Document:

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                                                                    Exhibit 10.6

                               HOLMAN BLOCK LEASE

LANDLORD:   C.E. HOLMAN LIMITED PARTNERSHIP

TENANT:     DOVER SADDLERY, INC.

PREMISES:   591-595 WASHINGTON STREET WELLESLEY, MASSACHUSETTS 02181

TERM:       Nine years and 11 months, commencing August 1, 1997 and ending
            June 30, 2007

EXTENSIONS: One (1) successive period of five (5) years
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                                      INDEX

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I.         INTRODUCTORY CLAUSE                                                1
II.        LEASE OF PREMISES IN SHOPPING AREA:
           LANDLORD'S RESERVATIONS                                            1
III.       FIXED COMMENCEMENT AND TERMINATION                                 2
IV.        MINIMUM RENT                                                       2
V.         INTEREST ON LATE RENT                                              2
VI.        PERCENTAGE SHARE OF INCREASES IN TAXES
           AND LANDLORD'S EXPENSES                                            3
VII.       HIGH CLASS RETAIL OPERATION                                        6
VIII.      LANDLORD'S RIGHT TO ENFORCE
           PARKING REGULATIONS                                                7
IX.        MAINTENANCE AND REPAIR                                             7
X.         TENANT'S DUTY TO OBTAIN PERMITS AND LICENSES                       8
XI.        TENANT'S OBLIGATION TO COMPLY WITH LAWS, ETC.                      9
XII.       TENANT TO PAY AND PROVIDE FOR UTILITIES                           10
XIII.      FIXTURES TO BECOME PROPERTY OF LANDLORD                           10
XIV.       LANDLORD'S CONSENT REQUIRED: DUTY TO RESTORE                      11
XV.        NO LIENS: ADDITIONS TO BELONG TO LANDLORD                         12
XVI.       TENANT'S RIGHT TO INSTALL SIGNS: INDEMNITY TO LANDLORD            12
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XVII.      TENANT'S OBLIGATION TO INSURE: ALL INCLUSIVE FORM                 13
XVIII.     TENANT NOT TO INCREASE RISK                                       13
XIX.       TENANT TO REPLACE GLASS AND CARRY INSURANCE                       14
XX.        FIRE, CASUALTY, OR EMINENT DOMAIN                                 14
XXI.       COMPREHENSIVE RIGHTS OF LANDLORD                                  15
XXII.      RIGHT TO REPAIR PREMISES AFTER DEMAND                             16
XXIII.     RIGHT TO CURE DEFAULTS WITHOUT NOTICE                             16
XXIV.      LEASE UNAFFECTED BY LANDLORD'S NONPERFORMANCE FOR ANY OUTSIDE
           CAUSE                                                             17
XXV.       INDEMNITY AGAINST CLAIMS ARISING FROM TENANT'S ACTS               17
XXVI.      DELIVERY TRUCKS                                                   18
XXVII.     QUIET ENJOYMENT WITH REPRESENTATION OF OWNERSHIP AND NO
           ENCUMBRANCE                                                       18
XXVIII.    TENANT TO RESTORE PREMISES: ABANDONMENT OF TENANT'S PROPERTY      18
XXVIX.     EXTENSIONS                                                        19
XXX.       ASSIGNMENT                                                        20
XXXI.      SUBORDINATION AND NONDISTURBANCE                                  21
XXXII.     ESTOPPEL CERTIFICATE BY TENANT                                    22
XXXIII.    EVENTS OF DEFAULT AND RIGHTS OF LANDLORD                          22
XXXIV.     PRESENT CONDITION AND USE                                         25
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XXXV.      RULES AND REGULATIONS: SHOPPING AREA                              25
XXXVI.     NOTICE BY PERSONAL OR MAIL DELIVERY: SEVERAL TENANTS              26
XXXVII.    AMENDMENTS TO LEASE                                               26
XXXVIII.   ENTIRE AGREEMENT: AMENDMENTS                                      26
XXXIX.     WAIVER BY PARTIES OF JURY TRIAL                                   27
XL.        APPLICABLE LAW                                                    27
XLI.       GENERAL RULES OF CONSTRUCTION                                     27
XLII.      CAPTIONS                                                          27
XLIII.     CONFLICT BETWEEN RIDER AND PRINTED LEASE                          28
XLIV.      INVALIDITY OR INAPPLICABILITY OF CLAUSE                           28
XLV.       SUCCESSORS OR ASSIGNS                                             28
XLVI.      NO WAIVER OF CONSENT BY LANDLORD                                  28
XLVII.     COVENANTS AS CONDITIONAL LIMITATIONS                              29
XLVIII.    HOLDING OVER NOT CONSTRUED AS RENEWAL                             29
XLIX.      LANDLORD RELIEVED FROM LIABILITY FOLLOWING TRANSFER               29
L.         USE AND OCCUPANCY OF 595 WASHINGTON STREET                        30
LI.        RENT PAYABLE ON 591 WASHINGTON STREET                             30
LII.       CONSTRUCTION AT 591 WASHINGTON STREET                             31
LIII.      BUSINESS DESCRIPTION                                              32
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                             I. INTRODUCTORY CLAUSE

     This Indenture made and dated this 29th day of May, 1997 between the C. E.
HOLMAN LIMITED PARTNERSHIP, under agreement dated November 15, 1993, which
acquired title by deed recorded at Norfolk Registry of Deeds, Book 10235 Page
578, c/o its general partner, The Holman Corporation, 40 Grove Street,
Wellesley, Massachusetts 02181 (hereinafter referred to as the "Landlord") and
DOVER SADDLERY, INC., a Massachusetts corporation with a principal office at 41
Pope Road, P.O. Box 5837, Holliston, Massachusetts 01746 (hereinafter referred
to as the "Tenant").

                     II. LEASE OF PREMISES IN SHOPPING AREA:
                            LANDLORD'S RESERVATIONS

     Landlord hereby leases to Tenant and Tenant hires and takes from Landlord,
the Premises (hereinafter called "the Demised Premises"), located in shopping
area known as the Holman Block on Washington and Church Streets in the town of
Wellesley, County of Norfolk, Massachusetts (hereinafter the "Shopping Area"),
being more specifically designated as the two contiguous stores numbered 591 and
595 Washington Street comprising approximately 1,300 and 1600 square feet
respectively on the first floors and two basements.

     SUBJECT TO and with the benefit of the terms, covenants, conditions, and
provisions of this Lease;

     TOGETHER with the appurtenances specifically granted in this Lease,
including the use in common with others of the Common Areas as hereinafter more
fully provided, but reserving and excepting to Landlord (1) the use of the
exterior faces of the aforesaid walls; and (2) the right to install, maintain,
use, repair, and replace pipes, ducts, conduits, and wires leading through the
Demised Premises, in locations which will not materially interfere with Tenant's
use thereof, and serving other parts of the Shopping Area.

     Tenant and employees, agents, contractors and customers of Tenant shall
have the right to use, in common with and with due regard for the rights of
others entitled to use the same, the common areas of the Shopping Area for all
such purposes as said various common areas shall be designated by Landlord, but
only in connection with business upon the Holman Block. Landlord reserves the
right at any time and from time to time to change the location or size of any of
the common areas, but no such change shall materially impede the access to or
visibility of the premises from Washington Street.

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                     III. FIXED COMMENCEMENT AND TERMINATION

     The term of the aforesaid letting shall be for nine (9) years and ten (10)
months commencing on the first (1st) day of August, 1997, and ending on the
thirtieth (30th) day of June, 2007, both dates inclusive, unless sooner
terminated, as herein provided.

                                IV. MINIMUM RENT

     During the term of this Lease, Tenant covenants and agrees to pay the
Landlord a fixed minimum rent (hereinafter called the "Minimum Rent"), in lawful
money of the United States of America, as and at the time of payment shall be
legal tender for the payment of public or private debts, in equal monthly
installments on the first day of each and every month in advance, at the office
of the Landlord, or such other place as the landlord may designate as follows:

     Commencing on the first (1st) day of August, 1997 and terminating on the
thirtieth (30th) day of June 1998 an annual MINIMUM RENT of FORTY-EIGHT
THOUSAND ONE HUNDRED TWENTY ($48,120.00) dollars payable in eleven (11) equal
monthly installments of $4,010.00; and commencing on July 1, 1998 and each July
1st thereafter the MINIMUM RENT shall be increased by the percentage increase in
the CPI-U (U.S. Department of Labor, Bureau of Labor Statistics, Consumer Price
Index for All Urban Consumers, Boston, Massachusetts) as follows. The base CPI-U
shall be the CPI-U for November 1996; the base MINIMUM RENT shall be $48,120.00
per year and the next CPI-U shall be the May preceding the July 1 change. For
example, for the lease year beginning July 1, 1998, if the November 1996 CPI-U
is 165 and if we assume the CPI-U for May of 1998 is 168.3, a two percent
increase, the new MINIMUM RENT beginning July 1, 1998 would increase by two (2%)
percent and be $49,082.40 per year or $4,090.20 per month; and if we assume the
CPI-U for May 1999 is 171.6, a four percent increase over November 1996, then
the new MINIMUM RENT beginning July 1999 would be $50,044.80 per year or
$4,170.40 per month.

                            V. INTEREST ON LATE RENT

     Interest shall accrue at the lesser of (a) eighteen percent (18%) per annum
or (b) the highest lawful rate of interest which landlord may charge to tenant
without violating any applicable law, from and after the due date of any payment
of fixed minimum rent,

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percentage rent, tax rent, utility service charge, or any additional rent
hereinafter described. Provided, however, the interest shall be waived if the
rent is received within ten (10) days of the due date.

                   VI. PERCENTAGE SHARE OF INCREASES IN TAXES
                            AND LANDLORD'S EXPENSES

     In addition to this Tenant shall pay Tenant's proportionate share of
Landlord's expenses and taxes incurred in operating the demised premises as
follows.

     Common Areas

     1. "The common areas of the Shopping Area" shall be the public or common
stairways, parking areas, driveways, walks, entrances, exits and service roads
from time to time existing in the Shopping Area. All costs and expenses incurred
by Landlord (including, as an expense, amounts determined in accordance with
generally accepted accounting practices as reasonable and appropriate reserves
for the replacement of equipment not real estate in nature used incident
thereto) in removing snow, ice and refuse from, cleaning, providing water and
other utilities for, insuring, operating, managing, equipping, policing (if and
to the extent provided by Landlord), lighting, repairing, replacing,
maintaining, landscaping and gardening, as to the grounds (including the
maintenance of utilities lines, conduits, fixtures and equipment located
therein) shall be determined, and Tenant shall share in paying the same, all as
hereinafter provided. For purposes hereof, a supervisory fee which shall not
exceed five (5%) percent thereof may be included as part of said costs and
expenses. Tenant's share of said costs and expenses shall be equal to the
product of (a) "Tenant's Portion" (hereinbelow defined), and (b) the total of
said costs and expenses. Tenant's Portion shall be NINE and EIGHT TENTHS (9.8%)
percent. If and when Landlord makes capital improvements to the common areas it
shall expense or depreciate them over those number of years allowed under the
Internal Revenue Code and shall collect same from Tenant over the same number of
years as the expense or depreciation is taken. Payment on account of Tenant's
share of said costs and expenses shall be paid, as part of Tenant's total rent,
monthly, and at the times and in the fashion herein provided for the payment of
MINIMUM RENT. For an initial period from the commencement of the term of this
Lease, until June 30, 1998, the additional amount so to be paid each month is
$278.62 per month based on calendar year 1996. Beginning on July 1, 1998 and on
each July 1st thereafter Tenant shall pay its proportionate share of the said
costs and expenses as

                                       -3-
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set forth in section 6., below. The monthly payment on account of said costs and
expenses shall be adjusted each year to equal one-twelfth (1/12) of Tenant's
Portion thereof for the immediately preceding accounting period (e.g. for the
payments beginning July 1, 1998 the cost and expenses for the calendar year 1997
shall be used).

     Real Estate Taxes

     2. Tenant shall pay to Landlord, as additional rent, the real estate taxes
allocated to the demised premises for each calendar year during the term hereof.
For the calendar years during which the term of this Lease shall commence and
terminate, Tenant shall pay a pro rata portion of the real estate taxes
allocated to the demised premises. If there shall be more than one taxing
authority, the real estate taxes for any period shall be the sum of the real
estate taxes for said period attributable to each taxing authority. For purposes
of this Lease, the real estate taxes allocated to the demised premises shall be
equal to the product of (a) "Tenant's Portion: (hereinbelow defined), and (b)
the real estate taxes upon the Shopping Area. Tenant's Portion shall be a NINE
and EIGHT TENTHS (9.8%) percent. Payment on account of the real estate taxes
allocated to the demised premises shall be paid, as part of Tenant's total rent,
monthly, and at the times and in the fashion herein provided for the payment of
MINIMUM RENT. For the initial period from the commencement of the term of this
Lease until June 30, 1998 the additional amount so to be paid each month is
$311.40 per month based on 1996. Beginning on July 1, 1998 and on each July 1st
thereafter, Tenant shall pay its proportionate share of the real estate taxes as
set forth in section 5. below. The payments due on the real estate taxes
allocated to the demised premises shall be paid monthly by a payment which is
one-twelfth (l/l2th) of the real estate taxes allocated to the demised premises
for the previous calendar year.

     3. In the event of any abatements, refunds or rebates of the real estate
taxes upon the Shopping Area, an appropriate adjustment shall be made between
Landlord and Tenant to take into account such abatements, refunds or rebates
less all costs of securing the same. Furthermore, an equitable adjustment shall
be made in the event of any change in the method or system of taxation from that
which is now applicable, including without limitation any change in the dates
and period for which such taxes are levied.

     4. Tenant shall pay all taxes upon its signs and other property in or upon
the demised premises. For the purpose of this Article such taxes shall not be
included within real estate taxes upon the Shopping Area. If upon the assessment
day for real estate taxes for any tax year any construction shall be incomplete,
an

                                       -4-
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appropriate adjustment shall be made to carry out the intent of the parties. The
expression "real estate taxes" shall include betterment assessments, so-called
rent taxes and other governmental charges which may be charged, assessed or
imposed upon the Shopping Area.

     5. Tenant's present share of the common area expenses is $278.62 per month
and its share of the real estate taxes is $311.40 per month, both of which are
to be paid in addition to the MINIMUM RENT and shall continue at such level
through June 30, 1998. Said amounts are based on total common area expenses of
$38,130.00 for calendar year 1996 and total real estate taxes for calendar year
1996 of $34,117.00. For the period commencing July 1, 1998 and each year
thereafter TENANT'S PORTION of said expenses and taxes shall be paid by Tenant
in addition to the MINIMUM RENT. From and after July 1, 1998, the aggregate of
the MINIMUM RENT and the TENANT'S PORTION of both the common area expenses and
the real estate taxes shall not under any circumstances except as noted
hereinafter fall below $4,600.00 per month, unless reduced by abatement as
provided above.

     6. Any controversy which may arise concerning the designation under this
article of the proper manner to compute the adjustment in annual rental rate and
monthly installments as herein provided, shall be determined by submission of
said dispute to the American Arbitration Association in Boston, Massachusetts.

