Document:

STANDARD
FORM OF LOFT LEASE

The Real Estate
Board of New York, Inc.

 

Agreement of Lease,
made as of July 1 in the year 2006 between 135 FIFTH AVENUE LLC, having an office at 441 Lexington Ave., 10th F1, New
York, NY party of the first part, hereinafter referred to as OWNER or Landlord, and DIVERSIFIED BIOTECH HOLDINGS
CORP. having an office at party of the second part, hereinafter referred to as TENANT.

 

	Witnesseth:	Owner hereby leases to Tenant and Tenant hereby hires from Owner the Demised Premises in the Building for the Term at an Annual Rent, all as defined in Article 41.

 

which Tenant agrees to pay in lawful money
of the United States which shall be legal tender in payment of all debts and dues, public and private, at the time of payment,
in equal monthly installments in advance on the first day of each month during said term, at the office of Owner or such other
place as Owner may designate, without any setoff or deduction whatsoever, except that Tenant shall pay the first monthly installment(s)
on the execution hereof (unless this lease be a renewal).

 

In the event that, at the commencement
of the term of this lease, or thereafter, Tenant shall be in default in the payment of rent to Owner pursuant to the terms of another
lease with Owner or with Owner’s predecessor in interest. Owner may at Owner’s option and without notice to Tenant add the amount
of such arrears to any monthly installment of rent payable hereunder, and the same shall be payable to Owner as additional rent.

 

The parties hereto, for themselves, their
heirs, distributees, executors, administrators, legal representatives, successors and assigns, hereby covenant as follows:

 

	Rent:	1. Tenant shall pay the rent as above and as hereinafter provided.
	Occupancy:	2.
    Tenant shall use and occupy the demised premises for the Permitted Use as defined in Article 41 provided such use in
    accordance with the certificate of occupancy for the building, if any, and for no other purpose.

  

Alterations:

 

3. Tenant shall make no changes in or
to the demised premises of any nature without Owner’s prior written consent. Subject to the prior written consent of
Owner, and to the provisions of this article, Tenant, at Tenant’s expense, may make alterations, installations,
additions or improvements which are non- structural and which do not affect utility services or plumbing and electrical
lines, in or to the interior of the demised premises, using contractors or mechanics first approved in each instance by
Owner. Tenant shall, at its expense, before making any alterations, additions, installations or improvements obtain all
permits, approvals and certificates required by any governmental or quasi-governmental bodies and (upon completion)
certificates of final approval thereof, and shall deliver promptly duplicates of all such permits, approvals and certificates
to Owner. Tenant agrees to  carry, and will cause Tenant’s contractors and sub-contractors to carry, such
worker’s compensation, general liability, personal and property damage insurance as Owner may require. If any
mechanic’s lien is filed against the demised premises, or the building of which the same forms a part, for work claimed to
have been done for, or materials furnished to, Tenant, whether or not done pursuant to this article, the same shall be
discharged by Tenant within thirty (30) days thereafter, at Tenant’s expense, by payment or filing a bond as permitted by
law. All fixtures and all paneling, partitions, railings and like installations, installed in the demised premises at any
time, either by Tenant or by Owner on Tenant’s behalf, shall, upon installation, become the property of Owner and shall
remain upon and be surrendered with the demised premises unless Owner, by notice to Tenant no later than twenty (20) days
prior to the date fixed as the termination of this lease, elects to relinquish Owner’s right thereto and to have them
removed by Tenant, in which event the same shall be removed from the demised premises by Tenant prior to the expiration of
the lease, at Tenant’s expense. Nothing in this article shall be construed to give Owner title to, or to prevent Tenant’s
removal of, trade fixtures, moveable office furniture and equipment, but upon removal of same from the demised premises, or
upon removal of other installations as may be required by Owner, Tenant shall immediately, and at its expense, repair and
restore the demised premises to the condition existing prior to any such installations, and repair any damage to the demised
premises or the building due to such removal. All property permitted or required to be removed by Tenant at the end of the
term remaining in the demised premises after Tenant’s removal shall be deemed abandoned and may, at the election of Owner,
either be retained as Owner’s property or removed from the demised premises by Owner, at Tenant’s expense.

 

Repairs:

 

4. Owner shall maintain and repair
the exterior of and the public portions of the building. Tenant shall, throughout the term of this lease, take good care of the
demised premises including the bathrooms and lavatory facilities (if the demised premises encompass the entire floor of the building),
the windows and window frames, and the fixtures and appurtenances therein, and at Tenant’s sole cost and expense promptly make
all repairs thereto and to the building, whether structural or non-structural in nature, caused by, or resulting from, the carelessness,
omission, neglect or improper conduct of Tenant, Tenant’s servants, employees, invitees, or licensees, and whether or not arising
from Tenant’s conduct or omission, when required by other provisions of this lease, including Article 6. Tenant shall also repair
all damage to the building and the demised premises caused by the moving of Tenant’s fixtures, furniture or equipment. All
the aforesaid repairs shall be of quality or class equal to the original work or construction. If Tenant fails, after ten (10)
days notice, to proceed with due diligence to make repairs required to be made by Tenant, the same may be made by Owner at the
expense of Tenant, and the expenses thereof incurred by Owner shall be collectible, as additional rent, after rendition of a bill
or statement therefor. If the demised premises be or become infested with vermin, Tenant shall, at its expense, cause the same
to be exterminated. Tenant shall give Owner prompt notice of any defective condition in any plumbing, heating system or electrical
lines located in the demised premises and following such notice, Owner shall remedy the condition with due diligence, but at the
expense of Tenant, if repairs are necessitated by damage or injury attributable to Tenant, Tenant’s servants, agents, employees,
invitees or licensees as aforesaid. Except as specifically provided in Article 9 or elsewhere in this lease, there shall be no
allowance to Tenant for a diminution of rental value and no liability on the part of Owner by reason of inconvenience, annoyance
or injury to business arising from Owner, Tenant or others making or failing to make any repairs, alterations, additions or improvements
in or to any portion of the building or the demised premises, or in and to the fixtures, appurtenances or equipment thereof. It
is specifically agreed that Tenant shall not be entitled to any setoff or reduction of rent by reason of any failure of Owner
to comply with the covenants of this or any other article of this lease. Tenant agrees that Tenant’s sole remedy at law
in such instance will be by way of an action for damages for breach of contract. The provisions of this Article 4 with respect
to the making of repairs shall not apply in the case of fire or other casualty with regard to which Article 9 hereof shall apply.

 

SEE ARTICLE 69

 

Window Cleaning:

 

5. Tenant will not clean nor require, permit,
suffer or allow any window in the demised premises to be cleaned from the outside in violation of Section 202 of the New York State
Labor Law or any other applicable law, or of the Rules of the Board of Standards and Appeals, or of any other Board or body having
or asserting jurisdiction.

 

Requirements of Law, Fire Insurance,
Floor Loads:

 

6. Prior to the commencement of the lease
term, if Tenant is then in possession, and at all times thereafter. Tenant shall, at Tenant’s sole cost and expense, promptly
comply with all present and future laws, orders and regulations of all state, federal, municipal and local governments, departments,
commissions and boards and any direction of any public officer pursuant to law, and all orders, rules and regulations of the New
York Board of Fire Underwriters, Insurance Services Office, or any similar body which shall impose any violation, order or duty
upon Owner or Tenant with respect to the demised premises, whether or not arising out of Tenant’s use or manner of use thereof,
or, with respect to the building, if arising out of Tenant’s use or manner of use of the demised premises of the building (including
the use permitted under the lease). Except as provided in Article 30 hereof, nothing herein shall require Tenant to make structural
repairs or alterations unless Tenant has, by its manner of use of the demised premises or method of operation therein, violated
any such laws, ordinances, orders, rules, regulations or requirements with respect thereto. Tenant shall not do or permit any act
or thing to be done in or to the demised premises which is contrary to law, or which will invalidate or be in conflict with public
liability, fire or other policies of insurance at any time carried by or for the benefit of Owner. Tenant shall not keep anything
in the demised premises except as now or hereafter permitted by the Fire Department, Board of Fire Underwriters, Fire Insurance
Rating Organization and other authority having jurisdiction, and then only in such manner and such quantity so as not to increase
the rate for fire insurance applicable to the building, nor use the demised premises in a manner which will increase the insurance
rate for the building or any property located herein over that in effect prior to the commencement of Tenant’s occupancy.
If by reason of failure to comply with the foregoing the fire insurance rate shall, at the beginning of this lease or at any time
thereafter, be higher than it otherwise would be, then Tenant shall reimburse Owner, as additional rent hereunder, for that portion
of all fire insurance premiums thereafter paid by Owner which shall have been charged because of such failure by Tenant. In any
action or proceeding wherein Owner and Tenant are parties, a schedule or “make-up” or rate for the building or demised
premises issued by a body making fire insurance rates applicable to said premises shall be conclusive evidence of the facts therein
stated and of the several items and charges in the fire insurance rates then applicable to said premises. Tenant shall not place
a load upon any floor of the demised premises exceeding the floor load per square foot area which it was designed to carry and
which is allowed by law. Owner reserves the right to prescribe the weight and position of all safes, business machines and mechanical
equipment. Such installations shall be placed and maintained by Tenant, at Tenant’s expense, in settings sufficient, in
Owner’s judgement to absorb and prevent vibration, noise and annoyance. SEE ARTICLE 70

 

*Tenant shall have no obligation to cure
violations which existed prior to Tenant’s occupancy.

 

    	 

    	 

    

 

Subordination:

 

7. This lease is subject and subordinate
to all ground or underlying leases and to all mortgages which may now or hereafter affect such leases or the real property of which
the demised premises are a part, and to all renewals, modifications, consolidations, replacements and extensions of any such underlying
leases and mortgages. This clause shall be self-operative and no further instrument of subordination shall be required by any ground
or underlying lessor or by any mortgagee, affecting any lease or the real property of which the demised premises are a part. In
confirmation of such subordination, Tenant shall from time to time execute promptly any certificate that Owner may request.

 

Tenant’s Liability Insurance Property
Loss, Damage, Indemnity:

 

8. Owner or its agents shall not be liable
for any damage to property of Tenant or of others entrusted to employees of the building, nor for loss of, or damage to, any property
of Tenant by theft or otherwise, nor for any injury or damage to persons or property resulting from any cause of whatsoever nature,
unless caused by, or due to, the negligence of Owner, its agents, servants or employees; Owner or its agents shall not be liable
for any damage caused by other tenants or persons in, upon or about said building or caused by operations in connection of any
private, public or quasi public work. If at any time any windows of the demised premises are temporarily closed, darkened or bricked
up (or permanently closed, darkened or bricked up, if required by law) for any reason whatsoever including, but not limited to,
Owner’s own acts, Owner shall not be liable for any damage Tenant may sustain thereby, and Tenant shall not be entitled to
any compensation therefor nor abatement or diminution of rent, nor shall the same release Tenant from its obligations hereunder
nor constitute an eviction. Tenant shall indemnify and save harmless Owner against and from all liabilities, obligations, damages,
penalties, claims, costs and expenses for which Owner shall not be reimbursed by insurance, including reasonable attorney’s
fees, paid, suffered or incurred as a result of any breach by Tenant, Tenant’s agents, contractors, employees, invitees,
or licensees, of any covenant or condition of this lease, or the carelessness, negligence or improper conduct of Tenant, Tenant’s
agents, contractors, employees, invitees or licensees. Tenant’s liability under this lease extends to the acts and omissions of
any subtenant, and any agent, contractor, employee, invitee or licensee of any subtenant. In case any action or proceeding is brought
against Owner by reason of any such claim, Tenant, upon written notice from Owner, will, at Tenant’s expense, resist or defend
such action or proceeding by counsel approved by Owner in writing, such approval not to be unreasonably withheld.

 

Destruction, Fire and Other Casualty:

 

9. (a) If the demised premises or any part
thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue
in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially
unusable by fire or other casualty, the damages thereto shall be repaired by, and at the expense of, Owner, and the rent and other
items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty
according to the part of the demised premises which is usable. (c) If the demised premises are totally damaged or rendered wholly
unusable by fire or other casualty, then the rent and other items of additional rent as hereinafter expressly provided shall be
proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the demised premises shall
have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in
subsection (b) above), subject to Owner’s right to elect not to restore the same as hereinafter provided. (d) If the demised
premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building
shall be so damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such events, Owner may elect to terminate
this lease by written notice to Tenant, given within ninety (90) days after such fire or casualty, or thirty (30) days after adjustment
of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which
date shall not be more than sixty (60) days after the giving of such notice, and upon the date specified in such notice the term
of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease,
and Tenant shall forthwith quit, surrender and vacate the demised premises without prejudice however, to Owner’s rights and remedies
against Tenant under the lease provisions in effect prior to such termination, and any rent owing shall be paid up to such date,
and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant.
Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions
of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles
and causes beyond Owner’s control. *After any such casualty, Tenant shall cooperate with Owner’s restoration by removing
from the demised premises as promptly as reasonably possible, all of Tenant’s salvageable inventory and movable equipment,
furniture, and other property. Tenant’s liability for rent shall resume five (5) days after written notice from Owner
that the demised premises are substantially ready for Tenant’s occupancy. (e) Nothing contained hereinabove shall relieve
Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, including
Owner’s obligation to restore under subparagraph (b) above, each party shall look first to any insurance in its favor before
making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent
that such insurance is in force and collectible, and to the extent permitted by law. Owner and Tenant each hereby releases and
waives all right of recovery with respect to subparagraphs (b), (d) and (e) above, against the other or any one claiming through
or under each of them by way of subrogation or otherwise. The release and waiver herein referred to shall be deemed to include
any loss or damage to the demised premises and/or to any personal property, equipment, trade fixtures, goods and merchandise located
therein. The foregoing release and waiver shall be in force only if both releasors’ insurance policies contain a clause providing
that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only
by the payment of additional premiums, then the party benefitting from the waiver shall pay such premium within ten (10) days after
written demand or shall be deemed to have agreed that the party obtaining insurance coverage shall be free of any further obligation
under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant’s
furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant, and agrees that
Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section
227 of the Real Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

  

Eminent Domain:

 

10. If the whole or any part of the demised
premisesshall be acquired or condemned by Eminent Domain for any public or quasi public use or purpose, then and in that event,
the term of this lease shall cease and terminate from the date of title vesting in such proceeding and Tenant shall have no claim
for the value of any unexpired term of said lease. Tenant shall have the right to make an independent claim to the condemning authority
for the value of Tenant’s moving expenses and personal property, trade fixtures and equipment, provided Tenant is entitled
pursuant to the terms of the lease to remove such property, trade fixtures and equipment at the end of the term, and provided further
such claim does not reduce Owner’s award.

