
shall occur thirty (30) days after the expiration of the Review Period. If
Tenant does not exercise the Initial Option, this Paragraph 37(a) shall be null
and void, but this Lease shall otherwise continue.

            (vii) The closing shall take place at Landlord's office or at such
other place as the parties may agree. The purchase price for the land shall be
$3,500,000, plus 100% of the documented out-of-pocket costs incurred by Landlord
after May 1, 2005 with respect to the construction of the Building. Such costs
shall include all costs and expenses incurred from all contractors involved with
the construction of the Building, with no additional fee paid to Landlord. In
addition to the construction costs, Purchaser shall reimburse Seller all Soft
Costs (defined below) plus the cost of all tenant improvements, inducements and
allowances for fit-up of their premises, including, without limitation, the
Tenant Improvements defined in Exhibit B hereto (collectively, the "True Cost").
"Soft Costs" shall include, but not be limited to,

                                       28

<PAGE>
architectural and engineering fees, accounting (audit and bookkeeping),
administrative fees (including licensing, building permit and reproduction
expenses) and legal fees associated with entering into any lease (excluding
legal fees associated with the negotiation of this Lease), agreements and
construction contracts related to the Building, a pro rata share of legal fees
related to closing of the loan, consulting fees (including all consultants
utilized in the design, testing and construction of the Building), advertising,
marketing and promotional expenses (provided that a pro rata share of
advertising, marketing and promotional expenses shall be allocable to Landlord
in the event the Building becomes fully leased), brokerage fees (excluding any
brokerage fee associated with the negotiation of this Lease), insurance and
bonding expenses, utility expenses, specialty fees and expenses incurred during
the period of time the Building is under construction such as security
personnel, sales taxes, costs to process and close the financing for the
Property (such as private lender origination fees, credit reports, fees for
title evidence, fees for recordation and filing of legal documents, attorneys
fees, private appraisal fees, fees for an independent cost estimate and any
other closing expenses of any loan(s)), financing fees, construction or
permanent loan interest and real estate taxes and any impact fees that are
charged or assessed against the Building. The parties agree that the general
rule to be applied in Landlord's determination of whether or not all or any
portion of any invoice, contract amount, service fee or the like included in
Soft Costs are to be reimbursed to Seller, shall be whether or not such cost or
expense would reasonably have originally been incurred by Tenant had it
purchased the Land on May 1, 2005 and hired the engineers, architects,
consultants, brokers, contractors, and others to design, construct, insure,
test, market, lease-up, obtain building permits, secure and close financing
and/or conducted any other activities required to fully construct, equip, tenant
and operate the Building. The parties further agree that so-called "pro-rata"
amounts of any individual invoice, contract amount, service fee or the like to
be included in the True Cost may be determined by differing means, provided that
the Landlord provides a reasonable explanation of the means that were utilized
to determine such individual pro-rata amount. It is intended by the parties that
Soft Costs will be reimbursed directly to Landlord and not be a part of the
purchase price for the Property. At closing, Tenant shall indemnify Landlord
from any claim or liability for additional transfer taxes, arising out of the
omission of Soft Costs from the stated purchase price in the deed and tax
returns.

            (viii) If the Initial Option is timely exercised, the closing of
title shall take place in accordance with the provisions of the contract of sale
which is annexed hereto as Exhibit F. If the Initial Option is not timely
exercised, this Paragraph 37(a) shall be null and void, but this Lease shall
otherwise continue.

      This purchase option is personal to the named Tenant hereunder and may not
be assigned by Tenant separately or as part of an assignment of the Lease,
except that this option shall be assignable to an assignee described in
Paragraph 27(d), above; any other purported assignment shall be null and void.
If the Lease is terminated pursuant to the foregoing provisions of Section 36
hereof, this option to purchase shall be null and void. Within fifteen (15) days
after Tenant's written request, made no more frequently than monthly, Landlord
shall provide to Tenant a written statement of the out-of-pocket costs of
construction of the Building, as described above, incurred from May 1, 2005 to
the date of the request.

         (b) Continuing Option. If Tenant fails to exercise the Initial Option
described in subparagraph (a), above, Tenant shall continue to have a continuing
option to purchase the Property during the first two (2) years of the Term of
this Lease (the "Continuing Option"). Tenant may exercise the Continuing Option
at any time during the first two (2) years of the Term by giving written notice
of such exercise to Landlord at least one hundred fifty (150) days prior to the
contemplated closing date. Upon Tenant's exercise of the Continuing Option,
Tenant shall execute a non-disclosure agreement with Landlord in a form
reasonably acceptable to the parties. Upon receipt of the non-disclosure
agreement in a form reasonably acceptable to Landlord, Landlord shall provide
Tenant with certified true copies of all leases in effect for the Property and
all management and service agreements applicable to the Property and Tenant
shall have a sixty (60) day Review Period as described in subparagraph (a),
above, within which to review the leases and other agreements and to decide
whether or not to proceed to closing. If Tenant revokes its exercise of the
option within such Review Period, this Paragraph 37(b) shall be null and void
and the Lease shall otherwise continue in effect and, thereafter, Tenant shall
not have the right to exercise this option. If Tenant does not revoke its
exercise of the option within the Review Period, the closing shall take place as
described herein one hundred fifty (150) days after Tenant's exercise of the
option. The closing shall take place at Landlord's office or at such other place
as the parties may agree. This purchase option is personal to the named Tenant

                                       29
<PAGE>
hereunder and may not be assigned by Tenant separately or as part of an
assignment of the Lease, except that this option shall be assignable to an
assignee described in Paragraph 27(d), above; any other purported assignment
shall be null and void. If the lease is terminated pursuant to the foregoing
provisions of Section 36 hereof, this option to purchase shall be null and void.
If the option is timely exercised, the closing of title shall take place in
accordance with the provisions of the contract of sale which is annexed hereto
at Exhibit F. except that the purchase price for the Property shall be
determined as follows. The purchase price for the Property, shall be its fair
market value ("FMV") as of the date of exercise of the option by Tenant. The
initial determination of FMV shall be made by Landlord by notice given to Tenant
(the "FMV Notice") given at least ninety (90) days prior to the anticipated
closing date. Such initial determination of FMV shall be final and binding on
the parties, unless, within thirty (30) days after receipt of the FMV Notice,
Landlord shall receive a notice from Tenant (the "FMV Objection Notice"): (i)
advising Landlord that Tenant disagrees with the initial determination of FMV
and (ii) proposing an alternative FMV. If Landlord and Tenant shall fail to
agree in writing upon the FMV within fifteen (15) days after Landlord shall have
received the FMV Objection Notice, then Landlord and Tenant each shall give
notice to the other setting forth the name and address of an arbitrator
designated by such party. If either party shall fail to give notice of such
designation within such period, then the arbitrator designated by a party within
such period shall make the determination alone. If two arbitrators shall have
been designated, such arbitrators shall, within thirty (30) days following the
designation of the second arbitrator, make their determinations of FMV in
writing and give notice thereof to each other and to Landlord and Tenant. If
such two arbitrators shall concur as to the determination of FMV, such
concurrence shall be final and binding upon Landlord and Tenant. If the
determinations of the two arbitrators are within ten percent (10%) of each
other, the FMV shall be the average of the two designations. If the two
determinations are further apart, the two arbitrators shall forthwith designate
a third arbitrator. If the two arbitrators shall fail to agree upon the
designation of the third arbitrator within ten (10) days, then either party may
apply to the American Arbitration Association or any successor thereto having
jurisdiction for the designation of such third arbitrator. All arbitrators shall
be MAI real estate appraisers who shall have least fifteen (15) years continuous
experience in the business of appraising in the Hudson Valley, New York area.
The third arbitrator shall conduct such hearings and investigations as may be
deemed appropriate and shall, within thirty (30) days after his/her designation,
determine which of the first two determinations is closer to his/her opinion of
FMV, and the designated determination shall become the FMV, binding upon both
parties. In making their determinations, the arbitrators may not allocate a
value of less than $3,500,000 to the Land, nor may they attribute a value to the
Building which is less than the costs incurred by Landlord in developing and
constructing the Building, as described in subparagraph (a) above. If necessary,
the closing of title shall be postponed until completion of the appraisal
process described herein.

                            [CONTINUED ON NEXT PAGE]

                                       30
<PAGE>
      38. Signs.

         (a) Full Floor Tenant. As long as any portion of the Demised Premises
above the ground floor of the Building comprises an entire floor of the
Building, Tenant, at its sole cost and expense (which cost may be deducted from
the Tenant Improvement Allowance), may install identification signage (including
Tenant's name and logo) anywhere on such full floor(s) of the Demised Premises,
including the elevator lobby of such full floor(s), provided that such signs are
not visible from the exterior of the Building.

         (b) Multi-Tenant Floor Tenant. If any part of the Demised Premises are
located on the ground floor of the Building, or if Tenant occupies less than an
entire floor which is part of the Demised Premises, Tenant's identifying signage
on such floor shall: (i) be located at the entrance to the Demised Premises
(which may be located on the Demised Premises' entry doors); (ii) be provided by
Landlord, at Tenant's sole cost and expense (which cost may be deducted from the
Tenant Improvement Allowance); (iii) comply with Landlord's building standard
signage program; and (iv) be subject to Landlord's prior approval, which
approval shall not be unreasonably withheld, conditioned or delayed.

         (c) Building Directory. Tenant shall be entitled, at Tenant's cost
(which cost may be deducted from the Tenant Improvement Allowance), to Tenant's
Proportionate Share of the ground floor lobby directory located in the ground
floor lobby of the Building to list thereon Tenant's name and logo.

         (d) Signage Plan. Tenant shall, at its sole cost and expense, deliver
to Landlord such signs, monuments or markers (including the Exterior Signs,
defined below) setting forth Tenant's name and/or logo as it may wish to have
installed on (a) the entrance doors of the Building, (b) the directories of the
lobby, elevators and/or stairwells, (c) in the parking areas of the Complex, and
(d) on the exterior of the Building. Tenant shall submit to Landlord for its
approval the plans and specifications for such signs, monuments or markers
("SIGNAGE PLAN") as soon as practical hereafter but no later than September 15,
2005. Landlord shall be responsible for installing any signs, monuments or
markers delivered to it by Tenant in compliance with the Signage Plan, and
Landlord shall obtain all necessary sign permits, approvals or certificates
required by any governmental authorities, but Tenant shall pay all costs and
expenses which are paid or incurred in connection with such installation or
obtaining of permits, approvals or certificates (which cost may be deducted from
the Tenant Improvement Allowance).

         (e) Permits. Tenant shall be responsible, at its sole cost and expense,
for (a) maintaining in force all sign permits, if any, required by any
governmental authorities, and (b) all maintenance, repair and cleaning of
Tenant's and its subtenants' signs, and Landlord's self help rights shall apply
to any failure by Tenant to maintain, repair or clean Tenant's signs.

         (f) Prohibited Signage and Other Items. Except as expressly provided in
this Section 38, Tenant may not install any signs, notices, logos, pictures,
names or advertisements on the exterior or roof of the Building or the common
areas of the Building or the Complex or anywhere which can be seen from outside
the Demised Premises. Any signs, window coverings, blinds or other items visible
from the exterior of the Demised Premises or Building are subject to the prior
approval of Landlord, in its sole discretion. Any such signs, notices, logos,
pictures, names, advertisements, window coverings, blinds or other items visible
from the exterior of the Demised Premises or Building which are installed and
that have not been individually approved by Landlord pursuant to this Section 38
or otherwise may be removed without notice by Landlord at the sole expense of
Tenant.

         (g) Tenant's Exterior Signage Rights.

            (i) Building Top Sign. Subject to the approval of all applicable
governmental authorities, and compliance with all applicable Laws, any mortgages
on the Land, and all other recorded covenants, conditions and restrictions
affecting the Complex (collectively, the "Signage Restrictions"), and the terms
of this Section 38(g), Tenant shall have the right to install, at Tenant's cost,
one (1) identification sign on the top of the exterior of the

                                       31
<PAGE>
Building at a location to be reasonably determined by the parties (collectively,
the BUILDING TOP SIGN") Tenant may display only one (1) name on a Building Top
Sign; such single name to be placed on a Building Top Sign shall be "C", "R" and
"M"\ only (subject, however, to the provisions of subsection (v), below).
Landlord agrees that (i) while Tenant retains its rights herein to one (1)
Building Top Sign, Landlord shall not permit more than three (3) building top
signs to be displayed on the Building at the same time, and (ii) Landlord shall
not permit any other signs to be displayed in the location selected by Tenant
for the applicable Building Top Sign while Tenant retains its right herein to
such Building Top Sign.

            (ii) Monument Signs. Subject to the Signage Restrictions and the
terms of this Section 38, Tenant shall have the non-exclusive right to install,
at Tenant's cost, one (1) identification sign on each of the two (2) tenant
identification panels/slots on the multi-tenant shared signage monument located
in front of the Building (the "BUILDING MONUMENT") for a total of two (2) Tenant
identification signs (collectively as "TENANT'S MONUMENT SIGNS"). Each of the
Tenant's Monument Signs shall (i) be located below the top tenant identification
panel/slot on the Building Monument, and (ii) display only one (1) name and
accompanying logo on each such tenant identification panel/slot; such single
name to be placed on a tenant identification panel/slot shall be any of
"Compensation Risk Managers, LLC," or "CRM", only, (subject, however, to the
provisions of subsection (v), below).

            (iii) Specifications. The graphics, materials, color, design,
lettering, lighting, size, specifications, manner of affixing and exact location
of the Building Top Sign and Tenant's Monument Signs (Tenant's Monument Signs
and the Building Top Signs are sometimes collectively referred to herein as the
"EXTERIOR SIGNS") shall be consistent with the signage program for the Building
and Complex, as reasonably determined by Landlord, and subject to Landlord's
reasonable approval which shall not be unreasonably withheld, conditioned or
delayed. All specifications, including size and spacing, for the Exterior Signs
shall be subject to Landlord's approval as provided above. Landlord shall
reasonably cooperate with Tenant in obtaining the necessary governmental
approvals and permits for the Exterior Signs.

            (iv) Costs. Tenant shall pay for all costs and expenses related to
the Exterior Signs and the Building Monument, including, without limitation,
costs of the design, acquisition, construction, installation, maintenance,
insurance, utilities, repair and replacement thereof; provided, however: (i)
Tenant shall not be obligated to pay for any of the costs of the design,
development, permitting, acquisition, construction, replacement and/or
installation of the Building Monument (other than such costs pertaining to
Tenant's Monument Signs), and Tenant shall only pay a pro-rata portion of all
other costs with respect to the Building Monument (as reasonably determined by
Landlord or by any common area association formed for Oakwood Commons which
maintains the Building Monument) during the period that more than one tenant has
an identification sign thereon (although Tenant shall pay the full amount of
such costs as they pertain to Tenant's Monument Signs thereon); and (ii) the
initial installation and acquisition costs for the Exterior Signs may be paid
out of the Tenant Improvement Allowance. Tenant shall install and maintain the
Exterior Signs in compliance with all Laws and subject to other applicable
provisions of this Lease.

            (v) Transferability: Use by Affiliates. The rights to the Exterior
Signs are personal to the original named Tenant and may not be transferred by
the original named Tenant or used by anyone else. Notwithstanding the foregoing
to the contrary, (i) subject to the restrictions in this Section 38 limiting the
number of names and accompanying logos that may be placed on the Exterior Signs
at any one time, and (ii) provided that any name and/or logo change on the
Exterior Signs to reflect any name change of Tenant, or the identity of any
Affiliated Entity, assignee or sublessee described below shall not be permitted
if they constitute Objectionable Names/Logos (as defined below), Tenant shall
have the right, at Tenant's sole cost and expense, to: (A) in the event Tenant
changes its company name, to change the names and accompanying logos on the
Exterior Signs to reflect such applicable company name change (but without
increasing the size of such signs as a result thereof); (B) transfer Tenant's
rights to the Exterior Signs to an Affiliated Entity of Tenant in connection
with Tenant's assignment of its entire interest in this Lease to such Affiliated
Entity pursuant to Section 27 above and change the name on Tenant's Exterior
Sign(s) to reflect the name of such Affiliated Entity, assignee; and (C) place
the name and/or accompanying logo of any Affiliated Entity in place of any of
the names and accompanying logos of "CRM" on any of Tenant's Exterior Signs (but
without increasing the size of such signs as a result thereof), but only during
such periods of time that such Affiliated Entity occupies at least two (2)
floors of the Building.

                                       32
<PAGE>
As used herein, the term "OBJECTIONABLE NAMES/LOGOS" shall mean any name or logo
which: (1) relates to an entity which is of a character or reputation, or is
associated with a political orientation or faction, which is inconsistent with
the quality of the Complex as a first-class multi-tenant office/retail/hotel
building project, or which would otherwise reasonably offend a landlord of a
comparable building; or (2) would violate the Signage Restrictions or any
restrictions on signs currently set forth in any existing lease at the Complex.

            (vi) LOSS OF SIGNAGE RIGHTS. Notwithstanding anything to the
contrary set forth in this Section 38, if at any time following the Commencement
Date, the original named Tenant and/or any Affiliated Entity, assignee or
sublessee(s) under an assignment or sublease(s) entered into, pursuant to
Section 27 above fail collectively to be in actual and physical possession of at
least two (2) floors of the Building, Tenant shall thereafter have no signage
rights with regard to a Building Top Sign.

            (vii) INSURANCE/MAINTENANCE/REMOVAL. Tenant shall be responsible for
maintaining insurance on the Exterior Signs as part of the insurance required to
be carried by Tenant pursuant to Section 10 above. Should the Exterior Signs
require maintenance, repairs and/or replacement as determined in Landlord's
reasonable judgment, Landlord shall have the right to provide written notice
thereof to Tenant and Tenant shall cause such repairs, replacement and/or
maintenance to be performed within ten (10) business days after receipt of such
notice from Landlord, at Tenant's sole cost and expense; provided, however, if
such repairs, replacement and/or maintenance are reasonably expected to require
longer than ten (10) business days to perform, Tenant shall commence such
repairs, replacement and/or maintenance within such ten (10) business day period
and shall diligently prosecute such repairs, replacement and maintenance to
completion. Should Tenant fail to perform such maintenance, repairs and/or
replacement within the periods described in the immediately preceding sentence,
Landlord shall have the right to cause such work to be performed and to charge
Tenant as Additional Rent for the actual and reasonable costs of such work. Upon
the expiration or earlier termination of this Lease (or prior to such expiration
or earlier termination, upon Tenant's loss of any of its rights to the Exterior
Signs pursuant to subsection (v), above), Tenant shall, at Tenant's sole cost
and expense, cause to be removed all such Exterior Signs (or those Exterior
Signs to which Tenant no longer has any rights, as the case may be), and Tenant
shall repair all damage occasioned thereby and restore the affected areas to
their original condition prior to the installation of such signage so required
to be removed, ordinary wear and tear and damage by casualty excepted. If Tenant
fails to timely remove such signage and repair and restore the affected areas as
provided in the immediately preceding sentence, on five (5) business days'
notice to Tenant, then Landlord may perform such work, and all reasonable
out-of-pocket costs and expenses incurred by Landlord in so performing such work
shall be reimbursed by Tenant to Landlord within thirty (30) days after Tenant's
receipt of invoice therefor including interest at the Interest Rate. The
immediately preceding sentence shall survive the expiration or earlier
termination of this Lease.

      39. Empire Zone Status

         (a) The parties understand that Landlord intends to make application
for the Building containing the Premises to be located in an Empire Zone. In the
event Empire Zone status is approved by all required governmental parties, any
benefits which may be legally transferred from Landlord to Tenant, as
pass-through benefits, shall be so transferred. By means of example, in the
event Landlord is certified as an Empire Zone company, any resulting reduction
in Real Estate Taxes actually paid by Landlord shall result in a dollar for
dollar reduction in the amount of Real Estate Taxes reimbursable to Landlord by
Tenant. Similarly, any Empire Zone grants received by Landlord (excluding any
income, franchise or other business tax reductions) which are directly
attributable to the Building shall be a deduction from Building Operating
Expenses and/or the purchase price for the Property under Section 37, if
applicable.

         (b) Tenant acknowledges that it must make all appropriate applications
to maintain its Empire Zone certified company status. It shall also be Tenant's
responsibility to make any required application to transfer its Empire Zone
status to the Building. Any benefits acquired directly by Tenant from such
Empire Zone certified company status shall be for Tenant's account and Landlord
agrees that any reduction to Real Estate Taxes actually paid by Landlord,
attributable to Tenant's occupancy as an Empire Zone certified company, shall
result

                                       33
<PAGE>
in a dollar for dollar reduction in the amount of Real Estate Taxes reimbursable
to Landlord by Tenant.

         IN WITNESS WHEREOF, Landlord and Tenant have executed this lease in any
number of counterpart copies, each of which shall be deemed an original for all
purposes as of the day and year first above written.

                                               LANDLORD:

WITNESS:                                  OAKWOOD PARTNERS L.L.C.

    /s/ Jennifer Berlinn
----------------------------              By:   /s/ David S. Kaminski
Name: /s/ Jennifer Berlinn                   -----------------------------------
     -----------------------                    Name:  David S. Kaminski
                                                Title: Asset Manager

                                          Date:  August 5, 2005
                                               ---------------------------------

                                          TENANT:

ATTEST:                                   COMPENSATION RISK MANAGERS, LLC

----------------------------              By:  /s/ Daniel G. Hickey, Jr.
Name:                                        -----------------------------------
     -----------------------                    Name:
                                                     ---------------------------
                                                Title: Managing Member
                                                      --------------------------

                                          Date:
                                               ---------------------------------

                                       34

<PAGE>
                                    EXHIBIT A

                                   FLOOR PLAN

                             (TO BE ATTACHED HERETO)

                                       35
<PAGE>
                                   EXHIBIT A-1

                  PRELIMINARY SITE PLAN OF BUILDING & COMPLEX

                               (ATTACHED HERETO)

                                       36

<PAGE>

                                                                     EXHIBIT A-1

                                 [ZONING CHART]

<PAGE>

                                   EXHIBIT A-2

                    PRELIMINARY SUB-DIVISION MAP OF COMPLEX

                               (ATTACHED HERETO)

                                       37

<PAGE>

                                                                     EXHIBIT A-2

                                 [ZONING CHART]

<PAGE>

                                    EXHIBIT B

                              WORK LETTER TO LEASE

                                     BETWEEN

                             OAKWOOD PARTNERS L.L.C.

                                       AND

                        COMPENSATION RISK MANAGERS, LLC

**"SUBSTANTIALLY COMPLETED" DEFINITION: LANDLORD SHALL BE DEEMED TO HAVE
SUBSTANTIALLY COMPLETED THE TENANT IMPROVEMENTS NOTWITHSTANDING THAT MINOR OR
INSUBSTANTIAL DETAILS OF CONSTRUCTION, MECHANICAL ADJUSTMENT, OR DECORATION
REMAIN TO BE PERFORMED IN THE DEMISED PREMISES OR ANY PART THEREOF, THE
NONCOMPLETION OF WHICH DOES NOT MATERIALLY INTERFERE WITH TENANT'S USE of THE
DEMISED PREMISES.

Section 1.1. Force & Effect. The provisions of this Exhibit shall have the same
force and effect as if this Exhibit were a numbered Article of the Lease.

Section 1.2. Landlord's Work. Landlord shall construct and install the Tenant
Improvements (as defined in Section 4(a) of the appended Lease Agreement) in, on
and to the Demised Premises in accordance with the Preliminary Plans (defined
below) and specifications set forth on Schedule I, attached hereto and made a
part of the Lease Agreement, as modified and supplemented by the Final Plans
(defined below) and specifications which are to be attached and made a part of
the Lease Agreement in accordance with Section 2.2 below (hereinafter referred
to as "Landlord's Work").

Section 2.1. Preliminary Plans. Landlord and Tenant have attached to this
Exhibit, preliminary plans for the construction of the Building containing the
Demised Premises that have been approved by Landlord and Tenant (the
"Preliminary Plans"). Landlord agrees, at Landlord's expense, to construct the
Demised Premises in accordance with Final Plans (as hereinafter defined)
finalized from the Preliminary Plans, which construction shall be completed in a
good and workmanlike manner and in compliance with all applicable laws and
regulations.

Section 3.1. Final Plans. Landlord shall, at Landlord's expense (as provided
below), cause C&B Architects/Engineers, P.C. (C&B Architects/Engineers, P.C., or
any other architect retained by Landlord with respect to the Demised Premises
from time to time, is referred to as the "Architect") and HDR/LMS L.L.P.
(HDR/LMS L.L.C., or any other civil engineer retained by Landlord with respect
to the Demised Premises from time to time, is referred to as the "Engineer") to
prepare a coordination set of plans and specifications for the Building
containing the Demised Premises, the Tenant Improvements, related improvements
and site work to be performed or constructed on the Parcels before the
Commencement Date, including grading, paving and drainage plans, utility plans
(including electricity, potable water, sanitary and storm water sewerage, and
telecommunications, if applicable) and connections of each ("Final Plans").
Tenant shall, at Tenant's sole cost and expense, furnish Landlord with all data
and information Landlord requests to prepare the Final Plans and specifications
for the Tenant Improvements that Tenant desires to have constructed and
installed within the Demised Premises and shall cause its authorized
representative to diligently work with Landlord, Landlord's contractor and the
Architect. After receipt of such data and information from Tenant, Landlord
shall cause the Final Plans and specifications to be prepared consistent with
the Preliminary Plans and specifications and submit them to Tenant for Tenant's
approval, as set forth below. The Final Plans shall fully comply with the
applicable requirements of all applicable laws.

