Document:

AMENDMENT TO EMPLOYMENT AGREEMENT

      WHEREAS,  InfoSearch  Media,  Inc.,  a  Delaware  corporation,   with  its
principal  place of  business  located at 4086 Del Rey  Avenue,  Marina Del Rey,
California  90292 its  affiliates,  subsidiaries,  successors  and assigns  (the
"Company"),  and Steve Lazuka,  an individual  residing at 9319 Hermitage  Road,
Chardon,  Ohio 44024 (the  "Executive")  are parties to an Employment  Agreement
(the "Agreement")  dated December 29, 2004 and effective as of December 31, 2004
which is  incorporated  herein  by  reference,  and a copy of which is  attached
hereto as Exhibit A, pursuant to which the Executive was employed by the Company
to hold the  position of  President  and Chairman and pursuant to such served in
the capacity as President and Chief  Executive  Officer from the Effective  Date
through the date hereof;

      WHEREAS,  it is the  desire  of the  Company  and the  Executive  that the
Executive assume the duties and  responsibilities  of Chief Strategy Officer and
to relinquish his duties as President and Chief Executive Officer; and

      WHEREAS,  the Company and the Executive  have agreed to  memorialize  such
assumption and  relinquishment  in this written  amendment to the Agreement (the
"Amendment").

      NOW, THEREFORE,  in consideration of the premises and the mutual covenants
and agreements hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which the parties hereby acknowledge, the parties
hereby agree to amend the Agreement as follows:

      1. Definitions. Unless otherwise defined herein, all capitalized terms and
phrases  used in this  Amendment  shall  have their  meanings  as defined in the
Agreement.

      2. Effective  Date.  The parties  intend that this  Amendment  shall apply
retroactively to December 31, 2004 (the "Effective  Date"),  such that the above
language shall be deemed to have been included in the Agreement as of that date.

      3. Amended Sections of Agreement.

            (a) Section 1 of the Agreement is hereby replaced in its entirety as
follows:

                  "Employment  Period.  As of the  Effective  Date,  the Company
            shall employ the Executive,  and the Executive agrees to be employed
            by Company in the positions of Chief  Strategy  Officer and Director
            in accordance  with the terms and subject to the  conditions of this
            Agreement,  commencing  on the  Effective  Date and  terminating  on
            December  31,  2006  (the  "Scheduled   Termination  Date"),  unless
            terminated in accordance  with the provisions of paragraph 12 below,
            in which case the  provisions  of  paragraph  12 shall  control (the
            "Term"). Upon expiration of the Term and thereafter,  the Term shall
            automatically  renew  itself and  continue  in full force and effect
            from year to year unless written notice of election not to renew, or
            written   notice  of  election  to  modify  any  provision  of  this
            Agreement,  is given by one  party,  and  received  by the other not
            later than sixty (60) days prior to the expiration of this Agreement
            or any extension hereto.

      The  Executive  affirms that,  except as otherwise  set forth  herein,  no
obligation exists between the Executive and any other entity which would prevent
or impede the Executive's  immediate and full performance of every obligation of
this Agreement."

<PAGE>

            (b) Section 2 of the Agreement is hereby replaced in its entirety as
follows:

                  "Position  and  Duties.  During  the  Term of the  Executive's
            employment hereunder,  the Executive shall continue to serve in, and
            assume duties and responsibilities  consistent with, the position of
            Chief Strategy Officer, unless and until otherwise instructed by the
            Company,  and shall also serve as a member of the Company's Board of
            Directors.  The Executive  agrees to devote his working time, as set
            forth in Paragraph 5 hereof,  utilizing  his skill,  energy and best
            business efforts on behalf of the Company.  Notwithstanding anything
            to the contrary  contained herein,  upon written notice to the Board
            of  Directors  the  Executive  may hold  officer  and  non-executive
            director  positions  (or the  equivalent  position)  in or at  other
            entities not inconsistent  with the best interests of the Company so
            long as the Board of Directors  has not provided  Executive  written
            notice that it has determined  that such  activities  will interfere
            with  his  ability  to  perform  his  duties  and   responsibilities
            hereunder"

            (c) Section 5 of the Agreement is hereby replaced in its entirety as
follows:

                  "Location.  The locus of the  Executive's  employment with the
            Company shall be the Executive's home office located in the vicinity
            of Cleveland,  Ohio.  The  Executive  shall be required to spend the
            amount of time at the Company's  office  located in Marinia Del Rey,
            California as is  reasonably  necessary to  effectively  fulfill his
            duties as Chief Strategy Officer."

      4. Other  Sections of Agreement  Reaffirmed.  All of the other sections of
the Agreement  remain unchanged and are hereby ratified and reaffirmed as of the
date hereof and shall remain in full force and effect.

      5.  Additional  Sections.  The following  sections are hereby added to the
Agreement in their entirety as follows:

            (a) Subsequent Financing Transaction.  The Company agrees to use its
best efforts to include a minimum of 1,000,000  shares of the common stock,  par
value  $0.001  per  share,  of the  Company  (the  "Common  Stock")  held by the
Executive in any subsequent financing transaction undertaken by the Company.

            (b) Registration  Rights. If the Company shall determine to register
any of its securities,  for its own account or for the account of others,  other
than a  registration  relating  solely to employee  benefit  plans or securities
issued or issuable to employees or  consultants  on Form S-8, the Company  shall
include  all  of  the  shares  of  Common  Stock  held  by  the  Executive  (the
"Executive's  Equity  Interests")  in such  registration  statement,  subject to
customary  underwriter cutback in the event of an underwritten  offering. In the
event that the Company does not  determine to register any of its  securities or
the Executive's  Equity Interests are not included in an effective  registration
statement filed by the Company within twelve (12) months of the date hereof, the
Executive shall have the right to make a written demand of the Company requiring
that the  Company  file a  registration  statement  on Form S-1,  or such  other
equivalent form,  registering for resale all of the Executive's Equity Interests
within sixty (60) days of the date of such written demand by the Executive.

                                      -2-
<PAGE>

            (c) Lock Up Agreement.  In consideration of the registration  rights
provided to the Executive herein, the Executive agrees to enter into a customary
lock-up agreement for a period of twelve (12) months.

            (d) Severability.  Should any term or provision of this Amendment be
finally  determined by a court of competent  jurisdiction  to be void,  invalid,
unenforceable or contrary to law or equity, the offending term shall be modified
and limited (or if strictly  necessary,  deleted) only to the extent required to
conform to the  requirements  of law and the remainder of this Amendment (or, as
the case may be, the  application  of such  provisions  to other  circumstances)
shall not be  affected  thereby but rather  shall be  enforced  to the  greatest
extent permitted by law.

                            [SIGNATURE PAGE FOLLOWS]

                                      -3-
<PAGE>

BY HIS EXEUCTION BELOW, THE EXECUTIVE ACKNOWLEDGES AND STATES THAT HE HAS FREELY
AND VOLUNTARILY  ENTERED INTO THIS AMENDMENT AND THAT HE HAS READ AND UNDERSTOOD
EACH AND EVERY PROVISION THEREOF.

UNDERSTOOD, AGREED, AND ACCEPTED:

EXECUTIVE                                  COMPANY

Steve Lazuka                               InfoSearch Media, Inc.

----------------------------------         By:
                                              ----------------------------------
Date:                                      Name:
     -----------------------------              --------------------------------
                                           Title:
                                                 -------------------------------
                                           Date:
                                                --------------------------------

                                      -4-Exhibit 10.01

                            THIRD AMENDMENT TO LEASE
                            ------------------------

     AGREEMENT, dated as of the 1st day of September, 2005, between 120 BROADWAY
HOLDINGS,  LLC, a Delaware limited  liability  company,  having an office at 530
Fifth Avenue, New York, New York 10036 ("Landlord"), and TOWER INSURANCE COMPANY
OF NEW YORK, a New York corporation, having an office at 120 Broadway, New York,
New York 10271 ("Tenant").

                               STATEMENT OF FACTS
                               ------------------

     By Lease  dated as of  February  19, 1997 (the  "Original  Lease"),  by and
between    Broadpine    Realty    Holding    Company,    Inc.    ("BRHC")    (as
predecessor-in-interest  to  Landlord)  and  Tenant,  BRHC  leased to Tenant and
Tenant hired from BRHC certain  premises in the building  known as 120 Broadway,
New York, New York (the  "Building"),  consisting of a portion of the fourteenth
(14th) floor of the Building, for a term ending on May 31, 2008. By Modification
of  Indenture of Lease dated as of May (no day),  1998 (the "First  Amendment"),
Tenant  leased the balance of the rentable area of the  fourteenth  (14th) floor
(the "Fourteenth  Floor  Premises") in the Building.  By the Second Amendment to
Lease dated as of January 15, 2003 (the  "Second  Amendment"),  Tenant  leased a
portion of the seventeenth  (17th) floor (the  "Seventeenth  Floor Premises") of
the Building.

     The Original Lease, the First  Amendment,  the Second Amendment and any and
all other amendments and modifications thereof shall hereinafter be collectively
referred to as the "Lease".  The Fourteenth  Floor Premises and the  Seventeenth
Floor  Premises  shall  hereinafter  be referred to as the "Original  Premises".
Landlord  and  Tenant  now  desire to  further  amend  the Lease  upon the terms
hereinafter contained.

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

     1.   DEFINED TERMS:
          -------------

     Unless the context  otherwise clearly indicates a contrary intent or unless
specifically  otherwise provided herein,  each term used in this Agreement which
is defined  in the Lease  shall be deemed to have the  meaning  set forth in the
Lease.

     2.   EXTENSION OF LEASE TERM:
          ------------------------

     The term of the Lease is hereby  extended  for the  period  (the  "Extended
Term")  commencing on June 1, 2008 (the "Extended Term  Commencement  Date") and
expiring  on June 30,  2021 (the  "Expiration  Date"),  or shall  expire on such
earlier  date upon  which  said term may expire or be  cancelled  or  terminated
pursuant to any of the conditions or covenants of the Lease as hereby amended or
pursuant to law, upon all of the terms,  covenants and  conditions  contained in
the Lease, except as otherwise expressly set forth therein.

                                       1

<PAGE>

     3.   NEW PREMISES; SURRENDER PREMISES; FF&E:
          ---------------------------------------

     A.   For the purposes of this Agreement:

     (i) the term "New Premises" shall mean, collectively,  that certain portion
of the thirtieth  (30th) floor (the "Thirtieth  Floor Premises") of the Building
as approximately indicated by hatched markings on the rental plan annexed hereto
as  Exhibit  "A" and made a part  hereof,  and the entire  rentable  area of the
thirty-first  (31st) floor (the "Thirty-First  Floor Premises") of the Building;
and

     (ii) the term "Surrender Premises" shall mean the Original Premises.

     B. Effective  throughout the period (the "New Premises Term") commencing as
of October 1, 2005 (the "New  Premises  Commencement  Date")  (which date may be
subject to postponement pursuant to Paragraph 7.J. of this Agreement) and ending
as of the Expiration Date (as extended in this Agreement), both dates inclusive:

     (i) the Lease  shall be amended by adding the New  Premises  to the Demised
Premises; and

     (ii)  Landlord  leases to Tenant and Tenant  hires  from  Landlord  the New
Premises,  and Tenant's  use and occupy of the New Premises and its  obligations
with  respect  thereto  shall  be in  accordance  with  the  terms,  provisions,
conditions and agreements  contained in the Lease, except as otherwise expressly
provided in this Agreement.

