Document:

<PAGE>   1
                                                                   EXHIBIT 10.34

                             PRINTERS' SQUARE LEASE

<PAGE>   2

                                      LEASE

1.      BASIC LEASE PROVISIONS AND IDENTIFICATION OF EXHIBITS

        1.1    Basic Lease Provisions.

        (A)    Buildings and Address:

               Printers' Square
               600-780 South Federal Street,
               76 West Polk Street and
               75 West Harrison Street
               Chicago, Illinois 60605

        (B)    Landlord and Address:

               LaSalle Bank National
               Association formerly known as
               LaSalle National Bank, LaSalle National Trust N.A.,
               not personally, but solely as Trustee under Trust Agreement dated
               April 14, 1978 and known as Trust Number 54214
               c/o Anvan Realty & Management
               1901 South Meyers Road, Suite 220
               Oakbrook Terrace, IL 60181

        (C)    Tenant and Current Address:

               Universal Access, Inc.
               100 North Riverside Plaza
               Suite 2200
               Chicago, Illinois 60606

        (D)    Date of Lease: December 13, 1999

        (E)    Lease Term: Ten (10) Years and Seventeen (17) Days

        (F)    Commencement Date of Term: December 15, 1999

        (G)    Expiration Date of Term: December 31, 2009

        (H)    Monthly Base Rent:

                               Suite 121 (891 RSF)

<TABLE>
<CAPTION>
                      Annual Base Rent in    Monthly Base Rent in    Rental Rate
      Period              U.S. Dollars           U.S. Dollars            PSF
      ------          -------------------    --------------------    -----------
<S>                   <C>                    <C>                     <C>
12/15/99 - 3/31/00         $15,574.68             $1,297.89            $17.48
4/1/00 - 3/31/01            16,046.88              1,337.24             18.01
</TABLE>

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<TABLE>
<CAPTION>
                      Annual Base Rent in    Monthly Base Rent in    Rental Rate
      Period              U.S. Dollars           U.S. Dollars            PSF
      ------          -------------------    --------------------    -----------
<S>                   <C>                    <C>                     <C>
4/1/01 - 12/31/02            20,047.56             1,670.63              22.50
1/1/03 - 12/31/03            24,342.12             2,028.51              27.32
1/1/04 - 12/31/04            25,072.74             2,089.40              28.14
1/1/05 - 12/31/05            25,821.18             2,151.77              28.98
1/1/06 - 12/31/06            26,596.32             2,216.36              29.85
1/1/07 - 12/31/07            27,398.28             2,283.19              30.75
1/1/08 - 12/31/08            28,218.00             2,351.50              31.67
1/1/09 - 12/31/09            29,064.48             2,422.04              32.62
</TABLE>

                              Suite 123 (1,807 RSF)

<TABLE>
<CAPTION>
                      Annual Base Rent in    Monthly Base Rent in    Rental Rate
      Period              U.S. Dollars           U.S. Dollars            PSF
      ------          -------------------    --------------------    -----------
<S>                   <C>                    <C>                     <C>
12/15/99 -3/14/00               0*                    0*                0*
3/15/00 - 12/31/00        $45,174.96             $3,764.58            $25.00
1/1/01 - 12/31/01          46,530.24              3,877.52             25.75
1/1/02 - 12/31/02          47,921.64              3,993.47             26.52
1/1/03 - 12/31/03          49,367.28              4,113.94             27.32
1/1/04 - 12/31/04          50,849.04              4,237.42             28.14
1/1/05 - 12/31/05          52,366.92              4,363.91             28.98
1/1/06 - 12/31/06          53,938.92              4,494.91             29.85
1/1/07 - 12/31/07          55,565.28              4,630.44             30.75
1/1/08 - 12/31/08          57,227.64              4,768.97             31.67
1/1/09 - 12/31/09          58,944.36              4,912.03             32.62
</TABLE>

--------
        * Provided no Event of Default has occurred (and if such Event of
Default occurs Tenant shall pay Base Rent for such 3-month period in the amount
of $3,764.58 per month).

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                                EQUIPMENT SPACES:

<TABLE>
<CAPTION>
                                                 ANNUAL RENTAL RATE PER USABLE
                    PERIOD                        SQUARE FOOT IN U.S. DOLLARS
                    ------                       -----------------------------
<S>                                              <C>
              12/15/99 - 12/31/00                           $12.50
               1/1/01 - 12/31/01                             12.88
               1/1/02 - 12/31/02                             13.26
               1/1/03 - 12/31/03                             13.66
               1/1/04 - 12/31/04                             14.07
               1/1/05 - 12/31/05                             14.49
               1/1/06 - 12/31/06                             14.93
               1/1/07 - 12/31/07                             15.37
               1/1/08 - 12/31/08                             15.83
               1/1/09 - 12/31/09                             16.31
</TABLE>

        The actual amount of Monthly Base Rent payable for any Equipment Space
shall be determined based upon the rates listed above when the exact size of
such space is determined and a Space Acceptance Agreement is fully executed.

        (I)    Rentable Area Of The Premises

               (i)    Suite 121 - 891 rentable square feet

               (ii)   Suite 123 - 1,807 rentable square feet

               (iii)  Equipment Spaces - To be determined prior to the
                      Commencement Date pursuant to section 2 hereof

                      (a)    Generator Space - approximately 242 rentable square
                             feet (to be determined in accordance with Space
                             Acceptance Agreement)

                      (b)    Antenna Space - square footage shall be in
                             accordance with the Space Acceptance Agreements to
                             be executed pursuant to the terms hereof

                      (c)    HVAC Space - square footage shall be in accordance
                             with the Space Acceptance Agreements to be executed
                             pursuant to the terms hereof

        (J)    Security Deposit: $14,256

        (K)    Floor: First Floor

        (L)    Options:

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               (i)    Options to renew as set forth in section 29 below

               (ii)   Right of First Opportunity as set forth in section 30
                      below

        1.2 Identification of Exhibits. The exhibits set forth below and
attached to this Lease are incorporated in this Lease by this reference:

               EXHIBIT A - Plan of Premises
               EXHIBIT B - Intentionally Omitted
               EXHIBIT C - Pathway Use Fees
               EXHIBIT D - Pathway Confirmation Agreement Form
               EXHIBIT E - Space Acceptance Agreement
               EXHIBIT F - Plan of Option Space

2.      PREMISES AND TERM

        2.1 Lease of Premises; Description of Complex. Landlord leases to Tenant
and Tenant leases from Landlord the premises known as Suite 121 and Suite 123
(collectively, the "Premises") shown on Exhibit A, which are or will be
contained in the Buildings (the "Buildings") located at the address stated in
l.l.A., which Buildings are part of an office, commercial and apartment building
complex known as Printers' Square and located at 600-780 South Federal Street,
76 West Polk Street and 75 West Harrison Street, Chicago, Illinois, upon the
following terms and conditions. For purposes of this Lease, "Complex" shall mean
all land, buildings and improvements, including the "Common Areas" (hereinafter
defined) comprising Printers' Square.

               (A) The office and commercial area of the Complex means:

                      (1) The entire first floor of the entire Complex with
               entrance ways at the following addresses: 76 West Polk, 700 South
               Federal, 620 South Federal, 600 South Federal and 75 West
               Harrison Streets.

                      (2) The entire second and third floors at 600 South
               Federal, 620 South Federal and 640 South Federal Streets.

                      (3) The entire fourth floor at 600 South Federal and 620
               South Federal Streets.

                      (4) The entire fifth, sixth, seventh and eighth floors at
               620 South Federal Street.

               (B) The residential area of the Complex means:

                      (1) The entire second floor at 780 South Federal Street,
               740 South Federal Street and 680 South Federal Street.

                      (2) The entire third floor at 780 South Federal Street,
               740 South Federal Street and 680 South Federal Street.

                      (3) The entire fourth floor at 780 South Federal Street,
               740 South Federal Street, 680 South Federal Street and 640 South
               Federal Street.

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                      (4) The entire fifth, sixth, seventh and eighth floors at
               780 South Federal Street, 740 South Federal Street, 680 South
               Federal Street and 640 South Federal Street.

                      (5) The entire ninth floor at 780 South Federal Street,
               740 South Federal Street and 680 South Federal Street.

                      (6) The entire tenth, eleventh and twelfth floors at 780
               South Federal Street and 740 South Federal Street.

        2.2 Term. The term of this Lease (the "Term") shall commence on the date
(the "Commencement Date"), which is the earlier to occur of the date stated in
section 1.1.F. or the date Tenant first occupies all or part of the Premises for
the conduct of business. The Term shall expire on the date (the "Expiration
Date") stated in section l.l.G, unless sooner terminated, as otherwise provided
in this Lease.

3. RENT. Tenant agrees to pay to Landlord at the office of the managing agent
(the "Manager") of the beneficiary of Landlord (the "Beneficiary"), or at such
other place designated by Landlord, without any prior notice or demand and
without any deduction or set off whatsoever, base rent at the initial monthly
rate stated in section l.l.H ("Monthly Base Rent"). Monthly Base Rent is subject
to adjustment pursuant to section 22.2, and as adjusted is called "Adjusted
Monthly Base Rent." Adjusted Monthly Base Rent shall be paid monthly in advance
on the first day of each month of the Term, except that the first installment of
Monthly Base Rent shall be paid by Tenant to Landlord upon execution of this
Lease by Tenant. Adjusted Monthly Base Rent shall be prorated for partial months
within the Term. All charges, costs and sums required to be paid by Tenant to
Landlord under this Lease in addition to Adjusted Monthly Base Rent shall be
considered additional rent, and Adjusted Monthly Base Rent and additional rent
shall be collectively called "Rent." Tenant's covenant to pay Rent shall be
independent of every other covenant in this Lease. In the event Tenant desires
to interconnect its telecommunications equipment with the telecommunications
equipment of other tenants in the Building, Tenant may, upon obtaining
Landlord's written approval, which approval shall not be unreasonably withheld
or delayed, do so in accordance with the terms and conditions of this Lease,
specifically including the terms of section 10 hereof. Notwithstanding the
foregoing, Landlord shall perform all work necessary to effectuate such
interconnections at commercially reasonable rates and Tenant shall reimburse
Landlord for the costs of such work within ten (10) business days after receipt
of an invoice from Landlord for same. The pathways granted hereunder shall not
be considered a part of the Premises and shall be granted as an irrevocable
license (except upon an Event of Default hereunder) for use in common with
Landlord and other tenants of the Building which license shall be coterminous
with the Term of this Lease. Notwithstanding anything contained herein to the
contrary, if any license granted by Landlord to Tenant hereunder or under a
Pathway Confirmation Agreement or Space Acceptance Agreement is revoked or
terminated by Landlord except in connection with an Event of Default under this
Lease, Rent due under this Lease shall abate commencing as the date of such
revocation and continuing until such license is restored or until Landlord has
provided Tenant with substitute space in the Building. The pathway use fees
shall be as set forth on Exhibit C attached hereto.

4. SECURITY DEPOSIT. As security for the performance of its obligations under
this Lease, Tenant, upon its execution of this Lease, has paid to Landlord a
security deposit (the "Security Deposit") in the amount stated in section l.l.J.
The Security Deposit may be applied by Landlord to cure any default of Tenant
under this Lease, and upon notice by Landlord of such application, Tenant shall
replenish the Security Deposit in full by promptly paying to Landlord the amount
so applied. Landlord shall not pay any interest on the Security Deposit. Within
forty-five (45) days after the Expiration Date, Landlord shall return to

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Tenant the balance, if any, of the Security Deposit. The Security Deposit shall
not be deemed an advance payment of Rent or a measure of damages for any default
by Tenant under this Lease, nor shall it be a bar or defense to any action which
Landlord may at any time commence against Tenant.

5.      SERVICES.

        5.1 Landlord's General Services. Landlord shall provide the following
services:

               (A) Intentionally Deleted;

               (B) city water from the regular Buildings fixtures for drinking,
        lavatory and toilet purposes only;

               (C) Intentionally Deleted;

               (D) customary cleaning, mowing, groundskeeping, snow removal and
        trash removal in the "Common Areas" (hereinafter defined);

               (E) washing of windows in the Premises, inside and outside at
        reasonable intervals;

               (F) adequate passenger elevator service in common with other
        tenants of the Buildings and freight elevator service subject to
        scheduling by Landlord;

               (G) heating, air-conditioning and lighting of Common Areas (House
        Meter); and

               (H) security services, the nature and extent of which shall be
        determined by Landlord in its sole discretion.

        5.2 Additional and After-Hour Services. Landlord shall not be obligated
to furnish any services or utilities, other than those stated in section 5.1
above. If Landlord elects to furnish services or utilities requested by Tenant
in addition to those listed in section 5.1 or at times other than those stated
in section 5.1, Tenant shall pay to Landlord the prevailing charges for such
services and utilities within ten (10) days after billing. If Tenant fails to
make any such payment, Landlord may, without notice to Tenant and in addition to
Landlord's other remedies under this Lease, discontinue any or all of such
additional or after-hour services. No such discontinuance of any service shall
result in any liability of Landlord to Tenant or be considered an eviction or a
disturbance of Tenant's use of the Premises.

        5.3 Delays in Furnishing Services. If, as a result of any failure to
furnish or delay in furnishing any of the services described in section 5.1, the
Premises are rendered substantially untenantable for a period of 72 consecutive
hours and the Tenant is unable to occupy the Premises due to such
untenantability, then, commencing upon the expiration of said 72-hour period,
Rent shall abate for the duration of such untenantability until normal services
are resumed. Tenant agrees that Landlord shall not be liable for damages for
failure to furnish or delay in furnishing any service if attributable to any of
the causes described in section 26.7. In addition, no such failure or delay
shall be considered to be an eviction or disturbance of Tenant's use or
possession of the Premises, or relieve Tenant from its obligation to pay all
Rent when due or from any other obligations of Tenant under this Lease, except
as stated in the first sentence of this section.

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<PAGE>   8

        5.4 Tenant's Utilities. Tenant shall make arrangements directly with the
telephone company and the public utility electric company servicing the
Buildings for telephone service and all electric power or current in the
Premises desired by Tenant. Tenant shall pay for all telephone and electric
service (other than for the services provided under section 5.1.A) used or
consumed in the Premises, including the cost of installation of any separate
meters. Tenant shall also pay for the maintenance and replacement of all light
fixtures, electrical switches, electrical outlets, lamps, bulbs, tubes, ballasts
and starters located in the Premises.

6.      POSSESSION, USE AND ENJOYMENT.

        6.1 Possession and Use of Premises. Tenant shall be entitled to
possession of the Premises as of the Commencement Date. Tenant shall occupy and
use the Premises only as a telecommunications center, including switching, line
wholesaling, co-location facilities provider and licensor, and for ancillary
uses thereto, and for no other use or purpose. Tenant shall not occupy or use
the Premises or permit the use or occupancy of the Premises for any purpose or
in any manner which:

               (A) is unlawful or in violation of any applicable legal,
        governmental or quasi- governmental requirement, ordinance or rule
        (including the Board of Fire Underwriters);

               (B) may be dangerous to persons or property;

               (C) may invalidate or increase the amount of premiums for any
        policy of insurance affecting the Buildings or the Complex, and if any
        additional amounts of insurance premium are so incurred, Tenant shall
        pay to Landlord the additional amounts on demand; or

               (D) may create a nuisance, disturb any other tenant of the
        Buildings or the Complex or the occupants of neighboring property or
        injure the reputation of the Buildings or the Complex.

        6.2 Quiet Enjoyment. So long as Tenant is not in default under this
Lease, Tenant shall be entitled to peaceful and quiet enjoyment of the Premises,
subject to the terms of this Lease.

        6.3 Common Areas.

               (A) For purposes of this Lease "Common Areas " shall mean all
        areas, improvements, space, equipment and special services in or at the
        Complex provided by Landlord for the common or joint use and benefit of
        tenants, customers, and other invitees, including, without limitation,
        driveways, entrances and exits, retaining walls, landscaped areas, truck
        serviceways or tunnels, loading docks, pedestrian walkways, walls,
        malls, courtyards, concourses, stairs, ramps, sidewalks, washrooms,
        signs identifying or advertising the Complex, maintenance and utility
        room and closets, hallways, lobbies, elevators and their housing and
        rooms, common window areas, walls and ceiling in Common Areas, and trash
        or rubbish areas.

               (B) Provided Tenant is not in default under this Lease, Tenant
        shall be entitled to use, in common with others entitled thereto, the
        Common Areas as may be designated from time to time by Landlord, subject
        to the terms and conditions of this Lease and to the rules and
        regulations for the use thereof as may be reasonably prescribed from
        time to time by Landlord. If the size or configuration of the Common
        Areas is diminished or altered, Landlord shall not be liable to Tenant

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        therefor, nor shall Tenant be entitled to any compensation or diminution
        or abatement of Adjusted Monthly Base Rent, nor shall such diminution or
        alteration of the Common Areas be considered a constructive or actual
        eviction.

7. CONDITION OF PREMISES. Tenant shall notify Landlord in writing within thirty
(30) days after Tenant takes possession of the Premises of any defects in the
Premises claimed by Tenant. Except for defects stated in such notice and latent
defects, Tenant shall be conclusively presumed to have accepted the Premises in
the condition existing on the date Tenant first takes possession, and to have
waived all claims relating to the condition of the Premises. No agreement of
Landlord to alter, remodel, decorate, clean or improve the Premises, the
Buildings, the Common Areas or the Complex and no representation regarding the
condition of the Premises, the Buildings, the Common Areas or the Complex has
been made by or on behalf of Landlord to Tenant, except as stated in this Lease.

8. ASSIGNMENT AND SUBLETTING.

        8.1 Assignment and Subletting. Without the prior written consent of
Landlord, Tenant shall not sublease the Premises, or assign, mortgage, pledge,
hypothecate or otherwise transfer or permit the transfer of this Lease or the
interest of Tenant in this Lease, in whole or in part, by operation of law or
otherwise. Landlord's consent to a proposed assignment (other than an assignment
to be given for collateral purposes) or for a proposed sublease shall not be
unreasonably withheld, conditioned or delayed. If Tenant desires to assign this
Lease or enter into any sublease of the Premises, Tenant shall deliver written
notice of such intent to Landlord, together with a copy of the proposed
assignment or sublease at least forty-five (45) days prior to the effective date
of the proposed assignment or commencement date of the term of the proposed
sublease. Any approved sublease shall be expressly subject to the terms and
conditions of this Lease, and Tenant shall pay Landlord on the first day of each
month during the term of the sublease fifty percent (50%) of the excess of all
rent and other consideration attributable to the sublease if and when received
from the subtenant for each month over that portion of the Adjusted Monthly Base
Rent due under this Lease for said month, which is allocable on a square footage
basis to the space sublet. In the event of any approved sublease or assignment,
Tenant shall not be released or discharged from any liability, whether past,
present or future, under this Lease, including any renewal term of this Lease.
For purposes of this Section, an assignment shall be considered to include a
change in the majority ownership or control of Tenant if Tenant is a partnership
or a corporation whose shares of stock are not traded publicly.

               (A) Notwithstanding anything to the contrary herein, Tenant shall
        not be required to obtain Landlord's consent to any assignment of this
        Lease or sublease of the Premises, or any portion thereof, (x) to an
        organization that directly or indirectly through one or more
        intermediaries controls, is controlled by, or is under common control
        with Tenant (y) in conjunction with a transaction wherein Tenant becomes
        an entity whose shares of stock or other ownership interests are,
        directly or indirectly, sold on a national exchange or an inter-dealer
        quotation system (and in the event the foregoing transaction has
        occurred, any subsequent sale of ownership interests or issuance of new
        ownership interests, directly or indirectly in Tenant), or (z) in
        conjunction with the merger, consolidation or amalgamation of Tenant
        with a third party or the sale of all, or substantially all, of the
        assets used by Tenant in the conduct of its business at the Premises;
        provided, that except in the instance described in section 8.1(A)(y),
        Tenant shall comply with the following requirements: (a) Landlord
        receives at least 10 days', prior written notice of any such assignment
        or sublease, (b) such entity has a good reputation and operates a
        substantially similar type of business to that of Tenant, (c) the
        minimum net worth of assignee or sublessee is equal to or greater than
        the net worth of

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        Tenant immediately prior to such assignment or sublease, as evidenced to
        Landlord's reasonable satisfaction by financial statements of such
        assignee or sublessee delivered to, and approved in writing by, Landlord
        prior to such assignment or sublease, (d) in the event of an assignment,
        the assignee shall assume the obligations of the tenant under this Lease
        by a written assumption agreement delivered to Landlord prior to the
        effective date of such assignment, and (e) Tenant shall not be released
        from any liability, whether past, present or future, under this Lease,
        [including any renewal term or for any expansion space, generator space,
        antenna space or HVAC space], by reason of such assignment or sublease.
        A Transfer pursuant to the proviso in the immediately preceding sentence
        is herein called a "Permitted Transfer." The word "control," as used
        herein, shall mean the power to direct or cause the direction of the
        management and policies of the controlled entity through ownership of
        more than fifty percent (50%) of the voting securities in such
        controlled entity; and

               (B) Landlord acknowledges that Tenant's permitted use requires
        the installation in the Premises of certain telecommunications equipment
        owned by customers, licensees and co-locators of Tenant ("Tenant
        Customers") in order for such Tenant Customers to interconnect with
        Tenant's equipment or to permit Tenant to manage or operate such Tenant
        Customers' equipment. Notwithstanding anything to the contrary provided
        herein, Landlord approves such use of portions of the Premises by Tenant
        Customers for such purposes without Landlord's further consent. All use
        or occupancy of the Premises by said Tenant Customers shall comply with
        any and all applicable governmental laws, rules, or regulations, and the
        provisions of this Lease. Notwithstanding the foregoing to the contrary,
        Landlord agrees not to charge Tenant for any portion of fees received by
        Tenant from Tenant's Customers or to exercise any rights of recapture
        otherwise available to Landlord hereunder.

        8.2 Recapture Agreement. If Tenant desires to enter into any sublease of
the Premises, Landlord shall have the option to exclude from the Premises
covered by this Lease, the space proposed to be sublet by Tenant, effective as
of the proposed commencement date of sublease of said space by Tenant. Landlord
may exercise said option by giving Tenant written notice within fifteen (15)
days after receipt by Landlord of Tenant's notice of the proposed sublease. If
Landlord exercises said option, Tenant shall surrender possession of the
proposed sublease space to Landlord on the effective date of exclusion of said
space from the Premises covered by this Lease, and neither party hereto shall
have any further rights or liabilities with respect to said space under this
Lease. Effective as of the date of exclusion of any portion of the Premises
covered by this Lease pursuant to this paragraph (i) the Monthly Base Rent
specified in section 1.1.H shall be reduced in the same proportion as the number
of square feet of the rentable area contained in the portion of the Premises so
excluded bears to the number of square feet of rentable area contained in the
Premises immediately prior to such exclusion, and (ii) the rentable area of the
Premises specified in section 1.1.1 shall be decreased by the number of square
feet of rentable area contained in the portion of the Premises so excluded, for
all purposes under this Lease.

