Document:

OFFER
          TO LEASE

         

        This
          document shall be the Offer to Lease between:

        
          	
                  LANDLORD:

                	
                  1141648
                    ONTARIO LIMITED

                

        

        
          	
                  TENANT:

                	
                  SOLAR
                    ROOFING SYSTEMS INC.

                

        

        
          	
                  PROPERTY:

                	
                  226
                    EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                    

                

        

        
           

        

      

    

    
      	TO:    
              	
              1141648
                ONTARIO LIMITED (Landlord)

            

    

     

    
      	WE:   
              	
              SOLAR
                ROOFING SYSTEMS INC. (Tenant)

            

    

     

    hereby
      offers to lease from the Landlord, through Royal LePage Your Community
Realty
      and its agent, Oksana Stein, ("Agent") upon the following terms and conditions,
      approximately 9,593 (nine thousand, five hundred and ninety three) square
      feet of rentable area (herein referred to as the "Unit # 1"
      ) (the
      "Premises") located
      at 226 Edward Street, Unit # 1
      Aurora,
      Ontario with Edward Street frontage
      attached hereto as Schedule "A" of this Offer.

     

    
      	1.       
              	
              Term:

            

    

     

    The
      Term
      of the Lease (herein after referred to as the "Term") shall be for a
period
      of
      36 (thirty six) months. Landlord and Tenant agree that the Tenant's Lease
      shall commence MARCH lst,
      2004
      and run through to and include FEBRUARY 28th,
      2007.

     

    
      	2.       
              	
              Use:

            

    

     

    The
      Premises shall be used for general offices, showroom, manufacturing and
warehouse
      distribution .

     

    
      	3.       
              	
              Schedules:

            

    

     

    It
      is
      agreed by all parties to this Offer that the following Schedules form part
      of
      this Offer to Lease and Lease:

     

    Schedule
      "A"                       
-
      the
      '"Premises" of the subject space;

     

    Schedule
      "B"                        
-
      the
      completed condition of the Premises as provided
      by the Landlord; 

     

    Schedule
      "B"(i)                   
 -
      truck door location;

     

    
      	4.       
              	
              Legal
                Advice:

            

    

     

    The
      parties to this herein Offer to Lease acknowledge that Royal LePage Your
Community
      Realty, Realtor and its agent advises and recommends that they obtain
legal
      advice, tax advice, and any other pertinent information from their own legal
      counsel,
      accountants, engineers or any other advisory counsel prior to the execution
      of this Agreement. Royal LePage Your Community Realty, Realtor and its
      agent
      further declare that no information provided by them is to be construed
as
      legal,
      tax, environmental or engineering advice.

     

    

       

    

    
      
        
        

      

      
        PAGE
          1 of 13

        
          

        

      

      
        
        

      

    

    
      
         

        
          
            OFFER
              TO LEASE

             

            This
              document shall be the Offer to Lease between:

            
              	
                      LANDLORD:

                    	
                      1141648
                        ONTARIO LIMITED

                    

            

            
              	
                      TENANT:

                    	
                      SOLAR
                        ROOFING SYSTEMS INC.

                    

            

            
              	
                      PROPERTY:

                    	
                      226
                        EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                        

                    

            

            
               

            

          

        

      

    

    
      	5.       
              	
              Agency:

            

    

     

    The
      parties to this transaction hereby acknowledge that Royal LePage Your
Community
      Realty, Realtor through its agent is in a Dual Agency relationship, by
      representing both the Landlord and Tenant with regard to the property known
      municipally
      as 226 Edward Street, Unit "1" Aurora, Ontario. The Landlord and Tenant
      have acknowledged before entering into any offer negotiations, and consenting
      to the Dual Agency relationship hereby release Royal LePage Your Community
      Realty and its agent, Oksana Stein from any duties of confidentiality regarding
      this transaction.

     

    
      	6.       
              	
              Lease:

            

    

     

    
      	(a)  	
              This
                Offer and the acceptance thereof, shall constitute a binding agreement
                by
                the
                parties to enter into the Lease of the Premises. The Lease shall
                be drawn
                by
                the Landlord with amendments thereto which may be required to reflect
                the
                provisions
                of this Offer. In the event that the terms of this Offer conflict
                with
                the
                terms of the Lease, the terms of this Offer shall prevail to the
                extent of
                such
                conflict and the Parties hereto shall be governed by the terms and
                conditions
                herein contained.

            

    

     

    
      	(b)  	
              The
                heirs, executors, administrators, successors and assigns of the
                undersigned are
                bound by the terms hereof. This Agreement shall be read with such
                changes
                of gender or number as may be required by the
                context.

            

    

     

    
      	(c)  	
              Upon
                execution of this Offer, the Lease of the premises shall be delivered
                by
                the Landlord's solicitor to the Tenant's solicitor. The Lease shall
                incorporate all the terms and conditions agreed to in this Offer.
                It is
                further agreed by all parties
                to this agreement that the Lease of the premises shall be executed
                within
                60 days of receipt by the Tenant.

            

    

     

    
      	(d)  	
              The
                Tenant acknowledges and agrees that it is intended that the Lease
                shall be
                a
                completely care-free net lease to the Landlord, and, except as expressly
                set out in this Offer and in the Lease, the Landlord is not responsible
                during the Term
                for any costs, charges, expenses and outlays of any nature whatsoever
                arising
                from or relating to the Leased premises or the use and occupancy
                thereof
                or the contents thereof, or the business carried on therein, and
                the
                Tenant
                shall pay all charges, impositions, costs and expenses of any nature
                or
                kind
                relating to the Leased Premises excepting capital costs and the
                Landlord's
                income tax expenses which are the responsibility of the
                Landlord.