     C. For purposes of this Agreement,  the "Surrender  Date" shall be the last
day of the calendar  month during which the later of the following  occurs:  (i)
the  sixtieth  (60th) day after  Landlord's  receipt of notice  from Tenant that
Tenant is  surrendering  the  Surrender  Premises to Landlord,  and (ii) the New
Premises Commencement Date occurs,  Tenant substantially  completes Tenant's New
Premises Work and Tenant takes  occupancy of the New Premises for the conduct of
its business.  On or before the Surrender Date (which Surrender Date shall in no
event be later than the last day of the  calendar  month in which nine (9) month
anniversary of the New Premises Commencement Date occurs (the "Outside Surrender
Date")),  Tenant shall vacate and quit and  surrender  possession  of all of the
Surrender  Premises  to  Landlord  broom  clean  (except  for the  "FF&E" in the
Fourteenth  Floor  Premises  as set  forth in  Paragraph  3.E  below),  in as-is
condition,  and in  all  other  respects  in the  condition  required  therefore
pursuant to the  provisions  of the Lease for the delivery of  possession of the
Demised  Premises to Landlord as if the Surrender Date were the Expiration  Date
of the Term of the Lease. Effective as of the Surrender Date, the Lease shall be
amended by deleting the Surrender  Premises from the Demised  Premises,  and the
Minimum  Rent,  the Square  Feet of Rentable  Area,  Tenant's  Operating  Share,
Tenant's Tax Share and the amounts set forth in Section  20.03.B(i) of the Lease
shall be adjusted  accordingly.  Tenant  acknowledges and agrees that the entire
Security  deposited  with Landlord as of the Surrender Date shall continue to be
held by Landlord as the Security under the Lease.

                                       2

<PAGE>

     D.  Landlord and Tenant  shall each remain  obligated to comply with all of
the  terms,  covenants  and  conditions  of the  Lease on such  party's  part to
observe,  perform and comply with, through and including the Surrender Date with
respect to the Surrender  Premises.  All obligations  and liabilities  under the
Lease and this Agreement which accrue or arise or relate to matters occurring on
or before the Surrender Date shall survive the Surrender Date. Tenant shall also
pay all Minimum Rent, additional rent and all other charges under the Lease with
respect to the Surrender  Premises,  through and  including the Surrender  Date,
subject to adjustments in accordance with the terms of the Lease. Tenant and its
successors  and  assigns  hereby  release  Landlord  from any and all claims and
obligations  accruing  after the  Surrender  Date with respect to the  Surrender
Premises.  Except  for the  obligations  and  liability  of Tenant  relating  to
Tenant's  surrender and vacating of the Surrender  Premises under this Agreement
and the  Lease,  Landlord  hereby  releases  Tenant  from any and all claims and
obligations  accruing  after the  Surrender  Date with respect to the  Surrender
Premises.

     E.  Effective as of the Surrender  Date,  Tenant shall transfer to Landlord
all right,  title and  interest to  Tenant's  existing  improvements  and to the
furniture,  fixtures and  equipment  (collectively,  the "FF&E")  located in the
Surrender  Premises and listed on the schedule annexed hereto as Exhibit "B", in
the same condition existing as of the date of this Agreement,  ordinary wear and
tear excepted. In consideration of such transfer of all of the FF&E by Tenant to
Landlord,  Landlord  shall pay to Tenant within ten (10) business days after the
Surrender  Date the amount of FIVE  HUNDRED  EIGHTY-ONE  THOUSAND  FIVE  HUNDRED
THIRTY AND 00/100  ($581,530.00)  DOLLARS  (which  amount  shall be allocated as
follows: (i) $322,535.00 for Tenant's existing improvements, and (2) $258,995.00
for Tenant's furniture, fixtures and equipment);  provided (i) Tenant shall have
delivered the FF&E to Landlord on the  Surrender  Date in the time and condition
required,  and (ii) Tenant  shall not then be in default  (after  notice and the
expiration of any  applicable  cure period in this Lease) with respect to any of
the  material  terms,  covenants  or  conditions  to be performed or observed by
Tenant under the Lease or this Agreement.  For purposes of this  Agreement,  the
phrase "material  terms,  covenants or conditions to be performed or observed by
Tenant" shall specifically include,  among other things,  Tenant's obligation to
pay Minimum Rent and additional rent and Tenant's obligation to timely discharge
any lien,  encumbrance  or charge.  At the time of such  payment,  Tenant  shall
deliver  to  Landlord  a bill of sale  for the  FF&E  substantially  in the form
annexed  hereto as Exhibit "C".  Tenant shall be  responsible to pay any and all
taxes,  if any, due in connection  with the  conveyance of the FF&E,  including,
without  limitation,  any use, bulk or sales tax. Tenant  additionally agrees to
execute  and submit  any and all forms,  documents  or filings  required  by any
governmental  authority  in  connection  with  the  conveyance  of the  FF&E and
Landlord shall reasonably  cooperate in connection  therewith.  Tenant agrees to
indemnify  and hold  Landlord  harmless  from and  against any and all bills for
labor performed and materials and equipment furnished to Tenant on or before the
Surrender  Date and applicable  use, bulk,  sales and other taxes as required by
law for the period on or before the Surrender  Date and from and against any and
all liens,  bills or claims  therefore  or against the FF&E and from and against
all losses, damages, costs, expenses,  suits and claims whatsoever in connection
therewith  arising from  conditions  existing on or before the  Surrender  Date.
Notwithstanding  anything in the Lease to the contrary,  Tenant shall not remove
the FF&E from the Seventeenth  Floor  Premises;  provided,  however,  that on or
before the  Surrender  Date,  Tenant shall  remove the FF&E from the  Fourteenth
Floor Premises,  at Tenant's sole cost and expense,  at a time and to a location
determined by Landlord.

                                       3

<PAGE>

     4.   DELIVERY OF SURRENDER PREMISES:
          -------------------------------

     A. Any holding over or continued  occupancy  of the  Surrender  Premises by
Tenant after the  Surrender  Date shall not operate to extend or renew the Lease
or to imply or create a new lease  between  Landlord  and Tenant with respect to
the  Surrender  Premises.  In such  event,  Landlord  shall  have  the  right to
immediately  terminate  Tenant's  occupancy of the Surrender Premises and Tenant
shall pay to  Landlord  (in  addition to the Minimum  Rent and  additional  rent
attributable  to the New  Premises),  on a per diem basis,  a sum (the "Holdover
Rent") equal to the aggregate of one hundred fifty (150%)  percent of the annual
Minimum Rent and  additional  rent payable to Landlord under the Lease as of the
Surrender  Date for the first thirty (30) days of holdover,  and  thereafter the
Holdover Rent shall be increased to equal two (2) times the annual  Minimum Rent
and additional  rent payable to Landlord as of the Surrender  Date. In no event,
however,  shall  Tenant be relieved  of any  liability  to Landlord  for damages
resulting  from such holding over.  Tenant agrees to indemnify and hold Landlord
harmless  from  and  against  any  direct  and  actual  costs,  losses,  claims,
liability,  damages and expenses suffered or incurred by Landlord as a result of
Tenant's  holding over or continued  occupancy of the Surrender  Premises beyond
the Surrender Date.

     B.  Neither  the  provisions  of  Paragraph  A  of  this  Article  nor  the
application   thereof   shall  affect  the  status  of  Tenant  as  an  occupant
holding-over  the  Surrender  Premises  without the consent of Landlord;  or the
right of  Landlord  to obtain  the  dispossess  or  ouster  of  Tenant  from the
Surrender  Premises through the institution of a summary proceeding or any other
action or proceeding for such purpose.  Tenant hereby consents to the entry of a
final  judgment  in favor  of  Landlord  in such  summary  proceeding,  with the
issuance  of the  warrant  forthwith,  and Tenant (i) waives any right to appeal
therefrom,  and (ii) agrees to reimburse Landlord for all actual,  out-of-pocket
expenses  incurred  by  Landlord  (including   reasonable  attorneys'  fees  and
disbursements) in connection with any such proceeding or action.

     C. The  provisions  of this  Article  shall not affect  any other  right or
remedy  that may be  available  to Landlord  by virtue of such  holding-over  by
Tenant.

                                       4

<PAGE>

          5.   TENANT REPRESENTATIONS:
               -----------------------

     Tenant hereby covenants, represents and warrants to Landlord that:

     (i) Tenant has not committed, permitted or suffered any act or deed whereby
     the Surrender  Premises (or any  portion(s)  thereof),  or the Lease,  have
     been, or may be, pledged, hypothecated,  encumbered,  assigned, conveyed or
     otherwise transferred;

     (ii)  Tenant has not  sublet,  underlet or  otherwise  transferred,  in any
     manner whatsoever, any present or future possessory, use or occupancy right
     in or to all or any portions of the Surrender Premises;

     (iii) as of the Surrender Date, the Surrender Premises shall be free of all
     tenants,  subtenants and other occupants and all leases and subleases,  and
     there shall be no persons or entities claiming,  or who or which may claim,
     any rights of possession, occupancy or use of the Surrender Premises or any
     portions thereof; and

     (iv)  Tenant  shall not  commit,  permit  or suffer  any such acts or deeds
     referred to in subparagraphs (i) and (ii) above; and

     (v) the Pledge  Agreement  dated as of February  21,  2003,  between  Tower
     Group, Inc. and CIT Group/Equipment Financing, Inc., and Landlord's Consent
     dated as of February 21, 2003 thereto,  are no longer in force or effect as
     of the date hereof.

     6.   DELIVERY OF POSSESSION OF NEW PREMISES:
          ---------------------------------------

     If  Landlord  is unable to give  possession  of the entire New  Premises to
Tenant  on  the  New  Premises   Commencement   Date  with  all  of   Landlord's
Pre-Possession Base Work substantially  completed because of the holding-over or
retention of possession  of any tenant,  undertenant  or  occupants,  or for any
reason beyond Landlord's  reasonable control,  (i) Landlord shall not be subject
to any liability for failure to give  possession on said date, (ii) the validity
of this Agreement and the Lease shall not be impaired under such  circumstances,
(iii) the same shall not be construed in any way to extend the New Premises Term
or the Term of the  Lease,  (iv) the New  Premises  Commencement  Date  shall be
deemed extended until the date on which Landlord shall have tendered delivery of
possession  thereof  to  Tenant  (provided  Tenant  is not  responsible  for the
inability to obtain possession),  and (v) Landlord shall promptly and diligently
take such action as may be  necessary,  in  Landlord's  reasonable  opinion,  to
terminate  the  possession  of such  space by any such  tenant,  undertenant  or
occupant.  The  provisions  of this  Paragraph  are intended to  constitute  "an
express  provision to the  contrary"  within the meaning of Section 223-a of the
New York Real Property Law.

                                       5

<PAGE>

     7.   AS-IS POSSESSION; TENANT'S WORK; LANDLORD'S N/P CONTRIBUTION:
          -------------------------------------------------------------

     A.     Tenant   acknowledges   that   neither   Landlord   nor  any  agent,
representative  or  employee  of  Landlord  has  made  any   representations  or
warranties  whatsoever  with  respect  to the New  Premises.  Tenant  has made a
thorough  inspection  of the New Premises and is  thoroughly  familiar  with the
condition of every part thereof.  Subject to the  provisions  of Paragraph  7.H.
below,  Tenant agrees to accept the New Premises in its "as is" condition on the
New Premises Commencement Date. The taking of occupancy of the whole or any part
of the New Premises by Tenant shall be conclusive  evidence,  as against Tenant,
that Tenant accepts possession of the same and the New Premises so occupied were
in good and satisfactory condition at the time such occupancy was so taken.