 

Assignment, Mortgage, Etc.:

 

11. Tenant, for itself, its heirs, distributees,
executors, administrators, legal representatives, successors and assigns, expressly covenants that it shall not assign, mortgage
or encumber this agreement, nor underlet, or suffer or permit the demised premises or any part thereof to be used by others, without
the prior written consent of Owner in each instance. Transfer of the majority of the stock of a corporate Tenant or the majority
partnership interest of a partnership Tenant shall be deemed an assignment. If this lease be assigned, or if the demised premises
or any part thereof be underlet or occupied by anybody other than Tenant, Owner may, after default by Tenant, collect rent from
the assignee, undertenant or occupant, and apply the net amount collected to the rent herein reserved, but no such assignment,
underletting, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, undertenant
or occupant as tenant, or a release of Tenant from the further performance by Tenant of covenants on the part of Tenant herein
contained. The consent by Owner to an assignment or underletting shall not in any wise be construed to relieve Tenant from obtaining
the express consent in writing of Owner to any further assignment or underletting.

 

Electric Current:

 

12. Rates and conditions in respect to
submetering or rent inclusion, as the case may be, to be added in RIDER attached hereto. Tenant covenants and agrees that at all
times its use of electric current shall not exceed the capacity of existing feeders to the building or the risers or wiring installation,
and Tenant may not use any electrical equipment which, in Owner’s opinion, reasonably exercised, will overload such installations
or interfere with the use thereof by other tenants of the building. The change at any time of the character of electric service
shall in no wise make Owner liable or responsible to Tenant, for any loss, damages or expenses which Tenant may sustain.

 

Access to Premises:

 

13. Owner or Owner’s agents shall
have the right (but shall not be obligated) to enter the demised premises in any emergency at any time, and, at other reasonable
times, to examine the same and to make such repairs, replacements and improvements as Owner may deem necessary and reasonably desirable
to any portion of the building, or which Owner may elect to perform in the demised premises after Tenant’s failure to make
repairs, or perform any work which Tenant is obligated to perform under this lease, or for the purpose of complying with laws,
regulations and other directions of governmental authorities. Tenant shall permit Owner to use, maintain and replace pipes and
conduits in and through the demised premises, and to erect new pipes and conduits therein provided, wherever possible, they are
within walls or otherwise concealed. Owner may, during the progress of any work in the demised premises, take all necessary materials
and equipment into said premises without the same constituting an eviction, nor shall Tenant be entitled to any abatement of rent
while such work is in progress, nor to any damages by reason of loss or interruption of business or otherwise. *Throughout the
term hereof Owner shall have the right to enter the demised premises at reasonable hours for the purpose of showing the same to
prospective purchasers or mortgagees of the building, and during the last six (6) months of the term for the purpose of showing
the same to prospective tenants, and may, during said six (6) months period, place upon the demised premises the usual notices
“To Let” and “For Sale” which notices Tenant shall permit to remain thereon without molestation. If Tenant
is not present to open and permit an entry into the demised premises, Owner or Owner’s agents may enter the same whenever
such entry may be necessary or permissible by master key or forcibly, and provided reasonable care is exercised to safeguard Tenant’s
property, such entry shall not render Owner or its agents liable therefor, nor in any event shall the obligations of Tenant hereunder
be affected. If during the last month of the term Tenant shall have removed all or substantially all of Tenant’s property
therefrom, Owner may immediately enter, alter, renovate or redecorate the demised premises without limitation or abatement of rent,
or incurring liability to Tenant for any compensation, and such act shall have no effect on this lease or Tenant’s obligation
hereunder.

 

 

Rider to be added if necessary.

 

*lf as a result of fire or other casualty,
the Demised Premises shall be damaged in whole or in part and if Landlord fails to commence the repair thereof within three (3)
months following such destruction and thereafter fails to diligently complete such repair, Tenant may terminate this Lease by
giving Landlord written notice which shall state the termination date of this Lease, which date shall not be less than five (5)
nor more than sixty (60) days after the giving of such notice, whereupon the terms hereof shall end on the date specified in such
notice as if such date were the original date set forth herein for the expiration of the Term.

 

*Notwithstanding the foregoing, Landlord
shall not make any such change which would materially reduce the Building services and facilities now available to Tenant or materially
impede Tenant’s means of access to the Demised Premises.

 

SEE ARTICLE 71

 

    	 

    	 

    

 

Vault, Vault Space, Area:

 

14. No vaults, vault space or area, whether
or not enclosed or covered, not within the property line of the building is leased hereunder, anything contained in or indicated
on any sketch, blue print or plan, or anything contained elsewhere in this lease to the contrary notwithstanding. Owner makes no
representation as to the location of the property line of the building. All vaults and vault space and all such areas not within
the property line of the building, which Tenant may be permitted to use and/or occupy, is to be used and/or occupied under a revocable
license, and if any such license be revoked, or if the amount of such space or area be diminished or required by any federal, state
or municipal authority or public utility, Owner shall not be subject to any liability, nor shall Tenant be entitled to any compensation
or diminution or abatement of rent, nor shall such revocation, diminution or requisition be deemed constructive or actual eviction.
Any tax, fee or charge of municipal authorities for such vault or area shall be paid by Tenant, if used by Tenant, whether or not
specifically leased hereunder.

 

Occupancy:

 

15. Tenant will not
at any time use or occupy the demised premises in violation of the certificate of occupancy issued for the building of which the
demised premises are a part. Tenant has inspected the demised premises and accepts them as is, subject to the riders annexed hereto
with respect to Owner’s work, if any. In any event, Owner makes no representation as to the condition of the demised premises
and Tenant agrees to accept the same subject to violations, whether or not of record. If any governmental license or permit shall
be required for the proper and lawful conduct of Tenant’s business, Tenant shall be responsible for, and shall procure and
maintain, such license or permit.

 

Bankruptcy: 

 

16. (a) Anything elsewhere in this lease
to the contrary notwithstanding, this lease may be cancelled by Owner by sending of a written notice to Tenant within a reasonable
time after the happening of any one or more of the following events: (1) the commencement of a case in bankruptcy or under the
laws of any slate naming Tenant as the debtor; or (2) the making by Tenant of an assignment or any other arrangement for the benefit
of creditors under any stale statute. Neither Tenant nor any person claiming through or under Tenant, or by reason of any statute
or order of court, shall thereafter be entitled to possession of the premises demised, but shall forthwith quit and surrender the
demised premises. If this lease shall be assigned in accordance with its terms, the provisions of this Article 16 shall be applicable
only to the party then owning Tenant’s interest in this lease.

 

(b) lt is stipulated and agreed that in
the event of the termination of this lease pursuant to (a) hereof, Owner shall forthwith, notwithstanding any other provisions
of this lease to the contrary, be entitled to recover from Tenant, as and for liquidated damages, an amount equal to the difference
between the rental reserved hereunder for the unexpired portion of the term demised and the fair and reasonable rental value of
the demised premises for the same period. In the computation of such damages the difference between any installment of rent becoming
due hereunder after the date of termination and the fair and reasonable rental value of the demised premises for the period for
which such installment was payable shall be discounted to the date of termination at the rate of four percent (4%) per annum. If
the demised premises or any part thereof be relet by Owner for the unexpired term of said lease, or any part thereof, before presentation
of proof of such liquidated damages to any court, commission or tribunal, the amount of rent reserved upon such reletting shall
be deemed to be the fair and reasonable rental value for the part or the whole of the demised premises so re-let during the term
of the re-letting. Nothing herein contained shall limit or prejudice the right of the Owner to prove for and obtain as liquidated
damages by reason of such termination, an amount equal to the maximum allowed by any statute or rule of law in effect at the time
when, and governing the proceedings in which, such damages are to be proved, whether or not such amount be greater, equal to, or
less than the amount of the difference referred to above.

 

Default: 

 

17. (1) If Tenant defaults in fulfilling
any of the covenants of this lease other than the covenants for the payment of rent or additional rent; or if the demised premises
becomes vacant or deserted, or if this lease be rejected under §365 of Title 11 of the U.S. Code (Bankruptcy Code); or if
any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the demised premises shall
be taken or occupied by someone other than Tenant; or if Tenant shall be in default with respect to any other lease between Owner
and Tenant; or if Tenant shall have failed, after five (5) days written notice, to redeposit with Owner any portion of the security
deposited hereunder which Owner has applied to the payment of any rent and additional rent due and payable hereunder; or if Tenant
fails to move into or take possession of the demised premises within thirty (30) days after the commencement of the term of this
lease, of which fact Owner shall be the sole judge; then in any one or more of such events, upon Owner serving a written fifteen
(15) days notice upon Tenant specifying the nature of said default, and upon the expiration of said fifteen (15) days, if Tenant
shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of a nature
that the same cannot be completely cured or remedied within said fifteen (15) day period, and if Tenant shall not have diligently
commenced during such default within such fifteen (15) day period, and shall not thereafter with reasonable diligence and in good
faith, proceed to remedy or cure such default, then Owner may serve a written five (5) days notice of cancellation of this lease
upon Tenant, and upon the expiration of said five (5) days this lease and the term thereunder shall end and expire as fully and
completely as if the expiration of such five (5) day period were the day herein definitely fixed for the end and expiration of
this lease and the term thereof, and Tenant shall then quit and surrender the demised premises to Owner, but Tenant shall remain
liable as hereinafter provided.

 

(2)If the notice provided for
in (1) hereof shall have been given, and the term shall expire as aforesaid; or if Tenant shall be in default in the payment of
the rent reserved herein or any item of additional rent herein mentioned, or any part of either, or in making any other payment
herein required; then, and in any of such events, Owner may without notice, re-enter the demised premises either by force or otherwise,
and dispossess Tenant by summary proceedings or otherwise, and the legal representative of Tenant or other occupant of the demised
premises, and remove their effects and hold the demised premises 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. If Tenant shall make default hereunder
prior to the date fixed as the commencement of any renewal or extension of this lease, Owner may cancel and terminate such renewal
or extension agreement by written notice.

 

Remedies of Owner and Waiver of Redemption:

 

18. In case of any
such default, re-entry, expiration and/or dispossess by summary proceedings or other wise, (a) the rent, and additional rent,
shall become due thereupon and be paid up to the time of such re-entry, dispossess and/or expiration, (b) Owner may re-let the
demised premises or any part or parts thereof, either in the name of Owner or otherwise, for a term or terms, which may at Owner’s
option be 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 or charge a higher rental than that in this lease, (c) Tenant or the legal representatives of Tenant
shall also pay to Owner as liquidated damages for the failure of Tenant to observe and perform said Tenant’s covenants herein
contained, any deficiency between the rent hereby reserved and or covenanted to be paid and the net amount, if any, of the rents
collected on account of the subsequent lease or leases of the demised premises for each month of the period which would otherwise
have constituted the balance of the term of this lease. The failure of Owner to re-let the demised premises or any part or parts
thereof shall not release or affect Tenant’s liability for damages. In computing such liquidated damages there shall be
added to the said deficiency such expenses as Owner may incur in connection with re-letting, such as legal expenses, reasonable
attorneys’ fees, brokerage, advertising, and for keeping the demised premises in good order or for preparing the same for re-letting.
Any such liquidated damages shall be paid in monthly installments by Tenant on the rent day specified in this lease, and any suit
brought to collect the amount of the deficiency for any month shall not prejudice in any way the rights of Owner to collect the
deficiency for any subsequent month by a similar proceeding. Owner, in putting the demised premises in good order or preparing
the same for re-rental may, at Owner’s option, make such alterations, repairs, replacements, and/or decorations in the demised
premises as Owner, in Owner’s sole judgment, considers advisable and necessary for the purpose of re-letting the demised
premises, and the making of such alterations, repairs, replacements, and/or decorations shall not operate or be construed to release
Tenant from liability hereunder as aforesaid. Owner shall in no event be liable in any way whatsoever for failure to re-let the
demised premises, or in the event that the demised premises are re-let, for failure to collect the rent thereof under such re-letting,
and in no event shall Tenant be entitled to receive any excess, if any, of such net rents collected over the sums payable by Tenant
to Owner hereunder. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof. Owner
shall have the right of injunction and the right to invoke any remedy allowed at law or in equity as if re-entry, summary proceedings
and other remedies were not herein provided for. Mention in this lease of any particular remedy, shall not preclude Owner from
any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any
present or future laws.

