Document:

Lease Agreement, dated as of 7/25/2003

 Exhibit 10.16 
 LEASE AGREEMENT 
 Between 
 CENDANT OPERATIONS, INC. (Tenant) 
 and 
 LIBERTY PROPERTY LIMITED PARTNERSHIP (Landlord) 
 Premises: 
 3001 Leadenhall Road 
 Township of Mount Laurel 
 County of Burlington 
 State of New Jersey 

 LEASE AGREEMENT 
 INDEX 
  

					
	 §
	 	 Section
	  	Page
			
	 1.
	 	Summary of Terms and Certain Definitions	  	1
			
	 2.
	 	Premises	  	2
			
	 3.
	 	Acceptance of Premises	  	2
			
	 4.
	 	Use; Compliance	  	3
			
	 5.
	 	Term	  	4
			
	 6.
	 	Minimum Rent	  	5
			
	 7.
	 	Operation of Premises; Payment of Expenses	  	5
			
	 8.
	 	Signs	  	10
			
	 9.
	 	Alterations and Fixtures	  	10
			
	 10.
	 	Mechanics’ Liens	  	11
			
	 11.
	 	Landlord’s Right of Entry	  	12
			
	 12.
	 	Damage by Fire or Other Casualty	  	12
			
	 13.
	 	Condemnation	  	13
			
	 14.
	 	Non-Abatement of Rent	  	14
			
	 15.
	 	Indemnification	  	14
			
	 16.
	 	Intentionally Omitted	  	15
			
	 17.
	 	Quiet Enjoyment	  	15
			
	 18.
	 	Assignment and Subletting	  	15
			
	 19.
	 	Subordination; Mortgagee’s Rights	  	16
			
	 20.
	 	Recording; Estoppel Certificates	  	17

  

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	 21.
	  	Surrender; Abandoned Property	  	17
			
	 22.
	  	Curing Tenant’s Defaults	  	18
			
	 23.
	  	Defaults – Remedies	  	18
			
	 24.
	  	Representations of Tenant	  	20
			
	 25.
	  	Liability of Landlord	  	21
			
	 26.
	  	Interpretation; Definitions	  	21
			
	 27.
	  	Notices	  	22
			
	 28.
	  	Building and Premises Improvements	  	23
			
	 29.
	  	Environmental Information	  	27
			
	 30.
	  	Brokers	  	27
			
	 31.
	  	Contingency	  	28
			
	 32.
	  	Guaranty of Lease	  	28
			
	 33.
	  	Renewal Options	  	28
			
	 34.
	  	Miscellaneous	  	30
			
	 35.
	  	Satellite Dish Antenna	  	30
			
	 36.
	  	Non-Competition	  	31

  

	
	EXHIBITS.
	 Exhibit “A” – Premises

	 Exhibit “B” – Lease Commencement Certificate

	 Exhibit “C” – Memorandum of Lease

	 Exhibit “D” – Tenant Estoppel Certificate

	 Exhibit “E” – List Building Plans

	 Exhibit “F” – Specifications

	 Exhibit “G” – Corporate Guaranty

  

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 THIS LEASE AGREEMENT (“Lease”) is made by and between LIBERTY PROPERTY LIMITED
PARTNERSHIP, a Pennsylvania limited partnership (“LANDLORD”) with its address at 65 Valley Stream Parkway, Suite 100, Malvern, Pennsylvania 19355, and CENDANT OPERATIONS, INC., a Delaware corporation
(“TENANT”) with an address at 1 Campus Drive, Parsippany, New Jersey 07054 and is dated as of the date on which this Lease has been fully executed and delivered by and between Landlord and Tenant. 
 1. Summary of Terms and Certain Definitions. 
 (a) “PREMISES”: All that tract of land, together with the building and improvements to be constructed thereon, with a
street address of 3001 Leadenhall Road, Mount Laurel, New Jersey 08054 (Section 2 and Exhibit “A”). 
 (b) “BUILDING”: The building to be built pursuant to Section 28 consisting of approximately 80,000 rentable square feet (Section 2). 
 (c) “TERM”: 120 months plus any partial month from the Commencement Date until the first day of the first calendar month
during the Term (Section 5). 
  

	 	(i)	“COMMENCEMENT DATE”: Upon Substantial Completion of the improvements to be performed by Landlord (Section 28). 

  

	 	(ii)	“EXPIRATION DATE”: 120 months plus any partial month after Commencement Date subject to Section 33). 

  

	 	(iii)	“OPTIONS”: 1 – 10 year option or 3 – 5 year options to extend the Lease Term (Section 33). 

 (d) “MINIMUM RENT”: Tenant’s Minimum Rent shall be as follows (Section 6), subject to increase as set forth
in Section 31: 
  

							
	 Lease Years
	  	Annual	  	Monthly
	 1-10
	  	$	1,188,800.00	  	$	99,066.67

 Minimum Rent for any extension term shall be determined pursuant to Section 33. 
 (e) “USE” (Section 4): General office purposes (including loan processing and call center) and any other lawful
use. 
 (f) “SECURITY DEPOSIT”: $0.00. 
  

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 (g) CONTENTS: This Lease consists of a Title Page, Index, pages 1 through
         containing Sections 1 through 36 and the following, all of which are attached hereto and made a part of this Lease: 
  

			
	 Exhibits:        
	  	Exhibit “A” – Premises
		  	Exhibit “B” – Lease Commencement Certificate
		  	Exhibit “C” – Memorandum of Lease
		  	Exhibit “D” – Tenant Estoppel Certificate
		  	Exhibit “E” – Building Plans
		  	Exhibit “F” – Specifications
		  	Exhibit “G” – Corporate Guaranty

 2. Premises: Landlord hereby leases to Tenant and Tenant hereby leases from
Landlord all that tract of land located at 3001 Leadenhall Road and more fully described by metes and bounds in Exhibit “A” attached hereto (the “Lot”) and outlined in red on Exhibit “A”
hereto, together with the building (“BUILDING”) and improvements to be built thereon pursuant to Section 28, including by way of example, not limitation, the lawns, ingress and egress roads, parking lots, parkways,
drives, green spaces, parks, driveway areas, sidewalks, drainage facilities, loading areas, and landscaped areas (the Lot, the Building and any other improvements thereon, collectively, the “PREMISES”). Landlord and Tenant currently
estimate the Building’s rentable square footage to be 80,000. At Landlord’s cost, within 30 days of Substantial Completion (defined below), Landlord shall cause its architect to measure the actual dimensions of the Building and to
determine the rentable square footage of the Building in accordance with BOMA Measurement Standard ANSI Z65.1-1996 (the “Measurement Standard”). Such determination shall be subject to review and approval by Tenant, such approval not to be
unreasonably withheld, conditioned or delayed. In the event the rentable square footage calculated in accordance with the Measurement Standard differs from the rentable square footage set forth in subsection l(b), the rentable square footage shall
be modified by amendment to this Lease and the Minimum Rent shall be modified accordingly pursuant to the same amendment based upon the per rentable square foot Minimum Rent ($14.86). 
 3. Acceptance of Premises: Tenant has examined and knows the condition of the Premises, streets, sidewalks, parking areas, curbs and
access ways adjoining it, visible easements, any surface conditions and the present uses, and Tenant accepts them in the condition in which they now are, without relying on any representation, covenant or warranty by Tenant, except any
representation, covenant or warranty expressly set forth in this Lease, and except as to the work to be performed by Landlord or its Agents under this Lease. Tenant’s occupancy of the Premises shall constitute acceptance of such work by Tenant,
subject to completion by Landlord of all Punch List (defined below) items, and further subject to all other terms and conditions of this Lease and to latent defects of which Landlord is notified in writing within one (1) year after the
Commencement Date. 
  

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 4. Use; Compliance: 
 (a) Permitted Use. Tenant shall occupy and use the Premises for and only for the Use specified in Section l(e) above and in
such a manner as is lawful. The Premises is zoned I (Industry). 
 (b) Compliance. (i) Landlord at its cost:

 (aa) shall deliver the Premises to Tenant in compliance with all laws, ordinances, rules, orders, directives, regulations
and requirements of all federal, state, county, and municipal governmental authorities and of all insurance bodies, applicable to the Premises (including the Lot and the Building), or any part thereof including without limitation ADA, OSHA, ASHRAE
regulations governing indoor air quality, requirements relating to the protection of public health, safety and welfare, and all applicable environmental laws (“Applicable Laws”); 
 (bb) shall be responsible for compliance with Applicable Laws now in force or which may hereafter be in force with respect to the
Premises’ Structural Components (defined in Section 7(d)(ii)); 
 (cc) shall comply with Applicable Laws
in force as of the Commencement Date affecting the design, construction and operation of the Premises (to the extent Tenant is not required to comply therewith as provided below) or relating to the performance by Landlord of any duties or
obligations to be performed by it hereunder. 
 (ii) From and after the Commencement Date and during the Term, subject to the
terms and conditions of this Lease, Tenant shall comply, at its sole expense (including making any alterations or improvements), with Applicable Laws (including the ADA) which impose any duty upon Landlord or Tenant with respect to Tenant’s
particular use or occupancy of the Premises (but excluding Tenant’s use of the Premises to the extent it is consistent with use for general office purposes (including loan processing and call center)) or Tenant’s alteration of, or
Tenant’s installations in or upon, the Premises; provided, however, in the event an Applicable Law first effective after the Commencement Date or an interpretation of an Applicable Law first effective after the Commencement Date requires
improvements (other than with respect to the Premises’ Structural Components, as defined in Section 7(d)(ii), which shall be Landlord’s obligation) with which Tenant is not obligated to comply pursuant to this subsection
(ii), Landlord shall comply with such requirement in which case Tenant shall pay Landlord the aggregate costs actually paid by Landlord for such improvements amortized on a straight-line basis in equal annual installments over the useful life of the
improvements (determined in accordance with generally accepted accounting principles), for the balance of the Term (including any exercised options). At Landlord’s option and at Tenant’s expense, Landlord may assume Tenant’s
compliance obligations under this Section 4(b)(ii) and Tenant shall pay to Landlord all reasonable costs thereof, together with 

  

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interest thereon, as additional rent, provided Tenant has failed to meet such obligations after applicable notice and cure periods. 
 (c) Environmental. (i) During the Term, Tenant shall comply, at its sole expense, with all Applicable Laws, and all
requirements of insurers relating to the treatment, production, storage, handling, transfer, processing, transporting, use, disposal and release of hazardous substances, hazardous mixtures, chemicals, pollutants, petroleum products, toxic or
radioactive matter (“Hazardous Substances”) at the Premises (collectively “Environmental Requirements”), except that Tenant shall only be responsible for such compliance required as a result of the acts or omissions of Tenant,
its agents, employees, contractors or invitees (“Agents”). Anything in this Lease to the contrary notwithstanding, Tenant’s environmental liability (including without limitation its compliance obligation) under this Lease, shall be
limited to liability caused by the acts or omissions of Tenant or its Agents during the Term or the acts of Tenant or its Agents prior to the Term. 
 (ii) If at any time during the Term the removal, containment, remediation or abatement of any Hazardous Substances located on or in the Premises including the Building is required by any applicable environmental law
(except if required due to the acts or omissions of Tenant or its Agents), Landlord shall proceed to remove, contain or abate the Hazardous Substance as required by applicable environmental laws. 
 (iii) If Tenant is required to deliver same to governmental authorities pursuant to Applicable Law, Tenant shall deliver to Landlord
copies of all Material Safety Data Sheets or other written information prepared by manufacturers, importers or suppliers of any such Hazardous Substances. During the Term and for a period of eighteen (18) months thereafter, Tenant shall deliver
to Landlord copies of all notices, filings, permits and any other written communications from or to Tenant and any entity regulating any Environmental Requirements with respect to the Premises. 
 (d) Notices. If at any time during or within eighteen (18) months after the Term, Tenant becomes aware of any claim, action or
investigation relating to the Premises and regarding violation or alleged violation of the Environmental Requirements or the ADA by Tenant or its Agents, relating to the Premises, Tenant shall give Landlord written notice, within 15 days after first
learning thereof, providing all relevant information in Tenant’s possession and copies of such notices. 
 5. Term. The
Term of this Lease shall commence (the “Commencement Date”) on the date of Substantial Completion (defined in Section 28) of the improvements to be constructed by Landlord under Section 28, but not later than the
date Tenant occupies the Premises for the conduct of its business, and shall end at 11:59 p.m. on the last day of the Term (the “Expiration Date”), without the necessity for notice from either party, unless sooner terminated in accordance
with the terms hereof. Tenant shall, on or after the date of Substantial Completion (defined in Section 28) of the improvements to be constructed by Landlord under Section 28 and prior to the 

  

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Commencement Date, have the right, at Tenant’s own risk, expense and responsibility, to occupy the Premises, provided that in so doing Tenant shall not
interfere with or delay the punch-list work to be performed by Landlord pursuant to Section 28 hereof. If Tenant occupies the Premises prior to the Commencement Date, Tenant shall abide by the terms and conditions of this lease,
including without limitation, payment of all costs and expenses pursuant to Section 7 and any other additional rent or sums payable by Tenant to Landlord pursuant to this lease and providing the insurance coverages required pursuant to
Section 7, as if the term of this lease had already commenced, except that Tenant shall have no obligation to pay the Minimum Rent or any portion thereof until the Commencement Date. Promptly after the Commencement Date, the Commencement
Date and the Expiration Date shall be confirmed pursuant to a lease commencement certificate in the form attached as Exhibit ‘B’.” If Substantial Completion (defined below) does not occur on or before October 29,
2004 as a result of Tenant Delay (defined below), the Term and Tenant’s obligation to pay rent hereunder shall commence on the date (but not prior to October 29, 2004) Substantial Completion of the Premises would have occurred but for such
Tenant Delay. 
 6. Minimum Rent. Tenant agrees to pay to Landlord the Minimum Rent in equal monthly installments in the
amounts set forth in Section 1(d), in advance, on the first day of each calendar month during the Term, without notice, demand or setoff, at Landlord’s address designated at the beginning of this Lease, unless Landlord designates
otherwise in writing upon 30 days notice. If the Commencement Date falls on a day other than the first day of a calendar month, the rent shall be apportioned pro rata on a per diem basis for the period from the Commencement Date until the first day
of the following calendar month and shall be paid on or before the Commencement Date. As used in this Lease, the term “Lease Year” means the period from the Commencement Date through the succeeding 12 full calendar months (including
for the first Lease Year any partial month from the Commencement Date until the first day of the first full calendar month) and each successive 12 month period thereafter during the Term. 
 7. Operation of Property; Payment of Expenses. 
 (a) Payment of Expenses. Costs and expenses in connection with the ownership, operation, repair and maintenance of the Premises
shall be paid in accordance with the terms of this Section 7. Except as otherwise expressly set forth herein, Tenant shall pay all costs and expenses in connection with the ownership, operation, repair and maintenance of the Premises.

 (b) Impositions. As used in this Lease the term “impositions” refers to all levies, taxes (including sales
taxes and gross receipt taxes) and assessments, which are applicable to the Term and the Premises, and which are imposed by any authority or under any law, ordinance or regulation thereof, or pursuant to any recorded covenants or agreements, upon or
with respect to the Premises or any part thereof, or any improvements thereto. Tenant shall pay to Landlord with the monthly payment of Minimum Rent any imposition imposed directly upon this Lease or the Rent (defined in Section 7(g)) or
amounts payable by any subtenants or other occupants of the Premises, 

  

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or against Landlord because of Landlord’s estate or interest herein. Tenant shall pay to the local real estate tax office all real estate taxes and
assessments and shall furnish to Landlord, not later than 10 days prior to the last day they may be paid without penalty, receipts or other evidence of payment thereof reasonably satisfactory to Landlord. Landlord or Tenant at their respective
options shall have the right to contest any imposition, provided such contest does not operate to postpone payment of such taxes, is conducted in good faith and in accordance with Applicable Law and that such contest will not cause a lien to be
placed on the Premises. Any such contest shall be done on a contingency fee basis and the cost of the contest shall be paid from the proceeds of any contest award. Notwithstanding whether Landlord or Tenant commences contest of any imposition,
Landlord or Tenant shall be entitled to the proceeds or benefit thereof according to the extent to which the parties are responsible for the payment of such imposition under this Lease. 
 Nothing herein contained shall be interpreted as requiring (a) Tenant to pay any federal, state or local income, franchise, gift, transfer, excise,
estate, inheritance, excess profits, or corporate capital stock tax imposed or assessed upon Landlord, unless such tax or any similar tax is levied or assessed in lieu of all or any part of any imposition or an increase in any imposition; or
(b) Tenant to be responsible for any imposition that is not related to the Premises and the Term. 
 (c)
Insurance. 
 (i) Property. Tenant at its expense shall keep in effect insurance against loss or damage to the
Premises including the Building by fire and such other casualties as may be included within fire, extended coverage and ISO special form insurance covering the full replacement cost of the Building (including demolition, increased cost of
construction, boiler and machinery, flood (including backup of sewers and drains), earthquake and coverage of Tenant’s personal property in, and any alterations by Tenant to, the Premises). Landlord and any mortgagee of Landlord shall be named
as additional insured and loss payee with respect to the Premises (but not with respect to coverage of Tenant’s personal property in, and any alterations by Tenant to, the Premises). Such policy or policies (for Landlord’s property) shall
be issued in industry-standard form or otherwise in form reasonably acceptable to Landlord. The insurer shall be a responsible insurance carrier which is authorized to issue such insurance and licensed to do business in the state in which the
Premises is located and which has at all times during the Term a rating of no less than A-VI in the most current edition of Best’s Insurance Reports. Tenant shall deliver to Landlord on or before the Commencement Date, and subsequently
renewals of, a certificate of insurance evidencing such coverage. 
 (ii) Liability. Tenant at its expense shall keep
in effect commercial general liability insurance with respect to the Premises, including contractual liability insurance, with such limits of liability for bodily injury (including death) and property damage to be not less than a combined single
limit of $2,000,000 per occurrence and a general aggregate limit of not less than $5,000,000 (which aggregate limit shall apply separately to each of Tenant’s locations if more than the Premises); however, such 

  

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limits shall not limit the liability of Tenant hereunder. The policy of commercial general liability insurance also shall name Landlord and Landlord’s
agent (if timely communicated by Landlord to Tenant in writing) as additional insured parties with respect to the Premises, shall be written on an “occurrence” basis and not on a “claims made” basis, shall provide that it is
primary with respect to any claims for which Tenant is responsible, shall provide that it shall not be cancelable or reduced without at least 30 days prior written notice to Landlord and shall be issued in industry-standard form or otherwise in form
reasonably satisfactory to Landlord. The insurer shall be a responsible insurance carrier which is authorized to issue such insurance and licensed to do business in the state in which the Premises is located and which has at all times during the
Term a rating of no less than A-VI in the most current edition of Best’s Insurance Reports. Tenant shall deliver to Landlord on or before the Commencement Date, and subsequently renewals of, a certificate of insurance evidencing such
coverage and the waiver of subrogation described below. 
 Landlord, at its own expense, shall maintain commercial general liability
(including contractual liability coverage applicable to indemnification provisions of this Lease) covering claims for personal and bodily injury and property damage in an amount not less than $2,000,000 per occurrence combined single limit and a
general aggregate limit of not less than $5,000,000. Landlord’s insurance shall be primary for all claims for which Landlord is responsible. 
 (iii) Waiver of Subrogation. Notwithstanding any other provision of this Lease to the contrary, Landlord and Tenant hereby release each other and waive any and all claims and rights of recovery that they may
have against each other and their respective members, officers, directors, partners, shareholders, employees, agents and representatives for loss or damages covered by fire, extended coverage, “all risk” or similar policies maintained (or
required to be maintained) by such party under this Lease even if such loss or damage shall be brought about by the fault or negligence of the other party or its Agents. Landlord and Tenant shall have included in their respective property insurance
policies waivers of their respective insurers’ right of subrogation against the other party. Tenant assumes all risk of damage of Tenant’s property within the Premises, including any loss or damage caused by water leakage, fire, windstorm,
explosion, theft or other cause, unless such loss or damage is caused by the gross negligence or willful misconduct of Landlord or its Agents. 
 (iv) Increase of Premiums. Tenant agrees not to do anything or fail to do anything which will increase the cost of Landlord’s insurance or which will prevent Landlord from procuring policies (including
commercial general liability) from companies and in a form reasonably satisfactory to Landlord. If any breach of the preceding sentence by Tenant causes the rate of Landlord’s insurance to be increased, Tenant shall pay the amount of such
increase as additional rent promptly upon being billed. 
  

