Document:

EXHIBIT 10.26

                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

     INTELLECTUAL PROPERTY SECURITY AGREEMENT (this "Agreement"
dated as of May 23, 2005, by and among CalbaTech, Inc., a Nevada
corporation (the "Company"), and the secured parties signatory hereto
and their respective endorsees, transferees and assigns
(collectively, the "Secured Party").

                           W I T N E S S E T H :

     WHEREAS, pursuant to a Securities Purchase Agreement, dated the
date hereof, between Company and the Secured Party (the "Purchase
Agreement"), Company has agreed to issue to the Secured Party and the
Secured Party has agreed to purchase from Company certain of
Company's 10% Callable Secured Convertible Notes, due three years
from the date of issue (the "Notes"), which are convertible into
shares of Company's Common Stock, par value $.001 per share (the
"Common Stock").  In connection therewith, Company shall issue the
Secured Party certain Common Stock purchase warrants (the
"Warrants"); and

     WHEREAS, in order to induce the Secured Party to purchase the
Notes, Company has agreed to execute and deliver to the Secured Party
this Agreement for the benefit of the Secured Party and to grant to
it a first priority security interest in certain Intellectual
Property (defined below) of Company to secure the prompt payment,
performance and discharge in full of all of Company's obligations
under the Notes and exercise and discharge in full of Company's
obligations under the Warrants; and

     NOW, THEREFORE, in consideration of the agreements herein
contained and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:

     1.  Defined Terms.  Unless otherwise defined herein, terms
which are defined in the Purchase Agreement and used herein are so
used as so defined; and the following terms shall have the following
meanings:

           "Software Intellectual Property"  shall mean:

        (a)  all software programs (including all source code,
object code and all related applications and data files), whether now
owned, upgraded, enhanced, licensed or leased or hereafter acquired
by the Company, above;

        (b)  all computers and electronic data processing
hardware and firmware associated therewith;

        (c)  all documentation (including flow charts, logic
diagrams, manuals, guides and specifications) with respect to such
software, hardware and firmware described in the preceding clauses
(a) and (b); and

        (d)  all rights with respect to all of the foregoing,
including, without limitation, any and all upgrades, modifications,
copyrights, licenses, options, warranties, service contracts, program
services, test rights, maintenance rights, support rights,
improvement rights, renewal rights and indemnifications and
substitutions, replacements, additions, or model conversions of any
of the foregoing.

     "Copyrights" shall mean (a) all copyrights,
registrations and applications for registration, issued or filed,
including any reissues, extensions or renewals thereof, by or with
the United States Copyright Office or any similar office or agency of
the United States, any state thereof, or any other country or
political subdivision thereof, or otherwise, including, all rights in
and to the material constituting the subject matter thereof,
including, without limitation, any referred to in Schedule B hereto,
and (b) any rights in any material which is copyrightable or which is
protected by common law, United States copyright laws or similar laws
or any law of any State, including, without limitation, any thereof
referred to in Schedule B hereto.

     "Copyright License" shall mean any agreement, written
or oral, providing for a grant by the Company of any right in any
Copyright, including, without limitation, any thereof referred to in
Schedule B hereto.

     "Intellectual Property" shall means, collectively, the
Software Intellectual Property, Copyrights, Copyright Licenses,
Patents, Patent Licenses, Trademarks, Trademark Licenses and Trade
Secrets.

     "Obligations" means all of the Company's obligations
under this Agreement and the Notes, in each case, whether now or
hereafter existing, voluntary or involuntary, direct or indirect,
absolute or contingent, liquidated or unliquidated, whether or not
jointly owed with others, and whether or not from time to time
decreased or extinguished and later decreased, created or incurred,
and all or any portion of such obligations or liabilities that are
paid, to the extent all or any part of such payment is avoided or
recovered directly or indirectly from the Secured Party as a
preference, fraudulent transfer or otherwise as such obligations may
be amended, supplemented, converted, extended or modified from time
to time.

     "Patents" shall mean (a) all letters patent of the
United States or any other country or any political subdivision
thereof, and all reissues and extensions thereof, including, without
limitation, any thereof referred to in Schedule B hereto, and (b) all
applications for letters patent of the United States and all
divisions, continuations and continuations-in-part thereof or any
other country or any political subdivision, including, without
limitation, any thereof referred to in Schedule B hereto.

     "Patent License" shall mean all agreements, whether
written or oral, providing for the grant by the Company of any right
to manufacture, use or sell any invention covered by a Patent,
including, without limitation, any thereof referred to in Schedule B hereto.

     "Security Agreement" shall mean the a Security
Agreement, dated the date hereof between Company and the Secured Party.

     "Trademarks" shall mean (a) all trademarks, trade
names, corporate names, company names, business names, fictitious
business names, trade styles, service marks, logos and other source
or business identifiers, and the goodwill associated therewith, now
existing or hereafter adopted or acquired, all registrations and
recordings thereof, and all applications in connection therewith,
whether in the United States Patent and Trademark Office or in any
similar office or agency of the United States, any state thereof or
any other country or any political subdivision thereof, or otherwise,
including, without limitation, any thereof referred to in Schedule B
hereto, and (b) all reissues, extensions or renewals thereof.

     "Trademark License" shall mean any agreement, written
or oral, providing for the grant by the Company of any right to use
any Trademark, including, without limitation, any thereof referred to
in Schedule B hereto.

     "Trade Secrets" shall mean common law and statutory
trade secrets and all other confidential or proprietary or useful
information and all know-how obtained by or used in or contemplated
at any time for use in the business of the Company (all of the
foregoing being collectively called a "Trade Secret"), whether or not
such Trade Secret has been reduced to a writing or other tangible
form, including all documents and things embodying, incorporating or
referring in any way to such Trade Secret, all Trade Secret licenses,
including each Trade Secret license referred to in Schedule B hereto,
and including the right to sue for and to enjoin and to collect
damages for the actual or threatened misappropriation of any Trade
Secret and for the breach or enforcement of any such Trade Secret license.

     2.  Grant of Security Interest.  In accordance with
Section 3(m) of the Security Agreement, to secure the complete and
timely payment, performance and discharge in full, as the case may
be, of all of the Obligations, the Company hereby, unconditionally
and irrevocably, pledges, grants and hypothecates to the Secured
Party, a continuing security interest in, a continuing first lien
upon, an unqualified right to possession and disposition of and a
right of set-off against, in each case to the fullest extent
permitted by law, all of the Company's right, title and interest of
whatsoever kind and nature in and to the Intellectual Property (the
"Security Interest").

     3.  Representations and Warranties.  The Company hereby
represents and warrants, and covenants and agrees with, the Secured
Party as follows:

        (a)  The Company has the requisite corporate power and
authority to enter into this Agreement and otherwise to carry out its
obligations thereunder.  The execution, delivery and performance by
the Company of this Agreement and the filings contemplated therein
have been duly authorized by all necessary action on the part of the
Company and no further action is required by the Company.  This
Agreement constitutes a legal, valid and binding obligation of the
Company enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement
of creditor's rights generally.

        (b)  The Company represents and warrants that it has
no place of business or offices where its respective books of account
and records are kept (other than temporarily at the offices of its
attorneys or accountants) or places where the Intellectual Property
is stored or located, except as set forth on Schedule A attached hereto;

        (c)  The Company is the sole owner of the Intellectual
Property (except for non-exclusive licenses granted by the Company in
the ordinary course of business), free and clear of any liens,
security interests, encumbrances, rights or claims, and is fully
authorized to grant the Security Interest in and to pledge the
Intellectual Property.  There is not on file in any governmental or
regulatory authority, agency or recording office an effective
financing statement, security agreement, license or transfer or any
notice of any of the foregoing (other than those that have been filed
in favor of the Secured Party pursuant to this Agreement) covering or
affecting any of the Intellectual Property.  So long as this
Agreement shall be in effect, the Company shall not execute and shall
not knowingly permit to be on file in any such office or agency any
such financing statement or other document or instrument (except to
the extent filed or recorded in favor of the Secured Party pursuant
to the terms of this Agreement), except for a financing statement
covering assets acquired by the Company after the date hereof,
provided that the value of the Intellectual Property covered by this
Agreement along with the Collateral (as defined in the Security
Agreement) is equal to at least 150% of the Obligations.

        (d)  The Company shall at all times maintain its books
of account and records relating to the Intellectual Property at its
principal place of business and its Intellectual Property at the
locations set forth on Schedule A attached hereto and may not
relocate such books of account and records unless it delivers to the
Secured Party at least 30 days prior to such relocation (i) written
notice of such relocation and the new location thereof (which must be
within the United States) and (ii) evidence that the necessary
documents have been filed and recorded and other steps have been
taken to perfect the Security Interest to create in favor of the
Secured Party valid, perfected and continuing first priority liens in
the Intellectual Property to the extent they can be perfected through
such filings.

        (e)  This Agreement creates in favor of the Secured
Party a valid security interest in the Intellectual Property securing
the payment and performance of the Obligations and, upon making the
filings required hereunder, a perfected first priority security
interest in such Intellectual Property to the extent that it can be
perfected through such filings.

        (f)  Upon request of the Secured Party, the Company
shall execute and deliver any and all agreements, instruments,
documents, and papers as the Secured Party may request to evidence
the Secured Party's security interest in the Intellectual Property
and the goodwill and general intangibles of the Company relating
thereto or represented thereby, and the Company hereby appoints the
Secured Party its attorney-in-fact to execute and file all such
writings for the foregoing purposes, all acts of such attorney being
hereby ratified and confirmed; such power being coupled with an
interest is irrevocable until the Obligations have been fully
satisfied and are paid in full.

        (g)  The execution, delivery and performance of this
Agreement does not conflict with or cause a breach or default, or an
event that with or without the passage of time or notice, shall
constitute a breach or default, under any agreement to which the
Company is a party or by which the Company is bound.  No consent
(including, without limitation, from stock holders or creditors of
the Company) is required for the Company to enter into and perform
its obligations hereunder.

        (h)  The Company shall at all times maintain the liens
and Security Interest provided for hereunder as valid and perfected
first priority liens and security interests in the Intellectual
Property to the extent they can be perfected by filing in favor of
the Secured Party until this Agreement and the Security Interest
hereunder shall terminate pursuant to Section 11.  The Company hereby
agrees to defend the same against any and all persons.  The Company
shall safeguard and protect all Intellectual Property for the account
of the Secured Party.  Without limiting the generality of the
foregoing, the Company shall pay all fees, taxes and other amounts
necessary to maintain the Intellectual Property and the Security
Interest hereunder, and the Company shall obtain and furnish to the
Secured Party from time to time, upon demand, such releases and/or
subordinations of claims and liens which may be required to maintain
the priority of the Security Interest hereunder.

        (i)  The Company will not transfer, pledge,
hypothecate, encumber, license (except for non-exclusive licenses
granted by the Company in the ordinary course of business), sell or
otherwise dispose of any of the Intellectual Property without the
prior written consent of the Secured Party.

        (j)  The Company shall, within ten (10) days of
obtaining knowledge thereof, advise the Secured Party promptly, in
sufficient detail, of any substantial change in the Intellectual
Property, and of the occurrence of any event which would have a
material adverse effect on the value of the Intellectual Property or
on the Secured Party's security interest therein.

        (k)  The Company shall permit the Secured Party and
its representatives and agents to inspect the Intellectual Property
at any time, and to make copies of records pertaining to the
Intellectual Property as may be requested by the Secured Party from
time to time.

        (l)  The Company will take all steps reasonably
necessary to diligently pursue and seek to preserve, enforce and
collect any rights, claims, causes of action and accounts receivable
in respect of the Intellectual Property.

        (m)  The Company shall promptly notify the Secured
Party in sufficient detail upon becoming aware of any  attachment,
garnishment, execution or other legal process levied against any
Intellectual Property and of any other information received by the
Company that may materially affect the value of the Intellectual
Property, the Security Interest or the rights and remedies of the
Secured Party hereunder.

        (n)  All information heretofore, herein or hereafter
supplied to the Secured Party by or on behalf of the Company with
respect to the Intellectual Property is accurate and complete in all
material respects as of the date furnished.

        (o)  Schedule A attached hereto contains a list of all
of the subsidiaries of Company.