 

Fees and Expenses:

 

19. If Tenant shall default in the observance
or performance of any term or covenant on Tenant’s part to be observed or performed under, or by virtue of, any of the terms
or provisions in any article of this lease, after notice if required, and upon expiration of the applicable grace period, if any,
(except in an emergency), then, unless otherwise provided elsewhere in this lease, Owner may immediately, or at any time thereafter,
and without notice, perform the obligation of Tenant thereunder. If Owner, in connection with the foregoing, or in connection with
any default by Tenant in the covenant to pay rent hereunder, makes any expenditures or incurs any obligations for the payment of
money, including but not limited to reasonable attorneys’ fees, in instituting, prosecuting or defending any action or proceeding,
and prevails in any such action or proceeding, then Tenant will reimburse Owner for such sums so paid or obligations incurred with
interest and costs. The foregoing expenses incurred by reason of Tenant’s default shall be deemed to be additional rent hereunder
and shall be paid by Tenant to Owner within ten (10) days of rendition of any bill or statement to Tenant therefor. If Tenant’s
lease term shall have expired at the time of making of such expenditures or incurring of such obligations, such sums shall be recoverable
by Owner as damages.

 

Building Alterations and Management:

 

20. Owner shall have the right, at any
time, without the same constituting an eviction and without incurring liability to Tenant therefor, to change the arrangement and
or location of public entrances, passageways, doors, doorways, corridors, elevators, stairs, toilets or other public parts of the
building, and to change the name, number or designation by which the building may be known. There shall be no allowance to Tenant
for diminution of rental value and no liability on the part of Owner by reason of inconvenience, annoyance or injury to business
arising from Owner or other Tenant making any repairs in the building or any such alterations, additions and improvements. Furthermore,
Tenant shall not have any claim against Owner by reason of Owner’s imposition of any controls of the manner of access to the building
by Tenant’s social or business visitors, as Owner may deem necessary, for the security of the building and its occupants.

 

No Representations by Owner:

 

21. Neither Owner nor Owner’s agents have
made any representations or promises with respect to the physical condition of the building, the land upon which it is erected,
the demised premises, the rents, leases, expenses of operation, or any other matter or thing affecting or related to the demised
premises or the building, except as herein expressly set forth, and no rights, easements or licenses are acquired by Tenant by
implication or otherwise except as expressly set forth in the provisions of this lease. Tenant has inspected the building and the
demised premises and is thoroughly acquainted with their condition and agrees to take the same “as-is” on the date possession
is tendered, and acknowledges that the taking of possession of the demised premises by Tenant shall be conclusive evidence that
the said premises, and the building of which the same form a part, were in good and satisfactory condition at the time such possession
was so taken, except as to latent defects. All understandings and agreements heretofore made between the parties hereto are merged
in this contract, which alone fully and completely expresses the agreement between Owner and Tenant, and any executory agreement
hereafter made shall be ineffective to change, modify, discharge or effect an abandonment of it in whole or in part, unless such
executory agreement is in writing and signed by the party against whom enforcement of the change, modification, discharge or abandonment
is sought.

 

    	 

    	 

    

 

End of Term:

 

22. Upon the expiration or other termination
of the term of this lease. Tenant shall quit and surrender to Owner the demised premises, “broom-clean”, in good order
and condition, ordinary wear and damages which Tenant is not required to repair as provided elsewhere in this lease excepted, and
Tenant shall remove all its property from the demised premises. Tenant’s obligation to observe or perform this covenant shall
survive the expiration or other termination of this lease. If the last day of the term of this Lease, or any renewal thereof, falls
on Sunday, this lease shall expire at noon on the preceding Saturday, unless it be a legal holiday, in which case it shall expire
at noon on the preceding business day.

 

Quiet Enjoyment:

 

23. Owner covenants and agrees with Tenant
that upon Tenant paying the rent and additional rent and observing and performing all the terms, covenants and conditions, on Tenant’s
part to be observed and performed. Tenant may peaceably and quietly enjoy the premises hereby demised, subject, nevertheless, to
the terms and conditions of this lease including, but not limited to, Article 34 hereof, and to the ground leases, underlying leases
and mortgages hereinbefore mentioned.

 

Failure to Give Possession:

 

24. If Owner is unable to give possession
of the demised premises on the date of the commencement of the term hereof because of the holding-over or retention of possession
of any tenant, undertenant or occupants, or if the demised premises are located in a building being constructed, because such building
has not been sufficiently completed to make the premises ready for occupancy or because of the fact that a certificate of occupancy
has not been procured, or if Owner has not completed any work required to be performed by Owner, or for any other reason. Owner
shall not be subject to any liability for failure to give possession on said date and the validity of the lease shall not be impaired
under such circumstances, nor shall the same be construed in any wise to extend the term of this lease, but the rent payable hereunder
shall be abated (provided Tenant is not responsible for Owner’s inability to obtain possession or complete any work required)
until after Owner shall have given Tenant notice that Owner is able to deliver possession in the condition required by this lease.
If permission is given to Tenant to enter into possession of the demised premises, or to occupy premises other than the demised
premises, prior to the date specified as the commencement of the term of this lease, Tenant covenants and agrees that such possession
and/ or occupancy shall be deemed to be under all the terms, covenants, conditions and provisions of this lease, except the obligation
to pay the fixed annual rent set forth in page one of this lease. The provisions of this article are intended to constitute “an
express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law.

 

No Waiver:

 

25. The failure of Owner to seek redress
for violation of, or to insist upon the strict performance of, any covenant or condition of this lease, or of any of the Rules
or Regulations, set forth or hereafter adopted by Owner, shall not prevent a subsequent act, which would have originally constituted
a violation, from having all the force and effect of an original violation. The receipt by Owner of rent with knowledge of the
breach of any covenant of this lease shall not be deemed a waiver of such breach, and no provision of this lease shall be deemed
to have been waived by Owner unless such waiver be in writing signed by Owner. No payment by Tenant, or receipt by Owner, of a
lesser amount than the monthly rent herein stipulated shall be deemed to be other than on account of the earliest stipulated rent,
nor shall any endorsement or statement of any check or any letter accompanying any check or payment as rent be deemed an accord
and satisfaction, and Owner may accept such check or payment without prejudice to Owner’s right to recover the balance of
such rent or pursue any other remedy in this lease provided. All checks tendered to Owner as and for the rent of the demised premises
shall be deemed payments for the account of Tenant. Acceptance by Owner of rent from anyone other than Tenant shall not be deemed
to operate as an attornment to Owner by the payor of such rent, or as a consent by Owner to an assignment or subletting by Tenant
of the demised premises to such payor, or as a modification of the provisions of this lease. No act or thing done by Owner or Owner’s
agents during the term hereby demised shall be deemed an acceptance of a surrender of said premises, and no agreement to accept
such surrender shall be valid unless in writing signed by Owner. No employee of Owner or Owner’s agent shall have any power to
accept the keys of said premises prior to the termination of the lease, and the delivery of keys to any such agent or employee
shall not operate as a termination of the lease or a surrender of the demised premises.

 

Waiver of Trial by Jury:

 

26. It is mutually agreed by and between
Owner and Tenant that the respective parlies hereto shall, and they hereby do, waive trial by jury in any action, proceeding or
counterclaim brought by either of the parties hereto against the other (except for personal injury or property damage) on any matters
whatsoever arising out of or in any way connected with this lease, the relationship of Owner and Tenant, Tenant’s use of
or occupancy of demised premises, and any emergency statutory or any other statutory remedy. It is further mutually agreed that
in the event Owner commences any proceeding or action for possession, including a summary proceeding for possession of the demised
premises, Tenant will not interpose any counterclaim, of whatever nature or description, in any such proceeding, including a counterclaim
under Article 4, except for statutory mandatory counterclaims.

 

Inability to Perform:

 

27. This Lease
and the obligation of Tenant to pay rent hereunder and perform all of the other covenants and agreements hereunder on part
of Tenant to be performed shall in no wise be affected, impaired or excused because Owner is unable to fulfill any of its
obligations under this lease, or to supply, or is delayed in supplying, any service expressly or impliedly to be supplied, or
is unable to make, or is delayed in making, any repairs, additions, alterations or decorations, or is unable to supply, or is
delayed in supplying, any equipment, fixtures or other materials, if Owner is prevented or delayed from doing so by reason of
strike or labor troubles, or any cause whatsoever beyond Owner’s sole control including, but not limited to, government
preemption or restrictions, or by reason of any rule, order or regulation of any department or subdivision thereof of any
government agency, or by reason of the conditions which have been or are affected, either directly or indirectly, by
war or other emergency.

 

Bills and Notices:

 

28. Except as otherwise in this lease provided,
a bill statement, notice or communication which Owner may desire or be required to give to Tenant, shall be deemed sufficiently
given or rendered if, in writing, delivered to Tenant personally, or sent by registered or certified mail addressed to Tenant at
the building of which the demised premises form a part, or at the last known residence address or business address of Tenant, or
left at any of the aforesaid premises addressed to Tenant, and the time of the rendition of such bill or statement and of the giving
of such notice or communication shall be deemed to be the time when the same is delivered to Tenant, mailed, or left at the premises
as herein provided. Any notice by Tenant to Owner must be served by registered or certified mail addressed to Owner at the address
first hereinabove given, or at such other address as Owner shall designate by written notice.

 

Water Charges:

 

29. If Tenant requires,
uses or consumes water for any purpose in addition to ordinary lavatory purposes (of which fact Owner shall be the sole judge)
Owner may install a water meter and thereby measure Tenant’s water consumption for all purposes. Tenant shall pay Owner
for the cost of the meter and the cost of the installation. Throughout the duration of Tenant’s occupancy, Tenant shall
keep said meter and installation equipment in good working order and repair at Tenant’s own cost and expense. In the event
Tenant fails to maintain the meter and installation equipment in good working order and repair (of which fact Owner shall be the
sole judge) Owner may cause such meter and equipment to be replaced or repaired, and collect the cost thereof from Tenant as additional
rent. Tenant agrees to pay for water consumed, as shown on said meter as and when bills are rendered, and in the event Tenant
defaults in the making of such payment. Owner may pay such charges and collect the same from Tenant as additional rent. Tenant
covenants and agrees to pay, as additional rent, the sewer rent, charge or any other tax, rent or levy which now or hereafter
is assessed, imposed or a lien upon the demised premises, or the realty of which they are a part, pursuant to any law, order or
regulation made or issued in connection with the use, consumption, maintenance or supply of water, the water system or sewage
or sewage connection or system. If the building, the demised premises, or any part thereof, is supplied with water through a meter
through which water is also supplied to other premises, Tenant shall pay to Owner, as additional rent, *

on the first day of each
month, % ($                    )
 of-the total meter charges
as Tenant’s portion. Independently of, and in addition to, any of the remedies reserved to Owner hereinabove or elsewhere
in this lease, Owner may sue for and collect any monies to be paid by Tenant, or paid by Owner, for any of the reasons or purposes
hereinabove set forth.

 

Sprinklers:

 

30. Anything
elsewhere in this lease to the contrary notwithstanding, if the New York Board of Fire Underwriters or the New York Fire
Insurance Exchange or any bureau, department or official of the federal, state or city government recommend or require the
installation of a sprinkler system, or that any changes, modifications, alterations, or additional sprinkler heads or other
equipment be made or supplied in an existing sprinkler system by reason of Tenant’s business, the location of
partitions, trade fixtures, or other contents of the demised premises, or for any other reason, or if any such sprinkler
system installations, modifications, alterations, additional sprinkler heads or other such equipment, become necessary to
prevent the imposition of a penalty or charge against the full allowance for a sprinkler system in the fire insurance rate
set by said Exchange or any other body making fire insurance rates, or by any fire insurance company, Tenant shall, at
Tenant’s expense, promptly make such sprinkler system installations, changes, modifications, alterations, and supply
additional sprinkler heads or other equipment as required, whether the work involved shall be structural or non-structural in
nature. Tenant shall pay to Owner as additional rent the sum of $                       , on the first day of each month during the term of this
lease, as Tenant’s portion of the contract price for sprinkler supervisory service.