Section 3.2. Approval of Final Plans. The Final Plans shall be agreed to by both
Landlord and Tenant as follows:

         (a) Landlord shall submit the Final Plans to Tenant and within ten (10)
business days after the completed Final Plans have been submitted to Tenant,
Tenant agrees to

                                       1
<PAGE>

deliver to Landlord the Final Plans together with either (i) Tenant's written
approval of such Final Plans or (ii) Tenant's reasonably requested changes to
such Final Plans ("Requested Changes") in sufficient detail to permit Architect
and/or Engineer to prepare revised drawings.

         (b) Should Tenant fail to deliver the Final Plans with Tenant's
approval or Requested Changes to Landlord within said ten (10) business day
period, Landlord may construct the Building, the Tenant Improvements, related
improvements and site improvements (collectively, the "Improvements") according
to such Final Plans (subject to Tenant's rights to modify the Final Plans as
described in Section 3.3 of this Work Letter), and upon Substantial Completion
(as defined herein) thereof, Tenant shall be obligated to take possession of the
Demised Premises and the Term of the Lease shall commence.

         (c) If Tenant has timely delivered Requested Changes to Landlord, then
no later than ten (10) business days after receipt by Landlord of the Requested
Changes, Landlord shall notify Tenant either that Landlord has approved the
Requested Changes or that Landlord has disapproved the Requested Changes, in
which latter case such notice shall specify Landlord's reasons for disapproval.
Landlord's approval of the Requested Changes shall not be unreasonably withheld.

         (d) If Landlord approves the Requested Changes, then Landlord shall
prepare revised Plans and the foregoing submission process shall be repeated
until the parties agree on the Final Plans. If Landlord reasonably disapproves
the Requested Changes, the Plans as submitted to Tenant shall be considered
final.

         (e) The Final Plans as approved by the parties pursuant to this Section
3.2 of this Work Letter shall be referred to herein as the "Plans"; and, upon
such approval, the Plans shall be deemed a part of this Work Letter and the
appended Lease.

         (f) If Tenant and Landlord are unable to agree upon final Plans after
two (2) submissions by Landlord to Tenant, then upon the request of either
party, the parties (and all representatives of such parties needed to approve
the Plans on behalf of such parties) shall personally attend a meeting at which
the parties shall use their best efforts to agree upon the Plans.

         (g) Notwithstanding anything the contrary contained herein, (i)
Tenant's approval rights with regard to the Final Plans shall be limited to (x)
exterior design of the Building containing the Demised Premises, (y) interior
design of the Demised Premises and (z) landscaping design of the courtyard, (ii)
upon any submission of Preliminary or Final Plans to Tenant by Landlord or
Landlord's architect, Landlord's representative agrees to contact the Tenant's
representative by telephone message and e-mail and to leave voice mail and
e-mail messages advising tenant that such Plans have been delivered to the
Tenant and that the ten (10) business day time period has commenced, and (iii)
any delay in the completion of the Demised Premises caused by the Final Plans
being delivered to Landlord, fully approved and in the proper form as set forth
herein, later than a date to be reasonably set by Landlord with notice to
Tenant, shall be a Tenant Delay, as hereinafter defined.

Section 3.3. Modification to Plans. Tenant may, from time to time, modify, amend
or change the interior design of the Demised Premises with Landlord's prior
written consent, which consent shall not be unreasonably withheld, conditioned
or delayed, provided that (i) Tenant provides Landlord and Architect with
information regarding each such change in sufficient detail to permit the
Architect to prepare working drawings or change orders reflecting such proposed
change and (ii) the proposed change is consistent with the scope, quality,
intent and purpose of the approved Plans. Any modifications to the Plans shall
be agreed to by both Landlord and Tenant as follows:

         (a) Within five (5) Business Days after receipt of any proposed changes
in the Final Plans from Tenant, Landlord shall approve or reject same and if
rejecting same shall state the reasons for such rejection.

         (b) If Landlord has stopped work, or some segment thereof at Tenant's
request, Landlord shall resume work, or some segment thereof at Tenant's written
instructions from Tenant authorizing the recommencement of such work.

                                       2

<PAGE>

         (c) Upon the granting of any approval, Landlord shall notify Tenant of
the amount if any, of additional Tenant's Finish Cost arising therefrom (which
shall be calculated as set forth below) and Landlord's estimate of the delay in
completion that will be caused by such proposed revision to the Final Plans
(which shall be calculated as provided in Section 5 below.

         (d) In the event of a rejection by Landlord of a proposed revision,
Tenant may make changes to the proposed revision and resubmit it pursuant
hereto.

         (e) Upon receiving Landlord's approval to any revision, Tenant shall as
soon thereafter as practicable, but in no event in excess of five (5) Business
Days, and understanding that any delay in responding may cause delays in
completion substantially greater than the estimate given by Landlord, authorize
the work that Tenant desires by approving in writing the work and the cost
thereof.

         (f) Tenant shall pay Landlord, within ten (10) days after Landlord's
request for payment, all reasonable costs of every kind (including, without
limitation, additional construction loan interest, out-of-pocket soft costs,
Architect's and/or Engineer fees, fees of Landlord's consultant who reviews such
proposed changes for Landlord, and any increase in the Total Construction Costs)
resulting from or occasioned by each such proposed or accepted change. "Total
Construction Costs" shall be determined based upon the actual cost and expense
of the foregoing to Landlord of the modifications to construction of the Demised
Premises in accordance with such approved changes, plus ten (10%) percent of
such actual cost as profit and ten (10%) percent of such actual cost to
compensate the Landlord for its overhead costs.

         (g) No modification, amendment or change to the Plans shall be made
unless the same has been certified by the Architect as complying with all
applicable laws.

Section 3.4. Disclaimer: Landlord hereby acknowledges and agrees that the
approval by Tenant of the Plans shall neither constitute nor be construed as a
certification by Tenant, or any Person claiming or acting by, through or under
Tenant, that the Plans meet or otherwise comply with architectural, engineer, or
construction industry standards or applicable buildings codes, laws, ordinances,
rules or regulations of any governmental authority or other applicable agency.

Section 4.1. Tenant's Finish Cost. Upon the initial approval of the Final Plans
by Tenant, Landlord shall cause its contractor to prepare a detailed estimate of
the cost and expense for the Tenant Improvements to the Demised Premises (the
"Tenant's Finish Cost"). The contractor's estimate shall be provided to Tenant
when complete and within fifteen (15) days thereafter, the parties (and all
representatives of such parties needed to approve the determination of the scope
of work for interior improvements to agree on the estimate of the Tenant's
Finish Cost on behalf of such parties) and Landlord's contractor, shall
personally attend a meeting at which the parties shall use their best efforts to
agree upon the scope of work for the Tenant Improvements to finalize the
estimate of Tenant's Finish Cost. Against such Tenant's Finish Cost, Tenant
shall be entitled to an allowance of $65.00 per rentable square foot of the
Demised Premises (the "Tenant Improvement Allowance").

Section 4.2 Tenant Improvement Allowance. The Tenant Improvement Allowance shall
be applied by Landlord against the costs of designing, planning, managing and
constructing Landlord's Work. Landlord's building contractor shall act as
Construction Manager and Landlord shall receive a fee of $1.00 per rentable
square foot for administrative management services, to be paid from the Tenant
Improvement Allowance. In the event the costs incurred in connection with the
design, planning, managing and construction of Landlord's Work exceeds the
Tenant Improvements Allowance, Tenant shall be responsible for bearing and
paying such excess costs (the "Excess Costs"), as follows: (a) Tenant shall pay
to Landlord, prior to the commencement of construction of Landlord's Work, an
amount equal to fifty percent (50%) of such Excess Costs (as then estimated by
Landlord), (b) After substantial completion of Landlord's Work but prior to
occupancy of the Demised Premises by Tenant, Tenant shall pay to Landlord an
amount equal to ninety percent (90%) of the Excess Costs (as then estimated by
Landlord), less payments received by Landlord pursuant to subparagraph (a)
above, and (c) As soon as Landlord prepares its final accounting of actual costs
of designing, planning, managing and constructing the Landlord's Work and
submits same to Tenant, Tenant shall pay to Landlord the entire unpaid balance
of the actual Excess Costs based upon the final costs certified by

                                       3
<PAGE>

Landlord. All Excess Costs payable by Tenant hereunder shall constitute
Additional Rent due hereunder at the time specified herein and failure to make
such payment when due shall constitute a default by Tenant under this Lease.
Except for the Tenant Improvement Allowance provided by Landlord, all
installations and improvements now or hereafter placed in or on the Demised
Premises shall be for Tenant's account and at Tenant's cost and expense.

 Section 5.1. Delay. If (a) a delay shall occur in the completion of the Demised
 Premises in accordance with the Final Plans or any revised Final Plans by
 Landlord as the result of (i) any delay in delivering the Final Plans to
 Landlord in the form required by Section 3.2 hereof, (ii) any direction by
 Tenant that Landlord delay proceeding with the work or any segment of the work
 in anticipation of a possible revision to the Final Plans by Tenant or for any
 other reason, (iii) any revision to the Final Plans authorized by Tenant, (iv)
 any disharmony or interference, including labor disharmony, which Tenant does
 not resolve and eliminate within 24 hours notice as required in Section 9.1(c)
 below, or (v) any other act or omission of Tenant, its agents, employees, or
 contractors (any of such events being a "Tenant Delay"), then (b) the
 Commencement Date shall (even though no Certificate of Occupancy has been
 issued or the Demised Premises has not been completed) be deemed to be one day
 earlier than provided for in Section 4(b) of the Lease for each day of such
 Tenant Delay.

         The extent of any Tenant Delay shall be determined in the following
manner: Landlord shall notify Tenant of the estimated length of the Tenant Delay
involved as soon as practicable after the information necessary to estimate such
Tenant Delay is available (which notice shall include the basis for Landlord's
estimate) and, as Landlord obtains the information to calculate the actual
Tenant Delay, Landlord shall so notify Tenant, providing it with the basis used
in calculating such Tenant Delay. In the event of a dispute concerning the
length of any Tenant Delay, Landlord's calculation shall be used and the
Commencement Date shall occur in accordance therewith, provided, however, that
Tenant shall retain its right to challenge Landlord's calculation of the length
of the Tenant Delay.

Section 6.1. Landlord Responsibility. The construction to be performed by
Landlord, or any of its contractors shall not include the purchase or
installation of any items not shown as being completed by Landlord on the Final
Plans.

Section 7.1 Cooperation. Throughout the process of preparing Final Plans and
specifications and of obtaining the necessary governmental permits and approval,
each party shall act diligently and in good faith and shall cooperate with the
other and with governmental agencies in whatever manner may be reasonably
required.

Section 8.1. Property of Landlord. All of the improvements made to the Demised
Premises as a result of Landlord's Work and the Tenant Improvements, except
trade fixtures installed by Tenant, shall be and become the sole property of
Landlord upon completion thereof and shall be deemed a part of the Demised
Premises as of the Commencement Date.

Section 9.1. Tenant Access. Landlord, in Landlord's reasonable discretion and
upon request by Tenant, may grant to Tenant a license to have access to the
Demised Premises prior to the Delivery Date designed in the Lease to allow
Tenant to do Tenant's work and other work required by Tenant to make the Demised
Premises ready for Tenant's use and occupancy (the "Tenant's Pre-Occupancy
Work"). It shall be a condition to the grant by Landlord and continued
effectiveness of such license that:

         (a) Tenant shall give to Landlord a written request to have such access
which written request shall contain or shall be accompanied by each of the
following items, all in form and substance reasonably acceptable to Landlord:
(i) a detailed description of and schedule for Tenant's Pre-Occupancy Work; (ii)
the names and addresses of all contractors, subcontractors and material
suppliers and all other representatives of Tenant who or which will be entering
the Demised Premises on behalf of Tenant to perform Tenant's Pre-Occupancy Work
or will be supplying materials for such work, and the approximate number of
individuals, itemized by trade, who will be present in the Demised Premises;
(iii) copies of all contracts and subcontracts pertaining to Tenant's
Pre-Occupancy Work; (iv) copies of all plans and specifications pertaining to
Tenant's Pre-Occupancy Work; (v) copies of all licenses and permits required in
connection with the performance of Tenant's Pre-Occupancy Work; and (vi)
certificates of insurance (in amounts satisfactory to Landlord and with the
parties identified in, or required by, the Lease

                                       4

<PAGE>

named as additional insureds) and instruments of indemnification against all
claims, costs, expenses, damages and liabilities which may arise in connection
with Tenant's Pre-Occupancy Work.

         (b) Such pre-Term access by Tenant and its representatives shall be
subject to scheduling by Landlord.

         (c) Tenant's employees, agents, contractors, workmen, mechanics,
suppliers and invitees shall work in harmony and not interfere with Landlord or
Landlord's contractors, agents or others in performing Tenant's Pre-Occupancy
Work, Landlord's work in other premises and in common areas of the Building, or
the general operation of the Building. If at any time any such person
representing Tenant shall cause or threaten to cause such disharmony or
interference, including labor disharmony, and Tenant fails to immediately
institute and maintain such corrective actions as directed by Landlord, then
Landlord may withdraw such license upon twenty-four (24) hours' prior written
notice to Tenant.

         (d) Any such entry into and occupancy of the Demised Premises by Tenant
or any person or entity working for or on behalf of Tenant shall be deemed to be
subject to all of the terms, covenants, conditions and provisions of the Lease,
specifically including the provisions of Paragraph 10 thereof and excluding only
the covenant to pay Rent. Landlord shall not be liable for any injury, loss or
damage which may occur to any of Tenant's Pre-Occupancy Work made in or about
the Demised Premises or to property placed therein prior to the commencement of
the term of the Lease, the same being at Tenant's sole risk and liability.
Tenant shall be liable to Landlord for any damage to the Demised Premises or to
any portion of Landlord's Work or additional work caused by Tenant or any of
Tenant's employees, agents, contractors, workmen or suppliers. In the event that
the performance of Tenant's Pre-Occupancy Work causes extra costs to Landlord or
requires the use of elevators during hours other than 7:00 a.m. to 6:00 p.m. on
Monday through Friday (excluding holidays) or of any other Building services,
Landlord shall be authorized to deduct such reasonable costs from the Tenant
Improvement Allowance, or, in the event such costs represent Excess Costs,
Tenant shall forthwith pay such costs and expenses to Landlord.

Section 10.1. Inspection. Upon five days' written notice from Landlord to
Tenant, Landlord and Tenant's representative (who shall be deemed to be Tenant's
agent for all purposes of this Work Letter) shall jointly inspect the Demised
Premises at which inspection Tenant may have all systems demonstrated, and
Tenant (or its representative) and Landlord shall jointly prepare a punch list.
Said inspection shall occur between one and twenty days prior to the estimated
Substantial Completion date. The punch list shall list incomplete items of
construction necessary adjustments and needed finishing touches. Landlord will
cause the punch list items to be completed as soon as reasonably practical after
the Substantial Completion.

                                       5

<PAGE>

                                   SCHEDULE I

                               RASE BUILDING WORK

                                OAKWOOD COMMONS

It is understood that Landlord's construction documents for the Building have
not been completed as of the date of this Lease. The base building conditions
and extent of the scope of work shall be as defined by the following documents
which are listed in their order of precedence:

     1.   This Schedule I.

     2.   Architectural floor plans for Compensation Risk Managers, LLC by C&B
          Architects/Engineers, P.C.

     3.   Elevations by C&B Architects/Engineers, P.C.

     4.   Site plans by HDR/LMS L.L.P.

     5.   Landscape plan prepared by C&B Architects/Engineers, P.C.

The documents listed first above shall take precedence over documents listed
below them in the event there is any conflicts between the documents. For
instance, this Schedule I will take precedence over the architectural floor
plans, which will take precedence over the elevations, etc.

The extent of the base building work is such that the Demised Premises shall be
delivered to Tenant in base shell format and Landlord's Work obligation shall be
set forth more specifically below ("Base Building") and Tenant Improvements work
responsibilities shall be set forth more specifically below ("Tenant Work"):

GENERAL NOTES

A.   ELECTRICAL SYSTEM

     The Building shall be served by a 277/480 volt, 3-phase, 4-wire service
     with a pad mounted transformer installed by Landlord.

     The service will be capable of satisfying the following building load
     requirements:

     o Building central HVAC system

     o Building Common Area power and lighting

     o Building site and garage lighting

     o Tenant area general power and lighting at 8.0 watts/sf

     The Building shall be provided with separate meters for each tenant in the
     1st Floor Mechanical Room.

     Electrical switch gear manufacturer shall be Square-D, General Electric,
     Siemens, Westinghouse or equal.

B.   HVAC

     The Building HVAC system shall consist of roof top mounted HVAC packages
     with variable air volume distribution, high efficiency, rotary screw
     refrigeration plant and evaporatively cooled condenser. The HVAC system
     shall be natural gas fired.

     The HVAC system shall distribute chilled air to each orientation of the
     Building individually, providing the ability for after-hours cooling of the
     Building on a zone-by-zone.

                                       6
<PAGE>

     The HVAC system shall be equipped with an economizer control system which
     shall provide outdoor air for cooling of the building during mild weather.

     Minimum outdoor air for the Building shall meet or exceed the current
     ASHRAE standards.

     Air distribution on the Tenants' floors shall consist of series-flow
     fan-powered VAV terminals. These terminals will be installed at a rate per
     square feet in accordance with the recommendations of the HVAC consultant.

    Interior spaces will consist of series fan powered VAV terminals, (at a rate
    per square feet in accordance with the recommendations of the HVAC
    consultant). The arrangement of perimeter and interior zones can be altered
    to meet Tenant specific needs.

     The HVAC systems shall be designed to maintain the following conditions:

     -    Outdoor Summer = 95 degrees DB/76 degrees WB

     -    Indoor Summer = 75 degrees DB/50 degrees RH

     -    Outdoor Winter = 10 degrees

     -    Indoor Winter = 72 degrees

C.   DESCRIPTION OF FINISHES FOR COMMON AREAS (OUTSIDE DEMISED PREMISES)

     1.   Main Entry Lobby

          -   Flooring

              The flooring will be 12x12 granite, stone or terrazzo tile, in a
              pattern to be defined by the Architect.

          -   Walls

              The walls will be a combination of granite, wood paneling, glass
              and wall covering.

          -   Ceiling

              The ceiling will be either sheetrock or a decorative drop ceiling.

     2.   Elevator Lobby 1st Floor

          -   Flooring

              The flooring will be 12x12 granite, stone or terrazzo tile, in a
              pattern to be defined by the Architect.

          -   Walls

              The walls will be custom wood paneling, granite and wall covering.

          -   Ceiling

              The ceiling will be painted sheetrock or a decorative ceiling.

          -   Doors

              Wood doors and trim, grain and color to be selected by the
              Architect.

          -   Metals

              Door and miscellaneous hardware will be a stainless steel or
              nickel finish.

     3.   Service Corridors 1st Floor

          -   Flooring

              The flooring will be sealed concrete or tile.

          -   Walls

              The walls will be painted sheetrock.

          -   Ceiling

              The ceiling will be open.

          -   Doors

              Metal, fire-proof doors as required by Code.

          -   Metal

              Door and miscellaneous hardware will be a stainless steel or
              nickel finish.

     4.   Stairs

          -    Floors

               The floors will be sealed concrete.

          -    Walls

               The walls will be painted sheetrock.

                                       7
<PAGE>

          -    Ceiling

               There will be no ceilings.

          -    Miscellaneous

               Risers, rails, stringers, and underside of stairs will be
               painted.

     5.   Elevator Cabs

          A.   One passenger elevator to be finished as follows:

          -    Floors

               The floors will be granite, stone or terrazzo tile.

          -    Walls & Doors

               The walls will be 3/4" wood veneer panels color to be selected by
               the architect, and stainless steel or brushed nickel handrail.
               Elevator doors inside and out will be a stainless steel or nickel
               finish. All elevator door heights to be minimum seven (7') feet.

          -    Ceiling

               The ceiling will be selected from the elevator suppliers standard
               selections. Ceiling height to be minimum eight (8') feet.

          B.   One freight and passenger elevator to be finished as follows:

          -    Floors

               The floors will be carpet.

          -    Walls & Doors

               The walls will be a combination of wood grain Formica with
               stainless steel or nickel strips in between the Formica panels.
               There will be a stainless steel or nickel handrail installed.
               Elevator doors on the passenger side of the elevator will be
               brushed brass finish inside and out. The elevator door on the
               service side of the elevator will have a stainless steel or
               nickel finish on the inside and a painted finish to the service
               corridor side. All elevator door heights to be minimum seven (7')
               feet.

          -    Ceiling

              The ceiling will be similar to the ceilings and lighting pattern
              utilized in the passenger elevators. Ceiling height to be minimum
              eight (8') feet.

D.   Preliminary Floor Plans

     Attached hereto and hereby made a part hereof are Attachments 1-1 Ground
     Floor Plan, 1-2 Single Tenant Floor Plan and 1-3 Multiple Tenant Floor Plan
     (collectively, the "Preliminary Floor Plans").

     The Preliminary Floor Plans graphically depict the extent of Landlord's
     Work to be constructed within the floor envelope of each floor of the
     Building.

     Landlord's Work shall include all internal floor level work shown in the
     darker shaded highlighted areas (if in black & white) and in brown (if in
     color).

     With specificity for the appended Lease and this Work Letter, Landlord
     shall construct floor level's # 4 and 5 as shown on Attachment 1-2 Single
     Tenant Floor Plan as a part of Landlord's Work. All other Improvements
     shall be Tenant Improvements, except as set forth herein.

                                       8
<PAGE>

            Allocation Of Work Between Base Building and Tenant's Improvements

<TABLE>
<CAPTION>

                                                                              BASE        TENANT
     ELEMENT                                    DESCRIPTION                   BLDG        WORK
     -------                                    -----------                   ----        ----

<S>                        <C>                                                <C>         <C>
Major Interior             1st Floor Common Areas/Mechanical Room
Spaces:                       -  Finished 1st Floor Lobby/Reception Area         X
                              -  Finished Egress corridor(s)                     X
                              -  Finished Elevator Machine Room                  X
                              -  Finished Electrical Room                        X
                              -  Finished Telephone Room                         X
                              -  Finished emergency stairwells per Code          X

                           2nd and 3rd Floors (if multi-tenanted)
                              -  Finished restrooms                              X
                              -  Finished Janitor Closet                         X
                              -  Finished Emer. Stairwells (per Code)            X
                              -  Finished Electrical Closet                      X
                              -  Finished Telephone Closet                       X
                              -  Finished Mechanical Chase                       X
                              -  Finished Egress Corridor                        X

                           2nd and 3rd Floors (if single-tenanted)
                              -  Finished restrooms                                        X
                              -  Finished Janitor Closet                         X
                              -  Finished Emer. Stairwells (per Code)            X
                              -  Finished Electrical Closet                      X
                              -  Finished Telephone Closet                       X
                              -  Finished Mechanical Chase                       X
                              -  Finished Egress Corridor                        X

                           4th and 5th Floors
                              -  Finished restrooms                                        X
                              -  Finished Janitor Closet                         X
                              -  Finished Stairwells                             X
                              -  Finished Electrical Closet                      X
                              -  Finished Telephone Closet                       X
                              -  Finished Mechanical Chase                       X
                              -  Finished Egress Corridor                        X
                              -  Internal Communicating Stairs                             X
                              -  Finished Elevator serving Floors 1-5

Exterior:                     Perimeter sidewalks, landscaping, fountain,        X
                              curbing, non-tenant directional and parking
                              lot signage, final finish of courtyard, paving
                              and building exterior finish

Utilities:

  - Cable TV                  Cable TV conduit and cable service from            X
                              street to Base Bldg's 1st Floor Telephone
                              Room

                              Cable TV conduit riser from 1st Fl Tele.           X
                              Room to Floors 2-5 Telephone Closet

                              Cable TV cable distribution from 1st Floor                  X
                              Telephone Room to Floors 2-5 Telephone Closet

                              Cable TV distribution/outlets within Firs 1-5               X
</TABLE>

                                       1

<PAGE>

<TABLE>
<CAPTION>

                                                                         BASE        TENANT
ELEMENT                                 DESCRIPTION                      BLDG        WORK
-------                                 -----------                      ----        ----

<S>                     <C>                                             <C>         <C>
- Telephone &           Telephone conduit and cable service from           X
  T-l Service           street to Base Bldg's 1st Floor Telephone
                        Closet

                        Telephone conduit riser from 1st Floor Tele.       X
                        Room to Floors 2-5 Telephone Closets

                        Telephone cable distribution from 1st Floor                     X
                        Telephone Room to Floors 2-5 Telephone
                        Closet

                        Telephone service distribution & Telephone                      X
                        System within Floors 1-5

- Electrical            Electrical conduit and cable service from         X
                        street to Transformer and from Transformer
                        to Base Bldg's 1st Floor Electrical Room
                        base service meter

                        Electrical conduit riser from 1st Fl. Elect.      X
                        Room to Floors 2-5 Electrical Closet

                        Electrical cable distribution from 1st Floor                    X
                        Electrical Room to Floors 2-5 Electrical
                        Closet

                        Electrical distribution from Floors 2-5                         X
                        Electrical Closets within Floors 2-5

                        Building electric service to be 277/480 volts,    X
                        3-phase, 60 cycle, 4 wire service, 8
                        watts/u.s.f. available for tenant lights and
                        small power use for non-continuous loads as
                        defined by the National Electric Code

                        Tenant electrical equipment, meter,                             X
                        transformers, panel, sub-panels and
                        distribution from 1st Fl. Electrical Rm.

