Document:

ASSIGNMENT AND ASSUMPTION OF LEASE

      THIS ASSIGNMENT AND ASSUMPTION OF LEASE (this "Assignment")
made  this 15 day of July, 2004, by and between TRANSUGAR LIMITED
PARTNERSHIP, a Nevada limited partnership ("Assignor"), having an
address at 1605 Lake Las Vegas Parkway, Henderson, Nevada  89011,
and  AEI  Income  &  Growth  Fund  XXII  Limited  Partnership,  a
Minnesota  limited partnership, and AEI Accredited Investor  Fund
2002  Limited  Partnership, a Minnesota limited  partnership  (as
tenants   in  common,  together  collectively  referred   to   as
"Assignee");  having  an address of 1300 Wells  Fargo  Place,  30
Seventh Street East, St. Paul, Minnesota 55101.

                      W I T N E S S E T H:

      WHEREAS,  Assignor  is the owner of certain  real  property
located   at  16010  Kensington  Drive,  Sugar  Land,   TX   (the
"Property") as further described on Exhibit A attached hereto and
made a part hereof;

      WHEREAS,  Assignor  has  leased the  Property  to  Sterling
Jewelers  Inc., a Delaware corporation ("Sterling"), pursuant  to
that  certain Lease Agreement dated December 1, 2000, as  amended
by  that certain First Amendment to Lease dated December 5, 2000,
as  further  amended  by that certain Second Amendment  to  Lease
Agreement  dated  April  5,  2001  (together  collectively,   the
"Lease"); and

      WHEREAS,  Assignor desires to assign its right,  title  and
interest  in  and to the Lease to AEI Income & Growth  Fund  XXII
Limited Partnership, an undivided forty percent (40%) interest as
a tenant in common; and AEI Accredited Investor Fund 2002 Limited
Partnership,  an  undivided sixty percent  (60%)  interest  as  a
tenant  in  common,  and Assignee desires  to  assume  Assignor's
right, title and interest in and to the Lease;

      NOW,  THEREFORE, in consideration of the mutual  agreements
hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are acknowledged by each  of
the  parties  hereto, Assignor and Assignee do  hereby  agree  as
follows:

      1.    ASSIGNMENT.  Assignor hereby gives, grants, bargains,
sells,  conveys,  transfers  and sets  over  unto  Assignee,  its
successors  and assigns, as of the date first above written  (the
"Effective Date"), all of Assignor's right, title and interest in
and to the Lease.

      2.    ACCEPTANCE  OF  ASSIGNMENT AND ASSUMPTION.   Assignee
hereby  accepts the foregoing assignment, and hereby assumes  and
agrees  to  be bound by and perform all of Assignor's obligations
and  liabilities to be performed and/or occurring under the Lease
on  or  after  the Effective Date, including, without limitation,
the  obligations for return of security deposits as  provided  in
the Lease and/or required by law, and any and all obligations for
any  and  all  leasing commissions, brokerage  fees  and  similar
payments  which become due and payable after the Effective  Date,
including,  without limitation, any and all leasing  commissions,
brokerage fees and similar payments which become due and  payable
in  connection with the exercise of any option or right under the
Lease.

      3.    INDEMNIFICATION.   (a)  Assignor  hereby  indemnifies
Assignee,  and  agrees to defend and hold harmless Assignee  from
and  against  any  and all liability, loss, damage  and  expense,
including  without limitation reasonable attorneys'  fees,  which
Assignee  may  or shall incur under the Lease by  reason  of  any
failure  or alleged failure of Assignor to have complied with  or
to  have performed, before the Effective Date, the obligations of
the  landlord  thereunder which were to be performed  before  the
Effective Date.

           (b)   Assignee hereby indemnifies Assignor, and agrees
to defend and hold harmless Assignor from and against any and all
liability, loss, damage and expense, including without limitation
reasonable  attorneys' fees, which Assignor may  or  shall  incur
under  the  Lease by reason of any failure or alleged failure  of
Assignee  to  comply with or perform, on or after  the  Effective
Date, all the obligations of the landlord thereunder which are to
be performed on or after the Effective Date.

      4.    SUCCESSORS AND ASSIGNS.  The terms and conditions  of
this  Agreement  shall be binding upon and  shall  inure  to  the
benefit of the parties hereto and their respective successors and
assigns.

      5.   RETAINED RIGHTS.  Assignee hereby agrees that Assignor
may, at Assignor's election and expense, proceed at law or equity
to collect any delinquent rents accruing under the Lease prior to
the  Effective Date.  Assignor hereby agrees that Assignee  shall
have no obligation to collect any rent due prior to the Effective
Date  under  the  Lease; provided, however,  that  in  the  event
Assignee  is  paid  rent from a tenant that has  delinquent  rent
accruing  prior  to the Effective Date, and such  payment  is  in
excess  of current rent due and payable under the Lease  and  any
collection costs incurred by Assignee to collect such rents, then
Assignee agrees to pay such excess amount to Assignor as soon  as
reasonably practicable after the date of receipt by Assignee.

           [Signatures continue on the following page]

      IN  WITNESS  WHEREOF, the parties hereto have  caused  this
instrument  to  be duly executed on the day and  year  first  set
forth above.

ASSIGNOR:                TRANSUGAR LIMITED PARTNERSHIP,
                         a Nevada limited partnership

                         By:  TranSugar Management Corporation,
                              a Nevada corporation, its managing
                              member

                         By:  /s/ John R Plunkett Jr.
                                  John R Plunkett Jr President

ASSIGNEE:                AEI INCOME & GROWTH FUND XXII
                         Limited Partnership, a Minnesota limited
                         partnership

                         By:  AEI FUND MANAGEMENT XXI, INC.,
                              a Minnesota corporation,
                              its General Partner

                          By:  /s/ Patrick Keene
                                   Patrick W. Keene,
                                   its Chief Financial Officer

                         AEI ACCREDITED INVESTOR FUND 2002
                         Limited Partnership,
                         a Minnesota limited partnership

                         By:  AEI FUND MANAGEMENT XVIII, INC.,
                              a Minnesota corporation,
                              its General Partner

                         By:  /s/ Patrick Keene
                                  Patrick W. Keene,
                                  its Chief Financial Officer

STATE OF NEVADA          )
                         ) ss.
COUNTY OF CLARK          )

     The foregoing was acknowledged before me this 9 day of July,
2004,  by John R. Plunkett, Jr., in his capacity as President  of
TranSugar  Management  Corporation,  a  Nevada  corporation,  the
general  partner  of  TranSugar  Limited  Partnership,  a  Nevada
limited partnership.

                              /s/ Paula M Callory
                                    Notary Public

[notary seal]

STATE OF MINNESOTA       )
                         ) ss.
COUNTY OF RAMSEY         )

      The  foregoing was acknowledged before me  this     day  of
2004,  by  Patrick W. Keene, the Chief Financial Officer  of  AEI
FUND  MANAGEMENT XXI, INC., a Minnesota corporation, the  General
Partner  of AEI INCOME & GROWTH FUND XXII Limited Partnership,  a
Minnesota limited partnership, who acknowledged the execution  of
the foregoing instrument to be the voluntary act and deed of said
corporation by authority of its Board of Directors.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my  official seal in the County and State of aforesaid,  the  day
and year last above-written.

                              /s/ Jennifer L Schreiner
                                      Notary Public

[notary seal]

STATE OF MINNESOTA       )
                         ) ss.
COUNTY OF RAMSEY         )

      The  foregoing was acknowledged before me this      day  of
,  2004, by Patrick W. Keene, the Chief Financial Officer of  AEI
FUND MANAGEMENT XVIII, INC., a Minnesota corporation, the General
Partner of AEI Accredited Investor Fund 2002 Limited Partnership,
a  Minnesota limited partnership, who acknowledged the  execution
of  the foregoing instrument to be the voluntary act and deed  of
said corporation by authority of its Board of Directors.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my  official seal in the County and State of aforesaid,  the  day
and year last above-written.

                              /s/ Jennifer L Schreiner
                                     Notary Public

[notary seal]
                            EXHIBIT A

                        Legal description

Being  a  0.8936 acre tract of land located in the S.M.  Williams
League,  A-97,  Fort Bend County, Texas: said 0.8936  acre  tract
being all of Commercial Reserve "N" of Town Center Lakeside  Phse
2,  a 17.8414 acre subdivision recorded in Slide Number 2079A and
2079B of the Plat Records of Fort Bend County, Texas: said 0.8936
acre  tract being more particularly described by metes and bounds
as  follows (all bearings are referenced to the northwest line of
said Reserve "N"):

Beginning  at  an  "X"  found scribed in concrete  for  the  most
northerly  corner  of  said  Reserve "N",  same  being  the  most
easterly  corner  of Commercial Reserve "M" of said  Town  Center
Lakeside  Phase 2, same being on the southwest right-of-way  line
of  State  Highway 6 (width varies) recorded Clerk's File  Number
2000061504 of the Official Records of Fort Bend County, Texas and
Volume  1053,  Page 58 of the Deed Records of Fort  Bend  County,
Texas:

      1.    Thence,  with said southwest right-of-way  line,  the
northeast  line  of said Reserve "N", and the southwest  line  of
Reserve  "K"  (restricted to right-of-way purposes only,  in  the
plat  of  Town Center Lakeside Phase 1 recorded on Slide  Numbers
1941A  and 1941B of the Plat Records of Fort Bend County, Texas),
South 69 degrees 12 minutes 52 seconds East, a distance of 143.43
feet  to a 5/8-inch iron rod with cap stamped "COSTEELO INC  RPLS
4416"  found  for the northwest end of the southwest right-of-way
return at the intersection of said State Highway 6 and Kensington
Drive (width varies) recorded on Slide Number 1941AQ and 1941B of
the Plat of Records of Fort Bend County, Texas:

     2.   Thence, with said right-of-way return, 63.41 feet along
the  arc  of  a curve to the right, said curve having  a  central
angle of 90 degrees 49 minutes 50 seconds, a radius of 40.00 feet
and  a  chord that bears South 23 degrees 47 minutes  57  seconds
East,  a  distance of 56.98 feet to a 5/8-inch iron rod with  cap
stamped "COSTELLO INC RPLS 4416" found for the southeast  end  of
said  right-of-way return, same being on the northwest  right-of-
way line of said Kensington Drive:

Thence, with the southeast line of aforesaid Reserve "N" and said
northwest  right-of-way line, the following four (4) courses  and
distance:

      3.   44.79 feet along the arc of a curve to the right, said
curve having a central angle of 03 degrees 12 minutes 29 seconds,
a  radius of 800.00 feet and a chord that bears South 23  degrees
13  minutes 12 seconds West, a distance of 44.79 feet to  a  5/8-
inch iron rod with cap stamped "COSTELLO INC RPLS 4416" found:

      4.    11.62 feet along the arc of a curve to the left, said
curve  having a cental angle of 01 degrees 18 minutes 20 seconds,
a  radius of 510.00 feet and a chord that bears South 24  degrees
10  minutes 16 seconds West, a distance of 11.62 feet to  a  5/8-
inch iron rod with cap stamped "COSTELLO INC RPLS 4416" found:

     5.   South 23 degrees 30 minutes 58 seconds West, a distance
of  76.51  feet to a 5/8-inch iron rod with cap stamped "COSTELLO
INC RPLS 4416" found:

      6.   45.08 feet along the arc of a curve to the right, said
curve having a central angle of 05 degrees 16 minutes 18 seconds,
a  radius of 490.00 feet and a chord that bears South 26  degrees
09  minutes 07 seconds West, a distance of 45.07 feet to  an  "X"
found  scribed  in  concrete for the  most  southerly  corner  of
aforesaid  Reserve  "N", same being the most easterly  corner  of
Commercial Reserve "0-1" of Town Center Lakeside Phase  2  Replat
of Unrestricted Reserves "o & P" Amending Plat:

     7.   Thence, with the southwest line of said Reserve "N" and
the  northeast  line of said Reserve "0-1", North 69  degrees  14
minutes  29 seconds West, a distance of 172.88 feet to  the  most
westerly  corner  of  said  Reserve  "N",  same  being  the  most
southerly corner of aforesaid Reserve "M" (monument not set, fell
on top of grate top inlet):

     8.   Thence, with the northwest line of said Reserve "N" and
the  southeast  line  of said Reserve "M", North  20  degrees  45
minutes  31 seconds East, a distance of 218.30 feet to the  Point
of Beginning and containing 0.8936 acres of land.

Sterling Master Form Lease
11/07/00

November 7, 2000

                            LEASE

                           BETWEEN

               TRANSUGAR LIMITED PARTNERSHIP,
                a Nevada limited partnership

                             AND

                   STERLING JEWELERS INC.,
                   a Delaware corporation

                   Dated: December 1, 2000

Sterling Master Form Lease
11/07/00

                            LEASE

In consideration of the rents and covenants set forth below,
Landlord  (as hereinafter defined) hereby leases  to  Tenant
(as  hereinafter  defined), and Tenant  hereby  leases  from
Landlord,  the Premises (as hereinafter defined),  upon  the
following terms and conditions:

                          ARTICLE 1
                FUNDAMENTAL LEASE PROVISIONS

The  provisions in this Article shall be referred to in this
Lease as the "Fundamental Lease Provisions."

     1.1   Exhibits  to  Lease. The following  exhibits  are
attached  to  and  made  a  part  of  this  Lease,  and  are
incorporated herein by reference:

     Exhibit "A".    The description of the Premises.

     Exhibit  "B".    The site plan showing the location  of
the  Premises  and  the  Building, the  adjacent  buildings,
parking  areas,  driveways and common  area  and  containing
other general information relative to the development of the
Premises Site (the "Site Plan").

     Exhibit  "C".    A list of the plans and specifications
prepared  and  provided by Tenant and approved by  Landlord,
wherein   are   detailed  Landlord's  Work  (as  hereinafter
defined)  in  the Premises.  Exhibit "C" shall  include  the
plans and specifications for Tenant's satellite dish.

     Exhibit  "C-l ".      The list of items which  comprise
Tenant's Work (as hereinafter defined).

     Exhibit  "D".    The plans and specifications  prepared
and provided by Tenant and approved by Landlord, wherein are
detailed Tenant's exterior sign(s).

     Exhibit   "E".      The  projected  cost   to   perform
Landlord's Work.

     Exhibit  "F".     Tenant's Trade Fixtures  which  shall
remain  the  personal property of Tenant and may be  removed
upon expiration or termination of this Lease.

     Exhibit  "G".     The Future Easement Agreement  to  be
executed at the closing of the Earnest Money Contract.

Sterling Master Form Lease
11/07/00

     1.2 DEFINITIONS.    Unless  otherwise  defined  herein,
                         capitalized  terms  used  in   this
                         Lease   shall  have  the   meanings
                         listed  in  the  Fundamental  Lease
                         Provisions.

     Assignment Agreement:      shall   mean  that   certain
                         agreement   between   Tenant,    as
                         assignor,    and    Landlord,    as
                         assignee,   whereby   Tenant    has
                         assigned  to Landlord  all  of  its
                         rights  and interest in and to  the
                         Earnest Money Contract and Landlord
                         has agreed to Lease the Premises to
                         and   develop  and  construct   the
                         Premises for Tenant.

     Building:           shall  mean the building containing
                         approximately 5,856 square feet  of
                         floor  area  and  all  improvements
                         thereto  (including Tenant's  Work)
                         to  be  constructed on the Premises
                         and  as  identified on Exhibit  "B"
                         attached hereto.

     Commencement Date:  shall  mean  the earlier  of  sixty
                         (60)  days after the Delivery  Date
                         or  the  day that Tenant opens  for
                         and   conducts  business   in   the
                         Premises.