     B.     Tenant  shall,  at  Tenant's  sole cost and  expense  and as part of
Tenant's "Alterations" (as defined in Section 1.01 of the Lease), perform all of
the work (the "New  Premises  Work") in the entire New  Premises  necessary  for
Tenant's occupancy  thereof,  except for Landlord's Base Work and subject to the
provisions of the Lease and this Agreement. The New Premises Work shall include,
but not be limited to, the  perimeter  and core walls and columns  enclosed with
sheetrock and finished,  and Tenant's  Sprinkler  Installation  (as set forth in
Paragraph  7.G.  hereof).  Tenant agrees with respect to its activities and work
that it will  conform  to all of  Landlord's  labor  regulations  and  shall not
knowingly do or permit  anything to be done that might create any work stoppage,
picketing  or other labor  disruption  or dispute.  Tenant  agrees that it will,
prior to the  commencement of any work in the New Premises,  deliver to Landlord
all  certificates  of  insurance  required  to be supplied to Landlord by Tenant
pursuant to the terms of the Lease and this Agreement.

     C.    In consideration  of Tenant  performing all of the work necessary for
its  occupancy  of the New  Premises  and for Tenant  completing  all of the New
Premises  Work in the entire New Premises in  accordance  with all of the terms,
covenants and conditions of the Lease and this  Agreement,  Landlord agrees that
if Tenant,  within a period of  twenty-four  (24) months  from the New  Premises
Commencement  Date,  shall have fully satisfied all of the following  conditions
(collectively,  the "L/C  Conditions"):  (i)  Tenant  shall  have  submitted  to
Landlord  a  reasonably  detailed  itemization  of  the  leasehold  improvements
installed by Tenant in the entire New Premises, (ii) Tenant shall have submitted
to Landlord receipted paid bills therefore, (iii) Tenant shall have submitted to
Landlord  final lien waivers and a lien search  conducted  after the date of the
completion of the New Premises Work  demonstrating that there has not been filed
with respect to the land and/or the Building and/or the New Premises or any part
thereof or upon Tenant's  leasehold  interest therein any vendor's,  mechanic's,
laborer's,  materialman's or other lien which has not been discharged of record,
and (iv) the New Premises Work shall have been uniformly performed and completed
in the entire New Premises,  and (v) Tenant shall not then be in default  (after
notice and the  expiration  of any  applicable  cure  period in this Lease) with
respect to any of the material terms, covenants or conditions to be performed or
observed  by Tenant  under  the Lease or this  Agreement,  then  Landlord  shall
reimburse or cause to be  reimbursed  to Tenant an amount (the  "Landlord's  N/P
Contribution")  equal to the lesser of (a) the actual  cost of the New  Premises
Work  improvements  performed by Tenant in the entire New Premises and "Tenant's
Reimbursable Costs" (as hereinafter  defined),  or (b) FOUR MILLION FIVE HUNDRED
TWO THOUSAND SEVEN HUNDRED  FIFTY-SEVEN AND 00/100  ($4,502,757.00)  DOLLARS, it
being  understood and agreed that Landlord's N/P  Contribution  shall not exceed
the sum of FOUR MILLION FIVE HUNDRED TWO THOUSAND SEVEN HUNDRED  FIFTY-SEVEN AND
00/100  ($4,502,757.00)  DOLLARS  (said amount  herein being  referred to as the
"Maximum Contribution Amount") and that all costs and expenses in excess of said
sum shall be borne solely by Tenant.

                                       6

<PAGE>

     D.    Upon Tenant's  request,  Landlord's N/P  Contribution  as provided in
Paragraph  7.C.  hereof  shall  be paid  out  from  time to  time  but not  more
frequently than monthly (in  contradistinction to upon completion and receipt by
Landlord  of paid bills for all of the New  Premises  Work) as the New  Premises
Work  progresses,  which request by Tenant shall be accompanied by the following
(such request, together with all of the following documentation, shall herein be
referred to as the "Progress Installment Requisition"):

        (1) a certificate signed by Tenant or Tenant's architect, dated not more
than ten (10) days prior to such request, setting forth the following:

                        (i) that the sum then  requested was justly due and paid
                to persons who have rendered services or furnished materials for
                the work therein  specified,  and giving a brief  description of
                such services and materials and the several amounts paid to each
                of said  persons in respect  thereof  and  receipted  paid bills
                therefore, and certifying that the New Premises Work represented
                by the aforesaid invoices has been  satisfactorily  completed in
                accordance with the final plans;

                        (ii) that no part of such  expenditure is being made the
                basis,  in any previous or then pending prior  request,  for the
                receipt of Landlord's N/P  Contribution  or has been made out of
                the proceeds of Landlord's N/P Contribution  received by Tenant,
                and that the sum then requested does not exceed the value of the
                services and materials described in the certificate; and

                        (iii)  that  except  for  the  amount,  if  any,  stated
                pursuant  to  the  foregoing   subparagraph  7.D.a.(i)  in  such
                certificate  to be due for  services or  materials,  there is no
                outstanding  indebtedness  known  to the  persons  signing  such
                certificate,  which is then  due for  labor,  wages,  materials,
                supplies  or  services in  connection  with such work which,  if
                unpaid,  might  immediately  become  the  basis  of a  vendor's,
                mechanic's,  laborer's  or material  man's  statutory or similar
                lien upon such work or upon the land and or the  Building or the
                New  Premises  or any part  thereof or upon  Tenant's  leasehold
                interest;

                                       7

<PAGE>

        (2)   a current lien search  demonstrating that there has not been filed
with  respect  to the land and  Building  and/or  the New  Premises  or any part
thereof or upon Tenant's  leasehold interest therein any lien which has not been
discharged of record; and

        (3)   waivers of lien for the work  performed  up to and  including  the
date of such  request  from  all  contractors,  subcontractors  and  materialmen
involved in the performance of the New Premises Work and the materials furnished
in connection therewith.

     Subject to the provisions of Paragraph 7.C.  hereof,  upon  compliance with
the foregoing  provisions of this Paragraph  7.D. and provided  Tenant shall not
then be in default  (after  notice and the  expiration  of any  applicable  cure
period in this Lease) with respect to any of the monetary  terms to be performed
or observed by Tenant under the Lease or this  Agreement,  Landlord shall pay or
cause to be paid to Tenant or, at Tenant's written instruction,  directly to the
persons  named  (pursuant  to the  foregoing  subparagraph  7.D.a.(i))  in  such
certificate,  the respective  amounts stated therein to be due to them provided,
however,  that  Landlord's  N/P  Contribution  shall not  exceed the sum of FOUR
MILLION  FIVE  HUNDRED  TWO  THOUSAND  SEVEN  HUNDRED   FIFTY-SEVEN  AND  00/100
($4,502,757.00)  DOLLARS  and that all costs and  expenses in excess of said sum
shall be borne solely by Tenant.  The amount of each  installment  of Landlord's
N/P Contribution payable pursuant to any Progress Installment  Requisition shall
be an amount  equal to the lesser  of(x) the amount  requested  by Tenant in the
Progress Payment Installment Requisition in question, or (y) the amount equal to
the  product  obtained  by  multiplying  the  Maximum  Contribution  Amount by a
fraction,  the  numerator  of which is the  actual  costs paid by Tenant for the
completed  portions of New Premises Work referenced in the Progress  Installment
Requisition  in  question,  and the  denominator  of which is equal to the total
estimated  cost of the New  Premises  Work,  which  estimate  shall  be made and
certified by Tenant's architect in good faith based upon the final plans for the
New Premises Work.  Notwithstanding  anything to the contrary  contained herein,
Landlords'  payment of the final  fifteen (15%)  percent of the  Landlord's  N/P
Contribution  shall  be  subject  to  Tenant's  full  satisfaction  of  the  L/C
Conditions.  For purposes of this  Article,  the "Tenant's  Reimbursable  Costs"
shall mean the aggregate of the reasonable,  out-of-pocket  third party expenses
incurred by Tenant solely in connection  with Tenant's  performance  of Tenant's
New Premises Work in the New Premises for the following items: (i) architectural
fees;  (ii)  engineering  fees;  and (iii)  filing  fees.  In no event shall the
aggregate amount of the Landlord's N/P Contribution utilized to pay for Tenant's
Reimbursable  Costs exceed  fifteen  (15%) percent of the total  Landlord's  N/P
Contribution.

     E.    The  provisions  of Article 2 of the Lease shall not apply to the New
Premises.  The  provisions  of  Article  5 of the Lease  shall  apply to the New
Premises,  except  that,  at Tenant's  sole cost and  expense,  (i) Tenant shall
obtain bids for the  performance  of the New Premises Work from at least two (2)
of the approved general contractors set forth on Exhibit "E", one of which shall
be  Landlord's  designated  general  contractor  (which  as of the  date of this
Agreement is Ambassador  Construction  Co.); (ii) the New Premises Work shall be
performed only by contractors,  subcontractors  and mechanics  designated on the
list of currently approved contractors,

                                       8

<PAGE>

subcontractors  and mechanics  which is annexed hereto as Exhibit "E", which are
deemed  approved only for the  performance  of the New Premises Work and not for
any other  future  Alterations;  (iii)  Tenant  shall  utilize  only  Landlord's
designated  subcontractors for the performance of life safety systems (including
without limitation Class E system work subcontractors),  security subcontractors
(if the New Premises  Work shall affect any Building  security  system) and HVAC
subcontractors;  and (iv) Tenant shall  utilize the  "expediter"  designated  by
Landlord in connection with the New Premises Work.  Prior to the commencement of
the New Premises Work, Tenant shall deliver to Landlord for Landlord's approval,
a complete set of plans and specifications  prepared by a licensed architect and
licensed  engineer for the  construction  and finishing of the New Premises Work
for Tenant's initial occupancy of the New Premises (collectively,  "Tenant's New
Premises  Plans").  Tenant's New Premises  Plans shall (a) comply with all Legal
Requirements, (b) be in sufficient detail so as to be accepted for filing by the
New York City Building  Department,  and (c) show the proposed  locations of all
mechanical,  electrical and plumbing equipment, partitions, ceilings, entrances,
doors, lighting, fixtures,  receptacles and switches, and other installations to
be  installed  in the New  Premises.  Landlord  agrees to respond to any written
request for approval of a complete set of Tenant's New Premises Plans within ten
(10) business days after Landlord's  receipt thereof.  Tenant shall  incorporate
into  Tenant's New Premises  Plans those  changes,  revisions  and/or  additions
reasonably  required by Landlord,  and shall  resubmit the revised  Tenant's New
Premises Plans to Landlord for Landlord's  approval.  Landlord agrees to respond
to any written  request for  approval of revised  Tenant's  New  Premises  Plans
within five (5) business  days after  Landlord's  receipt  thereof.  The cost of
preparing  (and, if necessary,  revising)  Tenant's New Premises  Plans shall be
borne entirely by Tenant.  Tenant shall reimburse Landlord,  as additional rent,
for  any  actual  out-of-pocket  fees  and  expenses  incurred  by  Landlord  in
connection  with  Landlord's  review of Tenant's New Premises  Plans for the New
Premises Work.  Landlord's approval of any plans or specifications  shall not be
deemed  to  constitute   and  shall  not  relieve   Tenant  from  Tenant's  full
responsibility   for  the  feasibility,   compliance  with  laws  and  technical
competency thereof.

     F.    Tenant may  non-exclusively  use the Building  freight  elevator on a
first come,  first  served  basis,  which use shall be scheduled in advance with
Landlord  and be subject to  availability  and the use in common  with the other
tenants of the Building and Landlord, its employees, agents and contractors; and
exclusively by appointment  (subject to  availability)  of which the first fifty
(50) hours shall be without charge solely in connection with (i) the performance
of the New Premises Work by Landlord's  designated general contractor;  and (ii)
Tenant's initial move into the New Premises.