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 (d) Repairs and Maintenance. 
 (i) Except as otherwise expressly provided in this Lease, during the Term, Tenant at its sole expense shall maintain the Premises in good
order and condition, make all repairs necessary to maintain such condition, whether such repairs are interior or exterior, and repair any damage to the Premises. All repairs made by Tenant shall utilize materials and equipment which are comparable
to those originally used in constructing the Building. The Term “repair” when used in this Subsection (d) shall include replacements and renewals when necessary. Tenant at its cost and expense shall maintain and repair following
initial installation by Landlord pursuant to Section 28, the HVAC, mechanical, fire sprinklers, electrical (including connectivity with Bishop’s Gate I, II and IV), utilities/sewer and plumbing systems serving the Premises
(collectively the “Building Systems”), and the roof (including the roof membrane) pursuant to service contracts acceptable to Landlord (such acceptance not to be unreasonably withheld, conditioned or delayed). Tenant shall also be
responsible to maintain and repair the roads and parking lots following Landlord’s initial installation thereof. Tenant shall also be responsible to provide for landscaping (pursuant to a service contract acceptable to Landlord, such acceptance
not to be unreasonably withheld, conditioned or delayed) and snow removal services. Notwithstanding the foregoing, in the event Tenant is required to replace the roof and/or the HVAC and/or the mechanical equipment serving the Building, Landlord
shall replace same if reasonably necessary, in which case Tenant shall reimburse Landlord the aggregate cost actually paid by Landlord for the replaced item amortized on a straight-line basis in equal annual installments over the useful life of the
item (determined in accordance with generally accepted accounting principles), for the balance of the Term (including any exercised renewal options). Landlord shall deliver warranties for Building Systems and roof and all other manufacturers’
warranties to Tenant (giving Tenant the full benefit thereof) at the time of Substantial Completion. The roof warranty shall be an industry-standard 10 year warranty in accordance with the Specifications (defined below); provided that if available
and desired by Tenant, such warranty will be upgraded at Tenant’s expense. Prior to selection of the roofing contractor, a copy of the roof warranty offered shall be delivered to Tenant for its review. 
 (ii) Landlord shall, at its sole cost and expense, maintain, repair and replace the structural components, exterior walls, window
fenestration, load bearing interior walls, foundation, and columns of the Building (collectively “Structural Components”); provided that Landlord shall have no obligation to make any repair until Landlord receives written notice of the
need for such repair. 
 (iii) Notwithstanding anything herein to the contrary, replacements of the Building Systems and the
roof or repairs and replacements of the Structural Components made necessary by the negligence or willful misconduct of Tenant or its Agents or Tenant’s failure to maintain the Building Systems and/or roof in accordance with the terms of any
applicable warranty, shall be made at the sole expense of Tenant to the extent not covered by any applicable warranty or insurance proceeds paid to Landlord. 
  

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 (iv) Notwithstanding anything herein to the contrary, repairs and replacements of the
Premises made necessary by the negligence or willful misconduct of Landlord or its Agents shall be made at the sole expense of Landlord to the extent not covered by any applicable warranty or insurance required to be or actually maintained by Tenant
hereunder. 
 (e) Utilities. Landlord at its expense shall bring water, sewer, gas, electric, heat, power, telephone
and other communication services to the Premises pursuant to the terms of Section 28 and Exhibits E and F hereto, and Tenant shall pay for its use of such services and the maintenance and repair thereof pursuant to
this Lease. Landlord shall be responsible at its cost and expense to maintain, repair and replace electric, water, sewer and gas lines from the street to the Building. Tenant shall be responsible at its cost to maintain, repair and replace electric,
water, sewer and gas lines inside the Building. Tenant shall pay for the use of such utilities directly to the appropriate supplier. Landlord represents and warrants that the electricity it provides to the Building will have a minimum capacity equal
to that contemplated in Exhibit F. 
 Landlord and Tenant hereby acknowledge that legislative/regulatory changes have been
proposed and may be enacted or promulgated during the Term which shall affect the utility industry and may provide Landlord and Tenant with opportunities to reduce charges for electric service through direct access to sources of power other than the
current electric utility. In the event Tenant desires to purchase power directly from these alternative sources during the Term, Tenant shall have the right and option to do so, and Landlord shall use reasonable efforts to assist Tenant in
connection therewith, provided that such direct purchase shall not result in capital costs to be incurred by Landlord. 
 (f)
Landlord shall not be responsible or liable for any interruption in services hereinabove identified nor shall such interruption affect the continuation or validity of this Lease; provided, however, if as a result of the negligence or willful
misconduct of Landlord or its Agents, such services are interrupted and any portion of the Building becomes unusable by Tenant for the conduct of its business for five (5) consecutive business days by reason thereof, Rent and other charges
payable hereunder shall abate thereafter until such portion of the Building becomes usable by Tenant for the conduct of its business, such abatement to be in the proportion that the unusable square footage bears to the total square footage of the
Building. 
 (g) Building Systems. Landlord shall deliver all Building Systems and Structural Components in good
working order and repair and in compliance with Applicable Laws on the Commencement Date. To the extent not covered by applicable warranties to be delivered to Tenant pursuant to Section 7(d)(i), Landlord will, at no charge to Tenant,
repair any defects in the Building Systems not caused by the acts or omissions of Tenant or its Agents for a period of one (1) year after the Commencement Date. 
 (h) “Rent”. The term “RENT” as used in this Lease means the Minimum Rent and any other additional rent
or sums payable by Tenant to Landlord 

  

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pursuant to this Lease, all of which shall be deemed rent for purposes of Landlord’s rights and remedies with respect thereto. Tenant shall pay all Rent
to Landlord within 30 days after Tenant is billed, unless otherwise provided in this Lease. Anything to the contrary contained in this Lease notwithstanding, with respect to any payment which Tenant is required to make under this Lease (other than a
monthly recurring charge), the due date for such payment shall be 30 days after Tenant’s receipt of an invoice with reasonable supporting documentation. 
 (i) With respect to all work performed by Landlord under this Lease (after the initial improvements), Landlord agrees that without the
prior written consent of Tenant, such work shall not (i) reduce the floor area of the Premises, (ii) affect Tenant’s layout (including access to the Premises), or (iii) materially and unreasonably interfere with Tenant’s use
and enjoyment of the Premises. Furthermore, any pipes or conduits that may be installed by Landlord in the Premises shall be installed above the ceiling, below the floor or concealed or boxed in a manner consistent with Tenant’s decor. All such
work shall be performed by Landlord in such a way as to minimize disruption to Tenant’s business, and any damage caused to the Premises (including Tenant’s decor) shall be repaired by Landlord at its sole cost and expense. 
 (j) Parking. At its sole cost and expense and pursuant to the Building Plans (defined below), Landlord shall deliver the Premises
with a parking lot for Tenant’s use consisting of 7 parking spaces per 1000 square feet of rentable space in the Building, subject to the requirements of any municipal approvals received by Landlord with respect to the Premises and the
Building. 
 8. Signs. Landlord, at Landlord’s expense, will place Tenant’s name and suite number on the Building
standard sign and on or beside the entrance door to the Premises and shall place a monument sign on the Premises consistent with Landlord’s obligations under Exhibits F and G hereto. Except for signs which are
located wholly within the interior of the Premises and not visible from the exterior of the Premises, no signs shall be placed on the Premises without the prior written consent of Landlord which shall not be unreasonably withheld. Landlord hereby
consents to the signage included on the Exhibits to this Lease and no further consent shall be required with respect thereto. All signs installed by Tenant shall be maintained by Tenant in good condition and Tenant shall remove all such signs
(except for any monument signs) at the termination of this Lease and shall repair any damage caused by such installation, existence or removal. Landlord, at Landlord’s expense, will put Tenant’s name on the Building, provided such signage
is in compliance with Applicable Laws and, if not included as an Exhibit to this Lease, subject to Landlord’s prior written consent, which shall not be unreasonably withheld. 
 9. Alterations and Fixtures. 
 (a) Subject to Section 10, Tenant shall have the right to install its trade fixtures in the Premises, provided that no such installation or removal thereof shall affect any structural portion of the
Premises nor any utility lines to the Building. At the 

  

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expiration or termination of this Lease and at the option of Landlord or Tenant, Tenant shall remove such installation(s) and, in the event of such removal,
Tenant shall repair any damage caused by such installation or removal; if Tenant, with Landlord’s written consent, elects not to remove such installation(s) at the expiration or termination of this Lease, all such installations shall remain on
the Premises and become the property of Landlord without payment by Landlord. Anything in this Lease to the contrary notwithstanding, Tenant shall not be required to remove any (i) improvements performed by Landlord pursuant to the Building
Plans (defined below), (ii) subsequent tenant improvements for which Landlord did not require such removal at the time of Tenant’s request for non-removal thereof (as set forth in subsection (b) below), or (ii) security systems,
lighting or light fixtures, wall coverings, drapes, blinds, or other window coverings, carpet or other floor covering. 
 (b)
Except for non-structural changes which do not exceed $25,000 per project and do not materially and adversely affect the value of the Premises, Tenant shall not make or permit to be made any alterations to the Premises without Landlord’s prior
written consent which shall not be unreasonably withheld, conditioned or delayed, and which shall be granted or denied within 5 business days of the date Landlord receives written request therefor accompanied by all required plans and specifications
therefor. If third party architectural/engineering review is reasonably required in order for Landlord to evaluate such proposed alterations, Tenant shall pay the reasonable costs of any required review. In making any alterations, (i) Tenant
shall deliver to Landlord the plans, specifications and necessary permits, together with certificates evidencing that Tenant’s contractors and subcontractors have adequate insurance coverage naming Landlord and Landlord’s agent as
additional insureds, at least 10 days prior to commencement thereof, (ii) such alterations shall not impair the structural strength of the Building or reduce the value of the Premises or affect any utility lines to the Building, and
(iii) Tenant shall comply with Section 10. Except as otherwise expressly provided in this Lease, all alterations to the Premises by Tenant shall be the property of Tenant until the expiration or termination of this Lease; at that
time all such alterations (except for moveable furniture, fixtures and equipment and except for any trade fixtures) shall remain on the Premises and become the property of Landlord without payment by Landlord unless Landlord shall have given written
notice to Tenant to remove the same at the time Tenant requested consent therefor if Tenant requested nonremoval in writing, in which event Tenant will remove such alterations and repair any resulting damage. At Tenant’s request prior to Tenant
making any alterations, Landlord shall, within 5 business days of receipt of written request by Tenant that it be permitted to leave such alterations on the Premises at the expiration of termination of the Lease, notify Tenant in writing whether
Tenant is required to remove such alterations at the expiration or termination of this Lease. 
 10. Mechanics’ Liens.
Tenant shall pay promptly any contractors and materialmen not hired by Landlord or its Agents who supply labor, work or materials to Tenant at the Premises and shall take all steps permitted by law in order to avoid the imposition of any
mechanic’s lien upon all or any portion of the Premises Should any such lien be filed for work performed for Tenant other than by Landlord or Landlord’s 

  

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Agents, Tenant shall bond against or discharge the same within 30 days after Tenant has notice that the lien or claim is filed regardless of the validity of
such lien. Nothing in this Lease is intended to authorize Tenant to do or cause any work to be done or materials to be supplied for the account of Landlord. All work performed by Tenant shall be solely for Tenant’s account and at Tenant’s
risk and expense. Throughout this Lease the term “mechanic’s lien” is used to include any lien, encumbrance or charge levied or imposed upon all or any portion of, interest in or income from the Premises on account of any
mechanic’s, laborer’s, materialman’s or construction lien or arising out of any debt or liability to or any claim of any contractor, mechanic, supplier, materialman or laborer not hired by Landlord or its Agents. 
 11. Landlord’s Right of Entry. 
 Tenant shall permit Landlord and its Agents to enter the Premises at all reasonable times following reasonable notice (except in the event of an emergency), for the purpose of carrying out its obligations under this Lease including
maintenance or making repairs, alterations or additions as well as to inspect the Premises for the performance of Landlord’s obligations hereunder, exhibit the Premises for the purpose of sale or mortgage and, during the last 12 months of the
Term, to exhibit the Premises to any prospective tenant. Landlord will make reasonable efforts not to inconvenience Tenant in exercising the foregoing rights, but shall not be liable for any loss of occupation or quiet enjoyment thereby occasioned.
In the event that Landlord or its Agents are grossly negligent or guilty of willful misconduct in the exercise of such rights as a result of which any portion of the Premises becomes unusable by Tenant for the conduct of its business for five
(5) consecutive business days, Rent and other charges payable hereunder shall abate thereafter until such portion of the Premises becomes usable by Tenant for the conduct of its business, such abatement to be in the proportion that the unusable
square footage bears to the total square footage of the Premises. If requested by Tenant, a representative of Tenant shall accompany Landlord and its Agent on any such entry, except in the event of an emergency. 
 12. Damage by Fire or Other Casualty. 
 (a) If the Premises or Building shall be damaged or destroyed by fire or other casualty, Tenant promptly shall notify Landlord and Landlord, subject to the conditions set forth in this Section 12, shall
repair such damage and restore the Premises to substantially the same condition in which they were immediately prior to such damage or destruction, but not including the repair, restoration or replacement of the fixtures or alterations installed by
Tenant. Landlord shall notify Tenant in writing, within 30 days after the date of the casualty, if Landlord anticipates that the restoration will take more than 180 days from the date of the casualty to complete; in such event, Tenant may terminate
this Lease effective as of the date of casualty by giving written notice to Landlord within 10 days after Landlord’s notice. Notwithstanding anything to the contrary contained in this Subsection, in the event Landlord (i) does not notify
Tenant that such repair and restoration is anticipated to take more than 180 days to complete, or (ii) notifies Tenant that such repair and restoration will require more than 180 days to 

  

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complete and Tenant does not terminate this Lease as provided above, and such restoration is not, in fact, substantially completed within said time period,
as said time period shall be extended for Force Majeure (defined below) and Tenant Delay (defined below), then Tenant shall have the option to terminate this Lease on 30 days prior written notice by giving Landlord notice of such termination within
10 days after expiration of such time period, provided, however, that if Tenant gives such notice of termination pursuant to this paragraph and Landlord then substantially completes the restoration and repair with such 30 day period, then
Tenant’s notice of termination shall be deemed revoked and this Lease shall continue in full force and effect. Further, if a casualty to a material portion of the Building occurs during the last 12 months of the Term or any extension thereof,
Landlord or Tenant may cancel this Lease unless Tenant has the right to extend the Term for at least 3 more years and does so within 30 days after the date of the casualty. 
 (b) Tenant on Landlord’s behalf shall maintain an industry-standard 12 month rental coverage endorsement or other comparable form of
coverage as part of its fire, extended coverage and special form insurance. Tenant will receive an abatement of its Minimum Rent and Additional Rent to the extent the Premises are rendered untenantable, such abatement to be in the proportion that
the number of rentable square feet of the Building rendered untenantable bears to the total number of rentable square feet in the Building. 
 13. Condemnation. 
 (a) Termination. If (i) all of the Premises are taken by
a condemnation or otherwise for any public or quasi-public use, (ii) any part of the Premises is so taken and the remainder thereof is insufficient for the reasonable operation of Tenant’s business, or (iii) any of the Building is so
taken and condemnation proceeds are insufficient to restore same to an architectural whole, then this Lease shall terminate and all unaccrued obligations hereunder shall cease as of the day before possession is taken by the condemnor. 
 (b) Partial Taking. If there is a condemnation and this Lease has not been terminated pursuant to this
Section, (i) Landlord shall restore the Building and the improvements (including the parking facilities) which are a part of the Premises to a condition and size as nearly comparable as reasonably possible to the condition and
size thereof immediately prior to the date upon which the condemnor took possession, and (ii) the obligations of Landlord and Tenant shall be unaffected by such condemnation except that there shall be an equitable abatement of the Minimum Rent
according to the number of rentable square feet of the Building which has been taken. 
 (c) Award. In the event
of a condemnation affecting Tenant, Tenant shall have the right to make a claim against the condemnor for moving expenses, business dislocation damages, loss of business, relocation costs or depreciation to, damage to, or cost of removal of, or for
the value of stock, trade fixtures, furniture and other personal property of Tenant, or any other claim permitted by law (other than for 

  

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leasehold damages) provided the claim does not reduce the sums otherwise payable by the condemnor to Landlord. Except as aforesaid and except as set forth in
(d) below, Tenant hereby assigns all claims against the condemnor to Landlord. 
 (d) Temporary Taking. No
temporary taking of the Premises shall terminate this Lease or give Tenant any right to any rental abatement. Any award made by reason of such temporary taking shall belong entirely to Tenant and Landlord shall not be entitled to share therein.

 14. Non-Abatement of Rent. Except as otherwise expressly provided as to damage by fire or other casualty in
Section 12(b), as to condemnation in Section 13(b), or elsewhere in this Lease, there shall be no abatement or reduction of the Rent for any cause whatsoever, and this Lease shall not terminate, and Tenant shall not be
entitled to surrender the Premises. 
 15. Indemnification. (a) Subject to Section 7(c)(iii), Tenant
will protect, indemnify and hold harmless Landlord (including its parent, subsidiaries and related entities) and its Agents from and against any and all claims, actions, damages, liability and expense (including reasonable fees of attorneys,
investigators and experts) in connection with loss of life, personal injury or damage to property in or about the Premises or arising out of the occupancy or use of the Premises by Tenant or its Agents or occasioned wholly or in part by any act or
omission of Tenant or its Agents, whether prior to, during or after the Term, except to the extent such loss, injury or damage was caused by the negligence or willful misconduct of Landlord or its Agents. In case any action or proceeding is brought
against Landlord and/or its Agents by reason of the foregoing, Tenant, at its expense, shall resist and defend such action or proceeding, or cause the same to be resisted and defended by counsel (reasonably acceptable to Landlord and its Agents)
designated by the insurer whose policy covers such occurrence or by counsel designated by Tenant and reasonably approved by Landlord and its Agents. Tenant’s obligations pursuant to this Section 15 shall survive the expiration or,
termination of this Lease. 
 (b) Subject to Section 7(c)(iii), Landlord will protect, indemnify, and hold
harmless Tenant (including its parent, subsidiaries and related entities) and its Agents from and against any and all claims, actions, damages, liability and expense (including reasonable fees of attorneys, investigators and experts) in connection
with loss of life, personal injury or damage to property in or about the Premises which is occasioned wholly or in part by any act or omission of Landlord or its Agents, whether prior to, during or after the Term, except to the extent such loss,
injury or damage was caused by the negligence or willful misconduct of Tenant or its Agents. In case any action or proceeding is brought against Tenant by reason of the foregoing, Landlord, at its expense, shall resist and defend such action or
proceeding, or cause the same to be resisted and defended by counsel (reasonably acceptable to Tenant) designated by the insurer whose policy covers such occurrence or by counsel designated by Landlord and reasonably approved by Tenant.
Landlord’s obligations pursuant to this Section 15 shall survive the expiration or termination of this Lease. 
  

 14 

 Landlord shall have the right to lease such space to any party (subject to the Use
permitted under Section 4). 
 (e) The terms and conditions of any proposed assignment of this Lease, or
sublease of all or a portion of the Premises, to include any space which Landlord has elected not to recapture, shall be communicated to Landlord prior to the effective date thereof and shall be subject to the written consent of Landlord, which
consent shall not be unreasonably withheld, conditioned or delayed and shall be granted or denied within 10 days, provided and upon the condition that any new tenant(s) or occupant(s) is engaged in an office use. The financial condition of a
proposed assignee or sublessee shall not constitute grounds for Landlord to withhold consent to a proposed assignment or sublease provided that the Guaranty (as hereinafter defined) remains in full force and effect. 
 (f) Notwithstanding anything herein to the contrary, the Premises may be used and/or occupied, without Landlord’s consent, by any
parent, division, affiliate or subsidiary of Tenant, or in connection with a merger, consolidation or reorganization without the same being deemed an assignment or sublet, provided that such entity is engaged in a business or activity which is in
keeping with the Use under Section 4. A sale of all, or substantially all, of assets or stock, or a public offering or distribution of stock, of Tenant or the business unit or division occupying the Premises, shall not be deemed
an assignment for purposes of requiring Landlord’s consent. (All of the foregoing being hereinafter referred to as “Permitted Transfers”). A Permitted Transfer shall not be subject to any Landlord recapture or rent sharing rights.
Within 20 days of any Permitted Transfer, Tenant shall provide Landlord with notice thereof and copies of relevant documents evidencing said transfer. Any lease transfer not in conformity with this Section 18 shall be void at the option
of Landlord, and Landlord may exercise any or all of its rights under Section 23. A consent to one transfer shall not be deemed to be a consent to any subsequent transfer. “Transfer” shall include any sublease, assignment,
license or concession agreement, mortgage or hypothecation of this Lease or Tenant’s interest therein or in all or a portion of the Premises, except as otherwise provided herein. 
 (g) Conditions. The following shall apply to any transfer, with or without Landlord’s consent. 
 (i) As of the date of any transfer, Tenant shall not be in monetary or other material default under this Lease. 
 (ii) No transfer shall relieve Tenant of its obligation to pay the Rent and to perform all its other obligations hereunder (except for a
transfer to Landlord pursuant to Landlord’s recapture right). The acceptance of Rent by Landlord from any person shall not be deemed to be a waiver by Landlord of any provision of this Lease or to be a consent to any transfer. 
 (h) Conditions. The following shall apply to any transfer requiring Landlord’s consent. 
  

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 (i) Each transfer shall be by a written instrument in form and substance reasonably
satisfactory to Landlord and in the case of an assignment shall include an assumption of liability by any transferee of all Tenant’s obligations and the transferee’s ratification of and agreement to be bound by all the provisions of this
Lease. 
 (ii) Each transfer shall afford Landlord the right of direct action against the transferee pursuant to the same
remedies as are available to Landlord against Tenant provided the Tenant is in default under this Lease and only after all applicable notice and cure rights have been exhausted. 
 (iii) Each transfer shall be by a written instrument executed by Tenant and transferee. 
 (iv) Tenant shall pay, within 10 days of receipt of an invoice which shall be no less than $250, Landlord’s reasonable
attorneys’ fees and costs in connection with the review, processing and documentation of any transfer for which Landlord’s consent is requested. 
 (v) Tenant shall pay to Landlord monthly, 50% of the amount of rent received by Tenant from any such assignee or subtenant in excess of the Minimum Rent, after provision has been made for the payment of broker’s
commissions actually incurred in connection with such subletting or assignment and the recovery by Tenant of reasonable fit-up costs actually expended by Tenant in connection with any such subletting or assignment. 
 19. Subordination; Mortgagee’s Rights. 
 (a) This Lease shall be subordinate to any first mortgage or other primary encumbrance now or hereafter affecting the Premises, provided
Tenant is furnished with a commercially reasonable nondisturbance agreement by any such mortgage holder to the effect that so long as Tenant is not in default of its obligations hereunder (after the expiration of applicable notice and/or cure
periods), Tenant’s possession of the Premises shall not be disturbed as a result of a default under such mortgage and the exercise of such mortgage holder’s rights thereunder, and the obligations and rights of Tenant under the Lease shall
remain in full force and effect. Although the subordination is self-operative, within-30 days after written request, Tenant shall execute and deliver any further instruments confirming such subordination of this Lease and any further instruments of
attornment that may be reasonably requested by any such mortgagee or Landlord. However, any mortgagee may at any time subordinate its mortgage to this Lease, without Tenant’s consent, by giving written notice to Tenant, and thereupon this Lease
shall be deemed prior to such mortgage without regard to their respective dates of execution and delivery. 
 (b) It is
understood and agreed that any mortgagee shall not be liable to Tenant for any security deposit or advance rent in excess of 1 month paid by Tenant to 

  

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Landlord unless such funds actually have been transferred to such mortgagee by Landlord. 
 20. Recording; Estoppel Certificates. 
 (a) Provided Tenant is not then in default hereunder, Tenant may record the Memorandum of Lease annexed hereto as Exhibit “C” at any time after Landlord has obtained title to the Lot.

