Document:

<PAGE>   1
                                                                    EXHIBIT 4(a)

                    FIRST SUNAMERICA LIFE INSURANCE COMPANY

                    INDIVIDUAL RETIREMENT ANNUITY ENDORSEMENT

This Endorsement amends the Contract to which it is attached so that it may
qualify as an Individual Retirement Annuity (IRA) under Section 408(b) of the
Internal Revenue Code (Code) and the Regulations under that Section. The
endorsement may be amended from time to time to comply with changes in the
Internal Revenue Code. Any change would be subject to New York State Department
of Insurance approval. The Owner has the right to refuse to accept any such
amendment; however, We shall not be held liable for any tax consequences
incurred by the Owner as a result of such refusal. In the case of a conflict
with any provision in the Contract, the provisions of this Endorsement will
control. The effective date of this Endorsement is the Contract Date shown on
the Contract Data Page. The Contract is amended as follows:

1.      The Owner, Annuitant, and Payee shall be the same individual. The Owner,
        Annuitant, and Payee cannot be changed, except as otherwise permitted
        under the IRC and applicable regulations. All distributions made while
        the Owner is alive must be made to the Owner.

2.      The interest of the Owner under this Contract shall be nonforfeitable
        except as provided by law.

3.      This Contract may not be sold, assigned, discounted, pledged as
        collateral for a loan or as security for the performance of any
        obligation or for any other purpose, or otherwise transferred (other
        than a transfer incident to a divorce or separation instrument in
        accordance with Section 408(d)(6) of the Code) to any person other than
        to the Company.

4.      This Contract is established for the exclusive benefit of the Owner and
        his or her Beneficiary(ies).

5.      Except in the case of a rollover contribution (as permitted by Code
        Sections 402(c), 403(a)(4), 403(b)(8), or 408(d)(3)(1)), or a
        contribution made in accordance with the terms of a Simplified Employee
        Pension (SEP) as described in Code Section 408(k), or a nontaxable
        transfer from an individual retirement account under 408(a) of the Code
        or another IRA under Section 408(b) of the Code, contributions shall not
        exceed $2,000 for any taxable year. All contributions must be in cash.

        No contribution will be accepted under a SIMPLE IRA plan established by
        any employer pursuant to Code section 408(p). No transfer or rollover of
        funds attributable to contributions made by a particular employer under
        its SIMPLE IRA plan will be accepted from a SIMPLE IRA, that is, an IRA
        used in conjunction with a SIMPLE IRA plan, prior to the expiration of
        the 2-year period beginning on the date the individual first
        participated in that employer's SIMPLE IRA plan.

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<PAGE>   2

6.      Unless otherwise permitted under applicable law, the Owner's entire
        interest in the Contract shall be distributed no later than the
        "required beginning date," or commence to be distributed beginning no
        later than the "required beginning date," over

        (a)     the life of the Owner, or the lives of the Owner and his or her
                designated Beneficiary (within the meaning of section 401(a) of
                the Code), or

        (b)     a period certain not extending beyond the life expectancy of the
                Owner, or the joint and last survivor expectancy of the Owner
                and his or her Beneficiary as required by law.

        As used in this Endorsement, the term "required beginning date" means
        April 1 of the calendar year following the calendar year in which the
        Owner attains age 70-1/2, or such later date provided by law.

        Payments must be made in periodic payments at intervals of no longer
        than one year. In addition, payments must be either nonincreasing or
        they may increase only as provided in Q&A F-3 of Section 1.401(a)(9)-1
        of the Proposed Income Tax Regulations.

        If the Owner's interest is to be distributed over a period greater than
        one year, the amount to be distributed by December 31 of each year
        (including the year in which the required beginning date occurs) will be
        made in accordance with the requirements of Code Section 401(a)(9),
        including the incidental death benefit requirements of Code Section
        401(a)(9)(G), and the regulations thereunder, including the minimum
        distribution incidental benefit requirement of Code Section
        1.401(a)(9)-2 of the Proposed Income Tax Regulations.

        Life expectancy is computed by use of the expected return multiples in
        Tables V and VI of Section 1.72-9 of the Income Tax Regulations. Unless
        otherwise elected by the Owner by the time distributions are required to
        begin, life expectancies shall be recalculated annually. Such election
        shall be irrevocable by the Owner and shall apply to all subsequent
        years. The life expectancy of a non-spouse designated Beneficiary may
        not be recalculated. Instead, life expectancy will be calculated using
        the attained age of such designated Beneficiary during the calendar year
        in which the Owner attains age 70-1/2, and payments for subsequent years
        shall be calculated based on such life expectancy reduced by one for
        each calendar year which has elapsed since the calendar year life
        expectancy was first calculated. Life expectancy for distributions under
        an Annuity Payment Option may not be recalculated. When life
        expectancies are not recalculated annually, payments may not continue
        for life.

7.      Unless otherwise permitted under applicable law, upon the death of the
        Owner:

        (a)     if the Owner dies on or after the required beginning date (or if
                distributions have begun before the required beginning date as
                irrevocable annuity payments (or income payments, whichever term
                is applicable), the remaining portion of the

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<PAGE>   3

                Owner's interest (if any) shall be distributed at least as
                rapidly as under the method of distribution in effect as of the
                Owner's death;

        (b)     if the Owner dies before the required beginning date and an
                irrevocable annuity distribution has not begun, the entire
                interest will be distributed by December 31 of the calendar year
                which contains the fifth anniversary of the Owner's death except
                that:

                (1)     if the interest is payable to an individual who is the
                        Owner's designated Beneficiary, the designated
                        Beneficiary may elect to receive the entire interest
                        over the life of the designated Beneficiary or over a
                        period not extending beyond the life expectancy of the
                        designated Beneficiary, commencing on or before December
                        31 of the calendar year immediately following the
                        calendar year in which the Owner died; or

                (2)     if the designated Beneficiary is the Owner's surviving
                        spouse, the surviving spouse may elect to receive the
                        entire interest over the life of the surviving spouse
                        or over a period not extending beyond the life
                        expectancy of the surviving spouse, commencing at any
                        date on or before the later of (A) December 31 of the
                        calendar year immediately following the calendar year
                        in which the Owner died or (B) December 31 of the
                        calendar year in which the Owner would have attained
                        age 70-1/2. If the surviving spouse dies before
                        distributions begin, the limitations of this paragraph
                        7 (without regard to this paragraph (b)) will be
                        applied as if the surviving spouse were the Owner.

                        An irrevocable election of the method of distribution by
                        a designated Beneficiary who is the surviving spouse
                        must be made no later than the earlier of December 31 of
                        the calendar year containing the fifth anniversary of
                        the Owner's death or the date distributions are required
                        to begin pursuant to this paragraph (b).

                (3)     if the designated Beneficiary is the Owner's surviving
                        spouse, the spouse may irrevocably elect to treat the
                        Contract as his or her own IRA. This election will be
                        deemed to have been made if such surviving spouse,
                        subject to the requirements of Section 5 of this
                        Endorsement, (i) makes a regular IRA contribution to the
                        Contract, (ii) makes a rollover to or from the Contract,
                        or (iii) fails to elect that his or her interest will be
                        distributed in accordance with one of the preceding
                        provisions of this paragraph (b).

                        An irrevocable election of the method of distribution by
                        a designated Beneficiary who is not the surviving spouse
                        must be made no later than December 31 of the calendar
                        year immediately following the calendar year in which
                        the Owner died. If no such election is made, the entire
                        interest will be distributed by December 31 of the
                        calendar year containing the fifth anniversary of the
                        Owner's death.

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<PAGE>   4

        Life expectancy is computed by use of the expected return multiples in
        Tables V and VI of Section 1.72-9 of the Income Tax Regulations. For
        purposes of distributions beginning after the Owner's death, unless
        otherwise elected by the surviving spouse by the time distributions are
        required to begin, life expectancies shall be recalculated annually.
        Such election shall be irrevocable by the surviving spouse and shall
        apply to all subsequent years. In the case of any other designated
        Beneficiary, life expectancies shall be calculated using the attained
        age of such designated Beneficiary during the calendar year in which
        distributions are required to begin pursuant to this section, and
        payments for any subsequent calendar year shall be calculated based on
        such life expectancy reduced by one for each calendar year which has
        elapsed since the calendar year life expectancy was first calculated.
        Life expectancy for distributions under an Annuity Payment Option in the
        Contract may not be recalculated. When life expectancies are not
        recalculated annually, payments may not continue for life.

        Distributions under this section are considered to have begun if
        distributions are made on account of the Owner reaching his or her
        required beginning date or if prior to the required beginning date
        distributions irrevocably commence over a period permitted and in an
        annuity form acceptable under Section 1.401(a)(9) of the Proposed Income
        Tax Regulations.

8.      The Company shall furnish annual calendar year reports concerning the
        status of the Contract.

The following provisions entitled MISSTATEMENT OF AGE, PROOF OF AGE AND SURVIVAL
and the table of Annuity Payment Options apply to Simplified Employee Pension
(SEP) contracts only:

9.      The MISSTATEMENT OF AGE OR SEX section of the Contract is deleted and
        replaced by the following section entitled MISSTATEMENT OF AGE.

        MISSTATEMENT OF AGE
        If the Age of any Annuitant has been misstated, future annuity payments
        will be adjusted using the correct Age according to Our rates in effect
        on the date that annuity payments were determined. Any overpayment of
        the Fixed Annuity Payment Option, plus interest at the rate of 4% per
        year, will be deducted from the next payment due. Any underpayment of
        the Fixed Annuity Payment Option, plus interest at the rate of 4% per
        year, will be paid in full with the next payment due. Any overpayment
        from the Variable Payment Option will be deducted from the next payment
        due. Any underpayment from the Variable Payment Option will be paid in
        full with the next payment due.

10.     The PROOF OF AGE, SEX OR SURVIVAL section of the Contract is deleted and
        replaced by the following section entitled PROOF OF AGE AND SURVIVAL.

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<PAGE>   5

        PROOF OF AGE AND SURVIVAL. We may require satisfactory proof of correct
        age at anytime. If any payment under this Contract depends on the
        Annuitant being alive, We may require satisfactory proof of survival.

11.     Except to the extent Treasury regulations allow Us to offer additional
        Annuity Payment Options that are acceptable to Us, only Annuity Payment
        Options 1 and 1v, 2 and 2v, 3 and 3v, 4 and 4v, 5 and 5v shall be
        offered unless We consent to the use of an additional option. Under
        Annuity Payment Options 2 and 2v, and 3 and 3v, the designated second
        person must be either the Owner's spouse or an individual who is not
        more than 10 years younger than the Owner. Annuity Payment Options 3 and
        3v are not available to an Owner and the designated second person where
        the life expectancy of the Owner and such person is less than 10 years.
        Also, Annuity Payment Options 4 and 4v are not available to an Owner
        where the Owner's life expectancy is less than 10 years, and Annuity
        Payment Options 5 and 5v are not available to an Owner where the Owner's
        life expectancy is less than 5 years.