            

    

     

    
      	7.       
              	
              Renewal
                Options:

            

    

     

    Upon
      at
      least THREE (3) months and not more than SIX (6) months prior
      written notice to the Landlord prior to the expiry of the initial term of
      the Lease, and provided the Tenant is not in default under the terms of the
      Lease, the Tenant shall have ONE (1) further term of up to THREE (3) years
      of renewal on the same terms and conditions as the Lease, save as to any
      further Option to renew and save and except as to the total Minimum (Base)
      rent during such renewal term. The Landlord agrees that the Minimum (Base)
      Rent for the renewal term shall be set at the then current market rate at
      the time of said renewals, for comparable industrial space in the Town of
      Aurora but shall not be less than the Minimum (Base) Rent of the last year
      of the Tenant's term. After the Tenant exercises its option to renew, if the
      Landlord and Tenant cannot mutually agree upon the Minimum (Base) rent within
      thirty (30) days prior to the expiry date of the initial term, Tenant shall
      be
      allowed to revoke its renewal option or upon the mutual consent of the Landlord
      and Tenant at an equally shared cost, the Minimum (Base) Rent shall be
      determined pursuant to the terms of the Arbitration Act of Ontario, or any
      successor legislation within a thirty (30) day period of agreement to proceed
      with arbitration.

     

    
      
        

        
          
            
              
              

            

            
              PAGE 2 of
                13

              
                

              

            

            
              
              

            

          

        

      

    

    
      
         

        OFFER
          TO LEASE

         

        This
          document shall be the Offer to Lease between:

        
          	
                  LANDLORD:

                	
                  1141648
                    ONTARIO LIMITED

                

        

        
          	
                  TENANT:

                	
                  SOLAR
                    ROOFING SYSTEMS INC.

                

        

        
          	
                  PROPERTY:

                	
                  226
                    EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                    

                

        

        
           

        

      

    

    
      	8.       
              	
              Subletting
                of the premises:

            

    

     

    
      	(a)  	
              The
                Tenant shall be allowed to assign, sublet or part with the possession
                of
                the leased premises or any part thereof during the Tenant's term
                of the
                Lease and any of its renewal options, with the prior written
                consent of the Landlord. Such consent shall not unreasonably
                or
                arbitrarily withheld and/or delayed. In the event that the Tenant
                assigns
                or sublets the leased premises such assignment or subletting shall
                not
                release or relieve the Tenant from its' obligations to fully perform
                all
                of the terms, covenants and conditions of the
                Lease.

            

    

     

    
      	(b)  	
              It
                is further agreed that upon the mutual written consent of the Tenant
                and
                Landlord, that any of the Tenant's space which may become available
                for
                lease by the Tenant, may be returned to the Landlord to lease in
                his sole
                discretion. The Lease shall be amended with the relative changes
                to
                incorporate this paragraph and
                section.

            

    

     

    
      	
            	
               (c)  
                

            	
              It
                is further agreed that if the Tenant finds a suitable Sub tenant
                for any
                of it's space, if mutually agreed upon, the Landlord at his discretion,
                and with the written consent of the Tenant, may enter into a
                direct lease with the new Tenant. The Lease shall then he amended
                with the
                relative changes to incorporate this paragraph and
                section.

            

    

     

    
      	9.        
              	
              Rent,
                Deposit monies and additional
                rent:

            

    

     

    
      	(a)  	
              Tenant
                agrees to remit rent payments to the Landlord on the 1st day of
                each and every month of the Tenant's Lease and its renewal options.
                Such
                remittance shall be either electronic bank transfer or post-dated
                cheques
                (if cheques, the Tenant agrees to submit same to the Landlord each
                and
                every year on the anniversary date of the
                lease).

            

    

     

    
      	(b)  	
              Tenant
                acknowledges that the "Additional Rent" also referred to as T.M.I.
                (realty
                taxes including business taxes, maintenance including grass cutting
                and
                snow plowing, and insurance) at the time of this Offer to Lease was
                estimated to be $1.60 (one dollar and sixty cents) per square foot
                for
                2003 and is subject to adjustment upon assessment of the completed
                property by the Town of Aurora.

            

    

     

    
      	(c)  	
              It
                is agreed that the Tenant's "Additional Rent" (T.M.I.) shall be calculated
                on the Tenant's proportionate share of the building and proportionate
                share of the maintenance of the
                "Property".

            

    

     

    
      	(d)  	
              Landlord
                agrees to provide the Tenant with an accounting of the calculation
                of the
                Tenant's proportionate share of "Additional Rent" (T.M.I.) upon initial
                assessment of same, then semi-annually, or in the event of an adjustment
                to the taxes and/or insurance, a copy of said adjustment within 14
                days of
                receipt of same by the Landlord.

            

    

    
      
         

        

        
          
            
              
              

            

            
              PAGE 3 of
                13

              
                

              

            

            
              
              

            

          

        

      

    

    
      
         

        OFFER
          TO LEASE

         

        This
          document shall be the Offer to Lease between:

        
          	
                  LANDLORD:

                	
                  1141648
                    ONTARIO LIMITED

                

        

        
          	
                  TENANT:

                	
                  SOLAR
                    ROOFING SYSTEMS INC.

