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                                                                    EXHIBIT 10.1

                         EXECUTIVE EMPLOYMENT AGREEMENT

     THIS AGREEMENT effective as of the 1st day of January 1996, by and among
BOSTON PRIVATE BANCORP, INC., a duly organized Massachusetts corporation with a
principal place of business at Ten Post Office Square, Boston, Massachusetts
(hereinafter referred to as "Bancorp") and TIMOTHY L. VAILL of Andover,
Massachusetts (hereinafter referred to as the "Executive").

     WHEREAS, Bancorp and the Bank (hereinafter collectively referred to as the
"Bancorp Group") currently employ the Executive as President and Chief Executive
Officer;

     WHEREAS, the Executive's employment agreement dated January 6, 1993 (the
"Original Agreement") is scheduled to expire December 31, 1995; and

     WHEREAS: Bancorp, the Bank and the Executive (the "Parties") intend that
the Executive should continue to serve as President and Chief Executive officer
and, to that end, deem it desirable and appropriate to extend, amend and restate
the terms and conditions of the Original Agreement;

     NOW, THEREFORE, in consideration (of the premises and mutual covenants
contained herein and for other good and valuable consideration, the Parties
agree as follows:

     1.  EMPLOYMENT.  Bancorp  Group  hereby  employs  the  Executive,  and  the
Executive  hereby accepts  employment  with the Bancorp Group,  for the Term set
forth  in  Paragraph  2,  below,  in the  positions  and  with  the  duties  and
responsibilities  set forth in Paragraph 3, below, and upon such other terms and
conditions as are hereinafter stated.

     2. TERM.  This  Agreement  shall be become  effective on the date first set
forth above (the  "Effective  Date"),  and, as of that date,  shall  replace the
Original Agreement with respect to

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periods of employment on and after the Effective Date. The term of this
Agreement (the "Term") shall commence on the Effective Date and shall continue
through the close of business on December 31, 1998; provided, however, that on
December 31, 1996 and on each succeeding December 31, the Term then in effect
shall automatically extend for one calendar year unless the Board provides the
Executive with notice to the contrary at least thirty days before the date the
Agreement otherwise would be extended. Such notice, in the sole discretion of
the Board, may provide that the Term will not be extended in the future, and
that there shall be no further automatic extensions of the Term hereunder on
each succeeding December 31. Notwithstanding the foregoing, the term of this
Agreement shall be automatically extended, as necessary, in the event of a
Change in Control defined in Paragraph 6.6(c), so that, as so extended, it shall
terminate no earlier than three years following the date of such Change in
Control.

     3. POSITION, DUTIES, AND RESPONSIBILITIES.

          3.1 The Executive shall be employed during the Term as President and
Chief Executive Officer of the Bancorp Group, with such other duties as may
reasonably be assigned to him by the Board of Directors (the "Board") of Bancorp
and the Bank consistent with the Executive's position. As President and Chief
Executive Officer, the Executive shall have general executive supervision over
the property, business, and affairs of Bancorp Group. The Executive shall be
nominated for election to the Board for both Bancorp and the Bank, it being the
intention of the Parties that the Executive shall serve in that capacity
throughout the Term. The Executive shall report to and be responsible to the
Boards of Bancorp and the Bank.

          3.2 During the Term, and excluding any periods of vacation and sick
leave to which the Executive is entitled, the Executive agrees to devote
substantially all his working time and attention and his best efforts to the
performance of his duties and responsibilities under this

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Agreement. It shall nor be a violation of this Agreement for the Executive (i)
to serve on the boards of directors of a reasonable number of other
corporations, trade associations and/or charitable organizations, (ii) to engage
in charitable activities and community affairs, and (iii) to manage his personal
investments and affairs, provided that such activities do not materially
interfere with the proper performance of his duties and responsibility as
President and Chief Executive Officer of the Bancorp Group. It is expressly
understood and agreed that to the extent that any such activities have been
conducted by the Executive prior to a Change in Control (as defined in Paragraph
6.6(c) below), the continued conduct of such activities following a Change in
Control shall not be deemed to interfere with the performance of the Executive's
duties and obligations to the Bancorp Group.

          3.3 If the Executive is suspended and/or temporarily prohibited from
participating in the conduct of the affairs of the Bancorp Group by a notice
served by the state or federal banking regulators, the obligations of the
Bancorp Group hereunder shall be suspended as of the date of service, unless
stayed by appropriate proceedings. If the charges in the notice are dismissed,
Bancorp and the Bank may, in their discretion, (i) pay the Executive all or part
of the compensation under Paragraph 4 withheld while such obligations were
suspended, and (ii) reinstate in whole or in part any of the obligations which
were suspended.

     4. COMPENSATION.

          4.1 BASE SALARY. The Executive shall be paid Base Salary by the
Bancorp Group at an annual rate of $215,000 as compensation for the performance
of his obligations hereunder and all services rendered to Bancorp Group in any
capacity whatsoever. Base Salary shall be payable in accordance with the regular
payroll practices of the Bank. The Executive's

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Base Salary shall be reviewed no less frequently than annually for increase in
the sole discretion of the Board of Bancorp and the Bank.

          4.2 BONUS.

               (a) The Executive shall be entitled to a Bonus for each
Performance Year (as defined below), in addition to his Base Salary, equal to
the sum of (i) 7 1/2% of the amount by which Pre-Tax Profits (as defined below)
for the then current Performance Year (the "Current Performance Year") exceed
Pre-Tax Profits for the highest of the two fiscal years of Bancorp immediately
preceding the Current Performance Year, and (ii) 1 1/2% of Pre-Tax Profits for
the Current Performance Year; provided, however, that the Boards of Bancorp and
the Bank may in their discretion decrease the total Bonus determined under this
Paragraph 4.2(a) by up to 15%, or increase the total Bonus under Paragraph
4.2(a)(i) and (ii) above to reflect performance by the Executive during the
Current Performance Year. Furthermore, the Boards of Bancorp and the Bank
reserve the right to adjust any Bonus under Paragraph 4.2(a)(i) and (ii) in
connection with the implementation of any long-term compensation plan (as
contemplated under Section 4.3 below), a change in capitalization or any other
special circumstances. For purposes of this Agreement, (i) "Performance Year"
shall refer to Bancorp's fiscal years ending on December 31, 1996, December 31,
1997 and December 31, 1998, and, provided that this Agreement is extended
pursuant to Paragraph 2 above, for each of Bancorp's fiscal years ending on or
before the last day of the Term, and (ii) "Pre-Tax Profits" means a profit
before taxes but after accounting for all normal items of revenue and operating
expense in any fiscal year for Bancorp (calculated net of the payment of the
Executive's bonus described herein and in a fashion consistent with Generally
Accepted Accounting Principles).

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               (b) Any Bonus to which the Executive is entitled to under this
Paragraph 4.2 shall be payable as soon as practicable following the preparation
of Bancorp's consolidated financial statements for the Current Performance Year.
In the event that the Executive's employment is terminated prior to either the
payment of a Bonus for a completed Performance Year or the close of a
Performance Year, the Executive's right to a Bonus in such circumstances shall
be determined under Paragraph 6 below.

               (c) In the event of a Change in Control (as defined in Paragraph
6.6(c) below), the Executive shall be entitled to a partial accrual of Bonus for
Pre-Tax Profits achieved as of the date of the Change in Control determined as
follows:

     Pre-Tax Profits determined as of the date of the Change in Control pursuant
     to Paragraph 6.6(c) shall be divided by the following fraction (the "Change
     in Control Fraction"):

                          Days in the Performance Year
                             up to and including the
                                Change in Control
                          ----------------------------
                                       365

     The resulting amount shall be treated as the achieved Pre-Tax Profits for
     purposes of this Paragraph 4.2, and the amount of Bonus thus indicated
     shall be multiplied by the Change in Control Fraction to determine the
     partially accrued Bonus. Such amount shall offset the amount of Bonus
     otherwise due the Executive with respect to the Performance Year in which
     the Change in Control occurs.

          4.3 LONG-TERM COMPENSATION. The Executive shall participate in all
Bancorp and Bank sponsored plans such as long-term cash compensation and other
similar plans that the Board of Bancorp and the Bank may adopt from time to
time. No other compensation provided for in this Agreement shall be deemed a
substitute for the Executive's right to participate in such plan when and as
agreed to by the Board of Bancorp and the Bank.

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     5. BENEFITS.

          5.1 EMPLOYEE BENEFIT PROGRAMS. During the Term, the Executive shall be
entitled to participate in all the employee pension and welfare benefit plans,
programs and arrangements of the Bancorp Group as in effect from time to time
and in which the senior executives of Bancorp and the Bank are eligible to
participate.

          5.2 PERQUISITES. During the Term, the Executive shall be eligible to
participate in any of the Bank or Bancorp's executive perquisites in accordance
with the terms and conditions of such arrangements as are in effect from time to
time for the senior executives of the Bancorp Group. Notwithstanding any changes
to the perquisites available to senior executives of the Bancorp Group, the
Executive shall be entitled during the Term to reimbursement of reasonable costs
and expenses for: (i) an annual physical examination, (ii) annual tax
preparation services, and (iii) personal legal services arising from Bancorp
Group-related activities.

          5.3 VACATION. The Executive shall be entitled to receive four (4)
weeks of paid vacation during the course of any twelve (12) month period of
employment, with at least two weeks to be taken consecutively.

          5.4 INSURANCE.

               (a) Bancorp shall purchase and maintain in effect by prompt
payment of the premiums due thereon a policy covering officers' and directors'
liability in compliance with applicable federal banking rules and regulations.

               (b) Bancorp shall purchase and maintain in effect by prompt
payment of the premiums due thereon during the Term a life insurance policy for
the benefit of the Executive and his spouse. Upon termination of employment, the
responsibility for premium payments for this policy will revert to the
Executive.

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          5.5 EXPENSE REIMBURSEMENT. During the Term, the Executive shall be
entitled to receive reimbursement for all reasonable out-of-pocket expenses
incurred by him in accordance with the policies and procedures established by
Bancorp for its senior executive officers in performing services hereunder,
provided the Executive promptly accounts therefor, in accordance with Bancorp
policy.

          5.6 EQUITY OPPORTUNITY. The Executive will participate in the
Bancorp's Incentive Stock Option Plan ("ISOP") as amended from time to time. The
Executive will be considered for option grants periodically under the ISOP with
the specific amount and conditions fixed by the Board at that time. The
Executive Committee may consider a number of factors in determining the option
grant for the Executive, such as the type and frequency of grants in the banking
industry and the performance of Bancorp and the Bank.

     6. TERMINATION OF EMPLOYMENT. If the Executive's employment is terminated
prior to the expiration of the Term, he shall be entitled to the compensation
and benefits provided in this Paragraph 6 in lieu of any other compensation and
benefits otherwise provided hereto:

          6.1 DEATH. In the event of the death of the Executive during the Term,
the estate or other legal representatives of the Executive shall be entitled to:

               (a) Base Salary for a period ending on the 12th month following
the date of the Executive's death;

               (b) pro-rata Bonus for the Performance Year of the Executive's
death, payable as soon as practicable, and determined by multiplying the Bonus
otherwise calculated for such Performance Year under Paragraph 4(b) above by a
fraction, the numerator of which is the number of days the Executive was
employed during such Performance Year, and the denominator of which is 365;

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               (c) rights to exercise stock options as provided under the terms
of the Executive's stock option agreements;

               (d) any rights, benefits or coverages available under the terms
of the plans, programs and arrangements for the Executive set forth under
Paragraphs 4.3, 5.1. and 5.4; and

               (e) payment of any accrued Base Salary, vacation, Bonus for a
prior Performance Year or other vested rights which remained unpaid at the
Executive's death.

          6.2 DISABILITY. In the event the Executive's employment with the
Bancorp Group is terminated due to disability, the Executive shall be entitled
to:

               (a) Base Salary until the later of the end of the Term, or
commencement of payments under a long-term disability policy of Bancorp or the
Bank replacing at least sixty-percent of the Executive's Base Salary as in
effect prior to the termination of the Executive's employment;

               (b) pro-rata Bonus for the Performance Year of the termination of
the Executive's employment, payable as soon as practicable, and determined by
multiplying the Bonus otherwise calculated for such Performance Year under
Paragraph 4(b) above by a fraction, the numerator of which is the number of days
the Executive was employed during such Performance Year, and the denominator of
which is 365;

               (c) rights to exercise stock options as provided under the terms
of the Executive's stock option agreements;

               (d) any rights, benefits or coverages available under the terms
of the plans, programs and arrangements for the Executive set forth under
Paragraphs 4.3, 5.1 and 5.4; and

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               (e) payment of any accrued Base Salary, vacation, Bonus for a
prior Performance Year or other vested rights which remained unpaid at the
Executive's termination of employment on account of disability.

     For the purposes of this Agreement, "disability" means the Executive's
physical or mental disability which renders him incapable of carrying out his
duties under this Agreement. Disagreement regarding a determination of
disability shall be subject to the certification of a qualified medical doctor
agreed to by Bancorp and the Executive, or, in the event of the Executive's
incapacity to designate a doctor, the Executive's legal representative. In the
absence of agreement between Bancorp and the Executive in designating a doctor,
each party shall nominate a qualified medical doctor, and the two doctors shall
select a third doctor, who shall make the determination as to the disability.

          6.3 TERMINATION FOR CAUSE. Bancorp, the Bank or both may terminate the
Executive's employment for Cause. For purposes of this Agreement, Cause shall
mean:

               (a) removal of the Executive by the federal or state banking
regulators, and/or a permanent injunction prohibiting the Executive from
participating in the conduct and affairs of Bancorp, the Bank or both by an
order issued by appropriate banking regulators;

               (b) conviction of the Executive of, or plea of guilty or nolo
contendere by the Executive to, a felony;

               (c) dishonest acts against Bancorp, the Bank or both;

               (d) willful gross misconduct which is likely to cause financial
loss to Bancorp, the Bank or both, or to cause damage to the business reputation
of the Bancorp Group;

               (e) willful and repeated misconduct or gross neglect constituting
bad faith in performing the Executive's obligations under this Agreement; or

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               (f) breach of fiduciary duty involving personal profit. The
Executive's employment shall not be terminated for Cause, with the exception of
the events described in clause (a) and (b) above, unless the Executive has
received adequate notice and an opportunity to be heard before the Board of the
entity which intends to terminate the Executive for Cause, and such Board has
determined, based upon credible evidence, that grounds for Cause exist. In the
event of a termination for Cause in accordance with the procedure set forth
above, the Executive shall be entitled only to any unpaid Base Salary and to
rights and benefits, if any, available under employee benefit programs of the
Bancorp Group, and shall have no further rights hereunder.

          6.4 TERMINATION WITHOUT CAUSE. Bancorp and the Bank may terminate the
employment of the Executive for reasons other than Cause, in which case the
Executive shall, subject to Paragraph 6.6 below, be entitled, without any
requirement of mitigation, to:

               (a) Base Salary for the remainder of the Term, payable as a lump
sum benefit within five business days of his termination of employment;

               (b) pro-rata Bonus for the Performance Year of the termination of
the Executive's employment, payable as soon as practicable, and determined by
multiplying the Bonus otherwise calculated for the Performance Year under
Paragraph 4.2 above by a fraction, the numerator of which is the number of days
the Executive was employed during such Performance Year, and the denominator of
which is 365;

               (c) rights to exercise stock options as provided under the terms
of the Executive's stock option agreements;

               (d) any rights, benefits or coverages available under the terms
of the plans, programs and arrangements for the Executive set forth under
Paragraphs 4.3, 5.1 and 5.4; and

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               (e) payment of any accrued Base Salary, vacation, Bonus for a
prior Performance Year or other vested rights which remained unpaid at the
Executive's termination of employment on account of disability.

          6.5 VOLUNTARY TERMINATION BY THE EXECUTIVE. The Executive may
voluntarily terminate his employment prior to the expiration of the Term. In
such event, and subject to Paragraph 6.6 below, the Executive shall be entitled
only to (a) any rights, benefits or coverages available under the terms of the
plans, programs and arrangements for the Executive set forth under Paragraphs
4.3, 5.1 and 5.4, and (b) payment of any accrued Base Salary, vacation, Bonus
for a prior Performance Year or other vested rights which remained unpaid at the
Executive's voluntary termination of employment.

          6.6 TERMINATION FOLLOWING A CHANGE IN CONTROL.

               (a) If, within the three year period following a Change in
Control, as defined below, the Executive's employment is terminated by Bancorp,
the Bank or both without Cause or the Executive voluntarily terminates his
employment with Bancorp and the Bank for Good Reason, then the Executive shall
receive the following benefits:

                    (1) a lump sum payment, payable as soon as practicable,
equal to 2.99 times the Executive's annual average annual compensation which was
payable by the Bancorp and the Bank and was includible by the Executive in his
gross income for federal income tax purposes with respect to the five most
recent taxable years of the Executive ending prior to such Change in Control;

                    (2) any rights, benefits or coverages available under the
terms of the plans, programs and arrangements for the Executive set forth under
Paragraphs 4.3, 5.1 and 5.4; and

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                    (3) payment of any accrued Base Salary, vacation, Bonus for
a prior Performance Year or other vested rights which remained unpaid at the
Executive's termination of employment on account of disability. Payment under
this Paragraph 6.6 shall be in lieu of any amount owed to the Executive for
termination without Cause under Paragraph 6.4 or for voluntary resignation of
employment under Paragraph 6.5. Notwithstanding the foregoing, the amount
provided under this Paragraph 6.6 shall not be reduced by any compensation which
the Executive may receive from other employment with another employer after
termination of his employment with the Bancorp or the Bank.

               (b) Following a Change in Control, the amount to be paid to the
Executive under this Agreement shall be made by an independent auditor (the
"Auditor") jointly selected by the Bancorp Group and the Executive. The Auditor
shall be a nationally recognized public accounting firm which has not performed
services, other than minor indirect or incidental services, for either the
Bancorp Group or the Executive, for three years prior to the date the Auditor is
retained for this purpose. If the Executive and the Bancorp Group cannot agree
on the firm to serve as the Auditor, then the Executive and the Bancorp Group
shall each select one accounting firm and those two firms shall jointly select
the accounting firm to serve as the Auditor. The Auditor's fee shall be paid by
the Bancorp Group.

               (c) For purposes of this Agreement, a "Change in Control" shall
occur upon the earliest of the following events:

                    (1) any "person," as such term is used in Sections 3(a)(9)
and 13(d) of the Securities Exchange Act of 1934, becomes a "beneficial owner,"
as such term is used in Rule 13d-3 promulgated under that act, of 25% or more of
the voting stock of Bancorp;

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                    (2) the majority of the Board of Bancorp consists of
individuals other than Incumbent Directors, which term means the members of the
Board of Bancorp on the date of this Agreement; provided that any person
becoming a director subsequent to such date whose election or nomination for
election was supported by two-thirds of the directors who then comprised the
Incumbent Directors shall be considered to be an Incumbent Director;

                    (3) Bancorp, the Bank or both adopt any plan of liquidation
providing for the distribution of all or substantially all of their respective
assets;

                    (4) all or substantially all of the assets or business of
Bancorp are disposed of pursuant to a merger, consolidation or other transaction
(unless the shareholders of Bancorp immediately prior to such merger,
consolidation or other transaction beneficially own, directly or indirectly, in
substantially the same proportion as they owned the voting stock of Bancorp, all
of the voting stock or other ownership interests of the entity or entities, if
any, that succeed to the business of Bancorp);

                    (5) Bancorp combines with another company and is the
surviving corporation but, immediately after the combination, the shareholders
of Bancorp immediately prior to the combination hold, directly or indirectly,
fifty percent or less of the voting stock of the combined company (there being
excluded from the number of shares held by such shareholders, but not from the
voting stock of the combined company, any shares received by affiliates of such
other company in exchange for stock of such other company);

                    (6) if the Executive's employment with Bancorp, the Bank or
both is terminated other than for Cause (as defined in Paragraph 6.3 below)
prior to a date on

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which a Change in Control occurs, or if the Executive's employment with the
Company is affected prior to the date on which a Change in Control occurs in a
way which if occurring after a Change in Control would constitute Good Reason
(as defined in Paragraph 6.6(d) below), and it is reasonably demonstrated that
such termination or effect (i) was at the request of a third party who had taken
steps reasonably calculated to effect a Change in Control or (ii) otherwise
arose in connection with or anticipation of a Change in Control, then the Change
in Control shall be deemed to have occurred on the date immediately prior to
such termination of employment, and the Executive's rights upon termination of
employment shall be as determined under this Paragraph 6.6.