9.      MAINTENANCE.

        9.1 Landlord's Maintenance. Landlord, at its expense, shall maintain and
make necessary repairs to the structural elements and exterior windows of the
buildings and the Common Areas, and, subject to section 5.4, the electrical,
plumbing, heating, ventilation and air-conditioning system therein, except that:

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               (A) Landlord shall not be responsible for the maintenance, or
        replacement of any such systems which are located within the Premises
        and are supplemental or special to the Buildings' standard system, or
        floor or wall coverings in the Premises; and

               (B) The cost of performing any of said maintenance or repairs
        caused by the negligence of Tenant, its employees, agents, servants,
        licensees, subtenants, contractors or invitees, or the failure of Tenant
        to perform its obligations under this Lease shall be paid by Tenant,
        except to the extent of insurance proceeds, if any, actually collected
        by Landlord with regard to the damage necessitating such repairs.

        9.2 Tenant's Maintenance. Tenant, at its expense, shall keep and
maintain the Premises in good order, condition and repair and in accordance with
all applicable legal, governmental and quasi-governmental requirements,
ordinances and rules (including the Board of Fire Underwriters). Notwithstanding
anything contained in this Lease to the contrary, Tenant shall not be required
to make any structural repairs or alterations to the Premises which may be
required by law (whether presently existing or hereafter enacted), insurance
regulations or otherwise, except as may be required solely by Tenant's or
Tenant's Customers' use of the Premises.

        9.3 Maintenance of Common Areas. The Common Areas shall at all times be
subject to the exclusive control, management, operation and maintenance of
Landlord. Landlord shall have the right from time to time and in reasonable
manner to establish, modify and enforce rules and regulations with respect to
the Common Areas. Landlord agrees to apply any such rules and regulations in a
reasonably non- discriminatory manner. Tenant agrees to comply with such rules
and regulations, to cause its officers, agents, contractors and employees to so
comply. Landlord shall have the right to construct, maintain and operate
lighting facilities in and on the Common Areas; to police the same; from time to
time to change the area, level, location or arrangement of parking areas,
loading docks, pedestrian walkways, walls, malls, concourses, stairs, ramps,
washrooms and other facilities located in the Common Areas to close all or any
portion of the Common Areas to such extent as may, in the opinion of Landlord,
be legally sufficient to prevent a dedication thereof or accrual of any rights
to any person or the public therein; to close temporarily all or any part of the
parking areas or parking facilities; and to do and perform such other acts in
and to the Common Areas as, in the exercise of good business judgment, Landlord
shall determine to be advisable. Landlord will operate and maintain the Common
Areas in such manner as Landlord, in its sole discretion, shall determine from
time to time.

10.     ALTERATIONS AND IMPROVEMENTS.

        10.1 Tenant's Alterations. Tenant shall not, without the prior written
consent of Landlord, which consent shall not be unreasonably withheld,
conditioned or delayed, make or cause to be made any alterations, improvements,
additions or installations in or to the Premises or the Buildings. Before
commencement of any such work or delivery of any materials into the Premises or
the Building, Tenant shall furnish to Landlord for approval: architectural plans
and specifications, names and addresses of all contractors, contracts, necessary
permits and licenses, certificates of insurance and instruments of
indemnification against any and all claims, costs, expenses, damages and
liabilities which may arise in connection with such work, all in such form and
amount as may be reasonably satisfactory to Landlord. In addition, prior to
commencement of any such work or delivery of any materials into the Premises,
Tenant shall provide Landlord with evidence reasonably satisfactory to Landlord
of Tenant's ability to pay for such work and materials in full, and, if
requested by Landlord, shall deposit with Landlord (or a third party

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escrowee, at Tenant's expense) at such time such security for the payment of
said work and materials as Landlord may require. Tenant agrees to hold Landlord,
the Beneficiary, the Manager and their respective agents and employees forever
harmless against all claims and liabilities of every kind, nature and
description which may arise out of or in any way be connected with such work.
All such work shall be done only by contractors or mechanics reasonably approved
by Landlord and at such time and in such manner as Landlord may from time to
time designate. Tenant shall pay the cost of all such work. Upon completion of
such work, Tenant shall furnish Landlord with contractor's affidavits and full
and final waivers of lien and receipted bills covering all labor and materials
expended. All such work shall be in compliance with all applicable legal,
governmental and quasi governmental requirements, ordinances and rules
(including the Board of Fire Underwriters), and all requirements of applicable
insurance companies. All such work shall be done in a good and Workmanlike
manner and with the use of good grades of materials. Tenant shall permit
Landlord, if Landlord so desires, to supervise construction operations in
connection with such work; provided, however, that such supervision or right to
supervise by Landlord shall not constitute any warranty by Landlord to Tenant of
the adequacy of the design, Workmanship or quality of such work or materials for
Tenant's intended use or impose any liability upon Landlord in connection with
the performance of such work. Tenant shall reimburse Landlord for Landlord's
reasonable out-of-pocket costs associated with the review and approval of
Tenant's alterations. All alterations, improvements, additions and installations
to or on the Premises shall (subject to section 13) become part of the Premises
at the time of their installation and shall in the Premises at the expiration or
termination of Tenant's right of possession of the Premises, without
compensation or credit to Tenant. Notwithstanding the foregoing to the contrary,
Tenant may make non-structural alterations without Landlord's prior written
consent if Tenant provides Landlord with reasonable prior written notice of such
alterations and such alterations (a) do not cost more than $10,000 in the
aggregate during any year of the Term to perform, (b) do not materially
adversely affect the base building mechanical, electrical or plumbing systems or
equipment in the Building, (c) do not require the issuance of a building permit,
and (d) are not visible from the exterior of the Premises.

        10.2 Liens. Tenant shall not permit any lien or claim for lien of any
mechanic, laborer or supplier or any other lien to be filed against the Complex,
the Buildings, the Common Areas, the land which comprises the Complex, the
Premises or any part of such property arising out of work performed, or alleged
to have been performed by, or at the direction of, or on behalf of Tenant. If
any such lien or claim for lien is filed, Tenant shall have fifteen (15) days
after such filing to either have such lien or claim for lien released of record
or shall deliver to Landlord a bond or other security in form, content, amount
and issued by a company reasonably satisfactory to Landlord indemnifying
Landlord, the Beneficiary and others designated by Landlord against all costs
and liabilities resulting from such lien or claim for lien and the foreclosure
or attempted foreclosure thereof. If Tenant fails to have such lien or claim for
lien so released or to deliver such bond to Landlord, Landlord, without
investigating the validity of such lien, may pay or discharge the same and
Tenant shall reimburse Landlord upon demand for the amount so paid by Landlord,
including Landlord's expenses and reasonable attorneys' fees.

11. WAIVER OF CLAIMS AND INDEMNITY.

        11.1 Waiver. To the full extent permitted by law, Tenant hereby releases
and waives all claims against Landlord, the Beneficiary, the Manager and their
respective agents and employees for injury or damage to person, property or
business sustained in or about the Complex, the Buildings or the Premises by
Tenant, its agent or employees other than damage caused by the negligence of
Landlord, the Beneficiary, the Manager or their respective agents or employees.

                                       12

<PAGE>   13

        11.2 Indemnification. Tenant agrees to indemnify and hold harmless
Landlord, the Beneficiary, the Manager and their respective agents and
employees, from and against any and all liabilities, claims, demands, costs and
expenses of every kind and nature (including reasonable attorneys' fees),
including those arising from any injury or damage to any person, property or
business for which Landlord is not reimbursed by insurance, (i) sustained in or
about the Premises, (ii) resulting from the negligence of Tenant, its employees,
agents, servants, invitees, licensees or subtenants, or (iii) resulting from the
failure of Tenant to perform its obligations under this Lease; provided,
however, Tenant's obligations under this Section shall not apply to injury or
damage resulting from the negligence of Landlord, the Beneficiary, the Manager
or their respective agents or employees. If any such proceeding is brought
against Landlord, the Beneficiary, the Manager or their respective agents or
employees, Tenant covenants to defend such proceeding at its sole cost by legal
counsel reasonably satisfactory to Landlord, if requested by Landlord. The
indemnity herein set forth shall apply, without limitation, to the performance
of Tenant's Alterations subsequent to initial occupancy set forth in section
10.1.

12.     LANDLORD'S REMEDIES.

        12.1 Events of Default. Each of the following shall constitute an "Event
of Default" by Tenant under this Lease:

        Tenant fails to pay any Rent, or any installment of Rent, within five
(5) days after written notice from Landlord provided, however, in no event shall
Landlord be obligated to provide such notice more than once during any year of
the Term; Tenant fails to observe or perform any of the other covenants,
conditions or provisions of this Lease or to be observed or performed by Tenant
and fails to cure such default within fifteen (15) business days after written
notice to Tenant provided, however, that if the default is of such a nature that
it cannot be cured within fifteen (15) business days, no Event of Default shall
be deemed to have occurred by reason of the default if cure is commenced within
said fifteen (15) business day period and diligently pursued to completion and
is completed or cured in no event more than one hundred twenty (120) days after
the occurrence of such default; the interest of Tenant in this Lease is levied
upon under execution or other legal process; a petition is filed by or against
Tenant to declare Tenant bankrupt or seeking a plan of reorganization or
arrangement under any Chapter of the Bankruptcy Code, or any amendment,
replacement or substitution therefor, or to delay payment of, reduce or modify
Tenant's debts, or any petition is filed or other action taken to reorganize or
modify Tenant's capital structure or upon the dissolution of Tenant and any of
the foregoing proceedings remain undismissed after a period of ninety (90) days;
Tenant is declared insolvent by law or any assignment of Tenant's property is
made for the benefit of creditors; a receiver is appointed for Tenant or
Tenant's property.

        12.2 Landlord's Remedies. Upon the occurrence of an Event of Default by
Tenant under this Lease, Landlord, at its option, without further notice or
demand to Tenant, may, in addition to all other rights and remedies provided in
this Lease, at law or in equity:

               (A) Terminate this Lease and Tenant's right of possession of the
        Premises, and recover all damages to which Landlord is entitled under
        law, specifically including, without limitation, all Landlord's expenses
        of reletting (including repairs, alterations, improvements, additions,
        decorations, reasonable legal fees and brokerage commissions).

               (B) Terminate Tenant's right of possession of the Premises
        without terminating this Lease, in which event Landlord may, but shall
        not be obligated to, relet the Premises, or any part

                                       13

<PAGE>   14

        thereof for the account of the Tenant, for such rent and term and upon
        such terms and conditions as are acceptable to Landlord. For purposes of
        such reletting, Landlord is authorized to decorate, repair, alter and
        improve the Premises to the extent reasonably necessary. If Landlord
        does not relet the Premises, then Tenant shall pay Landlord monthly on
        the first day of each month during the period that Tenant's right of
        possession is terminated, a sum equal to the amount of Rent due under
        this Lease for such month (less any amount which Landlord could have
        realized if Landlord relet the Premises to a reputable, creditworthy
        substitute tenant which substitute tenant was ready, willing and able to
        lease the entire Premises from Landlord.) If the Premises are relet and
        a sufficient sum is not realized from such reletting after payment of
        all Landlord's expenses of reletting (including repairs, alterations,
        improvements, additions, decorations, legal fees and brokerage
        commissions) to satisfy the payment of Rent due under this Lease for any
        month, Tenant shall pay Landlord any such deficiency monthly upon
        demand. Tenant agrees that Landlord may file suit to cover any sums due
        to Landlord under this Section from time to time and that such suit or
        recovery or any amount due Landlord shall not be any defense to any
        subsequent action brought for any amount not previously reduced to
        judgment in favor of Landlord. If Landlord elects to terminate Tenant's
        right to possession only without terminating this Lease, Landlord may,
        at its option, enter into the Premises, remove Tenant's signs and other
        evidences of tenancy, and take and hold possession thereof, as stated in
        section 13; provided however, that such entry and possession shall not
        terminate this Lease or release Tenant, in whole or in part, from
        Tenant's obligation to pay the Rent reserved hereunder for the full Term
        or from any other obligation of Tenant under this Lease.

               (C) In the event a petition is filed by or against Tenant seeking
        a plan of reorganization or arrangement under Chapter 9, 11 or 13 of the
        Bankruptcy Code, Landlord and Tenant agree, to the extent permitted by
        law, that the trustee in bankruptcy shall determine within sixty (60)
        days after commencement of the case, whether to assume or reject this
        Lease.

        12.3 Attorneys' Fees. If either Landlord or Tenant brings an action or
proceeding to enforce the terms hereof or declare rights hereunder, the
prevailing party (as hereinafter defined) in any such proceeding, action or
appeal thereon, shall be entitled to reasonable attorney's fees. Such fees may
be awarded in the same suit or recovered in a separate suit, whether or not such
action or proceeding is pursued to decision or judgment. The term "prevailing
party" shall include, without limitation, a party who has substantially attained
or defeats the relief sought, as the case may be, whether by compromise,
settlement, judgment, or the abandonment by the other party of its claim or
defense.

13. SURRENDER OF PREMISES. Upon the expiration or termination of this Lease or
termination of Tenant's right of possession of the Premises, Tenant shall
surrender and vacate the Premises immediately and deliver possession thereof to
Landlord in a clean, good and tenantable condition, ordinary wear and tear,
condemnation, fire or other casualty and repairs which are Landlord's obligation
hereunder excepted. Upon any termination, Tenant shall be entitled to remove
from the Premises all movable trade fixtures and personal property of Tenant
(including, but not limited to, wall and floor mounted cabinets, computer and
telecommunications equipment, generator, antennae batteries and other trade
fixtures) without credit or compensation from Landlord, provided Tenant
immediately shall repair all damage resulting from such removal and shall
restore the Premises to a tenantable condition. In the event possession of the
Premises is not immediately delivered to Landlord or if Tenant shall fail to
remove any movable trade fixtures or personal property which Tenant is entitled
to remove, Landlord may remove same without any liability to Tenant. Any movable
trade fixtures and personal property which may be removed from the Premises by
Tenant, but which are not so removed, shall be conclusively presumed to have
been abandoned by Tenant

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<PAGE>   15

and title to such property shall pass to Landlord without any payment or credit,
and Landlord may, at its option and at Tenant's expense, store and/or dispose of
such property. Upon Tenant's written request, Landlord agrees to subordinate any
statutory landlord lien rights it may have against the equipment or trade
fixtures of Tenant located in the Building, to the rights of any existing or
future lender of Tenant, provided such subordination agreement is in form and
substance reasonably acceptable to Landlord.

14. HOLDING OVER. Tenant shall pay Landlord one hundred fifty percent (150%) of
the Adjusted Monthly Base Rent then applicable for each month or partial month
during which Tenant retains possession of the Premises, or any part of the
Premises, after the expiration or termination of this Lease. Tenant shall
indemnify Landlord against all liabilities and damages sustained by Landlord by
reason of such retention of possession. The provisions of this section shall not
constitute a waiver by Landlord of any re-entry rights of Landlord available
under this Lease or by law. If Tenant retains possession of the Premises, or any
part of the Premises, for thirty (30) days after the expiration or the
termination of this Lease, then at the sole option of Landlord expressed by
written notice to Tenant, but not otherwise, such holding over shall constitute
a renewal of this Lease for a period of one year on the same covenants, terms,
and conditions.

15. DAMAGE BY FIRE OR OTHER CASUALTY

        15.1 Substantial Untenantability. If either the Premises or the
particular building in which it is located, is rendered substantially
untenantable by fire or other casualty, Landlord may elect by giving Tenant
written notice ("Landlord's Casualty Notice") within one hundred twenty (120)
days after the date of said fire or casualty, either to:

               (A) terminate this Lease as of the date of the fire or other
        casualty; or

               (B) proceed to repair or restore the Premises, the Buildings or
        the Complex other than leasehold improvements and personal property
        installed by Tenant, to substantially the same condition as existed
        immediately prior to such fire or casualty.

        If Landlord elects to proceed pursuant to subsection B above, Landlord's
Casualty Notice shall contain Landlord's reasonable estimate of the time
required to substantially complete such repair or restoration. If such estimate
indicates that the time so expired will exceed one hundred eighty (180) days
from the date of Landlord's Casualty Notice, then Tenant shall have the right to
terminate this Lease as of the date of such casualty by giving written notice to
Landlord not later than twenty (20) days after the date of Landlord's Casualty
Notice. If Landlord's estimate indicates that the repair or restoration can be
substantially completed within 180 days, or if Tenant fails to exercise its said
right to terminate this Lease, this Lease shall remain in full force and effect.

        15.2 Insubstantial Untenantability. If either the Premises or the
particular building in which it is located, is damaged by fire or other
casualty, but is not rendered substantially untenantable, then Landlord shall
diligently proceed to repair and restore the damaged portions thereof, other
than the leasehold improvements and personal property installed by Tenant, to
substantially the same condition as existed immediately prior to such fire or
casualty, unless such damage occurs during the last twelve (12) months of the
Term, in which event Landlord shall have the right to terminate this Lease as of
the date of such fire or other casualty by giving written notice to Tenant
within thirty (30) days after the date of such fire or other casualty.

                                       15

<PAGE>   16

        15.3 Rent Abatement. If all or any part of the Premises is damaged by
fire or other casualty and this Lease is not terminated, Adjusted Monthly Base
Rent shall abate for all or that part of the Premises which is untenantable on a
per diem and proportionate area basis from the date of the fire or other
casualty until Landlord has substantially completed the repair and restoration
work in the Premises, which it is required to perform, provided, that as a
result of such fire or other casualty, Tenant does not occupy the portion of the
Premises which is untenantable during such period.

        15.4 Tenant's Restoration. If all or any part of the Premises are
damaged by fire or other casualty and this Lease is not terminated, Tenant shall
promptly and with due diligence repair and restore the leasehold improvements
and personal property previously installed by Tenant pursuant to this Lease.

16. EMINENT DOMAIN.

        16.1 Substantial Taking. If all or any part of the Premises, the
particular building in which it is located, or the Complex is permanently taken
or condemned by any competent authority for any public use or purpose (including
a deed given in lieu of condemnation), which renders the Premises substantially
untenantable, this Lease shall terminate as of the date title vests in such
authority, and Adjusted Monthly Base Rent shall be apportioned as of such date.

        16.2 Insubstantial Taking. If any part of the Premises, the particular
building in which it is located, or the Complex is taken or condemned for any
public use or purpose (including a deed given in lieu of condemnation) and this
Lease is not terminated pursuant to section 16.1, Adjusted Monthly Base Rent
shall be reduced for the period of such taking by an amount which bears the same
ratio to Adjusted Monthly Base Rent then in effect as the number of square feet
of rentable area in the Premises so taken or condemned, if any, bears to the
number of square feet of rentable area specified in section 1.1.I. Landlord,
upon receipt and to the extent of the award in condemnation or proceeds of sale,
shall make necessary repairs and restorations (exclusive of leasehold
improvements and personal property installed by Tenant) to restore the Premises
remaining to as near its former condition as circumstances will permit, and to
the Buildings and Complex to the extent necessary to constitute the portion of
same not so taken or condemned as a complete architectural unit. In the event of
any taking or condemnation described in this section 16.2, the rentable area of
the Premises stated in section l.l.I, and the rentable area of the Complex as
specified in this Lease shall be reduced, respectively, for all purposes under
this Lease by the number of square feet of rentable area of the Premises, if
any, and the Complex, if any, so taken or condemned.

        16.3 Compensation. Landlord shall be entitled to receive the entire
price or award from any such sale, taking or condemnation without any payment to
Tenant, and Tenant hereby assigns to Landlord Tenant's interest, if any, in such
award; provided, however, Tenant shall have the right separately to pursue
against the condemning authority an award in respect of the loss, if any, to
leasehold improvements paid for by Tenant without any credit or allowance from
Landlord.

17. TENANT'S INSURANCE. Tenant, at its expense, shall maintain in force during
the Term;

               (A) Commercial general liability insurance, which shall include
        coverage for personal liability, contractual liability, tenant's legal
        liability, business interruption, bodily injury, death and property
        damage, all on an occurrence basis with respect to the business carried
        on, in, or from the Premises and Tenant's use and occupancy of the
        Premises, with coverage for injury or death of any one person in an
        amount of not less than $2,000,000 and for injury or death of more than
        any one

                                       16

<PAGE>   17

        person in any one occurrence in an amount of not less than $5,000,000
        and for damage to property of not less than $500,000 or such other
        amounts as Landlord may reasonably require upon not less than sixty (60)
        days, prior written notice, which insurance shall include Landlord, the
        Beneficiary, the Manager, or their respective agents and employees as
        named insureds and shall protect them in respect of claims by Tenant as
        if they separately insured; and

               (B) Insurance against such other perils and in such amounts as
        Landlord may from time to time reasonably require upon not less than
        thirty (30) days' prior written notice, such requirement to be made on
        the basis that the required insurance is customary at the time for
        prudent tenants of properties similar to the Complex in the Chicago,
        Illinois area.

               Tenant shall have the right to maintain the required liability
        insurance in the form of a blanket policy covering other business
        locations of Tenant in addition to the Premises; provided, however, that
        Tenant shall provide Landlord with a certificate of insurance
        specifically naming the location of the Premises and naming Landlord as
        required in this Article, the limits of which coverage are to be in the
        amounts set forth in this Article.

               All insurance required to be maintained by Tenant shall be on
        terms and with insurers reasonably acceptable to Landlord. Each policy
        shall contain an undertaking by the insurer that no material change
        adverse to Landlord or Tenant will be made, and the policy will not
        lapse or be canceled, except after not less than thirty (30) days' prior
        written notice to Landlord of the intended change, lapse or
        cancellation. Tenant shall furnish to Landlord, if and whenever
        requested by it, certificates or other evidences acceptable to Landlord
        as to insurance from time to time effected by Tenant and its renewal or
        continuation in force.

               Landlord and Tenant each agree that neither Landlord, the
        Beneficiary, the Manager nor Tenant (nor their respective successors and
        assignees) will have any claim against the other for any loss, damage or
        injury which is covered by casualty insurance carried by either party
        and for which recovery from such insurer is made, notwithstanding the
        negligence of either party in causing the loss. This waiver shall (a) be
        valid only if the insurance policy in question expressly permits waiver
        of subrogation or if the insurer agrees in writing that such waiver of
        subrogation will not affect coverage under said policy, and (b) exclude
        any claim brought by any third-party against either Tenant or Landlord
        which results from the breach or default by either party in the
        performance of its obligations under this Lease.

               Landlord agrees to maintain, throughout the Term of this Lease,
        property insurance at least equal to the full replacement cost of the
        Building (excluding foundations), the cost of which shall be includable
        in "Operating Expenses," as defined in section 22 below, or, in the
        alternative, Landlord may elect to self-insure against casualty risks to
        the Building.