                

        

        
          	
                  PROPERTY:

                	
                  226
                    EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                    

                

        

        
           

        

      

    

    
      	
               

               

            	
                (e)

            	
              Landlord
                and Tenant agree that the Tenant's Lease shall commence MARCH
                1st, 2004 and run through and include FEBRUARY 28th,
                2007 but the Tenant shall have Minimum (Base) rent free occupancy
                from the
                waiver of all conditions and receipt of deposit monies, in this offer
                to lease for Tenant's fixturing to the Premises. Landlord and Tenant
                agree
                that the Tenant shall pay, over and above the Minimum (Base) rent
                to the
                Landlord, T.M.I. and all applicable G.S.T. for the term of the
                Tenant's lease and any renewal options thereof commencing Feb 1,
                2004. Tenant shall pay utilities from date of occupancy to the end
                of the
                term.

            

    

     

    
      	(f)  	
              Landlord
                and Tenant agree that if the Landlord's work is not completed in
                the
                Premises
                at the time of waiver of all conditions, the tenant shall be allowed
                to have
                partial occupancy of the offices for fixturmg. The T.M.I. and utilities
                shall
                be pro-rated to the partial occupancy until the Landlord's work is
                completed.

            

    

     

    
      	(g)  	
              Landlord
                and Tenant agree that the Minimum (Base) rent shall be net and
                carefree
                to the Landlord and shall be exclusive of all T.M.I. Tenant shall
                pay
                all
                expenses over and above the Minimum (Base) rent herein provided for,
                which
                shall be collected as "Additional
                Rent".

            

    

     

    
      	(h)  	
              
                Landlord
                  and Tenant agree that the deposit cheque submitted with this Offer
                  to
                  Lease shall have the deposit money designated from "first month
                  of the
                  Lease"
                  directed toward first rents
                  due.

              

            

    

     

    
      	(i)  	
              
                
                  The
                    Tenant covenants that all rents from the commencement of the
                    Lease term
                    will
                    be paid and continue to be paid prior to the execution of the
                    Lease.

                

              

            

    

     

    
      	10.     
              	
              Calculation
                of deposit monies:

            

    

     

    
      	          
              	
              (a)  
                

            	
              Landlord
                and Tenant agree that the rental for the term of the Lease shall
                be as
                follows:

            

    

     

    Year I                     $
      5.00
      per sq. ft. Minimum (Base) rent

    Year
      II                   
$
      5.00 per
      sq. ft. Minimum (Base) rent

    Year III                  
      $
      5.25
      per sq. ft. Minimum (Base) rent

     

    
      	   	
               (b) 
                

            	
              Landlord
                and Tenant agree that the Tenant's leased space shall be calculated
                on
                9,593 square feet and shall be subject to re-measurement within 30
                days of
                the
                completion of the Tenant's Unit. The Landlord and Tenant, if mutually
                agreed,
                may measure the Tenant's space together upon completion of the
                demising
                of the unit and at that
                time, agree upon the square footage. In the event
                that agreement cannot be reached, the method of measuring square
                feet
                shall
                be that adopted by the Canadian Institute of Quantity Surveyors or
                a
                Certified
                Architect, whichever is agreed upon by both the Tenant and Landlord.
                At the time of measurement, the calculation of the square footage
                for
                rents shall be calculated and adjustment of rents made to the date
                of
                occupancy
                by the Tenant.

            

    

     

    YEAR
      I & II OF THE LEASE:

     

    9,593
      sq.ft. x $ 5.00 per sq.ft. Minimum (Base) rent.
      =              
$47,965,00 per annum

                                                                                          
      =             $
      3,997.00 per month

    
      
        

        
          
            
              
              

            

            
              PAGE 4 of
                13

              
                

              

            

            
              
              

            

          

        

        

      

    

    

    OFFER
      TO LEASE

     

    
      This
        document shall be the Offer to Lease between:

      
        	
                LANDLORD:

              	
                1141648
                  ONTARIO LIMITED

              

      

      
        	
                TENANT:

              	
                SOLAR
                  ROOFING SYSTEMS INC.

              

      

      
        	
                PROPERTY:

              	
                226
                  EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                  

              

      

      
         

      

    

    
      	
              9,593
                sq.ft. x $1.60 per sq.ft. T.M.l.(estimate)

            	 	 	
              =

            	 	
              $

            	
              15,348.30

            	 	 	
              per
                annum

            	 
	
               

            	 	 	
              =

            	 	
              $

            	
              1,279.00

            	 	 	
              per
                month

            	 
	
              TOTAL
                ANNUAL GROSS RENT 

            	 	 	
              =

            	 	
              $

            	
              63,313.80

            	 	 	 	 
	
              7%
                G.S.T.

            	 	 	
              =

            	 	
              $

            	
              4,431.96

            	 	 	 	 
	
              TOTAL
                ANNUAL GROSS RENT 

            	 	 	
              =

            	 	
              $

            	
              67,745.76

            	 	 	 	 
	
              TOTAL
                MONTHLY BASE RENT 

            	 	 	
              =

            	 	
              $

            	
              5,645.48

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
              YEAR III
                OF THE LEASE:

            	 	 	
              
                 

              

            	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
              9,593
                sq.ft. x $ 5.25 per sq.ft. Minimum (Base) rent

            	 	 	
              =

            	 	
              $

            	
              50,363.25

            	 	 	
              per
                annum

            	 
	 	 	 	
              
                =

              

            	 	
              $

            	
              4,196.93

            	 	 	
              per
                month

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              9,593
                sq.ft. x $1.60 per sq.ft. T.M.I.(estimate)

            	 	 	
              =

            	 	
              $

            	
              15,348.80

            	 	 	
              per
                annum

            	 
	 	 	 	
              
                =

              

            	 	
              $

            	
              1,279.00

            	 	 	
              per
                month

            	 
	
              TOTAL
                ANNUAL GROSS RENT 

            	 	 	
              =

            	 	
              $

            	
              65,712.05

            	 	 	 	 
	
              7%
                G.S.T.