     Construction Period:      shall  mean  the one  hundred
                         fifty  (150) day period immediately
                         following  the date of the  closing
                         on the acquisition of the Premises.

     Delivery Date:      shall  mean the date that  Landlord
                         delivers  the  Premises  to  Tenant
                         with  Landlord's Work substantially
                         complete   such  that  Tenant   may
                         reasonably  enter the  Premises  to
                         perfoffi1 Tenant's Work.

     Earnest Money Contract:    shall   mean  the   contract
                         between Town Center Lakeside, LTD.,
                         as    seller,   and   Tenant,    as
                         purchaser,  dated  July  28,  2000,
                         whereby  Tenant has  the  right  to
                         purchase the Premises.

     Feasibility Period: shall mean that period beginning on
                         the date this Lease is executed and
                         ending  on November 9,2000, as  the
                         same  may  be extended by agreement
                         between Town Center Lakeside,  LTD.
                         and  Tenant under the Earnest money
                         Contract.

     Fixed Monthly Rent: 12%   of  the  Premises  Cost   (as
                         detailed on Exhibit "E") divided by
                         twelve,  subject to  proration  and
                         adjustment  as provided in  Section
                         2.3.

     Force Majeure:      shall mean the occurrence of one of
                         the   below  listed  events   which
                         prevents,  delays  or  hinders  the
                         performance  of  any  act  required
                         hereunder:    strikes,    lockouts,
                         inability   to  procure  materials,
                         failure   of   power,   restrictive
                         governmental  laws or  regulations,
                         riots,  insurrection, war,  or  any
                         other  reason of a like nature  not
                         the  fault of the party delayed  in
                         performing  work or doing  any  act
                         required  under the terms  of  this
                         Lease.

Sterling Master Form Lease
11/07/00

     Future Easement Agreement:      that  certain  easement
                         agreement   to   be   executed   by
                         Landlord at closing on the  Earnest
                         Money  Contract,  in  substantially
                         the  form as attached Exhibit  "G",
                         whereby Landlord agrees to dedicate
                         and   convey   certain   additional
                         public  utility easement agreements
                         over, across and under the Premises
                         to  Town Center Lakeside, LTD. upon
                         its prior written request.

     Gross Leasable Area:          shall mean the number  of
                         square feet of the Building.

     Increase Date:      fifth  (5th)  anniversary  of   the
                         Commencement Date, and  every  five
                         (5)   years  thereafter,  including
                         Renewal Terms

     Increase Percentage: ten percent (10%).

     Initial  Term:       twenty (20) years, commencing
                         on the Commencement Date.

     Kensington Driveway: shall mean the paved  driveway
                         from Kensington Boulevard to

                         Tract  One  (as shown on  the  Site
                         Plan) across the Premises.

     Landlord:           Transugar Limited Partnership
                         1600 Lake Las Vegas Parkway
                         Henderson, Nevada 89011
                         Attention: John R. Plunkett, Jr.
                         FAX: (702) 564-9886

                         With a copy to:

                         Stephen Shapiro, Esq.
                         420 East Carrillo Street
                         Santa Barbara, California 93102
                         FAX: (805) 965-8726

     Landlord's Work:    shall mean the work to be performed
                         by  or at the direction of Landlord
                         in  constructing the Premises,  the
                         Building  and related improvements,
                         as  more particularly specified  in
                         Article 15 below and Exhibit "C".

     Lease Year:         shall mean a period of twelve  (12)
                         consecutive calendar months  during
                         the  Term, the first of which shall
                         begin  on the first day of February
                         next   following  the  Commencement
                         Date, (unless the Commencement Date
                         shall be the first day of February,
                         in which event the first lease year
                         shall  begin  on  the  Commencement
                         Date  ) and ending on the following
                         January 31.

Sterling Master Form Lease
11/07/00

     Permitting Period:  shall mean the period beginning  on
                         the  date  Landlord  executes  this
                         Lease and ending on the date of the
                         closing   on   the  Earnest   Money
                         Contract.

     Permitted Uses:     shall mean the display and sale, at
                         retail,  of gold, silver, diamonds,
                         colored  gemstones and  other  fine
                         jewelry,   watches,   and   clocks,
                         crystal,  porcelain,  and   related
                         items  norn1ally sold  in  Tenant's
                         other  stores  and,  as  incidental
                         thereto,    the    repair    and/or
                         appraisal of the same.

     Plans and Specifications:     shall mean the plans  and
                         specifications for the construction
                         of the Premises, a list of which is
                         attached hereto as Exhibit "C",  as
                         the same may be modified by written
                         agreement  by and between  Landlord
                         and Tenant.

     Premises:           that  certain  real  property  more
                         particularly described  in  Exhibit
                         "A"  together with all improvements
                         thereon,  located in  the  City  of
                         Sugar  Land, County of  Fort  Bend,
                         State of Texas.

     Premises Cost:      shall  mean  the  cost  to  perform
                         Landlord's  Work,  which  cost   is
                         computed  on  Exhibit "E"  attached
                         hereto  and  made  a  part  hereof,
                         subject  to adjustment as  provided
                         in Article 2.3.

     Premises  Site:           shall mean the land described
                         on Exhibit " A ".

     REA's:              shall  mean  the reciprocal  access
                         agreement(s) to be agreed  upon  by
                         Landlord,  Tenant and  Town  Center
                         Lakeside Ltd. for reciprocal access
                         across  the Premises by way of  the
                         Kensington Driveway and the  Shared
                         Driveway.

     Shared Driveway:    shall mean the paved driveway  from
                         State Highway 6 to the Premises and
                         Tract  One and Tract Two (as  shown
                         on the Site Plan).

     Renewal  Terms:      two (2) terms of five (5)  year(s)
                         each.

     Sign Drawings:      shall    mean   the    plans    and
                         specifications     for     Tenant's
                         exterior  sign(s) on the  Premises,
                         in  the form of Exhibit "D", as the
                         same  may  be modified  by  written
                         agreement  by and between  Landlord
                         and Tenant.

Sterling Master Form Lease
11/07/00

Tenant:                   Sterling Jewelers Inc.  375  Ghent
Road
                         Akron, Ohio 44333
                         Attn: Real Estate Department
                         FAX: (330) 668-5050

                         With copies to:

                         Brouse McDowel1 LP A
                         1001 Lakeside Avenue, Suite 1600
                         Cleveland, Ohio 44114
                         Attn: David A. Lum, Esq.
                         FAX: (216) 830-6807

     Tenant's Work:      shall mean the work, if any, to  be
                         performed by or at the direction of
                         Tenant in fixturing the Premises as
                         more  specifically  identified   on
                         Exhibit "C-1 ", attached hereto.

     Trade Fixtures:     those   items  listed  on  attached
                         Exhibit  "F", which are  and  shall
                         remain  the  personal  property  of
                         Tenant.

                          ARTICLE 2
                        TERM AND RENT

     2.1  TERM. The Initial Term of this Lease shall  be  as
set  forth  in  the  Fundamental Lease Provisions.  Provided
Tenant is not then in default under this Lease, Tenant shall
have the option to extend the Initial Term by the number  of
successive Renewal Terms described in the Fundamental  Lease
Provisions by giving Landlord written notice of its election
to  extend the term of this. Lease by the succeeding Renewal
Term  not  less than one hundred eighty (180) days prior  to
expiration  of the Initial Term or the then-running  Renewal
Term, as the case may be.  Excepting the amount of the Fixed
Monthly Rent, as adjusted, the terms and conditions of  this
Lease  shall  apply  during each Renewal Term.  The  Initial
Term,  as  it may be extended by one or more Renewal  Terms,
shall be hereinafter referred to as the "Lease Term."

     2.2       Intentionally Omitted.

     2.3       Fixed Monthly Rent. For the use and occupancy
of the Premises, Tenant shall pay Landlord the Fixed Monthly
Rent,  in  advance  and without demand,  commencing  on  the
Commencement Date and continuing on the first  day  of  each
calendar month thereafter during the Lease Term, without any
offset  or  deduction  except as specifically  provided  for
herein.  The Fixed Monthly Rent in effect immediately  prior
to   the  Increase  Date  shall  increase  by  the  Increase
Percentage  on  each Increase Date. Should  the  Lease  Term
commence  on  a day other than the first day of  a  calendar
month, then the rental for such first fractional month shall
be  computed  on  a  daily basis for  the  period  from  the
Commencement Date to the end of such

     Sterling Master Form Lease
     11/07/00

calendar  month at an amount equal to 1/30th  of  the  Fixed
Monthly  Rent for each day. Should the Lease Term end  on  a
day  other than the last day of a calendar month,  then  the
rental  for  such fractional month shall be  computed  on  a
daily  basis  at  an  amount equal to 1/30th  of  the  Fixed
Monthly  Rent  for each day. Tenant shall pay  Landlord  the
Fixed  Monthly Rent in lawful money of the United States  at
the  address for Landlord set forth in the Fundamental Lease
Provisions, or to such other persons or at such other places
as  Landlord  ma)' designate in writing to Tenant.  Landlord
and Tenant acknowledge that the Premises Cost computation on
Exhibit  "E" is an estimate, and agree to supplement  and/or
amend  Exhibit  "E"  after  the Premises  Cost  is  actually
determined.  Landlord and Tenant shall retroactively  adjust
the  Fixed  Monthly Rental payments once the computation  of
Exhibit  "E"  has been finalized. In the event the  cost  of
developing  and  constructing the  Premises,  including  the
Building and related improvements, increases as a result  of
a change in the Plans and Specifications requested by Tenant
or an unforeseen event or circumstance beyond the control of
the  parties  hereto, such increase in cost  shall,  at  the
option of Tenant, (i) be paid by Tenant; or (ii) be added to
the  Premises Cost and Fixed Monthly Rent shall be  adjusted
accordingly; provided, however, that if the additional  cost
of  developing and constructing the Premises is due  to  the
gross  negligence  or willful misconduct of  Landlord,  then
Tenant  shall  have no liability therefor and  the  Premises
Cost  and  Fixed  Monthly Rent shall not be increased  as  a
result  thereof, such cost being the sole responsibility  of
Landlord.

     2.4   Additional Rent. In addition to the Fixed Monthly
Rent,   as  increased,  Tenant  shall  pay  to  the  parties
respectively entitled thereto all insurance premiums,  Taxes
(as  defined  in Article 4), operating charges,  maintenance
charges, construction costs, reasonable accounting and legal
fees,  and any other charges, costs and expenses which arise
or  may  be  contemplated under any provision of this  Lease
during  the  Lease  Term  (collectively,  the  "  Additional
Rent").  Tenant  shall furnish to Landlord,  promptly  after
payment  of  any  Taxes  or insurance  premiums,  and,  with
respect  to any other Additional Rent, promptly upon request
of  Landlord, official receipts or other satisfactory  proof
evidencing  payment of such Additional Rent.  Upon  Tenant's
failure  to  pay  such  Additional Rent  on  more  than  one
occasion during any twelve month period, where after written
notice thereof from Landlord to Tenant such second event  of
failure  shall  continue  for  a  period  often  (10)  days,
Landlord shall have the option to require Tenant to  deposit
with  Landlord (i) funds sufficient for the payment  of  the
current  Additional  Rent required  to  be  paid  by  Tenant
hereunder,  and  (ii) one-twelfth of the current  annual  or
annualized Additional Rent, as the case may be (or those  of
the  preceding years if the current amounts thereof have not
been  fixed), in advance and on the same day upon which  the
Fixed Monthly Rent is due.

     2.5   Late  Charge.  If any installment  of  the  Fixed
Monthly  Rent, or any other payment provided for under  this
Lease  which  is  payable  by Tenant,  is  not  received  by
Landlord  within  ten  (10) days after written  notice  from
Landlord  to  Tenant  that such payment is  overdue,  Tenant
shall  pay  Landlord an amount equal to 4%  of  the  overdue
amount  as  a late charge (the "Late Charge"). Landlord  and
Tenant  agree  that the Late Charge represents  a  fair  and
reasonable estimate of the costs that Landlord will incur by
reason of any such late payment by Tenant. Acceptance of the
Late  Charge  by Landlord shall not constitute a  waiver  of
Tenant's  default,  if  any, with  respect  to  the  overdue
amount,  nor  prevent  Landlord from  exercising  any  other
rights and remedies available to Landlord under this Lease.

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     2.6   Interest  on Overdue Amounts. The  Fixed  Monthly
Rent, the Additional Rent and all other amounts due Landlord
under  this  Lease which are not paid when  due  shall  bear
interest  at  a  per annum rate equal to the prime  rate  of
interest charged by the then largest chartered bank  in  the
state  where the Premises is located plus 2% from  the  date
due  until paid; provided, however, that if such rate  shall
exceed  the  lawful  rate  of  interest  which  Landlord  is
entitled to charge under applicable law, then the per  annum
rate  of interest on any such overdue  amounts shall be  the
maximum rate pern1itted by applicable law.

     2.7  Net Lease. This Lease is what is commonly called a
"triple net lease," it being understood that Landlord  shall
receive the Fixed Monthly Rent free and clear of any and all
Taxes, other Additional Rent, liens, charges, liabilities or
expenses  of  any nature whatsoever incurred  in  connection
with the ownership and operation of the Premises.

                          ARTICLE 3
                     USE OF THE PREMISES

     3.1  Use of the Premises. Tenant shall use the Premises
solely  for the Permitted Uses or any other lawful  purpose;
provided, however, that any such use shall be subject to all
matters  of record and shall not diminish the value  of  the
Premises  or  violate any existing exclusive  uses  then  in
effect with respect to the Premises.

     3.2    Condition  of  Premises.  Subject  to  the   due
diligence periods and contingency periods "provided in  this
Lease, except as otherwise provided in this Lease including,
but  not  limited to, Article 15 hereof, Tenant accepts  the
Premises  in  its   "as is" condition and acknowledges  that
Landlord makes no warranty with respect to the Premises.

     3.3  Compliance With Law.

     3.3.1      Tenant  shall,  at  Tenant's  sole  expense,
comply  in  all material respects with all applicable  laws,
ordinances,   orders,   rules,   or   regulations   of   any
governmental  authorities  and with  any  directive  of  any
public  officer which shall impose any violation,  order  or
duty upon Landlord or Tenant with respect to the Premises or
the use or occupation thereof or signage thereon, including,
without  limitation, any governmental law or statute,  rule,
regulation,  ordinance, code, policy or rule of  common  law
now  or  hereafter  in effect relating to  the  environment,
health or safety.

     3.3.2      Tenant shall not use or penT1it the Premises
to  be  used  in  any  manner which will  result  in  waste,
reasonable wear and tear and casualty damage (to the  extent
not  required to be repaired or restored by Tenant  pursuant
to  this Lease) excepted, or the creation of a nuisance, and
Tenant shall maintain the Premises free of any objectionable
noises, odors, or disturbances.

     3.4    Environmental  Compliance.  Excepting  acts   or
omissions of Landlord or its

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agents,  for which Tenant shall have no liabilities,  Tenant
acknowledges the following:

     3.4.1     Tenant shall, at its sole cost and expense at
all  times during the Term, comply in all respects with  the
Environmental  Laws  (as  defined  below)  in  its  use  and
operation of the Premises.

     3.4.2      Tenant  shall not use the Premises  for  the
purpose  of storing Hazardous Materials (as defined  below),
except  those Hazardous Materials commonly used in the  type
of  business  being conducted by Tenant on the Premises  and
provided such use and storage is in full compliance with the
Environmental Laws and other applicable law, and  shall  not
cause the release of any Hazardous Materials.

     3.4.3     Tenant shall notify Landlord promptly and  in
reasonable detail in the event that Tenant becomes aware  of
or  suspects (i) the presence of any Hazardous Materials  on
the  Premises (other than any Permitted Hazardous Materials,
as  defined below), or (ii) a violation of the Environmental
laws on the Premises.