 

Elevators, Heat, Cleaning:

 

31. As long as Tenant is not in default
under any the covenants of this lease, beyond the applicable grace period provided in this lease for the curing of such defaults,
Owner shall: (a) provide necessary passenger elevator facilities on business days from 8 a.m. to 6 p.m. and on Saturdays from 8
a.m. to 1 p.m.; (b) if freight elevator service is provided, same shall be provided only on regular business days, Monday through
Friday inclusive, and on those days only between the hours of 9 a.m. and 12 noon and between 1 p.m. and 5 p.m.; (c) furnish heat,
water and other services supplied by Owner to the demised premises, when and as required by law, on business days from 8 a.m. to
6 p.m. and on Saturdays from 8 a.m. to 1 p.m.; (d) clean the public halls and public portions of the building which are used in
common by all tenants. Tenant shall, at Tenant’s expense, keep the demised premises, including the windows, clean and in
order, to the reasonable satisfaction of Owner, and for that purpose shall employ person or persons, or corporations approved by
Owner. Tenant shall pay to Owner the cost of removal of any of Tenant’s refuse and rubbish from the building. Bills for the
same shall be rendered by Owner to Tenant at such time as Owner may elect, and shall be due and payable hereunder, and the amount
of such bills shall be deemed to be, and be paid as additional rent. Tenant shall, however, have the option of independently contracting
for the removal of such rubbish and refuse in the event that Tenant does not wish to have same done by employees of Owner. Under
such circumstances, however, the removal of such refuse and rubbish by others shall be subject to such rules and regulations as,
in the judgment of Owner, are necessary for the proper operation of the building. Owner reserves the right to stop service of the
heating, elevator, plumbing and electric systems, when necessary, by reason of accident or emergency, or for repairs, alterations,
replacements or improvements, which in the judgment of Owner are desirable or necessary to be made, until said repairs, alterations,
replacements or improvements shall have been completed. If the building of which the demised premises are a part supplies manually
operated elevator service. Owner may proceed diligently with alterations necessary to substitute automatic control elevator service
without in any way affecting the obligations of Tenant hereunder.

 

 

Space to be filled in or deleted.

 

*the Water Charge as defined in
Article 41

 

    	 

    	 

    

 

*Security Deposit
defined in Article 41

 

Security:

 

32.Tenant has
deposited with Owner the sum of$ *            as security for the faithful performance and observance by Tenant of the terms,
provisions and conditions of this lease. It is agreed that in the event Tenant defaults in respect of any of the terms, provisions
and conditions of this lease, including, but not limited to, the payment of rent and additional rent, Owner may use, apply or
retain the whole or any part of the security so deposited to the extent required for the payment of any rent and additional rent,
or any other sum as to which Tenant is in default, or for any sum which Owner may expend, or may be required to expend, by reason
of Tenant’s default in respect of any of the terms, covenants and conditions of this lease, including but not limited to,
any damages or deficiency in the re-letting of the demised premises, whether such damages or deficiency accrued before or after
summary proceedings or other re-entry by Owner. In the event that Tenant shall fully and faithfully comply with all of the terms,
provisions, covenants and conditions of this lease, the security shall be returned to Tenant after the date fixed as the end of
the lease, and after delivery of entire possession of the demised premises to Owner. In the event of a sale of the land and building
or leasing of the building, of which the demised premises form a part. Owner shall have the right to transfer the security to
the vendee or lessee, and Owner shall thereupon be released by Tenant from all liability for the return of such security; and
Tenant agrees to look to the new Owner solely for the return of said security, and it is agreed that the provisions hereof shall
apply to every transfer or assignment made of the security to a new Owner. Tenant further covenants that it will not assign or
encumber, or attempt to assign or encumber, the monies deposited herein as security, and that neither Owner nor its successors
or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

 

Captions:

 

33. The Captions are inserted only as a
matter of convenience and for reference, and in no way define, limit or describe the scope of this lease nor the intent of any
provision thereof.

 

Definitions:

 

34. The term “Owner” as used
in this lease means only the owner of the fee or of the leasehold of the building, or the mortgagee in possession for the time
being, of the land and building (or the owner of a lease of the building or of the land and building) of which the demised premises
form a part, so that in the event of any sale or sales of said land and building or of said lease, or in the event of a lease of
said building, or of the land and building, the said Owner shall be and hereby is entirely freed and relieved of all covenants
and obligations of Owner hereunder, and it shall be deemed and construed without further agreement between the parties or their
successors in interest, or between the parties and the purchaser, at any such sale, or the said lessee of the building, or of the
land and building, that the purchaser or the lessee of the building has assumed and agreed to carry out any and all covenants and
obligations of Owner hereunder. The words “re-enter” and “re-entry” as used in this lease are not restricted
to their technical legal meaning. The term “rent” includes the annual rental rate whether so expressed or expressed
in monthly installments, and “additional rent.” “Additional rent” means all sums which shall be due to Owner
from Tenant under this lease, in addition to the annual rental rate. The term “business days” as used in this lease,
shall exclude Saturdays, Sundays and all days observed by the State or Federal Government as legal holidays, and those designated
as holidays by the applicable building service union employees service contract, or by the applicable Operating Engineers contract
with respect to HVAC service. Wherever it is expressly provided in this lease that consent shall not be unreasonably withheld,
such consent shall not be unreasonably delayed.

 

Adjacent Excavation Shoring:

 

35. If an excavation shall be made upon
land adjacent to the demised premises, or shall be authorized to be made, Tenant shall afford to the person causing or authorized
to cause such excavation, a license to enter upon the demised premises for the purpose of doing such work as said person shall
deem necessary to preserve the wall or the building, of which demised premises form a part, from injury or damage, and to support
the same by proper foundations, without any claim for damages or indemnity against Owner, or diminution or abatement of rent.

 

Rules and Regulations:

 

36. Tenant and Tenant’s servants,
employees, agents, visitors, and licensees shall observe faith fully, and comply strictly with, the Rules and Regulations annexed
hereto and such other and further reasonable Rules and Regulations as Owner or Owner’s agents may from time to time adopt.
Notice of any additional Rules or Regulations shall be given in such manner as Owner may elect. In case Tenant disputes the reasonableness
of any additional Rules or Regulations hereafter made or adopted by Owner or Owner’s agents, the parties hereto agree to
submit the question of the reasonableness of such Rules or Regulations for decision to the New York office of the American Arbitration
Association, whose determination shall be final and conclusive upon the parties hereto. The right to dispute the reasonableness
of any additional Rules or Regulations upon Tenant’s part shall be deemed waived unless the same shall be asserted by service of
a notice, in writing, upon Owner, within fifteen (15) days after the giving of notice thereof. Nothing in this lease contained
shall be construed to impose upon Owner any duty or obligation to enforce the Rules and Regulations or terms, covenants or conditions
in any other lease, as against any other tenant, and Owner shall not be liable to Tenant for violation of the same by any other
tenant, its servants, employees, agents, visitors or licensees.

 

Glass:

 

37. Owner shall replace, at the expense
of Tenant, any and all plate and other glass damaged or broken from any cause whatsoever in and about the demised premises. Owner
may insure, and keep insured, at Tenant’s expense, all plate and other glass in the demised premises for and in the name of Owner.
Bills for the premiums therefor shall be rendered by Owner to Tenant at such times as Owner may elect, and shall be due from, and
payable by, Tenant when rendered, and the amount thereof shall be deemed to be, and be paid as, additional rent.

 

Estoppel Certificate:

 

38. Tenant, at any time, and from time
to time, upon at least ten (10) days prior notice by Owner, shall execute, acknowledge and deliver to Owner, and/or to any other
person, firm or corporation specified by Owner, a statement certifying that this lease is unmodified and in full force and effect
(or, if there have been modifications, that the same is in full force and effect as modified and stating the modifications), stating
the dates to which the rent and additional rent have been paid, and stating whether or not there exists any default by Owner under
this lease, and, if so, specifying each such default.

 

Directory Board Listing:

 

39. If, at the request of. and as accommodation
to, Tenant, Owner shall place upon the directory board in the lobby of the building, one or more names of persons or entities other
than Tenant, such directory board listing shall not be construed as the consent by Owner to an assignment or subletting by Tenant
to such persons or entities.

 

Successors and Assigns:

 

40. The covenants, conditions and agreements
contained in this lease shall bind and inure to the benefit of Owner and Tenant and their respective heirs, distributees, executors,
administrators, successors, and except as otherwise provided in this lease, their assigns. Tenant shall look only to Owner’s
estate and interest in the land and building for the satisfaction of Tenant’s remedies for the collection of at judgement
(or other judicial process) against Owner in the event of any default by Owner hereunder, and no other property or assets of such
Owner (or any partner, member, officer or director thereof, disclosed or undisclosed), shall be subject to levy, execution or other
enforcement procedure for the satisfaction of Tenant’s remedies under, or with respect to, this lease, the relationship of
Owner and Tenant hereunder, or Tenant’s use and occupancy of the demised premises.

 

 

Space to be filled in or deleted.

 

See rider attached.

 

In Witness Whereof, Owner and Tenant have
respectively signed and sealed this lease as of the day and year first above written.

 

 

  

    	 

    	 

    

 

IMPORTANT - PLEASE
READ

 

RULES AND REGULATIONS
ATTACHED TO AND MADE A PART OF THIS LEASE IN ACCORDANCE WITH ARTICLE 36.

 

1. The sidewalks, entrances, driveways,
passages, courts, elevators, vestibules, stairways, corridors or halls shall not be obstructed or encumbered by Tenant or used
for any purpose other than for ingress or egress from the demised premises and for delivery of merchandise and equipment in a prompt
and efficient manner, using elevators and passageways designated for such delivery by Owner. There shall not be used in any space,
or in the public hall of the building, either by Tenant or by jobbers or others in the delivery or receipt of merchandise, any
hand trucks, except those equipped with rubber tires and sideguards. If said premises are situated on the ground floor of the building.
Tenant shall further, at Tenant’s expense, keep the sidewalk and curb in front of said premises clean and free from ice,
snow, dirt and rubbish.

 

2. The water and wash closets and plumbing
fixtures shall not be used for any purposes other than those for which they were designed or constructed, and no sweepings, rubbish,
rags, acids or other substances shall be deposited therein, and the expense of any breakage, stoppage, or damage resulting from
the violation of this rule shall be borne by Tenant, whether or not caused by Tenant, its clerks, agents, employees or visitors.

 

3. No carpet, rug or other article shall
be hung or shaken out of any window of the building; and Tenant shall not sweep or throw, or permit to be swept or thrown, from
the demised premises, any dirt or other substances into any of the corridors of halls, elevators, or out of the doors or windows
or stairways of the building, and Tenant shall not use, keep, or permit to be used or kept, any foul or noxious gas or substance
in the demised premises, or permit or suffer the demised premises to be occupied or used in a manner offensive or objectionable
to Owner or other occupants of the buildings by reason of noise, odors, and or vibrations, or interfere in any way, with other
tenants or those having business therein, nor shall any bicycles, vehicles, animals, fish, or birds be kept in or about the building.
Smoking or carrying lighted cigars or cigarettes in the elevators of the building is prohibited.

 

4. No awnings or other projections shall
be attached to the outside walls of the building without the prior written consent of Owner.

 

5. No sign, advertisement, notice or other
lettering shall be exhibited, inscribed, painted or affixed by Tenant on any part of the outside of the demised premises or the
building, or on the inside of the demised premises if the same is visible from the outside of the demised premises, without the
prior written consent of Owner, except that the name of Tenant may appear on the entrance door of the demised premises. In the
event of the violation of the foregoing by Tenant, Owner may remove same without any liability, and may charge the expense incurred
by such removal to Tenant. Interior signs on doors and directory tablet shall be inscribed, painted or affixed for Tenant by Owner
at the expense of Tenant, and shall be of a size, color and style acceptable to Owner.

 

6. Tenant shall not mark, paint, drill
into, or in any way deface any part of the demised premises or the building of which they form a part. No boring, cutting or stringing
of wires shall be permitted, except with the prior written consent of Owner, and as Owner may direct. Tenant shall not lay linoleum,
or other similar floor covering, so that the same shall come in direct contact with the floor of the demised premises, and, if
linoleum or other similar floor covering is desired to be used, an interlining of builder’s deadening felt shall be first
affixed to the floor, by a paste or other material, soluble in water, the use of cement or other similar adhesive material being
expressly prohibited.

 

7. No additional locks or bolts of any
kind shall be placed upon any of the doors or windows by Tenant, nor shall any changes be made in existing locks or mechanism thereof.
Tenant must, upon the termination of his tenancy, restore to Owner all keys of stores, offices and toilet rooms, either furnished
to, or otherwise procured by, Tenant, and in the event of the loss of any keys, so furnished, Tenant shall pay to Owner the cost
thereof.

 

8. Freight, furniture,
business equipment, merchandise and bulky matter of any description shall be delivered to and removed from the demised premises
only on the freight elevators and through the service entrances and corridors, and only during hours, and in a manner approved
by Owner. Owner reserves the right to inspect all freight to be brought into the building, and to exclude from the building all
freight which violates any of these Rules and Regulations of the lease, of which these Rules and Regulations are a part.

 

9. Tenant shall not obtain for use upon
the demised premises ice, drinking water, towel and other similar services, or accept barbering or bootblacking services in the
demised premises, except from persons authorized by Owner, and at hours and under regulations fixed by Owner. Canvassing, soliciting
and peddling in the building is prohibited and Tenant shall cooperate to prevent the same.

 

10. Owner reserves the right to exclude
from the building all persons who do not present a pass to the building signed by Owner. Owner will furnish passes to persons for
whom any Tenant requests same in writing. Tenant shall be responsible for all persons for whom it requests such pass, and shall
be liable to Owner for all acts of such persons. Notwithstanding the foregoing. Owner shall not be required to allow Tenant or
any person to enter or remain in the building, except on business days from 8:00 a.m. to 6:00 p.m. and on Saturdays from 8:00 a.m.
to 1:00 p.m. Tenant shall not have a claim against Owner by reason of Owner excluding from the building any person who does not
present such pass.

