Document:

NEWS ALERT, INC.
                  WEB SITE LINKING AND DATA SERVICES AGREEMENT
--------------------------------------------------------------------------------

This Web Site Linking and Data Services Agreement ("Agreement"), dated as August
1, 2000 ("Effective Date"), is made and entered into by and between News Alert,
Inc., a New Jersey corporation having a business address at 108 East 31st New
York, NY 10016 ("News Alert"), and WealthHound. com., it's heirs, successors and
assigns, a corporation having a business address at 42 Broadway, Suite 1730, New
York NY 10004 ("WealthHound").

                                   WITNESSETH:

WHEREAS, News Alert is in the business of offering real time news, market data,
research reports, news searching and alerting, via the World Wide Web to
individual users, or via cobranding and private labeling agreements to other
commercial Web sites, where such sites are advertising or subscription
supported;

WHEREAS, News Alert desires to make available to WealthHound's Users, its
Web-based Data and Data Services via linking to News Alert's Web site;

WHEREAS, WealthHound is the owner or licenser of a certain advertising or
subscription supported service on its Web site, known as WealthHound, which is
accessible through a URL www.WealthHound.com.

WHEREAS, WealthHound desires to make available to WealthHound's Users, News
Alert's Web-based Data and Data Services via linking to News Alert's Web site;

NOW, THEREFORE, in consideration of the premises and the mutual promises
contained herein, News Alert and WealthHound, intending to be legally bound,
agree as follows:

                                   SECTION 1

                                   DEFINITIONS

When used in this Agreement, the capitalized terms listed below shall have the
following meanings:

1.1 "DATA" means the information and records collected, processed, or compiled
by News Alert, for its Web site and for the Co-branded site, that may be
received from third-party Content Providers, as described in EXHIBIT 1 hereto.

1.2 "DATA SERVICES" means the provision of Data to Users and other services to
Users provided by News Alert through the Co-branded Site, as described in
EXHIBIT 2 hereto.

<PAGE>

1.3 "WEB SITE" means a commercial site on the World Wide Web portion of the
Internet.

1.4 "USER" means a correspondent or other customer of WealthHound that either
visits the WealthHound's Web site or enters into some form of subscriber
agreement in order to obtain Data Services through WealthHound's Web Site from
the Co-branded Site for internal business purposes.

1.5 "CONTENT PROVIDER" means original licensor of proprietary Data, which News
Alert is licensed to display on its Web Site and on the Co-branded Site.

1.6 "CO-BRANDED SITE"- means the version of the News Alert Web site that will be
created for WealthHound Users and operated by News Alert, as described herein.

1.7 "GROSS SALES" - is defined as the advertising revenue generated from the
Co-branded Site, less any Advertising Agency Discounts.

1.8 "GROSS ADVERTISING REVENUE" - is defined as the advertising revenue
generated from the Co-branded Site, less any Advertising Agency Discounts, Ad
Serving Charges, and Sales Commissions. Sales Commissions to News Alert
employees is not an allowable deduction in determining Gross Advertising
Revenues.

1.9 "NET ADVERTISING REVENUE" - is defined as the Gross Advertising Revenue less
content costs (solely those attributable to third party content providers under
this agreement)

1.10 "ADVERTISING AGENCY DISCOUNTS" - means the fees (typically 15%) that
advertising agencies charge their clients for placing media buys on behalf of
those clients.

1.11 "CONFIDENTIAL INFORMATION" - means information or data related to one
party's business that is designated as confidential or that, by the nature of
the information or the circumstances surrounding its disclosure, ought in good
faith to be treated as proprietary or confidential. Confidential Information
includes, but is not limited to, business strategies, concepts, ideas, know how,
discoveries, inventions, trade secrets, technical development plans, designs,
personnel information, financial information, marketing programs, and customers.

                                       2
<PAGE>

                                   SECTION 2

                       NEWS ALERT SERVICES AND OBLIGATIONS

2.1      GRANT OF LICENSE. In connection with the provision of Data Services to
         Users, News Alert hereby grants to WealthHound, and WealthHound
         accepts, the nonexclusive right and license to (1) establish a
         hypertext link on WealthHound's Web Site (the "Link") , which shall
         link electronically WealthHound's Web Site to Co-branded Site; (2) to
         use and allow its Users to use the Data Service functions specified in
         EXHIBIT 2 hereto; and (3) to use and publicly display the specific
         content specified in EXHIBIT 1 hereto.

2.2      MAINTENANCE OF NEWS ALERT'S HOST AND WEB SITE. News Alert shall
         maintain and implement facilities and equipment and programming,
         including data communication facilities and Internet connections,
         collectively making up the host data center and the Co-branded Site, as
         necessary to collect and maintain the Data and to provide the Data
         Services to WealthHound's Users. News Alert shall use reasonable
         commercial efforts to ensure that Co-branded Site is operational on a
         continuous basis. In connection therewith, News Alert shall, at a
         minimum, take the following actions:

         a.       Plan for, provide, maintain, operate, and manage the
                  Co-branded Site and the host data center, including space,
                  equipment, utilities, and personnel.

         b.       Plan for acquire, install, maintain, repair, operate, manage,
                  and expand, improve, or replace the hardware as necessary or
                  appropriate to support and operate the Co-branded Site and the
                  host data center, including any computer systems, direct
                  access storage devices, tape units, communications control
                  units, and associated equipment.

         c.       Plan for, obtain, install, maintain, operate, and enhance the
                  operating system software, languages, utilities, and other
                  system software as necessary or appropriate to support and
                  operate the Co-branded Site and the host data center.

         d.       Maintain the Data, including related data structures; provide
                  back-up measures, recover procedures, file maintenance and
                  expansion, updating, tape storage, management, and control of
                  space utilization; and provide related security and
                  administration for the Co-branded Site.

         e.       Maintain News Alert's proprietary application software on its
                  Web site that is used to present the Data and perform the Data
                  Services

                                       3
<PAGE>

         f.       Establish and administer change controls, problem resolution
                  management, and provide planning, availability management,
                  performance reporting, implementation procedures, and other
                  controls for the Co-branded Site.

         g.       Provide library maintenance, printing and output services and
                  supplies, management and administration, and such other
                  resources as may be reasonably necessary for the execution,
                  operation, maintenance, repair, and delivery of the Data
                  Services.

         h.       Use commercially reasonable efforts to maintain security of
                  the Co-branded Site and prevent unauthorized access to
                  information regarding Users, including, without limitation,
                  use of data encryption and other security techniques.

2.3      CO-BRANDED SITE LOOK AND FEEL. WealthHound has the option to request
         News Alert to make HTML changes to incorporate WealthHound's logos and
         icons with the Data, as long as such changes do not require any changes
         to the underlying templates and Data presentation. Such changes will be
         mutually agreed upon by both parties.

2.4      CO-BRANDED SITE COMPATIBILITY. News Alert shall bear full
         responsibility for related software and equipment at its location and
         for assuring that such software and equipment is compatible with the
         version of HTML used at WealthHound's Web Site.

2.5      UNDERLYING DATA CONTRACTS. News Alert shall enter into and maintain
         third-party agreements with Content Providers for receiving, archiving
         and presentation of their licensed Data to WealthHound's Users.

2.6      ADVERTISING.

         a.       At WealthHound's discretion, an advertising based model may be
                  substituted upon WealthHounds request. Upon WealthHound's
                  request, an advertising based contract will be presented by
                  NewsAlert for signature.

         b.       NewsAlert agrees to WealthHound's request of the right to
                  except or deny any advertisement placed on WealthHound's
                  co-branded site directly or indirectly.

         c.       NewsAlert agrees to provide WealthHound 200,000 free
                  advertising banner impressions on our network of financial
                  sites, that can be used at the discretion of the WealthHound,
                  but must be used entirely within the first contract year.

2.7      NEWS ALERT AND WEALTHHOUND IDENTIFICATION. News Alert will place on all
         pages of the Co-branded site the appropriate News Alert marks and
         copyrights.

                                       4
<PAGE>

         These marks and copyrights will be linked to the NewsAlert home site.
         News Alert will place on all pages of the Co-branded site the
         appropriate WealthHound's marks and copyrights and a link to the
         WealthHound's designated Web pages, the extent and format to be
         mutually agreed upon by both parties.

2.8      REPORTING AND AUDITS. News Alert's records shall be used as the basis
         for computing amounts due WealthHound by News Alert, and/or amounts due
         News Alert by WealthHound, News Alert shall maintain reasonably
         complete and accurate books and records as reasonably necessary to
         support and document these amounts due. At WealthHound's expense,
         WealthHound shall be entitled, on reasonable advance notice to News
         Alert, to audit the books and records related to the Co-branded Site
         once per year, and News Alert will cooperate in good faith with such an
         audit.

2.9      SECURITIES EXCHANGE COMPLIANCE. News Alert will properly file and
         submit all documents and reports necessary to comply with the various
         Securities Exchanges regulations

                                       5
<PAGE>

                                   SECTION 3

                             WEALTHHOUND OBLIGATIONS

3.1      EXCLUSIVITY. WealthHound will be restricted from entering into
         agreements with other parties to provide similar Data and Data Services
         via linking to a co-branded site provided by such parties during the
         period of this agreement specific to website content format.

3.2      MAINTENANCE OF WEALTHHOUND'S COMMUNICATION SYSTEM AND WEB SITE.
         WealthHound shall maintain and implement computer facilities, equipment
         and programming, including data communication facilities and Internet
         connections, as necessary to maintain WealthHound's Web Site and the
         Link. WealthHound shall use reasonable commercial efforts to ensure
         that WealthHound's Web Site is operational on a continuous basis.

3.3      TELEPHONE ASSISTANCE PROVIDED TO USERS. WealthHound shall maintain a
         help desk for Users and News Alert, which will be staffed by
         knowledgeable employees capable of providing assistance regarding the
         Link and WealthHound's Web Site. Such telephone assistance shall be
         available during normal hours.

3.4      WEB SITE DESIGN. WealthHound shall provide all header/footer/sidebar
         templates and graphics required for incorporation by News Alert into
         the pages being hosted by News Alert.

3.5      PROMOTION. WealthHound shall make best efforts to promote the Data
         Service and to provide adequate recognition to News Alert in its
         advertisements, brochures, press releases, as well as through its
         customary and ordinary means for promoting use of WealthHound's Web
         site to its audience.

3.6      REFERENCE. WealthHound gives full authorization to News Alert to use
         WealthHound's name as a reference account in its correspondence and
         promotional literature, as long as such reference does not disclose the
         financial particulars of this Agreement.

3.7      UNDERLYING DATA CONTRACTS

         a.       The WealthHound hereby agrees to be bound by the Content
                  Providers' restrictions in terms of specific use and
                  presentation of the Data, as defined in their agreements with
                  News Alert, and as specifically listed in EXHIBIT 4 herein.

         b.       For certain content from specific Content Providers as defined
                  in EXHIBIT 1, WealthHound will be required and agrees to
                  execute license agreements

                                       6
<PAGE>

                  with these Content Providers directly in order to permission
                  News Alert to host this Data on its site on behalf of
                  WealthHound.

                                   SECTION 4

                             PRICE AND PAYMENT TERMS

4.1      FEES.

         a.       News Alert shall pay to WealthHound a co-branding fee for the
                  advertising revenues received by News Alert resulting from the
                  rights and licenses granted to WealthHound herein in
                  accordance with the Royalty Schedule and the other terms and
                  conditions set forth in EXHIBIT 3.

         b.       WealthHound shall pay News Alert any minimum charges due in
                  accordance with the Royalty Schedule and other terms and
                  conditions set forth in EXHIBIT 3.

4.2      PAYMENT.

         a.       News Alert shall pay to WealthHound all amounts accruing with
                  respect to cobranding fees due in each calendar month, as set
                  forth in EXHIBIT 3, within 45 days after the close of such
                  month.

         b.       WealthHound shall pay to News Alert minimum charges set forth
                  in EXHIBIT 3 on the first day of each calendar month.

         c.       Upon signature of contract WealthHound will agree to pay 1st
                  payment of $3,500.00

4.3      NO OTHER PAYMENT, ETC. Except as expressly provided in this Agreement,
         neither party shall be entitled to any payment, cost reimbursement, or
         other compensation from the other party in respect of its performance,
         and each party shall bear all its own expenses incurred in rendering
         performance, including facilities, work space, utilities, management,
         communications, clerical, supplies, and the like. This does not include
         specific equipment or programming enhancements requested by WealthHound
         from News Alert and mutually agreed to in writing, for which
         WealthHound shall pay News Alert within 30 days of invoicing.

                                       7
<PAGE>

                                   SECTION 5

                             PROPRIETARY PROTECTION

5.1      OWNERSHIP OF DATA. News Alert shall be the sole owner of all the Link
         Content and Data, except as defined by agreements with Content
         Providers for Data described in EXHIBIT 1, including associated
         intellectual property rights, provided to or accessed by WealthHound or
         Users pursuant to this Agreement. News Alert claims U. S. and foreign
         copyright ownership with respect to the Data as compilations and
         expressions of distinctive and creative formats. It is News Alert's
         practice to place copyright notices and/or other proprietary legends in
         report forms and Data provided to Users. WealthHound shall provide for
         the transmission of such notices and legends to the Users in the form
         and manner in which they are provided by News Alert. WealthHound's
         rights in the Link Content and Data are limited to the rights and
         licenses set forth in Section 2.1 herein.

5.2      USER INFORMATION. News Alert shall hold all information concerning the
         Users in strict confidence and shall not use such information or
         disclose such information to any third party without the prior written
         consent of WealthHound, except as necessary to provide Data Services to
         such Users.

                                   SECTION 6

                     WARRANTIES AND LIMITATION OF LIABILITY

6.1      NEWS ALERT REPRESENTATIONS AND WARRANTIES. News Alert represents and
         warrants that: (a) it has registered the domain name of its Web Site
         with all applicable authorities and possesses all rights necessary to
         use, and grant to WealthHound a license to use, such domain name (b)
         the Link Content, the Data, the Data Service and the content available
         at the Co-branded Site will not infringe upon any patent, trademark,
         copyright or trade secrets of any third party, or otherwise violate any
         law or government regulation; (c) the Link Content, the Data, the Data
         Service and the content available at the Co-branded Site will not
         contain any material which will be libelous or otherwise injurious or
         in violation of any right of privacy or any other proprietary or
         legally protected right of any third party; (d) this Agreement is
         permitted by, and does not conflict or in any way violated any other
         agreement to which News Alert is a party; and (e) News Alert has the
         full right and authority to enter into and to perform its obligations
         under this Agreement.

6.2      WEALTHHOUND REPRESENTATIONS AND WARRANTIES. WealthHound represents and
         warrants that: (a) this Agreement is permitted by, and does not
         conflict or in any

                                       8
<PAGE>

         way violate any other agreement to which WealthHound is a party; and
         (b) WealthHound has the full right and authority to enter into and to
         perform its obligations under this Agreement.