     G.    Prior to  Tenant's  initial  occupancy  of the New  Premises,  Tenant
shall,  at Tenant's  sole cost and expense and as part of Tenant's  New Premises
Work,  furnish and install a sprinkler  system in the entire New  Premises  (the
"Tenant's Sprinkler Installation"),  including without limitation the furnishing
and installation of all equipment  necessary to connect such sprinkler system in
the New Premises to the main  sprinkler  loop  existing on each floor of the New
Premises as part of  Landlord's  Base Work.  The  following  provisions  of this
Paragraph shall apply with respect to Tenant's Sprinkler Installation:  (i) such
sprinkler  system  must  comply  with all  applicable  laws,  orders,  rules and
regulations;

                                       9

<PAGE>

(ii) the supplying and installing of any such sprinkler  system shall be made in
accordance  with the provisions of the Lease and this  Agreement,  and the type,
brand,  location and manner of  installation  of such sprinkler  system shall be
subject to Landlord's  prior  reasonable  approval;  (iii) Tenant shall make all
repairs  and  replacements,  as and when  necessary,  to such  sprinkler  system
(including,  without  limitation,  the main sprinkler loop from the flow control
assembly on each floor) and any replacements  thereof;  and (iv) notwithstanding
anything  contained  in the  Lease  or  this  Agreement  to the  contrary,  such
sprinkler system, or any replacement  thereof and any installments in connection
therewith,  whether made by Tenant or Landlord,  shall upon expiration or sooner
termination of the Term be deemed the property of Landlord.

     H.    For  purposes  hereof,  the term  "Landlord's  Base Work" shall mean,
collectively, the "Landlord's Pre-Possession Base Work" and the "Landlord's Post
Possession  Base Work" as set forth on the  schedule  annexed  hereto as Exhibit
"D". Landlord shall have no obligation to make any alterations,  improvements or
decorations  to the New  Premises  in  order to  prepare  the New  Premises  for
Tenant's occupancy; except that Landlord shall, at Landlord's expense, cause its
designated  contractor  to  perform  Landlord's  Base Work in the New  Premises.
Landlord's Base Work shall be of quality, type, materials,  manufacture, design,
capacity and finish as reasonably  determined  by Landlord as at least  Building
standard.   Landlord's  Base  Work  shall  constitute  a  single,  non-recurring
obligation  on the part of  Landlord  and there  shall be no credit  for  unused
items.

     I.    Tenant  acknowledges  and agrees that Landlord's Post Possession Base
Work  may  not  be  performed  prior  to the  New  Premises  Commencement  Date.
Landlord's  performance  of  Landlord's  Post  Possession  Base  Work  shall  be
conditioned  upon (i) Tenant allowing  Landlord and its contractors to enter the
New Premises to commence and perform  Landlord's  Post Possession Base Work, and
(ii) Tenant  cooperating with Landlord and its contractors until Landlord's Post
Possession Base Work is completed.  The entry into the New Premises by Landlord,
its agents, servants and employees and contractors in connection with Landlord's
Post  Possession  Base Work  shall  not  constitute  an  actual or  constructive
eviction,  in whole or in part, or entitle Tenant to any abatement or diminution
of rent,  or  relieve  Tenant  from any of its  obligations  under  the Lease as
amended by this  Agreement,  or impose any liability upon Landlord or its agents
by reason of inconvenience or annoyance to Tenant,  or injury to or interruption
of Tenant's  business or otherwise.  Landlord and Tenant shall  coordinate  with
each other in good faith with  respect to the  performance  of  Landlord's  Post
Possession  Base Work and Tenant's New Premises  Work, in an effort to have such
work proceed simultaneously in the New Premises. Landlord shall use commercially
reasonable  efforts to perform  Landlord's  Post  Possession Base Work in such a
manner so as to not interfere with Tenant's occupancy of the New Premises.

     J.     Landlord  agrees that it will use good faith  reasonable  efforts to
obtain  contracts for the performance of the Landlord's Base Work required to be
performed by it and to arrange to have all such work commenced without delay and
prosecuted without unnecessary interruption until completed. Except as otherwise
specifically set forth herein,  Landlord has made and makes no representation of
the dates on which it will complete the Landlord's Base Work, and Landlord shall
be under no penalty or liability to Tenant  whatsoever by reason of any delay in
such performance and the Lease and this Agreement shall not be affected thereby.
If,  for any  reason  whatsoever,  Landlord's  Pre-Possession  Base  Work is not
substantially  completed by the New Premises  Commencement  Date,  then Landlord
shall be given  whatever  additional  time may be necessary to complete same and
the New  Premises  Commencement  Date shall be deemed to occur on the date which
shall be one (1) business day after notice is given to Tenant of the substantial
completion of Landlord's  Pre-Possession  Work,  subject to Tenant's  Completion
Termination  Option set forth in Paragraph 7.K.  below.

                                       10

<PAGE>

If Tenant shall dispute  whether  Landlord's  Pre-Possession  Base Work has been
substantially  completed,  then pending the resolution of such dispute,  the New
Premises Commencement Date shall nevertheless be deemed to have occurred one (1)
business day after  Landlord's  notice of  substantial  completion of Landlord's
Pre-Possession Base Work.

     K.    1. For the purposes of this  Agreement,  (a) the term "Tenant Delays"
shall  mean any  delays  occasioned  by the acts or  omissions  of Tenant or its
employees,  agents,  contractors,  subcontractors or licensees; and (b) the term
"Pre-Possession Completion Date" shall mean February 28, 2006.

     2.  Notwithstanding  anything to the contrary  contained  herein,  Landlord
agrees  to  substantially  complete  Landlord's  Pre-Possession  Base Work on or
before the Pre-Possession  Completion Date, which date shall be deemed postponed
one (1) day for each day of any delay caused by reason of (a) any Tenant Delays,
and (b) any  delays due to force  majeure  (the  Completion  Date as same may be
postponed  as  hereinabove  provided  in  subsections  2(a) and  2(b) is  herein
referred to as the  "Outside  Pre-Possession  Completion  Date").  Solely in the
event   Landlord   shall  fail  to   substantially   complete   the   Landlord's
Pre-Possession Base Work and tender delivery of the New Premises to Tenant on or
before the Outside  Pre-Possession  Completion  Date, then Tenant shall have the
one  time  option  (the  "Completion  Termination  Option")  to  terminate  this
Agreement (but not the Lease) by giving Landlord written notice (the "Completion
Termination   Notice")  thereof  within  thirty  (30)  days  after  the  Outside
Pre-Possession  Completion Date. Time is of the essence with respect to Tenant's
giving of the Completion Termination Notice. If Tenant shall give the Completion
Termination Notice to Landlord within the time and in the manner hereinabove set
forth and Landlord's  Pre-Possession Base Work is not substantially completed on
or  before  the  thirtieth  (30th)  day  after  the  sending  of the  Completion
Termination  Notice,  then this  Agreement  shall  terminate ab initio as of the
thirty-first  (31st)  day  after  the  date  of the  sending  of the  Completion
Termination  Notice and the Lease shall  thereafter  remain and continue in full
force and effect and  unmodified by this  Agreement.  It shall be a condition to
Tenant's right to exercise the Completion  Termination  Option that Tenant shall
not be in default under the Lease or this Agreement.  Tenant's right to exercise
the Completion  Termination Option shall be Tenant's sole remedy in the event of
Landlord's failure to substantially complete Landlord's Pre-Possession Base Work
and deliver the New Premises on or before the Outside Pre-Possession  Completion
Date. If Tenant shall fail to send the Completion Termination Notice to Landlord
within  the time and in the manner  hereinabove  provided,  then the  Completion
Termination  Option  shall be of no force and effect  and  Tenant  shall have no
further right to terminate this Agreement.

                                       11

<PAGE>

8.   MINIMUM RENT; FREE N\P MINIMUM RENT PERIOD; SECURITY DEPOSIT:
     -------------------------------------------------------------

     A.  Effective   throughout  the  period  commencing  on  the  New  Premises
Commencement  Date and continuing  through the  Expiration  Date (as extended by
this Agreement),  the annual Minimum Rent payable pursuant to the Lease shall be
increased  by the  following  annual  amounts  (which  amounts  shall  herein be
referred  to as the  "New  Premises  Minimum  Rent")  with  respect  to the  New
Premises:

              (i)   TWO MILLION SEVEN HUNDRED EIGHTEEN THOUSAND EIGHTY-THREE AND
        00/100 ($2,718,083.00) DOLLARS per annum ($226,506.92 per month) for the
        period  (the  "First  Rental  Period")  commencing  on the New  Premises
        Commencement  Date and ending on the day immediately  preceding the five
        (5) year anniversary of the New Premises  Commencement  Date, both dates
        inclusive;

              (ii)    TWO  MILLION  NINE  HUNDRED  FIVE  THOUSAND  FIVE  HUNDRED
        THIRTY-SEVEN AND 00/100  ($2,905,537.00)  DOLLARS per annum ($242,128.08
        per month) for the period (the "Second Rental Period") commencing on the
        five (5) year  anniversary  of the New  Premises  Commencement  Date and
        ending on the day immediately preceding the ten (10) year anniversary of
        the New Premises Commencement Date, both dates inclusive;

              (iii)   the annual Minimum Rent payable for the period (the "Third
        Rental Period")  commencing on the ten (10) year  anniversary of the New
        Premises Commencement Date and ending on the Expiration Date, both dates
        inclusive,  shall be an annual  amount  equal to the  greater of (a) one
        hundred  (100%)  percent of the annual "Fair Market Rent" (as determined
        pursuant to the provisions of Paragraph  10.C. of this Agreement) of the
        New  Premises to be  calculated  as of the first day of the Third Rental
        Period on the basis of a new  letting in the then  rental  market of the
        New  Premises  for a term of five (5) years,  or (b) the annual  Minimum
        Rent payable on the last day of the Second Rental Period;

all of which shall be payable in equal  monthly  installments  in advance on the
first day of each and every calendar month during the term of the Lease.  If the
New  Premises  Commencement  Date  occurs on a day other than the first day of a
calendar month,  the New Premises  Minimum Rent for such partial  calendar month
shall be  prorated on the basis of the number of days of the New  Premises  Term
within such  calendar  month,  and the balance of the first month's New Premises
Minimum  Rent  theretofore  paid  shall be  credited  against  the next  monthly
installment  of the New Premises  Minimum Rent.  The annual Minimum Rent payable
pursuant to the Lease shall be subject to further  adjustment  on the  Surrender
Date in accordance with the provisions of Paragraphs 3 and 4 of this Agreement.

                                       12

<PAGE>

     B.    Section  3.01 of the Lease and any other such free rent periods with
respect to the rent  initially  payable by Tenant for the Surrender  Premises as
set forth in the Lease shall not apply to the New Premises  Minimum Rent payable
by Tenant for the New Premises.

     C.    For the  purposes  of this  Agreement,  the  "Free N/P  Minimum  Rent
Period"  shall mean the nine (9) month  period  commencing  on the New  Premises
Commencement  Date and  ending on the date  immediately  preceding  the nine (9)
month anniversary of the New Premises Commencement Date.