               (d) For purposes of this Agreement, "Good Reason" shall exist if
any one of the following events occurs within the three year period beginning on
a Change in Control:

                    (1) a significant adverse change, without the Executive's
written consent, in his working conditions or status, including but not limited
to a significant change in the nature or scope of the Executive's authority,
powers, title, functions, duties, responsibilities, prestige or reputation, or a
reduction in the level of support services, staff, secretarial and other
assistance, and office space available to the Executive;

                    (2) the Executive's Base Salary for any fiscal year
following the Change in Control is less than 100 percent of the rate of Base
Salary paid to the Executive in the completed fiscal year immediately preceding
the Change in Control, or if the Executive's total cash compensation
opportunities, including salary and incentives, for any fiscal year following
the Change in Control are less than 100 percent of the total cash compensation

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opportunities made available to the Executive in the completed fiscal year
immediately preceding the Change in Control;

                    (3) with the exception of reductions mandated by a change in
law, the failure of the Company or its subsidiaries to continue in effect any
benefits or perquisites, or any pension, life insurance, medical insurance or
disability plan in which the Executive was participating immediately prior to
the Change in Control unless Bancorp Group provides the Executive with a plan or
plans that provide substantially similar benefits, or the taking of any action
by Bancorp Group that would adversely affect the Executive's benefit under any
of such plans or deprive the Executive of any material fringe benefit enjoyed by
the Executive immediately prior to the Change in Control;

                    (4) any purported termination of the Executive's employment
for Cause during the Term which is not effected in compliance the requirements
under Paragraph 6.3 above;

                    (5) an attempt by Bancorp or the Bank to relocate the
Executive to, or to require him to perform regular services at, any location
that is more than twenty-five (25) miles from Boston, Massachusetts; or

                    (6) the failure of a successor of Bancorp, the Bank or both,
to assume or abide by this Agreement following a change in control.

          6.7 LIMITATION ON TERMINATION PAYMENTS.

               (a) Notwithstanding any other provisions of this Agreement or of
any other agreement, contract, or understanding heretofore or hereafter entered
into by the Executive

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with the Bancorp or the Bank, except an agreement, contract, or understanding
hereafter entered into that expressly modifies or excludes application of this
Paragraph 6.7 ("Other Agreements") and notwithstanding any formal or informal
plan or other arrangement heretofore or hereafter adopted by the Bancorp or the
Bank for the direct or indirect provision of compensation to the Executive,
whether or not such compensation is deferred, is in cash, or is in the form of a
benefit to or for the Executive (a "Benefit Plan"), the Executive shall not have
the right to receive any payment or other benefit under this Agreement, any
other Agreement, or any Benefit Plan if such payment or benefit, taking into
account all other payments or benefits to or for the Executive under this
Agreement, all Other Agreements, and all Benefit Plans, would cause any payment
to the Executive under this Agreement to be considered a "parachute payment"
within the meaning of Section 280G(b)(2) of the Internal Revenue Code as then in
effect (a "Parachute Payment").

               (b) If the Executive's benefits or payments are reduced pursuant
to Paragraph 6.7(a) above, the Executive may then elect, in his sole discretion,
which and how much of any particular entitlement shall be eliminated or reduced
and shall advise the Bancorp Group in writing of his election within ten (10)
days of the final determination of the reduction by the Auditor in such benefit.
If no such election is made by the Executive within such ten-day period, Bancorp
may elect which and how much of any entitlement shall be eliminated or reduced
and shall notify the Executive promptly of such election. As promptly as
practicable following such determination and the elections hereunder, Bancorp
Group shall pay to or distribute to or for the benefit of the Executive such
amounts as are then due to the Executive under this Agreement.

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     7. NON-COMPETITION.

          7.1 In the event the Executive voluntarily terminates his
employment with the Bancorp Group (unless such termination is either approved
by the Boards of the Bancorp Group or is for Good Reason in connection with a
Change in Control), Bancorp and the Bank shall be entitled to enjoin the
employment of the Executive with any significant competitor of Bancorp or the
Bank for a period of two years or the remaining Term plus one year, whichever
is less. During such period, even if the Executive is allowed to be employed
with a significant competitor, he shall not without the approval of the
Boards of the Bancorp Group induce any officer of the Bancorp Group to accept
employment from such significant competitor, nor shall he misuse proprietary
and confidential information of the Bancorp Group for the benefit of such a
significant competitor. The term "significant competitor" shall mean any
business activity that competes with the business of Bancorp or the Bank or
any other bank whose principal office is located on the easterly side of
Interstate 495 and whose total assets as shown on its most recent call report
or similar filing with a banking or securities regulatory body have a value
that is less than the greater of; i) $1 billion, or ii) 300% of the value of
the assets of the Bank computed in a similar fashion as of the end of the
most recent fiscal quarter of the Bank immediately preceding the termination
of the Executive's employment.

     It is the desire and intent of the Parties that the provisions of this
Paragraph 7.1 shall be enforced to the fullest extent permissible under the laws
and public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, if any particular portion of this Paragraph 7.1 shall be
adjudicated to be invalid or unenforceable, such deletion shall apply only with
respect to the operation of this Paragraph 7.1 in particular jurisdiction in
which such adjudication is made.

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          7.2 The Parties recognize that Bancorp will have not adequate remedy
at law for breach by the Executive of the agreements provided in this Paragraph
7.1 and, in the event of any such breach, Bancorp and the Executive hereby
agrees that Bancorp shall be entitled to a decree of specific performance or
other appropriate remedy to enforce performance of such agreement.

     8. CONFIDENTIAL INFORMATION.

          8.1 The Executive agrees not to disclose either while in the employ of
the Bancorp Group or at any time thereafter, to any person not employed by
Bancorp, or not engaged to render services to the Bank, any confidential
information obtained by him while in the employ of Bancorp; provided, however,
that this provision shall not preclude the Executive from use or disclosure of
information known generally to the public (other than that which may have been
disclosed by someone not bound by an obligation of confidentiality) or from
disclosure required by law or court order or in the proper course of conduct of
the Bank's business.

          8.2 The Executive also agrees that upon leaving the employ of the Bank
and Bancorp he will not take with him, without the prior written consent of an
officer authorized to act in the manner by the Board of Directors of Bancorp and
the Bank, any confidential information obtain by him during the course of his
employment by Bancorp and Bank, including any depositor list, shareholder list,
drawing, blueprint, specification or other document of Bancorp, its
subsidiaries, affiliates and division, which is of a confidential nature
relating to Bancorp, its subsidiaries, affiliates, and divisions.

          8.3 The Parties recognize that Bancorp will have no adequate remedy at
law for breach by the Executive of the agreements provided in this Paragraph 8
and, in the event of any such breach, Bancorp and the Executive hereby agree
that Bancorp shall be entitled to a

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decree of specific performance or other appropriate remedy to enforce
performance of such agreement.

     9. WITHHOLDING. Anything to the contrary notwithstanding, all payments
required to be made by Bancorp hereunder to the Executive or his estate or
beneficiaries, shall be subject to the withholding of such amounts relating to
taxes as Bancorp may reasonably determine it should withhold pursuant to any
applicable law or regulation. In lieu of withholding such amounts, Bancorp may
accept other provisions to that end that it has sufficient funds to pay all
taxes or other withholdings required by law in respect of such payments or any
of them.

     10. MITIGATION. In the event of any termination of employment entitling the
Executive to amounts under this Agreement, the Executive shall be under no
obligation to seek other reemployment and there shall be no offset against
amounts due the Executive under this Agreement on account of any remuneration
attributable to any subsequent employment that he may obtain except as
specifically provided in this Agreement.

     11. NOTICES. Any notices, requests, demands, or other communications
provided for by this Agreement shall be in writing and shall be sufficiently
given when and if mailed be registered or certified mail, return receipt
requested, postage prepaid, or sent by telex or personally delivered to the
party entitled thereto at the address stated below or to such changed address as
the addressee may have given by similar notice.

                  To Bancorp & the Bank:             Ten Post Office Square
                                                     Boston, MA 02110

                  To the Executive                   9 Bancroft Road
                                                     Andover, MA 01810

     12. ENTIRE AGREEMENT. This Agreement contains the entire agreement between
the Parties hereto with respect to the matters contemplated herein and
supersedes all prior agreements or understandings among the Parties hereto
relating to such matter.

                                       19
<PAGE>

     13. ASSIGNMENT. Except as herein expressly provided, the respective rights
and obligations of the Executive and Bancorp under this Agreement shall not be
assignable by either party without the written consent of the other party, but
shall inure to the benefit of and be binding upon his or its permitted
successors or assigns, including, in the case of Bancorp, any other corporate
entity with which Bancorp may be merged or otherwise combined or which may
acquire Bancorp or its assets in whole or substantial part. Nothing herein
expressed or implied is intended to confer upon any person, other than the
Parties hereto, any rights, remedies, obligations, or liabilities under or by
reason of this Agreement.

     14. APPLICABLE LAW. This Agreement shall be deemed a contract under, and
for all purposes shall be construed with, the laws of the Commonwealth of
Massachusetts.

     15. AMENDMENT OR MODIFICATION; WAIVER. No provision of this Agreement may
be amended or waived unless such amendment or waiver is authorized by the Board
of Directors of Bancorp, or any authorized committee of the Board of Directors,
is agreed to in writing, signed by the Executive and by an officer of Bancorp
thereunto duly authorized. Except as otherwise specifically provided in this
Agreement, no waiver by either party hereto of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of a similar or dissimilar provision or
condition at the same time or at any prior or subsequent time.

     16. SEVERABILITY. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, the
remaining provisions and portions of this Agreement shall be unaffected thereby
and shall remain in full force and effect to the fullest extent permitted by
law.

                                       20
<PAGE>

     17. REFERENCES. In the event of the Executive's death or a judicial
determination of his incompetency, reference in this Agreement to the Executive
shall be deemed, where appropriate, to refer to his legal representatives, or,
where appropriate, to refer to his beneficiary or beneficiaries.

     18. TITLES. Titles to the Paragraphs of this Agreement are intended solely
for convenience and no provisions in this Agreement is to be construed by
reference to the title of that Paragraph.

                                       21
<PAGE>

     IN WITNESS WHEREOF, Bancorp has caused this Agreement to be duly executed
by its officers thereunto authorized, and the Executive has hereunto set his
hand, all on the day and year first above written.

                                    BOSTON PRIVATE BANCORP, INC.

                                    By: /s/ CHARLES O. WOOD, III
                                        -------------------------------

                                    BOSTON PRIVATE BANK & TRUST COMPANY

                                    By: /s/ CHARLES O. WOOD, III
                                        -------------------------------

                                    TIMOTHY L. VAILL

                                    By: /s/ TIMOTHY L. VAILL
                                        -------------------------------
                                        Executive

                                       22<PAGE>

                                                                   EXHIBIT 10.2

                                                                [Rev. 10/31/94]

                      TENANT: BOSTON PRIVATE BANCORP, INC.

                                    LEASE OF

                             TEN POST OFFICE SQUARE

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                              PAGE
<S>                                                                                                           <C>
ARTICLE I - BASIC LEASE PROVISIONS................................................................................1
         1.1.     INTRODUCTION....................................................................................1
         1.2.     BASIC DATA......................................................................................1
         1.3.     ADDITIONAL DEFINITIONS..........................................................................3

ARTICLE II - PREMISES AND APPURTENANT RIGHTS......................................................................5
         2.1.     LEASE OF PREMISES...............................................................................5
         2.2.     APPURTENANT RIGHTS AND RESERVATIONS.............................................................5

ARTICLE III - BASIC RENT..........................................................................................5
         3.1.     PAYMENT.........................................................................................5

ARTICLE IV - COMMENCEMENT AND CONDITION...........................................................................6
         4.1.     COMMENCEMENT RATE...............................................................................6
         4.2.     CONDITION OF THE PREMISES.......................................................................6

ARTICLE V - USE OF PREMISES.......................................................................................6
         5.1.     PERMITTED USE...................................................................................6
         5.2.     INSTALLATIONS AND ALTERATIONS BY TENANT.........................................................7

ARTICLE VI - ASSIGNMENT AND SUBLETTING............................................................................8
         6.1.     PROHIBITION.....................................................................................8

ARTICLE VII - RESPONSIBILITY FOR REPAIRS AND CONDITIONS OF PREMISES; SERVICES TO BE FURNISHED BY LANDLORD........10
         7.1.     LANDLORD REPAIRS...............................................................................10
         7.2.     TENANT'S AGREEMENT.............................................................................10
         7.3.     FLOOR LOAD - HEAVY MACHINERY...................................................................11
         7.4.     BUILDING SERVICES..............................................................................12
         7.5.     ELECTRICITY....................................................................................13

ARTICLE VIII - REAL ESTATE TAXES.................................................................................14
         8.1.     PAYMENT ON ACCOUNT OF REAL ESTATE TAXES........................................................14
         8.2.     ABATEMENT......................................................................................15
         8.3.     ALTERNATE TAXES................................................................................16

<PAGE>

<S>                                                                                                            <C>
ARTICLE IX - OPERATING AND UTILITY EXPENSES......................................................................16
         9.1.     DEFINITIONS....................................................................................16
         9.2.     TENANT'S PAYMENTS..............................................................................18

ARTICLE X - INDEMNITY AND PUBLIC LIABILITY INSURANCE.............................................................19
         10.1.    TENANT'S INDEMNITY.............................................................................19
         10.2.    PUBLIC LIABILITY INSURANCE.....................................................................20
         10.3.    TENANTS RISK...................................................................................20
         10.4.    INJURY CAUSED BY THIRD PARTIES.................................................................20

ARTICLE XI - LANDLORD'S ACCESS TO PREMISES.......................................................................20
         11.1.    LANDLORD'S RIGHTS..............................................................................20

ARTICLE XII - FIRE, EMINENT DOMAIN, ETC..........................................................................21
         12.1.    ABATEMENT OF RENT..............................................................................21
         12.2.    RIGHTS OF TERMINATION..........................................................................21
         12.3.    RESTORATION....................................................................................22
         12.4.    AWARD..........................................................................................22

ARTICLE XIII - DEFAULT...........................................................................................22
         13.1.    TENANT'S DEFAULT...............................................................................22
         13.2.    LANDLORD'S DEFAULT.............................................................................25

ARTICLE XIV - MISCELLANEOUS PROVISIONS...........................................................................25
         14.1.    EXTRA HAZARDOUS USE............................................................................25
         14.2.    WAIVER.........................................................................................25
         14.3.    COVENANT OF QUIET ENJOYMENT....................................................................26
         14.4.    LANDLORD'S LIABILITY...........................................................................26
         14.5.    NOTICE TO MORTGAGEE OR GROUND LESSOR...........................................................27
         14.6.    ASSIGNMENT OF RENTS AND TRANSFER OF TITLE......................................................27
         14.7.    RULES AND REGULATIONS..........................................................................27
         14.8.    ADDITIONAL CHARGES.............................................................................28
         14.9.    INVALIDITY OF PARTICULAR PROVISIONS............................................................28
         14.10.   PROVISIONS BINDING, ETC........................................................................28
         14.11.   RECORDING......................................................................................28
         14.12.   NOTICES........................................................................................28
         14.13.   WHEN LEASE BECOMES BINDING.....................................................................29
         14.14.   PARAGRAPH HEADINGS.............................................................................29
         14.15.   RIGHTS OF MORTGAGEE OR GROUND LESSOR...........................................................29
         14.16.   STATUS REPORT..................................................................................29
         14.17.   SECURITY DEPOSIT...............................................................................29
         14.18.   REMEDYING DEFAULTS.............................................................................30
         14.19.   HOLDING OVER...................................................................................30
         14.20.   WAIVER OF SUBROGATION..........................................................................31
         14.21.   EARLY TERMINATION..............................................................................31
         14.22.   SUBSTANTIATION OF CHARGES......................................................................32
         14.23.   SURRENDER OF PREMISES..........................................................................32

                                       ii

<PAGE>

<S>                                                                                                           <C>
         14.24.   SUBSTITUTE SPACE...............................................................................32
         14.25.   BROKERAGE......................................................................................32
         14.26.   GOVERNING LAW..................................................................................32
</TABLE>

EXHIBIT AP (ADDITIONAL PROVISIONS)
EXHIBIT OC (OPERATING EXPENSES)
EXHIBIT CS (CLEANING SPECIFICATIONS)
EXHIBIT FP (FLOOR PLAN)
EXHIBIT FP-13 (13TH FLOOR PLAN)
EXHIBIT TS (TENANT'S SIGNS)

<PAGE>

                                      LEASE

         THIS INSTRUMENT IS A LEASE, dated as of October 31, 1994, in which the
Landlord and the Tenant are the parties hereinafter named, and which relates to
space in the building (the "Building") known and numbered as Ten Post Office
Square, Boston, Massachusetts. The parties to this instrument hereby agree with
each other as follows:

                       ARTICLE I - BASIC LEASE PROVISIONS

         1.1. INTRODUCTION. The following set forth basic data and, where
appropriate, constitute definitions of the terms hereinafter listed:

         1.2. BASIC DATA.

              LANDLORD: BEANROCK REALTY ASSOCIATES, a Massachusetts general
              partnership.

              LANDLORD'S ORIGINAL ADDRESS: c/o Leggat McCall Properties
              Management, L.P., 10 Post Office Square, Boston, Massachusetts
              02109.

              TENANT: Boston Private Bancorp, Inc., a Massachusetts corporation.

              TENANT'S ORIGINAL ADDRESS: One Winthrop Square, Boston, MA 02110

              GUARANTOR: None.

              BASIC RENT: For the first Lease Year, Basic Rent shall be the sum
              of $334,237.00 ($17.00 per square foot of Premises Rentable Area)
              per annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   For the second Lease Year, Basic Rent shall be the sum of
              $353,898.00 ($18.00 per square foot of Premises Rentable Area) per
              annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   For the third Lease Year, Basic Rent shall be the sum of
              $373,559.00 ($19.00 per square foot of Premises Rentable Area) per
              annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   For the fourth Lease Year, Basic Rent shall be the sum of
              $393,220.00 ($20.00 per square foot of Premises Rentable Area) per
              annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   For the fifth and sixth Lease Years, Basic Rent shall be the
              sum of $412,881.00 ($21.00 per square foot of Premises Rentable
              Area) per annum as the same may be adjusted and/or abated pursuant
              to Section 12.1.

<PAGE>

                   For the seventh Lease Year, Basic Rent shall be the sum of
              $432,542.00 ($22.00 per square foot of Premises Rentable Area) per
              annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   For the eighth Lease Year, Basic Rent shall be the sum of
              $452,203.00 ($23.00 per square foot of Premises Rentable Area) per
              annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   For the ninth Lease Year, Basic Rent shall be the sum of
              $471,864.00 ($24.00 per square foot of Premises Rentable Area) per
              annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   For the tenth Lease Year, Basic Rent shall be the sum of
              $491,525.00 ($25.00 per square foot of Premises Rentable Area) per
              annum as the same may be adjusted and/or abated pursuant to
              Section 12.1.

                   In addition to the foregoing, Basic Rent with respect to the
              Storage Space shall be an amount equal to $8.00 per square foot of
              Storage Space Rentable Area, per annum, as the same may be
              adjusted and or abated pursuant to Sections 3.1 and 12.1.

              LEASE YEAR: As used herein, the term Lease Year shall mean the
              period commencing on the Commencement Date through and including
              the day immediately preceding the twelve-month anniversary of the
              Commencement Date, and every twelve-month period thereafter
              throughout the Term of this Lease.

              PREMISES RENTABLE AREA: 19,661 square feet as measured in
              accordance with the Measurement Method, being comprised of 5,832
              square feet located on the ground floor of the Building, and
              13,829 square feet located on the mezzanine level of the Building.

              STORAGE SPACE: Up to 1,000 square feet of enclosed and secured
              storage space located on the basement level of the Building, the
              precise location of which shall be designated by Landlord. Unless
              the context clearly otherwise requires, the term "Premises" as
              used in this Lease shall mean and include the Storage Space.
              Notwithstanding the foregoing, Tenant shall only utilize the
              Storage Space for the storage of its personal property, and shall
              not utilize the Storage Space (which does not have HVAC service)
              as a work area for Tenant's employees.

              PERMITTED USES: General administrative, clerical and business
              office uses, and the operation of a bank, and all uses ancillary
              thereto.

              ESCALATION FACTOR: 8.95%, as computed in accordance with the
              Escalation Factor Computation.

