Document:

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                                                                   EXHIBIT 10.12

                              EMPLOYMENT AGREEMENT

      This Employment Agreement ("Agreement") is entered into between Gulf
Polymer and Petrochemical, Inc., a Delaware corporation ("Company"), and Wayne
D. Morse, a resident of Kingwood, Harris County, Texas ("Executive"), effective
as of January 1, 2004 (the "Effective Date"). The Company and the Executive are
sometimes referred to herein as the "Parties."

      This Agreement shall replace the employment agreement entered into between
Executive and Westlake Monomers Corporation (the "Prior Agreement"), which was
assigned to the Company as of January 1, 1996.

      1. Employment. The Company hereby employs the Executive and the Executive
hereby accepts continuing employment with the Company upon the terms and
conditions set forth herein.

      2. Duties and Responsibilities.

      2.1. Extent of Service. The Executive shall, during the term of this
Agreement, devote such of his entire time, attention, energies and business
efforts to his duties to the Company and its subsidiaries (the "Westlake Group")
as are reasonably necessary to carry out his duties specified in Paragraph 2.2
below. The Executive shall not, during the term of this Agreement, engage in any
other business activity (whether or not such business activity is pursued for
gain, profit or other pecuniary advantage) if such business activity would
impair the Executive's ability to carry out his duties hereunder. This Paragraph
2.1, however, shall not be construed to prevent the Executive from investing his
personal assets as a passive investor in such form or manner as will not
contravene the policies of the Westlake Group.
<PAGE>
      2.2. Position and Duties. The Executive shall serve as Vice President (or
in such other office of comparable or greater responsibility as the board of
directors of a Westlake Group company may determine) and shall perform,
faithfully and diligently, the services and functions relating to such office or
otherwise reasonably incident to such office as may be designated from time to
time by the board of directors of companies in the Westlake Group; provided that
all such services and functions shall be reasonable and within the Executive's
area of expertise; and provided further that the Executive shall be physically
capable of performing the same.

      3. Salary and Other Benefits. Subject to the terms and conditions of this
Agreement:

      3.1. Salary. As compensation for his services under and during the term of
his employment under this Agreement, the Executive shall be paid an annual base
salary ("Base Salary") of not less than $245,018.00, payable in accordance with
the Company's normal payroll practice. The Base Salary may be increased (but not
decreased) from time to time in the sole discretion of the Board of Directors.

      3.2. Other Benefits. As long as the Executive is employed hereunder, the
Executive shall be entitled to receive the following benefits in addition to his
Base Salary:

            (a) Executive shall be entitled to the benefits described in
      Paragraph 3.3 below.

            (b) The Executive shall have the right to participate in all group
      benefit plans offered by the Company (including without limitation,
      disability, accident, medical, vision, dental, life insurance,
      hospitalization, vacation, savings and pension), all
<PAGE>
      in accordance with the Company's regular policies with respect to its
      salaried employees. The Executive's service with BFG Intermediates Co.
      Inc. shall be considered for eligibility and vesting purposes on the same
      basis as other salaried employees hired by the Company from BFG
      Intermediates Co. Inc.

            (c) The Executive shall be entitled to reimbursement for reasonable
      out-of-pocket expenses incurred by him in the course of the performance of
      his duties hereunder in accordance with policies of the Company.

            (d) In order to promote the interests of the Westlake Group,
      Executive shall be reimbursed for the initiation fees and all monthly dues
      incurred by him in connection with his membership in such club as may be
      agreed upon by the Executive and the Company.

            (e) The Executive shall be entitled to such vacation, holidays and
      other paid or unpaid leaves of absence as are consistent with the
      Company's normal policies for salaried employees.

            (f) The Executive shall be entitled to relocate and receive the
      benefits of the Company's relocation policy at any time during the term of
      this Agreement.