            	 	 	
              =

            	 	
              $

            	
              4,599.84

            	 	 	 	 
	
              TOTAL
                ANNUAL GROSS RENT

            	 	 	
              =

            	 	
              $

            	
              70,311.89

            	 	 	 	 
	
              TOTAL
                MONTHLY BASE RENT 

            	 	 	
              =

            	 	
              $

            	
              5,859.32

            	 	 	 	 

    

     

    **NOTE:
      The estimate of the T.M.I. amount in the above is for calculation purposes
      only.

     

    
      	
            	(c)	
              The
                deposit calculated on the first month of the first year's rent and
                the
                last 2 months'
                of the last year of rent is to be held by the Landlord without interest
                as
                security for the faithful performance by the Tenant of all
                the terms, covenants
                and conditions of this Offer and after execution of the Lease to
                be
                applied
                against the first month's Minimum (Base) Rent, the last month's
                Minimum
                (Base) Rent, and the balance to be held by the Landlord as a security
                deposit.

            

    

     

    Total
      deposit monies submitted to Royal LePage Your Community Realty (to be
held
      in
      trust) upon the waiver of all conditions of this Offer to Lease are as
follows:

     

    
      	
              first
                month's rent (T.M.I. + G.S.T.) included

            	 	
              $

            	
              5,645.48

            	 
	
              last
                month's rent (T.M.I. + G.S.T.) included

            	 	
              $

            	
              5,859.32

            	 
	
              last
                month's rent (T.M.I. + G.S.T.) included

            	 	
              $

            	
              5.859.32

            	 
	 	 	
              $

            	
              17,364.12

            	 

    

     

    
      	11. 	
               Insurance:

            

    

     

    
      	
            	(a)	
              The
                Tenant agrees to maintain, at its'
                own expense, normal Tenant insurance covering
                Tenant's contents and liability for its business operations on the
                Premises.
                A copy of the insurance with the Landlord/Mortgagee indicated as
                a
                named
                insured, shall be submitted to the Landlord by the Tenant. Liability
                coverage
                shall not be less than two million Canadian dollars. ($2,000,000
                Cdn.).

            

    

    
 

    
      
        
        

      

      
        
          PAGE
            5 of
            13

        

        
          

        

      

      
        
        

      

    

     

    OFFER
      TO LEASE

     

    
      This
        document shall be the Offer to Lease between:

      
        	
                LANDLORD:

              	
                1141648
                  ONTARIO LIMITED

              

      

      
        	
                TENANT:

              	
                SOLAR
                  ROOFING SYSTEMS INC.

              

      

      
        	
                PROPERTY:

              	
                226
                  EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                  

              

      

      
         

      

    

    
      	(b)  	
              The
                Landlord shall carry all risk insurance coverage for the Leased Premises.
                Tenant shall pay it's proportionate share of the Landlord's insurance
                premium in
                the "Additional Rent" or T.M.I.

            

    

     

    
      	(c)  	
              Before
                the Tenant shall be entitled to or permitted to enter into possession
                of
                the Leased Premises, the Tenant shall deliver to the Landlord a
                certificate or certificates
                of insurance as referred to in this Section (a) of this Offer to
                Lease.

            

    

     

    
      	12.	
              Utilities:

            

    

     

    
      	(a)  	
              The
                Tenant shall pay its'
                own hydro, gas, water, heating cost, air conditioning costs,
                security monitoring costs, cable costs and all other services and
                utilities as
                may be provided to the leased premises. The Tenant shall, for the
                term of
                its lease
                and any of its' renewal options arrange with the local authorities
                for
                connection
                of any and all utilities in the name of the
                Tenant.

            

    

     

    
      	(b)  	
              The
                Landlord and Tenant agree that any and all air conditioning units,
                gas
                furnace,
                plumbing, existing hydro panels, thermostats, floor drains and any
                other
                utilities and mechanicals in the Tenant's leased premises are in
                a state
                of
                good repair and working as of the date of occupancy and five 5 (five)
                business
                days thereafter.

            

    

     

    
      	(c)  	
              The
                Landlord agrees that the Tenant shall have it's own gas, hydro and
                water
                meter
                along with its own air conditioning and heating unit in the offices,
                and
                that
                said utilities shall not be shared with any other
                tenants.

            

    

     

    
      	(d)  	
              Landlord
                and Tenant agree that the servicing and maintenance of the mechanical
                units during the term of the Tenant's Lease and any of its renewal
                options, shall be provided by the Landlord and shall be included
                in the
                T.M.I. and
                collected as "Additional Rent". Landlord and Tenant agree that in
                the
                event
                of total failure of same requiring replacement, the Landlord shall
                incur
                this as a capital cost, at his sole expense provided that such failure
                is
                not the result
                of misuse or negligence of the
                Tenant.

