Document:

TRIPLE NET LEASE

                                     BETWEEN

                           SUNCOR DEVELOPMENT COMPANY,

                        an Arizona corporation, as Lessor

                                       and

                     MATRIX FINANCIAL SERVICES CORPORATION,

                        an Arizona Corporation, as Lessee

                            Dated: September 1, 1999

                           BLACK CANYON COMMERCE PARK

                                PHOENIX, ARIZONA

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                                TABLE OF CONTENTS

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1.      IDENTIFICATIONS AND DEFINITIONS......................................................1
        1.1    Parties.......................................................................1
               1.1.1  Lessor.................................................................1
               1.1.2  Lessor's Address.......................................................1
               1.1.3  Lessee.................................................................1
               1.1.4  Lessee's Address.......................................................1
        1.2    Building......................................................................1
        1.3    Gross Leasable Floor Area.....................................................1
        1.4    Lease Term....................................................................1
        1.5    Lease Year....................................................................1
        1.6    Premises; First Phase Space and Second Phase Space Defined....................2
        1.7    Project.......................................................................2

2.      LEASE OF PREMISES....................................................................2

3.      TERM; OCCUPANCY......................................................................2
        3.1    Commencement of Term..........................................................2
        3.2    Option to Extend Term.........................................................2
        3.3    Refurbishment Allowance.......................................................3

4.      RENT.................................................................................3
        4.1    Payment of Monthly Base Rent..................................................3
        4.2    Initial Base Rent.............................................................3
        4.3    Base Rental Adjustments.......................................................4
               4.3.1  Initial Term...........................................................4
               4.3.2  Extension Periods......................................................4
        4.4    Additional Payments; No Offset................................................5
        4.5    Common Area Maintenance and Expenses..........................................5
               4.5.1  Common Area............................................................5
               4.5.2  Common Expenses........................................................5
               4.5.3  Collection in Advance..................................................8
               4.5.4  Audit..................................................................8

5.      SECURITY DEPOSIT [Intentionally Deleted].............................................8

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6.      USE..................................................................................8
        6.1    Use...........................................................................8
               6.1.1  Use of Premises........................................................8
               6.1.2  Use of Common Areas....................................................9
               6.1.3  Alterations to the Common Areas........................................9
        6.2    Hazardous Substances.........................................................10
               6.2.1  Reportable Uses Require Consent.......................................10
               6.2.2  Duty to Inform Lessor.................................................10
               6.2.3  Lessee's Indemnification..............................................11
               6.2.4  Lessor's Representations and Obligations..............................11
        6.3    Lessee's Compliance With Law.................................................11
        6.4    Inspection; Compliance.......................................................12
        6.5    Condition of Premises........................................................12

7.      MAINTENANCE, REPAIRS AND ALTERATIONS................................................14
        7.1    Lessee's Obligations.........................................................14
        7.2    Surrender....................................................................14
        7.3    Lessor's Rights..............................................................15
        7.4    Lessor's Obligations.........................................................15
        7.5    Alterations and Additions....................................................16

8.      INSURANCE...........................................................................17
        8.1    Required Insurance...........................................................17
        8.2    Notice of Insurance..........................................................18
        8.3    Waiver of Subrogation; Release...............................................18
        8.4    Adequacy of Coverage.........................................................18
        8.5    Assumption and Waiver........................................................18
        8.6    Notice by Lessee.............................................................19
        8.7    Lessee's Indemnity ..........................................................19
        8.8    Lessor's Indemnity...........................................................20
        8.9    Lessor's Insurance...........................................................20

9.      DAMAGE OR DESTRUCTION...............................................................21
        9.1    Definitions..................................................................21
        9.2    Partial Damage - Insured Loss................................................21
        9.3    Partial Damage - Uninsured Loss..............................................21
        9.4    Total Destruction............................................................22
        9.5    Damage Near End of Term......................................................22
        9.6    No Abatement of Rent; Lessee's Remedies......................................22
        9.7    Hazardous Substance Conditions...............................................23
        9.8    Termination - Advance Payments...............................................24
        9.9    Waive Statutes...............................................................24

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10.     TAXES...............................................................................24
        10.1   Payment of Real Property Taxes...............................................24
        10.2   Definition of "Real Property Tax"............................................24
        10.3   Joint Assessment.............................................................25
        10.4   Transaction Taxes............................................................25
        10.5   Personal Property Taxes......................................................25

11.     UTILITIES...........................................................................25

12.     ASSIGNMENT AND SUBLETTING...........................................................25
        12.1   Consent of Lessor............................................................25
        12.2   No Release of Lessee.........................................................26
        12.3   Transferee's Obligations.....................................................26
        12.4   Expenses.....................................................................26
        12.5   Void Transfers...............................................................26
        12.6   No Merger....................................................................26
        12.7   No More Than Three Tenants; No Reduction of Rent.............................26
        12.8   Half of Consideration Paid to Lessor.........................................27

13.     DEFAULTS; REMEDIES..................................................................28
        13.1   Defaults.....................................................................28
        13.2   Remedies.....................................................................28
        13.3   Default by Lessor............................................................30
        13.4   Late Charges.................................................................30
        13.5   Use of Impounds Upon Default.................................................30

14.     CONDEMNATION........................................................................31

15.     BROKER'S FEE........................................................................31

16.     ESTOPPEL CERTIFICATE................................................................32

17.     LESSOR'S LIABILITY..................................................................32

18.     SEVERABILITY........................................................................32

19.     INTEREST ON PAST DUE OBLIGATIONS....................................................32

20.     TIME OF ESSENCE.....................................................................32

21.     ADDITIONAL RENT.....................................................................33

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22.     INCORPORATION OF PRIOR AGREEMENTS; AMENDMENTS.......................................33

23.     NOTICES.............................................................................33

24.     WAIVERS.............................................................................34

25.     NO RECORDING........................................................................34

26.     HOLDING OVER........................................................................34
        26.1   With Lessor's Consent........................................................34
        26.2   Without Lessor's Consent.....................................................35
        26.3   Limited Right to Extend Lease Term...........................................35

27.     CUMULATIVE REMEDIES.................................................................35

28.     PARKING.............................................................................35

29.     BINDING EFFECT; CHOICE OF LAW.......................................................35

30.     SUBORDINATION OF LEASE; ATTORNMENT..................................................36
        30.1   Subordination................................................................36
        30.2   Execution of Documents.......................................................36

31.     ATTORNEYS' FEES.....................................................................36

32.     LESSOR'S ACCESS.....................................................................37

33.     AUCTIONS............................................................................37

34.     SIGNS...............................................................................37

35.     MERGER..............................................................................37

36.     QUIET POSSESSION....................................................................37

37.     SECURITY MEASURES...................................................................38

38.     AUTHORITY...........................................................................38

39.     FINANCIAL STATEMENTS................................................................38

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40.     LESSOR'S AND LESSEE'S WORK..........................................................38
        40.1   Interior Tenant Improvements.................................................38
        40.2   Governmental Approvals.......................................................41
        40.3   Lessee Delay.................................................................41
        40.4   Architect's Determination....................................................42
        40.5   Lease Starting Date in Event of Lessee Delay.................................42
        40.6   Lessee Pays Damages..........................................................42
        40.7   Inspection by Lessee.........................................................42
        40.8   Condition of the Premises....................................................42
        40.09  Lessee's Permitted Work......................................................43

41.     FORCE MAJEURE - UNAVOIDABLE DELAYS..................................................43

42.     EASEMENTS; ADDITIONAL CC&Rs.........................................................44

43.     AMERICANS WITH DISABILITIES ACT.....................................................44

44.     ELECTRIC SERVICE PROVIDER...........................................................45

45.     GUARANTY OF LEASE...................................................................45

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                                       v
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                                TRIPLE NET LEASE

                  between SUNCOR DEVELOPMENT COMPANY, as Lessor

                   and MATRIX FINANCIAL SERVICES CORPORATION,

                        an Arizona Corporation, as Lessee

1.   IDENTIFICATIONS AND DEFINITIONS.

     1.1 Parties.

          1.1.1 Lessor: SunCor Development Company, an Arizona corporation.

          1.1.2 Lessor's Address: 3838 N. Central Ave., Suite 1500, Phoenix, AZ
     85012.

          1.1.3 Lessee: Matrix Financial Services Corporation, an Arizona
     corporation

          1.1.4 Lessee's Address: 2133 W. Peoria, Phoenix, Arizona 85021.

     1.2 Building. The entire Building 2 to be constructed by Lessor depicted on
the site plan attached hereto as Exhibit "A", as outlined on the floor plan
attached hereto as Exhibit "B" and commonly known as Building 2, Black Canyon
Commerce Park, at the southwest comer of Peoria Avenue and 21st Avenue, Phoenix,
Arizona.

     1.3 Gross Leasable Floor Area. The actual number of gross square feet of
completed floor space on all levels of the Building, including all ground floor
space, hallways and mezzanines, within the drip line on the exterior of the
Building, which shall be determined utilizing the BOMA Standard. As used in this
Lease, "BOMA Standard" shall mean the American National Standard of the Building
Owners and Managers Association International as set forth in the Standard
Method for Measuring Floor Area in Office Buildings, ANSI 265.1 - 1980. Lessor's
architect and Lessee's architect have stipulated that, based on preliminary
plans and specifications for the Building, the total Gross Leasable Floor Area
for the Building shall be 62,771 square feet.

     1.4 Lease Term. Includes the Initial Term (as defined in Paragraph 3.1) of
this Lease and each Extension Period (as defined in Paragraph 3.2), or until
this Lease is sooner terminated pursuant to those terms hereof expressly
providing for termination.

     1.5 Lease Year. A period during the Lease Term (including Extension
Periods) commencing at 12:01 a.m. on January 1st of each calendar year and
ending at midnight on December 31st next succeeding, except that the first Lease
Year shall commence at the start of the Lease Term and shall end at midnight on
December 31st next succeeding, and the last Lease Year shall end at the end of
the Lease Term.
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     1.6 Premises; First Phase Space and Second Phase Space Defined. The entire
Building consisting of 62,771 square feet of Gross Leasable Floor Area. The
parties acknowledge that certain portions of the Premises will be treated
differently as hereafter provided with respect to Base Rent (as hereafter
defined in Paragraph 4.1), and the construction and payment of tenant
improvements as provided in Article 40. As used in this Lease, "First Phase
Space" will refer to 50,000 square feet of Gross Leasable Floor Area, and
"Second Phase Space" will refer to the remaining 12,171 square feet of Gross
Leasable Floor Area.

     1.7 Project. A portion of Black Canyon Commerce Park approximately 5.94
acres in size owned by Lessor and depicted on Exhibit "A-l" attached hereto.

2.   LEASE OF PREMISES.

     Lessor hereby leases to Lessee, and Lessee leases from Lessor, the Premises
for the Lease Term, at the rental and on all the terms and conditions set forth
in this Lease.

3.   TERM; OCCUPANCY.

     3.1 Commencement of Term. The Term of this Lease shall be for a period of
seven (7) years (84 months) commencing 30 days after Lessor makes the Premises
available to Lessee as hereafter provided ("Commencement Date") so that Lessee
may install its fixtures, install wiring and cables for its computer systems,
and prepare the Premises for its business operations, unless sooner terminated
pursuant to any provision hereof ("Initial Term"). Lessor agrees to make the
Premises available to Lessee on February 1, 2000, subject to the provisions of
Paragraph 40.3 and 41, so that Lessee may install its fixtures, install wiring
and cables for its computer system, and prepare the Premises for its business
operations by March 1, 2000. If Lessor cannot make the Premises available to
Lessee by February 1, 2000 as provided above and such failure is the result of
any Lessee Delays (as defined in Paragraph 40), the Initial Term shall
nevertheless begin on March 1, 2000 and Base Rent, common expenses and other
amounts provided for in this Lease will be due as of said date. If Lessor cannot
make the Premises available to Lessee by March 1, 2000, due to delays that are
not "Lessee Delays" as defined in Paragraph 40.3, then the Base Rent due
hereunder shall be abated one day for each day of such delay in making the
Premises available to Lessee, provided that if Lessor cannot make the Premises
available to Lessee by June 1, 2000, Lessee shall have the right to terminate
this Lease upon written notice to Lessor.

     3.2 Option to Extend Term. Provided Lessee is not in default, as defined in
Paragraph 13.1, and is occupying all of the Premises, both at the time of the
exercise of each option and at the time of the commencement of each Extension
Period hereunder, Lessee may elect to extend the term of this Lease for two (2)
successive five (5)-year periods (the "Extension Periods") by delivering to
Lessor, at least one hundred eighty (180) days before the end of the Initial
Term (but not earlier than 270 days) or the then current Extension Period, a
written notice of such election. The Extension Periods shall begin on the day
immediately following the last
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day of the Initial Term or the then current Extension Period, as the case may
be. The Extension Periods shall be subject to all the terms and conditions of
this Lease. The Base Rent for each Extension Period shall be established as set
forth in Paragraph 4.3.

     3.3 Refurbishment Allowance. If Lessee exercises its option rights as set
forth above in Paragraph 3.2 with respect to an Extension Period, Lessor shall
pay to Lessee after commencement of each Extension Period, if Lessee is not then
in default under this Lease beyond the expiration of any applicable notice and
cure period, a tenant improvement refurbishment allowance equal to $2.00 per
square foot of Gross Leasable Floor Area within the Premises as of the first or
second Extension Period, as the case may be ("Refurbishment Allowance"). The
Refurbishment Allowance must be used by Lessee, subject to Paragraph 7.5, only
to repair, paint or upgrade the improvements initially installed therein by
Lessor, or otherwise to construct or install fixed capital improvements to the
Premises, but not for improvements, additions to, or replacements of trade
fixtures, equipment, furniture and personal property. After commencement of the
Extension Period, Lessor shall reimburse Lessee from time to time for the
Refurbishment Allowance within thirty (30) days after Lessee submits to Lessor
invoices, statements, or other reasonable evidence that funds have been spent in
the manner set forth above, together with appropriate lien waivers for all work
performed, all in a form reasonably acceptable to Lessor, provided that no
reimbursement will be due if Lessee is in default under this Lease beyond the
expiration of any applicable notice and cure period at the time payment is due.

4.   RENT.

     4.1 Payment of Monthly Base Rent. Lessee shall pay to Lessor as base rent
for the Premises ("Base Rent"), monthly payments as set forth below, in advance,
without prior notice and without right of offset, on the first day of each month
of the Lease Term. Rent for any period during the Lease Term which is for less
than one month shall be a pro-rata portion of the monthly installment based on a
30-day month. Base Rent and other amounts due under this Lease shall be payable
in lawful money of the United States to Lessor, together with applicable taxes,
at the address stated in Paragraph 1.1 or to such other persons or at such other
places as Lessor may designate in writing.

     4.2 Initial Base Rent. The initial annual Base Rent shall be $11.75 per
square foot of Gross Leasable Floor Area in the Premises, plus taxes thereon,
commencing on the Commencement Date; provided that (a) Lessee shall be obligated
to pay to Lessor Base Rent on the Commencement Date only for the First Phase
Space, and (b) Base Rent for the entire Premises (both the First Phase Space and
the Second Phase Space) shall be due commencing on that date which is 12 months
after the Commencement Date. If Lessor cannot make the Premises available to
Lessee as a result of any Lessee Delays (as defined in Paragraph 40.3), then the
Initial Term shall nevertheless begin on the date Lessor could have completed
the Work and tendered possession of the Premises but for Lessee's Delay, or
March 1, 2000, whichever is earlier, and Base Rent, common expenses and other
amounts provided for in this Lease will be
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due from Lessee to Lessor as of said date. Upon execution of this Lease, Lessee
shall pay Lessor one (1) month of Base Rent (using 50,000 square feet as a
multiplier), which shall be applied as a partial payment to the first month of
the Lease Term.

     4.3 Base Rental Adjustments.

          4.3.1 Initial Term. As of the first day of each respective time period
     set forth below, the monthly Base Rent shall be increased as follows ("sf"
     means square feet of Gross Leasable Floor Area):

               Period .......               Rate
               ------                       ----
              (Initial Term).       (assuming 62,771 sf)

        months 25 through 60        $12.00 NNN/sf/year or $62,771.00 per month
        months 61 through 84        $12.75 NNN/sf/year or $66,694.19 per month

          4.3.2 Extension Periods. The monthly Base Rent due for each Extension
     Period shall be an amount per square foot of Gross Leasable Floor Area
     equal to the greater of (i) the amount per square foot of Gross Leasable
     Floor Area paid by Lessee for the last month of the Initial Term, with
     respect to the first Extension Period, or the last month of the first
     Extension Period, with respect to the second Extension Period, or (ii)
     ninety-five percent (95%) of the prevailing market rate (including rent
     escalation provisions, if any, then prevailing and factoring in the
     Refurbishment Allowance) for space, improvements and amenities
     substantially comparable to the Premises in a substantially comparable
     location in developments substantially comparable to Black Canyon Commerce
     Park, as reasonably determined by Lessor and set forth in writing to Lessee
     at least ninety (90) days before the commencement of the respective
     Extension Period and said rent shall be the Base Rent to be paid by Lessee
     during the respective Extension Period unless, within thirty (30) days
     after Lessee receives such written notice of the Base Rent as determined by
     Lessor, Lessee submits to Lessor in writing Lessee's objection to the Base
     Rent determined by Lessor, in which event the following shall apply:

               (a) At least forty-five (45) days prior to the commencement of
          the respective Extension Period for which Base Rent will be adjusted,
          Lessor and Lessee shall each appoint a qualified, independent MAI
          appraiser of its choice with at least 10 years of experience in
          appraising prevailing market rates for properties similar to the
          Premises and developments similar to Black Canyon Commerce Park. The
          two appraisers selected by Lessor and Lessee shall then appoint a
          third qualified, independent MAI appraiser with at least 10 years of
          experience in appraising prevailing market rates for properties
          similar to the Premises and developments similar to Black Canyon
          Commerce Park.

               (b) At least fifteen (15) days prior to the commencement of the
          respective Extension Period for which Base Rent will be adjusted, each
          such appraiser shall make an independent determination of the
          prevailing market rate (including rent escalation
<PAGE>

          provisions, if any, and factoring in the Refurbishment Allowance) for
          space, improvements and amenities substantially comparable to the
          Premises in a substantially comparable location in a development
          substantially comparable to Black Canyon Commerce Park, and shall send
          a copy of its appraisal to Lessor and Lessee. Base Rent to be paid by
          Lessee during the respective Extension Period shall be calculated
          using subparagraphs (i) and (ii) above, and for purposes of this
          subparagraph (b), "prevailing market rate" shall mean the average of
          the prevailing market rate (including rent escalation provisions, if
          any and factoring in the Refurbishment Allowance) set forth in each
          appraisal, calculated on a monthly basis.

               (c) Lessor and Lessee shall each bear the full expense of the
          appraiser it selects; the expense of the third appraiser shall be
          shared equally by Lessor and Lessee.

     4.4 Additional Payments; No Offset. All sums of money or charges (other
than Base Rent and common area charges, which shall be payable in the manner
elsewhere provided in this Lease) required to be paid by Lessee under this Lease
shall, except where provided to the contrary in this Lease, be due and payable,
together with taxes thereon, within thirty (30) days after demand, and shall
constitute additional rent. Lessee's failure to pay any such amounts or charges
when due shall carry with it the same consequences as Lessee's failure to pay
rent. All payments under this Lease shall be made in full and without right of
offset or deduction of any kind.

     4.5 Common Area Maintenance and Expenses.

          4.5.1 Common Area. Throughout the Lease Term, Lessee shall pay as
     additional rent to Lessor, together with taxes thereon, all common expenses
     (as hereafter defined) of every kind and nature paid or incurred by Lessor
     in operating, maintaining and replacing in a first class manner (a) the
     "common areas", which term shall mean all common amenities now or hereafter
     existing outside of the Building and within the Project, including, without
     limitation, driveways, parking areas, covered parking structures,
     landscaped areas (and irrigation and sprinkler, systems included as a part
     thereof), fountains and other water features, if any, lighting facilities,
     the Project signage, fire lanes, sidewalks, walkways, service roads,
     drainage and retention areas, perimeter walls and fences and adjacent
     sidewalks, utility lines up to the exterior of the Building, sculptures and
     artwork, if any, and all other areas and facilities located on and in the
     Project which are available for the use and enjoyment of occupants of the
     Project and their customers, agents and invitees, (b) all "service areas"
     within the Project, which term shall mean all garbage and refuse disposal
     facilities, including compactors if furnished by Lessor, all loading areas,
     and all areas and facilities which are used in the maintenance and
     operation of the Project by Lessor, and (c) the exterior surfaces of all
     perimeter walls, the roof membrane, and all exterior surfaces of the
     Building which are not the specific obligation of Lessee.

          4.5.2 Common Expenses. Costs, charges and expenses constituting
     "common expenses" shall include, without limitation, the cost of
     maintaining, cleaning, repairing, and replacing all common areas and
     service areas and all other areas and improvements referred to in
<PAGE>

     Paragraph 4.5.1(c), including, without limitation, line painting and
     striping; resurfacing and repaving; exterior washing of windows and other
     glass surfaces; painting, repairing and replacing exterior walls (but not
     glass) of the Building and perimeter walls of the Project; removal of
     graffiti; resurfacing or replacing the roof membrane; replacing and
     maintaining landscaping; premiums for public liability, property damage,
     fire and extended coverage, lost rental and income, and other insurance as
     Lessor deems appropriate for the common areas, service areas and the
     Building (but Lessor shall have no obligation to provide or obtain such
     insurance except as expressly set forth in this Lease); costs of materials
     and labor; supplies; fire protection and fire hydrant charges; electric,
     gas, water and sewer charges not separately metered to Lessee; cost of
     providing on-site and off-site traffic control; cost of professional fees
     relating to the common areas and service areas; parking area surcharges or
     levies if imposed by governmental entities; interest charges on loans for
     the purchase of and reasonable depreciation of equipment used in operating
     and maintaining the common areas and service areas and the exterior of the
     Building, and rent and other charges paid for leasing of any such
     equipment; all property taxes due on such equipment; license', permits and
     inspection fees; garbage disposal; sweeping and cleaning services; all real
     estate taxes and assessments due on the Building and the Project; all
     assessments and fees due from Lessor for the Project under any Additional
     CC&Rs (as defined in Paragraph 42), as equitably apportioned by Lessor;
     cost of security personnel, if Lessor elects to provide the same pursuant
     to Paragraph 37; and an administrative and management fee to Lessor in an
     amount equal to 10% of all common expenses for Lessor's services in
     managing, maintaining, repairing, replacing and administering the common
     areas, service areas, the exterior Building surfaces designated above, and
     all common expenses.

     Notwithstanding anything in this Lease to the contrary, "common expenses"
shall not include any of the following (which costs may be allocated to the
parties by other provisions of this Lease):

     (a)  Costs for which Lessor receives reimbursement from insurance or from
          other parties (excluding reimbursement by tenants for common
          expenses).

     (b)  Leasing commissions, attorneys' fees, advertising expenses, and other
          expenses incurred in connection with leasing, selling or conveying an
          interest in the Building or the land associated therewith.

     (c)  Expenditures for improvements to the Building which should be
          capitalized according to generally accepted accounting principles,
          which shall be the responsibility of the Lessor or Lessee as provided
          elsewhere in this Lease; provided that Lessor shall nevertheless be
          entitled to include in common expenses all costs related to
          resurfacing or replacing the roof membrane of the Building, but to the
          extent the cost of any such improvements which should be capitalized
          according to general accepted accounting principles totals more than
          $20,000 or more to complete, such excess amount shall be amortized
          over the useful life thereof to Lessor, as
<PAGE>

          reasonably determined by Lessor, with interest on the unreimbursed
          balance at a rate per annum equal to the prime rate of interest per
          annum: quoted by Bank One of Arizona (or its successor) and adjusted
          from time to time at Phoenix, Arizona, plus three percent (3%), with
          only such amortized portion and interest thereon applicable to and
          included in the common expenses for any year.

     (d)  Income, excess profits, franchise, capital stock, estate, or
          inheritance taxes payable by Lessor except to the extent the same
          shall have been levied as a substitute for existing real property
          taxes.

     (e)  Costs of Lessor's general corporate overhead and general
          administrative expenses; provided that Lessor shall be entitled to the
          management fee referred above even if applied to such expenses.

     (f)  The cost of repairs or alterations required to correct any
          noncompliance of the Building as of the date hereof with all laws,
          ordinances, rules and regulations in effect on or before the date
          hereof, except to the extent such noncompliance is caused by Lessee's
          architect or other contractors or the agents, officers or employees of
          Lessee.

     (g)  Costs paid to any affiliate of Lessor for goods or services that
          exceed the fair market price or cost generally payable for comparable
          goods or services in the area of the Building.

     (h)  Costs of satisfying or defending any tort claims not fully covered by
          Lessor's insurance.

     (i)  Costs resulting from the past, present or future presence of asbestos,
          polychlorinated biphenyl or other hazardous materials or substances in
          the Building or the land which Lessor is responsible for pursuant to
          Paragraph 6.2.4 of this Lease.

     (j)  Dividends or similar distributions paid by Lessor to shareholders,
          partners or other persons having an ownership interest in Lessor.

     (k)  Ground lease payments and interest on debt or amortization or other
          payments on loans to Lessor, whether secured or unsecured, except for
          lease or loan payments for equipment used by Lessor to maintain the
          Project.

     (1)  Costs relating directly to any building or land other than the
          Building and the Project (provided, common expenses may include an
          allocation of shared costs involving other portions of Black Canyon
          Commerce Park if
<PAGE>

          the nature of such costs are otherwise includable in common expenses
          and if such allocation is made on a reasonable and consistent basis
          that fairly reflects the share of such costs actually attributable to
          the Building and the Project.

     (m)  Costs (including fines, penalties and interest) of defending and
          satisfying any claims made by third parties because of the negligence
          or willful misconduct of Lessor or its agents or employees or because
          of Lessor's breach or violation of any contract, lease or law.

     4.5.3 Collection in Advance. All common expenses for a Lease Year, as
estimated by Lessor, and any taxes thereon shall be paid in monthly installments
on the first day of each month in advance in an amount equal to 1/12th of the
estimated common expenses for the applicable Lease Year, but not less than
$15,222.00 per month. Lessee agrees that even though Base Rent will not be due
for the first year of the Lease Term with respect to the Second Phase Space,
common expenses shall be due and payable for the entire Premises from and after
the Commencement Date. Within ninety (90) days following the close of Lessor's
annual accounting period, Lessor shall furnish to Lessee a statement of the
actual amount of Lessee's common expenses for such period. If the actual amount
of Lessee's common expenses is less than the total amount paid by Lessee for
such period, the excess shall be credited first against any past due payments
and then against Lessee's next succeeding payments. If the actual amount of
Lessee's common expenses exceeds the total amount paid by Lessee for such
period, Lessee shall pay to Lessor, within thirty (30) days following its
receipt of Lessor's statement, the amount shown as due.

     4.5.4 Audit. Lessee shall have the right, at its expense, to audit Lessor's
books and records to verify the amount charged to Lessee for common expenses. If
an accurate audit reveals that the amount charged to and actually paid by Lessee
is incorrect, Lessor and Lessee shall make an appropriate adjustment within
thirty (30) days after the completion of the audit, with any amounts owed from
Lessee to Lessor to be paid in cash within said 30-day period and any amounts
owed from Lessor to Lessee to be credited first against unpaid Base Rent and
then against successive installments of Base Rent. If such audit reveals that
Lessee was overcharged for such common expenses by more than five percent (5 %)
over the actual amount due and owing by Lessee, Lessor will reimburse Lessee for
the reasonable cost of such audit by crediting the amount thereof first against
unpaid Base Rent and then against successive installments of Base Rent.

5.   SECURITY DEPOSIT. [INTENTIONALLY DELETED]
<PAGE>

6.   USE.

     6.1 Use.

          6.1.1 Use of Premises. The Premises shall be used and occupied only
     for reputable general office uses, as reasonably determined by Lessor, and
     for no other purposes. However, subject to Paragraph 6.3, Lessee shall
     comply at all times with all governmental regulations and requirements, as
     well as any easements or restrictions of record or any Additional CC&Rs.
     Lessee shall not use or permit the use of the Premises for any retail
     purposes of any kind or the sale of items directly to the public other than
     retail banking services, or in a manner that creates waste or a nuisance
     with respect to the Building or the Project, or that disturbs owners and/or
     occupants of, or causes damage to, the remaining portion of the Building,
     the Project or any neighboring premises or properties.

          6.1.2 Use of Common Areas. During the Lease Term, Lessee's agents,
     employees, customers and permitted subtenants (if any) shall have the
     non-exclusive right in common with Lessor, other present and future owners
     of the Project or portions thereof, other tenants of the Project and any
     other parties permitted to use the same by Lessor, and their respective
     agents, employees, customers, licensees and subtenants, to use those
     portions of the common areas designed for access, parking, loading and
     unloading, and for depositing trash; subject, however, to the terms and
     conditions of this Lease, any easements or restrictions of record or any
     Additional CC&Rs. The foregoing notwithstanding, (i) Lessee shall have no
     claims against Lessor arising out of the condemnation or other taking by
     any public authority, or sale in lieu of condemnation, of any or all such
     common areas, (ii) Lessee shall have exclusive use of 65 parking spaces as
     provided in Paragraph 28, but Lessor reserves the right to grant any person
     or entity the exclusive right to use other designated portions of the
     common areas for the benefit of such person or entity and its agents,
     employees, invitees, customers and subtenants, in which case Lessee shall
     have no right to use such designated portions, (iii) Lessor at all times
     during the Lease Term shall have sole and exclusive control of the common
     areas and service areas and each and every part thereof and may, at its
     option, at any time and from time to time, exclude and restrain any person
     from the use or occupancy thereof, and (iv) Lessee, in the use of the
     common areas, shall comply and shall cause its employees, agents,
     contractors and invitees to comply, with all rules and regulations
     promulgated by Lessor from time to time and all restrictions provided in
     any easements or restrictions of record or any Additional CC&Rs, and
     Lessee's failure to do so shall constitute a breach of this Lease. Nothing
     contained herein shall affect the right of Lessor at any time or from time
     to time to remove unauthorized persons from the common areas or service
     areas or to restrain the use thereof by unauthorized persons. Nothing
     contained herein shall be construed as limiting Lessor's right to use the
     common areas, service areas or the Project for any retail, office or other
     legally permitted use.

          6.1.3 Alterations to the Common Areas. Lessor shall have the right to
     alter, improve, diminish, delete or add. to portions of or otherwise change
     the common areas or service areas, including, without limitation, change of
     location, area, level, size and arrangement of
<PAGE>

     driveways, entrances, exits, parking spaces, service areas, landscaped
     areas, signs and the direction of traffic flow, designate restricted areas
     and employee parking areas, and construct additional improvements, as
     Lessor deems advisable. Lessor shall have the right to make alterations or
     additions to and to build additional buildings and improvements within
     Black Canyon Commerce Park.

     6.2 Hazardous Substances.

          6.2.1 Reportable Uses Require Consent. The term "Hazardous Substance"
     as used in this Lease shall mean any product, substance, chemical, material
     or waste whose presence, nature, quantity and/or intensity of existence,
     use, manufacture, disposal, transportation, spill, release or effect,
     either by itself or in combination with other materials expected to be on
     the Premises, is either: (i) potentially injurious to the public health,
     safety or welfare, the environment or the Project, (ii) regulated or
     monitored by any governmental authority, or (iii) a basis for liability of
     Lessor to any governmental agency or third party under any applicable
     statute or common law theory. "Hazardous Substance" shall include, but not
     be limited to, hydrocarbons, petroleum, gasoline, crude oil, or any
     products, by-products or fractions thereof, and asbestos. Lessee shall not
     engage in any activity in, on, or about the Premises which constitutes a
     Reportable Use (as hereinafter defined) of a Hazardous Substance without
     the express prior written consent of Lessor and compliance in a timely
     manner (at Lessee's sole cost and expense) with all Applicable Law (as
     defined in Paragraph 6.3). "Reportable Use" shall mean (i) the installation
     or use of any above or below ground storage tank, (ii) the generation,
     possession, storage, use, transportation, or disposal of a Hazardous
     Substance that requires a permit from, or with respect to which a report,
     notice, registration or business plan is required to be filed with, any
     governmental authority. Reportable Use shall also include Lessee's being
     responsible for the presence in, on, or about the Premises of a Hazardous
     Substance with respect to which any Applicable Law requires that a notice
     be given to persons entering or occupying the Premises or neighboring
     properties. Notwithstanding the foregoing, Lessee may, without Lessor's
     prior consent, but in compliance with all Applicable Law, use any ordinary
     and customary materials reasonably required to be used by Lessee in the
     normal course of Lessee's business permitted on the Premises, so long as
     such use is not a Reportable Use and does not expose the Premises, the
     Building, the Project or neighboring properties to any meaningful risk of
     contamination or damage. Lessor may condition its consent to, the use or
     presence of any Hazardous Substance, activity, or storage tank by Lessee
     upon Lessee's giving Lessor such additional assurances as Lessor, in its
     reasonable discretion, deems necessary to protect itself, the public, the
     Premises, the Building, the Project and the environment against damage,
     contamination or injury and/or liability therefrom, including, but not
     limited to, the installation (and removal on or before Lease expiration or
     earlier termination) of reasonably necessary protective modifications to
     the Premises (such as concrete encasements).