      3.3. Accrued Deferred Compensation. The Executive was awarded 600,000
"Units" in a deferred compensation "Plan" under the Prior Agreement. The Company
and Executive agree that the Plan, and in particular the formulas set forth
therein to derive the "Adjusted Value" of a Unit, has ceased to function as a
meaningful measure of the Executive's contributions to the success of the
Company. In lieu of Executive's rights under the Prior Agreement in the "Plan,"
the Company agrees to pay Executive, and Executive agrees to accept from the
Company, as deferred compensation to
<PAGE>
Executive, a lump-sum payment in the amount of $1,781,385.00 (the "Deferred
Payment"). The Deferred Payment shall be payable on the earlier of (1) the date
Executive retires or otherwise ceases to be an employee of the Company for any
reason, and (2) January 3, 2005.

      4. Term. The term of this Agreement shall be for an initial period of two
years commencing on the Effective Date and ending on December 31, 2005, and
shall thereafter automatically be extended on a year-to-year basis unless either
the Executive or the Company gives the other Party ninety (90) days written
notice prior to the date that the term of this Agreement would otherwise expire.

      5. Termination and Resignation. The Company shall have the right to
terminate the Executive's employment hereunder at any time and for any reason,
and upon any such termination the Executive shall be entitled to receive from
the Company prompt payment of the amount determined pursuant to the applicable
sub-paragraph of Paragraph 6 below. The Executive shall have the right to
terminate his employment hereunder at any time by retirement or resignation, and
he shall thereupon be entitled to receive from the Company prompt payment of the
amount determined pursuant to the applicable sub-paragraph of Paragraph 6 below.

      6. Payments Upon Termination and Resignation.

      6.1. Pro Rata Payment. If the Executive dies, becomes disabled (being the
inability of the Executive to perform his normal employment duties for the
remainder of the term of this Agreement because of either physical or mental
incapacity), is terminated for Cause or voluntarily resigns (as defined in
Paragraph 3), then in each case the Executive shall be entitled to receive (in
addition to the Deferred Payment under
<PAGE>
Paragraph 3.3) only his Base Salary on a pro rata basis to the date of death,
disability, termination for Cause or voluntary resignation.

      6.2. Base Salary Payment. If the Company terminates the Executive's
employment without Cause, then the Executive shall be entitled to receive (in
addition to the Deferred Payment under Paragraph 3.3) his Base Salary to the
date of termination and a lump sum payment equal to one year's Base Salary.

      7. Preservation of Business; Fiduciary Responsibility. The Executive shall
use his best efforts to preserve the business and organization of the Westlake
Group companies, to keep available the services of their present employees and
to preserve their business relations with their suppliers, distributors,
customers and others. The Executive shall not commit any act, or in any way
assist others to commit any act, which would injure the Westlake Group. So long
as the Executive is employed hereunder, the Executive shall observe and fulfill
proper standards of fiduciary responsibility attendant upon his service and
office and shall comply with the terms of the policy statements of all the
companies in the Westlake Group.

      8. Notice. All notices, requests, demands and other communications given
under or by reason of this Agreement shall be in writing and shall be deemed
given when delivered in person or when mailed, by certified mail (return receipt
requested), postage prepaid, addressed as follows (or to such other address as a
Party may specify by notice pursuant to this provision):
<PAGE>
         (a)   To the Company:

               Gulf Polymer and Petrochemical, Inc.
               Westlake Center
               2801 Post Oak Boulevard
               Houston, Texas 77056
               Attention: President

         (b)   To the Executive:

               Mr. Wayne D. Morse
               2935 Kings Forest Drive
               Kingwood, Texas 77339

      9. Controlling Law and Performability. The execution, validity,
interpretation and performance of this Agreement shall be governed by the laws
of the State of Texas.

