Document:

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                                                                    Exhibit 10.4

                     THE INCORPORATED LAW SOCIETY OF IRELAND

                    GENERAL CONDITIONS OF SALE (1995 EDITION)

                                   PARTICULARS

                                       and

                               CONDITIONS OF SALE

                                       of

     Site at Waterford Industrial Estate, part folio 4917 County Waterford.

                            SALE BY PRIVATE TREATY

Vendor: INDUSTRIAL INDUSTRIAL DEVELOPMENT AGENCY (IRELAND)

Vendor's Solicitor: GALLAGHER SHATTER

Address: 4 UPPER ELY PLACE, DUBLIN 2

Reference: BG/ET

      *Delete, if inappropriate

WARNING: It is recommended that the within should not be completed without prior
legal advice.
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MEMORANDUM OF AGREEMENT made this 2nd day of August 2001

BETWEEN: INDUSTRIAL DEVELOPMENT AGENCY (IRELAND)

Of: Wilton Park House, Wilton Place, Dublin 2.

                                                                          VENDOR

And

Genzyme Ireland Limited

Of:
                                                                      PURCHASERS

whereby it is agreed that the Vendor shall sell and the Purchaser shall purchase
in accordance with the annexed Special and General conditions of Sale the
property described in the within Particulars at the purchase price mentioned
below.

Purchase Price   (pound)2,076,100-00
less deposit     (pound)  212,017-00
Balance          (pound)1,864,083-00

Closing Date: 24th August of 2001
Interest Rate: 12 per cent per annum

SIGNED /s/ Richard Ryan                SIGNED /s/ Michael S. Wyzga
       -----------------------                ----------------------
            (Vendor)                              (Purchaser)
/s/ [ILLEGIBLE]
-----------------------------          RSI No.
MEMBER/AUTHORISED OFFICER                      ---------------------
RSI No
       ----------------------          Witness /s/ [ILLEGIBLE]
                                               ---------------------
Witness /s/ Martin Cronin
        ----------------------         Occupation /s/ Solicitor
/s/ [ILLEGIBLE]                                   ------------------
-----------------------------
MEMBER/AUTHORISED OFFICER              Address            , Dublin
                                               ---------------------
Occupation
          -------------------

Address
       ----------------------

As Stakeholder I/We acknowledge receipt of Bank Draft/Cheque for,             in
respect of deposit.

      SIGNED
             ----------------------
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PARTICULARS AND TENURE

ALL THAT AND THOSE the lands comprising an area of 15.97 acres or thereabouts
statute measure situate at the Waterford Industrial Estate in the County of
Waterford being portion of the property comprised in folio 4917 County Waterford
as more particularly delineated on the map annexed hereto and thereon hatched in
red.

DOCUMENTS SCHEDULE

1.    Copy folio 4917 County Waterford

2.    Copy Land Registry Map folio 4917 County Waterford

3.    Draft 999 year lease.

SEARCHES SCHEDULE

None

                               SPECIAL CONDITIONS

1.    Save where the context otherwise requires or implies or the text hereof
      expresses to the contrary, the definitions and provision as to
      interpretation set forth in the within General Conditions shall be applied
      for the purposes of these Special Conditions.

2.    The said General Conditions shall:

      (a)   apply to the sale in so far as the same are not hereby altered or
            varied, and these Special Conditions shall prevail in case of any
            conflict between them and the General Conditions,

      (b)   be read and construed without regard to any amendment therein,
            unless such amendment shall be referred to specifically in these
            Special Conditions.

3.    In addition to the purchase price, the purchaser shall pay to the Vendor
      an amount equivalent to such Value Added Tax as shall be eligible in
      relation to the sale or (as the case may be) the Assurance same to be
      calculated in accordance with the provisions of the Value Added Tax Act,
      1972, and to be paid on completion of the sale forthwith upon receipt by
      the Purchaser of an appropriate invoice (whichever shall be the later).
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4.    On the exchange of contracts, the Vendor shall furnish the Purchasers with
      the C.O.R.T. system of Requisitions on Title with replies endorsed.
      General Condition 17 shall apply to any further requisitions raised by the
      Purchasers and the Vendor's replies to the C.O.R.T requisitions and to any
      further requisitions raised by the purchaser's solicitors.

5.    The title to the lands in sale shall consist of the certified copy folio
      set out in the documents schedule hereto. The vendor sells as statutory
      successor in title to Industrial Development Authority and Forfas pursuant
      to Section 3(2) of the Industrial Development 1995.

6.    The sale shall be carried out by way of the 999 year lease in the form of
      the draft specified in the documents schedule hereto.

7.    This sale is conditional upon:

      (A)   The purchaser completing the appropriate portions of the V.A.T. form
            4A in connection with the lease to be granted hereunder and the
            issuing of a V.A.T. form 4B.

      (B)   Approval by the Board of the Vendor of the purchaser's overall
            project proposal.

      (C)   The purchaser successfully completing the purchase of the adjoining
            Luxottica facility at Waterford Industrial Estate on or before the
            closing date.

      (D)   THE PURCHASE PRICE IS AGREED AT (pound)130,000 PER ACRE. THE
            VENDOR HAS MEASURED THE AREA ON THE MAP ATTACHED HERETO AT 15.97
            ACRES.

      (E)   The purchaser and the vendor (prior to the closing date) entering in
            to a grant agreement on terms satisfactory to the vendor in respect
            of an industrial undertaking on the property in sale.

      (F)   The purchaser complying with the terms and conditions of such grant
            agreement insofar as they can be complied with up to the closing
            date.

      (G)   The vendor being satisfied prior to completion with the purchasers
            proposals for the environmental control and prevention of pollution
            in the purchasers proposed industrial undertaking on the property in
            sale.

      (H)   DRAWINGS AND SPECIFICATIONS OF THE PROPOSED BUILDING TO BE EXAMINED
            AND APPROVED BY THE VENDOR PRIOR TO THE PURCHASER UNDERTAKING THE
            WORK IN RELATION THERETO. THIS EXAMINATION SHALL BE FOR THE SOLE
            PURPOSE OF ASSESSING THE COMPATIBILITY OF THE PROPOSED BUILDING WITH
            THE ADJOINING INDUSTRIAL ESTATE.
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      (I)   Stock proof temporary fencing to be erected by the purchasers within
            a reasonable period following the closing date and maintained at the
            purchasers expense on the appropriate boundaries of the site for the
            duration of the construction contract.

      (J)   Boundaries of the site to be clearly defined by permanent markers
            such as concrete posts set in concrete. Boundaries to be in
            accordance with the site survey prepared by the purchasers engineers
            and approved by the Vendor prior to the closing date. The permanent
            markers are to be erected by the purchaser within a reasonable
            period following the closing date. Permanent stock proof fencing to
            be provided by the purchaser where necessary at the purchasers
            expense

      (K)   The purchaser to be responsible for liaising with all utility
            companies (for example Electricity Supply Board, Eircom and Bord
            Gais) regarding underground services on or near the site in sale.

8.    If all or any of the above special conditions have not been complied with
      prior to completion the vendor shall be entitled (without prejudice to any
      other remedy available to the Vendor under the general conditions of sale
      herein) to rescind the sale hereby contemplated whereupon the deposit
      shall be returned to the purchaser but without interest costs or
      compensation.
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[Site Plan of Proposed New Genzyme Facility at Waterford]

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NOTE: These General Conditions are not to be altered in any manner. Any required
      variation or addition should be dealt with by way of Special Condition.

      Special Conditions should be utilised in instances where it is required to
      adopt Recommendations or Advices of the Law Society or of any Committee
      associated with it, where such Recommendations or Advices are at variance
      with provisions expressed in the General Conditions.

                           GENERAL CONDITIONS OF SALE

                                   DEFINITIONS

1.    In these General Conditions:

      "THE CONDITIONS" means the attached Special Conditions and these General
      Conditions

      "THE DOCUMENTS SCHEDULE", "THE SEARCHES SCHEDULE" and "THE SPECIAL
      CONDITIONS" Mean respectively the attached Documents Schedule, Searches
      Schedule and Special Conditions.

      "THE MEMORANDUM" means the Memorandum of Agreement on Page 1 hereof

      "THE PARTICULARS" means the Particulars and Tenure on Page 2 hereof and
      any extension of the same

      "THE PURCHASER" means the party identified as such in the Memorandum

      "THE SALE" means the transaction evidenced by the Memorandum, the
      Particulars and the Conditions

      "THE SUBJECT PROPERTY" means the property or interest in property which is
      the subject of the sale

      "THE VENDOR" means the party identified as such in the Memorandum.