        Any additional Annuity Payment Option under the Contract must meet the
        requirements of section 408(b) of the Code and applicable regulations.
        The provisions of this Endorsement reflecting the requirements of Code
        Sections 401(a)(9) and 408(b) override any additional Annuity Payment
        Option inconsistent with such requirements.

        If a guaranteed or specified period of payments is chosen under an
        Annuity Payment Option, the length of the period must not exceed the
        shorter of (1) the Owner's life expectancy, or if a designated second
        person is named, the joint and last survivor expectancy of the Owner and
        the designated second person, and (2) the applicable maximum period
        under Section 1.401(a)(9)-2 of the Proposed Income Tax Regulations.

12.     If You return the Contract within 10 days after the Contract Date, the
        Company will refund the amount of Your Purchase Payment, without
        adjustment for such items as sales commissions, administrative expenses,
        and fluctuation in market value for the Valuation Period in which the
        Contract is received. We reserve the right to allocate Your Purchase
        Payment to the Cash Management Subaccount until the end of the 10 day
        period. Thereafter, allocations will be made as shown on the Contract
        Data Page.

13.     The provisions of this Endorsement are intended to comply with the
        requirements of the Code and applicable regulations for IRAs under
        Section 408(b) of the Code. The Company reserves the right to amend the
        Contract and this Endorsement from time to time, with the Owner's
        consent, when such amendment is necessary to assure continued
        qualification of the Contract as an IRA under Section 408(b) of the Code
        (and any successor provision) as in effect from time to time. The Owner
        has the right to refuse to accept any such amendment; however, We shall
        not be held liable for any tax consequences incurred by the Owner as a
        result of such refusal.

14.     The tables in the Annuity Payment Options section are deleted and
        replaced by the following:

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<PAGE>   6

                       FIXED ANNUITY PAYMENT OPTIONS TABLE

BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and a guaranteed interest rate of 3%. The
mortality table is projected using Projection Scale G factors, assuming
annuitization in the year 2000, and assumes an equal distribution of males and
females. The Fixed Annuity Payment Options Table does not include any applicable
premium tax.

            OPTIONS 1 & 4 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)

<TABLE>
<CAPTION>
                         OPTION 1               OPTION 4                OPTION 4
                                               LIFE ANNUITY            LIFE ANNUITY
      AGE OF                                 (W/120 PAYMENTS         (W/240 PAYMENTS
    ANNUITANT          LIFE ANNUITY            GUARANTEED)             GUARANTEED)
    ---------          ------------          ----------------        ---------------
    <S>                <C>                   <C>                     <C>
        55                 4.04                    4.00                    3.90
        56                 4.11                    4.08                    3.96
        57                 4.19                    4.15                    4.02
        58                 4.28                    4.23                    4.09
        59                 4.37                    4.32                    4.15
        60                 4.47                    4.41                    4.22
        61                 4.57                    4.50                    4.29
        62                 4.68                    4.61                    4.36
        63                 4.80                    4.71                    4.43
        64                 4.93                    4.82                    4.50
        65                 5.07                    4.94                    4.57
        66                 5.21                    5.07                    4.64
        67                 5.37                    5.20                    4.72
        68                 5.53                    5.34                    4.79
        69                 5.71                    5.48                    4.86
        70                 5.90                    5.63                    4.92
        71                 6.11                    5.79                    4.99
        72                 6.33                    5.95                    5.05
        73                 6.57                    6.13                    5.11
        74                 6.82                    6.30                    5.16
        75                 7.10                    6.48                    5.21
        76                 7.39                    6.67                    5.26
        77                 7.71                    6.86                    5.30
        78                 8.05                    7.05                    5.34
        79                 8.42                    7.24                    5.37
        80                 8.81                    7.44                    5.40
        81                 9.24                    7.63                    5.42
        82                 9.70                    7.82                    5.44
        83                10.19                    8.00                    5.46
        84                10.72                    8.17                    5.47
        85                11.29                    8.34                    5.49
</TABLE>

                                       6
<PAGE>   7

              OPTION 2 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
                       JOINT & 100% SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
   AGE OF
  ANNUITANT                                   AGE OF ANNUITANT
  ---------      -------------------------------------------------------------------------
                  55          60          65         70          75         80         85
                  --          --          --         --          --         --         --
     <S>         <C>         <C>         <C>        <C>         <C>        <C>        <C>
     55          3.54        3.66        3.77       3.85        3.92       3.97       4.00
     60          3.66        3.83        3.99       4.14        4.25       4.34       4.39
     65          3.77        3.99        4.23       4.45        4.65       4.80       4.91
     70          3.85        4.14        4.45       4.78        5.10       5.37       5.57
     75          3.92        4.25        4.65       5.10        5.57       6.02       6.40
     80          3.97        4.34        4.80       5.37        6.02       6.70       7.35
     85          4.00        4.39        4.91       5.57        6.40       7.35       8.35
</TABLE>

              OPTION 3 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
         JOINT & 100% SURVIVOR LIFE ANNUITY (W/120 PAYMENTS GUARANTEED)

<TABLE>
<CAPTION>
   AGE OF
  ANNUITANT                                   AGE OF ANNUITANT
  ---------      -------------------------------------------------------------------------
                  55          60          65         70          75         80         85
                  --          --          --         --          --         --         --
     <S>         <C>         <C>         <C>        <C>         <C>        <C>        <C>
     55          3.54        3.66        3.76       3.85        3.91       3.96       3.98
     60          3.66        3.83        3.99       4.13        4.24       4.32       4.37
     65          3.76        3.99        4.22       4.44        4.63       4.77       4.86
     70          3.85        4.13        4.44       4.76        5.06       5.31       5.47
     75          3.91        4.24        4.63       5.06        5.50       5.89       6.18
     80          3.96        4.32        4.77       5.31        5.89       6.46       6.92
     85          3.98        4.37        4.86       5.47        6.18       6.92       7.55
</TABLE>

              OPTION 3 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
         JOINT & 100% SURVIVOR LIFE ANNUITY (W/240 PAYMENTS GUARANTEED)

<TABLE>
<CAPTION>
    AGE OF
   ANNUITANT                                     AGE OF ANNUITANT
   ---------                                     ----------------
                         55       60         65         70         75         80         85
                         --       --         --         --         --         --         --
      <S>               <C>      <C>        <C>        <C>        <C>        <C>        <C>
      55                3.53     3.65       3.75       3.82       3.87       3.89       3.90
      60                3.65     3.81       3.96       4.07       4.15       4.20       4.21
      65                3.75     3.96       4.16       4.34       4.46       4.53       4.56
      70                3.82     4.07       4.34       4.58       4.76       4.86       4.91
      75                3.87     4.15       4.46       4.76       4.99       5.13       5.20
      80                3.89     4.20       4.53       4.86       5.13       5.30       5.38
      85                3.90     4.21       4.56       4.91       5.20       5.38       5.46
</TABLE>

                                       7
<PAGE>   8

              OPTION 5 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
                       FIXED PAYMENT FOR SPECIFIED PERIOD

<TABLE>
<CAPTION>
    NUMBER         MONTHLY      NUMBER     MONTHLY    NUMBER     MONTHLY    NUMBER     MONTHLY
   OF YEARS        PAYMENT     OF YEARS    PAYMENT   OF YEARS    PAYMENT   OF YEARS    PAYMENT
   --------        -------     --------    -------   --------    -------   --------    -------
   <S>             <C>           <C>       <C>         <C>       <C>         <C>       <C>
                                  10        9.61        17        6.23        24        4.84
                                  11        8.86        18        5.96        25        4.71
       5            17.91         12        8.24        19        5.73        26        4.59
       6            15.14         13        7.71        20        5.51        27        4.47
       7            13.16         14        7.26        21        5.32        28        4.37
       8            11.68         15        6.87        22        5.15        29        4.27
       9            10.53         16        6.53        23        4.99        30        4.18
</TABLE>

                                       8
<PAGE>   9

                     VARIABLE ANNUITY PAYMENT OPTIONS TABLE

BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and an effective annual Assumed Investment Rate
of 3.5%. The mortality table is projected using Projection Scale G factors,
assuming annuitization in the year 2000, and assumes an equal distribution of
males and females. The Variable Annuity Payment Options Table does not include
any applicable premium tax.

           OPTIONS 1v & 4v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)

<TABLE>
<CAPTION>
                        OPTION 1v               OPTION 4v               OPTION 4v
                                               LIFE ANNUITY            LIFE ANNUITY
      AGE OF                                 (W/120 PAYMENTS         (W/240 PAYMENTS
    ANNUITANT          LIFE ANNUITY            GUARANTEED)             GUARANTEED)
    ---------          ------------          ---------------         ---------------
    <S>                <C>                   <C>                     <C>
        55                 4.33                    4.30                    4.19
        56                 4.41                    4.37                    4.25
        57                 4.49                    4.44                    4.31
        58                 4.57                    4.52                    4.37
        59                 4.66                    4.61                    4.43
        60                 4.76                    4.70                    4.50
        61                 4.86                    4.79                    4.56
        62                 4.98                    4.89                    4.63
        63                 5.09                    5.00                    4.70
        64                 5.22                    5.11                    4.77
        65                 5.36                    5.22                    4.84
        66                 5.50                    5.35                    4.91
        67                 5.66                    5.48                    4.98
        68                 5.83                    5.61                    5.05
        69                 6.00                    5.76                    5.12
        70                 6.20                    5.91                    5.18
        71                 6.40                    6.06                    5.25
        72                 6.62                    6.23                    5.31
        73                 6.86                    6.39                    5.36
        74                 7.12                    6.57                    5.42
        75                 7.39                    6.75                    5.46
        76                 7.69                    6.93                    5.51
        77                 8.01                    7.12                    5.55
        78                 8.35                    7.31                    5.58
        79                 8.72                    7.50                    5.62
        80                 9.11                    7.69                    5.64
        81                 9.54                    7.88                    5.67
        82                 10.00                   8.07                    5.69
        83                 10.50                   8.24                    5.70
        84                 11.03                   8.42                    5.72
        85                 11.60                   8.58                    5.73
</TABLE>

                                       9
<PAGE>   10

              OPTION 2v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
                       JOINT & 100% SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
   AGE OF
  ANNUITANT                                   AGE OF ANNUITANT
  ---------                                   ----------------
                  55          60          65         70          75         80         85
                  --          --          --         --          --         --         --
     <S>         <C>         <C>         <C>        <C>         <C>        <C>        <C>
     55          3.83        3.95        4.05       4.14        4.21       4.26       4.29
     60          3.95        4.11        4.27       4.42        4.53       4.62       4.68
     65          4.05        4.27        4.50       4.73        4.92       5.08       5.19
     70          4.14        4.42        4.73       5.05        5.37       5.64       5.85
     75          4.21        4.53        4.92       5.37        5.84       6.29       6.67
     80          4.26        4.62        5.08       5.64        6.29       6.97       7.62
     85          4.29        4.68        5.19       5.85        6.67       7.62       8.61
</TABLE>

              OPTION 3v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
         JOINT & 100% SURVIVOR LIFE ANNUITY (W/120 PAYMENTS GUARANTEED)