            

    

    
       

      	
              (e)  
                
  	
              In
                the event that a mechanical unit which was the property of the Landlord
                on
                the date of occupancy continues to fail at least 3 times within a
                6 (six)
                month period,
                and requires repair costs over $600.00 per repair, the Landlord and
                Tenant
                shall each have the right to receive up to 2 assessments from qualified
                engineers
                or licensed maintenance companies, on replacing the Unit or continuing
                to maintain said unit. If the majority of the reports indicate
                replacement,
                then the Landlord shall replace the Unit at his sole cost as a
                capital
                expense. It is further agreed that upon written notification by Tenant
                to
                Landlord
                of said Unit failure, Tenant and Landlord agree to have assessments
                completed
                within five (5) business days of receipt of Landlord's notification
                and
                replacement or repair of unit at Landlord's cost, completed within
                10
                business
                days of receipt of assessment reports.

            

      
         

        
          
            	
                  	 (f)
                    	
                    Where
                      applicable, the Landlord shall notify the Tenant of available
                      extended
                      warranty
                      and/or insurance coverage for mechanical units and service
                      contracts.
                      The
                      Tenant shall be allowed to purchase said coverage at Tenant's
                      sole
                      discretion
                      and cost.

                  

          

        

      

    

     

    

    
      
        
          
          

        

        
          PAGE
            6 of
            13

          
            

          

        

        
          
          

        

      

    

     

    OFFER
      TO LEASE

     

    
      This
        document shall be the Offer to Lease between:

      
        	
                LANDLORD:

              	
                1141648
                  ONTARIO LIMITED

              

      

      
        	
                TENANT:

              	
                SOLAR
                  ROOFING SYSTEMS INC.

              

      

      
        	
                PROPERTY:

              	
                226
                  EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                  

              

      

      
         

      

    

    
      	13.	
              Leasehold
                Improvements:

            

    

     

    
      	(a)  	
              The
                Tenant shall have the reasonable right to make alterations and
                installations
                at its' own expense from time to time during the term of the Lease,
                any of its' renewal options or any renewal thereof, provided it has
                the
                prior
                written consent of the Landlord, which consent is not to be unreasonably
                withheld
                or delayed, and provided further that any and all alterations and
                installations
                to the Leased premises shall be at the sole option and expense of
                the
                Tenant. Tenant shall be responsible for all permits and approvals
                for any
                and
                all repairs and alterations to its' leased premises and agrees that
                all
                said repairs
                and alterations shall be done in good workmanlike
                manner.

            

    

     

    
      	(b)  	
              Landlord
                agrees that the Tenant shall have the right at the end of the term
                to
                remove
                the tenant's CHATTEL improvements provided that the Tenant restores
                the
                Premises to their current condition as of the date of occupancy and
                to the
                Landlord's
                sole satisfaction.

            

    

     

    
      	14.	
              Signs:

            

    

     

    The
      Tenant shall have the right at the Tenant's sole expense to install signs to
      identify
      the Tenant's business on the front of the building where "Delco" previously
      had it's signage. Tenant agrees to submit signage design for the Landlord's
      approval, such approval may not be arbitrarily or unreasonably withheld
      and subject to all Municipal by-laws having jurisdiction thereto. All
signage
      shall be with the Landlord's prior approval as to size and location, not to
      be
      unreasonably withheld. The Tenant may use its corporate colours and design
      on
      all
      signage.

     

    
      	15.	
              Maintenance
                and Repair:

            

    

     

    
      	
            	(a)	
              The
                Landlord shall maintain and repair, as would a prudent owner of a
                similar
                building
                (having regard to age, size and location), the roof (as a capital
                improvement),
                the structure of the building including, without limitation, the
                foundations,
                exterior walls and structural beams and parking lot (as a capital
improvement) at
                the Landlord's
                expense, provided that such repairs or maintenance are not caused
                by
                the negligence, carelessness or misuse of the Tenant, his equipment
                or his
                servants or invitees.

            

    

     

    
      	
            	(b)	
              The
                Tenant, in his "Additional Rent" shall at all times during the term
                of the
                Lease
                and any of its renewal options, be responsible for it's
                proportionate share
                of maintenance and repair of the Premises including entrances, glass,
                partitions,
                doors and fixtures, overhead doors, walls, plumbing, ceilings,
                floors,
                hydro panels, floor drains and thermostats, all mechanical Units
                and
                utilities
                located in or upon the Tenant's leased premises (Unit #
                1). The
                Tenant's
                "Additional Rent" shall also be applied to its' proportionate share
                of
                all
                snow removal, landscaping and grass cutting, continuing to keep
                landscaping
                and driveways, clean and tidy and in a good stale of
                repair.

            

    

     

    
      	16.	
              Tenant's
                Conditions:

            

    

     

    This
      Offer is conditional for three (3) business days after execution of this Offer
      upon
      the
      Tenant receiving Board of Directors approval for the herein lease of the
Premises.
      Unless the Tenant gives notice in writing to the Landlord on or before
3:00
      p.m.
      of the final day of the condition that this condition has not been fulfilled,
      this Offer shall become null an void. This condition is included for the
sole
      benefit of the Tenant and may be waived at its' option by notice to the
Landlord
      within the conditional time.

    
 

    
      
        
          
          

        

        
          PAGE
            7 of
            13

          
            

          

        

        
          
          

        

      

    

    

    OFFER
      TO LEASE

     

    
      This
        document shall be the Offer to Lease between:

      
        	
                LANDLORD:

              	
                1141648
                  ONTARIO LIMITED

              

      

      
        	
                TENANT:

              	
                SOLAR
                  ROOFING SYSTEMS INC.