                        Emergency Lights required to obtain T.C.O.                      X
                        (in common/vacant areas)
                        All other Emergency Lights within tenant                        X
                        spaces

                        Lightning Protection                              X
</TABLE>

                                       2

<PAGE>

<TABLE>
<CAPTION>

                                                                                BASE        TENANT
ELEMENT                                 DESCRIPTION                             BLDG        WORK
-------                                 -----------                             ----        ----

<S>                   <C>                                                       <C>         <C>

- Electrical          Light Fixtures
(cont'd)                 - 1st Floor
                                  o   Lobby/Reception Area                       X
                                  o   Egress corridor(s)                         X
                                  o   Elevator Machine Room                      X
                                  o   Electrical Closet                          X
                                  o   Telephone Closet                           X
                                  o   Emergency Stairwells                       X
                         - Multi-Tenant Floors
                                  o   Finished restrooms                         X
                                  o   Janitor Closet                             X
                                  o   Stairwells                                 X
                                  o   Electrical Closet                          X
                                  o   Telephone Closet                           X
                                  o   Egress Corridor(s)                         X
                         - Single Tenant Floors
                                  o   Restrooms                                               X
                                  o   Janitor Closet                             X
                                  o   Stairwells                                 X
                                  o   Elec/Telephone Closets                     X
                                  o   Telephone Closet                           X
                                  o   Egress Corridor(s)                                      X

                         Tenant data cables & outlets                                         X

                         Tenant Audio/Visual cables and outlets                               X

                         Electrical Outlets/Receptacles -
                         - 1st Floor
                                  o   Lobby/Reception Area                      X
                                  o   Egress corridor(s)                        X
                                  o   Elevator Machine Room                     X
                                  o   Electrical Closet                         X
                                  o   Telephone Closet                          X
                                  o   Emergency Stairwells                      X
                         - Multi-Tenant Floors
                                  o   Finished restrooms                        X
                                  o   Janitor Closet                            X
                                  o   Stairwells                                X
                                  o   Electrical Closet                         X
                                  o   Telephone Closet                          X
                                  o   Egress Corridor(s)                        X
                         - Single Tenant Floors
                                  o   Restrooms                                               X
                                  o   Janitor Closet                            X
                                  o   Stairwells                                X
                                  o   Telephone Room                            X
                                  o   Egress Corridor(s)                                      X

Natural Gas:            From street to Base Bldg (meters, etc.                  X

                        Service to HVAC RTU's                                   X
                        Stubbed service to each Floor                           X

                        Tenant connections (kitchens, etc.)                                   X
</TABLE>

                                       3

<PAGE>

<TABLE>
<CAPTION>

                                                                                BASE        TENANT
ELEMENT                                 DESCRIPTION                             BLDG        WORK
-------                                 -----------                             ----        ----

<S>                   <C>                                                       <C>         <C>

Fire Alarm                      Base system (conduit & wiring)
System:                         -  Conduit riser from 1st Fl. Elec. Room to       X
                                   Floors 2-5 Elec. Closet
                                -  Cable distribution from 1st Floor Elec.        X
                                   Room to Floors 2-5 Elec. Closets
                                -  1st Floor - common areas                       X
                                -  Distribution within Flrs 2-5
                                      o   To obtain T.C.O.                        X
                                      o   All remaining dist. within Floors                     X

                                Tenant Fire Alarm System including, but not
                                limited to, duct detectors, controls and fan
                                shut-down controls (recommended to be
                                installed by Base Bldg G.C. to LL supplied
                                panel)

Fire Protection:                Sprinkler Main installed in 1st Floor             X
                                Mechanical Room

                                Sprinkler risers to Floors 1-5                    X

                                Main/secondary horizontal piping, capped          X
                                connections, and sprinklers installed in
                                "heads up" position to obtain T.C.O. for
                                Floors 1-5 (except Common Areas/Mech.
                                Rm., a part of LL's Work)

                                Tenant on-floor connection to sprinkler                         X
                                system, including on-floor secondary
                                sprinkler distribution above that required for
                                T.C.O., on-floor additional piping required
                                by tenant's office plan, tenant revisions to
                                initial installation, drop pendants, system
                                shut downs, draining, refill created by
                                tenant's work and any special tenant work to
                                the sprinkler system

                                Initial flow/pressure testing for T.C.O.          X

                                Initial flow/pressure testing as a result of                    X
                                tenant's work

Plumbing:                       Vertical supply of domestic water and sewer       X
                                utilities from location provided in base
                                building to each floor level

                                Horizontal supply of domestic water and
                                sewer utilities from location provided at each
                                floor level to individual restrooms and/or
                                tenant locations
                                - 1st Floor
                                      o Janitors restroom/cleaning basin          X
                                      o Retail spaces (stubbed to sp.)            X
                                - 2nd through 5th Floors
                                      o Multi-tenant floor                                      X
                                      o Single tenant floor                                     X

</TABLE>

                                       4
<PAGE>

<TABLE>
<CAPTION>

                                                                                BASE       TENANT
ELEMENT                                 DESCRIPTION                             BLDG        WORK
-------                                 -----------                             ----       ------

<S>                       <C>                                                   <C>        <C>

Plumbing (cont'd):        Supply/Install toilets, urinals, dividers, water
                          basins & point-of-use domestic hot water
                          heaters & plumbing
                             - 1st Floor
                                  o   Janitors restroom/cleaning basin          X
                                  o   Retail spaces (stubbed to sp.)            X
                             - 2nd through 5th Floors
                                  o   Multi-tenant floor                                        X
                                  o   Single tenant floor                                       X

                          Wet stacks & valved stubs                             X

                          Service distribution from valved stubs and                            X
                          sewer risers to point-of-use

                          Specialized tenant plumbing/fixtures                                  X

                          Production and distribution of all tenant                             X
                          domestic hot water and distribution of tenant
                          domestic cold water

                          Water Fountains
                             -  Multi-tenant floor                              X
                             -  Single tenant floor                                             X

                          Backflow Preventors & Meters                          X

Structural:               Slab on metal deck at all Floors capable              X
                          of supporting 100 lbs. Live load

                          Increased Floor loading in limited areas as                           X
                          required by tenants

                          Structural framing and slab penetration for                           X
                          Internal Tenant Communicating Stairs

HVAC:                     Packaged HVAC Roof Top Units (RUT's)                  X

                          Fresh Air Ventilation (outside) air duct riser        X
                          stubbed at each floor level for tenant
                          connection/distribution

                          Vertical supply/return duct work to/from              X
                          RTU's to point of supply on each Floor level
                          with related fire rated chases to each side of
                          structure to Floors 2-5

                          Medium pressure ducts to VAV boxes, VAV               X
                          terminal boxes, low pressure duct work and
                          diffusers in common areas and on multi-
                          tenant floors

                          Ducts to perimeter fan powered VAV                                    X
                          terminal boxes on each floor. Perimeter
                          terminal boxes with controls

                          All floor-level horizontal duct work                                  X
                          distribution (interior and perimeter low
                          pressure duct work and diffusers)
</TABLE>

                                       5

<PAGE>

<TABLE>
<CAPTION>

                                                                                BASE       TENANT
ELEMENT                                 DESCRIPTION                             BLDG        WORK
-------                                 -----------                             ----       ------

<S>                       <C>                                                   <C>        <C>

HVAC (cont'd):          Exhaust fans, exhaust duct work, registers in
                        restrooms
                          - 1st Floor
                               o Janitors restroom/cleaning basin               X
                               o Retail spaces                                                  X
                               o Common Areas                                   X
                          - 2nd through 5th Floors
                               o Multi-tenant floor                             X
                               o Single tenant floor                                            X

                        Special tenant exhaust                                                  X

                        Automatic temperature controls, sensors and
                        devices
                          - 1st Floor
                               o Janitors restroom/cleaning basin               X
                               o Retail spaces                                                  X
                               o Common Areas                                   X
                          - 2nd through 5th Floors
                               o Multi-tenant floor (tenant areas)                              X
                               o Multi-tenant floor (common areas)              X
                               o Single tenant floor                                            X

Security:               Closed circuit cameras                                                  X

                        Building electronic door locking controls
                          - Multi-tenant floor                                                  X
                          - Single tenant floor                                                 X
                          - Main Building Access                                X
                          - Elevator Access                                     X

Window                  Building standard blinds on all windows (LL                             X
Treatments:             to supply name/model/color)

Signage:                Building Exterior Address                               X

                        Floor level directory (multi-tenant floors)             X

                        Exterior Site Monument signage                                          X

                        Building Directory in Lobby                             X

                        Tenant's custom interior and exterior signage                           X

Demising                Building standard public corridor partitions            X
Partitions:             on the 1st and multi-tenant floors only.

                        All other interior demising partitions.                                 X

Window Wall             All surfaces below and between exterior                 X
Surfaces:               windows - furred with drywall, taped,
                        sanded, and spackled/ready for paint

                        All surfaces of columns - furred with                   X
                        drywall, taped, sanded and spackled/ready
                        for paint

</TABLE>

<PAGE>

                                                                  ATTACHMENT I-1

                           [GROUND FLOOR PLAN IMAGE]

                               GROUND FLOOR PLAN

<PAGE>

                                                                  ATTACHMENT I-2

                        [SINGLE TENANT FLOOR PLAN IMAGE]

                            SINGLE TENANT FLOOR PLAN

<PAGE>

                                                                  ATTACHMENT I-3

                       [MULTIPLE TENANT FLOOR PLAN IMAGE]

                           MULTIPLE TENANT FLOOR PLAN

<PAGE>

                                    EXHIBIT C

                             RULES AND REGULATIONS

1.   No sign, placard, picture, advertisement, name, or notice shall be
     installed or displayed on any part' of the exterior or interior Common
     Areas of the Building without the prior written consent of Landlord, which
     consent Landlord may withhold using its sole discretion. Landlord shall
     have the right to remove, at Tenant's expense and without notice, any sign
     installed or displayed in violation of this rule. All approved signs or
     lettering on doors and walls shall be printed, painted, affixed, or
     inscribed at the expense of Tenant by a person chosen by Landlord.

2.   No awning shall be permitted on any part of the Demised Premises. Tenant
     shall not place anything against or near glass partitions or doors or
     windows which may appear unsightly from outside the Demised Premises.

3.   Landlord shall retain the right to control and prevent access to the
     Building of all persons whose presence in the judgment of Landlord would be
     prejudicial to the safety, character, reputation, and interests of the
     Building and its tenants; provided that nothing herein contained shall be
     construed to prevent such access to persons with whom any tenant normally
     deals in the ordinary course of its business, unless such persons are
     engaged in illegal activities. No tenant and no employee or invitees of any
     tenant shall go upon the roof of the Building.

4.   All cleaning and janitorial services for the Building and for the Demised
     Premises shall be provided exclusively through Landlord and, except with
     the written consent of Landlord, no person or persons other than those
     approved by Landlord shall be employed by Tenant or permitted to enter the
     Building for the purpose of cleaning the same. Tenant shall not cause any
     unnecessary labor by carelessness or indifference to the good order and
     cleanliness of the Demised Premises.

5.   Landlord will furnish Tenant, free of charge, a reasonable number of access
     cards to the Building and the Demised Premises. Landlord may charge a
     reasonable amount for any additional cards requested by Tenant. Tenant
     shall not alter any lock or install a new additional lock or bolt on any
     door of its Demised Premises. Tenant, upon the termination of its tenancy,
     shall deliver to Landlord any cards that have been furnished to Tenant, and
     in the event of loss of any cards so furnished, shall pay Landlord
     therefor.

6.   If Tenant requires telegraphic, telephonic, burglar alarm, or similar
     services, it shall first obtain, and comply with, Landlord's instructions
     in their installation.

7.   Any freight elevator shall be available for use by all tenants in the
     Building, subject to such reasonable scheduling as Landlord, in its
     discretion, shall deem appropriate. No equipment, materials, furniture,
     packages, supplies, merchandise, or other property will be received in the
     Building or carried in the elevators except between such hours and in such
     elevators as may be designated by Landlord.

8.   Tenant shall not place a load down upon any floor of the Demised Premises
     that exceeds the load per square foot which such floor was designed to
     carry and that is allowed by law. Landlord shall have the right to
     prescribe the weight, size, and position of all equipment, materials,
     furniture, or other property brought into the Building. Heavy objects
     shall, if considered necessary by Landlord, stand on such platforms as
     determined by Landlord to be necessary to properly distribute the weight.
     Any object belonging to Tenant that causes noise or vibration that may be
     transmitted to the structure of the Building or to any tenants in the
     Building shall be placed and maintained by Tenant, at Tenant's expense, on
     vibration eliminators or other devices sufficient to eliminate noise or
     vibration. The persons employed to move such equipment in or out of the
     Building must be acceptable to Landlord. Landlord shall not be responsible
     for loss of, or damage to, any such equipment or other property from any
     cause, and all damage done to the Building by maintaining or moving such
     equipment or other property shall be repaired at the expense of Tenant.

                                       C-1

<PAGE>

9.   Tenant shall not use or keep in the Demised Premises any kerosene,
     gasoline, or inflammable or combustible fluid, or material other than those
     limited quantities necessary for the operation or maintenance of office
     equipment. Tenant shall not use or permit to be used in the Demised
     Premises any foul or noxious gas or substance, or permit or allow the
     Demised Premises to be occupied or used in a manner offensive or
     objectionable to Landlord or other occupants of the Building by reason of
     noise, odors, or vibrations, nor shall Tenant bring into or keep in or
     about the Demised Premises any birds or animals.

10.  Tenant shall not use any method of heating or air-conditioning other than
     that supplied by Landlord.

11.  Tenant shall cooperate fully with Landlord to assure the most effective
     operation of the Building's heating and air-conditioning and to comply with
     any governmental energy-saving rules, laws, or regulations of which Tenant
     has actual notice, and shall refrain from attempting to adjust controls
     other than room thermostats installed for Tenant's use.

12.  Landlord reserves the right, exercisable without notice and without
     liability to Tenant, to change the name and street address of the Building.

13.  Landlord reserves the right to exclude from the Building, between the hours
     of 6 p.m. and 8 a.m. the following day, or such other hours as may be
     established from time to time by Landlord, and on Sundays and legal
     holidays, any person, unless that person is known to the person or employee
     in charge of the Building or has a pass and is properly identified. Tenant
     shall be responsible for all persons for whom it requests passes and shall
     be liable to Landlord for all acts of such persons. Landlord shall not be
     liable for damages for any error in regard to the admission to or exclusion
     from the Building of any person. Landlord reserves the right to prevent
     access to the Building in case of invasion, mob, riot, public excitement,
     or other commotion by closing the doors or by other appropriate action.

14.  Tenant shall not obtain for use on the Demised Premises ice, drinking
     water, food, beverage, towel, or other similar services, or accept
     barbering or bootblacking services upon the Demised Premises, except at
     such hours and under such regulations as may be fixed by Landlord.

15.  The toilet rooms, urinals, wash bowls, and other apparatus shall not be
     used for any purpose other than that for which they were constructed, and
     no foreign substance of any kind whatsoever shall be thrown into same. The
     expense of any breakage, stoppage, or damage resulting from the violation
     of this rule shall be borne by the tenant who, or whose employees or
     invitees, shall have caused it.

16.  Tenant shall not sell, or permit the sale at retail, of newspapers,
     magazines, periodicals, theater tickets, or any other goods or merchandise
     to the general public in or on the Demised Premises. Tenant shall not make
     any room-to-room solicitation of business from other tenants in the
     Building.

17.  Tenant shall not install any radio or television antenna, loudspeaker, or
     other device on the roof or exterior walls of the Building. Tenant shall
     not interfere with radio or television broadcasting or reception from or in
     the Building or elsewhere.

18.  Landlord reserves the right to direct electricians as to where and how
     telephone and telegraph wires are to be introduced to the Demised Premises.
     Tenant shall not cut or bore holes for wires. Tenant shall not affix any
     floor covering to the floor of the Demised Premises in any manner except as
     approved by Landlord. Tenant shall repair any damage resulting from
     noncompliance with this rule.

19.  Tenant shall not install, maintain, or operate upon the Demised Premises
     any vending machine without the written consent of Landlord.

                                       C-2

<PAGE>

20.  Canvassing, soliciting, and distribution of handbills or any other written
     material, and peddling in the Building are prohibited, and each tenant
     shall cooperate to prevent same.

21.  Landlord reserves the right to exclude or expel from the Building any
     person who, in Landlord's judgment, is intoxicated or under the influence
     of liquor or drugs or who is in violation of any of the Rules and
     Regulations of the Building.

22.  Tenant shall store all of its trash and garbage within the Demised
     Premises. Tenant shall not place in any trash box or receptacle any
     material that cannot be disposed of in the ordinary and customary manner of
     trash and garbage disposal or that does not originate from materials
     utilized by Tenant at the Demised Premises. All garbage and refuse disposal
     shall be made in accordance with directions issued from time to time by
     Landlord.

23.  The Demised Premises shall not be used for the storage of merchandise held
     for sale to the general public, or for lodging or for manufacturing of any
     kind, nor shall the Demised Premises be used for any improper, immoral, or
     objectionable purpose. No cooking shall be done or permitted by any tenant
     on the Demised Premises, except that use by Tenant of Underwriters'
     Laboratory-approved equipment for brewing coffee, tea, hot chocolate, and
     similar beverages and for heating pre-prepared foods (such as a microwave
     oven) shall be permitted, provided that such equipment and use is in
     accordance with all applicable federal, state, county, and city laws,
     codes, ordinances, rules, and regulations.

24.  Tenant shall not use in any space or in the public halls of the Building
     any hand trucks, except those equipped with rubber tires and side guards or
     such other material-handling equipment as Landlord may approve. Tenant
     shall not bring any other vehicles of any kind into the Building.

25.  Without the written consent of Landlord, Tenant shall not use the name of
     the Building in connection with or in promoting or advertising the business
     of Tenant, except as Tenant's address.

26.  Tenant shall comply with all safety, fire protection, and evacuation
     procedures and regulations established by Landlord or any governmental
     agency.

27.  Tenant assumes any and all responsibility for protecting the Demised
     Premises from theft, robbery, and pilferage.

28.  The requirements of Tenant will be attended to only upon written
     application to the office of the Building Manager by an authorized
     individual.

29.  Tenant shall not park its vehicles in any parking areas designated by
     Landlord as areas for parking by visitors to the Building. Tenant shall not
     leave vehicles in the Building parking areas overnight. Landlord reserves
     the right, but shall not be obligated to, require that (i) Tenant's and
     Tenant's employees' or visitors' vehicles be stickered with an
     identification sticker and (ii) vehicles parked in violation of the Lease
     (including the rules and regulations) be towed at Tenant's expense without
     any liability of Landlord with respect to the same. Furthermore, Tenant
     consents to the municipal enforcement of applicable Laws regarding
     handicapped parking spaces.

30.  Landlord may waive any one or more of these Rules and Regulations for the
     benefit of Tenant or any other tenant, but no such waiver by Landlord shall
     be construed as a waiver of such Rules and Regulations in favor of Tenant
     or any other tenant, nor prevent Landlord from thereafter enforcing any
     such Rules and Regulations against any or all of the tenants of the
     Building.

31.  These Rules and Regulations are in addition to and shall not be construed
     to in any way modify or amend, in whole or in part, the terms, covenants,
     agreements, and conditions of any lease of premises in the Building. In the
     event of conflict between the provisions contained in this Lease and these
     Rules and Regulations, the provisions of this Lease shall prevail.

                                       C-3

<PAGE>

32.  Landlord reserves the right to make such other and reasonable Rules and
     Regulations as, in its judgment, may from time to time be needed for safety
     and security, for care and cleanliness of the Building and the Complex and
     for the preservation of good order therein. Tenant agrees to abide by all
     such Rules and Regulations hereinabove stated and any additional rules and
     regulations which are adopted.

33.  Tenant shall be responsible for the observance of all of the foregoing
     rules by Tenant's employees, agents, clients, customers, invitees, and
     guests.

                                      C-4

<PAGE>

                                   EXHIBIT D
                               CLEANING SERVICES

1.   General Cleaning:

     Nightly

     a.   Empty and clean all waste receptacles, removing waste to a designated
          central location for disposal. Landlord is to provide for disposal of
          waste.

     b.   Empty and clean all ash trays and receptacles.

     c.   Remove all fingerprints, smudges, and other marks from metal
          partitions, doors, and other surfaces.

     d.   With respect to a kitchen area (if applicable), rinse out coffee pots,
          turn off burners to coffee pots, spot clean walls for coffee spillage,
          clean sink, and clean tables and chairs in such area.

     Weekly

     e.   Hand dust and clean all office furniture that has been cleared of
          papers, boxes, and/or personal items, ledges, chair rails, baseboards,
          and window sills.

2.   Floors

          Group A - Granite, ceramic tile, marble, terrazzo

          Group B - Linotile, asphalt, koroseal, plastic vinyl, wood, rubber, or
                    other composition floors and base.

     Nightly

          a.   All floors in Group A to be swept, wet mopped and rinsed.

          b.   All floors in Group B to be dry mopped.

     Weekly

          c.   All floors in Group B to be damp mopped.

     Every six (6) months

          d.   All floors to be scrubbed and buffed.

3.   Vacuuming

     Nightly

          a.   Vacuum or carpet sweep all rugs and carpeted areas.

     Monthly

          b.   Brush or dust by hand carpet edges inaccessible to high pressure
               vacuum attachments.

                                       D-1

<PAGE>

4.   High Dusting

     Every six (6) months

     a.   Dust all clothes closet shelving, pictures, charts, graphs, etc.

     b.   Dust clean all vertical surfaces such as walls, partitions, door
          bucks, and other surfaces.

     c.   Dust all venetian blinds.

     Special service

          Records and General Storage Area

          Floors are to be broom cleaned weekly. Files and exposed open shelves
          dusted once every three (3) months.

5.   Other Services

          a.   Landlord shall supply all soap, towels, and toilet tissue in both
               men's and women's rooms and sanitary napkins in coin dispensers
               in the women's rooms.

          b.   Landlord shall supply all coin operated dispensers and shall be
               responsible for the servicing of same and for the collection of
               money from the machine.

          c.   During the Term of this Lease the dispenser price for sanitary
               napkins shall not exceed a price equal to 150% of the wholesale
               price paid by Landlord.

6.   Carpeting

          In addition to the aforementioned nightly and weekly vacuuming,
          Landlord shall do the following:

          Weekly

          All carpeting is to be spot cleaned, removing all stains, smudges, and
          unsightly appearances.

7.   Glass

          Monthly

          a.   Clean all partitions and furniture glass.

          Annually

          b.   Clean all perimeter windows, both inside and out.

8.   Kitchen Areas

          Nightly

          a.   Clean all tables, chairs, counters, and sinks.

          b.   Spot cleaning of walls.

          c.   Cleaning of coffee pots.

                                       D-2

<PAGE>

9.   General

          a.   All lights are to be extinguished and the doors as specified by
               Tenant are to be locked after cleaning is completed.

          b.   All personnel are to be uniformed and clean in appearance during
               business hours.

          c.   Cleaning of all private bathrooms shall be subject to additional
               charges shall be determined on a case-by-case basis.

                                       D-3

<PAGE>

                                    EXHIBIT E

                              HVAC SPECIFICATIONS

The design criteria for the HVAC system are as follows:

1.   Outside design conditions:

        Summer: 91 degrees dry bulb/76 degrees wet bulb

        Winter: 14 degrees dry bulb

2.   Inside design conditions:

        Summer: 75 degrees dry bulb

        Winter: 70 degrees dry bulb

3.   Interior heat gains:

        Tenant power and lights: 4.1 watts/square foot

        Density of people: 1 per 200 square feet.

