Document:

exv10w12

FIFTH AMENDMENT TO LEASE AGREEMENT

     THIS FIFTH AMENDMENT TO LEASE AGREEMENT (the “Fifth Amendment”) is made August 20,
2007, nunc pro tunc December 31, 2006, by and between SPIRIT MASTER FUNDING, LLC, a Delaware
limited liability company, as successor-in-interest to Spirit Finance Acquisitions, LLC, a Delaware
limited liability company (“Lessor”), and SIGNIFICANT EDUCATION, INC., a Delaware
corporation, as successor-in-interest to Significant Education, LLC, a Delaware limited liability
company (“Lessee”).

Recitals

     WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated as of June 28,
2004, as amended pursuant to that certain Amendment to Lease Agreement dated effective as of
September 24, 2004, as further amended pursuant to that certain Second Amendment to Lease Agreement
dated effective as of August 23, 2005, as further amended pursuant to that certain Third Amendment
to Lease Agreement dated effective as of June 15, 2006, and as further amended pursuant to that
certain Fourth Amendment to Lease Agreement dated effective as of August 9, 2006 (collectively, the
“Lease”), with respect to the real property and improvements as described in the Lease.
Terms not defined in this Fifth Amendment shall have the meanings
ascribed to them in the Lease.

     WHEREAS, pursuant to Section 44.D of the Lease, Lessor agreed to provide, on or before the
Final Disbursement Date, Additional Funds for the Additional Tenant Improvements.

     WHEREAS, Lessee has requested Lessor to extend the Final Disbursement Date up to and including
September 30, 2007.

     NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee
agree as follows:

1. Final Disbursement Date The third sentence from the bottom of Section 44 D of the
Lease shall be deleted in its entirety and shall be replaced with the following:

Lessor and Lessee acknowledge and agree that the Additional Funds will be available to
Lessee up to and including September 30, 2007 (“Final Disbursement Date”).

2. Ratification. Except as expressly stated herein, the Lease shall remain in full force and
effect. If there is any conflict between the Lease and the terms of this Fifth Amendment, the
terms of this Fifth Amendment shall control.

[Remainder of page intentionally left blank, signature pages) to follow]

 

 

Lessor and Lessee have executed this Fifth Amendment as of the date set forth above.

	 	 	 	 	 
	 	LESSOR:

SPIRIT MASTER FUNDING, LLC

 	 
	 	By:  	/s/ Gregg. A. Seibert
 	 
	 	 	Printed  Name:  	Gregg. A. Seibert 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	LESSEE:

SIGNIFICANT EDUCATION, INC.

 	 
	 	By:  	/s/ Timothy R. Fischer
 	 
	 	 	Printed Name:  	Timothy R. Fischer 	 
	 	 	Title:  	Chief Financial Officerexv10w13

SIXTH AMENDMENT TO LEASE AGREEMENT

     THIS SIXTH AMENDMENT TO LEASE AGREEMENT (the “Sixth Amendment”) is made January 18,
2008, nunc pro tunc September 30, 2007, by and between SPIRIT MASTER FUNDING, LLC, a Delaware
limited liability company, as successor-in-interest to Spirit Finance Acquisitions, LLC, a Delaware
limited liability company (“Lessor”), and SIGNIFICANT EDUCATION, INC., a Delaware
corporation, as successor-in-interest to Significant Education, LLC, a Delaware limited liability
company (“Lessee”)

Recitals

     WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated as of June 28,
2004, as amended pursuant to that certain Amendment to Lease Agreement dated effective as of
September 24, 2004, as further amended pursuant to that certain Second Amendment to Lease Agreement
dated effective as of August 23, 2005, as further amended pursuant to that certain. Third Amendment
to Lease Agreement dated effective as of June 15, 2006, as further amended pursuant to that certain
Fourth Amendment to Lease Agreement dated effective as of August 9, 2006, and as further amended
pursuant to that certain Fifth Amendment to Lease dated August 20, 2007, nunc pro tunc December 31,
2006 (collectively, the “Lease”), with respect to the real property and improvements as
described in the Lease. Terms not defined in this Sixth Amendment shall have the meanings ascribed
to them in the Lease.

     WHEREAS, pursuant to Section 44.D of the Lease, Lessor agreed to provide Additional Funds for
the Additional Tenant Improvements.

     WHEREAS, Lessee has requested, among other things, that Lessor disburse a portion of the
Additional Funds and extend the Final Disbursement Date up to and including September 30, 2008, as
further provided herein.

     NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee
agree as follows:

1 Additional Tenant Improvements. Section 44.D of the Lease shall be deemed amended
as follows:

(a) Lessor and Lessee acknowledge and agree that Additional Funds in the amount of Three
Million Five Hundred Eighty-Nine Thousand One Hundred Eighty-One and 02/100 Dollars
($3,589,181.02) have been disbursed by Lessor to Lessee for
Additional Tenant Improvements.

(b) Lessor shall disburse the remaining Additional Funds in the amount of Two Million Two
Hundred Ten Thousand Eight Hundred Eighteen and 98/100 Dollars.

 

 

($2,210,818 98) in accordance with, and upon Lessee’s satisfaction of, Lessor’s standard
disbursement procedures (including without limitation, Lessee’s completion, execution and
delivery of the related Draw Request, and Lessee’s delivery of supporting invoices, lien
waivers and any other documents reasonably requested by Lessor in connection with such
disbursement), in up to three (3) separate installments as follows: (i) the amount of Nine
Hundred Sixty-Six Thousand One Hundred Thirty-Five and 26/100 ($966,135.26), representing
amounts incurred and paid by Lessee for Additional Tenant Improvements; and (ii) amounts
incurred and paid by Lessee for Additional Improvements related to the “New Swimming Pool”
project and the “Bright Angel Remodeling” project, each as described on Exhibit E to
the Lease; provided, however, that prior to the final disbursement of Additional Funds,
Lessee shall have provided to Lessor, at Lessee’s sole cost and expense, a current site
inspection and valuation of the Property, separate stating values for the Property and the
improvements located thereon, from a party selected by Lessor, in form and substance
acceptable to Lessor and confirming a concluded value equal to or greater than the sum of
(A) Lessor’s Total Investment, and (B) all Additional Funds disbursed and to be disbursed as
the final disbursement.

(c) The Final Disbursement
Date shall be up to and including September 30, 2008.

2 Ratification. Except as expressly stated herein, the Lease (including without limitation,
Section 44.D thereof) shall remain in full force and effect If there is any conflict between the
Lease (including without limitation, Section 44.D thereof) and the terms of this Sixth
Amendment, the terms of this Sixth Amendment shall control.

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2

 

Lessor and Lessee have executed this Sixth Amendment as of the date set forth above.

	 	 	 	 	 
	 	LESSOR:

SPIRIT MASTER FUNDING, LLC

 	 
	 	By:  	/s/ Michael T. Bennett
 	 
	 	 	Printed Name:  	Michael T. Bennett 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	LESSEE:

SIGNIFICANT EDUCATION, INC.

 	 
	 	By:  	/s/ Timothy R. Fischer
 	 
	 	 	Printed Name:  	Timothy R. Fischer 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

3exv10w14

SEVENTH AMENDMENT TO LEASE AGREEMENT

     THIS SEVENTH AMENDMENT TO LEASE AGREEMENT (the “Seventh Amendment”) is made as of
March 26, 2008, by and between SPIRIT MASTER FUNDING, LLC, a Delaware limited liability company, as
successor-in-interest to Spirit Finance Acquisitions, LLC, a Delaware limited liability company
(“Lessor”), and SIGNIFICANT EDUCATION, INC., a Delaware corporation, as
successor-in-interest to Significant Education, LLC, a Delaware limited liability company
(“Lessee”).

Recitals

     WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated as of June 28, 2004, as
amended pursuant to that certain Amendment to Lease Agreement dated effective as of September 24,
2004, as further amended pursuant to that certain Second Amendment to Lease Agreement dated
effective as of August 23, 2005, as further amended pursuant to that certain Third Amendment to
Lease Agreement dated effective as of June 15, 2006, as further amended pursuant to that certain
Fourth Amendment to Lease Agreement dated effective as of August 9, 2006, as further amended
pursuant to that certain Fifth Amendment to Lease dated August 20, 2007, nunc pro tunc December 31,
2006, and as further amended pursuant to that certain Sixth Amendment to Lease dated January 18,
2008, nunc pro tunc September 30, 2007 (collectively, the “Lease”), with respect to the
real property and improvements as described in the Lease.. Terms not defined in this Seventh
Amendment shall have the meanings ascribed to them in the Lease.

     WHEREAS, pursuant to Section 44.D of the Lease, Lessor has agreed to provide Additional Funds
for the Additional Tenant Improvements, and Lessor and Lessee wish to amend the Lease pursuant to
the terms hereof.

     NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee
agree as follows:

     1. Additional Tenant Improvements amended as follows: Section 44.D of the Lease shall be
amended as follows:

(a) Lessor and Lessee acknowledge and agree that Additional Funds in the amount of
$3,589,181.02 have been disbursed by Lessor to Lessee for Additional Tenant Improvements.