     7. Within forty-five (45) days after the end of each calendar year,
Landlord will furnish to Tenant a statement in reasonable detail setting forth
its compilation of Operating Costs, as hereinafter defined, and setting forth
Tenant's share of Operating Costs, which statement shall be prepared in
accordance with generally accepted accounting principles. Tenant shall be
entitled, at its expense, to audit Landlord's statement of Operating Costs and
if such audit reveals an overcharge, Landlord will pay to Tenant the amount of
such overcharge. If the audit reveals an overcharge that is greater than three
(3%) percent of the Operating Costs, Landlord will, in addition to paying such
overcharge, pay to Tenant the costs of the audit.

     8. The term "Operating Costs" shall NOT include (i) the cost of enlarging
the building, (ii) the cost of structural repairs to the building, (iii) repair
and maintenance to any portion of the building leased to other tenants, (iv)
leasing commissions, (v) management fees and other charges and expenses related
to the operation of the building in excess of fees, charges or expenses which
could be obtained from unrelated third party professionals for similar services
rendered, and (vi) all other costs and/or expenses which are not classified as
building operating expenses pursuant to generally accepted accounting
principles. "Building maintenance,

                                       -5-
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repair, and operating costs" shall also exclude the cost of utilities or
services provided to other tenants of the Building but not to Tenant, exclusive
of common areas; interest, principal, and financing costs incurred in connection
with any debt associated with the Building; costs associated with tenant
improvements, brokerage commissions, or legal expenses for new tenancies of the
Building; penalties and other costs resulting from Landlord's violation of any
governmental requirement.

                        VII. HIGH CLASS RETAIL OPERATION

     1. It being recognized that the premises where the demised premises is
located has been developed and is maintained by Landlord as a location for an
outstanding type of business occupancy, Tenant, as a special inducement to
Landlord to enter into this Lease, hereby represents and warrants, and covenants
and agrees, that the business to be conducted by Tenant at the demised premises
and the kind and quality of tenant merchandise will be "first class" and
reputable in every respect and that the sales methods to be employed by Tenant
in the business as well as all other elements of merchandise, display, and
advertising will be defined by and in conformity with standards of practice
followed by superior types of stores, shops, or concerns dealing in the same or
similar merchandise or conducting a similar business in the Shopping Area and in
the immediate vicinity of the demised premises. Under no circumstances shall any
auction be conducted at the premises, nor shall any liquidation sale, "going out
of business" sale, or the like be carried on therein other than such as those
incident to the normal routine of Tenant's business with its regular clientele.

     2. Tenant covenants that they shall for five days per week and twelve
months per year occupy and use the entire premises for the purpose or purposes
specified herein. Lessee shall at all times carry a full and complete stock of
seasonable merchandise and shall maintain adequate personnel for the efficient
service of its customers, and in general employ its best judgment, efforts and
abilities so as to operate the business conducted by it on the premises in a
manner calculated to produce the maximum volume of sales and transactions
obtainable. Lessee shall keep the demised premises open and available for
business activity therein during all usual days and hours for such business in
the vicinity except when prevented by strikes, fire, casualty, or other such
unavoidable occurrences.

     3. Tenant warrants and covenants to Landlord that it will conduct its
business solely as described herein and on the attached

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"Business Description" rider.

              VIII. LANDLORD'S RIGHT TO ENFORCE PARKING REGULATIONS

     Tenant shall have the temporary right to use in common with the other
tenants in the building two parking spaces as provided by Landlord in the
parking area adjacent to Abbott Street, for the parking of Tenant's automobile
or its employees or invitees, subject to the rules and regulations now or
hereafter adopted by the Landlord.

     Tenant is not entitled to the use of more than two spaces. Tenant shall not
use nor permit any of its officers, agents, employees, invitees or licensees to
use any parking area owned by the Landlord other than the parking area adjacent
to Abbott Street provided, however, all other articles to the contrary
notwithstanding, if Landlord deems it advisable, Landlord may set aside 100
percent of the total parking area for use as a separate area for customers of
the Shopping Area and may charge a parking fee to customers and the Tenant.
Landlord reserves the right to tow away or affix self-adhering "Illegally
Parked" stickers to the windshields of automobiles illegally parked and to adopt
any regulations necessary to curtail unauthorized parking including the required
use of "parking permits." Tenant will, on request, furnish Landlord with
automobile license numbers assigned to automobiles belonging to or used by
Tenant or such other persons.

                           IX. MAINTENANCE AND REPAIR

     1. Landlord shall repair and maintain in good order and condition the
exterior and structure of the demised premises, including without limitation the
outside walls, foundations, roof, gutters, downspouts, all structural members
and all wiring, plumbing, pipes, conduits, and other utility and sprinkler
fixtures and equipment which serve any premises in the Shopping Area including
the demised premises, and shall in addition make all repairs and alterations
necessary to keep the demised premises and any basement thereunder dry,
excepting, however, repairs to the same necessitated by act, default, or
negligence of Tenant, its employees, agents, licensees, or contractors.

     2. Tenant shall keep and maintain, subject to damage by fire, taking,
casualty, or other cause beyond Tenant's control, structural defects and
reasonable wear and tear only excepted, the interior of

                                       -7-
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said premises, including the heating and air-conditioning systems, and the
plumbing and electrical systems, within the demised premises and not used in
common with other tenants (including the replacement of all or any part of the
plumbing and electrical systems as aforesaid which are beyond repair), and all
glass, including that in windows, doors, and skylights, in good order, repair,
and condition, and shall replace any glass which may be injured or broken with
glass of the same quality, except, provided that Tenant shall have complied with
the provisions hereof with respect to maintenance, that Landlord shall replace
all or any part of the heating and air-conditioning systems which are beyond
repair.

     3. Landlord shall make all repairs, alterations, and additions which may be
required by any laws, ordinances, orders, or regulations or any public
authorities having jurisdiction over the demised premises, except that Tenant
shall make all such repairs, alterations, and additions required by any special
use made of the demised premises by Tenant.

     4. Tenant shall have the right, at its expense, from time to time, to
redecorate the demised premises and to make such nonstructural alterations and
changes in the interior thereof as it shall deem expedient or necessary for its
purposes, provided however, that such alterations and changes shall not injure
the safety of the structure of the demised premises, nor diminish its value, and
shall be done in a good and workmanlike manner. Landlord hereby authorizes
Tenant to install, if Tenant so elects, all refrigerating and other equipment,
including water-saving devices, in the demised premises and on the roof thereof.
Landlord shall execute and deliver upon request of Tenant such instrument or
instruments embodying the approval of Landlord which may be required by any
public or quasi-public authority for the purpose of obtaining any license or
permit for the making of such alterations, changes and/or installations in, to
or upon said demised premises, Tenant agreeing to pay for such license or
permit.

                 X. TENANT'S DUTY TO OBTAIN PERMITS AND LICENSES

     The Tenant shall, at its own cost and expense, procure each and every
permit, license, certificate or other authorization and any renewals, extensions
or continuances of the same required in connection with the lawful and proper
use of the demised premises or required in connection with any building or
improvements on the demised premises. Neither a failure on the part of the
Tenant to procure such permit, license, certificate or other authorization, nor
the revocation of the same, shall in any way affect the

                                       -8-
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liability of the Tenant for the payment of the rent herein reserved or the
performance or observance of any of the covenants or conditions herein contained
on the Tenant's part to be performed and observed.

                XI. TENANT'S OBLIGATION TO COMPLY WITH LAWS, ETC.

     The Tenant covenants to comply with any and all laws, statutes, ordinances,
and regulations, federal, state, county, or municipal, now or hereafter in
force, applicable to the leased premises as opposed to the building relating to
use or occupancy thereof or to the making of repairs thereto or of changes,
alterations, or improvements therein, ordinary or extraordinary, seen or
unforeseen, including but not limited to the performance of any duty imposed
upon the Landlord or Tenant by such laws, statutes, ordinances, or regulations
in respect of the sidewalks, curbs, streets, or vaults adjacent to the leased
premises. The Tenant also covenants to comply with any and all rules and
regulations applicable to the leased premises issued by the Board of Fire
Underwriters, or by any other body hereinafter constituted exercising similar
functions and insurance companies writing policies covering the demised premises
which now or hereafter may become applicable to the demised premises. The Tenant
shall pay all costs, expenses, claims, fines, penalties, and damages that may in
any manner arise out of or be imposed because of the failure of Tenant to comply
with this section, and in any event agrees to indemnify the Landlord from all
liability with reference to the same. The Landlord and Tenant shall each
promptly give notice to the other of any notice of violation received by the
Tenant or Landlord respectively.

     Without diminishing the obligation of the Tenant, if the Tenant shall at
any time fail or neglect to comply, to the extent reasonably appropriate and as
expeditiously as reasonably feasible, with any of said laws, rules,
requirements, orders, directions, ordinances or regulations concerning or
affecting the demised premises, or the use and occupation thereof, or of any
building thereof, as hereinbefore provided, and, if a stay is necessary, shall
have failed to obtain a stay or continuance thereof, the Landlord in addition to
any other remedies shall be at liberty, after thirty (30) days prior written
notice to Tenant, to comply therewith, and reasonable expenses consequent
thereon shall be borne and paid by the Tenant; and upon Tenant's failure so to
pay, the Landlord may pay the same and any payments so made by the Landlord,
together with the interest thereon to be computed at the rate of

                                       -9-
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eighteen percent per annum from the date of payment, shall be considered as
additional rent to be added to the installment of fixed rental next accruing,
and shall entitle the Landlord to enforce any of the terms, provisions,
conditions and covenants herein contained that may be applicable to such rent.

     Tenant shall have the right to contest by appropriate legal proceedings in
the name of Tenant or Landlord, or both, without cost or expense to Landlord,
the validity or application of any law, ordinance, rule or requirement referred
to above and Landlord agrees to cooperate with Tenant and will execute and
deliver any appropriate papers which may be necessary and proper to permit
Tenant to contest the validity or application of any such law, ordinance, order,
rule, or requirement.

                  XII. TENANT TO PAY AND PROVIDE FOR UTILITIES

     The Tenant shall pay such water and sewer charges or rentals as may, during
the term of this Lease, be assessed or imposed for the water used or consumed in
or on the leased premises, whether determined by meter or otherwise, as soon as
the same may be payable. The Tenant shall pay for all gas, oil, water, sewer
usage, electricity and other utilities consumed on the leased premises during
the term of this Lease.

                  XIII. FIXTURES TO BECOME PROPERTY OF LANDLORD

     All fixtures, equipment, improvements and appurtenances attached to, or
built into, the premises herein demised at the commencement of or during the
term, whether by the Landlord at its own expense or at the expense of the
Tenant, or by the Tenant, shall at Landlord's option (which may be exercised on
a piece by piece basis) be and remain part of the premises and shall not be
removed by the Tenant at the end of the term, unless otherwise expressly
provided in this Lease. All electric, plumbing, heating, sprinkling, telephone
(not including telephone sets), telegraph, communication and radio systems (not
including stereo receivers/speakers which are not built in), fixtures and
outlets, partitions, railings, gates, doors, vaults, paneling, molding,
shelving, radiator enclosures, corks, rubber, linoleum, tile, composition and
other permanent floors, and ventilating silencing, air-conditioning and cooling
equipment shall be deemed to be included in such fixtures, equipment,
improvements and appurtenances, at Landlord's said option. Tenant shall in a
good

                                      -10-
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and workmanlike manner remove all property not deemed a fixture and restore the
premises to its original condition.

     Where not built into the space and if furnished by or at the expense of the
Tenant, all removable electric fixtures, carpets, wind deflectors, electric
fans, water coolers, furniture, trade fixtures, and business equipment shall not
be deemed to be included in such fixtures, equipment, improvements, and
appurtenances and may be removed by the Tenant upon condition that such removal
does not materially damage the building and upon condition also that the cost of
repairing any damage to the premises or the building arising from such removal
shall be paid by the Tenant.

     All the outside walls of the premises, including corridor walls and the
outside entrance doors to the premises, any balconies, terraces or roofs
adjacent to the premises, and any space in the premises used for shafts, stacks,
pipes, conduits, ducts, or other building facilities, and the use thereof, as
well as access thereto in and through the premises for the purpose of operation,
maintenance, decoration and repair, are expressly reserved to the Landlord, and
the Landlord has not conveyed any rights to the Tenant therein.

     Without limiting the generality of the foregoing, where ceiling lighting
fixtures have been provided by the Landlord, and the Landlord has not conveyed
any rights to the Tenant, the Tenant shall not install additional ceiling
lighting fixtures without having first obtained written consent by the Landlord.

                        XIV. LANDLORD'S CONSENT REQUIRED:
                                 DUTY TO RESTORE

     The Tenant shall make no structural alterations, nor any other decorations,
additions or improvements in or to the demised premises which can be seen from
Washington Street or the parking lot without the Landlord's prior written
consent, but Landlord agrees that such consent shall not be withheld or delayed
unreasonably. All such work shall be of first class quality and shall be done at
such times and in such manner as shall minimize any inconvenience to other
occupants of the building in which the demised premises are located. As a
condition precedent to the Landlord's consent, the Tenant shall deliver to the
Landlord written plans and specifications for all such work. The Tenant shall
comply with all governmental rules and regulations in connection with such work
and shall prevent any lien or obligation from being created against or imposed
upon the leased premises, and will discharge all liens or charges for services
rendered or material furnished immediately after said liens occur or

                                      -11-
<PAGE>
said charges become due and payable. Unless waived by the Landlord, the Tenant
shall restore the demised premises to their former condition at the expiration
of the term of this Lease.

                  XV. NO LIENS: ADDITIONS TO BELONG TO LANDLORD

     Tenant covenants and agrees that it has no power to incur any indebtedness
giving a right to a lien of any kind or character upon the right, title, and
interest of Landlord in and to the land covered by this Lease, and that no
person shall ever be entitled to any lien directly or indirectly derived through
or under it, or its agents or servants, or on account of any act or omission of
Tenant, which lien shall be superior to the interest in this Lease reserved to
Landlord upon the leased premises. All persons contracting with Tenant, or
furnishing materials or labor to Tenant, or to its agents or servants as well as
all persons whomsoever, shall be bound by this provision of this Lease. Should
any such lien be filed, Tenant shall discharge the same by paying it, or by
filing a bond or otherwise, as permitted by law, within thirty (30) days of
Tenant's receipt of notice or the filing of such lien.

                      XVI. TENANT'S RIGHT TO INSTALL SIGNS:
                              INDEMNITY TO LANDLORD

     The Tenant shall have the privilege of placing on the demised premises such
signs as it deems necessary and proper in the conduct of its business, provided
Landlord approves of said signs in writing, which approval shall not be
unreasonably withheld, and the Tenant pays all permit and license fees which may
be required to be paid for the erection and maintenance of any and all such
signs, and provided such signs are legally permitted to be installed. The Tenant
agrees to submit all drawings and specifications for signage to Landlord for its
prior approval. Provided, however, Tenant need not get prior approval of paper
signs it puts in the windows on a day to day basis, but Landlord may object (on
a reasonable basis) and require Tenant to remove same immediately. The Tenant
agrees to exonerate, save harmless, protect and indemnify the Landlord from, and
against any and all losses, damages, claims, suits or actions for any damage or
injury to the person or property caused by the erection and maintenance of such
signs or parts thereof, and, insurance coverage for such signs shall be included
in the public liability policy which the Tenant is required to furnish under
Section XVIII hereof.