              

      

      
        	
                PROPERTY:

              	
                226
                  EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                  

              

      

      
         

      

    

    
      	17.	
              Landlord's
                Conditions:

            

    

     

    This
      Offer is conditional for (3) business days after execution of this Offer upon
      the
      Landlord satisfying himself to his sole discretion, as to the credit worthiness
      of the
      Tenant. Tenant shall provide Landlord with all necessary bank information and
      company information for said credit check upon execution of this Offer.
Unless
      the Landlord gives notice in writing to the Tenant on or before 3:00 p.m.
of
      the
      final day of the condition that this condition has notbeen
      fulfilled, this Offer
      shall become null an void. This condition is included for the sole benefit
      of
the
      Landlord and may be waived at its' option by notice to the Landlord within
      the
conditional
      time. Failing said condition all deposit monies shall be returned to the Tenant
      without interest or penalty.

     

    
      	18.	
              Completed
                Condition of the Premises for
                Tenant:

            

    

     

    The
      Landlord shall provide the Premises to the Tenant as per Schedule "B" of
this
      Offer, attached hereto and forming part of this Offer to Lease and
      Lease

     

    
      	19.	
              Additional
                Space Option:

            

    

     

    
      	
            	(a)	
              Landlord
                covenants that the Tenant shall have the first right to lease any
                additional space on the Property located at 226 Edward Street, Aurora
                which
                may become available during the term of his Lease and any of its
                renewal
                options, under the same terms and conditions as the Tenant's current
                lease save for the Minimum (Base) rent which is to be negotiated
                at
                the time of the Offer to Lease. Said option shall also include 230
                Edward
                Street which at the time of this offer was leased to Instachange
                Displays
                Limited. This option shall be agreed to if no other Tenant has
                been
                given the same option. The Landlord covenants to notify the Tenant
                in
                writing of
                any such available space. The Tenant shall have 4 (four) banking
                days from such notice by the Landlord to notify the Landlord in
                writing,
                of
                his intent to lease said additional space offered to the Tenant.
                If the
                Tenant's notice in writing is not received within 4 (four) banking
                days,
                the Landlord may proceed with the lease of the
                space.

            

    

     

    
      	
            	(b)	
              Landlord
                and Tenant agree that should the Tenant exercise his option for
                additional
                space, such option would be incorporated as an amendment to the
                Offer to Lease and Lease.

            

    

     

    
      	20.	
              Rebates: 

            

    

     

    The
      Landlord agrees should there be any rebates from the government. Ontario
Hydro,
      or
      any municipal or regional authorities, or related enery commission authorities
      due to the tenant's nature of its business as an alternate source of
energy,
      shall be credited to the Tenant.

     

    
      	21.	
              Parking:

            

    

     

    Landlord
      agrees that the Tenant shall have 5 parking spaces in the front of the
building
      for its use. Said parking area shall be shared with Unit #2, (currently
Chant
      Construction) who also have 5 parking spaces in the front. All additional parking
      shall be at the side and rear of the building known as 226 Edward St.,
Aurora.

     

     

    
      
        
          
          

        

        
          PAGE
            8 of
            13

          
            

          

        

        
          
          

        

      

    

     

    OFFER
      TO LEASE

     

    
      This
        document shall be the Offer to Lease between:

      
        	LANDLORD:      
                	
                1141648
                  ONTARIO LIMITED

              

      

      
        	TENANT:             
                	
                SOLAR
                  ROOFING SYSTEMS INC.

              

      

      
        	PROPERTY:       
                	
                226
                  EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                  

              

      

    

     

    parking
      shall be at the side and rear of the building known as 226 Edward St.,
Aurora.

     

    
      	22.	
              Electronic
                Transmission:

            

    

     

    The
      Landlord and Tenant agree that the acceptance, refusal or manipulation of this
      Agreement
      can be transferred by FAX transfer, or similar electronic transfer, and that
      communication by such means will be legal and binding.

     

    IRREVOCABLE:

    

    This
      Offer to Lease is irrevocable until 3:00 p.m. on 9th JANUARY,
      2004 after which
      if
      not accepted, it will become null and void.

     

    TENANT:

     

    With
      authority, the undersigned hereby execute this Offer to Lease:

     

     

    Dated
      at
      Aurora this 6 day of December 2003.

     

    
      	SIGNED,
              SEALED and
              DELIVERED 
in
              the presence of:	
               )

               )

            	 	 
	 	 )	 	 
	
              

            	
               )

               )

               )

            	
               Per

            	
              

            
	 	 )	 	
               
SOLAR
                ROOFING SYSTEMS INC.

            
	 	 )	 	 
	
               

            	 )	
               Per

            	 
	 	 )	 	
               SOLAR
                ROOFING SYSTEMS
                INC.

            
	 	 )	 	 

    

     

    LANDLORD:

     

    With
      authority, I/We hereby accept the above Offer to Lease and agree with Royal
      LePage
      Your Community Realty to pay in consideration of the procuring by the agent
      of
this
      Offer, the commission agreed upon plus G.S.T. Upon the above commencement date,
      said
      commission is then due and payable and may be deducted from the deposit, any
      remaining balance to be paid forthwith.

     

    With
      authority, the undersigned hereby execute this Offer to Lease:

     

    Dated
      at Aurora this 8th day of January 2004.