      10. Arbitration. Any dispute or controversy arising under or in connection
with this Agreement shall be settled by arbitration in Houston, Texas. In the
proceeding the Executive shall select one arbitrator, the Company shall select
one arbitrator and the two arbitrators so selected shall select a third
arbitrator. The decision of a majority of the arbitrators shall be binding on
the Executive and the Company. Should one Party fail to select an arbitrator
within five days after notice of the appointment of an arbitrator by the other
Party or should the two arbitrators selected by the Executive and the Company
fail to select an arbitrator within ten days after the date of the appointment
of the last of such two arbitrators, any person sitting as a Judge of the United
States District Court for the Southern District of Texas, Houston Division, upon
application of the Executive or the Company, shall appoint an arbitrator to fill
such space with the same force and effect as though such arbitrator had been
appointed in accordance with the first sentence of this Paragraph 10. Any
arbitration proceeding pursuant to this Paragraph 10 shall be
<PAGE>
conducted in accordance with the rules of the American Arbitration Association.
Judgment may be entered on the arbitrators' award in any court having
jurisdiction.

      11. Expenses. The Company will pay or reimburse the Executive for all
costs and expenses (including arbitration and court costs and attorneys' fees)
incurred by the Executive as a result of any meritorious claim, action or
proceeding arising out of, or challenging the validity, advisability or
enforceability of, this Agreement or any provision hereof.

      12. Entire Agreement and Amendments. This Agreement contains the entire
agreement of the Parties relating to the matters contained herein and supersedes
the Prior Agreement and any other prior agreements and understandings, oral or
written, between the Parties with respect to the subject matter hereof, but this
Agreement shall not replace or supersede any current or future agreements or
understandings with other companies in the Westlake Group to the extent they
impose obligations on the Executive's duties and responsibilities that are in
addition to, or differ from, those imposed hereunder. This Agreement may be
changed only by an agreement in writing signed by the Party against whom
enforcement of any waiver, change, modification, extension or discharge is
sought.

      13. Separability. If any provision of the Agreement is rendered or
declared illegal or unenforceable by reason of any existing or subsequently
enacted legislation or by the decision of any arbitrator or by decree of a court
of last resort, the Parties shall promptly meet and negotiate substitute
provisions for those rendered or declared illegal or unenforceable to preserve
the original intent of this Agreement to the extent legally possible, but all
other provisions of this Agreement shall remain in full force and effect.
<PAGE>
      14. Assignments. In the event of the sale of all or substantially all of
the assets of the Company, the Company and Executive agree that, at the
Company's option, either (A) all financial obligations of the Company contained
in this Agreement including the Deferred Payment will be assigned to and assumed
by the purchaser of the assets, in which case the Company will be released from
further obligations hereunder or (B) Executive will remain in the employ of the
Company and the Company shall continue all its financial obligations contained
in this Agreement, including the Deferred Payment.

      In the event of an assignment of this Agreement, all covenants, conditions
and provisions hereunder shall inure to the benefit of and be enforceable
against the purchaser of the Company's assets. The rights and obligations of the
Executive under this Agreement are personal to him, and no such rights, benefits
or obligations shall be subject to voluntary or involuntary alienation,
assignment or transfer.

      15. Effect of Agreement. Subject to the provisions of Paragraph 14 with
respect to assignments, this Agreement shall be binding upon the Executive and
his heirs, executors, administrators, legal representatives and assigns and upon
the Company and its respective successors and assigns.

      16. Execution. This Agreement may be executed in multiple counterparts
each of which shall be deemed an original and all of which shall constitute one
and the same instrument.

      17. Waiver of Breach. The waiver by either Party of a breach of any
provision of the Agreement by the other Party shall not operate or be construed
as a waiver by such Party of any subsequent breach of such other Party.
<PAGE>
      18. Withholding of Taxes. The Company may withhold from any amount payable
under this Agreement all federal, state, city or other taxes as may be required
pursuant to any law or governmental regulation or ruling.