        (p)  Schedule B attached hereto includes all Licenses,
and all Patents and Patent Licenses, if any, owned by the Company in
its own name as of the date hereof.  Schedule B hereto includes all
Trademarks and Trademark Licenses, if any, owned by the Company in
its own name as of the date hereof.  Schedule B hereto includes all
Copyrights and Copyright Licenses, if any, owned by the Company in
its own name as of the date hereof.  Schedule B hereto includes all
Trade Secrets and Trade Secret Licenses, if any, owned by the Company
as of the date hereof.  To the best of the Company's knowledge, each
License, Patent, Trademark, Copyright and Trade Secret is valid,
subsisting, unexpired, enforceable and has not been abandoned.
Except as set forth in Schedule B, none of such Licenses, Patents,
Trademarks, Copyrights and Trade Secrets is the subject of any
licensing or franchise agreement.  To the best of the Company's
knowledge, no holding, decision or judgment has been rendered by any
Governmental Body which would limit, cancel or question the validity
of any License, Patent, Trademark, Copyright and Trade Secrets .  No
action or proceeding is pending (i) seeking to limit, cancel or
question the validity of any License, Patent, Trademark, Copyright or
Trade Secret, or (ii) which, if adversely determined, would have a
material adverse effect on the value of any License, Patent,
Trademark, Copyright or Trade Secret.  The Company has used and will
continue to use for the duration of this Agreement, proper statutory
notice in connection with its use of the Patents, Trademarks and
Copyrights and consistent standards of quality in products leased or
sold under the Patents, Trademarks and Copyrights.

        (q)  With respect to any Intellectual Property:

            (i)  such Intellectual Property is subsisting and
            has not been adjudged invalid or
            unenforceable, in whole or in part;

            (ii)  such Intellectual Property is valid and
            enforceable;

            (iii)  the Company has made all necessary
            filings and recordations to protect its
            interest in such Intellectual Property,
            including, without limitation, recordations
            of all of its interests in the Patents,
            Patent Licenses, Trademarks and Trademark
            Licenses in the United States Patent and
            Trademark Office and in corresponding
            offices throughout the world and its claims
            to the Copyrights and Copyright Licenses in
            the United States Copyright Office and in
            corresponding offices throughout the world;

            (iv)  other than as set forth in Schedule B, the
            Company is the exclusive owner of the entire
            and unencumbered right, title and interest
            in and to such Intellectual Property and no
            claim has been made that the use of such
            Intellectual Property infringes on the
            asserted rights of any third party; and

            (v)  the Company has performed and will continue
            to perform all acts and has paid all
            required fees and taxes to maintain each and
            every item of Intellectual Property in full
            force and effect throughout the world, as
            applicable.

        (r)  Except with respect to any Trademark or Copyright
that the Company  shall reasonably determine is of negligible
economic value to the Company, the Company shall:

            (i)  maintain each Trademark and Copyright in
            full force free from any claim of abandonment for non-use,
            maintain as in the past the quality of products and services
            offered under such Trademark or Copyright;  employ such
            Trademark or Copyright with the appropriate notice of
            registration; not adopt or use any mark which is confusingly
            similar or a colorable imitation of such Trademark or Copyright
            unless the Secured Party shall obtain a perfected security
            interest in such mark pursuant to this Agreement; and not (and
            not permit any licensee or sublicensee thereof to) do any act or
            knowingly omit to do any act whereby any Trademark or Copyright
            may become invalidated;

           (ii)  not, except with respect to any Patent that
           it shall reasonably determine is of negligible economic value to
           it, do any act, or omit to do any act, whereby any Patent may
           become abandoned or dedicated; and

           (iii)  notify the Secured Party immediately if
           it knows, or has reason to know, that any application or
           registration relating to any Patent, Trademark or Copyright may
           become abandoned or dedicated, or of any adverse determination
           or development (including, without limitation, the institution
           of, or any such determination or development in, any proceeding
           in the United States Patent and Trademark Office, United States
           Copyright Office or any court or tribunal in any country)
           regarding its ownership of any Patent, Trademark or Copyright or
           its right to register the same or to keep and maintain the same.

        (s)  Whenever the Company, either by itself or through
any agent, employee, licensee or designee, shall file an application
for the registration of any Patent, Trademark or Copyright with the
United States Patent and Trademark Office, United States Copyright
Office or any similar office or agency in any other country or any
political subdivision thereof or acquire rights to any new Patent,
Trademark or Copyright whether or not registered, report such filing
to the Secured Party within five business days after the last day of
the fiscal quarter in which such filing occurs.

        (t)  The Company shall take all reasonable and
necessary steps, including, without limitation, in any proceeding
before the United States Patent and Trademark Office, United States
Copyright Office or any similar office or agency in any other country
or any political subdivision thereof, to maintain and pursue each
application (and to obtain the relevant registration) and to maintain
each registration of the Patents, Trademarks and Copyrights,
including, without limitation, filing of applications for renewal,
affidavits of use and affidavits of incontestability.

        (u)  In the event that any Patent, Trademark or
Copyright included in the Intellectual Property is infringed,
misappropriated or diluted by a third party, promptly notify the
Secured Party after it learns thereof and shall, unless it shall
reasonably determine that such Patent, Trademark or Copyright is of
negligible economic value to it, which determination it shall
promptly report to the Secured Party, promptly sue for infringement,
misappropriation or dilution, to seek injunctive relief where
appropriate and to recover any and all damages for such infringement,
misappropriation or dilution, or take such other actions as it shall
reasonably deem appropriate under the circumstances to protect such
Patent, Trademark or Copyright.  If the Company lacks the financial
resources to comply with this Section 3(t), the Company shall so
notify the Secured Party and shall cooperate fully with any
enforcement action undertaken by the Secured Party on behalf of the
Company.

     4.  Defaults.  The following events shall be "Events of Default":

        (a)  The occurrence of an Event of Default (as defined
in the Notes) under the Notes;

        (b)  Any representation or warranty of the Company in
this Agreement or in the Security Agreement shall prove to have been
incorrect in any material respect when made;

        (c)  The failure by the Company to observe or perform
any of its obligations hereunder or in the Security Agreement for ten
(10) days after receipt by the Company of notice of such failure from
the Secured Party; and

        (d)  Any breach of, or default under, the Warrants.

     5.  Duty To Hold In Trust.  Upon the occurrence of any
Event of Default and at any time thereafter, the Company shall, upon
receipt by it of any revenue, income or other sums subject to the
Security Interest, whether payable pursuant to the Notes or
otherwise, or of any check, draft, note, trade acceptance or other
instrument evidencing an obligation to pay any such sum, hold the
same in trust for the Secured Party and shall forthwith endorse and
transfer any such sums or instruments, or both, to the Secured Party
for application to the satisfaction of the Obligations.

     6.  Rights and Remedies Upon Default.  Upon occurrence of
any Event of Default and at any time thereafter, the Secured Party
shall have the right to exercise all of the remedies conferred
hereunder and under the Notes, and the Secured Party shall have all
the rights and remedies of a secured party under the UCC and/or any
other applicable law (including the Uniform Commercial Code of any
jurisdiction in which any Intellectual Property is then located).
Without limitation, the Secured Party shall have the following rights
and powers:

        (a)  The Secured Party shall have the right to take
possession of the Intellectual Property and, for that purpose, enter,
with the aid and assistance of any person, any premises where the
Intellectual Property, or any part thereof, is or may be placed and
remove the same, and the Company shall assemble the Intellectual
Property and make it available to the Secured Party at places which
the Secured Party shall reasonably select, whether at the Company's
premises or elsewhere, and make available to the Secured Party,
without rent, all of the Company's respective premises and facilities
for the purpose of the Secured Party taking possession of, removing
or putting the Intellectual Property in saleable or disposable form.

        (b)  The Secured Party shall have the right to operate
the business of the Company using the Intellectual Property and shall
have the right to assign, sell, lease or otherwise dispose of and
deliver all or any part of the Intellectual Property, at public or
private sale or otherwise, either with or without special conditions
or stipulations, for cash or on credit or for future delivery, in
such parcel or parcels and at such time or times and at such place or
places, and upon such terms and conditions as the Secured Party may
deem commercially reasonable, all without (except as shall be
required by applicable statute and cannot be waived) advertisement or
demand upon or notice to the Company or right of redemption of the
Company, which are hereby expressly waived.  Upon each such sale,
lease, assignment or other transfer of Intellectual Property, the
Secured Party may, unless prohibited by applicable law which cannot
be waived, purchase all or any part of the Intellectual Property
being sold, free from and discharged of all trusts, claims, right of
redemption and equities of the Company, which are hereby waived and
released.

     7.  Applications of Proceeds.  The proceeds of any such
sale, lease or other disposition of the Intellectual Property
hereunder shall be applied first, to the expenses of retaking,
holding, storing, processing and preparing for sale, selling, and the
like (including, without limitation, any taxes, fees and other costs
incurred in connection therewith) of the Intellectual Property, to
the reasonable attorneys' fees and expenses incurred by the Secured
Party in enforcing its rights hereunder and in connection with
collecting, storing and disposing of the Intellectual Property, and
then to satisfaction of the Obligations, and to the payment of any
other amounts required by applicable law, after which the Secured
Party shall pay to the Company any surplus proceeds.  If, upon the
sale, license or other disposition of the Intellectual Property, the
proceeds thereof are insufficient to pay all amounts to which the
Secured Party is legally entitled, the Company will be liable for the
deficiency, together with interest thereon, at the rate of 15% per
annum (the "Default Rate"), and the reasonable fees of any attorneys
employed by the Secured Party to collect such deficiency.  To the
extent permitted by applicable law, the Company waives all claims,
damages and demands against the Secured Party arising out of the
repossession, removal, retention or sale of the Intellectual
Property, unless due to the gross negligence or willful misconduct of
the Secured Party.

     8.  Costs and Expenses.  The Company agrees to pay all out-
of-pocket fees, costs and expenses incurred in connection with any
filing required hereunder, including without limitation, any
financing statements, continuation statements, partial releases
and/or termination statements related thereto or any expenses of any
searches reasonably required by the Secured Party.  The Company shall
also pay all other claims and charges which in the reasonable opinion
of the Secured Party might prejudice, imperil or otherwise affect the
Intellectual Property or the Security Interest therein.  The Company
will also, upon demand, pay to the Secured Party the amount of any
and all reasonable expenses, including the reasonable fees and
expenses of its counsel and of any experts and agents, which the
Secured Party may incur in connection with (i) the enforcement of
this Agreement, (ii) the custody or preservation of, or the sale of,
collection from, or other realization upon, any of the Intellectual
Property, or (iii) the exercise or enforcement of any of the rights
of the Secured Party under the Notes. Until so paid, any fees payable
hereunder shall be added to the principal amount of the Notes and
shall bear interest at the Default Rate.

     9.  Responsibility for Intellectual Property.  The Company
assumes all liabilities and responsibility in connection with all
Intellectual Property, and the obligations of the Company hereunder
or under the Notes and the Warrants shall in no way be affected or
diminished by reason of the loss, destruction, damage or theft of any
of the Intellectual Property or its unavailability for any reason.