          6.2.2 Duty to Inform Lessor. If Lessee knows, or has reasonable cause
     to believe, that a Hazardous Substance, or a condition involving or
     resulting from same, has come to be located in, on, under, or about the
     Premises, other than as previously consented to by
<PAGE>

     Lessor, Lessee shall immediately give written notice of such fact to
     Lessor. Lessee shall also immediately give Lessor a copy of any attachment,
     report, notice, registration, application, permit, business plan, license,
     claim, action or proceeding given to, or received from, any governmental
     authority or private party, or persons entering or occupying the Premises,
     concerning the presence, spill, release, discharge of, or exposure to, any
     Hazardous Substance or contamination in, on, or about the Premises,
     including but not limited to all such documents as may be involved in any
     Reportable Uses involving the Premises.

          6.2.3 Lessee's Indemnification. Lessee shall indemnify, protect,
     defend, and hold Lessor, its agents, contractors, partners, officers,
     directors, employees, lenders, and ground lessor, if any, and the Premises,
     harmless from and against any and all loss of rents and/or damages,
     liabilities, judgments, costs, claims, liens, expenses, penalties, permits
     and attorneys' and consultants' fees arising out of or involving any
     Hazardous Substance or storage tank brought onto the Premises by or for
     Lessee or a sublessee, or otherwise under Lessee's control or at Lessee's
     request, or arising out of or involving the exercise, of Lessee's
     inspection rights as set forth in Paragraph 6.2.4 below. Lessee's
     obligations under this Paragraph 6 shall include, but not be limited to,
     the effects of any contamination or injury to person, property, or the
     environment created or suffered by Lessee and arising from the
     circumstances described in the preceding sentence, and the cost of
     investigation (including consultants' and attorneys' fees and testing),
     removal, remediation, restoration and/or abatement thereof, or of any
     contamination therein involved, and shall survive the expiration or earlier
     termination of this Lease. No termination, cancellation, or release
     agreement entered into by Lessor and Lessee shall release Lessee for its
     obligations under this Lease with respect to Hazardous Substances or
     storage tanks, unless specifically so agreed by Lessor in writing at the
     time of such agreement.

          6.2.4 Lessor's Representations and Obligations. Lessor represents and
     warrants to Lessee that Lessor has not, nor is it aware of any person or
     entity who has (with no duty to investigate further), at any time used or
     permitted the use of any portion of the Premises, the Building, or common
     areas to be used in violation of any Applicable Laws relating to Hazardous
     Substances on, under, or about the Premises, the Building, or the common
     areas. In addition, Lessor agrees that it shall not use, generate, store or
     dispose of on, under, or about the Premises, the Building, or the common
     areas, or transport to or from the same, any Hazardous Substances or permit
     any third party to do so, except in compliance with all Applicable Laws.
     Lessor agrees to indemnify, defend and hold harmless Lessee from and
     against any and all losses, costs (including reasonable attorneys' fees),
     liabilities and claims arising from a breach of Lessor's obligations under
     this Paragraph 6.2.4, except to the extent the same arise from the acts or
     omissions of Lessee or its employees, agents, contractors, or invitees.
     Lessee or its designated agent shall, at all times during the Lease Term
     have the reasonable right to conduct testing and inspections on or about
     the Premises, the Building, or the common areas during normal business
     hours, provided that (i) Lessee shall first give reasonable prior notice to
     Lessor of its intention to do so, and (ii) Lessee shall promptly repair any
     damage or injury to persons or property on or about the Premises, the
     Building, the common areas or the Project in connection with the
<PAGE>

     exercise of the inspection rights provided for herein, and (iii) Lessor,
     acting reasonably, shall have the right to approve the agents and/or
     contractors of Lessee who will conduct the testings and inspections
     provided for herein.

     6.3 Lessee's Compliance With Law. Except as otherwise provided in this
Lease, Lessee shall, at Lessee's sole cost and expense, fully, diligently and in
a timely manner, comply with all "Applicable Law", which term is used in this
Lease to include all laws, rules, regulations, ordinances, directives,
covenants, easements and restrictions of record, permits, the requirements of
any applicable fire insurance underwriter or rating bureau, and recommendations
of Lessor's engineers and/or consultants, relating in any manner to the
Premises, including, but not limited to, matters pertaining to (i) industrial
hygiene, (ii) environmental conditions on, in, under or about the Premises,
including soil and groundwater conditions, and (iii) the use, generation,
manufacture, production, installation, maintenance, removal, transportation,
storage, spill, or release of any Hazardous Substance or storage tank, whether
now in effect or which may hereafter come into effect, and whether or not
reflecting a change in policy from any previously existing policy.
Notwithstanding anything in this Lease to the contrary, in no event shall Lessee
be responsible for compliance with laws, ordinances, rules and regulations that
require structural or other changes to the Premises or the Building unless due
to (1) the particular use or manner of occupancy by Lessee or Lessee's
obligations under the ADA (as defined in Paragraph 43 below) or similar laws to
accommodate disabled employees, customers, and invitees of Lessee, (2) the acts
or omissions of Lessee or its agents, employees, officers, contractors
(including Lessee's architect), invitees, customers or licensees, or (3)
alterations or improvements made by Lessee or its subtenants or their respective
agents, employees, officers or contractors. Further, Lessee shall be obligated
to remove only those Hazardous Substances or wastes or solid wastes that are
deposited on or in the Premises, the Building or the Project by Lessee or its
subtenants or their respective agents, employees, officers, contractors,
invitees, customers or licensees, and all other Hazardous Substances or wastes
or solid wastes shall be removed by Lessor at its expense. Lessee shall, within
five (5) days after receipt of Lessor's written request, provide Lessor with
copies of all documents and information, including, but not limited to, permits,
registrations, manifests, applications, reports and certificates, evidencing
Lessee's compliance with any Applicable Law specified by Lessor, and shall
immediately upon receipt, notify Lessor in writing (with copies of any documents
involved) of any threatened or actual claim, notice, citation, warning,
complaint or report pertaining to or involving failure by Lessee or the Premises
to comply with any Applicable Law.

     6.4 Inspection; Compliance. Lessor and Lessor's lender(s) shall have the
right to enter the Premises at any time, in the case of an emergency, and
otherwise at reasonable times agreed to by Lessor and Lessee in good faith and
in a manner which reasonably minimizes disruption of Lessee's business, for the
purpose of inspecting the condition of the Premises and for verifying compliance
by Lessee with this Lease and all Applicable Law, and to employ experts and/or
consultants in connection therewith and/or to advise Lessor with respect to
Lessee's activities, including but not limited to the installation, operation,
use, monitoring,
<PAGE>

maintenance, or removal of any Hazardous Substance or storage tank on or from
the Premises. The costs and expenses of any such inspections shall be paid by
the party requesting same, unless Lessee is in default under this Lease or is in
violation of Applicable Law, or a contamination, caused or materially
contributed to by Lessee, is found to exist or be imminent, or unless the
inspection is requested or ordered by a governmental authority as the result of
any such existing or imminent violation or contamination. In any such case,
Lessee shall, upon request, reimburse Lessor or Lessor's lender, as the case may
be, for the costs and expenses of such inspections.

     6.5 Condition of Premises.

          6.5.1 Lessor warrants to Lessee that the plumbing, electrical and HVAC
     (but not telephone, communication or cable facilities) in the Premises
     shall be in good operating condition on the Commencement Date. If any of
     such items are not in good operating condition on the Commencement Date,
     Lessee shall give Lessor written notice of such condition within thirty
     (30) days following the Commencement Date and Lessor shall, within a
     reasonable time, effect necessary repairs. Lessee's failure to give such
     written notice to Lessor within thirty (30) days after the Commencement
     Date shall terminate Lessor's obligations under this Paragraph.
     Notwithstanding anything to the contrary in this Paragraph 6.5.1, Lessor
     will, after the Commencement Date, provide to Lessee copies of any
     contractor or supplier warranties applicable to the Building Shell (as
     defined in Paragraph 40.1.7) and the Work (as defined in Paragraph 40.1.7),
     and will use reasonable efforts to obtain the benefits of and enforce said
     warranties if Lessor receives timely notice under the applicable warranty
     from Lessee, provided that if Lessor determines in good faith that
     arbitration or litigation is the only remaining alternative for enforcing a
     particular warranty, it shall advise Lessee in writing and Lessor will
     agree to proceed to enforce the warranty through litigation or arbitration,
     as the case may be, if Lessee agrees in writing to bear the reasonable
     costs, expenses and fees incurred by Lessor with respect thereto.

          6.5.2 If any curtailment or interruption of the utilities and services
     referred to in the first sentence of Paragraph 6.5.1 excluding telephone,
     communication or cable facilities (collectively "Building Services") beyond
     the reasonable control of Lessor continues for thirty (30) days after
     Lessor is notified thereof, Base Rent and common expenses due under this
     Lease shall abate for only those portions of the Premises that Lessee
     cannot (and does not) use because of such curtailment or interruption; and
     if such curtailment or interruption continues for one hundred twenty (120)
     days after Lessor is notified thereof and of Lessee's intention to
     terminate this Lease with the result that Lessee cannot (and does not) use
     a substantial portion of the Premises during such 120-day period, then
     Lessee shall be entitled to terminate this Lease by giving another written
     notice to Lessor after said 120-day period but prior to the time the
     applicable curtailment or interruption ceases or Lessor otherwise makes the
     Premises suitable for Lessee's use. If Building Services are curtailed or
     interrupted for any reason within the reasonable control of Lessor, Lessee
     shall have the right, after giving Lessor notice pursuant to Paragraph 13.3
     and upon expiration of the cure period set forth therein, to cure the
     interruption or curtailment and all reasonable costs incurred by Lessee to
     do so shall be reimbursed by Lessor.
<PAGE>

          6.5.3 Except as otherwise provided in this Lease, including, without
     limitation, Paragraph 40.8, and subject to the warranties benefitting
     Lessee as provided in the last sentence of Paragraph 6.5.1, Lessee hereby
     accepts the Premises in their condition as of the Commencement Date or the
     date that Lessee takes possession of the Premises, whichever is earlier,
     subject to all applicable zoning, municipal, county and state laws,
     ordinances, codes and regulations governing and regulating the use of the
     Premises, and any covenants, easements, or restrictions of record,
     including any Additional CC&Rs, and accepts this Lease subject thereto and
     to all matters disclosed thereby and by any exhibits attached hereto.
     Lessee acknowledges that neither Lessor nor Lessor's agent has made any
     representation or warranty as to the present or future suitability of the
     Premises or the Project for the conduct of Lessee's business. Nothing
     contained herein shall be construed as a waiver by Lessee of any Latent
     Defects in the Premises or the Building which are caused by Lessor or its
     contractors and do not result from the acts or omissions of Lessee, its
     agents, employees, officers or contractors. As used in this Lease, "Latent
     Defects" shall mean defects in materials or workmanship that could not have
     been discovered by Lessee or professional consultants retained by Lessee
     using reasonable diligence and without causing material damage to the
     Premises or Building.

          6.5.4 The foregoing notwithstanding, the obligations of Lessor under
     this Paragraph 6.5 shall not apply to any damage, repair, injury or
     condition caused by Lessee or its employees, agents, contractors, or
     invitees, all of which shall be the responsibility of Lessee to repair
     promptly at its expense.

7.   MAINTENANCE, REPAIRS AND ALTERATIONS.

     7.1 Lessee's Obligations.

          7.1.1 Except as provided in Paragraphs 6.5.1 and 7.4, Lessee shall
     keep in good order, condition, and repair the Premises and every part
     thereof (whether or not such portion of the Premises requiring repair, or
     the means of repairing the same are reasonably or readily accessible to
     Lessee, and whether or not the need for such repairs occurs as a result of
     Lessee's use or the elements, including, without limiting the generality of
     the foregoing, all telephone, communication and cable facilities (whether
     within or outside of the Premises), all plumbing, heating, ventilating, air
     conditioning, electrical, lighting facilities, and equipment within the
     Premises (or mounted on the roof of the Building, provided that Lessee
     shall promptly repair any damage to the roof caused by such repairs); the
     communications antenna or dish referred to in Paragraph 40.9, and all
     banking and drive-thru facilities Lessee may elect to construct and operate
     with Lessor's approval as provided in Paragraph 7.5.1, whether any of the
     foregoing are within or outside of the Premises; fixtures; interior walls
     (including interior surfaces of exterior walls); light bulbs, air filters
     and other regular maintenance items; ceilings and interior roof except
     supporting structures; floors and floor surfaces and coverings; windows
     (internal and external), doors (both internal and external, including locks
     and door openers), vestibules, plate glass (internal and exterior) and
     skylights; and Lessee's signs located on the Premises (including perimeter
     signs which may be allowed by the terms of this Lease). Notwithstanding the
<PAGE>

     foregoing, Lessee shall be entitled to the benefit of any warranties
     provided by contractors or suppliers in connection with the construction of
     the Building as provided in Paragraph 6.5.1, but with respect to any roof
     repairs Lessee is required to make pursuant to this Paragraph, Lessee must
     first advise Lessor at least ten (10) days prior to commencing the repairs,
     must use the contractor who installed the roof and must otherwise comply
     with all requirements necessary to preserve the warranty for the roof

          7.1.2 Lessee shall maintain the Premises and all of Lessee's signs in
     a neat, clean, attractive and orderly condition at all times, and shall be
     responsible for janitorial services.

     7.2 Surrender. On the last day of the Lease Term, Lessee shall surrender
the Premises to Lessor in the same condition as when received, ordinary wear and
tear excepted, clean and free of debris. Lessee shall repair any damage to the
Premises occasioned by the installation or removal of Lessee's trade fixtures,
furnishings and equipment, subject to the limitations on removal in Paragraph
7.5.4. Notwithstanding anything to the contrary otherwise stated in this Lease,
Lessee shall leave the air lines, power panels, electrical distribution systems,
lighting fixtures, space heaters, heating systems, air conditioning,
ventilation, plumbing, and fencing on the Premises in good operating condition.

     7.3 Lessor's Rights. If Lessee fails to perform Lessee's obligations under
this Paragraph 7, or under any other paragraph of this Lease, Lessor may at its
option (but shall not be required to) enter upon the Premises after ten (10)
days' prior written notice to Lessee (except in the case of an emergency, in
which case no notice shall be required and immediate entry will be permitted),
and perform such obligations on Lessee's behalf and put the same in good order,
condition and repair, and the cost thereof, together with interest thereon at a
rate designated by Lessor not to exceed the maximum rate then allowable by law,
shall become due and payable as additional rent to Lessor within thirty (30)
days of the Lessee's receipt of an invoice for such amounts.

     7.4 Lessor's Obligations.

          7.4.1 Lessor shall repair and maintain the roof structure only (but
     Lessee shall maintain the interior ceilings and all of the interior
     portions of the roof which are not structural in nature, and the roof
     membrane shall be maintained as a common expense pursuant to Paragraph
     4.5), foundations, and structural portions of exterior walls (but not
     exterior surfaces or plate glass) of the Premises.

          7.4.2 Except for the obligations of Lessor under Paragraph 7.4.1
     above, Paragraph 4.5 (common area and Building maintenance), Paragraph
     6.5.1 (warranties), Paragraph 9 (destruction of the Premises) and Paragraph
     14 (condemnation of the Premises), it is intended by the parties hereto
     that Lessor shall have no obligation, in any manner whatsoever, to repair
     and maintain the Premises nor the Building, nor the equipment serving the
     same, all of which obligations shall be that of Lessee under Paragraph 7.1
     hereof. Lessee expressly waives the
<PAGE>

     benefit of any statute now or hereinafter in effect which would otherwise
     afford Lessee the right to make repairs at Lessor's expense or to terminate
     this Lease because of Lessor's failure to keep the Premises in good order,
     condition, and repair.

          7.4.3 If Lessor is in default under this Paragraph 7.4 as a result of
     its failure to perform one of its obligations hereunder, and upon
     expiration of applicable grace periods in paragraph 13.3, Lessee shall have
     the right, but shall not be obligated, after ten (10) days' prior written
     notice to Lessor (except in the event of an emergency, in which case no
     notice to Lessor shall be required), to perform such obligation on behalf
     of Lessor, and Lessor shall reimburse Lessee within thirty (30) days after
     demand by Lessee for all reasonable expenses incurred by Lessee in
     performing such obligation, together with interest thereon at the rate of
     twelve (12%) per annum from the date of advancement until the date of
     payment.

     7.5 Alterations and Additions.

          7.5.1 Lessee shall not, without Lessor's prior written consent, which
     shall not be unreasonably withheld or delayed, (i) make any alterations,
     improvements, additions, or Utility Installations (as defined below) in, on
     or about the Premises, except for non-structural alterations not exceeding
     $25,000 in total costs per project, or (ii) change paint colors. In any
     event, whether or not in excess of $25,000 in cost, Lessee shall make no
     change or alteration to the exterior of the Premises nor the exterior of
     the Building without Lessor's prior written consent; provided that with
     respect to alterations to the exterior of the Building relating to the
     retail banking activities proposed to be conducted by Lessee, Lessor's
     consent shall not be unreasonably withheld or delayed if such alterations
     are not physically attached in any way to the Building (except for below
     grade utilities and pneumatic tubes) and are located solely within the
     building envelope shown on Exhibit "B" attached hereto, and such
     alterations constitute limited facilities such as ATM machines and speaker
     stands with underground transmission facilities for conducting Lessee's
     retail banking business from the Building through typical drive-thru
     facilities (and in no event shall Lessee be entitled to construct a
     separate building or buildings or other structures for personnel within
     said building envelope). As used in this Paragraph 7.5, the term "Utility
     Installation" shall mean air lines, power panels, electrical distribution
     systems, lighting fixtures, space heaters, heating systems, air
     conditioning, ventilation, plumbing and fencing. Lessee shall not be
     required or allowed to remove any of said alterations, improvements,
     additions, or Utility Installations at the expiration of the Lease Term
     unless Lessor specifically requires removal as a condition to Lessor's
     approval. Should Lessee make any alterations, improvements, additions or
     Utility Installations without the prior approval of Lessor, Lessor may
     require that Lessee remove any or all of the same promptly. Any alterations
     and additions installed or performed by Lessee shall comply with all
     applicable building codes, ordinances, and similar requirements.

          7.5.2 Any repainting or alterations, improvements, additions, or
     Utility Installations in, or about the Premises that Lessee shall desire to
     make and which require the consent of the Lessor shall be presented to
     Lessor in written form, with proposed detailed plans.
<PAGE>

     If Lessor gives its consent, the consent shall be deemed conditioned upon
     Lessee's acquiring a permit to do so from appropriate governmental
     agencies, the furnishing of a copy thereof to Lessor prior to the
     commencement of the work, and the compliance by Lessee of all conditions of
     said permit and this Lease in a prompt and expeditious manner.

          7.5.3 Lessee shall pay, when due, all claims for labor or materials
     furnished or alleged to have been furnished to or for Lessee at or for use
     in the Premises, which claims are or may be secured by any mechanics' or
     materialmen's lien against the Premises or any interest therein, and shall
     promptly discharge any such liens, either by payment or by lien release
     bond. If Lessee shall, in good faith, contest the validity of any such
     lien, claim, or demand, then Lessee shall, at its sole expense defend
     itself and Lessor against same and shall pay and satisfy such adverse
     judgment that may be rendered thereon before the enforcement thereof
     against the Lessor, the Premises or the Project, and shall, in any event,
     procure and furnish evidence to Lessor thereof, a lien release bond holding
     the Premises and the Project free from the effect of such lien or claim.

          7.5.4 Unless Lessor requires their removal, as set forth in the next
     to last sentence of Paragraph 7.5.1, all alterations, improvements,
     additions, and Utility Installations (whether or not such Utility
     Installations constitute trade fixtures of Lessee), which may be made on
     the Premises, shall become the property of Lessor and remain upon and be
     surrendered with the Premises at the expiration of the term.
     Notwithstanding the provisions of this Paragraph, Lessee's machinery and
     equipment, other than that which is affixed to the Premises so that it
     cannot be removed without material damage to the Premises (unless Lessee
     elects to effect such repairs promptly at its expense, but in any event
     prior to the end of the Lease Term), shall remain the property of Lessee
     and may be removed by Lessee subject to the provisions of Paragraph 7.2.

8.   INSURANCE.

     8.1 Lessee's Required Insurance. Lessee, at its sole cost and expense,
shall procure and maintain during the Lease Term the following policies of
insurance covering the Premises, which insurance shall be obtained from a
company with a Best's general policy holder rating of at least "A" and a
financial rating of "VII" or better (or a comparable rating by other reputable
insurance industry rating organizations) and shall, in each instance, name
Lessor, Lessor's property manager and any other entities designated by Lessor,
as additional insureds:

          8.1.1 A commercial general liability insurance policy against claims
     for bodily injury, death or property damage, occurring in, on or about the
     Premises or the Project, the adjoining sidewalks and passageways, or
     resulting from Lessee's use, occupancy or maintenance thereof. Such
     insurance shall be primary with respect to Lessor and shall be in the
     amount of at least Five Million Dollars ($5,000,000) combined single limit
     (or in such higher amounts as Lessor may reasonably designate from time to
     time). No parties named as additional insureds shall incur any liability
     for the payment of premiums for such policy. Such policy shall include a
     form of endorsement substantially similar to the form attached hereto as
     Exhibit "C", and shall
<PAGE>

     be further endorsed to indicate that it will cover Lessee's obligations
     under Paragraphs 8.5 through 8.7 to the coverage limit of such policy.

          8.1.2 "All Risk" fire and extended broad form coverage property
     insurance against damage and destruction to Lessee's personal property
     (including inventory, fixtures, machinery, equipment and merchandise) and
     all fixtures, equipment, improvements, additions and alterations to the
     Premises the Building or the Project made by Lessee in the amount of 100%
     of full replacement cost. If such items are damaged or destroyed, Lessee
     shall diligently and fully repair and restore such items.

          8.1.3 Business interruption insurance in an amount equal to 12 months
     of Base Rent and 12 months of common expenses.

          8.1.4 Workmen's compensation and employers' liability insurance in
     amounts required under Arizona law.

          8.1.5 Such other insurance and in such amounts as may from time to
     time be reasonably required by Lessor against other insurable hazards,

     8.2 Notice of Insurance. All insurance provided for in Paragraph 8.1 shall
be effected under valid and enforceable policies issued by insurance companies
authorized to do business in the State of Arizona and approved by Lessor. The
insurance policies shall be endorsed to indicate that Lessee's coverage shall
not be invalid due to any act or omission on the part of Lessor. Lessee shall
cause the insurance companies issuing such insurance to agree to notify Lessor
in writing of any cancellation, alteration or non-renewal of said insurance at
least thirty (30) days prior thereto. Lessee shall deliver to Lessor at least
thirty (30) days prior to occupation of the Premises, and thereafter on each
anniversary of the Commencement Date, certificates (or such additional evidence
as Lessor may request) evidencing the insurance coverage required herein,
confirming that the premiums therefor have been paid in full, and showing all
insurance policies contain "occurrence" coverage, rather than "claims made"
coverage. Said certificates shall also include a footnote referring to this
Lease and certifying that the policy or policies issued to Lessee comply with
all of the provisions of this Paragraph 8. If Lessee fails to obtain the
insurance required herein to deliver said certificates thereof to Lessor as
provided for above, Lessor shall be entitled (with no obligation to do so) to
obtain said policies at Lessee's expense.

     8.3 Waiver of Subrogation; Release. Notwithstanding any other provisions in
this Lease, Lessor and Lessee each hereby waives any and all rights of recovery
each may have against the other, or against the directors, partners, officers,
employees, agents and representatives of the other party, for loss of, or damage
to (whether or not such loss or damage is caused by the fault of the other
party) the other party, its property or the property of others under its control
to the extent the same is insured against under any insurance policy in force at
the time of such loss or damage. Each party shall, upon obtaining the insurance
policies required
<PAGE>

hereunder, give notice to the insurance carrier or carriers that the foregoing
waiver of subrogation is contained in this Lease and shall obtain, at such
party's expense, an appropriate waiver of subrogation endorsement from the
insurer. If the Premises or Lessee's personal property are damaged or destroyed
by fire or any other cause against which Lessee is required to maintain
insurance pursuant to this Lease, Lessor shall not be liable to Lessee for any
such damage or destruction. Lessee shall have no claim to or interest in any
portion of the proceeds of any insurance maintained by Lessor.

     8.4 Adequacy of Coverage. Lessor makes no representations that the types of
policies or the coverage limits that Lessee is required to maintain are adequate
to protect Lessee. Lessee shall be entitled, at Lessee's expense, to obtain such
additional insurance coverage as Lessee deems appropriate.

     8.5 Assumption and Waiver. Lessee, as a material part of the consideration
to Lessor, hereby assumes all risk of, and waives all claims against Lessor
arising from, any and all damage, loss or theft of property or injury to persons
in, upon or about the Premises or the Project from any cause, including without
limitations, (i) any defect in or failure of plumbing, heating or air
conditioning equipment, electric wiring or insulation thereof, water pipes,
stairs, railings or walks; (ii) the disrepair of any equipment or appurtenances;
(iii) the bursting, leaking or running of any tank, washstand, water closet,
waste pipe, drain or any other pipe or tank in, upon or about the Premises; (iv)
the back-up of any drain., sewer pipe or downspout; (v) the escape of steam or
hot water; (vi) water, snow or ice being upon or coming through the roof or any
other place upon or near the Premises or otherwise; (vii) the falling of any
fixture, plaster or stucco; (viii) broken glass; (ix) any act or omission of
other occupants of premises within the Project or of adjoining or contiguous
property or buildings; and (x) any unauthorized or criminal entry of third
parties into or onto the Premises or the Project, regardless of any breakdown,
malfunction or insufficiency of any security measures, practices or equipment
provided by Lessor, unless caused by the gross negligence or intentional acts of
the Lessor. Lessee shall immediately notify Lessor in writing of any breakdown
or malfunction of any security measures, practices or equipment provided by
Lessor of which Lessee has knowledge.

     8.6 Notice by Lessee. Lessee shall give immediate written notice to Lessor
in case of fire or accidents in the Premises or in the building of which the
Premises are a part. Lessee shall also give immediate written notice to Lessor
of any claim, action, proceeding or suit instituted or threatened against
Lessor.

     8.7 Lessee's Indemnity. Subject to the waiver of subrogation provisions in
Paragraph 8.3, Lessee shall defend, indemnify and hold Lessor and Lessor's
managing agent, if any, harmless from and against any and all claims, costs,
fees (including without limitation attorneys' fees), damages, expenses,
liabilities and losses arising out of or in connection with any of the
following:
<PAGE>

          8.7.1 Lessee's use of the Premises or the Projector the conduct of
     Lessee's business thereon.

          8.7.2 Any activity, work or occurrence performed, permitted or
     suffered by Lessee in, on, or about the Premises or the Project.

          8.7.3 Lessee's failure to perform fully and properly all of Lessee's
     obligations under this Lease.

          8.7.4 The negligence or intentional misconduct of Lessee, its agents,
     employees, contractors, guests, customers, invitees, or licensees.

          8.7.5 Any loss or damage to Lessee's property or the property of
     others or death of or injury to Lessee's employees, agents, visitors,
     invitees, contractors, guests, customers, or licensees, unless caused by
     the gross negligence or willful misconduct of Lessor, or its employees,
     agents, officers, contractors or invitees.

          8.7.6 Compliance with or violation of any laws, statutes, codes,
     licensing requirements, ordinances, orders and rules and regulations of any
     public authority applicable to the Premises or the Project, or any activity
     engaged thereon, caused or permitted by Lessee or its employees, agents,
     officers, contractors or invitees.

          8.7.7 The sale or distribution of alcoholic foods or beverages.

          8.7.8 Lessee's failure to surrender the Premises immediately upon the
     expiration or termination of the Lease Term.

          8.7.9 The acts or omissions of Lessee, its employees, agents, or
     contractors, in policing or monitoring Lessee's reserved parking spaces as
     provided in Paragraph 28 below, or causing the vehicles to be towed
     therefrom.

If any claim is made or action or proceeding is brought against Lessor as a
result of any activity, event, or omission listed above, Lessee, upon notice
from Lessor, shall diligently defend the same at Lessee's expense through
counsel satisfactory to Lessor.

     8.8 Lessor's Indemnity. Subject to the waiver of subrogation provisions in
Paragraph 8.3, Lessor shall defend, indemnify and hold Lessee harmless from and
against any and all claims, costs, fees (including without imitation, attorneys'
fees), damages, expenses, liabilities and losses for any bodily injury, injury
to person or damage to property occurring in the common areas outside of the
Building, unless caused by the gross negligence or willful misconduct of Lessee,
its employees, officers, agents, contractors or invitees.
<PAGE>

     8.9 Lessor's Insurance. During the Lease Term, Lessor shall procure and
maintain the following insurance (the cost of which shall be included within the
common expenses for the Project):

          8.9.1 Commercial general liability insurance against claims for bodily
     injury, death or property damage occurring in, on or about the Project
     outside of the Building in the amount of at least Five Million Dollars
     ($5,000,000.00) combined single limit (or in such higher amounts as Lessor
     may reasonably designate from time to time).

          8.9.2 Property insurance covering damage to the Building (including
     the Premises, but excluding Lessee's personal property, inventory,
     furniture, fixtures, equipment, improvements, additions and alterations) in
     an amount of not less than One Hundred Percent (100%) of the replacement
     value thereof.

The foregoing notwithstanding, Lessor may satisfy the insurance requirements set
forth in this Paragraph utilizing a plan of self-insurance from time to time if
Lessor maintains, during the entire period a self-insurance plan is in effect, a
net worth of $100,000,000.00 or more. The annual report or annual financial
statements of Lessor audited by an independent certified public accounting firm
shall be sufficient evidence of the net worth of Lessor.

9.   DAMAGE OR DESTRUCTION.

     9.1 Definitions.

          9.1.1 "Premises Partial Damage" shall mean damage or destruction to
     the improvements on the Premises, other than Lessee owned alterations and
     Utility Installations, the repair cost of which damage or destruction is
     between 25% and 75% of the then Replacement Cost (as defined below) of the
     Premises immediately prior to such damage or destruction, excluding from
     such calculation the value of the land and Lessee owned alterations and
     Utility Installations.

          9.1.2 "Premises Total Destruction" shall mean damage or destruction to
     the Premises, other than Lessee owned alterations and Utility
     Installations, the repair cost of which damage or destruction is
     seventy-five percent (75%) or more of the then Replacement Cost of the
     Premises immediately prior to such damage or destruction, excluding from
     such calculation the value of the land and Lessee owned alterations and
     Utility Installations.

          9.1.3 "Insured Loss" shall mean damage or destruction to improvements
     on the Premises, other than Lessee owned alterations and Utility
     Installations, which was caused by an event required to be covered by the
     insurance described in Paragraph 8.1, irrespective of any deductible
     amounts or coverage limits involved.
<PAGE>

          9.1.4 "Replacement Cost" shall mean the cost to repair of rebuild the
     improvements owned by Lessor at the time of the occurrence to their
     condition existing immediately prior thereto, including demolition, debris
     removal and upgrading required by the operation of applicable building
     codes, ordinances or laws, and without deduction for depreciation.

          9.1.5 "Hazardous Substance Condition" shall mean the occurrence or
     discovery of a condition involving the presence of, or a contamination by,
     a Hazardous Substance in, on or under the Premises.

          9.1.6 "Minor Damage" shall mean damage or destruction to the Premises,
     the repair cost of which damage or destruction is less than 25% of the then
     Replacement Cost of the Premises immediately prior to such damage or
     destruction.

     9.2 Partial Damage - Insured Loss. If Minor Damage or a Premises Partial
Damage that is an Insured Loss occurs, then Lessor shall, utilizing insurance
proceeds made available to Lessor, repair such damage (but not Lessee's trade
fixtures or Lessee owned alterations and Utility Installations) in accordance
with Paragraph 9.6.2 and this Lease shall continue in full force and effect.

     9.3 Partial Damage - Uninsured Loss. Subject to the provisions of
Paragraphs 9.4, 9.5, and 9.6, if at any time during the Lease Term there is
damage which is not an Insured Loss and which falls within the classification of
Premises Partial Damage, unless such damage is negligently or intentionally
caused by Lessee (in which event Lessee shall make the repairs at Lessee's
expense), Lessor may at Lessor's option either (i) repair such damage as soon as
reasonably possible at Lessor's expense, in which event this Lease shall
continue in full force and effect, or (ii) give written notice to Lessee within
thirty (30) days after the date of the occurrence of such damage of Lessor's
intention to cancel and terminate this Lease, effective 60 days after the date
of the occurrence of such damage. If Lessor elects to give such notice of
Lessor's intention to cancel and terminate this Lease, Lessee shall have the
right within ten (10) days after the receipt of such notice to give written
notice to Lessor of Lessee's intention to repair such damage at Lessee's
expense, without reimbursement from Lessor, in which event this Lease shall
continue in full force and effect, and Lessee shall proceed to make such repairs
as soon as reasonably possible in accordance with the other requirements of this
Lease. If Lessee does not give such notice within such 10-day period this Lease
shall be canceled and terminated as of the date of the occurrence of such
damage,

     9.4 Total Destruction. Notwithstanding any other provision hereof, if a
Premises Total Destruction occurs (including any destruction required by any
authorized public authority), at Lessor's option this Lease shall terminate 60
days following the date of such Premises Total Destruction, whether or not the
damage or destruction is an Insured Loss or was caused by a negligent or willful
act of Lessee. If, however, the damage or destruction was caused by Lessee,
Lessor shall have the right to recover Lessor's damages from Lessee except as
released and
<PAGE>

waived in Paragraph 8.3. If Lessor does not terminate this Lease as herein
permitted, Paragraph 9.6.2 shall apply to such Premises Total Destruction.