                                      -12-
<PAGE>
                      XVII. TENANT'S OBLIGATION TO INSURE:
                               ALL INCLUSIVE FORM

     During the term of this Lease, the Tenant, at its sole cost and expense,
and for the mutual benefit of the Landlord and Tenant, shall carry and maintain
Commercial General Public Liability insurance, including property damage,
insuring the Landlord and the Tenant against liability for injury to persons or
property occurring in or about the leased premises or arising out of the
ownership, maintenance, use or occupancy thereof. The liability under such
insurance shall not be less than $1,000,000.00 for any one person injured or
killed and not less than $2,000,000.00 for any one accident.

     All policies of insurance (except liability insurance) shall provide by
endorsement that any loss shall be payable to the Landlord or Tenant as their
respective interests may appear. The Tenant shall have the privilege of
procuring and obtaining all of such insurance through its own sources, provided,
however, Tenant shall provide Landlord each year with a new certificate of
insurance certifying that the required coverage is in full force and effect for
the next twelve months.

                       XVIII. TENANT NOT TO INCREASE RISK

     Tenant shall not do or permit to be done any act or thing in or upon the
demised premises which will invalidate or be in conflict with the certificate of
occupancy or the terms of the Massachusetts standard form of fire, boiler,
sprinkler, water damage and other insurance policies covering the building and
the fixtures and property therein; and Tenant shall, at its own expense, comply
with all rules, orders, regulations or requirements of the Massachusetts Board
of Fire Underwriters or any other similar body having jurisdiction, and shall
not knowingly do or permit anything to be done in or upon the demised premises
or bring or keep anything therein or use the demised premises in a manner which
increases the rate of fire insurance upon the building or on any property or
equipment located therein over the rate in effect at the commencement of the
term of this Lease.

     If, by reason of any failure of Tenant to comply with the provisions of
this Lease, the rate of fire, boiler, sprinkler, water damage, or other
insurance (with extended coverage) on the building or on the property and
equipment of Landlord or any other tenant or subtenant in the building shall be
higher than it otherwise would be, Tenant shall reimburse Landlord and the other
tenants in the

                                      -13-
<PAGE>
building for that part of the fire, boiler, sprinkler, water damage, or other
insurance premiums thereafter paid by Landlord which shall have been charged
because of such failure by Tenant and Tenant shall make the reimbursement on the
first day of the month following such payment by Landlord. In any action or
proceeding wherein Landlord and Tenant are parties, a schedule or "make up" of
rate for the building or demised premises issued by the Massachusetts Fire
Exchange or other body making fire insurance rates for said premises, shall be
conclusive evidence of the facts therein stated and of the several items and
charges in the fire insurance rate then applicable to said building or demised
premises.

                        XIX. TENANT TO REPLACE GLASS AND
                                 CARRY INSURANCE

     The Tenant shall repair, at its own expense, all damage or destruction of
any plate or window glass in the demised premises (unless same is caused by the
negligence of the Landlord, its agents, employees and servants), and shall
maintain adequate plate glass insurance at its own expense for the benefit of
the Landlord. If the Tenant fails to repair the damage of any plate glass or
window glass in the demised premises, or fails or refuses to maintain adequate
plate glass insurance for the benefit of the Landlord, then the Landlord may
repair said damage or destruction or may insure the plate glass and charge the
cost of such repairing or the cost of premium for the plate glass insurance to
the Tenant, and the amount thereof shall be deemed to be, and be paid as,
additional rent, but must be paid within ten (10) days of Landlord's invoice to
Tenant.

                      XX. FIRE, CASUALTY, OR EMINENT DOMAIN

     A. ALL or SUBSTANTIALLY ALL: In the event that the Premises or any
substantial portion thereof shall be substantially damaged by fire or other
casualty or shall be taken by eminent domain, the Landlord may elect to
terminate this Lease, within thirty (30) days of such damage or taking. In the
event that such a fire or casualty or taking renders the Premises substantially
unsuitable for Tenant's intended use hereunder, then the Tenant may elect to
terminate this Lease if:

     (1) the Landlord fails to give written notice within thirty (30) days of
intention to restore the Premises; or

     (2) the Landlord fails to restore the leased Premises to a

                                      -14-
<PAGE>
condition substantially suitable for Tenant's intended use within one hundred
eighty (180) days of said fire casualty or taking; and

     (3) in either case, the Tenant gives notice to the Landlord of its election
to terminate this Lease within thirty (30) days of the Landlord's failure to
give written notice of intention to restore the Premises under Paragraph (1)
hereof or within thirty (30) days of the failure of the Landlord to restore the
leased Premises pursuant to Paragraph (2) hereof.

     During the period of any such casualty or taking, a just and proportional
abatement of rent shall be made.

     The Landlord reserves and the Tenant grants to the Landlord all rights
which the Tenant may have for damages or injury to the Premises arising out of
any taking by eminent domain except that the Tenant may receive any damages or
payments arising out of such taking to which it may be entitled as a result of
damage to Tenant's trade fixtures, personal property, equipment and relocation
benefits.

     (B) PARTIAL: In the event that the Premises are partially damaged by fire
or other casualty or a portion thereof is taken by eminent domain but the
Premises are still usable by Tenant for the conduct of its business in
substantially the same manner as it was conducted immediately prior to such
damage or destruction, then the Landlord shall undertake to make all required
repairs and during said period the rent shall be proportionately abated,
provided, however, that if Landlord has not completed such repairs within one
hundred eighty (180) days of said fire, casualty or taking, then Tenant shall
have the right to terminate this Lease by written notice to Landlord within
thirty (30) days of Landlord's failure to restore.

     (C) INSURANCE: If Landlord elects to undertake repairs under Paragraph (A)
or is required to make repairs under Paragraph (B) Tenant shall immediately pay
over to Landlord any insurance proceeds payable on account of damage or
destruction to the Premises.

                      XXI. COMPREHENSIVE RIGHTS OF LANDLORD

     The Landlord reserves the following rights:

     1. Occupancy: During the last ninety (90) days of the terms of this Lease,
if during or prior to that time the Tenant vacates the premises, to decorate,
remodel, repair, alter or otherwise prepare the premises for reoccupancy.

     2. Pass Keys: To have pass keys to the premises except as to areas
designated by Tenant as security areas.

     3. Access for Repairs, Etc.: To take any and all measures,

                                      -15-
<PAGE>
including inspections, access to ceilings, repairs, alterations, additions and
improvements to the premises or to the building as may be necessary or desirable
in the operation of the building, provided that no such improvement shall reduce
the area rented by Tenant.

     4. Show Premises: To show the premises to prospective tenants or brokers
during the last year of the term of this Lease, and to prospective purchasers at
all reasonable times during normal business hours provided prior notice is given
to Tenant in each case and the Tenant's use and occupancy of the premises shall
not be materially inconvenienced by any such action of the Landlord.

     5. Heavy Equipment: To approve the weight, size and location of safes or
other heavy equipment or articles, which articles may be moved in, about or out
of the building or premises by Tenant hereunder only at such times and in such
manner as Landlord shall direct and in all event, however, at Tenant's sole risk
and responsibility.

     The Landlord may enter upon the premises and may exercise any or all of the
foregoing rights hereby reserved without being deemed guilty of an eviction or
disturbance of the Tenant's use or possession and without being liable in any
manner to the Tenant.

                   XXII. RIGHT TO REPAIR PREMISES AFTER DEMAND

     If Tenant refuses or neglects to repair or maintain the premises, as
required hereunder, to the reasonable satisfaction of Landlord as soon as
reasonably possible after written demand, Landlord may make such repairs without
liability to the Tenant for any loss or damage that may accrue to Tenant's
merchandise, fixtures or other property, or to Tenant's business by reason
thereof, and upon completion thereof Tenant shall pay Landlord's costs for
making such repairs upon presentation of a bill therefor.

                  XXIII. RIGHT TO CURE DEFAULTS WITHOUT NOTICE

     If Tenant shall default pursuant to Article XXXIII in the performance of
any covenant or promise on its part to be performed by virtue of any provisions
in any article in this Lease contained, Landlord may immediately, or any time
thereafter, without notice, perform the same for the account and at the expense
of Tenant. Any provision of this Lease to the contrary notwithstanding, however,
Landlord may so perform in Tenant's stead, in an emergency, or in the event that
Tenant's default shall result in circumstances requiring that such, default be
cured prior to the expiration of such

                                      -16-
<PAGE>
grace period.

     If Landlord at any time is compelled to pay or elects to pay any sum of
money, or do any act which will require the payment of any sum of money, by
reason of the failure of Tenant to comply with any provision hereof, or if
Landlord be compelled to incur any expense including reasonable attorneys' fees
in instituting, prosecuting and/or defending any action or proceeding instituted
by reason of any default of Tenant hereunder, the sum or sums so paid by
Landlord with all interest, (at the lesser of eighteen percent per annum or the
highest lawful rate of interest which Landlord may charge to Tenant without
violating any applicable law) cost and damages, shall be deemed to be additional
rent hereunder and shall be due from Tenant to Landlord at the written election
of the Landlord on notice to Tenant on the first day of the month following the
incurring of such respective expenses.

                      XXIV. LEASE UNAFFECTED BY LANDLORD'S
                      NONPERFORMANCE FOR ANY OUTSIDE CAUSE

     This Lease and the obligation of Tenant to pay rent hereunder and perform
all of the other covenants and agreements hereunder on part of Tenant to be
performed shall in no way be affected, impaired or excused because Landlord is
unable to fulfill any of its obligations under this Lease or to supply or is
delayed in supplying any service expressly or impliedly to be supplied or is
unable to make, or is delayed in making any repair, additions, alterations or
decorations or is unable to supply or is delayed in supplying any equipment or
fixtures if Landlord is prevented or delayed from so doing by reason of strike
or labor troubles or any outside cause whatsoever including, but not limited to,
governmental preemption in connection with a national emergency or by reason of
any rule, order or regulation of any department or subdivision thereof of any
government agency in connection with a national emergency or by reason of the
conditions of supply and demand which have been or are affected by war or other
emergency.

                      XXV. INDEMNITY AGAINST CLAIMS ARISING
                               FROM TENANT'S ACTS

     The Tenant agrees to exonerate, save harmless, protect, and indemnify the
Landlord or any owner of the demised premises from and against any and all
losses, damages, claims, suits or actions, judgments, and costs which may arise
or grow out of any injury to or

                                      -17-
<PAGE>
death of persons or damage to property, arising out of and attributable to the
negligence or acts, or omissions of, or use by the Tenant, its agents, servants,
employees, guests, or customers on the demised premises, except to the extent
that such losses, damages, claims, suits or actions, judgments and costs are
caused by the negligence of Landlord, its employees or agents.

                              XXVI. DELIVERY TRUCKS

     The Tenant shall abide by any and all rules and regulations imposed by the
Landlord on all tenants regarding Tenant's delivery from the Premises and
receipt at the Premises by delivery truck. Tenant shall propose a schedule of
the dates and duration of all times a delivery truck shall be in the Holman
parking lot for Landlord's approval. Such approval as Landlord may change from
time to time shall be the only time delivery trucks are in the Holman parking
lot to service Tenant.

                   XXVII. QUIET ENJOYMENT WITH REPRESENTATION
                         OF OWNERSHIP AND NO ENCUMBRANCE

     The Landlord represents and warrants that:

     1. The Landlord is the owner of the leased premises and has the right to
make this Lease.

     2. The Tenant, on paying the rent herein reserved and upon performing all
of the terms and conditions of this Lease on its part to be performed, shall at
all times during the term herein demised peacefully and quietly have, hold and
enjoy the leased premises.

     3. The leased premises are now free from all encumbrances which would
materially affect Tenant's quiet enjoyment except mortgages of record.

                       XXVIII. TENANT TO RESTORE PREMISES:
                        ABANDONMENT OF TENANT'S PROPERTY

     Upon the expiration or other termination of the term hereof, Tenant shall
quit and surrender to Landlord the premises, broom-clean, in good order and
condition, ordinary wear and tear and damage by fire or other casualty insured
against excepted. Tenant shall remove all property of Tenant as directed by
Landlord. If the last day of the term of this Lease or any renewal thereof falls
on Sunday or a legal holiday, this Lease shall expire at 5 p.m. on

                                      -18-
<PAGE>
the business day immediately preceding. Tenant's obligation to observe or
perform this covenant shall survive the expiration or other termination of the
term of this Lease.

     Any personal property of the Tenant or of any subtenant or occupant which
shall remain in the building after the expiration or termination of the term and
the removal of the Tenant from the premises shall be deemed to have been
abandoned by the Tenant and either may be retained by the Landlord as its
property or may be disposed of in such manner as the Landlord may see fit. If
such personal property or any part thereof shall be sold, the Landlord may
receive and retain the proceeds of such sale and apply the same, at its option,
against the expenses of the sale, the cost of moving and storage, any arrears of
rent or additional rent payable hereunder and any damages to which the Landlord
may be entitled under Article XXXIII hereof or pursuant to law.

                                 XXIX. EXTENSION

     The Tenant shall have the opportunity, to be exercised as hereinafter
provided to extend the term of this Lease for one (1) successive period of five
(5) years upon the following terms and conditions:

     1. At the time of the exercise of such opportunity, the Tenant shall not be
in default in the performance of any of the terms, covenants, or conditions
herein contained with respect to a matter as to which notice or default has been
given hereunder and which has not been remedied within the time limited in this
Lease and the Tenant must not have been in default in the performance of any of
the terms, covenants, or conditions herein contained with respect to a matter as
to which notice of default has been given hereunder on more than three (3)
occasions regardless of whether said defaults were cured within the time allowed
under this lease.

     2. The extension shall be upon the same terms, covenants, and conditions as
in this Lease provided, except that,

          a. There will be no further opportunity to extend for the term of this
          Lease beyond the one period referred to above;

          b. During the extension period beginning July 1, 2007 through June 30,
          2012, the annual MINIMUM RENTAL rate payable by Tenant to Landlord
          shall be the fair market rental value of the premises. Said fair
          market rental value shall be determined as follows: Fair Market Rental
          shall be defined as the average per square foot rental for street
          level retail stores which have signed new leases

                                      -19-
<PAGE>
          within three months of December 31, 2006, in the Wellesley Shopping
          District. The Wellesley Shopping District shall be defined as the
          retail shopping area within Wellesley (not Wellesley Hills) on
          Washington Street and Church Street. This option to renew shall
          require that the Tenant give notice of its election to exercise its
          right to renew no more than 9 months nor less than 5 months in advance
          of the renewal date. Upon receipt of said notice, Landlord shall,
          within 30 days, give Tenant notice of the fair market rental which
          will be required for the new term as minimum rent, and if Tenant does
          not agree within 30 days of said notice from the Landlord, then fair
          market rental shall be a matter of arbitration, with each party
          bearing the cost of one arbitrator and splitting the cost of a third
          arbitrator chosen by the two arbitrators picked by the Landlord and
          Tenant. Arbitrators shall be persons professionally qualified to
          determine fair commercial rental value in the Town of Wellesley having
          been active participants in the Wellesley real estate market for a
          minimum of five years. The giving of said notice by tenant shall
          commit tenant to the extended term with either the agreed upon or
          arbitrated rent.

