Document:

VIRTUAL STOCK MARKET, INC.
                                                  a California corporation
                                                  1875 Century Park East
                                                  Suite 1880

                               TABLE OF CONTENTS

                                                                            Page

 1           PREMISES .............................................            1
 2           TERM .................................................            1
 3           RENT .................................................            1
 4           RENT ADJUSTMENTS .....................................            2
 5           SECURITY DEPOSIT .....................................            5
 6           USE, NUISANCE OR HAZARD ..............................            6
 7           ALTERATION AND IMPROVEMENTS ..........................            6
 8           LESSEE'S REPAIRS .....................................            7
 9           NO LIENS BY LESSEE ...................................            7
10           LESSOR'S REPAIRS .....................................            8
11           BUILDING SERVICES ....................................            8
12           ASSIGNMENT AND SUBLETTING ............................            8
13           SUBSTITUTED PREMISES .................................           10
14           INDEMNIFICATION; INSURANCE ...........................           10
15           DAMAGE OR DESTRUCTION ................................           11
16           EMINENT DOMAIN .......................................           12
17           DEFAULTS .............................................           12
18           REMEDIES .............................................           13
19           ATTORNEYS' FEES ......................................           14
20           SUBORDINATION ........................................           14
21           RULES AND REGULATIONS ................................           14
22           HOLDING OVER .........................................           14
23           INSPECTIONS AND ACCESS ...............................           15
24           NAME OF BUILDING .....................................           15
25           SURRENDER OF PREMISES ................................           15
26           WAIVER ...............................................           15
27           SALE BY LESSOR; LESSOR'S LIABIIITY ...................           15
28           NO LIGHT AND AIR EASEMENT ............................           16
29           FORCE MAJEURE ........................................           16
30           ESTOPPEL CERTIFICATES ................................           16
31           RIGHT TO PERFORMANCE .................................           16
32           LESSOR'S DEFAULT .....................................           16
33           EXECUTION OF LEASE BY LESSOR .........................           17
34           PARKING FACILITIES ...................................           17
35           NOTICES ..............................................           17
36           MISCELLANEOUS ........................................           17

                                    EXHIBITS

EXHIBIT

DESCRIPTION

A            PREMISES DESCRIPTION ..................................          A
B            DESCRIPTION OF LAND ...................................         B&C
C            STANDARDS FOR UTILIITIES AND SERVICES..................         B&C
D            RULES AND REGULATIONS .................................          D
E            ESTOPPEL CERTIFICATE ..................................          E
F            PARKING FACILITIES ....................................          F

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                                LEASE AGREEMENT

                    (California Standard Form Office Lease)

THIS LEASE AGREEMENT,  dated 4-6, 1999, is by and between 1875/1925 CENTURY PARK
EAST COMPANY, a California  general  partnership  (herein called "Lessor"),  and
VIRTUAL STOCK MARKET, INC. , a California corporation (hereto called "Lessee").

                                  WITNESSETH:

In consideration of the mutual covenants and agreements set forth herein, Lessor
and Lessee agree as follows:

     1. PREMISES.

         1.1 Lessor  hereby  leases to Lessee,  and Lessee  hereby  leases  from
Lessor,  those certain premises (the "Premises")  consisting of the office space
cross-hatched  on  Exhibit  "A" and  located  in an office  building  located at
1875/1925  Century Park East, Los Angeles,  California  90067 (the  "Building").
Lessee  acknowledges  that this  Lease is made  subject to all  existing  liens,
encumbrances,  deeds of trust,  and other  matters  of  record,  and to  zoning,
building  and  fire  ordinances  and  all  governmental   statutes,   rules  and
regulations relating to the use or occupancy of the Premises.

                                  See Rider "A"

         1.2 Any  changes  or  improvements  to the  Premises  shall  be made at
Lessee's  sole cost and  expense,  with the  reasonable  approval  and under the
direction of Lessor and  employing  the services of Lessor's  contractor  and in
accordance with any other applicable provisions of this Lease.

         1:3 Lessee  acknowledges  that neither Lessor nor any agent or employee
of Lessor has made any  representation or warranty with respect to the Premises,
the Building or the Land or with respect to the  suitability of the Premises for
Lessee's intended use unless such are expressly set forth in this Lease.  Lessee
further  acknowledges that no  representations  or warranties as to the state of
construction or repair of the Premises, nor promises to alter, remodel, improve,
repair,  decorate or paint the Premises,  have been made by Lessor,  unless such
are expressly set forth in Paragraph 10 of this Lease.

     2. TERM.

         2.1  The  term  of  this  Lease  (the  "Term")  shall  commence  on the
"Commencement Date" (as hereinafter defined), and shall continue for a period of
three (3) years following the Commencement Date (or, if the Commencement Date is
a day other than the first day of a calendar  month,  the term shall commence on
the first day of the first full calendar month following the Commencement Date),
unless otherwise terminated in accordance with the provisions of this Lease. For
purposes of this Lease:

                   See Rider "B"

                  (a) The "Commencement Date" shall be April 19, 1999*

                  (b)  Lessee,   at  Lessee's   option,   and  its  contractors,
         subcontractors,  and  agents,  shall be  permitted  to enter the leased
         Premises  following  the full  execution  of the Lease and prior to the
         anticipated  Commencement  Date,  with no obligation to pay rent,  (but
         subject to all of the terms,  covenants  and  conditions of the Lease),
         and without  commencing  the rental period set forth in Paragraph  3.1,
         for  the  purpose  of  installing  leasehold  improvements,   fixtures,
         equipment  and  furniture,  provided that such entry will not interfere
         with the completion of Lessor's tenant  improvement work as outlined in
         Rider "A".

         2.2 If Lessor, through no fault of Lessee, cannot deliver possession of
the Premises to Lessee on the Commencement Date, such delay shall not affect the
validity  of this  Lease,  nor shall  Lessor be liable to Lessee for any loss or
damage resulting therefrom, but there shall be a proportionate reduction of rent
covering the period between the  Commencement  Date and the time when Lessor can
deliver possession. No such delay shall operate to extend the Term.

     3. RENT.

         3.1 Lessee  agrees to pay to Lessor as annual  rental for the  Premises
the sum of  Seventy-nine  thousand  seven hundred  thirty-two and 80/100 Dollars
($79,732.80),  payable in monthly  installments of $6,644.40 (the "Rental"),  in
advance,  on or before the first day of each  calendar  month  during the entire
Term.  Concurrently with the execution of this Lease, Lessee shall pay to Lessor
the sum of $39,866.40, representing Rental payable hereunder for the first **

        3.2 In addition to the foregoing Rental, Lessee shall pay as rent, prior
 to delinquency,  all personal  property taxes assessed  against and levied upon
 any trade fixtures,  furnishings,  or equipment and all other personal property
 contained in the Premises (collectively, the

*but  in  no  event  sooner  than  Substantial  Completion  of  Lessor's  Tenant
Improvements to the Premises.

**six (6) full calendar months of the Term.
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"Personal  Property"),  and  Lessee  shall  cause the  Personal  Property  to be
assessed and billed separately from the property of Lessor.

          3.3 If the improvements in the Premises, whether installed and/or paid
for by Lessor or Lessee and whether or not affixed to the real property so as to
become  a part  thereof,  are  assessed  for real  property  tax  purposes  at a
valuation  higher than the  valuation at which the  improvements  conforming  to
Lessor's  Standard  Installations  on other space in the Building are  assessed,
then the real  property  taxes  and  assessments  levied  against  Lessor or the
property by reason of such excess assessed valuation shall be deemed to be taxes
levied  against  personal  property  of  Lessee  and  shall be  governed  by the
provisions of Paragraph 3.2 of the Lease.  If the records of the County Assessor
are  available  and  sufficiently  detailed to serve as a basis for  determining
whether said  improvements  are  assessed at a higher  valuation  than  Lessor's
Standard Installations, such records shall be binding on both Lessor and Lessee.
If the records of the County Assessor are not available or sufficiently detailed
to  serve  as a  basis  for  making  said  determination,  the  actual  cost  of
construction shall be used.

         3.4 In addition to the Rental,  Lessee  agrees to pay to Lessor as rent
all "Rent Adjustments" as provided in Paragraph 4, below.

         3.5 Lessee  agrees to pay to Lessor as rent upon  demand  (but not more
frequently  than  monthly)  all charges  for any  services,  goods or  materials
furnished by Lessor at Lessee's  request  which are not required to be furnished
by Lessor under this Lease without separate charge or reimbursement.