 (b) Within 15 days after Landlord or Tenant’s written request of the other, from time to time Landlord and Tenant
shall deliver to each other estoppel certificates stating that this Lease is in full force and effect and has not been modified and otherwise as set forth in the form of estoppel certificate attached as Exhibit “D” or with
such modifications as may be necessary to reflect accurately the stated facts and/or such other certifications as may be reasonably requested by a mortgagee or purchaser. Landlord and Tenant understand that their failure to execute such documents
may cause the other party serious financial damage by causing the failure of a financing, credit, sale or assignment transaction. Both parties further understand the legal significance of an estoppel certificate and the importance of the
certificate’s accuracy and reasonableness. 
 21. Surrender; Abandoned Property. 
 (a) Subject to the terms of Sections 9(b), 12 and 13, at the expiration or termination of this Lease, Tenant promptly
shall yield up in the same condition, order and repair in which they are required to be kept throughout the Term, the Premises and all improvements thereto, and all fixtures and equipment servicing the Building, ordinary wear and tear excepted.

 (b) Upon or prior to the expiration or termination of this Lease, Tenant shall remove any personal property from the
Premises. Any personal property remaining thereafter shall be deemed conclusively to have been abandoned, and Landlord, at Tenant’s expense, may remove, store, sell or otherwise dispose of such property in such manner as Landlord may see fit
and/or Landlord may retain such property as its property. If any part thereof shall be sold, then Landlord may receive and retain the proceeds of such sale and apply the same, at its option, against the expenses of the sale, the cost of moving and
storage and any Rent due under this Lease. 
 (c) If Tenant, or any person claiming through Tenant, shall continue to occupy
the Premises after the expiration or termination of this Lease or any renewal thereof, such occupancy shall be deemed to be under a month-to-month tenancy under the same terms and conditions set forth in this Lease, except that the monthly
installment of the Minimum Rent during such continued occupancy shall be 150% of the amount applicable to the last month of the Term. Anything to the contrary notwithstanding, any holding over by Tenant without Landlord’s prior written consent
shall constitute a default hereunder and shall be subject to all the remedies available to Landlord. 
  

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 22. Curing Tenant’s Defaults. If an event of default by Tenant has occurred
hereunder, Landlord, without any obligation to do so, in addition to any other rights it may have in law or equity, may elect to cure such default on behalf of Tenant after written notice and opportunity to cure set forth in
Section 23(c). Tenant shall reimburse Landlord upon demand for any reasonable sums paid or costs incurred by Landlord in curing such default, including interest thereon from the respective dates of Landlord’s incurring such costs,
which sums and costs shall be deemed additional rent. 
 23. Defaults – Remedies. 
 (a) Defaults. It shall be an event of default: 
 (i) If Tenant does not pay in full when due any and all Rent; 
 (ii) If Tenant fails to observe and perform or otherwise breaches any other provision of this Lease; 
 (iii) If Tenant becomes insolvent or bankrupt in any sense or makes a general assignment for the benefit of creditors or offers a
settlement to creditors, or if a petition in bankruptcy or for reorganization or for an arrangement with creditors under any federal or state law is filed by or against Tenant, or a bill in equity or other proceeding for the appointment of a
receiver for any of Tenant’s assets is commenced, or if any of the real or personal property of Tenant shall be levied upon; provided, however, that any proceeding brought by anyone other than Landlord or Tenant under any bankruptcy,
insolvency, receivership or similar law shall not constitute a default until such proceeding has continued unstayed for more than 60 consecutive days. 
 (b) Remedies. Then, and in any such event, Landlord shall have the following rights: 
 (i) To charge a late payment fee equal to 5% of any amount due and owing to Landlord pursuant to this Lease which is not paid within 5 days after the due date. 
 (ii) To enter and repossess the Premises, by breaking open locked doors if necessary, and remove all persons and all or any property
therefrom, by action at law or otherwise, without being liable for prosecution or damages therefor, and Landlord may, at Landlord’s option, make alterations and repairs in order to relet the Premises and relet all or any part(s) of the Premises
for Tenant’s account. Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such reletting. In the event of reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this
Lease for such previous breach. 
 (iii) To accelerate the whole or any part of the Rent for the balance of the Term, and
declare the same to be immediately due and payable. 
  

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 (iv) To terminate this Lease and the Term without any right on the part of Tenant to save
the forfeiture by payment of any sum due or by other performance of any condition, term or covenant broken. 
 (c) Grace
Period. Notwithstanding anything hereinabove stated, neither party will exercise any available right or remedy because of any event of default of the other, except those remedies contained in subsection (b)(i) of this Section, unless such
party shall have first given 10 days written notice thereof to the defaulting party in the case of default under Section 23(a)(i), and 30 days written notice thereof to the defaulting party in the case of default under
Section 23(a)(ii), and the defaulting party shall have failed to cure the event of default within the applicable period; provided, however, that: 
 (i) Only a 5-day notice shall be required for failure of either party to comply with the provisions of Section 20(b). 
 (ii) Landlord shall not be required to give such notice more than 2 times during any 12 month period. 
 (iii) If an event of default under Sections 23(a)(ii) or (iii) cannot reasonably be cured within 30 days, neither party
will exercise any right if the defaulting party begins to cure the event of default within the 30 days and continues actively and diligently in good faith to completely cure said event of default. 
 (iv) The parties agree that any notice given pursuant to this Subsection 23(c) which is served in compliance with
Section 27 shall be adequate notice for the purpose of exercise of any available remedies. 
 (d) Non-Waiver;
Non-Exclusive. No waiver by one party of the other party’s breach shall be a waiver of any subsequent breach, nor shall any forbearance to seek a remedy for any breach be a waiver of any rights and remedies with respect to
such or any subsequent breach. Efforts to mitigate damages caused by the other party’s default shall not constitute a waiver of the non-defaulting party’s right to recover damages hereunder. No right or remedy herein conferred upon or
reserved is intended to be exclusive of any other right or remedy provided herein or by law, but each shall be cumulative and in addition to every other right or remedy given herein or now or hereafter existing at law or in equity. No payment by
Tenant or receipt or acceptance by Landlord of a lesser amount than the total amount due Landlord under this Lease shall be deemed to be other than on account, nor shall any endorsement or statement on any check or payment be deemed an accord and
satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of Rent due, or Landlord’s right to pursue any other available remedy. 
 (e) In the event of any default under this Lease by Landlord, Landlord shall have 30 days after receipt of written notice thereof to cure
such default, unless it shall be of a nature that it cannot reasonably be cured within said 30 day period, in which 

  

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event Landlord shall have a reasonable period of time to cure such default provided that Landlord commences to cure such default within said 30 day period
and thereafter diligently prosecutes such cure to completion. If Landlord fails to cure any default within the cure period specified above, Tenant without limiting any of its rights or remedies permitted at law or in equity, shall have the right
(but not the obligation) to cure such default and to charge Landlord for the reasonable cost thereof. 
 (f) Mitigation
Obligation. Landlord and Tenant agree to mitigate damages in the event of default hereunder. Landlord shall use commercially reasonable efforts to relet the Premises and to mitigate its damages hereunder, but shall not be required to
prefer the Premises over other space available for lease in the Building or in other buildings owned by Landlord in the geographic area in which the Building is located. 
 (g) Costs and Attorneys’ Fees. If either party commences an action against the other party arising out of or in
connection with this Lease, the prevailing party shall be entitled to have and recover from the losing party reasonable attorneys’ fees, costs of suit, investigation expenses and discovery costs, including costs of appeal. 
 24. Representations of Tenant. Tenant represents to Landlord and agrees that: 
 (a) The word “Tenant” as used herein includes the Tenant named above as well as its successors and assigns,
each of which shall be under the same obligations and liabilities and each of which shall have the same rights, remedies, privileges, authorities and powers as it would have possessed had it originally signed this Lease as Tenant. No officer,
director, or principal of Tenant shall have any liability with respect to any of the provisions of this Lease or the Premises, and if Tenant is in breach with respect to Tenant’s obligations under this Lease or otherwise, subject to
Section 7(c) (insurance), Landlord shall look solely to Tenant and Guarantor (defined below) pursuant to the terms of the Guaranty (defined below) for satisfaction of Landlord’s claims. Each and every person named above as Tenant
shall be bound jointly and severally by the terms, covenants and agreements contained herein. However, no such rights, privileges or powers shall inure to the benefit of any assignee of Tenant immediate or remote, unless Tenant has complied with the
terms of Section 18 and the assignment to such assignee is permitted or has been approved in writing by Landlord as required herein. Any notice required or permitted by the terms of this Lease may be given by or to any one of the persons
named above as Tenant and shall have the same force and effect as if given by or to all thereof. 
 (b) Tenant is a duly
existing corporation and has the power and authority to enter into this Lease and to perform its obligations hereunder. The execution and delivery of this Lease has been approved by the authorized Board of Directors of Tenant and no further
corporate action is required on the part of Tenant to consummate the transaction contemplated hereby. The corporate officers executing this Lease on behalf of Tenant have all requisite authority to execute this Lease. There are no 

  

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proceedings pending or threatened by or against Tenant in bankruptcy, insolvency or reorganization in any state or federal court. 
 25. Liability of Landlord. (a) The word “Landlord” as used herein includes the Landlord named above as well as its
successors and assigns, each of which shall have the obligations and liabilities and each of which have the same rights, remedies, powers, authorities and privileges as it would have had it originally signed this Lease as Landlord. Any such person
or entity, whether or not named herein, shall have no liability hereunder after it ceases to hold title to the Premises except for obligations already accrued (and, as to any unapplied portion of Tenant’s Security Deposit, Landlord shall be
relieved of all liability therefor upon transfer of such portion to its successor in interest) and Tenant shall look solely to Landlord’s successor in interest for the performance of the covenants and obligations of the Landlord hereunder which
thereafter shall accrue. Neither Landlord nor any principal of Landlord nor any owner of the Premises, whether disclosed or undisclosed, shall have any personal liability with respect to any of the provisions of this Lease or the Premises, and if
Landlord is in breach or default with respect to Landlord’s obligations under this Lease or otherwise (except with respect to Landlord’s obligations under Section 28), Tenant shall look solely to the equity of Landlord in the
Premises and any proceeds of liability insurance maintained by Landlord pursuant to Section 7(c)(ii), for the satisfaction of Tenant’s claims. Notwithstanding the foregoing, no mortgagee or ground lessor succeeding to the interest of
Landlord hereunder (either in terms of ownership or possessory rights) shall be (a) liable for any previous act or omission of a prior landlord, (b) subject to any rental offsets or defenses against a prior landlord, or (c) liable for
payment by Tenant of Minimum Rent in advance in excess of one monthly installment. 
 (b) If Landlord is a corporation,
partnership or any other form of business association or entity, Landlord is duly formed and in good standing, and has full corporate or partnership power and authority, as the case may be, to enter into this Lease and has taken all corporate or
partnership action, as the case may be, necessary to carry , out the transaction contemplated herein, so that when executed, this Lease constitutes a valid and binding obligation enforceable in accordance with its terms. 
 26. Interpretation; Definitions. 
 (a) Captions. The captions in this Lease are for convenience only and are not a part of this Lease and do not in any way define, limit, describe or amplify the terms and provisions of this Lease or the
scope or intent thereof. 
 (b) Entire Agreement. This Lease represents the entire agreement between the parties
hereto and there are no collateral or oral agreements or understandings between Landlord and Tenant with respect to the Premises. No rights, easements or licenses are acquired in the Premises or any land adjacent to the Premises by Tenant by
implication or otherwise except as expressly set forth in the provisions of this Lease. This Lease shall not be modified in any manner except by an instrument in writing executed by the parties. The masculine (or neuter) pronoun and the singular

  

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number shall include the masculine, feminine and neuter genders and the singular and plural number. The word “including”
followed by any specific item(s) is deemed to refer to examples rather than to be words of limitation. Both parties having participated fully and equally in the negotiation and preparation of this Lease, this Lease shall not be more strictly
construed, nor any ambiguities in this Lease resolved, against either Landlord or Tenant. 
 (c) Covenants. Each
covenant, agreement, obligation, term, condition or other provision herein contained shall be deemed and construed as a separate and independent covenant of the party bound by, undertaking or making the same, not dependent on any other provision of
this Lease unless otherwise expressly provided. All of the terms and conditions set forth in this Lease shall apply throughout the Term unless otherwise expressly set forth herein. 
 (d) Interest. Wherever interest is required to be paid hereunder, such interest shall be at the highest rate permitted under law,
but not in excess of the prime interest rate published in The Wall Street Journal (or similar national publication) from time to time. 
 (e) Severability; Governing Law. If any provisions of this Lease shall be declared unenforceable in any respect, such unenforceability shall not affect any other provision of this Lease, and each such provision
shall be deemed to be modified, if possible, in such a manner as to render it enforceable and to preserve to the extent possible the intent of the parties as set forth herein. This Lease shall be construed and enforced in accordance with the laws of
the state in which the Premises is located. 
 (f) “Mortgage” and
“Mortgagee”. The word “mortgage” as used herein includes any lien or encumbrance on the Premises or on any part of or interest in or appurtenance to the Premises, including without limitation any ground
rent or ground lease if Landlord’s interest is or becomes a leasehold estate. The word “mortgagee” as used herein includes the holder of any mortgage, including any ground lessor if Landlord’s interest is or becomes a
leasehold estate. Wherever any right is given to a mortgagee, that right may be exercised on behalf of such mortgagee by any representative or servicing agent of such mortgagee. 
 (g) “Person”. The word “person” is used herein to include a natural person, a partnership, a
corporation, an association and any other form of business association or entity. 
 27. Notices. Any notice or other
communication under this Lease shall be in writing to Landlord at its address specified at the beginning of this Lease (or to such other address as Landlord may designate by 30 days’ prior written notice to Tenant) with a copy to any mortgagee
or other party timely designated in writing by Landlord. Any notice to Tenant hereunder shall be sent to Tenant at the address specified at the beginning of this Lease (or to such other address as Tenant may designate by 30 days, prior written
notice to Landlord), Attention, Vice President of Corporate Real Estate, and 

  

 22 

 
a copy to Cendant Mortgage, 3000 Leadenhall Road, Mt. Laurel, New Jersey 08054, Attention: Pat Cummings, and Cendant Operations, Inc., 1 Campus Drive,
Parsippany, New Jersey 07054, Attention: Legal Department. Each notice or other communication shall be deemed given if sent by prepaid overnight delivery service or by certified mail, return receipt requested, postage prepaid or in any other manner,
with delivery in any case evidenced by receipt, and shall be deemed received on the day of the actual receipt by the intended recipient or on the business day delivery is refused. The giving of notice by Landlord’s attorneys, representatives
and agents under this Section shall be deemed to be the acts of Landlord; however, the foregoing provisions governing the date on which a notice is deemed to have been received shall mean and refer to the date on which a party to this Lease,
and not its counsel or other recipient to which a copy of the notice may be sent, is deemed to have received or refused the notice. 
 28.
Building and Premises Improvements. 
 (a) Construction of Building and Premises. Landlord, at
Landlord’s sole cost and expense, shall construct the Building and the Premises in accordance with the list of plans attached or to be attached as Exhibit “E” including rendering, site plan,
Building elevations and prototype floor plan (the “Plans”), and the specifications attached as Exhibit “F” (prototype technical descriptions) (the
“Specifications”) (collectively Exhibits “E” and “F” shall be referred to as the “Building
Plans”). The Building Plans include or shall include, without limitation, the following elements of the Premises: site work, landscaping and irrigation; patio seating; signage (including exterior monument signage, kitchen signage,
and exit signs); Building shell (foundation, steel, precast, glass and roof); concrete floors; lobby and core areas; emergency generator/UPS; power to workstations; fitness room (excluding the equipment therefor); computer room with raised floor;
fire protection (including fire extinguishers), PDU, and air conditioning; tenant fitout; kitchen/servery, security system; DataTrax; sound masking; voice/data cabling systems including building interconnect and racks (“Building Interconnect
and Racks Systems”); Building Systems including mechanical, HVAC, rooftop systems including low and medium pressure duct work, VAV boxes and diffusers, electrical, utilities/sewer, plumbing systems and fire sprinkler distribution system.
Landlord shall pay for and obtain all permits, make all required filings and obtain all final approvals for the improvements to be constructed by Landlord hereunder. All work shall be completed in accordance with plans and specifications consistent
with Exhibit “F” to be prepared by Landlord and approved by Tenant, such approval not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing and notwithstanding anything
to the contrary set forth in the Building Plans, the Building Interconnect and Racks Systems to be purchased and installed by Landlord are subject to an allowance of $150,000 (the “Building Interconnect and Racks Allowance”). To the extent
the costs incurred by Landlord for the purchase and installation of the Building Interconnect and Racks Systems (“Landlord’s Cost”) exceed the Building Interconnect and Racks Allowance, Tenant shall pay such excess to Landlord within
ten (10) days after receipt of invoice therefor accompanied by reasonable supporting documentation. It is expressly agreed and understood that Tenant shall, at its sole cost and expense, purchase or lease and install the PBX phone switch,
telephone recording equipment and 

  

 23 

 
voice/data network equipment notwithstanding anything to the contrary in the Building Plans. 
 Within thirty (30) days after Tenant delivers to Landlord’s architect all of Tenant’s requirements for the Premises,
Landlord shall deliver to Tenant for its approval a detailed space plan (“Space Plan”) for the Premises, which shall include, without limitation, the location of doors, partitions, electrical and telephone outlets, plumbing fixtures, heavy
floor loads and other special requirements. The Space Plan shall be consistent with the requirements of Exhibit “F”. Within 5 business days after receipt by Tenant of the Space Plan, Tenant
(i) shall give its written approval with respect thereto; or (ii) shall notify Landlord in writing of its disapproval and state the grounds for such disapproval and the revisions or modifications necessary for the Tenant to give its
approval. It shall not be grounds for disapproval of the Space Plan that the Space Plan does not include items not shown on Exhibit “F” unless Tenant agrees to pay for cost increases necessary to
effectuate such changes. Within 5 business days following Landlord’s receipt of Tenant’s disapproval, Landlord shall submit to Tenant for approval the requested revisions or modifications. Within 5 business days following receipt by Tenant
of such revisions or modifications, Tenant shall give its written approval with respect thereto or shall request other revisions or modifications therein. This process shall continue until the Space Plan is approved by both parties. Landlord shall
thereafter promptly submit final Building Plans and specifications including signed and sealed architectural drawings, site plan and mechanical, electric and plumbing drawings, for Tenant’s approval. Within 5 business days after Tenant’s
receipt of the final Building Plans and specifications, Tenant shall (i) give its written approval with respect thereto, or (ii) notify Landlord in writing of its disapproval and state the grounds for such disapproval and the revisions
necessary for Tenant to give its approval. It shall not be grounds for disapproval of the final Building Plans and specifications that the final Building Plans and specifications do not include items not shown on Exhibit
“F” unless Tenant agrees to pay for cost increases necessary to effectuate such changes. Within 5 business days following Landlord’s receipt of Tenant’s disapproval, Landlord shall submit to
Tenant for approval the requested revisions or modifications. Within 5 business days following receipt by Tenant of such revisions or modifications, Tenant shall give its written approval with respect thereto or shall request other revisions or
modifications therein. This procedure shall continue until the final Building Plans and specifications are approved by Landlord and Tenant. The approved final Building Plans and specifications shall be incorporated into this Lease as Exhibit
“E” by reference. All costs involved in approving, drafting and preparing the Space Plan and final Building Plans shall be paid by Landlord. 
 (b) Except for immaterial field changes (which may be made immediately but confirmed by written change order), modifications to the
Building Plans must be made and accepted only in writing as follows: within 5 business days of receipt of Tenant’s request to Landlord for a change order (which request, if not in writing, shall be made directly to Landlord’s construction
representative in person or by telephone), Landlord shall advise Tenant in writing if it approves of the requested change and, if so, provide Tenant with the following items: (i) a cover sheet summarizing the cost of the 

  

 24 

 
change and advising if such change order will increase project costs or result in delay of completion; (ii) itemization of the contractor’s costs
(including line items per trade and unit costs); and (iii) architect drawings, if applicable. If acceptable to Tenant, Tenant shall promptly sign the cover sheet and return it to Landlord by fax (with a copy thereof by overnight mail) and such
documentation will constitute an amendment to this Lease. For purposes of this Section, an “immaterial field change” shall mean such field changes which are required by any governmental authority or changes which (A) do not affect the
size, configuration, structural integrity, quality, character, architectural appearance, standard of workmanship, and expected date of completion contemplated in the Building Plans, (B) will not result in any default in any obligation to any
person or violation of any governmental requirements, and (C) the cost of or reduction resulting from any single field change or extra does not exceed $10,000 and the aggregate amount of all such field changes or extras does not exceed
$100,000. Upon substantial completion of the work associated with any change order or immaterial field change, Landlord will send Tenant an invoice for the cost thereof (with all documentation required under this subsection (b) if not
theretofore provided to Tenant), and Tenant shall pay such invoice within ten (10) days after receipt thereof. 
 (c) All
construction shall be done in a good and workmanlike manner using only first class new materials and shall comply at the time of completion with all Applicable Laws and in accordance with and without material deviation from the Building Plans.