     10.  Security Interest Absolute.  All rights of the Secured
Party and all Obligations of the Company hereunder, shall be absolute
and unconditional, irrespective of: (a) any lack of validity or
enforceability of this Agreement, the Notes, the Warrants or any
agreement entered into in connection with the foregoing, or any
portion hereof or thereof; (b) any change in the time, manner or
place of payment or performance of, or in any other term of, all or
any of the Obligations, or any other amendment or waiver of or any
consent to any departure from the Notes, the Warrants  or any other
agreement entered into in connection with the foregoing; (c) any
exchange, release or nonperfection of any of the Intellectual
Property, or any release or amendment or waiver of or consent to
departure from any other Intellectual Property for, or any guaranty,
or any other security, for all or any of the Obligations; (d) any
action by the Secured Party to obtain, adjust, settle and cancel in
its sole discretion any insurance claims or matters made or arising
in connection with the Intellectual Property; or (e) any other
circumstance which might otherwise constitute any legal or equitable
defense available to the Company, or a discharge of all or any part
of the Security Interest granted hereby.  Until the Obligations shall
have been paid and performed in full, the rights of the Secured Party
shall continue even if the Obligations are barred for any reason,
including, without limitation, the running of the statute of
limitations or bankruptcy.  The Company expressly waives presentment,
protest, notice of protest, demand, notice of nonpayment and demand
for performance. In the event that at any time any transfer of any
Intellectual Property or any payment received by the Secured Party
hereunder shall be deemed by final order of a court of competent
jurisdiction to have been a voidable preference or fraudulent
conveyance under the bankruptcy or insolvency laws of the United
States, or shall be deemed to be otherwise due to any party other
than the Secured Party, then, in any such event, the Company's
obligations hereunder shall survive cancellation of this Agreement,
and shall not be discharged or satisfied by any prior payment thereof
and/or cancellation of this Agreement, but shall remain a valid and
binding obligation enforceable in accordance with the terms and
provisions hereof.  The Company waives all right to require the
Secured Party to proceed against any other person or to apply any
Intellectual Property which the Secured Party may hold at any time,
or to marshal assets, or to pursue any other remedy.  The Company
waives any defense arising by reason of the application of the
statute of limitations to any obligation secured hereby.

     11.  Term of Agreement.  This Agreement and the Security
Interest shall terminate on the date on which all payments under the
Notes have been made in full and all other Obligations have been paid
or discharged.  Upon such termination, the Secured Party, at the
request and at the expense of the Company, will join in executing any
termination statement with respect to any financing statement
executed and filed pursuant to this Agreement.

     12.  Power of Attorney; Further Assurances.

        (a)  The Company authorizes the Secured Party, and
does hereby make, constitute and appoint it, and its respective
officers, agents, successors or assigns with full power of
substitution, as the Company's true and lawful attorney-in-fact, with
power, in its own name or in the name of the Company, to, after the
occurrence and during the continuance of an Event of Default, (i)
endorse any notes, checks, drafts, money orders, or other instruments
of payment (including payments payable under or in respect of any
policy of insurance) in respect of the Intellectual Property that may
come into possession of the Secured Party; (ii) to sign and endorse
any UCC financing statement or any invoice, freight or express bill,
bill of lading, storage or warehouse receipts, drafts against
debtors, assignments, verifications and notices in connection with
accounts, and other documents relating to the Intellectual Property;
(iii) to pay or discharge taxes, liens, security interests or other
encumbrances at any time levied or placed on or threatened against
the Intellectual Property; (iv) to demand, collect, receipt for,
compromise, settle and sue for monies due in respect of the
Intellectual Property; and (v) generally, to do, at the option of the
Secured Party, and at the Company's expense, at any time, or from
time to time, all acts and things which the Secured Party deems
necessary to protect, preserve and realize upon the Intellectual
Property and the Security Interest granted therein in order to effect
the intent of this Agreement, the Notes and the Warrants, all as
fully and effectually as the Company might or could do; and the
Company hereby ratifies all that said attorney shall lawfully do or
cause to be done by virtue hereof.  This power of attorney is coupled
with an interest and shall be irrevocable for the term of this
Agreement and thereafter as long as any of the Obligations shall be
outstanding.

        (b)  On a continuing basis, the Company will make,
execute, acknowledge, deliver, file and record, as the case may be,
in the proper filing and recording places in any jurisdiction,
including, without limitation, the jurisdictions indicated on
Schedule C, attached hereto, all such instruments, and take all such
action as may reasonably be deemed necessary or advisable, or as
reasonably requested by the Secured Party, to perfect the Security
Interest granted hereunder and otherwise to carry out the intent and
purposes of this Agreement, or for assuring and confirming to the
Secured Party the grant or perfection of a security interest in all
the Intellectual Property.

        (c)  The Company hereby irrevocably appoints the
Secured Party as the Company's attorney-in-fact, with full authority
in the place and stead of the Company and in the name of the Company,
from time to time in the Secured Party's discretion, to take any
action and to execute any instrument which the Secured Party may deem
necessary or advisable to accomplish the purposes of this Agreement,
including the filing, in its sole discretion, of one or more
financing or continuation statements and amendments thereto, relative
to any of the Intellectual Property without the signature of the
Company where permitted by law.

     13.  Notices.  All notices, requests, demands and other
communications hereunder shall be in writing, with copies to all the
other parties hereto, and shall be deemed to have been duly given
when (i) if delivered by hand, upon receipt, (ii) if sent by
facsimile, upon receipt of proof of sending thereof, (iii) if sent by
nationally recognized overnight delivery service (receipt requested),
the next business day or (iv) if mailed by first-class registered or
certified mail, return receipt requested, postage prepaid, four days
after posting in the U.S. mails, in each case if delivered to the
following addresses:

If to the Company:  Calbatech, Inc.
15375 Barranca Parkway
Suite I-101
Irvine, CA 92618
Attention: Chief Executive Officer
Telephone:  (949) 450-9912
Facsimile:  (949) 450-9954

With copies to:  Sichenzia Ross Friedman Ference LLP
1065 Avenue of the Americas
New York, NY  10018
Attention:   Gregory Sichenzia, Esq.
Telephone:  (212) 930-9700
Facsimile:  (212) 930-9725

If to the Secured Party:  AJW Partners, LLC
AJW Offshore, Ltd.
AJW Qualified Partners, LLC
New Millennium Capital Partners II, LLC
1044 Northern Boulevard
Suite 302
Roslyn, New York  11576
Attention:  Corey Ribotsky
Facsimile:  516-739-7115

With copies to:  Ballard Spahr Andrews & Ingersoll, LLP
1735 Market Street, 51st Floor
Philadelphia, Pennsylvania  19103
Attention:  Gerald J. Guarcini, Esquire
Facsimile:  215-864-8999

     14.  Other Security.  To the extent that the Obligations
are now or hereafter secured by property other than the Intellectual
Property or by the guarantee, endorsement or property of any other
person, firm, corporation or other entity, then the Secured Party
shall have the right, in its sole discretion, to pursue, relinquish,
subordinate, modify or take any other action with respect thereto,
without in any way modifying or affecting any of the Secured Party's
rights and remedies hereunder.

     15.  Miscellaneous.

        (a)  No course of dealing between the Company and the
Secured Party, nor any failure to exercise, nor any delay in
exercising, on the part of the Secured Party, any right, power or
privilege hereunder or under the Notes shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, power
or privilege hereunder or thereunder preclude any other or further
exercise thereof or the exercise of any other right, power or
privilege.

        (b)  All of the rights and remedies of the Secured
Party with respect to the Intellectual Property, whether established
hereby or by the Notes or by any other agreements, instruments or
documents or by law shall be cumulative and may be exercised singly
or concurrently.

        (c)  This Agreement and the Security Agreement
constitute the entire agreement of the parties with respect to the
subject matter hereof and is intended to supersede all prior
negotiations, understandings and agreements with respect thereto.
Except as specifically set forth in this Agreement, no provision of
this Agreement may be modified or amended except by a written
agreement specifically referring to this Agreement and signed by the
parties hereto.

        (d)  In the event that any provision of this Agreement
is held to be invalid, prohibited or unenforceable in any
jurisdiction for any reason, unless such provision is narrowed by
judicial construction, this Agreement shall, as to such jurisdiction,
be construed as if such invalid, prohibited or unenforceable
provision had been more narrowly drawn so as not to be invalid,
prohibited or unenforceable.  If, notwithstanding the foregoing, any
provision of this Agreement is held to be invalid, prohibited or
unenforceable in any jurisdiction, such provision, as to such
jurisdiction, shall be ineffective to the extent of such invalidity,
prohibition or unenforceability without invalidating the remaining
portion of such provision or the other provisions of this Agreement
and without affecting the validity or enforceability of such
provision or the other provisions of this Agreement in any other
jurisdiction.

        (e)  No waiver of any breach or default or any right
under this Agreement shall be considered valid unless in writing and
signed by the party giving such waiver, and no such waiver shall be
deemed a waiver of any subsequent breach or default or right, whether
of the same or similar nature or otherwise.

        (f)  This Agreement shall be binding upon and inure to
the benefit of each party hereto and its successors and assigns.

        (g)  Each party shall take such further action and
execute and deliver such further documents as may be necessary or
appropriate in order to carry out the provisions and purposes of this
Agreement.

        (h)  This Agreement shall be construed in accordance
with the laws of the State of New York, except to the extent the
validity, perfection or enforcement of a security interest hereunder
in respect of any particular Intellectual Property which are governed
by a jurisdiction other than the State of New York in which case such
law shall govern.  Each of the parties hereto irrevocably submit to
the exclusive jurisdiction of any New York State or United States
Federal court sitting in Manhattan county over any action or
proceeding arising out of or relating to this Agreement, and the
parties hereto hereby irrevocably agree that all claims in respect of
such action or proceeding may be heard and determined in such New
York State or Federal court.  The parties hereto agree that a final
judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law.  The parties hereto further waive any
objection to venue in the State of New York and any objection to an
action or proceeding in the State of New York on the basis of forum
non conveniens.

        (i)  EACH PARTY HERETO HEREBY AGREES TO WAIVE ITS
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT.  THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATER OF THIS
AGREEMENT, INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL
INDUCEMENT FOR EACH PARTY TO ENTER INTO A BUSINESS RELATIONSHIP, THAT
EACH PARTY HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
AGREEMENT AND THAT EACH PARTY WILL CONTINUE TO RELY ON THIS WAIVER IN
THEIR RELATED FUTURE DEALINGS. EACH PARTY FURTHER WARRANTS AND
REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHTS
TO A JURY TRIAL FOLLOWING SUCH CONSULTATION.  THIS WAIVER IS
IRREVOCABLE, MEANING THAT, NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS AND
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.  IN THE EVENT OF A
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

        (j)  This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an
original and, all of which taken together shall constitute one and
the same Agreement.  In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature
is executed) the same with the same force and effect as if such
facsimile signature were the original thereof.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

CALBATECH, INC.

By:
      James DeOlden
     Chief Executive Officer

AJW PARTNERS, LLC
By:  SMS Group, LLC

By:
Corey S. Ribotsky
Manager

AJW OFFSHORE, LTD.
By:  First Street Manager II, LLC

By:
Corey S. Ribotsky
Manager

AJW QUALIFIED PARTNERS, LLC
By:  AJW Manager, LLC

By:
Corey S. Ribotsky
Manager

NEW MILLENNIUM CAPITAL
PARTNERS II, LLC
By:  First Street Manager II, LLC

By:
Corey S. Ribotsky
Manager

                                    SCHEDULE A

Principal Place of Business of the Company:

Locations Where Intellectual Property is Located or Stored:

List of Subsidiaries of the Company:

                                    SCHEDULE B

A.  Licenses, Patents and Patent Licenses

                                                              Registration or
Patent        Application or Registration No.    Country      Filing Date

B.  Trademarks and Trademark Licenses

                                                              Registration or
Patent        Application or Registration No.    Country      Filing Date

C.  Copyrights and Copyright Licenses

                                                              Registration or
Patent        Application or Registration No.    Country      Filing Date

D.  Trade Secrets and Trade Secret Licenses

                                                              Registration or
Patent        Application or Registration No.    Country      Filing Date

                                   SCHEDULE C
Jurisdictions:Exhibit 4.4

 

General
Terms and Conditions for the Leasing of Business Premises

 

Adopted
1 June 1990.

 

	
   

  	
  Article 1:

  	
  The leased
  space/fitting out, modification, and furnishing of the leased space

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 2:

  	
  Designated use
  and utilization of the leased space

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 3:

  	
  Rent adjustment

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 4:

  	
  Termination of
  lease

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 5:

  	
  Liability

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 6:

  	
  Breach of
  contract

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 7:

  	
  Bank guarantee

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 8:

  	
  Maintenance,
  repairs, and replacements/inspections etc.

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 9:

  	
  Costs incurred
  for power, gas, water, electricity, heating, supplies and services

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 10:

  	
  Payments

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 11:

  	
  Taxes,
  charges, levies, premiums etc.