         3.6 The Rental  and all taxes,  fees,  costs,  expenses,  and all other
monetary payments which are attributable to, payable by or the responsibility of
Lessee under this Lease constitute "rent" within the meaning of California Civil
Code ss. 1951(a). Any rent for any fractional month shall be prorated based on a
thirty (30) day month,  and for any fractional year shall be prorated based on a
three hundred  sixty (360) day year.  All rent payable by Lessee to Lessor under
this  Lease  shall be paid to  Lessor in lawful  money of the  United  States of
America at Lessor's  office located in the Building,  or to such other person or
at such other place as Lessor may from time to time  designate  in writing.  All
rent shall be paid without prior demand, deduction, setoff or counterclaim.

     4. RENT ADJUSTMENTS.

         4.1 STRUCK OUT

         4.2 If,  during  any  calendar  year  during  the Term,  the  "Building
Operating  Costs" (as  hereinafter  defined)  shall exceed those of the calendar
year 1999 (the "Base  Year"),  Lessee  shall pay to Lessor,  in  addition to the
Rental  and all other  payments  due under  this  Lease,  an amount  (the  "Rent
Adjustment") equal to Lessee's "Proportionate Share" (as hereinafter defined) of
such  excess  Building  Operating  Costs  subject  to the  following  terms  and
conditions:

                  (a)  "Net  Rentable  Area"  means,  with  respect  to both the
         Premises and the Building,  the respective  measurements  of floor area
         above  the  plaza  level of the  Building  as may from  time to time be
         subject  to  lease  by  Lessee  and  other  tenants  of  the  Building,
         respectively,  as  designated  by  Lessor or  Lessor's  representative,
         applied  on a  consistent  basis  throughout  the  Building.  As of the
         effective date of this Lease,  the Net Rentable Area of the Premises is
         hereby  agreed to be 2,443 Net  Rentable  square feet ( 2,712  rentable
         square feet), and the Net Rentable Area of the Building is agreed to be
         747,168 square feet.

                  (b) "Proportionate  Share" means a fraction,  the numerator of
         which is the Net Rentable Area of the Premises,  and the denominator of
         which is the Net Rentable Area of the Building, as determined by Lessor
         from time to time.

                  (c) The term "Building Operating Costs" shall include:

                  (i) All taxes, assessments,  water and sewer charges and other
         similar governmental charges levied on or attributable to the

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         Building,  the Land, and the roads,  walks,  plaza,  landscaped  areas,
         common areas,  improvements and facilities thereon  (collectively,  the
         "Property"),  or its  operation,  including,  but not  limited to, real
         property taxes or assessments  levied or assessed against the Property,
         personal  property taxes or assessments  levied or assessed against the
         Property,  and any tax  measured  by gross  rentals  received  from the
         Property,  together  with  any  costs  incurred  by  Lessor  (including
         attorneys' fees) in contesting any such taxes,  assessments or charges;
         but  excluding  any net income,  franchise,  capital  stock,  estate or
         inheritance taxes imposed by the State or Federal  Government or by any
         agency,  branch or  department  thereof,  provided  that if at any time
         during the Term there shall be levied, assessed or imposed on Lessor or
         the Property by any  governmental  entity,  any general or special,  ad
         valorem or specific,  excise,  capital  levy or other tax,  assessment,
         levy or charge  directly on the rent received under this Lease or other
         leases  affecting  the  Property  and/or  any  license  fee,  excise or
         franchise  tax,  assessment,  levy or charge  measured by or based,  in
         whole or in part, upon such rents,  and/or  transfer,  transaction,  or
         similar tax,  assessment'  levy or charge based  directly or indirectly
         upon  the  transaction  represented  by  this  Lease  or  other  leases
         affecting the Property, and/or occupancy, use, per capita or other tax,
         assessment, levy or charge based directly or indirectly upon the use or
         occupancy  of the  Premises  or the  Property,  then  all  such  taxes,
         assessments,  levies and charges  shall be deemed to be included in the
         term  "Building  Operating  Costs." If the  assessed  valuation  or the
         taxes,  assessments and charges  attributable to the Property shall not
         be based upon a completed  building with at least  ninety-five  percent
         (95%) of the Net Rental Area of the Building occupied, then such taxes,
         assessments  and charges shall be increased to reflect what such taxes,
         assessments  and charges  would have been  payable if the  Building had
         been  completed  and  ninety-five  (95%) of the Net Rental  Area of the
         Building had been occupied.

                  (ii) All costs incurred by Lessor in maintaining, managing and

         operating the Property  including,  but not limited to, the  following:
         cost of utilities,  supplies, insurance (including public liability and
         property  damage,  rent  continuation,  and fire and extended  coverage
         insurance  for the  full  replacement  cost of the  Property),  cost of
         services of independent  contractors,  cost of compensation  (including
         employment  taxes and  fringe  benefits)  of all  persons  who  perform
         regular duties  connected with the day-to-day  operation,  maintenance,
         repair and  overhaul  of the  Property,  including  without  limitation
         engineers,  janitors,  painters, floor waxers, window washers, watchmen
         and gardeners, costs incurred by Lessor for management of the Property,
         rental  expenses  for or a reasonable  allowance  for  depreciation  of
         personal property used in the maintenance,  operation and repair of the
         Property,   costs  and  expenses  paid  or  incurred  by  Lessor,   and
         attributable  or  allocable  to the  Property,  and any other costs and
         expenses to be incurred by Lessor  under this Lease and not  reimbursed
         by tenants,  but  excluding  costs  incurred by Lessor in  maintaining,
         managing  and  operating  the  "Parking   Facililtes"  (as  defined  in
         Paragraph 34, below). If the Building does not have a least ninety-five
         percent (95%) of the Net Rentable Area of the Building  occupied during
         the Base Year or any "Comparison Year" (as hereinafter  defined),  then
         the costs and expenses under this  subparagraph (ii) shall be increased
         to reflect  what such  costs  would have been for such year if they had
         bean calculated on the basis of ninety-five  percent (95%) occupancy of
         the Net Rentable Area of the Building during such year.

                  (iii) The term Building  Operating Costs shall mean the sum of
         subparagraphs (i) and (ii), above, on an annualized basis.

         (d) The term "Building Operating Costs" shall exclude:

Notwithstanding  Article 4 ii to the contrary,  the following  shall be excluded
from the operating cost:

                  1) Bad debt expenses and interest,  principal, points and fees
                  on debts  (except in  connection  with the  financing of items
                  which may be included in Operating  Expenses) or  amortization
                  in any  mortgage  or  mortgages  or any other debt  instrument
                  encumbering  the Building or the Real Property  (including the
                  land on which the Building is situated);

                  2) marketing costs, including leasing commissions,  attorneys'
                  fees in connection with the negotiation and

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                  preparation of letters, deal memos, letters of intent, leases,
                  subleases and/or assignments,  space planning costs, and other
                  costs and expenses  incurred in  connection  with the leasing,
                  subleasing  and/or  assignment  negotiations  and transactions
                  with present or prospective  tenants or other occupants of the
                  Building,  including  attorneys'  fees  and  other  costs  and
                  expenditures incurred in connection with disputes with present
                  or prospective tenants or other occupants of the Building;

                  3) costs,  including  permit,  license and  inspection  costs,
                  incurred with respect to the installation of other tenants' or
                  occupants' improvements made for tenants or other occupants in
                  the Building or incurred in renovating or otherwise improving,
                  decorating,  painting or redecorating vacant space for tenants
                  or other occupants in the Building;

                  4) the cost of  providing  any  service  directly  to and paid
                  directly by any tenant;

                  5)  any  costs  expressly  excluded  from  Operating  Expenses
                  elsewhere in this Lease;

                  6) costs of any items  (including,  but not  limited  to costs
                  incurred by Lessor for the repair or damage to the Building to
                  the  extent  Lessor  receives   reimbursement  from  insurance
                  proceeds (such proceeds to be deducted from Operating Expenses
                  in the year in which  received)  or from a third  party  (such
                  proceeds to be credited to  Operating  Expenses in the year in
                  which  received,  except that any deductible  amount under any
                  insurance policy shall be included within Operating Expenses);

                  7)  rentals  and other  related  expenses  for  leasing a HVAC
                  system,  elevators,  or other  items  (except  when  needed in
                  connecting   with  normal  repairs  and   maintenance  of  the
                  Building)  which  if  purchased,  rather  than  rented,  would
                  constitute  a capital  improvement  not  included in Operating
                  Expenses pursuant to this Lease;

                  8)  costs  incurred  by  Lessor  for  alterations   (including
                  structural additions),  repairs, equipment and tools which are
                  of a  capital  nature  and/or  which  are  considered  capital
                  improvements   or  replacements   under   generally   accepted
                  accounting   principles,   consistently  applied,   except  as
                  specifically  included in Operating  Expenses  pursuant to the
                  terms of this Lease;

                  9)  expenses in  connection  with  services or other  benefits
                  which are not offered to Lessee or for which Lessee is charged
                  for  directly  but which are  provided  to  another  lessee or
                  occupant of the Building, without charge;

                  1O) costs incurred by Lessor due to the violation by Lessor or
                  any lessee of the terms and  conditions  of any lease of space
                  in the Building

                  11)  Lessor's  general  corporate  overhead  and  general  and
                  administrative expenses.