 (d) For purposes hereof, substantial completion (“Substantial Completion”) shall be deemed to be
(i) completion of the Building and the Premises in accordance with the Building Plans as acknowledged by Landlord’s architect in writing to Tenant, subject to a mutually agreed upon written punch list (which shall include required time for
performance of each item) prepared by the parties which will not materially interfere with Tenant’s ability to utilize the entire Premises for its intended purpose (the “Punch List”), and (ii) issuance of a certificate of
occupancy (temporary or permanent) for the Premises, provided the temporary certificate of occupancy allows Tenant to use the entire Premises for the uses permitted under this Lease (without any obligation that Tenant vacate the Premises in order to
receive a permanent certificate of occupancy); ceiling and lighting are in and operating; walls, partitions, doors are erected with hardware and final finishes; all flooring is installed, cleaned, buffed; elevator, air conditioning, plumbing,
electric, mechanical systems are installed and in good working order; debris caused by Landlord’s general contractor or subcontractors is removed; exterior scaffolding, construction machinery and exterior debris chutes are removed; and all
agreed upon site work completed (except for items such as landscaping and topcoating of parking areas which cannot reasonably be completed in the winter due to weather conditions). Landlord shall give Tenant 60 days written notice of the anticipated
date of Substantial Completion (the “Anticipated Date of Substantial Completion”). Subject to Force Majeure (defined below) and Tenant Delays (defined below), Landlord shall complete each item on the Punch List within the time agreed upon
by the parties at the time the Punch List is prepared. 
  

 25 

 (e) All necessary construction shall be Substantially Complete (defined in Subsection
28(d)) above and ready for use and occupancy by Tenant on or before the date which is twelve (12) months after Landlord’s receipt of all necessary governmental permits and approvals for the work, subject to extension for delays as set
forth in Subsections 28(f) or (g) below. Landlord shall diligently pursue the issuance of all governmental permits and approvals for the work and the acquisition of the Lot. If Substantial Completion does not occur by
December 31, 2004, as such date shall be extended by Force Majeure (as defined below) and Tenant Delays (as defined below) (such date, as extended, the “Penalty Date”), (i) Landlord shall credit against installments of Minimum
Annual Rent first coming due under the Lease an amount equal to one (1) day’s Minimum Rent for each day after the Penalty Date until the date Substantial Completion occurs, and (ii) the Term of the Lease shall be extended by the
number of days between the Penalty Date and the date Substantial Completion occurs. 
 (f) Force Majeure. For purposes
hereof, “Force Majeure” shall mean time actually lost by Landlord or Landlord’s contractors, subcontractors or suppliers due to governmental restrictions and limitations, scarcity (provided that it is not Force Majeure if alternate
suppliers or comparable materials are reasonably available), unavailability or delay in obtaining fuel or materials (provided that it is not Force Majeure if alternate suppliers or comparable fuel or materials are reasonably available), war or other
national emergency, accidents, floods, defective materials, fire damage or other casualties (provided same are not caused by Landlord or its Agents), adverse weather conditions (but excluding reasonably anticipated weather conditions for the
geographic area of the Premises), or any other cause similar or dissimilar to the foregoing beyond the reasonable control of Landlord or Landlord’s contractors, subcontractors or suppliers, except excluding delay due to the adverse change in
Landlord’s financial ability to perform its obligations. 
 (g) The terms “Tenant Delay” or “Delay caused
by Tenant” shall mean delay in completion of construction of the Building and the Premises caused by: 
 (i) failure of
Tenant to perform its design approval obligations within the time periods set forth herein or interference with the work to be performed by Landlord hereunder; 
 (ii) failure of Tenant to complete furniture installation on or before the Anticipated Date of Substantial Completion; and 
 (iii) any subsequent changes, modifications, or alterations to the Building Plans which reasonably cause delay in the completion thereof.
For purposes of determining delay, the term Tenant shall include Tenant’s contractors, agents and employees. In addition, Landlord shall be required (as a condition to the effectiveness thereof) to provide written notice of the occurrence of
such delay within 10 business days following such occurrence. 
  

 26 

 (h) Tenant and its subcontractors shall have access to the Premises any time prior to the
Commencement Date for installation of its furniture or any other Tenant item, provided Tenant does not materially interfere with or delay the work to be performed by Landlord hereunder and provided Tenant obtains Landlord’s prior written
approval, such approval not to be unreasonably withheld, conditioned or delayed. 
 (i) Landlord hereby warrants all work
(including workmanship and materials) performed by it under this Section 28 for a period of 1 year from the Commencement Date (unless such work is a Punch List item in which case the 1 year warranty period shall commence on the date such
item is completed). 
 (j) Landlord and its general contractor shall provide weekly written construction status reports to
Tenant’s representative as follows: Attention: Pat Cummings, Vice President/Administration, Cendant Mortgage, 3000 Leadenhall Road, Mount Laurel, New Jersey 08054, and Frank Campana, Director Construction Services, Cendant Corporation, 1 Campus
Drive, Parsippany, New Jersey 07054. 
 (k) During the construction of the Building and the Premises, Landlord shall carry or
cause its general contractor to carry general commercial liability insurance with limits at no less than $1 million per occurrence and $2 million in the aggregate; and personal property insurance insuring all equipment, trade fixtures, inventory,
fixtures and personal property located on or at the Premises for the perils covered by the causes of loss-special form (all risk) and in addition coverage for flood, earthquake and boiler and machinery (if applicable). Such insurance shall be
written on a replacement cost basis (100%) of the full replacement value; workers compensation insurance with statutory employers liability limits; automobile liability insurance with combined single limits of $1 million per occurrence; and
builder’s risk. 
 (l) The obligations of Landlord under this Section 28 are hereby guaranteed by
Landlord’s general partner, Liberty Property Trust. 
 29. Environmental Information. At all times during and after the
term of this Lease, Tenant shall furnish Landlord, upon reasonable request, and at no cost to Tenant, such information with respect to Tenant’s operations at the Premises as is necessary in order for Landlord or any successor owner of the
Premises to comply with the New Jersey Industrial Site Recovery Act, N.J. Stat. Ann. 13:1K-6 et seq. and other federal and New Jersey environmental laws, regulations and ordinances, including without limitation, affidavits to be submitted to
the New Jersey Department of Environmental Protection in connection with requests for letters of non-applicability and negative declarations. 
 30. Brokers. The parties agree that they have dealt with no brokers in connection with this Lease, except for Coldwell Banker Commercial NRT, Inc. whose commission shall be paid by Landlord pursuant to separate
agreement. Each party agrees to indemnify and hold the other harmless from any and all claims for commissions or fees 

  

 27 

 
in connection with the Premises and this Lease from any other real estate brokers or agents with whom they may have dealt. 
 31. Contingency. This Lease and the obligations of the parties hereunder are contingent upon Landlord’s acquisition of title to the
Lot on or before September 30, 2003, such time to be of the essence. In the event the cost of Landlord’s acquisition of the Lot (the “Land Acquisition Cost”) exceeds $1,400,000 (the “Land Budget”), the amount by which
the Land Acquisition Cost exceeds the Land Budget shall be paid by Tenant to Landlord as additional rent, without interest, in 120 equal consecutive monthly installments commencing on the first day of the first full month during the Term and
continuing on the first day of each month thereafter. 
 32. Guaranty of Lease. The obligations of Tenant hereunder shall be
guaranteed by Cendant Corporation (“Guarantor”) pursuant to a guarantee in the form attached hereto as Exhibit “G” (“Guaranty”). 
 33. Renewal Options. 
 Upon
the expiration of the Term as set forth in Article 1(c), Tenant shall have the right and option to extend the Term at its election for either 1 – 10 year term or 3 – 5 year terms, such election to be made by Tenant in Tenant’s
written notice of exercise of the first option period. The right and option to extend the term of the Lease shall be subject to and contingent upon the conditions set forth hereinafter. Tenant’s right and option to extend the Term shall be
exercisable by Tenant giving written notice of the exercise of the right and option to Landlord at least 12 months prior to the expiration of the Term. In the event Tenant fails to give written notice of its intent to exercise any option as provided
above, all of Tenant’s right and options to extend the Term shall be deemed to have been waived by Tenant and shall be of no further force or effect. In the event Tenant exercises its right and option(s) in accordance with the provisions
hereof, the Term shall be extended accordingly (subject to Tenant’s rescission right as set forth below), and all the references contained in the Lease to the Term, whether by number of years or number of months, shall be construed to refer to
the original term of the Lease, as extended, whether or not specific reference is made thereto in the Lease. Unless otherwise expressly provided to the contrary, the extended Term shall be upon the same terms, conditions, and covenants as set forth
in the Lease except that there shall be no further right or option to extend the term of the Lease after the 10 year option term or after the third 5 year option term, as the case may be. The time within which the option(s) must be exercised and the
reply times in this Section 33 are hereby made of the essence. The right and option(s) to extend the Lease Term shall be subject to and contingent upon each and every one of the following conditions: 
 (i) The Lease is in full force and effect; 
 (ii) Tenant shall not be in monetary or other material default under any of the terms, provisions, covenants and conditions of the Lease; 
  

 28 

 (iii) All provisions relating to the initial construction of the Premises shall be
deleted; 
 (iv) In lieu of the sums set forth in Paragraph 1(d) of the Lease, the monthly rental to be paid by Tenant
during the option period(s) shall be the greater of (A) the fair market rental value, including annual fair market increases in rental value (collectively, the “FMV”) determined pursuant to Subsection 33(v), or (B) the
monthly rent payable by Tenant in the last year of the immediately preceding Term (the “Prior Rent Alternative”). 
 (v) After Tenant has given written notice to the Landlord of its intention to exercise the renewal option(s), Landlord shall, within 15 business days thereafter, deliver to Tenant a written notice stating the Minimum Rent to be paid for the
Premises during the renewal term. If the Minimum Rent quoted by Landlord is not the Prior Rent Alternative and if Tenant objects to the Minimum Rent quoted by Landlord it shall within 15 business days of Tenant’s receipt of Landlord’s
quote, either (i) notify Landlord in writing that it elects to rescind its exercise of the renewal option, in which case Tenant shall have no obligation to renew, and Tenant shall be deemed to have waived any present or future right to renew,
or (ii) notify Landlord in writing that it objects to the Minimum Rent quoted by Landlord in which case the FMV shall be negotiated between Landlord and Tenant. In the event the parties cannot agree to the FMV within thirty (30) days after
Landlord’s receipt of Tenant’s objection, the FMV shall be determined by arbitration as hereinafter provided. Landlord and Tenant shall each appoint a fit and impartial person as an arbitrator who shall have at least 10 years’
experience in the commercial office real estate industry in the Burlington County area. Such appointment shall be signified in writing by each party to the other. The arbitrators so appointed shall appoint a third arbitrator within 10 business days
after the appointment of the second arbitrator. In the case of the failure of such arbitrators (or the arbitrators appointed as hereinafter provided) to agree upon a third arbitrator, such third arbitrator shall be appointed by the American
Arbitration Association or its successor, or from its qualified panel or arbitrators, and shall be a person having at least 10 years’ experience in the commercial office real estate industry in the Burlington County area. In case either party
shall fail to appoint an arbitrator within a period of 10 business days after written notice from the other party to make such appointment, then the American Arbitration Association shall appoint a second arbitrator having at least 10 years’
experience in the commercial office real estate industry in the Burlington County area. The 2 arbitrators so appointed shall appoint the 3rd arbitrator within 10 business days after the appointment of the 2nd arbitrator.

 Each arbitrator shall proceed with all reasonable dispatch to determine the FMV and under all circumstances shall be bound by the terms of
this Lease and shall not add to, subtract from, or otherwise modify such provisions. The decision of each arbitrator shall, in any event, be rendered within thirty (30) days after the appointment of the third arbitrator and such decision shall
be in writing and in duplicate with one counterpart delivered to each Landlord and Tenant. The arbitration shall be conducted in accordance with the rules of the American Arbitration Association (or its successor) and applicable 

  

 29 

 
New Jersey law, and the FMV shall be determined by averaging the two closest appraisals, which shall be binding, final and conclusive upon Landlord and
Tenant. The fees of the arbitrators and the expenses incident to the proceedings shall be borne equally between Landlord and Tenant. In establishing the FMV, Landlord and any appraiser which may be appointed pursuant to this Section 33
are directed to consider all appropriate factors, including without limitation, the “AS IS” condition of the Premises, rental concessions customarily given at the time to a nonrenewal tenant (including without limitation a tenant work
allowance, free rent and other economic incentives), rental rates at which comparable landlords at comparable buildings in the Burlington County, New Jersey area have at arms length recently leased comparable size space for comparable time to
comparable tenants, and other appropriate matters. 
 34. Miscellaneous. 
 (a) Tenant shall be allowed full access to the Premises 7 days per week 24 hours per day (except in the event of an emergency).

 (b) Wherever consent or approval is required under this Lease, it shall not be unreasonably withheld, conditioned or
delayed by the party required to give such consent or approval. 
 35. Satellite Dish Antenna. Provided that Tenant is not then
in monetary or other material default under this Lease, Tenant shall have right, to install, maintain and repair one or more satellite dish antennas or other telecommunications equipment (the “Antenna”) on the Premises under and subject to
the following conditions: 
 (a) Tenant shall comply with all Applicable Laws, and shall obtain, and deliver to Landlord
written evidence of, any approval(s) required under any recorded covenants or restrictions applicable to the Premises. 
 (b) Tenant shall obtain Landlord’s prior approval of the location of the Antenna on the Premises and of the specifications for the Antenna. If Landlord approves installation of the Antenna on the roof of the Building, Tenant
agrees to consult with Landlord’s roofing contractor prior to installation and strictly to comply with the roofing contractor’s recommendations and requirements. Tenant shall pay all costs incurred by Landlord in connection with the
Antenna including without limitation all reasonable outside architectural, engineering, contractors’ and legal fees. 
 (c) Tenant shall comply with the provision of Sections 9(b)(i) through (iii) of this Lease. 
 (d)
At least 3 business days prior to installation, Tenant shall notify Landlord of the date and time of the installation so that Landlord may at its option be present with Tenant at the installation. 
  

 30 

 (e) Tenant shall maintain the Antenna in a safe, good and orderly condition. The
installation, maintenance, repair and removal of the Antenna shall be performed by Tenant at Tenant’s sole expense in a manner which will not impair the integrity of, damage or adversely affect the warranty applicable to, the roof or any other
portion of the Premises. 
 (f) No later than the expiration or sooner termination of the Term, at Tenant’s sole expense,
Tenant shall remove the Antenna and repair any resulting damage. 
 (g) Tenant’s indemnification of Landlord pursuant to
Section 15(a) of this Lease applies to the Antenna and Tenant’s use of any portion of the Premises therefor. Without limiting the foregoing, Tenant solely shall be responsible for any damages or injury caused by or in any way
relating to the Antenna, including, but not limited to, damage or injury caused by reason of the Antenna collapsing or being blown from the roof or any other portion of the Premises. 
 (h) In the event Landlord recaptures any of the Premises pursuant to Section 18, Landlord shall have the right to grant rights to
other tenants to use portions of the roof of the Building for satellite dish antennas or other telecommunications equipment. 
 36.
Non-Competition. So long as Tenant is not in default hereunder beyond applicable notice and/or grace periods herein contained: 
 (a) Provided Tenant and/or its affiliate(s) occupy at least 57,000 rentable square feet in the Building, Landlord will not lease any space in the Building to any other tenant for the operation of a call center-like
business, unless otherwise approved by Tenant in writing. A “call center-like business” for purposes of this Lease shall mean any business with an environment consisting of at least 50 employees (including contract employees) whose primary
job function is to receive and handle inbound telephone calls and/or to make outbound telephone calls on behalf of the business for the purpose of soliciting, servicing, retaining, responding to, dunning or converting new or existing customers,
debtors, members or clients. 
 (b) Provided Tenant occupies at least 50% of the Building, Landlord will not lease any space
in the Building to any other tenant for the operation of a mortgage company, including without limitation, a mortgage sales or processing center. 
  

 31 

 IN WITNESS WHEREOF, and in consideration of the mutual entry into this Lease and for other good
and valuable consideration, and intending to be legally bound, Landlord and Tenant have executed this Lease. 
  

											
		 		 	 LANDLORD:

			
		 		 	LIBERTY PROPERTY LIMITED PARTNERSHIP
		 		 	 By:
	 	 Liberty Property Trust,
 Sole General Partner

				
	 Date signed: July 25, 2003
	 		 	 By:
	 	/s/ Ward J. Fitzgerald
		 		 		 		 	 Name:
	 	 Ward J. Fitzgerald

		 		 		 		 	 Title:
	 	 Senior Vice President, Regional Director

			
		 		 	Agreed as to the guarantee of Landlord’s obligations under Section 28:
			
		 		 	LIBERTY PROPERTY TRUST
				
		 		 	 By:
	 	 /s/ Ward J. Fitzgerald

		 		 		 		 	 Name:
	 	 Ward J. Fitzgerald

		 		 		 		 	 Title:
	 	 Senior Vice President, Regional Director

			
		 		 	TENANT:
			
		 		 	CENDANT OPERATIONS, INC.
				
	 Date signed: July 25, 2003
	 		 	 By:
	 	/s/ Thomas F. Anderson
		 		 		 		 	 Name:
	 	 Thomas F. Anderson

		 		 		 		 	 Title:
	 	 Senior Vice President

  

 32Lease dated as of 11/19/1997

 Exhibit 10.17 
 [DALLAS: GROSS RENT FORM] 
 * * * * * * * * * * * * * * * * * * * * 
 Lease 
 ROYAL RIDGE OFFICE CENTER

 BELTLINE @ WAYSIDE 
 LAS COLINAS, TEXAS 
 * * * * * * * * * * * * * * * * * * * * 
 Between 
 HFS, INCORPORATED, 
 a Delaware corporation 
 (Tenant)

 and 
 CARRAMERICA REALTY,
L.P., 
 a Delaware limited partnership 
 (Landlord) 

 GROSS RENT FORM 
 TABLE OF CONTENTS 
  

									
	 	  	 	  	 	  	 	  	Page
	1.	  	LEASE AGREEMENT	  	1
			
	2.	  	RENT	  	1
		  	A.	  	Types of Rent	  	2
		  		  	(1)	  	Base Rent	  	2
		  		  	(2)	  	Operating Cost Share Rent	  	2
		  		  	(3)	  	Tax Share Rent	  	2
		  		  	(4)	  	Electrical Cost Share Rent	  	2
		  		  	(5)	  	Additional Rent	  	2
		  		  	(6)	  	Rent	  	2
		  	B.	  	Payment of Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent	  	2
		  		  	(1)	  	Payment of Estimated Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent	  	2
		  		  	(2)	  	Correction of Operating Cost Share Rent	  	3
		  		  	(3)	  	Correction of Tax Share Rent	  	3
		  		  	(4)	  	Correction of Electrical Cost Share Rent	  	3
		  	C.	  	Definitions	  	4
		  		  	(1)	  	Included Operating Costs	  	4
		  		  	(2)	  	Excluded Operating Costs	  	4
		  		  	(3)	  	Taxes	  	6
		  		  	(4)	  	Lease Year	  	6
		  		  	(5)	  	Fiscal Year	  	6
		  	D.	  	Computation of Base Rent and Rent, Adjustments	  	6
		  		  	(1)	  	Prorations.	  	6
		  		  	(2)	  	Default Interest	  	6
		  		  	(3)	  	Rent Adjustments	  	7
		  		  	(4)	  	Books and Records	  	7
		  		  	(5)	  	Miscellaneous	  	7
		  	E.	  	Zero Base Year Provisions	  	7
			
	3.	  	PREPARATION AND CONDITION OF PREMISES; POSSESSION AND SURRENDER OF PREMISES	  	8
		  	A.	  	Condition of Premises	  	8
		  	B.	  	Tenant’s Possession	  	8
		  	C.	  	Maintenance	  	8
		  	D.	  	Landlord Certification	  	8
			
	4.	  	PROJECT SERVICES	  	8
		  	A.	  	Heating and Air Conditioning	  	8
		  	B.	  	Elevators	  	9
		  	C.	  	Electricity	  	9
		  	D.	  	Water	  	9
		  	E.	  	Janitorial Service	  	9
		  	F.	  	Security Service	  	9
		  	G.	  	Parking	  	9
		  	H.	  	Interruption of Services	  	9
			
	5.	  	ALTERATIONS AND REPAIRS	  	10
		  	A.	  	Landlord’s Consent and Conditions	  	10
		  	B.	  	Damage to Systems	  	11
		  	C.	  	No Liens	  	11
		  	D.	  	Ownership of Improvements	  	11
		  	E.	  	Removal at Termination	  	11
		  	F.	  	Satellite Dish	  	11

  

 i 

							
	 6.
	  	USE OF PREMISES	  	12
			
	 7.
	  	GOVERNMENTAL REQUIREMENTS AND BUILDING RULES	  	12
			
	 8.
	  	WAIVER OF CLAIMS; INDEMNIFICATION; INSURANCE	  	12
		  	A.	  	Waiver of Claims	  	12
		  	B.	  	Indemnification	  	12
		  	C.	  	Tenant’s Insurance	  	12
		  	D.	  	Insurance Certificates	  	13
		  	E.	  	Landlord’s Insurance	  	13
			