              INITIAL TERM: Approximately ten (10) years, commencing on the
              Commencement Date, and expiring at the close of the day on which
              the ten year

                                       2
<PAGE>

              anniversary of the Commencement Date shall fall, provided,
              however, that if the Commencement Date shall be other than the
              first day of a calendar month, the Initial Term shall expire at
              the close of the last day of the calendar month in which such ten
              year anniversary shall fall.

              SECURITY DEPOSIT: As set forth in Section 14.17.

              BASE TENANT ELECTRICITY EXPENSES: The costs incurred by Landlord
              in supplying electricity to those portions of the Building leased
              or intended to be leased to tenants for the calendar year ending
              December 31,1995.

              BASE OPERATING EXPENSES: The Base Operating Expenses for the
              calendar year ending December 31, 1995.

              BASE UTILITY EXPENSES: The Utility Expenses for the calendar year
              ending December 31, 1995 (which do not include electricity
              supplied to those portions of the Building leased or intended to
              be leased to tenants).

              BASE TAXES: The real estate taxes assessed to the Property for the
              fiscal year ending June 30, 1995, as they may be reduced by the
              amount of any abatement.

     1.3.     ADDITIONAL DEFINITIONS.

              AGENT: Leggat McCall Properties Management, L.P.

              BROKER: Whittier Partners

              BUILDING RENTABLE AREA: 236,317 square feet measured in accordance
              with the Measurement Method.

              BUSINESS DAYS: All days except Saturday, Sunday, New Year's Day,
              Washington's Birthday, Memorial Day, Independence Day, Labor Day,
              Columbus Day, Veterans' Day, Thanksgiving Day, Christmas Day (and
              the following day when any such day occurs on Sunday) and such
              other days that Tenant presently or in the future recognizes as
              holidays for Tenant's general office staff.

              COMMENCEMENT DATE: February 1, 1995. Notwithstanding the
              foregoing, if the construction of the Initial Improvements (as
              defined in Exhibit AP) has not been substantially completed on or
              before February 1, 1995, then the Commencement Date shall be the
              first to occur of (i) the date immediately following the day on
              which the Initial Improvements have been substantially completed,
              or (ii) March 1, 1995. For purposes of this Lease, the term
              "substantially completed" shall mean (a) in the opinion of the
              supervisory architect for the Initial Improvements, such Initial
              Improvements have been completed in accordance with the plans and
              the Premises are in good and satisfactory condition, with the
              exception of the completion of minor punch list items, and (b) any
              required certificate of occupancy for the Premises shall have been
              obtained.

                                       3
<PAGE>

              DEFAULT OF TENANT: As defined in Section 13.1.

              ESCALATION CHARGES: The amounts prescribed in Sections 7.5, 8.1
              and 9.2.

              ESCALATION FACTOR COMPUTATION: Premises Rentable Area divided by
              93% of the Building Rentable Area.

              FORCE MAJEURE: Collectively and individually, strike or other
              labor trouble, fire or other casualty, governmental preemption of
              priorities or other controls in connection with a national or
              other public emergency or shortages of fuel, supplies or labor
              resulting therefrom, or any other cause, whether similar or
              dissimilar, beyond Landlord's reasonable control.

              INITIAL PUBLIC LIABILITY INSURANCE: $1,000,000 per occurrence
              (combined single limit) for property damage, bodily injury or
              death.

              MEASUREMENT METHOD: "Standard Method of Floor Measurement for
              Office Buildings", effective April 16, 1968, recommended by the
              Real Estate Board of New York, Inc., but excluding basement areas.
              Without limitation, such computation includes common areas of the
              Building notwithstanding the fact that such common areas are not
              contained within the premises.

              OPERATING EXPENSES: As set forth in Section 9.1.

              OPERATING YEAR: As defined in Section 9.1.

              PREMISES: A portion of the Building as shown on Exhibit FP annexed
              hereto.

              PROPERTY: The Building and the land parcels on which it is located
              (including adjacent sidewalks).

              TAX YEAR: As defined in Section 8.1.

              TAXES: As determined in accordance with Section 8.1.

              TENANT EXCESS ELECTRICITY EXPENSES: As defined in Section 7.5.

              TENANTS REMOVABLE PROPERTY: As defined in Section 5.2.

              TERM OF THIS LEASE: The Initial Term and any extension thereof in
              accordance with the provisions hereof.

              UTILITY EXPENSES: As defined in Section 9.1.

                                       4
<PAGE>

                  ARTICLE II - PREMISES AND APPURTENANT RIGHTS

         2.1. LEASE OF PREMISES. Landlord hereby demises and leases to Tenant
for the Term of this Lease and upon the terms and conditions hereinafter set
forth, and Tenant hereby accepts from Landlord, the Premises.

              2.2. APPURTENANT RIGHTS AND RESERVATIONS.

                   (a) Tenant shall have, as appurtenant to the Premises, the
              non-exclusive right to use, and permit its invitees to use in
              common with others, public or common lobbies, hallways, stairways
              and elevators and common walkways necessary for access to the
              Building, and if the portion of the Premises on any floor includes
              less than the entire floor, the common toilets, corridors and
              elevator lobby of such floor; but Tenant shall have no other
              appurtenant rights and all such rights shall always be subject to
              reasonable rules and regulations from time to time established by
              Landlord pursuant to Section 14.7 and to the right of Landlord to
              designate and change from time to time areas and facilities so to
              be used.

                   (b) Excepted and excluded from the Premises are the ceiling,
              floor, perimeter walls and exterior windows, except the inner
              surfaces thereof, but the entry doors (and related glass and
              finish work) to the Premises are a part thereof; and Tenant agrees
              that Landlord shall have the right to place in the Premises (but
              behind walls and above ceilings to the maximum extent practicable
              provided same may be accomplished without an adverse aesthetic
              impact to the lobby of the Building, and in any event in such
              manner as to reduce to a minimum interference with Tenant's use of
              the Premises) utility lines, pipes, equipment and the like, in,
              over and upon the Premises. Tenant shall install and maintain, as
              Landlord may require, proper access panels in any hung ceilings or
              walls as may be installed by Tenant in the Premises to afford
              access to any facilities above the ceiling or within or behind the
              walls.

                            ARTICLE III - BASIC RENT

         3.1. PAYMENT.

                   (a) Tenant agrees to pay to Landlord, or as directed by
              Landlord, commencing on the Commencement Date without offset,
              abatement (except as provided in Article 12.1), deduction or
              demand, the Basic Rent. Such Basic Rent shall be payable in equal
              monthly installments, in advance, on the first day of each and
              every calendar month during the Term of this Lease, at Landlord's
              Original Address, or at such other place as Landlord shall from
              time to time designate by notice, in lawful money of the United
              States. Until notice of some other designation is given, Basic
              Rent and all other charges for which provision is herein made
              shall be paid by remittance payable to the Agent, and all
              remittances so received as aforesaid, or by any subsequently
              designated recipient, shall be treated as a payment to Landlord.
              In the event that any installment of Basic Rent is not paid when
              due beyond any applicable grace period, Tenant shall pay, in
              addition to

                                       5
<PAGE>

              any charges under Section 14.18, at Landlord's request an
              administrative fee equal to 1% of the overdue payment.

                   Notwithstanding the foregoing, it is specifically understood
              and agreed that the installments of Basic Rent payable by Tenant
              with respect to the Storage Space which accrues during the first
              two Lease Years shall be abated in their entirety, and Tenant
              shall have no liability with respect to such amounts.

                   (b) Basic Rent for any partial month shall be pro-rated on a
              daily basis, and if the first day on which Tenant must pay Basic
              Rent shall be other than the first day of a calendar month, the
              first payment which Tenant shall make to Landlord shall be equal
              to a proportionate part of the monthly installment of Basic Rent
              for the partial month from the first day on which Tenant must pay
              Basic Rent to the last day of the month in which such day occurs,
              plus the installment of Basic Rent for the succeeding calendar
              month.

                   ARTICLE IV - COMMENCEMENT AND CONDITION

         4.1. COMMENCEMENT DATE. February 1, 1995. Notwithstanding the
foregoing, if the construction of the Initial Improvements (as defined in
Exhibit AP) has not been substantially completed on or before February 1,1995,
then the Commencement Date shall be the first to occur of (i) the date
immediately following the day on which the Initial Improvements have been
substantially completed, or (ii) March 1, 1995.

         4.2. CONDITION OF THE PREMISES. As set forth in Exhibit AP.

                          ARTICLE V - USE OF PREMISES

         5.1. PERMITTED USE.

              (a) Tenant agrees that the Premises shall be used and occupied by
         Tenant only for Permitted Uses specifically excluding, without
         limitation, use for governmental, utility company or employment agency
         offices.

              (b) Tenant agrees to conform to the following provisions during
         the Term of this Lease:

                  (i) Tenant shall cause all freight to be delivered to or
              removed from the Building and the Premises in accordance with
              reasonable rules and regulations established by Landlord therefor;

                  (ii) Tenant will not place on the exterior of the Premises
              (including both interior and exterior surfaces of doors and
              interior surfaces of windows) or on any part of the Building
              outside the Premises, any signs, symbol, advertisements or the
              like visible to public view outside of the Premises. Landlord will
              not unreasonably withhold consent for signs or lettering on the
              entry doors to the Premises provided such signs conform to
              building standards adopted by

                                       6
<PAGE>

              Landlord and Tenant has submitted a sketch of the sign to be
              placed on such entry doors. Landlord agrees, however, to maintain
              a directory in the lobby of the Building in which will be placed
              Tenant's name, the location of the Premises in the Building, and
              up to twelve (12) names of Tenant's departments and/or officers
              (as designated by Tenant. Notwithstanding the foregoing, Tenant
              may place two signs (substantially as shown on Exhibit TS hereto)
              in the locations designated on Exhibit TS hereto, it being agreed
              that final specifications, design and materials of such signs are
              subject to Landlord review and consent (which consent shall not be
              unreasonably withheld or delayed);

                  (iii) Tenant shall not perform any act or carry on any
              practice which may injure the Premises, or any other part of the
              Building, or cause offensive odors or loud noise or constitute a
              nuisance or menace to any other tenant or tenants or other persons
              in the Building;

                  (iv) Tenant shall, in its use of the Premises, comply with the
              requirements of all applicable governmental laws, rules and
              regulations. Without limiting the generality of the foregoing,
              Tenant shall be responsible, in connection with Tenant's use of
              the Premises, for compliance with the Americans with Disabilities
              Act of 1990 (42 U.S.C.ss.12101 ET SEQ.) and the regulations and
              Accessibility Guidelines for Buildings and Facilities
              issued pursuant thereto (collectively, the "ADA Requirements").
              Tenant's compliance obligation shall include only alterations and
              improvements required, from time to time, to the Premises in order
              to comply with the ADA Requirements, but not alterations or
              improvements outside of the Premises, and not any portion of
              Landlord's Construction Items (as defined in Exhibit AP) which
              Landlord has explicitly agreed herein to bring into compliance
              with the ADA Requirements.

                  Notwithstanding the foregoing, Landlord warrants and
              represents that (a) to the extent so specified in Exhibit AP,
              Landlord's Construction Items shall comply with the ADA
              Requirements as of the Commencement Date, and (b) Landlord shall
              be responsible for ensuring that the common areas of the Building
              comply with the ADA Requirements; and

                  (v) Tenant shall continuously throughout the Term of this
              Lease occupy the Premises for Permitted Uses.

         5.2. INSTALLATIONS AND ALTERATIONS BY TENANT.

              (a) Tenant shall make no alterations, additions (including, for
         the purposes hereof, wall-to-wall carpeting), or improvements in or to
         the Premises without Landlord's prior written consent in each instance
         obtained, which consent shall not be unreasonably withheld or delayed.
         Any such alterations, additions or improvements shall (i) be in
         accordance with reasonably complete plans and specifications approved
         in advance by Landlord (ii) be performed in a good and workmanlike
         manner and in compliance with all applicable laws, (iii) be made only
         by contractors or mechanics approved by Landlord and who (x) carry
         general liability and property damage insurance in type and amount as

                                       7
<PAGE>

         described in Section 10.2 hereof and (y) if the amount of their
         contract exceeds $30,000.00, have filed lien bonds, lien waivers and
         the like, (iv) be made at Tenant's sole cost and expense and at such
         times and in such manner as Landlord may from time to time reasonably
         designate, and (v) become a part of the Premises and the Property of
         the Landlord, unless this Lease is terminated pursuant to Section 12.2
         without there having been substantial damage to the Premises or
         pursuant to Section 14.21.

              (b) All articles of personal property and all business fixtures,
         machinery and equipment and furniture owned or installed by Tenant or
         solely at its expense in the Premises ("Tenant's Removable Property")
         shall remain the property of Tenant and may be removed by Tenant at any
         time prior to the expiration of this Lease, provided that Tenant, at
         its expense, shall repair any damage to the Premises and the Building
         caused by such installation or removal.

              (c) In no event shall Landlord be liable for any labor or
         materials furnished or to be furnished to Tenant upon credit, and no
         mechanic's or other lien for any such labor or materials shall attach
         to or affect the reversion or other estate or interest of Landlord in
         or to the Premises. Whenever and as often as any mechanic's lien shall
         have been filed against the Property based upon any act or interest of
         Tenant or of anyone claiming through Tenant, Tenant shall forthwith
         take such actions by bonding, deposit or payment as will remove or
         satisfy the lien.

              (d) In the course of any work being performed by Tenant, including
         without limitation the "field installation" of any Tenant's Removable
         Property, Tenant agrees to use union labor compatible with that being
         employed by Landlord for work in or to the Building or other buildings
         owned by Landlord or its affiliates within the so-called financial
         district of Boston, and not to employ or permit the use of any labor or
         otherwise take any action which might result in a labor dispute
         involving personnel providing services in the Building or other
         properties owned or managed by Landlord or its affiliates within the
         so-called financial district of Boston.

              (e) If Tenant shall make or cause to be made at its own expense
         any alteration, addition or improvement to the Premises which shall
         result in an increase in the Taxes, and if Landlord shall provide
         reasonable evidence to Tenant that such is the case, then Tenant shall
         pay, in addition to the Basic Rent, Escalation and other charges, the
         entire increase in such Taxes attributable to such alteration, addition
         or improvement.

                     ARTICLE VI - ASSIGNMENT AND SUBLETTING

         6.1. PROHIBITION.

              (a) Tenant may assign this Lease or sublet the Premises or any
         portion thereof with the prior written consent of Landlord, which
         consent may be withheld at Landlord's sole discretion except as
         hereinafter expressly otherwise provided. Landlord agrees not to
         withhold its consent to any subletting to one subtenant of either (A)
         all of the Premises, or (B) that portion of the Premises containing
         approximately 3,500 square feet and

                                       8
<PAGE>

         identified as the "Back Wing" on Exhibit FP hereto, provided Tenant
         requests same in writing ("Tenants Request"), and provided (i) at the
         time thereof there is no Default of Tenant under this Lease; (ii) such
         subtenant could not be accommodated by Landlord in other available
         space on the first floor of the Building, (iii) Landlord, in its
         discretion reasonably exercised, determines that the business, proposed
         use of the Premises by, and financial responsibility of, the proposed
         sublessee are satisfactory to Landlord; (iv) any sublessee shall
         expressly assume all obligations of this Lease on Tenant's part to be
         performed (with such difference in rent as may be specified in such
         sublease); (v) such consent, if given, shall not release Tenant of any
         of its obligations under this Lease (including, without limitation, its
         obligation to pay rent) and Tenant's liability after any subletting
         shall be joint and several with the sublessee; (vi) Tenant shall
         reimburse Landlord promptly for reasonable legal and other expenses
         incurred by Landlord in connection with Tenant's Request; (vii) Tenant
         agrees specifically to pay over to Landlord, as additional rent, fifty
         percent (50%) of all sums provided to be paid under the terms and
         conditions of such sublease which are in excess of the amounts
         otherwise required to be paid pursuant to this Lease (after deducting
         brokerage commissions, reasonable attorneys' fees and other expenses of
         Tenant in connection with such subleasing); and (viii) a consent to one
         subletting to any other person shall not be deemed to be a consent to
         any subsequent subletting; provided, however, whether or not such
         conditions to subletting are met, Landlord, at its option, may elect to
         terminate this Lease upon written notice delivered to Tenant not later
         than thirty (30) days after Landlord's receipt of Tenant's Request.
         Notwithstanding the foregoing, in the event Landlord gives such
         election notice, Tenant shall thereafter have the right to cancel
         Tenant's Request within a five (5) business day period following
         Landlord's delivery of its election notice, in which event Landlord
         shall not have the aforementioned option to terminate. Any assignment,
         subletting or occupancy without Landlord's prior consent shall be void
         and shall, at the option of Landlord, constitute a default under this
         Lease. Tenant agrees that in the event that Landlord denies Tenant's
         Request contrary to the provisions of this paragraph, Tenant's sole
         remedy shall be to seek an injunction in equity to compel performance
         by Landlord to give its consent to Tenant's Request, and Tenant
         expressly waives any right to damages in the event of such denial by
         Landlord of Tenant's Request (except for Tenant's reasonable attorneys'
         fees, not to exceed $2,500.00, and other expenses in prosecuting such
         injunctive action, if Tenant is the prevailing party).

         (b) The provisions of paragraph (a) of this Section shall apply to a
         transfer (by one or more transfers) of a majority of the stock or
         partnership interests, or other evidences of ownership of Tenant as if
         such transfer were an assignment of this Lease; but such provisions
         shall not apply to transactions with an entity into or with which
         Tenant is merged or consolidated or to which substantially all of
         Tenant's assets are transferred or to any entity which controls or is
         controlled by Tenant or is under common control with Tenant, provided
         that in any of such events (i) the successor to Tenant has a net worth
         computed in accordance with generally accepted accounting principles at
         least equal to the net worth of Tenant immediately prior to such
         merger, consolidation or transfer, (ii) proof satisfactory to Landlord
         of such net worth shall have been delivered to Landlord at least 10
         days prior to the effective date of any such transaction, and (iii) the
         assignee agrees directly with Landlord, by written instrument in form
         satisfactory to

                                       9
<PAGE>

         Landlord, to be bound by all the obligations of Tenant hereunder
         including, without limitation, the covenant against further assignment
         or subletting.

         (c) If this Lease be assigned, or if the Premises or any part thereof
         be sublet or occupied by anyone other than Tenant, Landlord may, at any
         time and from time to time, collect rent and other charges from the
         assignee, subtenant or occupant, and apply the net amount collected to
         the rent and other charges herein reserved, but no such assignment,
         subletting, occupancy, collection or modification of any provisions of
         this Lease shall be deemed a waiver of this covenant, or the acceptance
         of the assignee, subtenant or occupant as a tenant or a release of the
         original named Tenant from the further performance by the original
         named Tenant hereunder. No assignment or subletting hereunder shall
         relieve Tenant from its obligations hereunder and Tenant shall remain
         fully and primarily liable therefor. No assignment or subletting, or
         occupancy shall affect Permitted Uses.

           ARTICLE VII - RESPONSIBILITY FOR REPAIRS AND CONDITIONS OF
                 PREMISES; SERVICES TO BE FURNISHED BY LANDLORD

         7.1. LANDLORD REPAIRS.

              (a) Except as otherwise provided in this Lease, Landlord agrees to
         keep in good order, condition and repair the roof, public areas,
         exterior walls (including exterior glass) and structure of the Building
         (including plumbing, mechanical and electrical systems installed by
         Landlord but excluding any systems installed specifically for Tenant's
         benefit), all insofar as they affect the Premises, except that Landlord
         shall in no event be responsible to Tenant for the condition of glass
         in the Premises or for the doors (or related glass and finish work)
         leading to the Premises, or for any condition in the Premises or the
         Building caused by any act or neglect of Tenant, its agents, employees,
         invitees or contractors. Notwithstanding the foregoing, Landlord shall,
         at its sole cost and expense, repair or replace the exterior glass
         windows of the Premises with Building standard glass, unless such
         repair or replacement is necessitated by the act or neglect of Tenant,
         its agents, employees, invitees or contractors. Landlord shall not be
         responsible to make any improvements or repairs to the Building other
         than as expressly in this Section 7.1 provided, unless expressly
         provided otherwise in this Lease.

              (b) Landlord shall never be liable for any failure to make repairs
         which Landlord has undertaken to make under the provisions of this
         Section 7.1 or elsewhere in this Lease, unless Tenant has given notice
         to Landlord of the need to make such repairs, and Landlord has failed
         to commence to make such repairs within a reasonable time after receipt
         of such notice, or fails to proceed with reasonable diligence to
         complete such repairs.