     3.4.4     If tenant uses or permits the Premises to  be
used  so  as to subject Tenant, Landlord or any occupant  of
the  Premises  to a claim of violation of the  Environmental
Laws   (unless  contested  in  good  faith  by   appropriate
proceedings),  Tenant shall, at its sole cost  and  expense,
immediately  cease  or  cause  cessation  of  such  use   or
operations  and  shall remedy and fully cure any  conditions
arising therefrom.

     3.4.5      At  its sole cost and expense, Tenant  shall
(i)  immediately pay, when due, the cost of compliance  with
the  Environmental Laws within the Premises  required  as  a
result  of  any acts or omissions of Tenant, or as otherwise
required by this Lease, and (ii) keep the Premises  free  of
any liens imposed pursuant to the Environmental Laws. Tenant
shall,  at  all  times,  use,  handle  and  dispose  of  any
Permitted  Hazardous  Material in a commercially  reasonable
manner  and  in compliance with the Environmental  Laws  and
applicable  industry standards. Tenant shall cooperate  with
Landlord   in   any   program  between  Landlord   and   any
governmental entity for proper disposal and/or  recovery  of
any Permitted Hazardous Material.

     3.4.6       Tenant  shall  indemnify,  save  and   hold
Landlord  harmless  from and against any  claim,  liability,
loss,  damage  or  expense (including,  without  limitation,
reasonable attorneys' fees and disbursements) arising out of
any  violation of the covenants of Tenant contained in  this
Section  by  Tenant,  or  out  of  any  violation   of   the
Environmental Laws by Tenant, its owners, employees, agents,
contractors, customers, guests and invitees, which indemnity
obligation  shall survive the expiration or  termination  of
this Lease.

     3.4.7     In the event that Tenant fails to comply with
the any of the foregoing requirements of this Section, after
the  expiration  of  the  cure period  permitted  under  the
Environmental Laws, if any, Landlord may, but shall  not  be
obligated  to  (i)  elect that such  failure  constitutes  a
default  under  this Lease; and/or (ii)  take  any  and  all
actions,  at  Tenant's sole cost and expense, that  Landlord
deems necessary or desirable to cure any such noncompliance.
Tenant  shall reimburse Landlord for any costs  incurred  by
Landlord in exercising its options

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under this subsection within five (5) days after receipt  of
a bill therefor .

     3.4.8      Landlord  shall  indemnify,  save  and  hold
Tenant  harn1less  from  and against any  claim,  liability,
loss,  damage  or  expense (including,  without  limitation,
reasonable attorneys' fees and disbursements) arising out of
or in any way relating to any violation of the Environmental
Laws  by or the existence or presence of Hazardous Materials
on  the  Premises due to the acts or omissions of  Landlord,
its  owners,  employees,  agents, contractors,  invitees  or
representatives,  which indemnity obligation  shall  survive
the expiration or termination of this Lease.

     3.4.9      Landlord acknowledges and covenants that  in
the  event  that through no fault of Tenant,  Tenant's  use,
occupancy and enjoyment of the Premises ("Occupancy")  shall
be  materially interfered with by reason of the existence or
remediation of any Hazardous Materials for a period  of  two
(2)  years  or  more, then Tenant shall have  the  right  to
terminate this Lease by giving written notice to Landlord of
its   election  to  do  so,  whereupon  this   Lease   shall
automatically terminate and end effective as of the date  of
such  notice  and  neither  party  shall  have  any  further
obligations  hereunder;  PROVIDED,  HOWEVER,  Landlord   may
nullify Tenant's notice of tern1ination if at the time  such
notice is given Landlord shall be diligently prosecuting the
rectification  of such Hazardous Materials interference  and
thereafter  completes the rectification in  accordance  with
all  applicable  governmental laws, codes,  regulations  and
requirements within one (1) year after the date of  Tenant's
termination  notice, whereupon this Lease shall continue  in
full  force and effect in accordance with its terms.  During
any  time  period where Tenant's Occupancy is so interfered,
Landlord  and  Tenant agree to work together  and  cooperate
with  one  another  to rectify and remediate  any  Hazardous
Materials  existing on the Premises and to recover  any  and
all  costs  and  expenses  related thereto  from  the  party
responsible for such Hazardous Materials.

     3.4.10     The provisions of this Section shall survive
the expiration or tern1ination of the Lease Term.

     Capitalized  terms  used  in  this  Section   and   not
otherwise defined herein shall have the following meanings.

               "Hazardous  Materials"  means  any   of   the
          following  as  defined by the Environmental  Laws:
          solid   wastes;  medical  or  nuclear   waste   or
          materials; toxic or hazardous substances;  natural
          gas,  liquefied natural gas or synthetic fuel gas;
          petroleum  products  or  derivatives,  wastes   or
          contaminants   (including,   without   limitation,
          polychlorinated biphenyls); paint containing lead;
          urea-foffi1aldehyde   foam  insulation;   asbestos
          (including, without limitation, fibers and friable
          asbestos);  explosives; discharges  of  sewage  or
          effluent;  and any other substance, gas  or  other
          material  regulated by federal,  state,  local  or
          other    governmental   laws,    ordinances,    or
          restrictions.

               "Environmental  Laws" means all  requirements
          of    environmental,   ecological,   health,    or
          industrial hygiene laws or regulations or rules of
          common law related to the Property, including  all
          requirements imposed by any law, rule,  order,  or
          regulation  of  any  federal,  state,   or   local
          executive, legislative, judicial, regulatory ,  or
          administrative

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          agency, board, or authority, which relate  to  (i)
          noise;  (ii) pollution or protection of  the  air,
          surface water, ground water, or land; (iii) solid,
          gaseous,  or  liquid waste generation,  treatment,
          storage,   disposal,   or   transportation;   (iv)
          exposure to Hazardous Materials; or (v) regulation
          of  the manufacture, processing, distribution  and
          commerce, use, or storage o f Hazardous Materials.

               "Permitted  Hazardous  Material"  means   any
          Hazardous   Materials  which  are  necessary   and
          commercially reasonable for the provision  of  any
          good  or  service  related to the Pem1itted  Uses,
          provided  the use and storage thereof is  in  full
          compliance with the Environmental Laws  and  other
          applicable laws.

          3.5    Permits   and  Licenses.   After   Tenant's
     acceptance  of  Landlord's delivery  of  the  Premises,
     Tenant  shall  be solely responsible to apply  for  and
     secure  any building permit or pem1ission of  any  duly
     constituted authority for the purpose of doing  any  of
     the  things which Tenant is required or permitted to do
     under the provisions of this Lease.

                          ARTICLE 4
                     TAXES AND UTILITIES

          4.1   Payment of Taxes. Tenant shall pay the Taxes
     (as defined in the following Section) applicable to the
     Premises during the Lease Term. Landlord shall  provide
     Tenant  with copies of any tax bills applicable to  the
     Premises promptly after receipt of such bills. All such
     payments shall be made at least ten (10) days prior  to
     the  delinquency  date  of such payment.  Tenant  shall
     promptly  furnish  Landlord with satisfactory  evidence
     that  such Taxes have been paid. If any such Taxes paid
     by  Tenant shall cover any period of time prior to,  or
     after the expiration of, the Lease Term, Landlord shall
     reimburse  Tenant  to  the extent required.  If  Tenant
     shall  fail to pay any such Taxes, Landlord shall  have
     the right (but not the obligation) to pay the same,  in
     which  case  Tenant shall repay such  amount  plus  any
     penalties and interest resulting therefrom to  Landlord
     within five (5) days after receipt of a bill therefor.

          4.2   Definition of "Taxes"."  As used herein, the
     term "Taxes" shall include:

          4.2.1       any  form  of  real  estate   tax   or
     assessment, special taxes and assessments,  ad  valorem
     tax  or  gross  receipts tax imposed by  any  authority
     having  the direct or indirect power to tax,  including
     any  city, county, state, or federal government, or any
     school, agricultural, sanitary, fire, street, drainage,
     or  other improvement district thereof, on, against  or
     with respect to the Premises, this Lease, any legal  or
     equitable interest of Landlord or any superior landlord
     in  the Premises, or in the real property of which  the
     Premises are a part, Landlord's right to rent or  other
     income therefrom and Landlord's business of leasing the
     Premises;

          4.2.2     any tax, fee, levy, assessment, penalty,
     interest or other charge (i) in substitution

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     of,   partially  or  totally,  any  tax,  fee,   levy),
     assessment  or charge hereinabove included within  this
     definition of Taxes, or (ii) any tax or increase in any
     tax which is imposed  as a result of a transfer, either
     partial  or  total,  of  Landlord's  interest  in   the
     Premises  to  Tenant, or (iii) ally tax or increase  in
     tax which is imposed by reason of this transaction, any
     modifications  or  changes  hereto,  or  any  transfers
     hereof; and

          4.2.3  all inspection fees, taxes, bonds, permits,
     certificates, assessments and sales, use,  property  or
     other  taxes, fees or tolls of any nature  w  1atsoever
     (together  with any related interest or penalties)  now
     or  hereafter imposed against Landlord or Tenant by any
     federal,  state, county or local governmental authority
     upon  or  with  respect  to the Premises,  or  the  use
     thereof,   or   upon  the  possession,  leasing,   use,
     operation  or other disposition thereof,  or  upon  the
     rents,  receipts or earnings arising therefrom or  upon
     or with respect to this Lease; and

          4.2.4      all  taxes assessed against and  levied
     upon  trade fixtures, furnishings, equipment,  and  all
     other  personal  property of Tenant  contained  fn  the
     Premises or elsewhere, which Tenant shall cause  to  be
     separately assessed and billed directly to Tenant.

     Tenant  shall  pay  when due, and  indemnify  and  hold
Landlord    harmless   from   and   against,   any    Taxes.
Notwithstanding  the foregoing, the term "Taxes"  shall  not
include  any  general income taxes, inheritance  taxes,  and
estate taxes imposed upon Landlord.

          4.3  Tenant's Right to Contest Taxes.

          4.3.1     Tenant shall have the right, at its sole
     cost and expense, to contest the amount or validity, in
     whole   or   in  part,  of  any  Taxes  by  appropriate
     proceedings diligently conducted in good faith, but  no
     such contest shall be carried on r maintained by Tenant
     after  the  time  limit for the payment  of  any  Taxes
     unless  Tenant shall (i) pay the amount involved  under
     protest;  (ii)  procure  and maintain  a  stay  of  all
     proceedings  to enforce any collection  of  any  Taxes,
     together  with  all  penalties,  interest,  costs   and
     expenses, by a deposit of a sufficient sum of money, or
     by such undertaking, as may be required or permitted by
     law  to  accomplish  such stay; or (iii)  deposit  with
     Landlord, as security for the performance by Tenant  of
     its  obligations hereunder with respect to such  Taxes,
     120%  of such contested amount or such other reasonable
     security  as may be reasonably demanded by Landlord  to
     insure   payment  of  such  contested  Taxes  and   all
     penalties,  interest, costs and expenses which  may  ac
     rue   during  the  period  of  the  contest.  Upon  the
     termination of any such proceedings, Tenant s  all  pay
     the  amount  of such Taxes or part thereof, as  finally
     determined  in  such  proceedings,  together  with  any
     costs,  fees (including all reasonable attorneys'  fees
     and  expenses),  penalties  or  other  liabilities   in
     connection therewith; provided, however, that if Tenant
     has deposited cash or cash equivalents with Landlord as
     security under clause (iii) above, then, so long as  no
     default exists under this Lease, Landlord shall arrange
     to  pay such Taxes (or part thereof) together with  the
     applicable  costs,  fees and liabilities  as  described
     above  out of such cash or cash equivalents and  return
     any  unused  balance,  if any,  to  Tenant.  Otherwise,
     Landlord  shall  return t Tenant all amounts,  if  any,
     held  by  or on behalf of Landlord which were deposited
     by  Tenant in accordance with such clause (iii). In the
     event   enforcement  proceedings  are  commenced   with
     respect to any unpaid Taxes during a contest by Tenant,
     Landlord shall have the right to pay all amounts  which
     are subject to such

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enforcement proceedings and Tenant shall reimburse  Landlord
for  such  amounts  within five (5) days  after  receipt  of
written   demand  therefor  from  Landlord.   Tenant   shall
indemnify  and hold harmless Landlord from any  increase  in
Taxes  re  tilting from Tenant's exercise of  its  right  to
contest Taxes.

          4.3.2     Tenant shall have the right, at its cost
     and  expense,  to seek a reduction in the valuation  of
     the  Premises  as  assessed for  tax  purposes  and  to
     prosecute   any  action  or  proceeding  in  connection
     therewith. Provided Tenant is not in default hereunder,
     Tenant shall be authorized to retain any tax refund  of
     any tax paid by Tenant.

          4.3.3     Landlord agrees that whenever Landlord's
     cooperation  is required in any proceeding  brought  by
     Tenant  to  contest any tax, Landlord  will  reasonably
     cooperate  therein, provided same shall not entail  any
     cost,  liability or expense to Landlord.  Tenant  shall
     pay,  indemnify and save Landlord harmless of and from,
     any  and  all liabilities, losses, judgments,  decrees,
     costs and expenses (including all reasonable attorneys'
     fees  and expenses) in connection with any such contest
     and  shall, promptly after the final settlement,  fully
     pay  and  discharge the amounts which shall be  levied,
     assessed,  charged or imposed or be  determined  to  be
     payable therein or in connection therewith, and  Tenant
     shall perform and observe all acts and obligations, the
     performance of which shall be ordered or decreed  as  a
     result  thereof. No such contest shall subject Landlord
     to  the risk of any civil liability or the risk of  any
     criminal   liability,  and  Tenant  shall   give   such
     reasonable  indemnity or security to  Landlord  as  may
     reasonably be demanded by Landlord to insure compliance
     with the foregoing provisions of this Section.

          4.4   Payment of Utilities. Tenant shall ay to the
     utility  companies or other parties entitled to payment
     the  cost  of  all water, heat, air conditioning,  gas,
     electricity,   telephone,  and  other   utilities   and
     services  provided  to or for t e Premises,  including,
     without  limitation, connection fees  (unless  provided
     for on Exhibit "F" and taxes thereon.