6.3      LIMITATION OF LIABILITY. Except for each party's indemnity obligations
         set forth in Section 7 below, in no event shall either party be liable
         to the other party for special, exemplary, punitive, consequential or
         incidental damages, including lost profits, even if advised of the
         possibility of such damages, in any manner arising out of this
         Agreement or the breach of any term, covenant, representation, warranty
         or obligation contained herein.

                                   SECTION 7

                                 INDEMNIFICATION

7.1      INDEMNIFICATION BY NEWS ALERT. News Alert hereby indemnifies and holds
         WealthHound and its Affiliates, directors, officers and employees
         harmless against any and all penalties, damages, costs, judgments,
         attorney's fees or any other expenses incurred in connection with (a)
         claims by any person or entity with respect to the Co-branded site; and
         (b) any breach by News Alert of the terms, representations and
         warranties set forth in this Agreement.

7.2      INDEMNIFICATION BY WEALTHHOUND. WealthHound hereby indemnifies and hold
         News Alert and its Affiliates, directors, officers and employees
         harmless against any and all penalties, damages, costs, judgments,
         attorneys' fees or any other expenses incurred in connection with (a)
         claims against News Alert by any person or entity in connection with
         WealthHound's provision of or inability to provide access to the Data
         Services, except for any claims for which News Alert has agreed to
         indemnify WealthHound as set forth in Section 7.1 herein; and (b)
         claims against News Alert by any person or entity in connection with
         elements of the WealthHound's Web Site, other than those related to the
         Co-branded Site; and (c) any breach by WealthHound of the terms,
         representations and warranties set forth in this Agreement.

7.3      INDEMNIFIAHLE CLAIMS. The party to be indemnified hereunder shall (i)
         promptly notify the indemnifying party in writing of any indemnifiable
         claim and give such party the opportunity to defend or negotiate a
         settlement of the claim at the indemnifying party's expense, and (ii)
         cooperate fully with the indemnifying party, at the indemnifying
         party's expense, in defending or settling the claim.

                                       9
<PAGE>

                                   SECTION 8

                              TERM AND TERMINATION

8.1      INITIAL TERM AND RENEWALS. The initial term of this Agreement shall be
         two (2) years from the Effective Date. Either party may terminate this
         agreement on the first anniversary of the Effective Date by giving 60
         calendar days. In the event no written notice is given, this agreement
         shall be deemed to have been renewed to the end of the two (2) years,
         unless so terminated by mutual consent of the parties expressed in
         writing.

8.2      TERMINATION. This Agreement may be terminated by either party upon the
         material breach by the other party of any of such other party's
         obligations hereunder, which breach has not been cured within 45 days
         after the breaching party has received notice thereof.

8.3      EFFECT OF TERMINATION. Notwithstanding the termination of this
         Agreement for any reason, (1) the rights and duties of the parties
         under Sections 5, 6, and 7 shall survive such termination and remain in
         full force and effect; (2) all fees earned through the termination date
         in accordance with Section 4 shall be paid within 30 days of the
         termination date; and (3) all of the rights and duties of the parties
         hereunder shall remain in full force and effect to the extent necessary
         to satisfy outstanding obligations of the parties to Users pursuant to
         any Subscription Agreements then remaining in effect.

                                   SECTION 9

                                  MISCELLANEOUS

9.1      ASSIGNMENT. Neither party may sell, transfer, assign, or subcontract
         any right or obligation set forth in this Agreement without the prior
         written consent of the other party hereto, provided that either party
         shall have the right to assign its rights and obligations hereunder to
         any subsidiary or affiliate or to any entity acquiring such party's
         business upon notice to the other party.

9.2      FORCE MAJEURE. Neither party shall be liable or be deemed to be in
         default for any delay or failure in performance or interruption
         resulting directly or indirectly from any cause or circumstance beyond
         its reasonable control, equipment or telecommunications failure, labor
         dispute, or failure of any third party to perform any agreement that
         adversely affects such party's ability to perform its obligations
         hereunder.

9.3      NOTICE. Any notice required or permitted to be made or given by either
         party hereto pursuant to this Agreement shall, unless the context
         indicates that another means of notice may be appropriate, be in
         writing and shall be sufficiently made or

                                       10
<PAGE>

         given on the date of issuance if sent by such party to the other party
         by mail, telecopy (with operator or machine confirmation of
         transmission) , commercial courier, personal delivery, or a similar
         reliable delivery method, postage or other delivery charges prepaid,
         addressed to such person at address set forth below:

       If to WealthHound :                        WealthHound.com, Inc.
                                                  42 Broadway, Suite 1730
                                                  New York, New York 10004
                                                  Attention: Rebecca J. Brock

       If to News Alert:                          News Alert, Inc.
                                                  108 East 31st. Street
                                                  New York, New York 10016
                                                  Attention:___________________

    Either party may change its address by giving notice to the other party
    stating its desire to so change its address.

9.4      COMPLIANCE WITH LAWS AND REGULATIONS. Each party shall, at its own
         expense, comply with any governmental law, statute, ordinance,
         administrative order, rule, or regulation relating to its duties,
         obligations, and performance under this Agreement and shall procure all
         governmental licenses and pay all fees and other charges required
         thereby.

9.5      GOVERNING LAW. The validity, construction, and performance of all
         contract documents will be governed by the substantive law of the state
         of New York, without regard to its conflict of law provisions.

9.6      ARBITRATION. Any dispute arising under this Agreement shall be finally
         and exclusively resolved by arbitration under the Rules of Arbitration
         of the American Arbitration Association then in effect. The arbitration
         shall be held in New York, NY before an arbitrator with specific
         expertise on the law of the Internet and electronic communications
         matters.

9.7      ENTIRE AGREEMENT; AMENDMENTS IN WRITING. The provisions of this
         Agreement constitute the entire agreement between the parties and
         supersede all prior agreements, oral or written, and all other
         communications relating to the subject matter hereof. No amendment,
         modification, or waiver of any provision of this Agreement shall be
         effective unless it is set forth in a writing that refers to the
         Agreement and the provisions so affected and is executed by authorized
         representatives of both parties.

9.8      SEVERABILITY. If any provision of this Agreement is held by a court of
         competent jurisdiction to be illegal, invalid unenforceable, or
         otherwise contrary to law, the remaining provisions of this Agreement
         shall remain in full force and effect.

                                       11
<PAGE>

9.9      CONFIDENTIALITY. During the term of this Agreement and for a period of
         one year after the termination of this Agreement, neither party shall
         disclose to third parties, or use other than for the purposes of the
         performance obligations described herein, any Confidential Information
         of the other party without the express written consent of the other
         party. In addition, WealthHound and News Alert agree that the terms and
         conditions of this Agreement shall be treated as Confidential
         Information, but that the general existence of this Agreement shall not
         be treated as Confidential Information.

9.10     PUBLIC ANNOUNCEMENTS. Neither party shall issue any press release,
         advertising, or other public announcements concerning its relationship
         with the other party without the approval of the other party, which
         shall not be unduly withheld.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective authorized representatives as of the Effective Date.

NEWS ALERT, INC                              WEATHHOUND, INC.

By:   /s/ Illegible                         By: /s/ Rebecca J. Brock
      ----------------------------              --------------------------------

Title:                                       Title: President
      ----------------------------                 -----------------------------

                                       12Agreement of Lease,  made as of this 28th day of December  1999 between
BRAUN MANAGEMENT,  INC. of 160 Broadway, New York, NY 10038 as agent for BOWLING
GREEN  ASSOCIATES,  L.P.  party of the first  part,  hereinafter  referred to as
OWNER, and WEALTHHOUND,  INC. a Florida Corporation with offices at 42 Broadway,
New York, NY 10004 party of the second part, hereinafter referred to as TENANT.

         Witnesseth:  Owner hereby leases to Tenant and Tenant hereby hires from
Owner Entire 21st and 22nd floors,  as shown on Exhibits A and B annexed  hereto
and hereinafter  referred to as the Demised Premises in the building known as 11
Broadway  in the  Borough  of  Manhattan,  City of New York for the term of. See
Paragraph 37.01 (or until such term shall sooner cease and expire as hereinafter
provided  to  commence  on the ___ day of  ______________  nineteen  hundred and
______________,  and to end on the _______ day of ___________  and See Paragraph
37.01 both dates  inclusive,  at an annual  rental rate of See  Paragraph  37.02
which Tenant  agrees to pay in lawful money of the United  States which shall be
legal tender in payment of all debts and dues,  public and private,  at the time
of payment, in equal monthly  installments in advance on first day of each month
during  said  term,  at the  office  of Owner or such  other  place as Owner may
designate, without any set off or deduction whatsoever, except that Tenant shall
pay the first monthly installments(s) on the execution hereof (unless this lease
be a renewal).

         In the event that, at the  commencement  of the term of this lease,  or
thereafter,  Tenant shall be in default in the payment of rent to Owner pursuant
to the  terms of  another  lease  with  Owner  or with  Owner's  predecessor  in
interest,  Owner may at  Owner's  option  and  without  notice to Tenant add the
amount of such arrears to any monthly  installment of rent payable hereunder and
the same shall be payable to Owner as additional rent.

         The  parties  hereto,  for  themselves,   their  heirs,   distributees,
executors, administrators, legal representatives, successors and assigns, hereby
covenant as follows:

RENT:
----
          1. Tenant shall pay the rent as above and as hereinafter provided

OCCUPANCY:
---------

          2.  Tenant  shall  use  and  occupy  demised   premises  for  General,
administrative  and executive offices of on-line trading and financial  internet
portal and for no other purpose

TENANT ALTERATIONS:
------------------

          3. Tenant  shall make no changes in or to the demised  premises of any
nature  without  Owner's  prior  written  consent.  Subject to the prior written
consent of Owner,  and to the  provisions of this article,  Tenant,  at Tenant's
expense,  may make alterations,  installations,  additions or improvements which
are  non-structural  and which do not affect  utility  services or plumbing  and
electrical  lines,  in or to the  interior  of the  demised  premises  by  using
contractors or mechanics first approved in each instance by Owner. Tenant shall,
before making any alterations,  additions, installations or improvements, at its
expense,  obtain  all  permits,  approvals  and  certificates  required  by  any
governmental bodies and upon completion,  certificates of final approval thereof
and  shall  deliver  promptly  duplicates  of all  such  permits  approvals  and
certificates  to Owner  and  Tenant  agrees  to carry  and will  cause  Tenant's
contractors an  sub-contractors  to carry such workman's  compensation,  general
liability,  personal and property damage insurance as Owner may require.  If any
mechanic's lien is filed against the demised premises,  or the building of which
the same  forms a part,  for work  claimed to have been done for,  or  materials
furnished to,  Tenant,  whether or not done  pursuant to this article,  the same
shall be  discharged  by Tenant  within  thirty  days  thereafter,  at  Tenant's
expense,  by payment or filing the bond  required by law.  All  fixtures and all
paneling, partitions, railings and like installations, installed in the premises
at any  time,  either  by Tenant or by Owner or  Tenant's  behalf,  shall,  upon
installation,  become the  property  of the Owner and shall  remain  upon and be
surrendered with the demised premises unless Owner, by notice to Tenant no later
than  twenty  days prior to the date  fixed as the  termination  of this  lease,
elects to relinquish Owner's right thereto and to have them removed by Tenant in
which event the same shall be removed  from the  premises by Tenant prior to the
expiration of the lease, at Tenant's  expense.  Nothing in this Article shall be
construed  to give  Owner  title  to or to  prevent  Tenant's  removal  of trade
fixtures,  moveable office furniture and equipment, but upon removal of any such
from the premises or upon removal of any other  installations as may be required
by Owner,  Tenant shall  immediately and at its expense,  repair and restore the
premises to the condition  existing prior to installation  and repair any damage
to the demised  premises  or the  building  due to such  removal.  All  property
permitted  or required to be removed by Tenant at the end of the term  remaining
in the premises after Tenant's removal shall be deemed abandoned and may, at the
election of Owner, either be retained as Owner's property or may be removed from
the premises by Owner, at Tenant's expense.

MAINTENANCE AND REPAIRS:
-----------------------

          4. Tenant shall,  throughout the term of this lease, take good care of
the demised  premises and the fixtures and appliances  therein,  Tenant shall be
responsible  for all damage or injury to the demised  premises or any other part
of the  building  and the  systems  and  equipment  thereof,  whether  requiring
structural or  nonstructural  repairs caused by or resulting from  carelessness,
omission,  neglect or improper conduct of Tenant,  Tenant's subtenants,  agents,
employees, invitees or licensees, or which arise out of any work, labor, service
or equipment  done for or supplied to Tenant or any  subtenant or arising out of
the installation, use or operation of the property or equipment of Tenant or any
subtenant.  Tenant  shall also repair all damage to the building and the demised
premises  caused by the moving of Tenant's  fixtures,  furniture and  equipment.
Tenant  shall  promptly  make,  at Tenant's  expense,  all repairs in and to the
demised premises for which Tenant is responsible,  using only the contractor for
the  trade  or  trades  in  question,  selected  from a  list  of at  least  two
contractors  per trade  submitted  by  Owner.  Any  other  repairs  in or to the
building or the facilities  and systems  thereof for which Tenant is responsible
shall be  performed by Owner at the Tenant's  expense.  Owner shall  maintain in
good working  order and repair the exterior and the  structural  portions of the
building,  including the structural  portions of its demised  premises,  and the
public portions of the building interior and the building plumbing,  electrical,
heating and  ventilating  systems (to the extent such systems  presently

                                       1
<PAGE>

exist) serving the demised premises. Tenant agrees to give prompt notice of any
defective  condition  in  the  premises  for  which  Owner  may  be  responsible
hereunder.  There shall be no  allowance  to Tenant for duration of rental value
and no liability on the part of Owner by reason of  inconvenience,  annoyance or
injury to business  arising from owner or others  making  repairs,  alterations,
additions  or  improvements  or to any  portion  of the  building  or the or the
demised premises or in and to the fixtures,  appurtenances or equipment thereof.
It is  specifically  agreed that  Tenant  shall not be entitled to any setoff or
reduction of rent by reason of any failure of Owner to comply with the covenants
of this or any other  article of this Lease.  Tenant  agrees that  Tenant's sole
remedy at law in such  instance  will be by way of an  action  for  damages  for
breach of contract. The provisions of this Article 4 shall not apply in the case
of fire or other casualty which are dealt with in Article 9 hereof.

WINDOW CLEANING:
---------------

          5.  Tenant  will not clean nor  require,  permit,  suffer or allow any
window in the demised  premises to be cleaned  from the outside in  violation of
Section 202 of the Labor Law or any other  applicable law or of the Rules of the
board of Standards  and Appeals,  or any other Board or body having or asserting
jurisdiction.