2.    In the Conditions save where the context otherwise requires or implies:

      "APPORTIONMENT DATE" means either (a) the later of (i) the closing date
      (as defined hereunder) and (ii) such subsequent date from which delay in
      completing the sale shall cease to be attributable to default on the part
      of the Vendor or (b) in the event of the Vendor exercising the right
      referred to in Condition 25 (a) (ii) hereunder, the date of actual
      completion of the sale or (c) such other date as may be agreed by the
      Vendor and the Purchaser to be the Apportionment Date for the purpose of
      this definition

      "ASSURANCE" means the document or documents whereby the sale is to be
      carried into effect

      "CLOSING DATE" means the date specified as such in the Memorandum, or, if
      no date is specified, the first working day after the expiration of five
      weeks computed from the date of sale

      "COMPETENT AUTHORITY" includes the State, any Minister thereof, Government
      Department, State Authority, Local Authority, Planning Authority, Sanitary
      Authority, Building Control Authority, Fire Authority, Statutory
      Undertaker or any Department, Body or person by statutory provision or
      order for the time being in force authorised directly or indirectly to
      control, regulate, modify or restrict the development, use or servicing of
      land or buildings, or empowered to acquire land by compulsory process

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      "DATE OF SALE" means, the date of the auction when the sale shall have
      been by auction, and otherwise means the date upon which the contract for
      the sale shall have become binding on the Vendor and the Purchaser

      "DEVELOPMENT" has the same meaning as that conferred by the Local
      Government (Planning and Development) Act, 1963

      "LEASE" includes (a) a fee farm grant and every contract (whether or not
      in writing or howsoever effected, derived or evidenced) whereby the
      relationship of Landlord and Tenant is or is intended to be created and
      whether for any freehold or leasehold estate or interest and (b) licences
      and agreements relating to the occupation and use of land, cognate words
      being construed accordingly

      "PURCHASED CHATTELS" means such chattels, fittings, tenant's fixtures and
      other items as are included in the sale

      "PURCHASE PRICE" means the purchase price specified in the Memorandum
      PROVIDED HOWEVER that, if the sale provides for additional moneys to be
      paid by the Purchaser for goodwill, crops or purchased chattels, the
      expression "PURCHASE PRICE" shall be extended to include such additional
      moneys

      "REQUISITIONS" include Requisitions on the title or titles as such of the
      subject property and with regard to rents, outgoings, rights, covenants,
      conditions, liabilities (actual or potential), planning and kindred
      matters and taxation issues material to such property

      "STIPULATED INTEREST RATE" means the interest rate specified in the
      Memorandum, or, if no rate is so specified, such rate as shall equate to 4
      per centum per annum over the rate (as annualised) of interest payable
      upon tax chargeable under the Capital Acquisitions Tax Act, 1976 and
      ruling at the date from which interest hereunder is to run

      "WORKING DAY" does not include any Saturday, Sunday nor any Bank or Public
      Holiday nor any of the seven days immediately succeeding Christmas Day.

                                 INTERPRETATION

3.    In the Conditions save where the context otherwise requires or implies:

      Words importing the masculine gender only include the feminine, neuter and
      common genders, and words importing the singular number only include the
      plural number and vice versa

      The words "Vendor" and "Purchaser" respectively include (where
      appropriate) parties deriving title under them or either of them and shall
      apply to any one or more of several Vendors and Purchasers as the case may
      be and so that the stipulations in the Conditions contained shall be
      capable of being enforced on a joint and several basis

      Unless the contrary appears, any reference hereunder:

      (a)   to a particular Condition shall be to such of these General
            Conditions of Sale as is identified by said reference

      (b)   to a Statute or Regulation or a combination of Statutes or
            Regulations shall include any extension, amendment, modification or
            re-enactment thereof, and any Rule, Regulation, Order or Instrument
            made thereunder, and for the time being in force

      Headings and marginal notes inserted in the Conditions shall not affect
      the construction thereof nor shall the same have any contractual
      significance.

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                                    AUCTION

4.    Where the sale is by auction, the following provisions shall apply:

      (a)   the Vendor may divide the property set forth in the Particulars into
            lots and subdivide, consolidate or alter the order of sale of any
            lots

      (b)   there shall be a reserve price for the subject property whether the
            same shall comprise the whole or any part of the property set forth
            in the Particulars and the Auctioneer may refuse to accept any bid.
            If any dispute shall arise as to any bidding, the Auctioneer shall
            (at his option) either determine the dispute or again put up the
            property in question at the last undisputed bid. No person shall
            advance at a bidding a sum less than that fixed by the Auctioneer,
            and no accepted bid shall be retracted. Subject to the foregoing,
            the highest accepted bidder shall be the Purchaser

      (c)   the Vendor may:

            (i)   bid himself or by an agent up to the reserve price

            (ii)  withdraw the whole of the property set forth in the
                  Particulars or, where such property has been divided into
                  lots, withdraw any one or more of such lots at any time before
                  the same has been sold without disclosing the reserve price

      (d)   the Purchaser shall forthwith pay to the Vendor's Solicitor as
            stakeholder a deposit of ten per centum (10%) of the purchase price
            in part payment thereof, and shall execute an agreement in the form
            of the Memorandum to complete the purchase of the subject property
            in accordance with the Conditions.

                               PRIVATE TREATY SALE

5.    (a)   where the sale is by private treaty, the Purchaser shall on or
            before the date of the sale pay to the Vendor's Solicitor as
            stakeholder a deposit of the amount stated in the Memorandum in part
            payment of purchase price

      (b)   if notwithstanding Condition 5(a), a part of such deposit has been
            or is paid to any other person appointed or nominated by the Vendor
            that other person shall be deemed to receive or to have received
            said part as stakeholder

              THE FOLLOWING CONDITIONS APPLY WHETHER THE SALE IS BY
                          AUCTION OR BY PRIVATE TREATY

                    PURCHASER ON NOTICE OF CERTAIN DOCUMENTS

6.    The documents specified in the Documents Schedule or copies thereof have
      been available for inspection by the Purchaser or his Solicitor prior to
      the sale. If all or any of the subject property is stated in the
      Particulars or in the Special Conditions to be held under a lease or to be
      subject to any covenants, conditions, rights, liabilities or restrictions,
      and the lease or other document containing the same is specified in the
      Documents Schedule, the Purchaser, whether availing of such opportunity of
      inspection or not, shall be deemed to have purchased with full knowledge
      of the contents thereof, notwithstanding any partial statement of such
      contents in the Particulars or in the Conditions.

                                       7
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                                DELIVERY OF TITLE

7.    Within seven working days from the date of sale, the Vendor shall deliver
      or send by post to the Purchaser or his Solicitor copies of the documents
      necessary to vouch the title to be shown in accordance with the
      Conditions.

                                      TITLE

8.    (a)   The Title to be shown to the subject property shall be such as is
            set forth in the Special Conditions

      (b)   Where the title to be shown to the whole or any part of the subject
            property is based on possession, the Vendor shall, in addition to
            vouching that title and dealing with such further matters as are
            required of him by the Conditions, furnish to the Purchaser on or
            before completion of the sale a certificate from the Revenue
            Commissioners to the effect (i) that the subject property or (as the
            case may be) such part of the same as aforesaid is not charged with
            any of the taxes covered by the provisions of Section 146, Finance
            Act, 1994 or (ii) that the Revenue Commissioners are satisfied that
            any such charge will be discharged within a time considered by them
            to be reasonable

      (c)   Save as stipulated in the Special Conditions the Vendor shall, prior
            to or at the completion of the sale, discharge all mortgages and
            charges for the payment of money (other than items apportionable
            under Condition 27(b)) which affect the subject property.

9.    Where any of the subject property is held under a lease, the Purchaser
      shall not call for or investigate the title of the grantor or lessor to
      make the same, but shall conclusively assume that it was well and validly
      made, and is a valid and subsisting lease.

10.   Where any of the subject property is stated to be held under a lease or an
      agreement therefor then:

      (a)   no Objection or Requisition shall be made or indemnity required on
            account of such lease or agreement being (if such is the case) a
            sub-lease or agreement therefor, or on account of any superior lease
            comprising other property apart from the subject property or
            reserving a larger rent, or on the ground of any superior owner not
            having concurred in any apportionment or exclusive charge of rent

      (b)   no Objection or Requisition shall be made by reason of any
            discrepancy between the covenants, conditions and provisions
            contained in any sub-lease and those in any superior lease, unless
            such as could give rise to forfeiture or a right of re-entry

      (c)   the production of the receipt for the last gale of rent reserved by
            the lease or agreement therefor, under which the whole or any part
            of the subject property is held, (without proof of the title or
            authority of the person giving such receipt) shall (unless the
            contrary appears) be accepted as conclusive evidence that all rent
            accrued due has been paid and all covenants and conditions in such
            lease or agreement and in every (if any) superior lease have been
            duly performed and observed or any breaches thereof (past or
            continuing) effectively waived or sanctioned up to the actual
            completion of the sale, whether or not it shall appear that the
            lessor or reversioner was aware of such breaches. If the said rent
            (not being a rack rent) shall not have been paid in circumstances
            where the party entitled to receive the same is not known to the
            Vendor, or if the subject property is indemnified against payment of
            rent, the production of a Statutory Declaration so stating shall
            (unless the contrary appears) be accepted as such conclusive
            evidence, provided that the Declaration further indicates that no
            notices or rent demands have been served on or received by

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            the Vendor under the lease or agreement on foot of which the subject
            property is held; that the Vendor has complied with all the
            covenants (other than those in respect of payment of rent) on the
            part of the lessee and the conditions contained in such lease or
            agreement, and that he is not aware of any breaches thereof either
            by himself or by any of his predecessors in title

      (d)   if any of the subject property is held under a lease or agreement
            for lease requiring consent to alienation, the Vendor shall apply
            for and endeavour to obtain such consent, and the Purchaser shall
            deal expeditiously and constructively with and shall satisfy all
            reasonable requirements of the lessor in relation to the application
            therefor, but the Vendor shall not be required to institute legal
            proceedings to enforce the issue of any such consent or otherwise as
            to the withholding of the same. If such consent shall have been
            refused or shall not have been procured and written evidence of the
            same furnished to the Purchaser on or before the dosing date, or if
            any such consent is issued subject to a condition, which the
            Purchaser on reasonable grounds refuses to accept, either party may
            rescind the sale by seven days prior notice to the other.