<PAGE>

                                    EXHIBIT F

                     REAL ESTATE PURCHASE AND SALE CONTRACT

                                     BETWEEN

                        OAKWOOD PARTNERS L.L.C., SELLER

                                       AND

                   COMPENSATION RISK MANAGERS, LLC, PURCHASER

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
      SECTION                                                              PAGE
<S>   <C>                                                                  <C>
1.    PURCHASE PRICE: ...................................................     1
2.    PAYMENT OF PURCHASE PRICE: ........................................     1
3.    TITLE: ............................................................     1
4.    SURVEY: ...........................................................     2
5.    REVIEW OF TITLE REPORT AND SURVEY: ................................     2
6.    PURCHASER'S OBJECTIONS TO TITLE: ..................................     2
7.    CLOSING: ..........................................................     2
8.    PRORATIONS AND ADJUSTMENTS: .......................................     3
9.    TRANSACTION COSTS: ................................................     3
10.   REQUIREMENTS FOR CLOSING: .........................................     4
11.   CONDEMNATION: .....................................................     5
12.   REPRESENTATIONS AND WARRANTIES: ...................................     5
13.   ENVIRONMENTAL AND OTHER MATERIAL MATTERS: .........................     5
14.   PRECLOSING OBLIGATIONS: ...........................................     6
15.   NONPERFORMANCE: ...................................................     7
16.   BROKERS: ..........................................................     7
17.   CONDITION OF REAL PROPERTY: .......................................     8
18.   NOTICES: ..........................................................     9
19.   PARTIES BOUND: ....................................................     9
20.   GOVERNING LAW: ....................................................     9
21.   MULTIPLE COUNTERPARTS: ............................................     9
22.   TIME OF THE ESSENCE: ..............................................     9
23.   ENTIRE AGREEMENT: .................................................    10
24.   NON-BUSINESS DAYS: ................................................    10
25.   ASSIGNMENT: .......................................................    10
26.   CONFIDENTIALITY: ..................................................    10
27.   SURVIVAL: .........................................................    10
28.   PARTIAL INVALIDITY: ...............................................    10
29.   OTHER DOCUMENTS: ..................................................    10
30.   NO THIRD PARTY BENEFICIARY: .......................................    10
31.   CONFLICT: .........................................................    10
32.   MISCELLANEOUS: ....................................................    10
33.   SITEWORK CONSTRUCTION: ............................................    11
34.   TERMINATION: ......................................................    11
35.   GUARANTY: .........................................................    11
36.   USE RESTRICTIONS: .................................................    11
</TABLE>

<PAGE>

                                    EXHIBITS

EXHIBIT A    -  DESCRIPTION OF LAND

EXHIBIT A-1  -  SURVEY

EXHIBIT A-2  -  SITE PLAN

EXHIBIT B    -  PERMITTED EXCEPTIONS

EXHIBIT C    -  FORM OF DEED

EXHIBIT D    -  REPRESENTATIONS AND WARRANTIES OF SELLER

EXHIBIT E    -  REPRESENTATIONS AND WARRANTIES OF PURCHASER

EXHIBIT F    -  CERTIFICATE OF NON-FOREIGN STATUS

EXHIBIT G    -  ESCROW AGREEMENT

EXHIBIT H    -  [INTENTIONALLY OMITTED]

EXHIBIT I    -  [INTENTIONALLY OMITTED]

EXHIBIT J    -  FORM OF GUARANTY

<PAGE>

                     REAL ESTATE PURCHASE AND SALE CONTRACT

      Effective as of ____________________________, _______ (the "Effective
Date"), OAKWOOD PARTNERS L.L.C., a New York limited liability company with its
principal office and place of business at P.O. Box 1580, Poughkeepsie, New York
12601 ("Seller") agrees to sell and convey to COMPENSATION RISK MANAGERS, LLC, a
New York limited liability company, having an office and place of business at
__________________________, Poughkeepsie, New York 12601 ("Purchaser"), and
Purchaser agrees to buy from Seller, in accordance with the terms, conditions
and stipulations set forth in this Real Estate Purchase and Sale Contract (the
"Contract"), that parcel of land (the "Land") and the substantially completed
building thereon (the "Building"), together with the Land and the Building are
referred to as the "Property"), situated in the Town of Poughkeepsie, County of
Dutchess, State of New York, as generally shown on the Site Plan annexed hereto
as Exhibit A-2, the description of which will be annexed hereto as Exhibit A and
made a part hereof as set forth in Section 4, below, together with Seller's
interest, if any, in public streets and highways, opened or proposed, in front
of or adjoining the Land, and all easements, ponds, waterways, development
rights, rights of way, privileges, appurtenances and other rights pertaining
thereto. Seller and Purchaser shall collectively be referred to as the
"Parties."

      1. PURCHASE PRICE: The total purchase price (the "Purchase Price") to be
paid to Seller by Purchaser for the Property is ________________________________
Dollars ($_____________________), all cash, subject to the adjustments as
hereinafter provided. The portion of the Purchase Price allocated to purchase of
the Land shall be __________________________________ Dollars ($____________.00)
and the portion of the Purchase Price allocated to the Building and all site
work infrastructure required for the development project shall
be______________________________Dollars ($_.00).

      2. PAYMENT OF PURCHASE PRICE:

            (a) Upon or prior to the execution of this Contract, Purchaser has
deposited the sum of Five Hundred Thousand ($500,000.00) Dollars (said deposit
with any additions thereto and interest earned and paid thereon shall be
referred to as the "Deposit") with Pitney Hardin LLP (the "Escrow Agent") by
check subject to collection or by wire transfer, to be held by Escrow Agent
pursuant to the terms of the Escrow Agreement attached as Exhibit G hereto (the
"Escrow Agreement") entered into among Seller, Purchaser and Escrow Agent.
Payment of the Deposit shall be accompanied by a completed IRS Form W-9 signed
by Purchaser. In the event the transaction is canceled by Purchaser during the
Due Diligence Period (as defined in Section 34), such sum together with any
interest thereon shall be refunded to Purchaser. In the event that the Contract
is not so canceled during the Due Diligence Period, such sum together with any
interest thereon shall be non-refundable and shall be retained by Seller whether
or not title closes, except in the event the failure to close is solely due to
the breach by Seller of Seller's obligations under this Contract or as set forth
in Sections 13(e), 15(a), 15(b) or 15(c)(l). The Five Hundred Thousand
($500,000.00) Dollar Deposit shall apply against the Purchase Price.

            (b) On the Closing Date, as defined in Section 7 hereof, Purchaser
shall pay Seller the sum of____________________ ($_____________) Dollars, less
the applicable portion of the Deposit and subject to any prorations and
adjustments (if any) agreed upon herein, by wire transfer of immediately
available funds to the account described by written notice from Seller to
Purchaser, delivered prior to Closing.

            (c) At least seventy-two hours prior to the Closing Date, Purchaser
shall provide Seller with the name and address of the bank that will handle the
transfer of these funds on behalf of Purchaser.

      3. TITLE: Seller shall convey to Purchaser marketable and insurable title
to the Property free and clear of any liens, encumbrances and Title Defects (as
defined in Section 5 hereof) except the Permitted Exceptions (as defined in
Section 5 hereof) and any use restrictions (the "Use Restrictions") as defined
in Section 36 hereto.

                                       1
<PAGE>

      All references in this Contract to "marketable title" or "insurable title"
shall be deemed to mean a title insurable in the amount of no less than the
amount of the Purchase Price issued by the Title Company (as defined in Section
5 hereof) at standard rates without exception for any Title Defects other than
the Permitted Exceptions (as defined in Section 5 hereof).

      One of the Permitted Exceptions is a property management contract (the
"Management Contract") between Seller and an affiliated entity, a copy of which
will be provided to Purchaser with the leases described in Exhibit B. Purchaser
shall assume the obligations of the owner under such Management Contract at
Closing, provided it is terminable by Purchaser after the expiration of no more
than three (3) years after Closing or at any time for cause.

      4. SURVEY: The ALTA certified survey (the "Survey") prepared for Seller
for its acquisition of the Land will be attached hereto at the time of execution
of this Contract, and is hereby made a part hereof as Exhibit A. A metes and
bounds description (the "Description") of the Land to be conveyed pursuant to
this Contract will be attached hereto at the time of execution of this Contract,
and is hereby made a part hereof as Exhibit A-1.

      5. REVIEW OF TITLE REPORT AND SURVEY: Purchaser shall order an examination
of the title of the Property to be made by a reputable title insurance company
selected by Purchaser (the "Title Company"), and shall deliver a copy of the
report issued by the Title Company (the "Title Report") to the attorney for
Seller on or before the expiration of the Due Diligence Period. If any defects,
encumbrances or encroachments appear upon such Title Report, or upon the Survey,
other than those specified in this Contract, which are unacceptable to
Purchaser, Purchaser shall within twenty (20) days after receipt of the Title
Report, or Survey, notify Seller's counsel of Purchaser's objections to title
exceptions described in such Title Report. Such notification shall be deemed
given when Purchaser delivers a copy of the Title Report to Seller, provided
Purchaser notes its objections in a cover letter. Title and Survey matters to
which Purchaser may object hereunder, including those disclosed in the Title
Report or Survey, are hereinafter called "Title Defects", except that Title
Defects shall not include, and Purchaser shall not be entitled to object to, the
following (hereinafter collectively called the "Permitted Exceptions"): (a)
matters described on Exhibit B annexed hereto, (b) title defects approved by
Purchaser in writing or the objection to which has been waived by Purchaser in
writing or waived by failure to timely notify Seller as required herein, (c) the
preprinted exclusions from coverage and conditions and stipulations contained in
the Title Policy, and (d) the state of facts shown on the Survey approved by
Purchaser in writing or the objection to which has been waived by Purchaser in
writing or waived by failure to timely notify Seller as required herein.
Purchaser's failure to object to a Title Defect within the time limitation
agreed upon above for objection to that particular Title Defect shall be deemed
to be Purchaser's agreement to purchase the Property subject to that Title
Defect; provided, however, that the foregoing agreement shall not apply to a
Title Defect first created or suffered by Seller after the effective date of the
Title Report or Survey, as applicable, the removal of which Title Defect shall
be the obligation of Seller at or before Closing.

      6. PURCHASER'S OBJECTIONS TO TITLE: If Purchaser notifies Seller as
required herein of Purchaser's objection to a Title Defect, Seller shall use all
reasonable efforts, as agreed upon in and subject to Section 15(a), to remove it
within the forty five (45) day period described in Section 15(a). Purchaser
shall agree to extend the Closing Date as required by Seller to comply with this
obligation. If Seller fails to remove all of the Title Defects to which
Purchaser properly objects by the Closing Date, as it may have been extended,
then Purchaser's sole remedy shall be to exercise those rights expressly granted
to Purchaser in Section 15(a). From and after the Effective Date, Seller shall
not further encumber title to the Property without Purchaser's prior written
consent, which consent may not be withheld unreasonably.

      7. CLOSING: The settlement of the initial obligations of Seller and
Purchaser to each other under this Contract, including the transfer of title to
the Property to Purchaser and payment of the Purchase Price to Seller as
contemplated by this Contract (the "Closing") shall be effected on a day (the
"Closing Date") to be mutually agreed upon by Purchaser and Seller, on or before
a date which is specified in the Lease to which the Contract is an Exhibit (the
"Lease"). The Closing shall be held at 10:00 a.m. in the offices of River City
Abstract, LLC, 143 Boardman Road,, Poughkeepsie, New York 12603, or such other
location as may be mutually agreed between the Parties. Time shall not be of the
essence for the Closing Date. However,

                                       2
<PAGE>

after the Closing Date described above, either party may make TIME OF THE
ESSENCE for a Closing Date by written notice to the other party, such notice to
be given not less than ten (10) business days prior to the stipulated Closing
Date.

      8. PRORATIONS AND ADJUSTMENTS: The following shall be apportioned and paid
at the Closing as of midnight on the date immediately preceding the Closing
Date:

            (a) Real estate taxes (including, without limitation, school taxes)
and sewer charges on the basis of the fiscal year for which assessed. Prorations
shall be based upon one hundred percent (100%) of the taxes on the Building and
the ratio of the acreage of the Property to the total acreage of the land
included in the particular tax bill.

            (b) Subject to subsection (a), above, water and sewer charges, if
any, based on the last available meter reading, subject to adjustment within one
hundred eighty (180) days after the Closing when the next reading is available.
If water and sewer charges cannot be apportioned at Closing in the manner set
forth above, the charges shall be apportioned based on Seller's best judgment as
to its costs for such charges as of the Closing Date, such estimate not to
exceed the latest fixed charge by more than ten percent (10%).

            (c) Rents and security deposits under leases, and payments due under
the Management Contract.

            (d) If any of the items described herein cannot be apportioned at
the Closing because of the unavailability of the amounts to be apportioned or
otherwise, or are incorrectly apportioned at Closing, such items shall be
apportioned as soon as practicable after the Closing Date, but no later than one
year after Closing.

            (e) The Parties acknowledge that because the Land to be conveyed
herein is part of a subdivision, it may not be designated as a separate tax
parcel until the preparation of a new tax roll as of March 1 following the
Closing Date. Until the Land becomes assessed separately from the remaining land
of Seller and/or IBM (defined in Section 13(a) hereof), each Party agrees to
reimburse the other for its respective pro rata share of real property taxes
paid by the other Party but attributable to the reimbursing Party's property,
based upon the acreage of the Land and the total acreage covered by the
applicable tax assessment.

            (f)If Seller assigns to Purchaser any uncompleted contracts with
respect to the construction of the Building, Purchaser shall assume and
indemnify Seller against any liability for amounts unpaid to any contractor,
provided such sum was not previously reimbursed to Seller as part of the
Purchase Price, or otherwise.

            (g)The provisions of this Section 8 shall survive the Closing and
delivery of the Deed for one year after the date of preparation of the new tax
roll reflecting the separate tax assessment of the Property.

      9. TRANSACTION COSTS:

            (a)Seller shall pay any transfer taxes imposed by Article 31 of the
New York State Tax Law (the "New York State Transfer Tax"). [If the Closing
occurs pursuant to Paragraph 37(a) of the Lease, Seller will pay the Tax on the
first $3,500,000 of the Purchase Price, and Purchaser will be responsible for
the balance.] Seller shall additionally pay for the Survey (as provided for in
Section 4 above).

            (b)Purchaser shall pay (i) all charges for the Title Report and the
issuance of the Title Policy and (ii) all recording fees.

            (c)All other costs, fees, expenses and charges of any kind incident
to the sale and conveyance of the Property from Seller to Purchaser, including
attorneys' and consultants' fees, shall be borne by the Party incurring the
same.

                                       3
<PAGE>

10.   REQUIREMENTS FOR CLOSING:

            (a)   At the Closing, as a condition thereto Seller shall deliver to
Purchaser the following:

                  (1) A Bargain and Sale Deed, in the form attached and marked
Exhibit C, which the parties intend to be in proper statutory form for
recording, conveying to Purchaser fee simple title to the Property, free of all
encumbrances, subject to the Permitted Exceptions.

                  (2) Copies of documents evidencing the authority of Seller's
representative to sign the deed, and such other documents (including affidavits
and certificates) that may be reasonably required by the Title Company for
issuance of the Title Policy and recordation of documentation.

                  (3) Certificate in the form attached and marked Exhibit F,
duly executed by Seller, sufficient to entitle Purchaser to pay the Purchase
Price to Seller without withholding for any federal or state non-resident
withholding taxes.

                  (4) Actual possession of the Property, free and clear of all
leases, service and maintenance contracts or management agreements of any type
and of tenants and other occupants in possession, except as specifically agreed
upon pursuant to this Contract.

                  (5) New York State Combined Transfer Tax Return (Form TP-584)
duly executed by Seller and Purchaser.

                  (6) Any easements and rights of way required for utilities,
drainage, access road improvements and cross-access pursuant to Section 33,
below.

                  (7) An assignment of all uncompleted contracts with respect to
the construction of the Building.

                  (8) An assignment of all warranties and guarantees from the
contractors involved in the construction of the Building.

            (b)   At the Closing, Purchaser shall deliver to Seller the
following:

                  (1) The balance of Purchase Price and adjustments by wire
transfer, as required by this Contract.

                  (2) Documents, as may be reasonably required by Seller or the
Title Company, evidencing the authority of Purchaser's representative to sign
documents (including assumptions, affidavits and certificates) provided in this
Contract to be signed by Purchaser.

                  (3) The New York State Combined Transfer Tax Return delivered
by Seller duly executed by Purchaser.

                  (4) Any easements and rights of way required for utilities,
drainage, access road improvements and cross-access pursuant to Section 33,
below.

            (c)   Seller shall give and Purchaser shall accept such fee simple
title to the Property as the Title Company shall be willing to approve and
insure in accordance with its standard ALTA form of title policy with customary
endorsements approved by the New York State Insurance Department subject only to
the matters provided for in this Contract in the amount of the Purchase Price.

            (d)   Seller and Purchaser agree that when the Title Company commits
to issue and thereafter issues a Title Policy in form and substance reasonably
satisfactory to Purchaser, which insures marketable title to the Property, title
to the Property shall be conclusively presumed to be marketable.

                                       4
<PAGE>

11.   CONDEMNATION:

            (a)   Until delivery of the Property as required by this Contract,
Seller shall assume all risk of loss to the Property by condemnation, except as
otherwise agreed in this Section 11.

            (b)   If after the Effective Date and prior to the Closing Date
there is a taking of less than ten percent (10%) of the Property in eminent
domain proceedings or under threat of condemnation, and such taking will not, in
the reasonable opinion of Purchaser, prevent or interfere in a material way with
the use of the Building, Purchaser shall perform its obligations under this
Contract and purchase the Property. If during such period of time there is a
taking of ten percent (10%) or more of the Property as aforesaid, or if such
taking will prevent or interfere with the use of the Building, as stated above,
Purchaser shall have the option of complying with the terms of or terminating
this Contract. If Purchaser is obligated hereunder to purchase the Property or,
if granted an option to terminate, elects not to terminate this Contract,
Purchaser shall remain obligated to perform its obligations under this Contract,
and Seller shall at the Closing deliver to Purchaser any part of the
condemnation award collected by Seller and assign to Purchaser rights to any
part of the award not yet collected, in each case attributable to Seller's
interest in the Property. For the purposes of this Contract, a taking in
condemnation shall mean the vesting of fee title to any part of the Property in
governmental entity pursuant to the exercise of the power of eminent domain or
pursuant to a deed delivered in lieu or in contemplation thereof.

            (c)   Purchaser agrees that the election granted to Purchaser under
this Section 11 to terminate this Contract shall be conclusively waived by
Purchaser and of no force or effect unless Purchaser elects to terminate this
Contract by notice to Seller and Escrow Agent within (30) days after Purchaser
is notified by Seller of a taking that authorizes such election, such
notification to include a specific description of the parcels to be taken and
whether the taking is in fee, easement or otherwise.

      12.   REPRESENTATIONS AND WARRANTIES: For the purpose of inducing
Purchaser and Seller to enter into and consummate this transaction:

            (a)   Seller makes those representations and warranties set forth in
Exhibit D, annexed hereto and made a part hereof, the terms and content of which
are incorporated herein by reference.

            (b)   Purchaser makes those representations and warranties set forth
in Exhibit E, annexed hereto and made a part hereof, the terms and content of
which are incorporated herein by reference.

            (c)   These representations and warranties of Seller and Purchaser
shall continue in full force and effect to and including but not beyond the
Closing Date except as extended beyond the Closing Date by specific agreement in
this Contract, and in no event shall any representation or warranty extend
beyond the Closing Date or earlier termination of this Contract if the sale and
purchase as contemplated herein does not occur.

            (d)   If either party violates a representation or warranty
hereunder prior to Closing, and fails to commence the cure of such violation
within thirty (30) days after notice of such violation from the other party
and/or fails to accomplish such cure within a reasonable time thereafter, the
other party may declare a default hereunder and pursue its remedies under
Section 15.

      13.   ENVIRONMENTAL AND OTHER MATERIAL MATTERS:

            (a)   Seller has delivered to Purchaser a report entitled "Buildings
918, 965, 966, and 967 - Poughkeepsie, New York - Phase I Environmental Site
Assessment", by Groundwater Sciences Corporation, dated March 15, 2004, revised
April 6, 2004, which was designed and prepared to provide a "Phase I" review of
the environmental status of the Property. This report (herein referred to as
"IBM's Phase One Environmental Report") is hereby incorporated by reference and
made an integral part of this Contract. Seller requested that the

                                       5
<PAGE>

International Business Machines Corporation ("IBM") commission IBM's Phase One
Environmental Report to verify IBM's internal assessment of the status of all
environmental matters regarding an approximate 10 acre parcel of land that
Seller desires to purchase, which parcel includes the Land. Purchaser releases
Seller from any obligations with respect to, and waives any claims against
Seller by reason of the presence of any condition identified in IBM's Phase One
Environmental Report to be currently present on the Property.

            (b)   Seller has also delivered to Purchaser a report entitled
"Report on Phase 2 Environmental Site Assessment - IBM Buildings
918/965/966/967, Route 9, Poughkeepsie, New York", by Lawler, Matusky & Skelly
Engineers LLP, dated September 14 2004, which was designed and prepared to
provide a "Phase II" review of the environmental status of the Property. This
report (herein referred to as "Seller's Phase Two Environmental Report") is
hereby incorporated by reference and made an integral part of this Contract.
Seller commissioned Seller's Phase Two Environmental Report to verify and
further explore certain Recognized Environmental Conditions that were outlined
in IBM's Phase One Environmental Report. Purchaser releases Seller from any
obligations with respect to, and waives any claims against Seller by reason of
the presence of any condition identified in Seller's Phase Two Environmental
Report to be currently present on the Property. Seller acknowledges and agrees
that, upon Purchaser's written request, it will have Lawler, Matusky & Skelly
Engineers LLP deliver and make available to Purchaser, or Purchaser's
environmental engineers, all of the information and data contained in Seller's
Phase Two Environmental Report. Additionally, upon the written request of
Purchaser, Seller shall direct Lawler, Matusky & Skelly Engineers LLP to deliver
a copy of IBM's Phase One Environmental Report and Seller's Phase Two
Environmental Report, together with an appropriate certification to Purchaser
and/or Purchaser's lender.

            (c)   Except as set forth in this Section 13 and in Exhibit D
annexed hereto, Seller makes no representations or warranties with respect to
the Property, expressed or implied, including, without limitation, its zoning or
its suitability for Purchaser's proposed use or uses. Neither Seller nor
Purchaser intend any indemnity of the other under this Contract with respect to
Hazardous Materials.

            (d)   Upon Closing, Purchaser shall be deemed to have taken the
Property "as is" with respect to all matters, including environmental conditions
of the Land.

      14.   PRECLOSING OBLIGATIONS: From the Effective Date until the Closing
Date or earlier termination of this Contract, subject to the requirements of the
Law or any Governmental Authority (as defined in Exhibit D, Section 9 attached
hereto), Seller shall with respect to the Property:

            (a)   advise Purchaser promptly of any litigation, arbitration, or
administrative hearing within its knowledge which is instituted or threatened
and which could affect title to the Property or the proposed development of the
Property as a Office;

            (b)   not take any action or permit any action to be taken which
would change the physical characteristics of the Land or the Property, except
the Improvements;

            (c)   maintain and operate the Property in substantially the same
condition and manner as the Property is now maintained and operated, including,
without limitation, payment of all real estate taxes and similar carrying costs;

            (d)   execute and deliver to Purchaser all written consents and
authorizations as may be necessary in the reasonable opinion of Purchaser or its
counsel to make a search of records of any Governmental Authority in order to
verify any provision, covenant, agreement, condition, warranty or representation
made by Seller in this Contract or any information relating to the Property;

            (e)   promptly deliver notice to Purchaser of any actual or
threatened condemnation of the Property or any portion thereof or interest
therein;

                                       6
<PAGE>

            (f)   comply with all applicable Laws, and maintain all licenses and
permits affecting the Property, if any, in full force and effect and promptly
deliver notice to Purchaser of any intention of Seller to seek any new license
or permit; and,

            (g)   promptly deliver to Purchaser copies of any notices of
violation of Law relating to the Property.

      15.   NONPERFORMANCE:

            (a)   If Seller is unable to remove a Title Defect by the Closing
Date, the Closing shall be adjourned until Seller is able to cure the Title
Defect. Seller agrees to exercise due diligence promptly to cure any such Title
Defect; provided, however, that, with respect to liens pertaining to franchise
taxes and federal income taxes, the Closing shall take place and Seller shall
cause the Title Company to insure against collection of said taxes out of the
Property, and shall indemnify Purchaser and the Title Company against any such
lien.

            (b)   If Seller is unable to make all of the representations and
warranties set forth in Exhibit D by the Closing Date, the Closing shall be
adjourned until Seller is able to cure the inability. Seller agrees to exercise
due diligence promptly to cure any such inability.

            (c)   (1) If Seller is able but unwilling to convey title to the
Property in accordance with and as required by the provisions of this Contract,
or if Seller is unable to convey title to the Property to Purchaser for a reason
which does not give Seller a right of termination under this Contract, and
Purchaser is ready, willing and able to perform Purchaser's Contract
obligations, Purchaser's sole and exclusive remedies shall be to (i) sue for
specific performance of this Contract, (ii) sue for damages for Seller's breach,
or (iii) terminate this Contract by notice to Seller and Escrow Agent within ten
(10) days after the Closing Date, and receive a refund of the Deposit, together
with reimbursement of its reasonable out-of-pocket expenses incurred in
connection with this transaction, including, attorneys' fees.

                  (2) If Purchaser shall fail to comply with Purchaser's
obligation to purchase the Property in accordance with the terms of this
Contract, and Seller is ready, willing and able to perform Seller's Contract
obligations, Seller's sole and exclusive remedies shall be to (i) sue for
specific performance of this Contract, (ii) sue for damages for Purchaser's
breach, or (iii) terminate this Contract by notice to Seller and Escrow Agent
within ten (10) days after the Closing Date after which the Escrow Agent shall
release the Deposit together with all accrued interest to Seller.

            (d)   If in accordance with the agreements set forth in this Section
15 Purchaser or Seller terminates this Contract, upon receipt of the Deposit and
such other sums as may be specifically provided for hereunder, this Contract
shall terminate, any lien of Purchaser against the Property shall cease and be
removed from the record, and neither Party hereto shall have any further
obligations to or rights or claims against the other, except as otherwise
expressly provided. Notwithstanding any such termination of this Contract, the
Lease shall remain in full force and effect, unless the termination results from
the willful default of Seller, in which case Tenant may terminate the Lease on
six (6) months prior notice, provided such notice is given within six (6) months
after the termination of this Contract.