     D.    Effective  as of the New  Premises  Commencement  Date and  provided
Tenant is not then in monetary default under the terms, covenants and conditions
of the Lease and/or this Agreement, Tenant is herewith granted a rent concession
during the Free N/P Minimum Rent Period  solely with respect to the New Premises
in  connection  with the New  Premises  Minimum  Rent  payable  as set  forth in
Paragraph 8.A. of this Agreement for the New Premises; provided, however, Tenant
shall  nevertheless be obligated to pay to Landlord all other  additional  rents
and charges payable under the terms of the Lease and this Agreement  (including,
without limitation, electricity) during the Free N/P Minimum Rent Period. Except
for the rent  concession  as herein  provided  during the Free N/P Minimum  Rent
Period, Tenant shall use and occupy the New Premises during the Free N/P Minimum
Rent Period pursuant to all of the other terms,  covenants and conditions of the
Lease and this Agreement.

     E.    Effective as of the date of this  Agreement,  the "Security  Deposit
Amount" set forth in Section  1.01 of the Lease shall be increased to the amount
of  FOUR  HUNDRED   EIGHTY-FOUR   THOUSAND  TWO  HUNDRED  FIFTY-SIX  AND  17/100
($484,256.17)  DOLLARS  (the "New  Premises  Security  Amount").  Upon  Tenant's
execution of this  Agreement,  Tenant shall  deposit with Landlord as additional
security the differential balance required to increase the security currently on
deposit with Landlord to the New Premises  Security  Amount.  Tenant may deliver
the New Premises Security Amount to Landlord in the form of a "Letter of Credit"
in accordance with the provisions of Section 33.03 of the Original Lease.

     9.   ADDITIONAL RENT:
          ----------------

     Effective as of the New Premises  Commencement Date and solely with respect
to the New  Premises,  Section  1.01 of the  Lease  shall be deemed  amended  as
follows (it being agreed that Section 1.01 of the Lease shall remain  unmodified
with respect to the Surrender Premises):

          (i) the "Base Operating Amount" shall mean the amount of the Operating
          Expenses for the 2006 calendar year;

          (ii) the "Base Tax Amount" shall mean the amount of Taxes with respect
          to the Tax Year  commencing  on July 1,  2005 and  ending  on June 30,
          2006;

                                       13

<PAGE>

          (iii) the term  "Square  Feet of  Rentable  Area" in the New  Premises
          shall be deemed to be the  equivalent of  Ninety-Three  Thousand Seven
          Hundred  Twenty-Seven  (93,727)  rentable square feet, as agreed to by
          the  parties.  This  definition  shall not be construed as any kind of
          representation  by Landlord as to the size of the New  Premises or the
          Building;

          (iv) the term "Tenant's Operating Share" shall mean 5.24%;

          (v) the term "Tenant's Tax Share" shall mean 5.24%;

          (vi)  Section  20.02 of the  Lease  shall be  amended  by  adding  the
          following sentence: "Where more than one (1) meter measures the amount
          of usage to the New Premises, usage through each meter shall be billed
          in the  aggregate  with  coincidental  demand in  accordance  with the
          provisions of this Article 20.";

          (vii) on the first line of Section 20.03.B(i) of the Lease, the amount
          of "60,733.75" shall be replaced with the amount "$257,749.25"; and

          (viii) on the fifth (5th) line of Section 20.03.B(i) of the Lease, the
          amount  of   "$22,085.00"   shall  be  replaced  with  the  amount  of
          "$93,727.00".

     10.  RENEWAL OPTION:
          ---------------

     A.  Provided  that,  both at the time of Tenant's  delivery of the "Renewal
Notice" (as  hereinafter  defined) and on the  Expiration  Date,  the  following
conditions  shall be fully  satisfied  (any or all of  which  conditions  may be
waived by Landlord in its sole discretion): (i) the Lease shall be in full force
and  effect  and  Tenant is not then in  material  default  (including  monetary
default)  under the Lease  beyond  the giving of any  applicable  notice and the
expiration  of  any  applicable  cure  period,   and  (ii)  Tenant  and  Related
Corporations  shall be in occupancy of at least  fifty-one  (51%) percent of the
Demised  Premises  for the conduct of its  business,  then Tenant shall have the
option  (the  "Renewal  Option")  to  extend  the Term of the  Lease for one (1)
additional  period of five (5) years (the  "Renewal  Term"),  which Renewal Term
shall commence on the date immediately succeeding the Expiration Date and end on
the fifth (5th)  anniversary of the Expiration  Date.  Tenant shall exercise the
Renewal Option by giving Landlord written notice thereof (the "Renewal  Notice")
at least  fifteen  (15)  months  prior to the  Expiration  Date.  Time is of the
essence with respect to the giving of the Renewal Notice. The Renewal Option may
be exercised  with respect to either of the  following:  (a) the entire  Demised
Premises,  or (b) a portion of the Demised Premises which constitutes the entire
rentable  area  of  one  (1) or  more  vertically  contiguous  full  floors,  or
non-contiguous  floors if the Demised  Premises then consists of  non-contiguous
floors (or the entire Demised  Premises located on such floor if Tenant does not
lease the entire  floor)  beginning  with the highest or the lowest floor of the
Demised  Premises  and  expressly  designated  by Tenant in the  Renewal  Notice
(provided that if the Renewal Notice does not designate a portion of the Demised
Premises it shall be deemed to be a Renewal  Notice  with  respect to the entire
Demised Premises).

                                       14

<PAGE>

The entire Demised Premises or the one (1) or more vertically  contiguous floors
or non-contiguous floors, as the case may be, thereof being renewed by Tenant as
set forth in the Renewal  Notice  shall  herein be  referred to as the  "Renewal
Premises"  and the portion of the Demised  Premises  which is not the subject of
the Renewal Notice,  if any, is herein referred to as the "Surrender  Premises".
Upon the giving of the Renewal  Notice,  Tenant  shall have no further  right or
option to extend or renew the Term of the Lease.

     B.    If Tenant  exercises  the Renewal  Option,  the Renewal Term shall be
upon the same terms, covenants and conditions as those contained in the Lease as
amended by this  Agreement,  except that (i) any terms,  covenants or conditions
provided in the Lease or this  Agreement  which are expressly or by their nature
inapplicable to the Renewal Term (including, without limitation, Landlord's Base
Work and Exhibit "D" hereof) shall not apply during the Renewal  Term,  (ii) the
Minimum Rent shall be deemed to mean the Minimum Rent as determined  pursuant to
Paragraph C hereof, (iii) Tenant shall not be entitled to any rent concession or
free  rent  period,  (iv)  Tenant  shall  not  be  entitled  to  any  Landlord's
Contribution  nor any other  construction  allowance,  (v) Landlord shall not be
obligated  to perform  any work in the  Renewal  Premises  to  prepare  same for
Tenant's  occupancy,  (vi) if the Renewal Premises shall be less than the entire
Demised Premises, then the Lease shall be amended as set forth in Paragraph D of
this Article.  It is expressly  understood that during the Renewal Term,  Tenant
shall have no further right to renew the Lease.

     C.    The Minimum Rent payable  during the Renewal Term shall be determined
as follows:

                    (i) The  Minimum  Rent  for  the  Renewal  Premises  for the
          Renewal Term shall be an amount equal to one hundred (100%) percent of
          the annual fair market rental value of the Renewal Premises (the "Fair
          Market  Rent") on the first (1st) day of the Renewal Term (the "Rental
          Value" for the Renewal Term).

                    (ii) The Fair  Market  Rent  shall be  determined  as if the
          Renewal  Premises  were  available  in  the  then  rental  market  for
          comparable quality office buildings in downtown Manhattan and assuming
          Landlord has had a  reasonable  time to locate a tenant who rents with
          the knowledge of the uses to which the Renewal Premises can be adapted
          in its as-is  condition  at the  time,  and that  Landlord  has had to
          provide no work and no free rent,  and that  neither  Landlord nor the
          prospective tenant is under any compulsion to rent. During the Renewal
          Term, additional rent shall continue to be paid pursuant to Article 19
          of the Lease as modified by this Agreement.

                    (iii) For purposes of determining  the Fair Market Rent, the
          following procedure shall apply:

                                       15

<PAGE>

                              (a) the Fair  Market Rent shall be  determined  by
                    Landlord  on the  basis of the  highest  and best use of the
                    Renewal Premises assuming that the Renewal Premises are free
                    and clear of all leases and tenancies (including the Lease),
                    and  that  the  Renewal  Premises  are  occupied  by one (1)
                    tenant, and taking into account the Tenant's Operating Share
                    and the Tenant's Tax Share.

                              (b) Landlord shall give Tenant written notice (the
                    "Rent Notice") within one hundred twenty (120) days prior to
                    the  Expiration  Date,  which  Rent  Notice  shall set forth
                    Landlord's   determination   of   the   Fair   Market   Rent
                    ("Landlord's Determination").

                              (c) Tenant  shall  give  Landlord  written  notice
                    ("Tenant's Notice"),  within thirty (30) days after Tenant's
                    receipt of the Rent  Notice,  of whether  Tenant  accepts or
                    disputes  Landlord's  Determination.  If Tenant in  Tenant's
                    Notice accepts  Landlord's  Determination or if Tenant fails
                    or  refuses to give  Tenant's  Notice as  aforesaid,  Tenant
                    shall be deemed to have  accepted  Landlord's  Determination
                    for the Renewal  Term in  accordance  with the terms of this
                    Paragraph.  If Tenant in Tenant's Notice disputes Landlord's
                    Determination,  Tenant  shall  deliver to  Landlord,  within
                    thirty (30) days after  Tenant's  delivery  of the  Tenant's
                    Notice,  Tenant's  determination  of the  Fair  Market  Rent
                    ("Tenant's Determination"),  as determined by an independent
                    real  estate  appraiser  or broker  actively  engaged in the
                    leasing  business  for at least  ten (10)  years  ("Tenant's
                    Appraiser"),  together with a copy of the appraisal prepared
                    by Tenant's Appraiser.

                              (d)  Landlord  shall give  Tenant  written  notice
                    ("Landlord's   Notice"),   within  thirty  (30)  days  after
                    Landlord's  receipt of  Tenant's  Determination,  of whether
                    Landlord  accepts or  disputes  Tenant's  Determination.  If
                    Landlord in Landlord's Notice accepts Tenant's Determination
                    or if Landlord fails or refuses to give Landlord's Notice as
                    aforesaid,   Landlord  shall  be  deemed  to  have  accepted
                    Tenant's  Determination.  If Landlord in  Landlord's  Notice
                    disputes Tenant's  Determination,  Landlord shall appoint an
                    independent real estate appraiser or broker actively engaged
                    in  the  leasing  business  for  at  least  ten  (10)  years
                    ("Landlord's  Appraiser").  If within thirty (30) days after
                    Tenant's receipt of Landlord's Notice in dispute, Landlord's
                    Appraiser and Tenant's  Appraiser  shall mutually agree upon
                    the determination  (the "Mutual  Determination") of the Fair
                    Market Rent, their  determination shall be final and binding
                    upon the  parties.  If  Landlord's  Appraiser  and  Tenant's
                    Appraiser  shall be unable  to reach a Mutual  Determination
                    within said thirty (30) day period,  both of the  Appraisers
                    shall  jointly  select  a  third   independent  real  estate
                    appraiser (the "Third  Appraiser")  whose fee shall be borne
                    by the party whose  appraisal  is not  chosen.

                                       16

<PAGE>

                    In  the  event  that   Landlord's   Appraiser  and  Tenant's
                    Appraiser   shall  be  unable  to   jointly   agree  on  the
                    designation  of the  Third  Appraiser  within  five (5) days
                    after they are requested to do so by either party,  then the
                    parties agree to allow the American Arbitration Association,
                    or  any  successor  organization,  to  designate  the  Third
                    Appraiser in accordance with the rules,  regulations  and/or
                    procedures  then  obtaining  of  the  American   Arbitration
                    Association or any successor organization.