18. RULES AND REGULATIONS. Tenant agrees for itself and for its subtenants,
employees, agents and invitees to comply with the following rules and
regulations and with all reasonable modifications and additions thereto which
Landlord may from time to time:

               (A) Any sign, lettering, picture, notice or advertisement
        installed within the Premises, which is visible from the public
        corridors within the Buildings, shall be installed in such manner and be
        of such character and style as Landlord shall approve in writing. No
        sign, lettering, picture,

                                       17

<PAGE>   18

        notice or advertisement shall be placed on any outside window or in a
        position to be visible from outside the Buildings;

               (B) Tenant shall not use the name "Printers' Square" for any
        purpose other than Tenant's business address;

               (C) Tenant shall not use the name "Printer's Square" for Tenant's
        business address after Tenant vacates the Premises;

               (D) Sidewalks, entrances, passages, courts, corridors, halls,
        elevators and stairways in and about the Premises shall not be
        obstructed nor shall objects are placed against glass partitions, doors
        or windows which would be unsightly from the corridors of the Buildings
        or from the exterior of the Buildings;

               (E) No animals, pets, bicycles or other vehicles shall be brought
        or permitted to be brought in the Buildings or the Premises;

               (F) Room to room canvasses to solicit business from other tenants
        of the Complex are not permitted;

               (G) Tenants shall not waste electricity, water or air
        conditioning and shall cooperate fully with Landlord to assure the most
        effective and efficient operation of the heating and air conditioning
        system of the Buildings. All controls shall be adjusted only by
        authorized building personnel;

               (H) All corridor doors shall remain closed at all times;

               (I) No locks or similar devices shall be attached to any door
        except by Landlord and Landlord shall have the right to retain a key to
        all such locks. Notwithstanding the foregoing, Tenant shall have the
        right to install its own security in the Premises provided that Tenant
        provides Landlord with the keys or combination to allow Landlord (and
        emergency personnel) access to the Premises in the event of an emergency
        or in the event access is required to facilitate any Landlord repairs to
        Building systems upon reasonable advance notice to Tenant;

               (J) Tenant assumes full responsibility for protecting the
        Premises from theft, robbery and pilferage. Except during Tenant's
        normal business hours, Tenant shall keep all doors to the Premises
        locked and other means of entry to the Premises closed and secured;

               (K) Only machinery or mechanical devices of a nature directly
        related to Tenant's ordinary use of the Premises shall be installed,
        placed or used in the Premises and the Installation and use of all such
        machinery and mechanical devices is subject to the other rules contained
        in this 18. and the other portions of this Lease;

               (L) Intentionally Deleted.

               (M) Safes, furniture, equipment, machines and other large or
        bulky articles shall be brought to the Buildings and into and out of the
        Premises at such times and in such manner as

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<PAGE>   19

        Landlord shall direct (including the designation of elevators) and at
        Tenant's sole risk and cost. Prior to Tenant's removal of such articles
        from the Buildings, shall obtain written authorization of the office of
        the Buildings and shall present such authorization to a designated
        employee of Landlord;

               (N) Tenant shall not in any manner deface or damage the Buildings
        or the Complex;

               (O) Inflammables such as gasoline, kerosene, naphtha and benzene,
        or explosives or any other articles of an intrinsically dangerous nature
        are not permitted in the Buildings or Premises;

               (P) Tenant shall ascertain from Landlord the maximum amount of
        electrical current which can safely be used in the Premises, taking into
        account the capacity of the electric wiring of the Buildings and the
        Premises and the needs of other tenants, and shall not use more than
        such safe capacity. Notwithstanding the foregoing, Landlord agrees to
        permit Tenant, at Tenant's sole cost and expense, to draw up to 500 amps
        of 480, 3-phase power from the Commonwealth Edison Service vault.
        Landlord's consent to the installation of electrical equipment shall not
        relieve Tenant from the obligation not to use more electricity than such
        safe capacity.

               (Q) To the extent permitted by law, Tenant shall not permit
        picketing or other union activity involving its employees in the
        Buildings or the Complex, except in those locations and subject to time
        and other limitations as to which Landlord may give prior written
        consent;

               (R) Except as permitted herein, Tenant shall not enter into or
        upon the roof or basement of the Buildings or any storage, heating,
        ventilation, air conditioning, mechanical or elevator machinery housing
        areas;

               (S) Tenant shall not distribute literature, flyers, handouts or
        pamphlets of any type in any of the common areas of the Buildings,
        without the prior written consent of Landlord;

               (T) Tenant shall not cook, otherwise prepare, sell or dispense
        any food or beverages in or from the Premises;

               (U) Tenant shall not permit the use of any apparatus for sound
        production or transmission in such manner that the sound so transmitted
        or produced shall be audible or vibrations therefrom shall be detectable
        beyond the Premises;

               (V) Tenant shall keep all electrical and mechanical apparatus
        free of vibration, noise and air waves which may be transmitted beyond
        the Premises;

               (W) Tenant shall not permit objectionable odors or vapors to
        emanate from the Premises;

               (X) Tenant shall not place a load upon any floor of the Premises
        exceeding the floor load capacity for which such floor was designed or
        allowed by law to carry; and

               (Y) No floor covering shall be affixed to any floor in the
        Premises by means of glue or other adhesive, unless the installation
        procedure is approved by Landlord.

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<PAGE>   20

        Landlord shall not be responsible for the violation of any of the
foregoing rules and regulations by other tenants of the Buildings or the Complex
and shall not be obligated to enforce the same against other tenants.

19. LANDLORD'S RIGHTS. Landlord shall have the following rights exercisable
without notice (except as expressly provided to the contrary) and without being
deemed an eviction or disturbance of Tenant's use or possession of the Premises
or giving rise to any claim for set-off or abatement of Rent:

               (A) To change the name or street address of the Buildings or the
        Complex, upon thirty (30) days' prior written notice to Tenant;

               (B) To install, affix and maintain all signs on the exterior
        and/or interior of the Buildings and in and about the Complex;

               (C) To designate and/or approve prior to installation, all types
        of signs, window shades, blinds, drapes, awnings or other similar items,
        and all internal lighting that may be visible from the exterior of the
        Premises;

               (D) To display the Premises to prospective tenants at reasonable
        hours during the last twelve (12) months of the Term;

               (E) To change the arrangement of entrances, doors, corridors,
        elevators and stairs in the Buildings and Complex, provided that no such
        change shall materially adversely affect access to the Premises;

               (F) To grant to any party the exclusive right to conduct any
        business or render any service in or to the Buildings, provided such
        exclusive right shall not operate to prohibitTenant from using the
        Premises for the purposes permitted hereunder;

               (G) To prohibit the placing of vending or dispensing machines of
        any kind in or about the Premises other than for use by Tenant's
        employees;

               (H) To have access for Landlord and other tenants of Buildings to
        any mail chutes and boxes located in or on the Premises according to the
        rules of the United States Post Office;

               (I) To close the Buildings and Complex after normal business
        hours, except that Tenant and its employees and invitees shall be
        entitled to admission at all times, under such regulations as Landlord
        prescribes for security purposes;

               (J) To take any and all reasonable measures, including
        inspections and repairs to the Premises of the Buildings, as may be
        necessary or desirable in the operation or protection thereof;

               (K) To retain at all times master keys or pass keys to the
        Premises;

               (L) To install, operate and maintain security system which
        monitor, by closed circuit television or otherwise, all persons entering
        and leaving the Buildings or the Complex; and

                                       20

<PAGE>   21

               (M) To install (in existing chases and risers) and maintain
        pipes, ducts, conduits, wires and structural elements located in the
        Premises which serve other parts or other tenants of the Buildings.

20. ESTOPPEL CERTIFICATE. Tenant shall, from time to time, upon not less than
ten (10) days prior written request by Landlord or any mortgagee or ground
lessor of the Complex, deliver to Landlord or such mortgagee or ground lessor, a
statement in writing certifying to the extent accurate:

               (A) That this Lease is unmodified and in full force and effect
        or, if there have been modifications, that this Lease, as modified, is
        in full force and effect;

               (B) The amount of Adjusted Monthly Base Rent then payable under
        this Lease and the date to which rent has been paid;

               (C) That, to Tenant's knowledge, Landlord is not in default under
        this Lease or, if in default, a detailed description of such default(s);

               (D) That Tenant is or is not in possession of the Premises, as
        the case may be; and

               (E) Such other information as may be reasonably requested.

21.     INTENTIONALLY DELETED

22.     ADJUSTMENTS TO MONTHLY BASE RENT.

        22.1 Definitions. For the purpose of this section 22, the following
words, terms and phrases shall have the following meanings:

               (A) "Adjustment Date" shall mean (i) January 1, 2000 and each
        January 1st thereafter occurring during the Term.

               (B) "Adjustment Year" shall mean each calendar year during which
        an Adjustment Date occurs.

               (C) Intentionally Omitted.

               (D) "Operating Expenses" shall mean all costs, expenses and
        disbursements of every kind and nature which Landlord shall pay or
        become obligated to pay in connection with the management, operation,
        maintenance and repair of all Buildings and improvements comprising the
        Complex and of the personal property, fixtures, machinery, equipment,
        systems and apparatus located in or used in connection therewith,
        including (without limitation) the cost of security and security devices
        and systems, snow and ice and trash removal, cleaning and sweeping,
        planting and replacing decorations, flowers and landscaping,
        maintenance, repair and replacement of utility system, elevators and
        escalators, electricity, steam, water, sewers, fuel, heating, lighting,
        air conditioning, window cleaning, janitorial service, insurance,
        including but not limited to, fire, extended coverage, all risk,
        liability, workmen's compensation, elevator, or any other insurance
        carried by the Landlord and applicable to the Complex, painting,
        uniforms, management fees,

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<PAGE>   22

        supplies, sundries, sales or use taxes on supplies or services, cost of
        wages and salaries of all persons engaged in the operation, management,
        maintenance and repair of the Complex, and so-called fringe benefits,
        including social security taxes, unemployment insurance taxes, cost for
        providing coverage for disability benefits, cost of any pensions,
        hospitalization, welfare or retirement plans, or any other similar or
        like expenses incurred under the provisions of any collective bargaining
        agreement, or any other cost or expense which Landlord pays or incurs to
        provide benefits for employees so engaged in the operation, management,
        maintenance and repair of the Complex, the charges of any independent
        contractor who, under contract with the Landlord or its representatives,
        does any of the work of operating, managing, maintaining or repairing of
        the Complex, legal and accounting expenses, or any other expense or
        charge, whether or not heretofore mentioned, which, in accordance with
        generally accepted accounting and management principles, would be
        considered as an expense of managing, operating, maintaining or
        repairing the Complex. Operating Expenses shall not include the
        following: costs of improvement of the Premises and the premises of
        other tenants of the Buildings; charges for depreciation of the
        Buildings and improvements comprising the Complex; interest and
        principal payments on mortgages; real estate brokerage and leasing
        commissions; salaries and other compensation of executive officers of
        the Manager senior to the individual Building or Complex manager; any
        expenditures for which Landlord has been reimbursed (other than pursuant
        to rent adjustment and escalation provisions provided in leases);
        capital improvements to the Complex; and all taxes and assessments other
        than sales, use and payroll taxes. Specifically excluded from Operating
        Expenses shall be the following:

                      (1) Taxes (as defined in section 22.1(F) below);

                      (2) Wages, salaries and other compensation paid to clerks
               or attendants in commercial concessions, including the parking
               facility operated by Landlord;

                      (3) Costs of repairs, alterations or replacements caused
               by casualty losses;

                      (4) Costs of repairs, alterations or replacements caused
               by the exercise of the rights of eminent domain;

                      (5) Costs and expenses incurred in connection with leasing
               space in the Complex, such as legal fees for the preparation of
               leases, tenant allowances, space planner fees, advertising and
               promotional expenses and expenses of any leasing office incurred
               with regard to leasing the Complex or portions thereof;

                      (6) Court costs and legal fees incurred with regard to
               enforcing the obligations of tenants under other leases;

                      (7) Costs incurred due to the proven or admitted violation
               by Landlord of any lease for space in the Complex or any
               indemnity payments made by Landlord pursuant to any such lease
               because of a proven or admitted violation by Landlord under such
               lease, and which costs would not have been incurred but for such
               violation;

                      (8) Any payments made to subsidiaries of Landlord or
               entities under common control with Landlord except if such
               payments are for services or goods on, to or for the Complex;

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<PAGE>   23

                      (9) Accounting fees (including those for the preparation
               of Landlord's income taxes), except reasonable accounting fees
               incurred in connection with the operation and management of the
               Complex;

                      (10) Costs of abating, removing or remediating asbestos or
               any other environmental contamination which is present as of the
               Commencement Date due to no fault of Tenant;

                      (11) Costs relating to relocating existing tenants in the
               Complex;

                      (12) Costs arising as a result of Landlord's proven or
               admitted gross negligence or wilful misconduct or the proven or
               admitted gross negligence or wilful misconduct of Landlord's
               agents or employees; and which costs would not have been incurred
               but for such gross negligence or willful misconduct; and

                      (14) Ground lease payments, if any, except for ground
               lease payments which represent direct pass-throughs of Taxes,
               Operating Expenses, or any component thereof.

        For purposes of determining Tenant's prorata share of Operating
        Expenses, Operating Expenses are divided into five (5) categories;
        namely, Insurance, Water, Outside Maintenance Costs, Inside Maintenance
        Costs and Other Operating Expenses. Outside Maintenance Costs shall
        include all charges for exterior maintenance and upkeep, including, but
        not limited to, snow removal, loading docks, roofs, shrubs and general
        exterior maintenance. Inside Maintenance Costs shall include all charges
        for interior maintenance upkeep, including, but not limited to, lobbies,
        corridors, rest rooms, elevators, receiving rooms and vestibules in the
        office and commercial areas. Operating Expenses which, in Landlord's
        sole and absolute judgment, do not fall into any one of the categories
        of Insurance, Water, Outside Maintenance Costs or Inside Maintenance
        Costs shall be included in other Operating Costs. Notwithstanding the
        foregoing, Operating Expenses for any Adjustment Year shall not include
        the costs of janitorial service to tenant spaces within the Building or
        tenant spaces within the Complex (as opposed to the costs of janitorial
        service for Common Areas) or heating, ventilation and air conditioning
        services to the Premises provided Tenant has not utilized such services
        during any respective such Adjustment Year.

               (E) "Per Square Foot Operating Expenses" shall mean the total
        amount of Operating Expenses for any Adjustment Year relating to
        Insurance, Water, Outside Maintenance Costs, Inside Maintenance Costs
        and Other Operating Expenses and shall be determined as follows:

                      (1) For that portion of the Operating Expenses relating to
               Insurance, the total insurance premium shall be divided by
               523,686* square feet;

                      (2) For that portion of the Operating Expenses relating to
               Water, the product of twenty-five (0.25) percent** of the total
               water bill shall be divided by 161,770* square feet;

                      (3) For that portion of the Operating Expenses relating to
               Outside Maintenance Costs, the total outside Maintenance Costs
               shall be divided by 523,686* square feet;

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<PAGE>   24

                      (4) For that portion of the Operating Expenses relating to
               Inside Maintenance Costs, the total Inside Maintenance Costs
               shall be divided by 161,770* square feet;

                      (5) For that portion of the Operating Expenses relating to
               Other Operating Costs, the total Other Operating Costs shall be
               divided by 523,686* square feet;

               (F) "Taxes" shall mean all federal, state and local governmental
        taxes, assessments and charges (including transit or transit district
        taxes or assessments) of every kind or nature, whether general, special,
        ordinary or extraordinary, which Landlord shall pay or become obligated
        to pay because of or in connection with the ownership, leasing,
        management, control or operation of all Buildings, improvements and land
        comprising the Complex, or of the personal property, fixtures,
        machinery, equipment, systems and apparatus located therein or used in
        connection therewith (including any rental or similar taxes levied in
        lieu of or in addition to general real and/or personal property taxes).
        For purposes hereof, Taxes for any year shall be Taxes which are due for
        payment or paid in that year, rather than Taxes which are assessed or
        become a lien during such year. There shall be included in Taxes for any
        year the amount of all fees, costs and expenses (including reasonable
        attorneys' fees) paid by Landlord during such year in seeking or
        obtaining any refund or reduction of Taxes. Taxes in any year shall be
        reduced by the amount of any tax refund received by Landlord during such
        year. If a special assessment payable in installments is levied against
        the Complex, Taxes for any year shall include only the installment of
        such assessment and any interest payable or paid during such year. Taxes
        shall not include any federal state or local sales, use, franchise,
        capital stock, inheritance, general income, payroll, gift or estate
        taxes, except that if a change occurs in the method of taxation
        resulting in whole or in part in the substitution of any such taxes, or
        any other assessment, for any Taxes as above defined, such substituted
        taxes or assessments shall be included in the Taxes nor shall Taxes
        include interest and penalties incurred as a result of any late payment
        by Landlord.

               (G) "Per Square Foot Taxes" shall (i) the product of (a) the
        amount of Taxes for which payment is due or made in any Adjustment Year
        multiplied by (b) thirty-four and ninety-one/one hundredths (.3491)
        percent, divided by (ii) 161,770* square feet.

               (H) "Base Year" shall mean the calendar year 1999.

               * For purposes of determining Tenant's Share of Operating
        Expenses and Taxes, Landlord and Tenant agree that the total rentable
        office and commercial area of the Complex consists of 161,770 square
        feet and the total rentable office, commercial and residential area of
        the Complex consists of 523,686 square feet.

               ** For purposes of determining Tenant's Share of that portion of
        the operating Expenses relating to water, Landlord and Tenant agree that
        the office and commercial tenants of the Complex will use twenty-five
        (0.25) percent of the total water that will be metered coming into the
        Complex.

        22.2 Adjustments to Monthly Base Rent. Effective as of each Adjustment
Date, Monthly Base Rent shall be increased by an amount equal to one-twelfth
(1/12) of the product of:

               (A) The rentable area of the Premises stated in section l.I.I
        multiplied by;

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<PAGE>   25

               (B) the amount by which the sum of the Per Square Foot Operating
        Expenses and Per Square Foot Taxes for the Adjustment Year in which such
        Adjustment Date occurs exceeds the sum of the Per Square Foot Operating
        Expenses and the Per Square Foot Taxes for the Base Year.

        22.3 Projections. For purposes of calculating Taxes and Operating
Expenses for any Adjustment Year, Landlord may make reasonable estimates,
forecasts or projections (collectively, the "Projections") of Taxes and
Operating Expenses for such Adjustment Year. Not less than fifteen (15) days
prior to each Adjustment Date, Landlord shall deliver to Tenant a written
statement setting forth the amount of the Projections of Operating Expenses and
Taxes Per Square Foot for the Adjustment Year in which such Adjustment Date
occurs and providing a calculation of the increase in installments of Monthly
Base Rent to become effective as of said Adjustment Date; provided, however,
that the failure of Landlord to provide any such statement shall not relieve
Tenant from its obligation to continue to pay Adjusted Monthly Base Rent at the
rate then in effect under this Lease, and if and when Tenant receives such
statement from Landlord, Tenant shall pay any increases in Monthly Base Rent
reflected thereby effective retroactively to the most recently preceding
Adjustment Date.

        22.4 Readjustments. On or about April lst following the end of each
Adjustment Year, or at such later time as Landlord shall be able to determine
the actual amounts of Operating Expenses and Taxes for the Adjustment Year last
ended, Landlord shall notify Tenant in writing of such actual amounts. If such
actual amounts exceed the Projections for such Adjustment Year, then Tenant
shall, within thirty (30) days after the date of such written notice from
Landlord pay to Landlord an amount equal to the excess of the Adjusted Monthly
Base Rent payable for the Adjustment Year last ended based upon actual Operating
Expenses and Taxes for such year over the total Adjusted Monthly Base Rent paid
by Tenant during such Adjustment Year. The obligation to make such payments
shall survive the expiration or earlier termination of the Term. If the total
Adjusted Monthly Base Rent paid by Tenant during such Adjustment Year exceeds
the amount thereof payable for such year based upon actual Operating Expenses
and Taxes for such Adjustment Year, then Landlord shall credit such excess to
installments of Adjusted Monthly Base Rent payable after the date of Landlord's
notice until such excess has been exhausted, or if this Lease shall expire prior
to full application of such excess, Landlord shall, within thirty (30) days
after such written notice, pay to Tenant the balance thereof not theretofore
applied against Rent. No interest or penalties shall accrue on any amounts which
Landlord is obligated to credit or pay to Tenant by reason of this Section.

        22.5 Partial Occupancy. For purposes of determining adjustments to
installments of Monthly Base Rent for any Adjustment Year in which the Complex
is less than 95% occupied by tenants, the amount of Operating Expenses for such
Adjustment Year and the Base Year shall be appropriately adjusted by the
Landlord to the amount that would have been payable or incurred by the Landlord
had the Complex been 95% occupied during such Adjustment Year and the Base Year.
The aforesaid adjustment shall apply only to Operating Expenses which are
variable depending upon occupancy.

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<PAGE>   26

        22.6 Books and Records. Landlord shall maintain books and records
showing Operating Expenses and Taxes in accordance with sound accounting and
management practices. The books and records shall be available to Tenant for
inspection during normal business hours upon prior reasonable notice.

        Provided that no Event of Default then exists, Tenant shall have the
right, during Landlord's normal business hours, within ninety (90) days
following the furnishing by Landlord of any statement of actual Operating
Expenses for Adjustment Year, and upon not less than fifteen (15) days' prior
written notice to Landlord, to hire an independent certified public accountant
to inspect and audit during Landlord's normal business hours that portion of
Landlord's books and records showing Operating Expenses. The charges of such
accounting firm shall be borne solely by Tenant, except that if the audit
conclusively establishes (i.e. establishes to the written satisfaction of
Landlord or as established pursuant to a final, unappealable court order) that
Tenant has overpaid the total Operating Expenses by more than six percent (6%)
or more for any Adjustment Year, then Landlord shall reimburse Tenant for the
reasonable, documented, out-of-pocket charges of said accounting firm.
Notwithstanding the foregoing, in no event will Landlord reimburse Tenant for
any charges of an outside accounting firm retained by Tenant if such firm's
compensation is based in whole or in part on contingency fees or other
compensation based on the amount of discrepancies discovered. Any overpayment by
Tenant of Operating Expenses shall be handled as set forth above.

        22.7 No Decreases in Monthly Base Rent. Notwithstanding anything to the
contrary contained in this Lease, Monthly Base Rent shall not be adjusted or
decreased below that set forth in section l.l.H.

23. REAL ESTATE BROKERS. Landlord and Tenant represent to each other that,
except for Anvan/Midwest Realty Management Co. and Dean Topping & Company
(collectively, the "Brokers"), neither Landlord nor Tenant has not dealt with
any real estate broker, salesperson, or finder in connection with this Lease,
and no such person initiated or participated in the negotiation of this Lease,
or (with respect to Tenant as the representing party) showed the Premises to
Tenant. Landlord and Tenant agree to indemnify and hold harmless the other (and
with respect to Tenant as the indemnifying party, the Beneficiary and the
Manager) from and against any and all liabilities and claims for commissions and
fees arising out of breach of the foregoing representation. Landlord shall be
responsible for the payment of all commissions to the Brokers, specified in this
Section 23, based upon the leasing commission policy of Landlord applicable to
the Complex as of the date of this Lease.