         7.2. TENANT'S AGREEMENT.

              (a) Tenant will keep neat and clean and maintain in good order,
         condition and repair the Premises and every part thereof, excepting
         only those repairs for which

                                       10
<PAGE>

         Landlord is responsible under the terms of this Lease, reasonable
         wear and tear of the Premises, and damage by fire or other casualty and
         as a consequence of the exercise of the power of eminent domain; and
         shall surrender the Premises, at the end of the Term, in such
         condition. Without limitation, Tenant shall continually during the Term
         of this Lease maintain the Premises in accordance with all laws, codes
         and ordinances from time to time in effect and all directions, rules
         and regulations of the proper officers of governmental agencies having
         jurisdiction, and of the Boston Board of Fire Underwriters, and shall,
         at Tenant's own expense, obtain all permits, licenses and the like
         required by applicable law. Without limiting the generality of the
         foregoing, Tenant shall be responsible, in connection with Tenant's use
         of the Premises, for compliance with the Americans with Disabilities
         Act of 1990 (42 U.S.C.ss.12101 ET SEQ.) and the regulations and
         Accessibility Guidelines for Buildings and Facilities issued
         pursuant thereto (collectively, the "ADA Requirements"). Tenant's
         compliance obligation shall include only alterations and improvements
         required, from time to time, to the Premises in order to comply with
         the ADA Requirements, but not alterations or improvements outside of
         the Premises. Notwithstanding the foregoing or the provisions of
         Article XII, and provided that Landlord has in full force and effect
         the insurance coverage specified in Section 14.24, Tenant shall be
         responsible (subject to the provisions of Section 14.20) for the cost
         of repairs which may be necessary by reason of damage to the Building
         caused by any act or neglect of Tenant or its agents, employees,
         contractors or invitees (including any damage by fire or any other
         casualty arising therefrom).

              (b) If repairs are required to be made by Tenant pursuant to the
         terms hereof, Landlord may demand that Tenant make the same forthwith,
         and if Tenant refuses or neglects to commence such repairs and complete
         the same with reasonable dispatch after such demand, Landlord may (but
         shall not be required to do so) make or cause such repairs to be made
         (the provisions of Section 14.18 being applicable to the costs thereof)
         and shall not be responsible to Tenant for any loss or damage that may
         accrue to Tenant's stock or business by reason thereof. Notwithstanding
         the foregoing, Landlord may elect to take action hereunder immediately
         and without notice to Tenant if Landlord reasonably believes an
         emergency to exist.

         7.3. FLOOR LOAD - HEAVY MACHINERY.

              (a) Tenant shall not place a load upon any floor in the Premises
         exceeding the floor load per square foot of area which such floor was
         designed to carry (being 75 pounds live load per square foot, and 92
         pounds dead load per square foot) and which is allowed by law. Landlord
         reserves the right to prescribe the weight and position, of all
         business machines and mechanical equipment, including safes, which
         shall be placed so as to distribute the weight. Business machines and
         mechanical equipment shall be placed and maintained by Tenant at
         Tenant's expense in settings sufficient, in Landlord's judgment, to
         absorb and prevent vibration, noise and annoyance. Tenant shall not
         move any safe, heavy machinery, heavy equipment freight, bulky matter
         or fixtures into or out of the Building without Landlord's prior
         consent, which consent may include a requirement to provide insurance,
         naming Landlord as an insured, in such amounts as Landlord may deem
         reasonable.

                                       11
<PAGE>

              (b) If such safe, machinery, equipment, freight, bulky matter or
         fixtures requires special handling, Tenant agrees to employ only
         persons holding a Master Rigger's license to do such work, and that all
         work in connection therewith shall comply with applicable laws and
         regulations. Any such moving shall be at the sole risk and hazard of
         Tenant, and Tenant will exonerate, indemnify and save Landlord harmless
         against and from any liability, loss, injury, claim or suit resulting
         directly or indirectly from such moving.

         7.4. BUILDING SERVICES.

              (a) Landlord shall, on Business Days from 8:00 am. to 6:00 p.m.,
         and on Saturdays from 9:00 am. to 1:00 p.m., furnish heating and
         cooling as normal seasonal changes may require to provide reasonably
         comfortable space temperature and ventilation for occupants of the
         Premises under normal business operation at an occupancy of not more
         than one person per 125 square feet of Premises Rentable Area and an
         electrical load not exceeding 2.5 watts per square foot of Premises
         Rentable Area. If Tenant shall require air conditioning, heating or
         ventilation outside of the hours and days above specified, Tenant shall
         so notify the Building management office at least twenty-four hours in
         advance (which notice may be oral), and Landlord shall furnish such
         service and Tenant shall pay therefor such charges as may from time to
         time be in effect. In the event Tenant introduces to the Premises
         personnel or equipment which overloads the capacity of the Building
         system or in any other way interferes with the system's ability to
         perform adequately its proper functions, and if such situation is not
         corrected promptly after notice thereof from Landlord to Tenant,
         supplementary systems may, if and as needed, at Landlord's option, be
         provided by Landlord, at Tenant's expense.

              (b) Landlord shall also provide:

                  (i) Passenger elevator service from the existing passenger
              elevator system in common with Landlord and other tenants in the
              Building (which shall not include the elevator located in the
              Building lobby which is dedicated to the mezzanine level of the
              Building, which elevator shall be rendered inoperable by Landlord
              prior to the Commencement Date). Notwithstanding the foregoing,
              Landlord shall, upon at least ten (10) days prior notice from
              Tenant, render the elevator located in the Building lobby which is
              dedicated to the mezzanine level of the Building operable, and in
              such event (a) Tenant shall, at its sole cost and expense and
              subject to the provisions of Section 5.2 hereof and to the extent
              required by the ADA Requirements, perform all work necessary bring
              such elevator into compliance with the ADA Requirements, and (b)
              Tenant shall defend, indemnify and hold harmless Landlord from and
              against all claims, loss, liability, costs and damages of whatever
              nature arising from any non-compliance of said elevator with the
              ADA Requirements.;

                  (ii) Hot water for lavatory and kitchen sink purposes and cold
              water (at temperatures supplied by the City of Boston) for
              drinking, lavatory, kitchen sinks and toilet purposes. It is
              specifically understood and agreed that (i) a portion of the hot
              water in the Premises is produced by a hot water heater located
              within the

                                       12
<PAGE>

              Premises, (ii) Landlord warrants and represents that, as of the
              Commencement Date. such hot water heater shall be in good
              operating condition. and (iii) any repairs, replacements or
              maintenance required to be made to such hot water heater (and any
              other hot water heater or heaters which Tenant may install in the
              Premises) during the Term of this Lease shall be performed by
              Tenant at its sole cost and expense. If Tenant uses water for any
              purpose other than for ordinary lavatory and drinking purposes,
              Landlord may assess a reasonable charge for the additional water
              so used, or install a water meter and thereby measure Tenant's
              water consumption for all purposes. In the latter event, Tenant
              shall pay the cost of the meter and the cost of installation
              thereof and shall keep such meter and installation equipment in
              good working order and repair. Tenant agrees to pay for water
              consumed, as shown on such meter, together with the sewer charge
              based on such meter charges, as and when bills are rendered, and
              in default in making such payment Landlord may pay such charges
              and collect the same from Tenant as an additional charge.

                  (iii) Cleaning and janitorial services to the Premises,
              provided the same are kept in order by Tenant, as described in
              Exhibit CS hereto; and

                  (iv) Free access to the Premises seven days per week,
              twenty-four hours per day, subject to reasonable security
              restrictions and restrictions based on emergency conditions.

              It is specifically understood and agreed that Landlord shall not
              be providing any security service to Tenant in addition to the
              security service, if any, which Landlord may be providing to other
              tenants in the Building from time to time.

         7.5. ELECTRICITY.

              (a) Landlord shall supply electricity to the Premises, as supplied
         to it by the applicable utility company, to meet a demand requirement
         (utilizing the demand measurement standards established by the
         supplying utility under the rate applicable to the Landlord) not to
         exceed 3.0 watts per square foot of Premises Rentable Area for standard
         single-phase 120 volt alternating current (and 220 volt alternating
         current as needed for either kitchen, provided that any wiring or
         fixturing necessary to bring such 220 volt alternating current into the
         Premises shall be at Tenant's sole cost and expense) and Tenant agrees
         in its use of the Premises (i) not to exceed such requirements, (ii)
         that its total connected lighting load will not exceed the maximum from
         time to time permitted under applicable governmental regulations, and
         (iii) that incidental use of the electrical system over and above the
         hours and days set forth in Section 7.4 shall not exceed five (5) hours
         per week. If, without in any way derogating from the foregoing
         limitation, Tenant shall require electricity in excess of the
         requirements set forth above, Tenant shall notify Landlord and Landlord
         shall, if practicable, (without being obligated to do so) supply such
         additional service or equipment at Tenant's sole cost and expense.
         Landlord shall purchase and install, at Tenant's expense after the
         Commencement Date, all lamps, tubes, bulbs, starters and ballasts. In
         order to assure that the foregoing requirements are not exceeded and to
         avert any possible adverse affect on the Building's

                                       13
<PAGE>

         electric system, Tenant shall not, without Landlord's prior consent,
         connect any fixtures, appliances or equipment to the Building's
         electric distribution system other than typewriters, personal
         computers, pencil sharpeners, adding machines, check processing
         machines, handheld or desktop calculators, dictaphones, and other
         similar customary office equipment, and the appliances for the two
         kitchens.

              (b) From time to time during the Term of this Lease, Landlord
         shall have the right to have an electrical consultant selected by
         Landlord make a survey of Tenant's electric usage, the results of which
         survey shall be conclusive and binding upon Landlord and Tenant. In the
         event that such survey shows that Tenant has exceeded the requirements
         set forth in paragraph (a), or that Tenant uses or has used such
         electricity more than sixty (60) hours per week in the course of its
         business operations, in addition to any other rights Landlord may have
         hereunder, Tenant shall, upon demand, reimburse Landlord for the cost
         of such survey and the cost, as determined by such consultant, of the
         electricity usage in excess of such requirements for the period of such
         excess usage, as additional charges.

              (c) Tenant's use of electricity in the Premises shall be measured
         by a so-called "check Meter". Tenant shall pay Landlord, within ten
         (10) business days of its receipt of an invoice therefor, for Tenant's
         electricity usage as shown on said check meter (which shall be
         calculated using the same rates being charged to Landlord by the
         supplying utility company).

              (d) Landlord shall have the right to discontinue furnishing
         electricity to the Premises at any time upon not less than thirty (30)
         days' notice to Tenant provided Landlord shall, at Tenant's expense,
         separately meter the Premises. If Landlord exercises its right
         hereunder, then from and after the effective date of such
         discontinuance, Landlord shall not be obligated to furnish electricity
         to the Premises. From and after the effective date of such new
         metering:

                  (i) Landlord shall permit Landlord's existing wires, risers,
              conduits and other electrical equipment of Landlord to be used to
              supply electricity to Tenant provided that the wattage limits set
              forth in paragraph (a) shall not be exceeded; and

                  (ii) Tenant shall arrange for electrical service from, and
              make payments directly to, the appropriate utility company.

                        ARTICLE VIII - REAL ESTATE TAXES

         8.1. PAYMENT ON ACCOUNT OF REAL ESTATE TAXES.

              (a) For the purposes of this Article, the term "Tax Year" shall
         mean the twelve-month period commencing on the July 1 immediately
         preceding the Commencement Date and each twelve-month period thereafter
         commencing during the

                                       14
<PAGE>

         Term of this Lease; and the term "Taxes" shall mean real estate taxes
         assessed with respect to the Property for any Tax Year.

              (b) In the event that, for any reason, Taxes shall be greater
         during any Tax Year than Base Taxes, Tenant shall pay to Landlord, as
         an Escalation Charge, an amount equal to (i) the excess of Taxes over
         Base Taxes, multiplied by (ii) the Escalation Factor, such amount to be
         apportioned for any fraction of a Tax Year in which the Commencement
         Date falls or the Term of this Lease ends.

              (c) Estimated payments by Tenant on account of Taxes shall be made
         monthly and at the time and in the fashion herein provided for the
         payment of Basic Rent. The monthly amount so to be paid to Landlord
         shall be sufficient to provide Landlord by the time real estate tax
         payments are due a sum equal to Tenant's required payments, as
         estimated by Landlord from time to time, on account of Taxes for the
         then current Tax Year. Promptly after receipt by Landlord of bills for
         such Taxes, Landlord shall provide Tenant a copy thereof and advise
         Tenant of the computation of Tenant's payment on account thereof. If
         estimated payments theretofore made by Tenant for the Tax Year covered
         by such bills exceed the required payments on account thereof for such
         Year, Landlord shall credit the amount of overpayment against
         subsequent obligations of Tenant on account of Basic Rent, Operating
         Expenses and Taxes (or refund such overpayment if the Term of this
         Lease has ended and Tenant has no further obligation to Landlord); but
         if the required payments on account thereof for such Year are greater
         than estimated payments theretofore made one account thereof for such
         Year, Tenant shall make payment to Landlord within 30 days after being
         so advised by Landlord. Landlord shall have the same rights and
         remedies for the non-payment by Tenant of any payments due on account
         of Taxes as Landlord has hereunder for the failure of Tenant to pay
         Basic Rent.

              (d) Notwithstanding anything to the contrary in this Article VIII
         contained, it is specifically understood and agreed that (i) Tenant
         shall have no liability for the payment of Escalation Charges for Taxes
         accruing during the period commencing on the Commencement Date, through
         and including December 31, 1995, and (ii) Tenant shall not be required
         to make estimated payments on account of Taxes until January 1, 1996.

         8.2. ABATEMENT. If Landlord shall receive any tax refund or
reimbursement of Taxes or sum in lieu thereof with respect to any Tax Year which
is not due to vacancies in the Building, then out of any balance remaining
thereof after deducting Landlord's expenses reasonably incurred in obtaining
such refund, Landlord shall pay to Tenant, provided there does not then exist a
Default of Tenant, an amount equal to such refund or reimbursement or sum in
lieu thereof (exclusive of any interest) multiplied by the Escalation Factor;
provided, that in no event shall Tenant be entitled to receive more than the
payments made by Tenant on account of real estate tax increases for such Year
pursuant to paragraph (b) of Section 8.1 or to receive any payments or abatement
of Basic Rent if Taxes for any Year are less than Base Taxes or Base Taxes are
abated.

                                       15
<PAGE>

         8.3. ALTERNATE TAXES.

              (a) If some method or type of taxation shall replace the current
         method of assessment of real estate taxes in whole or in part, or the
         type thereof, or if additional types of taxes are imposed upon the
         Property or Landlord relating to the Property, Tenant agrees that
         Tenant shall pay a proportionate share of the same as an additional
         charge computed in a fashion consistent with the method of computation
         herein provided, to the end that Tenants share thereof shall be, to the
         maximum extent practicable, comparable to that which Tenant would bear
         under the foregoing provisions.

              (b) If a tax (other than Federal or State net income tax) is
         assessed on account of the rents or other charges payable by Tenant to
         Landlord under this Lease, Tenant agrees to pay the same as an
         additional charge within ten (10) days after billing therefor, unless
         applicable law prohibits the payment of such tax by Tenant. However, if
         such new tax is not being assessed generally with respect to other
         office buildings in Boston, Tenant shall have the option, exercisable
         by notice (the "Termination Notice") given to Landlord within sixty
         (60) days after Tenant is first billed for such tax, to terminate this
         Lease on the date specified in such Termination Notice, which date
         shall not be less than sixty (60) days or more than one-hundred eighty
         (180) days after such notice is given. Notwithstanding the foregoing,
         in the event Tenant gives such Termination Notice, Landlord shall
         thereafter have the right to waive Tenant's liability under this Lease
         with respect to such new tax within a five (5) business day period
         following Tenant's delivery of its Termination Notice, in which event
         Tenant shall not have the aforementioned option to terminate.

                  ARTICLE IX - OPERATING AND UTILITY EXPENSES

         9.1. DEFINITIONS. For the purposes of this Article, the following terms
shall have the following respective meanings:

                  (i) OPERATING YEAR: Each calendar year in which any part of
              the Term of this Lease shall fall.

                  (ii) OPERATING EXPENSES: The aggregate costs or expenses
              reasonably incurred by Landlord with respect to the operation,
              administration, cleaning, repair, maintenance (including, without
              limitation, costs incurred in complying with the ADA Requirements)
              and management of the Property (but specifically excluding utility
              costs) all as set forth in Exhibit OC annexed hereto, provided
              that, if during any portion of the Operating Year for which
              Operating Expenses are being computed, less than 93% of Building
              Rentable Area was occupied by tenants or if Landlord is not
              supplying all tenants with the services being supplied hereunder,
              actual Operating Expenses incurred shall be reasonably
              extrapolated by Landlord on an item by item basis to the estimated
              Operating Expenses that would have been incurred if the Building
              were 93% occupied for such Year and such services were being
              supplied to all tenants, and such extrapolated amount shall, for
              the purposes hereof, be deemed to be the Operating Expenses for
              such Year. Tin no event shall Landlord ever collect more than 100%
              of Operating Expenses in any given Operating Year.

                                       16
<PAGE>

                  (iii) UTILITY EXPENSES: The aggregate costs or expenses
              reasonably incurred by Landlord with respect to supplying
              electricity (other than electricity supplied to those portions of
              the Building leased or intended to be leased to tenants), oil,
              steam, gas, water and sewer and other utilities supplied to the
              Property and not paid for directly by tenants, provided that, if
              during any portion of the Operating Year for which Utility
              Expenses are being computed, less than all Building Rentable Area
              was occupied by tenants or if Landlord is not supplying all
              tenants with the utilities being supplied hereunder, actual.
              utility expenses incurred shall be reasonably extrapolated by
              Landlord on an item-by-item basis to the estimated Utility
              Expenses that would have been incurred if the Building were fully
              occupied for such Year and such utilities were being supplied to
              all tenants, and such extrapolated amount shall, for the purposes
              hereof, be deemed to be the Utility Expenses for such Year.

              Notwithstanding anything to the contrary in this Lease contained,
              the following costs and expenses shall be excluded from Operating
              Expenses:

                      1. interest, principal, or other payments on loans or
                 other indebtedness;

                      2. costs of leasehold improvements or other improvements
                 or alterations made within space leased or intended to be
                 leased to tenants (including, without limitation, all so-called
                 soft costs associated with such improvements);

                      3. refinancing costs;

                      4. leasing commissions and brokerage fees;

                      5. capital expenditures or any other expenditures not
                 currently chargeable against income in accordance with
                 generally accepted accounting principles, unless same are
                 incurred for the purpose of (i) improving Building operating
                 efficiency and lowering operating costs, (ii) repairing or
                 replacing a system or item of equipment serving the Building on
                 the date of this Lease, (iii) complying with any building code
                 or other law, regulation or legal requirement as to which the
                 Building is not now or hereafter "grandfathered", including,
                 without limitation, the Americans with Disabilities Act 42
                 U.S.C.ss.12001, et seq., or (iv) complying with the
                 requirements of any insurer of Landlord as a condition for any
                 policy of insurance which Landlord is required to carry under
                 the terms of this Lease. Any allowable capital expenditures
                 shall be amortized in accordance with the provisions of Exhibit
                 OC;

                      6. any cost which is reimbursed to Landlord by third
                 parties (including, without limitation, reimbursement through
                 the proceeds of insurance or a condemnation award);

                                       17
<PAGE>

                      7. the cost of providing services or supplies, materials,
                 or other property, which are separately invoiced and charged to
                 individual tenants of the Building;

                      8. real estate taxes;

                      9. transfer, gains, franchise, inheritance, estate, and
                 income taxes imposed on Landlord;

                      10. the cost of any and all utilities supplied to the
                 Property;

                      11. ground rent, if any, or any other payments under any
                 superior lease;

                      12. lease takeover costs (that is, lease costs of premises
                 located outside of the Building) incurred by Landlord or the
                 cost of any other concessions given or expenses incurred by
                 Landlord (to existing tenants or prospective tenants) in
                 connection with leasing of space in the Building;

                      13. the cost (including legal, litigation or arbitration
                 costs) of any judgment, settlement, or arbitration award
                 resulting from any liability of Landlord for Landlord's
                 negligence or other wrongful conduct;

                      14. the cost of installing, operating and maintaining any
                 common social facility, luncheon club, athletic or recreational
                 club, cafeteria or dining facility, or similar facility;

                      15. the cost of furnishing services or supplies to
                 particular tenants, which services or supplies are not provided
                 to all tenants generally in the Building; and

                      16. any interest or penalty charge incurred by Landlord
                 due to the violation by Landlord of any law.