                                   PRIOR TITLE

11.   (a)   The title to the subject property prior to the date of the
            instrument specified in the Special Conditions as the commencement
            of title, whether or not appearing by recital, inference or
            otherwise, shall not be required, objected to or investigated.

      (b)   In the case of registered freehold or leasehold land registered
            under the Registration of Title Acts, 1891 to 1942 or the
            Registration of Title Act, 1964 the provisions of subparagraph (a)
            of this Condition shall apply without prejudice to Sections 52 and
            115 of the last mentioned Act and shall not disentitle the Purchaser
            from investigating the possibility of there having been a voluntary
            disposition on the title within the period of twelve years
            immediately preceding the date of sale or a disposition falling
            within Section 121, Succession Act, 1965 and the Vendor shall be
            required to deal with all points properly taken in or arising out of
            such investigation.

                               INTERMEDIATE TITLE

12.   Where in the Special Conditions it is provided that the title is to
      commence with a particular instrument and then to pass to a second
      instrument or to a specified event, the title intervening between the
      first instrument and the second instrument or the specified event, whether
      or not appearing by recital, inference or otherwise, shall not be
      required, objected to or investigated.

                                 REGISTERED LAND

13.   Where all or any of the subject property consists of freehold or leasehold
      registered land registered under the Registration of Title Acts, 1891 to
      1942 ("the Acts of 1891 to 1942") or the Registration of Title Act, 1964
      ("the Act of 1964") then:

      (a)   if the registration is subject to equities under the Acts of 1891 to
            1942, the Purchaser shall not require the equities to be discharged,
            but the Vendor shall, with the copy documents to be delivered or
            sent in accordance with Condition 7, furnish sufficient evidence of
            title prior to first registration or otherwise to enable the
            Purchaser to procure their discharge

      (b)   if the registration is with a possessory title under the Act of 1964
            the Purchaser shall not require the Vendor to be registered with an
            absolute title, but the Vendor shall,

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            with the copy documents to be delivered or sent in accordance with
            Condition 7, furnish sufficient evidence of the title prior to such
            registration or otherwise to enable the Purchaser to be registered
            with an absolute title

      (c)   the Vendor shall, with the copy documents to be delivered or sent in
            accordance with Condition 7, furnish to the Purchaser a copy of the
            Land Registry Folio or Folios relating to the subject property
            written up-to-date (or as nearly as practicable up-to-date),
            together with a copy of the relevant Land Registry map or file plan

      (d)   the Vendor shall furnish a Statutory Declaration, by some person
            competent to make it, confirming that there are not in existence any
            burdens which under the Act of 1964 affect registered land without
            registration, save such (if any) as are specifically mentioned in
            the Particulars or the Special Conditions

      (e)   if the Land Certificate has been issued to the Land Commission or if
            no such Certificate has been issued, the Purchaser shall not be
            entitled to require such Certificate to be produced, handed over on
            completion or issued

      (f)   the Purchaser shall procure himself to be registered as owner of the
            subject property at his own expense

      (g)   In the event of the subject property being subject to a Land
            Purchase Annuity the Vendor shall, prior to completion, redeem the
            same or (as the case may be) such proportion thereof as may be
            allocated to the subject property

                                    IDENTITY

14.   The Purchaser shall accept such evidence of identity as may be gathered
      from the descriptions in the documents of title plus (if circumstances
      require) a Statutory Declaration to be made by a competent person, at the
      Purchaser's expense, that the subject property has been held and enjoyed
      for at least twelve years in accordance with the title shown. The Vendor
      shall be obliged to furnish such information as is in his possession
      relative to the identity and extent of the subject property, but shall not
      be required to define exact boundaries, fences, ditches, hedges or walls
      or to specify which (if any) of the same are of a party nature, nor shall
      the Vendor be required to identify parts of the subject property held
      under different titles.

              RIGHTS - LIABILITIES - CONDITION OF SUBJECT PROPERTY

15.   The Vendor shall disclose before the sale, in the Particulars, the Special
      Conditions or otherwise, all easements, rights, reservations, privileges,
      taxes and other liabilities (not already known to the Purchaser or
      apparent from inspection) which are known by the Vendor to affect the
      subject property or which are likely to affect it.

16.   Subject to Condition 15, the Purchaser shall be deemed to buy:

      (a)   with full notice of the actual state and condition of the subject
            property

            and

      (b)   subject to (i) all leases (if any) mentioned in the Particulars or
            in the Special Conditions and (ii) all easements, rights,
            reservations, privileges, liabilities, covenants, rents, outgoings
            and all incidents of tenure.

                                       10
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                                  REQUISITIONS

17.   The Purchaser shall, within fourteen working days after the delivery of
      the copy documents of title in accordance with Condition 7, send to the
      Vendor's Solicitor a written statement of his Objections (if any) on the
      title and his Requisitions. Any Objection or Requisition not made within
      the time aforesaid and not going to the root of the title shall be deemed
      to have been waived. The Vendor's Replies to any Objections or
      Requisitions shall be answered by the Purchaser in writing within seven
      working days after the delivery thereof and so on toties quoties, and, if
      not so answered, shall be considered to have been accepted as
      satisfactory. In all respects time shall be deemed to be of the essence of
      this Condition.

18.   If the Purchaser shall make and insist on any Objection or Requisition as
      to the title, the Assurance to him or any other matter relating or
      incidental to the sale, which the Vendor shall, on the grounds of
      unreasonable delay or expense or other reasonable ground, be unable or
      unwilling to remove or comply with, the Vendor shall be at liberty
      (notwithstanding any intermediate negotiation or litigation or attempts to
      remove or comply with the same) by giving to the Purchaser or his
      Solicitor not less than five working days notice to rescind the sale. In
      that case, unless the Objection or Requisition in question shall in the
      meantime have been withdrawn, the sale shall be rescinded at the
      expiration of such notice.

                                    SEARCHES

19.   The Purchaser shall be furnished with the searches (if any) specified in
      the Searches Schedule and any searches already in the Vendor's possession,
      which are relevant to the title or titles on offer. Any other searches
      required by the Purchaser must be obtained by him at his own expense.
      Where the Special Conditions provide that the title shall commence with a
      particular instrument and then pass to a second instrument or to a
      specfied event, the Vendor shall not be obliged to explain and discharge
      any act which appears on a search covering the period between such
      particular instrument and the date of the second instrument or specified
      event, unless same goes to the root of the title. Subject as aforesaid the
      Vendor shall explain and discharge any acts appearing on Searches covering
      the period from the date stipulated or implied for the commencement of the
      title to the date of actual completion.

                                    ASSURANCE

20.   Subject to the provisions of Paragraph 11, Schedule 4, Capital Gains Tax
      Act, 1975 (as substituted), and (if relevant) to those contained in
      Section 107, Finance Act, 1993 (in relation to Residential Property Tax)
      on payment of all moneys payable by him in respect of the sale, the
      Purchaser shall be entitled to a proper Assurance of the subject property
      from the Vendor and all other (if any) necessary parties, such Assurance
      to be prepared by and at the expense of the Purchaser. The draft thereof
      shall be submitted to the Vendor's Solicitor not less than seven working
      days, and the engrossment not less than four working days, before the
      closing date. The delivery of the said draft or engrossment shall not
      prejudice any outstanding Objection or Requisition validly made.

                                VACANT POSSESSION

21.   Subject to any provision to the contrary in the Particulars or in the
      Conditions or implied by the nature of the transaction, the Purchaser
      shall be entitled to vacant possession of the subject property on
      completion of the sale.

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                                     LEASES

22.   Where the subject property is sold subject to any lease, a copy of the
      same (or, if the provisions thereof have not been reduced to writing, such
      evidence of its nature and terms as the Vendor shall be able to supply)
      together with copies of any notices in the Vendor's possession served by
      or on the lessee shall, prior to the sale, be made available for
      inspection by the Purchaser or his Solicitor.