                          ARTICLE 5
               INSURANCE AND IND MNIFICA TION

          5.1   Tenant's  Insurance. From and  after  taking
     possession  of  the Premises, Tenant  shall  carry  and
     maintain,  at its sole cost and expense, the  following
     types and amounts of Insurance:

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Insurance Type             Amount of Coverage          Risks Covered

Commercial General     $1,000,000 per occurrence    and personal injury,
                                                    bodily injury,

Liability              $2,000,000 in the aggregate  property damage and
                                                    contractual liability
Property Damage        full replacement value       "all risk", including
(including earthquake                               sprinkler damage
and flood if required
by Landlord)

Business Interruption  not less than 12             loss of earnings by at
                       installments of              least the perils of fire
                       Fixed Monthly Rent           and lightning, extended
                                                    coverage, vandalism,
                                                    malicious mischief and
                                                    sprinkler leakage

Worker's compensation as required by law

Boiler and Machinery  in an amount  reasonably
                      acceptable to Landlord

          5.2  Policy Form.

          5.2.1      Tenant  shall obtain  all  policies  of
     insurance   required  by  Section  5.1  from  insurance
     companies  reasonably acceptable to Landlord which  are
     qualified   and   admitted  to-do   business   in   the
     jurisdiction where the Premises are situated. All  such
     policies  shall be issued in the names of Landlord  and
     Tenant, and, if request d by Landlord, any mortgagee or
     beneficiary  of  Landlord  or  such  other  parties  as
     required  unde  any  matter of  record,  as  additional
     insureds.  In  addition,  all such  policies  providing
     coverage r physical damage shall include loss payee and
     mortgagee   endorsement  in  favor  of   Landlord   and
     Landlord's  mortgagee or beneficiary, respectively  and
     as  applicable.  The Tenant shall use  copies  of  such
     policies    of   insurance   or   originally   executed
     certificates thereof to be de1ive ed to Landlord  prior
     to  Landlord's execution of this Lease,  and  not  less
     than thirty (30) days prior to any renewal thereof.  As
     often  as  any  such policy shall expire or  terminate,
     Tenant shall procure and maintain renewal or additional
     policies  with like terms. None of such policies  shall
     contain  any  co-insurance requirements  and  all  such
     policies  shall provide for written notice to  landlord
     and  any mortgagee or beneficiary of Landlord not  less
     than  thirty  (30)  days  prior  to  any  notification,
     cancellation,  lapse, or reduction in  the  amounts  of
     insurance,  and  shall further provide  that  any  loss
     otherwise   payable   thereunder   shall   be   payable
     notwithstanding any act or negligence  of  Landlord  or
     Tenant which might, absent such provision, result in  a
     forfeiture  of all or art of the payment of such  loss.
     All  general  liability,  property  damage,  and  other
     casualty  policies shall be written  on  an  occurrence
     basis as primary policies, not contributing with or  in
     excess  of  coverage  which  Landlord  may  carry.  The
     insurance  limits  set  forth in  this  Article  5  are
     subject  to  such reasonable increases as requested  by
     Landlord, provided that Landlord shall have no right to
     request such an increase more than once every ten  (10)
     years.

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          5.2.2       Tenant's  obligations  to  carry   the
     insurance provided for above may be brought within  the
     coverage  of  an  "umbrella"  policy  or  policies   of
     insurance  carried and maintained by Tenant;  provided,
     however,  that such policy or policies shall  (i)  have
     limits  of not less than $5,000,000, (ii) name Landlord
     and   any  mortgage  or  beneficiary  of  Landlord   as
     additional insureds as their interests may appear,  and
     (iii) provide that the coverage afforded Landlord  will
     not  be reduced or diminished by reason of the use such
     blanket  policies. Tenant agrees to permit Landlord  at
     all  reasonable  times  to  inspect  any  policies   of
     insurance  of Tenant which Tenant has not delivered  to
     Landlord. .

          5.3  Subrogation- Waiver. Landlord (for itself and
     its insurer) hereby waives any rights, including rights
     of  subrogation, and Tenant (or itself and its insurer)
     hereby   waives   any  rights,  including   rights   of
     subrogation, each may have against the other on account
     of any loss or damage occasioned to Landlord or Tenant,
     as  the case may be, to their respective property,  the
     Premises  or its contents that are caused by or  result
     from risks insured against under any insurance policies
     required to be carried by the parties under this  Lease
     or  carried by the parties hereto and in force  at  the
     time  of  any  such  damage. he  foregoing  waivers  of
     subrogation  shall  be  operative  only  so   long   as
     available  in  the jurisdiction where the Premises  are
     located  and  so  long  as no policy  of  insurance  is
     invalidated thereby.

          5.4   Payment  of  Insurance. In  the  event  that
     Tenant  shall  fail  to obtain the  insurance  policies
     required  hereunder or to pay the premium due  for  the
     insurance policies required hereby, Landlord shall have
     the  right, but not the obligation, to pay the same  in
     which  case  Tenant shall repay such  amount  plus  any
     penalties or additional amounts resulting therefrom  to
     Landlord within five (5) days after receipt of  a  bill
     therefor.

          5.5   Insurance Use Restrictions. Tenant hall  not
     carry  any  stock or goods or do anything  in,  on,  or
     about  the  Premises which will substantially  increase
     the  insurance  rates upon the building  of  which  the
     Premises are a part.

          5.6  Indemnification.

          5.6.1       Subject  to  Subsection  5.6.3  below,
     Tenant  shall  indemnify Landlord for, defend  Landlord
     against, and save Landlord harmless from any liability,
     loss,  cost,  injury, damage or other expense  or  risk
     whatsoever, including reason le attorneys'  fees,  that
     may  occur  or  be claimed by or with  respect  to  any
     person(s)  or  property on or about  the  Premises  and
     resulting directly or indirectly from:

          (a)  the  use,  occupancy, possession,  operation,
               maintenance or management of the Premises  by
               Tenant  or other persons claiming through  or
               under  Tenant,  or  their respective  agents,
               employees,  licensees  invitees,  guests   or
               other such persons;

          (b)  any   work  or  thing  done  by  Tenant,  its
               employees, agents or licensees, in respect of
               construction of, in or to the Premises or any
               part  of  the  improvements now or  hereafter
               constructed on the Premises ( there than work
               by Landlord);

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          (c)  the    condition,   including   environmental
               conditions (unless such conditions were  pre-
               existing  or  caused by a  party  other  than
               Tenant), of the Premises or any part thereof;

          (d)  any negligence on the part of Tenant or  any
               of  its  agents, contractors, servants,
               employees, licensees or invitees

          (e)  any  accident, injury or damage to any person
               or  property  occurring in, on or  about  the
               Premises  or  any part thereof including  any
               sidewalk adjacent thereto.

          5.6.2     [Intentionally Omitted]

          5.6.3     Landlord shall indemnify and save Tenant
     harmless  from and against any and all claims, demands,
     actions,  damages,  liability  and  expense,  including
     reasonable  attorneys'  fees, in  connection  with  the
     loss,  damage, or injury to person or property  whether
     for  injuries to persons or loss of life, or damage  to
     property, arising in connection with the negligence  or
     intentional  misconduct  of  the  Landlord,  Landlord's
     agents, employees, or contractors.

                          ARTICLE 6
                   MAINTENANCE AND REPAIRS

          6.1  Tenant's Obligations.

          6.1.1      Tenant  shall, at  its  sole  cost  and
     expense,   maintain   in  good   repair,   order,   and
     serviceable  condition  the  Premises  and  every  part
     thereof, including, without limitation, every  part  of
     the  interior  and exterior portions of  the  Building,
     including   its   roof,  walls,  all  windows,   doors,
     storefronts,   plate   glass,   interior   walls,   and
     structural  elements thereof and all painting  thereof;
     all  plumbing,  ventilation, heating, air conditioning,
     and  electrical  systems  and  equipment  in,  on,   or
     exclusively  serving  the Premises;  and  all  exterior
     improvements     including,     without     limitation,
     landscaping, light poles, signage and parking lot areas
     which  are  part  of  the  Premises.  Tenant  shall  be
     obligated  to  make replacements at the  Premises  when
     reasonably necessary and such replacements shall be, to
     the extent reasonably practicable, with materials of  a
     quality   comparable  to  those  initially   installed.
     Subject  to  Landlord's satisfaction of the  conditions
     set  forth in Section 6.2.1, Tenant shall not make  any
     claim  or  demand  upon  or bring  any  action  against
     Landlord  for any loss, cost, injury, damage r  expense
     caused  by  any failure or defect, structural  or  non-
     structural, of the Premises or any part thereof.

          6.2  Landlord's Obligations. Excepting  Landlord's
     duties   and  obligations  under  Article  15   hereof,
     Landlord  shall  have  no  obligation  to  repair   and
     maintain   the   Premises,  nor  any  improvements   or
     equipment   thereon,  whether  interior  or   exterior,
     structural or nonstructural, ordinary or extraordinary.
     Except  as  otherwise provided in  this  Lease,  Tenant
     expressly waives

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the benefit of any statute or law now or hereafter in effect
which  would otherwise afford Tenant the right to  terminate
this  Lease  because  of  Landlord's  failure  to  keep  the
Premises in good order, condition, and repair, or the  right
to repair and offset the cost related thereto against rent.

          6.2.1.     Landlord shall obtain in  the  name  of
     Tenant   and   Landlord  warranties,  to   the   extent
     available,  on  all materials, fixtures, and  equipment
     incorporated  in or on the Premises (the "Warranties").
     Further,  in  the event Tenant is not deemed  a  third-
     party   beneficiary  or  a  direct  assignee   of   the
     contract(s)  Landlord enters into with its  contractors
     ("Landlord's   Contractor's")   in   connection    with
     Landlord's Work, Landlord shall take such action as may
     be  reasonably necessary to enable Tenant to  make  any
     demand  upon or claim upon or bring any action  against
     Landlord's Contractors (i) for any loss, cost,  injury,
     damage  or  other  expense caused  by  any  failure  or
     defect,  structural or non-structural, of the  Premises
     or any part thereof or (ii) to enforce the Warranties.

          6.3   Landlord'  s  Rights. If Tenant  refuses  or
     neglects  to make repairs or maintain the Premises,  or
     any  part  thereof, in a manner reasonably satisfactory
     to  Landlord,  without prejudice to  any  other  remedy
     Landlord  may  have hereunder, upon giving  Tenant  ten
     (10) days prior written notice, Landlord shall have the
     right   to   enter  the  Premises  and   perform   such
     maintenance or make such repairs on behalf of  and  for
     the account of Tenant. In the event Landlord so elects,
     Tenant shall pay the cost of such repairs, maintenance,
     or  replacements within five (5) days following receipt
     of a bill therefor. Tenant agrees to permit Landlord or
     its agent to enter the Premises, upon reasonable notice
     to Tenant and in the presence of Tenant's store manager
     during  nom1al  business  hours,  for  the  purpose  of
     inspecting  the  Premises. Provided Landlord  uses  its
     best efforts to notify Tenant, Landlord shall have  the
     right  to  enter  the  Premises  in  the  event  of  an
     emergency.
                          ARTICLE 7
                         ALTERATIONS

          7  .1      Consent to Alterations. Tenant may make
     any  interior non-structural alterations, replacements,
     additions,  changes and improvements  to  the  Premises
     that  Tenant, in its sole discretion, deems  advisable.
     Subject to the prior written consent of Landlord, which
     consent shall not be unreasonably withheld, Tenant may,
     at  its  sole  cost and expense, make any  alterations,
     replacements,  additions,  changes,  and   improvements
     (collectively  referred  to  in  this  Article   as   "
     Alterations") to the Premises, other than interior non-
     structural  Alterations, as it may  find  necessary  or
     convenient  for its purposes, together with  copies  of
     all architectural plans and specifications relating  to
     any  such  Alteration. Notwithstanding  the  foregoing,
     Landlord's  consent  with  respect  to  any  structural
     Alterations to the Premises, including the foundations,
     structural walls, roof, roof membrane, utilities and/or
     building  systems,  may  be conditioned  upon  Tenant's
     removing  any  such Alterations upon the expiration  or
     termination  of  the  Lease  Term  and  restoring   the
     Premises  to  the condition which existed on  the  date
     Tenant  took  possession, subject to  normal  wear  and
     tear.

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          7.2  Removal of Alterations. Except a set forth in
     Subsection  7.2.1 below, all Alterations  made  on  the
     Premises shall become the property of Landlord  at  the
     expiration or termination of the Lease Term  and  shall
     be surrendered with the Premises.

          7.2.1      All signs, furnishings, trade fixtures,
     inventory  ,  equipment and other  removable  property,
     including  but not limited to Tenant's Trade  Fixtures,
     as  listed on Exhibit "F" attached hereto, installed in
     or on the Premises by Tenant, shall remain the personal
     property  of  Tenant,  shall  not  be  subject  to  any
     Landlord's  lien  or lien or security interest  against
     the  property  of  Landlord, and shall  be  removed  by
     Tenant  not  later  than fifteen (15)  days  after  the
     termination or expiration of this Lease, provided  that
     Tenant shall repair any damage caused by removal of its
     personal  property or vault or which is  structural  in
     nature.  If,  however,  any such personal  property  of
     Tenant is not removed on or before the fifteenth (l5th)
     day  following the termination of this Lease,  Landlord
     shall  provide  written notice to Tenant  and  if  such
     property is not removed within ten (10) days of receipt
     of  such notice such property, Landlord may remove  and
     store such property at Tenant's cost and expense.

          7.3   Alterations Required by Law.  Subsequent  to
     Tenant's  acceptance  of  Landlord's  delivery  of  the
     Premises,  Tenant shall, at its sole cost and  expense,
     make any Alteration, structural or otherwise, to or  on
     the  Premises,  or  any  part  thereof,  which  may  be
     necessary  or  required by reason  of  any  law,  rule,
     regulation,   or   order   promulgated   by   competent
     government authority.

          7.4   General  Conditions Relating to Alterations.
     Any  Alteration  shall  be  subject  to  the  following
     conditions:

          7.4.1      No Alteration shall be undertaken until
     Tenant  shall  have procured and paid for all  required
     permits and authorizations of all municipal departments
     and governmental subdivisions having jurisdiction.

          7.4.2     [Intentionally Omitted]

          7.4.3      Any  Alteration shall be made  promptly
     and in a good workmanlike manner, by properly qualified
     and  licensed  personnel, and in  compliance  with  all
     applicable permits and authorizations and building  and
     zoning  laws and all laws, and in accordance  with  the
     orders,  rules  and regulations of the  Board  of  Fire
     Insurance  Underwriters and any  other  body  hereafter
     exercising   similar  functions  having  or   asserting
     jurisdiction over the Premises.

          7.4.4      No  Alteration shall tie-in or connect,
     the  Premises  or  any improvements  thereon  with  any
     property outside the Premises without the prior written
     consent of Landlord.

          7.4.5     No Alteration shall reduce the value  of
     the  Premises or impair the structural integrity of any
     building comprising a part of the Premises.

          7.4.6     [Intentionally Omitted]

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          7.5   Liens  In  connection  with  Alterations  or
     otherwise,   Tenant  shall  do  all  things  reasonably
     necessary  to  prevent  the  filing  of  any  liens  or
     encumbrances against the Premises, or any part thereof,
     or  upon  any interest of Landlord or any mortgagee  or
     beneficiary  under a deed of trust  or  any  ground  or
     underlying  lessor in any portion of the  Premises,  by
     reason  of  labor,  services or materials  supplied  or
     claimed  to  have  be n supplied to Tenant,  or  anyone
     holding  the Premises, or any part thereof, through  or
     under Tenant. If any such lien or encumbrance shall  at
     any  time  be filed against all or any portion  of  the
     Premises,  Tenant  shall  either  cause  same   to   be
     discharged of record within twenty (20) days after  the
     date  of  filing of same or Tenant's receipt of written
     notice  from  Landlord  or, if  Tenant  in  good  faith
     determines  that such lien should be contested,  Tenant
     shall either (i) bond over such lien in accordance with
     applicable  law in an amount sufficient to  remove  the
     subject  liens as a matter of record, or  (ii)  furnish
     such  security  as  Landlord  shall  determine  to   be
     necessary  and/or required to prevent  any  foreclosure
     proceedings against all or any portion of the  Premises
     during  the  pendency of such contest. If Tenant  shall
     fail to discharge or bond over such lien or encumbrance
     or  fail  to furnish such security within such  period,
     then,  in  addition  to any other right  or  remedy  of
     Landlord   resulting  from  said  default  of   Tenant,
     Landlord  may, but shall not be obligated to, discharge
     the  same either by paying the amount claimed to be due
     or  by  procuring the discharge of such lien by  giving
     security  or  in  such other manner as  is  or  may  be
     prescribed  by  law,  and Tenant  agrees  to  reimburse
     Landlord  within  five (5) days after  demand  for  all
     costs,  expenses,  and other sums  of  money  spent  in
     connection therewith.