REQUIREMENTS OF LAW, FIRE INSURANCE FLOOR LOADS:
-----------------------------------------------

          6. Prior to the  commencement  of the lease term, if Tenant is then in
possession,  and at all times  thereafter,  Tenant,  at  Tenant's  sole cost and
expense,  shall  promptly  comply with all present and future  laws,  orders and
regulations of all state, federal, municipal and local governments, departments,
commissions and boards and any direction of any public officer  pursuant to law,
and  all  orders,   rules  and  regulations  of  the  New  York  Board  of  Fire
Underwriters,  Insurance Services Office, or any similar body which shall impose
any  violation,  order or duty upon Owner or Tenant with  respect to the demised
premises,  whether or not arising out of Tenant's  use or manner of use thereof,
(including  Tenant's  permitted use) or, with respect to the building if arising
out of Tenant's use or manner of use of the premises or the building  (including
the use permitted under the lease).  Nothing herein shall require Tenant to make
structural repairs or alterations unless Tenant has, by its manner of use of the
demised  premises  or method  or  operation  therein,  violated  any such  laws,
ordinances,  orders,  rules,  regulations or requirements  with respect thereto.
Tenant may, after securing  Owner to Owner's  satisfaction  against all damages,
interest,  penalties and  expenses,  including,  but not limited to,  reasonable
attorney's fees, by cash deposit or by surety bond in an amount and in a company
satisfactory  to Owner,  contest and appeal any such laws,  ordinances,  orders,
rules  regulations  or  requirements  provided same is done with all  reasonable
promptness and provides such appeal shall not subject Owner to prosecution for a
criminal offense or constitute a default under any lease or mortgage under which
Owner may be obligated,  or cause the demised premises or any part thereof to be
condemned or vacated.  Tenant shall not do or permit any act or thing to be done
in or to the demised premises which is contrary to law, or which will invalidate
or be in conflict with public liability,  fire or other policies of insurance at
any time  carried by or for the  benefit of Owner  with  respect to the  demised
premises or the  building of which the demised  premises  form a part,  or which
shall or might subject Owner to any liability or responsibility to any person or
for property  damages.  Tenant shall not keep  anything in the demised  premises
except  as now or  hereafter  permitted  by the Fire  Department,  Board of Fire
Underwriters,  Fire Insurance  Rating  Organization  or other  authority  having
jurisdiction,  and  then  only in such  manner  and such  quantity  so as not to
increase the rate for fire  insurance  applicable to the  building,  not use the
premises in an manner which will increase the insurance rate for the building or
any property  located  therein over than in effect prior to the  commencement of
Tenant's occupancy.  Tenant shall pay all costs, expenses,  fines, penalties, or
damages, which may be imposed upon Owner by reason of Tenant's failure to comply
with the  provisions  of this  article and if by reason of such failure the fire
insurance rate shall, at the beginning of this lease or at any time  thereafter,
be higher than it otherwise  would be, then Tenant  shall  reimburse  Owner,  as
additional  rent  hereunder,  for that  portion of all fire  insurance  premiums
thereafter  paid by Owner which shall have been charged  because of such failure
by Tenant. In any action or proceeding  wherein Owner and Tenant are parties,  a
schedule or "make-up" of rate for the building or demised premises issued by the
New York Fire  insurance  Exchange,  or other body making fire  insurance  rates
applicable  to said premises  shall be conclusive  evidence of the facts therein
stated and of the several items and charges in the fire insurance  applicable to
said  premises.  Tenant  shall not  place a load  upon any floor of the  demised
premises  exceeding the floor load per square foot area which it was designed to
carry and which is allowed by law.  Owner  reserves the right to  prescribe  the
weight and position of all safes,  business  machines and mechanical  equipment.
Such  installations  shall be placed  and  maintained  by  Tenant,  at  Tenant's
expense,  in  settings  sufficient,  in Owner's  judgment  to absorb and prevent
vibration, noise and annoyance.

SUBORDINATION:
-------------

          7. This lease is subject and  subordinate  to all ground or underlying
leases and to all mortgages which may now or hereafter affect such leases or the
real  property  of  which  demised  premises  are a part  and  to all  renewals,
modifications,   consolidations,   replacements   and  extensions  of  any  such
underlying  leases and  mortgages.  This clause shall be  self-operative  and no
further  instrument  of  subordination  shall  be  required  by  any  ground  or
underlying lessor by any mortgagee,  affecting any lease or the real property of
which the demised  premises are a part. In confirmation  of such  subordination.
Tenant shall from time to time execute  promptly any certificate  that Owner may
request.

PROPERTY LOSS, DAMAGE REIMBURSEMENT INDEMNITY:
---------------------------------------------

          8. Owner or its agents  shall not be liable for any damage to property
of Tenant or of others  entrusted to employees of the building,  nor for loss of
or damage to any property of Tenant by theft or otherwise, nor for any injury or
damage to persons or property  resulting  from any cause of  whatsoever  nature,
unless  caused by or due to the  negligence  of Owner,  its agents,  servants or
employees.  Owner or its agents will not be liable for any such damage caused by
other tenants or persons in, upon or about said building or caused by operations
in construction of any private,  public or quasi public work. If at any time any
windows of the demised premises are temporarily  closed,  darkened or bricked up
(or  permanently  closed,  darkened  or bricked  up, if required by law) for any
reason  whatsoever  including,  but not limited to Owner's own acts. Owner shall
not be liable for any damage Tenant may sustain  thereby and Tenant shall not be
entitled to any  compensation  therefor nor  abatement or diminution of rent nor
shall the same release Tenant from its  obligations  hereunder nor constitute an
eviction.  Tenant shall  indemnify and save harmless  Owner against and from all
liabilities,  obligations,  damages,  penalties,  claims, costs and expenses for
which Owner shall not be reimbursed by insurance, including reasonable attorneys
fees, paid,  suffered or incurred as a result of any breach by Tenant,  Tenant's
agents,  contractors,  employees,  invitees,  or  licensees,  of any covenant or
condition of this lease, or the carelessness,  negligence or improper conduct of
the Tenant,  Tenant's  agents,  contractors,  employees,  invitees or  licensees
Tenant's  liability  under this lease  extends to the acts and  omissions of any
sub-tenant,  and any agent,  contractor,  employee,  invitee or  licensee of any
sub-tenant.  In case any action or proceeding is brought against Owner by reason
of any such claim.  Tenant,  upon written  notice from Owner,  will, at Tenant's
expense, resist or defend such action or proceeding by counsel approved by Owner
in writing, such approval not to be unreasonably withheld.

DESTRUCTION, FIRE AND OTHER CASUALTY:
------------------------------------

          9. (a) If the demised premises or any part thereof shall be damaged by
fire or other casualty,  Tenant shall give immediate notice thereof to Owner and
this lease shall  continue in full force and effect  except as  hereinafter  set
forth (b) If the demised

                                       2
<PAGE>

premises are partially damaged or rendered  partially unusable by fire or other
casualty,  the damages  thereto shall be repaired by and at the expense of Owner
and the rent and other items of  additional  rent,  until such  repair  shall be
substantially  completed,  shall  be  apportioned  from  the day  following  the
casualty  according  to the  part of the  premises  which is  usable  (c) if the
demised  premises  are totally  damaged or rendered  wholly  unusable by fire or
other casualty,  then the rent and other items of additional rent as hereinafter
expressly provided shall be proportionately  paid up to the time of the casualty
and  thenceforth  shall cease until the date when the  premises  shall have been
repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent
shall be apportioned  as provided in subsection  (b) above),  subject to Owner's
right to elect  not to  restore  the same as  hereinafter  provided.  (d) If the
demised  premises  are rendered  wholly  unusable or (whether or not the demised
premises  are damaged in whole or in part) if the  building  shall be so damaged
that Owner shall  decide to demolish it or to rebuild it,  then,  in any of such
events,  Owner may elect to  terminate  this lease by written  notice to Tenant,
given within 90 days after such fire or casualty, or 30 days after adjustment of
the insurance claim for such fire or casualty, whichever is sooner, specifying a
date for the expiration of the lease,  which date shall not be more than 60 days
after the giving of such notice,  and upon the date specified in such notice the
term of this lease shall expire as fully and completely as if such date were the
date set  forth  above  for the  termination  of this  lease  and  Tenant  shall
forthwith quit,  surrender and vacate the premises without prejudice however, to
Landlord's  right and  remedies  against  Tenant under the lease  provisions  in
effect  prior to such  termination,  and any rent owing shall be paid up to such
date and any payments of rent made by Tenant which were on account of any period
subsequent to such date shall be returned to Tenant.  Unless Owner shall serve a
termination  notice as  provided  for  herein,  Owner shall make the repairs and
restorations  under the  conditions of (b) and (c) hereof,  with all  reasonable
expedition,  subject to delays due to  adjustment  of  insurance  claims,  labor
troubles and causes beyond Owner's control. After any such casualty Tenant shall
cooperate with Owner's  restoration by removing from the premises as promptly as
reasonably  possible,   all  of  Tenant's  salvageable  inventory  and  moveable
equipment,  furniture,  and other  property.  Tenant's  liability for rent shall
resume  five (5) days after  written  notice  from Owner that the  premises  are
substantially  ready for Tenant's occupancy.  (e) Nothing contained  hereinabove
shall relieve  Tenant from  liability  that may exist as a result of damage from
fire  or  other  casualty.  Notwithstanding  the  foregoing,  including  Owner's
obligation  to restore  under a  subparagraph  (b) above,  each party shall look
first to any  insurance in its favor before  making any claim  against the other
party for recovery for loss or damage resulting from fire or other casualty, and
to the extent that such insurance is in force and  collectible and to the extent
permitted by law, Owner and Tenant each hereby  releases and waives all right or
recovery  with respect to  subparagraphs  (b),  (d), and (e) above,  against the
other or any one claiming through or under each of them by way of subrogation or
otherwise.  The release and waiver herein referred to shall be deemed to include
any loss or damage to the  demised  premises  and/or to any  personal  property,
equipment,  trade fixtures, goods and merchandise located therein. The foregoing
release and waiver shall be in force only if both releasors'  insurance policies
contain a clause  providing  that such a release or waiver shall not  invalidate
the insurance.  If, and to the extent,  that such waiver can be obtained only by
the payment of additional  premiums,  then the party  benefiting from the waiver
shall shall pay such premium  within ten days after  written  demand or shall be
deemed to have agreed that the party obtaining  insurance coverage shall be free
of any further  obligation under the provisions hereof with respect to waiver of
subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's
furniture  and/or  furnishings  or any fixtures or equipment,  improvements,  or
appurtenances removable by Tenant and agrees that Owner will not be obligated to
repair any damage  thereto or replace  the same.  (f) Tenant  hereby  waives the
provisions  of  Section  227 of the  Real  Property  Law  and  agrees  that  the
provisions of this article shall govern and control in lieu thereof.

EMINENT DOMAIN:
--------------

          10. If the whole or any part of the demised premises shall be acquired
or  condemned  by Eminent  Domain for any public or quasi public use or purpose,
then and in that event,  the term of this lease shall cease and  terminate  from
the date of title vesting in such  proceeding and Tenant shall have no claim for
the value of any  unexpired  term of said lease and  assigns to Owner,  Tenant's
entire  interest  in any such  award.  Tenant  shall  have the  right to make an
independent  claim to the condemning  authority for the value of Tenant's moving
expenses and personal property, trade fixtures and equipment, provided Tenant is
entitled  pursuant  to the  terms of the lease to remove  such  property,  trade
fixture and  equipment  at the end of the term and  provided  further such claim
does not reduce Owner's award.

ASSIGNMENT, MORTGAGE, ETC.:
--------------------------

          11.  Tenant,   for  itself,   its  heirs,   distributees,   executors,
administrators, legal representative, successor and assigns, expressly covenants
that it shall not assign, mortgage or encumber this agreement,  nor underlet, or
suffer or permit the demised  premises or any part thereof to be used by others,
without the prior  written  consent of Owner in each  instance.  Transfer of the
majority of the stock of a corporate Tenant or the majority partnership interest
of a  partnership  Tenant  shall  be  deemed  an  assignment.  If this  lease be
assigned, or if the demised premises or any part thereof be underlet or occupied
by anybody other than Tenant.  Owner may, after default by Tenant,  collect rent
from the assignee,  under tenant or occupant, and apply the net amount collected
to the rent herein reserved, but no such assignment,  underletting, occupancy or
collection  shall be deemed a waiver of this covenant,  or the acceptance of the
assignee,  undertenant  or occupant  as tenant,  or a release of Tenant from the
further  performance  by  Tenant  of  covenants  on the  part of  Tenant  herein
contained.  The consent by Owner to an assignment or  underletting  shall not in
any wise be construed to relieve  Tenant from  obtaining the express  consent in
writing of Owner to any further assignment or underletting.

ELECTRIC CURRENT:
----------------

          12. Rates and conditions in respect to submetering or rent  inclusion,
as the case may be, to be added in RIDER attached  hereto.  Tenant covenants and
agrees  that at all times its use of  electric  current  shall  not  exceed  the
capacity  of  existing   feeders  to  the  building  or  the  risers  or  wiring
installation  and Tenant may not use any electrical  equipment which, in Owner's
opinion,  reasonably  exercised,  will overload such  installations or interfere
with the use thereof by other tenants of the building. The change at any time of
the  character  of  electric  service  shall in no wise  make  Owner  liable  or
responsible  to Tenant,  for any loss,  damages  or  expenses  which  Tenant may
sustain.

ACCESS TO PREMISES:
------------------

          13. Access to Premises.  Owner or Owner's  agents shall have the right
(but shall not be obligated)  to enter the demised  premises in any emergency at
any time, and, at other  reasonable  times, to examine the same and to make such
repairs,   replacements  and  improvements  as  Owner  may  deem  necessary  and
reasonably  desirable  to the demised  premises  or to any other  portion of the
building or which Owner may elect to perform.  Tenant  shall permit Owner to use
and maintain and replace pipes and conduits in and through the demised  premises
and to erect new pipes and conduits  therein  provided they are concealed within
the walls,  floor,  or ceiling.  Owner may,  during  progress of any work in the
demised premises,  make all necessary materials and equipment into said premises
without the same  constituting  an eviction  nor shall the Tenant be entitled to
any  abatement  of rent while  such work is in  progress  nor to any  damages by
reason of loss or  interruption  of business or otherwise.  Throughout  the term
hereof  Owner shall have the right to enter the demised  premises at  reasonable
hours  for the  purpose  of  showing  the  same  to  prospective  purchasers  or
mortgagees of the  building,  and during the last six months of the term for the
purpose of showing the same to prospective  tenants. If Tenant is not present to
open and permit an entry into the demised premises,  Owner or Owner's agents may
enter the same whenever such entry

                                       3
<PAGE>

may be  necessary  or  permissible  by  master  key or  forcibly  and  provided
reasonable care is exercised to safeguard  Tenant's  property,  such entry shall
not  render  Owner or its agents  liable  therefor,  nor in any event  shall the
obligations  of Tenant  hereunder be  affected.  If during the last month of the
term Tenant shall have  removed all or  substantially  all of Tenant's  property
therefrom Owner may immediately enter, alter, renovate or redecorate the demised
premises  without  limitation  or abatement of rent,  or incurring  liability to
Tenant for any  compensation  and such act shall have no effect on this lease or
Tenant's obligations hereunder.