23.   Unless the Special Conditions provide to the contrary, the Purchaser shall
      be entitled to assume that, at the date of sale, the Lessee named in any
      such Lease (as is referred to in Condition 22) is still the Lessee; that
      there has been no variation in the terms and conditions of said Lease
      (other than such as may be evident from an inspection of the subject
      property or apparent from the Particulars or the documents furnished to
      the Purchaser prior to the sale), and that the said terms and conditions
      (save those pertaining to the actual state and condition of the subject
      property) have been complied with.

                             COMPLETION AND INTEREST

24.   (a)   The sale shall be completed and the balance of the purchase price
            paid by the Purchaser on or before the closing date

      (b)   Completion shall take place at the Office of the Vendor's Solicitor.

25.   (a)   If by reason of any default on the part of the Purchaser, the
            purchase shall not have been completed on or before the later of (a)
            the closing date or (b) such subsequent date whereafter delay in
            completing shall not be attributable to default on the part of the
            Vendor

            (i)   the Purchaser shall pay interest to the Vendor on the balance
                  of the purchase price remaining unpaid at the stipulated
                  interest rate for the period between the closing date (or as
                  the case may be such subsequent date as aforesaid) and the
                  date of actual completion of the sale. Such interest shall
                  accrue from day to day and shall be payable before and after
                  any judgment and

            (ii)  the Vendor shall in addition to being entitled to receive such
                  interest, have the right to take the rents and profits less
                  the outgoings of the subject property up to the date of the
                  actual completion of the sale

      (b)   If the Vendor by reason of his default shall not be able, ready and
            willing to complete the sale on the closing date he shall thereafter
            give to the Purchaser at least five working days prior notice of a
            date upon which he shall be so able ready and willing and the
            Purchaser shall not before the expiration of that notice be deemed
            to be in default for the purpose of this Condition provided that no
            such notice shall be required if the Vendor is prevented from being
            able and ready to complete or to give said notice by reason of the
            act or default of the Purchaser.

26.   The submission of an Apportionment Account made up to a particular date or
      other corresponding step taken in anticipation of completing the sale
      shall not per se preclude the Vendor from exercising his rights under the
      provisions of Condition 25 and in the event of such exercise the said
      Apportionment Account or the said other corresponding step shall (if
      appropriate) be deemed not to have been furnished or taken, and the Vendor
      shall be entitled to furnish a further Apportionment Account.

                          APPORTIONMENT AND POSSESSION

27.   (a)   Subject to the stipulations contained in the Conditions, the
            Purchaser, on paying the

                                       12
<Page>

            purchase price, shall be entitled to vacant possession of the
            subject property or (as the case may be) the rents and profits
            thereout with effect from the Apportionment Date

      (b)   All rents, profits, rates, taxes, outgoings and moneys (including
            rent, outgoings and money payable in advance but not including
            impositions derived from hypothecation) referable to the subject
            property shall for the purpose of this Condition, be apportioned
            (whether apportionable by law or not) on a day to day basis as at
            the Apportionment Date, up to which the liability for or the
            entitlement to the same shall (subject to apportionment as aforesaid
            to accord with the position obtaining as to moneys paid or due at
            such date) be for the account of the Vendor and thereafter for that
            of the Purchaser provided that if completion shall have been delayed
            through the default of the Vendor the Purchaser may opt for
            apportionment under this Condition as at the closing date or at the
            date at which the Purchaser (if also in default) shall have ceased
            to have been so in default whichever shall be the later

      (c)   In the implementation of this Condition the Vendor shall be regarded
            as being the owner of the subject property until midnight on such
            date as is appropriate for apportionment purposes

      (d)   The balance of the purchase price shall (where appropriate) be
            adjusted upwards or downwards to accommodate apportionments
            calculated pursuant to this Condition and the expression "balance of
            the purchase price" where used in the Conditions shall be construed
            accordingly

      (e)   To the extent that same shall be unknown at the Apportionment Date
            (or shall not then be readily ascertainable) amounts to be
            apportioned hereunder - including any amount apportionable pursuant
            to Condition 27 (f) - shall be apportioned provisionally on a fair
            estimate thereof, and, upon ascertainment of the actual figures, a
            final apportionment shall be made, and the difference between it and
            the provisional apportionment shall be refunded by the Vendor or the
            Purchaser (as the case may be) to the other within ten working days
            of the liable party becoming aware of the amount of such difference

      (f)   Excise and kindred duties payable in respect of the subject property
            or any licence attached thereto shall be apportioned on a day to day
            basis as at the Apportionment Date up to which the liability for the
            same shall be for the account of the Vendor and thereafter for that
            of the Purchaser and Condition 27(c) shall apply for the purposes of
            such apportionment.

                           SECTION 45, LAND ACT, 1965

28.   Where Section 45, Land Act, 1965 applies, the Purchaser shall, at his own
      expense, procure any such Certificate or Consent as may be necessary
      thereunder for the vesting of the subject property in him or his nominee
      and the sale is not conditional upon such consent being obtained.

                             COMPULSORY REGISTRATION

      (a)   If all or any of the subject property is unregistered land the
            registration of which was compulsory prior to the date of sale the
            Vendor shall be obliged to procure such registration prior to
            completion of the sale

      (b)   If all or any of the subject property is unregistered land, the
            registration of which shall become compulsory at or subsequent to
            the date of sale, the Vendor shall not be under any obligation to
            procure such registration but shall at or prior to such

                                       13
<Page>

            completion furnish to the Purchaser a Map of the subject property
            complying with the requirements of the Land Registry as then
            recognised and further the Vendor shall, if so requested within two
            years after completion of the sale, by and at the expense of the
            Purchaser, supply any additional information, which he may
            reasonably be able to supply, and produce and furnish any documents
            in his possession that may be required to effect such registration.

                        SIGNING "IN TRUST" OR "AS AGENT"

30.   A Purchaser who signs the Memorandum "in Trust", "as Trustee" or "as
      Agent", or with any similar qualification or description without therein
      specifying the identity of the principal or other party for whom he so
      signs, shall be personally liable to complete the sale, and to fulfil all
      such further stipulations on the part of the Purchaser as are contained in
      the Conditions, unless and until he shall have disclosed to the Vendor the
      name of his principal or other such party.

                             FAILURE TO PAY DEPOSIT

31.   The failure by the Purchaser to pay in full the deposit hereinbefore
      specified as payable by him shall constitute a breach of condition
      entitling the Vendor to terminate the sale or to sue the Purchaser for
      damages or both but such entitlement shall be without prejudice to any
      rights otherwise available to the Vendor.

32.   In case a cheque taken for the deposit (having been presented and whether
      or not it has been re-presented) shall not have been honoured, then and on
      that account the Vendor may (without prejudice to any rights otherwise
      available to him) elect either:

      (a)   to treat the Contract evidenced by the Memorandum, the Particulars
            and the Conditions as having been discharged by breach thereof on
            the Purchaser's part

            or

      (b)   to enforce payment of the deposit as a deposit by suing on the
            cheque or otherwise.

                              DIFFERENCES - ERRORS

33.   (a)   In this Condition "error" includes any omission, non-disclosure,
            discrepancy, difference, inaccuracy, mis-statement or mis-
            representation  made in the Memorandum, the Particulars or the
            Conditions or in the course of any representation, response or
            negotiations leading to the sale, and whether in respect of
            measurements, quantities, descriptions or otherwise

      (b)   The Purchaser shall be entitled to be compensated by the Vendor for
            any loss suffered by the Purchaser in his bargain relative to the
            sale as a result of an error made by or on behalf of the Vendor
            provided however that no compensation shall be payable for loss of
            trifling materiality unless attributable to recklessness or fraud on
            the part of the Vendor nor in respect of any matter of which the
            Purchaser shall be deemed to have had notice under Condition 16(a)
            nor in relation to any error in a location or similar plan furnished
            for identification only

      (c)   Nothing in the Memorandum, the Particulars or the Conditions shall:

            (i)   entitle the Vendor to require the Purchaser to accept property
                  which differs substantially from the property agreed to be
                  sold whether in quantity, quality, tenure or otherwise, if the
                  Purchaser would be prejudiced materially by reason

                                       14
<Page>

                  of any such difference

                  or

            (ii)  affect the right of the Purchaser to rescind or repudiate the
                  sale where compensation for a claim attributable to a material
                  error made by or on behalf of the Vendor cannot be reasonably
                  assessed

      (d)   Save as aforesaid, no error shall annul the sale or entitle the
            Vendor or the Purchaser (as the case maybe) to be
            discharged therefrom.