          7.6. Signs. Tenant shall have the right to install
     and  maintain  a  sign or signs on all  fascia  of  the
     Premises. In addition, Tenant shall have the  right  to
     install  a  sign  on the rear of the  Premises.  Tenant
     shall also have the right to install one concrete  base
     monument  sign, to be approximately four feet by  seven
     feet  in  size, in he area generally shown on the  Site
     Plan  attached  hereto as Exhibit "B". All  such  signs
     shall  comply with all requirements of (i)  appropriate
     governmental   authorities;  and  (ii)  agreements   or
     restrictions  of record (or disclosed to Tenant  before
     its execution of this Lease) running with the Premises.
     All  necessary permits, licenses or approvals  required
     by  agreements or restrictions identified in item  (ii)
     of  the  previous sentence shall be obtained by Tenant.
     Tenant  shall maintain its signs in good condition  and
     repair  at  all  times,  and shall  save  the  Landlord
     harmless from injury to person or property arising from
     the  erection  and  maintenance  of  said  signs.  Upon
     vacating  the Premises, Tenant shall remove  all  signs
     from  the  Building  and the monument  and  repair  all
     damage caused by such removal including restoring areas
     occupied   by  the  Signs  to  the  extent   reasonably
     practicable  to the condition existing  prior  to  such
     removal.  Landlord covenants and warrants that  it  has
     approved  Tenant's signs and the Sign Drawings attached
     hereto  as Exhibit "D" prior to or simultaneously  with
     its execution of this Lease.

                          ARTICLE 8
         DAMAGE, DESTRUCTION, OBLIGATION TO REBUILD

          8.1   Obligation to Rebuild. If any portion of the
     Premises  is  damaged or destroyed  by  fire  or  other
     casualty, Tenant shall forthwith give notice thereof to
     Landlord. Tenant shall

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     promptly  obtain an estimate from a licensed  architect
     or  contractor  of  the cost to complete  such  repair,
     restoration,  rebuilding  or  replacement,  and  tenant
     shall,  at its sole cost and expense, promptly  repair,
     restore,  rebuild or replace the damaged  or  destroyed
     improvements, fixtures or equipment, and  complete  the
     same  as  soon as reasonably possible, to the condition
     they  were  in  prior  to such damage  or  destruction,
     except  for such changes in design or materials as  may
     then be required by law. In such event, Landlord shall,
     to  the  extent  and at the times the proceeds  of  the
     insurance are made available to Landlord, and  only  so
     long  as  Tenant  shall not be in  default  under  this
     Lease,  reimburse Tenant for the costs of  making  such
     repairs,  restoration, rebuilding and  replacements  as
     they  are completed, but not more often than once  each
     month,  upon  receipt  of a written  request  therefor,
     which  request  shall be accompanied by a certification
     from Tenant's architect certifying as to completion  of
     the work for which reimbursement is being requested. To
     the extent, if any, that the proceeds of insurance made
     available  by  Landlord  are insufficient  to  pay  the
     entire   cost  of  making  such  repairs,  restoration,
     rebuilding  and  replacements,  Tenant  shall  pay  the
     remainder. Any surplus of insurance proceeds  over  the
     cost  of  restoration, net of all  reasonable  expenses
     incurred   by   Landlord   in   connection   with   the
     administration thereof, shall be promptly paid over  to
     Landlord.  Tenant  hereby waives  any  statutory  right
     relating to casualties, it being understood and  agreed
     by  the  parties that the provisions of this Article  8
     shall govern and control in all events.

          8.1.1      Notwithstanding the foregoing,  in  the
     event   Tenant  is  unable  to  obtain  any   necessary
     governmental  approvals,  authorizations  or   permits,
     despite  Tenant's  diligent  pursuit  of  same,   three
     hundred sixty (360) calendar days from the date of such
     fire   or   casualty  (such  period  not   to   include
     unreasonable delays caused b Tenant), Tenant shall have
     the option to terminate this Lease. In the event Tenant
     elects  to  so terminate, Tenant shall pay to  Landlord
     the  difference, if any, between the insurance proceeds
     received by Landlord and the unamortized portion of the
     Premises Cost.

          8.2.  Casualty  During Last  Eighteen  18  months.
     Notwithstanding  anything  to  the  contrary  in   this
     Article  8, if the Premises is damaged or destroyed  by
     fire  or  other casualty during the last eighteen  (18)
     months  of the Initial Term or the then-running Renewal
     Term such that twenty-five percent (25%) or more of the
     Premises  are rendered unuseable by Tenant, Tenant  may
     elect  not  to  rebuild  and to terminate  this  Lease;
     provided that Landlord shall receive insurance proceeds
     in  the  full  amount  of  the casualty  loss  and  the
     difference,  if  any,  between the  insurance  proceeds
     received by Landlord and the unamortized portion of the
     Premises Cost.

          8.3  Intentionally Omitted.

          8.4   Insurance Proceeds. Notwithstanding anything
     to  the  contrary  contained herein, any  reference  to
     casualty insurance and/or insurance proceeds shall mean
     insurance payable with respect to the Building  on  the
     Premises. Any insurance with respect to Tenant's  Trade
     Fixtures or other personal property of Tenant shall  be
     and  remain,  the  property of Tenant,  notwithstanding
     anything to the contrary herein.

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                          ARTICLE 9
                       EMINENT DOMAIN

          9.1   Total  Taking.  If the entire  Premises  are
     taken  under the power of eminent domain by any  public
     or  quasi-public authority, this Lease shall  terminate
     and  expire  as  of the date of such taking,  and  upon
     Tenant's  payment  to Landlord of  all  rents  accruing
     through  such  date,  Landlord and  Tenant  shall  each
     thereafter  be  released  from  any  further  liability
     accrued  under  this Lease. In the  event  that  Tenant
     shall have paid any rent for any period beyond the date
     of  such  taking,  Landlord shall reimburse  same,  pro
     rata. .
          9.2   Partial Taking. In the event that  (i)  more
     than  25%  of the Gross Leasable Area of the  Premises,
     including  the  parking area serving  he  Premises,  is
     taken  under the power of eminent domain by any  public
     or  quasi-public  authority,  (ii)  by  reason  of  any
     appropriation  or taking, regardless of the  amount  so
     taken,  the  remainder  of  the  Premises  is  not  one
     undivided  parcel of property, or (iii) as a result  of
     any  taking,  regardless of the amount  so  taken,  the
     remainder  of  the premises is rendered unsuitable  for
     the  continued  operation of Tenant's business,  either
     Landlord  or  Tenant shall have the right to  terminate
     this  Lease as of the date Tenant is required to vacate
     a portion of the Premise, by giving the other notice of
     such election within thirty (30) days after receipt  by
     Tenant  from  Landlord  of  written  notice  that   the
     Premises  have been so appropriated or taken.  Landlord
     agrees  immediately after learning of any appropriation
     or  taking to give to Tenant notice in writing thereof.
     In the event of such termination, upon tenant's payment
     to  Landlord of all rents accruing through  such  date,
     both  Landlord and Tenant shall thereupon  be  released
     from  any  liability thereafter accruing hereunder.  If
     both  parties elect not to terminate this lease, Tenant
     shall  remain  in that portion of the  Premises  not  s
     taken  and  Tenant, at Tenant's sole cost and  expense,
     shall  restore the remaining portion f the Premises  as
     soon as possible to a complete unit of like quality and
     character  as  existed prior to such  taking.  Landlord
     agrees to reimburse Tenant for the cost of restoration,
     but in o event shall Landlord's obligation to reimburse
     Tenant  for the cost of restoring the remaining portion
     of   the  Premises  exceed  the  amount  of  award   of
     compensation  that  Landlord  receives  for  a  partial
     taking of that portion of the Premises resulting in the
     need  for  restoration. So long as this  Lease  is  not
     terminated in the manner provided above, there shall be
     an  equitable adjustment of the rent payable by  Tenant
     hereunder  by  reason  of such partial  taking.  Tenant
     hereby waives any statutory rights of termination which
     may  arise  by  reason  of any partial  taking  of  the
     premises under the power of eminent domain.

          9.3   Distribution of Award. The entire  award  or
     compensation in such eminent domain proceeding, whether
     for  a total or partial taking or for diminution in the
     value  of  the  leasehold or  for  the  fee,  shall  be
     distributed to Landlord; provided however, that  Tenant
     may  apply  for  award of the value of  Tenant's  Trade
     fixtures  or other personal property, loss  of  income,
     relocation  costs, improvements and the  value  of  the
     leasehold interest created hereby, according to the law
     in  effect  in the jurisdiction where the Premises  are
     located,  so  long as such award does not diminish  the
     value of Landlord's award. In the event that a separate
     award  is  not made to Tenant, Tenant shall be entitled
     to  share  in any award made to Landlord,  as  long  as
     Landlord  first receives the fair market value  of  the
     real  property upon which the Premises are located plus
     the unauthorized Premises Cost.

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                          ARTICLE  10
                  ASSIGNMENT AND SUBLETTING

          10.1      Right of Assignment and Subletting.

          10.1.1     Tenant  shall have the  free  right  to
     assign  this  Lease  or  sublet the  Premises  provided
     Tenant  remains  liable under this Lease  and  provided
     that  the  proposed assignee's intended  use  does  not
     violate  any  protected, exclusive or  restricted  uses
     then   in   effect  with  respect  to   the   Premises.
     Notwithstanding   the  foregoing,  Tenant   shall   not
     mortgage, pledge or hypothocate this Lease or  Tenant's
     interest  in  and to the Premises or any  part  thereof
     without  the  prior written consent of Landlord,  which
     consent shall not be unreasonably withheld.

          10.1.2    Any   permitted   assignee,   subtenant,
     transferee, licensee, concessioner, or mortgagee  shall
     be  bound by, and shall assume and perform all  of  the
     terms, covenants, and conditions of this Lease from and
     after the date of any such transfer.

          10.2       No  Release  of Tenant.  No  assignment
     shall  release Tenant of Tenant's obligation  or  alter
     the primary liability of Tenant to pay the rent and  to
     perform all other obligations to be performed by Tenant
     hereunder. The acceptance of rent by Landlord from  any
     other  person  shall not be deemed to be  a  waiver  by
     Landlord  of  any  provision hereof. In  the  event  of
     default  by  any assignee of Tenant, or  any  successor
     Tenant,  in the performance of any of the terms hereof,
     Landlord  may, subject to Landlord's duty  to  mitigate
     and  take all reasonable efforts to relet the Premises,
     proceed  directly against Tenant without the  necessity
     of exhausting remedies against such assignee.
                         ARTICLE 11
                      DEFAULT; REMEDIES

          11.1       Default. The occurrence  of  anyone  or
     more of the following events shall constitute a default
     by Tenant under this Lease:

          11.1.1    [Intentionally Omitted]

          11.1.2     The  failure  by  Tenant  to  make  any
     payment of Fixed Monthly Rent, Additional Rent  or  any
     other  payment required to be made by tenant hereunder,
     where  after  written notice thereof from  Landlord  to
     Tenant, such failure shall continue for a period of ten
     ( 10) days.

          11.1.3     Except  as otherwise provided  in  this
     Lease, the failure by Tenant to observe or perform  any
     of   the   non-monetary   covenants,   conditions,   or
     provisions of this Lease to be

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     observed  or  performed by Tenant, where  such  failure
     shall  continue for a period of thirty (30) days  after
     written   notice  thereof  from  Landlord  to   Tenant;
     provided,  however,  that if  the  nature  of  Tenant's
     noncompliance is such that more than thirty  (30)  days
     are reasonably required for its cure, then Tenant shall
     not be deemed to be in default if Tenant commences such
     cure   within   said  30-day  period   and   thereafter
     diligently prosecutes such cure to completion  and,  in
     any event, completes the cure within ninety (90) days.

          11.1.4    Institution by or against Tenant of  any
     bankruptcy, insolvency, reorganization, receivership or
     other  similar  proceeding involving the  creditors  of
     Tenant,  which,  if instituted against Tenant,  is  not
     dismissed within sixty (60) days after the commencement
     thereof.

          11.1.5     The issuance or filing of any judgment,
     attachment,  levy, garnishment or the  commencement  of
     any related proceeding or the commencement of any other
     judicial  process  upon  or  with  respect  to  all  or
     substantially  all  of the assets  of  Tenant,  or  the
     Premises.

          11.1.6    [Intentionally Omitted]

          11.1.7    Bankruptcy, dissolution, termination  of
     existence,  insolvency, business failure or  assignment
     for  the benefit of creditors of or by Tenant.  In  the
     event  of  bankruptcy by Tenant,  this  Lease  will  be
     governed in accordance with the determinations  of  the
     Bankruptcy Court.

          11.1.8      Any   statement,   representation   or
     information made or furnished by or on behalf of Tenant
     to Landlord in connection with or to induce Landlord to
     enter  into this Lease which is proved to be materially
     false or misleading when made or furnished.

          11.2       Remedies.  Upon  the  occurrence  of  a
     default  by Tenant pursuant to the foregoing Subsection
     or otherwise under this Lease, Landlord may at any time
     thereafter,  with  or  without  notice  or  demand  and
     without limiting Landlord in the exercise of any  right
     or  remedy  which Landlord may have by reason  of  such
     default:

          11.2.1     Terminate Tenant's right to  possession
     of the Premises by any lawful means, in which case this
     Lease  and  the term hereof shall terminate and  Tenant
     shall  immediately surrender possession of the Premises
     to  Landlord. In such event, Landlord shall be entitled
     to   recover  from  Tenant  all  damages  permitted  by
     applicable law.

          11.2.2    Maintain Tenant's right to possession of
     the  Premises by any lawful means, in which  case  this
     Lease  and  the  term hereof shall continue  in  effect
     whether  or not Tenant shall have vacated or  abandoned
     the  Premises. In such event Landlord shall be entitled
     to  enforce all of Landlord's rights and remedies under
     the  Lease, including the right to recover the rent  as
     it   becomes   due   hereunder.   Notwithstanding   the
     foregoing, the Landlord shall use reasonable efforts to
     mitigate its damages to the extent required by law.

          11.2.3     If  Tenant, after taking possession  of
     the  Premises, defaults under this Lease, Tenant  shall
     pay  Landlord  Fixed Monthly Rent until  such  time  as
     Landlord relets the Premises, so long as Landlord makes
     all reasonable efforts to mitigate its damage and relet
     the Premises.

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     Further,  from  the date Landlord relets  the  Premises
     until  the expiration of the Term, or the then  running
     renewal  term,  Tenant shall pay Landlord  the  present
     value,  if  any,  of the difference  between  the  then
     current  fair  market rental amount  for  the  Premises
     (provided  such reletting is a commercially  reasonable
     "arms-length"  transaction, otherwise the  fair  rental
     value  of  the  Premises) and the Fixed  Monthly  Rent.
     Present value shall be calculated based on the discount
     rate of the Federal Reserve Branch serving the area  in
     which the Premises is located plus one percent.

          11.2.4    Pursue any other remedy now or hereafter
     available  to  Landlord  under  the  laws  or  judicial
     decisions  of  the jurisdiction where the Premises  are
     located.

          11.2.5.    Recover from Tenant, as an  element  of
     its  damages,  the  cost  of  reletting  the  Premises,
     including,  but  not  limited to, reasonable  brokerage
     fees,   attorneys'  fees,  retrofit  costs  and   other
     expenses of mitigation.

          11.3         Cumulative   Remedies.   Except    as
     specifically provided herein to the contrary, no remedy
     or  election,  hereunder shall be deemed exclusive  but
     shall, wherever possible, be cumulative with all  other
     remedies   provided  in  this  Article   or   otherwise
     available at law or in equity.