     9.5 Damage Near End of Term. If at any time during the last 12 months of
the Lease Term there is a damage for which the cost to repair exceeds one (1)
month's Base Rent, whether or not an Insured Loss, Lessor may, at Lessor's
option, terminate this Lease effective sixty (60) days following the date of
occurrence of such damage by giving written notice to Lessee of Lessor's
election to do so within thirty (30) days after the date of occurrence of such
damage. Provided, however, if Lessee at that time has an exercisable option to
extend this Lease, then Lessee may preserve this Lease by, within twenty (20)
days following the date of Lessor's election to terminate or before the
expiration of the time provided in such option for its exercise, whichever is
earlier ("Exercise Period"), exercising such option. If Lessee duly exercises
such option during said Exercise Period, Lessor shall, at Lessor's expense,
repair such damage pursuant to Paragraph 9.6.2, subject to other applicable
provisions of Paragraphs 9.3 and 9.4.

     9.6 No Abatement of Rent; Lessee's Remedies.

          9.6.1 In the event of damage described in this Paragraph 9, whether or
     not Lessor or Lessee repairs or restores the Premises, the Base Rent and
     common expenses payable by Lessee hereunder for the period during which
     such damage, its repair or the restoration continues shall not abate and
     all other obligations of Lessee hereunder shall be performed by Lessee.
     Lessee shall have no claim against Lessor for any damage suffered by reason
     of any such repair or restoration and shall look to the proceeds of
     business interruption insurance to be maintained under Paragraph 8.1.

          9.6.2 If Lessor is obligated to repair or restore the Premises under
     the provisions of this Paragraph 9 and (i) does not commence the repair or
     restoration of the Premises within ninety (90) days after the date of
     damage or destruction, or (ii) does not substantially complete the repair
     or restoration within a reasonable time thereafter given the extent of the
     damage or destruction, but in any event within 270 days after the date of
     such damage or destruction, then Lessee may thereafter give written notice
     to Lessor, and to any lenders of which Lessee has actual notice, of
     Lessee's election to terminate this Lease effective thirty (30) days after
     receipt of such notice unless, if such notice refers to a failure to comply
     with subparagraph (ii) above, Lessor or its lender substantially completes
     the repair or restoration of the Premises within thirty (30) days after
     receipt of such notice, in which event this Lease shall continue in full
     force and effect. "Commence" as used in this Paragraph shall mean either
     the unconditional authorization of the preparation of the required plans,
     or the beginning of the actual work on the Premises, whichever first
     occurs.

          9.6.3 Within forty-five (45)days after the date of damage or
     destruction, Lessor shall deliver to Lessee a written estimate of the cost
     of repair or restoration of the Premises, and an estimate of the
     Replacement Cost of the Premises, as determined by a contractor or
     architect
<PAGE>

     reasonably acceptable to Lessor and Lessee, which estimates shall be the
     basis for determining whether Minor Damage, Premises Partial Damage or
     Premises Total Destruction has occurred.

     9.7 Hazardous Substance Conditions. If a Hazardous Substance Conditions
occurs, unless Lessee is legally responsible therefor based on Applicable Law or
this Lease (in which case Lessee shall make the investigation and remediation
thereof required by Applicable Law and this Lease, and this Lease shall continue
in full force and effect, but subject to Lessor's rights under Paragraph 13),
Lessor may at Lessor's option either (i) investigate and remediate such
Hazardous Substance Condition, if required, as soon as reasonably possible at
Lessor's expense, in which event this Lease shall continue in full force and
effect, or (ii) if the estimated cost to investigate and remediate such
condition exceeds twelve (12) times the then monthly Base Rent, give written
notice to Lessee within thirty (30) days after receipt by Lessor of knowledge of
the occurrence of such Hazardous Substance Condition of Lessor's desire to
terminate this Lease as of the date one hundred eighty (180) days following the
giving of such notice. If Lessor elects to give such notice of Lessor's
intention to terminate this Lease, Lessee shall have the right, within ten (10)
days after the receipt of such notice, to give written notice to Lessor of
Lessee's commitment to pay for the investigation and remediation of such
Hazardous Substance Condition totally at Lessee's expense and without
reimbursement from Lessor except to the extent of an amount equal to twelve (12)
times the then monthly Base Rent. Lessee shall provide Lessor with the funds
required of Lessee or satisfactory assurance thereof within thirty (30) days
following Lessee's commitment. In such event this Lease shall continue in full
force and effect, and Lessor shall proceed to make such investigation and
remediation as soon as reasonably possible and the required funds available. If
Lessee does not give such notice and provide the required funds or assurance
thereof within the times specified above, this Lease shall terminate as of the
date specified in Lessor's notice of termination. This Paragraph shall prevail
over Paragraph 6.2.4 above.

     9.8 Termination - Advance Payments. Upon termination of this Lease pursuant
to this Paragraph 9, an equitable adjustment shall be made concerning advance
Base Rent and any other advance payments made by Lessee to Lessor.

     9.9 Waive Statutes. Lessor and Lessee agree that the terms of this Lease
shall govern the effect of any damage to or destruction of the Premises with
respect to the termination of this Lease, and hereby waive the provisions of any
present or future statute to the extent inconsistent herewith.

10.  TAXES.

     10.1 Payment of Real Property Taxes. Real estate taxes and assessments for
the Building and the Project are included in the common expenses. Lessor shall
forward to Lessee, upon request therefor, copies of all real property tax bills
and assessments levied against the Premises. If any such taxes paid by Lessee
shall cover any period of time prior to or after the expiration of the term
hereof, Lessee's share of such taxes shall be equitably prorated to cover
<PAGE>

only the period of time within the tax fiscal year during which this Lease shall
be in effect. Lessor shall deliver to Lessee copies of all notices of proposed
increases in assessments or proposed revaluation of any property that is
included in the calculation of common expenses. If Lessor fails or refuses, on
request of Lessee at Lessee's expense, to contest the validity or amount of the
assessed valuation or real estate taxes for any tax year, Lessee may undertake
such contest at Lessee's expense, by appropriate proceedings in the name of
Lessor or Lessee. Within a reasonable time after demand therefor, Lessor shall
execute and deliver to Lessee any documents reasonably required to enable Lessee
to prosecute any such proceeding, and Lessor shall provide Lessee upon request
with all pertinent data, in time to permit Lessee to undertake such contest. The
foregoing notwithstanding, Lessee shall pay prior to delinquency all real estate
taxes, but may do so under protest to reserve its rights to seek a reduction of
taxes as set forth in this Paragraph.

     10.2 Definition of "Real Property Tax". As used herein, the term "real
property taxes and assessments" shall include any form of real estate tax or
assessment, general, special, ordinary or extraordinary, and any license fee,
commercial rental tax, improvement bond or bonds, levy, or tax (other than
inheritance, personal, corporate or other income or estate taxes) imposed on the
Premises by any authority having the direct or indirect power to tax, including
any city, state or federal government, or any school, agricultural, sanitary,
fire, street, drainage or other improvement district thereof, as against any
legal or equitable interest of Lessor in the Premises or the Project or in the
real property of which the same are a part, as against Lessor's right to rent or
other income therefrom, and as against Lessor's business of leasing the
Premises. The term "real property taxes and assessments" shall also include any
tax, fee, levy, assessment, or charge (i) in substitution of, partially or
totally, any tax, fee, levy, assessment, or charge hereinabove included within
the definition of "real property taxes and assessments", or (ii) the nature of
which was hereinbefore included within the definition of "real property taxes
and assessments", or (iii) which is imposed as a result of a transfer, either
partial or total, of Lessor's interest in the Premises or the Project which is
added to a tax or charge hereinbefore included within the definition of "real
property taxes and assessments" by reason of such transfer, or (iv) which is
imposed by reason of this transaction, any modifications or changes hereto, or
any transfers hereof

     10.3 Joint Assessment. If the Project is not separately assessed, Lessee's
liability shall be an equitable proportion of the real property taxes for all of
the land and improvements included within the tax parcel assessed, such
proportion to be determined by Lessor from the respective valuations assigned in
the assessor's work sheets or such other information as may be reasonably
available. Lessor's reasonable determination thereof, in good faith, shall be
conclusive.

     10.4 Transaction Taxes. Lessee shall pay to Lessor all sales, use,
transaction privilege, rental, excise, or other taxes levied or imposed upon, or
measured by, any amount payable under this Lease. Lessee shall pay the tax to
Lessor together with, and on or before the due date for, the amount to which it
relates.
<PAGE>

     10.5 Personal Property Taxes.

          10.5.1 Lessee shall pay prior to delinquency all taxes assessed
     against and levied upon trade fixtures, furnishings, equipment and all
     other personal property of Lessee contained in the Premises or elsewhere,
     including the emergency generating equipment referred to in Paragraph 40.9
     below. When possible, Lessee shall cause said trade fixtures, furnishings,
     equipment and all other personal property to be assessed and billed
     separately from the real property of Lessor.

          10.5.2 If any of Lessee's said personal property shall be assessed
     with Lessor's real property, Lessee shall pay Lessor the taxes attributable
     to Lessee within thirty (30) days after receipt of a written statement
     setting forth the taxes applicable to Lessee's property.

11.  UTILITIES.

     Lessee shall pay when due the cost of all water, gas, heat, light, power,
telephone, and other utilities and services supplied to the Premises, together
with any taxes thereon.

12.  ASSIGNMENT AND SUBLETTING.

     12.1 Consent of Lessor. Lessee shall not assign, convey, transfer,
mortgage, hypothecate, sublet, or otherwise transfer or encumber all or any part
of Lessee's interest in this Lease or in the premises or permit the use or
occupancy of the Premises or any part thereof by anyone other than Lessee
without Lessor's prior written consent, which may not be unreasonably withheld;
provided that (i) Lessor may withhold its consent if the proposed subletting or
other transfer will breach the provisions of Paragraph 12.7 below, and (ii)
Lessor's consent shall not be required for an assignment or subletting of this
Lease and the Premises to the parent of Lessee, Matrix Bancorp, Inc., a Colorado
corporation ("Matrix Bancorp"), or a subsidiary controlled by said parent, or a
controlled subsidiary of Lessee, or to an entity into which Matrix Bancorp or
Lessee is merged or consolidated or to which substantially all the stock or
assets of Matrix Bancorp or Lessee are sold and conveyed. If Lessee desires
Lessor's consent, Lessee shall submit in writing to Lessor the proposed
sublease, assignment, or other transfer agreement to be executed by Lessee and
its sublessee or transferee, together with any other information pertaining to
such subletting or assignment Lessor may request. Lessor shall then have thirty
(30) days to approve or disapprove such transfer. If Lessor does not give Lessee
an answer within such thirty (30) day period, such failure to answer shall
constitute a denial of Lessor's consent. If Lessor gives its consent to Lessee
pursuant hereto, the provisions of Section 12.8 shall apply.

     12.2 No Release of Lessee. Regardless of Lessor's consent, no subletting or
assignment shall release any guarantor of its obligations or release Matrix
Financial Services Corporation, an Arizona corporation, or other approved or
permitted Lessee of its obligations or alter the primary liability thereof to
pay the rent and to perform all other obligations to be performed by Lessee
hereunder. The acceptance of rent by Lessor from any other person or
<PAGE>

entity shall not be deemed to be a waiver by Lessor of any provision hereof. In
the event of default by any assignee of Lessee or any successor of Lessee, in
the performance of any of the terms hereof, Lessor may proceed directly against
Lessee without the necessity of exhausting remedies against said assignee or
successor.

     12.3 Transferee's Obligations. If Lessor gives its consent to any transfer,
prior to such transfer, the transferee shall agree in writing to comply with and
be bound by all the terms, conditions, covenants, provisions, and agreements
contained in this Lease, and Lessee shall deliver to Lessor promptly after
execution an executed copy of each such transfer document and such agreement of
such transferee to be bound by this Lease.

     12.4 Expenses. Lessee shall pay Lessor's reasonable expenses for each
transfer submitted to Lessor to cover the legal review and processing expenses
of Lessor, irrespective of whether Lessor grants its consent. Said amount shall
be paid as a condition precedent to such transfer.

     12.5 Void Transfers. Any arrangement for a transfer which is not in
compliance with the provisions of this Paragraph 12 shall be void and shall
constitute a default by Lessee under the terms of this Lease. Lessor shall not
be obligated to pay any finders fees, commissions or amounts in respect of any
transfer, and all such obligations shall be the responsibility of Lessee.

     12.6 No Merger. The voluntary or other surrender of this Lease by Lessee,
mutual cancellation of this Lease, or the termination of this Lease by Lessor,
shall not work as a merger, but, at Lessor's option, shall either terminate any
and all existing subleases hereunder or operate as an assignment to Lessor of
any such subleases.

     12.7 No More Than Three Tenants; No Reduction of Rent. Notwithstanding any
other provision of this Paragraph or this Lease, Lessee and its assignees and
subtenants may not (i) make any transfer, subletting or assignment of this Lease
which would result in the Premises containing more than three (3) tenants, or
(ii) make any assignment or transfer (except a subletting permitted herein)
which provides for a Base Rent which is less than the Base Rent provided for in
this Lease during the entire Lease Term or which otherwise reduces other amounts
to be paid by Lessee pursuant to this Lease.

     12.8 Half of Consideration Paid to Lessor. It is the express intent of
Lessor that any assignment, subletting, conveyance or other transfer of all or
any part of Lessee's interest in this Lease or in the Premises (collectively,
"transfer" for purposes of this Paragraph 12.8), as may be consented to by
Lessor or otherwise permitted pursuant to the terms and requirements of
Paragraph 12.1 above, shall not afford Lessee the opportunity to gain
financially except as specifically permitted in this Paragraph. Accordingly,
Lessor shall be entitled to receive fifty percent (50%) of all net consideration
(as hereafter defined) paid or to be paid, directly or indirectly, to Lessee by
the proposed subtenant, assignee or transferee (collectively, "transferee" for
purposes of this Paragraph 12.8) with respect to each transfer, which amount or
amounts shall
<PAGE>

be paid to Lessor simultaneously with payment of the amounts otherwise due to
Lessee; provided that, as a condition precedent to the effectiveness of each
such transfer, (i) if said net consideration is to be paid in a lump sum to
Lessee then all net consideration shall be paid in a lump sum to Lessor, before
and as a condition precedent to, the effectiveness of such transfer, (ii) if
said net consideration is to be paid to Lessee over time, then this Lease shall
be amended to increase the rent due under this Lease, for the period of time
said net consideration is to be paid to Lessee, by an amount equal to fifty
percent (50%) of all of the net considerations to be paid to Lessee, if any,
which amount or amounts shall be due to Lessor at the time the net consideration
is to be paid to Lessee by the transferee, and (iii) each such proposed
transferee must agree directly with Lessor to pay such amounts to Lessor and
must grant Lessor the right to enforce collection of such payments directly
against the proposed transferee if Lessee does not pay the same when due under
this Lease, as modified in accordance with subsection (ii) above. With respect
to subsection (ii) above, if Lessee sublets less than all of the Premises in
accordance with this Paragraph, then the rent due under this Lease will be
increased pro-rata based on the number of square feet of Gross Leasable Floor
Area to be sublet (for example, if Lessee sublets 50% of the Premises, the net
consideration to be paid to Lessor under this Paragraph will be based on the
total consideration to be paid by the proposed transferee over and above the
rents due from Lessee to Lessor for 50% of the Premises). As used in this
Paragraph 12.8, the term "net consideration" shall mean all monies, and the
value of all in-kind services or property, or other consideration of any kind
paid or to be paid, or provided or to be provided, directly or indirectly, to
Lessee by the proposed transferee with respect to such transfer in excess of the
rents otherwise due under this Lease from Lessee to Lessor, but excluding from
such excess consideration (1) such reasonable and customary brokerage
commissions, marketing expenses, and tenant improvement costs as may be
reasonably incurred by Lessee directly in connection with obtaining the
applicable transfer and (2) with respect to an assignment or subletting
permitted by the terms of subparagraph (ii) of Paragraph 12.1, reasonable
consideration legitimately paid for substantially all of the stock or assets of
Lessee if sold and conveyed as therein provided, if valued independently of the
value of the leasehold interest of Lessee with respect to this Lease.

13.  DEFAULTS; REMEDIES.

     13.1 Defaults. The occurrence of any one or more of the following events
shall constitute a "default" by Lessee:

          13.1.1 The abandonment of the Premises by Lessee for more than ninety
     (90) consecutive days.

          13.1.2 The failure by Lessee to make any payment of Base Rent or any
     other payment required to be made by Lessee hereunder, as and when due,
     where such failure shall continue for a period of five (5) days after the
     date such payment is due.

          13.1.3 The failure by Lessee to observe or perform any of the
     covenants, conditions, or provisions of this Lease to be observed or
     performed by Lessee, other than
<PAGE>

     described in subparagraph (b) above, where such failure shall continue for
     a period of thirty (30) days after written notice thereof from Lessor to
     Lessee; provided, however, that if the nature of Lessee's default is such
     that more than thirty (30) days are reasonably required for its cure, then
     Lessee shall not be deemed to be in default if Lessee commences such cure
     within said 30-day period and thereafter diligently prosecutes such cure to
     completion.

          13.1.4 (i) The making by Lessee of any general arrangement or
     assignment for the benefit of creditors; (ii) Lessee becomes a "debtor" as
     defined in 11 U.S.C. Section 101 or any successor statute thereto (unless,
     in the case of a petition filed against Lessee, the same is dismissed
     within 60 days), (iii) the appointment of a trustee or receiver to take
     possession of substantially all of Lessee's assets located at the Premises,
     or of Lessee's interest in this Lease, where possession is not restored to
     Lessee within thirty (30) days; or (iv) the attachment, execution or other
     judicial seizure of substantially all of Lessee's assets located at the
     Premises, or of Lessee's interest in this Lease, where such seizure is not
     discharged within thirty (30) days. Provided, however, in the event that
     any provision of this Paragraph 13.1.4 is contrary to any applicable law,
     such provision shall be of no force or effect.

          13.1.5 The discovery by Lessor that any financial statement given to
     Lessor by Lessee, any assignee of Lessee, any successor-in-interest of
     Lessee or any guarantor of Lessee's obligation hereunder, and any of them,
     was materially false.

          13.1.6 Any transfer of Lessee's interest in this Lease contrary to the
     terms and conditions of Article 12 of this Lease.

     13.2 Remedies. In the event of a default by Lessee, Lessor shall have the
right at anytime thereafter, with or without notice or demand, to pursue any one
or more of the following remedies:

          13.2.1 Institute suit against Lessee to collect each installment of
     rent and other sum due under this Lease or to enforce any other obligation
     under this Lease; or

          13.2.2 Re-enter and take possession of the Premises and all personal
     property and fixtures therein and remove Lessee and Lessee's agents and
     employees therefrom, and either:

               (a) Terminate this Lease by giving Lessee written notice of
          Lessor's election to terminate, and recover from Lessee all amounts
          owed by Lessee prior to the date of termination, plus the worth, at
          the time of such termination, of the excess, if any, of the rent and
          other charges required to be paid by Lessee hereunder for the balance
          of the term hereof (if this Lease had not been so terminated) over the
          amounts reasonably expected by Lessor to be received from reletting.

               (b) Without terminating this Lease, relet, assign or sublet the
          Premises as the agent and for the account of Lessee in the name of
          Lessor or otherwise, upon the best
<PAGE>

          terms and conditions Lessor may make with the new Lessee for such term
          or terms (which may be greater or less than the period which would
          otherwise have constituted the balance of the term of this Lease) and
          on such conditions as Lessor, in its uncontrolled discretion, may
          determine and may collect and receive the rent therefor, provided
          Lessor shall in no way be responsible or liable for any failure to
          relet the Premises or any part thereof, or for any failure to collect
          any rent due upon any such reletting. In such event, the rents
          received on any such reletting shall be applied first to the expenses
          of reletting and collecting, including, without limitation, all
          repossession costs, reasonable attorneys' fees, and any real estate
          commission paid, alteration costs and expenses of preparing said
          Premises for reletting, and thereafter toward payment of the rental
          and of any other amounts payable by Lessee under this Lease. If the
          sum realized shall not. be sufficient to pay such rent and other
          charges, Lessor may recover the deficiency from Lessee.

               13.2.3 If Lessor elects to re-enter or take possession of the
          Premises, Lessee shall quit and peaceably surrender the Premises to
          Lessor, and Lessor may enter upon and re-enter the Premises and
          possess and repossess itself thereof, by force, summary proceedings,
          ejectment or otherwise, and may dispossess Lessee and remove Lessee,
          and may have, hold, and enjoy the Premises and the right to receive
          all rental income of and from the same.

               13.2.4 No such re-entry or taking of possession by Lessor shall
          be construed as an election on Lessor's part to terminate or surrender
          this Lease unless a written notice of such intention is served on
          Lessee.

               13.2.5 The enumeration of the foregoing remedies does not exclude
          any other remedy, but all remedies are cumulative and shall be in
          addition to every other remedy now or hereafter existing at law or in
          equity.

               13.2.6 No failure by Lessor to insist upon the strict performance
          of any covenant, agreement, term, or condition of this Lease or to
          exercise any right or remedy consequent upon a breach thereof, and no
          acceptance of full or partial rent during the continuance of any such
          breach, shall constitute a waiver of any such breach or of such
          covenant, agreement, term or condition. No covenant, agreement, term
          or condition of this Lease to be performed or complied with by Lessee,
          and no breach thereof, shall be waived, altered, modified or
          terminated except by written instrument executed by Lessor. No waiver
          of any breach shall affect or alter this Lease, but each and every
          covenant, agreement, term and condition of this Lease shall continue
          in full force and effect with respect to any other then existing or
          subsequent breach thereof

               13.2.7 If Lessee causes or threatens to cause a breach of any of
          the covenants, agreements, terms, or conditions contained in this
          Lease, Lessor shall be entitled to obtain all sums held by Lessee, by
          any trustee or in any account provided for herein, to enjoin such
          breach or threatened breach, and to invoke any right and remedy
          allowed at law or in equity or by statute or otherwise as though
          re-entry, summary proceedings and other remedies were not provided for
          in this Lease.
<PAGE>

     13.3 Default by Lessor. Lessor shall not be in default unless and until
Lessor fails to perform obligations required of Lessor under this Lease within a
reasonable time, but in no event later than thirty (30) days after written
notice by Lessee to Lessor specifying the nature of the failure to perform an
obligation; provided, however, that if the nature of Lessor's obligation is such
that more than thirty (30) days are required for performance, then Lessor shall
not be in default if Lessor commences performance within such 30-day period and
thereafter diligently prosecutes the same to completion. In no event will Lessee
have any right of offset with respect to a default by Lessor and the amounts due
from Lessee to Lessor under this Lease, but rather Lessee must maintain a
separate action for damages in the event of a default by Lessor.

     13.4 Late Charges. Lessee hereby acknowledges that late payment by Lessee
to Lessor of rent and other sums due hereunder will cause Lessor to incur costs
not contemplated by this Lease, the exact amount of which will be extremely
difficult to ascertain. Such costs include, but are not limited to, processing
and accounting charges, and late charges which may be imposed on Lessor by the
terms of any mortgage or deed of trust covering the Premises. Accordingly, if
any installment of Base Rent or any other sum due from Lessee shall not be
received by Lessor within fifteen (15) days after such amount shall be due,
then, without any requirement for notice to Lessee, Lessee shall pay to Lessor a
late charge equal to seven percent (7%) of such overdue amount. The parties
hereby agree that such late charge represents a fair and reasonable estimate of
the costs Lessor will incur by reason of late payment by Lessee. Acceptance of
such late charge by Lessor shall in no event constitute a waiver of Lessee's
default with respect to such overdue amount, nor prevent Lessor from exercising
any of the other rights and remedies granted hereunder. In the event that a late
charge is payable hereunder, whether or not collected, for three (3)
installments of Base Rent in any 12-month period, then Base Rent shall
automatically become due and payable quarterly in advance rather than monthly,
notwithstanding Paragraph 4 or any other provision of this Lease to the
contrary.

     13.5 Use of Impounds Upon Default. All monies paid to Lessor under
Paragraph 4.5.3 may be intermingled with other monies of Lessor and shall not
bear interest. In the event of a default by Lessee under this Lease, then any
balance remaining from funds paid to Lessor under the provisions of said
Paragraph may, at the option of Lessor, be applied to the payment of any
monetary default of Lessee in lieu of being applied to the payment of common
expenses.

14.  CONDEMNATION.

     If the Premises or any portion thereof are taken under the power of eminent
domain, or sold under the threat of the exercise of said power (all of which are
herein called a "condemnation"), this Lease shall terminate as to the part so
taken as of the date the condemning authority takes title or possession,
whichever first occurs. If more than twenty-five percent (25%) of the floor area
of the Premises, or more than twenty-five percent (25%) of the land area of the
Project which is not occupied by any Building, is taken by condemnation, Lessee
may, at Lessee's option, to be exercised in writing only within thirty (30) days
after Lessor shall have given Lessee written notice of such taking (or in the
absence of such notice, within ten (10) days
<PAGE>

after the condemning authority takes possession) terminate this Lease as of the
date the condemning authority takes possession. If Lessee does not terminate
this Lease in accordance with the foregoing, this Lease shall remain in full
force and effect as to the portion of the Premises remaining, except that the
Base Rent shall be reduced in the proportion that the floor area of the Building
taken bears to the total floor area of the Building situated on the Premises.
Any award for the taking of all or any part of the Premises under the power of
eminent domain or any payment made under threat of the exercise of such power
shall be the property of Lessor, whether such award shall be made as
compensation for diminution in value of the leasehold or for the taking of the
fee, or as severance damages; provided, however, that Lessee shall be entitled
to a separate award for loss of or damage to Lessee's trade fixtures and
removable personal property and moving expenses with respect thereto. If this
Lease is not terminated by reason of such condemnation, Lessor shall to the
extent of severance damages actually received by Lessor in connection with such
condemnation, repair any damage to the Premises caused by such condemnation
except to the extent that Lessee has been reimbursed therefor by the condemning
authority. Lessor and Lessee shall jointly select a contractor to effect such
repairs and shall cooperate in initiating and completing such repairs.

15.  BROKER'S FEE.

     Unless this Lease is terminated as provided in Paragraph 45 below, a
brokerage commission shall be paid by Lessor to Cushman & Wakefield of Arizona,
Inc. ("Listing Broker"), whose mailing address is 1850 N. Central Avenue, Suite
300, Phoenix, Arizona 85004 (Attn: Ashley Brooks), in accordance with a listing
agreement between Lessor and Listing Broker. Lessor and Lessee acknowledge that
Trammell Crow Company ("Lessee's Broker") represented Lessee in this transaction
and compensation will be payable to Lessee's Broker in an amount equal to one
half of said commission, when paid by Lessor to Listing Broker, and shall be the
responsibility of Listing Broker. Lessee warrants it has not incurred the
services of any other broker in connection with this Lease. Lessor and Lessee
each agree to indemnify and defend the other party, its employees, agents,
members, and assigns from and against all claims, demands, actions, liabilities,
damages, costs, and expenses (including attorneys' fees) from any other broker,
agent, or finder which arise or result from the actions of the indemnifying
party.

16.  ESTOPPEL CERTIFICATE.

     16.1 Lessee shall, within ten (10) business days after written notice from
Lessor, execute, acknowledge and deliver to Lessor a statement in writing (i)
certifying that this Lease is unmodified and in full force and effect (or, if
modified, stating the nature of such modification and certifying that this
Lease, as so modified, is in fall force and effect) and the date to which the
Base Rent and other charges are paid in advance, if any, and (ii) acknowledging
that there are not, to Lessee's knowledge, any uncured defaults on the part of
Lessor hereunder, or specifying such defaults if any are claimed. Any such
statement must be in a form reasonably acceptable to,
<PAGE>

and when completed, may be conclusively relied upon by, any prospective
purchaser or encumbrancer of the Premises.

     16.2 At Lessor's option, Lessee's failure to deliver such statement shall
be conclusive upon Lessee (i) that this Lease is in full force and effect,
without modification except as may be represented by Lessor, (ii) that there are
no uncured defaults in Lessor's performance, and (iii) that not more than one
month's Base Rent has been paid in advance.

17.  LESSOR'S LIABILITY.

     The term "Lessor" as used herein shall mean only the owner or owners at the
time in question of the fee title to, or a lessee's interest in a ground lease
of, the Premises. In the event of any transfer of such title or interest, Lessor
herein named (and in case of any subsequent transfers then the grantor) shall be
relieved from and after the date of such transfer of all liability as respects
Lessor's obligations thereafter to be performed, provided that any funds in the
hands of Lessor or the then grantor at the time of such transfer in which Lessee
has an interest, shall be delivered to the grantee. The obligations contained in
this Lease to be performed by Lessor shall be binding on the initial Lessor and
Lessor's successors and assigns only during their respective periods of
ownership.

18.  SEVERABILITY.

     The invalidity of any provision of this Lease as determined by a court of
competent jurisdiction shall in no way affect the validity of any other
provision hereof.

19.  INTEREST ON PAST DUE OBLIGATIONS.

     Except as expressly herein provided, any amount due to Lessor not paid
within seven (7) days after the due date shall bear interest at twelve percent
(12%) per annum from the date due. Payment of such interest shall not excuse or
cure any default by Lessee under this Lease, provided, however, that interest
shall not be payable on late charges incurred by Lessee.

20.  TIME OF ESSENCE.

     Time is of the essence with respect to this Lease.

21.  ADDITIONAL RENT.

     All monetary obligations of Lessee to Lessor of any kind under the terms of
this Lease shall be deemed to be rent.
<PAGE>

22.  INCORPORATION OF PRIOR AGREEMENTS; AMENDMENTS.

     This Lease contains all agreements of the parties with respect to any
matter mentioned herein. No prior agreement or understanding pertaining to any
such matter shall be effective. This Lease may be modified in writing only,
signed by the parties in interest at the time of the modification. Except as
otherwise stated in this Lease, Lessee hereby acknowledges that neither the
Listing Broker, Lessee's Broker nor any other cooperating broker on this
transaction nor the Lessor or any employees or agents of any of said persons or
entities has made any oral or written warranties or representations to Lessee
relative to the condition, occupancy or use by Lessee of the Premises, the
Building, or the Project, and Lessee acknowledges that Lessee assumes all
responsibility regarding the Occupational Safety Health Act, the Americans with
Disabilities Act, and the legal use and adaptability of the Premises and the
Building and the compliance thereof with all Applicable Laws in effect during
the term of this Lease, except as otherwise specifically stated in this Lease.

23.  NOTICES.

     Any notice required or permitted to be given hereunder shall be in writing
and shall be deemed given when personally delivered or mailed postage prepaid by
certified mail, or sent by reputable overnight courier such as Federal Express
to Lessee or to Lessor at the following respective addresses:

                             LESSOR:

                             SunCor Development Company
                             3838 N. Central Avenue
                             Suite 1500
                             Phoenix, Arizona 85012
                             Attn: Margaret Kirch

                             With a copy to:

                             SunCor Development Company
                             3838 N. Central Avenue
                             Suite 1500
                             Phoenix, Arizona 85012
                             Attn: General Counsel
<PAGE>

                             LESSEE:

                             Matrix Financial Services Corporation
                             201 W. Coolidge
                             Phoenix, Arizona 85013
                             Attn: Julie Newland

                             With a copy to:

                             Osborn Maledon
                             2929 N. Central Avenue, 2 1 Floor
                             Phoenix, Arizona 85012
                             Attn: Michelle Matiski

Either party may by notice to the other specify a different address for notice
purposes except that upon Lessee's taking possession of the Premises, the
Premises shall constitute Lessee's address for notice purposes (2133 W. Peoria
Avenue, Phoenix, Arizona 85021). A copy of all notices required or permitted to
be given to Lessor hereunder shall be concurrently transmitted to such party or
parties at such addresses as Lessor may from time to time hereafter designate by
notice to Lessee.

24.  WAIVERS.

     No waiver by either party hereto of any provision hereof shall be deemed a
waiver of any other provision hereof or of any subsequent breach by the other
party of the same or any other provision. Lessor's consent to, or approval of,
any act shall not be deemed to render unnecessary the obtaining of Lessor's
consent to or approval of any subsequent act by Lessee. The acceptance of rent
hereunder by Lessor shall not be a waiver of any default by Lessee of any
provision hereof, other than the failure of Lessee to pay the particular rent so
accepted, regardless of Lessor's knowledge of such preceding breach at the time
of acceptance of such rent.