                  12)  advertising and  promotional  expenditures,  and costs of
                  sign  in or on  the  Building  identifying  the  owner  of the
                  Building or other tenants' signs;

                  13) tax penalties incurred as a result of Lessor's negligence,
                  inability or  unwillingness  to make  payments or file returns
                  when due;

                  14)  costs  arising  from  Lessor's  charitable  or  political
                  contributions;

                  15)  cost  of  installing,   maintaining   and  operating  any
                  specialty   service  operated  by  Lessor  including   without
                  limitation,  any luncheon  club or athletic  facility,  or the
                  repair thereof;

                  16) the  amounts  of the  management  fee paid or  charged  by
                  Lessor in connection  with the  management of the Building and
                  the  common  areas to the  extent  such  management  fee is in
                  excess of the  average  management  fees  customarily  paid or
                  charged by lessors of other  first-class  office  buildings in
                  Century City, California area;

                  17) costs  necessitated by or resulting from the negligence of
                  Lessor,  or  any  of  its  agents,  employees  or  independent
                  contractors  including,  but not  limited  to,  tax  penalties
                  incurred  as a result of  Lessor's  negligence,  inability  or
                  unwillingness to make

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                  payments or file returns when due;

                  18) the amounts of the parking  management  fee paid by Lessor
                  in connection with the management of the Real Property parking
                  facility  to the  extent  such  parking  management  fee is in
                  excess of parking  management fees customarily paid by lessors
                  of Comparable Buildings;

                  19) any ground lease rental;

                  20) costs of capital  acquisition of sculptures,  paintings or
                  other objects of art, but  specifically  excluding any type of
                  art program  being  operated in the  Building by Lessor to the
                  extent the costs for such art  program  do not exceed  Fifteen
                  Thousand Dollars ($15,000.00) during any Expense Year, and

                  21) any  compensation  paid to  clerks,  attendants  or  other
                  persons in the  parking  garage of the  Building  or  wherever
                  Lessee is granted its parking privileges  (provided,  however,
                  if Lessor  provides  such  parking  free of charge to  Lessee,
                  these  expenses  may  be  included  as  a  part  of  Operating
                  Expenses.)

                  (e) The Rent  Adjustment  shall be payable by Lessee to Lessor
         in accordance with the following:

                  (i) On or before the first day of April of each  calendar year
         commencing  with the second  calendar year  following the Base Year and
         continuing  until and including the calendar year following  expiration
         of the Term,  Lessor shall furnish to Lessee a written  statement  (the
         "Rent Adjustment  Statement") showing in reasonable detail the Building
         Operating Costs for the previous calendar year (the "Comparison Year"),
         and the Rent Adjustment payable by Lessee.

                  (ii) In addition to Lessee's  regular Rental  payment,  Lessee
         shall pay to Lessor on the first day of the month following delivery of
         each Rent  Adjustment  Statement an amount equal to the sum of: (A) the
         Rent  Adjustment,  reduced by the amount of any previous  "Advance Rent
         Adjustment  Payments" (as hereinafter  defined)  previously paid by for
         the Comparison  Year, and (B) an amount equal to one-twelfth  (1/12) of
         the Rent Adjustment (the "Advance Rent Adjustment  Payment") multiplied
         by the  number of Rental  payment  dates that have  elapsed  during the
         current  calendar year,  reduced by the amount of any previous  Advance
         Rent  Adjustment  Payments,  if any,  previously paid by Lessee for the
         current year. Lessee shall continue to pay to Lessor an amount equal to
         the most recently  determined  Advanced Rent Adjustment Payment on each
         succeeding  Rental payment date until (Y) receipt of a subsequent  Rent
         Adjustment Statement, or (Z) expiration or termination of this Lease.

                  (iii) Lessee shall have a period of thirty (30) days following
         receipt  of Rent  Adjustment  Statement  within  which  to  inspect  at
         Lessor's main office,  during normal business hours, Lessor's books and
         records  concerning  such  charges.  If Lessee  shall not have  availed
         itself of such  inspection,  Lessee shall be deemed to have accepted as
         final  and  determinative  the  amount  shown  as  payable  on the Rent
         Adjustment  Statement.  If Lessee  shall  dispute  the  accuracy of the
         information set forth in Lessor's books and records with respect to the
         Rent Adjustment Statement, Lessee shall nevertheless pay the additional
         amount shown to be due as above  provided in  accordance  with the Rent
         Adjustment  Statement;  provided  that  within  sixty  (60) days  after
         receipt of the Rent  Adjustment  Statement,  Lessee may institute legal
         proceedings  against  Lessor in a court of  competent  jurisdiction  to
         collect and recover any  overpayment of additional  rent resulting from
         the errors in the books and records of Lessor,  and provided,  further,
         that Lessee shall  promptly  serve Lessor with a copy of the  complaint
         filed in any such proceeding. Lessee shall be precluded from contesting
         the Rent Adjustment, except by a suit or action filed within such sixty
         (60) day period.

     5. SECURITY DEPOSIT.

         Concurrently  with the  execution of this Lease,  Lessee shall  deposit
with Lessor the sum of Six thousand six hundred  forty-four and 40/100 .........
Dollars ($ 6,644.40)  (the  "Deposit"),  which shall be held by Lessor,  without
obligation  for interest,  as security for the full and faithful  performance of
Lessee's  covenants  and  obligations  under  this  Lease,  it  being  expressly
understood  and agreed  that the Deposit is not an advance  Rental  deposit or a
measure of Lessor's

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damages  in case of  Lessee's  default.  Upon the  occurrence  of any  "Event of
Default" (as defined in Paragraph 17, below) by Lessee, Lessor may, from time to
time,  without prejudice to any other remedy provided herein or provided by law,
use the Deposit to the extent necessary to make good any arrears of sums payable
by Lessee under this Lease, and any other damage,  injury,  expense or liability
caused by such  default;  and Lessee shall pay to Lessor on demand (but not more
frequently  than  monthly) the amount so applied in order to restore the Deposit
to its original  amount,  and Lessee's failure to do so shall be a default under
this Lease.  Although the Deposit  shall be deemed the  property of Lessor,  any
remaining  balance of the Deposit  shall be returned by Lessor to Lessee at such
time after termination of this Lease that all of Lessee's obligations under this
Lease have been fulfilled.

     6. USE, NUISANCE OR HAZARD.

         6.1 The Premises shall be used for general office  purposes only and no
other purpose. Lessee shall not do or permit anything to be done in or about the
Premises  which will in any way  obstruct or  interfere  with or infringe on the
rights of other  occupants of the  Building,  or injure or annoy them, or use or
allow  the  Premises  to be used for any  improper,  immoral,  or  objectionable
purpose, nor shall Lessee cause, maintain or permit any nuisance in, on or about
the Property or commit or suffer to be  committed  any waste in, on or about the
Property.  Lessor shall not be liable to for any other occupant's  failure to so
conduct itself.