24. SUBORDINATION AND ATTORNMENT.

        24.1 Subordination. This Lease and the rights of Tenant hereunder are
expressly subject and subordinate to any ground lease of the land comprising the
Complex now or hereafter existing and all amendments, renewals and modifications
and extensions of and to any said ground lease, and to the lien of any mortgage
now or hereafter existing encumbering the Complex, or any part thereof, or said
ground leasehold estate, and all amendments, renewals and modifications and
extensions of and to any said mortgage, and to all advances made or hereafter to
be made upon the security of said mortgage. Tenant agrees to execute and deliver
such further instruments subordinating this Lease to any such ground lease or to
the lien of any such mortgage as may be requested in writing by Landlord from
time to time.

        24.2 Attornment. In the event of the cancellation or termination of any
such ground lease in accordance with its terms or by the surrender of such
ground leasehold estate, whether voluntary, involuntary or by operation of law,
or by summary proceedings, or the foreclosure of any such mortgage by voluntary
agreement or otherwise, or the commencement of any judicial action seeking such
foreclosure, Tenant, at

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the request of the then Landlord, shall attorn to and recognize such ground
lessor, mortgagee or purchaser in foreclosure as Tenant's Landlord under this
Lease. Tenant agrees to execute and deliver at any time upon request of such
ground lessor, mortgagee, purchaser, or their successors, any instrument to
further evidence such attornment.

25. NOTICES. All notices required or permitted under this Lease shall be in
writing and shall be deemed given and delivered, whether or not received, when
deposited in the United States Mail, postage prepaid and properly addressed,
certified mail, return receipt requested, at the following addresses:

        To Landlord:  LaSalle National Bank, f/k/a LaSalle National Trust N.A.,
                      not personally, but as Trustee under Trust Agreement dated
                      April 14, 1978 and known as Trust 54214 c/o Anvan Realty &
                      Management Company 1901 South Meyers Road, Suite 220
                      Oakbrook Terrace, Illinois 60181 Attention: Mr. Cary J.
                      Kerger

        or such other address as Landlord shall designate by written notice to
        Tenant; and

        To Tenant:    Universal Access, Inc.
                      100 North Riverside Plaza
                      Suite 2200
                      Chicago, Illinois 60606
                      Attn: Robert Pommer, COO

        or such other address as Tenant shall designate by written notice to
        Landlord.

26.     MISCELLANEOUS.

        26.1 Late Charges. All delinquent Rent shall bear interest at the rate
permitted by law or fifteen (15%) percent per annum, whichever is less, from the
date due until paid.

        26.2 Entire Agreement. This Lease and the Exhibits attached hereto
contain the entire agreement between Landlord and Tenant concerning the Premises
and there are no other agreements, either oral or written.

        26.3 No Option. The execution of this Lease by Tenant and delivery of
same to Landlord or Manager does not constitute a reservation of or option for
the Premises or an agreement to enter into a lease. This Lease shall become
effective only if and when Landlord executes and delivers same to Tenant;
provided, however, the execution and delivery by Tenant of this Lease to
Landlord or the Manager shall constitute an irrevocable offer by Tenant to lease
the Premises on the terms and conditions herein contained, which offer may not
be withdrawn or revoked for fifteen (15) days after such execution and delivery.
If Tenant is a corporation, it shall deliver to Landlord concurrently with the
delivery to Landlord of an executed Lease, if requested by it, a certified
resolution of Tenant's directors authorizing execution and delivery of this
Lease and the performance by Tenant of its obligations hereunder.

        26.4 Accord and Satisfaction. No payment by Tenant or receipt by
Landlord of a lesser amount than any installment or payment of Rent due shall be
deemed to be other than on account of the amount due,

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<PAGE>   28

and no endorsement or statement on any check or any letter accompanying any
check or payment of Rent shall be deemed an accord and satisfaction, and
Landlord may accept such check or payment without prejudice to Landlord's right
to recover the balance of such installments or payment of Rent or pursue any
other remedies available to Landlord. No receipt of money by Landlord from
Tenant after the termination of this Lease or Tenant's right of possession of
the Premises shall reinstate, continue or extend the Term.

        26.5 Landlord's Obligations on Sale of Building. In the event of any
sale or other transfer of the Complex or the Buildings, Landlord and the seller
or transferor (and the beneficiaries of any selling or transferring land trust)
shall be entirely free and relieved of all agreements and obligations of
Landlord hereunder accruing or to be performed after the date of such sale or
transfer.

        26.6 Binding Effect. This Lease shall be binding upon and inure to the
benefit of Landlord and Tenant and their respective heirs, legal
representatives, successors and permitted assigns.

        26.7 Force Majeure. Landlord shall not be deemed in default with respect
to any of the terms, covenants and conditions of this Lease on Landlord's part
to be performed, if Landlord fails to timely perform same and such failure is
due in whole or in part to any strike, lockout, labor trouble (whether legal or
illegal), civil disorder, inability to procure materials, failure of power,
restrictive governmental laws and regulations, riots, insurrections, war, fuel
shortages, accidents, casualties, Acts of God, acts caused directly or
indirectly by Tenant (or Tenant's agents, employees or invitees) or any other
cause beyond the reasonable control of Landlord.

        26.8 Captions. The article and section captions in this Lease are
inserted only as a matter of convenience and in no way define, limit, construe,
or describe the scope or intent of such articles or sections.

        26.9 Applicable Law. This Lease shall be construed in accordance with
the laws of the State of Illinois.

        26.10 Time. Time is of the essence of this Lease and the performance of
all obligations hereunder.

        26.11 Landlord's Right to Perform Tenant's Duties. If Tenant fails
timely to perform any of its duties under this Lease, Landlord shall have the
right (but not the obligation) after the expiration of any grace period
elsewhere under this Lease or expressly granted to Tenant for the performance of
such duty, to perform such duty on a behalf and at the expense of Tenant without
further prior notice to Tenant, and all sums expended or expenses incurred by
Landlord in performing such duty shall be deemed to be additional Rent under
this Lease and shall be due and payable upon demand by Landlord.

        26.12 Riders. All Riders attached hereto and executed by both Landlord
and Tenant shall be deemed to be a part hereof and are hereby incorporated
herein.

27. PARKING. A parking garage is located within the Complex. The parking garage
and garage access road are not included in the Common Areas. Should Tenant
desire to have parking privileges in the parking garage, Tenant should make the
necessary arrangements therefor with the operator of the parking garage.

28. EXCULPATION. This Lease is executed by LaSalle National Bank, f/k/a LaSalle
National Trust N.A., not personally, but as Trustee as aforesaid in the exercise
of the power and authority conferred upon and vested in it as such Trustee and
it is expressly understood and agreed that nothing herein contained shall

                                       28

<PAGE>   29

be construed as creating any liability on said LaSalle National Bank, f/k/a
LaSalle National Trust N.A. or any person interested beneficially or otherwise
in said Trust Agreement establishing Trust No. 54214 personally to pay any sums
owing hereunder or to perform any covenant either express or implied herein
contained, all such liability, if any, being expressly waived by Tenant, and the
heirs, personal representatives, successors and assigns of Tenant, and so far as
said LaSalle National Bank, f/k/a LaSalle National Trust N.A. and any person
interested beneficially or otherwise in said Trust Agreement establishing Trust
No. 54214 are concerned, Tenant, and the heirs, personal representatives,
successors and assigns of Tenant, shall look solely to the property specifically
described in said Trust Agreement establishing Trust No. 54214 for the payment
of any sums owing hereunder or the enforcement of any covenant either express or
implied herein contained.

29. OPTION TO RENEW.

        29.1 Renewal Options. Tenant shall have two (2) successive options (each
a "Renewal Option") to renew the Term with respect to all (but not less than
all) of the Premises demised under this Lease as of the Expiration Date of the
then current Term for two (2) separate, successive additional terms (each a
"Renewal Term") of five (5) years each, commencing on the day immediately after
the applicable Expiration Date of the then current Term, subject to the
following terms and conditions:

               (A) Tenant gives Landlord written notice of its election to
        exercise the Renewal Option not later than the date (the "Notice Date")
        which is nine (9) months prior to the Expiration Date of the then
        current Term;

               (B) Tenant submits current audited financial statements of Tenant
        to Landlord concurrently with Tenant's notice exercising a Renewal
        Option and such financial statements are approved in writing by
        Landlord; and

               (C) No Event of Default exists under this Lease either on the
        date Tenant exercises a Renewal Option, or unless waived in writing by
        Landlord, on the Expiration Date of the then current Term.

        29.2 Terms. If Tenant exercises a Renewal Option:

               (A) The Rent payable for the applicable Renewal Term shall be at
        a rate equal to the "market rate of rent," but in no event shall the
        initial annual rate of gross rent per square foot of rentable area
        payable for the Renewal Term be less than the annual rate of gross rent
        per square foot of rentable area payable under this Lease as of the
        Expiration Date of the then current Term. For purposes of the preceding
        sentence, "market rate of rent" shall mean the total annual gross rate
        of rent per rentable square foot (including all fixed and/or indexed
        rental adjustments and all adjustments for operating expenses and real
        estate taxes for the Building together with corresponding base years and
        taking into account all prevailing market rate tenant concessions (e.g.,
        rental abatements and tenant improvements)), if any, as reasonably
        determined by Landlord which Landlord is offering to third party tenants
        for gross leases with 5-year lease terms commencing on or about the
        commencement date of the applicable Renewal Term for office space in the
        Building which is comparable to the Premises in condition, area and
        improvement. Prior to a Renewal Option, Tenant may request Landlord's
        determination of market rate of rent by giving Landlord written notice
        requesting Landlord's designation of the market rate of rent, which
        notice shall be

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<PAGE>   30

        given not earlier than the date which is 90 days prior to the Notice
        Date nor later than the date which is 45 days prior to the Notice Date.
        If Tenant timely gives the aforesaid notice, Landlord thereupon agrees
        to give Tenant written notice ("Landlord's Notice) setting forth the
        market rate of rent, which notice shall be given not later than the date
        which is 30 days prior to the Notice Date. Tenant's request for
        Landlord's determination of market rate of rent shall not be deemed as
        an exercise by Tenant of a Renewal Option.

               (B) Tenant shall have no further options to renew the Term of
        this Lease beyond the Expiration Date of the second Renewal Term;

               (C) Tenant shall not be entitled to any rental abatement for
        either Renewal Term, except as otherwise set forth in Landlord's Notice;
        and

               (D) Tenant shall accept the Premises on the commencement date of
        the applicable Renewal Term in an "as-is", "where-is" condition, without
        any representation, credit or allowance from Landlord with respect to
        the condition or improvement thereof, except as otherwise set forth in
        Landlord's Notice.

Except as hereinabove provided, all of the terms and provisions of this Lease
shall apply to the applicable Renewal Term.

        29.3 Amendment. If Tenant exercises a Renewal Option, Landlord and
Tenant shall execute and deliver an amendment to this Lease reflecting the lease
of the Premises by Landlord to Tenant for the Renewal Term on the terms provided
above, which amendment shall be executed and delivered within 30 days after
Tenant exercises the such Renewal Option.

        29.4 Termination. Each Renewal Option shall automatically terminate and
become null and void upon the earlier to occur of

               (A)    The expiration or termination of this Lease;

               (B)    The termination of Tenant's right to possession of the
                      Premises;

               (C)    The assignment of this Lease by Tenant, in whole or in
                      part, except as permitted in section 8.1(A);

               (D)    The sublease by Tenant of the Premises, or any portion
                      thereof, except as permitted in section 8.1(A);

               (E)    The recapture by Landlord of any space under section 8.2
                      above; or

               (F)    The failure of Tenant to timely or properly exercise
                      either Renewal Option.

30.     RIGHT OF FIRST OPPORTUNITY.

        30.1 Option Space. For purposes of this Lease, "Option Space" shall mean
as of any date, that certain space located on the first floor of the Building
(Suite 117) and containing approximately 1,257 square

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<PAGE>   31

feet of rentable area, as shown on Exhibit F attached hereto, less such portions
of said space, if any, which are leased by Tenant as of such date.

        30.2 Right of First Opportunity. With respect to the first lease and
only the first lease which Landlord hereafter intends to enter into with a
third-party tenant for either (i) all or any portion of the Option Space, or
(ii) the space described in clause (i) above plus any other space in the
Building (for purposes hereof, any such other space shall be deemed to be part
of the Option Space) and which has a lease term commencing at any time prior to
January 1, 2007 (but excluding any new or renewal lease or lease expansion with
any then existing tenant of all or any portion of the Option Space), Landlord
shall give Tenant written notice of such intent ("Landlord's Notice") prior to
Landlord entering into such lease. The Landlord's Notice shall specify (i) the
location and rentable area of the portion of the Option Space which Landlord
desires to lease (which is hereinafter referred to as the "Actual Option
Space"), (ii) the proposed lease term for the Actual Option Space, (iii) the
date upon which the Actual Option Space shall be available for occupancy, (iv)
the annual rate of base rent per square foot of rentable area which Landlord
desires to charge for the Actual Option Space, (v) the amount of all rent
adjustments which Landlord desires to charge for the Actual Option Space,
including, without limitation, fixed and/or indexed rent adjustments and rent
adjustments for operating expenses and real estate taxes for the Building [and
corresponding base amounts], and (vi) the tenant concessions (e.g., rent
abatements and tenant improvement allowances), if any, which Landlord would be
willing to provide to lease the Actual Option Space; it being agreed that items
(iv) through (vi) above shall be quoted by Landlord in Landlord's Notice for a
hypothetical lease having a lease term which would expire on the Expiration Date
of the Term of this Lease. Tenant shall thereupon have a one-time right (the
"Right of Opportunity") to lease all, but not less than all, of the Actual
Option Space, subject to the following terms and conditions:

               (A) Tenant gives Landlord a written notice of its election to
        exercise the Right of Opportunity within five (5) days after Landlord
        gives Tenant Landlord's Notice for such Right of Opportunity;

               (B) Tenant submits current audited financial statements of Tenant
        to Landlord concurrently with Tenant's Notice exercising the Right of
        Opportunity and such financial statements are approved in writing by
        Landlord;

               (C) No Event of Default exists under this Lease either on the
        date Tenant exercises such Right of Opportunity or, unless waived in
        writing by Landlord, on the proposed commencement date of the lease term
        for the Actual Option Space; and

               (D) No other tenant in the Building has exercised a right to
        lease the Actual Option Space as specified in Landlord's Notice, which
        right exists in favor of such tenant as of the date of execution of this
        Lease.

In the event that Tenant does not timely or properly exercise the Right of
Opportunity, Landlord may at any time thereafter lease the Actual Option Space
to any third-party tenant on such terms and provisions as Landlord may elect
without again complying with the provisions of this section 30.

        30.3 Terms. If Tenant exercises the Right of Opportunity, the following
terms and provisions shall apply:

                                       31

<PAGE>   32

               (A) Landlord shall lease the Actual Option Space to Tenant for a
        lease term commencing on the availability date specified in Landlord's
        Notice and expiring on the Expiration Date of the Term of this Lease;

               (B) The base rent and rental adjustments payable for the Actual
        Option Space shall be as set forth in Landlord's Notice;

               (C) Tenant shall not be entitled to any rental abatement for the
        Actual Option Space except as otherwise set forth in Landlord's Notice;

               (D) Tenant shall accept the Actual Option Space in an "as-is",
        "where-is" condition from Landlord, without any agreement,
        representation, credit or allowance from Landlord with respect to the
        improvement or condition thereof except as otherwise set forth in
        Landlord's Notice; and

               (E) All of the terms and provisions of this Lease shall apply
        with respect to the Actual Option Space, except as otherwise provided in
        this Section 30 or except as same may be inconsistent with the
        provisions of this Section 30.

        30.4 Amendment. If Tenant exercises the Right of Opportunity, Landlord
and Tenant shall execute and deliver an amendment to this Lease reflecting the
lease of the Actual Option Space by Landlord to Tenant on the terms herein
provided, which amendment shall be executed within thirty (30) days after Tenant
exercises the such Right of Opportunity.

        30.5 Termination. The Right of Opportunity shall automatically terminate
and become null and void upon the earlier to occur of:

               (A)    The expiration or termination of this Lease;

               (B)    The termination by Landlord of Tenant's right to
                      possession of the Premises;

               (C)    The assignment of this Lease by Tenant, in whole or in
                      part, except as permitted in section 8.1(A);

               (D)    The sublease by Tenant of the Premises, or any part
                      thereof, except as permitted in section 8.1(A);

               (E)    The recapture by Landlord of any space under section 8.2
                      above;

               (F)    The failure of Tenant to timely or properly exercise the
                      Right of Opportunity.

31.     ADDITIONAL RIGHTS OF TENANT.

               (A) Conduit Fees. Landlord shall permit Tenant to use vertical
        and horizontal pathways outside of the Premises and within the Complex,
        provided that: (i) prior to utilizing such pathways, Tenant executes a
        Pathway Confirmation Agreement in the form attached hereto as Exhibit
        "D"; and (ii) Tenant pays to Landlord the pathway use fees set forth in
        Exhibit "D" attached hereto, as additional rent due hereunder.

                                       32

<PAGE>   33

               (B) Equipment Space (Generator). Landlord shall provide Tenant
        with an Equipment Space consisting of approximately 400 usable square
        feet of outside loading dock space and shall permit Tenant, at its
        expense, to install a generator and diesel fuel tank in such area
        provided that: (i) prior to utilizing such Equipment Space, Tenant
        executes a Space Acceptance Agreement in the form attached as Exhibit
        "E" attached hereto;(ii) Tenant pays to Landlord the Equipment Space
        rental rates set forth in section 1.1(H) of this Lease as additional
        rent due hereunder, and (iii) such installation is made in accordance
        with section 10 above.

               (C) Equipment Space (Antennae). Landlord shall permit Tenant, at
        its expense to install standard data antennae in an Equipment Space area
        designated by Landlord on the roof of the Building, provided that: (i)
        prior to installing such antenna, Tenant executes a Space Acceptance
        Agreement in the form attached hereto as Exhibit "E"; (ii) Tenant pays
        to Landlord, the Equipment Space rental rates set forth in section
        1.1(H) of this Lease as additional rent due hereunder; and (iii) such
        installation is made in accordance with section 10.

               (D) Equipment Space (HVAC). Landlord shall permit Tenant to
        install its own heating, ventilation and air conditioning equipment
        within the Premises and Landlord shall provide an Equipment Space in an
        area designated by Landlord, either inside or outside of the Building,
        for the installation of glycol lines to the rooftop of the Building,
        provided that: (i) prior to installing such glycol lines, Tenant
        executes a Space Acceptance Agreement in the form attached hereto as
        Exhibit "E"; (ii) Tenant pays to Landlord, the Equipment Space rental
        rates set forth in section 1.1(H) of this Lease as additional rent due
        hereunder; and (iii) such installation is made in accordance with
        section 10 above.

               (E) Fire Suppression. Landlord shall permit Tenant, at its
        expense, to install within the Premises its choice of a pre-action or
        FM200 fire suppression system with Landlord's consent, which consent
        shall not be unreasonably withheld, conditioned or delayed provided that
        such installation is made in accordance with section 10 above.

32.     CONDITION.

        This Lease is expressly subject to and conditioned upon Landlord and
Best Communications, Inc. ("Best"), an existing tenant of the Building, entering
into a lease termination agreement (the "Best Termination Agreement"), on terms
and provisions acceptable to Landlord, whereby Landlord shall terminate that
certain office lease dated March, 1996 entered into by and between Landlord and
Best (the "Best Lease"), effective as of November 14, 1999. If the Best
Termination Agreement is not fully executed on or before November 14, 1999, for
any reason whatsoever, then either party may terminate this Agreement by giving
written notice of termination to the other party at any time after November 14,
1999, but prior to the date, if any, upon which the Best Termination Agreement
is fully executed, in which event neither party shall have any further rights or
obligations under this Agreement and the Best Lease shall continue in full force
and effect for the full stated Term, subject to the terms and provisions of the
Best Lease.

                                       33

<PAGE>   34

        IN WITNESS WHEREOF, this Lease has been executed as of the date set
forth in section l.lD hereof.

LANDLORD:                                    TENANT:

LaSalle Bank National
Association formerly known as
LASALLE NATIONAL BANK, f/k/a                 UNIVERSAL ACCESS, INC., a Delaware
LASALLE NATIONAL TRUST N.A., not             corporation
personally, but solely as Trustee
under Trust Agreement dated
April 14, 1978 and known as
Trust Number 54214
                                             By: /s/ ROBERT POMMER
                                                --------------------------------
                                             Its: COO
                                                 -------------------------------

By:  /s/ ROSEMARY COLLINS
   --------------------------------
Its: VICE PRESIDENT
    -------------------------------

ATTEST:

By: /s/ DEBORAH BERG
   --------------------------------
Its: Assistant Secretary
    -------------------------------

                                       34
<PAGE>   35

                          EXHIBIT A-1 PLAN OF PREMISES

                                  [FLOOR PLAN]

<PAGE>   36

                          EXHIBIT A-2 PLAN OF PREMISES

                                  [FLOOR PLAN]
<PAGE>   37

                         Exhibit C-1 - Pathway Use Fees

                          HORIZONTAL PATHWAY USE FEES

<TABLE>
<CAPTION>
================================================================================
                        FOR BASEMENT (GARAGE) LEVEL ONLY
================================================================================

     TYPE                 RATE PER                               YEARLY RATE PER
                         HORIZONTAL                                PATHWAY FOOT
                      PATHWAY FOOT PER
                           MONTH
--------------------------------------------------------------------------------
<S>                   <C>                                        <C>
1 INCH                     $.26                                       $3.12

1 1/4 INCH                 $.35                                       $4.20

2 INCH                     $.42                                       $5.04

3 INCH                     $.51                                       $6.12

4 INCH                     $.60                                       $7.20
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
================================================================================
                             FOR FLOORS 1 THROUGH 8
================================================================================

     TYPE                 RATE PER                               YEARLY RATE PER
                         HORIZONTAL                                PATHWAY FOOT
                      PATHWAY FOOT PER
                           MONTH
--------------------------------------------------------------------------------
<S>                   <C>                                        <C>
1 INCH                    $1.50                                       $18.00

1 1/4 INCH                $2.00                                       $24.00

2 INCH                    $2.50                                       $30.00

3 INCH                    $3.00                                       $36.00

4 INCH                    $3.50                                       $42.00
--------------------------------------------------------------------------------
</TABLE>

The above fees are current as of the date indicated below. The fees are to be
increased annually by an amount which is the greater of: a) the increase in the
Consumer Price Index (Chicago-Gary-Kenosha SMSA) for all Urban Consumers; or b)
four percent (4%).