                         ARTICLE 12
     REPRESENTATIONS AND WARRANTIES; FINANCIAL REPORTING

          12.1        Representations  and  Warranties.   To
     induce  Landlord  to  enter  into  this  Lease,  Tenant
     represents and warrants to Landlord as follows:

          12.1.1     This Lease is an enforceable obligation
     of Tenant.

          12.1.2     Tenant  is  not a foreign  corporation,
     foreign  partnership, foreign trust or  foreign  estate
     (as  such term are defined in the Internal Revenue Code
     of  1986,  as  amended, and the regulations promulgated
     thereunder).

          12.1.3   The   financial  statements   of   Tenant
     delivered  to  Landlord are true  and  correct  in  all
     material respect, have been prepared in accordance with
     generally  accepted accounting principles,  and  fairly
     present  the  respective financial  conditions  of  the
     subjects thereof as of the respective dates thereof. No
     materially adverse change has occurred in the financial
     conditions reflected therein since the respective dates
     thereof.

          12.1.4      There   are  no  actions,   suits   or
     proceedings  pending,  or  to  the  best  of   Tenant's
     knowledge, threaten d, against or affecting it  or  the
     Premises   which,   if  adversely   determined,   would
     materially  impair  the ability of  Tenant  to  satisfy
     their obligations under or relating to this Lease.

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          12.1.5     Tenant  is  not in  default  under  any
     obligation for the payment of borrowed money,  for  the
     deferred purchase price of property or for the  payment
     of  any  rent under any lease agreement, which,  either
     individually  or  in  the  aggregate,  would  adversely
     affect  the  financial  condition  of  Tenant,  or  the
     ability of Tenant to perform its obligations hereunder,
     or comply with the terms of this Lease.

          12.2  Financial Statements. Tenant  has  furnished
     certain   financial  statements  to   Landlord,   which
     statements   completely  and  accurately  present   the
     financial  condition of Tenant on  the  dates  thereof.
     There  has been no material adverse change in business,
     property or condition of Tenant since the date of  such
     financial  statements. Tenant is not  insolvent  within
     the  meaning  of  Section 548(a)(2)(B)  of  the  United
     States  Bankruptcy Code or any other federal  or  state
     law  using  or  defining such term,  and  will  not  be
     rendered insolvent by the transactions contemplated  by
     this Lease.
                         ARTICLE 13
                   [Intentionally Omitted)

                         ARTICLE 14
            DUE DILIGENCE AND CONDITIONS PRECEDENT

          14.1 Due Diligence. Landlord and Tenant shall work
     together  to  obtain  and review the  title  commitment
     relating   to  the  Premises,  including  all  recorded
     documents  set  forth therein, and the survey,  and  to
     perform  all necessary tests, inspections, surveys  and
     studies of the Premises (the "Due Diligence Materials")
     prior  to the expiration of the Feasibility Period  and
     in  accordance with the Earnest Money Contract.  Tenant
     shall   have  the  right,  in  its  sole  and  absolute
     discretion,  to  terminate this Lease  for  any  reason
     relating  to  the Due Diligence Materials by  providing
     Landlord with notice in writing prior to the expiration
     of  the  Feasibility Period, in which event this  Lease
     shall  terminate and be null and void and of no further
     force  and effect; provided, however, that Tenant shall
     have  no  right  to terminate this Lease in  accordance
     with this Section 14.1 after the Feasibility Period. In
     no  event  shall Landlord terminate the  Earnest  Money
     Contract  as  a  result  of any of  the  Due  Diligence
     Materials  without the prior written consent of  Tenant
     which  Tenant  may  withhold in its sole  and  absolute
     discretion.

          14.2       Conditions  Precedent.  This  Lease  is
     contingent   upon  the  occurrence  of  the   following
     conditions ("Conditions Precedent"):

          14.2.1    Approval of the Site Plan, together with
     the  Building and other improvements to be  constructed
     on  the  Premises  in  accordance with  the  Plans  and
     Specification, by Town Center Lakeside, LTD., the  City
     of   Sugar  Land,  Texas  (the  "City")  and  the   New
     Construction

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     Committee  of  the  First  Colony  Community   Services
     Association,  Inc.  prior  to  the  expiration  of  the
     Feasibility Period.

          14.2.2    Agreement on the form and content of the
     REA's for the Shared Driveway and
the  Kensington  Driveway, and the form and  content  of  an
escrow  agreement for the escrowing of shared costs relating
thereto,  prior to the expiration of the Feasibility  Period
to be executed by Landlord and Town Center Lakeside, Ltd. at
the closing on the Earnest Money Contract. In no event shall
Landlord  execute the REA 's or an escrow agreement relating
thereto without Tenant's prior written consent.

          14.2.3     The  Premises being zoned in  a  manner
     permitting  Tenant  to  operate the  Premises  for  the
     Permitted Uses.

          14.2.4    Obtaining from the necessary parties  or
     utility  providers  prior  to  the  expiration  of  the
     Feasibility   Period   appropriate   assurances    that
     sufficient  utility capacity will be available  to  the
     Premises.

          14.2.5    Agreement on the form and content of  an
     escrow  agreement for the escrowing of funds  necessary
     to  construct certain improvements required by the City
     to  the Premises and State Highway 6 in connection with
     the  development or  the Premises. In  no  event  shall
     Landlord  execute  such  an  escrow  agreement  without
     Tenant's prior written consent.

     In  the  event  the Conditions Precedent do  not  occur
prior  to  the expiration of the Feasibility Period,  Tenant
shall  have  the right to terminate this Lease by  providing
Landlord  written notice thereof; in which event this  Lease
shall be null and void and of no further force and effect.

                         ARTICLE 15
                        CONSTRUCTION

          15.1      Permits. Landlord shall use its diligent
     efforts to obtain all necessary governmental and quasi-
     governmental  permits and approvals  (collectively  the
     "Permits")   on  or  before  the  expiration   of   the
     Permitting  Period.  Once  Landlord  has  secured   all
     necessary Permits it shall provide Tenant with  written
     notice (the "Permit Approval Notice"). In the event the
     Permits are not obtained such that the closing  on  the
     Earnest Money Contract does not occur, this Lease shall
     terminate  and become null and void and of  no  further
     force and effect.

          15.2       Landlord's Work. After having  obtained
     the  Permits, Landlord shall construct the Premises and
     related  improvements on the Premises Site on a turnkey
     basis  at  no  cost to Tenant, in accordance  with  the
     Plans and Specifications attached hereto as Exhibit "C"
     and   in   accordance   with  the   zoning,   building,
     environmental,   health  an   safety   codes   of   the
     governmental  units in which the Premises are  situated
     ("Landlord's   Work").   Landlord's   Work   shall   be
     substantially completed, excepting Punchlist Items  (as
     hereinafter  defined), and possession of the  completed
     Premises   shall  be  delivered  to  Tenant   for   the
     commencement  of Tenant's Work within the  Construction
     Period,  delays  due to Force Majeure events  excepted.
     Tenant shall be deemed to

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     have accepted the Premises provided Landlord's Work  is
     substantially complete, excepting Punchlist Items which
     Landlord shall be obligated to complete as set forth in
     Section 15.4, and provided further that Tenant is  able
     to   perform   Tenant's   Work   without   unreasonable
     interference  by  Landlord. Conditioned  upon  Tenant's
     providing  Landlord reasonable assurance that  Tenant's
     placement  of  a  satellite dish on  the  roof  of  the
     Premises  will  not  void applicable  roof  warranties,
     Tenant  shall have the right to install on the roof  or
     the  Premises a satellite dish in accordance with plans
     and  specifications  set forth  on  Exhibit  "C".  Upon
     expiration  or  earlier  tern1ination  of  this  Lease,
     Tenant  shall  remove any satellite dish  and   related
     equipment  installed on the roof of  the  Premises  and
     repair any damage caused in connection therewith. .

          15.3       Delivery  Date Notice.  Landlord  shall
     give  Tenant  written notice of the Delivery  Date  not
     less  than ten (10) day's before the Delivery Date (the
     "Delivery  Date  Notice"). Upon receipt  of  Landlord's
     Delivery Date Notice, Tenant shall have access  to  the
     Premises  for  inspection and performance  of  Tenant's
     Work.  In  no event shall Tenant be required to  accept
     delivery   of  the  Premises  unless  and   until   all
     conditions to the occurrence of the Delivery Date
     have been satisfied

          15.4      Punchlist Work. Notwithstanding anything
     to  the  contrary in this Lease, within five  (5)  days
     after  Landlord has provided Tenant with  the  Delivery
     Date  Notice, Tenant and a representative of  Landlord,
     at   a  mutually  agreeable  time,  shall  inspect  the
     Premises  and shall compile a list of items which  have
     not  been  completed as required in  Exhibit  "C"  (the
     "Punchlist  Items"). Tenant shall  have  the  right  to
     supplement the list of Punchlist Items during the first
     forty-five  (45)  days  following  the  Delivery  Date.
     Landlord  shall use reasonable efforts to complete  the
     Punchlist  Items by the Delivery Date  or  as  soon  as
     possible  after  Landlord's receipt of  a  supplemental
     list  of  Punchlist Items, as the case may be.  In  the
     event  Landlord  is unable to complete  such  Punchlist
     Items  within thirty (30) days after the Delivery  Date
     or   within  thirty  (30)  days  after  receipt  of   a
     supplemental list, Tenant shall have the right, but not
     the  obligation,  to complete such Punchlist  Items  at
     Landlord's  cost  and  expense and  to  either  request
     reimbursement  from  Landlord or  to  offset  the  cost
     thereof against rent. Upon Landlord's completion of all
     Punchlist   Items,  Landlord  shall  have  no   further
     obligation  with  respect to the  construction  of  the
     Premises.

          15.5        Pre-Completion  Acceptance.   If   the
     Delivery  Date has not occurred within the Construction
     Period, Tenant shall have the right, but shall  not  be
     obligated, to accept delivery of the Premises,  without
     relieving Landlord of any obligation to fully  complete
     Landlord's  Work.  If Tenant accepts  delivery  of  the
     Premises  prior  to the completion of Landlord's  Work,
     Landlord  shall  complete  Landlord's  Work,  including
     completing  any Punchlist Items, as soon  as  possible,
     and  in so doing shall not unreasonably interfere,  and
     shall   cause   its  contractors  not  to  unreasonably
     interfere,  with  the fixturing, furnishing,  equipping
     and   stocking  of  the  Premises  by  Tenant  and  its
     contractors.  Notwithstanding the foregoing,  once  (i)
     Tenant  has  taken  possession  of  the  Premises   and
     Landlord  has  completed  Landlord's  Work,  (ii)   all
     Punchlist  Items  have been completed,  and  (iii)  all
     warranties have been assigned to Tenant, Landlord shall
     have no further construction obligations hereunder.

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          15.6      Failure to Deliver. Notwithstanding  any
     provision  of  this  Lease  to  the  contrary,  if  the
     Delivery Date has not occurred within thirty (30)  days
     after  the  Construction  Period  (delays  due  to  the
     occurrence  of  Force  Majeure  events  excepted)  (the
     "Cancellation Date"), Tenant shall have the  right,  in
     addition to and not in lieu of any and all other rights
     and remedies available at law or equity, to cancel this
     Lease by giving written notice to Landlord at any  time
     thereafter but before the Delivery Date (the "Notice of
     Cancellation").  Tenant  must  provide  its  Notice  of
     Cancellation to Landlord within thirty (30) days  after
     the  Cancellation Date. If Tenant fails  to  provide  a
     Notice  of  Cancellation within such  thirty  (30)  day
     period, Tenant shall be deemed to have waived its right
     to  cancel  pursuant to this section  15.6.  If  Tenant
     provides timely Notice of Cancellation, Tenant shall be
     relieved of all obligations hereunder and Tenant  shall
     not be liable to Landlord in damages or otherwise.

          15.7        Liquidated  Damages.  In   the   event
     Landlord does not deliver the Premises to Tenant in the
     condition  as  herein  required  by  the  end  of   the
     Construction Period, Landlord shall pay to  Tenant  the
     sum  of  Two  Hundred Dollars ($200.00), for  each  day
     between the last day of the Construction Period and the
     Delivery  Date, or, if Tenant exercises  its  right  to
     cancel for Landlord's failure to deliver, for each  day
     between  the  last day of the Construction  Period  and
     Tenant's  Notice  of Cancellation (delays  due  to  the
     occurrence  of  Force  Majeure  events  excepted).   If
     Landlord fails to pay Tenant as aforesaid, then  Tenant
     shall  have the right (without limiting any other right
     or  remedy  of Tenant) to deduct such amount from  rent
     and  other  payments  due Landlord.  The  liability  of
     Landlord  under this paragraph shall be in addition  to
     all   other  claims  which  Tenant  may  have   against
     Landlord. Landlord agrees that the amount provided  for
     in  this  section constitutes a reasonable estimate  of
     the damages that Tenant is likely to incur in the event
     of  a  breach by Landlord as herein provided, and shall
     not constitute a penalty.

                         ARTICLE 16
                     GENERAL PROVISIONS

          16.1       Quiet Enjoyment. Subject to  the  terms
     and  conditions  of this Lease, Tenant shall  have  the
     quiet and peaceful possession of the Premises.

          16.2        Definition  of  Rent.   All   monetary
     obligations  of Tenant to Landlord under the  terms  of
     this  Lease, including, without limitation, the  Taxes,
     insurance  premiums and other Additional  Rent  payable
     hereunder, shall be deemed to be "rent".

          16.3   Subordination.   This   Lease   shall    be
     subordinate   to  the  lien  of  any  superior   lease,
     mortgage, deed of trust, or any other hypothecation  or
     security  now  existing or hereafter  placed  upon  the
     Premises,  and  to  any and all advances  made  on  the
     security  thereof  and to all renewals,  modifications,
     consolidations,  replacements, and extensions  thereof,
     and Tenant hereby agrees, upon request by Landlord,  to
     execute  and  deliver to  Landlord and its lender(s)  a
     subordination, non-disturbance and attornment agreement
     in a form reasonably acceptable to Tenant prescribed by
     such lender(s) with respect to any such superior lease,
     mortgage,  deed of trust, hypothecation,  or  security;
     provided,  however,  that  no  such  instrument   shall
     materially  limit Tenant's rights or materially  expand
     Tenant's  obligations under this Lease. Such  agreement
     shall be executed by

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     Tenant within thirty (30) days after receipt of written
     request from Landlord. Landlord agrees to obtain a non-
     disturbance and attornment agreement from the holder of
     any   mortgage  given  with  respect  to  the  Premises
     existing at the time of the execution of this Lease  or
     the  recording of a Memorandum Lease or at  such  other
     times as may be reasonably requested by Tenant.

          16.3.1     It  is  a  condition, however,  of  the
     subordination  provisions of Section  16.3  above  that
     Landlord  shall  procure from  any  such  mortgagee  an
     agreement  in  writing,  which shall  be  delivered  to
     Tenant,  providing in substance that  (i)  so  long  as
     Tenant  shall  faithfully discharge the obligations  on
     its  part  to be kept and performed under the terms  of
     this Lease, Tenant's tenancy will not be disturbed  nor
     this Lease affected by any default or foreclosure under
     such  mortgage, and that the mortgagee agrees that this
     Lease shall remain in full force and effect even though
     Default  in  and  foreclosure under  the  mortgage  may
     occur;  and (ii) such mortgagee shall permit  insurance
     proceeds or condemnation awards, as the case may be, to
     be  used for any restoration and repaid as required  by
     the provisions of this Lease as set forth in Sections 8
     and 9. The word "mortgage" as used herein means (i) any
     lease  of land only or of land and buildings in a sale-
     lease-back transaction involving all or any part of the
     Premises, or (ii) any mortgage, deed of trust or  other
     similar  security instruments constituting a lien  upon
     all or any part of the Premises, whether the same shall
     be  in  existence  as  of the date  hereof  or  created
     hereafter, and any modifications, extensions,  renewals
     and  replacements thereof. "Mortgagee" as  used  herein
     means a party having the benefit of a Mortgage, whether
     as lessor, mortgagee, trustee or note- holder.