         6.2 Lessee  shall not do or permit to be done in or about the  Property
nor  bring,  keep or permit to be  brought or kept  therein,  anything  which is
prohibited  by or will in any way conflict with any law,  statute,  ordinance or
governmental  rule or regulation  now in force or which may hereafter be enacted
or  promulgated,  or which is prohibited by any standard form of fire  insurance
policy or will in any way increase  the  existing  rate of or affect any fire or
other insurance upon the Building or any part thereof or any of its contents, or
cause a cancellation  of any insurance  policy covering the Building or any part
thereof or any of its contents.  Lessee shall comply with all governmental laws,
ordinances and regulations  applicable to the Premises,  and the requirements of
any  board  of  fire  underwriters  or  other  similar  body  now  or  hereafter
instituted,  with any  order,  directive  or  certificate  of  occupancy  issued
pursuant to any law,  ordinance or regulation by any public  officer  insofar as
the same relates to or affects the condition,  use or occupancy of the Premises,
including but not limited to,  requirements of structural  changes related to or
affected by Lessee's  acts,  occupancy or use of the  Premises,  all at Lessee's
sole  expense.  The  judgment  of any  court of  competent  jurisdiction  or the
admission  of Lessee in any action  against  Lessee,  whether or not Lessor is a
party to such action, shall be conclusive in establishing such violation between
Lessor and Lessee.

         6.3  Lessee  shall not  (either  with or without  negligence)  cause or
permit the escape,  disposal or release of any biologically or chemically active
or other hazardous substances, or materials.  Lessee shall not allow the storage
or use of such substances or materials in any manner not sanctioned by law or by
the highest standards prevailing in the industry for the storage and use of such
substances  or  materials,  nor allow to be brought  into the  Building any such
materials  or  substances  except  to use in the  ordinary  course  of  Lessee's
business,  and then only after written notice is given to Lessor of the identity
of such substances or materials.  Without limitation,  hazardous  substances and
materials  shall  include  those  described in the  Comprehensive  Environmental
Response,  Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section
9601 et seq., the Resource  Conservation and Recovery Act, as amended, 42 U.S.C.
Section  6901 et seq.,  any  applicable  federal,  state  or local  laws and the
regulations adopted under these acts. If any lender or governmental agency shall
ever require  testing to ascertain  whether or not there has been any release of
hazardous  materials,  then the reasonable  costs thereof shall be reimbursed by
Lessee to Lessor upon demand as additional  charges if such requirement  applies
to the Premises. In addition,  Lessee shall execute affidavits,  representations
and the like  from  time to time at  Lessors  request  concerning  Lessees  best
knowledge and belief regarding the presence of hazardous substances or materials
on the  Premises.  In all events,  Lessee shall  indemnify  Lessor in the manner
elsewhere provided in this Lease from any release of hazardous  materials on the
Premises  occurring  while  Lessee is in  possession,  or elsewhere if caused by
Lessee or persons acting under Lessee.  The within  covenants  shall survive the
expiration or earlier termination of the Lease Term.

     7. ALTERATION AND IMPROVEMENTS

         7.1 Lessee, at its sole cost and expense,  shall have the right to make
alterations,  additions,  or  improvements  to  the  interior  of  the  Premises
(collectively,  "Improvements"),  if such  Improvements  are normal for  general
office  use, do not  adversely  affect the  utility of the  Premises  for future
tenants,  do not alter  the  exterior  appearance  of the  Building,  are not of
structural nature, and are not otherwise  prohibited under this Lease;  provided
that no such Improvements  shall be made without Lessor's prior written consent,
and all such

                                       6
<PAGE>

Improvements shall be made in conformity with the requirements of Paragraph 7.2,
below.

         7.2 Any  Improvements to be installed by Lessee during the Term,  shall
only be done in compliance with the following:

                  (a) No such work shall proceed without  Lessor's prior written
         approval of (i) Lessee's contractor, and (ii) certificates of insurance
         from a company or companies approved by Lessor,  furnished to Lessor by
         Lessee's contractor,  for public liability and automobile liability and
         property   damage    insurance   with   limits   of   not   less   than
         $500,000/$1,000,000/$250,000,  endorsed to show Lessor as an additional
         insured and for workmen's compensation as required.

                  (b) All such  work  shall be done in  conformity  with a valid
         building  permit or other permits or licenses when and where  required,
         and any work not  acceptable  to any  governmental  authority or agency
         having or exercising  jurisdiction  over such work,  or not  reasonably
         satisfactory to Lessor, shall be promptly replaced at Lessee's expense.
         Notwithstanding  any  failure  by Lessor  to  object to any such  work,
         Lessor shall have no responsibility therefor.

                  (c) Lessee shall reimburse  Lessor for any expense incurred by
         Lessor by reason of faulty work done by Lessee or its  contractors,  or
         by reason of inadequate cleanup.

                  (d) Lessee or its  subcontractors  will in no event be allowed
         to install  plumbing,  mechanical,  electrical  wiring or fixtures,  or
         partitions over 5'10" in height.

                  (e) All work by Lessee shall be  diligently  and  continuously
         pursued from the date of its commencement through its completion.

         7.3 Non-standard  installations made by or for Lessee whether temporary
or permanent  in  character,  made either by Lessor or Lessee,  and all Personal
Property attached to the Building  (including floor coverings) shall be Lessor's
property  at the end of the  Term  and  shall  remain  on the  Premises  without
compensation  to Lessee;  provided that, at the option of Lessor  exercisable by
written  notice to Lessee,  Lessee  shall,  at  Lessee's  sole  expense,  within
thirty(30)  days after such  notice,  remove from the  Premises  any or all such
Lessee's  improvements  and  Personal  Property  and  repair  all  damage to the
Premises caused by such removal. All other Personal Property shall be removed by
Lessee on or before the end of the Term;  provided  that Lessee shall repair all
damages caused by such removal.

     8. LESSEE'S REPAIRS.

          Lessee  shall at all times  during the Term and at Lessee's  sole cost
and expense  keep the Premises in good and sanitary  condition  and repair.  All
damage or injury to the Premises or the Property caused by the act or negligence
of Lessee or Lessee's Employees shall be promptly repaired by Lessee at Lessee's
sole cost and  expense,  to the  satisfaction  of  Lessor.  Lessor  may make any
repairs  which are not  promptly  made by Lessee and charge  Lessee for the cost
thereof as rent. Lessee shall be solely  responsible for the design and function
of all  Lessees  improvements,  whether or not  installed  by Lessor at Lessee's
request.  Lessee waives all rights to make repairs at the expense of Lessor,  or
to deduct the cost thereof from rent.  Subject to the provisions of Paragraph 7,
above,  Lessee shall upon the expiration or termination of this Lease  surrender
to Lessor the Premises and all alterations,  additions and improvements  thereto
in the same condition as when received, ordinary wear and tear excepted.

     9. NO LIENS BY LESSEE.

         Lessee  shall at all times  keep the  Premises,  the  Building  and the
Property  free from any liens  arising out of any work  performed  or  allegedly
performed, materials furnished or allegedly furnished or obligations incurred by
or for  Lessee.  At any time  Lessee  either  desires or is required to make any
Improvements,  Lessor may, in addition to the  provisions of Paragraph 7, above,
require  Lessee,  at Lessee's  sole cost and  expense,  to obtain and provide to
Lessor a lien and completion bond in a form and by a surety acceptable to Lessor
and in amount no less than the  estimated  cost of such  Improvements  to insure
Lessor against liability from mechanics' and  materialmen's  liens and to insure
completion of the work, and may require such  additional  items or assurances as
Lessor in its sole discretion may deem reasonable or desirable. Lessee agrees to
indemnify  and hold  Lessor  harmless  from and  against  any and all claims for
mechanics'  materialmen's  or other liens in connection  with any  Improvements,
repairs, or any work performed,  materials furnished or obligations  incurred by
or for Lessee.  Lessor  reserves the right to enter the Premises for the purpose
of posting  such  notices of  non-responsibility  as may be permitted by law, or
desired by Lessor.

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<PAGE>
     10. LESSOR'S REPAIRS.

          10.1  Subject to  Lessee's  obligation  to pay rent under this  Lease,
Lessor  shall  maintain  and repair the  structural  elements and the public and
common areas of the Building as the same may exist from time to time, except for
damage or wear and tear which is the result of omission,  negligence  or willful
misconduct of Lessee or Lessee's Employees.  Lessor shall have no obligations to
make repairs  under this  Paragraph 10 until a reasonable  time after receipt of
written  notice of the need for such repairs.  In no event shall rent be abated,
nor shall Lessor have any liability for interruption or interference in Lessee's
business,  on account of Lessor's  failure to make repairs under this  Paragraph
10.

         10.2 Lessor and its agents,  contractors  and employees  shall have the
fight to enter the  Premises at all  reasonable  times for the purpose of making
such  alterations,  additions,  improvements  or repairs to the  Premises or the
Building as Lessor may deem necessary or desirable  without liability except for
the failure of Lessor to exercise due care of Lessee's property.