     3. The Tenant shall exercise its right to extend the term of this Lease for
the first extension period by notifying the Landlord of the Tenant's election to
exercise such right no later than October 1, 2006. Upon the giving of such
notice, this Lease shall be deemed extended for the specified period, subject to
the provisions of this article, without execution of any further instrument.

     4. If Tenant is a corporation or a trust any and all rights to extend this
Lease shall be null and void if there has been more than a twenty-five (25%)
percent change in the beneficial ownership of said corporation or trust.
Provided, however, this shall not apply to transfers to the immediate families
of James F. Powers and David J. Powers.

                                 XXX. ASSIGNMENT

     Tenant shall not assign this Lease without Landlord's approval. Any
assignment or sublease shall not release Tenant from the performance of any of
the terms, covenants, and conditions of this Lease. Tenant shall not suffer the
leased premises to be occupied for any business or purpose deemed disreputable
or extra-hazardous on account of fire. If, by reason of any such use, the fire

                                      -20-
<PAGE>
insurance rate shall be higher than it otherwise would be, Tenant shall pay the
entire amount of such increase.

     If Tenant is a corporation or trust a change of beneficial ownership of
said corporation or trust of more than twenty-five (25%) percent (whether
occurring in one or more transfers of beneficial ownership) shall be considered
as assignment of this Lease requiring Landlord's approval. Provided, however,
this shall not apply to transfers to the immediate families of James F. Powers
and David J. Powers.

     Provided, however, if Tenant is either selling its business or changing the
beneficial ownership by more than 25%, then Landlord shall not unreasonably
withhold or delay its consent to any assignment of this lease required to
complete said sale. If the prospective new tenant is able to deliver a rent bond
running in favor of the Landlord equal to and securing one year's rent it shall
create a rebuttable presumption that the new tenant should be approved by the
Landlord.

                     XXXI. SUBORDINATION AND NONDISTURBANCE

     This Lease and all of the rights of Tenant hereunder are and shall be
subject and subordinate to the liens of any mortgage or mortgages hereinafter
placed on the demised premises or any part thereof, and to any and all renewals,
modifications, consolidations, replacements, extensions or substitutions of any
such mortgage or mortgages (all of which are hereinafter termed the "Mortgage"
or "Mortgages".)

     Such subordination shall be automatic, without the execution of any further
subordination agreement by Tenant. If however a written subordination agreement,
consistent with this provision, is required by a mortgagee, Tenant agrees to
execute, acknowledge, and deliver the same, and, in the event of failure so to
do, Landlord may, in addition to any other remedies for breach of covenant
hereunder, execute, acknowledge and deliver the same as the agent or
attorney-in-fact of Tenant, and Tenant hereby irrevocably constitutes Landlord
its attorney-in-fact for such purpose, provided that the holder of any such
mortgage shall enter into an agreement with Tenant that in the event of
foreclosure or other action taken under the mortgage by the holder or any
assignee thereof, this Lease and the rights of Tenant hereunder shall continue
in full force and effect and shall not be terminated or disturbed except in
accordance with the provisions of this Lease.

                                      -21-
<PAGE>
                      XXXII. ESTOPPEL CERTIFICATE BY TENANT

     Tenant agrees, at any time, and from time to time, upon not less than ten
(10) days' prior notice by Landlord, to execute, acknowledge, and deliver to
Landlord a statement in writing addressed to Landlord certifying that this Lease
is unmodified and in full force and effect (or, if there have been
modifications, that the same is in full force and effect as modified and stating
the modifications), stating the dates to which the fixed minimum rent,
additional rental, and other charges have been paid, and stating whether or not
to the best knowledge of the signer of such certificate, there exists any
default in the performance of any covenant, agreement, term, provision, or
condition contained in this Lease, and, if so, specifying each such default of
which the signer may have knowledge, it being intended that any such statement
delivered pursuant hereto may be relied upon by Landlord and by any mortgagee or
prospective mortgagee of any mortgage affecting the building or the building and
the land, and by any Landlord under a ground or underlying Lease affecting the
land or building, or both.

                XXXIII. EVENTS OF DEFAULT AND RIGHTS OF LANDLORD

     1. (a) If Tenant shall fail to make payment of any fixed rent, additional
rent, or other charges required to be paid by Tenant under this Lease, within
ten (10) days after the same shall become due and payable under this Lease.
Provided, however, Tenant shall be entitled to one written ten (10) day notice
that a month's rent has not been received each calendar year on a non-cumulative
basis: or

          (b) If Tenant shall default in the performance of any of the other
terms, covenants, or conditions of this Lease, and such default shall not have
been remedied within thirty (30) days after written notice by Landlord to Tenant
specifying such default and requiring it to be remedied; or

          (c) If the leased premises shall be abandoned by Tenant or shall
become vacant for more than thirty (30) days during the term; or

          (d) If an execution or attachment shall be issued against Tenant and
its property, and such execution or attachment shall not be vacated or removed
by court order, bonding, or otherwise, within a period of sixty (60) days after
the issuance thereof; or

          (e) If Tenant suffers any condition to arise, exist, or continue by
reason of which the mortgagee may elect and does not elect to declare the
mortgage due and payable or any condition which

                                      -22-
<PAGE>
the mortgagee has the right to and demands that the same be obviated or removed;

     Then Landlord, at its election, may terminate this Lease upon ten (10)
days' written notice to Tenant to such effect, and unless tenant shall have
cured the default complained of within said ten-day period, this Lease shall be
deemed terminated upon the expiration of said ten-day period, and Tenant shall
quit and surrender the leased premises on the date of such termination, but
Tenant shall remain liable as herein provided.

     Provided, however, that there shall be no termination of this Lease under
the provisions of Subparagraphs (b) or (d) of this paragraph if Tenant is in
good faith attempting to remedy the default complained of and, in the exercise
of due diligence by Tenant, such default cannot be remedied by Tenant within the
period referred to in each Subparagraph. In the event of the foregoing
circumstances, the time within which Tenant may remedy the default complained
of, shall be extended for such period as may be reasonably necessary to do so,
but if Tenant shall neglect to proceed in good faith and as speedily as is
reasonably possible to remedy the aforesaid default, Landlord may give Tenant
another notice of at least ten (10) days of its election to end the term of this
Lease and thereupon, at the expiration of said ten days, the term of this Lease
shall terminate and come to an end and all the rights of occupancy hereunder on
the part of Tenant shall cease with the same force and effect as through the
term originally reserved herein had terminated, and Tenant shall quit and
surrender said premises to Landlord, but Tenant shall remain liable as
hereinafter provided.

     2. If this Lease shall be terminated, as provided in this paragraph, or if
Tenant shall be in default in the payment of fixed rent, additional rent,
deposits for taxes, or any other charges required to be paid by Tenant under
this Lease, for a period of ten (10) days after written notice to Tenant of its
default:

          a. Landlord may immediately, or at any time thereafter, re-enter and
     resume possession of the leased premises and remove all persons and
     property therefrom either by summary dispossess proceedings or by a
     suitable action or proceeding at law or in equity, or by force or
     otherwise, without being liable for any damages therefor. No re-entry by
     Landlord shall be deemed an acceptance of a surrender of this Lease.

          b. Tenant will indemnify Landlord each month against all loss of rent
     and all obligations which Landlord may incur by reason of any such
     termination between the time of termination and the expiration of the term
     of the Lease; or at the election of Landlord, exercised at the time of the
     termination or at any

                                      -23-
<PAGE>
     time thereafter, Tenant will indemnify Landlord each, month until the
     exercise of the election against all loss of rent and other obligations
     which Landlord may incur by reason of such termination during the period
     between the time of the termination and the exercise of the election, and
     upon the exercise of the election Tenant will pay to Landlord as damages
     such amount as at the time of the exercise of the election represents the
     amount by which the rental value of the demised premises for the period
     from the exercise of the election until the expiration of the term shall be
     less than the amount of rent and other payments provided herein to be paid
     by Tenant to Landlord during said period. It is understood and agreed that
     at the time of the termination or at any time thereafter Landlord may rent
     the demised premises, and for a term which may expire before or after the
     expiration of the term of this Lease, without releasing Tenant from any
     liability whatsoever, that Tenant shall be liable for any expenses incurred
     by Landlord in connection with obtaining possession of the demised
     premises, with removing from the demised premises property of Tenant and
     persons claiming under it (including warehouse charges), with putting the
     demised premises into good condition for reletting, and with any reletting,
     including, but without limitation, reasonable attorney's fees and brokers'
     fees and that any monies collected from any reletting shall be applied
     first to the foregoing expenses and then to the payment of rent and all
     other payments due from Tenant to Landlord.

     3. All sums which Tenant has agreed to pay by way of taxes, water or sewer
rents, or water meter charges, insurance premiums, maintenance, and all other
charges required to be paid by Tenant hereunder, becoming due from time to time
under the terms of this Lease, shall be deemed additional rent reserved in this
Lease within the meaning of Articles IV - VI.

     4. If this Lease shall be terminated as provided in this paragraph or by
summary proceedings or otherwise, Landlord, in addition to any other right under
this paragraph, shall be entitled to recover the cost of placing the leased
premises in the same condition as that in which Tenant is required to surrender
them to Landlord under this Lease.

     5. In the event this Lease is terminated by Landlord pursuant to any of the
terms of this paragraph, it shall be entitled to retain and set off against its
damages any moneys being held as deposits hereunder.

     6. Tenant hereby expressly waives the service of any notice of intention to
re-enter provided in any statute or of the institution of legal proceedings to
that end, and Tenant for and on behalf of

                                      -24-
<PAGE>
itself and all persons claiming through or under Tenant, including any assignee
or creditor of Tenant, also waives any and all right of redemption or re-entry
or repossession or to restore the operation of this Lease in case Tenant shall
be dispossessed by summary proceedings or otherwise, or in case of re-entry or
repossession by Landlord, or in case of any expiration or termination of this
Lease in accordance with its terms. The terms "enter", "entry", "re-entry" and
"re-enter" as used in this Lease are not restricted to their technical legal
meaning.

     7. Landlord may, at Landlord's option, reduce Tenant's liability for breach
of this lease to liquidated damages equal to twelve month's of the MINIMUM RENT
which was due just prior to the termination date of this lease. Landlord must
exercise this option in writing delivered to Tenant within ninety days of the
date Tenant vacates the demised premises. This option may only be exercised
pursuant to and as a part of Landlord's termination of this lease for Tenant's
breach.

                        XXXIV. PRESENT CONDITION AND USE

     Tenant accepts the buildings, improvements, and personalty on the demised
premises in their present condition and without any representation or warranty
by Landlord as to the condition of said buildings or as to the use or occupancy
which may be made thereof, and Landlord shall not be responsible for any latent
defect or change of condition in the buildings and personalty, and the rent
hereunder shall in no case be withheld or diminished on account of any defect in
the buildings, nor for any change in their condition nor for any damage
occurring thereto, nor because of the existence of any violations in any
municipal departments.

                   XXXV. RULES AND REGULATIONS: SHOPPING AREA

     Tenant's failure to keep and observe the rules and regulations described
below shall constitute a breach of the terms of this Lease in the manner as if
the same were contained herein as covenants. Landlord reserves the right, from
time to time, to create, amend or supplement a set of rules and regulations and
to adopt and promulgate additional rules and regulations applicable to the
leased premises and to the Shopping Area. Notice of such additional rules and
regulations, amendments, and supplements, if any, shall be given to the Tenant,
and Tenant agrees thereupon to comply with and observe all such rules and
regulations and

                                      -25-
<PAGE>
amendments thereto and supplements thereof, provided the same shall apply
uniformly to all tenants of the Shopping Area, and shall be applied in a
non-discriminatory manner.

                   XXXVI. NOTICE BY PERSONAL OR MAIL DELIVERY:
                                SEVERAL TENANTS

     Except as otherwise in this Lease provided, any notice, bill, or statement
by either party to the other may be given or sent and shall be deemed to have
been duly given or sent if either delivered personally or mailed, certified mail
return receipt requested, in a postpaid envelope, addressed to Landlord: Steven
H. Grindle, GRINDLE, ROBINSON & KERTZMAN, 40 Grove Street, Wellesley, MA 02181;
and to Tenant: James F. Powers, d/b/a Dover Saddlery, Inc., 591-595 Washington
Street, Wellesley, MA 02181, with a copy to Richard H. Murphy, Jr., Esq.,
Tarlow, Breed, Hart, Murphy & Rodgers, P.C., 21 Custom House Street, Boston, MA
02110, or if any address for notices shall have been duly changed as hereinafter
provided, if mailed to the party at such changed address. Either party may at
any time change the address for notices, bills or statement by delivering or
mailing, as aforesaid, a notice stating the change and setting forth the changed
address.

     Should the term "Tenant", as used in this Lease, refer to more than one
person, any notice, bill or statement given or sent as aforesaid to any one of
such persons shall be deemed to have been duly given or sent to Tenant.

                           XXXVII. AMENDMENTS TO LEASE

     This Lease may be modified, amended, or surrendered only by an instrument
in writing duly executed by Landlord and Tenant.

                      XXXVIII. ENTIRE AGREEMENT: AMENDMENTS

     It is expressly understood and agreed by and between the parties hereto
that this Lease sets forth all the promises, agreements, conditions,
inducements, and understandings between Landlord and Tenant relative to the
demised premises, and that there are no promises, agreements, conditions,
understandings, inducements, warranties, or representations, oral or written,
expressed or implied, between them other than as herein set forth

                                      -26-
<PAGE>
and shall not be modified in any manner, except by an instrument in writing
executed by the parties.

                     XXXIX. WAIVER BY PARTIES OF JURY TRIAL

     The parties hereby waive trial by jury in any action, proceeding, or
counterclaim brought by either of them against the other on any matters
whatsoever arising under this Lease.

                               XL. APPLICABLE LAW

     This Lease has been executed and delivered in the Commonwealth of
Massachusetts and shall be construed in accordance with the Laws of the
Commonwealth of Massachusetts.

                       XLI. GENERAL RULES OF CONSTRUCTION

     This Lease shall be strictly construed neither against Landlord nor Tenant.
No remedy or election given by any provision in this Lease shall be deemed
exclusive unless so indicated, but each shall, wherever possible, be cumulative
with all other remedies in law or equity as otherwise specifically provided.
Each provision hereof shall be deemed both a covenant and a condition and shall
run with the land. Whenever the context of any provision shall require it, the
singular number shall be held to include the plural number, and vice versa, and
the words "he", "his" or "him" if used with reference to Landlord shall be
deemed to include the neuter or feminine gender of such pronoun. "Landlord"
whenever used includes all grantors of the term, who shall be held bound jointly
and severally hereby and this agreement shall inure to the benefit of and be
binding upon the respective heirs, legal representatives, successors, and
assigns of the parties hereto.

                                 XLII. CAPTIONS

     The parties mutually agree that the headings and captions contained in this
Lease are inserted for convenience of reference only, and are not to be deemed
part of or to be used in construing this Lease.

                                      -27-
<PAGE>
                 XLIII. CONFLICT BETWEEN RIDER AND PRINTED LEASE

     If and to the extent that any of the provisions of any rider to this Lease
conflict or are otherwise inconsistent with any of the preceding provisions of
this Lease, or of the rules and regulations appended to this Lease, whether or
not such inconsistency is expressly noted in the rider, the provisions of the
rider shall prevail and, in case of inconsistency with said rules and
regulations, shall be deemed a waiver of such rules and regulations with respect
to Tenant to the extent of such inconsistency.