25.  NO RECORDING.

     Neither this Lease nor a memorandum hereof shall be recorded without
Lessor's prior written consent.

26.  HOLDING OVER.

     26.1 With Lessor's Consent. Subject to Paragraph 26.3, if Lessee, with
Lessor's consent, remains in possession of the Premises or any part thereof
after the expiration of the Lease Term, such occupancy shall be a tenancy from
month-to-month upon all the provisions of this Lease pertaining to the
obligations of Lessee, including payment of Base Rent, but all
<PAGE>

options and rights of first refusal, if any, granted under the terms of this
Lease shall be deemed terminated and of no further force or effect during said
month-to-month tenancy.

     26.2 Without Lessor's Consent. If Lessee, without Lessor's consent, remains
in possession of the Premises or any part thereof after the expiration of the
Lease Term, Lessee shall pay to Lessor monthly rent for the period from
expiration of the Lease Term until possession of the Premises is restored to
Lessor in an amount equal to one hundred fifty percent (150%) of the monthly
Base Rent due for the last month of the Lease Term, plus all common expenses and
other amounts otherwise due under this Lease. Notwithstanding the foregoing,
Lessor's right to collect such rent shall be in addition to and shall not
preclude concurrent, alternative, or successive exercise of any rights or
remedies available to Lessor, including, without limitation, commencing forcible
detainer proceedings.

     26.3 Limited Right to Extend Lease Term. Notwithstanding Paragraphs 26.1
and 26.2 above, in addition to the rights of Lessee set forth in Paragraph 3.2
above, Lessee shall have the right to extend the Lease Term for three (3)
calendar months at the Base Rent due the last month of the Term without Lessor's
consent, subject to the following: (i) Lessee must give written notice to Lessor
of its intention to extend the Lease Term at least one hundred twenty (120) days
prior to the expiration of the Lease Term and must state in said notice that
Lessee desires to extend the Lease Term so that Lessee may hold over beyond the
expiration thereof, and (ii) Lessee shall hold over subject to all of the
provisions of this Lease pertaining to payment of Base Rent, common expenses and
all other obligations of Lessee.

27.  CUMULATIVE REMEDIES.

     No remedy or election hereunder shall be deemed exclusive but shall,
wherever possible, be cumulative with all other remedies at law or in equity.

28.  PARKING.

     Lessor will provide Lessee with six (6) parking spaces for each 1,000
square feet of Gross Leasable Floor Area within the Premises. Sixty-five (65) of
those spaces will be reserved for the exclusive use of Lessee and will be in a
location to be agreed to by Lessor and Lessee in good faith. Lessor will also
provide, as part of the T.I. Allowance (as defined in Paragraph 40.1 below) for
the Premises covered parking structures for said reserved spaces (including
meeting minimum ADA standards). Lessee will be responsible for monitoring the
reserved spaces to ensure that only persons designated by Lessee are using the
same.

29   BINDING EFFECT; CHOICE OF LAW.

     Subject to any provisions hereof restricting assignment or subletting by
Lessee and subject to the provisions of Paragraph 17, this Lease shall bind the
parties, their personal
<PAGE>

representatives, successors and assigns. This Lease shall be governed by the
laws of the State of Arizona.

30.  SUBORDINATION OF LEASE; ATTORNMENT.

     30.1 Subordination. Concurrent with the execution of this Lease, Lessor
shall obtain and deliver to Lessee a subordination, nondisturbance and
attornment agreement ("SNDA") in form and content reasonably acceptable to
Lessee, from the holder of any ground lease, mortgage, deed of trust, or any
other hypothecation or security now existing upon the real property of which the
Project is a part and to any and all advances made on the security thereof and
to all renewals, modifications, consolidations, replacements and extensions
thereof. Lessee further agrees to subordinate this Lease to the lien or interest
of any mortgage, deed of trust, or ground lease hereafter placed upon the real
property of which the Project is a party, provided that, as a condition
precedent to such subordination, the holder of such future lien or interest
executes and delivers to Lessee an SNDA in form and content reasonably
acceptable to Lessee, which provides that in the event of a foreclosure, deed in
lieu of foreclosure, power of sale or other termination of Lessor's interest in
the Premises, Lessee's right to quiet possession of the Premises shall not be
disturbed if Lessee is not in default and so long as Lessee shall pay the rent
and observe and perform all of the provisions of this Lease, unless this Lease
is otherwise terminated pursuant to its terms. If any mortgagee, trustee, or
ground lessor shall elect to have this Lease prior to the lien of its mortgage,
deed of trust, or ground lease, and shall give written notice thereof to Lessee,
this Lease shall be deemed prior to such mortgage, deed of trust, or ground
lease, whether this Lease is dated prior or subsequent to the date of said
mortgage, deed of trust, or ground lease or the date of recording thereof

     30.2 Execution of Documents. Subject to Paragraph 30.1, Lessee agrees to
execute any documents reasonably requested to effectuate an attornment, a
subordination, or to make this Lease prior to the lien of any mortgage, deed of
trust or ground lease, as the case may be, which will also include the
non-disturbance provisions contained in Paragraph 30.1. Lessee's failure to
execute such documents within ten (10) business days after written demand shall
be conclusive upon Lessee that this Lease is subordinated to the lien of any
such mortgage, deed of trust, or ground lease.

31.  ATTORNEYS' FEES.

     If either Lessor or Lessee commences, engages in, or threatens to commence
or engage in any legal action or proceeding against the other party (including,
without limitation, litigation, or arbitration) arising out of or in connection
with the Lease, the Premises or the Project (including, without limitation (a)
the enforcement or interpretation of either party's rights or obligations under
this Lease, whether in contract, tort, or both, or (b) the declaration of any
rights or obligations under this Lease), the prevailing party shall be entitled
to recover from the losing party reasonable attomeys' fees, costs and expenses
incurred in any such action or proceeding, including any attorneys' fees, costs,
and expenses incurred for collection and on appeal.
<PAGE>

32.  LESSOR'S ACCESS.

     Lessor and Lessor's agents and lenders shall have the right to enter the
Premises at reasonable times determined by Lessor and Lessee in good faith for
the purpose of inspecting the same, showing the same to prospective purchasers,
lenders, or lessees, and making such alterations, repairs, improvements, or
additions to the Premises or the Building as Lessor may deem necessary or
desirable. Such right of entry shall be exercised in a manner which reasonably
minimizes disruption of Lessee's business given the purpose for entering the
Premises. Lessor may at any time place on or about the Premises any ordinary
"For Sale" signs and Lessor may at any time during the last 180 days of the
Lease Term place on or about the Premises any ordinary "For Lease" signs, all
without rebate of rent or liability to Lessee.

33.  AUCTIONS.

     Lessee shall not conduct, nor permit to be conducted, either voluntarily or
involuntarily, any auction upon the Premises without first having obtained
Lessor's prior written consent.

34.  SIGNS.

     Lessee shall not place any sign upon the exterior of the Premises or
visible from the exterior of the Premises, including "For Rent" or "Sublet"
signs, without Lessor's prior written consent in each instance. Lessor hereby
consents to the placement by Lessee of a building-mounted sign and a monument
sign adjacent to Peoria Avenue, each of which must comply with Lessor's tenant
sign standards, applicable governmental regulations, and any Additional CC&Rs,
and each of which will contain Lessee's name and logo and the size, design and
location of which must be approved by Lessor, which approval shall not be
unreasonably withheld. All expenses associated with Lessee's signs shall be the
responsibility of Lessee.

35.  MERGER.

     The voluntary or other surrender of this Lease by Lessee, or a mutual
cancellation thereof, or a termination by Lessor, shall not work a merger, and
shall, at the option of Lessor, terminate all or any existing subtenancies or
may, at the option of Lessor, operate as an assignment to Lessor of any or all
of such subtenancies.

36.  QUIET POSSESSION.

     Upon Lessee's paying when due the rent for the Premises and observing and
performing in a timely manner all of the covenants, conditions, and provisions
on Lessee's part to be observed and performed hereunder, Lessee shall have quiet
possession of the Premises for the entire term hereof subject to all of the
provisions of this Lease.
<PAGE>

37.  SECURITY MEASURES.

     Lessee hereby acknowledges that the common expenses may include the cost of
guard service or other security measures Lessor may elect to provide, but Lessor
shall have no obligation whatsoever to provide the same. Lessee assumes all
responsibility for the protection of Lessee, its agents, employees, officers,
and invitees from acts of third parties.

38.  AUTHORITY.

     Each individual executing this Lease on behalf of Lessee and Lessor
represents and warrants that he or she is duly authorized to execute and deliver
this Lease on behalf of said entity. Lessee shall, prior to execution of this
Lease, deliver to Lessor evidence of such authority satisfactory to Lessor.

39.  FINANCIAL STATEMENTS.

     If Lessor desires to finance, refinance or sell the Premises, or any part
thereof, Lessee hereby agrees to deliver to any lender or purchaser designated
by Lessor such existing financial statements of Lessee as may be reasonably
requested in writing by Lessor or such lender or purchaser. Such statements
shall include the past three years' financial statements of Lessee. All such
financial statements shall be used only for the purposes herein set forth. All
financial statements required under this Lease shall be delivered to Lessor or
any lender or purchaser, as applicable, within thirty (30) days of Lessor's
written request therefor. At Lessor's option, Lessee's failure to deliver those
statements within that time shall be a breach of this Lease.

40.  LESSOR'S AND LESSEE'S WORK.

     40.1 Interior Tenant Improvements. Lessor shall construct the Building
shell pursuant to the plans and specifications described on Exhibit "D" attached
hereto (which Building shell, excluding the work not included as part thereof as
designated on Exhibit "D", is referred to in this Lease as the "Building Shell")
and provide for Lessee in the Premises the Work (as defined in Paragraph 40.1.7
below) for the First Phase Space, subject to Lessee Delays and Paragraph 41, and
deliver non-exclusive possession thereof by February 1, 2000, and full
possession thereof as provided in Paragraph 3.1 by no later than March 1, 2000
subject to the following:

          40.1.1 It is acknowledged that certain portions of the Work cannot be
     completed until Lessee performs certain work for which it is responsible.
     Accordingly, Lessee shall cause its contractors to install all wire and
     cable in the Premises and perform all other design, construction and
     installation work with respect thereto reasonably designated by Lessor with
     prior notice, all in a manner reasonably approved by Lessor by no later
     than a date to be specified by Lessor in its critical path schedule for the
     Premises, a copy of which will be provided to Lessee from time to time, so
     that Lessor can complete all Work by no later than March 1, 2000.
<PAGE>

     All installation of wire and cable and such other design, construction and
     installation work shall be at the expense of Lessee.

          40.1.2 All Work shall be completed at Lessor's expense, provided that
     Lessor shall not be obligated to incur any expenses for the Work which
     exceed a total of $25.00 per square foot of Gross Leasable Floor Area
     comprising the First Phase Space, or $1,250,000.00 based on 50,000 square
     feet, as may be increased pursuant to Paragraph 45.4 (the "T.I.
     Allowance"). As additional material consideration for the abatement of Base
     Rent for the Second Phase Space as set forth in Paragraph 4.2 above, Lessee
     acknowledges and agrees that the T.I. Allowance shall be based on the
     square footage within the First Phase Space so that Lessee will pay as
     hereafter provided all amounts for completing the Work in excess of
     $1,250,000.00 (as may be increased pursuant to Paragraph 45.4), subject to
     reimbursement by Lessor for an amount equal to $25.00 per square foot of
     Gross Leasable Floor Area in the Second Phase Space to the extent provided
     in Paragraph 40.1.6 below; for purposes hereof, the Work shall include all
     improvements to the First Phase Space and the Second Phase Space. The T.I.
     Allowance is solely for the purpose of constructing covered parking stalls
     and tenant improvements to the Building Shell, and shall not be used to
     acquire any furniture, furnishings, equipment or personal property of
     Lessee. The T.I. Allowance includes all hard and soft costs necessary or
     appropriate to complete the Work, provided that Lessor will provide, at its
     expense, and in addition to the T.I. Allowance, construction management
     services utilizing personnel of Lessor or its members or affiliates.
     Accordingly, except as specifically noted above, all costs and expenses of
     completing the Work, including, without limitation, all costs of labor,
     materials, architectural, design, engineering and other professional fees,
     and permitting fees, shall not exceed a total of $25.00 per square foot of
     Gross Leasable Floor Area in the First Phase Space, subject to Paragraphs
     40.1.6 and 45.4.

          40.1.3 Lessee shall engage Cornoyer Hedrick as its architect for the
     Project, provided that Lessee will contract directly with and shall be
     responsible for the actions of Cornoyer Hedrick in its preparations of
     plans and specifications in a manner which permits Lessor to comply with
     its critical path schedule for the Work in the Premises, and provided
     further that the fees of Cornoyer Hedrick will be paid from the T.I.
     Allowance.

          40.1.4 Lessee shall also have the right to select the general
     contractor for the Work by choosing among the following companies only:
     hardison/downey, Jokake Construction, or Stevens Leinweber Construction.
     Lessee and its architect will obtain competitive bids from each of said
     companies in a timely manner to permit Lessor to follow its critical path
     schedule for the Work in the Premises and provide the Premises to Lessee
     for its work by February 1,2000, and for Lessee's full occupancy by March
     1, 2000.

          40.1.5 If the actual cost of the Work is less than the T.I. Allowance,
     the savings shall be credited to Lessee in the form of a credit against
     successive installments of Base Rent due from and after the Commencement
     Date until such credit is applied in full. If the actual cost of the Work
     exceeds the T.I. Allowance, but is less than the T.I. Allowance plus
     $319,275,00,
<PAGE>

     then any Second Phase Savings (as defined in Paragraph 40.1.6) shall be
     credited to Lessee in the form of a credit against successive installments
     of Base Rent due from and after that date which is one (1) year after the
     Commencement Date until such credit is applied in full.

          40.1.6 Lessor and Lessee acknowledge that, as described in Paragraph
     40.1.2 above, Lessor will be completing the tenant improvements for both
     the First Phase Space and the Second Phase Space, but that the T.I.
     Allowance covers only the First Phase Space. Accordingly, Lessor and Lessee
     expect that the costs of the Work will greatly exceed the T.I. Allowance.
     To the extent that the actual cost of the Work exceeds the T.I. Allowance,
     Lessee shall reimburse Lessor for the first $319,275.00 of such excess
     costs ($25.00 x 12,771 square feet of Gross Leasable Floor Area in the
     Second Phase Space) (the amount actually paid by Lessee to Lessor is
     referred to herein as "Second Phase T.I. Costs") as additional rent by
     paying the same in cash within thirty (30) days after Lessor delivers its
     request for payment and evidence of payment by Lessor; provided, however,
     that on the date Lessee becomes obligated to pay Base Rent on the Second
     Phase Space pursuant to Paragraph 4.2(b) and has paid the first monthly
     installment thereof, and provided that Lessee is not in default under this
     Lease (beyond the expiration of any applicable notice and cure period),
     Lessor shall reimburse Lessee in cash, without interest, for the Second
     Phase T.I. Costs. If the Second Phase T.I. Costs are less than $319,275,00,
     then the difference ("Second Phase Savings'" shall be credited to Lessee as
     provided in Paragraph 40.1.5. To the extent that the actual cost of the
     Work exceeds the T.I. Allowance and the sum of $319,275.00, such additional
     amounts shall be reimbursed by Lessee to Lessor, as additional rent, by
     either:

               (a) paying to Lessor all of such excess cost in cash within
          thirty (30) days after Lessor delivers its request for payment and
          evidence of payment by Lessor, or,

               (b) at Lessee's option, paying the same in equal monthly
          installments amortized over the Initial Term factoring in an interest
          rate of 12% per annum, which shall be added to and constitute a part
          of Base Rent.

          40.1.7 Lessor's work shall consist of improvements to the Building
     Shell (both First Phase Space and Second Phase Space) and covered parking
     stalls as provided in Paragraph 28 (including meeting minimum ADA
     requirements for the covered parking stalls), and the 24-hour access
     security facilities designated by Lessee and approved by Lessor ("Work").
     The Work will be constructed in accordance with plans and outline
     specifications for the interior layout of the Premises prepared by Lessee's
     architect in compliance with Lessor's critical path schedule and approved
     by Lessor, which approval shall not be unreasonably withheld or delayed
     ("Plans and Specifications"). A preliminary space plan for the entire
     Premises will be submitted by Lessee to Lessor on or before September 23,
     1999. The first draft of the Plans and Specifications shall be prepared and
     delivered by Lessee to Lessor on or before October 22, 1999. Unless Lessor
     reasonably objects to the Plans and Specifications within five (5) business
     days after delivery thereof by Lessee, Lessor shall be deemed to have
     approved the Plans and Specifications. If Lessor does timely and reasonably
     object, and the changes requested by Lessor
<PAGE>

     are satisfactory to Lessee, Lessee shall revise the Plans and
     Specifications and deliver revised Plans and Specifications to Lessor
     within five (5) business days thereafter. If Lessor does timely and
     reasonably object, but the changes requested by Lessor are not satisfactory
     to Lessee, Lessee and Lessor shall meet immediately after Lessor's
     objections and endeavor in good faith to agree upon Plans and
     Specifications mutually acceptable to Lessor and Lessee within five (5)
     business days after Lessor's objections. If Lessor and Lessee cannot reach
     an agreement regarding the Plans and Specifications after such meeting,
     such dispute shall then be immediately submitted to the architect for the
     Work in accordance with the provisions of Paragraph 40.4 below to resolve
     the dispute prior to November 5, 1999. When so approved, the Plans and
     Specifications shall be initialed by Lessor and Lessee and incorporated
     herein by this reference.

     40.2 Governmental Approvals. After the Plans and Specifications have been
approved by Lessor and Lessee, Lessee and Lessee's architect shall use diligent
efforts to obtain approval of the Plans and Specifications as soon as possible
from all appropriate governmental agencies.

     40.3 Lessee Delay. As used herein, "Lessee Delay" shall mean any delay or
delays in the substantial completion of the Work as a result of any one or more
of the following:

          40.3.1 The failure of Lessee or its architect to furnish, approve, or
     authorize, or provide information for, any portion of the Plans and
     Specifications in accordance with the critical path schedule established in
     good faith by Lessor and its contractor to meet the deadlines imposed by
     this Lease, and Lessor will give due consideration to the advice of
     Lessee's architect in preparing Lessor's critical path schedule;

          40.3.2 Changes in or additions to the Plans and Specifications as
     requested by Lessee or its architect (notwithstanding Lessor's approval of
     such changes);

          40.3.3 The performance or completion of any work in the Premises by
     Lessee or any person or entity employed by Lessee, including without
     limitation Lessee's architect or contractor;

          40.3.4 Any request by Lessee or its architect for materials,
     components, finishes, or improvements other than Lessor's building standard
     or which are not available in a commercially reasonable time given the
     anticipated date of substantial completion of the Work, as set forth in the
     Plans and Specifications;

          40.3.5 Lessee's failure to pay, when due, any amounts required to be
     paid by Lessee pursuant hereto;

          40.3.6 Lessee's failure to comply with all federal, state, or local
     laws or regulations, including, without limitation, all codes and
     ordinances;
<PAGE>

          40.3.7 Lessee's request for additional bidding or rebidding of the
     cost of all or a portion of the Work;

          40.3.8 Changes or postponements to the Work requested by Lessee or its
     architect;

          40.3.9 Any error in the Plans and Specifications or other documents
     caused by Lessee, or its employees, agents or contractors;

          40.3.10 Lessee's failure to apply for promptly and/or diligently seek
     to obtain all governmental approvals of the Plans and Specifications and
     all necessary permits by the dates to be specified by Lessor in its
     critical path schedule to be provided to Lessee pursuant to Paragraph 40.1
     above; provided that if Lessee is in compliance with this Paragraph 40.3.
     10 but a delay nevertheless occurs, the dates in the 2nd and 4th sentences
     of Paragraph 3.1, and in Paragraph 40.1, shall be extended for the period
     of such delay; and

          40.3.11 Any other act or omission of Lessee or its employees, agents
     or contractors.

     40.4 Architect's Determination. A determination by Cornoyer Hedrick as to
the existence and duration of a Lessee Delay (which may be made only after
Lessor and Lessee have attempted in good faith to make such a determination for
at least ten (10) days), or in resolving disputes in the approval of the Plans
and Specifications, shall be conclusive and binding on the parties under this
Lease absent manifest error or bad faith on the part of said architect.

     40.5 Lease Starting Date in Event of Lessee Delay. If a Lessee Delay
occurs, then notwithstanding anything to the contrary set forth in this Lease,
and regardless of the actual date of the substantial completion of the Work, the
Commencement Date shall not be extended and Base Rent and common expenses will
be due and payable.

     40.6 Lessee Pays Damages. Lessee shall pay all costs and expenses incurred
by Lessor that result from any Lessee Delay, including, without limitation, any
costs and expenses attributable to increases in the cost of labor or materials.

     40.7 Inspection by Lessee. Lessee shall be permitted to monitor and inspect
the Work for the purpose of verifying that such construction is in compliance
with the Plans and Specifications. Lessor shall complete any "punch list" work
reasonably required by Lessee as provided in Paragraph 40.8 below.

     40.8 Condition of the Premises. Lessee shall have thirty (30) days after
the Commencement Date within which to give Lessor written notice of any alleged
defects in the Premises or the Work. Such notice shall be in the form of a punch
list identifying the defect and explaining what is necessary to complete the
Work in a good and satisfactory manner. Upon the expiration of said 30-day
period, the Premises, the Project, the Building and the Work shall be
<PAGE>

deemed in satisfactory condition and in compliance with the terms of this Lease,
except as specifically set forth to the contrary in the written notice delivered
by Lessee to Lessor, if any. If Lessee fails to give such notice within said
30-day period, or to specify in reasonable detail in said notice the nature of
the defects, Lessee shall be deemed to have irrevocably waived all rights with
respect to said defects. Upon receiving such written notice, if any, from
Lessee, Lessor shall repair any actual defects or variances, to the extent such
work is Lessor's obligation pursuant to this Lease, within thirty (30) days
after receipt of written notice of such work is received by Lessor (or if more
than thirty (30) days is reasonably necessary to complete such work, then Lessor
shall commence to complete the work within said 30-day period and shall
diligently pursue completion of such work as soon as reasonably possible
thereafter). After the expiration of 30-day period, and within five (5) days
after a request from Lessor, Lessee shall promptly execute and deliver to Lessor
a certificate in the form supplied by Lessor certifying that the Premises, the
Building, the Project and the Work are accepted in accordance with this
Paragraph, subject only to any remaining punch list items designated by Lessee
in the notice, if any, delivered within said 30-day period. The existence of any
defects or variances shall not affect Lessee's obligations set forth in
Paragraph 7.1 above. Nothing contained in this Paragraph shall be construed as a
waiver by Lessee of any Latent Defects in the Premises or the Building which are
caused by Lessor or its contractors and do not result from the acts or omissions
of Lessee, its agents, employees, officers or contractors.

     40.9 Lessee's Permitted Work. Lessee shall be permitted to install during
the Lease Term, at Lessee's option, a communications antenna or dish on the roof
of the Premises at a location to be approved by Lessor, subject to the
following:

          40.9.1 All such equipment shall be installed at the sole cost and
     expense of Lessee, and Lessor shall have the right to approve the size,
     design and color of such equipment and the screening methods to be used,
     and all plans and specifications for the installation thereof, which
     approval shall not be unreasonably withheld.

          40.9.2 All work to be performed by Lessee as provided in this
     Paragraph shall be completed within a reasonable period of time after
     construction is commenced and shall be subject to Paragraphs 7.5.2 and
     7.5.3.

          40.9.3 All such equipment must be installed in a manner that does not
     result in material damage to the Premises when it is removed as herein
     required.

          40.9.4 All work shall be performed by Lessee only after obtaining all
     necessary permits and otherwise complying with all applicable laws.

          40.9.5 Lessor shall have the right to permit its employees or
     representatives to monitor any such work that involves penetration of the
     roof of the Building or affects any other structural elements of the
     Building to ensure that the roof remains water tight and that the
     structural integrity of the Building is not adversely affected, but Lessee
     is ultimately responsible
<PAGE>

     to ensure that the roof remains water tight and the structural integrity of
     the Building is not adversely affected by the installation of Lessee's
     equipment. The foregoing notwithstanding, with respect to any roof repairs
     Lessee is required to make pursuant to this Paragraph, Lessee must first
     advise Lessor at least ten (10) days prior to commencing the repairs, must
     use the contractor who installed the roof, and must otherwise comply with
     all requirements necessary to preserve the warranty for the roof

          40.9.6 All such equipment must be removed by Lessee at its expense on
     or before termination of the Lease Term and Lessee shall repair, prior to
     expiration of the Lease Term, at its expense, all damage to the Premises
     caused by the removal of such equipment.

41.  FORCE MAJEURE -UNAVOIDABLE DELAYS.

     If the performance of any act required by this Lease to be performed by
either Lessor or Lessee be prevented or delayed by reason of an act of God,
strike, lockout, labor troubles, inability to secure materials, restrictive
governmental laws or regulations, inclement weather, or any other cause (except
financial inability) beyond the reasonable control of such party, the time for
performance of the act will be extended for a period equivalent to the period of
delay and performance of the act during the period of delay will be excused;
provided, however, that nothing contained in this section shall excuse the
prompt payment of rent by Lessee as required by this Lease or the performance of
any act rendered difficult solely because of the financial condition of the
party required to perform the act.

42.  EASEMENTS; ADDITIONAL CC&Rs.

     In addition to easements and other matters currently of record, Lessor
reserves to itself the right, from time to time, to grant and record such
additional easements, rights and dedications that Lessor deems necessary or
desirable with respect to the Project, so long as such easements, rights,
dedications, maps and restrictions do not unreasonably and materially interfere
with the use of the Premises by Lessee ("Additional CC&Rs"). Lessee shall sign
any of the aforementioned documents upon request of Lessor, and failure to do so
shall constitute a material breach of this Lease, but shall not invalidate the
Additional CC&Rs. Notwithstanding anything to the contrary contained in this
Lease, Lessee shall not be obligated to comply with any additional CC&Rs unless
Lessee was first given an opportunity to review and approve the same (such
approval not to be unreasonably withheld, conditioned, or delayed).

43.  AMERICANS WITH DISABILITIES ACT.

     Lessee shall comply, at its sole cost and expense, with all requirements of
the Americans With Disabilities Act of 1990, as amended from time to time, and
any additional or successor law of similar import or application ("ADA"),
applicable to the Premises. Lessee agrees to indemnify, defend, and hold
harmless Lessor from and against any and all expenses, liabilities, costs, or
damages (including reasonable attorneys' fees) suffered by Lessor as a result of
a breach
<PAGE>

of the foregoing additional obligations imposed on the Premises under the ADA by
virtue of Lessee's operations. Lessee agrees that it will be solely responsible
for any accommodations or alterations which need to be made to the Premises
because of changes applicable after the date of this Lease, or to correct
violations of existing requirements arising from the acts or omissions of
Lessee's architect or contractors, or to accommodate disabled employees,
customers, and invitees of Lessee. Notwithstanding anything in this Lease to the
contrary, in no event shall Lessee be responsible for compliance with ADA laws,
ordinances, rules and regulations that require structural or other changes to
the Premises or the Building unless due to the particular use or manner of
occupancy by Lessee, or to accommodate the particular needs of disabled
employees or invitees of Lessee, or caused by or resulting from the acts or
omissions of Lessee's architect or contractors. In particular, Lessee shall be
responsible for causing any improvements or alterations constructed by Lessee
pursuant to this Lease to comply with all ADA laws, ordinances, rules and
regulations. No provision in this Lease shall be construed as permitting,
consenting, or authorizing Lessee to violate the requirements of the ADA.

44.  ELECTRIC SERVICE PROVIDER.

     44.1 Lessor has advised Lessee that presently Arizona Public Service
("Electric Service Provider") is the utility company selected by Lessor to
provide electric service for the Building. Notwithstanding the foregoing, if
permitted by law, Lessor shall have the right at any time and from time to time
during the Lease Term to either contract for service from a different company or
companies providing electricity service (each such company shall hereinafter be
referred to as an "Alternate Service Provider") or continue to contract for
service from the Electric Service Provider.

     44.2 Lessee shall cooperate with Lessor, the Electric Service Provider, and
any Alternate Service Provider at all times and, as reasonably necessary, shall
allow Lessor, Electric Service Provider, and any Alternate Service Provider
reasonable access to the electric lines, feeders, risers, wiring, and any other
machinery within the Premises.

     44.3 Lessor shall in no way be liable or responsible for any loss, damage,
or expense that Lessee may sustain or incur by any reason of any change,
failure, interference, disruption, or defect in the supply or character of the
electric energy furnished to the Premises, or if the quantity or character of
the electric energy supplied by the Electric Service Provider or any Alternate
Service Provider is no longer available or suitable for Lessee's requirements,
and no such change, failure, defect, unavailability, or unsuitability shall
constitute an actual or constructive eviction, in whole or in part, or entitle
Lessee to any abatement or diminution of rent, or relieve Lessee from any of its
obligations under the Lease.
<PAGE>

45.  GUARANTEE OF LEASE.

     Lessee acknowledges that Lessor requires that the obligations of Lessee
must be guaranteed by Lessee's parent company, Matrix Bancorp, Inc., a Colorado
corporation ("Guarantor"). Accordingly, as a condition to Lessor's ongoing
obligations under this Lease, Lessee shall cause to be executed and delivered by
Guarantor on or before September 30, 1999, a Guarantee of Lease in the form
attached hereto as Exhibit "E". Lessor has been advised by Lessee that Guarantor
must obtain from Guarantor's existing lenders certain approvals and/or waivers
of certain debt ratio covenants ("Approvals") before Guarantor can execute the
Guarantee of Lease and that the Approvals may not be forthcoming even after
Guarantor undertakes diligent efforts to obtain the same. Accordingly, Lessor
and Lessee agree as follows:

     45.1 Lessee shall cause Guarantor to promptly take such action necessary to
obtain the Approvals legally necessary to permit Guarantor to execute the
Guarantee of Lease, and to diligently thereafter seek to obtain the Approvals on
or before September 30, 1999.

     45.2 If the Approvals are not obtained and the Guarantee of Lease is not
duly executed by Guarantor and delivered to Lessor, together with a corporate
resolution authorizing the executing officer to do so and a copy of the
Approvals, on or before September 30, 1999, then Lessor shall have the right to
terminate this Lease by giving written notice to Lessee on or before October 8,
1999, in which event this Lease shall thereafter be of no further force and
effect except with respect to any breach of this Lease occurring prior to said
date.

     45.3 Unless and until notice of termination is given by Lessor to Lessee as
provided for in Paragraph 45.2 above, Lessee and Lessor shall proceed under
Paragraph 40.1 to prepare the Plans and Specifications and otherwise comply with
Lessor's critical path schedule, and Lessee shall cause its architect to proceed
accordingly. If the contingency set forth in Paragraph 45.2 is not satisfied on
or before September 30, 1999 and Lessor elects to terminate this Lease as set
forth above, then Lessee shall be responsible for paying all costs and fees
incurred by Lessee with respect to its architect or otherwise in connection with
this Lease, the T.I. Allowance shall not apply with respect thereto, and Lessor
shall have no obligation to reimburse Lessee for costs, fees, or expenses
incurred in connection with this Lease, preparation of the Plans and
Specifications, or otherwise with respect to this Lease, the Building, or the
Premises. Lessor will be responsible only for its own fees, costs and expenses
incurred in connection therewith.

     45.4 If the condition set forth in Paragraph 45.2 is satisfied as herein
provided on or before September 30, 1999, then this Lease shall remain in full
force and effect and Lessor agrees to increase the T.I. Allowance by an amount
equal to the lesser of (a) one-half of Guarantor's reasonable attorneys' fees
actually incurred in obtaining the Approvals, but not in connection with this
Lease or the Guaranty of Lease, as evidenced by statements of legal services
rendered showing the attorneys' fees were directly related to obtaining the
Approvals, or (b) $15,000.00.
<PAGE>

     LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM
AND PROVISION CONTAINED HEREIN AND, BY EXECUTION OF THIS LEASE, SHOW THEIR
INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE
TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE
AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE
PREMISES.

     IN WITNESS WHEREOF, the Lessee and the Lessor have signed this Lease as of
the 1st day of September, 1999.