VAULT, VAULT SPACE, AREA:
------------------------

          14.  No  Vaults,  vault  space or area,  whether  or not  enclosed  or
covered,  not within the  property  line of the  building  is leased  hereunder,
anything  contained  in or  indicated  on any  sketch,  blue  print or plan,  or
anything  contained  elsewhere  in this lease to the  contrary  notwithstanding.
Owner makes no  representation  as to the location of the  property  line or the
building.  All vaults and vault space and all such areas not within the property
line of the building,  which tenant may be permitted to use and/or occupy, is to
be used and/or  occupied under a revocable  license,  and if any such license be
revoked, or if the amount of such space or area be diminished or required by any
federal,  state or  municipal  authority or public  utility.  Owner shall not be
subject to any  liability  nor shall Tenant be entitled to any  compensation  or
diminution  or  abatement  of rent,  nor shall such  revocation,  diminution  or
requisition be deemed constructive or actual eviction. Any tax, fee or charge of
municipal authorities for such vault or area shall be paid by Tenant.

OCCUPANCY:
---------

          15. Tenant will not at any time use or occupy the demised  premises in
violation of the  certificate of occupancy  issued for the building of which the
demised premises are a part.  Tenant has inspected the premises and accepts them
as is,  subject to the riders  annexed  hereto with respect to Owner's  work, if
any. In any event,  Owner makes no  representation  as to the  condition  of the
premises and Tenant agrees to accept the same subject to violations,  whether or
not of record.

BANKRUPTCY:
----------

          16.  (a)   Anything   elsewhere   in  this   lease  to  the   contrary
notwithstanding,  this  lease  may be  cancelled  by Owner by the  sending  of a
written notice to Tenant within a reasonable time after the happening of any one
or more of the following events: (1) the commencement of a case in bankruptcy or
under the laws of any state  naming  Tenant as the debtor;  or (2) the making by
Tenant of an  assignment or any other  arrangement  for the benefit of creditors
under any state statute. Neither Tenant nor any person claiming through or under
Tenant,  or by reason of any  statute  or order of court,  shall  thereafter  be
entitled to  possession  of the premises  demised but shall  forthwith  quit and
surrender the premises.  If this lease shall be assigned in accordance  with its
terms,  the provisions of this Article 16 shall be applicable  only to the party
then owning  Tenant's  interest in this lease.  (b) it is stipulated  and agreed
that in the event of the termination of this lease pursuant to (a) hereof, Owner
shall  forthwith,  notwithstanding  any other  provisions  of this  lease to the
contrary,  be entitled to recover from Tenant as and for  liquidated  damages an
amount  equal to the  difference  between the rent  reserved  hereunder  for the
unexpired  portion of the term demised and the fair and reasonable  rental value
of the demised premises for the same period.  In the computation of such damages
the difference  between any installment of rent becoming due hereunder after the
date of  termination  and the fair and  reasonable  rental  value of the demised
premises  for the  period  for  which  such  installment  was  payable  shall be
discounted  to the  date of  termination  at the rate of four  percent  (4%) per
annum.  If such  premises  or any part  thereof  be  re-let by the Owner for the
unexpired term of said lease, or any part thereof,  before presentation of proof
of such liquidated damages to any court,  commission or tribunal,  the amount of
rent reserved upon such re-letting shall be deemed to be the fair and reasonable
rental value for the part or the whole of the premises so re-let during the term
of the re-letting.  Nothing herein  contained shall limit or prejudice the right
of the Owner to prove for and  obtain as  liquidated  damages  by reason of such
termination,  an amount  equal to the maximum  allowed by any statute or rule of
law in effect,  at the time when, and governing the  proceedings in which,  such
damages are to be proved,  whether or not such  amount be greater,  equal to, or
less than the amount of the difference referred to above.

DEFAULT:
-------

          17. (a) If Tenant  defaults in fulfilling any of the covenants of thsi
lease other than the covenants for the payment of rent or additional rent; or if
the  demised  premises  become  vacant  or  deserted;  or if  any  execution  or
attachment shall be issued against Tenant or any of Tenant's property  whereupon
the demised premises shall be taken or occupied by someone other than tenant; or
if this lease be rejected under ss. 235 of Title 11 of the U.S. Code (bankruptcy
code),  or if Tenant shall fail to move in or to take possession of the premises
within thirty (30) days after the commencement of the term of this lease,  then,
in any one or more of such  events,  upon Owner  serving a written  fifteen (15)
days  notice  upon  Tenant  specifying  the nature of such  default and upon the
expiration of said fifteen (15) days, if Tenant shall have failed to comply with
or remedy such default,  or if the said default or omission  complained of shall
be of a nature that the same cannot be completely  cured or removed  within said
fifteen  (15) day  period,  and if Tenant  shall not have  diligently  commenced
during such  default,  then Owner may serve a written  five (5) days'  notice of
cancellation of this lease upon Tenant, and upon the expiration of said five (5)
days  this  lease  and the term  thereunder  shall  end and  expire as fully and
completely as if the  expiration of such five (5) day period were the day herein
definitely  fixed (or the end and  expiration of this lease and the term thereof
and Tenant  shall then quit and  surrender  the  demised  premises  to Owner but
Tenant shall remain liable as hereinafter provided.

         (2) If the notice provided for in (1) hereof shall have been given, and
the term shall  expire as  aforesaid;  or if Tenant  shall  make  default in the
payment  of the rent  reserved  herein  or any term of  additional  rent  herein
mentioned or any part of either or in making any other payment herein  required;
then and in any of such events  Owner may without  notice,  re-enter the demised
premises  either  by  force or  otherwise,  and  dispossess  Tenant  by  summary
proceedings  or  otherwise,  and the  legal  representative  of  Tenant or other
occupancy of demised  premises and remove their effects and hold the premises as
if the lease had not bee made, and Tenant hereby waives the service of notice of
intention to re-enter or to institute  legal  proceedings to that end. If Tenant
shall make default  hereunder prior to the date fixed as the commencement of any
renewal or extension of this lease,  Owner may cancel and terminate such renewal
or extension agreement by written notice.

REMEDIES OF OWNER AND WAIVER OF REDEMPTION:
------------------------------------------

          18.  In  case  of  any  such  default,  re-entry,   expiration  and/or
dispossess  by summary  proceedings  or otherwise  (a) the rent shall become due
thereupon  and be  paid  up to the  time of  such  re-entry,  dispossess  and/or
expiration,  (b) Owner may re-let  the  premises  or any part or parts  thereof,
either  in the name of Owner or  otherwise,  for a term or  terms,  which may at
Owner's  option be less than or exceed the period  which  would  otherwise  have
constituted  the balance of the term of this lease and may grant  concessions or
free rent or charge a higher  rental than that in this lease,  and/or (c) Tenant
or the legal  representatives  of  Tenant  shall  also pay  Owner as  liquidated
damages for the failure of Tenant to observe and perform said Tenant's covenants
herein  contained,  any  deficiency  between  the rent  hereby  reserved  and/or
covenanted  to be paid and the net  amount,  if any, of the rents  collected  on
account  of the lease or leases of the  demised  premises  for each month of the
period which would  otherwise have  constituted  the balance of the term of this
lease.  The  failure  of the Owner to re-let the  premises  or any part or parts
thereof shall not release or affect Tenant's liability for damages. In computing
such  liquidated  damages  there  shall be added  to the  said  deficiency  such
expenses  as  Owner  may  incur in

                                       4
<PAGE>

connection with re-letting, such as legal expenses, reasonable attorneys' fees,
brokerage, advertising and for keeping the demised premises in good order or for
preparing the same for re-letting.  Any such liquidated damages shall be paid in
monthly  installments  by Tenant on the rent day specified in this lease and any
suit  brought to collect  the amount of the  deficiency  for any month shall not
prejudice  in any way the  rights of Owner to  collect  the  deficiency  for any
subsequent month by a similar proceeding. Owner, in putting the demised premises
in good order or preparing the same for re-rental may, at Owner's  option,  make
such  alterations,  repairs,  replacements,  and/or  decorations  in the demised
premises as Owner, in Owner's sole judgment,  considers  advisable and necessary
for the  purpose of  re-letting  the  demised  premises,  and the making of such
alterations,  repairs, replacements,  and/or decorations shall not operate or be
construed to release Tenant from liability  hereunder as aforesaid.  Owner shall
in no event be liable in any way  whatsoever  for  failure to re-let the demised
premises,  or in the event that the demised premises are re-let,  for failure to
collect the rent thereof under such re-letting,  and in no event shall Tenant be
entitled  to receive any excess,  if any, of such net rents  collected  over the
sums  payable  by  Tenant  to Owner  hereunder.  In the  event  of a  breach  or
threatened breach by Tenant of any of the covenants or provisions hereof,  Owner
shall have the right of injunction and the right to invoke any remedy allowed at
law or in equity as if re-entry, summary proceedings and other remedies were not
herein provided for. Mention in this lease of any particular  remedy,  shall not
preclude  Owner  from any  other  remedy,  in law or in  equity.  Tenant  hereby
expressly  waives  any and all  rights  of  redemption  granted  by or under any
present or future laws in the event of Tenant being evicted or dispossessed  for
any cause, or in the event of Owner obtaining possession of demised premises, by
reason of the violation by Tenant of any of the covenants and conditions of this
lease, or otherwise.

FEES AND EXPENSES:
-----------------

          19. If Tenant shall default in the  observance or  performance  of any
term or covenant on Tenant's part to be observed or performed under or by virtue
of any of the terms or provisions in any article of this lease,  after notice if
required and upon expiration of any applicable  grace period if any,  (except in
an emergency),  then, unless otherwise  provided  elsewhere in this lease, Owner
may  immediately  or at any time  thereafter  and  without  notice  perform  the
obligation of Tenant  thereunder.  If Owner, in connection with the foregoing or
in connection  with any default by Tenant in the covenant to pay rent hereunder,
makes any  expenditures  or incurs  any  obligations  for the  payment of money,
including  but not  limited  to  reasonable  attorneys'  fees,  in  instituting,
prosecuting  or  defending  any action or  proceeding,  and prevails in any such
action or proceeding  then Tenant will reimburse  Owner for such sums so paid or
obligations incurred with interest and costs. The foregoing expenses incurred by
reason of Tenant's  default shall be deemed to be additional  rent hereunder and
shall be paid by Tenant to Owner  within ten (10) days of  rendition of any bill
or statement to Tenant  therefor.  If Tenant's  lease term shall have expired at
the time of making of such expenditures or incurring of such  obligations,  such
sums shall be recoverable by Owner, as damages.

BUILDING ALTERATIONS AND MANAGEMENT:
-----------------------------------

          20.  Owner  shall  have  the  right  at  any  time  without  the  same
constituting an eviction and without  incurring  liability to Tenant therefor to
change the arrangement and/or location of public entrances,  passageways, doors,
doorways,  corridors,  elevators,  stairs,  toilets or other public parts of the
building and to change the name, number or designation by which the building may
be known.  There shall be no allowance to Tenant for  diminution of rental value
and no liability on the part of Owner by reason of  inconvenience,  annoyance or
injury to business arising from Owner or other Tenants making any repairs in the
building  or any such  alterations,  additions  and  improvements.  Furthermore,
Tenant shall not have any claim against Owner by reason of Owner's imposition of
such  controls of the manner of access to the  building  by  Tenant's  social or
business  visitors  as the  Owner may deem  necessary  for the  security  of the
building and its occupants.

NO REPRESENTATIONS BY OWNER:
---------------------------

          21. Neither Owner nor Owner's agents have made any  representations or
promises with respect to the physical  condition of the building,  the land upon
which it is erected or the  demised  premises,  the rents,  leases,  expenses of
operation  or any other  matter or thing  affecting  or related to the  premises
except as herein  expressly  set forth and no rights,  easements or licenses are
acquired by Tenant by implication or otherwise  except as expressly set forth in
the provisions of this lease.  Tenant has inspected the building and the demised
premises and is thoroughly  acquainted  with their  condition and agrees to take
the same "as is" and  acknowledges  that the taking of possession of the demised
premises by Tenant shall be  conclusive  evidence that the said premises and the
building of which the same form a part were in good and  satisfactory  condition
at the time such  possession  was so taken,  except  as to latent  defects.  All
understandings  and  agreements  heretofore  made between the parties hereto are
merged  in this  contract,  which  alone  fully  and  completely  expresses  the
agreement  between Owner and Tenant and any executory  agreement  hereafter made
shall be ineffective to change,  modify discharge or effect an abandonment of it
in whole or in part, unless such executory agreement is in writing and signed by
the party against whom  enforcement  of the change,  modification,  discharge or
abandonment is sought.

END OF TERM:
-----------

          22.  Upon  the  expiration  or other  termination  of the term of this
lease,  Tenant  shall quit and  surrender to Owner the demised  premises,  broom
clean, in good order and condition, ordinary ear and damages which Tenant is not
required  to repair as provided  elsewhere  in this lease  excepted,  and Tenant
shall remove all its  property.  Tenant's  obligation to observe or perform this
covenant shall survive the expiration or other termination of this lease. If the
last day of the term of this Lease or any renewal thereof, falls on Sunday, this
lease  shall  expire  at noon on the  preceding  Saturday  unless  it be a legal
holiday in which case it shall expire at noon on the preceding business day.

QUIET ENJOYMENT:
---------------

          23. Owner covenants and agrees with Tenant that upon Tenant paying the
rent and additional  rent and observing and performing all the terms,  covenants
and  conditions,  on Tenant's  part to be  observed  and  performed.  Tenant may
peaceably and quietly enjoy the premises hereby demised, subject,  nevertheless,
to the terms and conditions of this lease including, but not limited to, Article
31 hereof and to the ground leases, underlying leases and mortgages hereinbefore
mentioned.