      19. Non-disclosure of Confidential Matters. Executive agrees not to make
any unauthorized use, publication or disclosure during or subsequent to his
employment by the Company of the terms of this Agreement or of any intellectual
property of a confidential or trade secret nature generated or acquired by him
during the course of his employment, except to the extent that the disclosure of
intellectual property information is necessary to fulfill his responsibilities
as an employee of the Company. Executive understands that confidential matters
and trade secrets include information not generally known by or available to the
public about or belonging to the company, its divisions, subsidiaries and
related affiliates or belonging to other companies to whom the Company, its
divisions, subsidiaries and related affiliates may have an obligation to
maintain information in confidence, and that authorization for public disclosure
may only be obtained through the Company's written consent. Executive also
understands and agrees that the information protected by this provision
includes, but is not limited to, information of a technical and a business
nature such as ideas, discoveries, designs, inventions, improvements, trade
secrets, know-how, manufacturing processes, product formulae, design
specifications, writings and other works of authorship, computer programs,
financial figures, marketing plans, customer lists and data, business plans or
methods and the like, which relate in any manner to the actual or anticipated
business of the Company, affiliates, subsidiaries or divisions, or related to
its actual or anticipated areas of research and development.

      The obligations of this section shall survive the expiration of the term
of this Agreement.
<PAGE>
      IN WITNESS WHEREOF, the Parties have executed this Agreement effective as
of the date first above written.

                              COMPANY

                              GULF POLYMER AND PETROCHEMICAL, INC.

                              By:    /s/ ALBERT CHAO
                                     _________________________________________

                              Name:  _________________________________________

                              Title: _________________________________________

                              EXECUTIVE

                              /s/ WAYNE D. MORSE
                              ________________________________________________
                              WAYNE D. MORSE<PAGE>
                                                                 Exhibit 10.13.4

                     FIFTH MODIFICATION OF LEASE AGREEMENT

     This Fifth Modification of Lease Agreement ("Agreement"), made this 9 day
of October, 2003, by and between METROPLEX ASSOCIATES, a New Jersey partnership,
having an address c/o of Atlantic Realty Development Corporation, 90 Woodbridge
Center Drive, Woodbridge, New Jersey 07095 (the "Landlord"), and HANOVER CAPITAL
PARTNERS, LTD. (formerly, Hanover Capital Mortgage Corporation), a New York
corporation, having an address at Metroplex Corporate Center I, 100 Metroplex
Drive, Edison, New Jersey 08817 (the "Tenant").

                                  WITNESSETH:

     WHEREAS, by lease dated March 9, 1994 (the "Original Lease"), Landlord
leased to Tenant and Tenant hired from Landlord certain premises (the "Original
Space") having a gross rentable area of approximately 5,834 square feet
constituting a portion of the third floor of the building (the "Building") known
as Metroplex Corporate Center I, 100 Metroplex Drive, Edison, New Jersey 08817;
and

     WHEREAS, by document entitled "First Modification and Extension of Lease
Agreement", dated February 28, 1997 (the "First Modification"), the term of the
Lease was extended until 6:00 p.m. on June 30, 2002; and

     WHEREAS, by document entitled "Second Modification and Extension of Lease
Agreement", dated April 22, 2002 (the "Second Modification"), the term of the
Lease was extended until 6:00 p.m. on April 30, 2005; and

     WHEREAS, by document entitled "Third Modification of Lease Agreement",
dated May 8, 2002 (the "Third Modification"), Landlord leased to Tenant certain
additional space having a gross rentable area of approximately 777 square feet
located on the third floor of the Building (the "Second Space"); and

     WHEREAS, by document entitled "Fourth Modification of Lease Agreement",
dated November, 2002 (the "Fourth Modification"), Tenant surrendered to
Landlord the Second Space and Landlord leased to Tenant certain additional
space having a gross rentable area of approximately 3,890 square feet located
on the second floor of the Building (the "Third Space"); and

     WHEREAS, by a letter agreement (the "Letter Agreement"), dated July 31,
2003 (the "Letter Agreement"), Landlord leased to Tenant certain additional
space having a gross rentable area of approximately 777 square feet located on
the third floor of the Building (the "Fourth Space"); and