"LESSOR"                                    "LESSEE"

SUNCOR DEVELOPMENT COMPANY,                 MATRIX FINANCIAL SERVICES
an Arizona corporation                      CORPORATION, an Arizona corporation

By:   /s/  Margaret E. Kirch                By:    /s/  George R. Bender
     -------------------------------------       -------------------------------
Its:   Vice President                       Its:   President

<PAGE>

                                LIST OF EXHIBITS

Exhibit "A"     --    Site Plan (unmarked) (see Paragraph 1.2)

Exhibit "A-1"   --    Site Plan with Project Outlined or Cross-Hatched
                      see Paragraph 1.7)

Exhibit               "B" -- Floor Plan with Premises Outlined or Cross-Hatched
                      - (See Paragraph 1.2); Building envelope for banking
                      drive-thru facilities (see Paragraph 7.5.1)

Exhibit "C"     --    Comprehensive Liability Endorsement (see Paragraph 8.1)

Exhibit "D"     --    List of improvements, description of Building Shell
                      (see Paragraph 40.1)

Exhibit "E"     --    Form of Guarantee of Lease (see Paragraph 45)

<PAGE>

                                  EXHIBIT "A"

                                [GRAPHIC OMITTED]

<PAGE>
                                  EXHIBIT "B"

                                [GRAPHIC OMITTED]

<PAGE>
                                  EXHIBIT "A-1"

                                [GRAPHIC OMITTED]
<PAGE>

                                   EXHIBIT "C"

                COMPREHENSIVE OR COMMERCIAL GENERAL (OCCURRENCE)

                      AND AUTOMOBILE LIABILITY ENDORSEMENT

     Attached to certificate of insurance for and hereby certified to be a part
of the following policy or policies having the following expiration dates:

        Policy No.           Company Providing Policy            Expiration Date

     The scope of the insurance afforded by the policy(ies) designated in the
attached certificate is not less than that which is afforded by the standard
form(s) promulgated by the Insurance Service Organization.

     Such Policy(ies) provide for or are hereby amended to provide for the
following:

     1. The named insureds are ____________________________________________.

     2. SunCor Development Company ("Company") is hereby included as an
additional insured with respect to liability arising out of or in connection
with the following agreement(s):

     That certain Lease dated the _____ day of ________________, 1999 between
SunCor Development Company and Matrix Financial Services Corporation covering
the lease and the use of property located in Phoenix, State of Arizona.

     The insurance provided hereunder applies as though separate policies are in
effect for both the named insured and Company but does not increase the limits
of liability set forth in said policies.

     3. The limits of liability under the policy(ies) are not less than those
shown on the certificate to which this endorsement is attached.

     4. The commercial general liability policy, if any, provides for aggregate
coverage at the location of the premises or work to be performed and for
reinstatement of the aggregate in the event the limits of the policy are
exhausted.

     5. Cancellation or material reduction of this coverage will not be
effective until thirty (30) days (ten (10) days in the case of cancellation for
nonpayment of premium) following written notice to Company as follows:

                           SunCor Development Company,
                       3838 N. Central Avenue, Suite 1500
                             Phoenix, Arizona 85012
                         Attention: Property Management
<PAGE>

     6. Contractual liability coverage for liability assumed by this insured
under said agreement or agreements with Company.

     7. This insurance is primary and insurer is not entitled to any
contribution from insurance in effect for Company.

     8. This insurance shall not be invalidated by the acts or omissions of
other insureds.

     9. Broad Form Property Damage endorsement.

     10. Products/Completed Operations endorsement.

     11. Personal Injury endorsement.

     12. All policy or endorsement limitations relating specifically to
operations on or near railroad property or track are eliminated.

     13. All exclusions of explosion, collapse, or underground hazard are
deleted.

     14. In the event of reduction or exhaustion of the applicable aggregate
limit or limits of liability under the primary policy or policies referred to in
the attached certificate of insurance solely by reason of losses paid thereunder
on account of occurrences during the policy period, the excess policy, if any,
referred to herein, shall (i) in the event of reduction, apply as excess of the
reduced limit of liability thereunder; and (ii) in the event of exhaustion,
continue in force as though it were primary insurance.

     15. The term "Company" includes successors and assigns of Company and the
officers, employees, and agents thereof.

__________________________________
Insurance Company(ies)

Date:  ____________________________ By:  ______________________________________
                                         Signature of Authorized Representative

<PAGE>

                                   EXHIBIT "D"

     As used in this Lease, the term "Building Shell" shall mean all
improvements related to the Building covered by the drawings, plans, and
specifications listed on pages 2 and 3 of this Exhibit, EXCEPT the following,
which will be included in the Work for purposes of this Lease even if described
in said drawings, plans, and specifications:

     1.   Covered parking canopies, supports and related work and improvements
          for the covered parking structures.

     2.   Roof curbing for all HVAC units on the roof of the Building.

                              Exhibit "D" - Page 1

<PAGE>

                       Black Canyon Commerce Park Phase 2
                                List of Drawings

                               [GRAPHIC OMITTED]

                              Exhibit "D" - Page 2
<PAGE>

                       Black Canyon Commerce Park Phase 2
                                List of Drawings

                               [GRAPHIC OMITTED]

                              Exhibit "D" - Page 3

<PAGE>

                                   EXHIBIT "E"

                                GUARANTEE OF LEASE

     That Triple Net Lease dated as of the ____ day of September, 1999 of
("Lease") has been, or will be, executed by and between SunCor Development
Company, an Arizona corporation ("Lessor"), and Matrix Financial Services
Corporation, an Arizona corporation ("Lessee"), covering certain premises
located in Black Canyon Commerce Park, Phoenix, Arizona, and more particularly
described in the Lease ("Premises"). Lessor requires, as a condition to its
execution of the Lease, that the undersigned ("Guarantor") guarantee the
complete and timely performance of Lessee's obligations under the Lease.

     NOW, THEREFORE, in consideration of Lessor's execution of the Lease,
Guarantor hereby agrees as follows:

     1. Guarantor unconditionally guarantees the complete and timely performance
of each and all of the terms, covenants and conditions contained in the Lease to
be kept and performed by Lessee.

     2. This Guarantee shall not be released, diminished or otherwise affected
in any way by:

          2.1 Any assignment of the Lease by Lessee or the subletting by Lessee
     of all or a portion of the Premises, with or without the consent of Lessor.

          2.2 Any extension, modification or alteration of the Lease by Lessor
     and Lessee or their respective successors and assigns.

          2.3 The bankruptcy, reorganization or insolvency of Lessee or any
     successor or assignee of Lessee or any disaffirmance or abandonment by a
     trustee or Lessee.

          2.4 The granting of extensions of any time by Lessor with respect to
     the performance of any of the terms, covenants, obligations and conditions
     of the Lease.

          2.5 Any deferral, reduction or compromising of any rentals and other
     charges, fees and monetary obligations of any kind due Lessor under the
     provisions of the Lease.

          2.6 The failure by Lessor to require strict performance of any term,
     covenant, obligation or condition of the Lease or to exercise any rights,
     powers or remedies granted to Lessor in the Lease.

     3. Lessor may, without notice, assign this Guarantee in whole or in part,
and no assignment or transfer of this Guarantee shall extinguish or diminish the
liability of Guarantor.
<PAGE>

     4. The liability of Guarantor under this Guarantee shall be primary. Lessor
may, at its option, proceed directly against Guarantor without having commenced
any action or having obtained any judgment against Lessee with regard to any
right or action that accrues to Lessor under the Lease. Guarantor hereby waives
the provisions of ss. 12-1641, et seq. of the Arizona Revised Statutes.
Guarantor waives any defense arising by reason of any disability or other
defense of Lessee, or by reason of the cessation of the liability of Lessee from
any cause. Guarantor waives all defenses based upon statutes of limitation to
the fullest extent permitted by law. Until the guaranteed obligations have been
performed in full, Guarantor shall have no right of subrogation and shall waive
any right to enforce any remedy that Lessor now has, or may hereafter have,
against Lessee, and waive any benefit of and any right to participate in any
security now or hereafter held by Lessor.

     5. Lessor is authorized, without notice or demand and without affecting
Guarantor's liability hereunder, to take and hold security for the performance
of the Lease and/or this Guarantee or the guaranteed obligations, or any part
thereof, and exchange, enforce, waive or release any such security, apply such
security and direct the order or manner of sale thereof as Lessor, in Lessor's
discretion, may determine.

     6. Guarantor shall pay Lessor's reasonable attomeys' fees, expert witness
fees, costs of tests and analyses, travel and accommodation expenses, deposition
and trial transcript copies, court costs and other similar costs and fees
incurred in any collection or attempted collection or in any negotiations
relative to the obligations hereby guaranteed, or as a result of enforcing this
Guarantee against the undersigned, regardless of whether legal proceedings are
actually commenced.

     7. Guarantor hereby waives presentment, demand, protest and notice of any
demand by Lessor, including without limitation, any notice of default by Lessee
under the terms of the Lease.

     8. The use of the singular herein shall include the plural. The terms and
provisions of this Guarantee shall be binding upon and inure to the benefit of
the respective successors and assigns of the parties herein named. This
Guarantee shall be construed in accordance with the laws of the State of
Arizona.

     IN WITNESS WHEREOF, the undersigned has caused this Guarantee of Lease to
be executed as of the _____ day of _____________________________, 1999.

                                   "GUARANTOR"

                            MATRIX BANCORP, a Colorado corporation

                            By:    /s/ Guy Gibson, President and CEO
                                 -----------------------------------------------
                                     Guy Gibson, President and CEO
                            Address:
                                      ------------------------------------------
                                      ------------------------------------------LEASE AGREEMENT

                                   between
                  THE REGENTS OF THE UNIVERSITY OF COLORADO,
                  a body corporate, for and on behalf of the
                        UNIVERSITY OF COLORADO AT DENVER

                                       and

                 MATRIX BANCORP, INC., a Colorado corporation

                                Table of Contents

SECTION                                                                   PAGE
-------                                                                   ----
1.    DEFINITIONS..........................................................2
2.    PREMISES.............................................................2
3.    TERM.................................................................2
4.    RENTAL...............................................................2
5.    ADJUSTMENT OF RENT...................................................3
6.    MISCELLANEOUS TAXES..................................................6
7.    USE..................................................................6
8.    PREPARATION FOR OCCUPANCY............................................6
9.    SERVICES.............................................................6
10.   MECHANIC'S LIENS.....................................................8
11.   QUIET ENJOYMENT......................................................8
12.   CERTAIN RIGHTS RESERVED TO THE LANDLORD..............................8
13.   ESTOPPEL CERTIFICATE BY TENANT.......................................8
14.   WAIVER OF CERTAIN CLAIMS.............................................9
15.   LIABILITY INSURANCE..................................................9
16.   HOLDING OVER.........................................................10
17.   ASSIGNMENT AND SUBLETTING............................................10
18.   CONDITION OF PREMISES................................................12
19.   RULES AND REGULATIONS................................................12
20.   REPAIRS..............................................................14
21.   UNTENANTABILITY......................................................15
22.   EMINENT DOMAIN.......................................................15
23.   LANDLORD'S REMEDIES..................................................15
24.   LATE PAYMENTS; INTEREST AND LATE CHARGES.............................18
25.   SALE AND ASSIGNMENT..................................................18
26.   SUBORDINATION OF LEASE...............................................18
27.   NOTICES AND CONSENTS.................................................18
28.   SPRINKLERS...........................................................19
29.   NO ESTATE IN LAND....................................................19
30.   INVALIDITY OF PARTICULAR PROVISIONS..................................19
31.   WAIVER OF BENEFITS...................................................19
32.   WAIVER OF TRIAL BY JURY..............................................19
33.   SECURITY DEPOSIT.....................................................19
34.   SUBSTITUTE PREMISES..................................................20
<PAGE>

35.   PARKING..............................................................20
36.   BROKERAGE............................................................20
37.   SPECIAL STIPULATION..................................................20
38.   EXHIBITS.............................................................23
            (i)   Rider to Lease...........................................
            (ii)  Exhibit A - Legal Description of the Property............
            (iii) Exhibit B - Lease Commencement Date Statement............
            (iv)  Exhibit C - Workletter Agreement.........................
            (v)   Exhibit D - Cleaning Schedule............................

<PAGE>

                                  OFFICE LEASE

      THIS LEASE, made the _____ day of _____________, 1999, between THE REGENTS
OF THE UNIVERSITY OF COLORADO, a body corporate, for and on behalf of the
UNIVERSITY OF COLORADO AT DENVER (the "Landlord") and MATRIX BANCORP, INC., a
Colorado corporation, having its principal place of business at 1380 Lawrence
Street, Suite 1400, Denver, Colorado (the "Tenant").

                          L E A S E  S U M M A R Y :

      2.    Premises: Suite 1350 and 1400  located on the 13th and 14th floors
                      of the Building and consisting of  approximately  8,768
                      square feet (13) and  approximately  14,987 square feet
                      (14) of Rentable Area Leased.

      3.    Term:     Five (5) years and Eleven (11) Months.
                      Commencement Date April 1, 2000
                      Termination Date February 28, 2006

      4.    Rental:   Stepped rental rate as follows:

                  Month       Expansion   Primary     Monthly Total Annual Total
            4/l/00 - 12/31/00 $14,796.00  $18,830.36  $33,626.36   $403,516.32
            1/l/01 - 12/31/01 $15,161.33  $19,422.36  $34,583.69   $415,004.28
            1/1/02 - 12/31/02 $15,526.67  $20,310.36  $35,837,03   $430,044.36
            1/l/03 - 12/31/03 $15,782.40  $26,976.60  $42,759.00   $513,108.00
            1/l/04 - 12/31/04 $16,147.73  $27,601.06  $43,748.79   $524,985.48
            1/l/05 - 02/28/06 $16,513.07  $28,225.52  $44,738.59   $536,863.08

      5.    Adjustment of Rent:
                  Base Year 2000
                  Tenant's Proportionate Share 13.73%

      27.   Notice To Landlord:              Notice To Tenant:
            Jones Lang LaSalle Americas      Matrix Bancorp, Inc., Inc
               (Colorado) L.P.               1380 Lawrence Street, Suite 1400
            University of Colorado at Denver Denver, CO 80202
            1380 Lawrence Street
            Denver, Colorado 80204

      33.   Security Deposit:   $32,000

      35.   Parking:       20    10 unreserved spaces  [Changes handwritten and
                           10 reserved spaces           initialed by parties to
                                                       Lease at time of signing]
      Rider:            Option to Renew

<PAGE>

                              W I T N E S S E T H :

      1.    DEFINITIONS.  The terms  defined in this  Section  shall,  for all
purposes of this Lease,  and all  agreements  amending or  supplementing  this
Lease,  have the  meanings  herein  specified  unless  the  context  otherwise
requires.

      (a) The "Building" shall mean the commercial office structure together
with all appurtenant plazas, subgrade areas, garages and other improvements,
situated on the Land, known as 1380 Lawrence Street, Denver, Colorado 80204.

      (b) The "Land" shall mean the real property whose legal address is
attached and incorporated herein as Exhibit "A". The "Property" shall mean the
Building and the Land.

      (c) "Rentable Area" shall mean the total number of square feet of rentable
floor area of office space in the Building; and that number is 172,978 square
feet.

      (d) "Rentable Area Leased" shall mean the total number of square feet of
rentable floor area of office space in the Premises, and that number is 23,755
square feet.

      (e) Tenant's "Proportionate Share" shall be that percentage the Rentable
Area Leased is of the Rentable Area. Such percentage is 13.73% .

      2. PREMISES. In consideration of the rents, charges, covenants and
agreements herein contained, Landlord hereby leases to Tenant and Tenant hereby
hires and takes from Landlord the space referred to as Suite 1350 and 1400 ,
located on the 13th and 14th floors of the Building (the "Premises"), together
with the non-exclusive right to use, in common with others, the public areas of
the Building including, without limitation, the lobby, stairs, elevators,
entrances and loading docks. No easement for air or light or view is included
with the Premises. Landlord and Tenant agree that the rentable square footage of
the Premises is 23,755 square feet of rentable area, and waive and release any
right to assert or claim otherwise. [Bold change handwritten and initialed by
parties to Lease at time of signing]

      3. TERM. The term (hereinafter called the "Term") of this Lease shall
commence on the earlier of occupancy of the Premises by Tenant, or April 1,
2000, subject to items which will not materially affect the use of the Premises
for the use in accordance with Section 7 hereof, and extension and earlier
termination as hereinafter provided. Prior to occupying the Premises, Tenant
shall execute and deliver to Landlord a letter in the form attached hereto and
made a part hereof as Exhibit "B", acknowledging the commencement date
(hereinafter called the "Commencement Date") and the expiration date
(hereinafter called the "Expiration Date") of the Term for the Premises and, if
applicable, any Excess Allowance owed pursuant to the Lease for Tenant
Improvements. In the event the Tenant does not provide to Landlord such letter
within thirty (30) days after occupying the Premises, then the Commencement Date
shall be the earlier of the occupancy of the Premises by Tenant or the Target
Date outlined above.

<PAGE>

            Landlord shall use reasonable efforts to give Tenant at least thirty
(30) days' notice of the date upon which, in Landlord's opinion, the
Commencement Date shall occur, provided that Landlord shall have no liability in
the event the Commencement Date shall not occur on the date specified, and
failure to give possession on the date specified shall in no way affect the
validity of this Lease or the obligations of the Tenant hereunder.

            Expiration Date. Unless otherwise terminated herein, if the Term
commences on a date other than the first day of a month, it shall expire at the
end of the day seventy-one (71) months from the last day of the month in which
it commenced. If the Term commences on the first day of a month, it shall expire
at the end of the day seventy-one (71) months from the last day of the calendar
month preceding the Commencement Date. The expiration date is hereinafter
referred to as the "Expiration Date".

      4.    RENTAL.

            (a) Tenant agrees to pay to Landlord for use and occupancy of the
Premises, lawful money of the United States, payable without notice or demand in
advance on the first day of each calendar month during the term, an initial
annual base rental (hereinafter, "Initial Annual Base Rental") according to the
schedule below. The Initial Annual Base Rental when adjusted as set forth in
this Section shall be the Annual Base Rental. The Initial Annual Base Rental
shall step as follows:

                  Month       Expansion   Primary     Monthly Total Annual Total
            4/l/00 - 12/31/00 $14,796.00  $18,830.36  $33,626.36   $403,516.32
            l/l/01 - 12/31/01 $15,161.33  $19,422.36  $34,583.69   $415,004.28
            l/l/02 - 12/31/02 $15,526.67  $20,310.36  $35,837,03   $430,044.36
            l/l/03 - 12/31/03 $15,782.40  $26,976.60  $42,759.00   $513,108.00
            l/l/04 - 12/31/04 $16,147.73  $27,601.06  $43,748.79   $524,985.48
            l/l/05 - 02/28/06 $16,513.07  $28,225.52  $44,738.59   $536,863.08

            (b) All payments of Annual Base Rental required to be made under
this Section 4, or payments to be made by Tenant under any other Section of this
Lease (hereinafter designated "Additional Rent"), shall be made without any
setoff or counterclaim whatsoever, and shall be made payable to and sent to
Landlord at the management office of Landlord in the Building or such other
place as Landlord may designate.

            (c) Annual Base Rental and Additional Rent are sometimes hereinafter
collectively referred to as "Rent".

                  The first monthly installment of Annual Base Rental shall be
paid on the Commencement Date, except that in the event the Commencement Date
shall be a date other than the first day of the calendar month, then Tenant
shall pay on the Commencement Date an amount equal to such portion of an equal
monthly installment as the number of days from the Commencement Date to the end
of the calendar month in which the Commencement Date occurs bears to the total
number of days in said calendar month, and said payment shall represent the
pro-rata Annual Base Rental from the Commencement Date to the end of such
calendar month.

<PAGE>

      5.    ADJUSTMENT OF RENT.

            (a)   Operating Costs:

            (i) Operating Costs shall be deemed to include all costs which, for
federal tax purposes, may be expensed rather than capitalized and which Landlord
will incur in owning, maintaining and operating the Property, exclusive of Real
Estate Taxes, as hereinafter defined, mortgage interest and depreciation.
Without limitation to the foregoing, the term "Operating Costs" shall mean those
costs incurred during each year of the Term in respect of the operations and
maintenance of the Property in accordance with accepted principles of sound
management and accounting practices as applied to the operation and maintenance
of first class office buildings in Denver, including the cost of or charges for
the following by way of illustration but without limitation: landscaping and
snow removal, water and sewer, insurance premiums, licenses, permits and
inspections, heat, light, electrical power, steam, security, janitorial
services, maintenance of and repairs to equipment servicing the Property
(including costs associated to ensure the accurate processing of data), window
cleaning, refuse removal services, air conditioning, supplies, materials,
equipment and tools, contractual and recorded duties on the Property,
administration and management of the Property; changing the Building's electric
service provider and associated installation, maintenance, repair and service
costs, personal property taxes on the personal property used in the operation of
the Property, the cost, as reasonably amortized by Landlord with interest at one
and one-half (1-1/2%) percent above the prime rate announced from time to time
by the Norwest Bank of Denver, N.A., or its successor, on the unamortized amount
of any capital improvement made after the Commencement Date which reduces
Operating Costs but in an amount not to exceed such reduction for the relevant
year, and the cost of contesting by appropriate proceedings the applicability to
the Property or the validity of any statute, ordinance, rule or regulation
affecting the Property which might increase Operating Costs. Operating Costs
shall not include costs for repairs or other work occasioned by fire, windstorm
or other insured casualty to the extent recovered by insurance proceeds; cost
incurred in leasing or procuring new tenants (i.e., lease commissions,
advertising costs and costs for renovating space for new tenants); legal costs
in enforcing the terms of any lease; interest or amortization payments on any
mortgage or mortgages. If Landlord makes any capital improvement during the Term
of this Lease in order to comply with safety or any other requirements of any
Federal, State or local law or governmental regulation, then the Tenant shall be
responsible for its Proportionate Share of any such charges, with interest at
one and one-half percent (1-1/2%) above the prime rate announced from time to
time by Norwest Bank of Denver, N.A., or its successors. For the preceding
sentence, Tenant's Proportionate Share of said charges is determined by
multiplying the annual amortization of said charges as determined by generally
accepted accounting principles by Tenant's Proportionate Share. Said amount with
interest shall be deemed an Operating Cost in each of the calendar years during
which such amortization occurs.

            Operating Costs allocated to Tenant shall not reflect any type or
degree of service or duty performed by or through Landlord for any other tenant
which is not required to be performed for Tenant under this Lease which results
in a cost in excess of the services or duties required to be provided by
Landlord under this Lease.

<PAGE>

            (ii) Per square foot Operating Costs shall be determined by dividing
the Operating Costs by the Rentable Area.

            (iii) The Annual Base Rental described in Section 4 hereof is
predicated, in part, upon the total annual Operating Costs for the calendar year
2000 per square foot of Rentable Area within the Building. Prior to the first
day of April of each calendar year during the course of the Term, Landlord shall
furnish Tenant with an estimate of the per square foot Operating Costs for that
calendar year.

            (iv) If annual Operating Costs as estimated by the Landlord exceed
the total annual Operating Costs for the calendar year 2000 calculated on a per
square foot basis, Tenant shall pay its Proportionate Share of such excess to
Landlord as Additional Rent. Tenant agrees to pay in advance on a monthly basis
its Proportionate Share of such excess, as reasonably calculated and adjusted,
from time to time, by Landlord. Such amounts shall be paid to Landlord on the
first day of the month. After December 31 of each year during the Term, when
actual Operating Costs for the prior year have been calculated, Landlord shall
credit Tenant for the amount of any overpayment, or Tenant shall pay to Landlord
the amount of any underpayment as Additional Rent. It is the intention hereunder
to estimate the amount of any Operating Costs for each year and then to adjust
when actual costs are known, such estimates in the following year calculated
from actual Operating Costs incurred or paid by Landlord for the prior year.

            (v) In determining the amount of Operating Costs for the purpose of
this Section, for any calendar year including the base year, (i) if less than 95
% of the Building shall have been occupied by tenants and fully used by them at
any time during such year, Landlord may increase Operating Costs to an amount
equal to the like Operating Costs which would normally be expected to be
incurred had such occupancy been 95% and had such full utilization been made
during the entire period, and (ii) if the Landlord is not furnishing any
particular work or service (the cost of which if performed by the Landlord would
constitute an Operating Cost) to a tenant who has undertaken to perform such
work or service in lieu of the performance thereof by the Landlord, Landlord may
increase Operating Costs by an amount equal to the additional Operating Costs
which would reasonably have been incurred during such period by the Landlord if
it had at its own expense furnished such work or service to such tenant.
Notwithstanding the foregoing, Landlord may not increase Operating Costs under
this paragraph for any calendar year unless Landlord also has or does increase
Operating Costs for the base year in a like manner.

            (b)   Real Estate Taxes:

            (i) The term "Real Estate Taxes" means all taxes and assessments,
special or otherwise levied upon or with respect to the Building and the Land
(including air rights) imposed by Federal, State or local governments, use,
occupancy, excise or similar taxes, and taxes on rent and other income from the
Building (computed, in case of a graduated tax, as if Landlord's income from the
Building were Landlord's sole taxable income), the cost of contesting by
appropriate proceeding the amount or validity of any of the aforementioned taxes
or assessments and taxes and assessments of every kind and nature whatsoever
levied and assessed and imposed on Landlord in lieu of or in substitution for
existing or additional real or personal property taxes

<PAGE>

or assessments on the Land, Building, or said personal property; except that
Real Estate Taxes shall not include general income, franchise, capital stock,
estate or inheritance taxes unless Landlord equitably determines that such taxes
are in lieu of or a substitution for Real Estate Taxes. In the case of special
taxes and assessments payable in installments, only the amount of each
installment due and payable during a single calendar year shall be included in
Real Estate Taxes for that year.

            (ii) Per square foot Real Estate Taxes shall be determined by
dividing the Real Estate Taxes by the total number of square feet of Rentable
Area in the Building.

            (iii) The Annual Base Rental described in Section 4 hereof is
predicated, in part, upon the total annual Real Estate Taxes for the calendar
year 2000 per square foot of Rentable Area within the Building. Prior to the
first day of April of each calendar year during the course of the Term, Landlord
shall furnish Tenant with an estimate of the per square foot Real Estate Taxes
for that calendar year.

            (iv) If annual Real Estate Taxes as estimated by the Landlord exceed
the total annual Real Estate Taxes for the calendar year 2000 calculated on a
per square foot basis, Tenant shall pay its Proportionate Share of such excess
to Landlord as Additional Rent. Tenant agrees to pay in advance on a monthly
basis its Proportionate Share of such excess as reasonably calculated and
adjusted, from time to time, by Landlord. Such amounts shall be paid to Landlord
on the first day of the month. After December 31 of each year during the Term,
when actual Real Estate Taxes for the prior year have been calculated, Landlord
shall credit Tenant for the amount of any overpayment, or Tenant shall pay to
Landlord the amount of any underpayment as Additional Rent. It is the intention
hereunder to estimate the amount of any Real Estate Taxes for each year and then
to adjust when actual costs are known, such estimates in the following year
calculated from actual Real Estate Taxes incurred or paid by Landlord for the
prior year.

            (v) In determining the amount of Real Estate Taxes for the purpose
of this Section, for any calendar year including the base year, if less than 95%
of the Building shall have been occupied by tenants and fully used by them at
any time during such year, Landlord may increase Real Estate Taxes to an amount
equal to the like Real Estate Taxes which would normally be expected to be
incurred had such occupancy been 95 % and had such full utilization been made
during the entire period. Notwithstanding the foregoing, Landlord may not
increase Real Estate Taxes under this paragraph for any calendar year unless
Landlord also has or does increase Real Estate Taxes for the base year in a like
manner.

            (c)   If the term shall  terminate  on a date other than  December
31st,  the  adjustments  in Annual Rent  described  in this  Section  shall be
increased or decreased,  as the case may be, for the period  commencing on the
January 1st following  the last full calendar year of the Term and  continuing
to the end of the  Term,  in the  manner  set  forth in this  Section  and the
adjustment  for such  period  shall be made  within  twenty  (20)  days  after
Landlord shall render its  statements for the last monthly  installment of the
Annual Base Rental  payable  under this  Lease,  or if that is not  reasonably
feasible as soon  thereafter as is reasonably  feasible,  and this  obligation
shall survive the expiration or earlier termination of the term.
<PAGE>

            (d) Landlord shall deliver to Tenant, within one hundred twenty
(120) days after the end of each calendar year during the Term, unless delayed
by causes beyond Landlord's reasonable control, a written statement
("Statement") setting out in reasonable detail the amount of Operating Costs and
Real Estate Taxes for the preceding calendar year. If the aggregate of monthly
installments of Operating Costs and/or Real Estate Taxes actually paid by Tenant
to Landlord differ from the amount due in the Statement, then, as the case may
be, Tenant shall pay the difference to Landlord or Landlord shall issue a credit
to Tenant against the Rent remaining to be paid hereunder for the difference, or
if no Rent then remains to be paid, refund the difference to Tenant, without
interest or penalty, within thirty (30) days after the date of delivery of the
Statement.

            (e) In the event Tenant disputes the amounts set forth in the
Statement set forth in Subparagraph 5(d) above, upon no less than ten (10)
business days' prior written notice to Landlord, Tenant or Tenant's in-house
employee or representative shall have the right to examine Landlord's books and
records as to amounts due in the Statement. Any examination is subject to a
confidentiality agreement executed by Tenant and Tenant's in-house employee or
representative and shall occur at the location where said records are maintained
during normal business hours. Tenant shall have thirty (30) calendar days after
delivery of the Statement set forth in Subparagraph 5(d) above to provide
Landlord with written notice of exception of any item in the Statement. Unless
Tenant provides said written notice of exception detailing any disputed charges
to Landlord within said time, Tenant shall conclusively be deemed to have
accepted the accuracy of the Statement and to have waived any right to claim any
readjustment in connection therewith. If Tenant makes such timely written notice
of exception, a certification as to the proper amount of any item set forth in
Tenant's written notice of exception shall be made by a reputable accounting
firm reasonably satisfactory to Landlord and paid for by Tenant. Under no
circumstances shall Tenant conduct a review of Landlord's books and records
whereby the person or firm performing the review operates on a contingency fee
or similar payment arrangement or if there exists an uncured Event of Default,
as defined herein, by Tenant.

            (f) In no event shall the Annual Base Rental be reduced below the
amount in Section 4 as a result of any adjustments pursuant to this Section.

            (g) Rent, whether Annual Base Rent or Additional Rent, or any other
amount payable by Tenant to Landlord not paid when due will bear interest from
the date due until the date paid at an annual rate equal to the prime rate
charged from time to time by the Norwest Bank of Denver in ninety-day commercial
loans.

            (h) All costs and expenses which Tenant assumes or agrees to pay to
Landlord pursuant to this Lease shall be deemed Additional Rent and, in the
event of non-payment thereof, Landlord shall have all the rights and remedies
herein provided for in case of non-payment of Rent.

      6.    MISCELLANEOUS  TAXES.  Tenant shall pay prior to  delinquency  all
taxes assessed  against or levied upon its occupancy of the Premises,  or upon
the  fixtures,  furnishings,  equipment  and all other  personal  property  of
Tenant located in the Premises,  if  non-payment
<PAGE>

thereof shall give rise to a lien on the real estate, and when possible Tenant
shall cause said fixtures, furnishings, equipment and other personal property to
be assessed and billed separately from the property of Landlord. In the event
any or all of Tenant's fixtures, furnishings, equipment and other personal
property, or taxes upon Tenant's occupancy of the Premises, shall be assessed
and taxed with the property of Landlord, Tenant shall pay to Landlord its share
of such taxes within ten (10) days after delivery to Tenant by Landlord of a
statement in writing setting forth the amount of such taxes applicable to
Tenant's fixtures, furnishings, equipment or personal property.

      7.    USE.  The  Premises  shall  be used and  occupied  by  Tenant  for
general office use and for no other purpose,

            (a) Tenant shall not at any time use or occupy the Premises or the
Building, or suffer or permit anyone to use or occupy the Premises, or do
anything in the Premises or the Building, or suffer or permit anything to be
done in, brought into or kept on the Premises, which in any manner in the sole
discretion of Landlord (a) violates the Certificate of Occupancy for the
Premises or for the Building; (b) causes or is liable to cause injury to the
Premises or the Building or any equipment, facilities or systems therein; (c)
constitutes a violation of the laws and requirements of any public authorities
or the requirements of insurance bodies; (d) impairs or tends to impair the
character, reputation or appearance of the Building as a first-class office
building; (e) impairs or tends to impair the proper and economic maintenance,
operation and repair of the Building and/or its equipment, facilities or
systems; or (f) constitutes a nuisance, public or private.

            (b) Notwithstanding any other provision of this Lease to the
contrary (including without limitation, Paragraph 9 regarding heating,
ventilation and air conditioning and Paragraph 19 regarding rules and
regulations), Tenant hereby agrees that the aggregate number of people
(including, without limitation, full-time employees, part-time employees,
independent contractors and agents of Tenant) which may use or perform services
or activities in the Lease Premises shall not exceed a ratio of one (1) person
for each two hundred fifty (250) rentable square feet of space in the Leased
Premises, regardless of whether such people "office share", "job share" or work
in shifts. Landlord hereby acknowledges that Tenant may, from time to time,
allow invitees, guests and repair workers to enter the Premises for the purposes
of meeting with employees and making repairs, and that the presence of such
people shall not be included in the aforementioned calculation. Any violation by
Tenant of the terms and conditions of the Paragraph 7 shall be deemed to be an
Event of Default as defined in Paragraph 23 of the Lease for which there is no
cure period.