                              (e)  The  Third   Appraiser   shall  conduct  such
                    hearings and  investigations  as he may deem appropriate and
                    shall, within thirty (30) days after the date of designation
                    of the Third Appraiser, choose either Landlord's or Tenant's
                    Determination,  and such choice by the Third Appraiser shall
                    be  conclusive  and binding upon  Landlord and Tenant.  Each
                    party shall pay its own counsel fees and  expenses,  if any,
                    in connection  with any  arbitration  under this  Paragraph,
                    including the expenses and fees of any Appraiser selected by
                    it in accordance  with  provisions of this  Paragraph C. The
                    unsuccessful  party shall bear the costs and expenses of the
                    Third Appraiser.  Any Appraiser  appointed  pursuant to this
                    Paragraph shall be an independent  real estate  appraiser or
                    broker with at least ten (10) years'  experience  in leasing
                    and valuation of  properties  which are similar in character
                    to the Building,  and a member of the American  Institute of
                    Appraisers  of  the  National  Association  of  Real  Estate
                    Boards,  a member of the Society of Real Estate  Appraisers,
                    or a  member  of The Real  Estate  Board  of New  York.  The
                    Appraisers  shall  not have the  power to add to,  modify or
                    change any of the provisions of the Lease.

                              (f)   It  is   expressly   understood   that   any
                    determination  of the  Fair  Market  Rent  pursuant  to this
                    Paragraph shall be based on the criteria stated in Paragraph
                    C hereof.

                               1)     After a determination has been made of the
                            Rental Value for the Renewal Term, the parties shall
                            execute  and  deliver  to each  other an  instrument
                            setting  forth  the  Rental  Value  as   hereinabove
                            determined.

                               2)     If the final  determination  of the Rental
                            Value shall not be made on or before the first (1st)
                            day of the  Renewal  Term  in  accordance  with  the
                            provisions  of this  Paragraph,  pending  such final
                            determination  Tenant shall  continue to pay, as the
                            Minimum Rent for such Renewal  Term, an amount equal
                            to Landlord's  Determination  (subject to escalation
                            pursuant  to Article 19 of the Lease as  modified by
                            this   Agreement).   If,   based   upon  the   final
                            determination  hereunder  of the Rental  Value,  the
                            payments  made by Tenant on account  of the  Minimum
                            Rent for such  portion of the Renewal  Term were (i)
                            less than the Rental  Value  payable for the Renewal
                            Term,  Tenant  shall pay to  Landlord  the amount of
                            such  deficiency  within five (5) days after  demand
                            therefore  or (ii)  greater  than the  Rental  Value
                            payable  for the  Renewal  Term,  Landlord  promptly
                            shall refund to Tenant the amount of such excess.

                                       17

<PAGE>

     D.    In the  event the  Renewal  Premises  shall be less  than the  entire
Demised  Premises,  then  effective as of the first day of the Renewal Term, the
Lease shall be modified  such that the  Surrender  Premises  shall be eliminated
from the Demised  Premises  during the Renewal Term,  including the reduction of
the Square Feet of  Rentable  Area of the Demised  Premises by  subtracting  the
Square Feet of Rentable Area of the Surrender Premises, and the reduction of the
Tenant's  Operating Share and the Tenant's Tax Share in the proportion which the
Square Feet of Rentable Area of the Surrender Premises bears to the total Square
Feet of  Rentable  Area in the  entire  Demised  Premises  immediately  prior to
commencement  of the Renewal Term, and the reduction of the amounts set forth in
Section 20.03.B (i) of the Lease accordingly.  Tenant shall vacate the Surrender
Premises and deliver  possession  thereof to Landlord on the Expiration  Date of
the initial term of the Lease in the  condition  and manner  required  therefore
under the Lease as if said date were the Expiration Date of the Lease.  Landlord
shall be  entitled  to its rights  under the Lease for the  holding  over of the
Surrender Premises by Tenant.  Tenant, at its sole cost and expense and prior to
the  commencement  of the Renewal  Term,  shall  perform all work  necessary  to
separate the Renewal Premises from the Surrender Premises, and shall make each a
self-contained  rental unit,  in  accordance  with all of the  provisions of the
Lease and this Agreement and to Landlord's  reasonable  satisfaction.  Such work
shall include,  without  limitation,  the removal of internal staircases and the
slabbing  of  openings in ceilings  and walls,  the  reconfiguration  of meters,
submeters,  ductwork and other  equipment in connection  with  Building  systems
serving the Renewal Premises and the Surrender Premises.

     E.     Article 34 of the Lease  (which is  captioned  "Renewal  Option") is
hereby deleted in its entirety.

     11.  TENANT'S RIGHT OF FIRST OFFER:
          ------------------------------

     A.    For purposes of this Agreement, the term "Offer Space" shall mean the
rentable  area of the  entire  twenty-ninth  (29th)  floor,  the  balance of the
thirtieth  (30th)  floor  (other  than the  Demised  Premises),  and the  entire
thirty-second  (32nd)  floor  of the  Building,  provided  such  space  is  then
contiguous to the Demised Premises.

                                       18

<PAGE>

     B.    Provided that the following  conditions shall be fully satisfied (any
or all of which  conditions  may be waived by Landlord in its sole  discretion):
(i)  at  the  time  of  the  delivery  of an  "Acceptance  Notice"  and  on  the
corresponding  "Offer  Space  Commencement  Date"  (as  such  quoted  terms  are
hereinafter defined),  the Lease shall be in full force and effect and Tenant is
not then in material default (including monetary default) under the Lease beyond
the giving of any applicable  notice and the  expiration of any applicable  cure
period,  (ii) as of the  Offer  Space  Commencement  Date,  Tenant  and  Related
Corporations  shall be in occupancy of at least  fifty-one  (51%) percent of the
Demised  Premises  for the  conduct  of its  business,  (iii) at the time of the
"Offer Space Notice" (as hereinafter defined), the Offer Space in question shall
be available for leasing,  and (iv) Tenant's  rights under this Article shall be
subject and  subordinate to any and all rights and options  granted prior to the
date hereof to any other  tenant(s) of the  Building  with respect to all or any
portion of the Offer  Space;  Landlord  agrees  that if during  the period  (the
"Offer Space Exercise  Period") ending on the thirteen (13) year  anniversary of
the New Premises Commencement Date (which date shall be extended to the eighteen
(18) year  anniversary  of the New  Premises  Commencement  Date if Tenant shall
elect to exercise the Renewal Option for the entire Demised Premises) all or any
portion of the Offer Space  shall or will become  available  for  leasing,  then
Landlord shall give Tenant notice thereof (the "Offer Space Notice").  The Offer
Space Notice shall (a) designate  the portion of the Offer Space which  Landlord
is  willing  to lease  together  with a floor  plan  thereof,  (b) set forth the
commencement date anticipated by Landlord of the proposed  letting,  and (c) set
forth any other material terms and conditions.  If within ten (10) business days
after  receipt of the Offer Space Notice (the last day of such ten (10) business
day period is hereinafter  referred to as the "Exercise  Notice  Date"),  Tenant
shall notify  Landlord  (the  "Acceptance  Notice")  that Tenant  exercises  its
one-time  option (the "Offer  Space  Option") to accept the Offer Space  Notice,
then the Offer Space shall be added to the Demised  Premises in accordance  with
the  provisions of this Article and Tenant shall execute and deliver to Landlord
within fifteen (15) days after  Tenant's  receipt  thereof,  an amendment to the
Lease (the "Offer Space Agreement")  containing the terms set forth in the Offer
Space  Notice and  otherwise  having the terms of the Lease,  as amended by this
Agreement,  except that the annual  Minimum Rent for the Offer Space (the "Offer
Space  Minimum  Rent") shall be equal to  ninety-five  (95%) percent of the Fair
Market Rent  determined by Landlord  pursuant to the provisions of Article 10 of
this  Agreement;  provided,  however,  that such  determination  shall take into
consideration  the fact that Tenant shall take the Offer Space in its then as-is
condition on the Offer Space  Commencement Date, and that Landlord shall provide
no construction  allowance and Landlord shall perform no work, and that Landlord
shall provide no rent abatements or concessions or free rent.  After delivery of
the  Acceptance  Notice,  neither  Landlord's  failure to prepare or deliver the
Offer Space  Agreement nor Tenant's or Landlord's  failure to execute or deliver
same  shall  vitiate  the  terms of this  Article,  and the  Offer  Space  shall
nevertheless  be added to the Demised  Premises as  provided  herein.  Except as
otherwise  provided herein,  nothing  contained herein shall require Landlord to
reach any agreement with Tenant or to match any prior or subsequent offer by any
other proposed tenant. If Tenant shall reject said Offer Space Notice or fail to
respond to same within said ten (10) business day period,  Landlord shall at any
and all times  thereafter  be  entitled  to lease to any party any or all of the
portion of the Offer Space  which is the  subject of the Offer  Space  Notice at
such  rental  and  upon  such  terms  and  conditions  as  Landlord  in its sole
discretion may desire, whether such rental is the same as that offered to Tenant
or more or less favorable.

                                       19

<PAGE>

     C.    If Tenant shall deliver the Acceptance  Notice to Landlord within the
aforesaid  ten (10)  business day period,  the Offer Space shall be added to the
Demised Premises in accordance with the terms,  covenants and conditions of this
Article for the period (the "Offer Space Term") commencing on the date set forth
for such addition in the Offer Space Notice but not sooner than thirty (30) days
(the "Offer Space Commencement Date") and expiring on the Expiration Date of the
Lease.  The Offer Space  Agreement  shall provide that effective as of the Offer
Space Commencement Date, the Offer Space shall be deemed included in the Demised
Premises upon all of the same terms,  covenants and conditions  contained in the
Lease as amended by this Agreement, except that:

        1. The  annual  Minimum  Rent  payable  by Tenant  shall be,  subject to
adjustment as otherwise in this Agreement and the Lease  provided,  increased by
the  amount  of the  Minimum  Rent set  forth in the  Offer  Space  Notice.  The
"Security  Deposit  Amount"  set forth in  Section  1.01 of the  Lease  shall be
increased  by an amount equal to two (2) months of the Minimum Rent payable with
respect to the Offer Space during the Second Rental Period.

        2. The Offer Space Agreement shall contain the following language:

"If Landlord is unable to tender  delivery of  possession  of the Offer Space to
Tenant on the Offer  Space  Commencement  Date  because of the  holding-over  or
retention of possession  of any tenant,  undertenant  or  occupants,  or for any
other reason beyond Landlord's reasonable control, Landlord shall not be subject
to any liability for failure to give possession on said date and the validity of
the Lease shall not be impaired under such circumstances,  nor shall the same be
construed  in any way to  extend  the term of the  Lease,  but the  Offer  Space
Commencement  Date  shall be deemed  extended  until the date on which  Landlord
shall  have  delivered  possession  thereof  to Tenant  (provided  Tenant is not
responsible  for the  inability to obtain  possession).  The  provisions of this
Paragraph  are intended to  constitute  "an express  provision to the  contrary"
within  the  meaning  of  Section  223-a  of the New  York  Real  Property  Law.
Notwithstanding  anything to the contrary contained herein, if Landlord fails to
tender  delivery  of the Offer  Space to Tenant on or before  the nine (9) month
anniversary of the Offer Space  Commencement  Date,  which outside date shall be
deemed  postponed  one (1) day for each day of any delay caused by reason of (a)
any  Tenant  Delays,  and (b) any  delays  due to force  majeure  (such  outside
delivery date as same may be postponed as  hereinabove  provided in  subsections
(a) and (b) is herein  referred to as the  "Outside O/S  Delivery  Date"),  then
Tenant shall have the one time right to rescind its Acceptance  Notice by giving
Landlord written notice (the "O/S Rescission Notice") thereof within thirty (30)
days after the Outside O/S Delivery Date. Time is of the essence with respect to
Tenant's giving of the O/S Rescission Notice."