                  XLIV. INVALIDITY OR INAPPLICABILITY OF CLAUSE

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

                           XLV. SUCCESSORS OR ASSIGNS

     The covenants and agreements herein contained shall, subject to the
provisions of this Lease, bind and inure to the benefit of the Landlord, its
successors, and assigns and to Tenant, its successors, and assigns, except as
otherwise provided herein.

                     XLVI. NO WAIVER OF CONSENT BY LANDLORD

     It is distinctly understood and agreed that the granting of any consent by
Landlord to Tenant to perform any act of Tenant requiring Landlord's consent,
under the terms of this Lease, or the failure on the part of the Landlord to
object to any such action taken by Tenant without Landlord's consent, shall not
be deemed a waiver by Landlord of its rights to require such consent for any
further similar act by Tenant, and Tenant hereby expressly covenants and
warrants that as to all matters requiring Landlord's consent under the terms of
this Lease Tenant shall secure such consent for each and every happening of the
event requiring such consent, and shall not claim any waiver on the part of
Landlord of the requirement to

                                      -28-
<PAGE>
secure such consent.

                   XLVII. COVENANTS AS CONDITIONAL LIMITATIONS

     Tenant agrees that all of Tenant's covenants and agreements herein
contained providing for the payment of money, and that Tenant's covenants to
remove mechanics' liens shall be deemed conditions as well as covenants, and
that if default be made in any such covenants, Landlord shall have all of the
rights (subject to the requirements of notice) provided for in Paragraph XXXIII
hereof.

                  XLVIII. HOLDING OVER NOT CONSTRUED AS RENEWAL

     If Tenant or anyone claiming under Tenant shall remain in possession of the
demised premises or any part thereof after the expiration of the term of this
Lease without any agreement in writing between Landlord and Tenant with respect
thereto, prior to acceptance of rent by Landlord the person remaining in
possession shall be deemed a tenant at sufferance and after acceptance of rent
by Landlord the person remaining in possession shall be deemed a tenant at will,
subject to the provisions of this Lease insofar as the same may be made
applicable to a tenancy at will; provided, however, that minimum rent during
such period as such person shall continue to hold the demised premises or any
part thereof shall be payable at TWICE THE HIGHEST rate payable during the term
hereof.

            XLIX. LANDLORD RELIEVED FROM LIABILITY FOLLOWING TRANSFER

     In the event of the sale or transfer by the original or any subsequent
Landlord or assignee of its or their interest in the demised premises, such
Landlord disposing of its interest shall thereupon be automatically released
from all liability with respect to the covenants and obligations of Landlord
thereafter accruing, but Landlord will retain liability for any covenant or
obligation of Landlord occurring before such transfer; but such covenants and
obligations of Landlord thereafter accruing; shall be binding upon each new
owner of the demised premises for the respective periods during which each shall
be owner of premises.

                                      -29-
<PAGE>
                   L. USE & OCCUPANCY OF 595 WASHINGTON STREET

     From the signing of this lease onward, Tenant shall pay the Minimum Rent
($2,213.00 per month), the real estate taxes ($153.72 per month) and the
expenses ($171.81 per month) associated with 595 Washington Street (all
calculated at 1600/2900 of the total).

     Tenant understands that 591 Washington Street is presently occupied by a
tenant at will, Joel Bagnal Goldsmiths, and that Landlord is making every effort
to obtain possession of the premises from that tenant as soon as possible. As
soon as Landlord regains possession from Joel Bagnal Goldsmiths, Landlord shall
allow Tenant full access to the premises for purposes of doing any renovations
which Tenant desires to do on the premises, subject only to Landlord's priority
of having its workmen finish the preparation of 591 Washington Street as set
forth below.

     The recitation of August 1, 1997 as the date upon which the Tenant shall
begin leasing 591 Washington Street is a target date for the Landlord to obtain
possession and complete its construction as set forth below and Tenant shall not
be expected to pay rent for the premises until August 1, 1997 at the earliest.
SEE BELOW.

                    LI. RENT PAYABLE ON 591 WASHINGTON STREET

     Landlord agrees that Tenant shall not be responsible for paying that
portion of the rent attributable to 591 Washington Street or its proportionate
share of the expenses or its proportionate share of the real estate taxes on 591
Washington Street until Landlord has: (i) regained possession of 591 Washington
Street from the aforesaid Joel Bagnal Goldsmiths and (ii) completed Landlord's
construction as set forth below. Once both (i) and (ii) have been completed by
Landlord, Tenant shall be responsible to pay rent on a prorated basis for the
remainder of the month beginning at the completion of said (i) and (ii) and
thereafter on the first of each month as set forth hereinabove. The 591
Washington Street portion of the Minimum Rent is $1,797,00 per month. Its
proportionate share of real estate taxes is $124.90 per month and its portion of
expenses is $139.59 per month (all calculated at 1300/2900 of total). It is
further agreed that: (1) if Landlord has not completed (i) and (ii), above, by
September 2, 1997, Tenant shall not be responsible for the 591 Washington Street
portion of the rent until January 1, 1998; and (2) if Landlord has not completed
(i) and

                                      -30-
<PAGE>
(ii), above, by December 31, 1997, Tenant may cancel this lease by written
notice to Landlord that is received by Landlord on or before January 15, 1998.

                              LII. CONSTRUCTION AT
                             591 WASHINGTON STREET

     1. Landlord agrees to complete all necessary structural construction to
open the partition which presently separates 591 Washington Street and 595
Washington Street. Tenant shall prepare the interior of 591 Washington Street as
well as the opening between 591 Washington Street and 595 Washington Street in a
"vanilla box" fashion such that same is a finished space ready for Tenant's
display fixtures. Landlord and Tenant shall cooperate with each other in
renovating the premises and have their architects and their workmen cooperate
with each other also. The opening of the partition between 591 Washington Street
and 595 Washington Street shall be done as set forth in the attached drawing.

     2. Landlord shall give Tenant an allowance of $20,000 as Landlord's
contribution to Tenant's moving and renovation expenses. Said allowance shall be
accomplished by a rent reduction of $169.49 per month for one hundred eighteen
(118) months.

     3. Tenant recognizes and agrees that Landlord's sole responsibility for the
contemplated structural construction done by Landlord and renovations done by
Tenant shall be to (i) supervise and pay for all structural construction
necessary to open up 591 Washington Street and 595 Washington Street as per the
attached plans and (ii) pay Tenant the allowance set forth in number 2, above.
To the extent that said renovations or structural work require construction not
contemplated herein as the result of state, local or federal laws such as,
without limiting the generality thereof, the so-called "handicapped access
laws", Tenant shall be fully and totally responsible for said construction
costs. Tenant recognizes and agrees that Landlord has relied on Tenant's due
diligence in determining what construction would be necessary and required by
law as a result of the contemplated structural and renovation work. Tenant shall
indemnify Landlord and hold Landlord harmless from any expenses over and above
the responsibility and expenses set forth herein for Landlord.

                                      -31-
<PAGE>
                           LIII. BUSINESS DESCRIPTION

     A saddlery, selling, repairing and leasing equestrian equipment and
apparel, related leather goods and related sportswear and goods.

     IN WITNESS WHEREOF, the said parties have signed and sealed this instrument
this 29 day of May, 1997.

DOVER SADDLERY, INC.,                   C.E. HOLMAN LIMITED PARTNERSHIP
Tenant, By:                             By its general partner,
                                        The Holman Corporation, by:

/s/ James F. Powers                     /s/ Steven H. Grindle
-------------------------------------   ----------------------------------------
James F. Powers, president              Steven H. Grindle, President

/s/ David J. Powers                     /s/ H. Bradlee Perry
-------------------------------------   ----------------------------------------
David J. Powers, Treasurer              H. Bradlee Perry, Treasurer

                                      -32-<PAGE>

                                                                    EXHIBIT 10.7

                                      LEASE

                                     BETWEEN

                                  DAVID F. POST

                                       AND

                              DOVER SADDLERY, INC.

                             DATE: OCTOBER 12, 2001

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                               Page
<S>                                                                            <C>
1.    Agreement                                                                  1
2.    Premises                                                                   1
3.    Term                                                                       1
      (a) Initial Term                                                           1
      (b) Option to Extend                                                       1
4.    Rent                                                                       1
5.    Taxes                                                                      3
6.    Utilities                                                                  4
7.    Insurance                                                                  4
      (a) "All-Risk" Coverage                                                    4
      (b) General Liability                                                      4
      (c) Other Matters                                                          5
      (d) Additional Insureds                                                    5
8.    Compliance with Laws                                                       5
      (a) Tenant's Obligations                                                   5
      (b) Right to Contest Laws                                                  6
      (c) Tenant's Obligations with Respect to Health and Safety                 6
9.    Representations and Warranties of Landlord                                 7
      (a) Ownership of Premises                                                  7
      (b) Compliance with Laws (Generally)                                       7
      (c) Compliance with Environmental Laws                                     7
9A.   Opinion of Counsel                                                         9
10.   Signs                                                                      9
11.   Repairs and Maintenance                                                    9
12.   Alterations                                                               10
13.   End of Term                                                               10
14.   Damage and Destruction                                                    11
15.   Condemnation                                                              12
      (a) Termination                                                           12
      (b) Partial Condemnation                                                  12
      (c) Award                                                                 12
16.   Subordination                                                             12
      (a) General                                                               12
      (b) Attornment                                                            13
17.   Landlord's Access                                                         13
18.   Indemnification, Waiver and Release                                       13
19.   Security Deposit                                                          15
20.   Covenant of Quiet Enjoyment                                               15
21.   Default                                                                   15
      (a) Cure                                                                  15
      (b) Events of Default                                                     16
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                            <C>
      (c) Remedies                                                              16
22.   Parking                                                                   18
23.   Miscellaneous                                                             18
      (a) Holding Over                                                          18
      (b) Estoppel Certificates                                                 18
      (c) No Waiver                                                             19
      (d) Authority                                                             19
      (e) Notices                                                               19
      (f) Attorneys' Fees                                                       20
      (g) Waiver of Jury Trial                                                  20
      (h) Binding Effect                                                        20
      (i) Intentionally Omitted                                                 20
      (j) Septic System                                                         20
      (k) Intentionally Omitted                                                 20
      (l) Exclusivity                                                           20
      (m) Intentionally Omitted                                                 21
</TABLE>

                                      iii
<PAGE>

                                      LEASE

      THIS LEASE is made on October 12, 2001, by David F. Post ("Landlord") and
Dover Saddlery, Inc. ("Tenant").

1.    AGREEMENT

      Landlord leases the premises (as that term is defined in paragraph 2 and
described in Exhibit A, attached hereto) to Tenant, and Tenant leases the
premises from Landlord, according to this lease. The parties specifically
exclude from the premises to be leased any land or buildings lying within the
Commonwealth of Massachusetts.

2.    PREMISES

      The premises shall consist of the buildings shown by cross-hatching on
Exhibit A, attached to this Lease, together with (i) the right to park on all
land located within the red line in Exhibit A and (ii) such rights of access and
egress to such buildings and such land as shall be necessary or convenient to
operate Tenant's business in such buildings.

      The main building includes the heating, ventilating, and air conditioning
systems and the mechanical, electrical, and plumbing systems serving the
premises.

3.    TERM

      (a) Initial Term. The term of this lease will be five years, beginning on
October 1, 2004 ("Commencement Date"), and expiring on September 30, 2009
("Expiration Date").

      (b) Option to Extend. Tenant will have three (3) options to extend the
term of this lease for five (5) years in each instance by written notice of its
election to do so given to Landlord at least three (3) months prior to the
expiration of the then current term. The terms and conditions of the lease
applicable at the Expiration Date will govern the extended term.

4.    RENT

      A. Tenant will pay on January 2, 2002 $30,000 in consideration for this
lease.

      B. Tenant monthly will pay Landlord rent of $13,333.34 through September
30, 2006 and base rent of $16,666.67 commencing October 1, 2006 through the end
of the lease on or before the first day of each month during the term of this
lease. The monthly rent will be paid in advance at the address specified for
Landlord in paragraph 23 (e) or such other place as Landlord designates, without
prior demand and without any abatement, deduction or setoff. If the commencement
date occurs on a day other than the first day of a calendar month, or if the
expiration date occurs on a day other than the last day of a calendar month,
then the monthly rent for the fractional month will be prorated on a daily
basis.

<PAGE>

      C. Commencing October 1, 2007, the base rent of $16,666.67 will be
adjusted according to this subparagraph 4.C and on each October 1 thereafter.

      (a)   In this paragraph,

            (1) "base year" means the twelve months preceding October 1, 2007.

            (2) "price index" means the consumer price index published by the
Bureau of Labor Statistics of the United States Department of Labor, Boston -
Brockton - Nashua - MA - NH - ME - CT, All Items and Major Group Figures for
Urban Wage Earners and clerical Workers (1982-84=100).

            (3) "price index for the base year" means the price index as of the
first month of the base year. October 2006 is the first month of the base year.

      (b) The October 1 adjustment will be based on the percentage difference
between the price index for the preceding month of September and the price index
for the base year.

      If the price index for September in any calendar year commencing with
September 2007 is greater than the price index for the base year, then the rent
payable on the next October 1 (without regard to any adjustments under this
paragraph) will be multiplied by the percentage difference between the price
index for such September and the price index for the base year, and the product
will be added to the monthly base rent of $16,666.67 effective as of October 1.
Notwithstanding the foregoing, the parties agree that any annual increase may
never exceed 5% over the rent for the prior year. The adjusted annual rent will
be payable until it is readjusted pursuant to the terms of this lease.

      If a substantial change is made in manner of determining the price index,
then the price index will be adjusted to the figure that would have been used
had the manner of computing the price index in effect at the date of this lease
not been altered. If the price index (or a successor or substitute index) is not
available, a reliable governmental or other nonpartisan publication evaluating
the information used in determining the price index will be used.

      No adjustments will be made due to any revision that may be made in the
price index for any month.

      (c) The statements of the adjustment to be furnished by Landlord as
provided in subparagraph (b) will consist of data prepared for the Landlord by a
firm of certified public accountants (which may be the firm now or then
currently employed by Landlord for the audit of its accounts). The statements
thus furnished to Tenant will constitute a final determination as between
Landlord and Tenant of the relevant adjustment.

      (d) The rent to be paid by Tenant under no circumstances will be reduced.

      (e) The Landlord's delay or failure of Landlord, beyond October 1 of any
year, in

                                        2
<PAGE>

computing or billing for these adjustments will not impair the continuing
obligation of Tenant to pay rent adjustments.

      (f) Tenant's obligation to pay rent as adjusted by this paragraph on and
after October 1, 2007 will continue up to the expiration of this lease including
any or all extensions of the lease and will survive any earlier termination of
this lease including any early terminations during an extension of this lease.

      D. (a) Tenant also agrees that should the Landlord come to have the
premises available prior to the Commencement Date, Tenant agrees upon fifteen
(15) days advance written notice (i) to take control over the premises; (ii)
consistent with the limitation set forth in subparagraph 4.A, if applicable, to
commence the payment of rent to Landlord; (iii) to add such additional period of
availability to the Initial Term of this Lease; and (iv) to pay Landlord a
premium for early occupancy as calculated under subparagraph 4.D(b) below.