      8. PREPARATION FOR OCCUPANCY. Prior to the Commencement Date, Landlord
shall, at Landlord's sole cost and expense, alter and fit-up the Premises to the
extent set forth in the Workletter Agreement of even date herewith, marked
Exhibit "C" and attached hereto (herein referred to as "Building Standard
Improvements"). Landlord and Tenant agree that, subject to the terms of this
Lease and the Workletter Agreement, Tenant may construct a supplemental fire
suppression system (the "Auxiliary Sprinkler System") in the Premises. Tenant
agrees that upon termination of this Lease for any reason, at Landlord's sole
option and
 <PAGE>

Tenant's sole cost including any associated costs, Tenant shall remove the
Auxiliary Sprinkler System and return the Premises, including all fire
suppression systems altered by Tenant, to building standard conditions.

      Other than Building Standard Improvements, all pre-occupancy alteration
and fit-up of the Premises shall be performed at Tenant's sole cost and expense
(herein referred to collectively as "Special Work"), subject to the terms and
provisions of the Workletter Agreement and this Lease.

      9.    SERVICES.  The Landlord  shall  provide,  at  Landlord's  expense,
except as otherwise provided, the following services:

            (a) Janitor service as described in Exhibit "D" attached hereto, in
and about the office space, Saturdays, Sundays, and legal and union holidays
excepted.

            (b)   Heat  and,  except  for  basement  space,   air-conditioning
required in Landlord's  judgment for the comfortable use and occupation of the
Premises,  from 7:00 a.m. to 6:00 p.m. on Mondays through  Fridays,  from 9:00
a.m. to 1:00 p.m. on Saturdays,  excepting  Sundays,  union and legal holidays
in each instance,

            Whenever heat generating machines or equipment are used in the
Premises which affect the temperature otherwise maintained by the
air-conditioning system, Landlord reserves the right, at its option, either to
require Tenant to discontinue the use of such heat generating machines or
equipment or to install supplementary air-conditioning equipment in the
Premises; the cost of such installation shall be paid by Tenant to Landlord
promptly on being billed therefor, and the cost of operation and maintenance of
said supplementary equipment shall be paid by Tenant to Landlord on the monthly
rent payment dates as such rates as may be agreed on, but in no event at a rate
less than Landlord's actual cost therefor of labor, materials and utilities.

            (c)   Water for drinking,  lavatory and toilet purposes, in public
                  areas only.

            (d)   Passenger elevator service at all times.

            (e)   Window washing of all exterior windows, both inside and out.

            (f)   Reasonable amounts of electricity,

            If Tenant shall require electric current design capacity in excess
of 2.0 watts per square foot at 208/120v (three phase) for use of the Premises
as general office space, Tenant shall first procure the consent of Landlord,
which Landlord may refuse, to the use thereof and Landlord may cause an electric
check meter to be installed in the Premises or Landlord shall have the right to
cause a reputable independent electrical engineering or consulting firm to
survey and determine the value of the electric service furnished for such excess
electric current. The cost of any such survey or meters and/or installation,
maintenance and repair thereof shall be paid for by Tenant. Tenant agrees to pay
to Landlord promptly upon demand therefor, for all such electric current
consumed as shown by said meters or by said survey at the rates charged for
<PAGE>

such services by the City, or the local public utility, as the case may be,
furnishing the same, plus any additional expense incurred in keeping account of
the electric current so consumed. It is understood that cost, as determined by
Landlord, of material and labor for replacing light bulbs, tubes, ballasts,
starters, switches and any other parts and fixtures used in furnishing
electricity to the leased Premises shall also be paid by Tenant.

      Tenant covenants and agrees that at all times its use of electric current
shall never exceed Tenant's proportionate share of the capacity of existing
feeders to the Building or the risers or wiring installation. Any riser or
risers or wiring to meet Tenant's excess electrical requirements, upon written
request of Tenant, will be installed by Landlord, at the sole cost and expense
of Tenant if, in Landlord's sole judgment, the same are necessary and will not
cause permanent damage or injury to the Building or Premises or cause or create
a dangerous or hazardous condition or entail excessive or unreasonable
alteration, repairs or expense or interfere with or disturb other tenants or
occupants.

      Landlord has advised Tenant that presently Public Service Company of
Colorado ("Electric Service Provider") is the utility company selected by
Landlord to provide electricity service for the Building. Notwithstanding the
foregoing, if permitted by Law, Landlord shall have the right at any time and
from time to time during the Term of the Lease and any extension thereof to
either contract for service from a different company or companies providing
electricity service (each such company shall hereinafter be referred to as an
"Alternate Service Provider") or continue to contract for service from the
Electric Service Provider. Tenant shall cooperate with Landlord, the Electric
Service Provider, and any Alternate Service Provider at all times and, as
reasonably necessary, shall allow Landlord, Electric Service Provider, and any
Alternate Service Provider reasonable access to the Building's electric lines,
feeders, risers, wiring, and any other machinery within the Premises and accept
reasonable disturbances caused thereby.

      Should Tenant require any additional work or service, including but not
limited to the additional work or service described above, including service
furnished outside the stipulated hours, Landlord may, upon reasonable advance
notice by Tenant, furnish such additional service and Tenant agrees to pay the
Landlord such charges as may be agreed on, but in no event at a charge less than
Landlord's actual cost plus overhead for additional services provided, it being
agreed that the cost to the Landlord of such additional services shall be
excluded from Operating Expense.

      It is understood that Landlord does not warrant that any of the services
referred to above, or any other services which Landlord may supply, will be free
from interruption, Tenant acknowledging that any one or more such services may
be suspended by reason of accident or of repairs, maintenance, tests, change of
electric service provider (or the modification of facilities in connection
therewith) alterations or improvements necessary or advisable to be made, or by
strikes or lockouts, or by reason of operation of law, or causes beyond the
reasonable control of Landlord. Any such interruption of service shall never be
deemed an eviction or disturbance of Tenant's use and possession of the
Premises, or any part thereof, or render Landlord liable to Tenant for damages
by abatement of Rent or otherwise, or relieve Tenant from performance of
Tenant's obligations under this Lease.

<PAGE>

      10. MECHANIC'S LIENS. Tenant shall pay before delinquency all costs for
work done or caused to be done by Tenant in the Premises which could result in
any lien or encumbrance on Landlord's interest in the Land or Building or any
part thereof, shall keep the title to the Land or Building and every part
thereof free and clear of any lien or encumbrance in respect of such work and
shall indemnify and hold harmless Landlord against any claim, loss, cost, demand
and legal or other expense, whether in respect of any lien or otherwise, arising
out of the supply of material, services or labor for such work. Tenant shall
immediately notify Landlord of any such lien, claim of lien or other action of
which it has, or reasonably should have had, knowledge and which affects, or
could affect, the title to the Land or Building or any part thereof and Tenant
shall cause the same to be removed within ten (10) days, failing which Landlord
may take such action as Landlord deems necessary to remove the same and the
entire cost thereof shall be immediately due and payable by Tenant to Landlord.

      11. QUIET ENJOYMENT. So long as Tenant shall observe and perform the
covenants and agreements binding on it hereunder, the Tenant shall at all times
during the Term herein granted peacefully and quietly have and enjoy possession
of the Premises without any encumbrance or hindrance by, from or through the
Landlord, its successors or assigns.

      12.   CERTAIN  RIGHTS  RESERVED TO THE LANDLORD.  The Landlord  reserves
the following rights:

            (a)   To name  the  Building  and to  change  the  name or  street
address of the Building.

            (b)   To install and  maintain a sign or signs on the  exterior or
interior of the Building.

            (c) To designate all sources furnishing sign painting and lettering,
ice, drinking water, towels, toilet supplies, shoe shining, vending machines,
mobile vending service, catering, and like services used on the Premises.

            (d) During the last ninety (90) days of the Term, if during or prior
to that time the Tenant vacates the Premises, to decorate, remodel, repair,
alter or otherwise prepare the Premises for re-occupancy, without affecting
Tenant's obligation to pay rental for the Premises.

            (e)   To constantly have pass keys to the Premises.

            (f) On reasonable prior notice to the Tenant, to exhibit the
Premises to prospective tenants during the last twelve (12) months of the Term,
and to any prospective purchaser, mortgagee, or assignee of any mortgage of the
Property and to others having a legitimate interest at any time during the Term,

            (g) At any time in the event of an emergency, otherwise at
reasonable times, to take any and all measures, including inspections, repairs,
alterations, additions and improvements to the Premises or to the Building, as
may be necessary or desirable for the safety, protection or preservation of the
Premises or the Building or the Landlord's interests, or as may
<PAGE>

be necessary or desirable in the operation or improvement of the Building or in
order to comply with all laws, orders and requirements of governmental or other
authority.

            (h) To install vending machines of all kinds in the Premises, and to
provide mobile vending service therefor, and to receive all of the revenue
derived therefrom, provided, however, that no vending machines shall be
installed by Landlord in the Premises nor shall any mobile vending service be
provided therefor, unless Tenant so requests,

      13. ESTOPPEL CERTIFICATE BY TENANT. The Tenant agrees that from time to
time upon not less than ten (10) business days' prior request by the Landlord,
the Tenant will deliver to the Landlord a statement in writing certifying (a)
that this Lease is unmodified and in full force and effect (or if there have
been modifications that the same is in full force and effect as modified and
identifying the modifications), (b) the Commencement Date, Termination Date, and
the dates to which the Rent and other charges have been paid, and (c) that, to
the best knowledge of the person making the certificate knows, the Landlord is
not in default under any provision of this Lease, and, if the Landlord is in
default, specifying each such default of which the person making the certificate
may have knowledge, it being understood that any such statement so delivered may
be relied upon by the Landlord, any landlord under any ground or underlying
lease, or any prospective purchaser, mortgagee, or any assignee of any mortgage
on tile Property. Tenant also shall include or confirm in any such statement
such other information concerning this Lease as Landlord may reasonably request.

      14. WAIVER OF CLAIMS, INDEMNITY, WAIVER OF SUBROGATION. The Tenant, to the
extent permitted by law, expressly, knowingly and voluntarily waives and
releases any claims it may have against the Landlord, and against the Landlord's
agents, employees and contractors, for theft or damage to property (including
business interruption of Tenant's Business) or injury to person sustained by the
Tenant or by any occupant of the Premises, or by any other person, as a result
of the acts or omissions of Landlord or Landlord's employees, agents, or
contractors (including as a result of the negligence of Landlord or its
employees, agents, or contractors). Without limiting the foregoing, Tenant
waives any claims against Landlord as a result of any part of the Property or
any equipment or appurtenances becoming out of repair, or resulting from any
accident in or about the Property or resulting directly or indirectly from any
act or neglect of any tenant or occupant of any part of the Property or of any
other person. This provision shall apply especially (but not exclusively) to
damage caused by water, frost, weather, steam, sewerage, electricity, gas, sewer
gas or odors, or by the bursting or leaking of pipes or plumbing work, and shall
apply equally whether such damage is caused or occasioned by anything or
circumstance above-mentioned or referred to, or by any other thing or
circumstance whether of a like or wholly different nature. If any damage to the
property results from any act or neglect of the Tenant or Tenant's agents,
employees or invitees, the Landlord may, at the Landlord's option, repair such
damages and the Tenant shall thereupon pay to the Landlord the total cost of
such repair. All personal property belonging to the Tenant or any occupant of
the Premises that is in or on any part of the Property shall be there at the
risk of the Tenant or of such other person only, and the Landlord, its agents
and employees shall not be liable for any damage thereto or for the theft or
misappropriation thereof. Notwithstanding any other provision of this Lease to
the contrary, no term or condition of this Lease shall be construed
<PAGE>

or interpreted as a waiver, either expressed or implied, of any of the
immunities, rights, benefits or protection provided to Lessor under the Colorado
Governmental Immunity Act, 24-10-101 et seq., C.R.S., as amended (including,
without limitation, any amendments to such statute, or under any similar statute
which is subsequently enacted). The parties hereto understand and agree that
liability for claims for injuries to persons or property arising out of the
negligence of the State of Colorado, its departments, institutions, agencies,
boards, officials and employees is controlled and limited by the provisions of
24-10-101, et seq., C.R.S., as amended. Any provision of this Lease, whether or
not incorporated herein by reference, shall be controlled, limited and otherwise
modified so as to limit any such liability of Landlord to the above cited laws.

            The Tenant agrees to hold the Landlord harmless and indemnified
(including reasonable attorney fees) against claims and liability for injuries
to all persons and for damage to or loss of property occurring in or about the
Property, due to any act of negligence or default under this Lease by the
Tenant, its contractors, agents, employees, invitees, or those on the Property
by or through Tenant. Tenant agrees that in the event Tenant shall have any
claim against Landlord under the Lease or arising out of the subject matter of
the Lease, as amended from time to time, Tenant's sole recourse shall be against
the Landlord's interest in the Building, for the satisfaction of any claim,
judgment or decree requiring the payment of money by Landlord as a result of a
breach hereof or otherwise in connection with the Lease, and no other property
or assets of Landlord, its successors or assigns, shall be subject to the levy,
execution or other enforcement procedure for the satisfaction of any such claim,
judgment, injunction or decree. Moreover, Tenant agrees that Landlord shall in
no even and under no circumstances be responsible for any consequential damages
incurred or sustained by Tenant, or its employees, agents, contractors or
invitees as a result of or in any way connected to Tenant's occupancy of the
Premises. Tenant further hereby waives any and all right to assert any claim
against or obtain any damages from, for any reason whatsoever, the agents,
trustees, directors, officers and partners of Landlord including all injuries,
damages or losses to Tenant's property, real and personal, whether known
unknown, foreseen, unforeseen, patent or latent, which Tenant may have against
Landlord or its agents, directors, officers or partners under the Lease or
arising out of the subject matter of the Lease. Tenant understands and
acknowledges the significance and consequence of the waivers and
indemnifications set forth herein. The indemnity and hold harmless obligations
of the Tenant shall survive termination of this Lease.

            To the extent that the Tenant carries insurance coverage, all
policies shall include a clause or endorsement denying the insurer any rights of
subrogation or recovery against the Landlord.

      15. LIABILITY INSURANCE. Tenant shall, at its expense, maintain during the
Term, comprehensive public liability insurance, contractual liability insurance
and broad form property damage insurance under policies issued by insurers of
recognized responsibility, with limits of not less than $2,000,000 for personal
injury, bodily injury, death, or for damage or injury to or destruction of
property (including the loss of use thereof) for any one occurrence. Tenant's
policies shall name Landlord, its agents, servants and employees as additional
insureds. Tenant shall provide, at least ten (10) days prior to the time such
insurance is first required, and
<PAGE>

at least thirty (30) days prior to the expiration of each such policy, a
Certificate of Insurance to Landlord (in a form substantially similar to an
Acord Form 27), without notice. At the option of the Landlord, the originals of
all policies of insurance shall be held by Landlord.

            Every policy shall contain an endorsement requiring thirty (30)
days' written notice from the insurance company to the Landlord before
cancellation or any change in the coverage, scope or amount of any policy and a
clause or endorsement denying the insurer any rights of subrogation or recovery
against Landlord as set forth in Section 14 above.

      16. HOLDING OVER. If the Tenant retains possession of the Premises or any
part thereof after the termination of the Term, the Tenant shall pay the
Landlord Rent at double the monthly rate specified in Section 4 for the time the
Tenant thus remains in possession and, in addition thereto, shall pay the
Landlord for all damages, consequential as well as direct, sustained by reason
of the Tenant's retention of possession. If the Tenant remains in possession of
the Premises, or any part thereof, after the termination of the term, such
holding over shall, at the election of the Landlord expressed in a written
notice to the Tenant and not otherwise, constitute a renewal of this Lease for
one year. The provisions of this Section do not exclude the Landlord's rights of
re-entry or any other right hereunder.

      17.   ASSIGNMENT AND SUBLETTING.

            (a) The Tenant, or any other occupant, shall not, without the
Landlord's prior written consent: (a) assign, convey, mortgage, pledge, encumber
or otherwise transfer (whether voluntarily or otherwise) this Lease or any
interest under it; (b) allow any transfer thereof or any lien upon the Tenant's
interest by operation of law; (c) sublet the Premises or any part thereof, or
(d) permit the use or occupancy of the Premises or any part thereof by any one
other than the Tenant.

            (b) Notwithstanding anything herein to the contrary, if at any time
or from time to time during the Term, Tenant desires to sublet or assign the
Lease with respect to all or part of the Premises, Tenant shall notify Landlord
in writing (hereinafter referred to in this Section as the "Notice") of the
terms of the proposed subletting or assignment and the area proposed to be
sublet or covered by the assignment and shall give Landlord the option to sublet
from Tenant such space (hereinafter referred to as "Sublet Space") at the same
Rent and Additional Rent as Tenant is required to pay to Landlord under this
Lease for the same space, or, at Landlord's option, to terminate this Lease with
respect to the Sublet Space. If the Sublet Space does not constitute the entire
Premises and Landlord exercises its option to terminate this Lease with respect
to the Sublet Space, then as to that portion of the Premises which is not part
of the Sublet Space, this Lease shall remain in full force and effect except
that the Rent and Additional Rent shall be reduced by a fraction, the numerator
of which shall be the rentable square feet of the Sublet Space and the
denominator of which shall be the rentable square feet of the Premises. The
option to sublet, or to terminate this Lease, shall be exercisable by Landlord
in writing within a period of thirty (30) calendar days after receipt of the
Notice,

                  In the event Landlord exercises the option to sublet the
Sublet Space, the term of the subletting from the Tenant to Landlord shall be
the term set forth in the Notice and
<PAGE>

shall be on such terms and conditions as are contained in this Lease to the
extent applicable, except that the Landlord shall have the right to further
sublet the Sublet Space, in its sole and absolute discretion.

                  If Landlord fails to exercise either of its options within the
said thirty (30) day period, the Tenant may submit to Landlord within twenty
(20) days after said period a copy of the proposed assignment or sublease and
such information concerning the proposed assignment or sublease as may be
requested by Landlord for Landlord's review. If Landlord, in its sole
discretion, approves in writing the terms of the proposed assignment or sublease
and the proposed assignee or sublessee but a fully executed counterpart of such
assignment or sublease is not delivered to Landlord within sixty (60) days after
the date of Landlord's approval, then Landlord's approval of the proposed
assignment or sublease shall be deemed null and void and Tenant shall again
comply with all the conditions of this Section as if the Notice and options
hereinabove referred to had not been given and received.

            (c)   Assignment  under the Lease.  The following  shall be deemed
to be an assignment under this Lease:

                  (i) the sale, transfer or creation of a total of more than
      Fifty Percent (50%) of the shares of the stock of a corporation, or more
      than Fifty Percent (50%) of the ownership interests of any other type of
      entity which is then the Tenant under this Lease, including, but not
      limited to, general partnerships, limited partnerships, limited liability
      partnerships, limited liability limited partnerships, limited liability
      companies, and limited partnership associations; or

                  (ii)  the merger of the  Tenant  with  another  entity
      whereby the Tenant is not the surviving entity; or

                  (iii) the   conversion  of  the  Tenant  into  another
      entity; or

                  (iv)  if  the   Tenant   is  a  general   or   limited
      partnership,  its  registration  with the  Colorado  Secretary  of
      State's office pursuant to C.R.S. Section 7-60-144; or

                  (v) if the Tenant is a general or limited partnership formed
      on or before December 31, 1997, its election to be governed by C.R.S.
      Section 7-64-101 et seq.

                  (vi) provided that, notwithstanding the foregoing subsections
      of the Section 17(c), a sale or transfer of more than 50% of the shares of
      the stock of Tenant, or a merger of Tenant with or into another firm or
      entity, shall not be deemed to be an assignment under this Section 17 (and
      no consent of the Landlord shall be required) if the Tenant (or the entity
      with which Tenant merges) has immediately after giving effect to the
      transaction in question, a net worth (as determined under GAAP) of at
      least $50 million and Tenant (or the entity with
<PAGE>

     which Tenant merges) consents to and is bound by all the terms and
     conditions of this Lease.

            (d) Tenant agrees to pay to Landlord, on demand, reasonable costs
incurred by Landlord in connection with any request by Tenant for Landlord to
consent to an assignment or subletting by Tenant.

            (e) If Landlord fails to exercise either of its options under
Subsection (b) above, and if this Lease is assigned or if the Premises or any
part thereof is sublet or occupied by anybody other than Tenant, Tenant shall
pay to Landlord, as Additional Rent, all of the Excess Sublease Rent (as
hereinafter defined) less the reasonable and customary out-of-pocket transaction
costs incurred by Tenant in connection with such subletting or assignment,
including attorney's fees, brokerage commissions, and alteration costs (which
transaction costs shall be amortized on a straight-line basis over the sublease
or assignment term). Excess Sublease Rent shall include all rents, additional
charges, and any and all other consideration payable to Tenant by the subtenant
or assignee for or by reason of such sublease or assignment and which are, in
the aggregate, in excess of the rent payable under this Lease for the subleased
or assigned space during the term of the sublease or assignment, and shall
include but not be limited to any sums paid for the sale or rental of Tenant's
fixtures, leasehold improvements, equipment, furniture, furnishings, or other
personal property, and sums paid for services provided by Tenant to such
subtenant (including, without limitation, secretarial, word-processing,
receptionist, conference room, library, etc.).

                  Any amounts payable by Tenant under this Subsection (e) shall
be paid by Tenant to Landlord as and when amounts on account thereof are due or
paid, whichever occurs first, by any subtenant or assignee to Tenant, and Tenant
agrees to promptly advise Landlord thereof and furnish such information and
documentation with regard thereto as Landlord may request from time to time.

                  Landlord shall have the right at any time and from time to
time upon prior notice to Tenant to audit and inspect Tenant's books, records,
accounts, and federal income tax returns to verify the determination of
Additional Rent payable under this section.

            (f) If this Lease is assigned or if the Premises or any part thereof
is sublet or occupied by anybody other than Tenant, Landlord may, after default
by Tenant, collect rent from the assignee, subtenant or occupant, and apply the
net amount collected to the Rent and Additional Rent herein reserved, but no
such assignment, subletting, occupancy or collection shall be deemed a waiver of
any of Tenant's covenants contained in this Lease or the acceptance of the
assignee, subtenant or occupant as Tenant, or a release of Tenant from further
performance by Tenant of covenants on the part of Tenant herein contained.

            (g) Any consent by Landlord to a particular assignment or sublease
shall not constitute Landlord's consent to any other or subsequent assignment or
sublease. Any assignment, subletting, or occupancy without Landlord's prior
written consent shall be voidable by Landlord and shall, at the option of
Landlord, constitute an Event of Default (as defined in Section 23 hereof) under
this Lease.
<PAGE>

            (h) In the event of a permitted subletting or assignment, any and
all allowances, concessions and options set forth in this Lease shall, effective
as of the date of the subletting or assignment, be deemed null and void, it
being understood that said allowances, concessions and options were solely for
the benefit of the original Tenant. In no event shall this be deemed to
retroactively void any allowances or concessions disbursed prior to the
subletting or assignment.

            (i) In no event may Tenant sublet or assign or be permitted to
sublet or assign by operation of law or otherwise all or any portion of the
Premises to any existing tenant or subtenant of the Building, or any other
Building in metropolitan Denver then owned by Landlord. It is understood and
agreed that said subletting or assignment would damage Landlord in an amount
which would be difficult to determine and the parties hereby agree that any such
subletting or assignment shall be void and of no further force and effect and
that Tenant shall be liable to Landlord for damages in an amount equal to the
then prevailing market rental rate for the Building in which the subtenant or
assignee was located, for new leases multiplied by the number of rentable square
feet in the Premises which were sublet or assigned, which give a per annum
rental amount, which amount shall be multiplied by the number of lease years of
the sublease or assignment, pro rata for any partial year. Said amount shall be
due and payable upon demand from Landlord and shall be in addition to and not in
limitation of any other rights or other remedies of Landlord under this Lease
for default.

            (j) In no event may Tenant assign this Lease or sublet all or any
portion of the Premises to any person or entity with whom Landlord, or its
agent, is or was negotiating and to or from whom Landlord, or its agent, has
given or received any written or oral proposal within the past twelve (12)
months regarding a lease of space in the Building.

            (k) In no event may Tenant assign this Lease or sublet all or any
portion of the Premises nor is any proposed assignment or sublease effective if
there exists at the time of the proposed assignment or sublease an Event of
Default under the Lease (as defined in Section 23 hereof) or Tenant has failed
to pay Rent when, due.

            (l) Tenant shall not publicly advertise the rate for which Tenant is
willing to sublet or assign the space; and all public advertisements of the
assignment of the Lease or sublet of Premises, or any portion thereof, shall be
subject to the prior written approval of Landlord. Said public advertisements
shall include, but not be limited to, the placement or display of any signs or
lettering on the exterior of the Premises, or on the glass or any window or door
of the Premises, or in the interior of the Premises if it is visible from the
exterior.

            (m) The listing of any name other than that of Tenant, whether on
the doors of the Premises or the Building directory or otherwise, or the
acceptance of payment for Rent or other charges from any person or entity other
than Tenant, shall not operate to vest any right or interest in this Lease or in
the Premises, nor shall it be deemed to be the consent of Landlord to any
assignment or transfer of this Lease or to any sublease of the Premises or to
the use or occupancy thereof by others.
<PAGE>

      18. CONDITION OF PREMISES. Tenant's taking possession of the Premises
shall be conclusive evidence as against the Tenant that the Premises were in
good order and satisfactory condition when the Tenant took possession, except as
to latent defects. No promise of the Landlord to alter, remodel, repair or
improve the Premises or the Building and no representation respecting the
condition of the Premises or the Building have been made by Landlord to Tenant,
other than the Workletter Agreement, attached hereto as Exhibit "C". At the
termination of this Lease, the Tenant shall return the Premises broom-clean and
in as good condition as when the Tenant took possession; (i) ordinary wear or
(ii) damage caused by fire or other casualty not caused by Tenant or Tenant's
agents, employees or invitees excepted, failing which the Landlord may restore
the Premises to such condition and the Tenant shall pay the cost thereof on
demand. However, Tenant shall remain liable to return the Auxiliary Sprinkler
System to building standard condition as set forth in Section 8 above.

      19. RULES AND REGULATIONS. The Tenant agrees to comply with the following
rules and regulations and with such reasonable modifications thereof and
additions thereto as the Landlord may hereafter from time to time make for the
Building. The Landlord shall not be responsible for the non-observance by any
other tenant of any said rules and regulations:

            (a) The Tenant shall occupy and use the Premises during the Term for
general office and no other purpose whatsoever.

            (b) The Tenant shall not exhibit, sell or offer for sale on the
Premises or in the Building any article or thing except those articles and
things essentially connected with the stated use of the Premises by the Tenant
without the advance consent of the Landlord.

            (c) The Tenant will not make or permit to be made any use of the
Premises or any part thereof which would violate any of the covenants,
agreement, terms, provisions and conditions of this Lease or which directly or
indirectly is forbidden by public law, ordinance or governmental regulation or
which may be dangerous to life, limb, or property, or which may invalidate or
increase the premium cost of any policy of insurance carried on the Building or
covering its operation, or which will suffer or permit the Premises or any part
thereof to be used in any manner or anything to be brought into or kept therein
which, in the judgment of Landlord, shall in any way impair or tend to impair
the character, reputation or appearance of the Property as a high quality office
building, or which will impair or interfere with or tend to impair or interfere
with any of the services performed by Landlord for the Property. Bicycles or
other vehicles shall not be permitted in the offices, halls, corridors and
elevators in the Building, nor shall any obstruction of sidewalks or entrances
of the Building by such be permitted.

            (d) The Tenant shall not display, inscribe, print, paint, maintain
or affix on any place in or about the Building any sign, notice, legend,
direction, figure or advertisement, except on the designated areas of the
Premises and on the Directory Board, and then only such name(s) and matter, and
in such color, size, style, place and materials, as shall first have been
approved by the Landlord. The listing of any name other than that of Tenant,
whether on the door of the Premises, on the Building directory, or otherwise,
shall not operate to vest any right
<PAGE>

or interest in this Lease or in the Premises or be deemed to be the written
consent of Landlord mentioned in Section 17, it being expressly understood that
any such listing is a privilege extended by Landlord revocable at will by
written notice to Tenant.

            (e) The Tenant shall not advertise the business, profession or
activities of the Tenant conducted in the Building in any manner which violates
the letter or spirit of any code of ethics adopted by any recognized association
or organization pertaining to such business, profession or activities, and shall
not use the name of the Building for any purposes other than that of the
business address of the Tenant, and shall never use any pictures or likeness of
the Building in any circulars, notices, advertisements or correspondence without
the Landlord's consent.

            (f) No additional locks or similar devices shall be attached to any
door or window without Landlord's prior written consent. No keys for any door
other than those provided by the Landlord shall be made. Tenant will be
supplied, free of charge, with two keys for the main door entering the Premises.
If more than two keys for one lock are desired, the Landlord will provide the
same upon payment by the Tenant. All keys shall remain the property of the
Landlord and must be returned to the Landlord at the expiration or termination
of this Lease. Tenant shall also provide Landlord the explanation of the
combination to all locks for safes, safe cabinets and vault doors, if any, in
the Premises,

            (g) The Tenant shall not make any alterations, improvements or
additions to the Premises including, but not limited to, wall coverings, floor
coverings and special lighting installations, without the Landlord's advance
written consent in each and every instance. In the event Tenant desires to make
any alterations, improvements or additions, Tenant shall first submit to
Landlord plans and specifications therefor and obtain Landlord's written
approval thereof prior to commencing any such work. All alterations,
improvements or additions, whether temporary or permanent in character, made by
Landlord or Tenant in or upon the Premises shall become Landlord's property and
shall remain upon the Premises at the termination of this Lease without
compensation to Tenant (excepting only Tenant's movable office furniture, trade
fixtures, office and professional equipment) provided, however, that Landlord
shall have the right to require Tenant to remove such alterations, improvements
or additions, at Tenant's cost, upon the termination of this Lease and to repair
any damage to the Premises resulting therefrom.

            (h) Neither Tenant, its clerks, agents or servants, shall bring into
the Building, without written consent, and under the direction of Landlord, gas
pipes or any telephone, telegraph or electric wires for any purpose.

            (i) All persons entering or leaving the Building after hours on
Monday through Friday, or at any time on Saturdays, Sundays or holidays, may be
required to do so under such regulations as the Landlord may impose. The
Landlord may exclude or expel any peddler.

            (j) The Tenant shall not overload any floor. The Landlord may direct
the time and manner of delivery, routing and removal, and the location of safes
and other heavy articles.
<PAGE>

            (k) Unless the Landlord gives advance written consent, the Tenant
shall not install or operate any steam or internal combustion engine, boiler,
machinery, refrigerating or heating device or air-conditioning apparatus in or
about the Premises, or carry on any mechanical business therein, or use the
Premises for housing accommodations or lodging or sleeping purposes, or do any
cooking therein, or use any illumination or other electric light, or use or
permit to be brought into the Building any inflammable fluids such as gasoline,
kerosene, naphtha, and benzene, or any explosives, radioactive materials or
other articles deemed extra hazardous to life, limb or property except in a
manner which would not violate any ordinance or governmental regulations. The
Tenant shall not use the Premises for any illegal or immoral purpose.

            (l) The Tenant shall cooperate fully with the Landlord to assure the
effective operation of the Building's air-conditioning system, including the
closing of venetian blinds and drapes, and if windows are operable to keep them
closed when the air-conditioning system is in use.

            (m) The Tenant shall not contract for or perform any work or service
which might involve the employment of labor incompatible with the Building
employees or employees of contractors doing work or performing services by or on
behalf of the Landlord.

            (n) No freight, furniture, packages of bulky matter of any
description will be received in the Building or carried up or down in the
elevators except during such hours as the management may prescribe.

            (o) The sidewalk, halls, passages, exits, entrances, elevators and
stairways shall not be obstructed by the Tenant or used for any purpose other
than for ingress to and egress from its Premises. The halls, passages, exits,
entrances, elevators, stairways and roof are not for the use of the general
public and the Landlord shall in all cases retain the right to control and
prevent access thereto by all persons whose presence, in the judgment of the
Landlord, shall be prejudicial to the safety, character, reputation and
interests of the Building and its tenants, provided that nothing herein
contained shall be construed to prevent such access to persons with whom the
Tenant normally deals in the ordinary course of Tenant's business unless such
persons are engaged in illegal activities. No tenant and no employees or
invitees or any tenant shall go upon the roof or mechanical floors of the
Building.

            (p) Tenant shall not use, keep or permit to be used or kept any foul
or noxious gas or substance in the Premises, or permit or suffer the Premises to
be occupied or used in a manner offensive or objectionable to the Landlord or
other occupants of the Building by reason of noise, odors and/or vibrations, or
interfere in any way with other tenants or those having business therein, nor
shall any animals other than guide dogs for disabled visitors or employees or
birds be brought in or kept in or about the Premises or the Building.

            (q) Tenant shall see that the doors, and windows, if operable, of
the Premises are closed and securely locked before leaving the Building and must
observe strict care and caution that all water faucets or water apparatus are
entirely shut off before Tenant or Tenant's employees leave the Building, and
that all electricity shall likewise be carefully shut off so as to
<PAGE>

prevent waste or damage, and for any default or carelessness Tenant shall make
good all injuries or losses sustained by other tenants or occupants of the
Building or Landlord.

            (r) Tenant shall not allow its employees or invitees to smoke in the
Premises or the Building unless the areas have been designated as smoking areas
by Landlord.