	 9.
	  	FIRE AND OTHER CASUALTY	  	14
		  	A.	  	Termination	  	14
		  	B.	  	Restoration	  	14
			
	 10.
	  	EMINENT DOMAIN	  	14
			
	 11.
	  	RIGHTS RESERVED TO LANDLORD	  	14
		  	A.	  	Name	  	14
		  	B.	  	Signs	  	14
		  	C.	  	Window Treatments	  	14
		  	D.	  	Keys	  	15
		  	E.	  	Access	  	15
		  	F.	  	Preparation for Reoccupancy	  	15
		  	G.	  	Heavy Articles	  	15
		  	H.	  	Show Premises	  	15
		  	I.	  	Relocation of Tenant	  	15
		  	J.	  	Use of Lockbox	  	15
		  	K.	  	Repairs and Alterations	  	15
		  	L.	  	Landlord’s Agents	  	15
		  	M.	  	Building Services	  	16
		  	N.	  	Other Actions	  	16
			
	 12.
	  	TENANT’S DEFAULT	  	16
		  	A.	  	Rent Default	  	16
		  	B.	  	Assignment/Sublease or Hazardous Substances Default	  	16
		  	C.	  	Other Performance Default	  	16
		  	D.	  	Credit Default	  	16
			
	 13.
	  	LANDLORD REMEDIES	  	16
		  	A.	  	Termination of Lease or Possession	  	16
		  	B.	  	Lease Termination Damages	  	16
		  	C.	  	Possession Termination Damages	  	17
		  	D.	  	Alter Locks	  	17
		  	E.	  	Landlord’s Remedies Cumulative	  	17
		  	F.	  	WAIVER OF TRIAL BY JURY	  	17
		  	G.	  	Litigation Costs	  	17
		  	H.	  	Reletting	  	17
			
	 14.
	  	SURRENDER	  	18
			
	 15.
	  	HOLDOVER	  	18
			
	 16.
	  	SUBORDINATION TO GROUND LEASES AND MORTGAGES	  	18
		  	A.	  	Subordination	  	18
		  	B.	  	Termination of Ground Lease or Foreclosure of Mortgage	  	18
		  	C.	  	Security Deposit	  	19
		  	D.	  	Notice and Right to Cure	  	19
		  	E.	  	Definitions	  	19

  

 ii 

							
			
	 17.
	  	ASSIGNMENT AND SUBLEASE	  	19
		  	A.	  	In General	  	19
		  	B.	  	Landlord’s Consent	  	19
		  	C.	  	Procedure	  	19
		  	D.	  	Change of Management or Ownership	  	20
		  	E.	  	Excess Payments	  	20
		  	F.	  	Recapture	  	20
		  	G.	  	Related Entity	  	20
			
	 18.
	  	CONVEYANCE BY LANDLORD	  	20
			
	 19.
	  	ESTOPPEL CERTIFICATE	  	20
			
	 20.
	  	SECURITY DEPOSIT	  	20
			
	 21.
	  	FORCE MAJEURE	  	21
			
	 22.
	  	LANDLORD’S DEFAULT	  	21
			
	 23.
	  	NOTICES	  	21
		  	A.	  	Landlord	  	21
		  	B.	  	Tenant	  	21
			
	 24.
	  	QUIET POSSESSION	  	22
			
	 25.
	  	REAL ESTATE BROKER	  	22
			
	 26.
	  	MISCELLANEOUS	  	22
		  	A.	  	Successors and Assigns	  	22
		  	B.	  	Date Payments Are Due	  	22
		  	C.	  	Meaning of “Landlord”, “Re-Entry”, “including” and “Affiliate”	  	22
		  	D	  	Time of the Essence	  	22
		  	E.	  	No Option	  	22
		  	F.	  	Severability	  	22
		  	G.	  	Governing Law	  	22
		  	H.	  	Lease Modification	  	22
		  	I.	  	No Oral Modification	  	23
		  	J.	  	Landlord’s Right to Cure	  	23
		  	K.	  	Captions	  	23
		  	L.	  	Authority	  	23
		  	M.	  	Landlord’s Enforcement of Remedies	  	23
		  	N.	  	Entire Agreement	  	23
		  	O.	  	Landlord’s Title	  	23
		  	P.	  	Light and Air Rights	  	23
		  	Q.	  	Singular and Plural	  	23
		  	R.	  	No Recording by Tenant	  	23
		  	S.	  	Exclusivity	  	23
		  	T.	  	No Construction Against Drafting Party	  	23
		  	U.	  	Survival	  	23
		  	V.	  	Rent Not Based on Income	  	23
		  	W.	  	Building Manager and Service Providers	  	23
		  	X.	  	Late Charge and Interest on Late Payments	  	23
			
	 27.
	  	UNRELATED BUSINESS INCOME	  	24
			
	 28.
	  	HAZARDOUS SUBSTANCES	  	24
			
	 29.
	  	EXCULPATION	  	24
			
	 30.
	  	WAIVER OF CONSUMER RIGHTS	  	24

  

 iii 

					
	APPENDIX A	  	-	  	PLAN OF THE PREMISES/ET SPACE
	APPENDIX B	  	-	  	RULES AND REGULATIONS
	APPENDIX C	  	-	  	TENANT IMPROVEMENT AGREEMENT
	APPENDIX D	  	-	  	MORTGAGES CURRENTLY AFFECTING THE PROJECT
	APPENDIX E	  	-	  	COMMENCEMENT DATE CONFIRMATION
	APPENDIX F	  	-	  	EXTENSION OPTION
	APPENDIX G	  	-	  	RIGHT OF FIRST REFUSAL
	APPENDIX H	  	-	  	JANITORIAL SERVICES
	APPENDIX I	  	-	  	PARTIAL TERMINATION OPTION

  

 iv 

 LEASE 
 THIS LEASE (the “Lease”) is made as of this 19 day of November, 1997 between CarrAmerica Realty, L.P., a Delaware limited partnership (the “Landlord”) and the Tenant as named
in the Schedule below. The term “Project” means the building (the “Building”) to be built and known as “Royal Ridge Office Center” and the land (the “Land”) located along Beltline Road and
Wayside, Las Colinas, Texas. “Premises” means that part of the Project leased to Tenant described in the Schedule and outlined on Appendix A. 
 The following schedule (the “Schedule”) is an integral part of this Lease. Terms defined in this Schedule shall have the same meaning throughout the Lease. 
 SCHEDULE 
  

	 	1.	Tenant: HFS, INCORPORATED 

  

	 	2.	Premises: Shown on the Plans. 

  

	 	3.	Rentable Square Feet of the Premises: 55,000, subject to verification prior to the Commencement Date by each of Tenant’s and Landlord’s architect based upon the
BOMA standards to be set forth in the Plans. 

  

	 	4.	Tenant’s Proportionate Share: 54% (based upon a total of 101,933 rentable square feet in the Building, subject to verification upon completion of the Building by each of
Tenant’s and Landlord’s architect based upon the same standards as applied to the Premises). 

  

	 	5.	Security Deposit: None. 

  

	 	6.	Tenant’s Real Estate Broker for this Lease: Colliers Baldwin Company. 

  

	 	7.	Landlord’s Real Estate Broker for this Lease: Koll Real Estate Group. 

  

	 	8.	Tenant Improvements, if any: See the Tenant Improvement Agreement attached hereto as Appendix C. 

  

	 	9.	Commencement Date: Completion Date, as defined on Appendix C hereto; Landlord and Tenant shall execute a Commencement Date Confirmation substantially in the form of Appendix
E promptly following the Commencement Date which shall, among other matters, conclusively establish the square footage of the Premises and the Building. 

  

	 	10.	Termination Date/Term: Five (5) years after the Commencement Date, or if the Commencement Date is not the first day of a month, then on the last day of the month in
which the fifth (5th) anniversary of the Commencement Date occurred. 

  

	 	11.	Guarantor: None. 

  

	 	12.	Base Year: 1998, but see Paragraph 2E below. 

  

	 	13.	Base Rent: 

  

									
	 Period
	  	Annual
Base Rent	 	 	Monthly
Base Rent	 
	 Years 1-3
	  	$	16.75	*	 	$	76,770.83	**
	 Years 4-5
	  	$	17.25	*	 	$	79,062.50	**

  

	*	See paragraph 2E below 

  

	**	Amounts to be adjusted, as appropriate, based upon final space measurement. 

 1. LEASE AGREEMENT. On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on
the Termination Date unless extended or sooner terminated pursuant to this Lease. 
 2. RENT. 
 A. Types of Rent. Tenant shall pay the following Rent in the form of a check to Landlord at the following address: 
 CarrAmerica Realty, L.P. 
 t/a Royal
Ridge 
 P.O. Box [to be provided] 
 Atlanta, GA 30384 
  

 1 

 or by wire transfer as follows: 
 NationsBank, N.A. (South) 
 ABA Number 061-000-052 
 Account Number [to be provided] 
 or in such other manner as Landlord may notify Tenant reasonably in advance of the applicable payment due date: 
 (1) Base Rent in monthly installments in advance, the first monthly installment payable upon the Commencement Date and thereafter on or before the first day of each month of the Term in the amount set forth on the Schedule.

 (2) Operating Cost Share Rent in an amount equal to the Tenant’s Proportionate Share of the excess of Operating
Costs for the applicable fiscal year of the Lease (the “Excess Operating Costs”) over the Operating Costs for the Base Year (the “Base Operating Costs”), paid monthly in advance in an estimated amount. Definitions
of Operating Costs and Tenant’s Proportionate Share, and the method for billing and payment of Operating Cost Share Rent are set forth in Sections 2B, 2C and 2D. 
 (3) Tax Share Rent in an amount equal to the Tenant’s Proportionate Share of the excess of Taxes for the applicable fiscal
year of this Lease (the “Excess Taxes”) over the Taxes for the Base Year (the “Base Taxes”), paid monthly in advance in an estimated amount. A definition of Taxes and the method for billing and payment of Tax Share
Rent are set forth in Sections 2B, 2C and 2D. 
 (4) Electrical Cost Share Rent in an amount equal to the sum of
(a) all electricity used by the Premises; plus (b) Tenant’s Proportionate Share of all electricity used by the Project (“Electrical Costs”). Electrical Costs under clause (b) exclude any electricity charges
attributable to any tenantable areas (i.e., those areas either leased or being held for lease by Landlord). Such amount shall be payable monthly in advance in an estimated amount. The method of billing and payment of Electrical Cost Share Rent is
set forth in Sections 2B and 2D. 
 (5) Additional Rent in the amount of all costs, expenses, liabilities, and amounts
which Tenant is required to pay under this Lease, excluding Base Rent, Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent, but including any interest for late payment of any item of Rent. 
 (6) Rent as used in this Lease means Base Rent, Operating Cost Share Rent, Tax Share Rent, Electrical Cost Share Rent and
Additional Rent. Tenant’s agreement to pay Rent is an independent covenant, with no right of setoff, deduction or counterclaim of any kind. 
 B. Payment of Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent. 
 (1) Payment of
Estimated Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent. Landlord shall estimate the Operating Costs, Taxes and Electrical Costs (please see clause A.(4) above for limits on definition of Electrical Costs and clause
B.(4) below for “true-up” provisions) of the Project by April 1 of each fiscal year, or as soon as reasonably possible thereafter. Landlord may revise these estimates whenever it obtains more accurate information, such as the final
real estate tax assessment or tax rate for the Project. 
  

 2 

 Within twenty-five (25) days after receiving the original or revised estimate from
Landlord setting forth (a) an estimate of Operating Costs for a particular fiscal year, (b) the Base Operating Costs, and (c) the resulting estimate of Excess Operating Costs for such fiscal year, Tenant shall pay Landlord one-twelfth
(l/12th) of Tenant’s Proportionate Share of the estimated Excess Operating Costs, multiplied by the number of months that have elapsed in the applicable fiscal year to the date of such payment including the current month, minus payments
previously made by Tenant for the months elapsed. On the first day of each month thereafter, Tenant shall pay Landlord one-twelfth (1/12th) of Tenant’s Proportionate Share of this estimate, until a new estimate becomes applicable.

 Within twenty-five (25) days after receiving the original or revised estimate from Landlord setting forth (a) an
estimate of Taxes for a particular fiscal year, (b) the Base Taxes, and (c) the resulting estimate of Excess Taxes for such fiscal year, Tenant shall pay Landlord one-twelfth (1/12th) of Tenant’s Proportionate Share of the
estimated Excess Taxes, multiplied by the number of months that have elapsed in the applicable fiscal year to the date of such payment including the current-month, minus payments previously made by Tenant for the months elapsed. On the first day of
each month thereafter, Tenant shall pay Landlord one-twelfth (1/12th) of Tenant’s Proportionate Share of this estimate, until a new estimate becomes applicable. 
 Within twenty-five (25) days after receiving the original or revised estimate setting forth an estimate of Tenant’s
Proportionate Share of Electrical Costs for a particular fiscal year, Tenant shall pay Landlord one-twelfth (1/12th) of the estimated Tenant’s Proportionate Share of Electrical Costs, multiplied by the number of months that have elapsed in
the applicable fiscal year to the date of payment, including the current month, minus payments previously made by Tenant for the months elapsed. On the first day of each month thereafter, Tenant shall pay Landlord one-twelfth (l/12th) of
Tenant’s Proportionate Share of such estimate, until a new estimate becomes available. 
 Landlord agrees to cause the
electricity used by the Premises to be separately metered. Tenant must timely pay all separate billing invoices directly to the utility provider and, at the same time, furnish Landlord with evidence of delivery of payment. Tenant must pay all
interest, penalties and other charges payable to such utility provider for any failure by Tenant to promptly pay such invoices. 
 (2) Correction of Operating Cost Share Rent. Landlord shall deliver to Tenant a report for the previous fiscal year (the “Operating Cost Report”) by April 1 of each year, or as soon as reasonably possible
thereafter, setting forth (a) the actual Operating Costs incurred, (b) the Base Operating Costs, (c) the amount of Operating Cost Share Rent due from Tenant, and (d) the amount of Operating Cost Share Rent paid by Tenant. Within
twenty (20) days after such delivery, Tenant shall pay to Landlord the amount due minus the amount paid. If the amount paid exceeds the amount due, Landlord shall apply the excess to Tenant’s payments of Operating Cost Share Rent next
coming due and, if such excess has not been fully applied within 2 months, then against other Rent, next becoming due. If this Lease has been terminated prior to such determination, such excess will be promptly paid to Tenant. 
 (3) Correction of Tax Share Rent. Landlord shall deliver to Tenant a report for the previous fiscal year (the “Tax
Report”) by April 1 of each year, or as soon as reasonably possible thereafter, setting forth (a) the actual Taxes, (b) the Base Taxes, (c) the amount of Tax Share Rent due from Tenant, and (d) the amount of Tax
Share Rent paid by Tenant. Within thirty (30) days after such delivery, Tenant shall pay to Landlord the amount due from Tenant minus the amount paid by Tenant. If the amount paid exceeds the amount due, Landlord shall apply any excess as a
credit against Tenant’s payments of Tax Share Rent next coming due and, if such excess has not been fully applied within 2 months, then against other Rent next becoming due. If this Lease has been terminated prior to such determination, such
excess will be promptly paid to Tenant. 
 (4) Correction of Electrical Cost Share Rent. Landlord shall deliver to
Tenant a report for the previous fiscal year (the “Electrical Cost Report”) by April 1 of each year, 

  

 3 

 
or as soon as reasonably possible thereafter, setting forth (a) the actual Electrical Costs, (b) the amount of Electrical Cost Share Rent due from
Tenant, and (c) the amount of Electrical Cost Share Rent paid by Tenant. Within thirty (30) days after such delivery, Tenant shall pay to Landlord the amount due from Tenant minus the amount paid by Tenant. If the amount paid exceeds the
amount due, Landlord shall apply any excess as a credit against Tenant’s payments of Electrical Cost Share Rent next coming due and, if such excess has not been fully applied within 2 months, then against other Rent next coming due. If this
Lease has been terminated prior to such determination, such excess will be promptly paid to Tenant. 
 C. Definitions. 
 (1) Included Operating Costs. “Operating Costs” means any expenses, costs and disbursements of any kind other than
Taxes and Electrical Costs, paid or incurred by Landlord in connection with the management (any management fees, however, not to exceed 3% of gross rents from time to time), maintenance, operation, insurance, repair and other related activities in
connection with any part of the Project and of the personal property, fixtures, machinery, equipment, systems and apparatus used in connection therewith, including the cost of providing those services required to be furnished by Landlord under this
Lease. Operating Costs shall also include the costs of any capital improvements which are intended to reduce Operating Costs or improve safety, and those made to keep the Project in compliance with governmental requirements applicable from time to
time (collectively, “Included Capital Items”); provided, that the costs of any Included Capital Item shall be amortized by Landlord, together with an amount equal to interest at nine percent (9%) per annum, over the estimated
useful life of such item calculated in accordance with generally accepted accounting principles consistently applied (“GAAP”) and such amortized costs are only included in Operating Costs for that portion of the useful life of the
Included Capital Item which falls within the Term. 
 If the Project is not fully occupied during any portion of any fiscal
year, Landlord may adjust (an “Equitable Adjustment”) Operating Costs to equal what would have been incurred by Landlord had the Project been fully occupied. This Equitable Adjustment shall apply only to Operating Costs which are
variable and therefore increase as occupancy of the Project increases. Landlord may incorporate the Equitable Adjustment in its estimates of Operating Costs. 
 (2) Excluded Operating Costs. Operating Costs shall not include: 
  

	 	(a)	costs of alterations of tenant premises; 

  

	 	(b)	costs of capital improvements other than Included Capital Items; 

  

	 	(c)	interest and principal payments on mortgages or any other debt costs, or rental payments on any ground lease of the Project; 

  

	 	(d)	real estate brokers’ leasing commissions; 

  

	 	(e)	legal fees, space planner fees and advertising expenses incurred with regard to leasing the Building or portions thereof; 

  

	 	(f)	any cost or expenditure for which Landlord is reimbursed, by insurance proceeds or otherwise, except by Operating Cost Share Rent; 

  

	 	(g)	the cost of any service furnished to any office tenant of the Project which Landlord does not make available to Tenant; 

  

	 	(h)	depreciation (except on any Included Capital Items); 

  

	 	(i)	franchise or income taxes imposed upon Landlord, except to the extent imposed in lieu of all or any part of Taxes; 

  

 4 

	 	(j)	costs of correcting defects in construction of the Building (as opposed to the cost of normal repair, maintenance and replacement expected with the construction materials and
equipment installed in the Building in light of their specifications); 

  

	 	(k)	legal and auditing fees which are for the benefit of Landlord such as collecting delinquent rents, preparing tax returns and other financial statements, and audits other than those
incurred in connection with the preparation of reports required pursuant to Section 2B above; 

  

	 	(l)	the wages of any employee for services not related directly to the management, maintenance, operation and repair of the Building; 

	 	(m)	fines, penalties and interest; 

  

	 	(n)	any ground lease rental; 

  

	 	(o)	depreciation, amortization and interest payments (except as provided herein and except on materials, tools, supplies and vendor-type equipment purchased by Landlord to enable
Landlord to supply services Landlord might otherwise contract for with a third party) where such depreciation, amortization and interest payments would otherwise have been included in the charge for such third party’s services, all as
determined in accordance with GAAP, consistently applied, and when depreciation or amortization is permitted or required, the item shall be amortized over its reasonably anticipated useful life; 

  

	 	(p)	costs incurred by Landlord due to the violation by Landlord or any tenant of the terms and conditions of any lease of space in the Project; 

  

	 	(q)	overhead and profit increment paid to Landlord or to subsidiaries or affiliates of Landlord for goods and/or services in the Project to the extent same exceeds the costs of such
goods and/or services rendered by unaffiliated third parties on a competitive basis; 

  

	 	(r)	any compensation paid to clerks, attendants or other persons in commercial concessions operated by Landlord or in the parking garage of the Project and/or all fees paid to any
parking facility operator (on or off site) (provided, however, if Landlord provides such parking free of charge to Tenant, these expenses may be included as Operating Costs); 

  

	 	(s)	advertising and promotional expenditures; 

  

	 	(t)	electric power costs for which any tenant directly contracts with the local public service company; 

  

	 	(u)	services provided, taxes attributable to, and costs incurred in connection with the operation of any retail, restaurant, and garage operations in the Project, and any replacement
garages or parking facilities and any shuttle services; 

  

	 	(v)	tax penalties to the extent incurred as a result of Landlord’s negligence, inability or unwillingness to make payments and/or to file any income tax or informational returns
when due; 

  

	 	(w)	costs arising from the presence of asbestos or PCB’s in or about the Project; 

  

	 	(x)	costs arising from Landlord’s charitable or political contributions; and 

  

 5 

	 	(y)	costs for sculpture, paintings or other subjects of art to the extent in excess of customary fees for maintenance of public amenities in the public area. 