         9.2. TENANT'S PAYMENTS.

              (a) In the event that for any Operating Year Operating Expenses
         shall exceed Base Operating Expenses, Tenant shall pay to Landlord, as
         an Escalation Charge, an amount equal to (i) such excess Operating
         Expenses multiplied by (ii) the Escalation Factor, such amount to be
         apportioned for any partial Operating Year which the Commencement Date
         falls or the Term of this Lease ends.

              (b) In the event that for any Operating Year Utility Expenses
         shall exceed Base Utility Expenses, Tenant shall pay to Landlord, as an
         Escalation Charge, an amount equal to (i) such excess Utility Expenses
         multiplied by (ii) the Escalation Factor, such

                                       18
<PAGE>

         amount to be apportioned for any partial Operating Year in which the
         Commencement Date falls or the Term o(pound) this Lease ends.

              (c) Estimated payments by Tenant on account of Operating Expenses
         and Utility Expenses shall be made monthly and at the time and in the
         fashion herein provided for the payment of Basic Rent. The monthly
         amount so to be paid to Landlord shall be sufficient to provide
         Landlord by the end of each Operating Year a sum equal to Tenant's
         required payments, as estimated by Landlord from time to time during
         each Operating Year, on account of Operating Expenses and Utility
         Expenses for such Operating Year. After the end of each Operating Year,
         Landlord shall submit to Tenant a reasonably detailed accounting of
         Operating Expenses and Utility Expenses for such Year, and Landlord
         shall certify to the accuracy thereof. If estimated payments
         theretofore made for such Year by Tenant exceed Tenant's required
         payment on account thereof for such Year, according to such statement,
         Landlord shall credit the amount of overpayment against subsequent
         obligations of Tenant with respect to Basic Rent, Taxes, Operating
         Expenses and Utility Expenses (or refund such overpayment if the Term
         of this Lease has ended and Tenant has no further obligation to
         Landlord); but, if the required payments on account thereof for such
         Year are greater than the estimated payments (if any) theretofore made
         on account thereof for such Year, Tenant shall make payment to Landlord
         within thirty (30) days after being so advised by Landlord. Landlord
         shall have the same rights and remedies for the nonpayment by Tenant of
         any payments due on account of Operating Expenses and Utility Expenses
         as Landlord has hereunder for the failure of Tenant to pay Basic Rent.

              ARTICLE X - INDEMNITY AND PUBLIC LIABILITY INSURANCE

         10.1. TENANT'S INDEMNITY. To the maximum extent this agreement may be
made effective according to law, Tenant agrees to defend, indemnify and save
harmless Landlord from and against alt claims, loss, liability, costs and
damages of whatever nature arising from any default by Tenant under this Lease
and the following: (i) from any failure of Tenant to comply with its obligations
under this Lease in connection with the ADA Requirements; (ii) from any
accident, injury or damage whatsoever to any person, or to the property of any
person, occurring in or about the Premises (except those due to Landlord's
negligence or the negligence of Landlord's agents, employees, invitees or
independent contractors); (iii) from any accident, injury or damage occurring
outside of the Premises but on the Property, where such accident, damage or
injury results or is claimed to have resulted from an act or omission on the
part of Tenant or Tenant's agents, employees, invitees or independent
contractors; or (iv) in connection with the conduct or management of the
Premises or of any business therein, or any thing or work whatsoever done, or
any condition created (other than by Landlord or any of its agents, employees,
invitees or independent contractors) in or about the Premises; and, in any case,
occurring after the date of this Lease, until the end of the Term of this Lease,
and thereafter so long as Tenant is in occupancy of the Premises. This indemnity
and hold harmless agreement shall include indemnity against all costs, expenses
and liabilities incurred in, or in connection with, any such claim or proceeding
brought thereon, and the defense thereof, including, without limitation,
reasonable attorneys' fees and costs at both the trial and appellate levels.

                                       19
<PAGE>

         10.2. PUBLIC LIABILITY INSURANCE. Tenant agrees to maintain in full
force from the date upon which Tenant first enters the Premises for any reason,
throughout the Term of this Lease, and thereafter so long as Tenant is in
occupancy of any part of the Premises, a policy of general liability and
property damage insurance (including broad form contractual liability,
independent contractor's hazard and completed operations coverage) under which
Landlord, Agent (and such other persons as are in privity of estate with
Landlord as way be set out in notice from time to time) and Tenant are named as
additional insureds, and under which the insurer agrees to defend, indemnify and
hold Landlord, Agent, and those in privity of estate with Landlord, harmless
from and against all cost, expense and/or liability arising out of or based upon
any and all claims, accidents, injuries and damages set forth in Section 10.1.
Each such policy shall be noncancellable and non-amendable with respect to
Landlord, Agent and Landlord's said designees without thirty (30) days' prior
notice to Landlord and shall be in at least the amounts of the Initial Public
Liability Insurance specified in Section 1.3 or such greater amounts as Landlord
shall from time to time reasonably request and as shall not be inconsistent in
any material way from the amount required of other private banks or trust
companies in first class office buildings in the Boston area, and a duplicate
original or certificate thereof shall be delivered to Landlord.

         10.3. TENANTS RISK. Tenant agrees to use and occupy the Premises and to
use such other portions of the Property as Tenant is herein given the right to
use at Tenant's own risk. To the maximum extent this agreement may be made
effective according to law, Landlord shall have no responsibility or liability
for any loss of or damage to Tenant's Removable Property. Tenant shall carry
"all-risk" property insurance on a "replacement cost" basis (including so-called
improvements and betterments), and provide a waiver of subrogation as required
in Section 14.20. The provisions of this Section 10.3 shall be applicable from
and after the execution of this Lease and until the end of the Term of this
Lease, and during such further period as Tenant may use or be in occupancy of
any part of the Premises or of the Building.

         10.4. INJURY CAUSED BY THIRD PARTIES. To the maximum extent this
agreement may be made effective according to law, and without affecting
Landlord's obligations under Sections 7.1 or 12.3, Tenant agrees that Landlord
shall not be responsible or liable to Tenant, or to those claiming by, through
or under Tenant, for any loss or damage to the extent that such loss or damage
is occasioned by or through the acts or omissions of persons occupying adjoining
premises or any part of the premises adjacent to or connecting with the Premises
or any part of the Property.

                   ARTICLE XI - LANDLORD'S ACCESS TO PREMISES

         11.1. LANDLORD'S RIGHTS. Subject to Tenant's reasonable security
requirements (except in the case of emergency), including the maintenance of a
log book for all entries after normal business hours, Landlord shall have the
right to enter the Premises at all reasonable hours for the purpose of
inspecting the Premises, and Landlord shall also have the right, upon at least
twenty-four (24) hours advance notice (which notice may be oral and which notice
shall be waived in the case of an emergency), to enter the Premises for the
purpose of making repairs to same. Landlord shall also have the right to make
access available during normal business hours to prospective or existing
mortgagees, purchasers or tenants of any part of the Property.

                                       20
<PAGE>

                    ARTICLE XII - FIRE, EMINENT DOMAIN, ETC.

         12.1. ABATEMENT OF RENT. If the Premises shall be damaged by fire or
casualty, Basic Rent and Escalation Charges payable by Tenant shall abate
proportionately for the period in which, by reason of such damage, there is
substantial interference with Tenant's use of the Premises, having regard to the
extent to which Tenant may be required to discontinue Tenant's use of all or a
portion of the Premises, but such abatement or reduction shall end if and when
Landlord shall have substantially restored the Premises (excluding any
alterations, additions or improvements made by Tenant pursuant to Section 5.2)
to the condition in which they were prior to such damage, and shall, if
necessary for Tenant's occupancy of the Premises, have obtained a certificate of
occupancy for the Premises. In any event, Landlord shall promptly apply for a
certificate of occupancy for the Premises, and shall prosecute such application
to completion with diligence and continuity. If the Premises shall be affected
by any exercise of the power of eminent domain, Basic Rent and Escalation
Charges payable by Tenant shall be justly and equitably abated and reduced
according to the nature and extent of the loss of use thereof suffered by
Tenant. In no event shall Landlord have any liability for damages to Tenant for
inconvenience, annoyance, or interruption of business arising from such fire,
casualty or eminent domain.

         12.2. RIGHTS OF TERMINATION.

              (a) If the Premises or the Building are substantially damaged by
          fire or casualty (the term "substantially damaged" meaning damage of
         such a character that the same cannot, in ordinary course, reasonably
         be expected to be repaired within sixty (60) days from the time the
         repair work would commence), or if any material part of the Building is
         taken by any exercise of the right of eminent domain, then Landlord
         shall have the right to terminate this Lease (even if Landlord's entire
         interest in the Premises may have been divested) by giving notice of
         Landlord's election so to do within 90 days after the occurrence of
         such casualty or the effective date of such taking, but only if
         Landlord also terminates the leases of all other tenants in the
         Building who are similarly affected by such casualty or taking,
         whereupon this Lease shall terminate thirty (30) days after the date of
         such notice with the same force and effect as if such date were the
         date originally established as the expiration date hereof (unless the
         Premises were not substantially damaged, in which event this Lease
         shall terminate ninety days after the date of such notice with the same
         force and effect as if such date were the date originally established
         as the expiration date hereof).

              (b) If the Premises or the Building are substantially damaged by
         fire or casualty, or if any material part of the Premises or
         appurtenant rights thereto is taken by any exercise of the right of
         eminent domain, then, within forty-five (45) days of any such damage or
         taking, Landlord or Landlord's contractor shall issue a certificate to
         Tenant in good faith reasonably estimating the time necessary to
         restore the Building, the Premises and such appurtenant rights to their
         immediately prior condition (the "Work Period Estimate"). In case of
         such taking of all or a material part of the Premises, if the remainder
         is insufficient for use for Tenant's purposes at the time of such
         taking, and Landlord receives with the notice hereinafter referred to a
         certificate to that effect signed by Tenant, or in the case of such
         substantial damage to the Premises or Building or taking

                                       21
<PAGE>

         of any part of the Premises or rights appurtenant thereto the Work
         Period Estimate exceeds 270 days from the date of such damage or
         taking, Tenant may immediately terminate this Lease by written notice
         given to Landlord within thirty (30) days of Tenant's receipt of the
         Work Period Estimate.

         12.3. RESTORATION. If this Lease shall not be terminated pursuant to
Section 12.2, Landlord shall thereafter use due diligence to restore the
Premises (excluding any alterations, additions or improvements made by Tenant)
to proper condition for Tenant's use and occupation, provided that Landlord's
obligation shall be limited to the amount of insurance proceeds available
therefor (plus the amount of any deductible applicable to such policy). If, for
any reason, such restoration shall not be substantially completed within six
months after the expiration of the 90-day period referred to in Section 12.2
(which six-month period may be extended for such periods of time as Landlord is
prevented from proceeding with or completing such restoration for any cause
beyond Landlord's reasonable control, but in no event for more than an
additional one (1) month), Tenant shall have the right to terminate this Lease
by giving notice to Landlord thereof within thirty (30) days after the
expiration of such period (as so extended). Upon the giving of such notice, this
Lease shall cease and come to an end without further liability or obligation on
the part of either party unless, within such 30-day period, Landlord
substantially completes such restoration. Such right of termination shall be
Tenant's sole and exclusive remedy at law or in equity for Landlord's failure so
to complete such restoration.

         12.4. AWARD. Landlord shall have and hereby reserves and excepts, and
Tenant hereby grants and assigns to Landlord, all rights to recover for damages
to the Property and the leasehold interest hereby created, and to compensation
accrued or hereafter to accrue by reason of such taking, damage or destruction,
and by way of confirming the foregoing, Tenant hereby grants and assigns, and
covenants with Landlord to grant and assign to Landlord, all rights to such
damages or compensation. Nothing contained herein shall be construed to prevent
Tenant from prosecuting in any condemnation proceedings a claim for the value of
any of Tenant's Removable Property installed in the Premises by Tenant at
Tenant's expense and for relocation expenses, provided that such action shall
not affect the amount of compensation otherwise recoverable by Landlord from the
taking authority.

                             ARTICLE XIII - DEFAULT

         13.1. TENANT'S DEFAULT.

               (a) If at any time subsequent to the date of this Lease any one
         or more of the following events (herein referred to as a "Default of
         Tenant") shall happen:

                   (i) Tenant shall fail to pay the Basic Rent, Escalation
             Charges or other charges hereunder when due and such failure shall
             continue for three (3) full business days after notice to Tenant
             from Landlord; or

                   (ii) Tenant shall neglect or fail to perform or observe any
             other covenant herein contained on Tenant's part to be performed or
             observed, or

                                       22
<PAGE>

             Tenant shall desert or abandon the Premises or the Premises shall
             become, or appear to have become vacant (regardless whether the
             keys shall have been surrendered or the rent and all other sums due
             shall have been paid), and Tenant shall fail to remedy the same
             within thirty (30) days after notice to Tenant specifying such
             neglect or failure, or if such failure is of such a nature that
             Tenant cannot reasonably remedy the same within such thirty (30)
             day period, Tenant shall fail to commence promptly to remedy the
             same and to prosecute such remedy to completion with diligence and
             continuity; or

                   (iii) Tenant's leasehold interest in the Premises shall be
             taken on execution or by other process of law directed against
             Tenant; or

                   (iv) Tenant shall make an assignment for the benefit of
             creditors or shall file a voluntary petition in bankruptcy or shall
             be adjudicated bankrupt or insolvent, or shall file any petition or
             answer seeking any reorganization, arrangement, composition,
             readjustment, liquidation, dissolution or similar relief for itself
             under any present or future Federal, State or other statute, law or
             regulation for the relief of debtors, or shall seek or consent to
             or acquiesce in the appointment of any trustee, receiver or
             liquidator of Tenant or of all or any substantial part of its
             properties, or shall admit in writing its inability to pay its
             debts generally as they become due; or

                   (v) A petition shall be filed against Tenant in bankruptcy or
             under any other law seeking any reorganization, arrangement,
             composition, readjustment, liquidation, dissolution, or similar
             relief under any present or future Federal, State or other statute,
             law or regulation and shall remain undismissed or unstayed for an
             aggregate of sixty (60) days (whether or not consecutive), or if
             any debtor in possession (whether or not Tenant) trustee, receiver
             or liquidator of Tenant or of all or any substantial part of its
             properties or of the Premises shall be appointed without the
             consent or acquiescence of Tenant and such appointment shall remain
             unvacated or unstayed for an aggregate of sixty (60) days (whether
             or not consecutive); or

                   (vi) If a Default of Tenant of the kind set forth in clauses
             (i) or (ii) above shall occur and if either (a) Tenant shall cure
             such Default within the applicable grace period or (b) Landlord
             shall, in its sole discretion, permit Tenant to cure such Default
             after the applicable grace period has expired, and the same event
             which would constitute a Default of Tenant if not cured within the
             applicable grace period shall occur more than once within the next
             365 days and is not cured within the applicable grace period;

             then in any such case (1) if such Default of Tenant shall occur
             prior to the Commencement Date, this Lease shall IPSO FACTO, and
             without further act on the part of Landlord, terminate, and (2) if
             such Default of Tenant shall occur after the Commencement Date,
             Landlord may terminate this Lease by notice to Tenant, and
             thereupon this Lease shall come to an end as fully and completely
             as if such date were the date herein originally fixed for the
             expiration of the Term of this

                                       23
<PAGE>

              Lease, and Tenant will then quit and surrender the Premises to
              Landlord, but Tenant shall remain liable as hereinafter provided.

              (b) If this Lease shall be terminated as provided in this Article,
         or if any execution or attachment shall be issued against Tenant or any
         of Tenant's property whereupon the Premises shall be taken or occupied
         by someone other than Tenant, then Landlord may, without notice,
         re-enter the Premises, either by force, summary proceedings, ejectment
         or otherwise, and remove and dispossess Tenant and all other persons
         and any and all property from the same, as if this Lease had not been
         made, and Tenant hereby waives the service of Notice of intention to
         re-enter or to institute legal proceedings to that end.

              (c) In the event of any termination, Tenant shall pay the Basic
         Rent, Escalation Charges and other sums payable hereunder up to the
         time of such termination, and thereafter Tenant, until the end of what
         would have been the Term of this Lease in the absence of such
         termination, and whether or not the Premises shall have been relet,
         shall be liable to Landlord for, and shall pay to Landlord, as
         liquidated current damages, the Basic Rent, Escalation Charges and
         other sums which would be payable hereunder if such termination had not
         occurred, less the net proceeds, if any, of any reletting of the
         Premises, after deducting all expenses in connection with such
         reletting, including, without limitation, all repossession costs,
         brokerage commissions, legal expenses, attorneys' fees, advertising,
         expenses of employees, alteration costs and expenses of preparation for
         such relating. Tenant shall pay such current damages to Landlord
         monthly on the days which the Basic Rent would have been payable
         hereunder if this Lease had not been terminated.

              (d) At any time after such termination, whether or not Landlord
         shall have collected any such current damages, as liquidated final
         damages and in lieu of all such current damages beyond the date of such
         demand, at Landlord's election Tenant shall pay to Landlord an amount
         equal to the excess, if any, of the Basic Rent, Escalation Charges and
         other sums as hereinbefore provided which would be payable hereunder
         from the date of such demand (assuming that, for the purposes of this
         paragraph, annual payments by Tenant on account of Taxes, Utility
         Expenses and Operating Expenses would be the same as the payments
         required for the immediately preceding Operating or Tax Year) for what
         would be the then unexpired Term of this lease if the same had remained
         in effect, over the then fair net rental value of the Premises for the
         same period.

              (e) In the case of any Default by Tenant, re-entry, expiration and
         dispossession by summary proceeding or otherwise, Landlord may (i)
         re-let the Premises or any part or parts thereof, either in the name of
         Landlord or otherwise, for a term or terms which may at Landlord's
         option be equal to or less than or exceed the period which would
         otherwise have constituted the balance of the Term of this Lease and
         may grant concessions or free rent to the extent that Landlord
         considers advisable and necessary to re-let the same and (ii) may make
         such reasonable alterations, repairs and decorations in the Premises as
         Landlord in its sole judgment considers advisable and necessary for the
         purpose of reletting the Premises; and the making of such alterations,
         repairs and decorations shall not operate or be construed to release
         Tenant from liability hereunder as

                                       24
<PAGE>

         aforesaid. Subject to applicable law, Landlord shall in no event be
         liable in any way whatsoever for failure to re-let the Premises, or, in
         the event that the Premises are re-let, for failure to collect the rent
         under such re-letting. Tenant hereby expressly waives any and all
         rights of redemption granted by or under any present or future laws in
         the event of Tenant being evicted or dispossessed, or in the event of
         Landlord obtaining possession of the Premises, by reason of the
         violation by Tenant of any of the covenants and conditions of this
         Lease.

              (f) if a Guarantor of this Lease is named in Section 1.2, the
         happening of any of the events described in paragraphs (a)(iv) or
         (a)(v) of this Section 13.1 with respect to the Guarantor shall
         constitute a Default of Tenant hereunder.

              (g) The specified remedies to which Landlord may resort hereunder
         are not intended to be exclusive of any remedies or means of redress to
         which Landlord may at any time be entitled to lawfully, and Landlord
         may invoke any remedy (including the remedy of specific performance)
         allowed at law or in equity as if specific remedies were not herein
         provided for.

              (h) All reasonable and actual costs and expenses incurred by or on
         behalf of Landlord (including, without limitation, attorneys' fees and
         expenses) in enforcing its rights hereunder or occasioned by any
         Default of Tenant shall be paid by Tenant.

         13.2. LANDLORD'S DEFAULT. Landlord shall in no event be in default of
the performance of any of Landlord's obligations hereunder unless and until
Landlord shall have failed to perform such obligations within thirty (30) days,
or such additional time as is reasonably required to correct any such default,
after notice by Tenant to Landlord specifying wherein Landlord has failed to
perform any such obligations.

                     ARTICLE XIV - MISCELLANEOUS PROVISIONS

         14.1. EXTRA HAZARDOUS USE. Tenant covenants and agrees that Tenant will
not do or permit anything to be done in or upon the Premises, or bring in
anything or keep anything therein, which shall increase the rate of property or
liability insurance on the Premises or of the Building above the standard rate
applicable to premises being occupied for Permitted Uses; and Tenant further
agrees that, in the event that Tenant shall do any of the foregoing, and shall
continue doing so for more than five (5) days after written notice thereof is
given to Tenant by Landlord, Tenant will promptly pay to Landlord, on demand,
any such increase resulting therefrom, which shall be due and payable as an
additional charge hereunder.