     11. BUILDING SERVICES.

          11.l Subject to Lessee's  obligation  to pay rent under this Lease and
the  provisions  of Exhibit  "C",  Lessor shall  furnish the  Premises  with (a)
electricity, (b) heating, ventilation and air conditioning,  (c) water, (d) non-
attended  elevator  service,  (e) lighting  replacement  for  building  standard
lights,  (f) toilet room  supplies,  (g)  janitorial  service,  and (h) exterior
window washing.

         11.2  Lessee  agrees  to pay on  demand  as rent for all  excessive  or
additional  building services and expenses  ("Additional  Services"*) related to
the use of the  Premises,  and Lessor  shall be  entitled  to impose and collect
charges for  Additional  Services.  In the event  Lessee  desires to contest the
charges  levied by Lessor  under this  Paragraph  11.2,  Lessee may, as its sole
remedy,  have Lessor  install in the Premises a switch and metering  system.  In
either event, the cost of any such meters and of the installation,  maintenance,
repair and  replacement  thereof shall be paid for by Lessee as rent, and Lessee
agrees to pay Lessor as rent, promptly upon demand (but not more frequently than
monthly),  for all such Additional Services consumed as shown by said meters, at
the rates  charged  for such  services  by the local  public or private  utility
furnishing the same, if  applicable,  plus any  additional  expense  incurred in
keeping accounts of the Additional Services so consumed.

         11.3 No  interruption  or  malfunction  of any building  services shall
constitute  an eviction or  disturbance  of Lessee's use and  possession  of the
Premises or Property or breach by Lessor of any of its obligations  hereunder or
render  Lessor  liable for damages or entitle  Lessee to be relieved from any of
its  obligations  under  this  Lease.  In the  event of any  such  interruption,
however, Lessor shall use reasonable diligence to restore such service.

     12. ASSIGNMENT AND SUBLETTING.

         12.1 Lessee may not (a) sell,  assign,  transfer,  or  hypothecate  the
whole or any part of its interest  under the Lease,  (b) sublet the whole or any
part of the Premises,  or (c) allow the occupancy of the whole or any pan of the
Premises by another, without in each case obtaining the prior written consent of
Lessor,  which  consent  shall  not be  unreasonably  withheld.  If  Lessee is a
corporation,  unincorporated association, trust, general or limited partnership,
or other business entity, the sale, assignment, transfer or hypothecation of any
stock or other ownership  interest of such entity which from time to time in the
aggregate exceeds  twenty-five percent (25%) of such interest (including but not
limited to the conversion of such entity to or from a limited  liability company
or any other entity  intended to limit the liability of the individual  partners
or members of Lessee) shall be deemed an assignment subject to the provisions of
this  Paragraph  12.  Notwithstanding  any permitted  assignment or  subletting,
Lessee shall at all times  (including  any extended  Term provided for under the
Lease)  remain  directly,  primarily  and fully  responsible  and liable for the
payment  of rent  and for  compliance  with all  obligations  under  the  terms,
provisions  and  covenants of this Lease.  Upon the  occurrence  of an "Event of
Default" (as defined in Paragraph 17, below) if the Premises or any part thereof
are then sublet,  Lessor,  in addition to any other remedies  herein provided or
provided by law, may at its option collect  directly from any  sublessee(s)  all
rents becoming due to Lessee under such sublease and apply such rent against any
sums due to  Lessor  from  Lessee  hereunder,  and no such  collection  shall be
construed  to  constitute  a  novation  or release  of Lessee  from the  further
performance  of  Lessee's  obligations  under the Lease.  Any sale,  assignment,
transfer  or  hypothecation  of  Lessee's  interest  under this  Lease,  and any
proposed  subletting  or occupancy of the Premises not in  compliance  with this
Paragraph 12 shall be void and shall, at the option of Lessor and upon notice to
Lessee, terminate this Lease. This Lease shall not be assignable by operation of
law, except that if Lessee is a natural person, this Lease shall be binding upon
and inure to the benefit of the estate of Lessee.

           12.2 In the event Lessee  desires to sublet all or any portion of the
Premises, Lessee shall give less

*Additional  Services  shall  include,  but not be limited to, after hours HVAC,
directory  strips,  electricity in excess of the Building standard 4.3 watts per
square  foot  for  lighting  and  normal   office   equipmentr,   door  signage,
non-Building standard janitorial services, non-Building standard light bulbs and
additional locks and keys.

                                                                             ???
                                                                    INITIAL HERE
                                                                             ???

                                       8
<PAGE>

than ninety (90) days' prior written  notice thereof to Lessor setting forth the
name of the proposed subtenant and its type of business,  the term, rental rate,
use  of the  Premises,  and  any  other  relevant  particulars  of the  proposed
subletting.  In  addition to Lessor's  right of approval  pursuant to  paragraph
12.1,  above,  Lessor  shall  have the  option,  in the  event  of any  proposed
subletting to cancel this Lease as to the affected portion of the Premises as of
the proposed  effective date of the subletting set forth in Lessee's notice. The
option shall be  exercised if at all, by Lessor  giving  Lessee  written  notice
thereof within sixty (60) days following  Lessor's  receipt of Lessee's  written
request.  Upon any such cancellation  Lessee shall pay to Lessor all amounts, as
estimated by Lessor,  payable by Lessee to such termination date with respect to
that portion of any obligations,  costs or charges which are the  responsibility
of Lessee under this allocable to the affected portion of the Premises. Further,
upon any such cancellation  Lessor and Lessee shall have no further  obligations
or  liabilities  to each  other  with  respect  to the  affected  portion of the
Premises,  except with respect to obligations or liabilities  which have accrued
as of such  cancellation  date (in the same manner as if such  cancellation date
were  the  date  originally  fixed  for the  expiration  of the  Term).  Without
limitation,  Lessor may lease the Premises to the prospective sublessee, without
liability to the Lessee. Lessor's failure to exercise said cancellation right as
herein  provided  shall not be  construed  as Lessor's  consent to the  proposed
subletting.  Any sublease shall contain language whereby the subtenant expressly
assumes all applicable obligations of Lessee under this Lease, and shall provide
that Lessor will be entitled to enforce such  obligations  directly  against the
subtenant as though Lessor were a party to the sublease.

         12.3 Lessee shall in no event  assign less than its entire  interest in
this Lease. In the event Lessee desires to assign all (but not less than all) of
its interest under this Lease, Lessee shall give not less than ninety (90) days'
prior written  notice  thereof to Lessor  setting forth the name of the proposed
assignee and its type of business, the terms of the assignment, the proposed use
of the Premises,  and any other relevant particulars of the proposed assignment,
including without limitation,  evidence satisfactory to Lessor that the proposed
assignee will immediately  occupy and thereafter use the entire Premises for the
remaining Term of this Lease.  At the time of giving  notice,  Lessee shall also
submit to Lessor tax returns and financial  statements of the proposed  assignee
for the two most recent completed fiscal years of the proposed  assignee,  and a
bank  reference or bank  statements  for the most recent twelve  months.  Lessee
shall upon demand furnish such supplemental information as Lessor may reasonably
request concerning the proposed  assignee.  Lessor may, as a condition of giving
its consent to such assignment, require an additional security deposit, personal
guarantee  or other  protection  from  Lessee or the  proposed  assignee  if, in
Lessor's  reasonable  opinion,  such  conditional  requirement  is  necessary to
protect  Lessor's  interest  under the Lease.  If Lessee is in default under the
Lease  at the time of the  proposed  assignment  or  sublease,  Lessor  may as a
condition of its consent to such proposed  assignment or sublease require Lessee
to cure any defaults then  existing.  In addition to Lessor's  right of approval
pursuant to Paragraph 12.1, above, Lessor shall have the option, in the event of
any proposed assignment,  to cancel this Lease as of the proposed effective date
of the assignment set forth in Lessee's  notice.  The option shall be exercised,
if at all, by Lessor giving Lessee written notice thereof within sixty (60) days
following   Lessor's  receipt  of  Lessee's  written  request.   Upon  any  such
cancellation,  Lessee shall pay to Lessor all  amounts,  as estimated by Lessor,
payable by Lessee to such  termination  date with  respect  to any  obligations,
costs or  charges  which are the  responsibility  of Lessee  under  this  Lease.
Further,  upon any such  cancellation,  Lessor and Lessee  shall have no further
obligations or  liabilities to each other under this Lease,  except with respect
to obligations or liabilities  which have accrued as of such  cancellation  date
(in the same manner as if such  cancellation date were the date originally fixed
for the  expiration  of the  Term).  Without  limitation,  Lessor  may lease the
Premises to the prospective assignee,  without liability to the Lessee. Lessor's
failure to exercise  said  cancellation  right as herein  provided  shall not be
construed as Lessors consent to the proposed assignment.