        3. The Landlord's  Base Work and Exhibit "D" of this Agreement shall not
apply to the Offer  Space and Tenant  agrees to accept  possession  of the Offer
Space in its then as-is  condition  on the Offer Space  Commencement  Date,  and
Landlord shall provide no  construction  allowance and Landlord shall perform no
work. The Offer Space Agreement shall contain the following language:

                                       20

<PAGE>

        "Tenant  acknowledges that it has made a full and complete inspection of
        the Offer Space,  is fully  familiar  with the  condition  thereof,  and
        agrees to accept same on the Offer Space  Commencement  Date in its then
        "as-is" condition. Tenant acknowledges that neither Landlord, nor any of
        Landlord's agents or employees, has made any representations or promises
        in regard to the Offer  Space.  The  taking of  possession  of the Offer
        Space by Tenant for the term herein demised shall be conclusive evidence
        as against Tenant that same were in good and  satisfactory  condition at
        the time such  possession was taken.  Tenant shall perform all necessary
        or desirable  work in connection  with preparing the Offer Space for its
        initial occupancy at its sole cost and expense,  in accordance with, and
        subject  to,  the  provisions  of the  Lease.  Landlord  shall  have  no
        obligation to make any  alterations,  improvements or decorations to the
        Offer Space in order to prepare the Offer Space for Tenant's  occupancy;
        except  that  Landlord  shall  deliver  to Tenant on or before the Offer
        Space Commencement Date a Form ACP-5 covering the Offer Space.";

        4. "Tenant's Operating Share", "Tenant's Tax Share" and the "Square Feet
of  Rentable  Area" (as such terms are  defined  in  Section  1.01 of the Lease)
shall,  solely with  respect to the Offer  Space,  be  increased  based upon the
rentable  square  foot area of the Offer  Space as set forth in the Offer  Space
Notice (the "OS Area").

        5. The Base  Operating  Year and the Base Tax  Amount  set forth in this
Agreement shall apply to the Offer Space, which fact shall be taken into account
in the determination of the Offer Space Minimum Rent.

        6. Solely with respect to the Offer Space,  the dollar amounts set forth
in  Section  20.03.B.(i)  of the  Lease  shall be  amended  as  follows:  (a) by
replacing the amount of "$60,733.75" with the product of multiplying the OS Area
by $2.75;  and (b) by replacing  the amount of  $22,085.00"  with the product of
multiplying the OS Area by $1.00.

        7. There shall be no rent  abatements or rent  concessions  or free rent
with  respect to the Offer  Space,  except as  expressly  set forth in the Offer
Space Notice, which fact shall be taken into account in the determination of the
Offer Space Minimum Rent.

     D.    For purposes of this Article,  the term "available for leasing" shall
mean that the relevant space is or will become vacant and  unencumbered by (1) a
lease or leases or other occupancy agreement(s) between Landlord and a tenant or
occupant  other than  Tenant,  or (2) an  assignment(s)  of any  lease(s) by the
tenant(s)  thereunder,  or (3) any and all  sublettings of all or any portion of
such space by such tenants, or (4) any assignment(s) of such sublettings, or (5)
any renewals or renewals of such leases or  subleases.  No space shall be deemed
"available  for  leasing"  if the then  tenant or  occupant of such space or any
assignee,  subtenant  or other  lawful  occupant  holding  through or under such
tenant or occupant,  shall enter into (x) any agreement with Landlord  extending
or renewing the letting  agreement or other occupancy  agreement  affecting such
space, or (y) any new lease with Landlord affecting such space.

                                       21

<PAGE>

     12.  SHAFT SPACE; ROOF SPACE:
          ------------------------

     A.    Paragraph  SIXTH of the Second  Amendment  is hereby  deleted in its
entirety.

     B.    Upon  receipt by Landlord of Tenant's  detailed  written  request for
shaft  space and roof  space in the  Building,  Landlord  shall  use  reasonable
efforts  to  provide  Tenant  with a portion of the shaft  space  designated  by
Landlord  (subject to then  availability  and other  reasonable  restrictions on
usage) from the telecom  point of entry room in the Building to the New Premises
and from the New  Premises to the roof of the Building and a portion of the roof
space designated by Landlord  (subject to then availability and other reasonable
restrictions  on  usage),  in each case  subject  to the  terms,  covenants  and
conditions of the Lease and this Agreement and further provided (i) Tenant shall
pay as  additional  rent  under the Lease,  Landlord's  then  Building  standard
charges  (the  "shaft  rent")  for the use of such  riser  or  shaft  space  and
Landlord's then Building  standard charges (the "roof rent") for the use of such
roof space,  both of which rates shall be subject to increases from time to time
and may vary based upon the type and  nature of the use,  (ii) any  installation
and related  work in such shaft  space  shall be made at Tenant's  sole cost and
expense,  using Landlord's designated contractor whose rates shall be reasonably
competitive  with industry  standard rates charged in Manhattan by similar union
contractors,  (iii) such  installation  and related  work shall be  performed in
compliance with all applicable  laws and ordinances and the  requirements of the
public utility providing electric service to the Building,  and (iv) if required
by Landlord in a written  notice to Tenant  delivered  at least thirty (30) days
prior to the Expiration Date, all wiring,  equipment and facilities installed in
such shaft  space  shall be removed by Tenant,  at  Tenant's  expense,  upon the
expiration  or earlier  termination  of the  Lease,  and  Tenant  shall,  at its
expense,  repair any and all damage caused by such removal.  Notwithstanding the
foregoing,  there  shall be no shaft  rent  payable  with  respect  to  Tenant's
non-exclusive  use of shaft space (not to exceed  Tenant's  proportionate  share
thereof) from the existing  point of  origination to the New Premises and to any
Offer  Space  leased by Tenant for the  continuation  of Tenant's  current  use.
Notwithstanding that Tenant's use of the shaft space and the roof space shall be
subject at all times to and shall be in accordance with the terms, covenants and
conditions of the Lease and this Agreement, such shaft space and such roof space
shall  not be  deemed  part of the  Demised  Premises.  Upon  Tenant's  request,
Landlord   shall  use   reasonable   efforts  to  permit   Tenant's   designated
telecommunications  service  provider  access to the Building in connection with
Tenant's   operations;   provided  such   telecommunications   service  provider
designated  by Tenant  shall be  reputable  and have  experience  providing  its
services in first class office buildings in Manhattan, and provided further that
the employees thereof shall not cause any labor disharmony in the Building.

                                       22

<PAGE>

     13.  BROKER:
          -------

     Tenant  represents  and warrants to Landlord that it neither  consulted nor
negotiated  with any broker or finder in connection  with this  Agreement  other
than CB Richard  Ellis,  Inc. and  Silverstein  Properties,  Inc.,  as agent for
Landlord. Tenant agrees to indemnify and hold Landlord harmless from and against
any  damages,  costs  and  expenses  suffered  by  reason  of any  breach of the
foregoing  representation  by Tenant.  For purposes of this Agreement,  the term
"Designated  Broker"  shall  be  deemed  to  mean CB  Richard  Ellis,  Inc.  and
Silverstein  Properties,  Inc.  Landlord agrees to pay the Designated Broker any
commission due pursuant to a separate agreement.

     14.  PROHIBITED TRANSACTIONS:
          ------------------------

     Tenant  acknowledges  that an investor in Landlord Is the California  State
Teachers' Retirement System (the "Investor"), a unit of the California State and
Consumer Services Agency  established  pursuant to Title I, Division 1, Parts 13
and 14 of the California  Education  Code,  Sections  22000, et seq., as amended
(the  "Education  Code").  As a result,  Tenant  acknowledges  that  Landlord is
prohibited from engaging in certain  transactions  with or for the benefit of an
"employer" or "employing agency" (generally meaning the State of California or a
California  public  school  or  school  district),  "member",  "beneficiary"  or
"participant"  (as those terms are defined or used in the  Education  Code).  In
addition,  Tenant  acknowledges  that the  Investor  may be  subject  to certain
restrictions and requirements under the Internal Revenue Code 26 U.S.C.  Section
1 et. seq. (the "Code"). Accordingly, Tenant represents and warrants to Landlord
that to the best of Tenant's knowledge without having made inquiry (a) Tenant is
neither an employer,  employing agency, member, beneficiary or participant;  (b)
Tenant has not made any contribution or  contributions to Investor;  (c) neither
an employer,  employing  agency,  member,  beneficiary nor participant,  nor any
person who has made any contribution to Investor,  nor any combination  thereof,
is  related to Tenant by any  relationship  described  in Section  267(b) of the
Code;  (d) neither  Investor,  Investor's  investment  advisor CB Richard  Ellis
Investors, their affiliates,  related entities,  agents, officers,  directors or
employees,  nor any  Investor  board  member,  employee or  internal  investment
contractor  (collectively,  "Investor Affiliates") has received or will receive,
directly or  indirectly,  any payment  consideration  or other benefit from, nor
does any Investor  Affiliate have any agreement or arrangement  with,  Tenant or
any  person or entity  affiliated  with  Tenant,  relating  to the  transactions
contemplated by this lease except as expressly set forth in this lease;  and (e)
only if Tenant is a mutual insurance company (except for owners of any insurance
product issued or sold by Tenant to the general  public) and only if Tenant is a
publicly  traded  entity  (except for publicly  traded  shares of stock or other
publicly traded ownership  interests),  no Investor  Affiliate has any direct or
indirect  ownership  interest in Tenant or any person or entity  affiliated with
Tenant.

                                       23

<PAGE>

     15.  SUBLETTING:
          -----------

     Effective as of the New Premises  Commencement Date and solely with respect
to the New Premises,  Section 10.06 of the Lease shall be amended as follows (it
being agreed that  Section  10.06 shall  remain  unmodified  with respect to the
Surrender Premises): (a) subsection 10.06.A(iv) shall be amended by deleting the
reference to "two (2) subtenants" and substituting "four (4) subtenants" in lieu
thereof;  and (b) subsection  10.06.A(v) shall be amended by deleting the number
"5,000 Square Feet of Rentable Area" and  substituting the number "10,000 Square
Feet of Rentable Area" in lieu thereof.

     16.  TENANT'S CANCELLATION OPTION:
          -----------------------------

     A.    Tenant shall have the one-time option (the "Cancellation  Option") to
cancel  the  unexpired  Term of the  Lease  effective  on  June  30,  2018  (the
"Cancellation  Effective  Date")  on the terms and  conditions  hereinafter  set
forth. If Tenant shall desire to exercise the Cancellation Option,  Tenant shall
give written notice (the "Cancellation Notice"),  together with Tenant's payment
of the "Cancellation Amount" (as hereinafter defined), to Landlord thereof on or
before the date which  shall be twelve  (12)  months  prior to the  Cancellation
Effective  Date.  In  consideration  of Tenant's  exercise  of the  Cancellation
Option, Tenant shall pay to Landlord,  concurrently with Tenant's sending of the
Cancellation  Notice to  Landlord,  by  Tenant's  certified  check  (subject  to
collection, the non-payment of which shall constitute Tenant's default under the
Lease) of the  Cancellation  Amount.  Time is of the  essence  with  respect  to
Tenant's  giving of the  Cancellation  Notice and  payment  of the  Cancellation
Amount.  In the event  Tenant  shall  deliver  the  Cancellation  Notice and the
Cancellation Amount to Landlord in the time and manner required, the Term of the
Lease shall cease and expire as of the  Cancellation  Effective  Date as if such
date were  expressly set forth in the Lease as the  Expiration  Date, and Tenant
shall  vacate and  surrender  the entire  Demised  Premises  to  Landlord on the
Cancellation  Effective  Date in the  condition  required  in the  Lease for the
surrender  of the  Demised  Premises to Landlord  on the  Expiration  Date.  The
Minimum Rent,  additional  rent and other charges  payable to Landlord  shall be
adjusted and paid by Tenant to Landlord on and as of the Cancellation  Effective
Date.