      (b) Landlord shall be due an early occupancy premium in the event of early
availability in accordance with the following schedule:

<TABLE>
<CAPTION>
         Availability
        During Period                            Early Occupancy Premium
----------------------------------               -----------------------
<S>                                              <C>
September 1, 2001 - March 31, 2002                      $30,000.00
April 1, 2002 - September 30, 2002                      $20,000.00
October 1, 2002 - March 31, 2003                        $10,000.00
</TABLE>

5.    TAXES

      Tenant will pay all Real Estate Taxes on a pro rata basis assessed against
the commercial buildings located on the premises during the term of this lease
based upon the square footage allocated to Tenant in such buildings pursuant to
this lease-in relation to the total square footage contained in such buildings.
Tenant shall be responsible for any Real Estate Taxes assessed against the land
comprising the premises.

      "Real Estate Taxes" will include:

            (1) any form of tax or assessment (including any so-called "special"
assessment), levy, charge, penalty, or tax, imposed by any authority having the
direct power to tax, including any city, county, state, or federal government,
or any school, agricultural, lighting, water, drainage, or other improvement or
special district, against the premises, the building, or building complex, or
any legal or equitable interest of Landlord in any of them;

            (2) any tax on Landlord's right to rent the premises or against
Landlord's business of leasing the premises; and

            (3) any assessment, tax, fee, levy, or charge in substitution,
partially or totally, of or in addition to any assessment, tax, fee, levy, or
charge previously included within

                                        3
<PAGE>

the definition of real estate taxes that may be imposed by governmental agencies
for services such as fire protection, street, sidewalk and road maintenance,
refuse removal, and for other governmental services formerly provided without
charge to property owners or occupants. All new and increased assessments,
taxes, fees, levies, and charges will be included within the definition of real
estate taxes for purposes of this lease.

6.    UTILITIES

      Tenant will pay the appropriate suppliers for its pro rata share of all
water, gas, electricity, light, heat, telephone, power, and other utilities and
communications services used by Tenant on the premises during the term, which
services, to the extent possible, will be separately metered and billed directly
to the Tenant. Tenant will also procure, or cause to be procured, without cost
to Landlord, any and all necessary permits, licenses, or other authorizations
required for the lawful and proper installation and maintenance upon the
premises of wires, pipes, conduits, tubes, and other equipment and appliances
for use in supplying any of the services to and upon the premises. Landlord,
upon request of Tenant, and at the sole expense and liability of Tenant, will
join with Tenant in any application required for obtaining or continuing any of
the services.

7.    INSURANCE

      (a) "All-Risk" Coverage. Tenant will, at its sole expense, obtain and keep
in force, during the term of this lease, "all-risk" coverage insurance
(including earthquake and flood insurance) naming Landlord and Tenant as their
interests may appear and other parties that Landlord or Tenant may designate as
additional insureds in the customary form for buildings and improvements of
similar character, on all buildings and improvements now or hereafter this date
located on the premises. Landlord and Tenant agree that the value of the
existing building on the premises is on the date hereof One Million and No/100
Dollars ($1,000,000.00).

      (b) General Liability. Tenant will, at its sole expense, obtain and keep
in force during the term of this lease commercial general liability insurance
with a combined single limit of not less than Ten Million Dollars
($10,000,000.00) for injury to or death of any one person, for injury to or
death of any number of persons in one occurrence, and for damage to property,
insuring against any and all liability of Landlord and Tenant, with respect to
the premises or arising out of the maintenance, use, or occupancy of the
premises. To the maximum extent permitted under the Insurance Service
Organization's standard contract on file with the New Hampshire Insurance
Department; (1) the insurance will insure the performance by Tenant of the
indemnity agreement as to liability for injury to or death of persons and damage
to property set forth in paragraph 18, and (2) the insurance will be
noncontributing with any insurance that may be carried by Landlord and will
contain a provision that Landlord, although named as an insured, will
nevertheless be entitled to recover under the policy for any loss, injury, or
damage caused by Tenant, his agents or employees to Landlord, its agents, and
employees, or the property of such persons.

      (c) Other Matters. All insurance required in this paragraph and renewals
thereof will be issued by companies authorized to transact business in the State
of New Hampshire. All

                                        4
<PAGE>

insurance policies will be subject to review by Landlord and any lender at
Tenant's offices or Tenant's insurance agent's office following reasonable
advance notice; will expressly provide that the policies will not be canceled or
altered without thirty (30) days' prior written notice to Landlord and any
lender, in the case of "all-risk" coverage insurance, and to Landlord, in the
case of general liability insurance; and will, to the extent obtainable, provide
that no act or omission of Tenant which would otherwise result in forfeiture or
reduction of the insurance will affect or limit the obligation of the insurance
company to pay the amount of any loss sustained. Tenant may satisfy its
obligation under this paragraph by appropriate endorsements of its blanket
insurance policies. At the time of the execution of this lease, and annually
thereafter, Tenant shall provide Landlord with a Certificate of Insurance on or
before October 1st in each year of the Lease. Tenant shall also provide a letter
from Tenant's insurance agent stating that the insurances required of the Tenant
under this lease have in fact been obtained; are in full force and effect; and
comply with the requirements of the insurance provisions in this lease.

      (d) Additional Insureds. All policies of liability insurance that Tenant
is obligated to maintain according to this lease (other than any policy of
workmen's compensation insurance) will name Landlord and such other persons or
firms as Landlord specifies from time to time as additional insureds. Evidence
of insurance will be delivered to Landlord prior to Tenant's occupancy of the
premises. All public liability, property damage liability, and casualty policies
maintained by Tenant will be written as primary policies, not contributing with
and not in excess of coverage that Landlord may carry.

8.    COMPLIANCE WITH LAWS

      (a) Tenant's Obligations. Tenant will not use or occupy, or permit any
portion of the premises to be used or occupied:

            (1) in violation of any law, ordinance, order, rule, regulation,
certificate of occupancy, or other governmental requirement;

            (2) for any disreputable business or purpose; or

            (3) in any manner or for any business or purpose that creates risks
of fire or other hazards, or that would in any way violate, suspend, void, or
increase the rate of fire or liability or any other insurance of any kind at any
time carried by Landlord upon all or any part of the premises, including all
buildings located thereon or their contents.

Tenant will comply with all laws, ordinances, orders, rules, regulations, and
other governmental requirements relating to the use, condition, or occupancy of
the premises, and all rules, orders, regulations, and requirements of the board
of fire underwriters or insurance service office, or any other similar body,
having jurisdiction over the premises as described in paragraph 2 of this lease.

      (b) Right to Contest Laws. Tenant will have the right to contest by
appropriate proceedings diligently conducted in good faith in the name of
Tenant, or, with the prior consent of the Landlord, in the name of Landlord, or
both, without cost or expense to Landlord, the

                                        5
<PAGE>

validity or application of any law, ordinance, order, rule, regulation, or legal
requirement of any nature affecting the premises. If compliance with any law,
ordinance, order, rule, regulation, or requirement may legally be delayed
pending the prosecution of any proceeding, without incurring any lien, charge,
or liability of any kind against the premises, or Tenant's interest in the
premises, and without subjecting Tenant or Landlord to any liability, civil or
criminal, for failure so to comply, Tenant may delay compliance until the final
determination of the proceeding. Even if a lien, charge, or liability may be
incurred by reason of delay, Tenant may contest and delay, so long as (1) the
contest or delay does not subject Landlord to criminal liability and (2) Tenant
furnishes to Landlord security, reasonably satisfactory to Landlord, against any
loss or injury by reason of any contest or delay. Landlord will not be required
to join any proceedings referred to in this paragraph unless the provision of
any applicable law, rule, or regulation at the time in effect requires that the
proceedings be brought by or in the name of Landlord, or both. In that event,
Landlord will join the proceedings or permit them to be brought in its name if
Tenant pays all related expenses.

      (c) Tenant's Obligations with Respect to Health and Safety.

      Tenant shall comply with all applicable law relating to public health,
safety or the environment, including, without limitation, relating to the
releases, discharges or emissions to air, water, land or groundwater, to the
withdrawal or use of groundwater, to the use and handling of polychlorinated
biphenyl or asbestos, to the disposal, treatment, storage or management of solid
or hazardous wastes or to exposure to toxic or hazardous materials, to the
handling, transportation, discharge or release of gaseous or liquid substances
and any regulation, order, notice or demand issued pursuant to such statute or
ordinance, in each case applicable to the property or assets of the Tenant or
the operation, construction or modification of any thereof, including without
limitation the following: the Clean Air Act, the Federal Water Pollution Control
Act, the Safe Drinking Water Act, the Toxic Substances Control Act, the
Comprehensive Environmental Response Compensation and Liability Act as amended
by the Superfund Amendments and Reauthorization Act of 1986, the Resource
Conservation and Recovery Act as amended by the Solid and Hazardous Waste
Amendments of 1984, the Occupational Safety and Health Act, the Emergency
Planning and Community Right-to-Know Act of 1986, the Solid Waste Disposal Act,
and any state statutes addressing similar matters, and any state statute
providing for financial responsibility for cleanup or other actions with respect
to the release or threatened release of hazardous substances and any state
nuisance statute. Tenant will not dump, flush, or in any way introduce any toxic
substance into the sewerage or other waste disposal system serving the premises.
Tenant shall provide Landlord with such information legally required by
governmental authorities as Landlord may reasonably request from time to time
with respect to compliance with this Section.

9.    REPRESENTATIONS AND WARRANTIES OF LANDLORD

      (a) Ownership of Premises. Landlord represents and warrants that Landlord
is the lawful owner, of record and beneficially, of the premises and has
unrestricted power and authority to lease the premises or any portion of the
premises to Tenant in accordance with the terms of this lease. Landlord will
take all steps necessary to subdivide or otherwise insure the leaseability of
the premises.

                                        6
<PAGE>

      (b) Compliance With Laws (Generally). Landlord represents and warrants to
Tenant that on the date of delivery of possession of the premises to Tenant,
Landlord has received no notice of violation or other indication of failure to
comply with, and is aware of no condition which would give rise to such a notice
or indication relating to any and all laws, ordinances, orders, rules,
regulations, and other governmental requirements relating to the use, condition,
and occupancy of the premises, and all rules, orders, regulations, and
requirements of the board of fire underwriters or insurance service office, or
any similar body having jurisdiction over the premises. Should such a notice or
indication be received which in any way interferes with Tenant's use and
enjoyment of the premises and should the condition giving rise to such notice or
indication not be corrected within thirty (30) days, Tenant may, but need not,
at any time during such interference, terminate this Lease upon thirty (30)
days, prior notice.

      (c) Compliance With Environmental Laws. With respect to both the premises
and the premises, Landlord represents and warrants to Tenant:

      (1) Landlord has no knowledge and has received no notice of any pollution,
health, safety, fire, environmental, sewerage or building code violation,
asbestos, PCB's, PCB articles, PCB containers, PCB article containers, PCB
equipment, PCB transformers or PCB-contaminated electrical equipment, as those
terms are defined in any hazardous substance laws as that term is defined in
this subparagraph;

      (2) Neither the premises, nor the ground under or about the premises is
contaminated with or contains any hazardous or toxic substance, pollutant,
contaminants, or petroleum, including crude oil or any fraction of it, or
contains any underground storage tank;

      (3) The premises have never been nor are they currently used for the
generation, transportation, treatment, storage, or disposal of hazardous or
toxic substances, pollutants, contaminants, or petroleum, including crude oil or
any fraction thereof; except for a heating oil tank above ground.

      (4) The premises do not contain any conditions that could result in
recovery by any governmental or private party of remedial or removal costs,
natural resource damages, property damages, damages for personal injuries or
other costs, expenses, or damages or could result in injunctive relief of any
kind arising from any alleged injury or threat of injury;

      (5) The premises are not subject to investigation or is currently in
administrative or judicial litigation regarding any environmental condition,
such as alleged noncompliance or alleged contamination.

      (6) Landlord has undertaken all appropriate inquiry into the previous
ownership and uses of the premises consistent with good commercial or customary
practice, in light of any specialized knowledge or experience on the part of
Landlord, and reasonably ascertainable information about the premises.

      (7) No part of the premises have been used in connection with hazardous or
toxic

                                       7
<PAGE>

substances, pollutants, contaminants, or petroleum, including crude oil or any
fraction of them, as defined in any of the hazardous substance laws. No releases
of hazardous or toxic substances, pollutants, contaminants, or petroleum,
including crude oil or any fraction of them, as such terms are defined under the
hazardous substance laws, has occurred from the premises into the environment,
and no threat of such release exists.

      (8) Landlord will indemnify and hold harmless Tenant, its directors,
officers, employees, and agents, and any assignees, subtenants, or successors to
Tenant's interest in the premises, their directors, officers, employees, and
agents, from and against any and all losses, claims, damages, penalties, and
liability, including all out-of-pocket litigation costs and the reasonable fees
and expenses of counsel, including without limitation all consequential damages
directly or indirectly arising out of the use, generation, storage, release, or
disposal of hazardous materials by Landlord, its agents, or contractors prior to
execution of this lease or at any time after execution, or by any prior owner or
operator of the premises or the premises, and also from and against the cost of
any required repair, cleanup, or detoxification and any closure or other
required plans to the full extent that such action is attributable, directly or
indirectly, to the presence or use, generation, storage, release, threatened
release, or disposal of hazardous materials by any person on, under, or in the
premises prior to execution of this lease.

      (9) The provisions of this lease relating to hazardous substances will
survive the expiration or termination of this lease.

      (10) If any cleanup, repair, detoxification, or other similar action is
required by any governmental or quasi-governmental agency as a result of the
storage, release, or disposal of hazardous materials by Landlord, its agents or
contractors, at any time, or by any prior owner, possessor, or operator of any
part of the premises, and such action requires that Tenant be closed for
business or that access be denied for greater than a 24-hour period, then the
rent will be abated entirely during the period beyond 24 hours. If the closure
or denial of access persists in excess of 30 days then, at Tenant's election by
written notice to Landlord given within 10 days after the end of the 30-day
period, this lease will end as of the commencement of such closure.

      (11) For purposes of this lease, "hazardous material" means:

            (A) "hazardous substances" or "toxic substances" as those terms are
defined by the Comprehensive Environmental Response, Compensation, and Liability
Act (CERCLA), 42 U.S.C. Section 9601, et seq., or the Hazardous Materials
Transportation Act, 49 U.S.C. Section 1802, both as amended to this date and as
amended after this date;

            (B) "hazardous wastes," as that term is defined by the Resource
Conservation and Recovery Act (RCRA), 42 U.S.C. Section 6902, et seq., as
amended to this date and as amended after this date;

            (C) any pollutant, contaminant, or hazardous, dangerous, or toxic
chemical, material, or substance within the meaning of any other applicable
federal, state, or local law, regulation, ordinance, or requirement (including
consent decrees and administrative orders) relating to or imposing liability or
standards of conduct concerning any hazardous, toxic, or

                                        8
<PAGE>

dangerous waste substance or material, all as amended to this date or as amended
after this date;

            (D) crude oil or any fraction of it that is liquid at standard
conditions of temperature and pressure (60 degrees Fahrenheit and 14.7 pounds
per square inch absolute);

            (E) any radioactive material, including any source, special nuclear,
or by-product material as defined at 42 U.S.C. Section 2011, et seq., as amended
to this date or as amended after this date;

            (F) asbestos in any form or condition; and

            (G) polychlorinated biphenyls (PCB's) or substances or compounds
containing PCB's.