          16.3.2     No  change in ownership of all  or  any
     portion  of the Premises, or assignment of this  Lease,
     or  the  rentals provided for herein, shall be  binding
     upon Tenant for any purpose until after Tenant has been
     furnished  with written notice from Landlord  notifying
     Tenant of a change in ownership or assignment.

          16.3.3     In the event Tenant receives a  written
     notice from any party claiming a collateral interest in
     this  Lease or in the rentals hereunder and, by  reason
     thereof,  a present entitlement to collect the  rentals
     under  this  Lease, Tenant shall have the right  either
     (i)  to  pay  such rentals to such party which  payment
     shall  satisfy  any and all liabilities  of  Tenant  to
     Landlord   with   respect  to  such   payment   without
     obligation  on  the  part  of Tenant  to  make  further
     inquiry but subject to such party's providing to Tenant
     a  copy of the instrument pursuant to which such  party
     claims  such  entitlement  and  to  such  claim   being
     plausible  on the face of such instrument; or  (ii)  to
     withhold  such rentals pending the determination  by  a
     court  of  competent  jurisdiction of  the  entitlement
     thereto.

          16.4        Surrender  of  Premises.  Except   for
     changes  resulting from eminent domain proceedings,  at
     the expiration or sooner termination of the Lease Term,
     Tenant  shall  surrender  the  Premises  in  the   same
     condition  as  the  Premises were in upon  delivery  of
     possession  thereto under this Lease,  reasonable  wear
     and  tear and damage due to casualty (to the extent not
     required  to  be repaired or restored by  Tenant  under
     this Lease) excepted, and shall surrender all keys  for
     the  Premises to Landlord at the place then  fixed  for
     the  payment of rent and shall inform Landlord  of  all
     combinations on locks, safes and vaults, if any, in the
     Premises.  Tenant  shall at such  time  remove  all  of
     Tenant's Trade Fixtures including, but not limited  to,
     equipment, signs,

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     furnishings,  inventory, machinery, and other  personal
     property,  as  well as any alterations or improvements,
     and  shall  repair  any damage to the  Premises  caused
     thereby.  Any  or all of such property not  so  removed
     shall,  at  Landlord's  option,  become  the  exclusive
     property of Landlord or be disposed of by Landlord,  at
     Tenant's  sole  cost and expense,  if  not  removed  by
     Tenant  after  receipt of written notice from  Landlord
     pursuant  to  Section 7.2.1. In the event Tenant  shall
     fail  to pay the cost of any such repair, Landlord  may
     do  so  and  Tenant  shall reimburse Landlord  for  the
     amount thereof within five (5) days after receipt of  a
     bill  therefore.  If  Tenant  shall  so  surrender  the
     Premises, Tenant shall indemnify Landlord against  loss
     or  liability resulting from the delay by Tenant in  so
     surrendering    the    Premises   including,    without
     limitation, any claims made by any succeeding  occupant
     founded  on such delay. Tenant's obligation to  observe
     or  perform  this Covenant shall survive the expiration
     or other termination of the Lease Term.

          16.5       Estoppel Certificates. Each party (each
     a  "Responding Party") shall at any time upon not  less
     than  ten (10) days prior written notice from the other
     party (each a "Requesting Party") execute, acknowledge,
     and  deliver to the Requesting Party a statement  in  a
     form  prescribed by Landlord and reasonably  acceptable
     to  Tenant  certifying and acknowledging the following:
     (i)  that  this  Lease represents the entire  agreement
     between Landlord and Tenant, and is unmodified  and  in
     full  force  and effect (or, if modified,  stating  the
     nature  of  such modification and certifying that  this
     Lease, as so modified, is in full force and effect) and
     the  date  to  which the Fixed Monthly Rent  and  other
     charges  are paid in advance, if any; (ii)  that  there
     are  not,  to  the  Responding Party's  knowledge,  any
     uncured  defaults on the part of the Requesting  Party,
     or  specifying  such defaults if any are  claimed;  and
     (iii) any other information reasonably requested by the
     Requesting   Party.   Any   such   statement   may   be
     conclusively  relied upon by any prospective  purchaser
     or  encumbrancer of the Premises or of the business  of
     the Requesting Party.

          16.6       Severability.  The  invalidity  of  any
     provision  of this Lease as determined by  a  court  of
     competent  jurisdiction shall  in  no  way  affect  the
     validity of any other provision hereof.

          16. 7     Entire Agreement. This Lease constitutes
     the  entire  agreement between Landlord and Tenant  and
     supersedes  all  prior  agreements  between  them  with
     respect to the Premises, whether written or oral.

          16.8        Notices.   Any  notice   required   or
     permitted to be given hereunder shall be in writing and
     may   be  given  by  facsimile  (provided  a  copy   is
     immediately  sent  by  one  of  the  other  methods  of
     providing  notice), personal delivery, certified  mail,
     return  receipt requested, or by nationally  recognized
     overnight  courier service delivered to  Tenant  or  to
     Landlord,  as  the case may be, at the FAX  numbers  or
     addresses  for each set forth in the Fundamental  Lease
     Provisions.  Either party may by notice  to  the  other
     specify  a  different FAX number or address for  notice
     purposes.  A copy of all notices required or  permitted
     to be given to Landlord hereunder shall be concurrently
     transmitted to such party or parties at such  addresses
     as  Landlord may from time to time hereafter  designate
     by notice to Tenant.

          16.9      Waivers. No waiver by Landlord or Tenant
     of any provision hereof shall be deemed a waiver of any
     other provision hereof or of any subsequent default  by
     Landlord or

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     Tenant  of  the same of any other provision. Landlord's
     consent to, or approval of, any act shall not be deemed
     to  render  unnecessary  the  obtaining  of  Landlord's
     consent to or approval of any subsequent act by Tenant.
     The  acceptance of rent hereunder by Landlord shall not
     be   a  waiver  of  any  preceding  default  by  Tenant
     hereunder, other than the failure of Tenant to pay  the
     particular  rent so accepted, regardless of  Landlord's
     knowledge  of  such preceding default at  the  time  of
     acceptance of such rent.

          16.10      Recording.  Either Landlord  or  Tenant
     shall, upon request of the other, execute, acknowledge,
     and  deliver to the other a "short form" memorandum  of
     this  Lease  for  recording purposes.  Such  memorandum
     shall be in the form reasonably prescribed by Landlord.
     In  addition,  any termination agreement  or  quitclaim
     deed shall be similarly recorded, which agreement shall
     survive  the  termination of this Lease.  The  cost  of
     recording  shall be borne by the party requesting  such
     recording.

          16.10.1 At the time that the Commencement Date  of
     the  term  of  this  Lease is firmly  established,  the
     parties shall promptly enter into a Supplemental  Lease
     Agreement,  setting forth the actual  commencement  and
     expiration  of  the  Initial Term  and  any  extensions
     thereof and describing the Premises, but containing  no
     further  provisions  of this Lease, which  Supplemental
     Lease Agreement may be recorded by either party. If the
     Commencement Date is firmly established before a  short
     form lease or memorandum of lease has been executed  by
     the  parties,  the  short form lease or  memorandum  of
     lease  and  the  Supplemental Lease  Agreement  may  be
     consolidated into a single recordable document.

          16.11      Holding  Over.  If  Tenant  remains  in
     possession  of  the Premises or any part thereof  after
     the  expiration or termination of the Lease Term,  such
     occupancy  shall be a tenancy from month-to-month  upon
     all  the  provisions of this Lease  pertaining  to  the
     obligations  of Tenant and Tenant shall  thereby  waive
     its rights of notice to quit, but Tenant's right as  to
     any  Renewal Term shall terminate. The monthly rent due
     during such hold-over period shall be equal to 125%  of
     the Fixed Monthly Rent then in effect, and Tenant shall
     continue to be obligated to pay all Additional Rent and
     other amounts required to be paid by the terms of  this
     Lease. Notwithstanding the foregoing, in the event that
     Landlord   and  Tenant  are  engaged  in   good   faith
     negotiations  for  a  new lease at  the  expiration  or
     termination  of  the  Lease Term,  Tenant's  continuing
     possession  shall not constitute holding  over  for  so
     long  as  such negotiations continue. However, Landlord
     shall  in its sole discretion have the right to  notify
     Tenant  in  writing, that Landlord elects to  terminate
     such  negotiations  whereupon thirty  (30)  days  after
     Tenant's  receipt of such notice the monthly  rent  due
     thereafter shall be equal to 150% of the Fixed  Monthly
     Rent then in effect.

          16.12       Choice  of  Law.  The  laws   of   the
     jurisdiction  in which the Premises are  located  shall
     govern  the  validity, performance, and enforcement  of
     this Lease.

          16.13      Attorneys'  Fees. Should  either  party
     institute  any  action  or proceeding  to  enforce  any
     provision  hereof or for a declaration of such  party's
     rights  or obligations hereunder, the prevailing  party
     shall be entitled to receive from the losing party such
     amounts  as  the  court may adjudge  to  be  reasonable
     attorneys'  fees and expenses for services rendered  to
     the party

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     prevailing in any such action or proceeding,  and  such
     fees   shall  be  deemed  to  have  accrued  upon   the
     announcement of such action or proceeding and shall  be
     enforceable whether or not such action or proceeding is
     prosecuted to judgment.

          16.14      Waiver  of  Jury  Trial.  LANDLORD  AND
     TENANT  EACH HEREBY WAIVE ALL RIGHT TO A TRIAL BY  JURY
     IN  ANY  CLAIM,  ACTION, PROCEEDING OR COUNTERCLAIM  BY
     EITHER  LANDLORD  OR TENANT AGAINST THE  OTHER  ON  ANY
     MATTERS  ARISING  OUT OF OR IN ANY WAY  CONNECTED  WITH
     THIS  LEASE,  THE RELATIONSHIP OF LANDLORD AND  TENANT,
     AND/OR TENANT'S USE OCCUPANCY OF THE PREMISES.

          16.15      Liability of Landlord. In the event  of
     any  sale  or other transfer of Landlord's interest  in
     the   Premises,  Landlord  shall  be  relieved  of  all
     liabilities  and  obligations  of  Landlord   hereunder
     arising    after    the   date   of   such    transfer.
     Notwithstanding  anything  contained  herein   to   the
     contrary, neither Landlord nor its officers, directors,
     members,   agents,   representatives,   employees    or
     affiliates, shall have no personal liability in respect
     of   any  of  the  teffi1s,  covenants,  conditions  or
     provisions of this Lease. In the event of a  breach  or
     default  by  Landlord of any of its  obligations  under
     this  Lease,  Tenant,  and  any  persons  claiming  by,
     through  or  under  Tenant, shall look  solely  to  the
     equity  of  the  Landlord  in  the  Premises  for   the
     satisfaction of Tenant's and/or such persons'  remedies
     and claims for damages.

          16.16      No Merger. There shall be no merger  of
     this  Lease,  or the leasehold estate created  by  this
     Lease,  with  any  other  estate  or  interest  in  the
     Premises,  or any part thereof, by reason of  the  fact
     that the same person, firm, corporation or other entity
     may acquire or own or hold, directly or indirectly, (i)
     this  lease  or  the leasehold estate created  by  this
     Lease  or  any interest in this Lease or  in  any  such
     leasehold  estate; and (ii) any such  other  estate  or
     interest in the Premises or any part thereof.  No  such
     merger  shall  occur  unless  and  until  all  persons,
     corporations,  firms  and  other  entities  having   an
     interest  (including a security interest) in  (1)  this
     Lease  or  the leasehold estate created by this  Lease;
     and  (2)  any  such  other estate or  interest  in  the
     Premises, or any part thereof, shall join in a  written
     instrument effecting such merger and shall duly  record
     the same.

          16.17     Intepretation. The captions by which the
     Articles and Sections of this Lease are identified  are
     for  convenience only and shall have no effect upon the
     interpretation of this Lease. Whenever the  context  so
     requires,  singular numbers shall include  the  plural,
     the  plural  shall  refer to the singular,  the  neuter
     gender   shall  include  the  masculine  and   feminine
     genders,  and  the  terms "Landlord" and  "Tenant"  and
     "person"  shall include corporations, limited liability
     companies,  partnerships,  associations,  other   legal
     entities, and individuals.

          16.18     Relationship of the Parties. Nothing  in
     this  Lease shall create a partnership, joint  venture,
     employment    relationship,   borrower    and    lender
     relationship,   or   any  other  relationship   between
     Landlord  and  Tenant, other than the  relationship  of
     landlord and tenant.

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          16.19      Successors. This Lease shall be binding
     upon and inure to the benefit of the parties hereto and
     their  respective  personal and legal  representatives,
     heirs, successors, and assigns.

          16.20      Modifications. This Lease  may  not  be
     altered,  amended,  changed,  waived,  terminated,   or
     modified  in any manner except by a written  instrument
     executed by Landlord and Tenant.

          16.21     Brokerage Fees. Landlord and Tenant each
     represent  and  warrant that they have not  employed  a
     broker  in connection with the execution of this Lease.
     Landlord  and Tenant shall each indemnify and hold  the
     other harmless from and against any claim or claims for
     brokerage or other commissions arising from such  party
     having employed a broker contrary to its representation
     in this Section.

          16.22      Waiver  of Redemption.  To  the  extent
     permitted  by  law, Tenant hereby waives  any  and  all
     rights of redemption with respect to this Lease. Tenant
     hereby  waives any rights it may have to any notice  to
     cure  or  vacate or to quit provided by any current  or
     future  law; provided that the foregoing shall  not  be
     deemed  to waive any notice expressly provided in  this
     Lease.

          16.23      Not Binding Until Executed. This  Lease
     does not constitute an "offer" and is not binding until
     fully executed and delivered by Landlord.

          16.24.  Reasonable  Consent.  Wherever  Landlord's
     consent  or  approval  shall be required  herein,  such
     consent  or  approval  shall  not  be  unreasonably  or
     arbitrarily  withheld or delayed unless  otherwise  set
     forth to the contrary in this Lease.

          16.25     No Continuous Operation. Notwithstanding
     anything   contained  in  this  Lease,   expressly   or
     impliedly,  to  the  contrary, and notwithstanding  the
     agreement herein contained for the payment by Tenant of
     rent,  it is specifically and expressly understood  and
     agreed   that  Tenant  shall  be  under  no   duty   or
     obligation,  either  express or implied,  to  open,  or
     thereafter to continuously conduct, its business in the
     Premises at any time during the Term. Further, Tenant's
     failure to open for business in the Premises shall  not
     otherwise  entitle Landlord to commence or to  maintain
     any  action, suit, or proceeding, whether in law or  in
     equity, relating in any way to Tenant's failure to open
     or  thereafter to continuously conduct its business  in
     the  Premises. Without limiting the generality  of  the
     foregoing,  Tenant shall have the right  to  close  two
     partial  days per year to take inventory and shall,  at
     Tenant's  option, be closed Thanksgiving Day, Christmas
     Day, New Years Day, and Easter.

          16.26       Matters  of  Record.  This  Lease   is
     expressly  subject to all matters of record and  Tenant
     hereby   agrees  to  comply  with  the  terms  of   all
     agreements and other matters of record. The  rights  of
     Tenant  set forth herein are subject to the  rights  of
     other  parties  under agreements  of  record,  and  the
     exercise  of  such  rights by such  parties  shall  not
     constitute a breach under this Lease.