            (e)   If Seller or Purchaser shall bring any action for relief
against the other (declaratory or otherwise) arising out of this Contract, the
prevailing Party shall receive a reasonable sum from the other Party for
attorneys' and witness fees, and payment of all court and other direct costs
incurred in connection therewith.

      16.   BROKERS: Seller represents that it has not dealt with any brokers or
finders with respect to this sale, except for David S. Kaminski and TCD
Management Corp., as set forth below. Seller agrees to indemnify and hold
Purchaser harmless from and defend Purchaser against any claim made by any other
broker or finder in connection with the transaction contemplated herein for
compensation by, through or on account of actions of Seller or its
representatives or employees, and Seller shall reimburse Purchaser for court
costs, reasonable attorneys' and witness fees and other out-of-pocket expenses
directly resulting from these claims. Purchaser represents that it has dealt
with no broker in connection with the transaction

                                       7
<PAGE>

contemplated herein. Purchaser agrees to indemnify and hold Seller harmless from
and defend Seller against any claim made by any broker or finder in connection
with the transaction contemplated herein for compensation by, though or on
account of the actions of Purchaser or its representatives or employees, and
Purchaser shall reimburse Seller for court costs, reasonable attorneys' and
witness fees and other out-of-pocket expenses directly resulting from these
claims. Notwithstanding anything contained in this Contract to the contrary,
these indemnities shall survive the Closing and/or earlier termination of this
Contract. In addition, Seller has disclosed to Purchaser that David S. Kaminski
is a licensed New York State real estate broker who represented Seller in this
transaction. The Parties agree, however, that any commission or other fee
payable to David S. Kaminski or TCD Management Corp. on account of this
transaction shall be payable solely by Seller, in accordance with separate
agreements.

      17.   CONDITION OF REAL PROPERTY:

            (a)   Purchaser has or will have inspected the Property, is or will
be fully familiar with the physical condition and state of repair thereof, and
subject to Section 5, Section 10, Section 11, Section 13, Section 14, Section
33, and its receipt of the assignment described in Section 10(a)(8), shall
accept the Property "as is," "with all faults" and in its present condition,
subject to reasonable use, wear, tear and natural deterioration between now and
the Closing Date, without any reduction in the Purchase Price for any change in
such condition by reason thereof subsequent to the Effective Date.

            (b)   Purchaser acknowledges that Seller has or will have made
available to Purchaser copies of IBM's Phase One Environmental Report and
Seller's Phase Two Environmental Report; maps; information as to taxes and
costs; and, the acreage of the Land; in each case to the extent the item relates
to the Property and is in Seller's possession or control. This information and
all other information which has been or may be furnished by Seller to Purchaser
is from sources believed by Seller to be reliable. Nevertheless, except for the
representations and warranties set forth in Exhibit D of this Contract which are
directly applicable to such information, Seller does not warrant or make any
representation, either expressed or implied, as to the accuracy or completeness
of the information delivered to Purchaser or as to any other information which
Seller hereafter may share with Purchaser, or as to the Property, or as to the
condition thereof or, without limitation, as to any other matter; however,
Seller does not know (as Seller's knowledge is defined in Exhibit D) that any
information furnished to Purchaser by Seller is false or materially inaccurate.

            (c)   Purchaser acknowledges and agrees that, except as expressly
set forth in Exhibit D, neither Seller nor any employee, member, director,
stockholder, agent or representative of Seller has made, and Seller is not
liable or responsible for or bound in any manner by any express or implied
representations, warranties, covenants, agreements, obligations, guarantees,
statements, information or inducements pertaining to this Property or any part
thereof; title to the Property; the physical condition thereof; the
environmental condition thereof; the fitness and quality thereof; the income,
expenses or operation thereof and the value and profitability thereof; the
purposes for which the Property can be used; current and future zoning; the
suitability of the Property or any portion thereof for renovation or
construction, or any other matter or thing whatsoever with respect thereto.
Purchaser acknowledges, agrees, represents and warrants that by the expiration
of the Due Diligence Period it will have had such access to the Property and to
information and data relating to the Property as Purchaser has considered
necessary, prudent, appropriate or desirable for the purposes of this
transaction and that Purchaser and its employees, agents and representatives
will have independently inspected, examined, investigated, analyzed and
appraised all of the same and all other matters it has determined are
conditional to purchasing the Property. Without limiting the foregoing,
Purchaser acknowledges and agrees that, in entering into this Contract,
Purchaser has not been induced by and has not relied upon any representations or
statements, whether expressed or implied, written or verbal made by Seller or
any agent, employee, member, director, stockholder or other representative of
Seller, or any other person, which are not expressly set forth in this Contract,
whether or not such representations or statements were made orally or elsewhere
in writing.

                                       8
<PAGE>

      18.   NOTICES: All notices, demands and other communications hereunder
shall be in writing and shall be delivered personally against receipt, or by a
nationally recognized overnight delivery service, in each case addressed to the
parties as follows:

      As to Purchaser:  Compensation Risk Managers, LLC
                        Attn: Louis J. Viglotti, Esq.
                        112 Delafield Street
                        Poughkeepsie, NY 12601
                        Fax: 845-473-6154

      with copy to:     Vergilis, Stenger, Roberts, Pergament & Viglotti, LLP
                        Attn: Gerald A. Vergilis, Esq.
                        1136 Route 9
                        Wappingers Falls, NY 12590
                        Fax: 845-298-2842

      As to Seller:     Oakwood Partners L.L.C.
                        c/o TCD Management Corp.
                        P.O. Box 1580
                        (20 Kingwood Lane)
                        Poughkeepsie, NY 12601
                        Attention: David S. Kaminski
                        Fax: 845-463-0712

      with copy to      Lawrence F. Reilly, Esq.
                        Pitney Hardin LLP
                        200 Campus Drive
                        Florham Park, NJ 07932
                        Fax: 973-966-1550

Any notice delivered in accordance herewith shall be deemed given when delivery
is received or refused, as the case may be, if delivered personally or sent by
overnight delivery service. Additionally, notices may be delivered by telephone
facsimile transmission, which notice shall be deemed given on the date of such
transmission provided that an original copy of said transmission shall be
delivered to the addressee by personal delivery or by overnight delivery service
on the business day following such transmission. The Parties may change any of
their own addresses referred to above by notice to the other Parties given in
accordance with this Section 18. Counsel to each Party may give any notice
hereunder.

      19.   PARTIES BOUND: This Contract shall be binding upon and inure to the
benefit of Seller and Purchaser and the respective representatives, successors
and permitted assigns of Seller and Purchaser.

      20.   GOVERNING LAW: The Laws of the State of New York shall govern the
validity, construction, enforcement and interpretation of this Contract, as it
applies to contracts made and performed wholly within New York State.

      21.   MULTIPLE COUNTERPARTS: This Contract may be executed in a number of
identical counterparts but all counterparts shall constitute one agreement. This
Contract shall not be binding or effective until duly executed and delivered by
Seller and Purchaser to each other.

      22.   TIME OF THE ESSENCE: Except as provided in Section 7 with respect to
the initial Closing Date, the parties hereto agree that time is of the essence
with respect to compliance with the provisions of this Contract.

      23.   ENTIRE AGREEMENT: This Contract includes all exhibits and
attachments and, together, they embody the entire agreement of the parties with
respect to the transaction herein contemplated and supersede all prior
communications or agreements, whether oral or written. Any amendments to this
Contract shall be in writing and executed by the party against whom enforcement
of the amendment is sought.

                                       9
<PAGE>

      24. NON-BUSINESS DAYS: If the Closing Date or the date for delivery of a
notice or performance of some other obligation of a party falls on a Saturday,
Sunday, or legal holiday recognized in the State of New York, then the Closing
Date or such notice or performance shall be postponed until the next business
day.

      25. ASSIGNMENT: Neither this Contract nor any rights or obligations
hereunder shall be assigned, transferred, pledged, mortgaged or otherwise
encumbered in any way by Purchaser without the prior written consent of Seller,
and any purported assignment without such consent shall be null and void.
Notwithstanding the foregoing sentence, this Contract may be assigned by
Purchaser at Closing to a business entity owned by or affiliated with Purchaser
upon prior written notice to Seller, provided that (i) Purchaser provides
written notice of the identity of the assignee ten (10) days prior to Closing,
(ii) Purchaser delivers to Seller at Closing a fully executed copy of the
assignment agreement, in form and substance reasonably acceptable to Seller and
(iii) all of Purchaser's obligations set forth in this Contract which survive
the Closing shall be personally guaranteed by Compensation Risk Managers, LLC as
set forth in Section 35 of this Contract. No such assignment shall relieve
Compensation Risk Managers, LLC from its liability under the Guaranty described
in Section 35 of this Contract.

      26. CONFIDENTIALITY: Seller and Purchaser each agree not to disclose the
terms of this Contract and any information provided or obtained under the
provisions of Section 13 to any Person (other than to its respective employees,
agents, consultants, outside counsel and permitted assignees, who in each case
shall agree to the confidential status of such information), without the other
party's prior written consent, except as may be required by Law. If this
transaction fails to close for any reason, all information obtained by Purchaser
relating to the Property (including, without limitation, surveys, environmental
reports and studies, engineering reports and drawings, test results, and any
other documents relating to the Property) shall be delivered to Seller.

      27. SURVIVAL: Except as specifically expressed in this Contract, no term,
provision, condition or obligation set forth herein shall survive consummation
of the transaction contemplated herein or earlier termination of this Contract.

      28. PARTIAL INVALIDITY: If any term, covenant or condition of this
Contract or its application to any Person or circumstances shall be invalid or
unenforceable, the remainder of this Contract, or the application of such term,
covenant or condition or its application to any other Person or circumstances
shall not be affected, and each term shall be valid and enforceable to the
fullest extent permitted by Law.

      29. OTHER DOCUMENTS: Each Party shall, at any time and from time to time,
execute, acknowledge when appropriate, and deliver such further instruments and
documents and take such other action as may be reasonably requested by the other
in order to carry out the intent and purpose of this Contract, provided that
this paragraph shall not enlarge or diminish the rights or obligations of either
Party. This Section shall survive the Closing.

      30. NO THIRD PARTY BENEFICIARY: This Contract is intended for the
exclusive benefit of the Parties hereto and, except as otherwise expressly
provided herein, shall not be for the benefit of, and shall not create any
rights in, or be enforceable by, any other Person.

      31. CONFLICT: If there is a conflict between or ambiguity among the
provisions of this Contract and other documents associated with this
transaction, the provisions of this Contract shall control and be conclusive on
the matter at issue.

      32. MISCELLANEOUS: Since this Contract is the result of negotiations
between the parties, it shall not be construed against either party as the
drafter; the singular includes the plural and the plural includes the singular;
"or" is not exclusive; a reference to an agreement or other contract includes
supplements, addenda and amendments thereto to the extent permitted by this
Contract; a reference to the law includes any amendment or supplement to the
same; a reference to a Person includes its permitted successors and assigns;
accounting provisions have the meanings assigned to them by generally accepted
accounting principles and practices applied on a consistent basis; the words
"such as", "include", "includes", and "including" are not limiting; except as
specifically agreed upon in this Contract, any right may be exercised at any
time and

                                       10
<PAGE>

from time to time and all obligations are continuing obligations throughout the
term of this Contract; in calculating any time period, the first day shall be
excluded and the last day shall be included; all days are calendar days unless
otherwise specified; when used in this Contract with its initial letter
capitalized, a word shall be given the meaning assigned to it in this Contract;
the words "Seller" and "Purchaser" shall include the employees, officers,
members, stockholders and directors of each unless otherwise defined in this
Contract; the word "Person" shall mean an individual, partnership, trust,
corporation, firm, limited liability company or other entity; and the word "Law"
shall include all applicable laws, ordinances, codes, regulations and other
governmental requirements having the force of law, of Federal, state and local
authorities having jurisdiction over the Property and its use.

      33. EASEMENTS AND RIGHTS OF WAY: At Closing, Purchaser shall accept title
subject to such easements and rights of way as have been recorded in connection
with the development of the Property and the Complex, including: (i) such
reciprocal easements for cross-access and cross-parking as well as for the
future construction and maintenance of the common areas of the Complex,
including without limitation, access roads, landscaping, parking, parking
garage, utility and drainage facilities in accordance with the approved plans
and specifications, insurance and indemnification, and the use restriction set
forth in Section 36 hereof; (ii) such easement as may be required for drainage
across the Property which shall allow Seller and IBM the right to monitor such
drainage; and, (iii) an easement and right of way in favor of IBM to operate,
maintain, repair and replace its existing underground communications facilities
which cross the Property.

      34. TERMINATION: This Contract is expressly conditioned upon Purchaser's
failure to terminate this Contract during the Review Period, as defined in the
Lease. Such Review Period is referred to herein as the "Due Diligence Period."

      35. GUARANTY: In order to assign or transfer this Contract as provided in
Section 25 hereto, Compensation Risk Managers, LLC (the "Purchaser Guarantor")
shall execute and deliver to Purchaser, and in consideration thereof, the form
of Guaranty attached hereto as Exhibit J. The Guaranty sets forth the Purchaser
Guarantor's obligations with respect to this Contract. The Guaranty shall
survive the Closing and shall run with the land so long as Purchaser or an
affiliate of Purchaser owns the Property

      36. USE RESTRICTIONS: Purchaser acknowledges that Seller, in addition to
other uses, is developing or has developed retail and restaurant space as a part
of the Complex. In order to preserve and protect operations of the pharmacy and
other retail and restaurants within the Complex, the parties agree that certain
use restrictions shall encumber the Property. Purchaser shall be obligated to
observe and recognize the exclusive use provisions granted by Seller to its
pharmacy, retail and restaurant tenants, provided that Seller has given
Purchaser notice of the granting of such exclusive. The details of such use
restrictions shall be incorporated in the easement agreements provided for in
Section 33 hereof and this provision shall survive the Closing and shall run
with the land.

                                       11
<PAGE>

      IN WITNESS WHEREOF, Purchaser and Seller, each by its duly authorized
representative, have executed this Contract on the dates inserted below.

                                   SELLER:

                                   OAKWOOD PARTNERS L.L.C.

                                   By: ________________________________________
                                       David S. Kaminski, its authorized Member

                                   Date: ___________________

                                   PURCHASER:

                                   COMPENSATION RISK MANAGERS, LLC

                                   By: ________________________________________
                                       _______________, its authorized Member

                                   Date: ____________________

                                       12
<PAGE>

                         EXHIBIT A - DESCRIPTION OF LAND

                                 To be appended.

                                       13
<PAGE>

                              EXHIBIT A-1 - SURVEY

                                 To be appended.

                                       14
<PAGE>

                            EXHIBIT A-2 - SITE PLAN

                                 To be appended.

                                       15
<PAGE>

                        EXHIBIT B - PERMITTED EXCEPTIONS

Without limiting the effect of Section 5 of the annexed Contract, the following
are included as Permitted Exceptions to title:

1     Subject to the terms of the Contract, including Section 34, federal, state
      and local laws affecting the Property, including environmental, health and
      safety laws, zoning, subdivision, planning, development, use, occupancy
      and building ordinances, and governmental regulations.

2     Rights of the public and others, if any, in and to U.S. Route 9, and any
      other public road adjoining the Property.

3     Lien for real estate taxes, school taxes, sewer and water charges and
      similar assessments not yet due and payable on or before the Closing Date.

4.    Declaration of easements and rights of way pursuant to Section 33 of the
      annexed Contract.

5.    Easements and rights of way granted to Seller, any grantee of Seller,
      and/or IBM pursuant to Section 33 of the annexed Contract.

6.    A restrictive covenant encumbering the Property which will forbid use of
      the Property as a food supermarket business, a combination
      food/drugstore/general merchandising business, a food super store, a club
      store, or a warehouse or box food store.

7.    A restrictive use agreement executed by Seller with the Town of
      Poughkeepsie, limiting uses to which the Property may be put, provided
      that such agreement shall not prohibit the use of the Property as an
      office building with incidental service uses on the first floor.

8.    All leases affecting the Property, certified copies of which will be
      delivered to Purchaser pursuant to the provisions of the Lease.

9.    The Management Contract.

                                       16
<PAGE>

                            EXHIBIT C - FORM OF DEED

      THIS INDENTURE, made the    day of    , two thousand four,

      BETWEEN [INSERT NAME AND ADDRESS OF SELLER] having its office and place of
business c/o_____________________________________,

                          party of the first part, and

      [INSERT NAME AND ADDRESS OF PURCHASER],

                            party of the second part,

      WITNESSETH, that the party of the first part, in consideration Ten Dollars
and other valuable consideration paid by the party of the second part, does
hereby grant and release unto the party of the second part, the successors and
assigns of the party of the second part forever,

      ALL that certain plot, piece or parcel of land, with the buildings and
improvements thereon erected, situate, lying and being in the Town of
Poughkeepsie, County of Dutchess and State of New York, as more particularly
described in Exhibit A, annexed hereto and made a part hereof.

      SUBJECT TO, EXCEPTING AND RESERVING the Permitted Exceptions set forth in
Exhibit B, annexed hereto and made a part hereof.

      TOGETHER with the right, title and interest, if any, of the party of the
first part in and to any streets and roads abutting the above described premises
to the center line thereof; TOGETHER with the appurtenances and all the estate
and rights of the party of the first part in and to said premises; TO HAVE TO
HOLD the premises herein granted unto the party of the second part, the
successors and assigns of the party of the second part forever.

      AND the party of the first part, in compliance with section 13 of the Lien
Law, covenants that the party of the first part will receive the consideration
for this conveyance and will hold the right to receive such consideration as a
trust fund to be applied first for the purpose of paying the cost of any
improvement and will apply the same first to the payment of the cost of the
improvement before using any part of the total of the same for any other
purpose.

      IN WITNESS WHEREOF, the party of the first part has duly executed this
deed the day and year first above written.

IN PRESENCE OF:

                                    (SELLER)

SEAL

                                    By:

                                       17
<PAGE>

STATE OF NEW YORK            )
COUNTY OF                    ) ss:

      On the _____________ day of _________________________, 2004, before me,
the undersigned, a Notary Public in and for said State, personally appeared
         , personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by
his signature on the instrument, the individual, or the persons upon behalf of
which the individual acted, executed the instrument.

                                            ________________
                                            Notary Public

Record and Return To:

                                       18
<PAGE>

              EXHIBIT D - REPRESENTATIONS AND WARRANTIES OF SELLER

      As a material condition to Purchaser's obligations set forth in the
Contract to which this Exhibit D is annexed, Seller represents and warrants the
following to Purchaser with respect to the Property as of the Effective Date.
Unless Seller notifies Purchaser to the contrary in writing prior to the Closing
Date, the following will be deemed to be reaffirmed by Seller on the Closing
Date.

      1. There are no Persons other than tenants in possession of the Property
or any part thereof. To the knowledge of Seller, no Person has been granted any
license, lease or other right or interest relating to the use or possession of
the Property, or any part thereof, on and after the Closing Date, other than
those interests identified as Permitted Exceptions in the Contract.

      2. To the knowledge of Seller, Seller has received no notice from any
Governmental Authority of violation of any Laws which have not been complied
with, and Seller has received no notice of and has no other knowledge of any
pending or threatened litigation or condemnation action with respect to the
Property or any part thereof.

      3. To the knowledge of Seller, no fact or condition exists which would
result in the termination of any existing sewer or other utility facilities
serving, adjoining or situated on the Land.

      4. To the knowledge of Seller, Seller has not received notice of, and has
no other knowledge of, any pending or contemplated change in any federal, state
or local governmental or private restriction applicable to the Property; or of
any action pending or threatened by adjacent land owners or other Persons, any
of which would result in a material change in the condition of the Property or
any part thereof.

      5. To the knowledge of Seller, there are no rights or claims not shown of
record, including unrecorded easements, or of any right to a mechanic's lien or
threat thereof.

      6. The execution, delivery and performance by Seller of the Contract (i)
is within Seller's power and authority; (ii) has been duly authorized by all
necessary action; (iii) requires no action by or in respect of or filing with
any Governmental Authority and no additional consent or authorization by any
other Person except for the Approvals; and (iv) does not conflict with,
contravene or constitute a default (with or without notice or the passage of
time, or both) under any provision of law applicable to it or of its certificate
of formation or operating agreement, or, to the best knowledge of Seller, any
agreement, judgment, injunction, order, decree, indenture, mortgage loan
agreement, or other instrument binding upon Seller.

      7. The Contract is a valid, legal and binding obligation of Seller and
enforceable in accordance with its terms, except as such enforcement may be
limited by applicable bankruptcy, insolvency, moratorium or other similar Laws
presently or hereafter in effect which affect the enforcement of creditor's
rights generally, none of which apply to Seller at this time.

      8. Seller is not a "foreign person" as the term is defined for purposes of
the Foreign Investors Property Tax Act of 1980, as amended (Section 1445 of the
Internal Revenue Code), and the regulations promulgated thereunder.

      9. Seller has no knowledge of any Hazardous Materials (hereinafter
defined) located on, in, under or about any portion of the Property other than
the Hazardous Materials, if any, described in IBM's Phase One Environmental
Report and/or Seller's Phase Two Environmental Report. As used herein, the words
"Hazardous Materials" mean and include any hazardous or toxic substance,
material or waste (including constituents thereof) which is or prior to the
Closing Date becomes regulated by any federal, state, county, municipal or other
governmental or quasi-governmental department, agency or authority having
jurisdiction over the Property ("Governmental Authority"), including but not
limited to any material or substance which is (a) listed or defined as a
"hazardous waste", "extremely hazardous waste", "restricted hazardous waste",
"hazardous substance" or "toxic substance" or words of similar import under the
Environmental Laws (hereinafter defined), (b) petroleum and its byproducts, (c)
asbestos, radon gas, and urea formaldehyde foam insulation, (d) polychlorinated
biphenyl, or (e) designated as a

                                       19
<PAGE>

hazardous or toxic substance or waste or words of similar import by the
Environmental Laws, except that, notwithstanding the foregoing or any other
provision in this Contract to the contrary, the words "Hazardous Materials"
shall not mean or include (i) contamination caused by normal application of
pesticides, fungicides or other agricultural products, provided it does not
exceed permitted environmental standards; (ii) groundwater or surface water
contamination which is below levels which would be actionable under the
Environmental Laws where action levels have been stated; (iii) any amount of
hazardous substances released which is below the "reportable quantity" for that
substance as defined in 42 U.S.C. 9602; or (iv) a hazardous substance which is
in situ, does not exceed permitted environmental standards and poses no
immediate threat to Persons or the environment. As used herein, the words
"Environmental Laws" mean the Federal Water Pollution Control Act (33 U.S.C.
Section 1317, et seq.), the Federal Resource Conservation and Recovery Act (42
U.S.C. Section 6901, et seq.), the Comprehensive Environmental Response,
Compensation and Liability Act, as amended (42 U.S.C. Section 9601, et seq.),
the Toxic Substances Control Act (15 U.S.C. Section 2601, et seq.), the
Hazardous Materials Transportation Act (49 U.S.C. Section 1801, et seq.) or the
Federal Clean Air Act (42 U.S.C. Section 7401, et seq.), the environmental laws
of the State of New York and its political subdivisions, and other laws of
governmental authorities relating, directly or indirectly, to the storage, use,
manufacture, generation, transportation, discharge (including release) or
disposal of Hazardous Materials, and which are in effect on the Closing Date.

            Notwithstanding anything to the contrary set forth in the Contract,
including this Exhibit D, Purchaser understands and agrees that the "knowledge
of Seller" means the personal knowledge of Seller's representative involved in
this transaction, namely, David S. Kaminski, in consultation with Seller's
agents and engineers, without independent investigation or inquiry by these
engineers or agents or any other Person, except for the contents of Seller's
Phase Two Environmental Report. Further, if Purchaser is made aware of the
existence of Hazardous Materials within the Property from any source (including
IBM's Phase One Environmental Report and/or Seller's Phase Two Environmental
Report) and, nevertheless, Purchaser accepts title to the Property with actual
knowledge of the existence therein and thereon of Hazardous Materials,
reaffirmation of Seller's representations and warranties in this Exhibit D at
Closing shall be automatically modified to be consistent with the fact of
discovery and disclosure to Purchaser of the Hazardous Materials after the
Effective Date.

      10. Seller represents that after Closing it will appropriately clear,
landscape or pave any areas on the property retained by it for development (the
"Seller Property") which are not developed with Buildings. The Seller Property
does not include the lands conveyed to a third party for hotel development.

                                       20
<PAGE>

             EXHIBIT E - REPRESENTATIONS AND WARRANTIES OF PURCHASER

      As a material condition to Seller's obligations set forth in the Contract
to which this Exhibit E is annexed, Purchaser and the Guarantors (as defined in
Section 35 hereof) represent and warrant to Seller the following as of the
Effective Date. Unless Purchaser notifies Seller to the contrary in writing
prior to the Closing, the following will be deemed to be reaffirmed by Purchaser
and the Guarantors on the Closing Date:

      1. Purchaser is a limited liability company, duly organized, validly
existing and in good standing under the laws of the State of New York.

      2. The execution, delivery and performance by Purchaser of the Contract
(i) is within Purchaser's power and authority; (ii) requires no action by or in
respect of or filing with any Governmental Authority and no additional consent
or authorization by any other person or firm; and (iii) does not conflict with,
contravene or constitute a default (with or without notice or the passage of
time, or both) under any provision of law applicable to it or, to the best of
Purchaser's knowledge, any agreement, judgment, injunction, order, decree,
indenture, mortgage loan agreement, or other instrument binding upon Purchaser.
The Contract is a valid, legal and binding obligation of Purchaser and
enforceable in accordance with its terms, except as such enforcement may be
limited by applicable bankruptcy, insolvency, moratorium or other similar laws
presently or hereafter in effect which affect the enforcement of creditor's
rights generally.