9A.   OPINION OF COUNSEL

      As a condition of the execution of this lease, Tenant shall have received
an opinion letter from counsel for Landlord, addressed to the Tenant, dated the
execution date of this lease, to the effect that Landlord is the rightful owner
of the premises and has full right and authority to enter into the lease for the
purposes contemplated hereby.

10.   SIGNS

      Tenant may install signs on the premises in accordance with federal,
state, and local statutes, laws, ordinances, and codes, but only to the extent
such signs are replacements for signs currently existing on the premises and of
the same size and character.

11.   REPAIRS AND MAINTENANCE

      Landlord will, at its sole cost and expense, maintain and make repairs,
restorations, and replacements to the structural roof, walls, and foundations,
and the fixtures and appurtenances to the premises as and when needed to
preserve them in good working order and condition and regardless of whether the
repairs, restorations, and replacements are ordinary or extraordinary,
foreseeable or unforeseeable, capital or noncapital; provided, however, that the
Tenant will be responsible for general repairs and maintenance of the mechanical
systems (but not the replacement thereof) including, but not limited to the
heating, ventilating, air conditioning, electrical, elevator and plumbing
systems. All repairs, restorations, and replacements will be in quality and
class equal to the original work or installations. If Landlord fails to make
structural repairs, restorations, or replacements, Tenant may make them at the
expense of Landlord and the expense will be paid, at Tenant's option, either
within fifteen (15) days after delivery of a statement for the expense or by
deduction of the expense from Tenant's rental obligation.

12.   ALTERATIONS

      Tenant will not make any alterations, additions, or improvements to the
premises without Landlord's prior written consent; however, Landlord's prior
written consent will not be necessary

                                        9
<PAGE>

for any alteration, addition, or improvement which:

            (a) costs less than Five Thousand Dollars ($5,000) including labor
and materials;

            (b) does not change the general character of the premises, or reduce
the fair market value of the premises below its fair market value prior to the
alteration, addition, or improvement;

            (c) is made with due diligence, in a good and workmanlike manner,
and in compliance with the laws, ordinances, orders, rules, regulations,
certificates of occupancy, or other governmental requirements described in
paragraph 8;

            (d) is promptly and fully paid for by Tenant; and

            (e) is made under the supervision of an architect or engineer
reasonably satisfactory to Landlord and in accordance with plans and
specifications and cost estimates approved by Landlord.

            (f) notwithstanding the foregoing, the Tenant shall not make any
alterations to the roofs without the prior consent of the Landlord.

Subject to Tenant's rights in paragraph 13, all alterations, additions,
fixtures, and improvements, whether temporary or permanent in character, made in
or upon the premises by Tenant, will immediately become Landlord's property and
at the end of the term of this lease will remain on the premises without
compensation to Tenant. By notice given to Tenant no less than ninety (90) days
prior to the end of this lease, Landlord may require that any alterations,
additions, fixtures, and improvements made in or upon the premises be removed by
Tenant. In that event, Tenant will remove the alterations, additions, fixtures,
and improvements at Tenant's sole cost and will restore the premises to the
condition in which they were before the alterations, additions, improvements,
and additions were made, reasonable wear and tear excepted.

13.   END OF TERM

      At the end of this lease and any extension, Tenant will surrender the
premises in good order and condition, ordinary wear and tear excepted. Tenant
may remove from the premises any trade fixtures, equipment, and movable
furniture placed in the premises by Tenant, whether or not the trade fixtures or
equipment are fastened to the building. Tenant will not remove any trade
fixtures or equipment without Landlord's prior written consent if the trade
fixtures or equipment are used in the operation of the building or if the
removal of the fixtures or equipment will impair the structure of the building.
Tenant will remove alterations, additions, improvements, trade fixtures,
equipment, and furniture that Landlord has requested be removed in accordance
with paragraph 12. Tenant will fully repair any damage occasioned by the removal
of any trade fixtures, equipment, furniture, alterations, additions, and
improvements. All trade fixtures, equipment, furniture, alterations, additions,
and improvements not so removed will conclusively be deemed to have been
abandoned by Tenant and may be appropriated, sold, stored, destroyed,

                                       10
<PAGE>

or otherwise disposed of by Landlord without notice to Tenant or to any other
person and without obligation to account for them. Tenant will pay Landlord all
expenses incurred in connection with Landlord's disposition of such property,
including without limitation the cost of repairing any damage to the building or
premises caused by removal of the property. Tenant's obligation to observe and
perform this covenant will survive the end of this lease and any extension
thereof.

14.   DAMAGE AND DESTRUCTION

      (a) If the premises or the portion of the premises necessary for Tenant's
occupancy is damaged or destroyed during the term of this lease by any casualty
insurable under standard fire and extended coverage insurance policies, Landlord
will repair or rebuild the premises to substantially the condition in which the
premises were immediately prior to such destruction.

      (b) Landlord's obligation under this paragraph will not exceed the lesser
of (1) with respect to the premises, the scope of building standard improvements
installed by Landlord in the original construction of the premises, or (2) the
extent of proceeds received by Landlord from any insurance policy maintained by
Landlord.

      (c) The rent will be abated proportionately during any period in which, by
reason of any damage or destruction not occasioned by the negligence or willful
misconduct of Tenant or Tenant's employees or invitees, there is a substantial
interference with the operation of the business of Tenant. The abatement will be
proportional to the area of the premises that Tenant may be required to
discontinue for the conduct of its business. The abatement will continue for the
period commencing with the destruction or damage and ending with the completion
of the work, repair, or reconstruction that Landlord is obligated to do.

      (d) If the premises, or the portion of the premises necessary for Tenant's
occupancy, is damaged or destroyed (1) to the extent of ten percent (10%) or
more of the then-replacement value of either, (2) by a cause or casualty other
than those covered by fire and extended coverage insurance, or (3) to the extent
that it would take in excess of thirty (30) days to complete the requisite
repairs, then Tenant may terminate this lease. If this lease is not terminated
pursuant to the preceding sentence, it will remain in full force and effect.
Landlord and Tenant waive the provisions of any law that would dictate automatic
termination or grant either of them an option to terminate in the event of
damage or destruction. Tenant's election to terminate under this paragraph will
be exercised by written notice to Landlord given within sixty (60) days after
the damage or destruction. The notice will set forth the effective date of the
termination of this lease.

      (e) During any period of reconstruction or repair of the premises, Tenant
may continue the operation of its business in the premises to the extent
reasonably practicable.

15.   CONDEMNATION

      (a) Termination. If all of the premises are taken in a condemnation, or if
a portion of the premises are taken in condemnation and Tenant determines in
good faith that it will be economically unfeasible to operate its business on
the remaining portion of the premises, this

                                       11
<PAGE>

lease will terminate and all obligations under it will cease as of the date upon
which possession is taken by the condemnor, and the rent will be apportioned and
paid in full by Tenant to Landlord to that date and all rent prepaid beyond that
date will be repaid by Landlord to Tenant. If, after a partial condemnation of
the premises, Tenant remains in possession of the remaining portion of the
premises after the date on which the condemnor takes possession of the portion
of the premises taken in condemnation, then the remaining portion will be deemed
sufficient for the reasonable operation of Tenant's business and this lease will
terminate only with respect to the portion of the premises possessed by the
condemnor.

      (b) Partial Condemnation. If there is a partial condemnation and this
lease has not been terminated pursuant to paragraph (a), Landlord will, at its
sole cost, promptly restore the building and other improvements on the land to a
condition and size as nearly comparable as reasonably possible to their
condition and size immediately prior to the taking. In that event, there will be
an equitable abatement of the rental payment according to the value of the
premises before and after the taking, commencing from and after the date on
which the condemnor takes possession.

      (c) Award. If a condemnation affecting Tenant occurs, Tenant will have the
right to make a claim against the condemnor for leasehold damages, diminution in
value of Tenant's leasehold, removal expenses, business dislocation damages,
moving expenses or for other damages legally due it.

16.   SUBORDINATION

      (a) General. This lease and Tenant's rights under this lease are subject
and subordinate to any ground lease or underlying lease, first mortgage, first
deed of trust, or other first lien encumbrance or indenture, together with any
renewals, extensions, modifications, consolidations, and replacements of them,
which now or at any subsequent time affect the premises, any interest of
Landlord in the premises, or Landlord's interest in this lease and the estate
created by this lease (except to the extent that any such instrument expressly
provides that this lease is superior to it). This provision will be
self-operative and no further instrument of subordination will be required in
order to effect it. Nevertheless, Tenant will execute, acknowledge and deliver
to Landlord, at any time and from time to time, upon demand by Landlord, any
documents as may be requested by Landlord, any ground Landlord or underlying
lessor, or any mortgagee, or any holder of a deed of trust or other instrument
described in this paragraph, to confirm or affect the subordination. If Tenant
fails or refuses to execute, acknowledge, and deliver any such document within
twenty (20) days after written demand, Landlord, its successors, and assigns
will be entitled to execute, acknowledge, and deliver the document on behalf of
Tenant as Tenant's as attorney-in-fact. Tenant constitutes and irrevocably
appoints Landlord, its successors, and assigns, as Tenant's attorney-in-fact to
execute, acknowledge, and deliver on behalf of Tenant any documents described in
this paragraph.

      (b) Attornment. If any holder of any mortgage, indenture, deed of trust,
or other similar instrument described in subparagraph (a) succeeds to Landlord's
interest in the premises, Tenant will pay to it all rents subsequently payable
under this lease. Tenant will automatically become the Tenant of, and attorn to,
the successor in interest without change in this lease. Upon

                                       12
<PAGE>

request by the successor in interest and without cost to Landlord or the
successor in interest, Tenant will execute, acknowledge, and deliver an
instrument or instruments confirming the attornment. The instrument of
attornment will also provide that the successor in interest will not disturb
Tenant in its use of the premises in accordance with this lease. If Tenant fails
or refuses to execute, acknowledge, and deliver the instrument within twenty
(20) days after written demand, the successor in interest will be entitled to
execute, acknowledge, and deliver the document on behalf of Tenant as Tenant's
as attorney-in-fact. Tenant constitutes and irrevocably appoints the successor
in interest as Tenant's attorney-in-fact to execute, acknowledge, and deliver on
behalf of Tenant any document described in this paragraph.

17.   LANDLORD'S ACCESS

      Landlord, its agents, employees, and contractors may enter the premises at
any time in response to an emergency, and at reasonable hours to (a) inspect the
premises, (b) exhibit the premises to prospective purchasers, or Tenants during
the last six (6) months of the term, (c) determine whether Tenant is complying
with its obligations in this lease, (d) supply any other service which this
lease requires Landlord to provide, or (e) make repairs which this lease
requires Landlord to make; however, all work will be done as promptly as
reasonably possible and so as to cause as little interference to Tenant as
reasonably possible. Landlord will at all times have a key with which to unlock
all of the doors in the premises (excluding Tenant's vaults, safes, and similar
areas).

18.   INDEMNIFICATION, WAIVER AND RELEASE

      (a) Indemnification. Tenant will indemnify Landlord, its agents, and
employees against, and hold Landlord, its agents, and employees harmless from,
any and all demands, claims, causes of action, fines, penalties, damages
(including consequential damages), losses, liabilities, judgments, and expenses
(including without limitation attorneys' fees and court costs) incurred in
connection with or arising from:

            (1) the use or occupancy of the premises by Tenant or any person
claiming under Tenant;

            (2) any activity, work, or thing done or permitted or suffered by
Tenant in or about the premises;

            (3) any acts, omissions, or negligence of Tenant, any person
claiming under Tenant, or the employees, agents, contractors, invitees, or
visitors of Tenant or any person;

            (4) any breach, violation, or nonperformance by Tenant, any person
claiming under Tenant, or the employees, agents, contractors, invitees, or
visitors of Tenant, or any person of any term, covenant, or provision of this
lease or any law, ordinance, or governmental requirement of any kind; or

            (5) except for loss of use of all or any portion of the premises or
Tenant's property located within the premises that is proximately caused by or
results proximately from

                                       13
<PAGE>

the negligence of Landlord, any injury or damage to the person, property, or
business of Tenant or its employees, agents, contractors, invitees, visitors, or
any other person entering upon the premises under the express or implied
invitation of Tenant.

If any action or proceeding is brought against Landlord, its employees, or
agents by reason of any claim, Tenant, upon notice from Landlord, will defend
the claim at Tenant's expense with counsel reasonably satisfactory to Landlord.

      (b) The liability of either party hereto to indemnify the other will not
extend to any matter against which the indemnitee is protected by insurance;
however, if any liability exceeds the amount of the collected insurance, the
liability of the indemnitor will apply to the excess.

      (c) Landlord will indemnify Tenant, its agents, and employees against, and
hold Landlord, its agents, and employees harmless from, any and all demands,
claims, causes of action, fines, penalties, damages (including consequential
damages), losses, liabilities, judgments, and expenses (including without
limitation attorneys' fees and court costs) incurred in connection with or
arising from:

            (1) any activity, work, or thing done or permitted by Landlord in or
about the premises;

            (2) any acts, omissions, or negligence of Landlord or any person
claiming under Landlord or the employees, agents, contractors, invitees, or
visitors of Landlord or any such person;

            (3) any breach, violation, or nonperformance by Landlord or any
person claiming under Landlord or the employees, agents, contractors, invitees,
or visitors of Landlord or any such person of any term, covenant, or provision
of this lease or any law, ordinance, or governmental requirement of any kind; or

            (4) except for loss of use of all or any portion of the premises or
Landlord,' s property located within the premises that is proximately caused by
or results proximately from the negligence of Tenant, any injury or damage to
the person, property, or business of Landlord, its employees, agents,
contractors, invitees, visitors, or any other person entering upon the premises
under the express or implied invitation of Landlord.

If any action or proceeding is brought against Tenant, its employees, or agents
by reason of any such claim, Landlord, upon notice from Tenant, will defend the
claim at Landlord's expense with counsel reasonably satisfactory to Tenant.

19.   SECURITY DEPOSIT

      On or before taking occupancy of the premises, Tenant will deposit Sixteen
Thousand Six Hundred Sixty-six and 67/100 Dollars ($16,666.67) with Landlord as
security for Tenant's payment of rent and performance of its other obligations
under this lease, and any renewals or extensions of this lease. If Tenant
defaults in its payment of rent or performance of its other

                                       14
<PAGE>

obligations under this lease, Landlord may use all or part of the security
deposit for the payment of rent or any other amount in default, or for the
payment of any other amount which Landlord may spend or become obligated to
spend by reason of Tenant's default, or for the payment to Landlord of any other
loss or damage which Landlord may suffer by reason of Tenant's default. If
Landlord so uses any portion of the security deposit, Tenant will restore the
security deposit to its original amount within five (5) days after written
demand from Landlord. Landlord will not be required to keep the security deposit
separate from its general funds. If Tenant pays the rent and performs all of its
other obligations under this lease, Landlord will return the unused portion of
the security deposit to Tenant within sixty (60) days after the end of the term;
however, if Landlord has evidence that the security deposit has been assigned to
an assignee of the lease, Landlord will return the security deposit to the
assignee. Landlord may deliver the security deposit to the purchaser of' the
premises and be discharged from further liability with respect to it.