FAILURE TO GIVE POSSESSION:
--------------------------

          24. If Owner is unable to give  possession of the demised  premises on
the date of the commencement of the term hereof,  because of the holding-over or
retention  of  possession  of any tenant,  undertenant  or  occupants  or if the
demised  premises  are located in a building  being  constructed,  because  such
building has not been  sufficiently  completed  to make the  premises  ready for
occupancy or because of the fact that a  certificate  of occupancy  has not been
procured or for any other  reason.  Owner shall not be subject to any  liability
for failure to give  possession on said date and the validity of the lease shall
not be impaired under such circumstances, nor shall the same be construed in any
wise to extend the term of this lease,  but the rent payable  hereunder shall be
abated  (provided  Tenant is not  responsible  for Owner's  inability  to obtain
possession or complete  construction)  until after Owner shall have given Tenant
written  notice  that  the  Owner is able to  deliver  possession  in  condition
required  by this  lease.  If  permission  is given to Tenant to enter  into the
possession of the demised  premises or to occupy premises other than the demised
premises  prior to the date  specified as the  commencement  of the term of this
lease,  Tenant covenants and agrees that such possession  and/or occupancy shall
be deemed to be under all the terms,

                                       5
<PAGE>

covenants, conditions and provisions of this lease except the obligation to pay
the fixed annual rent set forth in the preamble to this lease. The provisions of
this article are intended to constitute  "an express  provision to the contrary"
within the meaning of Section 223-a of the New York Real Property Law.

NO WAIVER:
---------

          25.  The  failure of Owner to seek  redress  for  violation  of, or to
insist upon the strict performance of any covenant or condition of this lease or
of any of the Rules or  Regulations,  set forth or  hereafter  adopted by Owner,
shall not prevent a subsequent  act which would have  originally  constituted  a
violation  from  having all the force and effect of an original  violation.  The
receipt by Owner of rent and/or  additional rent with knowledge of the breach of
any  covenant  of this lease  shall not be deemed a waiver of such breach and no
provision of this lease shall be deemed to have been waived by Owner unless such
waiver be in writing  signed by Owner.  No payment by Tenant or receipt by Owner
of a lesser amount than the monthly rent herein stipulated shall be deemed to be
other than on account of the earliest stipulated rent, nor shall any endorsement
or  statement  of any check or any letter  accompanying  any check or payment as
rent be deemed an accord and  satisfaction,  and Owner may accept  such check or
payment  without  prejudice to Owner's right to recover the balance of such rent
or pursue any other remedy in this lease provided. No act or thing done by Owner
or Owner's  agents during the term hereby  demised shall be deemed an acceptance
of a surrender of said premises, and no agreement to accept such surrender shall
be valid  unless in writing  signed by Owner.  No  employee  of Owner or Owner's
agent  shall  have any power to accept  the keys of said  premises  prior to the
termination  of the lease and the delivery of keys to any such agent or employee
shall not operate as a termination of the lease or a surrender of the premises.

WAIVER OF TRIAL BY JURY:
-----------------------

          26. It is  mutually  agreed by and  between  Owner and Tenant that the
respective  parties  hereto  shall and they hereby do waive trial by jury in any
action  proceeding  or  counterclaim  brought  by either of the  parties  hereto
against the other (except for personal injury or property damage) on any matters
whatsoever  arising  out  of or in  any  way  connected  with  this  lease,  the
relationship of Owner and Tenant. Tenant's use of or occupancy of said premises,
and any  emergency  statutory  or any  other  statutory  remedy.  It is  further
mutually  agreed that in the event Owner  commences any proceeding or action for
possession including a summary proceeding for possession of the premises. Tenant
will not interpose any  counterclaim  of whatever  nature or  description in any
such  proceeding  including a counterclaim  under Article 4 except for statutory
mandatory counterclaims.

INABILITY TO PERFORM:
--------------------

          27. This Lease and the  obligation of Tenant to pay rent hereunder and
perform all of the other covenants and agreements hereunder on part of Tenant to
be performed shall in no wise be affected,  impaired or excused because Owner is
unable to  fulfill  any of its  obligations  under this lease or to supply or is
delayed in  supplying  any service  expressly  or impliedly to be supplied or is
unable to make, or is delayed in making any repair,  additions,  alterations  or
decorations  or is unable to supply or is delayed in  supplying  any  equipment,
fixtures,  or other  materials if Owner is prevented or delayed from so doing by
reason of strike or labor troubles or any cause  whatsoever  including,  but not
limited to,  government  preemption  or  restrictions  or by reason of any rule,
order or regulation of any department or  subdivision  thereof of any government
agency or by reason of the  conditions  which have been or are affected,  either
directly or indirectly, by war or other emergency.

BILLS AND NOTICES:
-----------------

          28.  Except as otherwise in this lease  provided,  a bill,  statement,
notice or communication which Owner may desire or be required to give to Tenant,
shall be deemed  sufficiently  given or rendered  if, in writing,  delivered  to
Tenant personally or sent by registered or certified mail addressed to Tenant at
the  building  of which the  demised  premises  form a part or at the last known
residence  address or business address of Tenant or left at any of the aforesaid
premises  addressed  to Tenant,  and the time of the  rendition  of such bill or
statement and of the giving of such notice or  communication  shall be deemed to
be the  time  when the  same is  delivered  to  Tenant,  mailed,  or left at the
premises  as herein  provided.  Any  notice by Tenant to Owner must be served by
registered or certified mail addressed to Owner at the address first hereinabove
given or at such other address as Owner shall designate by written notice.

SERVICES PROVIDED BY OWNERS:
---------------------------

          29. As long as Tenant is not in default  under any of the covenants of
this lease beyond the  applicable  grace  period  provided in this lease for the
curing of such defaults,  Owner shall provide: (a) necessary elevator facilities
on business days from 8 a.m. to 6 p.m. and have one elevator  subject to call at
all other times;  (b) heat to the demised  premises when and as required by law,
on  business  days  from 8 a.m.  to 6 p.m.;  (c)  water  for  ordinary  lavatory
purposes,  but if Tenant  uses or  consumes  water for any other  purposes or in
unusual  quantities  (of which fact Owner  shall be the sole  judge),  Owner may
install a water meter at Tenant's expense which Tenant shall thereafter maintain
at Tenant's  expense in good  working  order and repair to  register  such water
consumption  and Tenant  shall pay for water  consumed as shown on said meter as
additional  rent as and when bills are  rendered;  (d) cleaning  service for the
demised  premises on business days at Owner's expense provided that the same are
kept in order by Tenant.  If,  however,  said  premises  are to be kept clean by
Tenant,  it shall  be done at  Tenant's  sole  expense,  in a manner  reasonably
satisfactory  to Owner and no one other than persons  approved by Owner shall be
permitted  to enter said  premises or the  building of which they are a part for
such  purpose.  Tenant  shall pay Owner the cost of removal  of any of  Tenant's
refuse and rubbish from the building;  (e) If the demised  premises are serviced
by   Owner's   air    conditioning/cooling    and   ventilating    system,   air
conditioning/cooling will be furnished to Tenant from May 15th through September
30h on business days (Mondays through Fridays, holidays excepted) from 8:00 a.m.
to 6:00 p.m.  and  ventilation  will be  furnished  on business  days during the
aforesaid  hours  except when air  conditioning/cooling  is being  furnished  as
aforesaid.  If Tenant requires air  conditioning/cooling or ventilation for more
extended hours or on Saturdays, Sundays or on holidays, as defined under Owner's
contract with Operating  Engineers Local 94-94A,  Owner will furnish the same at
Tenant's expense.  RIDER to be added in respect to rates and conditions for such
additional  service;  (f)  Owner  reserves  the  right to stop  services  of the
heating,  elevators,  plumbing,  air-conditioning,  electric,  power  systems or
cleaning or other services,  if any, when necessary by reason of accident or for
repairs, alterations, replacements or improvements necessary or desirable in the
judgment of Owner for as long as may be reasonably  required by reason  thereof.
If the  building  of which the demised  premises  are a part  supplies  manually
operated  elevator service,  Owner at any time may substitute  automatic control
elevator  service and proceed  diligently with  alterations  necessary  therefor
without in any wise affecting this lease or the obligation of Tenant hereunder.

CAPTIONS:
---------

          30. The Captions are inserted only as a matter of convenience  and for
reference  and in no way define,  limit or describe  the scope of this lease not
the unrest of any provisions.

DEFINITIONS:
-----------

          31. The term  "office",  or  "offices",  wherever  used in this lease,
shall not be construed to mean premises used as a store or stores,  for the sale
or display,  at any time, of goods,  wares or merchandise,  of any kind, or as a
restaurant,  shop,  booth,  bootblack or other stand,  barber shop, or for other
similar  purposes or for  manufacturing.  The term  "Owner"  means a landlord or
lessor,  and as used in this lease  means only the owner,  or the  mortgagee  in
possession, for the time being of the land and building (or the owner of a lease
of the building or of the land and building) of which the demised  premises form
a part, so that in the event of any sale or sales of said lease, or in the event
of a lease of said building,  or of the land and building,  the said Owner shall

                                       6
<PAGE>

be and hereby is entirely freed and relieved of all covenants and obligations of
Owner hereunder,  and it shall be deemed and construed without further agreement
between the parties or their successors in interest,  or between the parties and
the purchaser,  at any such sale, or the said lessee of the building,  or of the
land and building,  that the purchaser or the lessee of the building has assumed
and  agreed  to  carry  out any and all  covenants  and  obligations  of  Owner,
hereunder.  The words  "re-enter"  and  "re-entry" as used in this lease are not
restricted to their  technical  legal meaning.  The term "business days" as used
this lease  shall  exclude  Saturdays,  Sundays  and all days as observed by the
State or Federal  Government as legal holidays and those  designated as holidays
by the applicable  building  service union employees  service contract or by the
applicable  Operating Engineers contract with respect to HVAC service.  Wherever
it is expressly  provided in this lease that consent  shall not be  unreasonably
withheld, such consent shall not be unreasonably delayed.

ADJACENT EXCAVATION-SHORING:
---------------------------

          32. If an  excavation  shall be made upon land adjacent to the demised
premises,  or shall be authorized to be made,  Tenant shall afford to the person
causing  or  authorized  to cause  such  excavation,  license  or enter upon the
demised  premises  for the purpose of doing such work as said person  shall deem
necessary to preserve the wall of the building of which demised  premises form a
part from injury or damage and to support the same by proper foundations without
any claim for damages or indemnity  against Owner, or diminution of abatement of
rent.

RULES AND REGULATIONS:
---------------------

          33. Tenant and Tenant's servants,  employees,  agents,  visitors,  and
licensees  shall observe  faithfully,  and comply  strictly  with, the Rules and
Regulations and such other and further reasonable Rules and Regulations as Owner
or Owner's agents may from time to time adopt. Notice of any additional rules or
regulations  shall be given in such  manner as Owner may elect.  In case  Tenant
disputes the reasonableness of any additional Rule or Regulation  hereafter made
or adopted by Owner or Owner's  agents,  the parties  hereto agree to submit the
question of the  reasonableness  of such Rule or Regulation  for decision to the
New York office of the American  Arbitration  Association,  whose  determination
shall be final and conclusive upon the parties hereto.  The right to dispute the
reasonableness  of any additional Rule or Regulation upon Tenant's part shall be
deemed  waived  unless the same  shall be  asserted  by service of a notice,  in
writing upon Owner within fifteen (15) days after the giving of notice  thereof.
Nothing in this lease contained shall be construed to impose upon Owner any duty
or  obligation  to enforce  the Rules and  Regulations  or terms,  covenants  or
conditions  in any other lease,  as against any other tenant and Owner shall not
be liable to Tenant for violation of the same by any other tenant, its servants,
employees, agents, visitors or licensees.

SECURITY:
--------

          34. Tenant has deposited with Owner the sum of $244,387.52 as security
for the faithful  performance and observance by Tenant of the terms,  provisions
and conditions of this lease;  it is agreed that in the event Tenant defaults in
respect of any of the terms, provisions and conditions of this lease, including,
but not  limited  to, the payment of rent and  additional  rent,  Owner may use,
apply or retain the whole or any part of the security so deposited to the extent
required for the payment of any rent and additional  rent or any other sum as to
which  Tenant  is in  default  or for any sum which  Owner may  expend or may be
required to expend by reason of Tenant's default in respect of any of the terms,
covenants  and  conditions  of this  lease,  including  but not  limited to, any
damages or deficiency in the re-letting of the premises, whether such damages or
deficiency  accrued  before or after summary  proceedings  or other  re-entry by
Owner.  In the event that Tenant shall fully and  faithfully  comply with all of
the terms,  provisions,  covenants and  conditions  of this lease,  the security
shall be  returned  to Tenant  after the date  fixed as the end of the Lease and
after  delivery of entire  possession of the demised  premises to Owner.  In the
event of a sale of the land and  building or leasing of the  building,  of which
the demised  premises  form a part.  Owner shall have the right to transfer  the
security to the vendee or lessee and Owner shall thereupon be released by Tenant
from all liability for the return of such security; and Tenant agrees to look to
the new Owner solely for the return of said security,  and it is agreed that the
provisions  hereof  shall  apply to every  transfer  or  assignment  made of the
accuracy to the new Owner.  Tenant further  covenants that it will not assign or
encumber  or  attempt  to assign or  encumber  the  monies  deposited  herein as
security and that neither Owner nor its  successors or assigns shall be bound by
any such assignment, encumbrance, attempted assignment or attempted encumbrance.

ESTOPPEL CERTIFICATE:
--------------------

          35. Tenant, at any time, and from time to time, upon at least 10 days'
prior notice by Owner, shall execute,  acknowledge and deliver to Owner,  and/or
to any  other  person,  firm or  corporation  specified  by Owner,  a  statement
certifying  that this Lease is  unmodified  and in full force and effect (or, if
there  have been  modifications,  that the same is in full  force and  effect as
modified and stating the modifications), stating the dates to which the rent and
additional  rent have been paid,  and  stating  whether or not there  exists any
default by Owner under this Lease, and, if so, specifying each such default.

SUCCESSORS AND ASSIGNS:
----------------------

          36. The covenants,  conditions and agreements  contained in this lease
shall bind and inure to the  benefit  of Owner and  Tenant and their  respective
heirs,  distributees,  executors,  administrators,  successors,  and  except  as
otherwise  provided  in this lease,  their  assigns.  Tenant  shall look only to
Owner's estate and interest in the land and building,  for the  satisfaction  of
Tenant's  remedies for the collection of a judgment (or other judicial  process)
against  Owner in the  event of any  default  by Owner  hereunder,  and no other
property or assets of such Owner (or any  partner,  member,  officer or director
thereof, disclosed or undisclosed), shall be subject to levy, execution or other
enforcement  procedure for the  satisfaction of Tenant's  remedies under or with
respect  to this  lease,  the  relationship  of Owner and Tenant  hereunder,  or
Tenant's use and occupancy of the demised premises.

         In Witness  Whereof,  Owner and  Tenant  have  respectively  signed and
sealed this lease as of the day and year first above written.

Witness for Owner:                 BRAUN MANAGEMENT, INC. as agent for BOWLING
                                   GREEM ASSOCIATES, L.P.

                                   By: /s/ Illegible
-------------------------             -------------------------
Witness for Tenant:                WEALTHHOUND, INC.