                  DOCUMENTS OF TITLE RELATING TO OTHER PROPERTY

34.   (a)   Documents of title relating to other property as well as to the
            subject property shall be retained by the Vendor or other person
            entitled to the possession thereof

      (b)   where the property is sold in lots, all documents of title relating
            to more than one lot shall be retained by the Vendor, until the
            completion of the sales of all the lots comprised in such documents,
            and shall then (unless they also relate to any property retained by
            the Vendor) be handed over to such of the Purchasers as the Vendor
            shall consider best entitled thereto

      (c)   the Vendor shall give to the Purchaser (and where the property is
            sold in lots, to the Purchaser of each lot) certified copies of all
            documents retained under this Condition and pertinent to the title
            to be furnished (other than documents of record, of which plain
            copies only will be given)

      (d)   subject as hereinafter provided, the Vendor shall give the usual
            statutory acknowledgement of the right of production and undertaking
            for safe custody of all documents (other than documents of record)
            retained by him under this Condition and pertinent to the title to
            be furnished. Such acknowledgement and undertaking shall be prepared
            by and at the expense of the Purchaser

      (e)   if the Vendor is retaining any unregistered land held wholly or
            partly under the same title as the subject property, the Assurance
            shall be engrossed in duplicate by and at the expense of the
            Purchaser, who shall deliver to the Vendor the Counterpart thereof,
            same having been stamped and registered and (if appropriate)
            executed by the Purchaser.

                              DISCLOSURE OF NOTICES

35. Where prior to the sale

      (a)   any closing, demolition or clearance Order

            or

      (b)   any notice (not being of the contents of the Development Plan other
            than an actual or proposed designation of all or any part of the
            subject property for compulsory acquisition)

      made or issued by or at the behest of a Competent Authority in respect of
      the subject property and affecting same at the date of sale has been
      notified or given to the Vendor (whether personally or by advertisement or
      posting on the subject property or in any other manner) or is otherwise
      known to the Vendor or where the subject property is at the date of sale
      affected by any award or grant which is or may be repayable by the
      Vendor's

                                       15
<Page>

successor in title then if the Vendor fails to show

            (i)   that, before the sale, the Purchaser received notice or was
                  aware of the matter in question

                  or

            (ii)  that same is no longer applicable or material

                  or

            (iii) that same does not prejudicially affect the value of the
                  subject property

                  or

            (iv)  that the subject thereof can and will be dealt with fully in
                  the Apportionment Account

      the Purchaser may by notice given to the Vendor rescind the sale.

                                   DEVELOPMENT

36.   (a)   Unless the Special Conditions contain a provision to the contrary,
            the Vendor warrants:

[SIDEBAR] In cases where property is affected by an unauthorised development or
a breach of Condition/Conditions in a Permission/Approval amounting to a
non-conforming development or where the Bye-Law Amnesty covered by Section
22(7), Building Control Act, 1990 is relevant, it is recommended that same be
dealt with expressly by Special Condition. [END SIDEBAR]

            (1)   either

                  (i)   that there has been no development (which term includes
                        material change of use) of, or execution of works on or
                        to, the subject property since the 1st day of October,
                        1964, for which Planning Permission or Building Bye-Law
                        Approval was required by law

                        or

                  (ii)  that all Planning Permissions and Building Bye-Law
                        Approvals required by law for the development of, or the
                        execution of works on or to, the subject property as at
                        the date of sale, or for any change in the use thereof
                        at that date were obtained (save in respect of matters
                        of trifling materiality), and that, where implemented,
                        the conditions thereof and the conditions expressly
                        notified with said Permissions by any Competent
                        Authority in relation to and specifically addressed to
                        such development or works were complied with
                        substantially

                        AND

            (2)   that no claim for compensation has ever been made under Part
                  III, Local Government (Planning and Development) Act, 1990

            provided however that the foregoing warranty shall not extend to
            (and the Vendor shall not be required to establish) the obtaining of
            Approvals under the Building Bye-Laws or compliance with such
            Bye-Laws in respect of development or works executed prior to the
            1st day of October, 1964.

      (b)   The Vendor shall, with the copy documents to be delivered or sent in
            accordance with Condition 7, furnish to the Purchaser copies of all
            such Permissions and Approvals as are referred to in Condition 36(a)
            other than in the proviso thereto, and (where relevant) copies of
            all Fire Safety Certificates and (if available) Commencement Notices
            issued under Regulations made pursuant to the Building Control Act,
            1990 and referable to the subject property.

                                       16
<Page>

      (c)   The Vendor shall, on or prior to completion of the sale, furnish to
            the Purchaser

            (i)   written confirmation from the Local Authority of compliance
                  with all conditions involving financial contributions or the
                  furnishing of bonds in any such Permission or Approval (other
                  than those referred to in the said proviso) or alternatively
                  formal confirmation from the Local Authority that the roads
                  and other services abutting on the subject property have been
                  taken in charge by it without requirement for payment of
                  moneys in respect of the same

            (ii)  a Certificate or Opinion by an Architect or an Engineer (or
                  other professionally qualified person competent so to certify
                  or opine) confirming that, in relation to any such Permission
                  or Approval (other than those referred to in the proviso
                  aforesaid) the same relates to the subject property; that the
                  development of the subject property has been carried out in
                  substantial compliance therewith and that all conditions
                  (other than financial conditions) thereof and all conditions
                  expressly notified with said Permission by any Competent
                  Authority and specifically directed to and materially
                  affecting the subject property or any part of the same have
                  been complied with substantially (and, in the event of the
                  subject property forming part of a larger development, so far
                  as was reasonably possible in the context of such
                  development).

      (d)   Unless the Special Conditions contain a stipulation to the contrary,
            the Vendor warrants in all cases where the provisions of the
            Building Control Act, 1990 or of any Regulations from time to time
            made thereunder apply to the design or development of the subject
            property or any part of the same or any activities in connection
            therewith, that there has been substantial compliance with the said
            provisions in so far as they shall have pertained to such design
            development or activities and the Vendor shall, on or prior to
            completion of the sale, furnish to the Purchaser a Certificate or
            Opinion by an Architect or an Engineer (or other professionally
            qualified person competent so to certify or opine) confirming such
            substantial compliance as aforesaid.

                                   RESCISSION

37.   Upon rescission of the sale in accordance with any of the provisions
      herein or in the Special Conditions contained or otherwise:

      (a)   the Purchaser shall be entitled to a return of his deposit (save
            where it shall lawfully have been forfeited) but without interest
            thereon

      (b)   the Purchaser shall remit to the Vendor all documents in his
            possession belonging to the Vendor and the Purchaser shall at his
            expense (save where Special Conditions otherwise provide) procure
            the cancellation of any entry relating to the sale in any register.

38.   If any such deposit as is to be returned pursuant to Condition 37 shall
      not have been returned to the Purchaser within five working days from the
      date upon which the sale shall have been rescinded, the Purchaser shall be
      entitled to interest thereon at the stipulated interest rate from the
      expiration of the said period of five working days to the date upon which
      the deposit shall have been so returned.

39.   The right to rescind shall not be lost by reason only of any intermediate
      negotiations or attempts to comply with or to remove the issue giving rise
      to the exercise of such right.

                                       17
<Page>

                               COMPLETION NOTICES

40.   Save where time is of the essence in respect of the closing date, the
      following provisions shall apply:

      (a)   if the sale be not completed on or before the closing date either
            party may on or after that date (unless the sale shall first have
            been rescinded or become void) give to the other party notice to
            complete the sale in accordance with this condition, but such notice
            shall be effective only if the party giving it shall then either be
            able, ready and willing to complete the sale or is not so able,
            ready or willing by reason of the default or misconduct of the other
            party

      (b)   upon service of such notice the party upon whom it shall have been
            served shall complete the sale within a period of twenty-eight days
            after the date of such service (as defined in Condition 49 and
            excluding the date of service), and in respect of such period time
            shall be of the essence of the contract but without prejudice to any
            intermediate right of rescission by either party

      (c)   the recipient of any such notice shall give to the party serving the
            same reasonable advice of his readiness to complete

      (d)   if the Purchaser shall not comply with such a notice within the said
            period (or within any extension thereof which the Vendor may agree)
            he shall be deemed to have failed to comply with these Conditions in
            a material respect and the Vendor may enforce against the Purchaser,
            without further notice, such rights and remedies as may be available
            to the Vendor at law or in equity, or (without prejudice to such
            rights and remedies) may invoke and impose the provisions of
            Condition 41

      (e)   if the Vendor does not comply with such a notice within the said
            period (or within any extension thereof which the Purchaser may
            agree), then the Purchaser may elect either to enforce against the
            Vendor, without further notice, such rights and remedies as may be
            available to the Purchaser at law or in equity or (without prejudice
            to any right of the Purchaser to damages) to give notice to the
            Vendor requiring a return to the Purchaser of all moneys paid by
            him, whether by way of deposit or otherwise, on account of the
            purchase price. Condition 38 shall apply to all moneys so to be
            returned, the period of five working days therein being computed
            from the date of the giving of such last mentioned notice. If the
            Purchaser gives such a notice and all the said moneys and interest
            (if any) are remitted to him, the Purchaser shall no longer be
            entitled to specific performance of the sale, and shall return
            forthwith all documents in his possession belonging to the Vendor,
            and (at the Vendor's expense) procure the cancellation of any entry
            relating to the sale in any register