<TABLE>
<CAPTION>
   AGE OF
  ANNUITANT                                   AGE OF ANNUITANT
  ---------                                   ----------------
                  55          60          65         70          75         80         85
                  --          --          --         --          --         --         --
     <S>         <C>         <C>         <C>        <C>         <C>        <C>        <C>
     55          3.83        3.95        4.05       4.14        4.20       4.25       4.27
     60          3.95        4.11        4.27       4.41        4.52       4.60       4.65
     65          4.05        4.27        4.50       4.72        4.91       5.05       5.14
     70          4.14        4.41        4.72       5.03        5.33       5.58       5.75
     75          4.20        4.52        4.91       5.33        5.77       6.16       6.45
     80          4.25        4.60        5.05       5.58        6.16       6.72       7.17
     85          4.27        4.65        5.14       5.75        6.45       7.17       7.80
</TABLE>

              OPTION 3v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
         JOINT & 100% SURVIVOR LIFE ANNUITY (W/240 PAYMENTS GUARANTEED)

<TABLE>
<CAPTION>
    AGE OF
   ANNUITANT                                     AGE OF ANNUITANT
   ---------                                     ----------------
                 55            60          65         70        75         80         85
                 --            --          --         --        --         --         --
      <S>       <C>           <C>         <C>        <C>       <C>        <C>        <C>
      55        3.82          3.94        4.03       4.11      4.15       4.18       4.19
      60        3.94          4.09        4.24       4.35      4.43       4.47       4.49
      65        4.03          4.24        4.44       4.61      4.73       4.80       4.83
      70        4.11          4.35        4.61       4.84      5.02       5.12       5.17
      75        4.15          4.43        4.73       5.02      5.25       5.38       5.45
      80        4.18          4.47        4.80       5.12      5.38       5.55       5.62
      85        4.19          4.49        4.83       5.17      5.45       5.62       5.70
</TABLE>

                                       10
<PAGE>   11

              OPTION 5v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
                         PAYMENTS FOR A SPECIFIED PERIOD

<TABLE>
<CAPTION>
   NUMBER       MONTHLY      NUMBER     MONTHLY     NUMBER     MONTHLY     NUMBER     MONTHLY
  OF YEARS      PAYMENT     OF YEARS    PAYMENT    OF YEARS    PAYMENT    OF YEARS    PAYMENT
  --------      -------     --------    -------    --------    -------    --------    -------
  <S>           <C>         <C>         <C>        <C>         <C>        <C>         <C>
                               10         9.83        17         6.47        24         5.09
                               11         9.09        18         6.20        25         4.96
      5          18.12         12         8.46        19         5.97        26         4.84
      6          15.35         13         7.94        20         5.75        27         4.73
      7          13.38         14         7.49        21         5.56        28         4.63
      8          11.90         15         7.10        22         5.39        29         4.53
      9          10.75         16         6.76        23         5.24        30         4.45
</TABLE>

                                       11
<PAGE>   12

All other terms and conditions of the Contract remain unchanged.

FIRST SUNAMERICA LIFE INSURANCE COMPANY

                                                     /s/ ELI BROAD
                                        ----------------------------------------
                                                       Eli Broad
                                                       President

                                       12Exhibit 10.1

                                COMMERCIAL LEASE

                      THE TWO SOUTH ORANGE AVENUE BUILDING

                                ORLANDO, FLORIDA

<PAGE>

                             LEASE TABLE OF CONTENTS
                             -----------------------

ARTICLE
NUMBER

1.                BASIC LEASE TERMS
2.                GRANTING AND RENT PROVISIONS
3.                OCCUPANCY, USE, OPERATIONS
4.                UTILITIES
5.                REPAIRS AND MAINTENANCE
6.                ALTERATIONS AND IMPROVEMENT
7.                CASUALTY AND INSURANCE
8.                CONDEMNATION
9.                ASSIGNMENT OR SUBLEASE
10.               LIEN
11.               DEFAULT AND REMEDIES
12.               DEFINITIONS AND MISC. MATTERS

INDEX OF EXHIBITS

"A"               LEGAL DESCRIPTION OF BUILDING
"B"               FLOOR PLAN
"C"               LEASEHOLD IMPROVEMENTS AGREEMENT
"D"               GUARANTY OF LEASE
"E"               RULES AND REGULATIONS
"F"               ACCEPTANCE OF PREMISES
"G"               RENT SCHEDULE
"H"               ADDENDUM

                                       2
<PAGE>

                                COMMERCIAL LEASE

                      THE TWO SOUTH ORANGE AVENUE BUILDING

                                ORLANDO, FLORIDA

         THIS LEASE, made as of _______________________________, by and between
TWO SOUTH ORANGE STREET, LLC ("Landlord"), and ADMIRALTY BANK, a Florida banking
corporation ("Tenant").

                          ARTICLE 1 - BASIC LEASE TERMS

For the purpose of this Lease, the following terms shall have the meanings set
forth below:

1.1      Building. The Building (including the Leased Premises) known as The Two
         South Orange Avenue Building, located on that tract of land (the
         "Land") described on Exhibit A hereto, together with all other
         buildings, structures, fixtures and other improvements located thereon
         from time to time. The Building and the Land are collectively referred
         to herein as the "Property".

1.2      Leased Premises. The floor space and interior wall and ceiling space of
         that portion of the Building outlined in Exhibit B, together with the
         nonexclusive right to use the Common Area as defined herein, resulting
         in an aggregate of approximately 8,792 rentable square feet.

1.3      Lease Term. Ten (10) years and no months, beginning on the Commencement
         Date.

         Option Term: The term of the lease my be extended for two (2) five (5)
         year terms (the "Option Terms"). Tenant shall exercise the options
         granted herein providing written notice to Landlord at least ninety
         (90) days prior to the end of the Lease Term.

1.4      Commencement Date. The "Commencement Date" shall be the earlier of
         February 1, 2001, or the date upon which a Certificate of Occupancy for
         the Leased Premises is issued. The Commencement Date shall constitute
         the commencement of the term of this Lease for all purposes, whether or
         not Tenant has actually taken possession.

1.5      Base Rent. The first year Base Rent is $14,653.33 per month, plus
         applicable Florida sales tax. See Exhibit G for Rent Schedule for
         succeeding years.

1.6      Security Deposit. The Security Deposit is $14,653,33.

                                       3
<PAGE>

1.7      Addresses:

         Landlord's Address                   Tenant's Address
         ------------------                   ----------------
         TWO SOUTH ORANGE STREET, LLC         ADMIRALTY BANK
         c/o Kuhn Managment, Inc.             4400 PGA Blvd.
         Two South Orange Avenue, Suite 201   Palm Beach Gardens, Florida 33410
         Orlando, Florida 32801
         Attn: Cameron B. Kuhn

         Copy to:                             Copy to:
         -------                              -------
         Stump, Storey & Callahan, P.A.       James J. Wheeler, P.A.
         Post Office Box 3388                 Broad & Cassel
         Orlando, Florida 32802-3388          7777 Glades Road, Ste.  300
         Attn:    D. Paul Dietrich, Esq.      Boca Raton, FL 33434

Landlord and Tenant, by written notice to the other may change from time to time
the foregoing addresses, and Landlord, by written notice to Tenant, may notify
Tenant from time to time of the appointment of a Building Manager and such
Manager's address.

1.8      Permitted Use. General office space, including all banking purposes and
         a retail bank operation.

1.9      Common Areas. Such areas, lobbies, elevators, staircases, aisles,
         sidewalks, curbs, parking lots or spaces, delivery passages, loading
         areas, lighting facilities, and all other areas situated on or in the
         Property which are designated by Landlord, from time to time, for use
         by all tenants of the Property in common.

1.10     Lease Year. Each succeeding twelve (12) month period commencing with
         the first day of the first full calendar month of the Lease Term.

1.11     Intentionally Left Blank.

1.12     Intentionally Left Blank.

1.13     Guarantor. The guarantor of Tenant's obligations under this Lease
         pursuant to the Guaranty of Lease, if any, executed for the benefit of
         Landlord. Said Guarantor is, as of the date of execution hereof: None

1.14     Rules and Regulations. The Building shall be operated as set forth in
         the rules and regulations for the Building, a copy of which are
         attached hereto as Exhibit E.

                                       4
<PAGE>

                    ARTICLE 2 - GRANTING AND RENT PROVISIONS

2.1      Grant of Premises. In consideration of the obligation of Tenant to pay
         the rent and other charges as provided in this Lease and in
         consideration of the performance by Tenant of the other terms and
         provisions of this Lease, Landlord hereby leases the Leased Premises to
         Tenant during the Lease Term, subject to the terms and provisions of
         this Lease.

2.2      Base Rent. Tenant agrees to pay monthly as base rent during the term of
         this Lease the sum of money set forth in Section 1.5 of this Lease,
         which amount shall be payable to Landlord at the address shown above or
         at such other address that Landlord in writing shall notify Tenant. A
         monthly installment of base rent shall be due and payable on or before
         the first day of each calendar month beginning February1, 2001, and
         continuing monthly during the term of this Lease, without demand,
         offset or deduction; provided, if the Commencement Date should be a
         date other than the first day of a calendar month, the monthly rental
         set forth above shall be prorated to the end of that calendar month,
         and all succeeding installments of rent shall be payable on or before
         the first day of each succeeding calendar month during the term of this
         Lease. Tenant shall pay, as additional rent, all other sums due under
         this Lease.

2.3      Additional Rental. In addition to the Base Rent, Tenant shall pay to
         Landlord as "Additional Rent" the "Tenant's proportionate share" of
         "Insurance" and "Taxes" (in excess of the "Base Year", as hereinafter
         defined) and "Tenant's share of utility charges." As used herein the
         term:

         (1)      "Tenant's proportionate share" shall mean sixteen and
                  nine-tenths percent (16.9%), which is the proportion that the
                  square footage of the Leased Premises bears to the Building's
                  net rentable square footage.

         (2)      "Insurance" shall mean Landlord's cost of casualty and
                  liability insurance applicable to the commercial portions of
                  the Building, the common areas of the Building or the rents
                  (however the term may be defined) receivable therefrom or any
                  part thereof, or any use thereof, or any facility located
                  therein or thereon or used in conjunction therewith .

         (3)      "Taxes" shall mean all impositions, taxes, assessments
                  (special or otherwise), water and sewer connection charges and
                  rents, and other governmental liens or charge of any and every
                  kind, nature and sort whatsoever, ordinary and extraordinary,
                  foreseen and unforeseen, including all taxes whatsoever
                  attributable in any manner to the commercial portion of the
                  Building, the common areas of the Building or the rents
                  (however the term may be defined) receivable therefrom or any
                  part thereof, or any use thereof, or any facility located
                  therein or thereon or used in conjunction therewith or any
                  charge or other payment required to be paid to any
                  governmental authority, whether or not any

                                       5
<PAGE>

                  of the foregoing shall be designated "real estate tax", "sales
                  tax", "rental tax", "excise tax", "business tax", or
                  designated in any other manner.

         (4)      "Base Year" shall mean calendar year 2001.

         (5)      "Tenant's share of utility charges" shall mean 16.9% of the
                  charges applicable to utilities consumption within the
                  Building.