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 12:

  	
  Joint and
  several liability

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 13:

  	
  Costs

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 14:

  	
  Resolutive
  conditions

  
	
   

  	
   

  	
   

  
	
   

  	
  Article 15:

  	
  Domicile/Property
  manager

  

 

 

ARTICLE 1

THE
LEASED SPACE/FITTING OUT, MODIFICATION, AND FURNISHING OF THE LEASED SPACE

 

The leased space

 

1.                                       The leased space shall be taken to include the
installations and facilities present there, insofar as they are the property of
the Lessor.

 

2.                                       The leased space shall be delivered to the
Lessee by the Lessor in the condition in which it is to be found on the
commencement date of the lease. If the leased space is provided with floor
covering, this will be deemed to constitute a one-off provision; maintenance
and repair of the floor covering will be at the expense of the Lessee.

 

3.                                       The Lessee accepts the leased space – without
requiring any more detailed description thereof - in that condition and
declares that it is aware that the leased space is in a good state of repair
and without defects. The Lessee declares that it is aware of the rights in rem to which the leased space is
subject, including easements, and that it will respect those rights.

 

Fitting out, modification, and furnishing of the leased space

 

4.                                       Any fitting out, conversion, alteration, or
furnishing of the leased space shall require the prior written approval of the
Lessor. The Lessor may attach conditions to such approval. Fitting out,
conversion, alteration, or furnishing shall take place at the expense and risk
of the Lessee; the results thereof shall also be at the expense and risk of the
Lessee.

 

ARTICLE 2

DESIGNATED USE AND UTILISATION OF THE LEASED SPACE

 

Utilization and utilization obligation

 

1.                                       The Lessee shall be obliged to utilize the
leased space solely in the manner designated in the lease.

 

2.                                       The Lessee shall be obliged:

a.               to equip the leased space, in accordance with
the designated use, with sufficient furnishings and fittings and to keep it
equipped in that way during the term of the lease; and

b.              to utilize the leased space itself, exclusively
(i.e. carry on its business there), doing so in a proper and effective manner,
and to maintain the leased space in good condition.

 

3.                                       Insofar as the lease does not specify
otherwise, the Lessee shall act in accordance with the provisions of the law
and the local bylaws and in accordance with common leasing practice; the Lessee
shall also comply with the regulations imposed by the authorities, the utility
companies, the Sprinkler Safety Office [Buro
voor Sprinklerbeveiliging] and the insurance companies, and with the
oral and written instructions given by or on behalf of the Lessor in the
interests of proper utilization of the leased space and of the rooms/areas,
installations, and facilities at the building/complex of which the leased space
forms part, in particular regarding maintenance, noise levels, order, fire
safety, proper functioning of the building/complex etc. The Lessee shall carry
out any necessary work/measures without delay. The Lessee shall not
inconvenience or

 

 

disturb other users of the building/complex of which the leased space forms
part, with any such inconvenience or disturbance being deemed to have also been
caused to the Lessor. Inconvenience or disturbance shall be taken to include
interference with radio and/or television reception and with other electrical
equipment.

 

4.                                       The Lessee shall pay the Lessor the sums
falling to its account as referred to in paragraph 3 of the present Article 2
at the Lessor’s first request.

 

5.                                       Should the leased space comprise retail space
(including bank branches, post offices, travel agencies, dry cleaners,
launderettes, etc.), the Lessee shall be obliged to keep the leased space open
to the public (i.e. to actually carry on its business) during the opening hours
of the shopping center, shopping street, or any group of shops of which the
leased space forms part, including during evening opening.

 

6.                                       For every day that the Lessee act in
contravention of the provisions of paragraphs 1 to 5 of the present Article,
the Lessee – without prejudice to the Lessor’s other rights – shall forfeit an
immediately due and payable penalty of NLG 500 per day, according to the price
level on 1 January 1990; the said penalty shall be deemed to have been
adjusted analogously to the annual rent adjustment in accordance with Article 3
of the present Terms and Conditions.

 

If the retail space referred to above does not form part of a shopping
center, shopping street, or other group of shops, the above obligation on the
part of the Lessee shall apply during the opening hours determined by the
competent authority or, should no such hours have been determined by the
competent authority, during the normal opening hours for similar or comparable
retail space.

 

Permits

 

7.                                       The Lessee shall itself ensure that it acquires
and continues to hold any necessary permits, approvals, and/or exemptions –
however such may be termed – required for the conduct of its profession or
business, including permits under the Nuisance Act [Hinderwet]. The refusal or withdrawal of any such permit,
approval, and/or exemption shall in no case constitute grounds for the dissolution or nullification of the lease nor for
any other action against the Lessor.

 

Associations etc.

 

8.                                       Should an association or other collective group
– recognized by the Lessor – be set up of lessees or users of the
building/complex to which the leased property belongs, for example a shopkeeper’s
association or an association of users of industrial units at an industrial
estate, the Lessee shall be obliged to immediately register as a member or
become a participant and to remain such. The Lessee undertakes vis-à-vis the
Lessor that, for as long as it is not a member of or a participant in such
association or other collective group, it shall pay to the Lessor amounts equal
to the contributions which it would have been obligated to pay had it been a
member of or participant in the said association or collective group.

 

The Lessor undertakes that it will immediately transfer these amounts to
the association or collective group.

 

The Lessee shall not be permitted to collaborate in drawing up

 

 

articles of association or any standing orders for a shopkeeper’s association or
other collective group which contain provisions contrary to the provisions of
the lease.

 

Advertising

 

9.                                       The Lessor shall be entitled, either on its own
behalf or on behalf of the Lessee and/or third parties, to make use of the
roofs and external walls of the leased space and of the building/complex of
which it forms part so as to install advertising (including illuminated signs),
designations, etc. The Lessee shall be obliged to permit the necessary
work/facilities to be carried out/installed and shall in no case have any right
of action vis-à-vis the Lessor in that connection.

 

Apartments

 

10.1                           Should the building/complex to which the leased
space belongs at any time be divided up into apartment rights,
the Lessee undertakes, now and in advance, to observe the rules arising
from the constitution and/or regulations regarding utilization.

 

10.2                           Should the leased space form part of a building
that is the property of a cooperative association, the Lessee shall be obliged
to observe the rules arising from the constitution and/or regulations
regarding utilization.

 

10.3                           The Lessor undertakes that it will refrain,
insofar as possible, from collaborating in the drawing up of any regulations
which conflict with the terms of the lease.

 

10.4                           The Lessor shall ensure that, as soon as any
circumstances occur such as are referred to in Articles 10.1 or 10.2, it will
provide the Lessee in good time with a copy of the said constitution and/or
regulations.

 

Prohibitions and internal regulations

 

11.                                 Without the prior written consent of the
Lessor, the Lessee shall not be permitted:

 

a.                                       to carry out, or cause to be carried out, any
change or alteration in or to the leased space;

b.                                      to attach to and/or to keep any items on,
outside, or at the leased space, including name designations, advertising,
hoardings, announcements, publications, structures, scaffolding, packaging,
pieces of carpentry, automatic machines, lighting, sun blinds, aerials (with
accessories), flagstaffs, etc., or to render the windows opaque;

c.                                       to damage the leased space, or cause it to be
damaged, including by making holes in the walls and/or using conveyances which
may damage the floors;

d.                                      to carry out actions, or cause actions to be
carried out, in relation to the central installations;

e.                                       to transfer some or all of the leased space to
a third party by letting it, subletting it, or permitting it to be used, or to
transfer some or all of the rights under the lease to a third party or to
contribute them to a company, partnership, etc., or, if they form part of a
community of property, to partition the rights under the lease in the event of
such community of property being partitioned, or cause them to be so
partitioned. The above shall not apply if the third party referred to in this
paragraph

 

 

belongs to the same legal entity as that to which the Lessee belongs. In such
event, the Lessee shall immediately provide the Lessor with details of the user
as if the user were the main Lessee.

 

In the above cases in which the Lessor has given its consent, or if its
consent is not required, the main Lessee shall continue to be jointly and
severally liable in respect of all obligations arising from the lease, in
addition to the subtenant/subtenants or user/users or the lessee/lessees that
have taken its place;

f.                                         to keep goods outside the leased property;

g.                                      to have any environmentally hazardous items in,
on, or at the leased property, including malodorous, inflammable, explosive,
etc. materials, except if such are contained in retail packaging;

h.                                      to gain access to the roofs, flat roofs,
gutters, and other areas not intended for general use, or to allow others such
access;

i.                                          to gain access to the service or equipment
areas of the building/complex of which the leased space forms part, or to allow
others such access;

j.                                          to impose a load on the floors of the leased
space, or of the building/complex of which it forms part, greater than that
which is structurally permissible; the Lessee declares that it is aware of the
maximum structurally permissible floor load;

k.                                       to utilize the leased space, or allow it to be
used, in such a way that this may lead to damage or may affect the standing of
the leased space;

l.                                          to carry out public or private sales, calls for
tenders, lotteries, public performances, etc., in, on, or adjacent to the
leased space;

m.                                    to park conveyances, or cause them to be
parked, otherwise than in the designated places.

 

If
the leased space forms part of a building/complex, the above provisions shall
also apply, insofar as applicable, to the other areas of the building/complex.

 

The
Lessor may attach conditions to its consent and, unless agreed otherwise, shall
be entitled to withdraw that consent at any time. In the event of any
contravention of the above or non-compliance with the above, the Lessor shall
be entitled to take any necessary measures itself at the expense of the Lessee.

 

ARTICLE 3

RENT ADJUSTMENT

 

If
the lease provides that the rent is to be adjusted periodically, the following
arrangements shall apply:

 

1.                                       The rent shall be adjusted – in each case after
the conclusion of the periods specified in the lease and for the first time on
the date specified in the lease – on the basis of the full annual consumer
price index for family consumption, series relating to employees’ families with
a family income in 1985 below the wage threshold for compulsory national health
insurance (1985 = 100), as published by Statistics Netherlands (CBS) in
Voorburg/Heerlen.

 

The adjustment will in each case be calculated as follows:

 

	
  adjusted
  rent      =
        

  	
  X

  	
   

  	
   

  
	
   

  	
  Y   multiplied
  by the rent in the first year of the lease,

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

with X being the above-mentioned price index for the calendar year prior to
the year in which the rent is adjusted

 

and with Y being the above-mentioned price index for the calendar year
prior to the commencement date of the lease.

 

2.                                       The adjusted rent shall not, however, be any
lower than the rent applying on the date of the adjustment.

 

3.                                       Rent adjustments shall apply even if the Lessor
has not informed the Lessee of the adjusted rent (or has not done so in good
time).

 

4.                                       Should Statistics Netherlands at any time
switch to publishing the consumer price index for family consumption on a more
recent time basis, future adjustments will take account of the figures in the
new series, if necessary after linking these figures to the figures in previous
series. The method of linking will be determined in consultation with
Statistics Netherlands.

 

5.                                       Should the price index figure X referred to in
paragraph 1 not be announced in good time, the new rent will be temporarily set
on the basis of the data available to the Lessor at that point.
As soon as the official data are available, the rent will be corrected with
retroactive effect, the amount charged in excess or the amount owing being set
off.

 

ARTICLE 4

TERMINATION OF LEASE

 

1.                                       Upon the lease terminating or when the Lessee
leaves the leased space, the Lessee shall be obliged to deliver the leased
space to the Lessor in the original, good condition to the satisfaction of the
Lessor, completely vacated (except for the goods which are the property of the
Lessor), free of rights of use, and properly cleaned, and to provide all keys
to the Lessor.

 

Unless the Parties agree otherwise, the Lessee shall be obliged to
remove, to the satisfaction of the Lessor, all items which it has attached in,
to, or on the leased space or which it has taken over from the previous lessee
or user.

 

The Lessee hereby irrevocably authorizes the Lessor to cause the leased
space to be cleared or to have the said items removed at the expense of the
Lessee should the Lessee fail to comply with its obligations referred to in
paragraph 1, without any further notice of default or demand being necessary.

 

2.                                       If the Lessee leaves the leased space, either
in due time or otherwise, without providing the Lessor with the keys, the
Lessor shall be entitled to consider the lease as terminated; to gain access to
the leased space at the expense of the Lessee; and to take possession of the
leased space; all this shall be without the Lessee thereby having any right to
any compensation (including damages) or any other right.