(3) Taxes. “Taxes” means any and all taxes, assessments and charges of any kind, general or special, ordinary
or extraordinary, levied against the Project, which Landlord shall pay or become obligated to pay in connection with the ownership, leasing, renting, management, use, occupancy, control or operation of the Project or of the personal property,
fixtures, machinery, equipment, systems and apparatus used in connection therewith. Taxes shall include real estate taxes, personal property taxes, sewer rents, water rents, special or general assessments, transit taxes, ad valorem taxes, and any
tax levied on the rents hereunder or the interest of Landlord under this Lease (the “Rent Tax”). Taxes shall also include all fees and other costs and expenses paid by Landlord in reviewing any tax and in seeking a refund or
reduction of any Taxes, whether or not the Landlord is ultimately successful. Landlord agrees to use all commercially reasonable efforts to insure that Taxes do not exceed the amount per rentable square foot of comparable buildings within the Royal
Tech area. If Landlord elects not to protest Taxes, Tenant may deliver written notice to Landlord requesting that Landlord protest Taxes. If Landlord fails to file such protest within thirty (30) days following Landlord’s receipt of
Tenant’s notice then Tenant may, at Tenant’s cost, file such protest on Landlord’s behalf and with Landlord’s cooperation, but such cooperation will not obligate Landlord to incur any tax protest costs. If Tenant files such
protest and Taxes are increased from that proposed prior to such protest, Tenant must promptly pay to Landlord an amount equal to the increased Taxes for the current and all future years, all as calculated in a manner reasonably acceptable to
Landlord. 
 For any year, the amount to be included in Taxes (a) from taxes or assessments payable in installments,
shall be the amount of the installments (with any interest) due and payable during such year, and (b) from all other Taxes, shall at Landlord’s election be the amount accrued, assessed, or otherwise imposed for such year or the amount due
and payable in such year. Any refund or other adjustment to any Taxes by the taxing authority, shall apply during the year in which the adjustment is made. 
 Taxes shall exclude any net income (except Rent Tax), capital, stock, succession, transfer, franchise, gift, estate or inheritance tax, except to the extent that such tax shall be imposed in lieu of any portion of
Taxes, 
 (4) Lease Year. “Lease Year” means each consecutive twelve-month period beginning with the
Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the
following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year. 
 (5) Fiscal
Year. “Fiscal Year” means the calendar year, except that the first fiscal year and the last fiscal year of the Term may be a partial calendar year. 
 D. Computation of Base Rent and Rent Adjustments. 
 (1) Prorations. If this
Lease begins on a day other than the first day of a month, the Base Rent, Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent, shall be prorated for such partial month based on the actual number of days in such month. If this
Lease begins on a day other than the first day, or ends on a day other than the last day, of the fiscal year, Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent, shall be prorated for the applicable fiscal year. 
 (2) Default Interest. Any sum due from Tenant to Landlord not paid when due shall bear interest from the date due until paid at the
lesser of the maximum rate permitted by applicable law or the then Prime Rate (as hereinafter defined) plus two percent (2%) per annum. 
  

 6 

 (3) Rent Adjustments. The square footage of the Premises and the Building set
forth in the Commencement Date Confirmation, when executed will be conclusively deemed to be the actual square footage thereof, without regard to any subsequent remeasurement of the Premises or the Building. If any Operating Cost paid in one fiscal
year relates to more than one fiscal year, Landlord may proportionately allocate such Operating Cost among the related fiscal years. 
 (4) Books and Records. Landlord shall maintain books and records reflecting the Operating Costs, Taxes and Electrical Cost in accordance with sound accounting and management practices. Tenant and its certified public accountant shall
have the right to inspect Landlord’s records at Landlord’s office upon at least seventy-two (72) hours’ prior notice during normal business hours during the one hundred twenty (120) days following the respective delivery of
the Operating Cost Report, the Tax Report or the Electrical Cost Report. The results of any such inspection shall be kept strictly confidential by Tenant and its agents, and Tenant and its certified public accountant must agree, in their contract
for such services, to such confidentiality restrictions and shall specifically agree that the results shall not be made available to any other tenant of the Building. Unless Tenant sends to Landlord any written exception to either such report within
said one hundred twenty (120) day period, such report shall be deemed final and accepted by Tenant. Tenant shall pay the amount shown on both reports in the manner prescribed in this Lease, whether or not Tenant takes any such written
exception, without any prejudice to such exception. If Tenant makes a timely exception, Landlord shall select and cause an independent certified public accountant, reasonably acceptable to Tenant, with at least ten (10) years of experience in
auditing the books and records of commercial office projects to issue a final and conclusive resolution of Tenant’s exception. The cost of such certification shall be borne equally by Tenant and Landlord. 
 (5) Miscellaneous. So long as Tenant is in default of any monetary obligation under this Lease after the expiration of any
applicable cure period, Tenant shall not be entitled to any refund of any amount from Landlord but when such default is cured Tenant will receive such refund. If this Lease is terminated for any reason prior to the annual determination of Operating
Cost Share Rent, Tax Share Rent or Electrical Cost Rent, either party shall pay the full amount due to the other within fifteen (15) days after Landlord’s notice to Tenant of the amount when it is determined. Landlord may commingle any
payments made with respect to Operating Cost Share Rent, Tax Share Rent or Electrical Cost Rent, without payment of interest. 
 E. Zero
Base Year Provisions. Landlord and Tenant agree that the Base Rent includes an estimate of $5.00 per rentable square foot for Operating Costs and Taxes for the Base Year. Upon determination in accordance with subparagraph B above of the actual
amount of Operating Costs and Taxes for the Base Year, the Base Rent will be adjusted appropriately. If the actual amount exceeds $5.00, then Tenant will pay Landlord, within 10 days following the dare of determination, the amount of such
underpayment calculated from the Commencement Date. If the actual amount is less than $5.00, then Landlord will credit the amount of such overpayment against Tenant’s rental payments next succeeding the date of determination. For example, if
the actual amount of Operating Costs and Taxes for the Base Year are $4.50 per rentable square foot, then the following will occur: 
 (1) Landlord will give Tenant a credit, calculated from the Commencement Date through the date of determination, equal to (a) $0.50 per rentable square foot per annum, multiplied (b) the rentable square footage within the
Premises; and 
 (2) the Base Rent payable thereafter will be reduced by $0.50 per rentable square foot (i.e., reduced to
$16.25 during the remainder of years 1-3 and reduced to $16.75 for years 4 and 5). 
  

 7 

 If, however, the actual amount of Operating Costs and Taxes for the Base Year are $5.25 per rentable square foot, then
the following will occur: 
 (1) Tenant will pay Landlord an amount, calculated from the Commencement Date through the date of
determination, equal to (a) $0.25 per rentable square foot per annum, multiplied by (b) the rentable square footage within the Premises; and 
 (2) the Base Rent payable thereafter will be increased by $0.25 per rentable square foot (i.e., increased to $17.00 during the remainder of years 1-3 and increased to $17.50 for years 4-5). 
 3. PREPARATION AND CONDITION OF PREMISES; POSSESSION AND SURRENDER OF PREMISES. 
 A. Condition of Premises. Except to the. extent of the Tenant Improvement items on the Schedule, Landlord is leasing the Premises to Tenant
“as is”, without any obligation to alter, remodel, improve, repair or decorate any part of the Premises; provided, however, Landlord shall, at Landlord’s expense, cause the Premises to be completed in a good and workman-like manner in
accordance with then applicable, law, with due diligence and in accordance with the Tenant Improvement Agreement attached as Appendix C. Landlord agrees, subject to Appendix C, to deliver the Premises in vacant, “broom clean” condition
with all systems serving the Premises in good working order. 
 B. Tenant’s Possession. Tenant’s taking possession of any
portion of the Premises shall be conclusive evidence that the Premises was in good order, repair and condition, except for punch list items, if any, identified by Tenant to Landlord by written notice delivered to Landlord no later than 30 days
following substantial completion of the Initial Improvements and, for a period of one (1) year following the Commencement Date, any latent defects in the Premises. If Landlord authorizes Tenant to take possession of any part of the Premises
prior to the Commencement Date for purposes of doing business, all terms of this Lease shall apply to such pre-Term possession, including Base Rent at the rate set forth for the First Lease Year in the Schedule prorated for any partial month.

 C. Maintenance. Throughout the Term, Tenant shall maintain the Premises in their condition as of the Completion Date, loss or
damage caused by the elements, ordinary wear, and fire and other casualty excepted, and at the termination of this Lease, or Tenant’s right to possession, Tenant shall return the Premises to Landlord in broom-clean condition. To the extent
Tenant fails to perform either obligation, Landlord may, but need not, restore the Premises to such condition and Tenant shall pay the cost thereof. 
 D. Landlord Certification. Landlord hereby certifies to Tenant that as of the Commencement Date the Premises will, have been designed and built to (1) comply with then applicable Governmental Requirements
and then current customary interpretations of any applicable handicapped accessibility laws (assuming customary office use and not any particular use of Tenant); (2) be free of any latent defects for a period of one (1) year following the
Commencement Date; and (3) provide the utility capacities set forth in the Plans. If the Premises do not so comply, Landlord will, at Landlord’s cost, take such action as may be reasonably necessary to cause such compliance. If such
certification is not accurate or Landlord otherwise fails to so comply, Tenant may recover its actual damages, but not punitive or other damages. 
 4. PROJECT SERVICES. 
 Landlord shall, at Landlord’s cost and expense (subject to Paragraph 2 hereof), furnish
services as follows: 
 A. Heating and Air Conditioning. During the normal business hours of 8:00 a.m. to 6:00 p.m., Monday through
Friday, and 8:00 a.m. to 1:00 p.m. on Saturday, Landlord shall furnish (i) air conditioning within the limits and ranges set forth on the Plans and the work letter, and (ii) heat within the limits and ranges set forth on the Plans and the
work letter. Landlord’s obligations hereunder shall be diminished to the extent that Tenant adversely affects the temperature maintained by the heating and air conditioning system by operating its equipment. If Tenant installs such equipment,
Landlord may install supplementary air conditioning units in the Premises, and Tenant shall pay to Landlord upon demand as Additional Rent the cost of installation, operation and maintenance thereof. See paragraph below for after hours HVAC
provisions. 
  

 8 

 Landlord shall furnish heating and air conditioning after business hours if Tenant provides Landlord
reasonable prior notice, and pays Landlord all then current charges for such additional heating or air conditioning. The changes for after hours HVAC service will be no greater than the actual cost per hour per floor charged to Landlord by the local
utility company for such service. 
 B. Elevators. Landlord shall provide passenger elevator service during normal business hours to
Tenant in common with Landlord and all other tenants. Landlord shall provide limited passenger service at other times, except in case of an emergency. Landlord shall, at no cost to Tenant, provide freight access at such times as Tenant shall
reasonably require, and subject to such restrictions, as Landlord may reasonably require. 
 C. Electricity. Landlord shall provide
sufficient electricity to operate normal office lighting and equipment. The Building has been designed with the electrical capacity set forth in the Plans. Tenant shall not install or operate in the Premises any electrically operated equipment or
other machinery, other than business machines and equipment normally employed for general office use which do not require high electricity consumption for operation, without obtaining the prior written consent of Landlord, If any or all of
Tenant’s equipment requires electricity consumption in excess of that which is necessary to operate normal office equipment, such consumption (including consumption for computer or telephone rooms and special HVAC equipment) shall be submetered
by Landlord at Tenant’s expense, and Tenant shall reimburse Landlord as Additional Rent for the cost of its submetered consumption based upon Landlord’s average cost of electricity. Such additional rent shall be in addition to
Tenant’s obligations pursuant to Section 2A(2) to pay its Proportionate Share of Operating Costs and Section 2A(4) to pay its Proportionate Share of Electrical Costs. 
 D. Water. Landlord shall furnish hot and cold tap water for drinking and toilet purposes. Tenant shall pay Landlord for water furnished for any
other purpose as Additional Rent at rates fixed by Landlord. Tenant shall not permit water to be wasted. 
 E. Janitorial Service.
Landlord shall furnish janitorial service as generally provided to other tenants in the Building and in accordance with the standards set forth on Appendix H. 
 F. Security Service. Landlord shall provide security service for the Building consistent with that of comparable office buildings in the vicinity, with no warranty or liability, except for Landlord’s gross
negligence or willful misconduct, respecting the effectiveness of the service. 
 G. Parking. Tenant shall be allocated surface
parking spaces at the ratio of one space for every 172 r.s.f. within the Premises. Such parking spaces will be provided free of charge during the Lease Term. The location of the surface parking areas are shown on the Plans. 
 H. Interruption of Services. If any of the Building equipment or machinery ceases to function properly for any cause Landlord shall use reasonable
diligence to repair the Same promptly. Landlord’s inability to furnish, to any extent, the Project services set forth in this Section 4, or any cessation thereof resulting from any causes, including any entry for repairs pursuant to this
Lease, and any renovation, redecoration or rehabilitation of any area of the Building shall not render Landlord liable for damages, except for Landlord’s negligence or willful misconduct, to either person or property or for interruption or loss
to Tenant’s business, nor be construed as an eviction of Tenant, nor work an abatement of any portion of rent, nor relieve Tenant from fulfillment of any covenant or agreement hereof. However, in the event that an interruption of the Project
services set forth in this Section 4 causes the Premises to be untenantable for a period of at least ten (10) consecutive business days (or, as to air conditioning service, five (5) consecutive business days), monthly Rent shall be
thereafter abated proportionately. 
  

 9 

 5. ALTERATIONS AND REPAIRS. 
 A. Landlord’s Consent and Conditions. 
 Tenant shall not make any improvements or alterations to the Premises (the “Work”) without in each instance submitting plans and specifications for the Work to Landlord and obtaining Landlord’s prior written consent
(such consent not to be unreasonably withheld) unless (a) the cost thereof is less than $20,000, (b) such Work does not impact the base structural components or, in Landlord’s reasonable opinion, adversely affects systems of the
Building, (c) such Work will not materially adversely impact any other tenant’s premises, and (d) such Work does not involve changes to the exterior appearance of the Premises. Tenant shall, except as to the Initial Improvements, pay
Landlord’s reasonable out-of-pocket costs incurred for review of the plans and all other items submitted by Tenant. Landlord will be deemed to be acting reasonably in withholding its consent for any Work which (a) impacts the base
structural components or, in Landlord’s reasonable opinion, adversely affects systems of the Building, (b) materially adversely impacts any other tenant’s premises, or (c) involves changes to the exterior appearance of the
Premises. The Work does not include merely decorative alterations such as painting, carpeting, floor covering, furniture movement, cabling and computer and telephone installation to the extent same do not impact base structural systems or, in
Landlord’s reasonable opinion, adversely affect the systems of the Building. 
 Tenant, shall except as to the Initial Improvements,
reimburse Landlord for reasonable out-of-pocket costs incurred for review of the plans and all other items submitted by Tenant. Tenant shall pay for the cost of all Work. All Work shall become the property of Landlord upon its installation, except
for Tenant’s trade fixtures and for items which Landlord requires Tenant to remove at Tenant’s cost at the termination of the Lease pursuant to Section 3E. 
 The following requirements shall apply to all Work: 
 (1) Prior to commencement, Tenant shall
furnish to Landlord building permits, and certificates of insurance reasonably satisfactory to Landlord. 
 (2) Tenant shall
perform all Work so as to maintain peace and harmony among other contractors serving the Project and shall take all reasonable measures so as to avoid interference with other work to be performed or services to be rendered in the Project.

 (3) The Work shall be performed in a good and workmanlike manner, meeting the standard for construction and quality of
materials in the Building, and shall comply with all insurance requirements and all applicable governmental laws, ordinances and regulations (“Governmental Requirements”). 
 (4) Tenant shall perform all Work so as to minimize or prevent disruption to other tenants, and Tenant shall comply with all reasonable
requests of Landlord in response to complaints from other tenants. 
 (5) Tenant shall perform all Work in compliance with
Landlord’s “Policies, Rules and Procedures for Construction Projects” in effect at the time the Work is performed. 
 (6) Tenant shall permit Landlord to supervise all Work. Landlord may charge a supervisory fee not to exceed five percent (5%) of labor, material, and all other costs of the Work, if Landlord’s employees or contractors perform the
Work. The foregoing does not apply to Work which does not require Landlord’s prior consent nor the Initial Improvements. 
 (7) Upon completion, Tenant shall furnish Landlord with contractor’s affidavits and full and final statutory waivers of liens, as-built plans and specifications, and receipted bills covering all labor and materials, and all other
close-out documentation required in Landlord’s “Policies, Rules and Procedures for Construction Projects”. 
  

 10 

 B. Damage to Systems. If any part of the mechanical, electrical or other systems in the Premises
shall be damaged, Tenant shall promptly notify Landlord, and Landlord shall repair such damage. Landlord may also at any reasonable time make any repairs or alterations which Landlord deems necessary for the safety or protection of the Project, or
which Landlord is required to make by any court or pursuant to any Governmental Requirement and, if Landlord fails to do so, Tenant may pursue its self-help and offset rights under Section 22 below. Tenant shall at its expense make all other
repairs necessary to keep the Premises, and Tenant’s fixtures and personal property, in good order, condition and repair; to the extent Tenant fails to do so (after expiration of all applicable notice and cure periods), Landlord may make such
repairs itself. The cost of any repairs made by Landlord on account of Tenant’s default, or on account of the misuse or neglect by Tenant or its invitees, contractors or agents anywhere in the Project, shall become Additional Rent payable by
Tenant on demand. 
 C. No Liens. Tenant has no authority to cause or permit any lien or encumbrance of any kind to affect
Landlord’s interest in the Project; any such lien or encumbrance shall attach to Tenant’s interest only. If any mechanic’s lien shall be filed or claim of lien made for work or materials furnished to Tenant, then Tenant shall at its
expense within thirty (30) days thereafter either discharge or contest the lien or claim. If Tenant contests the lien or claim, then Tenant shall (i) within such thirty (30) day period, provide Landlord adequate security for the lien
or claim, (ii) contest the lien or claim in good faith by appropriate proceedings that operate to stay its enforcement, and (iii) pay promptly any final adverse judgment entered in any such proceeding. If Tenant does not comply with these
requirements (after expiration of all applicable notice and cure periods), Landlord may discharge the lien or claim, and the amount paid, as well as reasonable attorney’s fees and other expenses incurred by Landlord, shall become Additional
Rent payable by Tenant on demand. 
 D. Ownership of Improvements. All Work as defined in this Section 5, partitions, hardware,
equipment, machinery and all other improvements and all fixtures except trade fixtures, constructed in the Premises by either Landlord or Tenant, (i) shall, except as set forth in Section 5E below, become Landlord’s property upon
installation without compensation to Tenant, unless Landlord consents otherwise in writing, and (ii) shall, except as set forth in Subsection 5E below, be surrendered to Landlord with the Premises at the termination of the Lease or of
Tenant’s right to possession. 
 E. Removal at Termination. Upon the termination of this Lease or Tenant’s right of
possession Tenant shall remove (and repair any damage caused by such removal) from the Project its trade fixtures, telecommunications and computer equipment, furniture, moveable equipment and other personal property, together with any other
non-standard office installations designated by Landlord at the time of Tenant’s installation (e.g., stairwells, safes, etc.). Any standard office installations (i.e., walls, attached bookcases, credenzas, reception desks, etc.) attached to the
Premises must remain in the Premises. If Tenant does not timely remove such property, then Tenant shall be conclusively presumed to have, at Landlord’s election (i) conveyed such property to Landlord without compensation or
(ii) abandoned such property, and Landlord may dispose of or store any part thereof in any manner at Tenant’s sole cost, without waiving Landlord’s right to claim from Tenant all expenses arising out of Tenant’s failure to remove
the property, and without liability to Tenant or any other person. Landlord shall have no duty to be a bailee of any such personal property. If Landlord elects abandonment, Tenant shall pay to Landlord, upon demand, any expenses incurred for
disposition. 
 F. Satellite Dish. Tenant may at its sole cost install, maintain, and from time to time replace a satellite dish (a
“Dish”) on the roof of the Building, provided that Tenant shall obtain Landlord’s prior reasonable approval of the proposed size, weight and location of the Dish and method for fastening the Dish to the roof, and that Tenant
will at its sole cost comply with all Governmental Requirements and the conditions of any bond or warranty maintained by Landlord on the roof. Landlord may supervise any roof penetration. Tenant shall repair any damage to the Building caused by
Tenant’s installation, maintenance, replacement, use or removal of the Dish. The Dish shall remain the property of Tenant, and Tenant may remove the Dish at its cost at any time during the Term. Tenant shall remove the Dish at its cost upon
expiration or termination of the Lease. Tenant shall protect, defend, indemnify and hold harmless Landlord from and against claims, damages, liabilities, costs and expenses of every kind and nature, including attorneys’ fees, 

  

 11 

 
incurred by or asserted against Landlord arising out of Tenant’s installation, maintenance, replacement, use or removal of the Dish. 
 6. USE OF PREMISES. Tenant shall use the Premises only for general office purposes and any uses ancillary thereto in compliance with all
Governmental Requirements. Tenant shall not allow any hazardous use of the Premises which will increase the cost of coverage of Landlord’s insurance on the Project. The Project is currently zoned to permit office use and Landlord agrees not to
change the zoning to prohibit such use. Tenant shall not allow any inflammable or explosive liquids or materials to be kept on the Premises. Tenant shall not allow any use of the Premises which would cause the value or utility of any part of the
Premises to diminish or would interfere with any other Tenant or with the operation of the Project by Landlord. Tenant shall not permit any nuisance or waste upon-the Premises, or allow any offensive noise or odor in or around the Premises. 
 7.
GOVERNMENTAL REQUIREMENTS AND BUILDING RULES. Tenant shall comply with all Governmental Requirements applying to its use of the Premises. Tenant shall also comply with all reasonable rules established for the Project from time to time by
Landlord. Please see Section 3D regarding Landlord’s certification of existing compliance. The present rules and regulations are contained in Appendix B. Failure by another tenant to comply with the rules or failure by Landlord to enforce
them shall not relieve Tenant of its obligation to comply with the rules or make Landlord responsible to Tenant in any way. Landlord shall use reasonable efforts to apply the rules and regulations uniformly and in a non-discriminatory manner with
respect to Tenant and tenants in the Building under leases containing rules and regulations similar to this Lease. In the event of alterations and repairs performed by Tenant, Tenant shall comply with the provisions of Section 5 of this Lease
and such other rules as Landlord may reasonably require. 
 8. WAIVER OF CLAIMS; INDEMNIFICATION; INSURANCE. 
 A. Waiver of Claims. To the extent permitted by law, Tenant waives any claims it may have against Landlord or its officers, directors, employees
or agents for business interruption or damage to property sustained by Tenant as the result of any act or omission of Landlord to the extent covered by insurance. 
 To the extent permitted by law, Landlord waives any claims it may have against Tenant or its officers, directors, employees or agents for loss of rents (other than Rent) or damage to property sustained by Landlord as
the result of any act or omission of Tenant to the extent covered by insurance. 
 B. Indemnification. Tenant shall indemnify, defend
and hold harmless Landlord and its officers, directors, employees and agents against any claim by any third party for injury to any person or damage to or loss of any property occurring in the Project and arising from the use of the Premises or from
any other act or omission or negligence of Tenant or any of Tenant’s employees or agents. Tenant’s obligations under this section shall survive the termination of this Lease. 
 Landlord shall indemnify, defend and hold harmless Tenant and its officers, directors, employees and agents against any claim by any third party for
damage to person or Premises or from any other act or omission or negligence of Landlord or any of Landlord’s employees or agents. Landlord’s obligations under this section shall survive the termination of this Lease. 
 C. Tenant’s Insurance. Tenant shall maintain insurance as follows, with such other terms, coverages and insurers, as Landlord shall
reasonably require from time to time: 
 (1) Commercial General Liability Insurance, with (a) Contractual Liability
including the indemnification provisions contained in this Lease, (b) a severability of interest endorsement, (c) limits of not less than Two Million Dollars ($2,000,000) combined single limit per occurrence and not less than Two Million
Dollars ($2,000,000) in the aggregate for bodily injury, sickness or death, and property damage, and umbrella coverage of not less than Five Million Dollars ($5,000,000). 
  