         Landlord shall notify Tenant within thirty (30) days of the date hereof
         and within thirty (30) days after the end of each calendar year during
         the lease Term of the amount which Landlord estimates (as evidenced by
         budgets prepared by Landlord, based on past expenses and known charges)
         will be the amount of Tenant's proportionate share of Insurance and
         Taxes for the then current calendar year. Within ninety (90) days
         following the end of each calendar year during the Term hereof,
         Landlord shall submit to Tenant a statement showing the actual amount
         due from Tenant with respect to Insurance and Taxes for the past
         calendar year. Within thirty (30) days after receipt by Tenant of said
         statement, Tenant shall have the right in person to inspect Landlord's
         books and records, at Landlord's office, during normal business hours,
         after four days prior written notice, as they pertain to the Insurance
         and taxes for the commercial portion of Building for the calendar year
         covered by said statement. Said statement shall become final and
         conclusive between the parties as to the matters set forth therein
         unless Landlord receives written objections with respect thereto within
         said thirty (30) day period. Any balance shown to be due pursuant to
         said statement shall be paid by Tenant to Landlord within thirty (30)
         days following Tenant's receipt thereof. Anything herein to the
         contrary notwithstanding, Tenant shall not delay or withhold payment of
         any balance shown to be due pursuant to the statement rendered by
         Landlord to Tenant because of any objection which Tenant may raise with
         respect thereto and Landlord shall immediately credit any overpayment
         found to be owing to Tenant against Tenant's proportionate share of
         Insurance and Taxes for the then current calendar year (and future
         calendar years, if necessary) upon the resolution of said objection or,
         if at the time of the resolution of said objection of the Lease Term
         has expired immediately refund to Tenant any overpayment found to be
         owing to Tenant.

         The Tenant agrees to pay monthly as additional rent the Tenant's share
         of utility charges applicable to utilities consumption within the
         Leased Premises. Landlord shall have the option to separately meter the
         Lease Premises or any portion thereof and submit invoices directly to
         Tenant therefor.

2.4      Late Payment Charge. Other remedies for nonpayment of rent
         notwithstanding, if any monthly rental payment is not received by
         Landlord on or before the fifteenth (15th) day of the month for which
         the rent is due, or if any other payment hereunder due Landlord by
         Tenant is not received by Landlord on or before the fifteenth (15th)
         day of the month next following the month in which Tenant was invoiced,
         a late payment charge of five percent (5%) of such past due amount
         shall become due and payable in addition to such amounts owed under
         this Lease.

                                       6
<PAGE>

2.5      Security Deposits. Intentionally left blank.

2.6      Relocation Option.  Intentionally left blank.

2.7      Holding Over. If Tenant does not vacate the Leased Premises upon the
         expiration or earlier termination of this Lease, Tenant shall be a
         tenant at sufferance for the holdover period and all of the terms and
         provisions of this Lease shall be applicable during that period, except
         that, if such holdover is without the express consent of Landlord,
         Tenant shall pay Landlord on demand (in addition to additional rent and
         any other sums payable under this Lease) as base rental for the period
         of such holdover an amount equal to twice the base rent which would
         have been payable by Tenant had the holdover period been a part of the
         original term of this Lease (without waiver of Landlord's right to
         recover damages as permitted by law). If such holdover is with the
         express consent of Landlord, such Base Rent during the holding period
         shall be an amount equal to 125% of the Base Rent which would have been
         otherwise payable. Tenant shall indemnify Landlord against all claims
         made by any tenant or prospective tenant against Landlord resulting
         from delay by Landlord in delivering possession of the Leased Premises
         to such other tenant or prospective tenant as a result of any
         non-consensual holdover by Tenant.

                    ARTICLE 3 - OCCUPANCY, USE AND OPERATIONS

3.1      Use and Operation of Tenant's Business. Tenant warrants and represents
         to Landlord that the Leased Premises shall be used and occupied only
         for the purpose set forth in Section 1.8. Tenant shall occupy the
         Leased Premises, conduct its business and control its agents,
         employees, invitees and visitors in such a manner as is lawful,
         reputable and will not create a nuisance to other tenants in the
         Property. Tenant shall in good faith continuously throughout the Lease
         Term conduct and carry on its business in the entire Leased Premises.
         Tenant and its employees and customers shall have the nonexclusive
         right to use the Common Areas in common with Landlord, other tenants of
         the Property and other persons designated by Landlord, subject to
         reasonable rules and regulations governing use that Landlord from time
         to time prescribes. Tenant shall not solicit business, distribute
         handbills or display merchandise within the Common Areas, or take any
         action which would interfere with the rights of other persons to use
         the Common Areas. Tenant shall not permit any operation which emits any
         odor or matter which intrudes into other portions of the Property, use
         any apparatus or machine which makes undue noise or causes vibration in
         any portion of the Property or otherwise interfere with, annoy or
         disturb any other tenant in its normal business operations or Landlord
         in its management of the Property. Tenant shall neither permit any
         waste on the Leased Premises nor allow the Leased Premises to be used
         in any way which would, in the opinion of Landlord, be extra hazardous
         on account of fire or

                                       7
<PAGE>

         which would in any way increase or render void the fire insurance on
         the Property.

3.2      Signs. No signs of any type or description shall be erected, placed or
         painted in or about the Leased Premises or the Property without the
         Landlord's prior written consent. Notwithstanding the foregoing
         Landlord hereby consents to either (1) unlit street level signs on the
         northwest column of the Building facing Central Avenue and Orange
         Avenue, or (2) lit letter signs between the first and second floors of
         the Building exterior of the Leased Premises facing Central Avenue and
         Orange Avenue, subject to permitability. All signage shall be designed,
         manufactured, and installed and submitted for permitting at Tenant's
         sole expense. Landlord shall allow signage free of charge.

3.3      Compliance with Laws, Rules and Regulations. Landlord represents, to
         the best of its knowledge, that the Building is constructed to satisfy
         all applicable local, state and federal codes and requirements,
         including all requirements of the Americans with Disabilities Act, and
         shall maintain said compliance during the term of this Lease. Tenant,
         at Tenant's sole cost and expense, shall comply with all laws,
         ordinances, orders, rules and regulations of state, federal, municipal
         or other agencies or bodies having jurisdiction over the use, condition
         or occupancy of the Leased Premises. Tenant shall procure at its own
         expense all permits and licenses required for the transaction of its
         business in the Leased Premises. Tenant will comply with the rules and
         regulations of the Property as adopted by Landlord from time to time; a
         copy of the current Rules and Regulations is set forth on a schedule
         attached to this Lease. If Tenant is not complying with such rules and
         regulations, if Tenant is in any way not complying with this Article 3,
         then, notwithstanding anything to the contrary contained herein, after
         written notice to Tenant and expiration of a five (5) day cure period,
         Landlord may, at its election, enter the Leased Premises without
         liability therefor and fulfill Tenant's obligations. Tenant shall
         reimburse Landlord on demand for any expenses which Landlord may incur
         in effecting compliance with Tenant's obligations and agrees that
         Landlord shall not be liable for any damages resulting to Tenant from
         such action. Landlord shall have the right at all times to change and
         amend the rules and regulations in any reasonable manner as it may deem
         advisable for the safety, care, cleanliness, preservation of good order
         and operation or use of the Property or the Leased Premises. All
         changes and amendment to the rules and regulations of the Property will
         be subject to reasonable notice to Tenant forwarded by Landlord to
         Tenant in writing and shall thereafter be carried out and observed by
         Tenant.

3.4      Inspection. Landlord or its authorized agents shall at any and all
         reasonable times during Tenant's regular business hours have the right
         to enter the Leased Premises to inspect the same, to show the Leased
         Premises to prospective mortgagees, purchasers or prospective tenants,
         and to alter, improve or repair the Leased Premises or any other
         portion of the Property if such alterations, improvements or repair are
         reasonably

                                       8
<PAGE>

         required by any governmental entity or deemed reasonably necessary by
         Landlord. Tenant hereby waives any claim for abatement or reduction of
         rent or for any damages for injury or inconvenience to or interference
         with Tenant's business, for any loss of occupancy or use of the Leased
         Premises, and for any other loss occasioned thereby other than any loss
         or damage occasioned by the gross negligence or willful misconduct of
         Landlord or its agents. Tenant shall not change Landlord's lock system
         or in any other manner prohibit Landlord from entering the Leased
         Premises. Landlord shall have the right at all times to enter the
         Leased Premises by any means in the event of an emergency without
         liability therefor. In the event Landlord enters the Leased Premises at
         a time other than Tenant's regular business hours Landlord shall notify
         Tenant and endeavor to be accompanied by Tenant or Tenant's agent.

3.5      Personal Property and Rent Taxes. Tenant shall be liable for all
         tangible personal property taxes levied against leasehold improvements,
         merchandise, personal property, trade fixtures of Tenant and all other
         taxable property located in the Leased Premises. If any such taxes for
         which Tenant is liable are levied against Landlord or Landlord's
         property, Tenant shall pay to Landlord, upon demand, that part of such
         taxes for which Tenant is primarily liable pursuant to the terms.
         Tenant shall pay when due any and all Florida sales taxes related to
         Tenant's use and operation of its business in the Leased Premises.

3.6      Parking. Tenant shall have eight (8) non-exclusive parking spaces and
         eight (8) dedicated parking spaces (on the ground floor) in the parking
         lots associated with the Building, for use by Tenant, during the Terms
         of this Lease. Tenant acknowledges however that after 7:00 p.m. each
         night until 6:00 p.m. the following morning, upon entry to the parking
         facility Tenant will be required to pay for parking at the posted rates
         and shall not have exclusive or dedicated use of any spaces within the
         facility.

                        ARTICLE 4 - UTILITIES AND SERVICE

Subject to reasonable Building rules and regulations, Landlord shall make
available for Tenant's use electricity, water and elevator service on a
twenty-four (24) hour basis, seven (7) days per week. Landlord shall provide or
cause to be provided the mains, conduits and other facilities necessary to
supply water, electricity, telephone service (specifically T-1 lines) and sewage
service to the Leased Premises. Tenant shall maintain plumbing and electrical
lighting fixtures in the Leased Premises. Landlord shall provide routine
maintenance, painting, plumbing and electric lighting service for all Common
Areas and special service areas of the Property in the manner and to the extent
deemed by the Landlord to be standard. Landlord may, in its sole discretion,
provide additional services not enumerated herein. Landlord shall not be liable
for any interruption whatsoever in utility services furnished by it which are
due to Acts of God or Force Majeure. Moreover, Landlord shall not be liable for
any interruption of such utility services which continues during any reasonable
period necessary to restore such

                                       9
<PAGE>

service upon the occurrence of any of the foregoing conditions. Failure by
Landlord to any extent to provide any services of Landlord specified herein or
any other services not specified, or any cessation thereof, shall not render
Landlord liable in any respect for damages to either person or property (other
than if caused by the gross negligence or willful misconduct of Landlord, its
agents or employees), be construed as an eviction of Tenant, work an abatement
of rent or relieve Tenant from fulfillment of any covenant in this Lease. If any
of the equipment or machinery necessary or useful for provision of any utility
services, and for which Landlord is responsible, breaks down, or for any cause
ceases to function properly, Landlord shall use reasonable diligence to repair
the same promptly, but Tenant shall have no claim for rebate of rent or damages
on account of any interruption in service occasioned from the repairs.