<PAGE>   38
                         Exhibit C-2 - Pathway Use Fees

                           VERTICAL PATHWAY USE FEES
                   FOR PATHWAY FROM BASEMENT TO EIGHTH FLOOR

<TABLE>
<CAPTION>
================================================================================
                      INNERDUCT INSTALLED WITHIN 4" CONDUIT
================================================================================
      TYPE                 RATE PER VERTICAL             YEARLY RATE PER
                          PATHWAY PER MONTH                  PATHWAY
--------------------------------------------------------------------------------
<S>                       <C>                            <C>
1 INCH                    $150.00                        $1,800.00

1 1/4 INCH                $170.00                        $2,040.00

2 INCH                    $200.00                        $2,400.00
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
================================================================================
                        EXCLUSIVE USE OF ENTIRE CONDUIT
================================================================================
      TYPE                 RATE PER VERTICAL             YEARLY RATE PER
                          PATHWAY PER MONTH                  PATHWAY
--------------------------------------------------------------------------------
<S>                       <C>                            <C>
2 INCH                    $350.00                        $4,200.00

4 INCH                    $500.00                        $6,000.00
--------------------------------------------------------------------------------
</TABLE>

All rates above are for connecting any floor to any other floor (i.e., rate
would not differentiate between a two floor access run and an eight floor access
run).

The above fees are current as of the date indicated below. The fees are to be
increased annually by an amount which is the greater of: a) the increase in the
Consumer Price Index (Chicago-Gary-Kenosha SMSA) for all Urban Consumers; or b)
four percent (4%).

<PAGE>   39
                                    EXHIBIT D
                   PATHWAY CONFIRMATION AGREEMENT NO. UAI99001

        THIS PATHWAY CONFIRMATION AGREEMENT, made this 15th day of December,
1999 by and between LASALLE NATIONAL BANK, f/k/a LaSalle National Trust, N.A.,
not personally, but solely as Trustee under Trust Agreement dated April 14, 1978
and known as Trust Number 54214 ("Landlord"), and UNIVERSAL ACCESS, INC., a
Delaware corporation ("Tenant")

                                   WITNESSETH:

        WHEREAS, Landlord and Tenant did enter into that certain Lease (the
"Lease"), dated December 13, 1999 for the demise of (i) certain space situated
on the first floor (Suites 121 and 123) of the Building located at 700 South
Federal Street, Chicago, Illinois and (ii) certain equipment space located on
the loading dock of the Building (each an "Equipment Space") for the
installation by Tenant of certain equipment; and

        WHEREAS, all terms defined in the Lease shall have the same meanings
when referred to herein; and

        WHEREAS, Landlord has requested that Tenant acknowledge and confirm each
use by Tenant of certain horizontal and/or vertical pathways in the Building,
pursuant to and in accordance with Section 2 of the Lease, and Landlord has
further requested Tenant to acknowledge and confirm its obligations attendant
upon each such use, pursuant to and in accordance with Section 2 of the Lease;
and

        WHEREAS, Tenant has agreed to acknowledge said use and obligations in
connection therewith, each of the Pathway Confirmation Agreements executed to
date being part of the total Pathway obligations due to Landlord.

        NOW, THEREFORE, in consideration of the premises and the mutual promises
and covenants herein contained, Landlord and Tenant hereby agree as follows:

        (1)    The horizontal pathways used by Tenant and the fees payable
               therefor are as follows:

<TABLE>
<CAPTION>
                                              Monthly               Annual
                                             Pathway Fee           Pathway Fee
               Description                 in U.S. Dollars       in U.S. Dollars
               -----------                 ---------------       ---------------
<S>                                        <C>                   <C>
               See Attached Exhibit D-1        $835.40             $10,024.80
</TABLE>

        (2)    The vertical pathways used by Tenant and the fees payable
               therefor are as follows:

<TABLE>
<CAPTION>
                                              Monthly               Annual
                                             Pathway Fee           Pathway Fee
               Description                 in U.S. Dollars       in U.S. Dollars
               -----------                 ---------------       ---------------
<S>                                        <C>                   <C>
               See Attached Exhibit D-1       $2,000.00            $24,000.00
</TABLE>

                                       36
<PAGE>   40

        (3)    Tenant agrees to pay to Landlord the additional monthly Pathway
               Fees as determined under Paragraphs 1 and 2 above at the times
               and in the manner set forth in Section 3 of the Lease, in
               accordance with the terms and provisions.

        EXCEPT as hereby modified and amended, all other terms, provisions,
covenants and conditions of the Lease shall remain in full force and effect.

        IN WITNESS WHEREOF, Landlord and Tenant have caused this Commencement
Date Agreement to be executed by their duly authorized representatives on the
day and year above written.

LANDLORD:                                    TENANT:

LaSalle Bank National Association
formerly known as
LASALLE NATIONAL BANK, f/k/a                 UNIVERSAL ACCESS, INC., a Delaware
LASALLE NATIONAL TRUST N.A., not             corporation
personally, but solely as Trustee
under Trust Agreement dated
April 14, 1978 and known as Trust
Number 54214

By: /s/ ROSEMARY COLLINS                     By: /s/ ROBERT POMMER
   --------------------------------             --------------------------------
Its: VICE PRESIDENT                          Its:  COO
    -------------------------------              -------------------------------

ATTEST:

By: /s/ DEBORAH BERG
   --------------------------------
Its: ASSISTANT SECRETARY
    -------------------------------

                                       37

<PAGE>   41
PRINTERS SQUARE PATHWAY USE FEE CALCULATION

UNIVERSAL ACCESS, INC PATHWAY CONFIRMATION AGREEMENT NO. UA199001

Fees are to be increased annually by 4% on the anniversary date of this Pathway
Confirmation Agreement.

                              HORIZONTAL PATHWAYS
<TABLE>
<CAPTION>
                                             MONTHLY
                                             RATE PER
                                             PATHWAY        MONTHLY        ANNUAL
                                NO. OF       FOOT IN        PATHWAY       PATHWAY
                                PATHWAY        U.S.       FEE IN U.S.   FEE IN U.S.
  FLOOR          TYPE            FEET        DOLLARS        DOLLARS       DOLLARS            DESCRIPTION (IDENTIFICATION NO.)
  -----          ----           -------      --------     -----------   -----------   ---------------------------------------------
<S>         <C>                 <C>          <C>          <C>           <C>           <C>
Basement    4" horizontal         151         $0.60         $ 90.60      $ 1,087.20   To 620 east stairwell/Williams (UAI99001-1)
Sixth       4" horizontal          85         $3.50         $297.50      $ 3,570.00   To 620 east stairwell/Williams (UAI99001-1)
Basement    4" horizontal         200         $0.60         $120.00      $ 1,440.00   Suite 121 to Bell Canada (UAI99001-2)
First       2" horizontal         189         $0.42         $ 79.38      $   952.56   Suite 121 to Netpop (UAI99001-3)
Basement    4" horizontal         124         $0.60         $ 74.40      $   892.80   To 620 east stairwell/Worldcom (UAI99001-4)
Basement    4" horizontal         124         $0.60         $ 74.40      $   892.80   To 620 east stairwell/Worldcom (UAI99001-5)
Basement    2" horizontal         236         $0.42         $ 99.12      $ 1,189.44   To 620 east stairwell/Worldcom (UAI99001-6)
                                                            $    --      $       --
                                                            $    --      $       --
                                                            $    --      $       --
                                                            $    --      $       --
                                   TOTAL HORIZONTAL FEES    $835.40      $10,024.80
</TABLE>

                               VERTICAL PATHWAYS

<TABLE>
<CAPTION>
                                                                               MONTHLY           ANNUAL
                                                                               PATHWAY           PATHWAY
                                                                             FEE IN U.S.       FEE IN U.S.
         DESCRIPTION (IDENTIFICATION NO.)                                      DOLLARS           DOLLARS
------------------------------------------------------------------           -----------       -----------
<S>                                                                          <C>               <C>
One 4" vertical in 620 east stairwell to Williams (UAI99001-1)                 $  500.00        $ 6,000.00
One 4" vertical in 620 east stairwell to Worldcom (UAI99001-4)                 $  500.00        $ 6,000.00
One 4" vertical in 620 east stairwell to Worldcom (UAI99001-5)                 $  500.00        $ 6,000.00
One 4" vertical in 620 east stairwell to Worldcom (UAI99001-6)                 $  500.00        $ 6,000.00
                                                                                                $       --
                                                                                                $       --
                                                                                                $       --
                                                                                                $       --
                                                                                                $       --
                                                                                                $       --
                                                                                                $       --
                                                        TOTAL VERTICAL FEES    $2,000.00        $24,000.00
</TABLE>
<PAGE>   42

                                    EXHIBIT E
                           SPACE ACCEPTANCE AGREEMENT

        THIS AGREEMENT, made this 15th day of December, 1999 by and between
LASALLE NATIONAL BANK, f/k/a LaSalle National Trust, N.A., not personally, but
solely as Trustee under Trust Agreement dated April 14, 1978 and known as Trust
Number 54214 ("Landlord"), and UNIVERSAL ACCESS, INC., a Delaware corporation
("Tenant")

                              W I T N E S S E T H:

        WHEREAS, Landlord and Tenant did enter into that certain Lease with
Tenant (the "Lease") dated December 13, 1999 for the demise of (i) certain
space (Suite 121 and 123) on the first floor of the building (the "Building")
located at 700 South Federal Street, Chicago, Illinois and (ii) certain
equipment space located on the loading dock of the Building (each an "Equipment
Space") for the installation by Tenant of certain equipment; and

        WHEREAS, all terms defined in the Lease shall have the same meanings
when referred to herein; and

        WHEREAS, Landlord has requested that Tenant acknowledge and confirm the
actual size of and Monthly Base Rent payable for the Equipment Space, pursuant
to and in accordance with Section 2.1 of the Lease; and

        WHEREAS, Tenant has agreed to acknowledge said information.

        NOW, THEREFORE, in consideration of the premises and the mutual promises
and covenants herein contained, Landlord and Tenant hereby agree as follows:

        1.     The area comprising the Equipment Space for the generator
               ("Generator Space") shall be an area of 11'x22' containing 242
               usable square feet as shown on Exhibit E-1 attached hereto. The
               area is described as follows: Starting at the point of beginning
               ("POB") being the center of column G12, go South 11', thence east
               11', thence north 22', thence west 11', thence south 11' to the
               POB. The area comprising the Equipment Space for the HVAC
               equipment ("HVAC Space") shall be an area of 5'x22' containing
               110 usuable square feet as shown on Exhibit E-2 attached hereto.
               The area of the HVAC Space is described as follows: The area
               encompassed within the upper walkway of the loading dock
               (approximately 5' in width) being 11' north of and 11' south of
               the center line of column line 12.

        2.     Effective as of the Commencement Date, the Monthly Base Rent for
               the Equipment Space shall be payable in the following amounts for
               the following periods based on a total area of 352 usable square
               feet:

                                       38
<PAGE>   43

<TABLE>
<CAPTION>
                                                      MONTHLY BASE RENT
                    PERIOD                             IN U.S. DOLLARS
                    ------                            -----------------
<S>                                                   <C>
              12/15/99 - 12/31/00                          $366.67
               1/1/01 - 12/31/01                           $377.81
               1/1/02 - 12/31/02                           $388.96
               1/1/03 - 12/31/03                           $400.69
               1/1/04 - 12/31/04                           $412.72
               1/1/05 - 12/31/05                           $425.04
               1/1/06 - 12/31/06                           $437.95
               1/1/07 - 12/31/07                           $450.85
               1/1/08 - 12/31/08                           $464.35
               1/1/09 - 12/31/09                           $478.43
</TABLE>

        EXCEPT as hereby modified and amended, all other terms, provisions,
covenants and conditions of the Lease shall remain in full force and effect.

        IN WITNESS WHEREOF, Landlord and Tenant have caused this Agreement to be
executed by their duly authorized representatives on the day and year above
written.

TENANT:                                      LANDLORD: LaSalle Bank National
                                                       Association formerly
                                                       known as

UNIVERSAL ACCESS, INC., a Delaware           LASALLE NATIONAL BANK, NOT
corporation                                  PERSONALLY, BUT SOLELY AS TRUSTEE
                                             AS AFORESAID

BY: /s/ ROBERT POMMER                       BY: /s/ Rosemary Collins
   --------------------------------             --------------------------------

-----------------------------------          -----------------------------------

TITLE: COO                                   TITLE: PRESIDENT
      -----------------------------                -----------------------------

                                       39
<PAGE>   44
                                  [FLOOR PLAN]

                                  EXHIBIT E-1
                                EQUIPMENT SPACE
                                GENERATOR SPACE

Letters and numbers in circles indicate building column lines as established in
building architectural drawings available for inspection by Tenant upon request.
<PAGE>   45
                                  [FLOOR PLAN]

                                  EXHIBIT E-2
                                EQUIPMENT SPACE
                                   HVAC SPACE

Letters and numbers in circles indicate building column lines as established in
building architectural drawings available for inspection by Tenant upon request.
<PAGE>   46

                                  [FLOOR PLAN]

                        EXHIBIT F - PLAN OF OPTION SPACE<PAGE>   1
                                                                   EXHIBIT 10.35

                                  EXHIBIT "B"

                               56 MARIETTA STREET
                    LEASE AGREEMENT - UNIVERSAL ACCESS, INC.,

        THIS LEASE, made and entered into as of this 14th day of December, 1999,
by and between PEACHTREE KESSLER LOFTS, LLC d/b/a TELECOM TOWER (hereinafter
referred to as the "Landlord"), and UNIVERSAL ACCESS, INC., a Delaware
corporation (hereinafter referred to as the "Tenant").

                                   WITNESSETH:

                                       1.
                                     DEMISE

        The Landlord, for and in consideration of the rents, covenants,
agreements, and stipulations hereafter set forth, has leased and rented, unto
Tenant, and Tenant hereby agrees to lease and take upon the terms and conditions
hereinafter set forth, certain space in Landlord's building known generally as
the 56 Marietta Street Building (hereinafter referred to as the "Building"),
located at 56 Marietta Street, Atlanta, Georgia 30303 comprising approximately
8,183 rentable square feet on the second floor of the Building, approximately
500 rentable square feet of space on the roof above the second floor of the
Building (the "Roof Space"), and approximately 365 square feet of space in the
basement of the Building (the "Basement Space"), all as shown in Exhibit "A"
attached hereto, (such space is collectively referred to herein as the
"Premises.") A legal description of the real property wherein the Premises is
located is shown on Exhibit "B" attached hereto and by reference made a part
hereof.

        At all times during the term of this Lease, Landlord shall have access
to the Corridor depicted on Exhibit "A" for purposes of accessing the chases
depicted on Exhibit "A".

                                       2.
                                      TERM

        THIS LEASE shall be for a term of (10) ten years and two (2) months
beginning on December 1, 1999 (the "Commencement Date") and ending at midnight
on January 31, 2010, unless sooner terminated as hereinafter provided. For
purposes of this Lease, the term "Lease Year" shall mean the 12-month period
beginning on the Commencement Date and each 12-month period thereafter.
Notwithstanding the foregoing, subject to Landlord's reasonable approval and as
long as Tenant, its employees, agents and contractors do not interfere with any
work being performed by Landlord, Tenant may be permitted to occupy the Premises
on a date prior to the Commencement Date for purposes of making improvements and
alterations to the Premises which are otherwise permitted by the terms and
conditions hereof. Any such early occupancy shall be subject to all terms and
conditions of this Lease other than Section 3.

                                       3.
                                      RENT

        Tenant hereby covenants and agrees to pay to Landlord at its office or
at such place Landlord may designate, in lawful money of the United States,
without demand, set off or deduction, during the term of this Lease or any
extension or renewal hereof, rent as follows:

(a)     Fixed Minimum Rent:

        From and after January 15, 2000 (the "Rent Commencement Date"), Tenant
        shall pay Fixed Minimum Rent during the term of this lease, which shall
        be payable in advance in equal monthly installments on the first day of
        each and every calendar month included in the term of this Lease as
        follows:

                                       1
<PAGE>   2

<TABLE>
<CAPTION>
Lease Year                                  Monthly Fixed Minimum Rent
----------                                  --------------------------
<S>                                         <C>
1                                           $15,474

2                                           $16,092

3                                           $16,736

4                                           $17,406

5                                           $18,102

6                                           $18,826

7                                           $19,579

8                                           $20,362

9                                           $21,177

Beginning of 10th Lease Year through        $22,024
end of initial Lease term
</TABLE>

Upon execution of this Lease, Tenant shall pay $23,211.00 to Landlord which
represents the installment of Fixed Minimum Rent for the period beginning on the
Rent Commencement Date and ending on February 28, 2000.

                                   (b) Taxes:

From and after the Rent Commencement Date, if any governmental authority having
jurisdiction now or hereafter imposes upon Landlord, pursuant to statute,
ordinance, regulation, order or otherwise, a tax levy or other imposition based
upon the gross rentals received by Landlord under the terms of this Lease,
Tenant shall, within 30 days of written demand, pay to Landlord the amount
thereof at the time or times the same may fall due with respect to the term of
this Lease. The tax, levy or imposition to which reference is herein above made
shall include sales, excise, use or similar taxes but shall not include any
income, franchise, capital stock, estate or inheritance taxes imposed upon
Landlord.

                                (c) Late Charges:

In addition to all other payments owing hereunder, when any amount due from
Tenant to Landlord under the provisions of this Lease is not paid when due,
Tenant shall pay to Landlord upon receipt of written notice a late charge in the
amount of five percent (5%) of the amount so payable to Landlord for each month
or fraction thereof for which such payment is late, or one hundred dollars
($100.00), whichever is greater. All such interest or late charges described in
this sub-paragraph shall be considered additional rent hereunder.

                               (d) Cure of Breach:

In the event of any default hereunder by Tenant (beyond any applicable notice
and cure provision of Section 14 hereof), Landlord may at any time, cure such
breach for the account of and at the expense of Tenant. Any sums expended by
Landlord to cure any such breach shall be paid to Landlord by Tenant within ten
(10) days after demand as additional rent.

                                       2
<PAGE>   3

                                       4.
                                 USE OF PREMISES

        The Premises shall be used only for the installation, operation,
modification and maintenance of equipment and facilities in connection with
Tenant"s telecommunication business including but not limited to switching
equipment. Further, Tenant shall have the right to transmit data, video, voice
and other transmissions from the Premises. Tenant shall also have the right to
use the Premises for the installation of certain communications equipment owned
by customers (and co-locators) of Tenant in order for such customers (and
co-locators) to interconnect with Tenant"s facilities. Landlord agrees that
Tenant may license the use of portions of the Premises to its customers (and
co-locators) for such purposes without Landlord"s consent; provided, however,
the use of the Premises by any such customers (and co-locators) shall be subject
to such reasonable security rules and regulations as Landlord may deem necessary
or appropriate. Tenant shall comply with any and all applicable laws, rules and
regulations relating to the exercise by Tenant of the rights described in the
previous sentence, and Tenant shall indemnify, defend and hold Landlord harmless
from and against any and all loss, cost, expense or claim (including, without
limitation, attorney"s fees) resulting from or arising out of the exercise by
Tenant of any rights described in the previous sentence. Notwithstanding the
foregoing, Tenant may use the Roof Space only for dry coolers for Tenant's HVAC
system and may use the Basement Space only for Tenant's generator. The Premises
shall not be used for any illegal purposes, nor in any manner to create any
nuisance or trespass, nor in any manner to vitiate the insurance or increase the
rate of insurance on the Premises.

                                       5.
                              OPERATION OF BUSINESS
                              Intentionally Deleted

                                       6.
                                DEVELOPMENT PLAN

        Landlord shall have the right, in addition to any other specific rights
reserved elsewhere in this Lease, to change the development plan for the
Building in such manner as Landlord, in its sole discretion, may from time to
time find proper, provided such changes do not unreasonably interfere with
Tenant"s use of the Premises for the purposes permitted by Section 4 hereof.
Landlord shall have the right to make changes to the Building or any lands added
thereto, including but not limited to, construct additional buildings or
improvements and make alterations thereto, build additional stories or any
buildings, construct multi-story or elevated parking facilities, rearrange
drives and parking areas and construct roofs, walls, and any other improvements
over, to or in connection with any part of, or all of, the foregoing.

        Landlord shall not exercise any right of Landlord to reduce, interrupt
or cease service of the heating, air conditioning, ventilation, plumbing,
electrical systems, telephone systems, and/or utilities services of the leased
Premises or the Building, without having met with Tenant in advance to advise
Tenant of Landlord"s requirements so that Landlord and Tenant may devise a
procedure for accomplishing Landlord"s goals and eliminate (or minimize to the
greatest extent reasonably possible) the interruption to Tenant"s use,
possession and occupancy of the leased Premises for the purpose of conducting
its business on a continuing basis.

        Notwithstanding anything to the contrary in this Lease, in the event
Tenant is prevented from conducting business in the Premises and does not
conduct business in the Premises as a direct result of (i) any failure by
Landlord to keep the Building"s, common areas, structural components or water,
sewer and fire suppression systems in good order (exclusive of the failure to
repair damage to such common areas, systems and components which arises out of
any negligent or willful act or omission of Tenant or Tenant"s agents,
representatives, contractors, employees or licensees); (ii) Landlord disrupting
Tenant"s business operations as a result of repairs, maintenance or alterations
undertaken by Landlord; or (iii) Landlord terminating either of the licenses
granted to Tenant pursuant to Section 48 below if such termination does not
result from the failure (beyond any applicable notice and cure period) by Tenant
to perform or satisfy any term, provision, condition or covenant hereunder to be
performed or satisfied by Tenant, then Fixed Minimum Rent shall be

                                       3
<PAGE>   4

abated during such period that Tenant continues to be so prevented from
conducting business in the Premises.

                                       7.
                             INDEMNITY AND INSURANCE

        Tenant agrees to indemnify, defend and hold harmless Landlord, its
agents, servants, employees and the holder of any deed to secure debt or ground
lessor of and from any loss, reasonable attorney's fees, expenses or claims for
which Landlord is not reimbursed by any insurance maintained or required to be
maintained hereunder (i) occurring in the Premises, unless caused by the
negligence or willful misconduct of Landlord, its agents, employees or
contractors, (ii) arising out of any and all defaults (beyond any applicable
notice and cure period) by Tenant, its agents, employees or contractors under
this Lease or (iii) arising out of any negligent or willful act or omission of
Tenant, its agents, employees or contractors. Landlord agrees to indemnify,
defend and hold harmless Tenant, its agents, servants and employees and its
permitted successors and assigns of and from any loss, reasonable attorney's
fees, expenses or claims for which Tenant is not reimbursed by any insurance
maintained or require to be maintained hereunder (i) arising out of any and all
defaults (beyond any applicable notice and cure period) by Landlord under this
Lease, or (ii) arising out of any negligent or willful act or omission of
Landlord, its agents, employees or contractors. In no event shall either party
be liable for any consequential damages (including, without limitation, lost
rental income or lost profits) suffered by the other party as a result of any
default hereunder. Tenant agrees that at all times during the term of this Lease
Tenant shall maintain insurance covering the Premises and naming Landlord as an
additional insured, with limits as follows:

        (i)    Commercial general liability insurance for bodily, personal
               injury, and property damage, not less than two million dollars
               ($2,000,000) Combined Single Limit in the event of any one
               occurrence (with a general liability umbrella of not less than
               three million dollars ($3,000,000); and

        (ii)   Worker's compensation and employer's liability insurance covering
               all of Tenant's employees working in and about the Premises, with
               coverage limits not less than the minimum limits allowable under
               all applicable laws.