     WHEREAS, the Original Space, the Third Space and the Fourth Space are
herein collectively referred to as the "Premises"; and

     WHEREAS, the Original Lease, the First Modification, the Second
Modification, the Third Modification, the Fourth Modification and the Letter
Agreement are herein collectively referred to as the "Lease"; and

     WHEREAS, Landlord and Tenant desire to further modify the Lease as
hereinafter provided;

     NOW, THEREFORE, for and in consideration of the above premises, the mutual
covenants hereinafter contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant
hereby agree as follows:

     1.   Premises. Upon the Replacement Space Commencement Date (as said term
is hereinafter defined), the definition and description of the Premises in the
Lease shall be modified and amended (i) to delete the Original Space, the Third
Space and the Fourth Space (collectively, the "Surrendered Space"), and (ii) to
include certain premises having a gross rentable area of approximately 12,267
square feet constituting a portion of the first floor of the Building (the
"Replacement Space"), which Replacement Space is more particularly described on
Exhibit A annexed

                                       1
<PAGE>
hereto. As a result of the foregoing, the definition and description of the
Premises in the Lease, shall, as of the Replacement Space Commencement Date,
refer to the Replacement Space described herein.

     2.   Term. (a) The term for the Replacement Space shall commence on the
date (the "Replacement Space Commencement Date") Landlord delivers possession of
the Replacement Space to Tenant with the Replacement Space Work (as said term is
hereinafter defined), exclusive of so-called "punchlist" items, substantially
completed. The Replacement Space Work shall be deemed substantially completed at
such time as the only items of Replacement Space Work to be completed are those
which will not substantially interfere with Tenant's use and occupancy of the
Replacement Space. Notwithstanding the foregoing, should Landlord be delayed in
delivering possession of the Replacement Space to Tenant, or in substantially
completing the Replacement Space Work, by reason of Tenant's delay, lack of
cooperation, request for changes in the Replacement Space Work, or the
performance of work by anyone employed or engaged by Tenant, or by reason of any
other act or omission of Tenant, the Replacement Space Commencement Date shall
be the date which is the earlier of (i) the date when Landlord delivers
possession of the Replacement Space to Tenant with the Replacement Space Work,
exclusive of so-called "punchlist" items, substantially completed as hereinabove
provided, or (ii) the date when Landlord would have delivered possession of the
Replacement Space to Tenant with the Replacement Space Work, exclusive of
so-called "punchlist" items, substantially completed but for the occurrence of
any Tenant delay referred to above. The term for the Replacement Space shall
expire (the "Replacement Space Termination Date") at 6:00 p.m. five Lease Years
(as such term is hereinafter defined) from the Replacement Space Commencement
Date. The first Lease Year shall be the period commencing on the Replacement
Space Commencement Date and ending twelve (12) calendar months thereafter,
provided, however, that if the Replacement Space Commencement Date is not the
first day of a calendar month, the first Lease Year shall commence on the
Replacement Space Commencement Date and end twelve (12) calendar months from the
last day of the month in which the Commencement Date occurs. Each succeeding
twelve (12) calendar month period thereafter shall be a Lease Year.