                                   By: /s/ Rebecca J. Brock
-------------------------              -------------------------------

                                       7
<PAGE>

              RIDER ATTACHED TO AND MADE A PART OF OFFICE LEASE BY
               AND BETWEEN BRAUN MANAGEMENT INC. OF 160 BROADWAY,
     NEW YORK, NY AS AGENT FOR BOWLING GREEN ASSOCIATES, L. P., ("Landlord")
                        and WEALTHHOUND, INC., ("Tenant")

                  37.01.  The term of this  Lease  shall  begin on April 1, 2000
(the "Term  Commencement  Date").  The term of the Lease shall  expire March 31,
2010, (the "Expiration Date").

                  37.02. The rent (the "Base Rent" or "Fixed Rent") which Tenant
agrees to pay in advance  monthly  installments  shall be due and payable on the
first day of each and every  calendar month  beginning on the Term  Commencement
Date  continuing  through the  Expiration  Date and shall be paid at the rate of
THREE HUNDRED THIRTY-NINE  THOUSAND ONE HUNDRED FIFTY DOLLARS  ($339,150.00) per
annum,  payable in equal  monthly  installments  of  TWENTY-EIGHT  THOUSAND  TWO
HUNDRED SIXTY-TWO DOLLARS and FIFTY CENTS ($28,262.50).

                  37.03.  Tenant  shall  accept  the  Premises  in its  "as  is"
condition except Landlord shall, at Landlord's sole cost and expense at or about
the  commencement  of the term  according  to  Building  Standards  perform  the
following work ("Landlord's Work").

1.                  Construct offices as per Tenant's  Architectural  Plan to be
                    supplied by Tenant but to be approved by Landlord.

2.                  Provide and install hung  revealed  spline  ceiling.  In the
                    event  Tenant   requires   upgrade   Landlord  will  provide
                    allowance  of  $3.50  per  square  foot of  ceiling  towards
                    upgrading.

3.                  Carpet  floors in color and style to be  selected  by Tenant
                    from Landlord's  standard carpet samples. If Tenant requires
                    upgraded  quality,  Landlord  will  provide an  allowance of
                    $12.50 per square yard installed.

4.                  Paint walls and trim in color to be selected from Landlord's
                    standard paint chart.

5.                  Provide  and  install   adequate   lighting  not  to  exceed
                    $17,000.00 cost to Landlord.

6.                  Provide and install electric outlets  consisting of not more
                    than 125 duplexes and 4 dedicated outlets.

7.                  Provide and install eight foot hollow metal doors.

                  37.04.  In the  event  Landlord  is  unable  to  substantially
complete  Landlord's Work on the Term Commencement  Date Tenant's  obligation to
pay Base Rent and  additional  rent  shall be abated on a per diem  basis  until
Substantial  Completion  shall occur. The rental payments for the calendar month
following Substantial Completion shall be adjusted to reflect such abatement. In
the event,  however,  Tenant  shall take  possession  of the  Premises and begin
operation  of its business or  profession  in the  Premises  before  Substantial
Completion  by  Landlord of  Landlord's  Work (the  "Possession  Date") then the
aforementioned  abatement  shall end on the  Possession  Date rather than on the
Substantial  Completion Date. Full  construction and Department of Building file
ready plans (the  "Plans") must be provided to Landlord by Tenant by February 1,
2000. For each day-of delay in delivery of the Plans, the Substantial Completion
Date will be advanced by one day.

                  37.05. In the event the Rent  Commencement Date shall occur on
a day other than the first day of a calendar month, the next instalment of rents
due shall be adjusted on a per diem basis to reflect the actual rent due for the
preceding partial rental month.

                  38.01.  As   used  in  this Article the words and terms which
follow mean and include the following:

                    (a)                 "Tax  Year"  shall  mean each  period of
                                        twelve  months,  commencing on the first
                                        day of  July  of each  such  period,  in
                                        which occurs any part of the term
<PAGE>

                                        of this Lease or such other  fiscal year
                                        as hereafter  may be duly adopted as the
                                        fiscal year for real estate tax purposes
                                        of the City of New York.

                    (b)                 "Operation   Year"   shall   mean   each
                                        calendar   year,   subsequent   to   the
                                        calendar  year 2000 in which  occurs any
                                        part of the term of this Lease.

                    (c)                 "Tenant's   Proportionate  Share"  shall
                                        mean two and  thirty-six  hundredths  of
                                        one percent (2.36%).

                    (d)                 "Area of the  Premises"  shall  mean the
                                        rentable square foot area of the Demised
                                        Premises  (which the parties have agreed
                                        shall  be  9.975  square  feet  for  the
                                        purposes of this Article).

                    (e)                 "Real Estate Tax" shall mean any and all
                                        taxes   and   assessments    (including,
                                        without    limitation,    special    and
                                        extraordinary  assessments) imposed upon
                                        the Building(s) and the Land(s) of which
                                        the Demised  Premises  forms a part.  If
                                        there  is a  change  in  the  method  of
                                        taxation which results in any franchise,
                                        income,   rent,  profit  or  other  tax,
                                        however designated, being levied against
                                        Landlord and/or the owner of the Land(s)
                                        and Building(s) in  substitution  of, or
                                        in  addition  to any Real Estate Tax, in
                                        whole  or in  part,  such  tax or  taxes
                                        shall be  considered to be a Real Estate
                                        Tax for the purposes hereof.

                    (f)                 "Real  Estate  Tax Base"  shall mean the
                                        Real  Estate  Taxes  for the one  fiscal
                                        period  (i.e.,  July  1 to  June  30) of
                                        1999/2000.

                    (g)                 "Hourly   Wage  Rate"  as  respects  any
                                        Operation  Year shall  mean the  minimum
                                        hourly wage prescribed to be paid to the
                                        workers  described below,  appropriately
                                        adjusted  from  time to time to  reflect
                                        changes in fringe  benefits  required by
                                        law or by  applicable  labor  agreements
                                        and  computed  on an  hourly  basis,  in
                                        major  office   buildings   (hereinafter
                                        called "Class A Office  Buildings")  and
                                        in  effect  as  of  January  1  in  such
                                        Operation  Year (or if such rate  and/or
                                        benefits  shall  be  subject  to  change
                                        during  an   Operation   Year  then  the
                                        average  thereof for such Operation Year
                                        as reasonably estimated or calculated by
                                        Landlord)   pursuant  to  an   agreement
                                        between  the  Realty  Advisory  Board on
                                        Labor  Relations,  Incorporated  (or any
                                        successor  thereto) and Local 32B of the
                                        Service Employees  International  Union,
                                        AFL-CIO  (or  any   successor   thereto)
                                        covering the wage rates of those workers
                                        classified as "Others" (or any successor
                                        or  equivalent  designation)  in Class A
                                        Office   Buildings  which  said  minimum
                                        hourly  wage rates  shall be computed on
                                        the  basis of the  total  weekly  amount
                                        required  to be paid to said  workers in
                                        the  Building  for  regular  work  weeks
                                        (exclusive  of any  overtime  or premium
                                        pay work in such  regular  work  weeks.)
                                        Such  total  weekly   amounts  shall  be
                                        inclusive of all payments or benefits of
                                        every nature and kind  (including  those
                                        required  to be  paid  by  the  employer
                                        directly  to the taxing  authorities  or
                                        others  on  account  of the  employment)
                                        such as, without limiting the generality
                                        of  the  foregoing,   social   security,
                                        unemployment   and  all  other   similar
                                        taxes,   holiday   and   vacation   pay,
                                        incentive  pay,  accident,   health  and
                                        welfare  insurance   programs,   pension
                                        plans,    guarantee    pay   plans   and
                                        supplemental     unemployment    benefit
                                        programs, and fringe benefits, payments,
                                        plans  or   programs  of  a  similar  or
                                        dissimilar   nature,   irrespective   of
                                        whether they may be required or provided
                                        for in any  applicable law or regulation
                                        or  otherwise.   If  there  is  no  such
                                        agreement  in  effect  as  of  any  such
                                        January 1 by which the Hourly  Wage Rate
                                        is   determinable,    computations   and
                                        payments  shall  thereupon  be made upon
                                        the basis of the Hourly  Wage Rate being
                                        paid   by   the   Landlord   or  by  the
                                        contractor   performing   the   cleaning
                                        services  for Landlord on such January 1
                                        for porters or cleaners, as the case may
                                        be,    and    appropriate    retroactive
                                        adjustment shall thereafter be made when
                                        the  Hourly   Wage  Rate  paid  on  such
                                        January 1 pursuant to such agreement for
                                        said workers is finally  determined  and
                                        provided  further that if as of the last
                                        day  of  such  Operation  Year  no  such
                                        agreement   covering   the   January   1
                                        occurring in such
<PAGE>
                                        Operation   Year  shall  have  been  in
                                        effect, the Hourly Wage Rate paid by the
                                        landlord or by the contractor performing
                                        the  cleaning  services  for landlord on
                                        such  January 1 for porters and cleaners
                                        shall be for all purposes  hereof deemed
                                        to be such Hourly  Wage Rate  prescribed
                                        by such agreement between said Board (or
                                        any  successor  thereto)  and said Union
                                        (or  any  successor  thereto)  for  such
                                        Operation  Year. It is  understood  that
                                        the   definitions   set  forth  in  this
                                        paragraph  and related  definitions  set
                                        forth  elsewhere  in  this  Article  are
                                        designed to provide an escalation  index
                                        only,   and  no   express   or   implied
                                        representation    is   made   that   the
                                        additional   rental  derived  from  such
                                        index  will  bear  any  relationship  to
                                        actual operating expenses of Landlord.

                    (h)                 "Labor  Rate"  for  any  Operation  Year
                                        shall  mean  the  Hourly  Wage  Rate for
                                        workers classified as "Others."

                    (i)                 "Base  Labor  Rate" shall mean the Labor
                                        Rate for the calendar year 2000.

                    (j)                 "Escalation    Statement"   shall   mean
                                        statement in writing signed by landlord,
                                        setting  forth  the  amount  payable  by
                                        Tenant  for  a  specified  Tax  Year  or
                                        Operation  Year  (as  the  case  may be)
                                        pursuant to this Article.

                  38.02.  From April 1, 2001,  if the Real Estate  Taxes for any
Tax Year shall be greater  than the Real Estate Tax Base,  Tenant  shall pay the
Landlord as additional rent for the Demised Premises for such Tax Year an amount
equal to Tenant's  Proportionate  Share of the  difference  between  Real Estate
Taxes for such Tax Year and the Real Estate Tax Base.

                  38.03.  If the  Labor  Rate for any  Operation  Year  shall be
greater  than the Base Labor Rate,  Tenant  shall pay to Landlord as  additional
rent for the Demised  Premises  for such  Operation  Year an amount equal to the
product  obtained by multiplying the Area of the Premises by the number of cents
(including  any  fraction of a cent)by  which the Labor Rate for such  Operation
Year exceeds the Base Labor Rate.

                  38.04. Any such adjustment payable by reason of the provisions
of Section 38.02 hereof shall be payable within fifteen (15) days after Landlord
shall  furnish to Tenant an  Escalation  Statement  with  respect to Real Estate
Taxes for any Tax Year.

                  38.05 Any such adjustment  payable by reason of the provisions
of Section  38.03 shall  commence as of the first day of the relevant  Operation
Year and,  after  Landlord  shall furnish  Tenant with an  Escalation  Statement
relating to such  Operation  Year,  all  monthly  installments  of rental  shall
reflect  one-twelfth  of the  annual  amount  of  such  adjustment  until  a new
adjustment  becomes  effective  pursuant  to the  provisions  of  this  Article,
provided however, that if said Escalation Statement is furnished to Tenant after
the  commencement of such Operation Year, there shall be promptly paid by Tenant
to Landlord,  an amount equal to the portion of such adjustment allocable to the
part of such  Operation  Year which shall have elapsed prior to the first day of
the calendar month next  succeeding the calendar month in which said  Escalation
Statement is furnished to Tenant.

                  38.06 In the  event  (i) that  the date of the  expiration  or
other  termination of this Lease shall be a day other than the last day of a Tax
Year or an  Operation  Year,  or (ii) of any increase or decrease in the Area of
the Demised  Premises  (as may be provided  herein),  then in each such event in
applying  the  provisions  of this  Article  with  respect  to any  Tax  year or
Operation Year in which such event shall have occurred,  appropriate adjustments
shall be made to reflect the occurrence of such event on a basis consistent with
the   principles   underlying   the  provisions  of  this  Article  taking  into
consideration:  (a) the portion of such Tax Year or  Operation  Year which shall
have elapsed prior to the date of such expiration or termination;  or (b) in the
case of any such  increase or decrease,  the portion of the Demised  Premises to
which the same relate.  Similarly,  if the term of this Lease shall begin or end
on a date which is not the first (with respect to term commencement) or the last
(with respect to expiration or termination) day of a calendar month, appropriate
adjustments  shall be made to Fixed  Rent and  additional  rent for the first or
last month of the term,  as the case may be, to reflect  the  portion of a month
falling within the term of this Lease.  However,  nothing contained herein shall
relieve Tenant of liability for all Fixed Rent and  additional  rent which would
have been due following termination for Tenant's default.
<PAGE>

                  38.07.  Payments  shall  be  made  pursuant  to  this  Article
notwithstanding  the fact that an  Escalation  Statement  is furnished to Tenant
after the expiration of the term of this Lease.

                  38.08.  In case the Real Estate Taxes for any Tax Year or part
thereof shall be reduced  before  Tenant shall have paid Tenant's  Proportionate
Share of any excess  thereof in  respect  of such Tax year  pursuant  to Section
38.02 hereof, the Real Estate Taxes for such Tax Year shall be deemed to include
any expenses,  including  counsel fees,  incurred by Landlord in connection with
reducing the assessed valuation and/or in obtaining such reduction.

                  38.09.  In case the Real Estate Taxes for any Tax Year or part
thereof  shall be reduced  after Tenant shall have paid  Tenant's  Proportionate
Share of any excess  thereof in  respect  of such Tax Year  pursuant  to Section
38.02 hereof,  Tenant shall be entitled to receive Tenant's  Proportionate Share
of such  reduction  after  Landlord's  receipt  of a refund or  credit  for said
reduction, provided, however, that the Real Estate Taxes for such Tax Year shall
be deemed to include any expenses,  including counsel fees, incurred by Landlord
in connection with obtaining said reduction.