 

3.                                       In the context of termination of the lease, the
Lessee and Lessor shall inspect the leased space and record its condition in an
inspection report. Should the Lessee not cooperate with the inspection of the
leased space and the recording of its condition, the inspection by the Lessor
shall be binding vis-à-vis the Lessee. Prior to the end of the lease, the
Lessee shall be required to rectify any defects or

 

 

damage which are identified during the inspection and which must be rectified
at its expense, doing so to the satisfaction of the Lessor.

 

4.                                       The Lessee hereby irrevocably authorizes the
Lessor to rectify, on termination of the lease and at the Lessee’s expense and
risk, any damage or defects identified by the Lessor at the latter’s
discretion, or to cause them to be rectified. The Lessee hereby declares, in
advance, that in such case it approves the performance, the costs, and the
party carrying out the work. The Lessee shall immediately reimburse the Lessor
for the costs.

 

5.                                       For the period of the rectification work
referred to in paragraph 4 above, calculated from the date on which the lease
terminates, the Lessee shall pay the Lessor an amount calculated according to
the most recent payment obligation.

 

6.                                       Any goods remaining in the leased space on
termination of the lease or when the Lessee leaves the leased space, may be
destroyed, removed, or appropriated by the Lessor at the expense of the Lessee,
without the Lessor incurring any liability.

 

The Lessee hereby declares that in such cases it will be deemed to have
abandoned the goods. This shall not apply if any subsequent lessee informs the
Lessor – in writing and in good time prior to the end of the lease – that it
wishes to take over the goods.

 

7.                                       For a period of one year prior to the end of
the lease, or if the leased space is to be sold, the Lessee shall enable the
Lessor to view the leased space, after prior notice has been given by or on
behalf of the Lessor, for at least two working days a week; the Lessee shall
also allow the usual “To Let” or “For Sale” signs and notices to be displayed
on the leased space.

 

ARTICLE 5

LIABILITY

 

1.                                       The Lessee shall be liable vis-à-vis the Lessor
in respect of any damage or losses caused to or affecting the leased space (or
the building/complex of which the leased space forms part), unless the Lessee
can prove that such is not the fault of the Lessee itself, its staff, persons
whom it has allowed access to the leased space, or persons for which it is
responsible.

 

2.                                       In the event of contingencies including fire,
leaks, storm, frost, the inflow or outflow of water/gases/oil, other liquids or
electricity, the Lessee shall be obliged to immediately take appropriate
necessary measures – including measures to prevent freezing – to prevent and/or
restrict damage to the leased space and, if it is in its power, to adjoining
premises and to the building/complex of which the leased space forms part.

 

3.                                       The Lessor shall not be liable for damage or
injury sustained by the Lessee, its staff, persons whom the Lessee allows
access to the leased space or to the building/complex of which it forms part or
to items belonging to the Lessee; for the occurrence and consequences of
visible or hidden defects in the leased space and/or the building/complex of
which it forms part; for the occurrence or consequences of weather conditions;
for the non-availability of access to the leased space or of the supply of gas,
water, electricity, heating, ventilation and/or air-conditioning; for
malfunctioning of the installation or equipment; for the inflow or outflow of
gases or

 

 

liquids; for fire, explosion, or other events; or for the occurrence and
consequences of disruption of quiet enjoyment under the lease and/or of
supplies or services; all this being except for cases of damage resulting from
the condition of the leased space insofar as the Lessor is guilty of gross
negligence or serious fault in that respect.

 

4.                                       The Lessee shall be obliged to immediately
inform the Lessor in writing should any damage as referred to in paragraph 2 be
likely to occur or have occurred; or if defects have occurred in the leased
space or the building/complex of which it forms part; or if an event as
referred to in paragraph 3 occurs.

 

5.                                       The Lessee indemnifies the Lessor in respect of
claims asserted by third parties regarding damage or injury to persons or goods
that are in the leased space as a result of defects or events such as referred
to in the present Article.

 

6.                                       The Lessee shall be liable for any damage,
costs, or penalties caused or owing due to an act and/or omission on the part
of the Lessee, its staff, persons whom it has allowed access to the leased
space, or persons for whom it is responsible.

 

ARTICLE 6

BREACH OF CONTRACT

 

1.                                       Should the Lessee fail to comply properly with
any obligation to which it is subject pursuant to the lease; or should the
Lessee request a suspension of payments, be declared insolvent, be placed under
the supervision of a trustee or guardian, offer a compromise that does not fall
under bankruptcy; or if an attachment is levied on some or all of its assets,
if it loses its corporate personality, is dissolved or effectively wound up,
ceases trading at the leased space, either entirely or to a significant extent;
the lease shall be dissolved – insofar as legally permissible – without any
notice of default or judicial intervention being required, when the Lessor has
notified the Lessee in writing that it wishes such dissolution to take effect.

 

2.                                       The Lessee shall be obliged to reimburse the
Lessor for any damage, costs, or interests on the part of the Lessor as a
result of the Lessee’s breach of contract or as a result of premature
termination of the lease, including in the event of insolvency or a suspension
of payments. The said damages shall be deemed to include the rent, service
costs (including heating costs), value added tax, and other amounts owing
pursuant to the lease until the original contractually established termination
date of the lease or until the leased space is let again (for the remaining
term of the lease on conditions that are no less favourable) to a lessee
convenient to the Lessor; the costs associated with the new lease; and all
costs of measures, whether at law or otherwise, taken by the Lessor, including
the cost of legal assistance, in connection with the Lessee’s breach of
contract as referred to in the previous paragraph.

 

3.                                       The Lessee shall be deemed to be in default by
the mere expiry of a given time limit or by the mere fact of its breach as
referred to above.

 

4.                                       Should any amount owed by the Lessee pursuant
to the lease not be paid promptly by the due date, the Lessee shall forfeit a
penalty sum to the Lessor by operation of law for each case in which it is thus
in default; the said sum shall be equal to the statutory monthly interest
percentage on the amount owing, with a minimum of NLG 250 a month,

 

 

with any part of a month being counted as a full month.

 

5.                                       The provisions set out in paragraphs 1 to 4 of
the present Article shall not affect the Lessor’s power to assert its
other rights, including its right to demand performance with the payment of
damages, or dissolution, with the leased space being vacated and with the
payment of damages, pursuant to Section 1302 of the Dutch Civil Code [Burgerlijk Wetboek] or Section 39 of
the Dutch Bankruptcy Act [Faillissementswet].

 

6.                                       The Lessee hereby irrevocably authorizes the
Lessor to itself perform, at the expense and risk of the Lessee, that which the
Lessee has failed to perform, or to cause such to be performed. The Lessee
hereby declares that in such case it approves the performance, the costs, and
the party carrying out the work.

 

ARTICLE 7

BANK GUARANTEE

Unless
agreed otherwise in the lease, the following arrangements shall apply:

 

1.                                       As security for the proper performance of its
obligations arising from the lease, the Lessee, when the lease is signed, shall
furnish the Lessor with a bank guarantee convenient to the Lessor, provided by
a major bank registered in the Netherlands, and conforming to the attached
model; the said bank guarantee shall also apply to renewals of the lease,
including amendments to it, and shall remain valid until three months after the
termination of the lease; it shall also apply to the Lessee’s legal successors.

 

2.                                       Should a claim be made under the bank
guarantee, the Lessee shall immediately furnish a new bank guarantee for the
original amount.

 

ARTICLE 8

MAINTENANCE, REPAIRS, AND REPLACEMENTS/INSPECTIONS
ETC.

 

For the account of the Lessee:

 

1.                                       In addition to what is provided for by law and
custom in this respect, and without prejudice to what is provided in Article 9,
the Lessee shall in any case be obliged to carry out or perform the following
at its own expense and risk:

 

a.               internal and external cleaning of the leased
space;

b.              maintenance and all repairs – including minor
replacements – within the leased space, including parking spaces, roads,
grounds, gardens, fencing, exterior lighting, gas, water, and electricity
pipes/cables, suspended ceilings, partition walls, doors, heaters, geysers,
boilers, pantries and associated equipment, etc.;

c.               maintenance, repair and replacement of door and
window hardware, taps, switches, power sockets, bells, lighting (including
light fittings), sun blinds, floor covering, soft furnishings, window panes,
interior paintwork, sinks, sanitary fittings, mirrors, toilet cisterns;

d.              maintenance (including cleaning and unblocking)
of gutters (to be cleaned out annually); chimneys (to be swept annually); drains
and sewers; supply and drainage pipes (together with all associated work); and
the installations (to be serviced periodically);

e.               maintenance, repairs, and replacements that are
made necessary by the actions of the Lessee itself or of its staff, those for
whom it is responsible, and those whom it has allowed access to the leased space.

 

 

For the account of the Lessor:

 

2.                                       The following shall be for the account of the
Lessor: maintenance, repair, and replacement of the structural components of
the leased space, for example foundations, columns, girders, constructional
floors, roofs, flat roofs, supporting walls, external walls (with the exception
of window panes), boundary partitions, underground pipes/cables, outside
drains, and also repairs and replacements of gutters, and large-scale repairs
and replacements to the central installations and exterior paintwork. All this shall, however be without prejudice to the provisions of
paragraph 1.

 

3.                                       The Lessee shall be obliged to allow the work
referred to in the present Article to be carried out, together with any
work and/or measures necessary to investigate, prevent, or restrict damage to
the leased space, to adjoining premises, or to the building/complex of which
the leased space forms part, and to cooperate with such work or measures,
without thereby acquiring any right to the payment of damages, to a rent
reduction, or to dissolution of the lease, even if the work takes longer than
40 days.

 

4.                                       Should the Lessee, after receiving a reminder,
fail to carry out the maintenance, repairs, replacements that must be carried
out at its expense pursuant to the present Article – or if the Lessor
considers that such have been carried out in an inadequate or inexpert manner –
the Lessor shall be entitled, and insofar as necessary is hereby irrevocably
authorized by the Lessee, to have the said maintenance, repairs, or
replacements carried out at the expense and risk of the Lessee. The Lessee
hereby declares, in advance, that in such case it approves the performance, the
costs, and the party carrying out the work. The Lessee shall immediately
reimburse the Lessor for the costs.

 

Inspections etc.

 

5.                                       The Lessor, or persons appointed by the Lessor,
shall at all times be entitled to enter the leased space in order to carry out
valuations, to inspect its state of repair, and in connection with the work and
measures referred to in paragraph 3 above.

 

ARTICLE 9

COSTS
INCURRED FOR POWER, GAS, WATER, ELECTRICITY, HEATING, SUPPLIES AND SERVICES

 

I.                                         In addition to the rent, the following shall be
for the account of the Lessee: the costs incurred for the consumption of gas,
water, heat, and electricity, including the connection costs and rent for
meters, together with any other costs or penalties charged by the utility
companies. The Lessee shall itself conclude the relevant agreements with the
bodies concerned, unless the leased space does not have separate connections
and the Lessor deals with these matters, in which case the costs etc. shall be
deemed to be included in the supplies or services within the meaning of
paragraph IIB of the present Article.

 

No supplies or services

 

IIA.                           No supplies or services (“service costs”) shall be provided by the
Lessor. The Lessee, at its own expense and risk and to the satisfaction of the
Lessor, shall furnish the items/perform the activities, insofar as
present/applicable, that are referred to in IIB

 

 

below. The Lessee shall itself conclude service contracts, to be approved by
the Lessor, in respect of the installations.

 

Supplies and Services

 

IIB.

1.                                       Certain supplies and services shall be provided
by the Lessor. The Lessee’s share – to be determined by the Lessor – of the
costs of the supplies and services provided by the Lessor for the
building/complex of which the leased space forms part shall be for the account
of the Lessee, even if the Lessee makes no use of the said supplies or
services.

 

The Lessee is aware of the said costs, which are stated in the enclosed
summary of costs or cost estimate, and declares that it agrees to them.

 

2.                                       The Lessor retains the right to increase or
reduce the nature and scope of the supplies and services.

 

3.                                       As an advance payment towards the costs
referred to in paragraph I, the Lessee, simultaneously with the payment of the
rent for each rental period, shall pay an amount to be determined by the Lessor
(for later set-off); the amount of the advance payment shall be determined by
the Lessor and may be amended in the interim to take account of the expected
costs, with everything being at the discretion of the Lessor.