      3. The Contract has been validly executed and delivered by Purchaser.

      4. Preclosing Obligations: Until the Closing Date or earlier termination
of this Contract, subject to the requirements of the Law or any Governmental
Authority (as defined in Exhibit D, Section 9 attached hereto), Purchaser shall:

            (a) promptly advise Seller of any litigation, arbitration, or
administrative hearing within its knowledge which is instituted or threatened
and which could affect the Closing Date; and

            (b) not take any action or permit any action to be taken which would
delay the Closing Date.

                                       21
<PAGE>

                  EXHIBIT F - CERTIFICATE OF NON-FOREIGN STATUS

      Section 1445 of the Internal Revenue Code provides that a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform COMPENSATION RISK MANAGERS, LLC ("Transferee") that
withholding of tax is not required upon the disposition of a U.S. real property
interest by OAKWOOD PARTNERS L.L.C. ("Transferor") the undersigned hereby
certifies the following on behalf of Transferor:

      1. Transferor is not a foreign corporation, foreign partnership, foreign
trust, or foreign estate (as those terms are defined in the Internal Revenue
Code and Income Tax Regulations);

      2. Transferor's U.S. employer identification number is __________________;
and

      3. Transferor's office address is:

         c/o TCD Management Corp.
         P.O. Box 1580 (20 Kingwood Lane)
         Poughkeepsie, New York 12601

      Transferor understands that this certification may be disclosed to the
Internal Revenue Service by Transferee and that any false statement contained
herein could be punished by fine, imprisonment, or both.

      Under penalties of perjury, I declare that I have examined this
certification and to the best of my knowledge and belief it is true, correct and
complete, and I further declare that I have authority to sign this document on
behalf of Transferor.

Dated:

                                    <SELLER>

                                    By: ________________________________
                                          Name:
                                          Title:

                                       22
<PAGE>

                          EXHIBIT G - ESCROW AGREEMENT

      This Agreement is dated ____________________________, ________, between
Oakwood Partners L.L.C., a New York limited liability company with offices at
P.O. Box 1580, Poughkeepsie, NY 12601 ("Seller"), Compensation Risk Managers,
LLC, a New York limited liability company, having an office and place of
business at _________________________________, Poughkeepsie, NY 12601
("Purchaser"), and Pitney Hardin LLP, a New Jersey limited liability partnership
with an office at 200 Campus Drive, Florham Park, New Jersey 07932 ("Escrow
Agent").

                                   WITNESSETH:

      WHEREAS, a Real Estate Purchase and Sale Contract (the "Contract") dated
the same date as this Agreement has been entered into between Seller and
Purchaser respecting the purchase of the Property situated in the Town of
Poughkeepsie, Dutchess County, New York, as defined and described in the
Contract; and,

      WHEREAS, Seller and Purchaser desire that certain funds paid by Purchaser
to Seller under the Contract be held in trust by the Escrow Agent in accordance
with the terms of the Contract, and the Escrow Agent has agreed to do so.

      NOW, THEREFORE, in consideration of foregoing and of the mutual agreements
of the parties hereto, and for other good and valuable consideration, Seller,
Purchaser and the Escrow Agent agree that the Deposit referred to in the
Contract, including interest earned thereon (collectively referred to herein as
the "Deposit"), shall be held by Escrow Agent, in trust, on the terms and
conditions set forth in the Contract and in this Agreement. All terms used
herein shall be given the meaning assigned to them in the Contract, unless
expressly assigned a different meaning in this Agreement.

      The parties hereto further agree as follows:

      1 The Deposit shall be held in the Escrow Agent's interest bearing Trust
Account at Valley National Bank, in New York, New York, or in such other
accounts or investments as shall be agreed to in writing by Purchaser and
Seller.

      2 The Escrow Agent shall not be responsible for any interest except to the
extent actually received. Such interest shall be paid to the Party who becomes
entitled to receive the Deposit upon the termination of this Escrow Agreement,
as provided below.

      3 The Escrow Agent will deliver the Deposit to Seller or Purchaser, as the
case may be, in accordance with the terms of the Contract, upon the following
conditions:

            (a)   (1) If the Contract is not terminated by Purchaser in
                  accordance with its terms and conditions and Seller provides
                  notice that it desires to proceed to Closing after the Due
                  Diligence Period, the Escrow Agent will release and deliver
                  the Deposit with all interest to Seller, with the principal
                  amount thereof to be credited against the Purchase Price, at
                  Closing.

                  (2) The Deposit shall be returned to Purchaser, with accrued
                  interest, as set forth in Sections 11(b), 11(c), 15(a),
                  15(b) or 15(c)(1).

                  (3) The Deposit shall also be released to Seller, with accrued
                  interest, as set forth in Section 15(c)(2).

            (b)   (1) Upon receipt of a notice from Seller stating that Seller
                  is entitled under the Contract to the Deposit, and demanding
                  payment of the same, the Escrow Agent will deliver the Deposit
                  to Seller; provided, however, that the Escrow Agent shall not
                  honor Seller's demand until ten (10) days after the date on
                  which the Escrow Agent shall have delivered a copy of Seller's
                  notice and demand to Purchaser, nor thereafter if during such
                  ten (10) day period the Escrow Agent shall have received
                  written notice of objection from Purchaser in accordance with
                  the provisions of this

                                       23
<PAGE>

                  Section. Upon receipt of a notice of objection, the Escrow
                  Agent shall promptly deliver a copy thereof to Seller.

                  (2) Upon receipt of a notice from Purchaser stating that
                  Purchaser is entitled under the Contract to the return of the
                  Deposit and demanding payment of the same, the Escrow Agent
                  will deliver the Deposit to Purchaser; provided, however, that
                  the Escrow Agent shall not honor such demand until ten (10)
                  days after the date on which the Escrow Agent shall have
                  delivered a copy of Purchaser's notice and demand to Seller,
                  nor thereafter if during such ten (10) day period the Escrow
                  Agent shall have received written notice of objection from
                  Seller in accordance with the provisions of this Section. Upon
                  receipt of a notice of objection, the Escrow Agent shall
                  promptly deliver a copy thereof to Purchaser.

            (c)   The Escrow Agent shall deliver Seller's or Purchaser's notice
                  and demand to the other party as required by paragraph (b)
                  above within three (3) business days after receipt thereof.

      4     Any notice, demand or other communication from one party hereto
shall be sufficient and effective only if (a) in writing; (b) delivered within
the applicable time period set forth in this Agreement; (c) delivered to the
other two (2) parties; (d) delivered personally or by certified or registered
mail (postage prepaid and return receipt requested), or by a nationally
recognized overnight delivery service; and, (e) addressed as follows:

      If to Escrow Agent:      Pitney Hardin LLP
                               200 Campus Drive
                               Florham Park, New Jersey 07932
                               Attn: Lawrence F. Reilly, Esq.
                               Fax: 973-966-1550

      If to Purchaser:         Compensation Risk Managers, LLC
                               Attn: Louis J. Viglotti, Esq.
                               112 Delafield Street
                               Poughkeepsie, NY 12601
                               Fax: 845-473-6154

      with copy to:            Vergilis, Stenger, Roberts, Pergament & Viglotti,
                                LLP
                               Attn: Gerald A. Vergilis, Esq.
                               1136 Route 9
                               Wappingers Falls, NY 12590
                               Fax: 845-298-2842

      If to Seller:            Oakwood Partners L.L.C.
                               c/o TCD Management Corp.
                               P.O. Box 1580
                               (20 Kingwood Lane)
                               Poughkeepsie, NY 12601
                               Attention: David S. Kaminski
                               Fax: 845-463-0712

Any notice delivered in accordance herewith shall be deemed given when delivery
is received or refused, as the case may be, if delivered personally or sent by
overnight delivery service. Additionally, notices may be delivered by telephone
facsimile transmission, which notice shall be deemed given on the date of such
transmission provided that an original copy of said transmission shall be
delivered to the addressee by personal delivery or by overnight delivery service
on the business day following such transmission. The Parties may change any of
their own addresses referred to above by notice to the other Parties given in
accordance with this Section 4. Counsel to each Party may give any notice
hereunder.

      5     If (a) the Escrow Agent shall have received a notice of objection
as provided for in Section 3 (b) within the time therein prescribed, or (b) any
disagreement or dispute shall arise

                                       24
<PAGE>

between or among any of the parties hereto and/or any other person resulting in
adverse claims and demands being made for the Deposit, whether or not litigation
shall have been instituted, then, in either event, at the Escrow Agent's option:
(1) the Escrow Agent shall continue to hold the Deposit until the Escrow Agent
receives notice, signed by Seller, and Purchaser, directing disbursement of the
Deposit, and may continue to hold the Deposit until the Escrow Agent receives
notice, signed by any other person who may have asserted a claim to or made a
demand for the Deposit, directing the disbursement of the Deposit, and the
Escrow Agent shall not be or become liable in any way or to any person for his
refusal to comply with such claims or demands, or (2) if the Escrow Agent shall
receive a notice advising that litigation over entitlement to the Deposit has
been commenced, the Escrow Agent may deposit the Deposit with the clerk of the
court in which said litigation is pending, or (3) the Escrow Agent may (but
shall not be required to) deposit the Deposit in a court of competent
jurisdiction and to commence an action for or in the nature of interpleader. The
costs thereof shall be borne by whichever of Seller and Purchaser is the losing
party, and thereupon the Escrow Agent shall be released of any and all liability
hereunder. Escrow Agent shall thereafter dispose of the Deposit in accordance
with the instructions of Purchaser and Seller or the order of a court of
competent jurisdiction, as applicable.

      6     It is expressly understood that the Escrow Agent acts hereunder as
an accommodation to Seller and Purchaser and as a depository only and is not
responsible or liable in any manner whatever for the sufficiency, correctness,
genuineness or validity of any instrument deposited with him, or for the form of
execution of such instruments, or for the identity, authority or right of any
person executing or depositing the same, or for the terms and conditions of any
instrument pursuant to which the Escrow Agent or the other parties may act.

      7     The Escrow Agent shall not have any duties or responsibilities
except for those set forth in this Agreement, and shall not incur any liability
in acting upon any signature, notice, request, waiver, consent, receipt or other
paper or document believed by the Escrow Agent to be genuine. The Escrow Agent
may assume that any person purporting to give it any notice on behalf of any
party in accordance with the provisions hereof has been duly authorized to do
so.

      8     The Escrow Agent may act or refrain from acting in respect of any
matter referred to herein in full reliance upon and by and with the advice of
counsel selected by the Escrow Agent, and shall be fully protected in so acting
or refraining from acting upon the advice of counsel.

      9     Seller and Purchaser hereby jointly and severally indemnify and
agree to indemnify and hold the Escrow Agent harmless from any and all loss,
damage, claims, liabilities, judgments, and other cost and expense of every kind
and nature which may be incurred by the Escrow Agent by reason of his acceptance
of, and its performance under this instrument, including attorneys' fees,
provided the Escrow Agent is not found to be grossly negligent or to have
committed a willful default.

      10    The Escrow Agent shall not be responsible for any act or failure
to act on its part except in the case of his own willful default or gross
negligence. The Escrow Agent shall be automatically released from all
responsibility and liability under the Agreement upon the Escrow Agent's
delivery or deposit of the Deposit in accordance with the provisions of this
Agreement.

      11    The Escrow Agent shall be permitted to act as counsel for Seller
in any dispute as to the disbursement of the Deposit or any other dispute
between the parties whether or not Escrow Agent is in possession of the Deposit
and continues to act as Escrow Agent. Notwithstanding any contrary provision
contained herein, Escrow Agent's obligations hereunder shall not be impaired,
diminished or otherwise affected by Escrow Agent's acting as counsel to Seller.

      12    This Agreement may be signed in counterparts, all of which shall
be deemed one agreement.

                                       25
<PAGE>

IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the
dates appearing below.

OAKWOOD PARTNERS L.L.C., Seller

By:___________________________________         Date:____________

Tax ID No.:

COMPENSATION RISK MANAGERS, LLC, Purchaser

By:___________________________________         Date:____________

Tax ID No.:

PITNEY HARDIN LLP, Escrow Agent

By:___________________________________         Date:____________
      Lawrence F. Reilly, Partner

                                       26
<PAGE>

                                    EXHIBIT J

                           FORM OF PURCHASER GUARANTY

      THIS GUARANTY is made as of____________, 200__, by COMPENSATION RISK
MANAGERS, LLC, a__________________ limited liability company ("Guarantor"), with
an address at 112 Delafield Street, Poughkeepsie, NY 12601, having Employer ID
Number _________________, for the benefit of OAKWOOD PARTNERS L.L.C., a New York
limited liability company ("Seller").

                                    RECITALS

      A.    Compensation Risk Managers, LLC, a ___________ limited liability
company ("Purchaser"), is the purchaser under that certain real estate purchase
and sale agreement (the "Contract") with Seller dated as of ____________, _____,
respecting certain premises (the "Premises") located along U.S. Route 9-South
Road in the Town of Poughkeepsie, County of Dutchess, State of New York, as more
particularly described in the Contract.

      B.    As a condition to entering into the Contract, Seller requires
that Guarantor guarantee the full performance of the obligations of Purchaser
under the Contract.

    NOW, THEREFORE, in consideration of the execution of the Contract by Seller
    and other valuable consideration, the receipt and adequacy of which are
    hereby acknowledged, Guarantor covenants and agrees as follows:

                                    AGREEMENT

      1.    Guaranty. Guarantor hereby absolutely, irrevocably and
unconditionally guarantees to Seller the full and faithful performance of all of
the covenants, conditions, agreements and undertakings of Purchaser to be kept
and performed by Purchaser under the Contract including, but not limited to, the
payment when due of all Deposit and Additional Deposits, the Purchase Price, and
other sums payable by Purchaser to Seller under the Contract as well as the
obligation to assign or release, as required, certain documentation to Seller
(collectively the "Obligations") if such Obligations are not paid or performed,
as the case may be after any notice and/or cure period provided for in the
Contract. Guarantor understands and agrees that this Guaranty is unconditional
and continuing and is a guaranty of payment, performance and collection.

      2.    Independent Obligation. The liability of Guarantor hereunder is
independent of the obligation of Purchaser or any other person or entity and a
separate action or separate actions may be brought and prosecuted against
Guarantor whether or not any action is brought or prosecuted against Purchaser
or any other guarantor or whether Purchaser or any other guarantor is joined in
any such action or actions.

      3.    Modifications to Contract. Guarantor's obligations under this
Guaranty of Contract shall not be extinguished, discharged, diminished or
reduced in any way by any modification or amendment of the Contract including,
but not limited to, any modification of Closing Date or amounts, or any
subsequent amendment or assignment of the Contract made with or without the
consent of Seller. Guarantor hereby waives any right to approve any modification
or amendment of the Contract and agrees that its obligations hereunder shall be
modified to the same extent and with the same force and effect as any
modification or amendment of the Contract.

      4.    No Waiver. No failure on the part of Seller to pursue any remedy
under this Guaranty of Contract or under the Contract shall constitute a waiver
on the part of Seller of its right to pursue such remedy on the basis of the
same or a subsequent default.

                                       27
<PAGE>

      5.    Waiver of Exoneration. Guarantor waives any right to require
Seller to (a) proceed against Purchaser, (b) pursue any other right or remedy
available to Seller, or (c) have the property of Purchaser first applied to the
discharge of the Obligations. Guarantor further waives any defense it may
acquire by reason of Seller's election of any remedy against Guarantor or
Purchaser, or both.

      6.    Waiver of Subrogation. Until the obligations of Purchaser under
the Contract have been performed in full, Guarantor shall have no right of
subrogation against Purchaser, and Guarantor hereby expressly waives any right
to enforce any remedy which Seller now has or may hereafter acquire against
Purchaser. Guarantor hereby waives the benefit of, and any right to participate
in, any security now or hereafter held by Seller for the performance of any
obligations of Purchaser under the Contract.

      7.    Waiver of Presentments. Guarantor waives any presentments,
demands for performance, notices of nonperformance, protests, notices of
protest, notices of dishonor, and notices of acceptance of this Guaranty and
waives all notices of the existence, creation, or incurring of new or additional
Obligations.

      8.    Other Guarantor Waivers. Without limiting the generality of the
preceding paragraphs, Guarantor hereby waives all rights and defenses to:

            (a) All defenses by reason of any lack of authority of Purchaser
respecting Obligations accruing under the Contract or this Guaranty;

            (b) Any and all rights it may have now or in the future to require
or demand that Seller pursue any right or remedy Seller may have against
Purchaser or any other third party;

            (c) Any defense as a surety, it being understood and agreed that, at
its option, Seller may treat this instrument as either a guaranty or a
suretyship;

            (d) Any duty or obligation of Seller to disclose to Guarantor any
facts Seller may know or hereafter know about Purchaser, regardless of whether
Seller has reason to believe that any such facts materially increase the risk
beyond that which Guarantor intends to assume or has reason to believe that such
facts are unknown to Guarantor or has a reasonable opportunity to communicate
such facts to Guarantor, it being understood and agreed that Guarantor is fully
responsible for being and keeping informed of the financial condition of
Purchaser and of any and all circumstances bearing on the risk of nonperformance
of any Obligation; and

            (e) Any defense based upon an election of remedies by Seller,
including any election which destroys or impairs any right of subrogation,
reimbursement or contribution which Guarantor may have, or any rights or
benefits under any provisions of applicable law in any way qualifying,
conditioning or limiting the obligations of Guarantor based on any steps or
procedures that Sellers should take before proceeding against Guarantor.

      9.    Bankruptcy. This Guaranty will continue unchanged by any
bankruptcy, reorganization or insolvency of Purchaser, or any successor or
assignee thereof, or by any disaffirmance or abandonment by a trustee of
Purchaser. Notwithstanding any modification, discharge or extension of the
indebtedness or any amendment, modification, stay or cure of Seller's rights
which may occur in any bankruptcy or reorganization case or proceeding
concerning Purchaser whether permanent or temporary, and whether assented to by
Seller, Guarantor hereby agrees that it shall be obligated hereunder to pay and
perform the Obligations in accordance with the terms of the Contract and the
terms of this Guaranty. Guarantor understands and acknowledges that by virtue of
this Guaranty, Guarantor has specifically assumed any and all risks of a
bankruptcy or reorganization case or proceeding with respect to Purchaser.

      10.   Governing Law. This Guaranty of Contract shall be construed and
interpreted in accordance with the laws of the State in which the Premises are
located.

      11.   Captions. The captions and paragraph numbers appearing in this
Guaranty of Contract are inserted only as a matter of convenience and are not to
be used to interpret this Guaranty of Contract.

                                       28
<PAGE>

      12.   Examination of Contract. Guarantor acknowledges that it has (a)
received a copy of the Contract, (b) read and understood the terms and
provisions of the Contract including, but not limited to, the covenants,
conditions, agreements and undertakings of Purchaser to be kept and performed by
Purchaser under the Contract, (c) read and understood the provisions of this
Guaranty of Contract, and (d) understood the obligations of Guarantor under this
Guaranty of Contract, including the legal effect of such obligations and has
been advised by legal counsel respecting such obligations.

      13.   Notices. Notwithstanding anything to the contrary contained
herein, if the Contract is assigned or sublet to an unrelated third party, (a)
Guarantor shall receive notice of any Purchaser default and (b) Guarantor will
not be liable for any material increase in obligations contained in any
subsequent amendment or modification of the Contract.

      14.   Termination. This Guaranty shall terminate only upon the
satisfaction of all Obligations under the Contract.

      IN WITNESS WHEREOF, Guarantor has executed this Guaranty of Contract as of
the date first hereinabove set forth.

                                               "GUARANTOR"
                                               COMPENSATION RISK MANAGERS, LLC

                                               By:______________________________
                                               Name:____________________________

State of______________________________)
County of_____________________________)

            On this_______day of__________, 200__, before me personally came and
appeared ___________________, to me known, who, being by me duly sworn, did
depose and say that he resides at______________________________________; that he
is the person described in and which executed the foregoing instrument; that he
acknowledges himself and executed the foregoing for the purposes therein
contained, by signing his name.

(SEAL)                                ______________________________
                                      My Commission Expires:

                                       29<PAGE>
                                                                    Exhibit 10.5

                                 LOAN AGREEMENT

     THIS AGREEMENT (as the same may be amended, restated or otherwise modified,
the "Agreement") is made as of this 28th day of October, 2004, between
COMPENSATION RISK MANAGERS, LLC, a New York limited liability company with
offices at 112 Delafield Street, Poughkeepsie, New York 12601 ("Borrower") and
KEYBANK NATIONAL ASSOCIATION, a national banking association, with offices at
4910 Tiedeman Road, Brooklyn, Ohio 44144 and its successors and assigns
("Lender").

     In consideration of the covenants and agreements contained herein, the
Borrower and the Lender hereby mutually agree as follows:

                                 1. DEFINITIONS

1.1. GENERAL. Any accounting term used but not specifically defined herein shall
be construed in accordance with GAAP (as defined below). The definition of each
agreement, document, and instrument set forth in Section 1.2 hereof shall be
deemed to mean and include such agreement, document, or instrument as amended,
restated, or modified from time to time.

1.2. DEFINED TERMS. As used in this Agreement:

"Affiliate" of any specified entity means any other entity directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified entity and "control", when used with respect to any
specified entity, means the power to direct the management and policies of such
entity, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

"Borrower" as hereinabove defined.

"Business Day" means a day of the year on which banks are not required or
authorized to close in Cleveland, Ohio.

"Code" shall mean the Internal Revenue Code of 1986, as amended, together with
the rules and regulations promulgated thereunder.

"Collateral" means a perfected first lien in Assets of Borrower, including, but
not limited to, fixtures, equipment, personal property and accounts receivable.

"Controlled Group" shall mean Borrower and each Person required to be aggregated
with Borrower under Code Sections 414(b), (c), (m) or (o).

"Environmental Law" means any federal, state or local statute, law, ordinance,
code, rule, regulation, order or decree regulating, relating to, or imposing
liability upon a Person in

                                        1
<PAGE>
connection with the use, release or disposal of any hazardous, toxic or
dangerous substance, waste or material.

"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated pursuant thereto.

"ERISA Event" shall mean (a) the existence of a condition or event with respect
to an ERISA Plan that presents a risk of the imposition of an excise tax or any
other liability on the Borrower or of the imposition of a Lien on the assets of
Borrower; (b) the engagement by a Controlled Group member in a non-exempt
"prohibited transaction" (as defined under ERISA Section 406 or Code Section
4975) or a breach of a fiduciary duty under ERISA that could result in liability
to Borrower; (c) the application by a Controlled Group member for a waiver from
the minimum funding requirements of Code Section 412 or ERISA Section 302 or a
Controlled Group member is required to provide security under Code Section
401(a)(29) or ERISA Section 307; (d) the occurrence of a Reportable Event with
respect to any Pension Plan as to which notice is required to be provided to the
PBGC; (e) the withdrawal by a Controlled Group member from a Multiemployer Plan
in a "complete withdrawal" or a "partial withdrawal" (as such terms are defined
in ERISA Sections 4203 and 4205, respectively); (f) the involvement of, or
occurrence or existence of any event or condition that makes likely the
involvement of, a Multiemployer Plan in any reorganization under ERISA Section
4241; (g) the failure of an ERISA Plan (and any related trust) that is intended
to be qualified under Code Sections 401 and 501 to be so qualified or any "cash
or deferred arrangement" under any such ERISA Plan to meet the requirements of
Code Section 401 (k); (h) the taking by the PBGC of any steps to terminate a
Pension Plan or appoint a trustee to administer a Pension Plan, or the taking by
a Controlled Group member of any steps to terminate a Pension Plan; (i) the
failure by a Controlled Group member or an ERISA Plan to satisfy any
requirements of law applicable to an ERISA Plan; (j) the commencement, existence
or threatening of the incurrence by a Controlled Group member of a claim,
action, suit, audit or investigation with respect to an ERISA Plan, other than a
routine claim for benefits; or (k) any occurrence by or any expectation of the
incurrence by a Controlled Group member of any liability for post-retirement
benefits under any Welfare Plan, other than as required by ERISA Section 601,
et. seq. or Code Section 4980B.

"ERISA Plan" shall mean an "employee benefit plan" (within the meaning of ERISA
Section 3(3)) that a Controlled Group member at any time sponsors, maintains,
contributes to, has liability with respect to or has an obligation to contribute
to such plan.

"ERISA Affiliate" means each Person (whether or not incorporated) which together
with Borrower would be treated as a single employer under ERISA.

"Event of Default" means any one or more of the occurrences described in Section
6 hereof.

"GAAP" means generally accepted accounting principles as in effect, which shall
include the official interpretations thereof by the Financial Accounting
Standards Board, consistently applied.

                                        2
<PAGE>
"Guarantor" means each Person that now or hereafter guarantees any portion of
the Borrower's Indebtedness payable to the Lender, and such Person's heirs,
administrators, successors and assigns, including, without limitation,
Compensation Risk Managers of California, LLC, EIMAR, LLC, Compensation Risk
Managers Agency Captive, LLC, Village Holdings, LLC, Daniel G. Hickey, Jr.,
Daniel G. Hickey, Sr., David Birsner, Martin Rakoff, Louis Viglotti, Brian
Bottini, Dominick Diaferia, Mark Bottini and Anthony Bottini, Jr.