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 (2) Property Insurance against “All Risks” of physical loss covering the
replacement cost of all improvements, fixtures and personal property. Tenant waives all rights of subrogation, and Tenant’s property insurance shall include a waiver of subrogation in favor of Landlord. 
 (3) Workers’ compensation or similar insurance in form and amounts required by law, and Employer’s Liability with not less than
the following limits: 
  

				
	 Each Accident
	  	$	500,000
	 Disease—Policy Limit
	  	$	500,000
	 Disease—Each Employee
	  	$	500,000

 Such insurance shall contain a waiver of subrogation provision in favor of Landlord
and its agents and may be under a blanket policy as long as the Premises and Landlord are specifically listed therein in a manner reasonably acceptable to Landlord. 
 Tenant’s insurance shall be primary and not contributory to that carried by Landlord, its agents, or mortgagee. Landlord, and if any, Landlord’s building manager or agent and ground lessor shall be named as
additional insureds as respects to insurance required of the Tenant in Section 8C(1). The company or companies writing any insurance which Tenant is required to maintain under this Lease, as well as the form of such insurance, shall at all
times be subject to Landlord’s approval, and any such company shall be licensed to do business in the state in which the Building is located. Such insurance companies shall have a A.M. Best rating of A VI or better. 
 Tenant shall cause any contractor of Tenant performing work on the Premises to maintain insurance as follows, with such other terms, coverages and
insurers, as Landlord shall reasonably require from time to time: 
 (1) Commercial General Liability Insurance, including
contractor’s liability coverage, contractual liability coverage, completed operations coverage, broad form property damage endorsement, and contractor’s protective liability coverage, to afford protection with limits, for each occurrence,
of not less than One Million Dollars ($1,000,000) with respect to personal injury, death or property damage. 
 (2)
Workers’ compensation or similar insurance in form and amounts required by law, and Employer’s Liability with not less than the following limits: 
  

				
	 Each Accident
	  	$	500,000
	 Disease—Policy Limit
	  	$	500,000
	 Disease—Each Employee
	  	$	500,000

 Such insurance shall contain a waiver of subrogation provision in favor of Landlord
and its agents. 
 Tenant’s contractor’s insurance shall be primary and not contributory to that carried by Tenant, Landlord, their
agents or mortgagees. Tenant and Landlord, and if any, Landlord’s building manager or agent, mortgagee or ground lessor shall be named as additional insured on Tenant’s contractor’s insurance policies. 
 D. Insurance Certificates. Tenant shall deliver to Landlord certificates evidencing all required insurance no later than five (5) days prior
to the Commencement Date and each renewal date. Each certificate will provide for thirty (30) days prior written notice of cancellation to Landlord and Tenant. 
 E. Landlord’s Insurance. Landlord shall maintain “All-Risk” property insurance at replacement cost, including loss of rents, on the Building, and Commercial General Liability insurance policies
covering the common areas of the Building, each with such terms, coverages and conditions as are normally carried by reasonably prudent owners of properties similar to the 

  

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Project. With respect to property insurance, Landlord and Tenant mutually waive all rights of subrogation, and the respective “All-Risk” coverage
property insurance policies carried by Landlord and Tenant shall contain enforceable waiver of subrogation endorsements. 
 9. FIRE AND
OTHER CASUALTY. 
 A. Termination. If a fire or other casualty causes substantial damage to the Building or the Premises,
Landlord shall engage a registered architect to certify within one (1) month of the casualty to both Landlord and Tenant the amount of time needed to restore the Building and the Premises to tenantability, using standard working methods. If the
time needed exceeds twelve (12) months from the beginning of the restoration,” or two (2) months therefrom if the restoration would begin during the last twelve (12) months of the Lease, then in the case of the Premises, either
Landlord or Tenant may terminate this Lease, and in the case of the Building, Landlord may terminate this Lease, by notice to the other party within ten (10) days after the notifying party’s receipt of the architect’s certificate. The
termination shall be effective thirty (30) days from the date of the notice and Rent shall be paid by Tenant to that date, with an abatement for any portion of the space which has been untenantable after the casualty. 
 B. Restoration. If a casualty causes damage to the Building or the Premises but this Lease is not terminated for any reason, then subject to the
rights of any mortgagees or ground lessors (as modified under the terms of any applicable subordination, non-disturbance and attornment agreement which will provide for, the application of such proceeds towards restoration), Landlord shall obtain
the applicable insurance proceeds and diligently restore the Building and the Premises subject to current Governmental Requirements. Tenant shall replace its damaged improvements, personal property and fixtures. Rent shall be abated on a per diem
basis during the restoration for any portion of the Premises which is untenantable. 
 10. EMINENT DOMAIN. If a part of the
Project is taken by eminent domain or deed in lieu thereof which is so substantial that the Premises cannot reasonably be used by Tenant for the operation of its business, then either party may terminate this Lease effective as of the date of the
taking. If any substantial portion of the Project is taken without affecting the Premises, then Landlord may terminate this Lease as of the date of such taking. Rent shall abate from the date of the taking in proportion to any part of the Premises
taken. The entire award for a taking of any kind shall be paid to Landlord. Tenant may pursue a separate award for its trade fixtures and moving expenses in connection with the taking, but only if such recovery does not reduce the award payable to
Landlord. All obligations accrued to the date of the taking shall be performed by each party. 
 11. RIGHTS RESERVED TO LANDLORD.

 Landlord may exercise at any time any of the following rights respecting the operation of the Project without liability to the Tenant
of any kind: 
 A. Name. To change the name or street address of the Building or the suite number(s) of the Premises; provided,
however, Landlord agrees not to name the Building for any company in direct competition with Tenant’s then primary business operations for so long as Tenant (and/or its affiliates) occupies at least 27,500 square feet in the Building.

 B. Signs. To install and maintain any signs on the exterior and in the interior of the Building, and to approve, at its sole
discretion, prior to installation, any of Tenant’s signs in the Premises visible from the common areas or the exterior of the Building. The Plans will include specifications for the location and design of Tenant’s signage. 
 C. Window Treatments. To approve, at its discretion (except as otherwise set forth in Paragraph 7), prior to installation, any shades, blinds,
ventilators or window treatments of any kind, as well as any lighting within the Premises that may be visible from the exterior of the Building or any interior common area. 
  

 14 

 D. Keys. Subject to subparagraph E below, to retain and use at any time passkeys to enter the
Premises or any door within the Premises. Subject to subparagraph E below, Tenant shall not alter or add any lock or bolt. 
 E.
Access. To have access to inspect the Premises, and to perform its obligations, or make repairs, alterations, additions or improvements, as permitted by this Lease upon reasonable prior notice to Tenant, during normal business hours and with
minimal interference with Tenant’s business operations. A representative of Tenant may, at Tenant’s option, be present during any such access. If Tenant complies with all of the requirements set forth in this Section, Tenant may provide
its own locks to an area or areas within the Premises (the “Secured Areas”). At least ten (10) days prior to the creation of any Secured Area, Tenant shall notify Landlord of the exact location of such Secured Area and the name
of the representative of Tenant to be contacted and the manner of contact to avoid a forcible entry. Tenant need not furnish Landlord with keys to the Secured Areas. Upon the termination of this Lease, Tenant shall surrender all keys to Landlord.
Landlord shall have no obligation to provide janitorial service to the Secured Areas. If Landlord determines in its reasonable discretion that a suspected fire or flood or other emergency in the Building requires Landlord to gain access to any
Secured Area, Landlord may forcibly enter. Landlord shall make a reasonable effort to contact Tenant to secure access, but Landlord shall not be obligated to contact Tenant. 
 F. Preparation for Reoccupancy. To decorate, remodel, repair, alter or otherwise prepare the Premises for reoccupancy at any time following
Tenant’s default (after the expiration of any applicable notice and cure period and Landlord’s exercise of its right to terminate this Lease or Tenant’s possession), without relieving Tenant of any obligation to pay Rent. 

G. Heavy Articles. To approve the weight, size, placement and time and manner of movement within the Building of any safe, central filing
system or other heavy article of Tenant’s property. Tenant shall move its property entirely at its own risk. The Building has been designed with the floor load capacity referred to on the Plans. 
 H. Show Premises. To show the Premises to prospective purchasers, tenants (only during the last 6 months of the Term), brokers, lenders,
investors, rating agencies or others at any reasonable time, provided that Landlord gives prior notice to Tenant and does not unreasonably interfere with Tenant’s use of the Premises. Tenant may, at Tenant’s option, have a representative
present during any such showing. 
 I. Relocation of Tenant. [Intentionally Deleted]. 
 J. Use of Lockbox. To designate a lockbox collection agent for collections of amounts due Landlord. In that case, the date of payment of Rent or
other sums shall be the date of the agent’s receipt of such payment or the date of actual collection if payment is made in the form of a negotiable instrument thereafter dishonored upon presentment. However, Landlord may reject any payment for
all purposes as of the date of receipt or actual collection by mailing to Tenant within 21 days after such receipt or collection a check equal to the amount sent by Tenant. 
 K. Repairs and Alterations. To make repairs or alterations to the Project and in doing so transport any required material through the Premises, to
close entrances, doors, corridors, elevators and other facilities in the Project, to open any ceiling in the Premises, or to temporarily suspend services or use of common areas in the Building provided that any such repairs do not unreasonably
interfere with Tenant’s use of the Premises. Landlord may perform any such repairs or alterations during ordinary business hours, except that Tenant may require any Work in the Premises to be done after business hours if Tenant pays Landlord
for overtime and any other expenses incurred. Landlord may do or permit any work on any nearby building, land, street, alley or way. 
 L.
Landlord’s Agents. If Tenant is in default under this Lease, possession of Tenant’s funds or negotiation of Tenant’s negotiable instrument by any of Landlord’s agents shall not waive any breach by Tenant or any remedies of
Landlord under this Lease. 
  

 15 

 M. Building Services. To install, use and maintain through the Premises, pipes, conduits, wires
and ducts serving the Building, provided that such installation, use and maintenance does not unreasonably interfere with Tenant’s use of the Premises. 
 N. Other Actions. To take any other action which Landlord deems reasonable in connection with the operation, maintenance or preservation of the Building. 
 12. TENANT’S DEFAULT. 
 Any of the following shall constitute a default by Tenant: 
 A. Rent Default. Tenant fails to pay any Rent when due, and
such failure continues for five (5) days following the date of Landlord’s written notice to Tenant; 
 B. Assignment/Sublease or
Hazardous Substances Default. Tenant defaults in its obligations under Section 17 Assignment and Sublease or Section 28 Hazardous Substances; 
 C. Other Performance Default. Tenant fails to perform any other obligation to Landlord under this Lease, and such failure continues for thirty (30) days after written notice from Landlord, except that if
Tenant begins to cure its failure within the thirty (30) day period but cannot reasonably complete its cure within such period, then, so long as Tenant continues to diligently attempt to cure its failure, the thirty (30) day period shall
be extended to one hundred twenty (120) days, or such lesser period as is reasonably necessary to complete the cure; 
 D. Credit
Default. One of the following credit defaults occurs: 
 (1) Tenant commences any proceeding under any law relating to
bankruptcy, insolvency, reorganization or relief of debts, or seeks appointment of a receiver, trustee, custodian or other similar official for the Tenant or for any substantial part of its property, or any such proceeding is commenced against
Tenant and either remains undismissed for a period of thirty days or results in the entry of an order for relief against Tenant which is not fully stayed within ninety (90) days after entry; 
 (2) Tenant becomes insolvent or bankrupt, does not generally pay its debts as they become due, or admits in writing its inability to pay
its debts, or makes a general assignment for the benefit of creditors; 
 (3) Any third party obtains a levy or attachment
under process of law against Tenant’s leasehold interest and Tenant fails to have same removed within ninety (90) days. 
 13.
LANDLORD REMEDIES. 
 A. Termination of Lease or Possession. If Tenant defaults, Landlord may elect by notice to Tenant
either to terminate this Lease or to terminate Tenant’s possession of the Premises without terminating this Lease. In either case, Tenant shall immediately vacate the Premises and deliver possession to Landlord, and Landlord may repossess the
Premises and may, at Tenant’s sole cost, remove any of Tenant’s signs and any of its other property, without relinquishing its right to receive Rent or any other right against Tenant. If Landlord desires to terminate this Lease as to any
non-monetary default, Landlord agrees that notice of termination as to any non-monetary default will only be effective if Tenant fails to cure same within three (3) days following the date of Landlord’s notice. 
 B. Lease Termination Damages. If Landlord terminates the Lease, Tenant shall pay to Landlord all Rent due on or before the date of termination,
plus Landlord’s reasonable estimate of the aggregate Rent that would have been payable from the date of termination through the Termination Date, reduced by the rental value of the Premises calculated as of the date of termination for the same
period, taking into account reletting expenses and market concessions, both discounted to present value at the prime rate per annum then published as such in The Wall Street Journal or, if not in existence, such other newspaper having a
national circulation (the “Prime Rate”). If Landlord shall relet any part of the Premises for any part of such period before 

  

 16 

 
such present value amount shall have been paid by Tenant or finally determined by a court, then the amount of Rent payable pursuant to such reletting (taking
into account any concessions) shall be deemed to be the reasonable rental value for that portion of the Premises relet during the period of the reletting. 
 C. Possession Termination Damages. If Landlord terminates Tenant’s right to possession without terminating the Lease and Landlord takes possession of the Premises itself, Landlord may relet any part of the
Premises for such Rent, for such time, and upon such terms as Landlord in its sole discretion shall determine, without any obligation to do so prior to renting other vacant areas in the Building. Any proceeds from reletting the Premises shall first
be applied to the expenses of reletting, including redecoration, repair, alteration, advertising, brokerage, legal, and other reasonably necessary expenses. If the reletting proceeds after payment of expenses are insufficient to pay the full amount
of Rent under this Lease, Tenant shall pay such deficiency to Landlord monthly upon demand as it becomes due. Any excess proceeds shall be retained by Landlord. 
 D. Alter Locks. If Tenant defaults, Landlord may, without notice, alter locks or other security devices at the Premises to deprive Tenant of access thereto, and Landlord shall not be required to provide a new
key or right of access to Tenant. 
 E. Landlord’s Remedies Cumulative. All of Landlord’s remedies under this Lease shall be
in addition to all other remedies Landlord may have at law or in equity. Waiver by Landlord of any breach of any obligation by Tenant shall be effective only if it is in writing, and shall not be deemed a waiver of any other breach, or any
subsequent breach of the same obligation. Landlord’s acceptance of payment by Tenant shall not constitute a waiver of any breach by Tenant, and if the acceptance occurs after Landlord’s notice to Tenant, or termination of the Lease or of
Tenant’s right to possession, the acceptance shall not affect such notice or termination. Acceptance of payment by Landlord after commencement of a legal proceeding or final judgment shall not affect such proceeding or judgment. Landlord may
advance such monies and take such other actions for Tenant’s account as reasonably may be required to cure or mitigate any default by Tenant. Tenant shall immediately reimburse Landlord for any such advance, and such sums shall bear interest at
the default interest rate until paid. 
 F. WAIVER OF TRIAL BY JURY. EACH PARTY WAIVES TRIAL BY JURY IN THE EVENT OF ANY
LEGAL PROCEEDING BROUGHT BY THE OTHER IN CONNECTION WITH THIS LEASE. EACH PARTY SHALL BRING ANY ACTION AGAINST THE OTHER IN CONNECTION WITH THIS LEASE IN A FEDERAL OR STATE COURT LOCATED US DALLAS COUNTY, TEXAS, CONSENTS TO THE JURISDICTION OF SUCH
COURTS, AND WAIVES ANY RIGHT TO HAVE ANY PROCEEDING TRANSFERRED FROM SUCH COURTS ON THE GROUND OF IMPROPER VENUE OR INCONVENIENT FORUM. 
 G. Litigation Costs. Tenant shall pay Landlord’s reasonable attorneys’ fees and other costs in enforcing this Lease, whether or not suit is filed. In the event of any litigation concerning this Lease, the non-prevailing
party will reimburse the prevailing party’s reasonable attorneys’ fees, reasonable disbursements and court costs. 
 H.
Reletting. Tenant acknowledges that Landlord has entered into this Lease in reliance upon, among other matters, Tenant’s agreement and continuing obligation to pay all Rent due throughout the Term. As a result, Tenant hereby knowingly
and voluntarily waives, after advice of competent counsel, any duty of Landlord (and any affirmative defense based upon such duty) following any default to relet the Premises or otherwise mitigate Landlord’s damages arising from such default.
If such waiver is not effective under then applicable law or Landlord otherwise elects, at Landlord’s sole option, to attempt to relet all or any part of the Premises, Tenant agrees that Landlord has no obligation to: (i) relet the
Premises prior to leasing any other space within the Building; (ii) relet the Premises (A) at a rental rate or otherwise on terms below market, as then determined by Landlord in its sole discretion; (B) to any entity not satisfying
Landlord’s then standard financial credit risk criteria; (C) for a use (1) not consistent with Tenant’s use prior to default; (2) which would violate then applicable law or any restrictive covenant or other lease affecting
the Building; (3) which would impose a greater burden upon the Building’s parking, 

  

 17 

 
HVAC or other facilities; and/or (4) which would involve any use of Hazardous Substances; (iii) divide the Premises, install new demising walls or
otherwise reconfigure the Premises to make same more marketable; (iv) pay any leasing or other commissions arising from such reletting, unless Tenant unconditionally delivers Landlord, in good and sufficient funds, the full amount thereof in
advance; (v) pay, and/or grant any allowance for, tenant finish or other costs associated with any new lease, even though same may be amortized over the applicable lease term, unless Tenant unconditionally delivers Landlord, in good and
sufficient funds, the full amount thereof in advance; and/or (vi) relet the Premises, if to do so, Landlord would be required to alter other portions of the Building, make ADA-type modifications or otherwise install or replace any sprinkler,
security, safety, HVAC or other Building operating systems. Tenant further acknowledges that if Tenant, notwithstanding Tenant’s waiver above, raises Landlord’s mitigation as an affirmative defense to a claim made by Landlord prior to any
actual reentry of the Premises by Landlord then, in such event, Tenant will be deemed to have automatically waived, and released and discharged Landlord from and against, any and all other claims and defenses to the payment of Rent. 
 14. SURRENDER. Upon termination of this Lease or Tenant’s right to possession, Tenant shall return the Premises to Landlord in good
order and condition, ordinary wear and casualty damage excepted. If Landlord requires Tenant to remove any alterations, then Tenant shall remove the alterations in a good and workmanlike manner and restore the Premises to its condition prior to
their installation. 
 15. HOLDOVER. If Tenant retains possession of any part of the Premises after the Term, Tenant shall
become a month-to-month tenant for the entire Premises upon all of the terms of this Lease as might be applicable to such month-to-month, tenancy, except that Tenant shall pay all of Base Rent, Operating Cost Share Rent and Tax Share Rent at one
hundred fifty percent (150%) of the rate in effect immediately prior to such holdover, computed on a monthly basis for each full or partial month Tenant remains in possession, as liquidated damages for Tenant’s holdover. No acceptance of
Rent or other payments by Landlord under these holdover provisions shall operate as a waiver of Landlord’s right to regain possession or any other of Landlord’s remedies. 
 16. SUBORDINATION TO GROUND LEASES AND MORTGAGES. 
 A. Subordination. This Lease shall be subordinate to any future ground lease or mortgage respecting the Project, and any amendments to such ground lease or mortgage, at the election of the ground lessor or
mortgagee as the case may be, effected by notice to Tenant in the manner provided in this Lease. The subordination shall be effective upon such notice, but at the request of Landlord or ground lessor or mortgagee, Tenant shall within ten
(10) days of the request, execute and deliver to the requesting party any reasonable documents provided to evidence the subordination. Any mortgagee has the right, at its option, to subordinate its mortgage to the terms of this Lease, without
notice to, nor the consent of, Tenant. There are no existing mortgages or ground leases affecting the Project. As a condition to Tenant’s agreement to subordinate Tenant’s interest in this Lease to any future mortgage or ground lease, the
mortgagee or ground lessor, as applicable, must deliver to Tenant a non-disturbance agreement reasonably acceptable to Tenant, providing that so long as Tenant is not in default under this Lease after the expiration of any applicable notice and cure
periods, Tenant may remain in possession of the Premises under the terms of this Lease, even if the ground lessor should terminate the ground lease or if the mortgagee or its successor should acquire Landlord’s title to the Project. 