Tenant shall provide janitorial service to the Premises at its own expense.

The air conditioning and heating service to be provided by Landlord pursuant to
the provisions of this Lease shall be adequate to maintain temperatures and
humidity in the Premises at levels reasonably acceptable to Landlord and Tenant,
and Landlord shall be responsible for any and all repairs, replacements, and/or
modifications required to assure such service.

Notwithstanding anything to the contrary stated hereinabove, Tenant shall be
responsible for payment of all expenses related to the use of utilities to the
Leased Premises, including, but not limited to, deposits, installation and
start-up fees and monthly invoices for electrical power and water utilized in
the Leased Premises. Landlord may, at its option, separately meter the Leased
Premises.

                       ARTICLE 5 - REPAIRS AND MAINTENANCE

Landlord shall not be required to make any improvements, replacements or repairs
of any kind or character to the Leased Premises during the term of this Lease
except as are set forth in this Article. Landlord shall maintain only the roof,
foundation, parking and Common Areas, including, without limitation, elevators
and bathroom areas, and the structural soundness of the exterior walls. Landlord
shall not be liable to Tenant, except as expressly provided in this Lease, for
any damage or inconvenience, and Tenant shall not be entitled to any damages nor
to any abatement or reduction of rent by reason of any repairs, alterations or
additions made by Landlord under this Lease (other than if caused by the gross
negligence or willful misconduct of Landlord, its agents or employees). At the
termination of this Lease, by lapse of time or otherwise, Tenant shall deliver
the Leased Premises to Landlord in as good condition as existed at the
Commencement Date of this Lease, ordinary wear and tear excepted. The cost and
expense of any repairs necessary to restore the condition of the Leased Premises
shall be borne by Tenant. Landlord shall exercise diligence to avoid disruptions
to Tenant's business.

                                       10
<PAGE>

                    ARTICLE 6 - ALTERATIONS AND IMPROVEMENTS

6.1      Construction. If any construction of tenant improvements is necessary
         for the initial occupancy of the Leased Premises, such construction
         shall be accomplished and the cost of such construction shall be borne
         by Tenant. Tenant shall be responsible for all work and will select its
         own architect and contractor for the work. Upon the request of
         Landlord, Tenant shall deliver to Landlord a completed acceptance of
         premises memorandum in Landlord's prescribed form as set forth in
         Exhibit F. See Exhibit "C".

6.2      Tenant Improvements. Tenant shall not make or allow to be made any
         alterations, physical additions or improvements in or to the Leased
         Premises without first obtaining the written consent of Landlord.
         Tenant shall furnish complete plans and specifications for any proposed
         alteration, addition or improvement for review and approval by
         Landlord. Any alterations, physical additions or improvements to the
         Leased Premises made by or installed by either party hereto shall
         remain upon and be surrendered with the Leased Premises and become the
         property of Landlord upon the expiration or earlier termination of this
         Lease without credit to Tenant, except equipment utilized by the Tenant
         in its provision of banking services, specifically vault or any portion
         thereof and safe deposits boxes.; provided, however, Landlord, at its
         option, may require Tenant to repair any portion of the Leased Premises
         damaged by the removal of said equipment, and to leave the Leased
         Premises in a broom-clean condition. This clause shall not apply to
         moveable equipment, furniture or moveable trade fixtures owned by
         Tenant, which may be removed by Tenant at the end of the term of this
         Lease if Tenant is not then in default and if such equipment and
         furniture are not then subject to any other rights, liens and interests
         of Landlord. Tenant shall have no authority or power, express or
         implied, to create or cause any mechanic's or materialmen's lien,
         charge or encumbrance of any kind against the Leased Premises, the
         Property or any portion thereof and the interest of the Landlord shall
         not be subject to liens for improvements made by the Tenant. Tenant
         shall promptly cause any such liens that have arisen by reason or any
         work claimed to have been undertaken by or through Tenant to be
         released by payment, bonding or otherwise within thirty (30) days after
         request by Landlord, and shall indemnify Landlord against losses
         arising out of any such claim (including, without limitation, legal
         fees and court costs).

6.3      Common and Service Areas. Landlord may close any part of the Common
         Area to make repairs or alterations but shall maintain reasonable
         access to the Leased Premises.

                       ARTICLE 7 - CASUALTY AND INSURANCE

7.1      Destruction. Tenant shall give Landlord immediate notice of any change
         or destruction to the Leased Premises by fire or other casualty.
         Following such damage or

                                       11
<PAGE>

         destruction to the Leased Premises, if the Leased Premises in whole are
         untenantable in Landlord's reasonable discretion, and the damage or
         destruction was not caused or contributed to by act or negligence of
         Tenant, its agents, employees, invitees or those for whom Tenant is
         responsible, Tenant shall have the option to terminate this Lease.
         Otherwise, at Landlord's sole option, either (I) this Lease shall
         terminate, and, in such case, the rent shall be abated for the
         unexpired portion of the Lease, effective as of the date of the written
         notification, if the damage to the Leased Premises is material and the
         Leased Premises is substantially untenantable, or (ii) this Lease shall
         not terminate, and Landlord shall proceed with reasonable diligence to
         rebuild or repair the Building or other improvements to substantially
         the same condition in which they existed prior to the damage. Landlord
         agrees to provide Tenant written notice of its decision within 15 days
         of Tenant's notice. If the Leased Premises are to be rebuilt or
         repaired and are untenantable in whole or in part following the damage,
         and the damage or destruction was not caused or contributed to by act
         or negligence of Tenant, its agents, employees, invitees or those for
         whom Tenant is responsible, the Base Rent payable under this Lease
         during the period for which the Leased Premises are untenantable shall
         be reduced to an amount determined by multiplying the Base Rent that
         would otherwise by payable but for this provision by the ratio that the
         portion of the Leased Premises not rendered untenantable bears to the
         total net rentable area of the Leased Premises prior to the casualty,
         until such time as the whole of the Leased Premises is restored, at
         which time the Tenant's obligation to pay full rent shall resume.
         Landlord's obligation to rebuild or restore under this Section shall be
         limited to restoring the Leased Premises to substantially the condition
         in which the same existed prior to the casualty, exclusive of
         improvements for which Tenant is responsible under the terms of the
         Leasehold Improvements Agreement, if any, described above in Section
         6.1, and Tenant shall, promptly, after the completion of such work by
         Landlord, proceed with reasonable diligence and at Tenant's sole cost
         and expense to restore those improvements for which Tenant is
         responsible under the terms of such Leasehold Improvements Agreement to
         substantially the condition in which the same existed prior to the
         casualty and to otherwise make the Leased Premises suitable for
         Tenant's use. If Landlord fails to substantially complete the necessary
         repairs or rebuilding within one hundred twenty (120) working days from
         the date of Landlord's receipt of written notification by Tenant of the
         destruction, Tenant may at its option, terminate this Lease by
         delivering written notice of termination to Landlord, whereupon all
         rights and obligations under this Lease shall cease to exist. For
         purposes of this Lease, a "working" day means every week day, except
         for holidays recognized as such by Landlord.

7.2      Property Insurance. Landlord shall insure loss or damage to the
         Property and, at Tenant's request, shall provide to Tenant a
         certificate of such insurance coverage. Tenant shall have no right in
         or claim to the proceeds of any policy of insurance maintained by
         Landlord. Landlord shall not be obligated in any way or manner to
         insure any personal property (including, but not limited to, any
         furniture, machinery,

                                       12
<PAGE>

         goods or supplies) of Tenant upon or within the Leased Premises, any
         fixtures installed or paid for by Tenant upon or within the Leased
         Premises, or any improvements which Tenant may construct on the Leased
         Premises. Tenant at all times during the term of this Lease shall, at
         its own expense, keep in full force and effect insurance against fire
         and such other risks as are from time to time included in standard
         all-risk insurance (including coverage against vandalism and malicious
         mischief) for the full insurable value of Tenant's trade fixtures,
         furniture, supplies and all items of personal property of Tenant
         located on or within the Leased Premises. If an increase in any
         insurance premiums paid by Landlord for the Property is caused by
         Tenant's use of the Leased Premises in a manner other than as set forth
         in Section 1.8, or if Tenant vacates the Leased Premises and causes an
         increase in such premiums (and said vacating is deemed a default
         hereunder), Tenant shall pay to Landlord within ten (10) days after
         receipt of Landlord's invoice therefor, the amount of such increase,
         which shall be additional rent hereunder.

7.3      Waiver of Subrogation. Anything in this Lease to the contrary
         notwithstanding, Landlord and Tenant hereby waive and release each
         other of and from any and all right of recovery, claim, action or cause
         of action, against each other, their agents, officers and employees,
         for any loss or damage that may occur to the Leased Premises,
         improvements to the Property, or personal property within the Property,
         by reason of fire or the elements, regardless of cause or origin,
         including negligence of Landlord or Tenant and their agents, officers
         and employees, but only to the extent that such loss or damage is
         actually covered by insurance and only to the extent that the insured
         party has received insurance proceeds therefor. Landlord and Tenant
         agree immediately to give their respective insurance companies which
         have issued policies of insurance covering all risk of direct physical
         loss, written notice of the terms of the mutual waivers contained in
         this Section, and to have the insurance policies properly endorsed, if
         necessary, to prevent the invalidation of the insurance coverages by
         reason of the mutual waivers.

7.4      Hold Harmless. Landlord shall not be liable to Tenant or to Tenant's
         customers, employees, agents, guests or invitees, or to any other
         person whomsoever, for any injury to person or damage to property on or
         about the Leased Premises or the Common Area, other than injury or
         damage resulting from the gross negligence or willful misconduct or
         Landlord or its agents and employees, including but not limited to,
         consequential damage, (1) caused by any act or omission of Tenant, its
         employees, subtenants, licensees and concessionaires or of any other
         person entering the Property or the Leased Premises by express or
         implied invitation of Tenant, or (2) arising out of the use of the
         Leased Premises or the Property by Tenant, its employees, subtenants,
         licensees, concessionaires or invitees, or (3) arising out of any
         breach or default by Tenant in the performance of its obligations
         hereunder, or (4) caused by the improvements located in the Leased
         Premises becoming out of repair or by defect in or

                                       13
<PAGE>

         failure of equipment, pipes, or wiring, or by broken glass, or by the
         backing up of drains, or by gas, water, steam, electricity or oil
         leaking, escaping or flowing into the Leased Premises or Property, or
         (5) arising out of the failure or cessation of any service provided by
         Landlord (including security service and devices), and Tenant hereby
         agrees to hold Landlord harmless from any liability, loss, expense or
         claim (including, but not limited to reasonable attorneys' fees)
         arising out of such damage or injury. Landlord shall not be liable to
         Tenant for any loss or damage that may be occasioned by or through the
         acts or omissions of other tenants of the Property or of any other
         persons whomsoever, excepting only duly authorized employees and agents
         of Landlord acting within the scope of their authority. Further, Tenant
         specifically agrees to be responsible for and hold Landlord harmless
         from any and all damages or expenses of whatever kind arising out of or
         caused by a burglary, theft, vandalism, malicious mischief or other
         illegal acts performed in, at or from the Leased Premises.