            In addition to all other liabilities for breach of any covenant of
this Section, the Tenant shall pay to the Landlord an amount equal to any
increase in insurance premiums payable by the Landlord or any other tenant in
the Building caused by such breach.

      20. REPAIRS. Tenant shall give to Landlord prompt written notice of any
damage to, or defective condition in any part or appurtenance of the Building's
plumbing, electrical, heating, air-conditioning or other systems serving,
located in, or passing through the Premises. Subject to the provisions of this
Section 20, the Tenant shall, at the Tenant's own expense, keep the Premises in
good order, condition and repair during the Term, except that the Landlord, at
the Landlord's expense (unless caused by the fault or negligence of the Tenant,
its contractors, agents, or employees) shall keep in repair the elevators,
electrical lines, plumbing fixtures located in the Building (except those
installed by Tenant) heating and air-conditioning equipment, outside walls,
including windows, and roof. The Tenant at the Tenant's expense, shall comply
with all laws and ordinances, and all rules and regulations of all governmental
authorities and of all insurance bodies at any time in force, applicable to the
Premises or to the Tenant's use thereof, except that the Tenant shall not hereby
be under any obligation to comply with any law, ordinance, rule or regulation
requiring any structural alteration of or in connection with the Premises,
unless such alteration is required by reason of a condition which has been
created by, or at the instance of, the Tenant, or is required by reason of a
breach of any of the Tenant's covenants and agreements hereunder. Landlord shall
not be required to repair any injury or damage by fire or other cause, or to
make any repairs or replacements of any panels, decoration, office fixtures,
railing, ceiling, floor covering, partitions, or any other property installed in
the Premises by the Tenant.

      21. UNTENANTABILITY. If the Premises are made untenantable in whole or in
part by fire or other casualty the Rent, until repairs shall be made or the
Lease terminated as hereinafter provided, shall be apportioned on a per them
basis according to the part of the Premises which is usable by the Tenant, if,
but only if, such fire or other casualty be not caused by the fault or
negligence of the Tenant, its contractors, agents, or employees. If such damage
shall be so extensive that the Premises cannot be restored to Building Standard
by the Landlord within a period of four (4) months, either party shall have the
right to cancel this Lease by notice to the other given at any time within
thirty (30) days after the date of such damage, except that if such fire or
casualty resulted from the Tenant's fault or negligence the Tenant shall have no
right to cancel. If a portion of the Building other than the Premises shall be
so damaged that in the opinion of the Landlord the Building should be restored
in such a way as to alter the Premises materially, the Landlord may cancel this
Lease by notice to the Tenant given at any time within thirty (30) days after
the date of such damage. In the event of giving effective notice pursuant to
this Section, this Lease and the term and the estate hereby granted shall expire
on the date fifteen (15) days after the giving of such notice as fully and
completely as if such date were the date
<PAGE>

hereinbefore set for the expiration of the Term of this Lease. If this Lease is
not so terminated, the Landlord will promptly repair the damage; however, no
damage, compensation, or claim shall be payable by Landlord for any
inconvenience, loss of business or annoyance arising from the fire or casualty
or from any repair or restoration of any portion of the Premises or the
Building.

      22.   EMINENT DOMAIN.

            (a) In the event that title to the whole or any part of the Premises
shall be lawfully condemned or taken in any manner for any public or
quasi-public use, this Lease and the term and estate hereby granted shall
forthwith cease and terminate as of the date of vesting of title and the
Landlord shall be entitled to receive the entire award, the Tenant hereby
assigning to the Landlord the Tenant's interest therein, if any.

            (b) In the event that title to a part of the Building other than the
Premises shall be so condemned or taken and if in the opinion of the Landlord,
the Building should be restored in such a way as to alter the Premises
materially, the Landlord may terminate this Lease and the term and estate hereby
granted by notifying the Tenant of such termination within sixty (60) days
following the date of vesting of title, and this Lease and the term and estate
hereby granted shall expire on the date specified in the notice of termination,
not less than sixty (60) days after the giving of such notice, as fully and
completely as if such date were the date hereinbefore set for the expiration of
the Term of this Lease, and the Rent hereunder shall be apportioned as of such
date.

      23. TENANT'S DEFAULT AND LANDLORD'S REMEDIES. All rights and remedies of
the Landlord herein enumerated shall be cumulative, and none shall exclude any
other right or remedy allowed by law. In addition to the other remedies in this
Lease provided, the Landlord shall be entitled to restraint by injunction of the
violation or attempted violation of any of the covenants, agreements or
conditions of this Lease.

            (a) Any one of the following events shall be deemed to be an "Event
of Default" by Tenant under this Lease:

                  (i) Tenant fails to pay any installment of Annual Basic Rent
      or Additional Rent when due, or any other payment or reimbursement to
      Landlord required herein when due, and such failure shall continue for a
      period of five (5) days from the date such payment was due;

                  (ii) Tenant defaults in the prompt and full performance of any
      other provision of this Lease and such default continues for twenty (20)
      days after notice from Landlord to Tenant; or, if such breach or
      noncompliance cannot be reasonably cured within such twenty (20) day
      period, Tenant does not, in good faith, commence to cure such breach or
      noncompliance within such twenty (20) day period;
<PAGE>

                  (iii) If the Tenant shall (a) apply for consent to the
      appointment of a receiver, trustee or liquidator of the Tenant or of all
      or a substantial part of its assets; (b) admit in writing its inability to
      pay its debts as they come due; (c) make a general assignment for the
      benefit of creditors; (d) file a petition or any answer seeking
      reorganization or arrangement with creditors or to take advantage of any
      insolvency law other than the Federal Bankruptcy Code; (e) file an answer
      admitting the material allegations of a petition filed against the Tenant
      in any reorganization or insolvency proceeding, other than a proceeding
      commenced pursuant to the Federal Bankruptcy Code, or if any order,
      judgment or decree shall be entered by any court of competent
      jurisdiction, except for a bankruptcy court or a federal court sitting as
      a bankruptcy court, adjudicating the Tenant insolvent or approving a
      petition seeking reorganization of the Tenant or appointing a receiver,
      trustee or liquidator of the Tenant or of all or a substantial part of its
      assets; or (f) make a transfer in fraud of creditors, then in any such
      events, in addition to other rights provided for herein, Landlord may give
      to the Tenant a notice of intention to end the Term of this Lease,
      specifying a day not earlier than ten (10) days thereafter, and upon the
      giving of such notice the Term of this Lease and all rights, title and
      interest of the Tenant hereunder shall expire as fully and completely on
      the day so specified as if that day were the date herein specifically
      fixed for the expiration of the Term;

                  (iv)  Tenant shall  abandon or vacate any  substantial
      portion of the Premises;

                  (v) Tenant's interest under this Lease or in the Premises is
      transferred or passes to, or devolves upon, any other person or entity in
      violation of Section 17 of this Lease; or

            (vi) Tenant shall fail to discharge any lien placed upon the
      Premises or upon Tenant's interest in the Premises by any creditor and
      such lien is not discharged or disposed of in accordance with this Lease.

            (b) Upon the occurrence of any of such Event of Default described
herein, Landlord shall have the option to pursue any or all of the following
remedies:

                  (i) If Tenant fails to make any payment or perform any other
      act on its part to be made or performed under this Lease, the Landlord
      may, but shall not be obligated to, after reasonable notice to Tenant and
      without waiving or releasing the Tenant from any obligation under this
      Lease, make such payment or perform such other act to the extent the
      Landlord may deem desirable, and in connection therewith to pay expenses
      and employ counsel. The Tenant agrees to pay reasonable attorney's fees if
      legal action is required to enforce performance by Tenant of any
      condition, obligation or requirement hereunder. All sums so paid by the
      Landlord and all expenses in connection therewith, together with interest
      thereon at the rate of Twelve Percent (12%) per annum from the date of

<PAGE>

      payment, shall be deemed Additional Rent hereunder and payable at the time
      of any installment of Rent thereafter becoming due, and the Landlord shall
      have the same rights and remedies for the non-payment thereof, or of any
      other Additional Rent, as in the case of default in the payment of Rent.

                  (ii) Terminate this Lease by giving to the Tenant a notice of
      intention to end the Term of this Lease, specifying a day not earlier than
      three (3) days thereafter, and, upon the giving of such notice, this Lease
      shall terminate on the day so specified, except as to Tenant's liability
      to pay rent and other charges for the remaining Term of this Lease,
      together with all arrearages, whereupon Tenant shall immediately surrender
      possession of the Premises to Landlord, and hereby grants to the Landlord
      full and free license to enter into and upon the Premises in such event
      with or without process of law and to repossess the Premises as the
      Landlord's former estate and, if Tenant fails so to do, Landlord may,
      without prejudice to any other remedy which it may have for possession or
      arrearages in Annual Base Rent, Additional Rent, or other charges, enter
      upon and take possession of the Premises and expel or remove Tenant, as
      well as any other person who may be occupying such Premises or any part
      thereof, by force if necessary, including removal of all personal property
      therein, without being liable for prosecution or any claim of damages
      therefor, and change the locks on the Premises.

                  (iii) If the Tenant abandons or fails to operate in the
      Premises or the Landlord otherwise becomes entitled so to elect, and the
      Landlord elects, without terminating the Lease, to endeavor to relet the
      Premises, the Landlord may, at the Landlord's option, enter into the
      Premises, remove the Tenant's signs, personal property, and other evidence
      of tenancy, and take and hold possession thereof, without such entry and
      possession terminating the Lease or releasing the Tenant, in whole or in
      part, from the Tenant's obligation to pay the Rent hereunder for the full
      Term as provided in the Lease. Upon and after entry into possession
      without termination of the Lease, the Landlord may relet the Premises or
      any part thereof for the account of the Tenant to any person, firm or
      corporation other than the Tenant for such rent, for such time and upon
      such terms as the Landlord shall determine to be reasonable. In any such
      case, the Landlord may make repairs, alterations and additions in or to
      the Premises and redecorate the same to the extent deemed by the Landlord
      necessary or desirable.

            (c) If this Lease is terminated under the provisions of Section
23(b)(ii) or if the Landlord shall reenter the Premises under the provisions of
Section 23(b)(iii), or in the event of the termination of this Lease, or of
reentry, by or under any summary or other proceeding or action of any provision
of law by reason of default hereunder on the part of the Tenant, Tenant shall
pay to Landlord as damages in an amount equal to the Rent and other sums which
would have been owed by Tenant hereunder for the balance of the Term, less the
net proceeds, if any, of any reletting of the Premises by Landlord, after
deducting all Landlord's expenses in connection with such reletting, including,
but without limitation, all repossession costs, brokerage
<PAGE>

commissions, legal expenses, attorneys' fees, expenses of employees, alteration
and repair costs, and expenses of preparation for such reletting of the
Premises, As used herein, the phrase "Preparation for such Reletting" shall mean
restoring the Premises to a condition that is suitable for a new tenant,
including any and all costs for tenant finish work for a new tenant. Landlord
shall be entitled to collect such damages from Tenant monthly on the days on
which the Rent and other amounts would have been payable under this Lease, and
Landlord shall be entitled to receive the same from Tenant on each such day.
Alternatively, at the option of Landlord, Landlord shall be entitled to recover
forthwith against Tenant, as damages for the loss of the bargain and not as a
penalty: (i) the worth at the time of award of any unpaid Rent and other sums
due and payable which had been earned prior to return of possession of the
Premises to Landlord; plus (ii) the worth at the time of award of the amount of
unpaid Rent and other sums which would have been payable after the date of
return of possession of the Premises until the time of award which exceeds the
amount of such Rent loss that Tenant proves could have been reasonably avoided
by Landlord; plus (iii) the worth at the time of award of the amount by which
the unpaid Rent including sums for estimated Operating Costs which would have
been incurred and any other sums due for the balance of the Term after the time
of award that exceeds the amount that Tenant proves could be reasonably avoided
by Landlord; plus (iv) any other amounts to compensate Landlord for the
detriment proximately caused by Tenant's failure to perform Tenant's obligations
under this Lease, or which, in the ordinary course of things, would be likely to
result therefrom, including, without limitation, any costs or expenses incurred
by Landlord: (i) in retaking possession of the Premises; (ii) in maintaining,
repairing, preserving, restoring, replacing, cleaning, altering or
rehabilitating the Premises or any portion thereof, including such acts for
reletting to a new tenant or tenants; (iii) for leasing commissions; or (iv) for
any other costs necessary or appropriate to relet the Premises; plus (v) at
Landlord's election, such other amounts and remedies in addition to or in lieu
of the foregoing as may be permitted from time to time by the laws of the State
of Colorado.

                  The "worth at the time of award" of the amounts due prior to
the date of the award is computed by allowing interest compounded annually, at
Twelve Percent (12%), on all unpaid Rent and other sums due and payable. The
"worth at the time of award" of the amounts due after the date of the award is
computed by discounting such amount at the discount rate equal to the prime rate
charged from time to time by Norwest Bank, N.A., in Denver, Colorado, or its
successor(s).

            (d) Tenant agrees it would be difficult for the Landlord to prove
the amount of damages it will incur as a result of any breach of the Lease by
Tenant. Tenant hereby agrees that providing for the above liquidated sums in
addition to, and not in lieu of, other amounts due and owing amount to a
reasonable sum due and owing the Landlord in the event of a breach of this Lease
by Tenant.

            (e) Any and all property which may be removed from the Premises by
the Landlord pursuant to the authority of the Lease or of law, to which the
Tenant is or may be entitled, may be handled, removed or stored by the Landlord
at the risk, cost and expense of the Tenant, and the Landlord shall in no event
be responsible for the value, preservation or safekeeping thereof. The Tenant
shall pay to the Landlord, upon demand, any and all expenses
<PAGE>

incurred in such removal and all storage charges against such property so long
as the same shall be in the Landlord's possession or under the Landlord's
control. Any such property of the Tenant not removed from the Premises or
retaken from storage by the Tenant within thirty (30) days after the end of the
Term or of the Tenant's right to possession of the Premises, however terminated,
shall be conclusively deemed to have been forever abandoned by the Tenant and
either may be retained by Landlord as its property or may be disposed of in such
manner as Landlord may see fit.

      24.   LATE PAYMENTS; INTEREST AND LATE CHARGES.

            (a) Any amount due from Tenant to Landlord which is not paid when
due shall bear interest at the rate of Twelve Percent (12%) from the date such
payment is due until paid, except that amounts spent by Landlord on behalf of
Tenant shall bear interest at such rate from the date of disbursement by
Landlord.

            (b) Tenant hereby acknowledges that in addition to lost interest,
the late payment by Tenant to Landlord of rent or any other sums due hereunder
will cause Landlord to incur other costs not contemplated in this Lease, the
exact amount of which will be extremely difficult and impracticable to
ascertain. Such other costs include, but are not limited to, processing,
administrative and accounting costs. Accordingly, if any installment of rent or
any additional rent or other sum due from Tenant shall not be received by
Landlord within five (5) days after such amount shall be due, Tenant shall pay
to Landlord a late charge equal to ten percent (10%) of such overdue amount. The
parties hereby agree that (i) such late charge represents a fair and reasonable
estimate of the costs Landlord will incur in processing such delinquent payment
by Tenant, (ii) such late charge shall be paid to Landlord as liquidated damages
for each delinquent payment, and (iii) the payment of the late charges and the
payment of interest is to compensate Landlord for the use of Landlord's money by
Tenant, while the payment of the late charges is to compensate Landlord for the
additional administrative expense incurred by Landlord in handling and
processing delinquent payments

            (c) Following each second consecutive late payment of rent, Landlord
shall have the option (i) to require that beginning with the first payment of
rent next due, rent shall not longer be paid in monthly installments but shall
be payable quarterly three (3) months in advance and/or (ii) to require that the
Tenant increase the amount, if any, of the Security Deposit required under
Section 33 below by one hundred percent (100%), which additional Security
Deposit shall be retained by Landlord, and may be applied by Landlord, in the
manner provided in Section 33.

            (d) Neither assessment nor acceptance of interest or late charges by
Landlord shall constitute a waiver of Tenant's default with respect to such
overdue amount, nor prevent Landlord from exercising any of its other rights and
remedies under this Lease. Nothing contained in this Section shall be deemed to
condone, authorize, sanction or grant to Tenant an option for the late payment
of rent, additional rent or other sums due hereunder, and Tenant shall be deemed
in default with regard to any such payments should the same not be made by the
date on which they are due.
<PAGE>

      25. SALE AND ASSIGNMENT. Landlord shall have full right to sell or assign
its interest and rights to this Lease to any other person, firm or corporation
capable of accepting such sale or assignment. In the event that the purchaser or
assignee expressly covenants and agrees to accept and assume all the covenants,
conditions and stipulations of the Lease and to comply with and be bound
thereby, and to assume all liability of Landlord theretofore or thereafter
arising, then Landlord shall thereupon be released from all liability under this
Lease, and thereafter all liability in respect thereof shall rest upon the
assignee alone. Any purchaser or assignee from Landlord may, subject to the
provision hereof and upon the same terms and conditions, sell or assign his or
its interest in and rights to this lease and like subsequent assignments may be
made from time to time by anyone at any time owning such interest in and rights
to this lease.

      26. SUBORDINATION OF LEASE. The rights of the Tenant under this Lease
shall be and are subject and subordinate at all times to the lease between The
Auraria Foundation and Landlord, all ground leases, and/or underlying leases, if
any, now or hereafter in force against the Property, and to the lien of any
mortgage or mortgages now or hereafter in force against such leases and/or the
Property, and to all advances made or hereafter to be made upon the security
thereof, and to all renewals, modifications, consolidations, replacements and
extensions thereof. This Section is self-operative and no further instrument of
subordination shall be required. In confirmation of such subordination, Tenant
shall promptly execute such further instruments as may be requested by the
Landlord. The Tenant hereby irrevocably appoints the Landlord as
attorney-in-fact for the Tenant with full power and authority to execute and
deliver in the name of the Tenant any such instrument or instruments. Tenant, at
the option of any mortgagee, agrees to attorn to such mortgagee in the event of
a foreclosure sale or deed in lieu thereof.

      27. NOTICES AND CONSENTS. All notices, demands, requests, consents or
approvals which may or are required to be given by either party to the other
shall be in writing and shall be deemed given when sent and received (a) when
actually hand delivered, or three (3) business days after sending by United
States Certified or Registered Mail, postage prepaid, (a) if for the Tenant,
addressed to the Tenant at the Building, or at such other place as the Tenant
may from time to time designate by notice to the Landlord, or (b) if for the
Landlord, addressed to the management office of the Landlord in the Building,
Jones Lang LaSalle Americas (Colorado) L.P., 1380 Lawrence Street, Suite 320,
Denver, Colorado 80217, with a copy to Landlord addressed to University of
Colorado at Denver, 1380 Lawrence Street, Suite 320, Denver, Colorado 80217, or
at such other place as the Landlord may from time to time designate by notice to
the Tenant. All consents and approvals provided for herein must be in writing to
be valid. The date of service of such notices shall be the date such notices are
received or refused, as the case may be, as evidenced by addressee's registry or
certification receipt. If the term "Tenant", as used in this Lease, refers to
more than one person, any notice, consent, approval, request, bill, demand or
statement, given as aforesaid to any one of such persons shall be deemed to have
been duly given to Tenant.

            Except as specifically provided in this Lease, Tenant hereby
expressly waives the service of
<PAGE>

intention to terminate this Lease or to re-enter the Premises and waives the
service of any demand for payment of Rent or for possession and waives the
service of any other notice or demand prescribed by any statute or other law.

      28. SPRINKLERS. If there now is or shall be installed in the Building a
"sprinkler system", and such system or any of its appliances shall be damaged or
injured or not in proper working order by reason of any act or omission of the
Tenant, Tenant's agents, servants, employees, licensees or visitors, the Tenant
shall forthwith restore the same to good working conditions at its own expense,
and if the Board of Fire Underwriters of Fire Insurance Exchange or any bureau,
department or official of the state or city government, require or recommend
that any changes, modifications, alterations or additional sprinkler heads or
other equipment be made or supplied by reason of the Tenant's business, or the
location of partitions, trade fixtures, or other contents, of the Premises, or
for any other reason, or if any such changes, modifications, alterations,
additional sprinkler heads or other equipment, become necessary to prevent the
imposition of a penalty or charge against the full allowance for a sprinkler
system in the fire insurance rate as fixed by said Exchange, or by any fire
insurance company, Tenant shall, at the Tenant's expense, promptly make and
supply such changes, modifications, alterations, additional sprinkler head or
other equipment.

      29.   NO ESTATE  IN LAND.  This  contract  and Lease  shall  create  the
relationship  of landlord and tenant  between  Landlord and Tenant;  no estate
shall  pass out of  Landlord;  and  Tenant  has only a  usufruct  which is not
subject to levy and sale.

      30. INVALIDITY OF PARTICULAR PROVISIONS. If any clause or provision of
this Lease is or becomes illegal, invalid, or unenforceable because of present
or future laws or any rule or regulation of any governmental body or entity,
effective during its term, the intention of the parties hereto is that the
remaining parts of this Lease shall not be affected thereby unless such
invalidity is, in the sole determination of Landlord, essential to the rights of
both parties in which event Landlord has the right to terminate this Lease on
written notice to Tenant.

      31. WAIVER OF BENEFITS.  (Intentionally Deleted)

      32. WAIVER OF TRIAL BY JURY. It is mutually agreed by and between Landlord
and Tenant that the respective parties hereto shall and they hereby do waive
trial by jury in any action, proceeding or counterclaim brought by either of the
parties hereto against the other on 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 any emergency statutory or any
other statutory remedy.

      33. SECURITY DEPOSIT. Tenant has deposited with Landlord the sum of
Thirty-two thousand dollars and no cents /100 Dollars ($ 32,000 ) as security
for the full and faithful performance of every provision of this Lease to be
performed by Tenant. If Tenant defaults with respect to any provision of this
Lease, including but not limited to the provisions relating to the payment of
Rent, Landlord may use, apply or retain all or any part of this security deposit
for the payment of any Rent or any other sum in default or before the payment of
any other amount which Landlord may spend or become obligated to spend by reason
of Tenant's default, or to compensate Landlord for any other loss, cost or
damage which Landlord may suffer
<PAGE>

by reason of Tenant's default. If any portion of said deposit is so used or
applied, Tenant shall, within five (5) days after written demand therefor,
deposit cash with Landlord in an amount sufficient to restore the security
deposit to its original amount and Tenant's failure to do so shall be a breach
of this Lease, Landlord shall not, unless otherwise required by law, be required
to keep this security deposit separate from its general funds, nor pay interest
to its Tenant. If Landlord is required to maintain said deposit in an interest
bearing account, Landlord will retain the maximum amount permitted under
applicable law as a bookkeeping and administrative charge. If Tenant shall fully
and faithfully perform every provision of this Lease to be performed by it, the
security deposit or any balance thereof shall be returned to Tenant (or, at
Landlord's option, to the last transferee of Tenant's interest hereunder) at the
expiration of the lease term and upon Tenant's vacation of the Premises. In the
event the Building is sold, the security deposit will be transferred to the new
owner.

      34. SUBSTITUTE PREMISES.  (Intentionally deleted)

      35. PARKING. Tenant shall have the right, during the term of this Lease,
to rent Ten (10) unreserved garage stalls and ten (10) reserved stalls for the
parking of motor vehicles used by Tenant, its officers and employees at the
monthly rates and upon the terms and conditions as may from time to time be
established by Landlord, or the operator of the garage facility. Such garage
stalls shall be at locations designated by Landlord or the operator of the
garage facility. In the event Tenant does not continuously and at all times
following the Commencement Date elect to pay rent on the garage stalls, Landlord
shall have the right to cancel Tenant's right to use said garage stalls. [Bold
change handwritten and initialed by parties to Lease at time of signing]

      36. BROKERAGE. Tenant represents and warrants that it has dealt with no
broker, agent or other person in connection with this transaction and that no
broker, agent or other person brought about this transaction, other than Jones
Lang LaSalle Americas (Colorado), L.P. and Tenant agrees to indemnify and hold
Landlord harmless from and against any claims by any other broker, agent or
other person claiming commission or other form of compensation by virtue of
having dealt with Tenant with regard to this leasing transaction. The provisions
of this Section shall survive the termination of this Lease.

      37. SPECIAL STIPULATION.

            (a) No receipt of money by the Landlord from the Tenant after the
termination of this Lease or after the service of any notice or after the
commencement of any suit, or after final judgment for possession of the Premises
shall reinstate, continue or extend the term of this Lease or affect any such
notice, demand or suit or imply consent for any action for which Landlord's
consent is required.

            (b) Any claim, demand, right or, defense by Tenant that arises out
of this Lease or the negotiations that preceded this Lease shall be barred
unless Tenant commences an action thereon, or interposes a defense by reason
thereof, within six (6) months after the date of the inaction, omission, event,
or action that gave rise to such claim, demand, right, or defense.
<PAGE>

                  Tenant acknowledges and understands, after having had the
opportunity to consult with legal counsel, that the purpose of Paragraph (b) is
to shorten the period within which Tenant would otherwise have to raise such
claims, demands, rights, or defenses under applicable laws.

            (c) No waiver of any default of the Tenant hereunder shall be
implied from any omission by the Landlord to take any action on account of such
default if such default persists or be repeated, and no express waiver shall
affect any default other than the default specified in the express waiver and
that only for the time and to the extent therein stated. No subsequent novation,
renewal, addition, deletion or other amendment hereto shall have any force or
effect unless embodied in a written contract executed and approved pursuant to
the Sate of Colorado Fiscal Rules.

            (d) The term "Landlord" as used in this Lease, so far as covenants
or agreements on the part of the Landlord are concerned, shall be limited to
mean and include only the owner or owners of the Landlord's interest in this
lease at the time in question, and in the event of any transfer or transfers of
such interest the Landlord herein named (and in case of any subsequent transfer,
the then transferor) shall be automatically freed and relieved from and after
the date of such transfer of all personal liability as respects the performance
of any covenants or agreements on the part of the Landlord contained in this
Lease thereafter to be performed.

            (e) It is understood that the Landlord may occupy portions of the
Building in the conduct of the Landlord's business. In such event, all
references herein to other tenants of the Building shall be deemed to include
the Landlord as an occupant.

            (f)   The term  "City" as used in this Lease  shall be  understood
to mean the City in which the Property is located,

            (g) All of the covenants of the Tenant hereunder shall be deemed and
construed to be "conditions" as well as "covenants" as though the words
specifically expressing or importing covenants and conditions were used in each
separate instance.

            (h) The Tenant agrees that, upon receiving a written request from
the Landlord, the Tenant will within ten (10) days deliver a copy of this Lease,
or, if the Landlord so requests, a Memorandum of this Lease, in recordable form
to the Landlord. Tenant shall not record this Lease or a Memorandum thereof,
without the prior written consent of the Landlord.

            (i) Neither party has made any representations or promise, except as
contained herein, or in some further writing signed by the party making such
representation or promise.

            (j) In the absence of fraud, no person, firm or corporation, or the
heirs, legal representatives, successors and assigns, respectively, thereof,
executing this Lease for Landlord as agent, trustee or in any other
representative capacity shall ever be deemed or held individually liable
hereunder for any reason or cause whatsoever.
<PAGE>

            (k) In the event of variation or discrepancy, the Landlord's
original copy of the Lease shall control.

            (l) Each provision hereof shall extend to and shall, as the case may
require, bind and inure to the benefit of the Landlord and the Tenant and their
respective heirs, legal representatives and successors, and assigns in the event
this Lease has been assigned with the express written consent of the Landlord,

            (m) The Tenant represents, warrants and covenants that (1) it will
not bring, generate, store, use or dispose of Hazardous Substances (as
hereinafter defined) at the Premises; (2) it shall, at all times, comply with
all Environmental Laws (as hereinafter defined) and shall cause the Premises to
comply; and (3) Tenant will keep the Premises free of any lien imposed pursuant
to any Environmental Laws.

                  "Hazardous Substance" means, (i) asbestos and any asbestos
containing material and any substance that is then defined or listed in, or
otherwise classified pursuant to, any Environmental Laws or any applicable laws
or regulations as a "hazardous substance", "hazardous material", "hazardous
waste", "infectious waste", "toxic substance", "toxic pollutant" or any other
formulation intended to define, list or classify substances by reason of
deleterious properties such as ignitability, corrosivity, reactivity,
carcinogenicity, toxicity, reproductive toxicity, or Toxicity Characteristic
Leaching Procedure (TCLP) toxicity, (ii) any petroleum and drilling fluids,
produced waters, and other wastes associated with the exploration, development
or production of crude oil natural gas, or geothermal resources and (iii)
petroleum products, polychlorinated biphenyls, urea formaldehyde, radon gas,
radioactive material (including any source, special nuclear, or by-product
materials), and medical waste.

                  "Environmental  Laws"  collectively  means and  includes all
present  and future laws and any  amendments  (whether  common  law,  statute,
rule,  order,  regulation or otherwise),  permits,  and other  requirements or
guidelines  of  governmental   authorities  applicable  to  the  Premises  and
relating to the environment and  environmental  conditions or to any Hazardous
Substance (including,  without limitation,  CERCLA, 42 U.S.C.ss. 9601, et seq.;
the Resource  Conservation  and Recovery Act of 1976,  42 U.S.C.,ss. 6901,  et
seq.; the Hazardous Materials  Transportation Act, 49 U.S.C.ss. 1801, et seq.;
the Federal Water Pollution Control Act, 33 U.S.C.ss. 1251, et seq.; the Clean
Air Act, 33 U.S.C.ss. 7401,  et seq.; the Clean Air Act,  42 U.S.C.ss. 741, et
seq.;  the Toxic  Substances  Control  Act,  15 U.S.C.ss. 2601-2629;  the Safe
Drinking  Water  Act,  42  U.S.C.ss. 300f-300j;  the  Emergency  Planning  and
Community  Right-To-Know  Act, 42 U.S.C.ss. 1101,  et seq.;  and any so-called
"Super Fund" or "Super Lien" law, any law  requiring the filing of reports and
notices relating to hazardous  substances,  environmental laws administered by
the Environmental  Protection Agency, and any similar state and local laws and
regulations,  all amendments thereto and all regulations,  orders,  decisions,
and  decrees  now  or  hereafter   promulgated   thereunder   concerning   the
environment, industrial hygiene or public health or safety.)
<PAGE>

                  In the event of (1) a violation of an Environmental Law, (2) a
release, spill or discharge of a Hazardous Substance on or from the Premises, or
(3) the discovery of an environmental condition requiring response which
violation, release, or condition is attributable to the acts or omissions of
Tenant, its agents, employees, representatives, invitees, licensees, subtenants,
customers, or contractors, or (4) an emergency environmental condition
(collectively "Environmental Defaults"), Landlord shall have the right, but not
the obligation, to immediately enter the Premises, to supervise and approve any
actions taken by Tenant to address the violation, release or environmental
condition; and in the event Tenant fails to immediately address such violation,
release, or environmental condition, or if the Landlord deems it necessary, then
Landlord may perform, at Tenant's expense, any lawful actions necessary to
address the violation, release, or environmental condition.

                  Landlord has the right, but not the obligation, to cure any
Environmental Defaults, has the right to suspend some or all of the operations
of the Tenant until it has determined to its sole satisfaction that appropriate
measures have been taken, and has the right to terminate the Lease upon the
occurrence of an Environmental Default.

                  Tenant shall indemnify, defend (with counsel approved by
Landlord) and hold Landlord and Landlord's affiliates, shareholders, directors,
officers, employees and agents harmless from and against any and all claims,
judgments, damages (including consequential damages), penalties, fines,
liabilities, losses, suits, administrative proceedings, costs and expenses of
any kind or nature, known or unknown, contingent or otherwise, which arise out
of or in any way related to the acts or omissions of Tenant, its agents,
employees, representatives, invitees, licensees, subtenants, customers or
contractors during or after the term of this Lease (including, but not limited
to, attorney, consultant, laboratory and expert fees and including, without
limitation, diminution in the value of the Premises, damages for the loss or
restriction on use of rentable or usable space or of any amenity of the Premises
and damages arising from any adverse impact on marketing of space), arising from
or related to the use, presence, transportation, storage, disposal, spill,
release or discharge of Hazardous Substances on or about the Premises. The
provisions of this section shall survive the expiration or earlier termination
of this Lease.

                  Tenant covenants to deliver to the Landlord, (a) copies of any
documents received from the United States Environmental Protection Agency and/or
any state, county or municipal environmental or health agency concerning the
Tenant's operations upon the Premises; and (b) copies of any document submitted
by the Tenant to the United States Environmental Protection Agency and/or any
state, county or municipal environmental or health agency concerning its
operations upon the Premises.