      (f)   the party serving a notice under this Condition may, at the request
            of or with the consent of the other party, by written communication
            to the other party extend the term of such notice for one or more
            specified periods of time, and, in that case, the term of the notice
            shall be deemed to expire on the last day of such extended period or
            periods, and the notice shall operate as though such extended period
            or periods, had been specified in this Condition in lieu of the said
            period of twenty-eight days, and time shall be of the essence in
            relation to such extended period

      (g)   the Vendor shall not be deemed to be other than able, ready and
            willing to complete for the purposes of this Condition:

            (i)   by reason of the fact that the subject property has been
                  mortgaged or charged, provided that the funds (including the
                  deposit) receivable on completion shall (after allowing for
                  all prior claims thereon) be sufficient to discharge the
                  aggregate of all amounts payable in satisfaction of such
                  mortgages and charges to the extent that they relate to the
                  subject property

                                       18
<Page>

                  or

            (ii)  by reason of being unable, not ready or unwilling at the date
                  of service of such notice to deliver vacant possession of the
                  subject property provided that (where it is a term of the sale
                  that vacant possession thereof be given) the Vendor is, upon
                  being given reasonable advice of the other party's intention
                  to close the sale on a date within the said period of
                  twenty-eight days or any extension thereof pursuant to
                  Condition 40 (f), able, ready and willing to deliver vacant
                  possession of the subject property on that date.

                        FORFEITURE OF DEPOSIT AND RESALE

41.   If the Purchaser shall fail in any material respect to comply with any of
      these Conditions, the Vendor (without prejudice to any rights or remedies
      available to him at law or in equity) shall be entitled to forfeit the
      deposit and shall be at liberty (without being obliged to tender an
      Assurance) to re-sell the subject property, with or without notice to the
      Purchaser, either by public auction or private treaty. In the event of the
      Vendor re-selling the subject property within one year after the closing
      date (or within one year computed from the expiration of any period by
      which the closing may have been extended pursuant to Condition 40) the
      deficiency (if any) arising on such re-sale and all costs and expenses
      attending the same or on any attempted re-sale shall (without prejudice to
      such damages to which the Vendor shall otherwise be entitled) be made good
      to the Vendor by the Purchaser, who shall be allowed credit against same
      for the deposit so forfeited. Any increase in price obtained by the Vendor
      on any re-sale, whenever effected, shall belong to the Vendor.

                               DAMAGES FOR DEFAULT

42.   Neither the Vendor nor the Purchaser, in whose favour an order for
      specific performance has been made, shall be precluded from an award of
      damages at law or in equity, in the event of such order not being complied
      with.

                                      RISK

43.   Subject as hereinafter provided, the Vendor shall be liable for any loss
      or damage howsoever occasioned (other than by the Purchaser or his Agent)
      to the subject property (and the purchased chattels) between the date of
      sale and the actual completion of the sale BUT any such liability
      (including liability for consequential or resulting loss) shall not as to
      the amount thereof exceed the purchase price.

44.   The liability imposed on the Vendor by Condition 43 shall not apply:

      (a)   to inconsequential damage or insubstantial deterioration from
            reasonable wear and tear in the course of normal occupation and use,
            and not materially affecting value

      (b)   to damage occasioned by operations reasonably undertaken by the
            Vendor in his removal from, and vacation of the subject property,
            provided that the same are so undertaken with reasonable care

      (c)   where any such loss or damage has resulted from a requirement
            restriction or obligation imposed by a Competent Authority after the
            date of sale.

45.   Nothing in Conditions 43 and 44 shall affect:

      (a)   the Purchaser's right to specific performance in an appropriate case

                                       19
<Page>

      (b)   the Purchaser's right to rescind or repudiate the sale upon the
            Vendor's failure to deliver the subject property substantially in
            its condition at the date of sale (save where such failure shall
            have been occasioned by the Purchaser or his Agent)

      (c)   the operation of the doctrine of conversion

      (d)   the Purchaser's right to gains accruing to the subject property (or
            the purchased chattels) after the date of sale

      (e)   the Purchaser's right to effect on or after the date of sale his own
            insurance against loss or damage in respect of the subject property
            or any part of the same (or the purchased chattels)

      (f)   the rights and liabilities of parties other than the Vendor and the
            Purchaser

      (g)   the rights and liabilities of the Purchaser on foot of any lease
            subsisting at the date of sale, or of any arrangement whereby the
            Purchaser shall prior to the actual completion of the sale have been
            allowed into occupation of the subject property or any part thereof
            (or into possession of the purchased chattels).

                                    CHATTELS

46.   Unless otherwise disclosed to the Purchaser prior to the sale the Vendor
      warrants that, at the actual completion of the sale, all the purchased
      chattels shall be his unencumbered property and that same shall not be
      subject to any lease, rental hire, hire-purchase or credit sale agreement
      or chattel mortgage.

                                   INSPECTION

47.   The Vendor shall accede to all such requests as may be made by the
      Purchaser for the inspection on a reasonable number of occasions and at
      reasonable times of the subject property (and the purchased chattels).

                                   NON-MERGER

48.   Notwithstanding delivery of the Assurance of the subject property to the
      Purchaser on foot of the sale, all obligations and provisions designed to
      survive completion of the sale and all warranties in the Conditions
      contained, which shall not have been implemented by the said Assurance,
      and which shall be capable of continuing or taking effect after such
      completion, shall enure and remain in full force and effect.

                                     NOTICES

49.   Unless otherwise expressly provided, any notice to be given or served on
      foot of the Conditions shall be in writing, and may (in addition to any
      other prescribed mode of service) be given:

      (a)   by handing same to the intended recipient, and shall be deemed to
            have been delivered when so handed

                                       20
<Page>

      (b)   by directing it to the intended recipient, and delivering it by
            hand, or sending same by prepaid post to:

            (i)   such address as shall have been advised by him to the party
                  serving the notice as being that required by the intended
                  recipient for the service of notices,

            or

            (ii)  (failing such last mentioned advice) the address of the
                  intended recipient as specified in the Memorandum,

            or

            (iii) (in the event of the intended recipient being a Company) its
                  Registered Office for the time being,

            or

            (iv)  the office of the Solicitor representing the intended
                  recipient in relation to the sale

      and any such notice shall be deemed to have been given or served, when
      delivered, at the time of delivery, and, when posted, at the expiration of
      three working days after the envelope containing the same, and properly
      addressed, was put in the post.

                                   TIME LIMITS

50.   Where the last day for taking any step on foot of the Conditions or any
      Notice served thereunder would, but for this provision, be a day other
      than a working day, such last day shall instead be the next following
      working day provided that for the purpose of this Condition the expression
      "working day" shall not be deemed to include (i) any Saturday, Sunday,
      Bank or Public Holiday nor (ii) any of the seven days immediately
      succeeding Christmas Day nor (iii) any day on which the registers or
      records wherein it shall be appropriate to make searches referable to the
      sale shall not be available to the public nor (iv) any day which shall be
      recognised by the Solicitors' Profession at large as being a day on which
      their offices are not open for business.

                                   ARBITRATION

51.   All differences and disputes between the Vendor and the Purchaser as to:

      (a)   whether a rent is or is not a rack rent for the purpose of Condition
            10 (c), or

      (b)   as to whether any interest is payable pursuant to Condition 25 or as
            to the rate or amount thereof or the date from which it shall be
            exigible, or

      (c)   the identification of the Apportionment Date, or the treatment or
            quantification of any item pursuant to the provisions for
            apportionment in the Conditions, or

      (d)   any issue on foot of Condition 33, including the applicability of
            said Condition, and the amount of compensation payable thereunder,
            or

      (e)   the materiality of any matter for the purpose of Condition 36 (a),
            or

      (f)   the materiality of damage or any other question involving any of the
            provisions in Conditions 43,44 and 45, including the amount of
            compensation (if any) payable, or

                                       21
<Page>

      (g)   whether any particular item or thing is or is not included in the
            sale, or otherwise as to the nature or condition thereof

      shall be submitted to arbitration by a sole Arbitrator to be appointed (in
      the absence of agreement between the Vendor and the Purchaser upon such
      appointment and on the application of either of them) by the President (or
      other Officer endowed with the functions of such President) for the time
      being of the Law Society of Ireland or (in the event of the President or
      other Officer as aforesaid being unable or unwilling to make the
      appointment) by the next senior Officer of that Society who is so able and
      willing to make the appointment and such arbitration shall be governed by
      the Arbitration Acts, 1954 and 1980 provided however that if the
      Arbitrator shall relinquish his appointment or die, or if it shall become
      apparent that for any reason he shall be unable or shall have become unfit
      or unsuited (whether because of bias or otherwise) to complete his duties,
      or if he shall be removed from office by Court Order, a substitute may be
      appointed in his place and in relation to any such appointment the
      procedures herein-before set forth shall be deemed to apply as though the
      substitution were an appointment de novo which said procedures may be
      repeated as many times as may be necessary.