7.5      Liability Insurance. Tenant shall at its expense obtain and keep in
         force during the term of this Lease comprehensive general liability
         insurance with a combined single limit of not less than $1,000,000 per
         occurrence for bodily injury and property damage, insuring both
         Landlord and Tenant against liability arising out of Tenant's use or
         occupancy of the Leased Premises, including without limitation the
         Common Areas and any other areas appurtenant thereto. Such insurance
         shall contain endorsements for the following coverages: (a) contractual
         liability insurance relating to all obligations of Tenant pursuant to
         this Lease, including its indemnification of Landlord; and (b) employee
         liability.

7.6      Insurance Requirements. All insurance policies or duly executed
         certificates for the same required to be carried by Tenant under this
         Lease, together with satisfactory evidence of the payment of the
         premium thereof, shall be deposited with Landlord on the date Tenant
         first occupies the Leased premises and upon renewals of such policies
         not less than fifteen (15) days prior to the expiration of the term of
         such coverage. All insurance required to be carried by Tenant under
         this Lease shall be in form and content, and written by insurers
         acceptable to Landlord, in its sole discretion. All policies shall
         provide that they may not be terminated without thirty (30) days' prior
         written notice to Landlord. If Tenant shall fail to comply with any of
         the requirements contained relating to insurance, Landlord may obtain
         such insurance and Tenant shall pay to Landlord, on demand as
         additional rent hereunder, the premium cost thereof.

7.7      Hazardous Material. Throughout the term of this Lease, Tenant shall not
         cause the presence, use, generation, release, discharge, storage,
         disposal, or transportation of any Hazardous Materials (as hereinafter
         defined) on, under, in, above, to, or from the Leased Premises other
         than in strict compliance with all applicable federal, state, and local
         laws, rules, regulations, and orders. For purposes of this provision,
         the term "Hazardous Materials" shall mean and refer to any wastes,
         materials, or other

                                       14
<PAGE>

         substances of any kind or character that are or become regulated as
         hazardous or toxic waste or substances, or which require special
         handling or treatment, under any applicable local, state, or federal
         law, rule, regulation, or order. Tenant shall indemnify, defend, and
         hold harmless from and against (a) any loss, cost, expense, claim, or
         liability arising out of any investigation, monitoring, clean-up,
         containment, removal, storage, or restoration work of the Leased
         Premises (herein referred to as "Remedial Work") required by, or
         incurred by Landlord or any other person or party in a reasonable
         belief that such Remedial Work is required by any applicable federal,
         state or local law, rule, regulation or order, or by an governmental
         agency, authority, political subdivision having jurisdiction over the
         Leased Premises, and (b) any claims of third parties for loss, injury,
         expense, or damage arising out of the presence, release, or discharge
         of any Hazardous Materials on, under, in, above, to, or from the Leased
         Premises and which arise out of the activities of the Tenant. In the
         event any Remedial Work is so required under any applicable federal,
         state, or local law, rule, regulation or order, Tenant shall promptly
         perform or cause to be performed such Remedial Work in compliance with
         such law, rule, regulation, or order. In the event Tenant shall fail to
         commence the Remedial Work in a timely fashion, or shall fail to
         prosecute diligently the Remedial Work to completion, such failure
         shall constitute an event of default on the part of Tenant under the
         terms of this Lease, and Landlord, in addition to any other rights or
         remedies afforded it hereunder, may, but shall not be obligated to,
         cause the Remedial Work to be performed, and Tenant shall promptly
         reimburse Landlord for the cost and expense thereof upon demand.

                            ARTICLE 8 - CONDEMNATION

                  If all or a portion of the Leased Premises shall be taken for
         any public or quasi-public use under any governmental law, ordinance or
         regulation, or by right of eminent domain or by purchase in lieu
         thereof, and the Leased Premises in whole is rendered untenantable in
         the Landlord's reasonable discretion, Tenant, at its option may
         terminate this Lease. Otherwise, this Lease shall at the option of
         Landlord, either (I) terminate and the rent shall be abated during the
         unexpired portion of this Lease effective on the date physical
         possession is taken by the condemnation authority, if the damage to the
         Leased Premises is material and the Leased Premises is substantially
         untenantable, or (ii) this Lease shall not terminate and Landlord shall
         restore and reconstruct, to the extent of condemnation proceeds
         (excluding any proceeds for land) actually received after the exercise
         by any mortgagee of the Property of an option to apply such proceeds
         against Landlord's debt to such mortgagee, the Property and other
         improvements on the Leased Premises to the extent necessary to make it
         reasonably tenantable. The Base Rent payable under this Lease during
         the unexpired portion of the term shall be reduced to an amount
         determined by multiplying the Base Rent that would otherwise be payable
         for this provision by the ratio that the portion of the Leased Premises
         not

                                       15
<PAGE>

         rendered untenantable bears to the total net rentable area of the
         Leased Premises prior to the casualty, until such time as the whole of
         the Leased Premises is restored, at which time the Tenant's obligation
         to pay full rent shall resume. If Landlord fails to substantially
         complete such restoration and reconstruction within one hundred and
         twenty (120) working days of the date of physical possession by the
         condemning authority, Tenant may at its option terminate this lease by
         delivering written notice of termination to Landlord, whereupon all
         rights and obligations of this Lease shall cease to exist. All
         compensation awarded for any taking (or the proceeds of private sale in
         lieu thereof), whether for the whole or a part of the Leased Premises,
         shall be the property of Landlord (whether such award is compensation
         for damaged to Landlord's or Tenant's interest in the Leased Premises),
         and Tenant hereby assigns all of its interest in any such award to
         Landlord; provided, however, Landlord shall have no interest in any
         award made to Tenant for loss of business or for taking of Tenant's
         fixtures and other property within the Leased Premises if a separate
         award for such items is made to Tenant.

                       ARTICLE 9 - ASSIGNMENT OR SUBLEASE

9.1      Assignment by Tenant, Landlord. Tenant shall not assign, in whole or in
         part, this Lease, or allow it to be assigned, in whole or in part, by
         operation of law or otherwise or mortgage or pledge the same, or sublet
         the Leased Premises, in whole or in part, without the prior written
         consent of Landlord, which consent may not unreasonably withheld, and
         in no event shall any such assignment or sublease ever release Tenant
         or any Guarantor from any obligation or liability hereunder. No
         assignee or sublessee of the Leased Premises or any portion thereof may
         assign or sublet the Leased Premises or any portion thereof.
         Notwithstanding the foregoing, Tenant may, without Landlord's approval,
         assign or sublet the Lease Premises or any part thereof, to any
         successor of Tenant resulting from a merger, consolidation, sale or
         acquisition of Tenant. Landlord shall have the right to sell, transfer
         or assign, in whole or in part, its rights and obligations under this
         Lease and in the Property. Any such sale, transfer or assignment shall
         operate to release Landlord from any and all liabilities under this
         Lease arising after the date of such sale, assignment or transfer.

9.2      Rights of Mortgagee, Estoppel Letters. Tenant accepts this Lease
         subject and subordinate to any recorded lease, mortgage or deed of
         trust lien presently existing, if any, or hereafter encumbering the
         Property and to all existing ordinances and recorded restrictions,
         covenants, easements, and agreements with respect to the Property.
         Landlord hereby is irrevocably vested with full power and authority to
         subordinate Tenant's interest under this Lease to any mortgage or deed
         of trust lien hereafter placed on the Property. Upon any foreclosure of
         any such mortgage, or the sale or conveyance of the Property in lieu of
         foreclosure, or any other transfer of Landlord's interest in the
         Property, whether or not in connection with a mortgage, Tenant hereby
         does, and hereafter agrees to attorn to the purchaser at such
         foreclosure sale or to the grantee under any deed in lieu of
         foreclosure or to any other transferee of Landlord's interest, and
         shall recognize the purchaser, grantee, or other transferee as Landlord
         under this Lease, and no further attornment or other agreement

                                       16
<PAGE>

         shall be required to effect or evidence Tenant's attornment to and
         recognition of such purchaser or grantee as Landlord hereunder. Such
         agreement of Tenant to attorn shall survive any such foreclosure sale,
         trustee's sale, conveyance in lieu thereof, or any other transfer of
         Landlord's interest in the Property. Tenant, upon written request, at
         any time, before or after any such foreclosure sale, trustee's sale,
         conveyance in lieu thereof, or other transfer shall execute,
         acknowledge, and deliver to prospective transferee or mortgagee a Lease
         Subordination, Non-Disturbance and Attornment Agreement and any
         additional written instruments and certificates evidencing such
         attornment as mortgagee or other prospective transferee may reasonably
         require. Tenant hereby irrevocably appoints Landlord as Tenant's agent
         and attorney-in-fact for the purpose of executing, acknowledging, and
         delivering any such instruments and certificates. Notwithstanding
         anything to the contrary implied in this Section, any mortgagee under
         any mortgage shall have the right at any time to subordinate any such
         mortgage to this Lease on such terms and subject to such conditions as
         mortgagee in its discretion may consider appropriate. Tenant agrees to
         furnish, from time to time, within twenty (20) days after receipt of a
         written request from Landlord or Landlord's mortgagee, (a) a statement
         certifying, if applicable, all or some of the following: Tenant is in
         possession of Leased Premises; this Lease is in full force and effect;
         this Lease is unmodified (except as disclosed in such statement);
         Tenant claims no present charge, lien, or claim of offset against rent;
         the rent is paid for the current month, but is not prepaid for more
         than one (1) month and will not be prepaid for more than one (1) month
         in advance; there is no existing default by reason of some act or
         omission by Landlord; Landlord has performed all inducements required
         of Landlord in connection with this Lease, including construction
         obligations, and Tenant accepts the Leased Premises as constructed; and
         (b) the following items: an acknowledgment of the assignment of rentals
         and other sums due hereunder to the mortgagee and agreement to be bound
         thereby; an agreement requiring Tenant to advise the mortgagee of
         damage to or destruction of the Leased Premises by fire or other
         casualty requiring reconstruction; an agreement by Tenant to give the
         mortgagee written notice of Landlord's default hereunder and to permit
         the mortgagee to cure such default within a reasonable time after such
         notice before exercising any remedy Tenant might possess as result of
         such default; and such other matters as may be reasonably required by
         Landlord or Landlord's mortgagee. Tenant's failure to deliver such
         statement, in addition to being a default under this Lease shall be
         deemed to establish conclusively that this Lease is in full force and
         effect except as declared by Landlord, that Landlord is not in default
         of any of its obligations under this Lease, and that Landlord has not
         received more than one (1) month's rent in advance.