    
       

      
        	
                SIGNED,
                  SEALED and DELIVERED 
in
                  the presence of:

              	
                 )

                 )

              	 	 
	 	 )	 	 
	
              	 )	
                 

              	
                 

              
	 	 )	 	
              
	 	 )	 	 
	
                 

              	
                 )

                 )

                 )

              	
                 Per

              	
                 

              
	 	 ) 	 	
                 1141648
                  ONTARIO LIMITED

              
	 	 )	 	
                 (I
                  have the authority to bind the
                  Corporation) 

              
	 	 )	 	 

      

    

     

    
       

      
        
        

      

      
        PAGE
          9 of
          13

        
          

        

      

      
        
        

      

    

     

    OFFER
      TO LEASE

     

    
      
        
          This
            document shall be the Offer to Lease between:

          
            	LANDLORD:      
                    	
                    1141648
                      ONTARIO LIMITED

                  

          

          
            	TENANT:             
                    	
                    SOLAR
                      ROOFING SYSTEMS INC.

                  

          

          
            	PROPERTY:       
                    	
                    226
                      EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                      

                  

          

        

         
ACKNOWLEDGEMENT

    

     

    TENANT:

     

    I/WE
      THE
      UNDERSlGNED  hereby acknowledge this date having received our signed
copy
      of
      this accepted Offer to Lease and authorize a copy to be forwarded to my
      solicitor.

     

    
      	 	 	
            
	per:	
              

            	 
 	
              

            
	 	
               SOLAR
                ROOFING SYSTEMS INC.

            	 	
              DATE

            
	 	 	 

    

     

    LANDLORD:

     

    I/WE
      THE
      UNDERSIGNED hereby acknowledge this date having received our signed copy
      of
      this accepted Offer to Lease and authorize a copy to be forwarded to my
      solicitor.

     

    
      
        	 	 	
              
	per:	
                

              	 
 	
                

              
	 	
                1141648 ONTARIO
                  LIMITED 
(With
                  authority to bind the Corporation)

              	 	
                DATE

              
	 	 	 

      

       

    

    
       

      
        PAGE 10 of
          13

        
          

        

      

      
        
        

      

    

    
      
        OFFER
          TO LEASE

         

        
          
            This
              document shall be the Offer to Lease between:

            
              	LANDLORD:      
                      	
                      1141648
                        ONTARIO LIMITED

                    

            

            
              	TENANT:             
                      	
                      SOLAR
                        ROOFING SYSTEMS INC.

                    

            

            
              	PROPERTY:       
                      	
                      226
                        EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                        

                    

            

          

           

        

        SCHEDULE
          "A"

        The
          "Premises"

         

        

        

        
          
            
            

          

          
            PAGE 11 of
              13

            
              

            

          

          
            
            

          

        

      

    

     

    
      
        
          OFFER
            TO LEASE

          
            
              This
                document shall be the Offer to Lease between:

              
                	LANDLORD:      
                        	
                        1141648
                          ONTARIO LIMITED

                      

              

              
                	TENANT:             
                        	
                        SOLAR
                          ROOFING SYSTEMS INC.

                      

              

              
                	PROPERTY:       
                        	
                        226
                          EDWARD STREET,UNIT # 1,AURORA,
                          ONTARIO

                      

              

            

             
Schedule
            "B"

          Completed
            Condition of Premises by
            Landlord:

          
             

            Unit #1,
              226
              Edward Street, Aurora, shall be completed by the Landlord at his sole
              cost
prior
              to
              February 1st, 2004 and the following shall be included in the Minimum
              (Base) rent for the Tenant:

            
              

              
                	
                         

                      	
                        (a)

                      	
                        all
                          overhead lighting in Tenant's leased space shall be in
                          good working order
                          with the warehouse ballasts free of exceptional
                          noise;

                      

              

              

              
                	
                         

                      	
                        (b)

                      	
                        all
                          lights in the warehouse and the offices shall be in good
                          working
                          order;

                      

              

              

              
                	
                         

                      	
                        (c)

                      	
                        all
                          plumbing fixtures shall be in good working
                          order;

                      

              

              

              
                	
                         

                      	
                        (d)

                      	
                        the
                          warehouse floors shall be level and holes
                          filled;

                      

              

              

              
                	
                         

                      	
                        (e)

                      	
                        a
                          new drive in door shall be installed as per Schedule B
                          "(i)" the size of
                          which shall be consistent with the current existing drive
                          in doors on the
                          building;

                      

              

              

              
                	
                         

                      	
                        (f)

                      	
                        The
                          drive in door shall have an electric
                          motor;

                      

              

              

              
                	
                         

                      	
                        (g)

                      	
                        The
                          small portable freestanding "room" in the warehouse shall
                          be left
                          for the Tenant's use;

                      

              

              

              
                	
                         

                      	
                        (h)

                      	
                        The
                          Tenant shall have no less than 400
                          amps, three phase power for his use during the term of
                          the lease and any
                          renewal options,

                      

              

              

              
                	
                         

                      	
                        (i)

                      	
                        The
                          unit shall be demised at the first column north from the
                          side warehouse
                          entrance glass door as per Schedule
                          "A";

                      

              

              

              
                	
                         

                      	
                        (j)

                      	
                        Landlord
                          agrees to leave the wall mounted exhaust fan by the man
                          door in the
                          warehouse for the use of the
                          Tenant;

                      

              

            

             

            It
              is
              agreed that upon execution of this Offer and prior to commencement
              of
              construction, Landlord
              and Tenant shall meet to discuss installation of drive in door and
              demising wall
in
              warehouse.

          

           

           

          
            
              
              

            

            
              PAGE 12 of
                13

              
                

              

            

            
              
              

            

          

           

          
            
              
                
                  OFFER
                    TO LEASE

                   

                  
                    This
                      document shall be the Offer to Lease between:

                    
                      	LANDLORD:      
                              	
                              1141648
                                ONTARIO LIMITED

                            

                    

                    
                      	TENANT:             
                              	
                              SOLAR
                                ROOFING SYSTEMS INC.