          (b) On the Replacement Space Commencement Date, the Lease shall be
terminated with respect to the Surrendered Space. All Fixed Rent, additional
rent and other charges required to be paid by Tenant with respect to the
Surrendered Space shall be paid and all of Tenant's other obligations under the
Lease with respect to the Surrendered Space shall be performed, up to and
including the Replacement Space Commencement Date. Tenant shall, on or before
the Replacement Space Commencement Date, surrender the Surrendered Space to
Landlord in the condition in which the Premises are required to be surrendered
by Tenant in accordance with the provisions of the Lease. Failure of Tenant to
comply with its obligations pursuant to this Section 2(b) shall constitute a
default by Tenant under the Lease. In addition, in the event Tenant fails to
surrender the Surrendered Space to Landlord as aforesaid on or before the
Replacement Space Commencement Date, in addition to any damages to which
Landlord may be entitled or other remedies Landlord may have by law, Tenant
shall pay to Landlord a rental for the period it remains in possession of the
Surrendered Space after the Replacement Space Commencement Date, at the rate of
(i) twice the Fixed Rent then being paid by Tenant allocable to the Surrendered
Space, plus (ii) all items of additional rent and other charges then being paid
by Tenant allocable to the Surrendered Space. Nothing herein contained shall be
deemed to give Tenant any right to remain in possession of the Surrendered Space
after the Replacement Space Commencement Date. Landlord shall not be required to
deliver possession of the Replacement Space to Tenant unless and until Tenant
has complied with its obligations pursuant to this Section 2(b); however, in no
event will the Replacement Space Commencement Date be delayed as a result
thereof.

     3.   Fixed Rent. (a) Commencing on the Replacement Space Commencement Date
and continuing through the Replacement Space Termination Date, Tenant shall pay
to Landlord Fixed Rent for the Replacement Space in an amount equal to: (i) for
Lease Months (defined as 1/12th of a Lease Year) 1-30, the product of the gross
rentable area of the Replacement Space multiplied by $16.75 per square foot
(i.e. 12,267 square feet x $16.75 = $205,472.25 per annum/$17,122.69 per month)
and (ii) for Lease Months 31-60, the product of the gross rentable area of the
Replacement Space multiplied by $17.25 per square foot (i.e. 12,267 square feet
x $17.25 = $211,605.75 per annum/$17,633.81 per month).

                                       2

<PAGE>
     (b) Fixed Rent shall be payable in equal monthly installments, as
aforesaid, in advance on the first day of each and every calendar month of the
term of the Lease in lawful money of the United States of America in the office
of Landlord or at such other place as may hereafter be designated by Landlord.
Fixed Rent shall be paid to Landlord without notice or demand and without
deduction, setoff or other charge therefrom or against the same.

     4. Proportionate Share. The Lease is amended to provide that effective as
of the Replacement Space commencement Date, provided that Tenant has vacated
the Surrendered Space in accordance with the terms hereof, Tenant's
Proportionate Share, as defined in Article 3 of the Original Lease, shall be
9.8% for the Replacement Space.

     5. Insurance. The Lease is supplemented to provide that Tenant shall, at
its cost and expense, procure all policies of insurance for the purpose of
insuring the Replacement Space in accordance with the terms set forth in
Article 4 of the Original Lease. Policies of such insurance, or certificates
thereof, together with reasonable evidence of premium payment therefor, shall
be delivered to Landlord upon execution of this Agreement.

     6. Additional Rent. All provisions for the payment of additional rent set
forth in the Lease, including, without limitation, all provisions pertaining to
the payment of "Operating Costs" and "taxes" (as said terms are defined in
Article 18 of the Lease) shall continue to apply without modification, except
that the "Base Year" as defined therein shall, for the purposes of the
Replacement Space, be the calendar year 2004.

     7. Electric Charges. The Lease is supplemented to provide that from and
after the Replacement Space Commencement Date, Tenant shall pay, as additional
rent, all charges for electricity, light, heat or other utility used by Tenant
at the Replacement Space. If electric energy consumed in the Replacement Space
is not separately metered, either by the utility company or by Landlord, and
billed to Tenant, Tenant shall pay Landlord for such electric energy the sum of
$15,333.75 per annum (ie, $1.25 per square foot of gross rentable area of the
Replacement Space) in equal monthly installments of $1,277.81 each on the first
day of each month during the term of the Lease commencing on the Replacement
Space Commencement Date. Such sum of $15,333.75 shall be subject to increase in
accordance with increases in electric charges payable by Landlord. In addition,
either Landlord or Tenant may, at any time, at its sole cost and expense,
engage an electrical consultant, approved by Landlord, to make a survey of the
electric energy demand in the Replacement Space and to determine the average
monthly electric consumption in the Replacement Space. The findings of said
consultant as to the average monthly electric consumption of Tenant shall be
deemed conclusive and binding upon the parties. From and after said consultant
has submitted its report, Tenant shall pay to Landlord, as additional rent, on
the first day of each month during the balance of the term of the Lease (or
until another such survey is performed or a separate electric meter is
installed for the Replacement Space), in advance, the amount set forth in the
survey as the monthly electric consumption.