 

4.                                       Once each year, the Lessor shall provide the
Lessee with a statement of its share of the costs of supplies and services. If
the total of the advance payments made by the Lessee during the period covered
by the statement is greater than the costs, the Lessor shall refund the excess
paid within one month of the statement being sent.

 

If the total of the advance payments made by the Lessee during the
period covered by the statement is less than the costs, the Lessee shall pay
the difference to the Lessor within one month of the statement being received.

 

5.                                       If the heating costs component (which may
include the cost of hot water) of the supplies and services is divided in
accordance with the metering of heat consumption, the following arrangements shall
also apply:

 

Any dispute arising between the Parties regarding the statements shall
not release the Lessee from its above-mentioned obligation to pay. The Lessee
shall, however, be entitled to prove that the amount it owes or can claim as a
refund differs from the amount stated by the Lessor; this shall, however, be on
the understanding that the information provided by “Warmtemeter B.V.” or a
company replacing it shall be binding with respect to the number of heat units
consumed and that the method of calculating the individual shares of the
lessees of the building/complex of which the leased space forms part shall also
be binding. In the event of damage, destruction, and/or fraud with respect to
the heat consumption meters, the Lessee, without prejudice to any rights which
the Lessor may assert against it in this regard, shall be charged for heating
costs based on consumption as estimated by “Warmtemeter B.V.” or a company
replacing it; the Lessee shall also be liable in respect of the repair and/or
replacement cost of the heat consumption meters.

 

6.                                       The Lessor shall be entitled to change the
method of metering heat and

 

 

hot water consumption and also the method of allocating the consumption
costs. The Lessee hereby declares, in advance, that it agrees to such change.

 

7.                                       If heat is supplied from a central
installation, the Lessee shall not be entitled to have heat supplied during the
period from 15 May to 15 September.

 

8.                                       Insofar as applicable to the building/complex –
including communal grounds and car park – of which the leased space forms part,
the costs for supplies and services shall include costs associated with:

a.               service contract, electricity consumption, fuel
consumption, water consumption, metering of consumption, operation,
rectification of malfunctions, inspection costs, etc. in respect of:

	
  1.

  	
   

  	
  lift/lifts

  
	
  2.

  	
   

  	
  window
  cleaning installation/installations

  
	
  3.

  	
   

  	
  air
  conditioning system/systems

  
	
  4.

  	
   

  	
  central
  heating system/systems

  
	
  5.

  	
   

  	
  hot
  water system/systems

  
	
  6.

  	
   

  	
  pressure-water
  system/systems

  
	
  7.

  	
   

  	
  low
  voltage system/systems

  
	
  8.

  	
   

  	
  emergency
  power supply/supplies

  
	
  9.

  	
   

  	
  waste-water
  pump/pumps

  
	
  10.

  	
   

  	
  fire
  alarm system

  
	
  11.

  	
   

  	
  sprinkler
  system

  
	
  12.

  	
   

  	
  optimization,
  monitoring, and security equipment

  
	
  13.

  	
   

  	
  intercom/videophone
  system

  
	
  14.

  	
   

  	
  bell
  system

  
	
  15.

  	
   

  	
  music
  installation

  
	
  16.

  	
   

  	
  waste
  compressor

  
	
  17.

  	
   

  	
  door
  opener/key card reader etc.

  
	
  18.

  	
   

  	
  sun
  blinds installation

  
	
  19.

  	
   

  	
  car
  park equipment (including CO2 installation and barriers)

  
	
  20.

  	
   

  	
  lightning
  conductor installation

  
	
  21.

  	
   

  	
  firefighting
  equipment (and replenishment)

  
	
  22.

  	
   

  	
  aerials
  installation (and alteration, connection, and subscription costs)

  
	
  23.

  	
   

  	
  water
  softening system

  
	
  24.

  	
   

  	
  public
  address system

  
	
  25.

  	
   

  	
  automatic
  sliding door installation

  
	
  26.

  	
   

  	
  kitchen
  equipment

  
	
  27.

  	
   

  	
  other
  installations and equipment insofar as present

  

 

b.              supplies for the Lessee’s own consumption of
water, gas, and electricity, including the cost of meter rental

 

c.               sweeping of chimneys and cleaning of boilers
and burners

 

d.              materials (including chemicals) for the air
conditioning system

 

e.               shared lighting, including the cost of
fittings, tubes, and lamps

 

f.                 glass insurance for all windows

 

g.              cleaning of windows and window frames
(exterior)

 

h.              cleaning of windows and window frames (interior
and exterior) of general, shared, and service areas

 

 

 

i.                  waste disposal and everything associated with
it

 

j.                  garden maintenance

 

k.               costs of any car park space

 

l.                  cleaning costs for general, shared, and service
areas, communal grounds, car parks, roads, etc.

 

m.            maintenance and replacement of flower tubs and
of furniture and soft furnishings in the general, shared, and service areas

 

n.              caretaker/caretakers, porter/porters, security
guard/guards, and other officials performing services in respect of the
building/complex of which the leased space forms part (including free
accommodation, telephone, etc.)

 

o.              contract for roller towels, soap dispensers, etc.

 

p.              other supplies and services

 

q.              value added tax on the costs of supplies and
services

 

r.                 management and administration of supplies and
services, plus any value added tax due.

 

9.                                       The supplies and services shall be based on
utilization of the leased space during normal working hours.

 

ARTICLE 10

PAYMENTS

 

1.                                       All payments by the Lessee must be made no
later than on the relevant due dates, in Dutch legal tender, and in the manner
specified by the Lessor. The Lessor shall be entitled to specify a different
manner for payment.

 

2.                                       The Lessee shall not be entitled to invoke any
deduction or compensation in respect of a claim which it has, or considers it has, vis-à-vis the Lessor.

 

3.                                       The Lessor shall be entitled to determine
against which amounts owed by the Lessee it will credit payments made by the
Lessee.

 

ARTICLE 11

TAXES, CHARGES, LEVIES, PREMIUMS ETC.

 

Taxes etc.

 

1.                                       The following shall be for the account of the
Lessee:

a.               property tax in respect of the actual use of
the leased space (and the actual joint use of general, service, and shared
areas), even if it is the Lessor which is assessed for that tax;

b.              other taxes, charges, and dues (including
frontage dues) in respect of the leased space and items belonging to the
Lessee/Lessees;

c.               environmental protection levies, including the
surface water pollution levy, charges for waste water purification, and charges
in respect of environmental protection forming part of any other levy.

 

 

2.                                       If the Lessor is charged a higher premium than
normal for fire insurance for the leased space or for the building/complex of
which the leased space forms part due to the Lessee’s conduct of its profession
or business there, the excess shall be for the account of the Lessee. The
Lessor shall be at liberty to choose the insurance company and to determine the
insured value.

 

Value added tax

 

3.                                       Unless provided otherwise in the lease, the
following arrangements shall apply:

a.               the Lessee and the Lessor agree that they will
submit a request, in accordance with the attached model, within the meaning of Section 11(1)(b)(5e)
of the 1968 Turnover Tax Act [Wet op de Omzetbelasting
1968];

b.              to that end, the Lessee shall co-sign the
request drawn up by the Lessor when it signs the lease;

c.               if the release from the exemption within the
meaning of paragraph a is not granted, the Lessee shall, in the same way, pay
the Lessor amounts equal to the prevailing value added tax.

 

4.                                       The Lessee shall pay the sums falling to its
account as referred to in the present Article at the Lessor’s first
request.

 

ARTICLE 12

JOINT AND SEVERAL LIABILITY

 

1.                                       Should several persons have committed
themselves as Lessee, each of them shall at all times be jointly and severally
liable vis-à-vis the Lessor in respect of all obligations arising from the
lease and shall be deemed to have waived its right to invoke the provisions of
Sections 1460(1) and 1476 of the Civil Code.

 

2.                                       Rental obligations shall be indivisible,
including with respect to the Lessee’s heirs and legal successors.

 

ARTICLE 13

COSTS

 

Any
costs arising from the lease, including judicial costs, shall be for the
account of the Lessee.

 

ARTICLE 14

RESOLUTIVE CONDITIONS

 

The lease is concluded with the following resolutive conditions:

 

a.               the leased space is not at the disposal of the
Lessor, vacated and free of tenancy and other rights of use, on the
commencement date of the lease;

 

b.              the Lessor has not obtained any permits
required by the authorities, however such may be termed, necessary for the
space to be leased by the commencement date of the lease;

 

c.               the leased space has not been completed before
the commencement date of the lease.

 

In
the event of dissolution pursuant to the above resolutive conditions, the
Lessor shall not be under any obligation vis-à-vis the Lessee,

 

 

including any obligation to pay any compensation (including for damages).

 

It
shall be solely the Lessor that may invoke the resolutive conditions referred
to in paragraphs a, b and c above.

 

ARTICLE 15

DOMICILE/PROPERTY MANAGER

 

Domicile

 

1.               The Lessee elects domicile at the leased space
in respect of everything concerning the lease. The Lessor elects domicile at
the offices of De Elf Provinciën B.V.

 

Property manager

 

2.               The Lessor shall be entitled to be represented
by a third party (the “property manager”) in respect of some or all matters
concerning the lease. Should this be done, the Lessee shall contact the
property manager, exclusively, in respect of the matters concerned. The Lessor
shall be entitled to replace the property manager by a different property
manager or to cease to be represented by the property manager.

 

 

RENTAL AGREEMENT (new build)

 

The
undersigned: Management and administration office, De Elf Provinciën B.V., situated in Maarssen

 

	
  On
  behalf of the owner:

  	
  B.R.O.G.
  B.V.

  
	
  Situated
  in:

  	
  Maarssen

  

 

hereafter referred to as the Lessor

and

Triple
P Management B.V., or affiliated companies, situated in Vianen.

 

hereafter referred to as the Lessee

 

Lessee
leases office space from Lessor on the Ir. D.S. Tuynmanweg 10 in Vianen;

 

Lessee
has made known to Lessor its need to lease new office space of around 6,000
square meters.

 

In
this context, Lessee has approached an architect. In conjunction with the
Lessee and the building contractor, this architect has conducted talks, which
has resulted in specifications dated 30 August 1996 with relevant designs
and the addendum of additions. Based on these specifications, the building
contractor has confirmed that he is able to build the leased space within the
framework of the agreement made with the Lessor.

 

declare that they have agreed the following:

 

Article 1
leased space / designated use

 

1.                                      Lessor leases to Lessee, who leases from the
Lessor, the office building of 6,000 square meters to be new built according to
the specifications dated 30-8-1996 and designs with the addendum of
additions, inclusive 100 extra parking spaces lying adjacent to the current
office building at Ir. D.S. Tuynmanweg 10 in Vianen, known sufficiently to
parties.

 

2.                                      Lessee shall use the leased space solely as
office space, service space and storage space.

 

Article 2
rental period / renewal

 

1.                                      This rental agreement is entered into for the
duration of 10 years, beginning 1 August 1997 and thus terminating on 31 July 2007
having regard to that which is specified in article 10 of this agreement

 

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

Article 3 rent / rent adjustments

 

1.     The rent amounts to NLG 1,298,000.00 per annum
(one million two hundred and ninety-eight thousand guilders) to be paid in
advance in 4 quarterly terms, each of NLG 324,500.00, at the latest on the
first day of each quarter by payment or transfer to the account number
23.61.32.059 of the Generale Bank Utrecht in the name of the Lessor.

 

From
1 August through 31 January 1998, a rent-free period applies such
that the obligation of payment commences on 1 February 1998, having regard
to that which is specified in article 10 of this agreement.

 

2.     The rent shall be modified annually on 1 January for
the first time one year after the building is completed as stated in article 3
of the General Terms and Conditions.

 

Article 4
Option for VAT payment

 

All
amounts mentioned in this agreement are exclusive of value added tax. Lessee is
required to pay value added tax on the rent as well as on the charge for
additional supplies and services. The value added tax is charged by the Lessor
and is required to be paid at the same time as the charge for additional
supplies and services, or the advance for same, and is related to that which is
specified in article 11 paragraph 3 of the General Terms and Conditions.