                                       22
<Page>

                                  LAW SOCIETY

                                       OF

                                     IRELAND

                                   PARTICULARS

                                       AND

                               CONDITIONS OF SALE

                                 (1995 EDITION)

                                  Copyright in,

                                       and

                              obtainable only from,

                           the Law Society of Ireland.<Page>

                                                                    Exhibit 10.5

      THIS INDENTURE made the 24th day of August 2001 BETWEEN INDUSTRIAL
      DEVELOPMENT AGENCY (IRELAND) having its Principal Office at Wilton Park
      House, Wilton Place in the City of Dublin (hereinafter called "IDA" which
      expression shall include its successors and assigns) of the one part and
      Genzyme Ireland Limited having its registered office at c/o A&L Goodbody,
      North Wall Quay, IFSC, in the City of Dublin ("hereinafter called "the
      Lessee" which expression shall include its successors and permitted
      assigns) of the other part.

      WITNESSETH:

      1.    In consideration of the sum of lR(Pound) 2,076, 100-00 paid
            by the Lessee to IDA (the receipt of which is hereby acknowledged)
            IDA demises to the Lessee ALL THAT AND THOSE the premises described
            in the First Schedule hereto (hereinafter referred to as "the
            demised premises") TO HOLD the same unto the Lessee for a term of
            999 years from the 1st day of January 2001 subject to the rent set
            out in the First Schedule hereto and to the terms and conditions set
            out in the Second and Third Schedules hereto.

      2.    The Lessee hereby covenants with IDA that it will observe all the
            terms and conditions contained in the First, Second and Third
            Schedules hereto as if each term and condition applicable to the
            Lessee was incorporated as a separate covenant with IDA.

      3.    IDA covenants with the Lessee that it will observe all the terms and
            conditions contained in the First, Second and Third Schedules hereto
            insofar as the same are binding upon IDA as if each term and
            condition applicable to IDA was incorporated herein as a separate
            covenant with the Lessee.

                                 FIRST SCHEDULE
                                    PREMISES

      1.    ALL THAT AND THOSE part of the lands at Waterford Industrial Estate
            situate at IDA's Industrial Estate in the County of Waterford
            comprising an area of 15.97 acres or thereabouts statute measure
            more particularly described on the map annexed hereto and thereon
            surrounded by a red verge line being part of the lands comprised in
            Folio 4917 of the Register County of Waterford.

            TOGETHER WITH the free and uninterrupted passage and running of
            water, soil, and effluent, drainage, gas, water, oil, electricity,
            steam, telephone or any other services supplied to or from the
            demised premises, in common with IDA, it's successors and assigns,
            over the lands the property of IDA through sewers, drains, water
            courses, conduits, pipes, wires and cables which now or hereafter
            within the period of 21 years from the date of this lease during the
            term hereby granted may be in or over, under or upon the said lands
            the property of IDA together with full

<Page>

            and free right and liberty for the lessee, its servants and agents
            of IDA, to enter upon the said lands the property of IDA for the
            purpose of connecting, laying, inspecting, repairing, cleaning,
            maintaining, altering, replacing or renewing the installations,
            structures, fittings or any other works providing the said services
            of any of them and other services to the demised premises causing as
            little inconvenience as possible to IDA, it's successors and
            assigns, and the lessee making good any damage thereby occasioned.

EXCEPTING AND RESERVING unto IDA, its successors and assigns:

1.    (a)   the free and uninterrupted passage and running of water, soil
            and effluent drainage, gas, water, oil, electricity, steam,
            telephone or any other service or supply to and from the other
            buildings and lands the property of IDA and its tenants adjoining or
            near to the demised premises through the sewers, drains,
            watercourses, conduits, pipes, wires and cables which now are or may
            hereafter within the period of 21 years from the date of this Lease
            during the term hereby granted be in or over, under or upon the
            demised premises;

1.    (b)   at any time hereafter and from time to time full right and
            liberty to execute works, services and erections and buildings upon
            or to alter or rebuild any of the erections, services and buildings
            erected on its adjoining and neighbouring land and to use the same
            as it may think fit;

1.    (c)   the full and free right and liberty to the Lessor, its servants
            and agents to enter after at least two days notice (except in the
            case of emergency) upon the demised premises at all reasonable times
            for the purpose of connecting, laying, inspecting, repairing,
            cleaning, maintaining, altering, replacing or renewing any sewer
            drain, main, pipe, wire, cable, watercourse, channel, conduit or
            subway and to erect, construct or lay in, over, under or across the
            demised premises not built upon any sewers, drains, main, pipes,
            wires, cables, poles, structures, fixtures or other works for the
            drainage of or for the supply of water, gas, electricity, oil,
            telephone, heating, steam, radio and television signals and other
            services to other premises of IDA causing as little inconvenience as
            possible to the Lessee and IDA making good any damage thereby
            occasioned;

1.    (d)   all rights, easements and privileges now belonging to or enjoyed
            by any adjoining property.

                                  MINING RIGHTS

2.    All mines, minerals, quarries and royalties whatsoever in or under the
      demised premises during the term of the demise are excepted and reserved
      out of the demise.

<Page>

                               RENT AND GALE DAYS

3.    The rent of the demised premises shall be payable in advance without any
      deductions whatsoever on the 1st day of January in each year with the
      exception of the first installment which shall be paid on the execution
      hereof. In the first to the fifth year inclusive of the term of the demise
      the annual rent shall be IR(Pound) 175-00 per hectare (or part
      thereof) per annum. From the commencement of the sixth year of the term of
      the demise and for the residue of the term hereby created the annual rent
      shall be determined as specified in the Third Schedule hereto.

                                 SECOND SCHEDULE

1.    The Lessee shall pay the rent hereby reserved without any deductions
      whatsoever on the dates hereinbefore provided for.

2.    In addition to the said rent the Lessee shall pay and discharge all taxes,
      rates, duties, charges, assessments and impositions whatsoever including
      Value Added Tax whether Parliamentary, Municipal, County, Union, District
      or any other description which may now or at any time hereafter be
      assessed, charged or imposed on the premises or any part thereof or the
      rent payable thereout and whether payable by owner or occupier.

3.    As the demised premises are situate upon an Industrial Estate, to bear
      with the owners or occupiers of each other unit in the said Industrial
      Estate the cost and expense of all necessary maintenance, repair and
      upkeep (and operating cost where applicable) of access roads, footpaths,
      common areas, drainage and water services and public lighting in the same
      proportion as the gross floor area of the buildings erected on the demised
      premises bears to:

3.    (A)   In the case of a completed estate the total gross floor areas of all
            the industrial units in the estate and

3.    (B)   In the case of a non completed or part completed estate the total
            gross floor areas of all the completed units in the estate and where
            roads and services have been provided to undeveloped areas of the
            estate, the gross floor area of buildings in the course of erection
            and proposed buildings fronting on to such services until such time
            as same are taken in charge by the Local Authority;

4.    To bear with the owners or occupiers of each other unit in the said
      Industrial Estate the cost and expense of all necessary estate security in
      the same proportion as the gross floor area of the buildings erected on
      the demised premises bears to the gross floor areas of all the completed
      units in the said estate;

<Page>

5.    (i)   The Lessee shall on or prior to the 31st day of March 2003 have
            substantially commenced to build and erect upon the demised premises
            a factory premises in accordance with plans and specifications first
            approved of in writing by IDA and in accordance with all statutory
            requirements, regulations and bye-laws applicable thereto. For the
            purpose of this Clause "substantially commenced" shall mean the
            pouring of foundations and the erection of the main structure
            support for the said factory premises;

5.    (ii)  If the Lessee fails to fully and completely comply with this
            Clause IDA shall be entitled to repurchase at the expense of the
            Lessee the demised premises including any partially erected
            buildings thereon for the sum of IR(Pound) 2,076,100-00 free
            from encumbrances;

5.    (iii) The Lessee hereby irrevocably constitutes and appoints the Secretary
            for the time being of IDA to be the Attorney of the Lessee for it
            and on its behalf and in its name and as its act and at its expense
            to re-assign or surrender this Lease from the name of the Lessee,
            its successors or permitted assigns to IDA;

5.    (iv)  The Lessee shall do and execute all acts, instruments and things
            which IDA considers necessary or expedient for reassigning or
            surrendering the demised premises as aforesaid;

5.    (v)   IDA may from time to time in writing under hand or seal substitute
            and appoint any person or persons to act under or in place of the
            said Attorney in all or any of matters aforesaid and from time to
            time revoke any such substitution and appointment;

5.    (vi)  The Lessee shall not be entitled to erect any buildings on the site
            demised other than those referred to in the approved plans and
            specifications as mentioned in Clause 5 (i) hereof without the prior
            consent in writing of IDA such consent not to be unreasonably
            withheld.