(b) Lessor shall disburse the remaining Additional Funds in the amount
$2,210,818 98 in accordance with, and upon Lessee’s satisfaction of, Lessor’s standard disbursement
procedures (including without limitation, Lessee’s completion, execution and delivery of the
related Draw Request, and Lessee’s delivery of supporting invoices, lien waivers and any other
documents reasonably requested by Lessor in connection

 

 

such disbursement) in up to two (2) separate installments as follows: (i) the first disbursement in
the amount of $760,925.41, representing amounts incurred and paid by Lessee for Additional Tenant
Improvements not heretofore funded by Lessor (“Current Disbursement”); and (ii) the final
disbursement (“Final Disbursement”) in an amount not to exceed $1,449,893 57 (“Final
Draw”) for amounts actually incurred and paid by Lessee for the Additional Tenant Improvements
related to the “New Swimming Pool” and “New Student Snack & Activity Center” projects, as described
and set forth on Exhibit E to the Lease.

(c) Notwithstanding any provision contained herein, Lessor and Lessee agree
that to the extent that (i) the Additional Funds are insufficient to permit completion of the
Additional Tenant Improvements, Lessee shall utilize its own hinds to complete such Additional
Tenant Improvements; and (ii) any Additional Tenant Improvement remains uncompleted as of the Final
Disbursement Date, Lessor shall have no obligation to disburse any further Additional Funds to
Lessee; provided, however, that the foregoing shall in no way eliminate or diminish Lessee’s
obligation to complete the Additional Tenant Improvements, to complete the Additional Tenant
Improvements in a good and workmanlike manner, or to otherwise perform its obligations under this
Lease Lessee further agrees that (1) all Additional Tenant Improvements (A) shall be made in
accordance with the provisions set forth in Sections 12 and 14 hereof; (13) shall be made free of
liens for work, services, labor and materials supplied or claimed to have been supplied to the
Property or any other property; and (C) shall not be undertaken without obtaining the insurance
required by Section 10 hereof , and “all risk” builder’s risk property insurance for the full replacement cost of the Additional Tenant Improvements on a
completed value basis; (2) all Additional Tenant Improvements shall be deemed a part of the
Property and shall belong to Lessor at the expiration or early termination of the Lease Term, and
Lessee shall execute and deliver to Lessor such instruments as Lessor may require to evidence the
ownership by Lessor of such Additional Tenant Improvements; (3) except as expressly set forth
herein, nothing contained in this Section 44 shall eliminate or diminish Lessee’s obligation to
otherwise perform its obligations under this Lease; (4) Lessee shall defend, indemnify and hold
harmless the Indemnified Parties from and against any and all Losses arising from or related to the
Additional Tenant Improvements and any failure to comply with the requirements in connection with
the Additional Tenant Improvements as described in this Section 44; (5) upon completion of such
Additional Tenant Improvements, Lessee shall promptly provide Lessor with (I) an architect’s
certificate certifying that the Additional Tenant Improvements have been completed in conformity
with the plans and specifications therefor; (II) a certificate of occupancy; and (III) any other
documents or information reasonably requested by Lessor; and (6) Lessee shall pay the cost of any
owner’s and lender’s title insurance endorsements requested by Lessor related to the Additional
Tennant Improvements.

     2. Base Annual Rental This Seventh Amendment shall be executed and delivered
simultaneously with the disbursement of the Current Disbursement, and Lessor and Lessee agree

 

 

that commencing as of the date of this Seventh Amendment and continuing until the next Adjustment Date,
the Base Annual Rental shall be $4,100,492.74.

     3. Ratification. Except as expressly stated herein, the Lease (including without
limitation, Section 4.B and Section 44.D thereof) shall remain in full force and effect If
there is any conflict between the Lease (including without limitation, Section 4.B and
Section 44.D thereof) and the terms of this Seventh Amendment, the terms of this Seventh
Amendment shall control.

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Lessor and Lessee have executed this Seventh Amendment as of the date set forth above.

	 	 	 	 	 
	 	LESSOR:

SPIRIT MASTER FUNDING, LLC

 	 
	 	By:  	/s/ Michael T. Bennett
 	 
	 	 	Printed Name:  	Michael T. Bennett 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	LESSEE:

SIGNIFICANT EDUCATION, INC.

 	 
	 	By:  	/s/ Timothy R. Fischer
 	 
	 	 	Printed Name:  	Timothy R. Fischer 	 
	 	 	Title:  	Chief Financial Officer

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