         12.4  At the  time  of  giving  notice  of  any  proposed  sublease  or
assignment,  Lessee  shall pay to Lessor  the  following  fee to cover  handling
charges for each assignment or sublease Lessor is requested to approve:

       Amount of Square Footage.
       To Be Assigned or Subleased            Fee
       ---------------------------            ---
             1 -   599                      $125.00
           600 -   999                      $200.00
         1,000 - 2,999                      $350.00
         3,000 - 9,999                      $500.00
        10,000 or more                    $1,000.00

Payment of these  handling  charges  shall be deemed a condition  precedent  for
Lessor's  consent  to any  proposed  sublease  or  assignment.  The fee shall be
non-refundable,  whether or not Lessor  consents  to the  proposed  sublease  or
assignment.  Lessor's  receipt  of such fee shall not  impose  upon  Lessor  any
obligation to consent to any proposed sublease or assignment.

                                       9
<PAGE>

         12.5 Within a reasonable time following its review of all documentation
to be  submitted  by Lessee  hereunder,  Lessor may by written  notice to Lessee
elect to (1) consent to the proposed  sublease or assignment,  or (2) reasonably
disapprove  of the proposed  sublease or  assignment,  setting  forth in writing
Lessor's  grounds for doing so. Such  grounds may include,  without  limitation,
Lessee's  failure to pay the fee provided in Paragraph  12.4,  above, a material
increase  in the impact  upon the common  areas of the  Building  or the parking
facilities, a material increase in the demands for Building Services supplied by
Lessor,  a  reputation  for  financial  reliability  on the part of the proposed
assignee which is deemed  unsatisfactory  by Lessor,  or the type of business in
which the proposed  sublessee or assignee is or will be engaged is  inconsistent
with  the  character  and  high  quality  reputation  of  the  Building,  in the
reasonable  judgment of Lessor, or conflicts with a use for which another tenant
in the  Building  has an  exclusive  right.  No delay in Lessor's  review of the
documentation  or  consideration  of the proposed  sublease or assignment  shall
constitute a consent by Lessor.  If Lessor consents to the proposed  sublease or
assignment,  Lessee  shall pay to Lessor as  additional  rent,  within  five (5)
business days  following  the due date of such sums:  (a) fifty percent (50%) of
the  amount  by which  (i) the  rent  payable  by such  assignee,  sublessee  or
sublessees to Lessee throughout the term exceeds (ii) the rent otherwise payable
by Lessee to Lessor under this Lease;  plus (b) fifty percent (50%) of all other
consideration  payable for the assignment or sublease of this Lease,  including,
but not limited to, key money and excess Security  Deposit.  This covenant shall
survive the  expiration  of the Term of this Lease.  In  addition,  Lessee shall
provide  Lessor  with a copy of the  executed  sublease or  assignment  promptly
following full execution of the document.  Any sublease or assignment  consented
to by Lessor  shall not be  subsequently  modified or amended  without  Lessor's
prior written consent. The consent of Lessor to any sublease or assignment shall
not constitute a consent to any subsequent sublease or assignment  pertaining to
the Lease, whether by Lessee or by any sublessee, assignee or other transferee.

         12.6  Notwithstanding anything to the contrary  contained in the Lease,
Lessee shall have the right, without prior consent of Lessor but with reasonable
prior notice to Lessor,  to assign this Lease or sublet the whole or any part of
the Premises to a subsidiary or affiliate of Lessee  provided  that:  (1) Lessee
has controlling  interest (i.e., more than 50%) of such subsidiary or affiliate;
(2) Lessee shall remain fully liable  during the  unexpired  Term of this Lease;
and (3) any such  assignment,  sublease,  or transfer shall be subject to all of
the terms, covenants and conditions of this Lease and

such assignee, sublessee or transferee shall expressly assume the obligations of
Lessee under the Lease by a document reasonably  satisfactory to Lessor.  Lessee
shall  also upon  demand  provide  Lessor  with  documentation  establishing  to
Lessor's reasonable  satisfaction that the assignee,  sublessee or transferee is
in fact a subsidiary or affiliate of Lessee.

         12.7 Lessor  shall have the right to sell,  transfer,  or assign any of
its rights and obligations under this Lease.

     13. SUBSTITUTED PREMISES.

         Lessor  reserves  the right,  upon not less than sixty (60) days' prior
written  notice to Lessee,  to substitute  for the Premises if the same contains
5,000 square feet of Net Rentable Area or less,  some other premises  within the
Building  having  substantially  equivalent  Net Rentable Area* as the Premises,
provided  that Lessor  shall pay all  expenses  reasonably  incurred in removing
Lessee's property to such new location,  and upon the expiration of such written
notice  of not  less  than  sixty  (60)  days,  such  other  premises  shall  be
substituted for the Premises for all purposes under this Lease.

     14. INDEMNIFICATION; INSURANCE.

          14.1 Lessee  shall,  with respect to its  activities  pursuant to this
Lease,  including,  without limitation,  Lessee's activities at the Property and
the Premises (including, without limitation, Lessee's or Lessee's Employees' use
of the Premises, the conduct of Lessee's business, any activity,  work or things
done,  permitted or suffered by Lessee in or about the Premises or the Property,
Lessee's or Lessee's Employees'  nonobservance or nonperformance of any statute,
law, ordinance,  rule or regulation,  or any actual or alleged negligence of the
Lessee or Lessee's Employees),  defend, indemnify, forever save and hold Lessor,
Lessor's  agents,  contractors,   licensees,   employees,  directors,  officers,
partners,  trustees  and  invitees,  and  each of them  (collectively  "Lessor's
Employees")  harmless  from and against  any and all  damages,  claims,  losses,
demands, litigation, costs, expenses (including, without limitation,  reasonable
attorneys' fees and costs), obligations, liens, liabilities,  actions and causes
of action, threatened or actual, awards, fines or judgments arising by reason of
the death or bodily injury to persons, injury to property, or other loss, damage
or expense of any kind,  including  any of the same  resulting  from Lessor's or
Lessor's  Employees'  alleged or actual act or omission,  regardless  of whether
such act or omission is active or passive;  provided,  however, the Lessee shall
not be obligated to defend Lessor or Lessor's Employees with respect to

     *and comparable build-out

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                                       10
<PAGE>

damages which are due to the sole negligence or willful  misconduct of Lessor or
Lessor's Employees, or any of them

          14.2 Throughout the term of this Lease, Lessee shall maintain and keep
in full force and  effect  Commercial  General  Liability  Insurance,  including
Contractual  Coverage:,  on an  occurrence  basis in an  amount  not  less  than
$1,000,000 per occurrence and not less than  $2,000,000 in the aggregate.  Prior
to the  Commencement  Date and  thereafter  throughout the term of this Lease as
necessary, Lessee shall provide to Lessor Certificate(s) of insurance evidencing
such  liability  coverage,  which  Certificate(s)  shall contain an  endorsement
naming  1875/1925  Century Park East Company,  Watt Family  Properties  and Watt
Management Company and Teachers Insurance and Annuity  Association as additional
insureds. Said insurance shall provide for notice to Lessor not less than thirty
(30) days prior to expiration  or  cancellation  thereof or default  thereunder.
Lessor shall have the right to require an increase of the above liability limits
if  Lessor  deems  them to be  inadequate  in  light of then  existing  industry
standards  applicable  to comparable  office lease  practice in the Century City
area.  Nothing  contained in this Paragraph 14.2 shall be deemed to limit in any
way the liability of Lessee and/or Lessee's Employees under 14.1, above.

         14.3  Throughout  the term of this Lease,  Lessee shall maintain on all
its  Personal  Property  and Lessee's  Total  Improvements  a policy of Property
Insurance providing all risk coverage including Fire and Extended Coverages, and
Special Form. Prior to the Commencement Date, and thereafter throughout the term
of this Lease as  necessary,  Lessee shall provide to Lessor  Certificate(s)  of
Insurance  evidencing such coverage.  Said insurance shall provide for notice to
Lessor  not less than  thirty  (30) days  prior to  expiration  or  cancellation
thereof, or default thereunder.