 

11. Owner shall have the right to prohibit
any advertising by Tenant which in Owner’s opinion, tends to impair the reputation of the building or its desirability as
a loft building, and upon written notice from Owner, Tenant shall refrain from or discontinue such advertising.

 

12. Tenant shall not bring, or permit to
be brought or kept, in or on the demised premises, any inflammable, combustible, explosive, or hazardous fluid, material, chemical
or substance, or cause or permit any odors of cooking or other processes, or any unusual or other objectionable odors, to permeate
in, or emanate from, the demised premises.

 

13. Tenant shall  not use the demised
premises in a manner which disturbs or interferes with other tenants in the beneficial use of their premises.

 

14. Refuse and Trash. (1) Compliance by
Tenant. Tenant covenants and agrees, at its sole cost and expense, to comply with all present and future laws, orders, and regulations,
of all state, federal, municipal, and local governments, departments, commissions and boards regarding the collection, sorting,
separation and recycling of waste products, garbage, refuse and trash. Tenant shall sort and separate such waste products, garbage,
refuse and trash into such categories as provided by law. Each separately sorted category of waste products, garbage, refuse and
trash shall be placed in separate receptacles reasonably approved by Owner. Tenant shall remove, or cause to be removed by a
contractor acceptable to Owner, at Owner’s sole discretion, such items as Owner may expressly designate. (2) Owner’s Rights
in Event of Noncompliance. Owner has the option to refuse to collect or accept from Tenant waste products, garbage, refuse or trash
(a) that is not separated and sorted as required by law or (b) which consists of such items as Owner may expressly designate for
Tenant’s removal, and to require Tenant to arrange for such collection at Tenant’s sole cost and expense, utilizing
a contractor satisfactory to Owner. Tenant shall pay all costs, expenses, fines, penalties, or damages that may be imposed on Owner
or Tenant by reason of Tenant’s failure to comply with the provisions of this Building Rule 15, and, at Tenant’s sole cost
and expense, shall indemnity, defend and hold Owner harmless (including reasonable legal fees and expenses) from and against any
actions, claims and suits arising from such noncompliance, utilizing counsel reasonably satisfactory to Owner.

 

    	 

    	 

    

 

Address

 

Premises 

 

 

 

TO

 

 

STANDARD FORM OF

 

 

  

The Real Estate
Board of New York, Inc.

© Copyright 1999.  All rights Reserved.

Reproduction in whole or in part prohibited.

 

 

 

	Dated 	in the year

 

Rent Per Year

 

 

Rent Per Month

 

Term

From

To

 

	Drawn by	 	 
	 	 	 
	Checked by	 	 
	 	 	 
	Entered by	 	 
	 	 	 
	Approved by	 	 

  

 

 

    	 

    	 

    

 

INDEX
TO LEASE RIDER

 

	SECTION	 	TITLE 	 	PAGE
	 	 	 	 	 
	41	 	DEFINITIONS	 	1
	 	 	 	 	 
	42	 	ANNUAL RENT	 	2
	 	 	 	 	 
	43	 	REAL ESTATE TAXES	 	2
	 	 	 	 	 
	44	 	WATER CHARGES	 	3
	 	 	 	 	 
	45	 	SECURITY DEPOSIT	 	3
	 	 	 	 	 
	46	 	LATE PAYMENTS	 	4
	 	 	 	 	 
	47	 	ADDITIONAL RENT	 	4
	 	 	 	 	 
	48	 	CONDITION OF PREMISES	 	4
	 	 	 	 	 
	49	 	TENANT ALTERATIONS	 	4
	 	 	 	 	 
	50	 	UTILITIES	 	5
	 	 	 	 	 
	51	 	TENANT’S INSURANCE	 	5
	 	 	 	 	 
	52	 	LIENS	 	6
	 	 	 	 	 
	53	 	OCCUPANCY	 	6
	 	 	 	 	 
	54	 	TENANT’S CONDUCT	 	6
	 	 	 	 	 
	55	 	BROKERAGE	 	7
	 	 	 	 	 
	56	 	ASSIGNMENT, SUBLETTING	 	7
	 	 	 	 	 
	57	 	LANDLORD’S CONSENT	 	8
	 	 	 	 	 
	58	 	LIMITATION OF LANDLORD’S LIABILITY	 	9
	 	 	 	 	 
	59	 	TENANT HOLDOVER	 	9
	 	 	 	 	 
	60	 	ATTORNEYS’ FEES	 	10
	 	 	 	 	 
	61	 	ACCESS RIGHTS	 	10
	 	 	 	 	 
	62	 	ENFORCEMENT	 	10
	 	 	 	 	 
	63	 	POSSIBLE UPGRADING OF PASSENGER ELEVATOR SERVICE	 	11
	 	 	 	 	 
	64	 	CONSUMMATION OF LEASE	 	11
	 	 	 	 	 
	65	 	ENVIRONMENTAL MATTERS	 	11
	 	 	 	 	 
	66	 	COMPLIANCE WITH LAWS	 	12
	 	 	 	 	 
	67	 	MOVE-IN	 	12
	 	 	 	 	 
	68	 	RULES AND REGULATIONS	 	12
	 	 	 	 	 
	69	 	FURTHER REGARDING ARTICLE 4	 	12

 

    	 

    	 

    

 

	70	FURTHER REGARDING ARTICLE 6	12
	 	 	 
	71	FURTHER REGARDING ARTICLE 13	13
	 	 	 
	72	CONFLICT OF PROVISIONS	13
	 	 	 
	73	TENANT’S ATTORNEY	13

 

    	 

    	 

    

 

Rider attached to and forming a part of
Lease dated as of July 1, 2006 between 135 FIFTH AVENUE LLC, Landlord, and DIVERSIFIED BIOTECH HOLDINGS CORP., Tenant

 

		41.	DEFINITIONS:

 

For the purposes of this Lease
the following definitions shall apply:

 

(a)
“Abatement Months” shall mean July 2006 and July 2007.

 

(b)
“Annual Rent” shall mean $115,500.

 

(c)
“Annual Rent Increase Date” shall mean July 1, 2007.

 

(d)
“Annual Rent Multiplier” shall mean 103%.

 

(e)
“Broker” shall mean Kaufman Organization.

 

(f)
“Building” shall mean 135 Fifth Avenue, New York, NY.

 

(g)
“Demised Premises” shall mean entire tenth floor.

 

(h)
“Landlord’s Notice Address” shall mean 441 Lexington Avenue, 10th floor, New York, New York
10017

 

(i)
“Landlord’s Work” shall mean none.

 

(j) “Liability Insurance
Amount” shall mean $1,000,000.

 

(k) “Percentage”
shall mean 10%.

 

(I)
“Permitted Use” shall mean general executive and administrative office use.

 

(m) “Real Estate Taxes”
shall mean all taxes and assessments levied or imposed upon the Building and the land upon which it is erected (including, but
not limited to, any taxes or assessments by or on behalf of New York City’s Business Improvement Districts) and also any
tax or assessment levied, assessed or imposed at any time by any governmental authority in connection with the receipt of income
or rents from said land and/or Building to the extent that same shall be in lieu of all or a portion of any of the aforesaid taxes
or assessments payable during any year following the Tax Base Year and the expenses (including attorneys’ and appraisers’
fees) incurred by Landlord in connection with any application or proceedings to reduce the amount of Real Estate Taxes.

 

(n) “Security Deposit”
shall mean $32,500.

 

(o) “Tax Base Year”
shall mean the twelve month period from July 1, 2006 to June 30, 2007.

 

(p) “Tax Year” shall
mean each similar twelve (12) month period following the Tax Base Year.

 

    	1

    	 

    

 

(q) “Term” shall mean the term of this
lease which shall commence July 1, 2006 and end June 30, 2011 (or until such Term shall sooner cease or expire as herein provided).

 

(r) “Tenant’s Notice Address” shall
mean 135 Fifth Avenue, Tenth Floor, New York, NY 10010.

 

(s) “Water Charge” shall mean $100 per
month.

 

		42.	ANNUAL
                                         RENT:

 

On the Annual Rent Increase Date and on
each anniversary thereof during the Term, the Annual Rent shall be increased to an amount equal to the Annual Rent for the immediately
preceding lease year in question, multiplied by the Annual Rent Multiplier.

 

Provided Tenant is not then in default of
any material obligation of Tenant under this Lease after notice and beyond any applicable cure period, and further provided Tenant
promptly completes Tenant’s alterations as provided in 49(c) hereof, Tenant shall be entitled to an abatement in the Annual
Rent for the Abatement Months.

 

		43.	REAL
ESTATE TAXES:

 

(a)
In the event that Real Estate Taxes payable during any Tax Year shall exceed the amount of Real Estate Taxes payable during
the Tax Base Year, Tenant shall pay to Landlord as additional rent an amount equal to the Percentage of the excess (“Tax
Payment”). For each Tax Year Landlord shall furnish Tenant a statement of Real Estate Taxes payable during such Tax Year
and a statement of the Real Estate Taxes payable during the Tax Base Year (the “Tax Statement”). If the Real Estate
Taxes payable during any Tax Year exceed the Real Estate Taxes payable during the Tax Base Year, the Tax Payment shall be due
from Tenant to Landlord as additional rent within twenty (20) days after receipt of the Tax Statement.

 

(b)
The amount of Real Estate Taxes actually paid by Landlord for the Tax Base Year shall be used in the computation of the
amount of additional rent payable hereunder until the amount of the Real Estate Taxes payable during the Tax Base Year are finally
determined through legal proceedings, settlement or otherwise. In the event of any such adjustment, the adjusted amount of such
taxes shall thereafter determine the amount of additional rent payable by Tenant hereunder, the additional rent theretofore paid
or payable hereunder shall be recomputed on the basis of such adjustment, as the case may be, and Tenant
shall pay to Landlord the adjusted amount, within twenty (20) days after being billed therefor or Landlord shall issue Tenant a
credit for the adjusted amount against the next rent bill.

 

    	2

    	 

    

 

(c)
If, after Tenant shall have made a payment of additional rent hereunder, Landlord shall receive a refund of any portion
of the Real Estate Taxes on which a payment of additional rent shall have been based, Landlord shall promptly after receiving the
net refund (e.g. after deduction of all expenses, including, but not limited to, attorneys’ and appraisers’ fees) credit
Tenant the Percentage of same on its next rent bill. In no event shall the Annual Rent (exclusive of the additional rents under
this Article) be reduced.

 

(d)
If the fiscal tax year of the taxing authority is changed, Landlord may make appropriate adjustments to the computations
and billing periods hereunder.

 

		44.	WATER CHARGES:

 

If the rate charged
to Landlord for water in the Building increases, or if Tenant’s usage increases, the Water Charge shall be proportionately
increased.

 

		45.	SECURITY
DEPOSIT:

 

(a) The
Security Deposit shall be in the form of an irrevocable letter of credit in the form attached hereto as Exhibit
A (“Letter of Credit”) issued by a bank which is a member of the New York Clearinghouse Association
having an office in Manhattan, New York where said letter may be presented for payment, and acceptable to Landlord in the
original principal amount of the Security Deposit with Landlord (or any transferee designated by Landlord), as beneficiary,
with an expiration date that is no earlier than ninety (90) days after the stated expiration date of the Lease.
Alternatively, the Letter of Credit may have an expiration date no earlier than the first anniversary of the date it is
issued, with a provision that the Letter of Credit is automatically renewed for one year periods until the required
expiration date stated above, unless the issuing bank provides at least sixty (60) days prior notice to the beneficiary of
the Letter of Credit of its intent not to renew. Such notice shall be delivered to Landlord to the address and in the manner
set forth herein for notices, and to any other beneficiary to the address it provides to the bank. Landlord (and/or the
beneficiary) shall have the right to draw on the Letter of Credit if Tenant defaults hereunder, including any failure to
provide an acceptable replacement Letter of Credit to Landlord at least thirty (30) days prior to the expiration of any
Letter of Credit then in effect. If Landlord draws down on the Letter of Credit any sums not otherwise applied as a result of
Tenant’s default shall be held as cash security hereunder. If Landlord cashes the Letter of Credit it may, at its
option, hold cash as security or require a replacement Letter of Credit.

 

    	3

    	 

    

 

(b)
At Tenant’s option, the Security Deposit under this Lease may be in the form of cash instead of a Letter of Credit.

 

		46.	LATE
PAYMENTS:

 

Rental payments (including items of additional
rent) are due on the first of the month. If rental payments are not received by the fifth of the month, a rent surcharge of 5%
of the late payment will be imposed.

 

		47.	ADDITIONAL
RENT:

 

All sums of money,
other than the Annual Rent, which are payable by Tenant to Landlord under this Lease shall be deemed to be additional rent.

 

		48.	CONDITION
OF PREMISES:

 

Neither the Landlord nor its agents have
made any representations with respect to the Building, the land upon which it is erected or the Demised Premises except as expressly
set forth herein, and no rights, easements or licenses are acquired by the Tenant by implication or otherwise except as expressly
set forth in the provisions of this Lease. Except as otherwise specifically provided in this Lease, the Demised Premises shall
be delivered to Tenant in an “as is” condition and Tenant hereby accepts the same “as is”. The Tenant shall
be responsible for all non-structural repairs in and about the Demised Premises and any structural repairs therein or in the Building
resulting from the acts or negligence of Tenant, its employees, agents, contractors or representatives or invitees.