                          LOCAL AUTHORITY REQUIREMENTS

6.    The Lessee shall execute all such works which any County or District
      Council or other Local or Public Authority may require to be carried out
      in respect of the demised premises either by IDA or by the Lessee and
      immediately after the receipt of any notice requiring such works to be
      carried out the Lessee shall send a copy thereof to IDA.

7.    Without prejudice to the generality of Clause 6, the Lessee shall:-

      7-1   on receipt of any notice, order or request pursuant to provisions of

<Page>

            the Local Government (Planning and Development) Acts 1963 to 1999
            and the Planning and Development Act 2001 or any Act or Acts
            amending, extending or replacing the same or any regulation made
            thereunder forthwith notify IDA of this fact and furnish to IDA a
            copy of any such notice, Order or Request;

      7-2   indemnify IDA from and against all actions, claims, suits, demands,
            penalties or fines for or in respect of any failure to
            satisfactorily and completely comply with the requirements of such
            notice, order or request.

                                     REPAIRS

8.    The Lessee will at all times well and sufficiently repair, maintain,
      cleanse and keep the entire of the demised premises in good and
      substantial repair, condition and state of exterior decoration. The
      Lessee's obligations under this Clause shall include all fences, drains,
      sewers or other conveniences and appurtenances belonging to the demised
      premises. The Lessee shall keep and maintain the lands of the demised
      premises not covered by buildings in a neat and tidy condition in a manner
      satisfactory to IDA.

                             MAINTENANCE OF SERVICES

9.    During the term of this Lease or until they are taken in charge by the
      Local Authority (whichever is the lesser period) IDA shall construct and
      maintain in good order, repair and condition the roads and footpaths and
      shall maintain the sewers, drains and water mains (outside the perimeter
      of the demised premises) which serve the demised premises unless and until
      the same have been taken in charge by the Local Authority.

                                 USE OF PREMISES

10.   The Lessee shall use the demised premises only for manufacturing and
      ancillary purposes.

11.   The Lessee shall not discharge or permit to be discharged into the sewer
      serving the demised premises any liquid, matter or thing which is or may
      be liable to set or congeal at average sewer temperature or is capable of
      giving off any inflammable or explosive gas or any acid, alkali or other
      substance in sufficient concentration to cause corrosion to sewer pipes,
      penstocks, gratings and sewer fittings.

12.   The Lessee shall not discharge or permit to be discharged any effluent
      into the surface water drainage system.

13.   The Lessee shall not do or permit to be done any act or thing which might

<Page>

      be or grow to be a nuisance or to the annoyance, damage or inconvenience
      of the neighbourhood or the property adjoining or near to the demised
      premises or of the owners or occupiers of any such property.

                                    INSURANCE

14.   The Lessee shall keep the demised premises insured against loss or damage
      by fire, storm, tempest, flood, explosion, aircraft or other aerial
      devices or articles dropped therefrom. The insurance shall be for the sum
      of money sufficient to cover the full cost of reinstating the premises
      including architects' fees in the event of total destruction thereof and
      IDA shall be noted therein as an interested party.

15.   If the premises or any part thereof shall at any time during the term be
      destroyed or damaged by any of the risks mentioned in Clause 14, the
      Lessee shall apply all monies received in respect of such insurance with
      all reasonable speed in the building, repairing and otherwise reinstating
      the premises according to the original plan or elevation thereof or as
      otherwise agreed with IDA. Any deficiency in such monies shall be provided
      by the Lessee out of its own funds.

16.   The Lessee shall not carry on any business on the demised premises or
      store any material thereon which might render any such insurance void or
      voidable.

17.   No clause.

                                   TERMINATION

18.   Notwithstanding anything hereinbefore contained it is expressly agreed by
      the Lessee and declared that if the Rent herein reserved or any part
      thereof shall at any time be in arrears and unpaid for 21 days after it
      shall become due (whether the same shall have been lawfully demanded or
      not) or shall be guilty of any breach of the conditions of this Lease and
      fail to make good any such breach within reasonable time it shall be
      lawful for IDA to enter upon the demised premises or any part thereof in
      the name of the whole and peaceably to hold and enjoy the demised premises
      thenceforth as if these presents had not been made without prejudice
      however to any claim of IDA against the Lessee arising out of any
      antecedent breach of any condition of this Lease.

                                 THIRD SCHEDULE

1.    The yearly rent payable by the Lessee shall be subject to adjustment at
      the end of the first period of 5 years and at the end of the second period
      of 5 years of the term of this Lease in the manner hereinafter provided
      and

<Page>

      after the first adjustment the Tenant shall pay the amount of the Rent as
      so adjusted in respect of the next following 5 year period of the said
      term and thereafter the yearly rent so adjusted for the residue of the
      said term PROVIDED THAT the yearly minimum rent payable by the Tenant
      throughout the said term shall be IR(Pound)l0 per acre per annum
      and no adjustment made under the provisions of this Schedule shall take
      effect so as to reduce the said rent below the said figure.

2.    Subject to the provisions of this Schedule, the said adjustment at the end
      of the said periods of 5 years hereinbefore mentioned shall be calculated
      by reference to the change in the cost of living as indicated by the
      Consumer Price Index (hereinafter referred to as "the Index") issued by
      the authority of the Central Statistics Office of the Republic of Ireland
      and at present officially published in the Irish Statistical Bulletin and
      shall be made by increasing the yearly rent payable at the end of the said
      periods of 5 years in proportion to the rise or fall in the respective
      Index Figures current on the 1st day of each of the said periods of 5
      years compared with the Index figures current on the last day of each of
      the said periods.

3.    For the purpose of this paragraph, the Index figure current on the date
      aforementioned shall be that published on either of the said dates in the
      Irish Statistical Bulletin or other official publication, or if not
      published on either of the said days, then last published in the said
      Bulletin or publication immediately before either of them.

4.    If during the said periods of 5 years, the basis of the Index shall be
      changed by substituting a new basic or starting Index figure or otherwise
      the adjustment of the rent to be paid for the period following the
      expiration of the said periods of 5 years shall in default of agreement
      between the parties be determined by a Professional Valuer to be nominated
      by the President for the time being of the Irish Auctioneers and Valuers
      Institute and his determination shall be that of an Expert and not of an
      Arbitrator and shall be binding upon the parties and in making his
      determination the said person shall have regard to any official
      publication relating to the change in the cost of living during the said
      period issued by the authority of the Government of the Republic of
      Ireland or by any responsible organisation.

PROVIDED THAT the adjustment in the rent to be made at the end of the said
periods of 5 years during which the basis of any new or revised Index remains
unchanged shall continue to be made in accordance with the provisions of
Paragraphs I and 2 hereof and FURTHER PROVIDED that notwithstanding anything
hereinbefore provided the amount of any adjustment in Rent shall not exceed 10%
of the Rent payable immediately prior to such adjustment.

                                 QUIET ENJOYMENT

<Page>

5.    On the Lessee paying the rent hereby reserved and performing and observing
      the conditions and agreements of this Lease, the Lessee shall and may
      peaceably hold and enjoy the demised premises during the term of the Lease
      without interruption by IDA or any person lawfully claiming under or in
      trust for it.

IDA hereby assents to the registration of this Lease and the rights hereby
granted as a burden on Folio 4917 of the Register County Waterford and consents
to the use of the Land Certificate of the said Folio for the purposes of such
registration.

IT IS HEREBY FURTHER CERTIFIED by the Lessee that it is the person becoming
entitled to the entire beneficial interest in the interest hereby created and
that all necessary consents under Sections 12 and 45 of the Land Act, 1965 have
been obtained and that all conditions attached thereto have been complied with.

IT IS HEREBY FURTHER CERTIFIED that the consideration (other than rent) of the
Lease is wholly attributable to property which is not residential property.

IT IS HEREBY FURTHER CERTIFIED that Section 53 (Lease Combined With Building
Agreement For Dwellinghouse /Apartment) of the Stamp Duties Consolidation Act
1999 does not apply to this Instrument.

IN WITNESS whereof the above named parties have hereunto set their hands and
affixed their Seals the day and year first herein written.

<Page>

PRESENT when the Seal of
INDUSTRIAL DEVELOPMENT AGENCY
(IRELAND) was affixed hereto:

                                                        /s/ Richard Ryan
                                                        ------------------
                  Authorised Officer                    AUTHORIZED OFFICER

                                                        /s/ Martin Cronin
                                                        ------------------
                  Authorised Officer                    AUTHORIZED OFFICER

PRESENT when the Common Seal
Of GENZYME IRELAND LIMITED.
was affixed hereto:

                [ILLEGIBLE]

                /s/ Mark Bamforth

                Mark Bamforth
<Page>

                                       Dated the day of 2001

                                       INDUSTRIAL DEVELOPMENT
                                       AGENCY (IRELAND)

                                                                 One Part

                               Genzyme Ireland Limited

                                                                 Other Part

                                                999 YEAR LEASE
                                                --------------

                                       GALLAGHER SHATTER,
                                       Solicitors,
                                       4, Upper Ely Place,
                                       Dublin 2.

                                       Genzyme 999 lease/ida dir

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