     B.     It  shall  be  a  condition  to  Tenant's   right  to  exercise  the
Cancellation  Option that (i) Tenant shall deliver the  Cancellation  Notice and
the Cancellation  Amount to Landlord within the period set forth in Paragraph A,
(ii) the Lease  shall be in full force and  effect  and  Tenant  shall not be in
default  under the Lease  beyond  the  giving of any  applicable  notice and the
expiration of any applicable cure period, both on the date that the Cancellation
Notice is given and on the Cancellation  Effective Date, (iii) Tenant shall have
(x) timely  filed all  information,  statements,  affidavits,  notices and other
documents  required  to be  filed  pursuant  to  any  laws,  orders,  rules  and
regulations imposed by any governmental or quasi-governmental authorities having
jurisdiction  with respect to the  Cancellation  Option and/or the  Cancellation
Amount;  and (y) timely paid, as required by the tax laws, but no later than the
Cancellation  Effective  Date,  such tax due,  if any,  and  (iv)  Tenant  shall
indemnify  and hold  Landlord  harmless  from and  against  any and all  claims,
judgments,  costs,  losses or  expenses  suffered  or  incurred by Landlord as a
result of Tenant's  non-payment of any tax due or otherwise  comply with any tax
laws, which indemnification shall survive the Cancellation Effective Date.

                                       24

<PAGE>

     C.    If all of the foregoing conditions set forth in this Article shall be
fulfilled,  the Lease shall be deemed cancelled as of the Cancellation Effective
Date and Tenant  shall,  subject to the  provisions  of Paragraph A hereof,  and
subject to any other actual or contingent liabilities of Tenant to Landlord with
respect to the Lease. If any of the foregoing conditions shall not be fulfilled,
the  Cancellation  Option  shall cease and  terminate  and Tenant  shall have no
further right to cancel any unexpired portion of the Term of the Lease.

     D.    For purposes of this Article,  the  "Cancellation  Amount" shall mean
the aggregate of the following:

         (i) the then  unamortized  portion,  as of the  Cancellation  Effective
Date, of any real estate brokerage commissions payable by Landlord in connection
with the  Lease and this  Agreement,  plus  interest  (at the  Interest  Rate as
defined in Section 16.01 of the Lease) on all such amounts paid by Landlord from
the date so paid through and including the Cancellation Effective Date;

     (ii) Landlord's then unamortized portion, as of the Cancellation  Effective
Date, of the aggregate  Landlord's N/P Contribution payable to, or on behalf of,
Tenant  (which shall be based upon the  amortization  thereof on a straight line
basis),  plus interest at the Interest Rate on all such amounts paid by Landlord
from the date so paid through and including the Cancellation Effective Date; and

     (iii) the then unamortized portion, as of the Cancellation  Effective Date,
of  $2,038,562.25  (representing  payment of the  Minimum  Rent for the Free N/P
Minimum Rent Period), plus interest at the Interest Rate.

     17.  MISCELLANEOUS:
          --------------

          A. Except as otherwise  expressly set forth in this Agreement,  all of
the terms,  provisions,  covenants and  conditions of the Lease shall remain and
continue  unmodified  and in full force and effect and are hereby  ratified  and
confirmed in all respects.

          B. This Agreement shall not be changed,  modified or cancelled orally.
This Agreement shall be binding upon the parties hereto, their respective heirs,
administrators, successors and, as permitted, assigns.

                                       25

<PAGE>

          C. This Agreement  shall in all respects and in all events be governed
by and  construed  in  accordance  with  the  laws  of  the  State  of New  York
(excluding, however, its conflict of laws provisions).

          D. This Agreement is being  tendered to Tenant  without  obligation on
Landlord's  part and in no event shall it be deemed to be binding upon  Landlord
or give Tenant any rights unless and until Landlord shall have executed the same
and delivered a copy to Tenant.

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

                          120 BROADWAY HOLDINGS, LLC, Landlord
                          ------------------------------------
                          a Delaware limited liability company

                          By: /s/ Larry A. Silverstein
                             -----------------------------------------
                               Name: Larry A. Silverstein
                               Title:   President

                          TOWER INSURANCE COMPANY OF NEW YORK, Tenant
                          -------------------------------------------
                          a New York corporation

                          By: /s/ Michael H. Lee
                             -----------------------------------------
                               Name: Michael H. Lee
                               Title:   President
                               Tenant's Federal Employer I.D. Number: 13-3548249

                                       26

<PAGE>

STATE OF NEW YORK    )
                     :    ss.:
COUNTY OF NEW YORK   )

     On the 12th day of August in the year 2005  before me, the  undersigned,  a
Notary  Public  in and for said  State,  personally  appeared  Michael  H. Lee ,
personally known to me or proved to me on the basis of satisfactory  evidence to
be the individual(s)  whose name(s) is (are) subscribed to the within instrument
and  acknowledged  to me that  he/she/they  executed  the same in  his/her/their
capacity(ies),  and that by  his/her/their  signature(s) on the instrument,  the
individual(s),  or the  person  upon  behalf of which the  individual(s)  acted,
executed the instrument.

                                                    /s/Angella Barnes
                                               ---------------------------------
                                                         NOTARY PUBLIC

                                       27

<PAGE>

                                   EXHIBIT "A"
                                   -----------

                            THIRTIETH FLOOR PREMISES
                            ------------------------

NOTE: This is a schematic plan and is intended to only show the proposed general
layout of the Thirtieth Floor Premises.  All measures,  distances and dimensions
are  approximate  and not to scale.  The  depictions  hereon do not constitute a
warranty or representation of any kind.

<PAGE>

                                   EXHIBIT "B"
                                   -----------

                  SCHEDULE OF FURNITURE, FIXTURES AND EQUIPMENT
                  ---------------------------------------------

I.  Fourteenth Floor Premises Inventory
    -----------------------------------

150    "V shaped" Work Stations with one chair each station -
        Haworth 1st Generation and two guest chairs each station
50      5-High Lateral Files - charcoal grey
36      3-High Lateral Files - charcoal grey
8       42" Round Meeting Tables
1       50 ft. Wall Unit
60      "U shaped" Desks (1desk, bridge, back end, bookcase) with one chair each
2       Conference Tables (88 chairs)
25      Work Tables - some with doors, some open

II.  Seventeenth Floor Premises Inventory
     ------------------------------------

20      "U shaped" Office Desks (1 desk,  bridge,  back end, bookcase) with one
        chair and two guest  chairs  each
12      "V  shaped"  Workstations  with one chair each
10      5-High Lateral File
20      Chairs
5       Office Bookcases

<PAGE>

                                   EXHIBIT "C"
                                   -----------

                          FORM OF BILL OF SALE FOR FF&E
                          -----------------------------

THE  TOWER  INSURANCE  COMPANY  OF NEW YORK (the  "Seller")  does  hereby  sell,
transfer and convey to 120 BROADWAY HOLDINGS, LLC (the "Purchaser"),  for and in
consideration of the sum of FIVE HUNDRED EIGHTY-ONE THOUSAND FIVE HUNDRED THIRTY
AND 00/100 ($581,530.00)  DOLLARS, all of the furniture,  fixtures and equipment
set forth on the  schedule  annexed  hereto (the  "FF&E").  Seller  warrants and
represents  that it owns the  FF&E,  and has the  authority  to sell the FF&E to
Purchaser, free and clear of any security interest, lien, encumbrance, interest,
mortgage and claim of every kind and nature. Seller, its successors and assigns,
hereby indemnifies and saves harmless the Purchaser, its successors and assigns,
from and  against  any and all  claims,  demands,  actions,  fees and  judgments
asserted  against  Purchaser,  its successors and assigns,  arising out of or by
reason  of the  breach  of the  warranties  and  representations  made by Seller
herein. Purchaser accepts the FF&E in its "as-is" condition on the date hereof.

Dated: August 17, 2005

                                    TOWER INSURANCE COMPANY OF NEW YORK, Tenant
                                    -------------------------------------------
                                    a New York corporation

                                    By: /s/ Michael H. Lee
                                            Name: Michael H. Lee
                                            Title: President

<PAGE>

                                   EXHIBIT "D"
                                   -----------
                              LANDLORD'S BASE WORK
                              --------------------

I.    LANDLORD'S PRE-POSSESSION BASE WORK
      -----------------------------------

1.    Perform Building  standard  demolition in the New Premises and deliver the
      New Premises broom clean ("Landlord's N/P Demolition Work").

2.    Deliver six (6) watts per rentable  square foot  (demand  load) to the New
      Premises, ready for distribution by Tenant (exclusive of Building standard
      air conditioning).  Provide eight (8) panels on the 31st floor and six (6)
      panels on the 30th floor.

3.    Provide  plumbing to the core of the New Premises,  ready for distribution
      at the wet columns by Tenant.

4.    Deliver the existing  main  sprinkler  loop on the 30th and 31st floors in
      "as-is" condition.

5.    Deliver a Form ACP-5 covering the New Premises.

II.   LANDLORD'S POST POSSESSION BASE WORK
      ------------------------------------

1.    Deliver the core  lavatories  on the 30th and 31st floors in working order
      and in  compliance  with the  current  NYC Local  Law 58 of 1987.  Perform
      Building standard cosmetic upgrades to the core lavatories on the 30th and
      31st floors.

2.    Perform  flash  patching to the floor of the New  Premises and deliver the
      floor  of  the  New  Premises  ready  to  receive   carpet;   and  perform
      firestopping in the New Premises. Landlord shall use reasonable efforts to
      perform  the work in this  Item #2  within  four (4)  weeks  after the New
      Premises Commencement Date.

3.    Repair and replace convector covers in the New Premises as necessary.

4.    Furnish  elevator  call button  extenders  and core doors only to the fire
      stairs  and to the  core  lavatories  on  the  30th  and  31st  floors  in
      compliance with NYC Local Law 58 of 1987.

5.    Tenant  agrees to utilize  the  existing  submeters,  and  Landlord  shall
      furnish and install any necessary additional electric submeters in the New
      Premises in locations designated by Landlord.

<PAGE>

6.    Furnish eight (8) new and operational Building standard air conditioning
      units and controls, and ductwork to the edge of the existing mechanical
      room wall for the New Premises in accordance with Tenant's design and
      layout approved by Landlord. Tenant accepts the existing mechanical room
      locations and their existing demising walls, provided, however, that
      Landlord shall insulate all areas that are immediately adjacent to those
      portions of the Demised Premises in which Tenant's employees work (as
      opposed to photocopy and storage rooms). Landlord shall use reasonable
      efforts to perform the work in this Item #6 within seven (7) weeks after
      the New Premises Commencement Date.

<PAGE>

                                   EXHIBIT "E"

                            APPROVED CONTRACTOR LIST

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