            (n) The Tenant agrees that it is Tenant's sole obligation to comply
with the provisions of the Americans with Disabilities Act ("ADA"), as amended
from time to time, with regard to the Premises. Tenant agrees to indemnify,
defend and protect Landlord from any claim or suit brought against Landlord for
Tenant's failure to comply with the Tenant's obligations to maintain the Leased
Premises pursuant to ADA.
<PAGE>

            (o) Each of Landlord and Tenant, and each person signing for them,
hereby warrants and represents to the other that the individual signing on
behalf of that party is fully authorized to sign on behalf of, and to bind, such
party and that, when signed by the parties, this Lease shall be fully binding on
the party on whose behalf this Lease is executed by such individual. The
signatories aver that to their knowledge, no employee of the State of Colorado
has any personal or beneficial interest whatsoever in the service or property
described herein. Further, the signatories hereto aver that they are familiar
with 18-8-301, et seq., (Bribery and Corrupt Influences) and 18-8-401, et seq.,
(Abuse of Public Office), C.R.S., as amended, and that no violation of such
provisions is present.

            (p) If there be more than one Tenant, the obligations under the
Lease imposed upon Tenant shall be joint and several.

            (q) This Lease represents the entire agreement of Landlord and
Tenant with regard to the Lease, with all prior writings and verbal negotiations
with regard thereto being merged herein.

            (r) Tenant acknowledges and agrees that Landlord, at its sole cost
and discretion, shall have the right to remeasure the Building at any time. Such
remeasurement shall be performed in accordance with the then existing standards
established by Building Owners and Managers Association International ("BOMA").
The Landlord has the sole right and discretion to implement the remeasurement of
the Building and revise Rentable Area, Rentable Area Leased, and any other
remeasurements of the Building as provided for in this Lease upon thirty (30)
days' notice to Tenant.

            (s) It is understood and agreed that this Lease shall not be binding
until and unless all parties have signed it.

            (t) Landlord has reviewed financial statements if so requested of
the Tenant and has relied upon the truth and accuracy thereof with Tenant's
knowledge and representations of the truth and accuracy of such statements and
that said statements accurately and fairly depict the financial condition of
Tenant. Said financial statements are an inducing factor and consideration for
the entering into of this Lease by Landlord with this particular Tenant. If
requested by Landlord, or before the anniversary date of this Lease, Tenant
shall provide to Landlord (a) Tenant's most recent audited financial statement
or a document in which tenant states that its books are not independently
audited, and (b) a current unaudited financial statement [current means within
ninety (90) days of such anniversary date]. Tenant shall, at any time and from
time to time upon not less than thirty (30) days prior written notice from
Landlord, furnish Landlord with current financial statements reflecting Tenant's
then financial condition.

      38. EXHIBITS.  Exhibits A, B, C, D and the Rider to Lease,  consisting
of Seven (7) pages, are attached hereto and become part of this Lease.
<PAGE>

      IN WITNESS WHEREOF, Landlord and Tenant have respectively signed this
Lease as of the day and year first above written.

                                    LANDLORD:

Approved for legal sufficiency:     THE REGENTS OF THE UNIVERSITY OF
                                    COLORADO, a body corporate, for and on
                                    behalf of the University of Colorado at
                                    Denver

By:       /s/  R. Augustine         By:       /s/  Georgia E. Lesh-Laurie
Name:     R. Augustine              Name:       Georgia E. Lesh-Laurie
Its:       Assoc. Univ. Counsel     Its:   Chancellor

                                    TENANT:

                                    MATRIX BANCORP, INC., a Colorado
                                    corporation

                                    By:       /s/  Guy A. Gibson
                                    Name:       Guy A. Gibson
                                    Its:       CEO/President

<PAGE>

                                 RIDER TO LEASE

      THIS RIDER TO LEASE is attached to and made a part of that certain Lease
dated the _____ day of __________, 2000, between THE REGENTS OF THE UNIVERSITY
OF COLORADO, a body corporate, for and on behalf of the UNIVERSITY OF COLORADO
AT DENVER ("Landlord") and Matrix Bancorp, Inc., Inc., a Colorado corporation
("Tenant"). In the event the Lease and Rider to Lease are inconsistent, this
Rider to Lease shall supersede any agreements previously made in such Lease
regarding the following:

      1.    Termination of Existing Lease.

            Landlord and Tenant previously entered into an Office Lease dated
October 14, 1991, as amended by Amendment Number One to Lease Agreement dated
March 22, 1993, Amendment Number Two to Lease dated December 28, 1993, Amendment
Number Three to Lease dated April 4, 1994, Forth Amendment to Lease dated March
1, 1996 and Fifth Amendment to Lease dated October 24, 1997 (hereinafter the
"Previous Lease"). As of the Effective Date, except as previously exercised by
Tenant, all Options to Extend, Options for Additional Space, Options for the
Option space and First Right of Refusal and any other non-exercised rights of
Tenant, as defined in the Previous Lease, shall be null and void and of no
further force nor effect and all rights and obligations of the Landlord and
Tenant. However, Tenant remains liable for its obligation to pay Rent and
Additional Rent for the period that occurs prior to the Effective Date. Except
as set forth above, as of the Effective Date, all remaining terms and conditions
of the Previous Lease are null and void.

      2.    Renewal Term.

        (a) Renewal Option. Subject to the provisions hereinafter set forth,
Landlord hereby grants to Tenant an option ("Renewal Option") to extend the Term
on the same terms, conditions and provisions as contained herein, except as
otherwise provided below, for one (1) additional period of five (5) years
("Renewal Term"), which Renewal Term shall commence on the date immediately
following the Expiration Date ("Renewal Commencement Date") and end on the fifth
(5th) anniversary of the Expiration Date ("Renewal Expiration Date").

      (b) Renewal Option Notice. The Renewal Option shall be exercisable by
written notice ("Renewal Option Notice") from Tenant to Landlord of Tenant's
election to exercise the Renewal Option, which Renewal Option Notice must be
given three hundred sixty (360) days prior to the Expiration Date. If Tenant
fails to deliver to Landlord the Renewal Option Notice within the prescribed
time period, the Renewal Option shall lapse and be forever waived.

      (c) Annual Base Rental During the Renewal Term. Annual Base Rental for the
Premises payable during tile Renewal Term shall be equal to the prevailing
Market Rental Rate, as hereinafter defined.

      (d) Market Rental Rate. The term "Market Rental Rate" per square foot of
area shall mean (i) the Annual Base Rental being obtained by Landlord at the
time of the Renewal Commencement Date for comparable space in the Building
during the preceding six month
<PAGE>

period. If Landlord has no comparable lease transactions within the previous six
month period, then the rate shall be the per square foot of area prevailing
market rental rate in the Central Business District submarket for comparable
office space for terms commencing on or about the Renewal Commencement Date and
shall take into its consideration (i) the duration of the term for which such
space is being leased, (ii) location within the applicable building, (iii) when
the applicable rate first becomes effective, (iv) other concessions customarily
given to other tenants including, without limitation, rent abatement and tenant
improvement allowances, but assuming the leasing of the space "as is" on the
Renewal Commencement Date, and (v) other comparable factors. Bona fide written
offers to lease comparable space in the Building received by Landlord from third
parties (at arm's length) and consummated between Landlord and such third party
within six (6) months prior to the date of the Renewal Option Notice may be used
by Landlord or Tenant as an indication of the Market Rental Rate. The components
of the Market Rental Rate may include, among other items, the components of
rent, periodic adjustments or additions to a fixed Annual Base Rental based upon
a share of real estate taxes and other expenses and increases to adjust for
inflation then customary in the Denver Metropolitan area.

      (f) Amendment to Lease. If Tenant validly exercises the Renewal Option,
Landlord and Tenant shall enter into a written amendment to the Lease confirming
the terms, conditions and provisions applicable to the Renewal Term, as
determined in accordance herewith, with such revisions to the rental provisions
as may be necessary to conform such provisions to the Market Rental Rate.

      (g) No Default. Tenant may exercise the Renewal Option, and an exercise
thereof shall be effective, only if at the time of Tenant's exercise of the
Renewal Option and on the Renewal Commencement Date (i) the Lease is in full
force and effect, and (ii) there is no uncured event of default.

      (h) Not Transferable. Tenant acknowledges and agrees that the Renewal
Option shall be deemed to be personal to Tenant and if Tenant subleases the
entire Premises, assigns or otherwise transfers any interest hereunder prior to
the exercise of the Renewal Option, such option shall lapse.

      3.    Right of First Offer.

            Landlord shall give to Tenant once during the Term of this Lease a
right of first offer (the "Right of First Offer") to lease contiguous space to
the Premises on the thirteenth (13th) floor of the Building (the "First Offer
Space"). Said Right of First Offer shall be conditioned on Tenant providing
Landlord with written notice of its election to expand and request for
notification of available First Offer Space. Tenant's Right of First Offer is
predicated upon (i) there being no uncured Events of Default by Tenant on the
date Tenant provides notice as set forth above or on the date the Right of First
Refusal Space is offered to Tenant and (ii) other tenant's rights to occupy the
First Offer Space. The notice from Landlord to Tenant shall identify the date
when the First Offer Space will be available and the Base Rent, as defined in
the Lease, for the First Offer Space which will be the then prevailing Fair
Market Rental Value as defined in, and determined under, Section #2 of this
Rider. In the event Tenant elects to exercise
<PAGE>

said First Offer Space, it shall deliver written notice to Landlord of its
election to exercise its Right of First Offer within Five (5) business days of
receipt of the notice from Landlord. The lease term for, and possession of, the
premises leased under and by virtue of the aforesaid election shall commence on
the same date as the First Offer Space is available and shall be coterminous
with the term of the Lease for the Premises and except as modified herein shall
be on the same terms and conditions as prevail elsewhere in this Lease. All
tenant improvements shall be pursuant to Tenant's reasonable space plans and
specifications, which shall be subject to Landlord's consent, which consent
shall not be unreasonably withheld. Notwithstanding the foregoing, if the
remaining portion of the Term, at the commencement of the lease term for any
First Offer Space, is less than six (6) years, Tenant is only entitled to a
portion of the tenant finish allowance stated above, by multiplying such
otherwise determined tenant finish allowance by a fraction, the numerator of
which shall be the remaining term of Tenant's Lease of the First Offer Space,
and the denominator of which shall be 6.

            If Tenant does not exercise its Right of First Offer at the time of
such offer, Tenant's rights hereunder this Right of First Offer shall lapse and
be null and void. However, if no First Offer Space is offered to Tenant within
six (6) months after Tenant provides Landlord with written notice of its
election to expand and request for notification of available Right of First
Offer Space said Right of First Offer shall expire subject, however, to Tenant
reviving said Right of First Offer by providing another notice as set forth
above.

            Landlord and Tenant shall use their best efforts to promptly prepare
and execute an appropriate amendment to the Lease, documenting the terms
relating to the lease by Tenant of any space which Tenant has leased pursuant to
this Section #3.

            Tenant acknowledges this Right of First Offer is subject to
Landlord's current leases on First Offer Space and tenant's rights thereunder as
well as any future negotiations regarding the Right of First Offer Space as a
portion of a larger leased space. Landlord shall pay no commission or fees in
the event Tenant exercises its right under this Section #3.

      4.    Satellite Antenna Addendum.

      The terms and conditions of the Satellite Antenna Addendum entered into by
Landlord's and Tenant's predecessor interest dated September 24, 1996, a copy of
which is attached hereto, are incorporated in the Lease as of the Effective
Date.

                                    LANDLORD:

Approved for legal sufficiency:     THE REGENTS OF THE UNIVERSITY OF
                                    COLORADO, a body corporate, for and on
                                    behalf of the University of Colorado at
                                    Denver

By:       /s/  R. Augustine         By:       /s/  Georgia E. Lesh-Laurie
Name:     R. Augustine              Name:       Georgia E. Lesh-Laurie
Its:       Assoc. Univ. Counsel     Its:   Chancellor
<PAGE>

                                    TENANT:

                                    MATRIX BANCORP, INC., a Colorado
                                    corporation

                                    By:       /s/  Guy A. Gibson
                                    Name:       Guy A. Gibson
                                    Its:       CEO/President

                                     Attest:

                                     Name:

                                     Its:       Secretary

<PAGE>

                                   EXHIBIT "A"

PARCEL A:

A PARCEL OF LAND BEING THE SOUTHWESTERLY 1/2 OF LOT 5, LOTS 6, 7, 8, PART OF
LOTS 9, 10 AND 11 OF BLOCK 73 OF "EAST DENVER", CITY AND COUNTY OF DENVER, STATE
OF COLORADO AND PART OF A 16.00 FOOT WIDE ALLEY IN SAID BLOCK 73 VACATED BY
ORDINANCE NO. 95, SERIES OF 1981, RECORDED IN BOOK 2341 AT PAGE 120, CITY AND
COUNTY OF DENVER, STATE OF COLORADO, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE MOST NORTHERLY CORNER OF SAID SOUTHWESTERLY 1/2 OF LOT 5, FROM
WHENCE THE MOST WESTERLY CORNER OF SAID BLOCK 73 BEARS SOUTHWESTERLY A DISTANCE
OF 287.48 FEET ALONG THE NORTHWESTERLY LINE OF SAID BLOCK 73, SAME BEING THE
SOUTHEASTERLY RIGHT-OF-WAY (R.O.W.) LINE OF LAWRENCE STREET; THENCE
SOUTHWESTERLY ALONG AND WITH SAID NORTHWESTERLY LINE OF BLOCK 73 A DISTANCE OF
95.00 FEET TO A POINT IN THE NORTHWESTERLY LINE OF SAID LOT 9;

THENCE AN  (INTERIOR)  ANGLE TO THE RIGHT OF 90  DEGREES 00 MINUTES 00 SECONDS
(SOUTHEASTERLY) A DISTANCE OF 60.00 FEET;

THENCE  AN  (INTERIOR)  ANGLE  RIGHT OF 270  DEGREES  00  MINUTES  00  SECONDS
(SOUTHWESTERLY) A DISTANCE OF 26.00 FEET;

THENCE AN  (INTERIOR)  ANGLE TO THE RIGHT OF 90  DEGREES 00 MINUTES 00 SECONDS
(SOUTHEASTERLY) A DISTANCE OF 22.00 FEET;

THENCE AN (INTERIOR) ANGLE TO THE RIGHT OF 270 DEGREES 00 MINUTES 00 SECONDS
(SOUTHWESTERLY) A DISTANCE OF 26.00 FEET; THENCE AN (INTERIOR) ANGLE TO THE
RIGHT OF 90 DEGREES 00 MINUTES 00 SECONDS (SOUTHEASTERLY) A DISTANCE OF 51.02
FEET TO A POINT ON THE CENTERLINE OF SAID 16.00 FOOT WIDE ALLEY;

THENCE AN  (INTERIOR)  ANGLE TO THE RIGHT OF 90  DEGREES 00 MINUTES 10 SECONDS
(NORTHEASTERLY)  A DISTANCE  OF 147.08 FEET ALONG AND WITH THE  CENTERLINE  OF
SAID ALLEY;

THENCE AN (INTERIOR) ANGLE TO THE RIGHT OF 89 DEGREES 57 MINUTES 39 SECONDS
(NWLY) A DISTANCE OF 133.03 FEET ALONG AND WITH THE NORTHEASTERLY LINE OF SAID
SOUTHWESTERLY 1/2 OF LOT 5 AND THE EXTENSION THEREOF TO THE POINT OF BEGINNING.
<PAGE>

PARCEL B:

THOSE BENEFICIAL EASEMENT RIGHTS AND OBLIGATIONS AS CREATED IN GRANT OF PARKING
AND ACCESS EASEMENT RECORDED SEPTEMBER 1, 1981 IN BOOK 2442 AT PAGE 487, AND
AMENDMENT THERETO RECORDED SEPTEMBER 4, 1986 AT RECEPTION NO. 15412 AND SECOND
AMENDMENT THERETO RECORDED JUNE 24, 1998 UNDER RECEPTION NO. 9800097552.

PARCEL C:

THOSE BENEFICIAL EASEMENT RIGHTS AND OBLIGATIONS AS CREATED IN RECIPROCAL
EASEMENT AGREEMENT RECORDED AUGUST 27, 1981 IN BOOK 2440 AT PAGE 186.

PARCEL D:

THOSE BENEFICIAL EASEMENT RIGHTS AND OBLIGATIONS AS CREATED IN MASTER
DECLARATION OF COVENANTS, EASEMENTS, RIGHTS AND RESTRICTIONS RECORDED SEPTEMBER
1, 1981 IN BOOK 2442 AT PAGE 441 AND FIRST AMENDMENT THERETO RECORDED SEPTEMBER
26, 1985 UNDER RECEPTION NO. 070691.

PARCEL E:

THE  BENEFICIAL  INTEREST AND  OBLIGATIONS  IN REVOCABLE  PERMIT OR LICENSE TO
ENCROACH BENEATH A PORTION OF LAWRENCE STREET WITH UNDERGROUND  PARKING GARAGE
WALLS,  AS  PERMITTED BY ORDINANCE  NO. 135,  COUNCIL BILL NO. 151,  SERIES OF
1981, RECORDED JULY 22,1981 IN BOOK 2410 AT PAGE 200.

<PAGE>

                                   EXHIBIT "B"

                  THE REGENTS OF THE UNIVERSITY OF COLORADO,
                  a body corporate, for and on behalf of the
                        UNIVERSITY OF COLORADO AT DENVER
                                       and
                 MATRIX BANCORP, INC., a Colorado corporation
         ------------------------------------------------------------

                           MEMORANDUM CONFIRMING TERM

      THIS MEMORANDUM, made as of __________________, 1999, by and between THE
REGENTS OF THE UNIVERSITY OF COLORADO, a body corporate, for and on behalf of
the UNIVERSITY OF COLORADO AT DENVER ("Landlord"), and Matrix Bancorp, Inc. , a
Colorado corporation ("Tenant").

                            W I T N E S S E T H :

      Recital of Facts:

      Landlord and Tenant entered into the Lease Agreement (the "Lease") dated
__________________, 1999. Words defined in the Lease have the same meanings in
this Memorandum.

      NOW, THEREFORE, in consideration of the covenants in the Lease, Landlord
and Tenant agree as follows:

      1.    Landlord and Tenant hereby confirm that:

             a. The Commencement Date under the Lease is __________________,
       2000;

            b. The Expiration Date under the Lease is ______________, _______;
       and

            c. The date on which Landlord completed Landlord's Work (if any),
      Landlord delivered possession of the Premises to Tenant as required by the
      Lease, and Tenant's obligation to pay rent begins under the Lease is
      _________________, 1999.

      2.    Tenant hereby confirm that:

            a.    All  commitments,  representations  and  assurances  made to
      induce Tenant to enter into the Lease have been fully satisfied;

            b.    All  improvements  to the Building and in the Premises to be
      constructed  or installed by Landlord have been  completed and furnished
      in accordance with the Lease to the satisfaction of Tenant; and
<PAGE>

            c.    Tenant has accepted  and is in full and complete  possession
      of the Premises.

            d.    The  undersigned  further   acknowledges  and  agrees  that,
      pursuant to Paragraph 3 of Exhibit "C" (the  "Workletter  Agreement") of
      the  Lease,  the Excess  Allowance  of  $______________________  will be
      included     as     Additional     Rent     in     the     amount     of
      _________________________________ Dollars ($___________) per month.

      3. This Memorandum shall be binding upon and inure to the benefit of
Landlord and Tenant and their permitted successors and assigns under the Lease.
The Lease is in full force and effect.

      IN WITNESS WHEREOF, Landlord and Tenant have executed this Memorandum as
of the date first hereinabove written.

                                    LANDLORD:

Approved for legal sufficiency:     THE REGENTS OF THE UNIVERSITY OF
                                    COLORADO, a body corporate, for and on
                                    behalf of the University of Colorado at
                                    Denver

By:                                 By:
Name:                               Name:
Its:                                Its:

                                    TENANT:

                                    MATRIX BANCORP, INC., a Colorado
                                    corporation

                                    By:

                                    Name:

                                    Its:

                                    Attest:

                                    Name:

                                    Its:

<PAGE>

                                   EXHIBIT "C"

                          WORKLETTER AGREEMENT

      THIS WORKLETTER is dated ____________________, 199__, by and between THE
REGENTS OF THE UNIVERSITY OF COLORADO, a body corporate, for and on behalf of
the UNIVERSITY OF COLORADO AT DENVER ("Landlord") and Matrix Bancorp, Inc., a
Colorado corporation ("Tenant").

                                R E C I T A L S:

      1. This Workletter is attached to and forms a part of that certain Office
Lease dated _________________, 19___ ("Lease"), pursuant to which Landlord has
leased to Tenant office space in that building known as Lawrence Street Center ,
Denver, Colorado.

      2. The parties have agreed to make certain improvements to the Premises,
upon the terms and conditions contained in the Lease and this Workletter.

      3. Tenant Improvements. Landlord has granted to Tenant an allowance of up
to Five and 91/100 Dollars ($ 5.91 ) per rentable square foot of the Premises,
for a total allowance of up to One Hundred Forty Thousand Three Hundred
Ninety-two and 05/100 Dollars ($ 140,392.05 ) (the "Tenant Improvement
Allowance"), for completion of slab-to-slab Tenant Improvements in accordance
with the Space Plan. Except as provided herein, the Tenant Improvement Allowance
is for Tenant Improvements in the Premises. In the event the Tenant Improvement
Allowance is not used on or before May 1, 2000, Landlord shall retain such
unused portion of the Tenant Improvement Allowance, and Tenant shall have no
further rights thereto or hereunder. In the event that the cost of the Tenant
Improvements exceed the Tenant Improvement Allowance, Landlord shall, at
Landlord's written option, provide Tenant with an additional allowance, above
the Tenant Improvement Allowance, to apply towards payment of the excess costs
of the Tenant Improvements (the "Excess Allowance"), and Tenant shall deposit
with Landlord funds sufficient to cover any additional projected excess costs
and promptly pay to Landlord any costs in excess thereof. Any portion of the
Excess Allowance paid by Landlord shall, at Landlord's sole option, either be,
(i) amortized on a straight-line basis over the remaining rent paying term of
the Lease, with interest at the rate of Eleven Percent (11%) per annum, payable
by Tenant to Landlord as additional rent, or (ii) paid for directly by the
Tenant. Landlord shall have the work depicted in the Tenant Space Plan attached
hereto as Appendix A (the "Tenant Work") constructed with, unless otherwise
specified, Building standard materials and in a good and workmanlike manner
pursuant to the schedule provided for herein, subject, however, to extensions
equal to the delays suffered by Landlord and caused by Tenant or by strike,
lockouts, fire or other casualty loss, acts of God, unavailability of materials,
hostile or war-like action, riot or other causes beyond Landlord's reasonable
control. The Tenant Work, as modified from time to time pursuant to the
provisions of this Workletter, shall be known as the "Tenant Improvements". The
cost of preparing the Space Plan and any other architectural or engineering
<PAGE>

fees shall be paid for out of the Tenant Improvement Allowance as part of the
costs of the Tenant Improvements.

      4.    Tenant Space Plan.  Landlord and Tenant  hereby  approve the space
layout and improvement  plan for the Premises (the "Space Plan") in accordance
with the construction drawings by Keeney Design dated November 11, 1999.

      5. Tenant Working Drawings. Based upon the Tenant Space Plan, Landlord
will cause working drawings for the improvements to the Premises ("Tenant
Working Drawings") to be prepared and delivered to Tenant within a period as may
be reasonably needed because of the complexity of Tenant's improvements or the
nature of Tenant's non-building standard improvements, if any. The Tenant
Working Drawings will include Tenant's partition layout, ceiling plan,
electrical outlets and switches, telephone outlets, and detailed plans and
specifications for the construction of the improvements called for under this
Workletter. Tenant will furnish Landlord and its planners with all the
information necessary to enable them to complete the Tenant Working Drawings.
The cost of all working drawings for Tenant Improvements will be paid for out of
the Tenant Improvement Allowance as part of the costs of the Tenant
Improvements. Tenant will deliver to Landlord written acceptance or rejection of
any Tenant Working Drawings (initial or revised) within three (3) business days
after Tenant receives any such item. If Tenant rejects the Tenant Working
Drawings (initial or revised), or fails to provide written acceptance or
rejection within said three (3) business day period, Landlord shall not be
obligated to proceed with any improvements of the Premises until such time as
Tenant provides such written acceptance, and any delays in construction as a
result thereof shall be deemed delays caused by Tenant.

      6. Tenant Cost Estimate. Landlord shall also cause a cost estimate for the
improvements to the Premises ("Tenant Cost Estimate") to be prepared and
delivered to Tenant. The Tenant will furnish Landlord and its planners with all
the information necessary to enable them to complete the Tenant Cost Estimate.
The cost of all cost estimates for Tenant Improvements will be paid as part of
the costs of the Tenant Improvements. Tenant will deliver to Landlord written
acceptance or rejection of any Tenant Cost Estimate (initial or revised) within
three (3) business days after Tenant receives any such item. If Tenant rejects
the Tenant Cost Estimate, or fails to provide written acceptance or rejection
within said three (3) business day period, Landlord shall not be obligated to
proceed with any improvements of the Premises until such time as Tenant provides
such written acceptance, and any delays in construction as a result thereof
shall be deemed delays caused by Tenant. If at any time the costs of the Tenant
Improvements as reasonably projected by Landlord exceed the Tenant Improvement
Allowance, Tenant shall pay any such excess to Landlord in a manner reasonably
acceptable to Landlord, and, until such payment, Landlord shall not be obligated
to proceed with any improvements of the Premises, and any delays in construction
as a result thereof shall be deemed delays caused by Tenant.

      Upon written approval of the Tenant Working Drawings and the Tenant Cost
Estimate by Tenant, Landlord and Tenant shall be deemed to have given final
approval to the Working Drawings, and the costs thereof, and Landlord shall be
authorized to proceed with construction.
<PAGE>

      7. Change Orders. Tenant may request changes in the work during
construction only by written requests to Landlord's Representative on a form
approved by Landlord. All such changes will be subject to Landlord's prior
written approval, which shall not be unreasonably withheld or delayed. Before
commencing any change, Landlord or Landlord's agent will prepare and deliver to
Tenant, for Tenant's written approval, a change order setting forth the cost of
such change, which will include associated architectural, engineering and
construction contractor's fees. If Tenant fails to approve such change order
within three (3) business days, Landlord will not proceed to perform the change.
If Tenant timely approves such change order, Tenant agrees to pay any amounts
payable by Tenant in connection with the change order in the manner provided in
Paragraph #3 above, to the extent the Tenant Improvement Allowance is exceeded.

      8. Completion and  Commencement  of Rent. The term of the Lease shall
commence as provided in Section #3 of the Lease.

      9. Failure to Perform. If Landlord delivers to Tenant the Tenant Working
Drawings and/or Tenant Cost Estimate and Tenant fails to accept or reject such
Drawings or Estimate (or revised Drawings and/or Estimate) as provided in
Paragraphs #5 and #6 hereof within the period provided herein, Landlord may, in
its sole discretion, deem Tenant to have approved same, and proceed with
construction.

      10. Construction Administration. Landlord shall coordinate and administer
all activities of contractor(s) in the performance of Tenant's Improvements in
accordance with the plans and specifications. Landlord and Tenant agree that
Jones Lang LaSalle Americas (Colorado), L.P., shall receive from the Tenant
Improvement Allowance as a construction management fee, shall receive
compensation from the Tenant Improvement Allowance in an amount no greater than
Five Percent (5%) of the Tenant Improvement Allowance. Tenant agrees that it
will not contract with any contractor, laborer or material supplier to perform
any improvements in the Premises without providing Landlord with notice ten (10)
days prior to any improvements and requiring said contractor, laborer or
material supplier to execute an agreement acknowledging non-liability for
payment by Landlord in accordance with C.R.S. ss. 38-22-105.5, as amended from
time to time. [Overstruck and bold changes handwritten and initialed by parties
to Lease at time of signing]

      11.  Miscellaneous.

            (a) Except to the extent otherwise indicated herein, the initially
capitalized terms used in this Workletter Agreement shall have the meaning
assigned to them in the Lease.

            (b) The terms and provisions of this Tenant Workletter are intended
to supplement and are intended as an Amendment to the Lease and are specifically
subject to all the terms and provisions of the Lease. In the event of conflict
between the terms of this Tenant Workletter and the Lease, then the provisions
of the Workletter shall govern.

            (c) Prior to the date the Premises are ready for occupancy
Landlord's contractor and Tenant shall inspect the Premises and jointly complete
a "punch list" of incomplete or defective work, and thereafter Landlord shall
exercise due diligence to cause such
<PAGE>

punch list items to be completed within thirty (30) days following the date the
Premises are ready for occupancy (except for any punch list items which, despite
due diligence, cannot be completed within said thirty (30) day period).

            (d) This Tenant Workletter may not be amended or modified other than
by supplemental written agreement executed by authorized representatives of the
parties hereto.

            (e) Landlord shall have the right to issue reasonable construction
rules, regulations and policies. If Tenant contests any of these rules,
regulations, or policies, Landlord agrees to take reasonable steps to modify
such rules, regulation, and policies at Tenant's request, except that Tenant
shall pay directly any related expenses of construction or of consultants due to
said changes to the extent said change exceeds the Tenant Improvement Allowance.

            (f) No waiver of any default of the Tenant hereunder shall be
implied from any omission by the Landlord to take any action on account of such
default if such default persists or be repeated, and no express waiver shall
affect any default other than the default specified in the express waiver, and
that only for the time and to the extent therein stated.

            (g) Except as modified herein, the provisions of the Lease shall
continue in full force and effect.

            (h) Landlord neither warrants nor guarantees the accuracy of any
estimated Costs or Tenant Cost Estimates.

            (i) Time is of the essence in this Workletter Agreement, and the
failure by Tenant to timely respond or perform shall be deemed to be a material
default. Tenant undertakes and agrees to, upon written request, meet or provide
written response, as the case may be, within one business day of such written
request, except as otherwise provided in this Workletter Agreement. Any delay
caused by Tenant's failure to do so shall be deemed to be a delay caused by
Tenant.

            (j) LANDLORD MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT
NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A
PARTICULAR PURPOSE, IN CONNECTION WITH LANDLORD IMPROVEMENTS.

                                    LANDLORD:

Approved for legal sufficiency:     THE REGENTS OF THE UNIVERSITY OF
                                    COLORADO, a body corporate, for and on
                                    behalf of the University of Colorado at
                                    Denver

By:       /s/  R. Augustine         By:       /s/  Georgia E. Lesh-Laurie
Name:    R. Augustine               Name:       Georgia E. Lesh-Laurie
Its:       Assoc. Univ. Counsel     Its:   Chancellor

<PAGE>

                                    TENANT:

                                    MATRIX BANCORP, INC., a Colorado
                                    corporation

                                    By:       /s/  Guy A. Gibson
                                    Name:       Guy A. Gibson
                                    Its:       CEO/President

<PAGE>

                                   EXHIBIT "D"

                                CLEANING SCHEDULE

Landlord shall furnish janitorial service to the Premises and the Building
Complex as described below:

                     DAILY MONDAY THROUGH FRIDAY, INCLUSIVE

1.    Sweep,  dry mop or vacuum all floors  complete.  Remove gum, tar,  etc.,
      adhering to the floor.

2.    Empty and damp wipe all ashtrays.

3.    Clean, polish and sanitize all drinking fountains.

4.    Sweep all steps, sidewalks and plazas.

5.    Clean passenger elevator cab and landing doors, including floors.

6.    Empty all waste containers.

7.    Clean all public and private (within Premises) wash and restrooms.

      (a)   All cleaning will be performed with approved germicidal detergents
            at disinfectant strengths.

      (b)   All toilets and urinals will be cleaned on all surfaces nightly;
            acid bowl cleaner to be used in the interior.

      (c)   All wash basins, shelves, dispensers and all other washroom fixtures
            will be cleaned nightly.

      (d)   All mirrors will be cleaned and polished nightly.

      (e)   All chrome and other  bright  work,  including  exposed  plumbing,
            toilet seat hinges, etc., will be cleaned and polished nightly.

      (f)   All waste receptacles are to be emptied and cleaned nightly.

      (g)   All lavatory floors will be swept and mopped with a germicidal
            detergent solution nightly.

      (h)   Washroom  supplies  will be  replenished  nightly and at all other
            times as needed.

      (i)   Once each month, remove hard water stains from toilet fixtures by
            using bowl cleaner after normal cleaning. Follow manufacturer's
            recommendations.

8.    All normal  rubbish and office  waste  paper  shall be removed  from the
      tenant floors.
<PAGE>

                                     WEEKLY

1.    Dust and wipe clean with dust cloth all desk tops.

2.    Spot clean all doors, switch plates, wall and glass areas.

3.    Dust and wipe all tops of all file cabinets and counters.

4.    Sweep building stairwells.

5.    Damp mop floors and/or spray buff for heavy scuffs, if necessary.

6.    Clean glass in building directory.

7.    Wipe all waste containers.

8.    Wash all glass entrance doors and side panels inside and out.

                                     MONTHLY

1.    When possible, sweep and hose down outside Plaza space, exterior walks,
      trucking areas and shipping platforms.

2.    Shampoo all elevator carpeting.

3.    Dust all windowsills.

                               EVERY THREE MONTHS

1.    When possible, wash all windows, interior no less than once per year and
      exterior not less than three times per year.

2.    Dust vertical surfaces of all furniture.

3.    Scrub all  resilient  floor  areas so as to  maintain a highly  polished
      surface.

                              SNOW AND ICE REMOVAL

1.    Landlord shall be responsible  for snow and ice removal from the parking
      lots and sidewalks servicing the Property.

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