"Guaranty" means the guaranty agreement executed by Guarantor and delivered to
Lender.

"Indebtedness" shall mean, for any Person (excluding in all cases trade payables
payable in the ordinary course of business by such Person), (a) all obligations
to repay borrowed money, direct or indirect, incurred, assumed, or guaranteed,
(b) all obligations for the deferred purchase price of capital assets, (c) all
obligations under conditional sales or other title retention agreements, (d) all
obligations (contingent or otherwise) under any letter of credit, banker's
acceptance, currency swap agreement, or Interest Rate Agreement, (e) all
synthetic leases, (f) all lease obligations that have been or should be
capitalized on the books of such Person in accordance with GAAP, (g) all
obligations of such Person with respect to asset securitization financing
programs to the extent that there is recourse against such Person or such Person
is liable (contingent or otherwise) under any such program, (h) all obligations
to advance funds to, or to purchase assets, property or services from, any other
Person in order to maintain the financial condition of such Person, and (i) any
other transaction (including forward sale or purchase agreements) having the
commercial effect of a borrowing of money entered into by such Person to finance
its operations or capital requirements.

"Interest Rate Agreement" means any agreement for a derivative or hedging
product, including, without limitation, interest rate or equity swaps, futures,
options, caps, floors, collars, or forwards now or hereafter executed by and
between Borrower and Lender or any Lender Affiliate.

"Lender" as hereinabove defined.

"Lender Affiliate" means any one or more bank or non-bank subsidiaries (other
than the Lender) of KeyCorp and its successors.

"Lien" means any mortgage, security interest, lien, charge, encumbrance on,
pledge or deposit of, or conditional sale or other title retention agreement
with respect to any property or asset.

"Loan" or "Loans" means the credit to the Borrower extended by the Lender in
accordance with Section 2 hereof.

"Loan Documents" means the collective reference to this Agreement and all other
instruments, agreements and documents entered into from time to time, evidencing
or securing the Loan or any obligation of payment thereof or performance of
Borrower's or Guarantor's obligations in connection with the transaction
contemplated hereunder, each as amended.

                                       3
<PAGE>
"Margin Stock" shall have the meaning given to it under Regulation U of the
Board of Governors of the Federal Reserve System, as amended from time to time.

"Material Adverse Change" means any condition or event that Lender determines
has or is reasonably likely to have a material adverse effect on (a) the
business, operations, property or condition (financial or otherwise) or
prospects of Borrower, (b) the business, operations, property, condition
(financial or otherwise) or prospects of Borrower and its Subsidiaries, if any,
taken as a whole, or (c) the validity or enforceability of this Agreement or any
of the other Loan Documents or the rights and remedies of Lender hereunder or
thereunder.

"Multiemployer Plan" shall mean a Pension Plan that is subject to the
requirements of Subtitle E of Title IV of ERISA.

"Note" or "Notes" means, as the case may be, the promissory note(s) signed and
delivered by the Borrower to evidence its Indebtedness to the Lender pursuant to
Section 2 hereof.

"NYMAGIC" as defined in Section 2.1 hereof.

"Obligation" or "Obligations" means, collectively, (a) all Indebtedness and
other obligations incurred by Borrower to Lender pursuant to this Agreement and
includes the principal of and interest on all Notes; (b) each extension, renewal
or refinancing thereof in whole or in part; (c) the commitment and other fees,
and any prepayment fees payable hereunder; (d) every other liability, now or
hereafter owing to Lender or any Lender Affiliate by Borrower, and includes,
without limitation, any Interest Rate Agreement entered into by Borrower with
Lender or any Lender Affiliate and every other liability, whether owing by only
Borrower or by Borrower with one or more others in a several, joint or joint and
several capacity, whether owing absolutely or contingently, whether created by
note, overdraft, guaranty of payment or other contract or by quasi-contract,
tort, statute or other operation of law, whether incurred directly to Lender or
any Lender Affiliate or acquired by Lender or any Lender Affiliate by purchase,
pledge or otherwise and whether participated to or from Lender or any Lender
Affiliate in whole or in part; and (e) all Related Expenses.

"Obligor" shall mean (a) a Person whose credit or any of whose property is
pledged to the payment of the Obligations and includes, without limitation, any
Guarantor, and (b) any signatory to a Loan Document.

"Organization" means a corporation, government or government subdivision or
agency, business trust, estate, trust, partnership, association, two or more
Persons having a joint or common interest, and any other legal or commercial
entity.

"PBGC" shall mean the Pension Benefit Guaranty Corporation, or its successor.

"Pension Plan" shall mean an ERISA Plan that is a "pension plan" within the
meaning of ERISA Section 3(2).

                                       4
<PAGE>
"Permitted Distributions" means distributions to Borrower's shareholders in an
amount equal to the amount of tax required to be paid by such shareholder as a
result of the Borrower's taxable income passing through and being taxable to
such shareholder.

"Permitted Encumbrances" means, as of any particular time, (a) liens for ad
valorem taxes and special assessments not then delinquent, (b) this Agreement,
and any security interest or other lien created thereby, (c) any Permitted
Encumbrances defined in any of the Loan Documents, including, without
limitation, as defined in any Security Instrument, (d) any liens permitted by
Section 5.15 hereof, and (e) such minor defects, irregularities, encumbrances
and clouds on title as normally exist with respect to property similar in
character to the Collateral and as do not materially interfere with or impair
the use or value of the property affected thereby.

"Person" means an individual or an Organization.

"Plan" means any plan (other than a Multiemployer Plan) defined in ERISA in
which the Borrower or any Subsidiary is, or has been at any time during the
preceding two (2) years, an "employer" or a "substantial employer" as such terms
are defined in ERISA.

"Potential Default" means any condition, action, or failure to act which, with
the passage of time, service of notice, or both, will constitute an Event of
Default under this Agreement.

"Quarter" or "Quarterly" means calendar quarters, being each of the three (3)
calendar month periods ending 3/31, 6/30, 9/30 and 12/31 of each calendar year.

"Related Expenses" means any and all costs, liabilities, and expenses
(including, without limitation, losses, damages, penalties, claims, actions,
reasonable attorney's fees, legal expenses, judgments, suits and disbursements)
reasonably incurred by, or imposed upon, or asserted against, Lender in any
attempt by Lender:

     (a) to obtain, preserve, perfect, or enforce any security interest
evidenced by (i) this Agreement, or (ii) any other pledge agreement, mortgage,
deed of trust, hypothecation agreement, guaranty, security agreement,
assignment, or security instrument executed or given by Borrower to or in favor
of Lender;

     (b) to obtain payment, performance, and observance of any and all of the
Obligations;

     (c) to maintain, insure, audit, collect, preserve, repossess, and dispose
of any of the Collateral, including, without limitation, costs and expenses for
appraisals, assessments, and audits of Borrower or the Collateral; or

     (d) incidental or related to (a) through (c) above, including, without
limitation, interest thereupon from the date incurred, imposed, or asserted
until paid at the rate payable as set forth in the Note, but in no event greater
than the highest rate permitted by law.

"Related Person" means any Person who (i) now or hereafter owns an equity
interest in Borrower or Guarantor or (ii) has warrants, debentures, or similar
rights to own any equity

                                        5
<PAGE>
interest in Borrower or Guarantor, whether or not the same has vested or been
delivered or (iii) is owned, in whole or in part, by Borrower or Guarantor.

"Reportable Event" shall mean a reportable event as that term is defined in
Title IV of ERISA, except actions of general applicability by the Secretary of
Labor under Section 110 of such Act.

"Revolving Credit" means the Revolving Credit Facility described in Section 2.2
hereof, which Revolving Credit shall be payable in accordance with the terms of
such Revolving Credit Facility and this Agreement.

"Security Instrument(s)" means the written document(s) listed in Exhibit A
attached hereto, signed and delivered from time to time to the Lender in
connection with Indebtedness owed by Borrower to the Lender.

"Subsidiary" means any Person of which more than fifty percent (50%) of the
following is, at the time, owned or controlled, directly or indirectly, by
Borrower or one or more other Subsidiaries: (i) the voting stock or units
entitling the holders thereof to elect a majority of the board of directors,
managers, or trustees thereof, or (ii) the interest in the capital or profits of
such Person.

"Trusts" means an approved self-insured program pursuant to Section 50 of the
New York Worker's Compensation Law.

The foregoing definitions shall be applicable to the singulars and plurals of
the foregoing defined terms.

                               2. CREDIT FACILITY

2.1. REVOLVING CREDIT FACILITY. The Lender hereby agrees to extend a Revolving
Credit to Borrower, subject to the terms and conditions of this Agreement and
the Revolving Credit Note of even date herewith in the principal amount of $
3,000,000.00, which will be used by the Borrower for one of the following
purposes: (a) to fund liquidity needs for Trusts; (b) to fund bonding
requirements for Trusts; or (c) other short-term purposes, as required and
approved by the Lender; and (c) other short-term purposes, as required, subject
to approval by the Lender.

2.2. TERM OF FACILITY. The Loan, if not sooner demanded, shall mature and become
due and payable on June 30, 2005

2.3. INTEREST RATE. The Loan will bear interest at the Lender's Prime Rate of
Interest.

2.4. REPAYMENT. Each advance under the Loan is to be repaid within ninety (90)
days. Interest payments on the outstanding balance shall be due monthly.
Principal shall be payable on demand.

                                 3. WARRANTIES.

                                        6
<PAGE>
     Borrower represents and warrants to the Lender (which representations and
warranties will survive the delivery of the Notes and the making of the Loans)
that:

3.1. EXISTENCE AND LEGAL AUTHORITY. Borrower is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
New York and has all requisite power and authority to own its property and to
carry on its business as now being conducted, to enter into the Loan Documents
to which it is a party and the other agreements referred to herein and
transactions contemplated thereby, and to carry out the provisions and
conditions of such Loan Documents to which it is a party. Borrower is duly
qualified to do business and is in good standing in every jurisdiction where the
failure to so qualify would have a material adverse effect.

3.2. DUE EXECUTION AND DELIVERY. Borrower has full power, authority and legal
right to incur the obligations provided for in, and to execute and deliver and
to perform and observe the terms and provisions of, the Loan Documents to which
it is a party, and each of them has been duly executed and delivered by Borrower
and has been authorized by all required action, and Borrower has obtained all
requisite consents to the transactions contemplated thereby under any instrument
to which it is a party, and the Loan Documents constitute the legal, valid and
binding obligations of Borrower enforceable against Borrower in accordance with
their respective terms, except as the enforceability thereof may be limited by
applicable bankruptcy, insolvency or other similar laws affecting creditors'
rights generally.

3.3. NO BREACH OF OTHER INSTRUMENTS. Neither the execution and delivery of the
Loan Documents, nor the compliance by Borrower with the terms and conditions of
the Loan Documents, nor the consummation of the transactions contemplated
thereby, will conflict with or result in a breach of the Articles of
Incorporation or Code of Regulations, as applicable, or other governing
documents of Borrower, or any of the terms, conditions or provisions of any
agreement or instrument or any charter or other corporate restriction or law,
regulation, rule or order of any governmental body or agency to which Borrower
is now a party or is subject, or imposition of a lien, charge or encumbrance of
any nature whatsoever upon any of the property or assets of Borrower pursuant to
the terms of any such agreement or instrument.

3.4. GOVERNMENT AUTHORIZATION. No consent, approval, authorization or order of
any court or governmental agency or body is required for the consummation by
Borrower of the transactions contemplated by the Loan Documents.

3.5. OWNERSHIP OF PROPERTY. Except for Permitted Encumbrances or as otherwise
permitted in the Security Instruments or this Agreement, Borrower has and will
have good and marketable fee title to, or valid leasehold interests in, its real
properties in accordance with the laws of the jurisdiction where located, and
good and marketable title to substantially all its other property and assets,
subject, however, in the case of real property, to title defects and
restrictions which do not materially interfere with the operations conducted
thereon by Borrower. Except for Permitted Encumbrances, the real property and
all other property and assets of the Borrower is free from any liens or
encumbrance securing Indebtedness and from any other liens, encumbrances,
charges or security interests of any kind. Each lease, if any, to which Borrower
is a party is in

                                        7
<PAGE>
full force and effect, and no material default on the part of Borrower or, to
its knowledge, any other party thereto exists.

3.6. ABSENCE OF DEFAULTS, ETC. The Borrower is not (i) in material default under
any indenture or contract or agreement to which it is a party or by which it is
bound, (ii) in violation of its articles of incorporation or code of
regulations, as applicable, or any other governing document, (iii) in default
with respect to any order, writ, injunction or decree of any court, or (iv) in
default under any order or license of any federal or state governmental
department. There exists no condition, event or act which constitutes, or after
notice or lapse of time or both would constitute, an Event of Default.

3.7. INDEBTEDNESS OF BORROWER. Borrower does not have outstanding on the date
hereof and any Indebtedness for borrowed money, except for such Indebtedness
identified in the financial assumptions referred to in Section 3.8 hereof.

3.8. FINANCIAL CONDITION. The Borrower has furnished to the Lender financial
assumptions which, in the opinion of Borrower, fairly and accurately reflect the
financial assumptions for the operations of Borrower, and there has been no
material adverse change in the Borrower's financial prospects since that date
which would require revision of the same.

3.9. NO ADVERSE CHANGE. Subsequent to the date of the financial assumptions
referred to in Section 3.8 hereof, Borrower has not incurred or agreed to incur
any material liabilities or obligations, direct or contingent, and there has not
been any material increase in the anticipated aggregate amount of debt of
Borrower, or any Material Adverse Change in the business, properties, prospects
or condition, financial or otherwise, of Borrower.

3.10. TAXES. Borrower has filed all tax returns which are to be filed and has
paid, or has made adequate provision for the payment of, all taxes which have or
may become due pursuant to said returns or to assessments received by them. The
provisions for taxes reflected in the financial projections referred to in
Section 3.8 are believed adequate to cover any and all accrued and unpaid taxes
for which Borrower is liable for the period ended on the date of such balance
sheet and all prior periods. Borrower knows of no deficiency assessment or
proposed deficiency assessment of taxes for which Borrower may be liable, except
as may be otherwise disclosed in writing to the Lender prior to the date hereof.

3.11. LITIGATION. Prior to the date hereof, there are no actions, suits or
proceedings pending, or to the actual knowledge of Borrower, threatened against
or affecting Borrower or its respective property in any court, or before or by
any federal, state or municipal or other governmental department, commission,
board, bureau, agency or other instrumentality, domestic or foreign, except for
actions, suits or proceedings of a character normally incident to the kind of
business conducted by Borrower, none of which, either individually or in the
aggregate, if adversely determined, would reasonably be expected to result in a
Material Adverse Change.

3.12. ENVIRONMENTAL MATTERS. Borrower is in compliance with all Environmental
Laws and all applicable federal, state and local health and safety laws,
regulations, ordinances or rules.

                                        8
<PAGE>
3.13. SUBSIDIARIES AND AFFILIATES. Borrower does not have any Subsidiaries.
Borrower has the following Affiliates: Compensation Risk Managers of California,
LLC, EIMAR, LLC, CRM Agency Captive, LLC, and Village Holdings, LLC. If Borrower
has any Subsidiary or any other Affiliate at any time subsequent to the date of
execution hereof, the term "Borrower" as used in Sections 5 and 6 shall include
in its meaning Borrower and its Subsidiaries, for such period or periods that
Borrower has any Subsidiaries, unless the context clearly requires otherwise.
For any period during which Borrower has any Subsidiaries, all financial
statements, accounts and reports submitted by the Borrower and all calculations
hereunder based on same shall be consolidated and/or on a consolidating basis or
combined and/or on a combining basis with such Subsidiaries, as the context
required.

3.14. ERISA. No Reportable Event or Prohibited Transaction which could create a
liability in excess of One Hundred Thousand Dollars ($100,000.00) or cause a
material adverse change has occurred and is continuing with respect to any Plan
of Borrower, and Borrower has not incurred an "accumulated funding deficiency"
(as that term is defined by ERISA) since the effective date of ERISA.

3.15. SOLVENCY. The Borrower is not insolvent as defined in any applicable state
or federal statute, nor will Borrower be rendered insolvent by the execution and
delivery of this Agreement or any of the Loan Documents to Lender. The Borrower
is not engaged or about to engage in any business or transaction for which the
assets retained by it shall constitute an unreasonably small capital, taking
into consideration the obligations to Lender incurred hereunder. Borrower does
not intend to, nor does it believe that it will, incur debts beyond its ability
to pay them as they mature.

3.16. NO BURDENSOME RESTRICTIONS. Borrower is not a party to any instrument or
agreement or subject to any charter or other corporate restriction which would
cause a Material Adverse Change.

3.17. FEDERAL RESERVE REGULATIONS; USE OF LOAN PROCEEDS. Borrower is not engaged
principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying any Margin Stock. No part of
the proceeds of the Loans will be used, directly or indirectly, for a purpose
which violates any law, rule or regulation of any governmental body, including
without limitation the provisions of Regulations G, U, or X of the Board of
Governors of the Federal Reserve System, as amended. No part of the proceeds of
the Loans will be used, directly or indirectly, to purchase or carry any Margin
Stock or to extend credit to others for the purpose of purchasing or carrying
any Margin Stock.

3.18. OFAC/USA PATRIOT ACT RESTRICTIONS. Neither Borrower nor any Guarantor is
(or will be) a person with whom Lender is restricted from doing business under
regulations of the Office of Foreign Asset Control ("OFAC") of the Department of
the Treasury of the United States of America ("Treasury") or under any list of
known or suspected terrorists or terrorist organizations issued by any federal
government agency and designated as such by Treasury in consultation with the
federal functional regulators, or under any statute, executive order, or other
governmental action, and neither Borrower nor any Guarantor is engaging, or
shall engage, in any dealings or transactions or shall otherwise be associated
with such persons. In addition,

                                       9
<PAGE>
Borrower hereby agrees to provide to the Lender with any additional information
that the Lender deems necessary from to time in order to ensure compliance with
all applicable laws concerning money laundering and similar activities.

                            4. CONDITIONS OF LENDING

4.1. LOAN FUNDING. The obligation of the Lender to close the transactions
contemplated by this Agreement shall be subject to satisfaction of the following
conditions, unless waived in writing by the Lender: (a) all legal matters and
Loan Documents incident to the transactions contemplated hereby shall be
reasonably satisfactory, in form and substance, to Lender's counsel; (b) the
Lender shall have received (i) certificates by an authorized officer or
representative of Borrower upon which the Lender may conclusively rely until
superseded by similar certificates delivered to the Lender, certifying that (1)
all requisite action taken in connection with the transactions contemplated
hereby has been duly authorized and (2) the names, signatures, and authority of
Borrower's authorized signers executing the Loan Documents, and (ii) such other
documents as the Lender may reasonably require to be executed by, or delivered
on behalf of, Borrower; (c) the Lender shall have received the Notes with all
blanks appropriately completed, executed by an authorized signer for Borrower;
(d) the Borrower shall have paid to the Lender the fee(s) then due and payable
under this Agreement and the other Loan Documents; (e) Borrower and Guarantor
shall each have maintained their respective financial condition in a manner
satisfactory to the Lender, and no material adverse change shall have occurred
in Borrower's or Guarantor's financial condition or prospects; (f) the Lender
shall have received the written opinion(s) of legal counsel for the Borrower
selected by the Borrower and satisfactory to the Lender, dated the date of this
Agreement and covering the Loan Documents and such other matter(s) as the Lender
may reasonably require; (g) the Lender shall have received written instructions
by the Borrower with respect to disbursement of the proceeds of the Loan; and
(h) the Lender shall have received all Security Instruments duly executed by all
parties thereto.

4.2. SECURITY. No Loan shall be made hereunder unless and until Borrower shall
have supplied to Lender as security for repayment of any and all Loans made
hereunder THE SECURITY INSTRUMENTS LISTED ON EXHIBIT A hereto, in form and
substance reasonably acceptable to Lender.

4.3. EACH LOAN. The obligation of the Lender to make any Loan shall be subject
to initial compliance with Section 4.1 and 4.2 herein and also subject to
satisfaction of the following conditions that at the date of making such Loan,
and after giving effect thereto: (a) no Event of Default shall have occurred and
continue to exist, and (b) each representation and warranty set forth in Section
3 above is true and correct as if then made.

                                  5. COVENANTS

     As long as credit is available hereunder or until all principal of and
interest on the Notes have been paid, the Borrower covenants and agrees that it
will comply with the following provisions:

                                       10
<PAGE>
5.1. ACCOUNTING; FINANCIAL STATEMENTS AND OTHER INFORMATION. Borrower shall
maintain a standard system of accounting, established and administered in
accordance with GAAP consistently followed throughout the periods involved, and
will set aside on its books for each Quarter and fiscal year, the proper amounts
or accruals for depreciation, obsolescence, amortization, bad debts, current and
deferred taxes, prepaid expenses, and for other purposes as shall be required by
GAAP. Borrower will deliver or cause to be delivered to the Lender:

     (a) As soon as practicable after the end of each Quarter in each fiscal
year, except the last, and in any event within forty-five (45) days thereafter,
financial statements, including income statement, balance sheet, statement of
condition of the Borrower as of the end of such Quarter, and statements of cash
flow, changes in financial position, and common shareholder's equity for such
Quarter, certified as complete and correct by the principal financial officer of
Borrower, subject to changes resulting from year-end adjustments;

     (b) As soon as practicable after the end of each fiscal year, and in any
event within ninety (90) days thereafter, audit quality financial statements,
including income statement, balance sheet, statement of condition of the
Borrower as of the end of such year, and statement of cash flow and changes in
financial position of the Borrower for such year, setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable
detail and prepared by an independent certified public accountant, selected by
Borrower and satisfactory to the Lender, and prepared in accordance with
generally accepted review standards;

     (c) Together with each set of financial statements required by
subparagraphs (a) and (b) above, a certificate by the chief financial officer or
other authorized officer of Borrower stating that the representations and
warranties contained in this Agreement are true and correct as of the date of
the certificate, and whether or not there exists any Event of Default or
Potential Default, specifying the nature and period of existence thereof and
what action, if any, the Borrower is taking or proposes to take with respect
thereto;

     (d) Promptly and in any event within ten (10) days after the occurrence of
a Reportable Event with respect to a Plan, a copy of any materials required to
be filed with the PBGC with respect to such Reportable Event or those that would
have been required to be filed if the thirty (30) day notice requirement to PBGC
were not waived;

     (e) Promptly upon receipt, and in no event more than two (2) Business Days
after receipt, of a notice by Borrower or any ERISA Affiliate or any
administrator of any Plan or Multiemployer Plan that the PBGC has instituted
proceedings to terminate such Plan or to appoint a trustee to administer such
Plan, a copy of such notice;

     (f) Promptly upon receipt thereof, copies of all written reports submitted
to the Borrower by independent accountants in connection with any annual or
interim compilation and/or review the books of Borrower;

     (g) Annual accountant prepared financial statements for Guarantor EIMAR,
LLC, within ninety (90) days of period end.

                                       11
<PAGE>
     (h) Annual tax returns of each individual Guarantor shall be provided
within thirty (30) days of filing and each individual Guarantor shall provide
personal financial statements on an annual basis.

     (i) Annual tax returns for Guarantor Village Holdings, LLC shall be
provided within thirty (30) days of filing.

5.2. ADDITIONAL FINANCIAL REPORTS. Borrower shall, upon request of Lender,
deliver to the Lender its annual federal, state and local tax returns and such
other financial information as Lender may request, within thirty (30) days of
such request.

5.3. INSURANCE; MAINTENANCE OF PROPERTIES. Borrower shall: (a) maintain with
financially sound and reputable insurers, insurance with coverage and limits as
may be required by law and of such character and amounts as are usually
maintained by companies engaged in like business, including without limitation
products liability insurance; (b) furnish to Lender upon the execution of this
Agreement and at the beginning of each fiscal year, copies of policies and a
statement of the insurance coverage; and (c) obtain other or additional
insurance promptly, upon the reasonable request of Lender, to the extent that
such insurance may be available. Lender shall be named a loss payee under such
policies to the extent of its interest. The policies shall provide that no
cancellation shall occur without thirty (30) days prior written notice to
Lender. Borrower shall provide to Lender notice that such policies have been
renewed and are paid in accordance with the terms of such policies at least
fifteen (15) days prior to the date of expiration. Borrower will at least
annually and upon any change, or more often upon the occurrence of an Event of
Default, upon request of Lender, furnish to the Lender a schedule of all
insurance carried by Borrower, setting forth in detail the amount and type of
such insurance. Except as otherwise permitted in this Agreement, Borrower will
maintain, in good repair, working order, and condition, all properties used in
the business of the Borrower, subject to ordinary wear and tear.

5.4. EXISTENCE; BUSINESS. Borrower shall cause to be done all things necessary
to preserve and keep in full force and effect its existence and rights, to
conduct its business in a prudent manner, to maintain in full force and effect,
and renew from time to time, its franchises, permits, licenses, patents, and
trademarks that are necessary to operate its business. Borrower will comply in
all material respects with all valid laws and regulations now in effect or
hereafter promulgated by any properly constituted governmental authority having
jurisdiction; provided, however, that Borrower shall not be required to comply
with any law or regulation which it is contesting in good faith by appropriate
proceedings as long as either the effect of such law or regulation is stayed
pending the resolution of such proceedings or the effect of not complying with
such law or regulation would not reasonably be expected to result in a Material
Adverse Change.