                            

                    

                    
                      	PROPERTY:       
                              	
                              226
                                EDWARD STREET, UNIT # 1, AURORA, ONTARIO
                                

                            

                    

                  

                   

                  Schedule"
                    B"(i)

                  Truck
                    door location

                   

                

              

            

          

          

           

          
             

          

        

      

    

     

    
      
        
        

      

      
        PAGE 13
          of 13Exhibit
      4.23 FORM
      OF NONQUALIFIED
      STOCK
      OPTION
      CONTRACT

     

    THIS
      NONQUALIFIED STOCK OPTION CONTRACT
      is
      entered into effective as of the __day of ____, ____, by and between
INTER
      PARFUMS, INC.,
      a
      Delaware corporation (the "Company") and _______
      ("Optionee").

    

    WITNESSETH:

    

    1. The
      Company, in accordance with the resolutions adopted by the Stock Option
      Committee effective as of _____, and the terms and subject to the conditions
      of
      the Company’s ____ Stock Option Plan (the "2004 Plan"), hereby grants to the
      Optionee as of the date hereinabove set forth, a nonqualified option to purchase
      an aggregate of _____ shares (the "Shares") of the common stock, $.001 par
      value
      per share, of the Company (the "Common Stock"), at $_____ per share.

    

    2. (a) The
      term
      of this option shall be five (5) years from the date hereof, subject to earlier
      termination as provided in the 2004 Plan. 

    

    (b) This
      option shall vest and become exercisable to purchase Shares as follows: [insert
      vesting provisions], so that each option shall become fully vested and
      exercisable on the ____ year from the date of grant. 

    

    (c) Subject
      to the vesting provisions in Section 2(b) above, this option may be exercised
      in
      whole or in part and from time to time as to the Shares but prior to the end
      of
      the term of the option, by giving written notice to the Company at its principal
      office, presently 551 Fifth Avenue, New York, New York 10176, stating that
      the
      Optionee is exercising this nonqualified stock option, specifying the number
      of
      shares purchased and accompanied by payment in full of the aggregate purchase
      price therefor (i) in cash or certified check, or (ii) with previously acquired
      shares of Common Stock or a combination of the foregoing if permitted in the
      discretion of the Committee. 

    

    3. This
      option shall not be exercisable at any time in an amount less that 100 Shares
      (or the remaining Shares then covered and purchasable under this option if
      fewer
      that 100 Shares). In no event may this option be exercised with respect to
      a
      fractional Share. In addition, upon the exercise of this option, the Company
      may
      withhold cash and/or Shares to be issued with respect thereto, having an
      aggregate fair market value equal to the amount which it determines is necessary
      to satisfy its obligation to withhold federal, state and local income taxes
      or
      other taxes incurred by reason of such exercise. Alternatively, the Company
      may
      require the holder to pay to the Company such amount, in cash, promptly upon
      demand. The Company shall not be required to issue any Shares pursuant to this
      option until all required payments have been made.

    

    4. Nothing
      in the 2004 Plan or herein shall confer upon the Optionee any right to continue
      in the employ of, or be associated with, the Company, its Parent or any of
      its
      Subsidiaries, or interfere in any way with the right to employment or
      association of the Optionee with the Company, its Parent or any of its
      Subsidiaries.

    

    5. Notwithstanding
      anything to the contrary, if at any time the Board of Directors or the Committee
      shall determine it its discretion that the listing or qualification of the
      Shares on any securities exchange, with national securities association or
      under
      any applicable law, or the consent or approval of any governmental regulatory
      body, is necessary or desirable as a condition of, or in connection with, the
      granting of an option, or the issue of Shares thereunder, this option may not
      be
      exercised in whole or in part unless such listing, qualification, consent or
      approval shall have been effected or obtained free of any conditions not
      acceptable to the Board of Directors or the Committee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6. The
      Company and the Optionee further agree that they will both be subject to and
      bound by all of the terms and conditions of the 2004 Plan, which is incorporated
      by reference herein and made a part hereof as if fully set forth herein. In
      the
      event the Optionee's employment by, or association with, the Company, its Parent
      or any of its Subsidiaries terminates, or in the event of the death or
      disability of the Optionee, the rights hereunder shall be governed by, and
      made
      subject to, the provisions of the 2004 Plan. In the event of a conflict between
      the terms of this Contract and the terms of the 2004 Plan, then in such event,
      the terms of 2004 Plan shall govern. Except as otherwise provided herein, all
      capitalized terms used herein shall have the same meaning ascribed to them
      in
      the 2004 Plan.

    

    7. This
      option is not transferable otherwise than by will or the laws of descent and
      distribution and may be exercised, during the lifetime of the Optionee, only
      by
      the Optionee or his legal representatives.

    

    8. The
      Optionee agrees that the Company may amend the 2004 Plan and the options granted
      to the Optionee under the 2004 Plan, subject to the limitations contained in
      the
      2004 Plan.

    

    9. This
      Contract shall be binding upon and inure to the benefit of any successor or
      assign of the Company and to any executor, administrator or legal representative
      entitled by law to the Optionee's right hereunder.

    

    10. This
      Contract shall be governed by and construed in accordance with the laws of
      the
      State of New York, without regard to the principles of conflicts of
      laws.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have entered into this Contract effective as of the date first
      above written.

    
      	 	 	 
	 	INTER
              PARFUMS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	 	 
	 	 
	 	        
	 	Employee

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