20.   COVENANT OF QUIET ENJOYMENT

      So long as Tenant pays the rent and performs all of its obligations in
this lease, Tenant's possession of the premises will not be disturbed by
Landlord, or anyone claiming by, through or under Landlord, or by the holders of
the mortgages described in paragraph 16.

21.   DEFAULT

      (a) Cure. If Tenant fails to pay when due amounts payable under this lease
or to perform any of its other obligations under this lease within the time
permitted for its performance, then Landlord, after ten (10) days and without
waiving any of its rights under this lease, may (but will not be required to)
pay the amount or perform the obligation.

      All amounts so paid by Landlord and all costs and expenses incurred by
Landlord in connection with the performance of any obligations (together with
interest at the prime rate from the date of Landlord's payment of the amount or
incurring of each cost or expense until the date of full repayment by Tenant)
will be payable by Tenant to Landlord on demand. In the proof of any damages
that Landlord may claim against Tenant arising out of Tenant's failure to
maintain insurance, Landlord will not be limited to the amount of the unpaid
insurance premium but will also be entitled to recover as damages for the breach
the amount of any uninsured loss (to the extent of any deficiency in the
insurance required by the provisions of this lease), damages, costs and expenses
of suit, including attorneys, fees, arising out of damage to, or destruction of,
the premises occurring during any period for which Tenant has failed to provide
the insurance.

      (b) Events of Default. The following occurrences are "events of default":

            (1) Tenant defaults in the due and punctual payment of rent, and the
default continues for ten (10) days after the due date.

            (2) Tenant vacates or abandons the premises;

            (3) This lease or the premises or any part of the premises is taken
upon

                                       15
<PAGE>

execution or by other process of law directed against Tenant, or is taken upon
or subjected to any attachments by any creditor of Tenant or claimant against
Tenant, and the attachment is not discharged within sixty (60) days after its
levy;

            (4) Tenant files a petition in bankruptcy or insolvency or for
reorganization or arrangement under the bankruptcy laws of the United States or
under any insolvency act of any state, or is dissolved, or makes an assignment
for the benefit of creditors;

            (5) Involuntary proceedings under any bankruptcy laws or insolvency
act or f or the dissolution of Tenant are instituted against Tenant, or a
receiver or trustee is appointed for all or substantially all of Tenants
property, and the proceeding is not dismissed or the receivership or trusteeship
is not vacated within sixty (60) days after institution or appointment;

            (6) Tenant breaches any of the other agreements, terms, covenants,
or conditions that this lease requires Tenant to perform, and the breach
continues for a period of thirty (30) days after notice by Landlord to Tenant.

      (c) Remedies. If any one or more events of default set forth in paragraph
21 (b) occurs, then Landlord may, at its election, either:

            (1) give Tenant written notice of its intention to terminate this
lease on the date of the notice or on any later date specified in the notice,
and, on the date specified in the notice, Tenant's right to possession of the
premises will cease and the lease will be terminated, except as to Tenant's
liability set forth in this paragraph 21(c)(1) , as if the date fixed in the
notice were the end of the term of this lease. If this lease is terminated
pursuant to the provisions of this subparagraph (1), Tenant will remain liable
to Landlord for damages in an amount equal to the rent and other sums that would
have been owing by Tenant under this lease for the balance of the term if this
lease had not been terminated, less the net proceeds, if any, of any reletting
of the premises by Landlord subsequent to the termination, after deducting all
Landlord's expenses in connection with reletting, including without limitation
the expenses set forth in paragraph 21(c)(2). Landlord will be entitled to
collect damages from Tenant monthly on the days on which the rent and other
amounts would have been payable under this lease, if this lease had not been
terminated, and Landlord will be entitled to receive damages from Tenant on each
such day. Alternatively, at the option of Landlord, if this lease is terminated,
Landlord will be entitled to recover from Tenant:

            (A) the worth at the time of award of the unpaid rent which had been
earned at the time of termination;

            (B) the worth at the time of award of the amount by which the unpaid
rent which would have been earned after termination until the time of award
exceeds the amount of rent loss that Tenant proves could reasonably have been
avoided;

            (C) the worth at the time of award of the amount by which the unpaid
rent for the balance of the term of this lease after the time of award exceeds
the amount of rent loss that Tenant proves could reasonably be avoided; and

                                       16
<PAGE>

            (D) any other amount necessary to compensate Landlord for all the
detriment proximately caused by Tenant's failure to perform its obligations
under this lease or which in the ordinary course of things would be likely to
result from the failure.

The "worth at the time of award" is computed by discounting the amount at the
discount rate of the Federal Reserve Bank of Boston at the time of award.

or

            (2) without demand or notice, re-enter and take possession of the
premises or any part of the premises; repossess the premises as of the
Landlord's former estate; expel the Tenant from the premises and those claiming
through or under Tenant; and remove the effects of both or either, without being
deemed guilty of any manner of trespass and without prejudice to any remedies
for arrears of rent or preceding breach of covenants or conditions. If Landlord
elects to re-enter as provided in this paragraph 21(c)(2), or if Landlord takes
possession of the premises pursuant to legal proceedings or pursuant to any
notice provided by law, Landlord may, from time to time, without terminating
this lease, relet the premises or any part of the premises, either alone or in
conjunction with other portions of the building of which the premises are a
part, in Landlord's or Tenant's name but for the account of Tenant, for the 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 terms and
conditions as Landlord, in its reasonable discretion, may determine. Landlord
may collect and receive the rents for the premises. No re-entry or taking
possession of the premises by Landlord will be construed as an election on
Landlord's part to terminate this lease unless a written notice of the intention
is given to Tenant. No notice from Landlord under this lease or under a forcible
entry and detainer statute or similar law will constitute an election by
Landlord to terminate this lease unless the notice specifically says so.
Landlord reserves the right following any re-entry or reletting, or both, to
exercise its right to terminate this lease by giving Tenant written notice, and
in that event the lease will terminate as specified in the notice. If Landlord
elects to take possession of the premises according to this paragraph 21(c)(2)
without terminating the lease, Tenant will pay Landlord the rent and other sums
which would be payable under this lease if the repossession had not occurred,
less the net proceeds, if any, of any reletting of the premises after deducting
all of Landlord's expenses incurred in connection with the reletting, including
without limitation all repossession costs, brokerage commissions, legal
expenses, attorneys' fees, expenses of employees, alteration, remodeling and
repair costs, and expenses of preparation for the reletting. If, in connection
with any reletting, the new lease term extends beyond the existing term, or the
premises covered by the reletting include areas that are not part of the
premises, a fair apportionment of the rent received from the reletting and the
expenses incurred in connection with the reletting will be made in determining
the net proceeds received from reletting. In addition, in determining the net
proceeds from reletting, any rent concessions will be apportioned over the term
of the new lease. Tenant will pay the amounts to Landlord monthly on the days on
which the rent and all other amounts owing under this lease would have been
payable if possession had not been retaken, and Landlord will be entitled to
receive the rent and other amounts from Tenant on each such day.

22.   PARKING

                                       17
<PAGE>

      Tenant will be entitled to use all parking spaces located on the premises
as described in Exhibit A attached hereto, during the term subject to the rules
and regulations set forth herein. The parking spaces will be unassigned,
nonreserved, and nondesignated.

23.   MISCELLANEOUS

      (a) Holding Over. If Tenant remains in possession of the premises after
the end of this lease, Tenant will occupy the premises as a Tenant from month to
month, subject to all conditions, provisions, and obligations of this lease in
effect on the last day of the term and Tenant shall pay a rent equal to the
fixed rent due hereunder on the last month of the term or extended term plus 10%
times the number of months of such holding over.

      (b) Estoppel Certificates. Within no more than fifteen (15) days after
written request by Landlord, Tenant will execute, acknowledge, and deliver to
Landlord a certificate stating:

            (1) that this lease is unmodified and in full force and effect, or,
if the lease is modified, the way in which it is modified accompanied by a copy
of the modification agreement;

            (2) the date to which rental and other sums payable under this lease
have been paid;

            (3) that no notice has been received by Tenant of any default which
has not been cured, or, if the default has not been cured, what Tenant intends
to do in order to effect the cure, and when it will do so;

            (4) that Tenant has accepted and occupied the premises;

            (5) that Tenant has no claim or offset against Landlord, or, if it
does, stating the date of the assignment and assignee (if known to Tenant); and

            (6) other matters as may be reasonably requested by Landlord.

Any certificate may be relied upon by any prospective purchaser of the premises
and any prospective mortgagee or beneficiary under any deed of trust or mortgage
encumbering the premises. If Landlord submits a completed certificate to Tenant,
and if Tenant fails to object to its contents within ten (10) days after its
receipt of the completed certificate, the matters stated in the certificate will
conclusively be deemed to be correct. Furthermore, Tenant irrevocably appoints
Landlord as Tenant's attorney-in-fact to execute and deliver on Tenant's behalf
any completed certificate to which Tenant does not object within ten (10) days
after its receipt.

      (c) No Waiver. No waiver of any condition or agreement in this lease by
either Landlord or Tenant will imply or constitute a further waiver by such
party of the same or any other condition or agreement. No act or thing done by
Landlord or Landlord's agents during the term of this lease will be deemed an
acceptance of a surrender of the premises, and no agreement to accept the
surrender will be valid unless in writing signed by Landlord. The delivery of

                                       18
<PAGE>

Tenant's keys to any employee or agent of Landlord will not constitute a
termination of this lease unless Landlord has entered into a written agreement
to that effect. No payment by Tenant, or receipt from Landlord, of a lesser
amount than the rent or other charges stipulated in this lease will be deemed to
be anything other than a payment on account of the earliest stipulated rent. No
endorsement or statement on any check or any letter accompanying any check or
payment as rent will be deemed an accord and satisfaction. Landlord will accept
the check for payment without prejudice to Landlord's right to recover the
balance of the rent or to pursue any other remedy available to Landlord. If this
lease is assigned, or if the premises or any part of the premises are sublet or
occupied by anyone other than Tenant, Landlord may collect rent from the
assignee, subtenant, or occupant and apply the net amount collected to the rent
reserved in this lease. No collection will be deemed a waiver of the covenant in
this lease against assignment and subletting; the acceptance of the assignee,
subtenant, or occupant as Tenant; or a release of Tenant from the complete
performance by tenant of its covenants in this lease.

      (d) Authority. If Tenant signs this lease as a corporation, each of the
persons executing this lease on behalf of Tenant warrants to Landlord that
Tenant is a duly authorized and existing corporation, that Tenant is qualified
to do business in the state in which the premises are located, that Tenant has
full right and authority to enter into this lease, and that each and every
person signing on behalf of Tenant is authorized to do so. Upon Landlord's
request, Tenant will provide evidence satisfactory to Landlord confirming these
representations.

      (e) Notices. Any notice, request, demand, consent, approval, or other
communication required or permitted under this lease will be written and will be
deemed to have been given (1) when personally delivered, (2) when served
pursuant to the Federal Rules of Civil Procedure, or (3) on the tenth (10th) day
after it is deposited in any depository regularly maintained by the United
States postal service, postage prepaid, certified or registered mail, return
receipt requested, addressed to:

                  Landlord:      David F. Post
                                 Route 121
                                 Plaistow, NH 03865

                  with a copy at the same time to:

                                 Attorney Frederick L. Nagle, Jr.
                                 191 Merrimack Street
                                 P.O. Box 986
                                 Haverhill, MA 01831

                  Tenant :       Dover Saddlery, Inc.
                                 525 Great Road
                                 Littleton, MA 01460

                  with a copy at the same time to:

                                       19
<PAGE>

                                 John M. Sullivan, Esquire
                                 Sulloway & Hollis, P.L.L.C.
                                 9 Capitol Street, P.O. Box 1256
                                 Concord, NH 03302-1256

Either Landlord or Tenant may change its address or addressee for purposes of
this paragraph by giving ten (10) days' prior notice according to this
paragraph. Any notice from Landlord to Tenant will be deemed to have been given
if delivered to the premises, addressed to Tenant, whether or not Tenant has
vacated or abandoned the premises.

      (f) Attorneys' Fees. If Landlord and Tenant litigate any provision of this
lease or the subject matter of this lease, it is agreed that each party will pay
its respective costs of litigation, including reasonable attorneys fees and
court costs.

      (g) Waiver of Jury Trial. Landlord and Tenant waive trial by jury in any
action, proceeding, or counterclaim brought by either of then against the other
on all matters arising out of this lease or the use and occupancy of the
premises (except claims for personal injury or property damage).

      (h) Binding Effect. This lease will inure to the benefit of, and will be
binding upon, Landlord's successors and assigns. This lease will inure to the
benefit of, and will be binding upon, the Tenant's successors and assigns.

      (i) Intentionally omitted.

      (j) Septic System. Landlord agrees to permit Tenant to increase the size
of the septic system and leach field which services the business of the Tenant
if necessary. Tenant is responsible for compliance with all applicable rules and
regulations and laws governing the repair and installation of said system
together with all costs connected with the repair and installation of said
system. Tenant agrees to provide Landlord with a plan setting forth the exact
location and dimensions of the system following the completion of the
installation.

      (k) Intentionally omitted.

      (1) Exclusivity. During the term of this lease, including any extension of
the lease, the parties agree that Tenant shall not compete in the pet supplies
business as is presently conducted by Dana Post on adjacent real estate owned by
the Landlord. Additionally, Landlord agrees that during said period it shall not
permit any party other than Tenant to sell tack and related items from real
property owned by Landlord adjacent to the leased premises.

      (m) Intentionally omitted.

                                       20
<PAGE>

      Landlord and Tenant have executed this lease as of the first date above
written in this lease.

                                               LANDLORD:

                                               /s/ David F. Post
                                               --------------------------------
                                               David F. Post

                                               TENANT:

                                               Dover Saddlery, Inc.

                                           By: /s/ Stephen L. Day
                                               --------------------------------
                                               Stephen L. Day, President

ATTEST:

By: /s/ Illegible
    -----------------------------------
    Its Director, Duly Authorized
Dated: October 16, 2001

COMMONWEALTH OF MASSACHUSETTS
COUNTY OF ESSEX

      The foregoing instrument was acknowledged before me on October 12, 2001,
by David F. Post.

                                            /s/ Illegible
                                            ------------------------------------
                                            Notary Public

                                            My Commission Expires: March 5, 2007

COMMONWEALTH OF MASSACHUSETTS
COUNTY OF ESSEX

      On this the 12th day of October, 2001, before me, the undersigned officer,
personally appeared Stephen L. Day, who acknowledged himself to be the President
of Dover Saddlery, Inc., a corporation, and that he, as such President, being
authorized so to do, executed the foregoing instrument for the purposes therein
contained, by signing the name of the corporation by himself as President.

                                       21
<PAGE>

                                        /s/ Illegible
                                        ----------------------------------------
                                        Notary Public

                                            My Commission Expires: March 5, 2007

                                       22

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