         14.4 Lessee, as a material part of the consideration to Lessor,  hereby
assumes all risk of damage to  property or injury to persons,  in, upon or about
the  Premises  from any cause and  Lessee  hereby  waives  all claims in respect
thereof  against Lessor.  Lessor and Lessor's  Employees shall not be liable for
any damage to property entrusted to Lessor or Lessor's  Employees,  nor for loss
of or damage to any property by theft or otherwise, nor for any injury or damage
to persons or property resulting from any cause whatsoever,  unless caused by or
due to the gross  negligence of Lessor or Lessor's  agents or employees.  Lessor
and Lessor's Employees shall not be liable for any latent defect in the Premises
or in the Building. Lessee shall give prompt notice to Lessor in case of fire or
accidents in the Premises or in the Building

         14.5 Lessee and Lessor each hereby waive any and all fights of recovery
against  the  other,   or  against  the   officers,   employees,   agents,   and
representatives of the other, for loss of or damage to such waiving party or its
property  or the  property  of others  under its control to the extent that such
loss or damage is  insured  against  under any valid and  collectible  insurance
policy  in  force  at the  time of such  loss or  damages.  Lessee  shall,  upon
obtaining  the  policies of  insurance  required  hereunder,  give notice to the
insurance carrier or carriers that the foregoing mutual waiver of subrogation is
contained in this Lease.

15. DAMAGE OR DESTRUCTION.

          15.1 Subject to the provisions of Paragraphs 15.2 and 15.3,  below, in
the event the Building or the Premises are wholly or partially destroyed by fire
or other casualty covered by fire and extended coverage insurance  maintained by
Lessor,  Lessor shall repair or restore (or cause the repair or restoration  of)
the Building or the  Premises to  substantially  the same  condition as prior to
such  destruction,  and this Lease  shall  continue  in full  force and  effect;
provided that in the event Lessor reasonably determines that either the Building
or the Premises  are  destroyed  to the extent of more than  one-third  (1/3) of
their  replacement  cost  (exclusive  of  footings  and  foundations),  or  such
destruction occurs in the last twenty-four (24) months of the Term, Lessor shall
have the right in its sole and absolute  discretion  to terminate  this Lease by
giving Lessee written notice within sixty (60) days after the occurrence of such
destruction of its intention to terminate this Lease.  In the event the Building
or the  Premises is wholly or partially  destroyed  by any other  cause,  Lessor
shall have the right in its sole and absolute discretion to terminate this Lease
by giving Lessee  written  notice within sixty (60) days after the occurrence of
such  destruction of its intention to terminate  this Lease.  If Lessor does not
terminate this Lease,  Lessor shall diligently  pursue repair and restoration to
completion,  and if the  destruction  is so  extensive as to render the Premises
unusable,  then the rent  shall be  reduced  in the same  proportion  as the Net
Rental Area of the Premises  rendered unusable bears to the Net Rentable Area of
the Premises until and to the extent that the unusable portion shall be restored
by Lessor,  but Lessee shall in no event be entitled to  compensation or damages
on account of annoyance or inconvenience  in making said repairs,  or on account
of construction or on account of termination of this Lease.

         15.2 If such damage or destruction occurs as a result of the negligence
or willful conduct of Lessee or

                                       11
<PAGE>

Lessee's  Employees,  Lessee shall forthwith undertake to repair or restore such
damage or  destruction  at Lessee's sole cost and expense,  and this Lease shall
continue in full force and effect; provided that Lessee shall be relieved of its
obligation pursuant to this Paragraph 15.2 to the extent that insurance proceeds
are collectible by Lessor in accordance with Paragraph 14.6, above.

          15.3 Lessor shall not be required to repair any damage to any Personal
Property or Lessee's Total  Improvements,  and in each case Lessee shall restore
all such Personal Property and Lessee's Total  Improvements.  Lessor or Lessor's
Employees  shall  have no  responsibility  for  contents  placed  or kept in the
Premises or the Property by Lessee or Lessee's Employees.

         15.4 This  Paragraph 15 shall be Lessee's sole and exclusive  remedy in
the event of the  damage or  destruction,  and  hereby,  waives  the  benefit of
California Civil Code 1932(2) and 1933(4).

16. EMINENT DOMAIN.

           16.1 If the whole of the  Premises or more than  twenty-five  percent
(25%) of the  Building  shall be taken under the power of eminent  domain,  this
Lease shall  automatically  terminate as of the date of final  judgement in such
condemnation, or as of the date possession is taken by the condemning authority,
whichever  is  earlier.  A sale by Lessor  under  threat of  condemnation  shall
constitute  a "taking"  for the purpose of this  Paragraph  16. No award for any
partial or entire  taking  shall be  apportioned  and Lessee  hereby  assigns to
Lessor any award which may be made in such taking or condemnation, together with
any and all rights of Lessee now or  hereafter  arising in or to the same or any
part thereof,  including,  without limitation, any award or compensation for the
value  of  all or any  part  of the  leasehold  estate;  provided  that  nothing
contained  herein  shall be deemed to give Lessor any  interest in or to require
Lessee to assign to Lessor any award  made to Lessee for the taking of  Personal
Property  installed by and  belonging to Lessee  and/or the  interruption  of or
damage to Lessee's  business so long as it does not diminish the Lessor's award.
In the event of a partial  taking which does not result in a termination of this
Lease, the Rental shall be reduced  proportionately  based on the portion of the
Premises  rendered  unusable,  and Lessor  shall  restore  the  Premises  or the
Building to the extent of available condemnation proceeds.

         16.2 This  Paragraph 16 shall be Lessee's sole and exclusive  remedy in
the event of a taking or  condemnation.  Each  party  hereto  hereby  waives the
benefit of California Code of Civil Procedure ss.1265.130.

         16.3 Upon  termination  of this Lease  pursuant to this  Paragraph  16,
Lessee  and  Lessor  hereby  agree  to  release  each  other  from  any  and all
obligations and liabilities  with respect to this Lease except such  obligations
and liabilities which arise or accrue prior to such termination.

     17. DEFAULTS.

         17.1 Each of the  following  shall be deemed an "Event of  Default"  by
Lessee and a material breach of the Lease:

                  (a)  Lessee  shall  fail to pay the  Rental  or any  other sum
         payable by Lessee hereunder, as and when due.

                  (b) Lessee  shall fail to observe,  keep or perform any of the
         other terms,  covenants,  agreements  or  conditions  under this Lease,
         including, without limitation, the "Rules" (as defined in Paragraph 21,
         below),  that Lessee is obligated to observe or perform for a period of
         ten (10) days  after  written  notice by Lessor,  provided  that if the
         nature of  Lessee's  default is such that it cannot be cured  solely by
         the  payment  of money and that more than ten (10) days are  reasonably
         required for its care, then Lessee shall not be in default hereunder if
         it shall  commence the  correction of such default so specified  within
         said  ten  (]0)  day  period  and  diligently  prosecutes  the  same to
         completion.

                  (c) Lessee  shall vacate or abandon the Premises and shall not
         continue to pay the rent as set forth herein;

                  (d) (i) Lessee (or a general partner of Lessee, if Lessee is a
         partnership) shall make an assignment for benefit of creditors; or

                      (ii) A custodian,  trustee, receiver or agent is appointed
         or takes possession of substantially  all of the property of Lessee (or
         a general partner of Lessee); or

                      (iii)  Lessee (or a general  partner  of  Lessee)  becomes
         "insolvent" as that term is defined in Section  101(26) of the "Revised
         Bankruptcy  Act" (Title II of the United States Code; II U.S.C.  ss.101
         et seq.); or

                      (iv)  Lessee (or a general  partner  of Lessee)  shall (A)
         file a petition with the bankruptcy court under the Revised

                                       12
<PAGE>

         Bankruptcy  Act,  or (B)  otherwise  file any  petition or apply to any
         tribunal for appointment of a custodian,  trustee or receiver of Lessee
         (or of a general partner of Lessee) or commence any proceeding relating
         to Lessee  (or a general  partner of Lessee)  under any  bankruptcy  or
         reorganization   statute   or  under   any   arrangement,   insolvency,
         readjustment   of  debt,   dissolution  or   liquidation   law  of  any
         jurisdiction, whether now or hereafter in effect; or

                      (v) Any  petition  is filed  against  Lessee (or a general
         partner of Lessee) under the Revised  Bankruptcy Act and either (A) the
         bankruptcy  court orders relief against Lessee (or a general partner of
         Lessee) under the chapter of the Revised Bankruptcy Act under which the
         petition  was  filed,  or (B) such  petition  is not  dismissed  by the
         bankruptcy court within thirty (30) days of the date of filing; or

                      (vi) Any petition or  application of the type described in
         subparagraph  (v)(B),  above,  is filed  against  Lessee  (or a general
         partner  of  Lessee),  or any  proceeding  of  the  type  described  in
         subparagraph (v)(B),  above, is commenced,  and either (A) Lessee (or a
         general  partner of Lessee) by any act indicates  its approval  therof,
         consent thereto,  or acquiescence  therein,  or (B) an order is entered
         appointing any such custodian, trustee, receiver or agent, adjudicating
         Lessee (or a general  partner  of Lessee)  bankrupt  or  insolvent,  or
         approving such petition or application in any such proceeding,  and any
         such order remains in effect for more than (30) days.