                  39.01 Landlord will furnish  electricity to the Tenant through
presently  installed  electrical  facilities  for  Tenant's  reasonable  use  of
lighting,  electrical  appliances  and  other  equipment,  and in  consideration
thereof  Tenant  agrees  that the rent  reserved  in the within  Lease  shall be
increased by a sum effective as of the  commencement of this Lease of $27,431.25
per annum,  payable in equal  installments  of $2,285.94 per month. In the event
the Landlord  believes that the electricity cost is at any time greater than the
aforementioned  sum (or such additional rent for electricity as may hereafter be
determined),  the  Tenant  agrees  that an  independent  electrical  consultant,
selected  by the  Landlord,  may  make a  survey  of  the  electrical  equipment
consuming  electricity  located  inside and outside the  Demised  Premises  (but
equipment located outside, e.g. air conditioners,  shall be included only to the
extent that the same serve the Demised  Premises) to  determine  the increase in
rent due to  electricity.  The  Tenant  agrees to pay the new  electricity  rent
charge as determined by the  electrical  consultant  effective as of the date of
the consultant's survey. Further, if the Landlord's electric rates or charges of
any kind  imposed  thereon by the public  utility  corporation  serving the area
where the building is located are increased or if there shall be any increase in
sales,  excise  or any  similar  tax  imposed  on  electrical  consumption,  the
additional  charge for electricity  shall be increased to reflect such increases
without a survey.

                  39.02.  In the event  Tenant  shall  default in his payment of
Base Rent or additional rent pursuant to Paragraph 39.01,  Landlord reserves the
right to discontinue  furnishing electric current to Tenant at any time upon not
less than thirty (30) days' written notice to Tenant. If Landlord exercises such
right of  termination,  this Lease  shall  continue in full force and effect and
shall be unaffected  thereby except the Tenant's  liability for additional  rent
provided for in this Article shall terminate as of the date of discontinuance of
the  supplying  of electric  current.  If Landlord  so  discontinues  furnishing
electric current to Tenant, Tenant shall make application directly to the public
utility  serving the area in which the  building is located and  Landlord  shall
permit its wires and conduits to the extent  available and safely  capable to be
used for such purpose.

                  40. All taxes, charges, costs and expenses which the Tenant is
required to pay under any terms of this Lease,  together  with all  interest and
penalties that may accrue thereon,  in the event of the Tenant's  failure to pay
such amounts and all damages, costs and expenses which the Landlord may incur by
reason of any  default of the Tenant or failure on the  Tenant's  part to comply
with the terms of this Lease,  shall be deemed to be additional rent and, in the
event of  nonpayment by the Tenant,  the Landlord  shall have all the rights and
remedies  with respect  thereto as the Landlord  has for the  nonpayment  of the
fixed rent. If Landlord does not receive full payment for rent (i.e., Fixed Rent
and/or  additional rent) within ten (10) days after the date on which payment is
due,  Tenant  shall be liable to  Landlord  for all  reasonable  legal  fees and
interest on late payments at a rate equal to one percent above the prime lending
rate then in effect for loans of Citibank,  N.A. (or its successor) in the State
of New York,  which  shall  accrue on a daily  basis  from the date on which the
payment was due to the date on which Landlord collects payment in full. However,
if the collection of interest at the rate specified  herein would be usurious or
otherwise  unenforceable,  interest on late payments shall accrue at the highest
lawful rate.

<PAGE>

                  41.01.  If the Landlord or any successor in interest  shall be
an individual, joint venture, Tenants-in-common, firm or partnership, general or
limited,  there  shall be no personal  liability  on such  individual  or on the
members of such joint venture, tenants-in-common, firm or partnership in respect
to any of the  covenants  or  conditions  of this Lease.  The Tenant  shall look
solely to the equity of the Landlord in the property for the satisfaction of the
remedies  of the Tenant in the event of a breach by the  Landlord  of any of the
covenants or conditions of this Lease.

                  41.02.  Each party agrees,  at any time and from time to time,
as requested by the other party, upon not less than ten (10) days' prior notice,
to execute and deliver to the other a  statement  certifying  that this Lease is
unmodified  and in full force and  effect (or if there have been  modifications,
that  the  same  is in full  force  and  effect  as  modified  and  stating  the
modifications), certifying the dates to which the Fixed Rent and additional rent
have been paid, and stating whether or not, to the best knowledge of the signer,
the other party is in default in  performance  of any of its  obligations  under
this Lease,  and, if so,  specifying  each such  default of which the signer may
have  knowledge,  it being intended that any such statement  delivered  pursuant
hereto  may be  relied  upon by  others  with  whom the  party  requesting  such
certificate may be dealing.

                  42. All notices required herein shall be in writing, addressed
to Landlord and Tenant at the addresses  set forth  herein,  except after Tenant
has commenced  occupancy of the Demised  Premises,  notices shall be sent to the
Demised  Premises and shall be delivered  personally or sent by certified  mail,
return receipt requested.  The date of delivery or mailing shall be deemed to be
the date on which notice is given.  Either party may change the address to which
notices to it are to be sent on seven (7) days prior notice.

                  43.  Tenant  warrants to Landlord that no real estate agent or
broker except BRAUN  MANAGEMENT  INC. and GVA WILLIAMS  brought about this Lease
and agrees to indemnify and defend Landlord on demand against all claims made by
(other) brokers and agents for fees or commissions with respect to this Lease.

                  44.  Landlord shall be entitled on at least one hundred eighty
(180) days prior written notice thereof, to cancel this Lease for the purpose of
actually  demolishing  the Building or changing the Building use to  residential
and this Lease  shall come to an end on the date in such notice  specified  with
the same force and effect as if such date were the date herein specified for the
expiration hereof and the rent, including any additional rent provided for under
this Lease,  shall be apportioned  and adjusted as of the effective date of such
cancellation.

                  45.  Intentionally Omitted.

                  46.01.  Article 11 of this Lease is modified to the  following
extent.  If Tenant  shall  desire  to assign  this  Lease or sublet  the  leased
premises,  in whole or in part, Landlord will not unreasonably withhold or delay
its prior written consent thereto provided:

A.        Tenant shall give  Landlord  prior notice  ("Tenant's  Notice") of its
          desire to assign  this  Lease or sublet  all,  or any  portion  of the
          Demised  Premises.  Tenant's Notice must be given to Landlord at least
          sixty (60) days, but not more than one hundred twenty (120) days prior
          to the date on which the  assignment  would  become  effective,  or at
          least sixty (60) days, but not more than one hundred twenty (120) days
          prior to the  date on which  the  term of the  sublease  would  start.
          Tenant's  Notice shall include a duplicate  copy of the  assignment or
          sublease, if one has already been executed (but such execution must be
          subject  to  Landlord's   consent  as  herein  provided)  or,  if  the
          assignment  or sublease  has not yet been  executed,  Tenant's  Notice
          shall identify the proposed  assignee or subtenant and shall contain a
          copy of the  proposed  assignment  or sublease  which  conforms in all
          material respects to the one that Tenant wants Landlord to consent to.

B.        An assignment  shall  include an assumption by the assignee,  from and
          after the effective date of such  assignment,  of the  performance and
          observance  of all of the  covenants  and  conditions  in  this  Lease
          contained  on Tenant's  part to be  performed  and  observed as if the
          assignee had executed  this Lease as the original  Tenant.  A sublease
          shall  specify  that it is subject to this Lease and that the premises
          to be sublet shall be used solely for the same use permitted hereunder
          for

<PAGE>

          Tenant.  No  sublease  (for  all  or part of the Demised  Premises) or
          assignment of this Lease shall permit further assignment or subletting
          (in whole or in part) without the prior written consent of Landlord in
          each instance.

C.        If Tenant shall give Tenant's Notice of a desire to assign this Lease,
          or to sublet all or part of the premises hereby leased, Landlord shall
          be entitled to cancel this Lease on at least sixty (60) days', but not
          more than one hundred twenty (120) days',  prior notice  thereof,  and
          this Lease shall come to an end on the date in such notice  specified,
          with the same  force and  effect as if such date were the date  herein
          specified for the expiration hereof, and the rent (i.e., Base Rent and
          additional  rent)  provided for under this Lease shall be  apportioned
          and adjusted as of the effective date of such cancellation. Landlord's
          notice of cancellation  may be given at any time following  Landlord's
          receipt of Tenant's Notice and Landlord's right of cancellation  shall
          persist  for the balance of the term of this Lease  without  regard to
          whether or not Landlord's  consent was given to any assignment of this
          Lease or  sublease  for all or any  portion of the  demised  premises.
          Landlord's  acceptance of rent shall not  constitute the waiver of any
          of Landlord's rights.

D.        Whenever  Tenant  shall claim under this  Article or any other part of
          this Lease that  Landlord  has  unreasonably  withheld  or delayed its
          consent  to some  request of  Tenant,  Tenant  shall have no claim for
          damages by reason of such alleged  withholding or delay,  and Tenant's
          sole remedies  therefor shall be a right to compel  arbitration of the
          matter in dispute or to obtain specific performance,  but in any event
          without recovery of damages;

E.        Tenant  shall  have no right  to  sublet  (in  whole or in part) or to
          assign if it is in default  under this Lease.  No  assignment  of this
          Lease  and no  sublease  for all or any part of the  Demised  Premises
          shall  relieve  Tenant of  liability  to  Landlord  for breach of this
          Lease.

F.        In the event that the monthly  rental  which  Tenant  receives  from a
          sublease  for all or any  portion of the  Demised  Premises  permitted
          hereunder is greater than a sum equal to the  percentage  of the total
          area of the Demised  Premises  which is sublet  multiplied by Tenant's
          rent (i.e.,  Base Rent and additional  rent) per month, the difference
          between said sums shall be paid to Landlord  each month as  additional
          rent.  Any and all  consideration  required to be paid to Tenant by an
          assignee in connection with an assignment permitted hereunder shall be
          paid to Landlord by Tenant as additional rent.

G.        No  subtenant  or  assignee   shall  be:  an  employment   agency,   a
          governmental  or  quasi-governmental  organization;  a  non-for-profit
          corporation or organization;  a current tenant,  subtenant or occupant
          of the  Building;  or a  prospective  tenant who is  negotiating  with
          Landlord for space in the Building.

H.        Anything  contained in this  Article to the  contrary  notwithstanding
          Landlord  shall not be  required  to  consent  to any  sublease  which
          provides  for a Base Rent per square  foot per annum that is less than
          the  quotient  derived from adding  Tenant's  Base Rent per annum plus
          additional  rent per annum being paid by Tenant pursuant to Article 38
          at the  time in  question  and  dividing  such  sum by the Area of the
          Premises;

                  46.02. Tenant shall not publish or disseminate  advertisements
for a  subtenant  or  assignee  and  must use the real  estate  broker  or agent
designated  by Landlord as the sole broker or agent for a sublease or assignment
permitted under this Article. Landlord shall be entitled to injunctive relief to
enforce the  provisions of this Article and the parties  agree that  irreparable
injury in the form of  damages to  Landlord  that are  large,  irreversible  and
difficult to precisely evaluate shall be deemed to result from the breach of the
provisions of this Article by Tenant.

                  46.03. Tenant shall not be a subtenant or an assignee pursuant
to any assignment or sublease  whatsoever which relates to space in the building
of which the Demised Premises forms a part.

<PAGE>

                  47.01.  Subject to the provisions of this Article,  this lease
may be assigned,  or the Demised Premises may be sublet, in whole or in part, to
any  corporation  or other entity which shall be an  affiliate,  subsidiary,  or
successor  of Tenant,  provided  that  Landlord  is given  prior  notice of such
assignment  or  subletting,  and provided  further that the Base Rent per square
foot per annum to be paid by the  sublessee  pursuant to any sublease  permitted
under this Article  shall not be less than the quotient  derived by dividing the
Base Rent per annum set forth in this Lease by the Area of the Premises.

                  47.02.  As used in this Article "subsidiary", "affiliate" and
"successor" of Tenant shall mean the following:

                  (a)      An  "affiliate"  shall mean any  corporation or other
                           entity which controls Tenant, is controlled by Tenant
                           or is under  common  control  with  Tenant.  For this
                           purpose,  "control"  shall mean the possession of the
                           power  to  direct  or  cause  the  direction  of  the
                           management and policies of such corporation,  whether
                           through ownership of voting securities or by contract
                           or otherwise.

                  (b)      A  "subsidiary"  shall mean any  corporation or other
                           entity not less than fifty-one percent (51%) of whose
                           outstanding  stock or whose  equity shall at the time
                           be owned by Tenant.

                  (c)      A "successor" shall mean:

                           (i)      A corporation  or other entity into which or
                                    with which Tenant is merged or consolidated,
                                    in  accordance  with  applicable   statutory
                                    provisions  for merger or  consolidation  of
                                    corporations,  provided that by operation of
                                    law or by effective  provisions contained in
                                    the  instruments of merger or  consolidation
                                    the liabilities of the corporations or other
                                    entity   participating  in  such  merger  or
                                    consolidation are assumed by the corporation
                                    surviving  such  merger or  created  by such
                                    consolidation, or

                           (ii)     A corporation or other entity acquiring this
                                    Lease  and the  term  hereby  demised  and a
                                    substantial  portion or all of the  property
                                    and  assets of  Tenant,  provided  that such
                                    corporation   shall  have  a  positive   (as
                                    opposed to a negative) net worth immediately
                                    after such acquisition and such net worth is
                                    not less than Tenant's net worth immediately
                                    prior to such acquisition.

                  47.03.  Acquisition by Tenant of a substantial  portion of the
assets,  together  with  the  assumption  of  all  or  substantially  all of the
obligations and liabilities of any corporation or other entity shall be deemed a
merger of such corporation into Tenant.

                  47.04.  An assignment of this Lease or a sublease  relating to
all or part of the Demised  Premises  pursuant to this Article shall not relieve
Tenant of liability to Landlord for breach of this Lease. Tenant shall not enter
into an assignment or sublease of any kind while Tenant is in default under this
Lease.  Tenant  shall  furnish  Landlord,  on demand,  with such  documents  and
information as Landlord may reasonably  require to  substantiate  relationships,
conditions and  transactions  described in this Article.  No sublease for all or
part of the  Demised  Premises  and no  assignment  of this Lease  shall  permit
further  assignment  or the  subletting  of all or part of the Demised  premises
without Landlord's prior written consent in each instance. Landlord's acceptance
of rent shall not constitute Landlord's waiver of any of its rights.