         14.2. WAIVER.

              (a) Failure on the part of Landlord or Tenant to complain of any
         action or non-action on the part of the other, no matter how long the
         same may continue, shall never be a waiver by Tenant or Landlord,
         respectively, of any of the other's rights hereunder. Further, no
         waiver at any time of any of the provisions hereof by Landlord or
         Tenant shall be construed as a waiver of any of the other provisions
         hereof, and a waiver

                                       25
<PAGE>

         at any time of any of the provisions hereof shall not be construed as a
         waiver at any subsequent time of the same provisions. The consent or
         approval of Landlord or Tenant to or of any action by the other
         requiring such consent or approval shall not be construed to waive or
         render unnecessary Landlord's or Tenant's consent or approval to or of
         any subsequent similar act by the other.

              (b) No payment by Tenant, or acceptance by Landlord, of a lesser
         amount than shall be due from Tenant to Landlord shall be treated
         otherwise than as a payment on account of the earliest installment of
         any payment due from Tenant under the provisions hereof. The acceptance
         by Landlord of a check for a lesser amount with an endorsement or
         statement thereon, or upon any letter accompanying such check, that
         such lesser amount is payment in full, shall be given no effect, and
         Landlord may accept such check without prejudice to any other rights or
         remedies which Landlord may have against Tenant.

         14.3. COVENANT OF QUIET ENJOYMENT. Tenant, subject to the terms and
provisions of this Lease, on payment of the Basic Rent and Escalation Charges
and observing, keeping and performing all of the other terms and provisions of
this Lease on Tenant's part to be observed, kept and performed, shall lawfully,
peaceably and quietly have, hold, occupy and enjoy the Premises during the term
hereof, without hindrance or ejection by any persons lawfully claiming under
Landlord to have title to the Premises superior to Tenant; the foregoing
covenant of quiet enjoyment is in lieu of any other covenant, express or
implied.

         14.4. LANDLORD'S LIABILITY.

              (a) Tenant specifically agrees to look solely to Landlord's then
         equity interest in the Property at the time owned, or to an offset
         against rent and other charges payable by Tenant hereunder (provided
         that such right to offset shall not be binding on or enforceable
         against any current or future mortgagee who succeeds to the interest of
         Landlord under the Lease) for recovery of any judgment from Landlord;
         it being specifically agreed that Landlord (original or successor)
         shall never be personally liable for any such judgment, or for the
         payment of any monetary obligation to Tenant The provision contained in
         the foregoing sentence is not intended to, and shall not, limit any
         right that Tenant might otherwise have to obtain injunctive relief
         against Landlord or Landlord's successors in interest, or to take any
         action not involving the personal liability of Landlord (original or
         successor) to respond in monetary damages from Landlord's assets other
         than Landlord's equity interest in the Property.

              (b) With respect to any services or utilities to be furnished by
         Landlord to Tenant, Landlord shall in no event be liable for failure to
         furnish the same when prevented from doing so by strike, lockout,
         breakdown, accident, order or regulation of or by any governmental
         authority, or unavoidable failure of supply, or inability by the
         exercise of reasonable diligence to obtain supplies, parts or employees
         necessary to furnish such services, or because of war or other
         emergency, or for any cause beyond Landlord's reasonable control, or
         for any cause due to any act or neglect of Tenant or Tenant's servants,
         agents, employees, licensees or any person claiming by, through or
         under Tenant.

                                       26
<PAGE>

              (c) In no event shall Landlord ever be liable to Tenant for any
         indirect or consequential damages suffered by Tenant from whatever
         cause.

         14.5. NOTICE TO MORTGAGEE OR GROUND LESSOR. After receiving notice from
any person, firm or other entity that it holds a mortgage or a ground lease
which includes the Premises, no notice from Tenant to Landlord alleging any
default by Landlord shall be effective unless and until a copy of the same is
given to such holder or ground lessor (provided Tenant shall have been furnished
with the name and address of such holder or ground lessor), and the curing of
any of Landlord's defaults by such holder or ground lessor shall be treated as
performance by Landlord.

         14.6. ASSIGNMENT OF RENTS AND TRANSFER OF TITLE.

              (a) With reference to any assignment by Landlord of Landlord's
         interest in this Lease, or the rents payable hereunder, conditional in
         nature or otherwise, which assignment is made to the holder of a
         mortgage on property which includes the Premises, Tenant agrees that
         the execution thereof by Landlord, and the acceptance thereof by the
         holder of such mortgage, shall never be treated as an assumption by
         such holder of any of the obligations of Landlord hereunder unless such
         holder shall, by notice sent to Tenant, specifically otherwise elect
         and that, except as aforesaid, such holder shall be treated as having
         assumed Landlord's obligations hereunder only upon the taking of
         possession of the Premises (but in no event shall such holder be liable
         for any obligations of Landlord accruing prior to such date of taking
         possession).

              (b) In no event shall the acquisition of Landlord's interest in
         the Property by a purchaser which, simultaneously therewith, leases
         Landlord's entire interest in the Property back to the seller thereof
         be treated as an assumption by operation of law or otherwise, of
         Landlord's obligations hereunder, but Tenant shall look solely to such
         seller-lessee, and its successors from time to time in title, for
         performance of Landlord's obligations hereunder. In any such event, if
         Tenant is provided with a customary form of non-disturbance agreement,
         this Lease shall be subject and subordinate to the lease to such
         purchaser. For all purposes, such seller-lessee, and its successors in
         title, shall be the Landlord hereunder unless and until Landlord's
         position shall have been assumed by such purchaser-lessor.

              (c) Except as provided in paragraph (b) of this Section, in the
         event of any transfer of title to the Property by Landlord, Landlord
         shall thereafter be entirely freed and relieved from the performance
         and observance of all covenants and obligations hereunder, except for
         those arising before such transfer (unless assumed expressly by the
         transferee).

         14.7. RULES AND REGULATIONS. Tenant shall abide by rules and
regulations from time to time established by Landlord, it being agreed that such
rules and regulations will be established, published and applied by Landlord in
a non-discriminatory fashion, such that all rules and regulations shall be
generally applicable to other tenants of the Building of similar nature to the
Tenant named herein. Landlord agrees to use reasonable efforts to insure that
any such rules and regulations are uniformly enforced, but Landlord shall not be
liable to Tenant for

                                       27
<PAGE>

violation of the same by any other tenant or occupant of the Building, or
persons having business with them. In the event that there shall be any conflict
between such rules and regulations and the provisions of this Lease, the
provisions of this Lease shall control.

         14.8. ADDITIONAL CHARGES. If Tenant shall fail to pay when due any sums
under this Lease as an additional charge, Landlord shall have the same rights
and remedies as Landlord has hereunder for failure to pay Basic Rent.

         14.9. INVALIDITY OF PARTICULAR PROVISIONS. If any term or provision of
this Lease, or the application thereof to any person or circumstance shall, to
any extent, be invalid or unenforceable, the remainder of this Lease, or the
application of such term or provision to persons or circumstances other than
those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each term and provision of this Lease shall be valid and be
enforced to the fullest extent permitted by Law.

         14.10. PROVISIONS BINDING, ETC. Except as herein otherwise provided,
the terms hereof shall be binding upon and shall inure to the benefit of the
successors and assigns, respectively, of Landlord and Tenant and, if Tenant
shall be an individual, upon and to his heirs, executors, administrators,
successors and assigns. Each term and each provision of this Lease to be
performed by Tenant shall be construed to be both a covenant and a condition.
The reference contained to successors and assigns of Tenant is not intended to
constitute a consent to assignment by Tenant, but has reference only to those
instances in which Landlord may later give consent to a particular assignment as
required by those provisions of Article VI hereof.

         14.11. RECORDING. Tenant agrees not to record this Lease, but each
party hereto agrees, on the request of the other, to execute a so-called notice
of lease in form recordable and complying with applicable law and reasonably
satisfactory to Landlord's attorneys. In no event shall such document set forth
the rent or other charges payable by Tenant under this Lease; and any such
document shall expressly state that it is executed pursuant to the provisions
contained in this Lease, and is not intended to vary the terms and conditions of
this Lease.

         14.12. NOTICES. Except as otherwise specifically provided herein,
whenever, by the terms of this Lease, notices, consents or approvals shall or
may by given either to Landlord or to Tenant, such notices, consents or
approvals shall be in writing and shall be sent by express delivery with
receipt, or by registered or certified mail, postage prepaid:

                If intended for Landlord, addressed to Landlord at Landlord's
                Original Address (or to such other address as may from time to
                time hereafter by designated by Landlord by like notice).

                If intended for Tenant, addressed to Tenant at Tenant's Original
                Address until the Commencement Date and thereafter to the
                Premises (or to such other address or addresses as may from time
                to time hereafter be designated by Tenant by like notice.)

                All such notices shall be effective upon receipt, or if sent by
                registered or certified mail, three (3) full Business Days after
                being deposited in the United States Mail

                                       28
<PAGE>

                within the Continental United States, provided that the same are
                received in ordinary course at the address to which the same
                were sent.

         14.13. WHEN LEASE BECOMES BINDING. The submission of this document for
examination and negotiation does not constitute an offer to lease, or a
reservation of, or option for, the Premises, and this document shall become
effective and binding only upon the execution and delivery hereof by both
Landlord and Tenant. All negotiations, considerations, representations and
understandings between Landlord and Tenant are incorporated herein and this
Lease expressly supersedes any proposals or other written documents relating
hereto. This Lease may be modified or altered only by written agreement between
Landlord and Tenant, and no act or omission of any employee or agent of Landlord
shall alter, change or modify any of the provisions hereof.

         14.14. PARAGRAPH HEADINGS. The paragraph headings throughout this
instrument are for convenience and reference only, and the words contained
therein shall in no way be held to explain, modify, amplify or aid in the
interpretation, construction, or meaning of the provisions of this Lease.

         14.15. RIGHTS OF MORTGAGEE OR GROUND LESSOR. This Lease shall be
subordinate to any mortgage or ground lease from time to time encumbering the
Premises, whether executed and delivered prior to or subsequent to the date of
this Lease, if the holder of such mortgage or ground lease shall so elect,
provided that (in the case of any mortgage or ground lease executed after the
date of this Lease) the mortgagee or ground lessor agrees in writing, for itself
and its successors and assigns, that so long as there shall not exist any
Default of Tenant under this Lease, the mortgagee or ground lessor (and its
successors and assigns) will recognize and honor all of the rights of the Tenant
hereunder and will not disturb the peaceful, quiet enjoyment of the Premises by
the Tenant in accordance with the terms hereof. If this Lease is subordinate to
any mortgage or ground lease and the holder thereof (or successor) shall succeed
to the interest of Landlord, at the election of such holder (or successor)
Tenant shall attorn to such holder and this Lease shall continue in full force
and effect between such holder (or successor) and Tenant. Tenant agrees to
execute such instruments of subordination or attornment in confirmation of the
foregoing agreement as such holder may reasonably request, and Tenant hereby
appoints such holder as Tenant's attorney-in-fact to execute such subordination
or attornment agreement upon default of Tenant in complying with such holder's
request.

         14.16. STATUS REPORT. Recognizing that both parties may find it
necessary to establish to third parties, such as accountants, banks, mortgagees,
ground lessors, or the like, the then current status of performance hereunder,
either party, on the request of the other made from time to time, will promptly
furnish to Landlord, or the holder of any mortgage or ground lease encumbering
the Premises, or to Tenant, as the case may be, a statement of the status of any
matter pertaining to this Lease, including, without limitation, acknowledgement
that (or the extent to which) each party is in compliance with its obligations
under the terms of this Lease.

         14.17. SECURITY DEPOSIT. As its security deposit under the Lease,
Tenant shall provide Landlord with a letter of credit (in form and substance
reasonably acceptable to Landlord) in the face amount of Three Hundred Fifty
Thousand Dollars ($350,000) from a

                                       29
<PAGE>

recognized commercial bank (not including Tenant) maintaining a branch within
Boston (the "Letter of Credit") within three (3) business days after Landlord's
approval of the Construction Plans (as defined in Exhibit AP). The Letter of
Credit shall provide that Landlord may draw thereunder upon presentation of its
certification that a Default of Tenant has occurred and is continuing under this
Lease. Provided that there then exists no Default of Tenant, the face amount of
the Letter of Credit shall be reduced to One Hundred Thousand Dollars ($100,000)
on the third anniversary of the Commencement Date. Tenant shall be entitled to
an annual rent credit equal to the fees charged for the Letter of Credit for
such year, not to exceed one and one-half percent (1.5%) of the face amount in
effect from time to time per year, and such amount shall be credited in the
month next following the assessment of such fees. Landlord shall have the right
from time to time without prejudice to any other remedy Landlord may have on
account thereof, to apply such deposit, or any part thereof, to Landlord's
damages arising from, or to cure, any Default of Tenant. If Landlord shall so
apply any or all of such deposit and shall give Tenant notice regarding the
amount and details of such application, Tenant shall immediately deposit with
Landlord the amount so applied to be held as security hereunder. There then
existing no Default of Tenant, Landlord shall return the deposit, or so much
thereof as shall theretofore not been applied in accordance with the terms of
this Section 14.17, to Tenant on the expiration or earlier termination of the
Term of this Lease and surrender of possession of the Premises by Tenant to
Landlord at such time. While Landlord holds such deposit, Landlord shall have no
obligation to pay interest on the same and shall have the right to commingle the
same with Landlord's other funds. If Landlord conveys Landlord's interest under
this Lease, the deposit, or any part thereof not previously applied, may be
turned over by Landlord to Landlord's grantee, and, if so turned over and
accepted in writing by such grantee as being held for Tenant's security deposit,
Tenant agrees to look solely to such grantee for proper application of the
deposit in accordance with the terms of this Section 14.17, and the return
thereof in accordance therewith. The holder of a mortgage shall not be
responsible to Tenant for the return or application of any such deposit, whether
or not it succeeds to the position of Landlord hereunder, unless such deposit
shall have been received in hand by such holder.

         14.18. REMEDYING DEFAULTS. Landlord shall have the right, but shall not
be required, to pay such sums or to do any act which requires the expenditure of
monies which may be necessary or appropriate by reason of the failure or neglect
of Tenant to perform any of the provisions of this Lease beyond any applicable
cure period, and in the event of the exercise of such right by Landlord, Tenant
agrees to pay to Landlord forthwith upon demand all such sums, together with
interest thereon at a rate equal to 3% over the prime rate in effect from time
to time at the First National Bank of Boston (but in no event less than 18% per
annum), as an additional charge. Any payment of Fixed Rent, Escalation Charges
or other sums payable hereunder not paid when due and continuing unpaid beyond
any applicable grace period shall, at the option of Landlord, bear interest at a
rate equal to 3% over the prime rate in effect from time to time at the First
National Bank of Boston (but in no event less than 18% per annum) from the due
date thereof and shall be payable forthwith on demand by Landlord, as an
additional charge.

         14.19. HOLDING OVER. Any holding over by Tenant after the expiration of
the Term of this Lease shall be treated as a daily tenancy at sufferance at a
rate equal to the then fair rental value of the Premises but in no event less
than 1 1/2 times the sum of (i) Fixed Rent and (ii) Escalation Charges in effect
on the expiration date. Tenant shall also pay to Landlord all damages, direct
and/or indirect (including any loss of a tenant or rental income), sustained by

                                       30
<PAGE>

reason of any such holding over. Otherwise, such holding over shall be on the
terms and conditions set forth in this Lease as far as applicable.

         14.20. WAIVER OF SUBROGATION. Notwithstanding anything else to the
contrary in this Lease contained, the parties hereto agree that neither party,
nor its agents, employees, contractors or invitees shall be liable to the other
for loss or damage caused by any risk covered by any of the insurance coverages
hereinafter described, and in implementation hereof, the parties hereby agree as
follows:

              (a) If Landlord shall suffer any loss, damage, liability or
         expense for which Tenant shall be obligated to pay Landlord, Tenant
         shall have as an offset against said obligation the greater of (i) the
         net proceeds of any insurance that Landlord receives with respect to
         such loss, damage, liability or expense or (ii) the amount of insurance
         coverage Landlord has agreed to obtain pursuant to Section 14.24,
         regardless of whether Landlord actually has obtained it, if such loss,
         damage, liability or expense shall have resulted from a risk or peril
         required hereunder to have been covered by such insurance.

              (b) If Tenant shall suffer any loss, damage, liability or expense
         for which Landlord shall be obligated to pay Tenant, Landlord shall
         have as an offset against said obligation the greater of (i) the net
         proceeds of any insurance that Tenant receives with respect to such
         loss, damage, liability or expense or (ii) the amount of insurance
         coverage Tenant has agreed to obtain hereunder, regardless of whether
         Tenant actually has obtained it, if such loss, damage, liability or
         expense shall have resulted from a risk or peril required hereunder to
         have been covered by such insurance.

              (c) Notwithstanding the foregoing with respect to the offset in
         the amount of insurance proceeds received, the parties acknowledge that
         such offset shall not cause the insurer which has paid the proceeds to
         declare the governing policy invalid. The parties therefore mutually
         agree that each shall obtain a rider to, endorsement on, or clause in,
         any insurance policy covering the Premises and the Building and
         personal property, fixtures and equipment located therein by which
         their insurers shall waive subrogation. By virtue of such rider,
         endorsement, or clause, the parties hereby agree that they will not
         make any claim against or seek to recover from each other for any loss
         or damage to their own property or to the property of others by reason
         of a risk or peril covered by such insurance.

         14.21. EARLY TERMINATION. If at any time Landlord desires to demolish
all or any substantial portion of the Building and this Lease is still in
effect, this Lease may be terminated by Landlord by giving Tenant at least
twenty-four (24) months prior notice of Landlord's intention so to do, which
notice shall not be delivered to Tennant prior to the three year anniversary of
the Commencement Date, provided that (i) all other tenants of the Building are
given notices of termination, and (ii) at least ten (10) months before the
designated termination date for this Lease, Landlord provides Tenant with
reasonable evidence that such demolition will in fact occur. If such notice is
given by Landlord, then the term of this Lease shall end on the date set forth
in such notice, all with the same force and effect as though the Term of this
Lease had originally been scheduled to expire on such date.

                                       31
<PAGE>

         14.22. SUBSTANTIATION OF CHARGES. Whenever it is provided in this Lease
that Tenant shall pay or reimburse Landlord for certain costs and expenses
incurred by Landlord (including fees and costs for the services of lawyers,
engineers, architects, and other consultants but excluding rent and Tenant's
proportionate share of increases in Taxes and Operating Costs), Tenant shall
first be given an invoice for such costs and expenses which shall described in
reasonable detail (i) the work performed or services rendered and the date(s) on
which such work was performed or such services were provided, (ii) the name of
the person who performed such work or services, (iii) the time spent in
providing such work or services (shown on a daily basis), and (iv) the nature of
any disbursements made by the person who performed such work or services.

         14.23. SURRENDER OF PREMISES. Upon the expiration or earlier
termination of the Term of this Lease, Tenant shall peaceably quit and surrender
to Landlord the Premises in neat and clean condition and in good order,
condition and repair, together with all alterations, additions and improvements
which may have been made or installed in, on or to the Premises prior to or
during the Term of this Lease, excepting only ordinary wear and use and damage
by fire or other casualty for which, under other provisions of this Lease,
Tenant has no responsibility of repair and restoration. Tenant shall remove all
of Tenant's Removable Property and, to the extent specified by Landlord, all
alterations and additions made by Tenant and all partitions wholly within the
Premises; and shall repair any damage to the Premises or the Building caused by
such removal. Any Tenant's Removable Property which shall remain in the Building
or on the Premises after the expiration or termination of the Term of this Lease
shall be deemed conclusively to have been abandoned, and either may be retained
by Landlord as its property or may be disposed of in such manner as Landlord may
see fit, at Tenant's sole cost and expense.

         14.24. LANDLORD'S INSURANCE. Landlord shall maintain in full force from
the date upon which Tenant first enters the Premises under this Lease for any
reason, throughout the Term of this Lease, a policy of all risk casualty
insurance covering the Budding in an amount equal to the full replacement cost
of the Building from time to time.

         14.25. BROKERAGE. Tenant warrants and represents that Tenant has dealt
with no broker in connection with the consummation of this Lease other than the
Broker, if any, identified in Section 1.3 hereof, and, in the event of any
brokerage claims against Landlord predicated upon prior dealings with Tenant,
Tenant agrees to defend the same and indemnify Landlord against any such claim
(except any claim by the Broker).