        (iii)  Property insurance providing 100% replacement cost coverage for
               Tenant's leasehold improvements, equipment, inventory, and other
               personal property.

        Tenant shall provide Landlord with a certificate of such insurance
coverage (with a copy of the endorsements naming Landlord as an additional
insured being attached), which certificate shall bear an endorsement stating
that the insurer shall notify Landlord not less than ten (10) days in advance of
any material modification or cancellation thereof. Any insurance required to be
carried by Tenant hereunder will be issued through insurance carriers licensed
to do business in Georgia with a rating of Best"s Insurance Guide A/VIII and/or
Standard & Poor Insurance Solvency Review A-, or better.

        Tenant shall have the right to maintain the required liability insurance
in the form of a blanket policy covering other locations of Tenant in addition
to the Premises; provided, however, that (i) Tenant shall provide Landlord with
a certificate of insurance specifically naming the location of the Premises and
naming Landlord as required in this Section, the limits of which coverage are to
be in the amounts set forth in this Section, and (ii) claims made as to other
locations covered by such blanket policy shall not affect coverage as to the
Premises.

        Notwithstanding anything to the contrary contained herein, Tenant or any
successor to Tenant or sublessee or assignee of Tenant shall have the right to
self-insure all or any part of any of said insurance coverages, in Tenant's sole
discretion, so long as such self-insuring party maintains a tangible net worth
of not less than Seventy-Five Million Dollars ($75,000,000.00), as determined
pursuant to generally accepted accounting principles. In the event that Tenant
elects to self-insure all or any part of any risk that would be insured under
the policies and limits described above, and an event occurs where insurance
proceeds would

                                       4
<PAGE>   5

have been available but for the election to self-insure, Tenant shall
immediately make funds available to the same extent that they would have been
available had such insurance policy been carried.

        Landlord agrees to maintain, throughout the term of the Lease, property
insurance at least equal to eighty percent (80%) of the full replacement cost of
the Building, exclusive of any improvements thereto by any tenants.

        Landlord and Tenant each hereby release and relieve the other, and waive
their entire right of recovery against the other for loss or damage arising out
of or incident to the perils insured against, or required to be insured against
pursuant to the terms hereof, which perils occur in, or about the Premises or
Building, whether due to the negligence of Landlord or Tenant, or their agents,
employees, contractors, and/or invitees. Landlord and Tenant shall, upon
obtaining the policies of insurance required, give notice to the insurance
carrier or carriers that the foregoing mutual waiver of subrogation is contained
in this Lease.

                                       8.
                               REPAIRS BY LANDLORD

        From and after the Commencement Date, Landlord"s maintenance and repair
obligations as to the Building shall be as follows:

        (a)    Landlord shall have no maintenance or repair obligations as to
               the Premises or any portions of Building systems (including,
               without limitation, the Building"s water, sewer, electrical,
               heating, plumbing, fire suppression, ventilation and
               air-conditioning systems) which are located entirely within the
               Premises or which serve the Premises exclusively, except that
               Landlord, at Landlord"s sole cost and expense shall keep in good
               order, condition and repair all structural components of the
               Premises;

        (b)    Subject to Section 8(a) above, Landlord, at Landlord"s sole cost
               and expense shall (i) be responsible for lighting the common
               areas of the Building and washing the exteriors of windows on the
               Building in a manner that such services are customarily furnished
               to similar buildings in the area where the Building is located;
               (ii) keep in good order, condition and repair (1) the elevators,
               (2) the Building"s water, sewer, electrical, heating, plumbing,
               fire suppression, ventilation and air-conditioning systems, (3)
               the common areas of the Building, (4) structural components of
               the Building, and (5) the roof of the Building.

        (c)    Notwithstanding anything to the contrary in Sections 8(a) and (b)
               above, Tenant shall cause a contractor reasonably approved by
               Landlord to make such repairs as may be made necessary by any
               willful or negligent act or omission of Tenant or its employees,
               agents, customers, invitees, licensees or contractors, and the
               cost of such repairs shall be borne by Tenant.

        Landlord shall be under no obligation to make any inspection of the
Premises or to make any repairs until after written notice from Tenant to
Landlord of the need thereof. As soon as reasonably practical, Tenant shall
report in writing to Landlord any defective condition known to Tenant which
Landlord is required to repair. Tenant hereby specifically waives any applicable
law requiring inspection of the Premises by Landlord. Landlord shall in no event
be liable for any lost business, lost profits or consequential damages resulting
from Landlord's failure to make repairs or otherwise.

                                       9.
                         REPAIRS BY TENANT: ALTERATIONS

        Tenant shall keep and maintain the non-structural elements of the
Premises, and every part thereof including, without limitation, the portions of
the Building"s water, sewer, electrical, heating, plumbing, fire suppression,
ventilation and air-conditioning systems located entirely within or exclusively
serving the

                                       5
<PAGE>   6

Premises, in good order, condition and repair. Trash will be disposed of by
Tenant. All parts of the interior of the Premises shall be painted, wallpapered,
varnished or otherwise redecorated at Tenant"s own expense and at Tenant"s
discretion. Tenant agrees to return the Premises to Landlord at the expiration
or earlier termination of this Lease in good condition and repair as when first
received, normal wear and tear , damage from casualty, and condemnation and
repairs which are Landlord's obligation to make pursuant to the terms and
conditions of this Lease excepted.

        Tenant shall make no alterations, additions, or improvements
(collectively, "Alterations") to the Premises, except repairs and replacements
of trade fixtures or equipment with new fixtures or equipment of equal or
greater value, without the prior written consent of Landlord, which consent
shall not be unreasonably withheld, conditioned or delayed, and Landlord may
impose, as a condition of such consent, such requirements as are reasonable
including, without limiting the generality of the foregoing, requirements as to
the manner in which, the time or times at which such work shall be done. Tenant
agrees to indemnify, defend and hold Landlord harmless from and against any and
all claims from mechanics or material men or other liens in connection with any
Alterations made by or on behalf of Tenant, and Tenant will, if required by
Landlord, furnish such waiver or waivers of lien in form satisfactory to
Landlord, as Landlord may require in connection with making Alterations to the
Premises. Tenant will promptly bond or discharge any liens which may be filed in
connection with Alterations, additions, repairs, or improvements to the Premises
within thirty (30) days after written notice from Landlord. Tenant shall be
responsible for complying with all applicable laws, codes and ordinances when
making Alterations to the Premises. Landlord reserves the right to enter the
Premises for the purpose of posting notices of non-responsibility as may be
permitted by law or desired by Landlord. Notwithstanding anything to the
contrary herein, on or before the expiration or earlier termination of this
Lease, Tenant shall remove from the Premises, its equipment, including without
limitation its generators, dry coolers and fuel tanks, telecommunications
equipment, trade fixtures and other personal property. Tenant shall repair all
damage resulting from any such removal.

        Landlord hereby waives any rights, statutory or otherwise, to any lien
(other than any judgment lien which Landlord may hereafter obtain) on Tenant's
equipment and other personal property in the Premises.

        In making any alterations, repairs or improvements to the Premises and
in installing and operating its equipment (or the equipment of any customer or
co-locator in the Premises), Tenant shall not disturb or interfere (whether by
the emission of radio frequency, electromagnetic field or otherwise) with the
operations of any other tenant in the Building.

                                       10.
                                RIGHT TO RELOCATE
                              Intentionally Deleted

                                       11.
                                    UTILITIES

        Electricity will be directly metered and billed by the utility provider
to Tenant at Tenant"s expense. Landlord shall furnish water, at Landlord"s
expense for use in Tenant"s restroom (s) and lighting, for common corridor
areas. Tenant"s electrical power requirements are 277/480 volt, 4-wire, 3 phase,
800 AMPs service (the "Promised Usage"). Landlord, at Landlord's sole cost and
expense, shall construct a power vault to deliver the Promised Usage to the
Premises, 24 hours per day, seven days per week. If the applicable utility
provider (the "Utility Provider") requires that the users of such power vault
use no less than a specified amount of power (the "Minimum Power Usage"), and
the Tenant"s actual usage of power (which actual usage of power shall be
calculated by averaging Tenant's actual usage of power for the first three
months of 2001) is less than the Promised Usage, Tenant shall pay a share of any
costs or fees imposed upon Landlord by the Utility Provider as a result of not
attaining the Minimum Power Usage, which share shall be based upon the following
formula: 9% x (1-(Tenant"s actual power usage/60% of Promised Usage)) x "the
amount of any such cost of fees imposed upon Landlord"; provided, however,
Tenant's share of such costs shall not exceed $34,470.00. Tenant shall pay to
Landlord any sums required under this Section as additional rent hereunder
within thirty

                                       6
<PAGE>   7

(30) days of demand from Landlord. Tenant shall have the option, and at its sole
cost and expense, to install a transformer, tying into the Property"s bus duct
system to obtain the electrical supply of the Premises (such installation and
connection to the Base Building Bus Duct shall require Landlord"s approval) and
to separately meter Tenant"s electrical power usage at the Premises. If Tenant
determines that the Building"s electrical system does not have sufficient
capacity to accommodate Tenant"s needs, Tenant at its sole cost and expense may
coordinate directly with the Utility Provider to provide additional power to the
Premises. The location and manner of installation of any equipment or facilities
to provide such additional power shall be subject to Landlord"s approval. Tenant
shall contract directly with the Utility Provider to pay for such additional
power. If Tenant requires additional space in the Building in order to obtain
such additional power, Landlord agrees to negotiate in good faith to lease
additional space, if available, to Tenant.

                                       12.
                                    ANTENNAE

        Except as expressly set forth in this Lease to the contrary, Tenant
shall have no right to go upon, occupy or use all or any portion of the roof of
the Building for any purpose. All of such rights are hereby reserved by and to
Landlord. Notwithstanding the foregoing, Landlord grants Tenant the right, in
common with Landlord and any other tenants of the Building, to install, operate
and maintain, at Tenant's sole expense and risk and subject to any applicable
laws, regulations, codes or ordinances, one (1) global positioning system (GPS)
antenna (hereinafter referred to as the "Antennae Equipment") within the portion
of the Premises which is located on the roof of the Building, so long as (a)
such Antennae Equipment is no taller than 3 feet and requires no more than one
2" conduit from such base site cabinets to the telecommunication entrance of the
Building or to the Premises, (b) Landlord reasonably determines that space is
available for such Antennae Equipment, and (c) Tenant installs such Antennae
Equipment on or before December 31, 2000. Upon installing any Antennae
Equipment, Tenant shall pay to Landlord an additional $500 per month in fixed
minimum rent. Any such installation shall be subject to Landlord's reasonable
approval of the size, design, installation and appearance of the Antennae
Equipment. Any Antennae Equipment installed by Tenant shall be erected so as not
to interfere with the operation of any other antennae, satellite dish or other
similar equipment then existing on the roof. Tenant shall obtain all necessary
municipal, state and federal permits and authorizations required to install,
maintain and operate the Antennae Equipment and pay any charges levied by
government agencies with respect thereto. At the conclusion of the term of this
Lease, Tenant shall remove the Antennae Equipment and surrender and restore the
space occupied thereby to Landlord in as good as condition as when entered,
except for loss or damage resulting from casualty, condemnation, Act of God or
ordinary wear and tear. Prior to installing or placing any Antennae Equipment on
the roof, Tenant shall submit plans and specifications to Landlord for
Landlord"s approval, which approval shall not be unreasonably withheld,
conditioned or delayed. If Landlord fails to disapprove of such plans and
specifications within ten (10) days of receipt, Landlord shall be deemed to have
approved such plans and specifications. No approval by Landlord of any such
plans and specifications shall constitute any representation or warranty by
Landlord of any kind or nature.

                                       13.
                                      SIGNS

All rights to advertise on the Premises or place signs on the exterior thereof
shall be reserved to Landlord, and Tenant may not advertise or place signs on
the Premises without the prior written consent of Landlord, which consent may be
granted or withheld in Landlord's sole discretion.

                                       14.
                                     DEFAULT

Should Tenant's interest herein, or any part thereof, be assigned or transferred
either voluntarily or by operation of law (except as expressly permitted
herein), including, without limitation, filing of a petition by or against

                                       7
<PAGE>   8

Tenant under any insolvency or bankruptcy law which, as to involuntary
insolvency or bankruptcy filings only, are not dismissed within ninety (90) days
of filing; or if Tenant should make a general assignment or any assignment for
the benefit of its creditors; or if Tenant should, after written notice, fail to
remedy any default (i) in the payment of any sum of money due under this Lease
for ten (10) days, or (ii) in the keeping of any other term, covenant, or
condition herein for thirty (30) days (provided, if such failure cannot by its
nature be cured within such 30 day period, Tenant shall have a reasonable period
of time not to exceed 120 days in order to complete such cure so long as Tenant
promptly commences such cure within such 30 day period and thereafter diligently
prosecutes such cure to completion) then, in any of such events, Landlord shall
have the right, at its option, in addition to any other remedy Landlord may have
hereunder or by operation of law, without any further demand or notice, to
re-enter the Premises and eject all persons therefrom, using all force which is
reasonably necessary (other than locking Tenant out) to do so, and either (a)
declare this Lease at an end, in which event Tenant shall immediately pay
Landlord a sum of money equal to the amount, if any, by which the then cash
value (determined using a discount rate of seven percent (7%) per annum) of the
Fixed Minimum Rent reserved hereunder for the balance of the term of this Lease
exceeds the then cash reasonable rental value of the Premises for the balance of
said, term, or (b) without terminating this Lease may re-let the Premises, or
any part thereof, as the agent and for the account of Tenant upon such terms and
conditions as Landlord may deem advisable, in which event the rent received on
such re-letting shall be applied first to the expense of such re-letting,
including necessary renovation and alteration of the Premises, any real estate
commissions paid, and all other expenses of preparing the Premises for occupancy
by the new tenant, and thereafter toward payment of all sums due or to become
due hereunder. If a sufficient sum shall not be thus realized to pay all sums
owing by Tenant hereunder, Tenant shall pay Landlord any deficiency monthly,
rental stipulated in this Lease in previous or subsequent months, and Landlord
may bring an action therefor as such monthly deficiency shall arise. Any such
re-entry shall be allowed by Tenant without let or hindrance, and Landlord shall
not be liable in damages for any such re-entry, or guilty of trespass or
forcible entry provided it has not used willful misconduct. Landlord agrees to
use reasonable efforts to relet the Premises at fair market rental rates and to
otherwise mitigate any damages arising out of a default (beyond any applicable
notice and cure period) on the part of Tenant; provided, however, that (i)
Landlord shall have no obligation to treat preferentially the Premises compared
to other premises Landlord has available for leasing within the Building or in
other properties owned or managed by Landlord; (ii) Landlord shall not be
obligated to expend any efforts or any monies beyond those Landlord would expend
in the ordinary course of leasing space within the Building; and (iii) in
evaluating a prospective reletting of the Premises, the term, rental, use and
the reputation, experience and financial standing of prospective tenants are
factors which Landlord may properly consider.

                                       15.
                           COMPLIANCE WITH REGULATIONS

        Tenant agrees that it shall promptly comply at its sole cost with all
requirements of any legally constituted public authority made necessary by
reason of Tenant's specific use or manner of use of the Premises. Landlord
agrees promptly to comply at its sole cost with any such requirements if not
made necessary by reason of Tenant's specific use or manner of use of the
Premises.

                                       16.
                                  LATE DELIVERY

        If Landlord is prevented by law or through no fault of Landlord from
giving possession of the Premises on the date herein provided, there shall be no
liability for damages of any kind resulting from such failure.

        Landlord shall deliver possession of the Premises to Tenant on or before
December 15, 1999. If Landlord's Work (as hereinafter defined) is not
substantially completed on or before December 15, 1999, or Landlord is otherwise
unable to deliver possession of the Premises on such date for any reason, then
Tenant shall be entitled to a rent abatement commencing on the Rent Commencement
Date, in an amount equal to one day of rent for each day Landlord's Work is not
substantially completed or possession is not delivered past

                                       8
<PAGE>   9

December 15, 1999; provided further, however, that if Landlord's Work is not
completed on or before January 31, 2000, Tenant may terminate all of its
obligations under this Lease. For purposes hereof, the Landlord's Work is
"substantially complete" if all portions of Landlord's Work are complete except
for such items which are of an immaterial nature and do not unreasonably
interfere with Tenant's work during the early occupancy period.

                                       17.
                                   RE-LEASING

        Landlord may enter the Premises at reasonable times and with reasonable
notice to exhibit the same to prospective purchasers or lenders or, during the
last twelve months of the Lease term, to prospective tenants, and to make
repairs required of Landlord under the terms hereof, and to make repairs to
Landlord's adjoining property. If Landlord enters the Premises for purposes of
making repairs or performing maintenance, Landlord will use commercially
reasonable efforts not to disrupt the operation of Tenant's business in the
Premises.

                                       18.
                                EARLY TERMINATION

        No termination of this Lease prior to the normal expiration thereof,
shall affect Landlord's right to collect rent which has accrued for the period
prior to termination.

                                       19.
                    CONDITION OF PREMISES AT TIME OF DELIVERY

        Landlord shall deliver to Tenant possession of the Premises
substantially in their condition as of the date hereof, and Tenant shall accept
possession of the Premises in such condition, except as otherwise provided
herein.

                                       20.
                                   ASSIGNMENT

        Except as otherwise specified in this Section 20, Tenant shall not
sublet said Premises or any part thereof nor assign this Lease, without in each
case the prior written consent of Landlord not to be unreasonably withheld,
conditioned or delayed. In determining the reasonableness of Landlord"s decision
to withhold or grant its consent to any proposed assignment or sublease,
Landlord may take into consideration all relevant factors surrounding the
proposed assignment or sublease, including, without limitation, the following:

        1.     The business reputation of the proposed subtenant or assignee and
               its officers or directors.

        2.     The nature of the business and the proposed use of the Premises
               by the proposed subtenant or assignee in relation to
               restrictions, if any, contained in other leases or agreements
               affecting the Building.

        3.     The proposed subtenant or assignee shall not be a tenant of other
               space in the Building or a party with whom Landlord is then
               negotiating regarding the lease of space in the Building.

        4.     The financial condition of the proposed subtenant or assignee.

        Any transfer of this Lease from Tenant by merger, consolidation,
liquidation, or otherwise by operation of law shall constitute an assignment for
the purpose of this Lease and, except as otherwise specified in this Section 20,
shall require the written consent of the Landlord. Except as otherwise specified
in this Section 20, Tenant shall not permit any business to be operated in or
from the Premises by any concessionaire or licensee without the prior written
consent of Landlord. In the event that Tenant shall seek Landlord's permission
to assign this Lease or sublet the Premises, Tenant shall provide to Landlord
the name, address and

                                       9
<PAGE>   10

financial statement of the proposed assignee or sub-lessee and such other
information concerning such proposed assignee or sub-lessee as Landlord may
require. It shall be a condition to any consent by Landlord to an assignment or
subletting that Tenant shall accompany such request with a certified check in
the amount of One Thousand and Five Hundred Dollars ($1,500.00) to reimburse
Landlord for administrative and legal expense for the review and preparation of
necessary documents. Any consent by Landlord to any assignment or subletting, or
to the operation by a concessionaire or licensee, shall not constitute a waiver
of the necessity for such consent to any subsequent assignment or subletting, or
operation by a concessionaire or licensee. In the event that Tenant shall at any
time, during the term of the Lease, sublet all or any part of said Premises or
assign this Lease, either with the consent of Landlord as hereinbefore provided
or without the consent of Landlord, then, in such event, it is hereby mutually
agreed that Tenant shall nevertheless remain fully liable under all of the
terms, covenants and conditions of this Lease. If this Lease is assigned, or if
the Premises or any part thereof is subleased or occupied by any person or
entity other than Tenant or Tenant"s permitted assigns, Landlord may upon a
monetary default by Tenant, collect from assignee, sub-lessee or occupant any
rent or other charges payable by Tenant under this lease, and apply the amount
collected to the rent and other charges herein reserved, but such collection by
Landlord shall not be deemed as acceptance of the assignee, sub-lessee or
occupant as a tenant nor release of Tenant from the performance by Tenant under
this Lease. Notwithstanding the foregoing, Tenant shall have the right to assign
this Lease or sublet the Premises or any potion thereof to an Affiliate (as
hereinafter defined) without the consent of Landlord. Tenant shall promptly
notify Landlord of any such assignment or subletting, and no such assignment or
subletting shall release Tenant from liability for any of its obligations
hereunder. For purposes of this Lease, the term "Affiliate" shall mean (i) any
person or entity which controls, is controlled by or is under common control
with Universal Access Inc., so long as such persons or entity continues to
control, be controlled by or be under common control with Universal Access Inc.,
(ii) any entity into which or with which Tenant consolidates or merges if such
entity has a tangible net worth at the time of such assignment or subletting
which is equal to or greater than the net worth of Tenant as of the date hereof
and (iii) any person or entity which acquires all or substantially all of the
assets of Tenant, if such acquiring person or entity has a tangible net worth at
the time of such assignment subletting which is equal to or greater than the net
worth of Tenant as of the date hereof. For purposes hereof, a person or entity
"controls" another person or entity if such person or entity owns more than
fifty percent (50%) of the ownership, partnership or beneficial interests of the
other person or entity. Notwithstanding anything contained herein to the
contrary, none of the following, or any changes, assignments or transfers
resulting from the following, shall require Landlord"s prior written consent,
the payment by Tenant of any fees or charges of any kind, or give rise to any
right of Landlord to cancel or recapture all or any part of the Premises:

               i. a transaction in which Tenant becomes an entity whose shares
        of stock or other ownership interests are, directly or indirectly, sold
        on a national stock exchange or an inter-dealer quotation system; and in
        the event the foregoing transaction has occurred, any subsequent sale of
        ownership interests or issuance of new ownership interests, directly or
        indirectly, in Tenant; and

               ii. any license or co-location agreement of portions of the
        Premises which is otherwise permitted hereunder..

                                       21.
                             DESTRUCTION OF PREMISES

        If the Building or the Premises are totally destroyed by storm, fire,
lightning, earthquake, flood or other casualty, this Lease shall terminate as of
the date of such destruction, and rental shall be accounted for between Landlord
and Tenant as of such date. If the Premises are damaged but not wholly destroyed
by any such casualties, rental shall abate in such proportion as use of the
Premises has been destroyed, and Landlord shall restore the Premises to
substantially the same condition as before such damage as speedily as
practicable, but Landlord shall not be required to expend any amount greater
than insurance proceeds received by Landlord (together with the amount of the
applicable deductibles maintained by Landlord) arising out of such damage to the
Premises, whereupon Tenant shall resume payment of the full rent owing
hereunder. In the event of total destruction of the Premises and termination of
this Lease, Tenant shall be entitled to retain proceeds of Tenant's

                                       10
<PAGE>   11

insurance. If, as a result of any casualty which does not arise out of any
negligent or willful act or omission of Tenant or its employees, agents or
contractors, the Premises remains untenantable for a continuous period in excess
of one hundred eighty (180) days, Tenant shall have the right to terminate this
Lease by written notice given to Landlord .