 

		49.	TENANT
ALTERATIONS:

 

(a) Tenant
shall not make any changes or alterations in or to the Demised Premises of any nature, except those that are solely of a
decorative nature (such as painting, carpeting and wall covering), without Landlord’s prior written consent,
which consent shall not be unreasonably withheld. Any such work shall be performed only by contractors and mechanics approved
in writing by Landlord; provided Landlord shall have the right, at Landlord’s option, to have any work relating to the
Building’s structure or utility or mechanical systems performed by contractors designated by Landlord, provided the
cost thereof is competitive. Any work shall be subject to periodic inspections by Landlord’s representatives and Tenant shall
reimburse Landlord for the reasonable cost thereof. In addition, any work shall (i) be done at Tenant’s sole cost and expense
and be promptly paid for, (ii) comply with all applicable laws and (iii) be performed as promptly as practicable and in a
good workmanlike manner using first grade quality materials.

 

    	4

    	 

    

 

(b)
Notwithstanding the provision of Article 3 hereof, any alterations, fixtures, equipment or installations by Tenant in or
about the Demised Premises, including, but not limited to, any piping, wiring, cable and/or telecommunications equipment, shall
be removed by Tenant at the expiration or earlier termination of the Lease hereof unless Landlord shall elect to require Tenant
to leave same. If Tenant fails to remove same and restore the Demised Premises Tenant shall pay Landlord for the cost of such removal
and restoration.

 

(c)
Promptly upon the commencement of the Term hereof, Tenant shall perform the following work in the Demised Premises in a
workmanlike manner pursuant to plans to be previously approved by Landlord:

 

(1)
Refurbish private bathrooms above building standard.

(2)
Build new pantry.

(3)
Furnish and install minimum of 7.5 ton split A/C unit and all ductwork required for distribution of air conditioning throughout
the Demised Premises in accordance with New York City Department of Building codes inclusive of all filings, work permits and equipment
use permits, copies of which are to be provided to Landlord.

 

(d)
Notwithstanding anything contained in this Lease, Landlord shall determine, at the time it approves or disapproves Tenant’s
proposed alterations, whether such alterations shall be removed upon the expiration or earlier termination of this Lease.

 

		50.	UTILITIES:

 

Landlord shall not provide electricity to
the Demised Premises and Tenant shall contract directly with the public utility company for electrical service. Notwithstanding
anything in this Lease to the contrary, Tenant shall under no circumstances cause any gas service to be supplied to the Demised
Premises.

 

		51.	TENANT’S
INSURANCE:

 

During the term hereof Tenant shall, at
its own cost and expense, provide and keep in force (i) for the mutual benefit of Landlord and Tenant, commercial general liability
insurance against claims for bodily injury, death or property damage occurring in or about the Demised Premises and
the access ways thereto, with single limit coverage of not less than the Liability Insurance Amount and (ii) for the benefit of
Tenant, property damage insurance covering all of Tenant’s fixtures, installations and personalty in the Demised Premises.
The policies of insurance shall be obtained and fully paid for by Tenant upon the commencement of the Term and an original copy
or Certificate of Insurance shall be promptly delivered to Landlord prior to Tenant taking possession of the Demised Premises.
Tenant shall procure and fully pay for renewals of such insurance from time to time at least thirty (30) days before the expiration
thereof, and Tenant shall promptly deliver to Landlord an original copy or certificate thereof.

 

    	5

    	 

    

 

		52.	LIENS:

 

Tenant shall not grant or create, or permit
to be created, any security interest in or lien upon the Demised Premises or any equipment, machinery, fixtures or items of personal
property affixed therein. The foregoing shall not prohibit equipment financing provided the same is not affixed to the Demised
Premises, can be readily removed therefrom without causing damage and does not create a lien against the Building or the property
on which the Building is located.

 

		53.	OCCUPANCY:

 

Landlord does not represent, warrant or
guaranty that the Tenant’s permitted use and occupation of the Demised Premises is lawful or permissible under the zoning ordinance
or otherwise permitted by law and Tenant agrees that Tenant will not use or occupy the Demised Premises in violation of any such
law. Tenant covenants and agrees that the Demised Premises shall not be used for residential purposes nor shall any animal of any
kind or nature whatsoever be kept or harbored in the Demised Premises. In the event that any governmental authority shall hereafter
at any time contend or declare by notice, violation, order or in any other manner whatsoever that the Demised Premises are used
or occupied in violation of law then Tenant shall immediately discontinue such use or occupation of the Demised Premises.

 

		54.	TENANT’S CONDUCT:

 

Tenant agrees not to engage in or
permit any activities in or about the Demised Premises which will in any way create a nuisance or create a disturbance to any
other occupant of the Building, expose the Demised Premises or the Building or the occupants of the Building to any danger,
or subject the Landlord to any possible increase of insurance premiums, or possible or actual cancellation of insurance. Any
approved work or obligation of Tenant hereunder shall be performed only by a licensed person or firm (when required by law)
and labor so as not to cause any jurisdictional or other labor dispute in the Building.

 

    	6

    	 

    

 

		55.	BROKERAGE:

 

Landlord and Tenant agree that no broker or person other than
Broker was instrumental or had any part in bringing about this Lease. Landlord and Tenant agree that should any claim be made for
a brokerage commission or other compensation by any other person, each shall hold the other harmless from and against any and all
such claims, liability, costs and expenses in connection therewith arising out of the acts or omissions of the indemnifying party.
Landlord shall pay any commission payable to Broker pursuant to separate agreement.

 

		56.	ASSIGNMENT,
SUBLETTING:

 

A.
Tenant may assign this Lease, sublease the Demised Premises in whole (but not in part) provided that:

 

(i)
Landlord’s prior written consent to said assignment or sublease be obtained, which consent shall not be unreasonably withheld
or delayed;

 

(ii)
a request to assign or sublease be made to Landlord in writing giving full particulars and details of the proposed assignment
or sublease and said written request be received by Landlord no later than sixty (60) days prior to the date the term of the proposed
assignment or sublease is to commence;

 

(iii)
Tenant shall remain responsible for the payment of all rent herein reserved and for the performance of all other terms,
covenants and conditions herein contained;

 

(iv)
the assignee or subtenant agrees to perform faithfully and be bound by all the terms, covenants and conditions of this Lease
and that Tenant shall deliver to Landlord, promptly after execution, an executed copy of said assignment or sublease together with
an agreement of assumption of performance by the assignee or subtenant; and

 

(v) Tenant
shall pay Landlord an amount equal to fifty (50%) percent of all amounts paid to Tenant by any such assignee or subtenant in
excess of the amounts payable by Tenant hereunder after deducting all reasonable direct costs incurred by Tenant
in connection with any such assignment or sublet (to be amortized over the term of the sublease on a straight line basis
without interest), including, but not limited to, brokerage commissions, attorneys’ fees and the cost of any approved
alterations or improvements made by Tenant in the Demised Premises to effect such assignment or sublet as evidenced by paid
and receipted bills therefor.

 

    	7

    	 

    

 

B.
Landlord shall have the option of either (i) accepting, or (ii) rejecting the proposed assignment or sublease, or (iii)
electing to recapture the Demised Premises. If Landlord elects to recapture the Demised Premises, such election shall be exercised
by giving written notice to Tenant within thirty (30) days after receipt of Tenant’s notice, and such recapture notice shall, if
given, cancel and terminate this Lease effective as of the date stated in Tenant’s notice for the commencement of the term of the
proposed assignment or sublease as fully and completely as if that date had been originally set forth herein for the expiration
of the Term.

 

C.
Any transfer of a controlling interest in Tenant shall be deemed an assignment hereunder. Notwithstanding the foregoing,
Tenant shall have the right, without the consent of Landlord, to assign this Lease or to sublet all or a portion of the Demised
Premises to (i) any corporation or entity which owns, is owned by, or is under the common ownership with, Tenant; (ii) any corporation
or entity into which or with which Tenant merges or consolidates for reasonable business purposes and not merely for the convenience
of obtaining this Lease (iii) any corporation or entity which acquires all or substantially all of the business and assets of Tenant,
provided that in any of the foregoing events, (x) such assignee shall expressly agree in writing for the benefit of Landlord to
assume all of Tenant’s obligations hereunder accruing after the effective date of assignment and (y) Tenant shall remain
liable for the performance of all of Tenant’s obligations hereunder. In addition, Tenant shall have the right to allow any
of the corporations or entities described in the preceding sentence to occupy portions of the Demised Premises in accordance with
the provisions of this Lease.

 

		57.	LANDLORD’S CONSENT:

 

If Tenant shall request Landlord’s
approval or consent and Landlord shall fail or refuse to give such consent or approval, Tenant shall not be entitled to any
damages for any withholding or delay of such approval or consent by Landlord, it being intended that Tenant’s sole remedy
shall be an action for injunction or specific performance and that such remedy shall be available only in those cases where
Landlord shall have expressly agreed in writing not to unreasonably withhold its consent or approval.

 

    	8

    	 

    

  

		58.	LIMITATION
OF LANDLORD’S LIABILITY:

 

Landlord, its partners and principals, disclosed
or undisclosed, shall have no personal liability under this Lease. Tenant shall look only to Landlord’s interest in the Building
for the satisfaction of Tenant’s remedies for the collection of a judgment (or other judicial process) requiring the payment of
money by Landlord in the event of any default by Landlord hereunder, and no other property or assets of Landlord or its partners
or principals, disclosed or undisclosed, shall be subject to lien, levy, execution or other enforcement procedure for the satisfaction
of Tenant’s remedies under or with respect to this Lease, the relationship of Landlord and Tenant hereunder or Tenant’s use
or occupancy of the Demised Premises. If Tenant shall acquire a lien on such other property or assets by judgment or otherwise,
Tenant shall promptly release such lien by executing and delivering to Landlord any instrument, prepared by Landlord, required
for such lien to be released.

 

		59.	TENANT
HOLDOVER:

 

In the event Tenant fails to quit and surrender
to Landlord the Demised Premises upon the expiration or other termination of the Term, Landlord shall be entitled to a judgment
by confession of possession of the Demised Premises in any summary preceding or other proceeding instituted by Landlord to recover
possession of the Demised Premises. In addition, in the event of such holdover, Tenant shall pay Landlord use and occupancy at
a rate per month equal to twice the amount of the greater of (a) the Annual Rent, plus all items of additional rent payable by
Tenant under this Lease immediately preceding such termination, or (b) the then current fair market value of the use and occupancy
of the Demised Premises at the time of the expiration or other termination of this Lease, in each case for the period from the
date of expiration or any such termination to the date Tenant actually quits and surrenders to Landlord the Demised Premises leaving
same in the condition required by this Lease. The foregoing amount shall be payable by Tenant to Landlord as liquidated damages,
the parties recognizing and agreeing that in the event of any such holdover the actual amount of damages that may be suffered by
Landlord as a result thereof may be difficult if not impossible to ascertain.

 

    	9

    	 

    

 

		60.	ATTORNEYS’
FEES:

 

If Landlord, in connection with any default
by Tenant under this Lease, including but not limited to the covenant to pay rent hereunder, makes any expenditures, including,
but not limited to, the cost of sending notices, including but not limited to reasonable attorneys’ fees incurred in connection
therewith, or incurs any obligations for the payment of money, then Tenant will reimburse Landlord for such sums so paid or obligations
incurred with interest and costs of collection. Tenant acknowledges and agrees that the preparation and service of a Three-Day
Notice of Default shall be reimbursable at a rate of no less than $250 per notice. The foregoing expenses incurred shall be deemed
to be additional rent hereunder and shall be paid by Tenant to Landlord within ten (10) days of rendition of a bill or statement
therefor. If the Term shall have expired at the time of making any such expenditures or incurring any such obligations, such sums
shall be recoverable by Landlord as damages.

 

		61.	ACCESS
RIGHTS:

 

At the commencement of the Lease, Landlord
shall supply Tenant with a set of keys for all doors to the Demised Premises. During the term of the Lease Tenant shall not change
the locks on the doors to the Demised Premises without Landlord’s prior written consent. Any proposed change in the locks
approved by Landlord shall be performed by a locksmith designated by Landlord, at Tenant’s cost and expense, and Tenant shall
supply Landlord with a new set of keys for any new door locks. In addition, Tenant shall promptly notify Landlord of the access
codes for security or alarm systems installed in the Demised Premises and any subsequent changes thereto.

 

		62.	ENFORCEMENT:

 

Irrespective of the place of
execution or performance, this Lease shall be governed by and construed in accordance with the laws of the State of New York.
If any provision of this Lease or the application thereof to any person or circumstance shall, for any reason and to any
extent, be invalid or unenforceable, the remainder of this Lease and the application of that provision to other persons or
circumstances shall not be affected, but rather shall be enforced to the extent permitted by law. This Lease shall be
construed without regard to any presumption or other rule requiring ambiguities to be construed against the party causing
this Lease to be drafted. Each covenant, agreement, obligation or other provision of this Lease on Tenant’s part to be
performed, shall be deemed and construed as a separate and independent covenant of Tenant, not dependent on any other
provision of this Lease and of a substantive nature. All terms and words used in this Lease, regardless of the number or
gender in which they are used, shall be deemed to include any other number and any other gender as the context may
require.