 

Lessee
grants an irrevocable authority to the Lessor and/or its legal successor or
successors in order to, on their behalf, submit a request as intended in Section 11(1)(b)(5e)
of the 1968 Turnover Tax Act [Wet op de
Omzetbelasting 1968]; (option request for taxed rent). If required,
Lessee shall countersign this request and return it to the possession of the
Lessor within 14 days of receiving it from the Lessor

 

Lessee
states that for the entire rental period of the current rental agreement,
including any renewals granted, it shall use the leased space for 90% or more
for tax-deductible activities. Lessee is obliged to submit this statement to
Lessor annually.

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

In
addition to the rent and the charge for additional supplies and services or the
advance related hereto, Lessee is obliged to pay an amount that corresponds to
the amount of value added tax that would be owed in the case that an option
request for taxed rent was approved by the tax authorities, if the option
request is not submitted within the period allowed for this or, as the case may
be, it is not made available, or this has lapsed or shall lapse as a result of
legal measures, which directly or indirectly leads to a revision of the value
added tax on input on the part of the Lessor.

 

In
the case that the Lessor alienates the leased space or the building or complex
of which it is a part and the new owner also opts for taxed rent, Lessee is
equally bound to that which is specified in this article.

 

Lessee
shall, in addition to the rent, pay the applicable value added tax and
undertakes to be bound by that which is specified in article 11 paragraph
3 of the General Terms and Conditions.

 

Article 5
supplies and services

 

1.                                      With respect to the supplies and services, that
which is specified in article 9 paragraph II A / paragraph II B of the
General Terms and Conditions is applicable.

 

Article 6
bank guarantee

 

With
respect to the security provided by the Lessee, that which is specified in article 7
of the General Terms and Conditions applies, namely amounting to NLG
385,000.00.

 

To be provided
upon delivery (handwritten)

 

Article 7
General Terms and Conditions

 

Insofar
as nothing else is agreed, the rental agreement is entered into under the
General Terms and Conditions for the Leasing of Business Premises such as have
been determined on 1 June 1990, which General Terms and Conditions form an
indissoluble whole with the aforementioned rental agreement, a copy of which
Lessee states to have received and with which it states to be familiar and in
agreement with.

 

Article 8
Delivery

 

The leased space shall be made available to
Lessee in compliance with the specifications still to be signed and conditions
with corresponding designs, but excluding the separating walls and computer
floor.

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

Article 9 Special provisions

1.               In deviation from the provisions of the General
Terms and Conditions, the Parties hereby agree as follows:

•                                Article 1(2): add: “except for normal wear
affecting the floor covering”;

•                                Article 1(4): Insert after first
occurrence of the word “Lessor”: “except the movable partition walls”;

•                                Article 2(6): deleted;

•                                Article 2(8): deleted;

•                                Article 2(9): deleted;

•                                Article 2(10): paragraphs 1 to 4: deleted;

•                                Article 2(11): insert after “Lessor”: “The
Lessor shall not withhold its consent unreasonably.”;

•                                Article 2(11)(a):
insert at end: “, except positioning/moving the movable partition walls”;

•                                Article 2(11)(d):
insert at end: “other than for maintenance and normal use”;

•                                Article 2(11)(h) and
(i): insert: “other than to carry out work arising from the agreed maintenance
obligations”;

•                                Article 3(1): replace the words “family
consumption, series relating to employees’ families with a family income in
1985 below the wage threshold for compulsory national health insurance (1985 =
100)” by “consumer price index (CPI), series CPI Employees Low (1990 = 100)”;

•                                Article 4(1): insert after “property of
the Lessor”: “and those which the Lessor stated, when approving their
installation, would not need to be removed”;

•                                Article 4(1): insert after “good condition”:
“– allowing for normal wear and tear –”;

•                                Article 4(7): add: “without this having an
unreasonable negative effect on the Lessee’s normal business operations”;

•                                Article 5(3): delete the words “gross” and
“serious”;

•                                Article 6(1): insert after “some or all of
its assets”: “such that proper compliance with the provisions of this agreement
is likely to be endangered”;

•                                Article 6(3): delete and replace by: “If a
certain term has been set for compliance/performance, the Lessee shall be
deemed to be in default by the mere expiry of that term; in all other cases,
the Lessee shall only be in default after a written demand or notice of default
has been given.”;

•        Article 6(4):
delete the word “penalty”;

•                                Article 8(2): insert after “exterior
paintwork”: “, and more extensive work on the roads and parking spaces
belonging to the leased space”;

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

•                                Article 8(3): add: “The Lessor undertakes
to carry out the work and/or measures referred to, or cause it/them to be
carried out, as far as possible in consultation with the Lessee and in such a
way as to impede the Lessee’s normal business operations as little as possible.”;

•                                Article 8(5): add: “in consultation with
the Lessee”;

•                                Article 14: delete in its entirety.

 

Article 10 delivery date / starting date rental agreement

 

1.               The delivery of the leased space in compliance
with the addendum of additions shall take place at the latest 1 August 1997.

 

The delivery can take place later than 1 August 1997 in the case of
unforeseen circumstances such as an extremely long winter; violence of war,
etc.

 

2.               If the leased space, for whatever reason, is
made available to Lessee at another time, the commencement of the rent payment
shall take place later or earlier as the case may be; the expiry date of the
rental agreement shall remain unchanged.

 

Article 11 resolutive condition 

See side letter dated 2 Oct. 1996
(handwritten)

 

	
  THUS
  DRAWN UP AND SIGNED IN DUPLICATE

  	
   

  
	
   

  	
   

  
	
  PLACE

  	
   

  
	
  PLACE

  	
   

  
	
   

  	
   

  
	
  DATE

  	
  DATE

  
	
   

  	
   

  
	
  LESSOR

  	
   

  
	
  LESSEE

  	
   

  

 

 

RENTAL CONTRACT (existing property)

 

	
  The
  undersigned :

  	
   

  	
  Management
  and administration office

  
	
   

  	
   

  	
  De Elf
  Provinciën B.V.,

  
	
   

  	
   

  	
  situated
  in Maarssen

  

 

On
behalf of the owner:

Situated
in:                              Maarssen

 

Hereafter
referred to as the Lessor

and

Triple
P Management B.V., or affiliated companies, situated in          ..

in this legally represented by          .

 

hereafter referred to as the Lessee

 

declare to have agreed upon:

 

Article 1
leased space / designated use

 

1.                                       Lessor leases to Lessee, who leases from the
Lessor Ir. D.S. Tuynmanweg 10 in Vianen as specified on the design
corresponding to this contract, familiar to parties, hereafter referred to as
the leased space.

2.                                       Lessee shall use the leased space solely as
office space, service space and storage space.

 

Article 2
rental period / renewal

 

1.                                       This rental agreement is entered into for the
duration of 10 years, beginning 1 October 1994 and thus terminating on 30 September 2004.

2.                                       Lessee has the right to renew the contract
twice under the same conditions by a succeeding period of 5 years each time,
accordingly through to 30 September 2009, and 30 September 2014
respectively.

 

In
the case that Lessee does not wish to exercise its right of renewal of the
contract, it must inform the Lessor of this in writing at least one year prior
to the expiry date – accordingly before 1 October 2003 at the latest – in
which case the contract expires on the date mentioned in paragraph 1.

 

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

3.                                       In the absence of a written notice by one of
the parties at the latest one year before the expiry of the term for which the
original rental period was agreed to be renewed, the rental contract is
considered to be continued from year to year, each time for a five-year period.

 

In
that case, unilateral termination by one of the parties can take place only
having regard to a period of notice of at least one year commencing from each
payment period.

 

4.                                       All official notifications regarding this
question must be done per recorded delivery or writ of execution.

 

Article 3 rent / rent
adjustment

 

1.                                       The rent amounts to NLG 1,800,000.00 per annum
(one million eight hundred thousand guilders) to be paid in advance in 4
consecutive quarterly terms, each of NLG 450,000.00, at the latest on the first
day of each month for the first time before or on 1 October 1994 by
payment or transfer to the account number 23.61.32.059 CLN Utrecht in the name
of the Lessor.

2.                                       The rent shall be adjusted annually on 1 January for
the first time on 1 October 1996 and subsequently as stated in article 3
of the General Terms and Conditions.

 

Article 4
Option for VAT payment

 

Lessee
shall, in addition to the rent, also pay the relevant value added tax and
undertakes to be bound by that which is specified in article 11 paragraph
3 of the General Terms and Conditions.

 

Article 5
supplies and services

 

1.                                       With respect to the supplies and services, that
which is specified in article 9 paragraph II A / paragraph II B of the
General Terms and Conditions is applicable.

 

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

Article 6
bank guarantee

 

With
respect to the security to be provided by the Lessee, that which is specified
in article 7 of the General Terms and Conditions applies, namely amounting
to NLG 525,000.00

 

Article 7
General Terms and Conditions

 

Insofar
as nothing else is agreed, the rental agreement is entered into under General
Terms and Conditions for the Leasing of Business Premises such as have been
determined on 1 June 1990, which General Terms and Conditions form an
indissoluble whole with the aforementioned rental agreement, a copy of which
Lessee states to have received and with which it states to be familiar and in
agreement with.

 

Article 8
Delivery

 

The
leased space shall be made available to Lessee with the following affairs
included in the rental amount:

2
passenger lifts, 1 electrical goods lift, a sanitary group on each floor,
central heating, air conditioning, and raised “computer floors”.

 

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

Article 9 Special provisions

 

1.                                       Supplementary to that which is stated in article 3
paragraph 3, the Parties agree that the rent adjustment for the first three
lease years shall not amount to more than 9% (nine per hundred) cumulatively.

2.                                       In deviation from the provisions of the General
Terms and Conditions, the Parties hereby agree as follows:

•                                          Article 1(2): add: “except for normal wear
affecting the floor covering”;

•                                          Article 1(4): Insert after first
occurrence of the word “Lessor”: “except the movable partition walls”;

•                                          Article 2(6): deleted;

•                                          Article 2(8): deleted;

•                                          Article 2(9): deleted;

•                                          Article 2(10): paragraphs 1 to 4: deleted;

•                                          Article 2(11): insert after “Lessor”: “The
Lessor shall not withhold its consent unreasonably.”;

•                                          Article 2(11)(a):
insert at end: “, except positioning/moving the movable partition walls”;

•                                          Article 2(11)(d):
insert at end: “other than for maintenance and normal use”;

•                                          Article 2(11)(h) and
(i): insert: “other than to carry out work arising from the agreed maintenance
obligations”;

•           Article 3(1): replace the words “family
consumption, series relating to employees’ families with a family income in
1985 below the wage threshold for compulsory national health insurance (1985 =
100)” by “consumer price index (CPI), series CPI Employees Low (1990 = 100)”;

•                                          Article 4(1): insert after “property of
the Lessor”: “and those which the Lessor stated, when approving their
installation, would not need to be removed”;

•                                          Article 4(1): insert after “good condition”:
“– allowing for normal wear and tear –”;

•                                          Article 4(7): add: “without this having an
unreasonable negative effect on the Lessee’s normal business operations”;

•                                          Article 5(3): delete the words “gross” and
“serious”;

•                                          Article 6(1): insert after “some or all of
its assets”: “such that proper compliance with the provisions of this agreement
is likely to be endangered”;

•                                          Article 6(3): delete and replace by: “If a
certain term has been set for compliance/performance, the Lessee shall be
deemed to be in default by the mere expiry of that term; in all other cases,
the Lessee shall only be in default after a written demand or notice of default
has been given.”;

•                                          Article 6(4): delete the word “penalty”;

•                                          Article 8(2): insert after “exterior
paintwork”: “, and more extensive work on the roads and parking spaces
belonging to the leased space”;

 

 

	
  initials of Lessor:

  	
   

  	
  initials of Lessee:

  

 

 

•                                          Article 8(3): add: “The Lessor undertakes
to carry out the work and/or measures referred to, or cause it/them to be
carried out, as far as possible in consultation with the Lessee and in such a
way as to impede the Lessee’s normal business operations as little as possible.”;

•                                          Article 8(5): add: “in consultation with
the Lessee”;

•                                          Article 14: delete in its entirety.

 

3.               Lessee has the right of first refusal of a
lease offer for the extension of the building development upon the terrain of
the leased space.