                                       22.
                                 EMINENT DOMAIN

        In the event the Premises or any part thereof shall be taken or
condemned either permanently or temporarily for any public use or purpose by any
competent authority by right of eminent domain, the entire compensation award
therefor, including, but not limited to all damages and compensation for the
reversion and fee, shall belong to the Landlord without deduction therefrom for
any present or future estate of Tenant, and Tenant hereby assigns to Landlord
all its rights, title and interest to any such award. Tenant shall have the
right to claim and recover from the condemning authority, but not from Landlord,
such compensation as may be separately awarded or recoverable by Tenant in
Tenant's own right on account of any and all damage to Tenant's business and
leasehold estate by reason of the condemnation and for or on account of any cost
or loss to which Tenant might be put in removing Tenant's merchandise,
furniture, fixtures and equipment. In such event, this Lease shall terminate as
of the day possession shall be taken by such public authority, and Tenant shall
pay rent up to such date.

                                       23.
                                   PARTNERSHIP

        This Lease shall not be construed as making Landlord in any manner or
for any purpose a partner of Tenant in its business or otherwise, or a joint
venturer or member of any joint enterprise with Tenant.

                                       24.
                                     NOTICES

        All notices or consents required or permitted to be given hereunder
shall be in writing and shall be deemed to be duly given if sent by (i)
facsimile, (ii) certified mail, return receipt requested, postage prepaid, or
(iii) by nationally recognized overnight courier service, and addressed as
follows:

IF TO TENANT:         Universal Access, Inc.
                      100 N. Riverside Plaza, Suite 2200
                      Chicago, IL 60606
                      Attn: Robert Pommer
                      Fax: 312-660-5050

IF TO LANDLORD:       PEACHTREE KESSLER LOFTS, LLC
                      dba TELECOM TOWER
                      3101 Towercreek Pkwy. #560
                      Atlanta, Georgia 30339
                      Attn: Don A. Thomas
                      Fax: 770-953-6579

With a copy to:       Sutherland, Asbill & Brennan, LLP
                      999 Peachtree Street, NE
                      Atlanta, Georgia 30309-3996
                      Attn: James B. Jordan, Esq.
                      Fax: 404-853-8806

                      Any notice given in the manner set forth above shall be
                      deemed to be received by the party to whom such notice is
                      addressed upon the earlier to occur of (i)

                                       11
<PAGE>   12

                      actual receipt, or (ii) five (5) business days after the
                      sending thereof. Either party may change the address or
                      fax number to which notices to such party shall be sent by
                      giving written notice thereof to the other party. In the
                      case of notices delivered by facsimile, notice shall be
                      deemed to have been given at the time of receipt set forth
                      on the confirmation generated by the transmitting
                      facsimile machine, provided that a copy of such notice is
                      delivered to the receiving party by one of the methods
                      described in clauses (ii) or (iii) above within five (5)
                      business days thereafter.

                                       25.
                                  USUFRUCT ONLY

This Lease Agreement shall create the relationship of landlord and tenant only
as between Landlord and Tenant. No estate shall pass out of the Landlord
hereunder. Tenant shall have only a usufruct, not subject to levy and sale, and
not assignable by Tenant except as otherwise provided herein.

                                       26.
                          SUBORDINATION/NON-DISTURBANCE

This Lease shall be subordinate to any ground lease, mortgage, deed to secure
debt or trust, or any other hypothecation for security (hereinafter referred to
as a "Security Instrument"), now or hereafter placed upon the real property of
which the Building and Premises are a part, and to any and all advances made on
the security thereof and to all renewals, modifications, consolidations,
replacements and extensions thereof; provided, however, the subordination of
this Lease to any Security Instrument shall be subject to Tenant"s receipt of
commercially reasonable subordination, non-disturbance and attornment agreement
from the holder of any such Security Instrument. Tenant agrees to execute any
such commercially, reasonable subordination, non-disturbance and attornment
agreement which may be required to effectuate such subordination, within fifteen
(15) business days after written demand. Landlord shall provide Tenant with a
commercially reasonable subordination non-disturbance and attornment agreement
from any holder of any existing Security Instrument within fifteen (15) business
days after the execution of this Lease.

                                       27.
                                NAME OF BUILDING

Tenant shall not use the name of the Building for any purpose other than the
address of the business to be conducted by Tenant in the Premises. Tenant shall
not use any picture of the Building in any advertising, stationery nor in any
other manner without Landlord's prior written consent. Landlord expressly
reserves the right at any time to change the name of the Building without, in
any manner, being liable to Tenant therefore.

                                       28.
                                    RECORDING

The parties hereto agree that this Lease shall not be recorded in any public
records.

                                       29.
                               BROKER'S COMMISSION

Each party represents and warrants to the other that such party has not employed
the services of any broker or finder in connection with this Lease, and each
party shall indemnify and hold the other harmless against any liability for any
brokers commission or finders fee claimed by any broker or finder alleging to
have dealt with such party except Terminus Real Estate, Inc. (hereinafter
referred to as "Terminus") which represented the Landlord in this Lease and Dean
Topping & Company which represented Tenant in this Lease. Any broker commission
due Terminus or Dean Topping & Company by virtue of such representation shall be
paid by Landlord under the terms of a separate agreement.

                                       12
<PAGE>   13

                                       30.
                              ESTOPPEL CERTIFICATE

At any time and from time to time, Tenant agrees, within fifteen (15) days after
any request from Landlord to execute, acknowledge and deliver to Landlord, or to
such person as Landlord may request, a statement in writing certifying the
following (to the extent accurate):

(a) That this Lease constitutes the entire agreement between Landlord and Tenant
and is unmodified and in full force and effect (or if there have been
modifications, that the same is in full force and effect as modified and stating
the modification);

(b) The date to which the fixed minimum rent and any other rent owing hereunder
has been paid, and the amount of security deposited with Landlord;

(c) That Tenant has accepted possession, that the lease term has commenced, that
Tenant is occupying the Premises and whether Tenant knows of any default under
the Lease by Landlord and any defaults or offsets which Tenant has against
enforcement of this Lease by Landlord;

(d) The actual Commencement Date of the Lease and the expiration date of the
Lease; and

(e) That the Tenant's business is open for business

                                       31.
                       LIMITATION OF LANDLORD'S LIABILITY

        If Landlord shall fail to perform any covenant, term or condition of
this Lease upon Landlord's part to be performed, Tenant hereby releases Landlord
from any personal liability for such default and should Tenant, as a consequence
of such default, recover a money judgment against Landlord, such judgment shall
be satisfied only out of (i) the proceeds of sale produced upon execution of
such judgment, and levy thereon, (ii) the rents or other income from such
property receivable by Landlord, and (iii) the consideration received by
Landlord's interest in such property, and Landlord shall not be liable for any
deficiency. The provisions of this paragraph are not designated to relieve
Landlord from the performance of any of its obligations hereunder, but rather to
limit Landlord's liability in the case of the recovery of a judgment against it,
as aforesaid, nor shall any of the provisions of this Section be deemed to limit
or otherwise affect Tenant's right to obtain injunctive relief or specific
performance or to avail itself of any other right or remedy which may be
accorded Tenant by law or this Lease. In the event of sale or other transfer of
Landlord's right, title and interest in the Building and an assumption of this
Lease by the purchaser or transferee, Landlord shall thereafter be released from
all liability and obligations hereunder which accrue subsequent to the date of
such transfer; provided, that the provisions of this Section 31 shall inure to
the benefit of any such purchaser or transferee.

                                       32.
                                SECURITY DEPOSIT

        Tenant has deposited with Landlord a security deposit of Fifteen
Thousand Four Hundred and Seventy Four Dollars ($15,474.00), receipt of which is
hereby acknowledged by the Landlord. Said deposit shall be held by Landlord
without liability for interest as security for the faithful performance by
Tenant of all of the terms of this Lease by Tenant to be observed and performed.
Landlord shall have no obligation to maintain such deposit in a segregated
account and may use or commingle the same with other funds. If any of the rents
herein reserved or any other sum payable by Tenant to Landlord shall be overdue
and unpaid, or should Landlord make payments on behalf of Tenant, or Tenant
shall fail to perform any of the terms of this Lease after the giving of notice
and the expiration of any applicable cure periods, then Landlord may, at its
option and without prejudice to any other remedy which Landlord may have on
account thereof, appropriate and apply said security deposit or so much thereof
as may be necessary to compensate Landlord toward the

                                       13
<PAGE>   14

payment of rent or additional rent loss or damage sustained by Landlord due to
such breach on the part of Tenant. Tenant shall forthwith upon demand restore
said security deposit to the original sum deposited. The balance of said deposit
(to the extent not applied in accordance herewith) shall be returned in full to
Tenant within thirty (30) days after the expiration or earlier termination of
this Lease.

                                       33.
                                  HOLDING OVER

        If Tenant shall remain in possession after expiration of the term
hereof, with Landlord's acquiescence and without any express agreement of the
parties, Tenant shall be a Tenant from month to month at a fixed minimum rental
rate equal to one hundred fifty percent (150%) of the fixed minimum rental rate
in effect at the end of the Lease, and all of the other terms and conditions of
this Lease, including the provision relating to other rent, shall continue in
full force and effect, and there shall be no renewal of this Lease by operation
of law. In the event that Tenant so becomes a Tenant from month to month, either
party may terminate this Lease upon thirty (30) days prior written notice to the
other party.

                                       34.
                              RULES AND REGULATIONS

        Landlord shall have the right to promulgate reasonable rules and
regulations for the benefit of Landlord and all of the tenants of the Building.
Any such rules and regulations shall apply to all of the tenants of the Building
and shall be enforced in a non-discriminatory manner. Tenant agrees to comply
with all such rules and regulations after Landlord gives notice of same. The
present rules and regulations of the Building are described within Exhibit "C".

                                       35.
                                RIGHTS CUMULATIVE

        All rights, powers and privileges of Landlord hereunder shall be
cumulative of each other and of any rights, powers and privileges provided by
law.

                                       36.
                                    NO WAIVER

        The waiver of any breach of any provision of this Lease Agreement by
Landlord, and any failure of Landlord to exercise any power given Landlord
hereunder, or to insist upon strict compliance by Tenant with its obligations
hereunder, and no custom or practice of the parties at variance with the term
hereof, shall constitute a waiver of Landlord's right to demand strict
compliance with the exact terms hereof. Landlord does not authorize any agent to
waive any of the provisions of this Lease Agreement.

                                       37.
                                 TIME OF ESSENCE

        Time is of the essence of this Lease Agreement.

                                       38.
                                  PARTIES BOUND

        This Lease shall be binding upon and inure to the benefit of Landlord
and its heirs, representatives, successors and assigns. This Lease shall be
binding upon and inure to the benefit of Tenant and its heirs, representatives,
successors and if this Lease shall be validly assigned or sublet, it shall be
binding upon and inure to the benefit of Tenant's assignees or subletees as to
Premises covered by such assignment or sublease. Whenever the singular number is
used in this Lease, and when required by context, the same shall include the
plural, and the masculine gender shall include the feminine and neuter genders,
and vise versa, and the word

                                       14
<PAGE>   15

"person" shall include corporations, partnerships and other associations, all
where the context so requires.

                                       39.
                                    CAPTIONS

        The captions, headings and sub-headings set forth in this Lease
Agreement are for the convenience of reference only, and shall not be used in
interpreting this Agreement.

                                       40.
                                ENTIRE AGREEMENT

        This Lease contains the entire Agreement between the parties with
respect to the subject matter hereof, and no representations, inducements,
promises or agreements, oral or otherwise, between the parties not embodied
herein, shall be of any force or effect.

                                       41.
                                   DISCLOSURE

        For the purposes of disclosure Don A. Thomas and Mark Swiecichowski,
principals of Landlord, are licensed real estate brokers in the State of
Georgia.

                                       42.
                               SUBMISSION OF LEASE

        The submission of this Lease for examination does not constitute an
option nor offer for the Premises, and this Lease shall become effective only
when fully executed counterparts of this Lease have been executed and delivered
by both Landlord and Tenant.

                                       43.
                             ENVIRONMENTAL PROVISION

        (a) Tenant will not use or permit any hazardous or toxic waste,
substance, contaminant, asbestos, oil, radioactive or other material, the
removal of which is required or the maintenance or storage of which is
prohibited, regulated, or penalized by any local, state, or federal agency,
authority, or governmental unit (collectively and hereinafter referred to as
"Hazardous Substances"), to be brought onto the Premises or if so brought or
found located thereon, shall cause the same to be immediately removed, unless
the storage, use, treatment, and disposal of same is in full compliance with all
applicable federal, state and local laws and regulations pertaining thereto, and
Tenant's obligation to so remove shall survive the termination of this Lease.
Tenant will not use or suffer the use of the Premises in any manner other than
in full compliance with all applicable federal, state and local environmental
laws and regulations. Tenant shall indemnify, defend, and hold Landlord harmless
from and against any and all costs, damages, and expenses, including without
limitation reasonable attorney"s fees, resulting, directly or indirectly, from
any Hazardous Substances introduced in, on or under the Premises by or on behalf
of Tenant, its agents, representatives, employees or contractors. This indemnity
shall survive the expiration or earlier termination of this Lease.
Notwithstanding anything to the contrary herein, Tenant shall have no obligation
to indemnify, defend or hold Landlord harmless for claims arising out of the
presence of Hazardous Materials which were not introduced by Tenant or any
employee, contractor, representative, agent or licensee of Tenant.

        (b) Landlord hereby represents and warrants to Tenant that to the best
of its knowledge, there are no Hazardous Substances in the Premises at levels or
in concentrations which violate any applicable law, code, regulation or
ordinance. In the event that the foregoing representation an warranty is
determined to be untrue, upon notice from Tenant, Landlord shall diligently
cause the same to be removed, contained or remediated in accordance with all
applicable laws, codes, regulations and ordinances.

                                       15
<PAGE>   16

                                       44.
                    AMERICANS WITH DISABILITIES ACT PROVISION

        The parties acknowledge that the Americans with Disabilities Act of 1990
(42 U.S.C. Section 12101 et seq.) and regulations and guidelines promulgated
thereunder, as all of the same may be amended and supplemented from time to time
(collectively referred to herein as the "ADA") establish requirements for
business operations, accessibility and barrier removal, and that such
requirements may or may not apply to the Premises and Building depending on
among other things: (i) whether Tenant's business is deemed a "public
accommodation" or "commercial facility"; (ii) whether such requirements are
"readily achievable"; and (iii) whether a given alteration affects a "primary
function" or triggers "path of travel" requirements. The parties hereby agree
that: (i) Landlord shall be responsible for ADA Title III compliance in the
Common Areas, and (ii) Tenant shall be responsible for the ADA Title III
compliance in the Premises, including any leasehold improvements or other work
to be performed in the Premises under or in connection with this Lease. Tenant
and Landlord hereby agree to indemnify and hold harmless the non-defaulting
party from and against any and all claims, demands, actions, damages, fines,
judgments, penalties, costs (including reasonable attorneys' fees and
consultants' fees), liabilities and losses resulting from the other's failure to
make alterations required by the ADA, as now or hereafter amended, and the rules
and regulations promulgated thereunder.

                                       45.
                                NO REMEASUREMENT

        The Premises shall not be remeasured nor shall the rent be adjusted
based upon the actual square footage of the Premises.

                                       46.
                              SPECIAL STIPULATIONS

1.      Landlord is to turn the premises over to the Tenant in "as is"
        condition, without any representation or warranty, except for latent
        defects in Landlord's Work of which Tenant notifies Landlord in writing
        within six (6) months after the Commencement Date or as otherwise
        specified herein.

2.      Tenant shall be responsible for the construction of any and all walls
        inside of Tenant"s Premises, and dry pipe fire suppression system.

3.      Notwithstanding anything to the contrary herein, Tenant shall coordinate
        and obtain Landlord"s reasonable approval of all conduit routing and
        connections of fiber, telephone, data, mechanical, power, etc., to main
        building system with Landlord. From and after March 1, 2000, in
        connection with any requested approval, Tenant shall be responsible for
        reimbursing Landlord for the out of pocket expenses paid by Landlord to
        Landlord"s engineering consultant and/or construction manager in order
        to review all items necessary for Landlord to grant or withhold such
        consent.

4.      Landlord shall provide a ground bar located in generator room connected
        to main building ground.

5.      Tenant shall be responsible for the construction of all demising walls
        in the Premises. Tenant shall also be required to construct a 2-hour
        rated demising wall, approximately 48' long as per the drawing attached
        hereto as Exhibit C, which is required by the City of Atlanta Building
        Authority. Such construction shall be performed by a licensed contractor
        in a good, workmanlike and lien free manner. The location and manner of
        construction of such demising wall shall be subject to Landlord"s
        reasonable approval.

6.      Removal of Electrical and Telecommunications Wire:

        a.     Landlord May Elect to Either Remove or Keep Wires. On or before
               the date which is ten

                                       16
<PAGE>   17

               (10) days after the expiration or sooner termination of the
               Lease, Landlord may elect ("Election Right") by written notice to
               Tenant to:

               (i)    Retain any or all wiring, cables, risers and similar
                      installations appurtenant thereto installed by Tenant in
                      the risers of the Building and all cable, wiring,
                      connecting lines and other installations or property
                      installed or placed in the Meet Me Room (hereinafter
                      collectively referred to as "Wiring") and pay Tenant
                      $50,000.00 for such Wiring;

               (ii)   Remove any or all such Wiring and restore the Premises and
                      risers to their condition existing prior to the
                      installation of the Wiring (herein after referred to as
                      "Wire Restoration Work"). Landlord shall perform such Wire
                      Restoration Work at Tenant"s sole cost and expense; or

               (iii)  Require Tenant to perform the Wire Restoration Work within
                      thirty (30) days after receipt of Landlord's Election
                      Right notice at Tenant"s sole cost and expense.

        b.     Survival. The provisions of this subparagraph 6a shall survive
               the expiration or sooner termination of this Lease.

        c.     Conditioning of Wiring. In the event Landlord elects to retain
               the Wiring (pursuant to Paragraph a(i) hereof), Tenant covenants
               that:

               (i)    Tenant shall be the sole owner of such Wiring, that Tenant
                      shall have the right to surrender such Wiring, and that
                      such Wiring shall be free of all liens encumbrances; and
                      shall be left in as-is condition, properly labeled at each
                      end and in each telecommunications/electrical closet and
                      junction box, and in safe condition.

        d.     Landlord Retains Security Deposit. Notwithstanding anything to
               the contrary in this Lease, Landlord may retain Tenant"s Security
               Deposit after the expiration or sooner termination of the Lease
               until the earliest of the following events:

               (i)    Landlord elects to retain the Wiring pursuant to Paragraph
                      6(a)(i):

               (ii)   Landlord elects to perform the Wiring Restoration Work
                      pursuant to Paragraph 6(a)(ii) and the Wiring Restoration
                      Work is complete and Tenant has fully reimbursed Landlord
                      for all costs related thereto; or

               (iii)  Landlord elects to require the Tenant to perform the
                      Wiring Restoration Work pursuant to Paragraph 6(a)(iii)
                      and the Wiring Restoration Work is complete and Tenant has
                      paid for all costs related thereto;

        e.     Landlord Can Apply Security Deposit. In the event Tenant fails or
               refuses to pay all costs of the Wiring Restoration Work within 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.

        f.     No Limit on Right to Sue. The retention or application of such
               Security Deposit by Landlord pursuant to this Clause does not
               constitute a limitation on or waiver of Landlord"s right to seek
               further remedy under law or equity.

        g.     If Landlord fails to give Tenant the Election Right notice within
               ten (10) days after the expiration or sooner termination of this
               Lease, Landlord shall be deemed to have elected the course of
               action described in Paragraph 6(a)(iii).

                                       17
<PAGE>   18

7.     Other Special Stipulations

Taxes: Within thirty (30) days after written demand therefore, Tenant shall pay
to Landlord, as additional rent hereunder, its pro-rata share (i.e., 9%) of
those Taxes which exceed the 2000 base year. "Taxes" mean all federal, state,
local, governmental, special district and special service area taxes (including,
without limitation, any traffic improvement district taxes), fees, improvement
bond, charges, assessments and any other government charges, surcharges and
levies, general and special, ordinary or extraordinary, including state or local
imposed sales taxes on rent of any kind whatsoever (including interest thereon
whenever same may be payable in installments) which Landlord shall pay or be
obligated to pay arising out of the use, occupancy, ownership, leasing,
management, repair or replacement of the Building, any appurtenance thereto or
any property, fixtures or equipment thereon. Taxes also include the costs
(including, without limitation, fees of attorneys, consultants or appraisers) of
any negotiation, contest or appeal pursued by or on behalf of Landlord and
relating to the Building. Taxes exclude any income, transfer, profit,
inheritance or franchise tax which may be imposed upon Landlord. Landlord shall
pay all Taxes in installments over the maximum period of time permitted by law,
and all interest payments thereon shall be included within Taxes for purposes
hereof. Notwithstanding anything to the contrary herein, Taxes shall not include
any penalties or interest imposed or charged as a result of late payment of
Taxes by Landlord.

Floor Load: Structural tests indicate that the building floor load capacity is
not less than 135 lb live load. Ceiling Height: The Premises shall have a
minimum height from "slab to slab" of no less than 10' 6".

Roof Access: Tenant shall be granted access to the Roof Space 24 hours per day.
Landlord shall make arrangements for immediate access during normal business
hours (i.e., 9AM - 5PM, Monday through Friday, holidays excluded). Landlord
shall provide a telephone contact to Tenant for the arranging of immediate
access after normal business hours and on weekends.

Equipment Removal: Tenant shall have the right to remove any or all of its
equipment, HVAC, batteries, UPS systems, etc., at any time during the term of
the lease.

Fire Suppression: Landlord shall install a Wet Sprinkler System. On or before
the date which is the earlier to occur of (i) March 1, 1999, or (ii) the date
Tenant commences the installation of its equipment and gear in the Premises,
Tenant shall install a pre-action fire suppression system in the Premises.

8. From and after the Commencement Date, so long as Landlord is contracting with
a third party to provide 24 hour security services (which shall consist of one
unarmed guard for the Building), to the Building, Tenant shall pay to Landlord,
as additional rent, $518.00 per month, which sum represents Tenant"s pro rata
share of the cost of such security services. Such sum shall be due and payable
on the first day of each month during the term of this Lease. Landlord reserves
the right to cancel such security services upon 30 days notice to Tenant. In
addition, Tenant shall have the right to install its own security in the
Premises provided that Tenant provides Landlord with the information necessary
to allow Landlord (and emergency personnel) access to the Premises in the event
of an emergency.

9. Attorney"s Fees. If either party hereto brings an action or proceeding to
enforce the terms hereof or declare rights hereunder, the prevailing party in
any such action or proceeding shall be entitled to receive reasonable attorney"s
fees actually incurred if such action or proceeding is pursued to decision or
judgment.

10. Quiet Enjoyment. Landlord covenants and agrees with Tenant that so long as
Tenant continues to pay all rent and other sums when due and to observe and
perform all the terms, covenants and conditions of this Lease on Tenant"s part
to be observed and performed, Tenant may peaceably and quietly enjoy the
Premises hereby demised, subject, nevertheless to the terms and conditions of
this Lease.