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          16.27     Future Easement Agreement. Tenant hereby
     acknowledges  and  understands  that  as  part  of  the
     purchase  of  the  Premises  under  the  Earnest  Money
     Contract,  Landlord is required to execute  the  Future
     Easement  Agreement,  substantially  in  the  form   of
     attached  Exhibit "G" whereby Landlord  will  agree  to
     grant  certain utility easements over, across and under
     the  Premises  at the request of Town Center  Lakeside,
     Ltd.  In  no  event shall Landlord execute  the  Future
     Easement  Agreement  in  a  form  other  than  attached
     Exhibit  "G"  without  the  prior  written  consent  of
     Tenant.  Landlord  agrees that Tenant  shall  have  the
     right  to  review  and  approve  any  utility  easement
     requested  by  Town  Center Lakeside,  Ltd.  under  the
     Future    Easement   Agreement.   Tenant   shall    not
     unreasonably withhold or deny its approval  of  such  a
     utility easement; provided, however, that in the  event
     the  proposed utility easement does not comply with the
     terms,  conditions and criteria set forth  in  Sections
     1.02  through  1.06  of the Future Easement  Agreement,
     Tenant  shall  have  the right to  disapprove  such  an
     easement,  and Landlord shall take all action necessary
     to   refuse  to  grant  the  requested  easement.  Upon
     receiving a request from Town Center Lakeside, Ltd. for
     such   a  utility  easement,  Landlord  shall  promptly
     provide to Tenant all documents necessary to review the
     proposed  location, scope and nature  of  the  proposed
     utility easement.

IN  WITNESS WHEREOF, the parties have executed this Lease as

of the 1st day of December 2000.

WITNESSES                                  LANDLORD:

                                 TRANSUGAR LIMITED PARTNERSHIP

                                 By Transko Limited Partnership
                                 By Transcontintal Ventures Inc

/s/Shirley C Musselman           By/s/John Plunkett Jr

Print Name Shirley C Musselman   Its Vice President

/s/ Stephen G Shipi

Print Name Stephen G Shipi

                                   TENANT:

                                   STERLING JEWELERS INC.

/s/  George S Frankovich           By Richard W Miller

Print Name George S Frankovich

/s/  Jennifer L Ritchey            Its  Executive Vice President

Print Name Jennifer L Ritchey

Sterling Master Form Lease
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STATE OF NEVADA)
                                  )ss
COUNTY OF CLARK)

     BEFORE ME, a Notary Public, in and for said County  and
State,  personally  appeared John R  Plunkett  Jr  the  Vice
President  of TransugarLimited Partnership, who acknowledged
that  he did sign the foregoing instrument and that the same
is  his free act and deed, and the free act and deed of said
limited partnership.

     IN  TESTIMONY WHEREOF, I have hereunto set my hand  and
official seal this 29 day of November 2000.

                         /s/ Lynne B Hall

                             Notary Public

[notary seal]

STATE OF OHIO    )
                 )SS
COUNTY OF SUMMIT )

     BEFORE ME, a Notary Public, in and for said County  and
State,  personally appeared Richard W Miller the  Exec  Vice
President of Sterling Jewelers Inc. who acknowledged that he
did  sign the foregoing instrument and that the same is  his
free  act  and  deed,  and the free act  and  deed  of  said
corporation.

IN  TESTIMONY  WHEREOF,  I have hereunto  set  my  hand  and
official seal this 10th day of Nov 2000.

                              /s/ Jennifer L Ritchey
                                    Notary Public
[notary seal]

Sterling Master Form Lease
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                        EXHIBIT " A "

                 Description of the Premises

That certain tract or parcel of land containing 0.89 acre of
land,  more  or  less, located in the S.M. Williams  League,
Abstract No.97, Fort Bend County, Texas, being out of and  a
part  of of that certain 47.0386 acres conveyed by Sugarland
Properties Incorporated, a Texas corporation to Town  Center
Lakeside,  Ltd. a Texas limited partnership  by  deed  dated
December  21,  1999, filed for record under  County  Clerk's
File  No.1999109355  of the Official Records  of  Fort  Bend
County,  Texas.  Said  0.89 acre  to  be  more  particularly
described  by  metes  and bounds to  be  furnished  to  this
company.<PAGE>
                                                                   Exhibit 4(ii)
                              JANUS ADVISER SERIES

                          INVESTMENT ADVISORY AGREEMENT

                            JANUS ADVISER GROWTH FUND

      THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this 1st day
of July, 2004, between JANUS ADVISER SERIES, a Delaware statutory trust (the
"Trust"), and JANUS CAPITAL MANAGEMENT LLC, a Delaware limited liability company
("JCM").

                              W I T N E S S E T H:

      WHEREAS, the Trust is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act"),
and has registered its shares for public offering under the Securities Act of
1933, as amended (the "1933 Act"); and

      WHEREAS, the Trust is authorized to create separate funds, each with its
own separate investment portfolio of which the beneficial interests are
represented by a separate series of shares; one of such funds created by the
Trust being designated as the Janus Adviser Growth Fund (the "Fund"); and

      WHEREAS, the Trust and JCM deem it mutually advantageous that JCM should
assist the Trustees and officers of the Trust in the management of the
securities portfolio of the Fund.

      NOW, THEREFORE, the parties agree as follows:

      1.    Appointment. The Trust hereby appoints JCM as investment adviser and
manager with respect to the Fund for the period and on the terms set forth in
this Agreement. JCM hereby accepts such appointment and agrees to render the
services herein set forth, for the compensation herein provided.

      2.    Investment Advisory Services. JCM shall furnish continuous advice
and recommendations to the Fund as to the acquisition, holding, or disposition
of any or all of the securities or other assets which the Fund may own or
contemplate acquiring from time to time. JCM shall give due consideration to the
investment policies and restrictions and the other statements concerning the
Fund in the Trust Instrument, bylaws, and registration statements under the 1940
Act and the 1933 Act, and to the provisions of the Internal Revenue Code, as
amended from time to time, applicable to the Fund as a regulated investment
company. In addition, JCM shall cause its officers to attend meetings and
furnish oral or written reports, as the Trust may reasonably require, in order
to keep the Trustees and appropriate officers of the Trust fully informed as to
the condition of the investment portfolio of the Fund, the investment
recommendations of JCM, and the investment considerations which have given rise
to those recommendations. JCM shall supervise the purchase and sale of
securities as directed by the appropriate officers of the Trust.

                                                                          Page 1
<PAGE>

      3.    Other Services. JCM is hereby authorized (to the extent the Trust
has not otherwise contracted) but not obligated (to the extent it so notifies
the Trustees at least 60 days in advance), to perform (or arrange for the
performance by affiliates of) the management and administrative services
necessary for the operation of the Fund. JCM is specifically authorized, on
behalf of the Trust, to conduct relations with custodians, depositories,
transfer and pricing agents, accountants, attorneys, underwriters, brokers and
dealers, corporate fiduciaries, insurance company separate accounts, insurers,
banks and such other persons in any such other capacity deemed by JCM to be
necessary or desirable. JCM shall generally monitor and report to Fund officers
the Fund's compliance with investment policies and restrictions as set forth in
the currently effective prospectus and statement of additional information
relating to the shares of the Fund under the 1933 Act. JCM shall make reports to
the Trustees of its performance of services hereunder upon request therefor and
furnish advice and recommendations with respect to such other aspects of the
business and affairs of the Fund as it shall determine to be desirable. JCM is
also authorized, subject to review by the Trustees, to furnish such other
services as JCM shall from time to time determine to be necessary or useful to
perform the services contemplated by this Agreement.

      4.    Obligations of Trust. The Trust shall have the following obligations
under this Agreement:

            (a)   to keep JCM continuously and fully informed as to the
                  composition of its investment portfolio and the nature of all
                  of its assets and liabilities from time to time;

            (b)   to furnish JCM with a certified copy of any financial
                  statement or report prepared for it by certified or
                  independent public accountants and with copies of any
                  financial statements or reports made to its shareholders or to
                  any governmental body or securities exchange;

            (c)   to furnish JCM with any further materials or information which
                  JCM may reasonably request to enable it to perform its
                  function under this Agreement; and

            (d)   to compensate JCM for its services and reimburse JCM for its
                  expenses incurred hereunder in accordance with the provisions
                  hereof.

      5.    Compensation. The Trust shall pay to JCM for its investment advisory
services a fee, calculated and payable for each day that this Agreement is in
effect, of 1/365 of 0.64% of the daily closing net asset value of the Fund
(1/366 of 0.64% of the daily closing net asset value of the Fund in a leap
year). The fee shall be paid monthly.

      6.    Expenses Borne by JCM. In addition to the expenses which JCM may
incur in the performance of its investment advisory functions under this
Agreement, and the expenses which it may expressly undertake to incur and pay
under other agreements with the Trust or otherwise, JCM shall incur and pay the
following expenses relating to the Fund's operations without reimbursement from
the Fund:

                                                                          Page 2
<PAGE>

            (a)   Reasonable compensation, fees and related expenses of the
                  Trust's officers and its Trustees, except for such Trustees
                  who are not "interested persons," as defined in the 1940 Act,
                  of JCM; and

            (b)   Rental of offices of the Trust.

      7.    Expenses Borne by the Trust. The Trust assumes and shall pay all
expenses incidental to its organization, operations and business not
specifically assumed or agreed to be paid by JCM pursuant to Sections 3 and 6
hereof, including, but not limited to, investment adviser fees; any
compensation, fees, or reimbursements which the Trust pays to its Trustees who
are not "interested persons," as defined in the 1940 Act, of JCM; compensation
of the Fund's custodian, transfer agent, registrar and dividend disbursing
agent; legal, accounting, audit and printing expenses; administrative, clerical,
recordkeeping and bookkeeping expenses; brokerage commissions and all other
expenses in connection with execution of portfolio transactions (including any
appropriate commissions paid to JCM or its affiliates for effecting exchange
listed, over-the-counter or other securities transactions); interest; all
federal, state and local taxes (including stamp, excise, income and franchise
taxes); costs of stock certificates and expenses of delivering such certificates
to purchasers thereof; expenses of local representation in Delaware; expenses of
shareholders' meetings and of preparing, printing and distributing proxy
statements, notices, and reports to shareholders; expenses of preparing and
filing reports and tax returns with federal and state regulatory authorities;
all expenses incurred in complying with all federal and state laws and the laws
of any foreign country applicable to the issue, offer, or sale of shares of the
Fund, including, but not limited to, all costs involved in the registration or
qualification of shares of the Fund for sale in any jurisdiction, the costs of
portfolio pricing services and compliance systems, and all costs involved in
preparing, printing and mailing prospectuses and statements of additional
information to Fund shareholders; and all fees, dues and other expenses incurred
by the Trust in connection with the membership of the Trust in any trade
association or other investment company organization.

      8.    Treatment of Investment Advice. The Trust shall treat the investment
advice and recommendations of JCM as being advisory only, and shall retain full
control over its own investment policies. However, the Trustees may delegate to
the appropriate officers of the Trust, or to a committee of the Trustees, the
power to authorize purchases, sales or other actions affecting the portfolio of
the Fund in the interim between meetings of the Trustees.

      9.    Termination. This Agreement may be terminated at any time, without
penalty, by the Trustees of the Trust, or by the shareholders of the Fund acting
by vote of at least a majority of its outstanding voting securities, provided in
either case that sixty (60) days advance written notice of termination be given
to JCM at its principal place of business. This Agreement may be terminated by
JCM at any time, without penalty, by giving sixty (60) days advance written
notice of termination to the Trust, addressed to its principal place of
business. The Trust agrees that, consistent with the terms of the Trust
Instrument, the Trust shall cease to use the name "Janus" in connection with the
Fund as soon as reasonably practicable following any termination of this
Agreement if JCM does not continue to provide investment advice to the Fund
after such termination.

                                                                          Page 3
<PAGE>

      10.   Assignment. This Agreement shall terminate automatically in the
event of any assignment of this Agreement.

      11.   Term. This Agreement shall continue in effect until July 1, 2005,
unless sooner terminated in accordance with its terms, shall continue in effect
from year to year thereafter only so long as such continuance is specifically
approved at least annually by (a) the vote of a majority of the Trustees of the
Trust who are not parties hereto or interested persons of any such party, cast
in person at a meeting called for the purpose of voting on the approval of the
terms of such renewal, and (b) either the Trustees of the Trust or the
affirmative vote of a majority of the outstanding voting securities of the Fund.
The annual approvals provided for herein shall be effective to continue this
Agreement from year to year if given within a period beginning not more than
ninety (90) days prior to July 1 of each applicable year, notwithstanding the
fact that more than three hundred sixty-five (365) days may have elapsed since
the date on which such approval was last given.

      12.   Amendments. This Agreement may be amended by the parties only if
such amendment is specifically approved (i) by a majority of the Trustees,
including a majority of the Trustees who are not interested persons (as that
phrase is defined in Section 2(a)(19) of the 1940 Act) of any party to this
Agreement and, if required by applicable law, (ii) by the affirmative vote of a
majority of the outstanding voting securities of the Fund (as that phrase is
defined in Section 2(a)(42) of the 1940 Act).

      13.   Other Series. The Trustees shall determine the basis for making an
appropriate allocation of the Trust's expenses (other than those directly
attributable to the Fund) between the Fund and the other series of the Trust.

      14.   Limitation of Personal Liability. All the parties hereto acknowledge
and agree that all liabilities of the Trust arising, directly or indirectly,
under this Agreement, of any and every nature whatsoever, shall be satisfied
solely out of the assets of the Fund and that no Trustee, officer or holder of
shares of beneficial interest of the Trust shall be personally liable for any of
the foregoing liabilities. The Trust Instrument describes in detail the
respective responsibilities and limitations on liability of the Trustees,
officers and holders of shares of beneficial interest of the Trust.

      15.   Limitation of Liability of JCM. JCM shall not be liable for any
error of judgment or mistake of law or for any loss arising out of any
investment or for any act or omission taken with respect to the Trust, except
for willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of reckless disregard of its obligations and duties
hereunder and except to the extent otherwise provided by law. As used in this
Section 15, "JCM" shall include any affiliate of JCM performing services for the
Trust contemplated hereunder and directors, officers and employees of JCM and
such affiliates.

      16.   Activities of JCM. The services of JCM to the Trust hereunder are
not to be deemed to be exclusive, and JCM and its affiliates are free to render
services to other parties. It is understood that trustees, officers and
shareholders of the Trust are or may become interested in JCM as directors,
officers and shareholders of JCM, that directors, officers, employees and

                                                                          Page 4
<PAGE>

shareholders of JCM are or may become similarly interested in the Trust, and
that JCM may become interested in the Trust as a shareholder or otherwise.

      17.   Certain Definitions. The terms "vote of a majority of the
outstanding voting securities," "assignment" and "interested persons" when used
herein, shall have the respective meanings specified in the 1940 Act, as now in
effect or hereafter amended, and the rules and regulations thereunder, subject
to such orders, exemptions and interpretations as may be issued by the
Securities and Exchange Commission under said Act and as may be then in effect.

      18.   Governing Law. This Agreement shall be construed in accordance with
the laws of the State of Colorado (without giving effect to the conflicts of
laws principles thereof) and the 1940 Act. To the extent that the applicable
laws of the State of Colorado conflict with the applicable provisions of the
1940 Act, the latter shall control.

      This Agreement shall supercede all prior investment advisory agreements
entered into between JCM and the Trust, on behalf of the Fund.

      IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Investment Advisory Agreement as of the date and year first
above written.

                                    JANUS CAPITAL MANAGEMENT LLC

                                    By: /s/Loren M. Starr
                                        ----------------------------------------
                                        Loren M. Starr, Chief Financial Officer
                                        and Senior Vice President

                                    JANUS ADVISER SERIES

                                    By: /s/Girard C. Miller
                                        ----------------------------------------
                                        Girard C. Miller, President and Chief
                                        Executive Officer

                                                                          Page 5

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