                  48.  Landlord   acknowledges  that  Tenant  may  request  that
Landlord  join  Tenant  in  executing  the  Commercial   Revitalization  Program
Application (the  "Application") for real estate tax abatement (the "Abatement")
applicable to pre-1975 buildings in Lower Manhattan  effective October 29, 1995.
Landlord agrees to join Tenant in executing the Application  subject to Tenant's
paying all costs and expenses to make Application,  including but not limited to
the filing fee,  and  Tenant's  paying all other fees  regarding  the  Abatement
covering this Lease,  and that Tenant shall pursue the Abatement in a reasonable
manner (and in this regard,  Tenant,  and not Landlord,  is fully responsible to
timely  submit  and for the  accuracy  of,  the  Application  and all  ancillary
documents,  and Landlord's  only ancillary  documentation),  and Landlord's only

<PAGE>

obligation  in this manner shall be to  reasonably  cooperate  with Tenant at no
cost or expense to  Landlord.  Landlord  shall not be required to join Tenant in
executing  the  Application  and all ancillary  documentation  if doing so would
result in any loss,  cost or damage to  Landlord or if the  Application  and all
ancillary  documentation are not accurately completed.  Tenant acknowledges that
Landlord  makes no  representation  that (i) this Lease or the Demised  Premises
covered by this Lease is eligible for the Abatement, (ii) the Abatement covering
this Lease,  if any, will be obtained (or once obtained that the Abatement  will
continue  in effect),  and (iii) the  effectiveness  of this Lease and  Tenant's
obligation  to  pay  basic  annual  rent,  additional  rent  and  other  charges
(collectively,  the "Rent") under this Lease shall not be affected by whether or
not the  Abatement  covering  this  Lease  is  obtained  (or once  obtained  the
Abatement  continues  in  effect).  The Rent set  forth in this  Lease  does not
reflect the Abatement,  and if the Abatement  covering this Lease is granted and
is in effect then the amount Landlord  charges Tenant for Rent shall  accurately
reflect said Abatement.  However,  if and in the extent Landlord is not required
to pay real estate taxes for any reason other than the Abatement, Landlord shall
charge Tenant for Rent without  Reflecting  the  Abatement.  Landlord and Tenant
acknowledge  that an  expenditure  of not less than $5.00 per square foot of the
Demised Premises (the "Expenditure  Minimum") must be timely made to the Demised
Premises  and/or the common areas of the Building by Landlord  and/or  Tenant in
order to qualify for the Abatement; Landlord's acknowledgment set forth above in
this sentence does not require  Landlord to make any  expenditure  that Landlord
has not otherwise agreed to make or to consent to any improvements to be made by
Tenant to which  Landlord is not  otherwise  required to consent,  and therefore
Landlord makes no  representation  that the  Expenditure  Minimum will be timely
reached  for this  Lease.  The  calculation  of (i) the amount of the  Abatement
covering this Lease, (ii) the Expenditure  Minimum, and (iii) the square footage
of  the  demised  premises  for  purposes  of  completing  the  Application  and
calculating the Abatement  covering this Lease,  only shall apply the Department
of Finance  calculation  of the  square  footage of the  Building  and  Tenant's
Proportionate  Share set forth in the Article of this Lease covering Real Estate
Tax  Escalation,   and  Landlord  and  Tenant  agree  that  the  above-mentioned
calculations and square footage shall have no application  except with regard to
the Abatement.  Landlord and Tenant acknowledge that the Abatement covering this
Lease may be revoked  if real  estate  taxes or water or sewer  charges or other
lienable charges on the Building are unpaid for one (1) year (unless  delinquent
amounts are paid as provided  for in the law  covering  the  Abatement).  Tenant
agrees that Tenant is only  entitled to the benefits of the Abatement so long as
Landlord's  actual real estate tax payments are reduced to reflect the Abatement
and  therefore  there  shall be no  reduction  in  Tenant's  payment  of Rent in
anticipation  of the Abatement or for any reason other than the  Abatement.  The
additional  rent due and payable under the Article of this Lease  regarding Real
Estate Tax  Escalation is independent of and shall not be affected by or reflect
the Abatement.

                  49.01. In the event Tenant shall become a debtor under Chapter
7 of the Bankruptcy Code as it may be amended or to any other successor  statute
thereto,  and the Trustee and/or Tenant shall elect to assume this Lease for the
purpose of assigning the same or otherwise,  such  election and  assignment  may
only be made if all of the terms and  conditions of  paragraphs  49.02 and 49.03
hereof are  satisfied.  If such Trustee shall fail to elect or assume this Lease
within  thirty (30) days after the filing of the  Petition,  this Lease shall be
deemed to have been rejected.  Landlord shall be thereupon  immediately entitled
to possession of the demised  premises  without further  obligation to Tenant or
Trustee,  and this Lease shall be canceled,  but our right to be compensated for
damages in such liquidation proceeding shall survive. In the event Tenant or the
Trustee  fail to vacate the Premises  after the Lease is rejected,  Landlord may
move to the  Bankruptcy  Court  before  which the case is  pending  for an order
directing  Tenant and/or Trustee to vacate the Premises.  It is agreed that such
motion by  Landlord  shall be deemed to be a "core  proceeding"  as that term is
contemplated by 28 U.S.C. ss.157.

                  49.02.  In  the  event  a  Petition  for   reorganization   or
adjustment  of  debts  is  filed  concerning  Tenant  under  Chapter  11 of  the
Bankruptcy Code, or a proceeding is filed under Chapter 7 of the Bankruptcy Code
and is converted to Chapter 11, the Trustee or Tenant, as  Debtor-In-Possession,
must elect to assume  this Lease  within  thirty  (30) days from the date of the
filing of the Petition under Chapter 11 or the Trustee or Tenant shall be deemed
to have rejected  this Lease.  In the event Tenant or the Trustee fail to vacate
the Premises  after the Lease is rejected,  Landlord may move to the  Bankruptcy
Court before which the case is pending for an order directing  Tenant and/or the
Trustee to vacate the Premises.  It is agreed that such motion by Landlord shall
be deemed to be a "core  proceeding" as that term is  contemplated  by 28 U.S.C.
ss. 157.  No  election  by the  Trustee or Tenant to assume this Lease,  whether
under  Chapter  7 or  11

<PAGE>

shall be effective unless each of the following conditions,  which Landlord and
Tenant  acknowledge  are  commercially  reasonable  in the  context of  Tenant's
bankruptcy  proceeding,  have been  satisfied,  and  Landlord and Tenant have so
acknowledged in writing:

                  49.02.1.  The Trustee or Tenant has cured all  defaults  under
the Lease and has provided Landlord adequate  assurance of future performance of
the Lease's terms on the date of such assumption of the Lease.

                  49.02.02.  The Trustee or Tenant has  provided  Landlord  with
adequate  assurance  of the  future  performance  of  each  of  Tenant's  or the
Trustee's obligations under this Lease; provided, however, that:

                  (a)      The  Trustee  or  Tenant   shall  also  deposit  with
                           Landlord, as security for the timely payment of rent,
                           an additional  amount equal to three (3) installments
                           of Base  Rent and  other  monetary  charges  accruing
                           under this Lease; and

                  (b)      If not otherwise required by the terms of this Lease,
                           the  Trustee  or Tenant  shall also pay in advance on
                           the date Base  Rent is  payable  l/l2th  of  Tenant's
                           annual  obligations  under this Lease for  additional
                           rents   (i.e.,   real   estate  tax,   porters   wage
                           escalations, electricity) and similar charges.

                  (c)      From and  after  the date of the  assumption  of this
                           Lease,  the  Trustee  or Tenant  shall pay as rent an
                           amount  equal to the sum of the Base  Rent  otherwise
                           payable  hereunder,  which amount shall be payable in
                           advance  in equal  monthly  installments  on the date
                           Base Rent is payable.

                  (d)      The  obligations  imposed  upon the Trustee or Tenant
                           shall  continue  with  respect  to Tenant  and/or any
                           assignee  of  the  Lease  after  the   completion  of
                           bankruptcy proceeding.

                  49.02.3.  The assumption of this Lease will not:

                  (a)      Breach any  provision in any other  lease,  mortgage,
                           financing  agreement  or  other  agreement  by  which
                           Tenant is bound relating to the premises.

                  (b)      Disrupt,  in  Landlord's  reasonable  judgment,   the
                           tenant mix of the  Building  or any other  attempt by
                           Landlord to provide a specific  variety of tenants in
                           the Building,  in Landlord's judgment,  would be most
                           beneficial  to all of the tenants at  property  where
                           the Building is located and would  enhance the image,
                           reputation and profitability of the Building.

                  49.03.  For  purposes of this  Paragraph,  Landlord and Tenant
acknowledge that in the context of Tenant's bankruptcy proceeding,  at a minimum
"adequate assurance" shall mean:

                  49.03.1.  The Trustee or Tenant has and will  continue to have
sufficient  unencumbered assets after the payment of all secured obligations and
administrative  expenses to assure Landlord that the Trustee or Tenant will have
sufficient funds to fulfill Tenant's  obligations  under this Lease, and to keep
the Demised  Premises  properly  used and staffed with  sufficient  employees to
conduct a fully operational  actively promoted business on the Demised Premises;
and

                  49.013.2.  The  Bankruptcy  Court shall have  entered an Order
segregating  sufficient  cash  payable to Landlord  and/or the Trustee or Tenant
shall have granted a valid and perfected first lien and security interest and/or
mortgage in Tenant's or Trustee's  property,  acceptable as to value and kind to
Landlord,  to secure to Landlord the obligation of the Trustee or Tenant to cure
the  monetary  and/or  non-monetary  defaults  under this Lease  within the time
periods set forth above.

                  49.03.3.  In the event that this Lease is assumed by a Trustee
appointed for Tenant or by Tenant as  Debtor-In-Possession  under the provisions
of Sub-paragraph  49.03.2 hereof and thereafter  Tenant are liquidated or file a
subsequent  Petition for reorganization or adjustment of debts under Chapters 11
or 13 of the Bankruptcy Code, then, and in either of such events,  Landlord may,
at our option,  terminate this Lease and all of Tenant's  rights  hereunder,  by
giving

<PAGE>

Tenant written notice of its election to so terminate,  by no later than thirty
(30)days after the occurrence of either of such events.

                  49.03.4.  If the  Trustee  or  Tenant  has  assumed  the Lease
pursuant to the terms and  provisions of Paragraphs  49.01 or 49.02 herein,  for
the purposes of assigning  (or elects to assign)  Tenant's  interest  under this
Lease or the estate  created  thereby,  to any other  person,  such  interest or
estate may be so assigned only if Landlord shall acknowledge in writing that the
intended   assignee  has  provided   adequate   assurance  as  defined  in  this
sub-paragraph  49.03.04 of future performance of all of the terms, covenants and
conditions  of this  Lease to be  performed  by  Tenant.  For  purposes  of this
Sub-paragraph  49.03.4,  Landlord and Tenant acknowledge that, in the context of
Tenant's  Bankruptcy  proceeding,  at a minimum  "adequate  assurance  of future
performance"  shall  mean  that  each  of the  following  conditions  have  been
satisfied, and Landlord has so acknowledged in writing that:

(a)       The assignee has submitted a current financial  statement audited by a
          certified  public  accountant  which  shows a net  worth  and  working
          capital in amounts reasonably  determined to be sufficient by Landlord
          to  assure  the  future  performance  by  such  assignee  of  Tenant's
          obligations under this Lease;

(b)       The  assignee,  if  requested  by  Landlord,  shall have  obtained and
          provided guarantees in form and substance  reasonably  satisfactory to
          Landlord  from  one or more  persons  who  satisfy  our  standards  of
          creditworthiness;

(c)       The  assignee   has   submitted   in  writing   evidence,   reasonably
          satisfactory  to Landlord,  of  substantial  experience in the area of
          business permitted under this Lease; and

(d)       Landlord  has  obtained  all  consents or waivers from any third party
          required  under any lease,  mortgage,  financing  arrangement or other
          agreement by which Landlord is bound to permit  Landlord to consent to
          such assignment.

                  49.03.5. When, pursuant to the Bankruptcy Code, the Trustee or
Tenant shall be obligated to pay  reasonable  use and occupancy  charges for the
use of the Demised  Premises or any portion  thereof,  such charges shall not be
less than the Base Rent as defined in this Lease and other of Tenant's  monetary
obligations for the payment of additional  rents (i. e., operating cost and real
estate tax escalations, electricity) and similar charges.

                  49.03.6.  Neither  Tenant's  interest  in the  Lease,  nor any
lesser interest herein, nor any estate of Tenant's :hereby created, shall pay to
any  trustee,  receiver,  assignee  for the benefit of  creditors,  or any other
person or entity,  or  otherwise by operation of law under the laws of any state
having jurisdiction of the person or Tenant's property  (hereinafter referred to
as the "state law") unless  Landlord  shall consent to such transfer in writing.
No acceptance  by Landlord of rent or any other  payments from any such trustee,
receiver,  assignee,  person or other entity shall be deemed to have waived, nor
shall it waive the need to obtain  our  consent or our right to  terminate  this
Lease for any  transfer of  Landlord's  interest  under this Lease  without such
consent.

                  49.03.7.  In the event Tenant's estate created hereby shall be
taken in execution or by other  process of law, or if Tenant or any guarantor of
Tenant's  obligations  hereunder  (hereinafter  referred to as the  "Guarantor")
shall be  adjudicated  insolvent  pursuant to the  provisions  of any present or
future  insolvency  law under state law, or if any  proceedings  are filed by or
against the guarantor  under the Bankruptcy  Code, or any similar  provisions of
any future  federal  bankruptcy  law,  or if a Receiver  or Trustee of  Tenant's
property  or the  guarantor  shall be  appointed  under  state  law by reason of
Tenant's or the  Guarantor's  insolvency or if any  assignment  shall be made of
Tenant's or the Guarantor's  interest in the Lease for the benefit of creditors;
then and in such event Landlord may, at our option, terminate this Lease and all
of Tenant's rights  hereunder by giving Tenant written notice of the election to
so terminate within thirty (30) days after the occurrence of such event.

                  50.  Anything  herein  to  the  contrary   notwithstanding  in
consideration of this Lease, Landlord agrees to license to Tenant subject to the
other  terms and  conditions  of this  Lease,  the use of office  Suite 230 (the
"Licensed  Premises") in the Building for a period commencing on January 1, 2000
and ending upon Substantial  Completion of the Demised  Premises,  at which time
Tenant will  surrender to Landlord  the Licensed  Premises to Landlord in

<PAGE>

"broom clean" condition. Tenant will pay to Landlord a use and occupancy charge
or license fee in advance at the monthly rate of $687.50, which includes any and
all charges and  expenses  associated  with using the  Licensed  Premises in its
present  condition.  Tenant shall occupy the Licensed  Premises as a Licensee in
its then "as is" condition and shall return the Licensed Premises to Landlord in
the original delivered condition, reasonable wear and tear excepted.

                  51.  Anything in Article 3 1 to the contrary  notwithstanding,
provided  Tenant  shall then not be in default of the rental  obligations  under
this Lease,  commencing the third anniversary of the Term Commencement Date, and
annually  thereafter  until and  including the seventh  anniversary  of the Term
Commencement  Date  Landlord  shall  credit to Tenant's  account from the herein
Security  Deposit the sum of  $30,548.44  to be applied to Tenant's then current
rent  obligations.  After the application of the aforesaid total of $152,742.20,
the remaining  balance of Tenant's  Security Deposit with Landlord until the end
of the Lease Term shall be $91,645.32.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]