                          ARTICLE 10 - LANDLORD'S LIEN

                            Intentionally left blank

                        ARTICLE 11 - DEFAULT AND REMEDIES

11.1     Default by Tenant. The following shall be deemed to be events of
         default by Tenant under this Lease: (a) Tenant shall fail to pay when
         due any installment of rent or any other

                                       17
<PAGE>

         payment required pursuant to this Lease and fails to cure after fifteen
         (15) business days written notice; (b) Tenant shall abandon any
         substantial portion of the Leased Premises for more than thirty (30)
         business days; (c) Tenant or any guarantor of Tenant's obligations
         hereunder shall file a petition or be adjudged bankrupt or insolvent
         under any applicable federal or state bankruptcy or insolvency law or
         admit that it cannot meet its financial obligations as they become due,
         or a receiver or trustee shall be appointed for all or substantially
         all of the assets of Tenant or any guarantor of Tenant's obligations
         hereunder; (d) Tenant or any guarantor of Tenant's obligations
         hereunder shall make a transfer in fraud of creditors or shall make an
         assignment for the benefit of creditors; (e) Tenant shall do or permit
         to be done any act which results in a lien being filed against the
         Leased Premises or the property and the lien is not satisfied within
         fifteen (15) days of filing; (f) the liquidation, termination,
         dissolution or (if the Tenant is a natural person) the death of Tenant
         or any guarantor of Tenant's obligations hereunder; or (g) Tenant shall
         be in default of any other term, provision or covenant of this Lease,
         and, other than specified in clause (a) above, such default is not
         cured within thirty (30) days after written notice thereof to Tenant.
         Said cure period shall however be extended so long as the Tenant is
         diligently pursuing cure of the default and the default is of nature
         that it cannot be cured within the thirty (30) day time period.

11.2     Remedies for Tenant's Default. Upon the occurrence of any event of
         default set forth in this Lease, Landlord shall, in addition to any
         other rights or remedies available to Landlord under this Lease and
         under the laws of the State of Florida, have the option to pursue any
         one or more of the remedies set forth in this Section without any
         additional notice or demand:

         (1)      The Landlord may elect to declare the amount equal to 12
                  months of Base Rent or any part thereof, due and payable
                  immediately.

         (2)      Landlord may elect, at any time subsequent to such default, by
                  written notice to the Tenant, to terminate this Lease on the
                  date specified in such notice of termination, and Tenant shall
                  quit and surrender the Leased Premises to Landlord as if the
                  term herein ended by the expiration of the time fixed herein,
                  but Tenant shall remain liable as hereinafter provided.

                  Further, upon such default, whether or not Landlord shall
                  elect to terminate this Lease, Landlord shall have the
                  immediate right to re-enter the Leased Premises and may remove
                  all persons and property from the Leased Premises and such
                  property may be removed and stored in a public warehouse or
                  elsewhere at the cost of, and for the account of Tenant, and
                  Landlord shall not be deemed guilty of trespass, or become
                  liable for any loss or damage which may be occasioned thereby.

         (3)      Landlord may retake possession of the Leased Premises for the
                  account of Tenant and may re-enter the Leased Premises, by
                  summary proceedings or otherwise, and attempt to re-let the
                  Leased Premises, or any part thereof, as Tenant's agent, in
                  the name of Landlord, or otherwise to any tenant and upon such
                  terms and conditions

                                       18
<PAGE>

                  and for any use or purpose and for a term shorter or longer
                  than the balance of the term of this Lease, all as Landlord
                  may deem appropriate. Should Landlord elect to re-enter or
                  should it take possession pursuant to legal proceedings or
                  pursuant to any notice provided for by law, it may make such
                  alterations and repairs as may be necessary in order to re-let
                  the Leased Premises or any part thereof. Upon each such
                  re-letting, all rentals received by Landlord from such
                  re-letting shall be applied, first, to the payment of any
                  indebtedness, other than Rent due hereunder, from Tenant to
                  Landlord; second to the payment of any costs and expenses of
                  such re-letting including brokerage fees and to costs of such
                  alterations and repairs; third, to the payment of Rent due and
                  unpaid hereunder, the residue, if any, shall be held by
                  Landlord and applied in payment of future rent as the same may
                  become due and payable hereunder. If such rentals received
                  from such re-letting during any month be less than that to be
                  paid during that month by Tenant as set forth herein, Tenant
                  shall pay any such deficiency to Landlord. Such deficiency
                  shall be calculated and paid monthly, but to the extent
                  permitted by law, Tenant shall not be entitled to any
                  surpluses from such re-letting. Landlord shall recover from
                  Tenant all damages it may incur by reason of Tenant's default,
                  including the cost of recovering the Leased Premises and,
                  including charges equivalent to Rent reserved in this Lease
                  for the remainder of the stated term, all of which amounts
                  shall be immediately due and payable from Tenant to Landlord.
                  Landlord shall have no such obligation to re-let the Leased
                  Premises, and its failure or refusal to do so, or failure to
                  collect rent on re-letting, shall not affect Tenant's
                  liability hereunder. In computing the net amount of rents
                  collected through such re-letting, Landlord may deduct all
                  expenses incurred in obtaining possession of and re-letting
                  the Leased Premises, including legal expenses, attorneys' fees
                  through the appellate level, brokerage fees, the cost of
                  restoring the Leased Premises to good order, and the cost of
                  all alterations and decorations deemed necessary by Landlord
                  to effect re-letting.

         (4)      Landlord may retake possession of the Premises, or any part
                  thereof, on its own behalf, without thereby relieving Tenant
                  from any liability for damages accruing prior to such
                  retaking. Or, Landlord may elect not to seek to re-enter any
                  portion of the Leased Premises, without waiving its right to
                  do so at any future time or its right to collect the rent due
                  hereunder as and when the same shall become due and to
                  continue to hold Tenant fully liable for all if its
                  obligations hereunder.

         (5)      Landlord may treat the default as an anticipatory breach of
                  this Lease and, in addition to retaking possession, may bring
                  an action immediately for all damages resulting therefrom.

         (6)      In the event of a breach or threatened breach of any of the
                  covenants or provisions hereof, Landlord shall have the
                  further right to seek an injunction.

         (7)      Landlord may enforce the provisions of this Lease and may
                  enforce and protect the rights of Landlord hereunder by a suit
                  or suits in equity or at law for specific performance of any
                  covenant or agreement contained herein, or for the enforcement

                                       19
<PAGE>

                  of any other legal or equitable remedy, including recovery of
                  all monies due or to become due from Tenant under any of the
                  provisions of this Lease.

         (8)      If Landlord exercises any of the remedies provided for in
                  subparagraphs (1) through (6) hereinabove, Tenant shall
                  surrender possession and vacate the Premises immediately and
                  deliver possession thereof to Landlord, and Landlord may then
                  or at any time thereafter re-enter and take complete and
                  peaceful possession of the Premises, with or without process
                  of law, full or complete license to do so being hereby granted
                  by Tenant to Landlord, and Landlord may remove all occupants
                  and property therefrom, using such force as may be necessary,
                  without being deemed in any manner guilty of trespass,
                  eviction or forcible entry and detainer and without
                  relinquishing Landlord's right to Rent or any other right
                  given to Landlord hereunder or by operation of law.

         (9)      Upon an event of default resulting from Tenant's failure to
                  pay Base Rent, additional rent or any other amount due
                  hereunder, all sums past due shall bear interest at the
                  highest legal rate of interest permitted under the laws of the
                  State of Florida. Neither the accrual nor the payment of such
                  interest shall be deemed to excuse or cure any breach, default
                  or event of default hereunder. In the event that any interest
                  paid or charged hereunder shall exceed the maximum legal rate
                  then applicable then such rate so charged by Landlord shall be
                  automatically reduced to the current maximum legal rate of
                  interest, and Landlord shall promptly refund to Tenant the
                  excess amount of interest paid over such maximum legal rate of
                  interest.

         (10)     The rights, privileges, elections and remedies of Landlord
                  under this Lease shall be cumulative, and Landlord shall have
                  the right to exercise such remedies at any time and from time
                  to time singularly or in combination. No termination of this
                  Lease (whether upon an event of default or otherwise) shall be
                  deemed to limit or negate Landlord's rights hereunder to
                  indemnification from Tenant (or Tenant's insurance carriers)
                  for any claim or liability asserted against or imposed upon
                  Landlord, whether before or after the termination of this
                  Lease, which is directly or indirectly based upon death,
                  personal injury, property damage or other matters occurring
                  prior to the termination hereof.

         (11)     The pursuit by Landlord of any particular remedy, whether
                  specified herein or otherwise, shall, to the extent permitted
                  by law, not preclude Landlord from pursuing any other remedy
                  or remedies available to it at law in equity, all of which
                  shall be deemed to be cumulative. If Landlord's re-entry is
                  the result of Tenant's bankruptcy, insolvency, or
                  reorganization, Landlord shall recover as liquidated damages,
                  in addition to accrued rent and other charges, the full rental
                  for the maximum period allowed by any act relating to
                  bankruptcy, insolvency or reorganization. If Tenant abandons
                  or vacates the Premises, or if Landlord re-enters the Premises
                  pursuant to court order, any property left in the Premises by
                  Tenant shall be deemed to have been abandoned by Tenant, and
                  Landlord shall have the right to retain or dispose of such
                  property in any manner without any obligation

                                       20
<PAGE>

                  to account therefor to Tenant. Tenant, for itself and for all
                  persons claiming through or under it, hereby waives any and
                  all rights which are or may be conferred upon Tenant by any
                  present or future law to redeem the Leased Premises after a
                  warrant to dispossess shall have been issued or after judgment
                  in an action for ejectment shall have been made and entered.
                  The parties hereby waive trial by jury in an action,
                  proceeding or counterclaim brought by either of the parties
                  hereto against the other or any matters whatsoever arising out
                  of or in any way connected with this Lease, the relationship
                  of Landlord and Tenant, Tenant's use or occupancy of the
                  Premises, and/or claim of injury or damage. In the event of a
                  breach by Tenant of any of the covenants or provisions hereof,
                  Landlord shall have, in addition to any other remedies which
                  it may have, the right to invoke any remedy allowed at law or
                  in equity, including injunctive relief, to enforce Landlord's
                  rights or any of them, as if re-entry and other remedies were
                  not herein provided for. Notwithstanding anything in this
                  Lease to the contrary, Landlord reserves all rights which any
                  state or local laws, rules, regulations or ordinances confer
                  upon a Landlord against a Tenant in default. This article
                  shall apply to any renewals or extensions of this Lease. This
                  agreement shall be deemed to have been made in the State of
                  Florida and shall be interpreted, and the rights and
                  liabilities of the parties herein determined, in accordance
                  with the laws of the State of Florida.

         (12)     Notwithstanding the foregoing, Landlord's right to retake the
                  possession of the Leased Premises shall be qualified to permit
                  the Tenant at all times to enter the Leased Premises in order
                  to obtain funds or monies, certificates of deposit, stock
                  certificates and other documentation in the bank vault, safe
                  deposit boxes and other secured locations within the Leased
                  Premises.