         14.26. GOVERNING LAW. This Lease shall be governed exclusively by the
provisions hereof and by the laws of the Commonwealth of Massachusetts, as the
same may from time to time exist.

                                       32
<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be
duly executed, under seal, by persons hereunto duly authorized, in multiple
copies, each to be considered an original hereof, as of the date first set forth
above.

TENANT:                           BOSTON PRIVATE BANCORP, INC.
------

                                  By: /s/ Timothy L. Vaill
                                      -----------------------------------------
                                      Title: President

LANDLORD:                         BEANROCK REALTY ASSOCIATES
--------

                                  By its general partners

                                  Ten-10 Holdings Limited Partnership

                                  By: /s/ J. H. Walton, Jr.
                                      -----------------------------------------
                                      J. H. Walton, Jr. Managing Partner

                                  By: /s/ John B. Griffith
                                      -----------------------------------------
                                      John B. Griffith, Managing Partner

                                       33
<PAGE>

                                   EXHIBIT AP

                             (ADDITIONAL PROVISIONS)

 1.    CONDITION OF THE PREMISES. Except for the performance of Landlord's Work
       Items (as defined in Section 2(a) of this Exhibit AP), the Premises are
       being leased in their condition as is, without representation or warranty
       of any kind. Tenant specifically acknowledges and agrees that it has
       inspected the Premises and common areas of the Building and, except for
       Landlord's Work Items, has found same to be satisfactory.

 2.    IMPROVEMENTS ALLOWANCE. (a) Within twenty (20) days after the date of
       this Lease, Tenant shall submit to Landlord for approval, construction
       drawings and specification (collectively, the "Construction Plans") for
       the construction of the proposed leasehold improvements in the Premises
       (the "Initial Improvements"), prepared at Tenant's expense by an
       architect selected by Tenant ("Tenant's Architect"). The Initial
       Improvements shall include only those types of improvements which are
       customarily found within first class banking offices. During the
       preparation of the Construction Plans, Landlord shall make its architect
       and engineer for the Building available to Tenant's architect on a
       reasonable basis, at Tenant's sole cost and expense, to provide whatever
       information and documentation they possess regarding the Building and its
       systems and to provide input for the preparation of the Construction
       Plans.

            In addition to the Construction Plans, Landlord's architect shall
       draft a set of as built plans reflecting the Premises as of the date of
       this Lease, such plans to be at Landlord's sole cost and expense to a
       maximum of $2,500.00. Tenant shall be liable for all costs of such as
       built plans in excess of such amount. All payments for such as built
       plans shall be made by Landlord and Tenant, as the case may be, directly
       to the architect.

            The Construction Plans shall include the following work ("Landlord's
       Construction Items"), which shall be accomplished at Landlord's expense
       as part of the Initial Improvements (but the cost of same shall not be
       included in or deducted from the Construction Allowance, as hereinafter
       defined):

                 (i) Landlord shall purchase and install a sink in each location
            within the Premises where one has been previously located and
            removed;

                 (ii) In addition to men's and women's rooms currently located
            on the mezzanine level of the Premises, Landlord shall construct a
            unisex bathroom on the mezzanine level of the Premises, which unisex
            bathroom shall comply with the ADA Requirements as of the
            Commencement Date;

                 (iii) With respect to the existing bathroom on the first floor
            of the Premises, Landlord will attempt to obtain a building permit
            for the initial Improvements which will allow the existing bathroom
            on the first floor of the Premises to remain in its current location
            and configuration, without the necessity for additional bathrooms on
            the first floor of the Premises.

                                       34
<PAGE>

                  If such building permit is denied based on the non-compliance
              of the first floor of the Premises with the applicable
              requirements of the plumbing code, Landlord will seek a variance
              from such plumbing code requirements which would allow either (i)
              the existing first floor bathroom to remain in its current
              location and configuration, without the necessity for additional
              bathroom fixtures on the first floor of the Premises or, in the
              alternative, (ii) the existing first floor bathroom to be removed,
              without the necessity for additional bathroom fixtures on the
              first floor of the Premises.

                  However, if Landlord is unable to obtain such a variance,
              Landlord shall, at its option, either:

                  (1)  construct two bathrooms (or, to the extent allowed under
                       applicable code, create one unisex bathroom) on the first
                       floor of the Premises (utilizing the existing bathroom
                       and other space within the Premises as necessary to meet
                       the applicable plumbing code and ADA Requirements), which
                       bathrooms (or unisex bathroom, as the case may be) shall
                       comply with the requirements of the applicable plumbing
                       code and the ADA Requirements as of the Commencement
                       Date; or

                  (2)  construct a bathroom or bathrooms in the lobby of the
                       Building (which Tenant may use in common with others in
                       the Building), which bathroom or bathrooms shall comply
                       with the requirements of the applicable plumbing code and
                       the ADA Requirements as of the Commencement Date;

              Notwithstanding anything to the contrary in this Lease contained,
              if, for whatever reason, the existing bathroom on the first floor
              of the Premises remains in its current location and configuration,
              Tenant shall, at its sole cost and expense and subject to the
              provisions of Section 5.2 hereof, perform all work necessary to
              bring such bathroom into compliance with the ADA Requirements, and
              (b) Tenant shall defend, indemnify and hold harmless Landlord from
              and against all claims, loss, liability, costs and damages of
              whatever nature arising from any non-compliance of said bathroom
              with the ADA Requirements;

                  (iv) perform all work necessary to bring the elevator located
              within the Premises into compliance with the ADA Requirements as
              of the Commencement Date;

              (b) Within ten (10) business days after submission of the
       Construction Plans for approval by Landlord, Landlord shall either
       approve the Construction Plans or note its specific objections thereto to
       Tenant. Thereafter, Landlord and Tenant shall act in good faith to
       resolve such objections.

              (c) If the Construction Plans are approved by Landlord, they shall
       be put out to bid to one or more union general contractors selected by
       Tenant but subject to

                                       35
<PAGE>

       Landlord's approval reasonably exercised. Any changes to the Construction
       Plans shall be submitted to Landlord for its prior consent, which shall
       not be unreasonably withheld or delayed. Landlord shall not be deemed
       unreasonable for withholding its consent to any change in the
       Construction Plans which impacts the structure, exterior, and/or
       mechanical systems of the Building. Tenant shall select a general
       contractor from among those approved by Landlord, and the contract for
       the Initial Improvements shall be between Tenant and such general
       contractor. Tenant's Architect shall be the supervisory architect for the
       Initial Improvements. The Initial Improvements shall be constructed and
       installed in accordance with all of the terms of this Lease, including,
       without limitation, the provisions of Section 5.2.

              (d) Landlord shall reimburse Tenant for the costs and expenses
       incurred by Tenant in connection with the Initial Improvements
       (including, without limitation, architectural and engineering services),
       to a maximum of $250,000.00. Such payment(s) shall be made by Landlord to
       Tenant within ten (10) business days of Landlord's receipt of invoices
       evidencing such costs and expenses.

3.     MOVING ALLOWANCE. Landlord shall reimburse Tenant for the costs and
       expenses incurred by Tenant in moving into the Premises, to a maximum of
       $50,000.00. Such payment(s) shall be made by Landlord to Tenant within
       ten (10) business days of Landlord's receipt of invoices evidencing such
       costs and expenses. Such moving costs shall include, without limitation,
       the cost of disconnecting, moving, re-installing, and adjusting and
       modifying where necessary the phone systems, computers and computer
       systems and peripherals, and other equipment owned or leased by Tenant.

4.     SIGN ALLOWANCE. Landlord shall reimburse Tenant for the costs and
       expenses incurred by Tenant in connection with the installation by Tenant
       of any signs in accordance with the terms of this Lease (including,
       without limitation, the design and manufacture of such signs), to a
       maximum of $7,500,00. Such payment(s) shall be made by Landlord to Tenant
       within ten (10) business days of Landlord's receipt of invoices
       evidencing such costs and expense.

5.     UNAMORTIZED IMPROVEMENTS ALLOWANCE. Landlord shall reimburse Tenant for
       its unamortized tenant improvements at its offices at One Winthrop
       Square, to a maximum of $160,000.00. Such payment(s) shall be made by
       Landlord to Tenant within ten (10) business days of Landlord's receipt of
       a reasonably detailed calculation of such unamortized costs.

6.     BASIC RENT CREDIT. Tenant has represented that for the twenty-three (23)
       month period commenting on the Commencement Date, through and including
       December 31, 1996, Tenant will incur a rental liability for its premises
       at One Winthrop Square.

              It being Landlord's intent to offset any such rental liability of
       Tenant with respect to the One Winthrop Square premises (to a maximum of
       $275,000.00) and the Ten Winthrop Square Premises (being $31,793.13), it
       is hereby specifically understood and agreed that (i) the first two (2)
       fall monthly installments of Basic Rent accruing hereunder shall be
       abated in their entirety, and Tenant shall have no liability with respect
       to such

                                       36
<PAGE>

       amounts, and (ii) each monthly installment of Basic Rent accruing
       thereafter, through and including December 31,1996, shall be abated by an
       amount not to exceed $12,500.00 per month, and Tenant shall have no
       liability with respect to such amounts.

              Notwithstanding the foregoing, should Tenant either (i) sublet its
       premises at One Winthrop Square or assign its lease in connection with
       same, or (ii) otherwise receive a rental credit or abatement from its
       landlord at One Winthrop Square, Tenant shall promptly notify Landlord of
       same in writing. In such event, the Basic Rent abatement described in the
       immediately preceding paragraph shall be reduced by the amount of the
       proceeds of any such subletting or assignment, or the amount of such
       rental credit or abatement, as the case may be. Tenant shall provide
       Landlord, not later than thirty (30) days after its receipt of same, with
       a copy of each monthly invoice it receives on account of rent payments
       for its One Winthrop Square premises, together with evidence of payment
       of same.

7.     OPTIONS TO EXPAND: (a) Provided that there exists no Default of Tenant,
       Tenant shall have the right at its option to include within the purview
       of this Lease Area A (as hereinafter defined), on the same terms and
       conditions then in effect with respect to the Premises, except for Basic
       Rent, which shall be at a per square foot rate equal to fifty percent
       (50%) of the per square foot Basic Rent rate applicable to the Premises
       located on the Ground Floor and mezzanine level of the Building from time
       to time. Tenant may only exercise this option by written notice (the
       "Area A Notice") delivered to Landlord not later than January 31,1997. If
       Tenant fails to exercise the expansion option within the aforesaid time
       period, Tenant's tight to Area A shall expire. Area A shall be comprised
       of approximately 3,654 contiguous rentable square feet of space located
       on the lower level of the Building and substantially as shown on Exhibit
       FP hereto. If Tenant exercises this option as aforesaid, (i) Landlord
       shall use best efforts to deliver possession of Area A to Tenant on
       February 1,1998 (it being represented by Landlord that the current lease
       of Area A is due to expire prior to such date), and Tenant agrees to
       accept same on a strictly "as is" basis, and (ii) as of the date on which
       Landlord delivers possession of Area A to Tenant, the Escalation Factor
       and the Annual Basic Rent shall be increased appropriately to account fox
       Area A.

              (b) Provided that there exists no Default of Tenant, and further
       provided that Tenant shall have exercised its expansion option with
       respect to Area A as aforesaid, Tenant shall have the right at its option
       to include within the purview of this Lease Area B (as hereinafter
       defined), on the same terms and conditions then in effect with respect to
       the Premises, except for Basic Rent, which shall be at the same Basic
       Rent rate applicable to Area A. Tenant may only exercise this option by
       written notice (the "Area B Notice") delivered to Landlord not later than
       January 31,1999. If Tenant fails to exercise the expansion option within
       the aforesaid time period, Tenant's right to Area B shall expire. Area B
       shall be comprised of approximately 3,654 contiguous rentable square feet
       of space located on the lower level of the Building and substantially as
       shown on Exhibit FP hereto. If Tenant exercises this option as aforesaid,
       (i) Landlord shall use best efforts to deliver possession of Area B to
       Tenant on February 1, 2000 (it being represented by Landlord that the
       current lease of Area B is scheduled to expire prior to such date), and
       Tenant agrees to accept same on a strictly "as is" basis, and (ii) as of
       the date on which

                                       37
<PAGE>

       Landlord delivers possession of Area B to Tenant, the Escalation Factor
       and the Annual Basic Rent shall be increased appropriately to account for
       Area B.

              (c) In addition to, and without limiting, the rights of Tenant to
       expand as provided in subsection (a) and (b) above, and provided that
       there exists no Default of Tenant hereunder, Tenant shall have the right
       to lease from Landlord, at the prevailing fair market rental rate for
       such space (as determined as hereinafter set forth) all or any portion of
       Area A and/or Area B if same becomes "available" during the Term of this
       Lease. For purposes of this Section 7 of Exhibit AP, such space shall be
       "available" if the lease for such space has expired by its terms and the
       tenant's right to occupy such space pursuant to its lease has terminated.

                  If all or any portion of Area A and/or Area B becomes
       available, before Landlord offers such space to any third party (except
       for other tenants who have preexisting rights with respect to such
       space), Landlord shall first notify Tenant ("Landlord's Offer's") of the
       availability thereof (including the size and location of such space) and
       the date on which Landlord offers to deliver such space to Tenant (the
       "Delivery Date"). In addition, Landlord's Offer shall also contain
       Landlord's determination of the fair market rental rate for such space.

                  If Tenant elects to accept Landlord's Offer, Tenant shall do
       so by written notice to Landlord ("Tenant's Acceptance") given not later
       than three (3) business days after Tenant's receipt of Landlord's Offer.
       If Tenant fails to deliver Tenant's Acceptance within the aforesaid time
       period, Tenant's rights with respect to such space shall expire. Tenant's
       Acceptance shall contain a statement from Tenant that it either accepts
       or rejects Landlord's determination of the prevailing fair market rental
       rate for such space. If Tenant rejects Landlord's determination of the
       prevailing fair market rental rate for such space, then Tenant's
       Acceptance shall also contain the name of one qualified appraiser. In
       such event Landlord shall, within thirty (30) days of Landlord's receipt
       of Tenant's Acceptance, provide Tenant with written notice of a second
       qualified appraiser, and these two appraisers shall name a third
       qualified appraiser. It shall then be the duty of the appraisers to
       ascertain the prevailing fair market rental rate for such space. The
       three appraisers shall each make a determination of the prevailing fair
       market rental rate for the space; the three appraisals will be averaged;
       the appraisal farthest from the average will be disregarded; and the two
       remaining appraisals will be averaged to obtain the prevailing fair
       market rental rate for the space. If any appraiser shall neglect or
       refuse to appear at any meeting appointed by the appraisers, a majority
       may act in the absence of such appraiser. The appraisers' determination
       of the prevailing fair market rental rate for the space as aforesaid
       shall be conclusive and shall be binding upon Landlord and Tenant.
       Landlord and Tenant shall each be responsible for the costs of their
       respective appraiser, and Landlord and Tenant shall each be responsible
       for fifty percent (50%) of the costs of the third appraiser. An appraiser
       hereunder shall be deemed qualified if a member in good standing of the
       American Institute of Real Estate Appraisers or a comparable recognized
       professional organization and such appraiser is experienced in providing
       fair market rental value appraisals of commercial real estate in the
       financial district of Boston. The third appraiser that is selected by the
       two appraisers that are appointed by Landlord and Tenant respectively
       must not have undertaken appraisal or

                                       38
<PAGE>

       other such work on behalf of either party or any affiliates of either
       party during the three year period before such third appraiser's
       selection.

                  In the event that Tenant accepts Landlord's Offer as
       aforesaid, then from and after the Delivery Date the term Premises as
       used in this Lease shall mean and include such additional space and,
       except as otherwise provided in Landlord's Offer, the Annual Basic Rent
       and the Escalation Factor shall be increased appropriately to account for
       the such additional space.

8.     RIGHT OF FIRST OFFER #1. In addition to, and without limiting, the rights
       of Tenant to expand as provided in Section 7 of this Exhibit AP, and
       provided that there then exists not Default of Tenant, Tenant shall have
       the right to lease from Landlord approximately 1,837 contiguous rentable
       square feet of space ("Area C") located on the lower level of the
       Building and substantially as shown on, Exhibit FP hereto, the first time
       on which Area C becomes "available" during the Term of this Lease. For
       purposes of this Section 8 of Exhibit AP, Area C shall be "available" if
       the lease for such space has expired by its terms and the tenant's right
       to occupy such space pursuant to its lease has terminated.

                  If Area C becomes available, before Landlord offers such space
       to any third patty (except for other tenants who have pre-existing rights
       with respect to such space), Landlord shall first notify Tenant
       ("Landlord's Offer") of the availability thereof and the date on which
       Landlord offers to deliver Area C to Tenant (the "Area C Delivery Date").
       In addition, if Landlord's Offer is delivered after the five year
       anniversary of the Commencement Date, it shall also contain Landlord's
       determination of the fair market rental rate for Area C. If Tenant fails
       to deliver to Landlord a written acceptance Landlord's Offer within three
       (3) business days from the date of Tenant's receipt of Landlord's Offer,
       then Tenant's rights with respect to Area C shall expire.

                  In the event that Tenant accepts Landlord's Offer as
       aforesaid, then from and after the Area C Delivery Date the term Premises
       as used in this Lease shall mean and include Area C and, except as
       otherwise provided in Landlord's Offer, the Annual Basic Rent and the
       Escalation Factor shall be increased appropriately to account for the
       Area C.

                  If Tenant receives Landlord's Offer prior to the five year
       anniversary of the Commencement Date, then the Basic Rent payable with
       respect to Area C shall be at a per square foot rate equal to fifty
       percent (50%) of the per square foot Basic Rent rate from time to time
       applicable to the Premises located on the Ground Floor and mezzanine
       level of the Building.

                  If Tenant receives Landlord's Offer on or after the five year
       anniversary of the Commencement Date, then the Basic Rent payable with
       respect to Area C shall be as set forth in Landlord's Offer.

9.     RIGHT OF FIRST OFFER #2. In addition to, and without limiting, the rights
       of Tenant to expand as provided in Section 7 of this Exhibit AP and the
       Right of First Offer

                                       39
<PAGE>

       set forth in Section 8 of this Exhibit AP, and provided that (i) there
       then exists no Default of Tenant, and (ii) Tenant shall have exercised
       its expansion rights with respect to Areas A and Area B, Tenant shall
       have the right to lease from Landlord approximately 3,434 contiguous
       rentable square feet of space ("Area D") located on the thirteenth floor
       of the Building and substantially as shown on Exhibit FP-13 hereto, at
       the prevailing fair market rental rate for Area D (as determined as set
       forth below) all as hereinafter set forth.

                  It is specifically understood that as of the Commencement Date
       Area D is being occupied by a tenant on a tenancy-at-will basis. After
       such tenancy-at-will has been terminated, Landlord may enter into one
       lease of Area D with any other person or entity (the "Original Lease"),
       provided that the term of such lease is no longer than five years. For
       purposes of this Section 9 of Exhibit AP, Area D shall be "available" if
       the Original Lease has expired by its terms and the tenant's right to
       occupy such space pursuant to the Original Lease has terminated.

                  The first time during the Term on which Area D becomes
       available, before Landlord offers such space to any Third Party (as
       hereinafter defined), Landlord shall first notify Tenant ("Landlord's
       Offer") of the availability thereof and the date on which Landlord offers
       to deliver Area D to Tenant (the "Area D Delivery Date"), and Landlord's
       determination of the fair market rental rate for Area D.

                  As used in this Section 9 of Exhibit AP, the terns Third Party
       shall not include (i) any tenant of the Building then occupying all of
       the twelfth floor, (ii) any tenant of the Building then occupying any
       space on the thirteenth floor, or (iii) any person or entity that agrees
       to lease all of the thirteenth floor from Landlord.