5.5. PAYMENT OF TAXES. Borrower shall pay all taxes, assessments, and other
governmental charges levied upon any of its properties or assets or in respect
of its franchises, business, income, or profits before the same become
delinquent, except that no such taxes, assessments, or other charges need be
paid if contested in good faith and by appropriate proceedings promptly
initiated and diligently conducted and if proper amounts, determined in
accordance with GAAP, have been set aside for the payment of all such taxes,
charges, and assessments.

                                       12
<PAGE>
5.6. ADVERSE CHANGES. Borrower shall promptly notify the Lender in writing of
(a) the occurrence of any event which, if it had existed on the date of this
Agreement, would have required qualification of the representations and
warranties set forth in Section 3 hereof and (b) any Material Adverse Change.

5.7. NOTICE OF DEFAULT. Borrower shall promptly notify (but in no event more
than five (5) days after the occurrence thereof) the Lender of any Event of
Default or Potential Default hereunder and any demands made upon the Borrower by
any Person for the acceleration and immediate payment of any Indebtedness owed
to such Person, if the amount of such Indebtedness exceeds $100,000.

5.8. INSPECTION. Borrower shall make available for inspection by duly authorized
representatives of the Lender, or its designated agent, Borrower's books,
records, and properties when reasonably' requested to do so, and will furnish
the Lender such information regarding its business affairs and financial
condition within a reasonable time after written request therefor.

5.9. ENVIRONMENTAL MATTERS. Borrower:

     (a) Shall comply in all respects with all Environmental Laws where a
failure to comply could result in a Material Adverse Change;

     (b) Shall deliver promptly to Lender (i) copies of any significant
documents received from the United States Environmental Protection Agency or any
state, county, foreign, provincial or municipal environmental or health agency,
and (ii) copies of any significant documents submitted by Borrower or any of its
Subsidiaries to the United States Environmental Protection Agency or any state,
county, foreign, provincial or municipal environmental or health agency
concerning its operations; and

     (c) Shall promptly undertake and diligently pursue to completion all action
recommended by any environmental audit report(s) issued and all action(s)
necessary to correct any environmental problem or defect identified in any
environmental audit report(s).

     Borrower shall indemnify the Lender and hold it harmless against any loss,
costs, damages, or expense, including, but not limited to, reasonable attorney's
fees, that Lender may incur, directly or indirectly, as a result of or in
connection with the assertion against Lender of any claim relating to the
presence or removal of any environmental contamination on any premises utilized
by Borrower.

5.10. HEALTH AND SAFETY. Borrower shall be in compliance with all requirements
of applicable federal, state, foreign, provincial and local environmental,
health and safety laws, regulations, ordinances or rules which would, in the
aggregate, if not complied with, result in a Material Adverse Change.

5.11. EXTRAORDINARY SERVICES. In the event extraordinary services are required
by Lender for inspections, appraisals, or for securing estimates of costs which,
in the Lender's reasonable

                                       13
<PAGE>
judgment are not regular or routine, Lender may deduct the reasonable expense of
such extraordinary services from any moneys due to Borrower hereunder or from
any account maintained by Borrower with Lender or any Lender Affiliate.

5.12. COMMERCIAL OPERATING ACCOUNT. So long as credit is available hereunder or
until all principal of and interest on the Notes have been paid in full, the
Borrower shall maintain with Lender and/or an Lender Affiliate, as its primary
financial institution, corporate deposit, cash management and loan accounts,
where applicable. At the option of Lender, all Loan payments and fees will
automatically be debited from the Borrower's primary operating account and all
disbursements of Loan proceeds shall be made by the Lender's or Lender
Affiliate's crediting of such disbursements directly into the appropriate
Borrower's account.

5.13. ADDITIONAL ASSURANCE. Borrower shall upon request of Lender promptly take
such action and promptly make, execute, and deliver all such additional and
further items, deeds, assurances, and instruments as Lender may reasonably
require, so as to completely vest in and ensure to Lender its rights hereunder
and in or to the Collateral, including, but not limited to, additional
subordination agreements for all future shareholder loans and/or undistributed
earnings.

5.14. SALE, PURCHASE OF ASSETS. Borrower shall not, directly or indirectly, (a)
purchase, lease, or otherwise acquire any assets except in the ordinary course
of business (which shall not be deemed to include the purchase or acquisition
of ten percent (10%) or more of the capital stock or assets of operating
businesses unless expressly consented to by Lender in writing prior to such
purchase or acquisition) or as otherwise expressly permitted under this
Agreement, or (b) sell, lease, transfer, or otherwise dispose of any assets
except for (i) assets sold, leased, transferred or subject to other disposition
for full and adequate consideration in the reasonable judgment of Borrower which
Borrower has determined to be worn out or obsolete or not useful in the ordinary
course of its business, and (ii) assets sold, leased, transferred or subject to
other disposition in the ordinary course of business provided that Borrower
receives full and adequate consideration in the reasonable judgment of Borrower
in exchange for such assets sold, leased, transferred or otherwise subject to
disposition.

5.15. MORTGAGES, SECURITY INTERESTS, AND LIENS. Borrower shall not, directly or
indirectly, create, incur, assume, or permit to exist any Lien with respect to
any property or assets of Borrower, whether now owned or hereafter acquired
other than:

     (a) Liens for taxes, assessments, or governmental charges or levies the
payment of which is not at the time required by Section 5.5 hereof;

     (b) Liens imposed by law, such as Liens of landlords, carriers,
warehousemen, mechanics, and materialmen arising in the ordinary course of
business for sums not yet due or being contested by appropriate proceedings
promptly initiated and diligently conducted, provided other appropriate
provision, if any, as shall be required by GAAP shall have been made therefor;

     (c) Liens incurred or deposits made in the ordinary course of business in
connection with workers' compensation, unemployment insurance, and other types
of social security, or to secure the performance of tenders, statutory
obligations, and surety and appeal bonds, or to

                                       14
<PAGE>
secure the performance and return of money bonds and other similar obligations,
excluding obligations for the payment of borrowed money;

     (d) Any judgment Lien, provided that the judgment it secures shall, within
thirty (30) days after the entry thereof, have been discharged or execution
therefor stayed pending appeal, or shall have been discharged within thirty (30)
days after the expiration of any such stay;

     (e) Liens that secure the repayment of Indebtedness of Borrower to the
Lender or any Lender Affiliate; or

     (f) Liens evidenced by or permitted under the terms of Security Instruments
only, and any other Permitted Encumbrances.

5.16. INDEBTEDNESS AND LIENS. Borrower shall not (a) except for trade debt
incurred in the normal course of business and indebtedness to Lender
contemplated by this Agreement, create, incur or assume additional indebtedness
for borrowed money, including leases, in excess of the aggregate amount of
$400,000.00, for term loans, leases, vehicles or equipment, (b) except as
allowed as a Permitted Encumbrance, sell, transfer, mortgage, assign, pledge,
lease, grant a security interest in, or encumber any of Borrower's assets, or
(c) sell with recourse any of Borrower's accounts, except to Lender. The
equipment line can be advanced to fund equipment or vehicle acquisitions at 100%
of invoice for leases and 80% for term loans. Lease/loan terms not to exceed 5
year availability under the line expiring June 30, 2005

5.17. ASSUMPTIONS; GUARANTIES. Borrower shall not assume, guarantee, endorse, or
otherwise become directly or contingently liable for (including, without
limitation, liable by way of agreement, contingent or otherwise, to purchase, to
provide funds for payment, to supply funds to, or otherwise invest in any debtor
or otherwise to assure the creditor against loss) any obligation or Indebtedness
of any other Person, except (i) guaranties by endorsement of negotiable
instruments for deposit, collection, or similar transactions in the ordinary
course of business, and (ii) Indebtedness of Borrower to the Lender or any
Lender Affiliate.

5.18. MERGERS; CONSOLIDATION; SALE OF BORROWER. Borrower shall not merge or
consolidate with any Person, dissolve, wind up its affairs, or sell, assign,
lease, or otherwise dispose of (whether in one transaction or in a series of
transactions), all or substantially all of its assets (whether now owned or
hereafter acquired) to any Person, except where such Person is or becomes a
Borrower hereunder as of the date of such transaction and such further
assurances with respect to any such transaction satisfactory to the Lender are
delivered on or before the effective date of such transaction. Borrower will not
permit a transfer or sale, directly or indirectly, whether in one transaction or
in a series of transactions, of any of its shares of stock, other than between
and among current owners of such shares.

5.19. INVESTMENTS; LOANS. Borrower shall not, directly or indirectly, (a)
purchase or otherwise acquire or own any stock or other securities of any other
Person (other than as permitted under this Agreement) or (b) make or permit to
be outstanding any loan or advance (other than trade advances in the ordinary
course of business or as otherwise permitted under this Agreement) or enter into
any arrangement to provide funds or credit, to any other Person, except that (i)
it may purchase or otherwise acquire and own marketable U.S. Treasury and Agency
obligations, and certificates of deposit and bankers acceptances issued or
created by any domestic commercial

                                       15
<PAGE>
bank, and the stock of any Subsidiaries identified in Section 3.13, and (ii)
they may make loans or advances as permitted pursuant to Section 5.15 above.

5.20. PAYMENT OF SUBORDINATED DEBT. Borrower shall not make any payment upon any
outstanding indebtedness which is subordinated to the Lender.

5.21 MEMBERS EQUITY. Minimum members equity must be $1,400,000.00 at June 30,
2004, $2,000,000.00 at September 30, 2004, and $2,700,000.00 at December 31,
2004 and March 31, 2005.

                              6. EVENTS OF DEFAULT

     The occurrence of any one or more of the following events shall constitute
an Event of Default under this Agreement:

6.1. PAYMENTS. If (a) the interest on any Note or any commitment or other fee
shall not be paid in full punctually when due and payable, or (b) the principal
of any Note shall not be paid in full punctually when due and payable.

6.2. COVENANTS. If Borrower or any Obligor fails to perform or observe any
covenant or agreement (other than as referred to in Section 6.1 hereof)
contained in this Agreement or in any other of the Loan Documents, and such
failure remains unremedied for thirty (30) days after the Lender gives notice
thereof to such Borrower or Obligor.

6.3. REPRESENTATIONS AND WARRANTIES. If any representation, warranty or
statement made in or pursuant to this Agreement or any Loan Document or any
other material information furnished by Borrower or any Obligor to Lender or any
other holder of any Note, shall be false or erroneous.

6.4. VALIDITY OF LOAN DOCUMENTS. If (a) any material provision, in the sole
opinion of Lender, of any Loan Document shall at any time for any reason cease
to be valid, binding and enforceable against Borrower or any Obligor; (b) the
validity, binding effect or enforceability of any Loan Document against Borrower
or any Obligor shall be contested by Borrower or any Obligor; (c) Borrower or
any Obligor shall deny that it has any or further liability or obligation
thereunder; or (d) any Loan Document shall be terminated, invalidated or set
aside, or be declared ineffective or inoperative or in any way cease to give or
provide to Lender the benefits purported to be created thereby.

6.5. LOAN DOCUMENT DEFAULT. If any event of default or default shall occur under
any other Loan Document, or if under any Loan Document any payment is required
to be made by Borrower or any Obligor on demand of Lender, and such demand is
made.

6.6. CROSS DEFAULT. If Borrower shall default in the payment of principal or
interest due and owing upon any other obligation for borrowed money, beyond any
period of grace provided with respect thereto or in the performance or
observance of any other agreement, term or condition contained in any agreement
under which such obligation is created, if the effect of such default is

                                       16
<PAGE>
to allow the acceleration of the maturity of such Indebtedness or to permit the
holder thereof to cause such Indebtedness to become due prior to its stated
maturity.

6.7. ERISA DEFAULT. The occurrence of one or more ERISA Events that (a) Lender
determines could have a material adverse effect, or (b) results in a Lien on any
of the assets of Borrower;

6.8. MONEY JUDGMENT. A final judgment or order for the payment of money shall be
rendered against Borrower or any Obligor by a court of competent jurisdiction,
that remains unpaid or unstayed and undischarged for a period (during which
execution shall not be effectively stayed.) of thirty (30) days after the date
on which the right to appeal has expired.

6.9. MATERIAL ADVERSE CHANGE. There shall have occurred any Material Adverse
Change.

6.10 INSECURITY. If Lender for any reason in good faith deems itself insecure
with respect to repayment of any Obligation.

6.11 SOLVENCY. If Borrower or any Obligor shall (a) die or discontinue business,
(b) generally not pay its debts as such debts become due, (c) make a general
assignment for the benefit of creditors, (d) apply for or consent to the
appointment of a receiver, a custodian, a trustee, an interim trustee or
liquidator of all or a substantial part of its assets, (e) be adjudicated a
debtor or have entered against it an order for relief under Title 11 of the
United States Code, as the same may be amended from time to time, (f) file a
voluntary petition in bankruptcy or file a petition or an answer seeking
reorganization or an arrangement with creditors or seeking to take advantage of
any other law (whether federal or state) relating to relief of debtors, or admit
(by answer, by default or otherwise) the material allegations of a petition
filed against it in any bankruptcy, reorganization, insolvency or other
proceeding (whether federal or state) relating to relief of debtors, (g) suffer
or permit to continue unstayed and in effect for thirty (30) consecutive days
any judgment, decree or order entered by a court of competent jurisdiction, that
approves a petition seeking its reorganization or appoints a receiver,
custodian, trustee, interim trustee or liquidator of all or a substantial part
of its assets, or (h) take any action in order thereby to effect any of the
foregoing, or omit to take, any action in order to prevent any of the foregoing.

                            7. REMEDIES UPON DEFAULT

7.1. RIGHTS OF LENDER. If any Event of Default shall occur, Lender may, at its
election, and without demand or notice of any kind, do any one or more of the
following:

     (a) Declare all of the Borrower's Obligations to Lender to be immediately
due and payable, whereupon all unpaid principal, interest and fees in respect of
such Obligations, together with all of Lender's costs, expenses and attorneys'
fees related thereto, under the terms of the Loan Documents or otherwise, shall
be immediately due and payable;

     (b) Terminate any commitment to make any additional advances under any
Loan;

                                       17
<PAGE>
     (c) Exercise any and all rights and remedies available to Lender under any
applicable law;

     (d) Exercise any and all rights and remedies granted to Lender under the
terms of this Agreement or any of the other Loan Documents; and/or

     (e) Set off the unpaid balance of the Obligations against any debt owing to
Borrower by the Lender or by any Lender Affiliate, including, without
limitation, any obligation under a repurchase agreement or any funds held at any
time by the Lender or any Lender Affiliate, whether collected or in the process
of collection, or in any time or demand deposit account maintained by Borrower
at, or evidenced by any certificate of deposit issued by, the Lender or any
Lender Affiliate. Borrower agrees, to the fullest extent it may effectively do
so under applicable law, that any holder of a participation in the Notes may
exercise rights of set-off or counterclaim and other rights with respect to such
participation as fully as if such holder of a participation were a direct
creditor of Borrower pursuant to this Agreement in the amount of such
participation.

7.2. NO WAIVER. The remedies in this Section 7 are in addition to, not in
limitation of, any other right, power, privilege, or remedy, either in law, in
equity, or otherwise, to which the Lender may be entitled. No failure or delay
on the part of the Lender in exercising any right, power, or remedy will operate
as a waiver thereof, nor will any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right
hereunder. The remedies in this Agreement are in addition to, not in limitation
of, any other right, power, privilege, or remedy, either in law, in equity, or
otherwise, to which the Lender may be entitled. All Lender's rights and
remedies, whether evidenced by this Agreement or by any other agreement,
instrument or document shall be cumulative and may be exercised singularly or
concurrently.

                                8. MISCELLANEOUS

8.1. REMEDIES; WAIVER; AMENDMENTS. No waiver of any provision of this Agreement
or the Notes, or consent to departure therefrom, is effective unless in writing
and signed by the Lender. No such consent or waiver extends beyond the
particular case and purpose involved. No amendment to this Agreement is
effective unless in writing and signed by the Borrower and the Lender. If at any
time or times, by assignment or otherwise, Lender transfers any of the
Obligations or any part of the Collateral to another person, such transfer shall
carry with it Lender's powers and rights under this Agreement with respect to
the Obligation or Collateral so transferred and the transferee shall have said
powers and rights, whether or not they are specifically referred to in the
transfer. To the extent that Lender retains any other of the Obligations or any
part of the Collateral, Lender will continue to have the rights and powers with
respect to the Obligations and the Collateral as set forth in this Agreement.

8.2. EXPENSES, COSTS AND TAXES. The Borrower shall pay on demand all costs and
expenses of Lender, and all Related Expenses, including but not limited to, (a)
administration, travel and out-of-pocket expenses, including but not limited to
attorneys' fees and expenses, of Lender in connection with the preparation,
negotiation and closing of the Loan Documents and the

                                       18
<PAGE>
administration of the Loan Documents, the collection and disbursement of all
funds hereunder and the other instruments and documents to be delivered
hereunder, (b) extraordinary expenses of Lender in connection with the
administration of this Agreement, the Notes and the other instruments and
documents to be delivered hereunder, (c) the reasonable fees and out-of-pocket
expenses of special counsel for Lender, with respect to the foregoing, and of
local counsel, if any, who may be retained by said special counsel with respect
thereto, (d) all fees due hereunder or in any of the Loan Documents, and (e) all
costs and expenses, including reasonable attorneys' fees, in connection with the
determination of Lender's lien priority in any collateral securing this Note, or
the restructuring or enforcement of this Note or any Loan Document. In addition,
Borrower shall pay any and all stamp and other taxes and fees payable or
determined to be payable in connection with the execution and delivery of any
Loan Document, and the other instruments and documents to be delivered
hereunder, and agrees to hold Lender harmless from and against any and all
liabilities with respect to or resulting from any delay in paying or omission to
pay such taxes or fees. Borrower authorizes Lender to debit such expenses, costs
and taxes directly to Borrower's Loan accounts or any account Borrower maintains
with Lender or Lender Affiliate.

8.3. INDEMNIFICATION. The Borrower shall indemnify and hold the Lender harmless
against any and all liabilities, losses, damages, costs, and expenses of any
kind (including, without limitation, the reasonable fees and disbursements of
counsel in connection with any investigative, administrative or judicial
proceeding, whether or not the Lender shall be designated a party thereto) which
may be incurred by the Lender relating to or arising out of this Agreement or
any actual or proposed use of proceeds of any Loan hereunder; provided, that the
Lender shall have no right to be indemnified hereunder for its own gross
negligence or willful misconduct as determined by a court of competent
jurisdiction. A certificate as to any such loss or expense shall be promptly
submitted by the Lender to the Borrower and shall, in the absence of manifest
error, be conclusive and binding as to the amount thereof.

8.4. CONSTRUCTION. The provisions of this Agreement and the respective rights
and duties of Borrower and Lender hereunder shall be governed by and construed
in accordance with New York law and any applicable federal laws. Grantor hereby
irrevocably submits to the non-exclusive jurisdiction of any New York state or
federal court sitting in New York, over any action or proceeding arising out of
or relating to this Agreement, or any document related to the Obligations, and
Grantor hereby irrevocably agrees that all claims in respect of such action or
proceeding may be heard and determined in such New York state or federal court.
The Grantor hereby waives any objection that it may now or hereafter have to the
venue of any such suit or any such court or that such suit is brought in an
inconvenient court. The several captions to different Sections of this Agreement
are inserted for convenience only and shall be ignored in interpreting the
provisions hereof. Time is of the essence in the performance of the obligations
under this Agreement. All grace periods in this Agreement and all other Loan
Documents shall run concurrently.

8.5. EXTENSION OF TIME. If any payment comes due on a day that is not a Business
Day, Borrower may make the payment on the first Business Day following the
payment date and pay the additional interest accrued to the date of payment.

                                       19
<PAGE>
8.6. NOTICES. All notices, requests, demands or other communications provided
for hereunder shall be in writing and, if to Borrower, mailed or delivered to
it, addressed to it at the address specified on the signature pages of this
Agreement, or if to Lender, mailed or delivered to it, addressed to the address
of Lender specified on the signature pages of this Agreement. All notices,
statements, requests, demands and other communications provided for hereunder
shall be deemed to be given or made when delivered or forty-eight (48) hours
after being deposited in the mails with postage prepaid by registered or
certified mail, addressed as aforesaid, or sent by facsimile with telephonic
confirmation of receipt, except that notices from Borrower to Lender pursuant to
any of the provisions hereof shall not be effective until received by Lender.

8.7. CAPITAL ADEQUACY. If Lender shall have determined, after the closing of the
Loans, that the adoption of any applicable law, rule, regulation or guideline
regarding capital adequacy, or any change therein, or any change in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or compliance by Lender (or its lending office) with any request or
directive regarding capital adequacy (whether or not having the force of law) of
any such authority, central bank or comparable agency, has or would have the
effect of reducing the rate of return on Lender's capital (or the capital of its
holding company) as a consequence of its obligations hereunder to a level below
that which Lender (or its holding company) could have achieved but for such
adoption, change or compliance (taking into consideration Lender's policies or
the policies of its holding company with respect to capital adequacy) by an
amount deemed by Lender to be material, then from time to time, within fifteen
(15) days after demand by Lender, Borrower shall pay to Lender such additional
amount or amounts as will compensate Lender (or its holding company) for such
reduction. Lender shall designate a different lending office if such designation
will avoid the need for, or reduce the amount of, such compensation and will
not, in the judgment of Lender, be otherwise disadvantageous to Lender. A
certificate of Lender claiming compensation under this Section and setting forth
the additional amount or amounts to be paid to it hereunder shall be conclusive
in the absence of manifest error. In determining such amount, Lender may use any
reasonable averaging and attribution methods. Failure on the part of Lender to
demand compensation for any reduction in return on capital with respect to any
period shall not constitute a waiver of Lender's rights to demand compensation
for any reduction in return on capital in such period or in any other period.
The protection of this Section shall be available to Lender regardless of any
possible contention of the invalidity or inapplicability of the law, regulation
or other condition that shall have been imposed.

8.8 SURVIVAL OF AGREEMENTS; RELATIONSHIP. All agreements, representations, and
warranties made in this Agreement will survive the making of the extension of
credit hereunder, and will bind and inure to the benefit of the Borrower and the
Lender, and their respective successors and assigns; provided, that no
subsequent holder of the Notes shall by reason of acquiring that Note or Notes
become obligated to make any Loan hereunder and no successor to or assignee of
the Borrower may borrow hereunder without the Lender's written assent. Borrower
may not assign this Agreement or the right to receive any disbursements
hereunder or any interest herein. The rights and powers given in this Agreement
to the Lender are in addition to those otherwise created or existing in the same
Collateral by virtue of other agreements or writings. The relationship between
the Borrower and the Lender with respect to this Agreement, the Notes and any
other Loan Document is and shall be solely that of debtor and creditor,
respectively, and the

                                       20
<PAGE>
Lender has no fiduciary obligation toward the Borrower with respect to any such
document or the transactions contemplated thereby.

8.9. SEVERABILITY. If any provision of this Agreement or the Notes, or any
action taken hereunder, or any application thereof, is for any reason held to be
illegal or invalid, such illegality or invalidity shall not affect any other
provision of this Agreement or the Notes, each of which shall be construed and
enforced without reference to such illegal or invalid portion and shall be
deemed to be effective or taken in the manner and to the full extent permitted
by law.

8.10. ENTIRE AGREEMENT. This Agreement, the Notes, the Security Instruments and
any other Loan Document executed in connection herewith integrate all the terms
and conditions mentioned herein or incidental hereto and supersede all oral
representations and negotiations and supersede, amend and restate prior writings
with respect to the subject matter hereof. In this Agreement unless the context
otherwise requires, words in the singular number include the plural, and in the
plural number include the singular.

8.11. PARTICIPATION/SYNDICATION. Borrower acknowledges that the Lender reserves
the right to syndicate and/or participate its interest in the Loans and Borrower
agrees to, at Lender's request, execute such additional promissory notes and
other instruments as may be appropriate to evidence its obligation under the
Loans to such syndicate Lenders as may commit, in the future, to fund a portion
of the Loans according to the terms of this Agreement.

8.12. JURY TRIAL WAIVER. BORROWER AND LENDER EACH WAIVE ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, BETWEEN LENDER AND BORROWER ARISING OUT OF, IN CONNECTION WITH,
RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN
CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS
RELATED THERETO.

     IN WITNESS WHEREOF, the Borrower and the Lender have each caused this
Agreement to be executed by their duly authorized officers on the date first set
forth above.

Address:                                Borrower:

112 Delafield Street                    COMPENSATION RISK MANAGERS, LLC
Poughkeepsie, NY 12601

                                        By: /s/ Daniel G. Hickey, Jr.
                                            ------------------------------------
                                        Name: Daniel G. Hickey, Jr.
                                              ----------------------------------
                                        Title: CEO
                                               ---------------------------------

                                       21

<PAGE>
Address:                                Lender:

4910 Tiedeman Road                      KEYBANK NATIONAL ASSOCIATION
Brooklyn, OH 44144

                                        By: /s/ Paul L. Sola
                                            ------------------------------------
                                        Name: Paul L. Sola
                                        Title: Senior Vice President

                                       22
<PAGE>
                                    Exhibit A
                              Security Instruments

                                       23

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