Notwithstanding any other remedy set forth in this Lease, if Landlord has made
rent concessions of any type or character, or waived any Base Rent, and Tenant
fails to take possession of the Leased Premises on the Commencement Date or
otherwise defaults at any time during the term of this Lease, the rent
concessions, including any waived base rent, shall be canceled and the amount of
the base rent or other rent concessions shall be due and payable immediately as
if no rent concessions or waiver of any base rent had ever been granted. A rent
concession or waiver of the Base Rent shall not relieve Tenant of any obligation
to pay any other charge due and payable under this Lease, including, without
limitation, any sum due under Section 2.3 of this Lease. Notwithstanding
anything contained in this Lease to the contrary, this Lease may be terminated
by Landlord only by written notice of such termination to Tenant given in
accordance with Section 12.7 below, and no other act or omission of Landlord
shall be construed as a termination of this Lease.

11.3     Default by Landlord. If Landlord defaults in the performance of any
         term, covenant or condition required to be performed by Landlord under
         this Lease, Landlord shall have thirty (30) days following the receipt
         of written notice from Tenant specifying such default to cure such
         default, provided that if Landlord has commenced actions to cure such
         default within said thirty (30) day period, Landlord shall have all
         reasonable and necessary time to complete such cure.

                                       21
<PAGE>

11.4     Remedies for Landlord's Default. Upon the occurrence of any default set
         forth in this Lease and subsequent failure by Landlord to cure or
         commence actions to cure as provided in Section 11.3, Tenant shall, as
         Tenant's sole remedies, have the right to maintain an action against
         Landlord for specific performance or injunctive relief, or to cure said
         default at its expense and obtain reimbursement for expense related to
         such cure from the Landlord.

11.5     Intentionally Left Blank.

               ARTICLE 12 - DEFINITIONS AND MISCELLANEOUS MATTERS

12.1     Abandon. "Abandon" means the vacating of all or a substantial portion
         of the Leased Premises by Tenant, whether or not Tenant is in default
         of the rental or other payments due under this Lease.

12.2     Act of God or Force Majeure. An "Act of God" or "Force Majeure" is
         defined for purposes of this Lease as strikes, lockouts, sitdowns,
         material or labor restrictions by any governmental authority, unusual
         transportation delays, riots, floods, washouts, explosions,
         earthquakes, fire storms, weather (including wet grounds or inclement
         weather which prevents construction), acts of the public enemy, wars,
         insurrections, and/or any other cause not reasonably within the control
         of Landlord or which by the exercise of due diligence Landlord is
         unable wholly or in part, to prevent or overcome. Landlord shall not be
         required to perform any covenant or obligation in this Lease, or be
         liable in damages to Tenant, so long as the performance or
         non-performance of the covenant or obligation is delayed or prevented
         by an "Act of God", "Force Majeure" or by Tenant. Tenant shall not be
         required to perform any covenant or obligation in this Lease, or be
         liable to Landlord, so long as the performance or non-performance of
         the covenant or obligation is delayed or prevented by an "Act of God"
         or "Force Majeure," no longer than three (3) days.

12.3     Waiver. Failure of Landlord to declare an event of default immediately
         upon its occurrence, or delay in taking any action in connection with
         an event of default, shall not constitute a waiver of the default, but
         Landlord shall have the right to declare the default at any time and
         take such action as is lawful or authorized under this Lease. Pursuit
         of any one or more of the remedies set forth in Article 11 above shall
         not preclude pursuit of any one or more of the other remedies provided
         elsewhere in this Lease or provided by law, nor shall pursuit of any
         remedy hereunder or at law constitute forfeiture or waiver of any rent
         or damages accruing to Landlord by reason of the violation of any of
         the terms, provisions or covenants of this Lease. Failure by Landlord
         to enforce one or more of the remedies provided hereunder or at law
         upon any event of default shall not be deemed or construed to
         constitute a waiver of the default or of any other violation or breach
         of any of the terms, provisions and covenants contained in this Lease.
         Landlord may collect and receive rent due from tenant without waiving
         or affecting any rights or remedies that Landlord may have at law or in
         equity or by virtue of this Lease at the time of such

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<PAGE>

         payment. Institution of any action to re-enter the Leased Premises
         shall not be construed to be an election by Landlord to terminate this
         Lease.

12.4     Attorneys' Fees. If a party hereto defaults in the performance of any
         of the terms, covenants, agreements or conditions contained in this
         Lease and places in the hands of an attorney the enforcement of all or
         any part of this Lease, the collection of any rent or other sums due or
         to become due or recovery of the possession of the Leased Premises, the
         prevailing party agrees to pay the other party's costs of collection,
         including reasonable attorneys' fees, whether suit is actually filed or
         not.

12.5     Successors. This Lease shall be binding upon and inure to the benefit
         of Landlord and Tenant and their respective heirs, personal
         representatives, successors and assigns.

12.6     Interpretations: Severability. The captions appearing in this Lease are
         for convenience only and in no way define, limit, construe or describe
         the scope or intent of any Section. Grammatical changes required to
         make the provisions of this Lease apply (a) in the plural sense where
         there is more than one tenant and (b) to either corporations,
         associations, partnerships or individuals, males or females, shall in
         all instances be assumed as though in each case fully expressed. The
         Laws of the State of Florida shall govern the validity, performance and
         enforcement of this Lease. This Lease shall not be construed more or
         less favorably with respect to either party as a consequence of the
         Lease or various provisions hereof having been drafted by one of the
         parties hereto. If any provision of this Lease or the application
         thereof to any person or circumstances shall be invalid or
         unenforceable to any extent, the remainder of this Lease and the
         application of such provisions to other persons or circumstances shall
         not be affected thereby and shall be enforced to the greatest extent
         permitted by law. Each covenant and agreement contained in this Lease
         shall be construed to be a separate and independent covenant and
         agreement, and the breach of any such covenant or agreement by Landlord
         shall not discharge or relieve Tenant from Tenant's obligation to
         perform each and every covenant and agreement of this Lease to be
         performed by Tenant.

12.7     Notices. All rent and other payments required to be made by Tenant
         shall be payable to Landlord at the following address: Two South Orange
         Street, LLC, Two South Orange Avenue, Suite #201, Orlando, Florida
         32801. All payments required to be made by Landlord to Tenant shall be
         payable to Tenant at Tenant's address set forth in Section 1.7. Any
         notice or document (other than rent) required or permitted to be
         delivered by the terms of this Lease shall be deemed to be delivered
         (whether or not actually received) when deposited in the United States
         Mail, postage prepaid, certified mail, return receipt requested, with a
         commercial overnight courier, or by facsimile (with confirmation), and
         addressed to the parties at the respective addresses set forth in
         Section 1.7 (or, in the case of Tenant, at the Leased Premises).

12.8     Multiple Tenants. If this Lease is executed by more than one person or
         entity as "Tenant", each such person or entity shall be jointly and
         severally liable hereunder. It is expressly understood that any one of
         the named Tenants shall be empowered to execute any

                                       23
<PAGE>

         modification, amendment, exhibit, floor plan, or other document herein
         referred to and bind all of the named Tenants thereto; and Landlord
         shall be entitle to rely on same to the extent as if all of the named
         Tenants had executed same.

12.9     Landlord's Liability. If Landlord shall be in default under this Lease
         and, if as a consequence of such default, Tenant shall recover a money
         judgment against Landlord, such judgment shall be satisfied only out of
         the right, title, and interest of Landlord in the Property as the same
         may then be encumbered and neither Landlord nor any person or entity
         comprising Landlord shall be liable for any deficiency. In no event
         shall Tenant have the right to levy execution against any property of
         Landlord nor any person or entity comprising Landlord other than its
         interest in the Property as herein expressly provided.

12.10    Time is of the Essence. The time of the performance of all of the
         covenants, conditions and agreements of this Lease is of the essence.

12.11    Entire Agreement. It is expressly agreed by Tenant, as a material
         consideration for the execution of this Lease, that this Lease, with
         the specific references to extrinsic documents, is the entire agreement
         of the parties, that there are, and were, no verbal representations,
         warranties, understandings, stipulations, agreement or promises
         pertaining to the subject matter of this Lease or of any expressly
         mentioned extrinsic documents that are not incorporated in writing in
         this Lease or in such documents. This Lease may executed in
         counterparts.

12.12    Amendment. This Lease may not be altered, waived, amended or extended
         except by an instrument in writing signed by Landlord and Tenant.

12.13    Limitation of Warranties. Landlord and Tenant expressly agree that
         there are and shall be no implied warranties of merchantability,
         habitability, suitability, fitness for a particular purpose of or of
         any other kind arising out of this Lease, and there are no warranties
         which extend beyond those expressly set forth in this Lease. Without
         limiting the generality of the foregoing, Tenant expressly acknowledges
         that Landlord has made no warranties or representations concerning any
         hazardous substances or other environmental matters affecting any part
         of the Property, and Landlord hereby expressly disclaims and Tenant
         waives any express or implied warranties with respect to any such
         matters.

12.14    Waiver and Releases. Tenant shall not have the right to withhold or to
         offset rent or to terminate this Lease except as expressly provided
         herein. Tenant waives and releases any and all statutory liens and
         offset rights.

12.15    Radon Gas Disclosure. RADON GAS: Radon is a naturally occurring
         radioactive gas that, when it has accumulated in a building in
         sufficient quantities, may present health risks to persons who are
         exposed to it over time. Levels of radon that exceed federal and state
         guidelines have been found in buildings in Florida. Additional
         information regarding radon and radon testing may be obtained from the
         Orange County, Florida, public health unit.

                                       24
<PAGE>

12.16    Exhibits. The Exhibits attached hereto are incorporated herein by
         reference. Tenant acknowledges that the terms of the agreements set
         forth in the exhibits are acceptable to Tenant.

12.17    Real Estate Broker. Except for Carter & Associates - ONCOR, Tenant and
         Landlord represent and warrant that neither they nor any of their
         representatives, employees, or agents have dealt with or consulted any
         other real estate broker in connection with this Lease. Without
         limiting the effect of the foregoing, the Tenant and Landlord agree to
         indemnify and hold the other harmless against any claim or demand made
         by any other real estate broker or agents claiming to have dealt or
         consulted with them or any of their representatives, employees or
         agents contrary to the foregoing representations and warranty. Tenant
         agrees that at the execution hereof it shall pay over to Carter &
         Associates - ONCOR a commission in the amount of $50,000.00.

                            (Signatures on next page)

EXECUTED effective as of the first day written herein.

                                            LANDLORD

WITNESSES:                                  TWO SOUTH ORANGE STREET, LLC

  /s/ Tom Cook                              By:  /s/ Cameron B. Kuhn
---------------------------------              --------------------------------
Print Name:  Tom Cook                       Name: Cameron B. Kuhn
           ----------------------           Its: Manager
  /s/ D. Paul Dietrich
---------------------------------

                                       25
<PAGE>

Print Name:  D. Paul Dietrich II
           ----------------------

                                            TENANT

WITNESSES:                                  ADMIRALTY BANK

  /s/ Tom Cook                              By:  /s/ Ward Kellogg
---------------------------------              --------------------------------
Print Name:  Tom Cook                       Name: Ward Kellogg
           -----------------------               ------------------------------
                                            Its:  President and CEO
  /s/ D. Paul Dietrich                           -------------------------------
----------------------------------
Print Name:  D. Paul Dietrich II
           -----------------------

                                       26

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