                  If Tenant elects to accept Landlord's Offer, Tenant shall do
       so by written notice to Landlord ("Tenant's Acceptance") given not later
       than three (3) business days after Tenant's receipt of Landlord's Offer.
       If Tenant fails to deliver Tenant's Acceptance within the aforesaid time
       period, Tenant's rights with respect to Area D shall expire. Tenant's
       Acceptance shall contain a statement from Tenant that it either accepts
       or rejects Landlord's determination of the prevailing fair market rental
       rate for Area D. If Tenant rejects Landlord's determination of the
       prevailing fair market rental rate for Area D, then Tenant's Acceptance
       shall also contain the name of one qualified appraiser. In such event
       Landlord shall, within thirty (30) days of Landlord's receipt of Tenant's
       Acceptance, provide Tenant with written notice of a second qualified
       appraiser, and these two appraisers shall name a third qualified
       appraiser. It shall then be the duty of the appraisers to ascertain the
       prevailing fair market rental rate for Area D. The three appraisers shall
       each make a determination of the prevailing fair market rental rate for
       Area D; the three appraisals will be averaged; the appraisal farthest
       from the average will be disregarded; and the two remaining appraisals
       will be averaged to obtain the prevailing fair market rental rate for
       Area D. If any appraiser shall neglect or refuse to appear at any meeting
       appointed by the appraisers, a majority may act in the absence of such
       appraiser. The appraisers' determination of the prevailing fair market
       rental rate for Area D as aforesaid shall be conclusive and shall be
       binding upon Landlord and Tenant. Landlord and Tenant shall each be
       responsible for the costs of their respective appraiser, and Landlord and
       Tenant shall each be responsible for fifty percent (50%) of the costs of
       the third appraiser.

                                       40
<PAGE>

       An appraiser hereunder shall be deemed qualified if a member in good
       standing of the American Institute of Real Estate Appraisers or a
       comparable recognized professional organization and such appraiser is
       experienced in providing fair market rental value appraisals of
       commercial real estate in the financial district of Boston. The third
       appraiser that is selected by the two appraisers that are appointed by
       Landlord and Tenant respectively must not have undertaken appraisal or
       other such work on behalf of either party or any affiliates of either
       party during the three year period before such third appraiser's
       selection.

                  In the event that Tenant accepts Landlord's Offer as
       aforesaid, then from and after the Area D Delivery Date the term Premises
       as used in this lease shall mean and include Area D and, except as
       otherwise provided in Landlord's Offer, the Annual Basic Rent and the
       Escalation Factor shall be increased appropriately to account for the
       Area D.

                  If after the Area D Delivery Date Landlord so requests in
       writing, Tenant shall vacate Area D and relinquish its rights with
       respect to the same provided that Landlord shall provide to Tenant
       substitute space in the Building, such space to be reasonably comparable
       in size, layout, finish and utility to Area D, and further provided that
       Landlord shall, at its sole cost and expense, move Tenant and its
       Removable Property from Area D to such new space in such manner as will
       minimize, to the greatest extent practicable, undue interference with the
       business or operation of Tenant. Any such substitute space shall, from
       and after such relocation, be treated as Area D and a part of the
       Premises demised under this Lease, and shall be occupied by Tenant under
       the same terms, provisions and conditions as are set forth in this Lease.

10.    PARKING. Landlord shall make available to Tenant throughout the term of
       this Lease, to the extent that Landlord continues to maintain a
       contractual arrangement with the owner of the Post Office Square parking
       garage (the "Garage") for parking spaces, up to and including six (6)
       full-size parking spaces in the Garage (the "Parking Spaces"), which
       Tenant shall lease under one or more parking contracts with the owner or
       manager of the garage, as the case may be, at rates generally prevailing
       in the Garage from time to time. Tenant shall notify Landlord, within
       thirty (30) days after the Commencement Date, as to the number of the
       Parking Spaces Tenant initially desires to utilize, and shall enter into
       such leases/contracts as shall be typical of other such users of the
       Garage. If Tenant exercises such rights as to less than all of the
       Parking Spaces, Tenant may from time to time thereafter during the term
       of this Lease enter into any contracts for the remaining Parking Spaces,
       provided (i) Tenant provides Landlord with not less than sixty (60) days
       prior written notice of its election, (ii) Tenant enters into such
       remaining contract(s) within the sixty (60) day period following written
       notice to Landlord, and (iii) Landlord or the garage operator at its
       option, may require that the term of any such parking contract commence
       on the first day of a calendar month.

11.    OPTIONS TO EXTEND. (a) Tenant shall have the option to extend the Term as
       to the entire Premises for one (1) period of five (5) years, upon the
       same terms and conditions then in effect with respect to the Premises,
       except for Basic Rent, which shall be determined as provided hereinbelow,
       provided that at the time such option to extend is

                                       41
<PAGE>

       exercised and at the expiration of the initial Term Tenant shall not be
       in default under this Lease beyond any applicable cure period.

                  The Basic Rent for such extension period payable with respect
       to the Premises shall be the greater of (i) ninety percent (90%) of the
       prevailing fair market rental rate for the Premises as of the date of
       commencement of the extension period, as determined as hereinafter set
       forth, or (ii) the Basic Rent payable by Tenant with respect to the
       Premises for the last Lease Year during the initial Term.

                  At any time after October 1, 2003 and prior to December 31,
       2003, Tenant may request Landlord to inform Tenant of the prevailing fair
       market rental rate for the Premises which will be in effect for the first
       extension period, and in such event Landlord shall within thirty (30)
       days thereafter notify Tenant as to the prevailing fair market rental
       rate for the fast extension period as of the commencement of the
       extension period, as determined by Landlord.

                  If Tenant elects to exercise its option to extend the initial
       Term of this Lease for the first extension period, Tenant shall do so by
       written notice to Landlord ("Tenant's Exercise") given not later than
       January 31, 2004. If Tenant fails to exercise the extension option within
       the aforesaid time period, Tenant's right to such extension of the Term
       of this Lease shall expire. Tenant's Exercise shall contain a statement
       from Tenant that it either accepts or rejects Landlord's determination of
       the prevailing fair market rental rate for the Premises. If Tenant
       rejects Landlord's determination of the prevailing fair market rental
       rate for the Premises, then Tenant's Exercise shall also contain the name
       of one qualified appraiser. In such event Landlord shall, within thirty
       (30) days of Landlord's receipt of Tenant's Exercise, provide Tenant with
       written notice of a second qualified appraiser, and these two appraisers
       shall name a third qualified appraiser. It shall then be the duty of the
       appraisers to ascertain the prevailing fair market rental rate for the
       Premises. The three appraisers shall each make a determination of the
       prevailing fair market rental rate for the Premises; the three appraisals
       will be averaged; the appraisal farthest from the average will be
       disregarded; and the two remaining appraisals will be averaged to obtain
       the prevailing fair market rental rate for the Premises. If any appraiser
       shall neglect or refuse to appear at any meeting appointed by the
       appraisers, a majority may act in the absence of such appraiser. The
       appraisers' determination of the prevailing fair market rental rate for
       the Premises as aforesaid shall be conclusive and shall be binding upon
       Landlord and Tenant. Landlord and Tenant shall each be responsible for
       the costs of their respective appraiser, and Landlord and Tenant shall
       each be responsible for fifty percent (50%) of the costs of the third
       appraiser. An appraiser hereunder shall be deemed qualified if a member
       in good standing of the American Institute of Real Estate Appraisers or a
       comparable recognized professional organization and such appraiser is
       experienced in providing fair market rental value appraisals of
       commercial real estate in the financial district of Boston. The third
       appraiser that is selected by the two appraisers that are appointed by
       Landlord and Tenant respectively must not have undertaken appraisal or
       other such work on behalf of either party or any affiliates of either
       party during the three year period before such third appraiser's
       selection.

                                       42
<PAGE>

              (b) Tenant shall have the option to extend the Term as to the
       entire Premises for a second period of five (5) years, upon the same
       terms and conditions then in effect with respect to the Premises, except
       for Basic Rent, which shall be determined as provided hereinbelow,
       provided that (i) Tenant shall have exercised its first extension option
       in a timely manner, and (ii) at the time such second option to extend is
       exercised and at the expiration of first extension period Tenant shall
       not be in default under this Lease beyond any applicable cure period.

                  The Basic Rent for such extension period payable with respect
       to the Premises shall be the greater of (i) ninety percent (90%) of the
       prevailing fair market rental rate for the Premises as of the date of
       commencement of the extension period, as determined as hereinafter set
       forth, or (ii) the Basic Rent payable by Tenant with respect to the
       Premises for the last Lease Year during the first extension period.

                  At any time after October 1, 2008 and prior to December 31,
       2008, Tenant may request Landlord to inform Tenant of the prevailing fair
       market rental rate for the Premises which will be in effect for the first
       extension period, and in such event Landlord shall within thirty (30)
       days thereafter notify Tenant as to the prevailing fair market rental
       rate for the first extension period as of the commencement of the
       extension period, as determined by Landlord.

                  If Tenant elects to exercise its option to extend the initial
       Term of this Lease for the second extension period, Tenant shall do so by
       written notice to Landlord ("Tenant's Exercise") given not later than
       January 31, 2009. If Tenant fails to exercise the extension option within
       the aforesaid time period, Tenant's right to such extension of the Term
       of this Lease shall expire. Tenant's Exercise shall contain a statement
       from Tenant that it either accepts or rejects Landlord's determination of
       the prevailing fair market rental rate for the Premises. If Tenant
       rejects Landlord's determination of the prevailing fair market rental
       rate for the Premises, then Tenant's Exercise shall also contain the name
       of one qualified appraiser. In such event Landlord shall, within thirty
       (30) days of Landlord's receipt of Tenant's Exercise, provide Tenant with
       written notice of a second qualified appraiser, and these two appraisers
       shall name a third qualified appraiser. It shall then be the duty of the
       appraisers to ascertain the prevailing fair market rental rate for the
       Premises. The three appraisers shall each make a determination of the
       prevailing fair market rental rate for the Premises; the three appraisals
       will be averaged; the appraisal farthest from the average will be
       disregarded; and the two remaining appraisals will be averaged to obtain
       the prevailing fair market rental rate for the Premises. If any appraiser
       shall neglect or refuse to appear at any meeting appointed by the
       appraisers, a majority may act in the absence of such appraiser. The
       appraisers' determination of the prevailing fair market rental rate for
       the Premises as aforesaid shall be conclusive and shall be binding upon
       Landlord and Tenant. Landlord and Tenant shall each be responsible for
       the costs of their respective appraiser, and Landlord and Tenant shall
       each be responsible for fifty percent (50%) of the costs of the third
       appraiser. An appraiser hereunder shall be deemed qualified if a member
       in good standing of the American Institute of Real Estate Appraisers or a
       comparable recognized professional organization and such appraiser is
       experienced in providing fair market rental value appraisals of
       commercial real estate in the financial district of Boston. The third
       appraiser that is selected by the two appraisers

                                       43
<PAGE>

       that are appointed by Landlord and Tenant respectively must not have
       undertaken appraisal or other such work on behalf of either party or any
       affiliates of either party during the three year period before such third
       appraiser's selection.

12.    EXCLUSIVE USE. Landlord shall not lease any other space on the first
       floor of the Building for banking uses without Tenant's prior written
       approval.

13.    ELEVATOR EXPENSES. For the purposes of this Section 13 of Exhibit AP, the
       following terms shall have the following respective meanings:

            (i) Elevator: The elevator located within the Premises.

            (ii) Elevator Expenses: The aggregate costs or expenses reasonably
       incurred by Landlord with respect to the operation, repair (including
       replacement, if necessary), and maintenance of the Elevator after the
       completion of Landlord's Work Items with respect thereto. Notwithstanding
       the foregoing, if, during the Term of this Lease, Landlord shall, in
       connection with the operation, repair (including replacement, if
       necessary), and maintenance of the Elevator, make a capital expenditure
       or any other expenditure not currently chargeable against income in
       accordance with generally accepted accounting principles, there shall
       nevertheless be included in Elevator Expenses for the Operating Year in
       which is was made and in Elevator Expenses for each succeeding Operating
       Year the annual charge-off of such capital expenditure. Annual charge-off
       shall be determined by dividing the original capital expenditure PLUS an
       interest factor, reasonably determined by Landlord as being the interest
       rate being charged for long term mortgages by institutional lenders on
       like properties within the locality in which the Building is located, by
       the number of years of useful life of the capital expenditure; and the
       useful life shall be determined in accordance with generally accepted
       accounting principles and practices in effect at the time of making such
       expenditure.

            (iii) Base Elevator Expenses: The Elevator Expenses for the calendar
       year ending December 31,1995.

            In the event that for any Operating Year Elevator Expenses shall
       exceed Base Elevator Expenses, Tenant shall pay to Landlord, as
       additional rent, an amount equal to such excess Elevator Expenses, such
       amount to be apportioned for any partial Operating Year in which the
       Commencement Date falls or the Term of this Lease ends.

            Estimated payments by Tenant on account of Elevator Expenses shall
       be made monthly and at the time and in the fashion herein provided for
       the payment of Basic Rent. The monthly amount so to be paid to Landlord
       shall be sufficient to provide Landlord by the end of each Operating Year
       a sum equal to Tenant's required payments, as estimated by Landlord from
       time to time during each Operating Year, on account of Elevator Expenses
       for such Operating Year. After the end of each Operating Year, Landlord
       shall submit to Tenant a reasonably detailed accounting of Elevator
       Expenses for such Year, and Landlord shall certify to the accuracy
       thereof. If estimated payments theretofore made for such Year by Tenant
       exceed Tenant's required payment on account thereof for such Year,
       according to such statement, Landlord shall credit the amount of
       overpayment

                                       44
<PAGE>

       against subsequent obligations of Tenant with respect to Basic Rent,
       Taxes, Operating Expenses, Utility Expenses and Elevator Expenses (or
       refund such overpayment if the Term of this Lease has ended and Tenant
       has no further obligation to Landlord); but, if the required payments on
       account thereof for such Year are greater than the estimated payments (if
       any) theretofore made on account thereof for such Year, Tenant shall make
       payment to Landlord within thirty (30) days after being so advised by
       Landlord. Landlord shall have the same rights and remedies for the
       nonpayment by Tenant of any payments due on account of Elevator Expenses
       as Landlord has hereunder for the failure of Tenant to pay Basic Rent.

14.    ASBESTOS. If asbestos is identified or discovered within the Premises
       during the performance of the Initial Improvements and such discovery or
       identification is communicated to Landlord in writing, or if Landlord
       discovers or identifies asbestos within the Premises during the
       performance of Landlord's Construction Items, and if applicable laws and
       regulations require that such asbestos be either removed or encapsulated,
       then Landlord shall, at its sole cost and expense and at its option,
       either remove or encapsulate such asbestos in accordance with such
       applicable laws and regulations.

                                       45
<PAGE>

                                   EXHIBIT OC

                     [ITEMS INCLUDED IN OPERATING EXPENSES]

         A. All costs (other than utilities) incurred by Landlord in connection
with the operating, administration, cleaning, repair, maintenance and management
of the Property including, without limitation:

         1.   All expenses incurred by Landlord or Landlord's agents which shall
              be directly related to the employment of personnel, including
              amounts incurred for wages, salaries and other compensation for
              services, payroll, social security, unemployment and similar
              taxes, workmen's compensation insurance, disability benefits,
              pensions, hospitalization, retirement plans and group insurance,
              uniforms and working clothes and the cleaning thereof, and
              expenses imposed on Landlord or Landlord's agents pursuant to any
              collective bargaining agreement for the services of employees of
              Landlord or Landlord's agents in connection with the operation,
              repair, maintenance, cleaning, management and protection of the
              Property, and its mechanical systems including, without
              limitation, day and night supervisors, property manager,
              accountants, bookkeepers, janitors, carpenters, engineers,
              mechanics, electricians and plumbers and personnel engaged in
              supervision of any of the persons mentioned above; provided that,
              if any such employee is also employed on other property of
              Landlord, such compensation shall be equitably prorated among the
              Property and such other properties.

         2.   The cost of services, materials and supplies furnished or used in
              the operation, repair, maintenance, cleaning, management and
              protection of the Property, including without limitation fees, if
              any, imposed upon Landlord, or charged to the Property, by the
              state or municipality in which the Property is located on account
              of the need of the Property for increased or augmented public
              safety services.

         3.   The cost of replacements for tools and other similar equipment
              used in the repair, maintenance, cleaning and protection of the
              Property, provided that, in the case of any such equipment used
              jointly on other property of Landlord, such costs shall be
              equitably prorated among the Property and such other properties.

         4.   Where the Property is managed by Landlord or an affiliate of
              Landlord, a sum equal to the amounts customarily charged by
              management firms in the Boston area for similar properties, but in
              no event more than five percent (5%) of gross annual income,
              whether or not actually paid, or where managed by other than
              Landlord or an affiliate thereof, the amounts incurred for
              management, together with, in either case, amounts incurred for
              legal and other professional fees relating to the Property, but
              excluding

                                       46
<PAGE>

              such fees and commissions paid in connection with services
              rendered for securing or renewing leases and for matters not
              related to the normal administration and operation of the
              Building.

         5.   Premiums for insurance against damage or loss to the Building from
              such hazards as shall from time to time be generally required by
              institutional mortgagees in the Boston area for similar
              properties, including, but not by way of limitation, insurance
              covering loss of rent attributable to any such hazards, and public
              liability insurance.

         6.   Capital expenditures not excluded under the provisions of Section
              9.1 of this Lease. If Landlord shall make a permitted capital
              expenditure, there shall be included in such Operating Expenses
              for the Operating Year in which it was made and in Operating
              Expenses for each succeeding Operating Year the annual charge-off
              of such capital expenditure. Annual charge-off shall be determined
              by dividing the original capital expenditure by the number of
              years of useful life of the capital expenditure; and the useful
              life shall be determined m accordance with generally accepted
              accounting principles and practices in effect at the time of
              making such expenditure.

         7.   Betterment assessments provided the same are apportioned equally
              over the longest period permitted by law.

         8.   Amounts paid to independent contractors for services, materials
              and supplies furnished for the operation, repair, maintenance,
              cleaning and protection of the Property.

                                       47
<PAGE>

                                   EXHIBIT CS

                            [CLEANING SPECIFICATIONS]

A.  Premises

    Daily on Business Days:

         1.   Empty and clean all waste receptacles and ash trays and remove
              waste material from the Premises; wash receptacles as necessary.

         2.   Sweep and dust mop all uncarpeted areas using a dust-treated mop.

         3.   Vacuum all rugs and carpeted areas.

         4.   Hand dust and wipe clean with treated cloths all horizontal
              surfaces including furniture, office equipment, window sills, door
              ledges, chair rails and counter tops, within normal reach.

         5.   Wash clean all water fountains.

         6.   Upon completion of cleaning, all lights will be turned off and
              doors locked, leaving the Premises in an orderly condition.

    Quarterly:

         Render high dusting not reached in daily cleaning to include:

         1.   Dusting all pictures, frames, charts, graphs and similar wall
              hangings.

         2.   Dusting all vertical surfaces, such as walls, partitions, doors
              and ducts.

         3.   Dusting of all pipes, ducts and high moldings.

B.  LAVATORIES

         Daily on Business Days:

         1.   Sweep and damp mop floors.

         2.   Clean all mirrors, powder shelves, dispensers and receptacles,
              bright work, flushometers, pipes and toilet seat hinges.

         3.   Wash both sides of all toilet seats.

         4.   Wash all basins, bowls and urinals.

         5.   Dust and clean all powder room fixtures.

                                       48
<PAGE>

         6.   Empty and clean paper towel and sanitary disposal receptacles.

         7.   Remove waste paper and refuse.

         8.   Refill tissue holders, soap dispensers, towel dispensers, vending
              sanitary dispensers; materials to be furnished by Landlord.

         9.   A sanitizing solution will be used in all lavatory cleaning.

    Monthly:

         1.   Machine scrub lavatory floors.

         2.   Wash all partitions and tile walls in lavatories.

C.  MAIN LOBBY, ELEVATORS, BUILDING EXTERIOR AND CORRIDORS

    Daily on Business Days:

         1.   Sweep and wash all floors.

         2.   Wash all rubber mats.

         3.   Clean elevators, wash or vacuum floors, wipe down walls and doors.

         4.   Spot clean any metal work inside lobby.

         5.   Spot clean any metal work surrounding building entrance doors.

    Monthly: All resilient tile floors in public areas to be treated equivalent
             to spray buffing.

D.  Window Cleaning Windows of exterior walls will be washed on the inside and
    the outside, once every two months - weather permitting.

E.  Tenant requiring services in excess of those described above shall request
    same through Landlord, at Tenant's expense.

                                       49
<PAGE>

                                   EXHIBIT FP

[GROUND FLOOR GRAPHIC]

                                       50
<PAGE>

                                   EXHIBIT FP

                            [MEZZANINE FLOOR GRAPHIC]

                                       51
<PAGE>

                                   EXHIBIT FP

                                    [GRAPHIC]

                                       52
<PAGE>

                                  EXHIBIT FP-13

                              [13TH FLOOR GRAPHIC]

                                       53
<PAGE>

                               BOSTON PRIVATE BANK
                                 & TRUST COMPANY

                            [TENANT'S SIGNS GRAPHIC]

                                       54

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}]]