B. Termination of Ground Lease or Foreclosure of Mortgage. If any ground lease is terminated or mortgage foreclosed or deed in lieu of
foreclosure given and the ground lessor, mortgagee, or purchaser at a foreclosure sale shall thereby become the owner of the Project, Tenant shall attorn to such ground lessor or mortgagee or purchaser without any deduction or set off by Tenant, and
this Lease shall continue in effect as a direct lease between Tenant and such ground lessor, mortgagee or purchaser. The ground lessor or mortgagee or purchaser shall be liable as Landlord only during the time such ground lessor or mortgagee or
purchaser is the owner of the Project. At the request of Landlord, ground lessor or mortgagee, Tenant shall execute and 

  

 18 

 
deliver within ten (10) days of the request any document furnished by the requesting party to evidence Tenant’s agreement to attorn. 
 C. Security Deposit. Any ground lessor or mortgagee shall be responsible for the return of any security deposit by Tenant, if any, only to the
extent the security deposit is received by such ground lessor or mortgagee. 
 D. Notice and Right to Cure. The Project is subject to
any ground lease and mortgage identified with name and address of ground lessor or mortgagee in Appendix D to this Lease (as the same may be amended from time to time by written notice to Tenant). Tenant agrees to send by registered or certified
mail to any ground lessor or mortgagee identified either in such Appendix or in any later notice from Landlord to Tenant a copy of any notice of default sent by Tenant to Landlord. If Landlord fails to cure such default within the required time
period under this Lease, but ground lessor or mortgagee begins to cure within ten (10) days after such period and proceeds diligently to complete such cure, then ground lessor or mortgagee shall have such additional time as is necessary to
complete such cure, including any time necessary to obtain possession if possession is necessary to cure, and Tenant shall not begin to enforce its remedies so long as the cure is being diligently pursued. 
 E. Definitions. As used in this Section 16, “mortgage” shall include “deed of trust” and/or “trust deed” and
“mortgagee” shall include “beneficiary” and/or “trustee”, “mortgagee” shall include the mortgagee of any ground lessee, and “ground lessor”, “mortgagee”, and “purchaser at a
foreclosure sale” shall include, in each case, all of its successors and assigns, however remote. 
 17. ASSIGNMENT AND
SUBLEASE. 
 A. In General. Tenant shall not, without the prior consent of Landlord in each case, (i) make or allow any
assignment or transfer, by operation of law or otherwise, of any part of Tenant’s interest in this Lease, (ii) grant or allow any lien or encumbrance, by operation of law or otherwise, upon any part of Tenant’s interest in this Lease,
(iii) sublet any part of the Premises, or (iv) permit anyone other than Tenant and its employees to occupy any part of the Premises. Tenant shall remain primarily liable for all of its obligations under this Lease, notwithstanding any
assignment, subletting or transfer under this Paragraph 17 or otherwise. No consent granted by Landlord shall be deemed to be a consent to any subsequent assignment or transfer, lien or encumbrance, sublease or occupancy. Tenant shall pay all of
Landlord’s attorneys’ fees and other expenses incurred in connection with any consent requested by Tenant or in reviewing any proposed assignment or subletting. Any assignment or transfer, grant of lien or encumbrance, or sublease or
occupancy without Landlord’s prior written consent shall be void. If Tenant shall assign this Lease or sublet the Premises in its entirety any rights of Tenant to renew this Lease, extend the Term or to lease additional space in the Project
shall be extinguished thereby and will not be transferred to the assignee or subtenant, all such rights being personal to the Tenant named herein. 
 B. Landlord’s Consent. Landlord will not unreasonably withhold its consent to any proposed assignment or subletting. It shall be reasonable for Landlord to withhold its consent to any assignment or sublease if (i) Tenant is
in monetary default or material non-monetary default under this Lease after the expiration of all applicable cure periods, (ii) the proposed assignee or sublessee is a tenant in the Project or an affiliate of such a tenant or a party that
Landlord is then actively involved in negotiations as a prospective tenant in the Project, (iii) the financial responsibility, nature of business, and character of the proposed assignee or subtenant are not all reasonably satisfactory to
Landlord, (iv) in the reasonable judgment of Landlord the purpose for which the assignee or subtenant intends to use the Premises (or a portion thereof) is not in keeping with Landlord’s standards for the Building or are in violation of
the terms of this Lease or any other leases in the Project, or (v) the proposed assignee or subtenant is a government entity. The foregoing shall not exclude any other reasonable basis for Landlord to withhold its consent. 
 C. Procedure. Tenant shall notify Landlord of any proposed assignment or sublease at least ten (10) business days prior to its proposed
effective date. The notice shall include the name and address of the proposed assignee or subtenant, its corporate affiliates in the case of a 

  

 19 

 
corporation and its partners in a case of a partnership, an execution copy of the proposed assignment or sublease, and sufficient information to permit
Landlord to determine the financial responsibility and character of the proposed assignee or subtenant. As a condition to any effective assignment of this Lease, the assignee shall execute and deliver in form reasonably satisfactory to Landlord at
least five (5) business days prior to the effective date of the assignment, an assumption of all of the obligations of Tenant under this Lease. As a condition to any effective sublease, subtenant shall execute and deliver in form reasonably
satisfactory to Landlord at least five (5) business days prior to the effective date of the sublease, an agreement to comply with all of Tenant’s obligations under this Lease, and at Landlord’s option, an agreement (except for the
economic obligations which subtenant will undertake directly to Tenant) to attorn to Landlord (and if Landlord requests such attornment, Landlord must recognize such subtenant) under the terms of the sublease in the event this Lease terminates
before the sublease expires. 
 D. Change of Management or Ownership. Any transfer of the direct or indirect power to affect the
management or policies of Tenant or direct or indirect change in 50% or more of the ownership interest in Tenant shall constitute an assignment of this Lease. 
 E. Excess Payments. If Tenant shall assign this Lease or sublet any part of the Premises, except under Clause G. below, for consideration in excess of the pro-rata portion of Rent applicable to the space
subject to the assignment or sublet, less any actual out-of-pocket costs incurred by Tenant, and payable to non-affiliated third parties, in connection therewith (i.e., brokerage commissions, tenant finish costs, legal fees, advertising costs, work
allowances, free rent and marketing expenses, all of which must be amortized over the applicable lease term), then Tenant shall pay to Landlord as Additional Rent 50% of any such excess immediately upon receipt. 
 F. Recapture. [Intentionally Deleted]. 
 G. Related Entity. If Landlord has not elected to terminate this Lease or Tenant’s right to possession in accordance with the provisions of this Lease, Tenant may assign this Lease to an entity into which Tenant is merged or
consolidated or to an entity to which substantially all of Tenant’s assets are transferred through a public offering on a recognized exchange or to any entity controlling, controlled by or under common control with a Tenant, without first
obtaining Landlord’s written consent, if Tenant notifies Landlord at least ten (10) business days prior to the proposed transaction, providing information reasonably satisfactory to Landlord in order to determine the relationship with
Tenant. HFS, Incorporated or, if applicable, its successor by merger, consolidation, public offering or otherwise, will at all times remain primarily liable under this Lease, as amended from time to time, following any such transfer. 
 18. CONVEYANCE BY LANDLORD. If Landlord shall at any time transfer its interest in the Project or this Lease, Landlord shall be released of
any obligations occurring after such transfer (as long as Landlord’s successor assumes such liability), except the obligation to return to Tenant any security deposit not delivered to its transferee, and Tenant shall look solely to
Landlord’s successors for performance of such obligations. This Lease shall not be affected by any such transfer. 
 19. ESTOPPEL
CERTIFICATE. Each party shall, as soon as reasonably practical but in no event beyond twenty-five (25) days of receiving a request from the other party, execute, acknowledge in recordable form, and deliver to the other party or its
designee a certificate stating, subject to a specific statement of any applicable exceptions, that the Lease as amended to date is in full force and effect, that the Tenant is paying Rent and other charges on a current basis, and that to the best of
the knowledge of the certifying party, the other party has committed no uncured defaults and has no offsets or claims. The certifying party may also be required to state the date of commencement of payment of Rent, the Commencement Date, the
Termination Date, the Base Rent, the current Operating Cost Share Rent, Tax Share Rent and Electrical Cost Share Rent estimates, the status of any improvements required to be completed by Landlord, the amount of any security deposit, and such other
matters as may be reasonably requested. 
 20. SECURITY DEPOSIT. [Intentionally Deleted.] 
  

 20 

 21. FORCE MAJEURE. Neither party shall be in default under this Lease to the extent such
party is unable to perform any of its obligations on account of any strike or labor problem, energy shortage, governmental pre-emption or prescription, national emergency, or any other cause of any kind beyond the reasonable control of such party
(“Force Majeure’”). This paragraph does not, however, apply to any monetary obligations “under this Lease, including Tenant’s obligation to pay Rent and insure the Premises. 
 22. LANDLORD’S DEFAULT. If Landlord fails to perform its obligations under this Lease and such failure continues for a period of
thirty (30) days following the date of Tenant’s written notice to Landlord specifying such default (or such longer period as may be reasonably necessary to cure such default, as long as Landlord continues to exercise reasonable efforts to
cure same) then in such event Tenant may perform same. In such event Landlord will reimburse Tenant for all third party costs actually incurred by Tenant to cure such default and, if Landlord fails to pay same within thirty (30) days following
the date of Tenant’s notice specifying such costs and including copies of all relevant invoices therefor, then Tenant may offset same against Rent next becoming due thereafter. In no event, however, will Tenant have any right to terminate this
Lease for any default by Landlord, except as provided on Appendix C. Tenant may act sooner in the event of an emergency involving imminent risk of death, personal injury and property damage as long as Tenant has first taken reasonable measures to
notify Landlord, and, once the emergency has come under control, permits Landlord to control any remaining corrective measures. 
 23.
NOTICES. All notices, consents, approvals and similar communications to be given by one party to the other under this Lease, shall be given in writing, mailed or personally delivered as follows: 
 A. Landlord. To Landlord as follows: 
 CarrAmerica Realty, L.P. 
 c/o Carr America Realty Corporation 
 14901 Quorum Drive, Suite 100 
 Dallas, Texas
75240 
 Attn: William H. Vanderstraaten 
 with a copy to: 
 CarrAmerica Realty Corporation 
 1700 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20006 
 Attn: Lease Administration 
 or to such other person at such
other address as Landlord may designate by notice to Tenant. 
 B. Tenant. To Tenant as follows: 
 c/o HFS Mobility Services, Inc. 
 40 Apple
Ridge Road 
 Danbury, Connecticut 06810 
 Attn: Director of Real Estate Facilities 
 with copies to: 
 HFS Real Estate Division 
 HFS Incorporated

 6 Sylvan Way 
 Parsippany, New
Jersey 07054-0278 
 Attn: Senior Vice President and General Counsel 
 and 
 Battle Fowler LLP 
 75 East 55th Street 
 New York, New York 10032

 Attention: Bradley A. Kaufman, Esq. 
 or to
such other person at such other address as Tenant may designate by notice to Landlord. 
  

 21 

 Mailed notices shall be sent by United States certified mail, or by a reputable national overnight
courier service, postage prepaid. Mailed notices shall be deemed to have been given on the date of first attempted delivery. 
 24.
QUIET POSSESSION. So long as no default has occurred beyond any applicable notice period and Landlord has not exercised its termination rights hereunder, Tenant shall enjoy peaceful and quiet possession of the Premises against any party
claiming through the Landlord. 
 25. REAL ESTATE BROKER. Each party represents to the other that such party has not dealt with
any real estate broker with respect to this Lease except for any broker(s) listed in the Schedule, and no other broker is in any way entitled to any broker’s Fee or other payment in connection with this Lease. Landlord agrees to pay any
commissions owed to the brokers identified in such Schedule pursuant to a separate written agreement with such brokers. Each party shall indemnify and defend the other against any claims by any other broker or third party for any payment of any kind
in connection with this Lease attributable to the acts of such party. 
 26. MISCELLANEOUS. 
 A. Successors and Assigns. Subject to the limits on Tenant’s assignment contained in Section 17, the provisions of this Lease shall be
binding upon and inure to the benefit of all successors and assigns of Landlord and Tenant. 
 B. Date Payments Are Due. Except for
Base Rent, estimated payments of Additional Rent and other payments to be made by Tenant under this Lease which are due upon demand, Tenant shall pay to Landlord any amount for which Landlord renders a statement of account within thirty
(30) days of Tenant’s receipt of Landlord’s statement. 
 C. Meaning of “Landlord”, “Re-Entry,
“including” and “Affiliate”. The term “Landlord” means only the owner of the Project and the lessor’s interest in this Lease from time to time. The words “re-entry” and “re-enter” are not
restricted to their technical legal meaning. The words “including” and similar words shall mean “without limitation.” The word “affiliate” shall mean a person or entity controlling, controlled by or under common control
with the applicable entity, “Control” shall mean the power directly or indirectly, by contract or otherwise, to direct the management and policies of the applicable entity. 
 D. Time of the Essence. Time is of the essence of each provision of this Lease. 
 E. No Option. This document shall not be effective for any purpose until it has been executed and delivered by both parties; execution and
delivery by one party shall not create any option or other right in the other party. 
 F. Severability. The unenforceability of any
provision of this Lease shall not affect any other provision, 
 G. Governing Law. This Lease shall be governed in all respects by the
laws of the state in which the Project is located, without regard to the principles of conflicts of laws. 
 H. Lease Modification.
Tenant agrees to modify this Lease in any way reasonably requested by a mortgagee which does not cause increased expense or obligation to Tenant or otherwise adversely affect Tenant’s interests under this Lease. 
  

 22 

 I. No Oral Modification. No modification of this Lease shall be effective unless it is a written
modification signed by both parties. 
 J. Landlord’s Right to Cure. If Landlord breaches any of its obligations under this
Lease, Tenant shall notify Landlord in writing and shall take no action respecting such breach so long as Landlord immediately begins to cure the breach and diligently pursues such cure to its completion. Landlord may cure any default by Tenant; any
expenses incurred shall become Additional Rent due from Tenant on demand by Landlord. 
 K. Captions. The captions used in this Lease
shall have no effect on the construction of this Lease. 
 L. Authority. Landlord and Tenant each represents to the other that it has
full power and authority to execute and perform this Lease. 
 M. Landlord’s Enforcement of Remedies. Landlord may enforce any of
its remedies under this Lease either in its own name or through an agent. 
 N. Entire Agreement. This Lease, together with all
Appendices, constitutes the entire agreement between the parties. No representations or agreements of any kind have been made by either party which are not contained in this Lease. 
 O. Landlord’s Title. Landlord’s title shall always be paramount to the interest of the Tenant, and nothing in this Lease shall empower
Tenant to do anything which might in any way impair Landlord’s title. 
 P. Light and Air Rights. Landlord does not grant in this
Lease any rights to light and air in connection with Project. Landlord reserves to itself, the Land, the Building below the improved floor of each floor of the Premises, the Building above the ceiling of each floor of the Premises, the exterior of
the Premises and the areas on the same floor outside the Premises, along with the areas within the Premises required for the installation and repair of utility lines and other items required to serve other tenants of the Building. 
 Q. Singular and Plural. Wherever appropriate in this Lease, a singular term shall be construed to mean the plural where necessary, and a plural
term the singular. For example, if at any time two parties shall constitute Landlord or Tenant, then the relevant term shall refer to both parties together. 
 R. No Recording by Tenant. Tenant shall not record in any public records any memorandum or any portion of this Lease. 
 S. Exclusivity. Landlord does not grant to Tenant in this Lease any exclusive right except the right to occupy its Premises. 
 T. No Construction Against Drafting Party. The rule of construction that ambiguities are resolved against the drafting party shall not apply to this Lease. 
 U. Survival. All obligations of Landlord and Tenant under this Lease shall survive the termination of this Lease. 
 V. Rent Not Based on Income. No rent or other payment in respect of the Premises shall be based in any way upon net income or profits from the
Premises. Tenant may not enter into or permit any sublease or license or other agreement in connection with the Premises which provides for a rental or other payment based on net income or profit. 
 W. Building Manager and Service Providers. Landlord may perform any of its obligations under this Lease through its employees or third parties
hired by the Landlord. 
 X. Late Charge and Interest on Late Payments. Without limiting the provisions of Section 12A, if Tenant
fails to pay any installment of Rent or other charge to be paid by Tenant 

  

 23 

 
pursuant to this Lease when same becomes due and payable, then Tenant shall pay a late charge equal to two percent (2%) of the amount due if not paid by
the due date, or, if not paid within five (5) business days following written notice, then five percent (5%) of the amount due. In addition, interest shall be paid by Tenant to Landlord on any late payments of Rent made after five
(5) business days from the date due at the rate provided in Section 2D(2) from the date due until paid. Such late charge and interest shall constitute additional Rent due and payable by Tenant to Landlord upon the date of payment of the
delinquent payment referenced above. 
 27. UNRELATED BUSINESS INCOME. If Landlord is advised by its counsel at any time that
any part of the payments by Tenant to Landlord under this Lease may be characterized as unrelated business income under the United States Internal Revenue Code and its regulations, then Tenant shall enter into any amendment proposed by Landlord to
avoid such income, so long as the amendment does not require Tenant to make more payments or accept fewer services from Landlord, than this Lease provides and is otherwise in form reasonably acceptable to Tenant. 
 28. HAZARDOUS SUBSTANCES. Landlord certifies to Tenant that, to Landlord’s current actual knowledge, there are no Hazardous Substances
located at the Project, except as disclosed in Landlord’s environmental report or Hazardous Substances customarily used in the operation of comparable office buildings (e.g., janitorial supplies). Landlord shall not, except as aforesaid,
dispose of any Hazardous Substances in or near the Project. Landlord shall take all measures, consistent with those taken by the owners of other office buildings similar and within proximity to the Project, to prohibit other tenants from disposing
of Hazardous Substances, but Landlord will have no liability should any such tenant dispose of same in violation of its lease or otherwise. Tenant shall not cause or permit any Hazardous Substances to be brought upon, produced, stored, used,
discharged or disposed of in or near the Project unless Landlord has consented to such storage or use in its sole discretion. Tenant has no responsibility for any Hazardous Substances brought upon, produced, stored, used, discharged or disposed of
in or near the Project, except by Tenant or its employees, agents and affiliates. “Hazardous Substances” include those hazardous substances described in the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended, 42 U.S.C. Section 9601 et seq., the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Section 6901 et seq., any other applicable federal, state or local law, and the regulations adopted under these laws. If
any lender or governmental agency shall require testing for Hazardous Substances in the Premises, Tenant shall pay for such testing. 
 29. EXCULPATION. Landlord shall have no personal liability under this Lease; its liability shall be limited to its interest in the Project (including the income and proceeds therefrom), and shall not extend to any other
property or assets of the Landlord. In no event shall any officer, director, employee, agent, shareholder, partner, member or beneficiary of Landlord be personally liable for any of Landlord’s obligations hereunder. 
 30. WAIVER OF CONSUMER RIGHTS. TENANT ACKNOWLEDGES THAT TENANT IS A “BUSINESS CONSUMER” FOR PURPOSES OF THE TEXAS DECEPTIVE TRADE
PRACTICES ACT, BUT SHOULD SUCH DETERMINATION BE HELD OTHERWISE BY A FINAL JUDGMENT OF A COURT OF COMPETENT JURISDICTION THE FOLLOWING SHALL APPLY: TENANT WAIVES ALL OF TENANT’S RIGHTS UNDER THE DECEPTIVE TRADE PRACTICES - CONSUMER PROTECTION
ACT, SECTION 17.41 ET SEQ., BUSINESS AND COMMERCE CODE, A LAW THAT GIVES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS. AFTER CONSULTATION WITH AN ATTORNEY OF TENANT’S OWN SELECTION, TENANT VOLUNTARILY CONSENTS TO THE FOREGOING WAIVER. 

LANDLORD AND TENANT EXPRESSLY DISCLAIM ANY IMPLIED WARRANTY THAT THE PREMISES ARE SUITABLE FOR TENANT’S INTENDED COMMERCIAL PURPOSE, AND TENANT’S OBLIGATION
TO PAY RENT HEREUNDER IS NOT DEPENDENT UPON THE CONDITION OF THE PREMISES OR THE PERFORMANCE BY LANDLORD OF ITS OBLIGATIONS HEREUNDER, AND, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, TENANT SHALL CONTINUE TO PAY THE RENT, WITHOUT ABATEMENT,
SETOFF, DEDUCTION, NOTWITHSTANDING ANY BREACH BY LANDLORD OF ITS DUTIES OR OBLIGATIONS HEREUNDER, WHETHER EXPRESS OR IMPLIED. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Lease. 
  

					
	 LANDLORD:
  

	 CARRAMERICA REALTY, L.P.,
 a Delaware
limited partnership

		
	By:	 	 CarrAmerica Realty GP Holdings, Inc.
 its
general partner

			
		 	By:	 	/s/ Brian K. Fields
		 	Print Name: Brian K. Fields
		 	Print Title:   Chief Financial Officer

  

			
	TENANT:
	
	 HFS, INCORPORATED,
 a Delaware
corporation

		
	By:	 	/s/ Paul M. McNicol
	Print Name: Paul M. McNicol
	Print Title:   Senior Vice President

  

 25

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