 

    	10

    	 

    

 

		63.	POSSIBLE UPGRADING OF PASSENGER ELEVATOR SERVICE:

 

Landlord reserves the right during the Term,
at Landlord’s cost and expense, to upgrade the passenger elevator facilities in the Building. In the event Landlord elects
to do same, Landlord shall have the right, upon written notice to Tenant, to use a portion of the Demised Premises, as specified
in Landlord’s notice, for any necessary modification of the elevator shafts to either create one or two new passenger elevators
and upon any such notice the Demised Premises shall be deemed reduced to the extent of the space designated in Landlord’s
notice. Landlord shall perform any such installation in a reasonable manner so as to minimize interference with Tenant’s
business and to protect Tenant’s property. Upon the completion of any such installation, Landlord shall, at Landlord’s
cost and expense, promptly restore the Demised Premises to the extent practical to the condition it was in prior thereto. In consideration
of the provision of any such upgraded passenger elevator service, Tenant agrees that there shall be no abatement of or reduction
in the Rent or Additional Rent payable hereunder.

 

		64.	CONSUMMATION OF LEASE:

 

Tenant has executed this Lease and paid
the rent and security upon the distinct understanding that said Lease shall not be deemed consummated, binding or effective until
the same is signed by Landlord and returned to Tenant. In the event that, for any reason, Landlord shall refuse to sign the Lease,
then Tenant and Landlord (upon returning any moneys paid by the proposed Tenant), shall have no liability in connection with any
proposed transaction.

 

		65.	ENVIRONMENTAL MATTERS:

 

Landlord represents and warrants that, to
the best of its knowledge, there is no hazardous material on the land or in the Demised Premises. Landlord shall deliver to Tenant
a form ACP5 verifying the absence of asbestos in the Demised Premises. Should any hazardous material have been present in the Demised
Premises prior to the tenancy created hereunder, it shall be Landlord’s obligation to remove same.

 

    	11

    	 

    

  

		66.	COMPLIANCE WITH LAWS:

 

Landlord shall deliver possession of the
Demised Premises to Tenant free of all municipal violations.

 

		67.	MOVE-IN:

 

Tenant shall have access to the freight
or regular elevator, as applicable, without charge during normal business hours on the date it moves into the Demised Premises.

 

		68.	RULES
AND REGULATIONS:

 

Landlord agrees that it shall not enforce
the rules and regulations more stringently against Tenant than against any other tenant of the Building. Additionally, no rules
and regulations shall increase Tenant’s monetary obligations or materially reduce Tenant’s rights under this Lease.

 

		69.	FURTHER REGARDING ARTICLE 4

 

Landlord shall maintain and repair (i) the
walls (but not the facades), foundation, structural support columns running through the Demised Premises, if any; (ii) the roof
of the Building, (iii) the plumbing, heating, ventilation, electrical, sprinkler, telecommunications risers, equipment, panels
and cabling from the minimum point of entry into the Building up to the Demised Premises (unless installed by Tenant) and other
systems and installations serving the Demised Premises and the common areas of the Building and land; and (iv) the exterior of
the Building.

 

		70.	FURTHER REGARDING ARTICLE 6

 

Landlord shall, at its own cost and expense,
comply with all other laws, rules, orders, regulations, ordinances, building, fire or health codes and other similar requirements
affecting the Building (the “Requirements”) which require structural repairs to or structural alteration of the Building
or the Demised Premises. Without limiting the generality of the foregoing, except as hereinafter otherwise provided, Landlord
shall be required, at its own expense, to make all alterations and installations in and to the Building and the Demised Premises
and to take any other action and incur any other expenses in order to comply with New York City Local Law #5, or any amendment
thereof or any law or ordinance similar or as successor thereto, including, without limitation, the installation of sprinkler
and/or smoke or fire detection systems, or any other similar systems; provided, however, that if such law requires
any alterations or installations with respect to partitioning or any other installations made by Tenant, such work shall be done
by Tenant at its sole cost and expense.

 

    	12

    	 

    

  

		71.	FURTHER REGARDING ARTICLE 13

 

Except in the event of an emergency or where such entry is required
by law, Landlord’s right of entry shall be exercised following reasonable advance notice to Tenant. Landlord agrees that
while exercising such right of entry or making such repairs, replacements or improvements, Landlord shall use best efforts to avoid
interfering with Tenant’s business or disrupting same. Landlord shall not forcibly enter the Demised Premises except in the
event of an emergency or where required by law.

 

		72.	CONFLICT
OF PROVISIONS:

 

In the event of any conflict between any
of the provisions of this Rider and any of the provisions, printed or typewritten, of the printed portion of this Lease, the provisions
of this Rider shall control.

 

		73.	TENANT’S
ATTORNEY:

 

In any negotiations, transactions or litigation between Landlord
and Tenant, Tenant agrees that it will not be represented by Noah Klarish, the law firm of Hutner Klarish LLP or any law firm with
which Mr. Klarish is affiliated. A violation of this covenant by Tenant shall be deemed a material breach of this Lease.

 

    	13

    	 

    

 

AMENDMENT OF LEASE

 

AMENDMENT
dated as of September 1, 2010, between 135 FIFTH AVENUE LLC, having an office at 441 Lexington Avenue, New York, New York 10017
(“Landlord”), and DIVERSIFIED PRIVATE EQUITY CORP. (formerly known as Diversified Biotech Holdings Corp.), having an
office at 135 Fifth Avenue, New York, New York 10010 (“Tenant”).

 

WITNESSETH:

 

WHEREAS,
Landlord and Tenant are parties to a certain lease dated as of July 1, 2006 (hereinafter called the “Lease”) for the
entire tenth floor, in the building known as 135 Fifth Avenue, New York, New York as more particularly described in the Lease,
and

 

WHEREAS, the parties hereto desire to amend the Lease upon the terms, covenants and conditions hereinafter provided;

 

NOW, THEREFORE,
for value received, the parties agree as follows:

 

1.
Effective as of the date hereof, the subdivisions of Article 41 of the
Lease listed below shall be amended as follows:

 

(b)
“Annual Rent” shall mean $138,600.

 

(c)
“Annual Rent Increase Date” shall mean September 1, 2011.

 

(e)
“Broker” shall mean none.

 

(n)
“Security Deposit” shall mean $39,000. Accordingly, Tenant is depositing with Landlord, upon execution hereof, $6,500,
which together with the previously deposited funds, shall total the Security Deposit.

 

(o)
“Tax Base Year” shall mean the twelve month period from July 1, 2010 to June 30, 2011.

 

(q)
“Term” shall mean the term of this lease which commenced July 1, 2006 and shall end August 31, 2015 (or until such
Term shall sooner cease or expire as herein provided).

 

    	 

    	 

    

 

2.
Except as herein modified and amended, the Lease
is hereby ratified and confirmed.

 

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the date first above
written.

 

	 	LANDLORD:
	 	135 FIFTH AVENUE LLC
	 	 
	 	By	
	 	 
	 	TENANT:
	 	DIVERSIFIED PRIVATE EQUITY
    CORP.
	 	 
	 	By	/s/
    Scott L. Mathis

 

By
signature below, Guarantor consents 

to
this Amendment and agrees that the 

previously
executed Guaranty of Lease 

applies
to the Lease as amended hereby

 

	/s/ Scott L. Mathis	 
	Scott L. MathisALGODON GLOBAL PROPERTIES, LLC

 

AND

 

DPEC CAPITAL, INC.

 

WARRANT AGREEMENT

 

Dated as of July 18, 2008

 

    	 

    	 

    

 

WARRANT AGREEMENT
dated as of July 18, 2008 between ALGODON GLOBAL PROPERTIES, LLC, a Delaware limited liability company (the “Company”),
and DPEC CAPITAL, INC. (the “Placement Agent”) and its assignees or designees (each hereinafter sometimes
referred to with DPEC Capital, Inc. as a “Holder” or the “Holders”).

 

WITNESSETH:

 

WHEREAS,
the Placement Agent has agreed to act as the placement agent in connection with the Company’s proposed private placement
of a minimum of 2,000,000 units and a maximum of 15,000,000 units of non-managing membership interests of the Company (the “Units”),
at an offering price of $1.00 per unit (the “Offering”);

 

WHEREAS,
the Company has agreed to issue warrants to the Placement Agent (the “Warrants”) to purchase ten percent (10%) of the
aggregate number of Units sold in the Offering;

 

WHEREAS,
as the Offering is being sold on a “best efforts, all or none” basis with respect to the first 2,000,000 Units and
on a “best efforts” basis with respect to the remaining Units, the Offering may have multiple closings (each, a “Closing”);

 

WHEREAS,
the Warrants will be issued on the date of each Closing of the Offering by the Company to the Placement Agent in consideration
for, and as part of, the Placement Agent’s compensation for serving as Placement Agent; and

 

WHEREAS,
the terms and conditions of the Warrants in which the Warrants will

be issued are set forth in this Agreement;

 

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

 

    	 

    	 

    

 

1.          Grant.
The Company agrees to grant to the Placement Agent Warrants to purchase such number of Units which are equal to ten percent (10%)
of the aggregate number of Units sold on such Closing Date at an initial exercise price of $1.00 per unit (the “Exercise
Price”) (including all Units sold pursuant to an over-allotment option, or pursuant to an increase in the maximum size of
the Offering, if any). The Warrants shall be exercisable at any time from the date of grant (which shall be the date of each Closing
(each, a “Closing Date”)) until 5:30 p.m., New York time, on the date which is five years from each Closing Date. In
the event of multiple closings in any calendar quarter, the parties agree that the Warrants for each of such Closings may be combined
and issued and dated as of the last day of the calendar quarter. The number of Units subject to the Warrants granted hereunder
and the Exercise Price shall be subject to adjustment as provided in Section 8 hereof.

 

2.          Warrant
Certificates. The warrant certificates (the “Warrant Certificates”) delivered and to be delivered pursuant to this
Agreement shall be in the form set forth in Exhibit A attached hereto and made a part hereof, with such appropriate insertions,
omissions, substitutions, and other variations as required or permitted by this Agreement.

 

3.          Registration
of Warrants. The Warrants shall be numbered and shall be registered on the books of the Company when issued.

 

4.          Exercise
of Warrants.

 

    	-2-

    	 

    

 

4.1           Method
of Exercise. The Warrants initially are exercisable at the Exercise Price (subject to adjustment as provided in Section 8 hereof)
as set forth in Section 7 hereof payable by certified or official bank check in New York Clearing House funds. Upon surrender of
a Warrant Certificate with the annexed Form of Election to Purchase duly executed, together with payment of the Exercise Price
for the Units purchased, at the Company’s principal offices (presently located at 135 Fifth Avenue, New York, New York 10010),
the Holder shall be entitled to receive a certificate or certificates for the Units so purchased. The purchase rights represented
by each Warrant Certificate are exercisable at the option of the Holder thereof, in whole or in part (but not as to fractional
Units underlying the Warrants). In the case of the purchase of less than all of the Units purchasable under any Warrant Certificate,
the Company shall cancel said Warrant Certificate upon the surrender thereof and shall execute and deliver a new Warrant Certificate
of like tenor for the balance of the Units purchasable thereunder.

 

4.2           Exercise
by Surrender of Warrants. In addition to the method of payment set forth in Section 4.1 and in lieu of any cash payment required
thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full
or in part by surrendering the Warrant Certificate in the manner specified in Section 4.1 in exchange for the number of Units equal
to the product of (x) the number of Units as to which the Warrants are being exercised, multiplied by (y) a fraction, the numerator
of which is the Current Price (as hereinafter defined) of the Units minus the Exercise Price of the Units and the denominator of
which is the Current Price of the Units. As used in this Agreement, the phrase “Current Price” shall be deemed to be
the last price at which Units were sold in an arms’ length transaction prior to exercise of the Warrant.

 

5.          Issuance
of Certificates. Upon the exercise of any Warrants, the issuance of certificates for Units shall be made forthwith (and in
any event within five business days thereafter) without charge to the Holder thereof including, without limitation, any tax, other
than income taxes, which may be payable in respect of the issuance thereof, and such certificates shall be issued in the name of,
or in such names as may be directed by, the Holder thereof; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the issuance and delivery of any such certificates in a name other
than that of the Holder and the Company shall not be required to issue or deliver such certificates unless or until the person
or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

 

    	-3-

    	 

    

 

The Warrant Certificates
and the certificates representing the Units or other securities, property or rights issued upon exercise of any Warrants shall
be executed on behalf of the Company by the manual or facsimile signature of the then present President or any Vice President of
the Company under its corporate seal reproduced thereon, attested to by the manual or facsimile signature of the then present Secretary
or any Assistant Secretary of the Company. Warrant Certificates shall be dated the date of execution by the Company upon initial
issuance, division, exchange, substitution or transfer.

 

The Company covenants
that during the period any Warrant issued hereunder is outstanding, it will maintain the full right and authority to issue a sufficient
number of Units to provide for the issuance of the Units upon the exercise of a Warrant.

 

The Company shall not
by any action, including, without limitation, amending its certificate of formation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms hereunder, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of any Holder against
impairment. Without limiting the generality of the foregoing, the Company will (a) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Units upon the exercise of any
Warrant, and (b) use all commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations hereunder.