     8. Brokerage Commission. Tenant warrants and represents that it has not
dealt or negotiated with any real estate broker or salesman in connection with
this Agreement other than Newmark Real Estate of New Jersey, L.L.C. (the
"Broker") or representatives thereof. Tenant shall and hereby does indemnify
and hold Landlord harmless from and against any real estate commissions, fees,
charges or the like, or claims therefor, including any and all costs incurred
in connection therewith, arising out of the within transaction payable to any
party other than the Broker except to the extent any such claim or commission
is based solely upon Landlord's acts. Landlord shall pay any commission due to
the Broker pursuant to a separate agreement, less any prepaid commission for
the unexpired term of the Surrendered Space.

     9. Condition of Premises/Replacement Space Work. (a) Landlord shall
prepare the Replacement Space for Tenant's occupancy in accordance with the
plans and specifications (the "Approved Plans") to be attached hereto at a
later date. All such work to be performed by Landlord is herein referred to as
the "Work". The Work shall not include the installation of Tenant's furniture,
including Tenant's systems furniture, fixtures, equipment and telephone and
data cabling, all of which shall be installed at Tenant's sole cost and
expense. The cost to perform the Work shall be paid by

                                      -3-

<PAGE>
Landlord to the extent that Building standard materials are used in connection
therewith. All non-Building standard materials requested by Tenant
(collectively, "Tenant Extras") shall be paid for by Tenant. Tenant agrees to
pay for Tenant Extras based on Landlord's cost therefore, together with ten
(10%) percent thereof for profit ("Landlord's Charges"). Tenant shall pay
Landlord's Charges for Tenant Extras as additional rent within ten (10) days
after Landlord's request therefore. Without limiting the foregoing, any changes
in the Work desired by Tenant shall be submitted in writing (with plans and
specifications where applicable) and shall be subject to Landlord's approval.

          10.  Right of First Notification. Tenant's Right of First
Notification, set forth in the First Modification and the Second Modification,
shall no longer be applicable.

          11.  No Default. Tenant represents, warrants and covenants that
Landlord is not currently in default under any of its obligations under the
Lease and Tenant is not in default under any of its obligations under the Lease
and no event has occurred which, with the passage of time or the giving of
notice, or both, would constitute a default by either Landlord or Tenant under
the Lease.

          12.  Defined Terms. The terms used in this Agreement and not defined
herein shall have the respective meanings indicated in the Lease, unless the
context requires otherwise.

          13.  No Other Changes. The intent of this Agreement is only to modify
and amend those provisions of the Lease as herein specified. Except as herein
specifically modified, changed and amended, all of the terms and conditions of
the Lease shall remain in full force and effect.

               IN WITNESS WHEREOF, the parties hereto have duly executed this
Fifth Modification of Lease Agreement as of the day and year first above
written.

WITNESS:                        METROPLEX ASSOCIATES
                                (Landlord)

[Illegible Signature]               /s/ Murray Halpern
---------------------           By: ---------------------------
                                      Murray Halpern, Partner

ATTEST:                         HANOVER CAPITAL PARTNERS, LTD.
                                (formerly, Hanover Capital Mortgage Corporation)
                                (Tenant)

[Illegible Signature]               /s/ Joyce Mizerak
---------------------           By: ---------------------------
                                     Joyce Mizerak, President

                                      -4-

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