11. Consent/Approval. Wherever consent or approval of the Landlord is required
under the Lease, Landlord agrees not to unreasonably withhold, condition or
delay such consent or approval. If, in this Lease, it is provided that
Landlord's consent or approval as to any matter will not be unreasonably
withheld, and it

                                       18
<PAGE>   19

is established by a court or body having final jurisdiction thereover that
Landlord has been unreasonable the only effect of such finding shall be that
Landlord shall be deemed to have given its consent or approval; but Landlord
shall not be liable to Tenant in any respect for money damages by reason of
withholding its consent unless Landlord withholds such consent in bad faith.

12. Landlord"s Work. On or before December 15, 1999, Landlord through its
designated contractor shall perform the following work (collectively "Landlord
Work"), in a good and workmanlike manner, at Landlord"s sole cost and expense:

        a.     demolition of existing walls, ceiling, lighting fixtures, etc.
               per Tenant"s approved plans;

        b.     construction of power vault and power requirements set forth in
               Section 11;

        c.     removal of all asbestos within the Premises, the auxiliary space
               and the riser shafts required for Tenant"s conduit;

        d.     provide a relatively smooth concrete floor (within industry
               tolerances for a building of an age similar to that of the
               Building);

        e.     provide water supply and water drainage lines to Premises;

        f.     install new wet-type sprinkler system in accordance with City
               ordinance; and

        g.     install double door leading from elevator lobby to Corridor (as
               described on Exhibit A attached hereto)

13. No Exclusive Carrier. Landlord agrees that it will not grant any carrier the
exclusive right to be the only carrier in the Building.

                                       47.
                                 RENEWAL OPTION

        Tenant shall have the right to renew the Term of this Lease for two (2)
additional terms of five (5) years (hereafter referred to as the "Renewal Term")
by giving Landlord prior written notice nine (9) months prior to the expiration
of the initial Term or the prior Renewal Term, as applicable, and that Tenant
has exercised such renewal right, subject to the following conditions:

        (a)    Tenant shall not be in default under any of the terms or
               provisions of this Lease at the time such notice is given or at
               the time of the commencement of the applicable Renewal Term.

        (b)    Tenant shall occupy the Premises during the Renewal Term under
               the same terms and conditions as specified in this Lease, except
               Tenant shall lease the Premises in their then "as-is" condition,
               with Tenant not having any right to require any improvements be
               made to the Premises, and the Base Rent for any Renewal Term
               shall be ninety-five percent (95%) of the then Market Rate, but
               not less than the Base Rent for the Premises in effect
               immediately prior to the commencement of such Renewal Term.

        (c)    As used herein, the term "Market Rate" shall be initially
               determined by Landlord as the amount of base annual rent per
               square foot then being charged in comparable office buildings
               located in the Atlanta, Georgia market (the "Comparable
               Buildings") for space comparable to the Premises and taking into
               consideration all other relevant factors establishing similarity
               or dissimilarity between the comparable lease and the leasing of
               the Premises to Tenant for the Renewal Term, including without
               limitation, the inherent value of the Premises to tenants in the
               telecommunication business because of the ready availability of
               fiber optics, access to diesel fuel storage, adequate chaseways
               and floor loads,

                                       19
<PAGE>   20

               escalations (including type, base year and stop), concessions,
               length of lease term, size and location of the Premises, building
               standard work letter and/or tenant improvement allowances,
               quality and quantity of any existing tenant improvements, quality
               and creditworthiness of Tenant, amenities offered, location of
               building, the cost and provision of parking spaces, and other
               generally applicable concessions, allowances, terms and
               conditions of tenancy. In determining Market Rate, Landlord shall
               be entitled to accord the greatest weight to recent transactions
               in the Building. The reference to the foregoing factors is
               illustrative only and the presence or absence of such factors
               shall be taken into account in determining Market Rate.

        (d)    Within thirty (30) days after Landlord receives the notice of
               Tenant"s exercise of the renewal option, Landlord shall notify
               Tenant of the proposed Market Rate, as well as the rate of
               escalation applicable to the Renewal Term; provided, however,
               Landlord shall not be required to respond to any such notice more
               than 1 year before the expiration of the term or then current
               Renewal Term, as applicable. In the event that Landlord and
               Tenant are not able to agree as to the Market Rate and the
               applicable escalation rate within sixty (60) days of good faith
               negotiation, Tenant"s right of renewal as provided herein shall
               terminate.

        (e)    Tenant shall not be entitled to more than two (2) renewal
               options.

        (f)    In the event Tenant fails to timely notify Landlord in the manner
               herein specified, Tenant shall be conclusively deemed to have
               waived its right to enter into any Renewal Term.

        (g)    This renewal right shall be subject to Tenant"s financial
               condition at the time of exercise being comparable, as determined
               by Landlord, in all material respects to or better than that as
               exists on the Commencement Date. In determining whether the
               requirements of this provision are satisfied, all aspects of
               Tenants financial condition (including, without limitation, net
               worth, liquidity, and credit ratings by recognized rating
               agencies) shall be examined by Landlord.

                                       48.
                                  MEET ME ROOM

        Commencing on the date hereof and continuing until the expiration or
earlier termination of this Lease (including any validly exercised options to
renew or extend this Lease), Landlord grants to Tenant an exclusive license,
which shall be irrevocable (unless Tenant fails, beyond any applicable notice
and cure periods, to perform or satisfy any term, condition, provision or
covenant which Tenant is obligated to perform or satisfy pursuant to the terms
hereof) and coupled with Tenant"s interest in the Lease, to use approximately
232 square feet of space in the "meet me" Room of the Building (the "Meet Me
Room") which is more particularly described on Exhibit "A" hereto and a
non-exclusive license, which shall be irrevocable (unless Tenant fails, beyond
any applicable notice and cure periods, to perform or satisfy any term,
condition, provision or covenant which Tenant is obligated to perform or satisfy
pursuant to the terms hereof) and coupled with Tenant"s interest in the Lease,
to use the Meet Me Facilities (as hereinafter defined), all on the following
terms and conditioned:

        (a) Commencing on the Rent Commencement Date, Tenant shall pay to
Landlord, at the same time that Landlord installments of Fixed Minimum Rent are
due, a License Fee in the following amount:

<TABLE>
<CAPTION>
                Lease Year                                Monthly License Fee
                ----------                                -------------------
<S>                                                       <C>
                     1                                         $2,000.00

                     2                                         $2,080.00
</TABLE>

                                       20
<PAGE>   21

<TABLE>
<S>                                                       <C>
                     3                                         $2,163.00

                     4                                         $2,250.00

                     5                                         $2,340.00

                     6                                         $2,434.00

                     7                                         $2,532.00

                     8                                         $2,633.00

                     9                                         $2,738.00

                    10                                         $2,848.00
</TABLE>

        (b) On the date hereof, Tenant shall pay to Landlord a one-time fee of
$2,500.00, which Landlord shall use to convert the existing fire suppression
system in the Meet Me Room into a preaction system.

        (c) In connection with Tenant"s use of the Meet Me Room, Landlord shall
provide Tenant with and be responsible for maintaining and repairing the
following items (the "Meet Me Facilities"): (i) overhead lighting of the Meet Me
Room; (ii) fire suppression system for the Meet Me Room, which fire suppression
system Landlord will covert to a preaction system; (iii) 3, 20-Amp single pole,
120 volt or 208 volt single phase service circuits, backed up by the Landlord"s
generator (Landlord providing no representation or warranty as to such
generator); and (iv) ventilation and air conditioning of the Meet Me Room.
Landlord shall provide no other facilities, equipment or services in connection
with Tenant"s use of the Meet Me Room. To the extent Landlord is not reimbursed
by insurance, Tenant shall reimburse Landlord for any repairs or maintenance for
which Landlord is responsible if the need for such repairs or maintenance arises
out of or results from any negligent or willful act or omission of Tenant or any
employee, representative, contractor or invitee of Tenant. Tenant shall pay to
Landlord, as additional rent hereunder, Tenant"s pro rata share of the costs
incurred by Landlord in repairing and maintaining Landlord"s generator for the
Meet Me Room and supplying fuel for such generator. Tenant"s pro rata share of
such costs shall be based equal to ten percent (10%); provided, however,
Tenant's pro rata share of the costs of maintaining and repairing such generator
shall not exceed $1,000.00 in any Lease year.

        (d) Tenant acknowledges that other tenants and licensees will also be
using similar Meet Me Facilities in the Meet Me Room. Tenant agrees to use the
Meet Me Room only for the purpose of facilitating interconnections between
Tenant"s telecommunications system and the telecommunications systems of other
tenants and licensees of Landlord who reserve Meet Me Facilities in the Meet Me
Room and who consent to such interconnections in writing. Landlord shall have no
obligation with respect to such interconnections. Tenant agrees not to store,
install or use any equipment, conduit, cable, wiring, connecting lines or other
property of Tenant in the Meet Me Room for any other purpose. Tenant also
acknowledges that Landlord reserves the right to run conduits, cables and wiring
along and adjacent to the ceiling within Tenant's space within the Meet Me Room;
provided, however, Landlord shall not exercise the foregoing right in a manner
that materially restricts or impairs Tenant"s ability to run conduits, cables or
wiring within Tenant"s space within the Meet Me Room or Tenant"s ability to run
conduits, cables or wiring into or out of Tenant"s space within the Meet Me
Room. Tenant shall cooperate in keeping the Meet Me Room locked and in
restricting access to the Meet Me Room to employees, contractors and other
persons who need access in order to facilitate such interconnections. In no
event shall Tenant cause (or permit its employees, representatives, contractors
or invitees to cause) any interference with or damage to the Meet Me Facilities,
equipment, conduits, cable, wiring or connecting lines owned or used by other
tenants or licensees of the Meet Me Room.

        (e) The installation of any equipment, conduits, cabling, wiring and
connecting lines in the Meet Me Room shall be subject to the review and
reasonable approval of Landlord"s engineer. Landlord shall also

                                       21
<PAGE>   22

have the right to enforce such security measures as it deems reasonably
necessary. Notwithstanding anything to the contrary herein, Tenant shall not
have the right to penetrate the exterior walls of the Building.

        (f) Tenant shall indemnify, defend and hold harmless Landlord from and
against any and all loss, cost, damage or claim (including but not limited to
reasonable attorney"s fees) arising out of Tenant"s use of the Meet Me Room.

        (g) The licences contained in this Section 48 are personal to Tenant and
may not be assigned, sublicensed or otherwise transferred in any fashion,
regardless of whether such an arrangement is called an assignment, a sublicense,
a collocation agreement or any other name. Notwithstanding the foregoing, the
licenses contained in this Section 48 shall be assigned to any party to whom
Tenant assigns all of its right, title and interest in and to this Lease
pursuant to the terms and conditions of Section 20. Licensee agrees not to
permit any third party to place, use or operate their own equipment, wiring,
cabling or connecting lines in or about Tenant"s Meet Me Facilities.

        (h) All cable, wiring, connecting lines and other installations,
equipment or property installed or placed by or for Tenant in the Meet Me Room
(other than Meet Me Facilities, which shall remain the property of Landlord)
shall be included within the meaning of "Wiring" for purposes of Section 46 of
the Lease.

        (i) Tenant"s designated space within the Meet Me Room shall be part of
the "Premises" for purposes of Sections 3(b)-(d), 7, 14, 15, 17, 19, 21, 22, 24,
26, 29, 30, 31, 32, 33, 34, 43 and 47 of the Lease, items 6, 10 and 11 of
Section 46 of the Lease and for no other portions of the Lease.

        IN WITNESS WHEREOF, the parties have caused this Lease Agreement to be
executed by their duly authorized representatives as of the day and year first
written above.

LANDLORD:      PEACHTREE KESSLER LOFTS, LLC
               d/b/a TELECOM TOWER

               By: /s/ DON A THOMAS
                   ----------------------------
               Name: DON A THOMAS
                     --------------------------
               Title: MANAGER
                      -------------------------

               CORPORATE SEAL:

TENANT:        UNIVERSAL ACCESS, INC.

               By: /s/ ROBERT POMMER
                   ----------------------------
               Name: Robert Pommer
                     --------------------------
               Title: COO
                      -------------------------

               By: /s/ FRED E. FARE
                   ----------------------------
               Name: Fred E. Fare
                     --------------------------
               Title: SR. VP OPS
                      -------------------------

               CORPORATE SEAL:

                                       22
<PAGE>   23

                                   EXHIBIT "A"

                                  [FLOOR PLAN]

                                     Page 1
<PAGE>   24
                                   EXHIBIT "A"

                                  [FLOOR PLAN]

                                     Page 2
<PAGE>   25
                                   EXHIBIT "A"

                                  [FLOOR PLAN]

                                     Page 3
<PAGE>   26

                                   EXHIBIT "B"

                                LEGAL DESCRIPTION

        All that tract or parcel of land lying and being in the city of Atlanta
in Land Lot 78 of the 14th District of Fulton County, Georgia.

        Beginning at the southwest corner of the intersection of Marietta Street
and Forsyth Street running thence along the west side of Marietta Street a
distance of 150 feet to a point; thence running southwest a distance of 100 feet
the northeasterly side of an alley; thence running southeast along the northeast
side of said alley a distance of 150 feet to the north side of Forsyth Street;
thence running northeast along the northerly side of Forsyth Street a distance
of 100 feet to the point of Beginning.

        Said property is improved by a multi-story office building known as 56
Marietta Street according to the present system of numbering in the city of
Atlanta, Georgia.

                                       24
<PAGE>   27

                                   EXHIBIT "C"

                               RULES & REGULATIONS

(1)     The sidewalks, corridors, halls, and stairways in and adjacent to the
        Building shall not be obstructed by Tenant or used by Tenant for any
        purpose other than those of ingress or egress. The floor and windows
        that reflect or admit light into any place in the Building shall not be
        covered or obstructed by Tenant. The rest rooms and plumbing facilities
        shall not be used for any purpose other than those for which they were
        constructed and no sweepings, rubbish, or other obstructing or injurious
        substance shall be thrown therein. Nothing shall be thrown out of the
        windows or doors or down the elevator shafts or stairways of the
        Building.

(2)     No awnings, curtains, blinds, shades or screens shall be attached to or
        hung in or used in connection with any window or door of the Building
        without the prior written consent of the Landlord, which consent must
        include approval by the Landlord of the quality, type, design, color,
        texture, and manner attached.

(3)     The Premises shall not be occupied or used for sleeping or lodging at
        any time, nor shall any cooking be done in the Premises, nor shall
        vending machines of any kind be installed or used in any part of the
        Premises, except those for exclusive use of Tenant's employees and
        Tenant's customers. Nor shall any intoxicating beverages be sold or
        consumed in the Premises, without the prior written approval of the
        Landlord. No gambling, immoral or other unlawful conduct shall be
        permitted on or about the Premises. The use of a microwave oven for
        warming snacks and lunches of Tenant's employees shall be permitted.

(4)     Tenant shall not do or permit to be done any act on or about the
        property which will obstruct or interfere with the rights of other
        tenants of Landlord or annoy them in any way, including but not limited
        to, the using of any musical instruments, making loud noises, or
        singing. No bicycles, vehicles, animals (other than service animals such
        as seeing eye dogs), birds or reptiles of any kind shall be brought into
        the Building.

(5)     No additional locks or latches shall be placed upon any door without the
        written consent of Landlord, such consent not to be reasonably withheld,
        and Tenant, upon the termination of this Lease, shall return to Landlord
        all keys to doors in the Building possessed by Tenant at that time.

(6)     Landlord shall have the right to reasonably prescribe the weight,
        position and manner of installation of heavy articles, machinery and
        equipment, including, but not limited to, safes, batteries, business
        machines, and computer equipment, which Tenant may desire to install in
        the Premises. No batteries, safes, furniture, boxes, large parcels or
        other kinds of freight shall be taken to or from the Premises nor
        allowed in any elevator, hall or corridor without prior approval of
        Landlord, and then only under supervision of the Building Maintenance
        Manager. All such moving shall be done in the elevator and during the
        hours specified by said Manager. No weight shall be place upon the floor
        of the Premises in excess of 100 pounds per square foot of floor space
        without the prior written approval of Landlord. Tenant shall not be
        required to obtain the consent of Landlord prior to placing equipment in
        the Premises which does not exceed 100 pounds per square foot of floor
        space.

(7)     Tenant shall not cause or permit any unusual or objectionable odors to
        be produced upon or permeate from the property, and no flammable,
        combustible or explosive fluid, chemical or substance shall be brought
        into the Building.

(8)     Tenant shall have 24 hour access to the Premises. Landlord shall not be
        liable for admission of any person to the Building at any time, or for
        damages or loss or theft resulting therefrom to any person

                                       25
<PAGE>   28

        including Tenant.

(9)     Landlord reserves the right, from time to time, to amend any one or more
        of the above Rules and Regulations and to make such other reasonable
        rules and regulations as in its judgment may be needed from time to time
        for the security, safety, care and cleanliness of the Premises, the
        Building, and the entire complex. No such amendment or modification to
        these Rules and Regulations will materially affect the rights and
        obligations of the parties hereunder.

(10)    The main lobby area of the Building is not to be used as a place of
        business by contractors (filling out forms, telephone calls) or a "drop
        off" and "pick-up" point for messengers or delivery men. Landlord"s
        staff is not authorized to accept any packages for tenants or
        contractors.

(11)    No contractor is to enter any space in the Building, other than spaces
        that he was given specific access to by Landlord without contacting the
        Landlord for access to the additional area(s).

(12)    Access to roof, mechanical rooms, telephone and electrical closets will
        be provided through the Landlord.

(13)    Tenant, and any contractors engaged by Tenant, must properly label, to
        the reasonable satisfaction (based upon industry standards, if any) of
        the Landlord, all refrigerant, water, sanitary, electric, communication
        lines, etc. being installed.

(14)    If any of Tenant"s contractors wishes to work on Saturday or Sunday or a
        holiday, arrangements must be made with Landlord for no later than
        Thursday of said week.

(15)    Tenant, and any contractors engaged by Tenant, will protect the roof
        surface with plywood at all working areas.

(16)    No less than forty-eight (48) hours in advance, Tenant and any
        contractors engaged by Tenant, shall supply Landlord in writing with the
        names and companies of all workers expected to be in the Building after
        hours. Access will be denied to those not on the list.

(17)    All keying will be handled through the locksmith company designated by
        Landlord. No exceptions.

(18)    Tenant must deliver one set of fully updated as-built drawings to
        Landlord with ten (10) days of receipt of the related Certificate of
        Occupancy.

(19)    Any and all work on the roof must be pre-approved by the Landlord.

(20)    Tenant, and any contractors engaged by Tenant, shall comply with all
        OSHA regulations, as well as all federal, state and local district codes
        related to workers' safety. Tenant shall be responsible for reviewing
        the job site and job organization for total compliance to these rules an
        regulations on a daily basis.

(21)    All major deliveries shall be prearranged with the Landlord at least
        twenty-four (24) hours in advance.

(22)    No materials or tools are to be taken in the passenger elevators.

(23)    A reasonable charge for elevator service may be assessed to the Tenant.

                                       26
<PAGE>   29

                                   EXHIBIT "D"
                             TECHNICAL REQUIREMENTS

1.      The Landlord will provide the following items to the Tenant according to
        the listed schedule:

        a)     Tenant may install in the portion of the Premises in the basement
               up to a 500 KW diesel generator, related pumps, piping and may
               connect to Landlord"s fuel tank at in the basement at Tenant"s
               expense. Landlord may coordinate with Tenant to install the
               aforementioned piping, and if Landlord installs such piping,
               Tenant shall reimburse Landlord for the reasonable cost of such
               installation. Tenant shall pay for its own generator, and its own
               fuel consumption and expenses. The manner of such installation
               and connection shall be subject to Landlord"s reasonable
               approval.

        b)     Landlord shall provide access to connect to the Bus Duct to
               access 800 amps, 480 volts, three-phase A/C of electric capacity
               dedicated to Tenant. Landlord shall provide space and access
               within the Building required to construct the required electrical
               conduits and piping necessary to connect the Tenants generator,
               HVAC equipment and fiber optic cable connections. The cost of
               such conduits, piping, and installation of such are to be paid by
               Tenant and Tenant shall be entitled to no more than the
               following;

               Electrical:          Two 1" and two 4" conduits for the Tenant"s
                                    generator power/grounding/control wiring.

               HVAC Equipment:      Tenant may install up to 120 tons of
                                    self-contained HVAC equipment in the
                                    Premises and locate such equipment on the
                                    portion of the Premises on the 2nd floor
                                    roof-top. Tenant shall be granted up to an
                                    equivalent of 4 - 2" conduits running from
                                    the Premises to the HVAC installation on the
                                    roof. Tenant shall have the right to remove
                                    or cap any heating system in the Premises.

               Fiber:               Tenant shall have the right to install 2 -
                                    4" conduits ("Main Conduit") which shall run
                                    from the Meet Me Room in the basement to the
                                    Premises and 2 - 4" inch conduits to run the
                                    entire length of the Building (in the
                                    electrical room and/or fiber room and/or
                                    exterior of the Building) to connect
                                    Tenant"s telecommunications facility to
                                    other tenants in the Building. It is
                                    understood that all of Tenant"s vertical
                                    conduit shall run to the electrical room
                                    and/or fiber room of the Building. Tenant
                                    shall also have the right to run feeder
                                    conduit to connect to each
                                    telecommunications tenant on each floor as
                                    long as such feeder conduit runs in the 4"
                                    conduits otherwise permitted in this
                                    paragraph. There shall be no additional
                                    compensation payable by Tenant for such
                                    right to use and place conduit and cable.
                                    There shall be no cost for any
                                    telecommunications service provider that is
                                    a tenant in the Building to provide fiber
                                    connectivity to Tenant; however all such
                                    connections shall require Landlord"s
                                    approval and Landlord"s approval shall not
                                    be unreasonably withheld, conditioned or
                                    delayed.

               Telecom Ground:      One 2" conduit from main building ground at
                                    sub-grade to the Tenant"s space.

                                       27
<PAGE>   30

        e)     Landlord to provide Tenant 4,000 Amp 277/480 volt, 3 phase, 4
               wire at electrical room on Tenant"s Floor - the "Base Building
               Bus Duct". Tenant shall be allowed to use no more than 800 Amps
               of the Base Building Bus-Duct. Tenant shall access their own
               power from Landlord"s provided bus duct located at the electrical
               room on Tenant"s floor.

        f)     A pass card security entry system for all elevators opening onto
               Tenant"s floor.

        g)     Access to standpipe on Tenant floor.

        h)     Provision of a freight elevator for the Tenant improvement
               process.

        i)     A drain is to be located in new pre-action system room.

        j)     A building fire alarm system with a Tenant tie-in location at the
               first floor.

        l)     A location to connect the Tenant"s HVAC condensation drain at
               Tenant"s floor.

        m)     A location to connect the Tenants HVAC make-up water to the
               buildings domestic water system at Tenant"s floor.

                                       28

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