 

    	-4-

    	 

    

 

6.          Transfer
of Warrants. The Warrants shall be transferable only on the books of the Company maintained at its principal office, where
its principal office may then be located, upon delivery of the Warrant Certificates representing such Warrants duly endorsed by
the Holder or by its duly authorized attorney or representative accompanied by proper evidence of succession, assignment or authority
to transfer. Upon any registration transfer, the Company shall execute and deliver the new Warrant Certificates to the person entitled
thereto.

 

7.          Exercise
Price and Number of Securities. Except as otherwise provided in Section 8 hereof, each Warrant is exercisable to purchase Units
at an initial exercise price equal to the Exercise Price. The Exercise Price and the number of Units for which the Warrant may
be exercised shall be the price and the number of Units which shall result from time to time from any and all adjustments in accordance
with the provisions of Section 8 hereof.

 

8.          Adjustments
of Exercise Price and Number of Units.

 

(a) Unit Splits,
etc. The number and kind of securities purchasable upon the exercise of any Warrant and the Exercise Price shall be subject
to adjustment from time to time upon the happening of any of the following. In case the Company shall (i) pay a distribution on
its Units, or (ii) subdivide or reclassify its Units, then the number of Units purchasable upon exercise of any Warrant issued
hereunder immediately prior thereto shall be adjusted so that the Holder of the Warrant shall be entitled to receive the kind and
number of Units or other securities of the Company which it would have owned or have been entitled to receive had such Warrant
been exercised in advance thereof. Upon each such adjustment of the kind and number of Units or other securities of the Company
which are purchasable hereunder, the Holder of this Warrant shall thereafter be entitled to purchase the number of Units or other
securities resulting from such adjustment at an Exercise Price obtained by multiplying the Exercise Price in effect immediately
prior to such adjustment by the number of Units purchasable pursuant hereto immediately prior to such adjustment and dividing by
the number of Units or other securities of the Company resulting from such adjustment. An adjustment made pursuant to this paragraph
shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

 

    	-5-

    	 

    

 

(b)          Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets. In case the Company shall reorganize its capital, reclassify
its securities, consolidate or merge with or into another company (where the Company is not the surviving entity or where there
is a change in or distribution with respect to the Company’s Units), or sell, transfer or otherwise dispose of all or substantially
all its property, assets or business to another company (hereafter, any of such possible events shall be referred to as a “Transaction”)
and, pursuant to the terms of such Transaction, cash or securities or property of any nature whatsoever (including warrants or
other subscription or purchase rights) of the successor or acquiring company (“Other Property”), are to be received
by or distributed to the holders of the Company’s Units, then Holder shall have the right thereafter to receive, upon exercise
of a Warrant issued hereunder, the number of units or shares of the successor or acquiring company (or of the Company, if it is
the surviving corporation), and Other Property receivable as a result of such Transaction, as if he were a holder of the number
of Units for which such Warrant were exercised, as if such exercise had been made immediately prior to such Transaction. In case
of any such Transaction, the successor or acquiring company (if other than the Company) shall expressly assume the due and punctual
observance and performance of each and every covenant and condition of this Agreement to be performed and observed by the Company
and all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in
good faith by the Managing Member of the Company) in order to provide for adjustments of Units for which a Warrant issued hereunder
is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in this Section 8. The foregoing
provisions of this Section 8 shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or
disposition of assets.

 

    	-6-

    	 

    

 

(c)          No
Adjustment of Exercise Price in Certain Cases. No adjustment of the Exercise Price shall be made if the amount of said adjustment
shall be less than two cents ($.02) per Unit; provided, however, that in such case any adjustment that would otherwise be required
then to be made shall be carried forward and shall be made at the time of and together with the next subsequent adjustment which,
together with any adjustment so carried forward, shall amount to at least two cents ($.02) per Warrant.

 

9.          Exchange
and Replacement of Warrant Certificates. Each Warrant Certificate is exchangeable, without expense, upon the surrender thereof
by the registered Holder at the principal executive office of the Company for a new Warrant Certificate of like tenor and date
representing in the aggregate the right to purchase the same number of Units in such denominations as shall be designated by the
Holder thereof at the time of such surrender. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of any Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it and reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender
and cancellation of the Warrant, if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor, in lieu
thereof.

 

    	-7-

    	 

    

 

10.         Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Units upon the exercise
of any Warrant, nor shall it be required to issue scrip or pay cash in lieu of fractional interests, it being the intent of the
parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Units or other
securities, properties or rights.

 

11.         No
Rights as Unit Holder until Exercise. The Holder of a Warrant issued hereunder is not entitled to any voting rights or other
rights as a holder of Units of the Company prior to the exercise of a Warrant. Upon the surrender of the Warrant and the payment
of the aggregate Exercise Price, the Units so purchased shall be deemed to be issued to such Holder as the record owner of such
Units as of the close of business on the later of the date of such surrender or payment.

 

12.         Notices.
All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed to have been duly made
and sent when delivered, or mailed by registered or certified mail, return receipt requested:

 

(a)          if
to the registered Holder(s) of the Warrants, to the addresses of such Holder as shown on the books of the Company; or

 

(b)          if
to the Company, to the address set forth in Section 4 hereof or to such other address as the Company may designate by notice to
the Holders.

 

    	-8-

    	 

    

 

13.         Supplements;
Amendments; Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the
subject matter hereof and may not be modified or amended except by a writing duly signed by the party against whom enforcement
of the modification or amendment is sought. The Company and the Placement Agent may from time to time supplement or amend this
Agreement without the approval of any holders of Warrant Certificates (other than the Placement Agent) in order to cure any ambiguity,
to correct or supplement any provision contained herein which may be defective or inconsistent with any provisions herein, or to
make any other provisions in regard to matters or questions arising hereunder which the Company and the Placement Agent may deem
necessary or desirable and which the Company and the Placement Agent deem shall not adversely affect the interests of the Holders.

 

14.         Successors.
All of the covenants and provisions of this Agreement shall be binding upon and inure to the benefit of the Company, the Placement
Agent and their respective successors and assigns hereunder.

 

15.         Survival
of Representations and Warranties. All statements in any schedule, exhibit or certificate or other instrument delivered by
or on behalf of the parties hereto, or in connection with the transactions contemplated by this Agreement, shall be deemed to be
representations and warranties hereunder. Notwithstanding any investigations made by or on behalf of the parties to this Agreement,
all representations, warranties and agreements made by the parties to this Agreement or pursuant hereto shall survive.

 

16.         Governing
Law. This Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made under the laws of the
State of Delaware and for all purposes shall be construed in accordance with the laws of said State without giving effect to the
rules of said State governing the conflicts of laws.

 

    	-9-

    	 

    

 

17.         Severability.
If any provision of this Agreement shall be held to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision of this Agreement.

 

18.         Captions.
The caption headings of the Sections of this Agreement are for convenience of reference only and are not intended, nor should they
be construed as, a part of this Agreement and shall be given no substantive effect.

 

19.         Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any person or corporation other than the Company
and the Placement Agent and any other registered Holder(s) of the Warrant Certificates any legal or equitable right, remedy or
claim under this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company and the Placement Agent and
any other Holder(s) of the Warrant Certificates.

 

20.         Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and such counterparts shall together constitute but one and the same instrument.

 

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

 

	ATTEST:	 	ALGODON GLOBAL PROPERTIES, LLC
	 	 	 	 	 	 
	 	 	By: 	InvestProperty Group, LLC,
	 	 	 	Managing Member
	 	 	 	 	 	 
	/s/ Tim Holderbaum	 	 	 	By: 	 /s/ Scott L. Mathis
	Secretary	 	 	 	Name: Scott L. Mathis
	 	 	 	 	Title:  President

 

	 	DPEC CAPITAL, INC.
	 	 
	 	By:		/s/ Donald Geraghty
	 	 	 	Name: Donald Geraghty
	 	 	 	Title: Senior Vice President

 

    	-10-

    	 

    

 

WARRANT CERTIFICATE

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, (ii) TO
THE EXTENT APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES),
OR (iii) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL FOR THE ISSUER, THAT AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT IS AVAILABLE.

 

THE TRANSFER OR EXCHANGE OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE IS RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT DATED AS OF JULY 18, 2008 BETWEEN THE ISSUER
AND DPEC CAPITAL, INC.

 

EXERCISABLE ON OR BEFORE

5:30 P.M., NEW YORK TIME, ____________,
2013

 

Warrant No. ___

 

____________ Units of Non-managing Membership
Interests of the Company

 

This Warrant Certificate
certifies that DPEC Capital, Inc., or its registered assigns, is the registered holder of Warrants to purchase initially, at any
time from ____________, 20__ until 5:30 p.m., New York time on ___________, 2013 (“Expiration Date”), up to_________
units of fully-paid and non-assessable non-managing membership interests (the “Units”) of ALGODON GLOBAL PROPERTIES,
LLC, a Delaware limited liability company (the “Company”), at the initial exercise price, subject to adjustment in
certain events, of $1.00 per Unit (the “Exercise Price”) upon surrender of this Warrant Certificate and payment of
the Exercise Price at an office or agency of the Company, but subject to the conditions set forth herein and in the Warrant Agreement
dated as of July 18, 2008 between the Company and DPEC Capital, Inc. (the “Warrant Agreement”). Payment of the Exercise
Price shall be made by certified or official bank check in New York Clearing House funds payable to the order of the Company.

 

No Warrant may be exercised
after 5:30 p.m., New York time, on the Expiration Date, at which time all Warrants evidenced hereby, unless exercised prior thereto,
shall thereafter be void.

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants issued pursuant to the Warrant Agreement, which Warrant
Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description
of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company and the holders (the words “holders”
or “holder” meaning the registered holders or registered holder) of the Warrants.

 

    	-11-

    	 

    

 

The Warrant Agreement
provides that upon the occurrence of certain events the Exercise Price and the type and/or number of the Company’s securities
issuable thereupon may, subject to certain conditions, be adjusted. In such event, the Company will, at the request of the holder,
issue a new Warrant Certificate evidencing the adjustment in the Exercise Price and the number and/or type of securities issuable
upon the exercise of the Warrants; provided, however, that the failure of the Company to issue such new Warrant Certificates shall
not in any way change, alter, or otherwise impair, the rights of the holder as set forth in the Warrant Agreement.

 

Upon due presentment
for registration of transfer of this Warrant Certificate at an office or agency of the Company, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
for this Warrant Certificate, subject to the limitations provided herein and in the Warrant Agreement, without any charge except
for any tax or other governmental charge imposed in connection with such transfer.

 

Upon the exercise of
less than all of the Warrants evidenced by this Certificate, the Company shall forthwith issue to the holder hereof a new Warrant
Certificate representing such numbered unexercised Warrants.

 

The Company may deem
and treat the registered holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, and of any distribution to the holder(s)
hereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary.

 

All terms used in this
Warrant Certificate which are defined in the Warrant Agreement shall have the meanings assigned to them in the Warrant Agreement.

 

This Warrant Certificate
does not entitle any holder thereof to any of the rights of a unit-holder of the Company.

 

IN WITNESS WHEREOF,
the Company has caused this Warrant Certificate to be duly executed under its corporate seal.

 

	Dated: ______________, 20__	 	 	 	 	 
	 	 	 	 	 	 
	ATTEST:	 	ALGODON GLOBAL PROPERTIES, LLC
	 	 	 	 	 	 
	 	 	 	By: 	InvestProperty Group, LLC,
	 	 	 	 	Managing Member
	 	 	 	 	 	 
	 	 	 	 	By: 	___________________________
	Secretary	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

    	-12-

    	 

    

 

AMENDMENT NO. 1 TO WARRANT AGREEMENT

 

The Warrant Agreement
between AGP Global Properties, LLC and DPEC Capital, Inc., dated July 18, 2008 (hereinafter the “Warrant Agreement”),
pertaining to the Offering described in the Private Placement Memorandum of the same date, is hereby amended as follows:

 

1.     Clarification of the Number
of Warrants To Be Issued In Conjunction with Subscriptions Converted from Bridge Loan.

 

With respect to all
Units received by investors pursuant to accepted subscriptions in the Offering that were paid for with funds initially loaned to
the Company as part of a pre-Offering bridge loan, the Company shall issue to the Placement Agent warrants to purchase 10% of all
Units received by such investors, inclusive of the additional Units received as a result of (a) the discount afforded to persons
who participated in the pre-Offering bridge loan, and (b) the interest earned by such persons to the extent such interest was used
to purchase Units in the Offering (hereinafter “Bridge Warrants”). The Bridge Warrants shall be granted as of the final
Termination Date of the Offering and shall have the same terms and conditions as other Warrants to be issued under the Warrant
Agreement.

 

2.     Capitalized terms used but not
defined herein shall have the meanings given to such terms in the Warrant Agreement.

 

Dated: As of April 13, 2009

 

	 	ALGODON GLOBAL PROPERTIES, LLC
	 	 
	 	By:	InvestProperty Group, LLC
	 	 	Managing Member
	 	 	 	 
	 	 	By: 	/s/ Scott Mathis
	 	 	 	Name: Scott Mathis
	 	 	 	Title: President
	 	 	 	 
	 	DPEC CAPITAL, INC.
	 	 	 
	 	By:  	/s/ Donald Geraghty
	 	 	Name: Donald Geraghty
	 	 	Title: Director of Compliance

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}]]