 

	
  THUS
  DRAWN UP AND SIGNED IN DUPLICATE

  	
   

  
	
   

  	
   

  
	
  PLACE

  	
   

  
	
  PLACE

  	
   

  
	
   

  	
   

  
	
  DATE

  	
  DATE

  
	
   

  	
   

  
	
  LESSOR

  	
   

  
	
  LESSEE

  	
   

  

 

5

 

APPENDIX TO THE RENTAL AGREEMENT

As per 1 October 1994 through to 30 September 2004

Ir. D.S. Tuynmanweg 10 (9882 m2) in Vianen

Lessee Triple-P Management b.v.

 

Taking
into account that:

 

a.                                       As stated in writing on 3 June 2003,
Lessee Triple-P has terminated the rental agreement per expiry date 30 September 2004.

b.                                      Throughout the period of October 2003
through to March 2004, various discussions took place between De Elf
Provinciën and Triple-P with a
view to entering into a new rental agreement commencing 1 July 2004 for
the period of 10 years (10 years) and therefore running through to 30 June 2014,
with an option of two terms, each of 5 years.

c.                                       The discussions resulted in a definitive
agreement “document complete laying down of agreements made version 30 March 2004”(which was textually modified on 8 April 2004)
containing the agreements regarding the rental agreement (rent-free period of 1
year per 1 July 2004 – internal modernization of the property to the limit
of EUR 1,025,255.24 (annual rent) – definitions of major and minor maintenance,
etc.).

d.                                      As stated in writing on 29 April 2004
reference 04042901-Fx-TK (Mr H. Crijns) Triple-P confirmed to De Elf
Provinciën that on the basis of
this document, Lessee Triple-P shall renew the rental agreement with the Lessor
for the duration of 10 years. This written statement was necessary since the
commencement of the internal renovation was scheduled for 3 May 2004.

 

By
signing this agreement, the Parties declare to be in agreement with the
following:

 

1.                                       The current rental agreement is to be
terminated per 1 July 2004.

2.                                       The rental agreement is to be renewed by a
period of 10 years, ending 30 June 2014, with the option of two additional
terms, each of 5 years, through to, respectively, 30 June 2019 and 30 June 2024.

3.                                       The renewal of the rental agreement per 1 July 2004
is to take place according to the agreements that were laid down in the
attached document “complete laying down of agreements made”, which document is
inextricably linked to the renewal of the rental agreement per 1 July 2004
and in its entirety is completely part of the renewed rental agreement per 1 July 2004.

4.                                       The net starting rent per 1 July 2004
amounts annually to EUR 1,025,255.24, to be extended by VAT, to be paid in 4
quarterly terms. Indexation is in compliance with that stated in the current
rental agreement per 1 January of each year for the first time on 1 January 2005
based on the annual average index figures as published by the CPI.

 

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

Appendix rental agreement

Ir. D.S. Tuynmanweg 10, Vianen per 1 July 2004

 

5.                                       The first lease year running from 1 July 2004
through to 30 June 2005 is a rent-free period. Lessee Triple-P therefore
is not required to pay any rent for this rental period.

6.                                       All other affairs contained in the current
rental agreement commencing 1 October 1994 that are
not mentioned above remain applicable and unchanged.

 

	
  Maarssen/Vianen
                                           .
  2004

  	
   

  
	
   

  	
   

  
	
  The
  Lessor

  	
  The
  Lessee

  
	
   

  	
   

  
	
  On
  behalf of owner

  	
  Triple-P
  management

  
	
  b.v.

  	
   

  
	
  Kerkebosch
  Beleggingsmaatschappij

  	
   

  
	
  De Elf
  Provinciën b.v.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  P.W.
  Maarsman

  	
  H. Crijns
  CEO

  

 

 

Appendix:
Document complete laying down of agreements made This
document should be initialed on each page and signed on the last page by
both Lessor and Lessee.

 

 

Complete
laying down of agreements made regarding new rental agreement for the office
building Ir. D.S. Tuynmanweg 10 in Vianen (not the New Build) commencing 1 July 2004
for 10 years and therefore terminating 30 June 2014, with an option for
two additional terms, each of 5 years.

 

1.               Lessor makes available the amount of one year’s
rent (net) (EUR 1,025,255.24) for modernizing the property. This amount shall
be used completely for renovating the furnishings within the building – the
lighting – movable and/or soundproof walls – flooring, paintwork and the
modernization of the reception counter area, all this as indicated in the
budget specified by Mr Uiterwaal. From this amount too, the costs will be
paid for an interior decorator (chosen by Triple-P) to a maximum of EUR
15,000.00.

2.               With regard to the allocation of aforementioned
amount, parties have agreed that the choice of materials to be used will be
taken jointly, whereby the advice of the interior decorator weighs heavily.
Both Triple-P and the Lessee are authorized to request a separate quotation for
each activity to be performed in order to gain certainty regarding the optimal
use of the amount made available. In cases where the total value of the
quotations do not, or hardly, deviate from each other, the parties shall make a
choice after discussion. In cases where the total value of quotations deviate
and there is no difference in quality, the choice will be made in the first
instance for the cheapest, taking into account, however, the solvability and
skills of the party giving the quotation.

3.               All invoices shall be made out in the name of
the Lessor and the Lessor shall pay these in an adequate manner as soon as
Triple-P indicates through an authorization signature that its content is in
compliance with the agreement made with the contractor and/or contract party.
This applies for all invoices and payments up to the maximum amount specified
in art. 1. Once the maximum amount made available is reached, all invoices
thereafter shall be made out in the name of Triple-P and be paid by Triple-P
(see article 1). In this way, Lessee also remains aware of the status of
the amount made available.

4.               Parties agree that they will refrain from
making additional agreements with suppliers, designed to financially benefit
one of the parties at the cost of the amount made available. If a discount is
given by a supplier, then this will reduce the costs and more money will remain
from the amount made available.

5.               Lessor and Lessee are aware that the
modernization of the property is predominantly concentrated on the three upper
floors and the reception area, and a limited number of offices on the first
floor. A large part of the first floor will be used as office space (storage –
warehouse)

6.               Parties agree that after signing the rental
agreement commencing 1 July 2004, a start will be made immediately with
the above-mentioned activities, whereby the amount of EUR 1,025,255.24
specified in art. 1 of this document is made available immediately for the
adaptations and/or modernization but the amount shall remain financially in the
hands of the Lessor.

7.               In addition to that which is
specified in art. 1 of this document, Lessor offers a rent-free period
of one (1) year commencing 1 July 2004, which is hereby accepted by
Triple-P.

8.               Lessor binds itself to replace the rejected
installations and/or installations that no longer meet the requirements set by
the government, under which fall the following: fire alarm installation
including cables and adaptations in compliance with

 

 

the demands of the local fire department and the
emergency lighting installation.

9.               Lessor shall also further install the roll-out
of the new air treatment installation, which has already been installed on the
second and third floors, on the first floor and the fourth floor. The tasks
concerning the roll-out shall take place as much as possible together with the
tasks of the modernization of the property.

 

 

	
  Initials Lessor:

  	
   

  	
  Initials Lessee:

  

 

 

10.         Lessor shall resolve the current problems concerning the roll-out of the
new air treatment installation on the second and third floors, whereby the
priority will be that it is done so that Triple-P does not contribute to the
costs.

11.         Lessor guarantees that the new heat pumps shall possess the same
capacity as the old ones. Where it is uncertain whether this is in fact the
case, this will be investigated and, if necessary, the capacity will be
increased to the level of the old heat pumps. Once the roll-out of the new
installation on the first floor and the fourth floor is completed, the
installed capacity will match the replaced capacity of the old situation.

12.         At various locations, the heat pump filters can only be replaced after
removing large parts of the flooring. Lessor shall introduce or shorten the
floor supports if necessary so that no more than 4 floor tiles need to be taken
out to enable the heat pump filters to be replaced. On a number of days per
calendar year, complaints were received regarding odor nuisance, probably
caused by the siphons for the heat pump discharge running dry. This complaint
will be investigated in more detail throughout the preparatory phase. A
proposal for resolving this problem will be presented to Triple-P for approval
before commencement of work. The proposal will be implemented during the
construction work. In one of the eight cooling systems already renovated, so
much freon was present (in excess of 30 kg) that maintenance of this one
installation will cost more due to legal requirements, that the system will
need to be checked for leak-tightness 4 times a year. This will result in 4
man-days of work on an annual basis. Lessor shall, as far as reasonably
possible, try to limit the amount of freon in this
installation to below 30 kg. During the further renovation of the installation,
a similar situation will be prevented, as far as is reasonably possible.

13.         Lessor shall be responsible for the optimization of the building
management system. The new BMS will fulfill the same task as the old one.
Deviations from this shall be made known to the Lessor in writing before the
commencement of the internal renovation. The new BMS will only be able to be
made fully operational when all heat pumps have been renovated. The BMS will be
completed at the latest 2 months after completion of the construction work.

14.         Parties agree to read the interpretation of the rental contract,
particularly with regard to the definitions of minor and major maintenance as
follows:

Lessor
is responsible for repair, replacement of parts and renovations to
installations belonging to the leased space. Small-scale repairs, i.e. minor
and/or day-to-day maintenance in the legal sense, and renovation of financially
small parts during routine and corrective maintenance are for the account of
the Lessee.

 

Parties
agree that as long as the costs of small-scale repairs inclusive renovations of
a part are lower than 10% of the book value of the part/unit of the
installation to be repaired, the costs shall be wholly for the account of the
Lessee. It is emphasized that the book value of a part/unit shall never be less
than 25% of the invested value. Units are considered to be, for example: heat
pumps – engines – kitchen boiler for the benefit of the toilet groups, etc.

 

The
following assumptions are made regarding the depreciation periods of the
technical installations:

 

	
  lifts

  	
   

  	
  30
  years

  	
   

  	
  glass
  washing installation

  	
   

  	
  15
  years

  
	
  air
  treatment

  	
   

  	
  20
  years

  	
   

  	
  electrical
  heating

  	
   

  	
  20
  years

  
	
  air
  conditioning

  	
   

  	
  15
  years

  	
   

  	
  pressure
  water

  	
   

  	
  10
  years

  
	
  automatic
  doors

  	
   

  	
  10
  years

  	
   

  	
  steam
  humidifier

  	
   

  	
  15
  years

  
	
  GBS
  and BMC

  	
   

  	
  15
  years

  	
   

  	
   

  	
   

  	
   

  

 

 

For
all other installations, a depreciation period of 10 years applies. Those
installations that are the property of Triple-P do not fall under “installations”.
These include kitchen installations and the access control system.

 

Parties
shall determine jointly the so-called “null-situation” of the existing
installations at the commencement of the renewed rental agreement as per 1 July 2004.

 

15.         As soon as it has been irrevocably determined that Lessor has been
negligent in carrying out the necessary repairs, replacement and/or renovation,
Triple-P is free, after first making this known to the Lessor (while specifying
a reasonable period for rectifying the deficiency) to have the work done on the
account of the Lessor.

16.         Triple-P has made it known that the current barrier installation needs
to be replaced. Lessor persists in claiming that it is not, nor will it become,
the owner of the barrier installation. Taking into account that in 2007 the
possibility exists that Triple-P will terminate the rental agreement for the
new build (6,000 square meters), Lessor is prepared to
contribute to the renovation of the barrier installation (budget according to
Triple-P around EUR 11,345.00). The contribution for the barrier installation
is included in the amount made available of EUR 1,025,255.24. This contribution
will therefore be made available, in the amount specified, as a one-off payment
under the condition that the barrier installation is fitted with a call button
to both the old building and the new building and that the barrier can be
operated from both office buildings separately. The costs of maintenance of the
barrier installation should be included in the service costs, which are wholly
for the account of the Lessee or Lessees.

 

	
  The
  Lessor,

  	
   

  	
   

  	
   

  	
  The
  Lessee,

  
	
  Kerckebosch
  Beleggingsmaatschappij b.v.

  	
   

  	
   

  	
   

  	
  Triple-P
  Management

  
	
  b.v.

  	
   

  	
   

  	
   

  	
   

  
	
  De Elf
  Provinciën b.v.

  	
   

  	
   

  	
   

  	
   

  

 

 

P.W. Aarsman

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