                  (e) Any  guarantor  of this  Lease  shall  default  under  any
         guaranty of this Lease, or shall or attempts to repudiate or revoke any
         such guaranty or any obligation under such guaranty;  or the occurrence
         of any event described in Paragraph 17(d),  above,  with respect to any
         guarantor  of  this  Lease  (as if  Paragraph  17(d)  referred  to such
         guarantor in place of "Lessee").

     18. REMEDIES.

         Upon the occurrence of an Event of Default hereunder, Lessor may at any
time thereafter, without notice or demand except as stated hereafter and without
limiting  Lessor in the  exercise of any other right or remedy  which Lessor may
have by reason of such default or breach:

                  (a) Enter upon and take  possession of the  Premises.  In such
         event,  Lessor  shall have the right to remove all persons and property
         from the  Premises  and store such  property in a public  warehouse  or
         elsewhere  at the cost and risk of and for the  account of Lessee,  and
         all such persons shall quit and surrender possession of the Premises to
         Lessor. Lessee hereby waives all claims for damages which may be caused
         by the  entry of  Lessor  and  taking  possession  of the  Premises  or
         removing and storing the  furniture  and property and hereby  agrees to
         indemnify  and save Lessor  harmless from any loss,  costs,  damages or
         liability  occasioned thereby, and no such entry shall be considered or
         construed to be a forcible  entry.  Should  Lessor  elect to enter,  as
         hereby  provided,  or should Lessor take  possession  pursuant to legal
         proceeding  or  pursuant to any notice  provided by law,  Lessor or may
         terminate this Lease pursuant to Paragraph 18(b), below.

                  (b) Terminate  this Lease and Lessee's  right to possession of
         the  Premises at any time.  Acts of  maintenance,  efforts to relet the
         Premises,  or the  appointment of a receiver on Lessor's  initiative to
         protect  Lessor's  interest  under this Lease  shall not  constitute  a
         termination  of Lessee's  right to  possession.  On termination of this
         Lease,  Lessor may recover from Lessee (i) the worth at the time of the
         award of the unpaid  rent that  would  have been  earned at the time of
         termination;  (ii) the worth at the time of the award of the  amount by
         which the unpaid  rent that would  have been  earned  after the date of
         termination  until the time of award  exceeds the amount of the loss of
         rent for the same period that Lessee proves could have been  reasonably
         avoided;  (iii)  the  worth at the time of the  award of the  amount by
         which the  unpaid  rent for the  balance  of the Term after the time of
         award  exceeds  the amount of the loss of rent for the same period that
         Lessee proves could have been  reasonably  avoided;  and (iv) any other
         amount,  and  court  costs,  necessary  to  compensate  Lessor  for all
         detriment  proximately  caused by Lessee's  default.  "The worth at the
         time of the award," as used in (i) and (ii) of this  Paragraph is to be
         computed  by allowing  interest  at the rate of ten  percent  (10%) per
         annum. "The worth at the time of the award," as referred to in (iii) of
         this Paragraph

                                       13
<PAGE>

         is to be computed by discounting the amount at the discount rate office
         Federal  Reserve Bank of San  Francisco at the time of the award,  plus
         one percent (1%).

                  (c)  Continue  this Lease in full force and  effect,  and this
         Lease  will  continue  in effect as long as Lessor  does not  terminate
         Lessee's  right to  possession,  and  Lessor  shall  have the  right to
         collect rent when due.

                  (d) Pursue  any other  remedy now or  hereafter  available  to
         Lessor  under  the  laws  or  judicial  decisicions  of  the  State  of
         California.

     19. ATTORNEYS' FEES.

         If either  Lessor or Lessee  commences  or engages in, or  threatens to
commence or engage in, an action by or against the other party arising out of or
in connection with this Lease or the Premises,  including but not limited to any
action for recovery of rent due and unpaid, to recover possession or for damages
for breach of this  Lease,  the  prevailing  party shall be entitled to have and
recover  from the  losing  party  reasonable  attorneys'  fees and  other  costs
incurred in connection  with the action and in preparation  for said action.  If
Lessor  becomes  involved in any  action,  threatened  or actual,  by or against
anyone not a party to this Lease, but arising by reason of or related to any act
or omission  of Lessee or  Lessee's  Employees,  Lessee  agrees to pay  Lessor's
reasonable  attorneys'  fees and other  costs  incurred in  connection  with the
action and in preparation for said action.

         Lessor and Lessee hereby waive their  respective right to trial by jury
of any cause of action,  claim,  counterclaim or  cross-complaint in any action,
proceeding  and/or  hearing  brought by either Lessor  against  Lessee or Lessee
against Lessor on any matter whatsoever  arising out of, or in any way connected
with,  this  Lease,  the  relationship  of Lessor and  Lessee,  Lessee's  use or
occupancy of the Premises,  or any claim of injury or damage, or the enforcement
of any remedy under any law, statute, or regulation, emergency or otherwise, now
or hereafter in effect.

     20. SUBORDINATION.

         This Lease and the rights of Lessee  hereunder  shall be and are hereby
made  subject and  subordinate  at all times to any ground lease of the Property
and/or the  Building now or hereafter  existing  and all  amendments,  renewals,
modifications,  supplements and spreaders thereto and extensions thereof, and to
the lien of any  first  deed of trust  now or  hereafter  existing  against  the
Property  and/or the Building  and/or the ground  leasehold  estate,  and to all
advances made or hereafter to be made upon the security  thereof.  Lessee agrees
to execute and deliver such further  instruments  subordinating this to any such
ground  lease or to the lien of any such first deed of trust as may be requested
in writing by Lessor from time to time.  Lessee  acknowledges  that its title is
and always  shall be  subordinate  to the title of the owner of the Property and
the Building and nothing  herein  contained  shall empower  Lessee to do any act
which can,  shall or may  encumber the title of the owner of the Property or the
Building.  In the event of the  cancellation  or  termination of any such ground
lease  in  accordance  with  its  terms  or by the  surrender  thereof,  whether
voluntary, involuntary or by operation of law, or by summary proceedings, or the
foreclosure of any such first deed of trust by voluntary agreement or otherwise,
or the commencement of any judicial action seeking such foreclosure,  Lessee, at
the  request of the then  Lessor,  shall  attorn to and  recognize  such  ground
lessor,  beneficiary or purchaser in  foreclosure as Lessee's  Lessor under this
Lease.  Lessee  agrees to execute and  deliver at any time upon  request of such
ground lessor,  beneficiary,  purchaser, or their successors,  any instrument to
further  evidence such  attornment.  Lessee hereby waives its right,  if any, to
elect to terminate this Lease or to surrender  possession of the Premises in the
event of any such ground lease  termination or first deed of trust  foreclosure.
Lessee also agrees that any beneficiary  under a first deed of trust may, at its
option,  unilaterally elect to partially  subordinate,  by an instrument in form
and substance satisfactory to such beneficiary, such first deed of trust to this
Lease.  Lessee, in such cases, agrees to execute with reasonable  promptness and
to  deliver  to  Lessor  any  such  subordination   instrument  confirming  such
subordination. Any failure or refusal by Lessee to execute such instrument shall
in no way affect the validity or enforceability of such subordination.

     21. RULES AND REGULATIONS.

        Lessee shall  faithfully  observe and comply with the Building rules and
regulations,  a copy of  which  is  attached  hereto  as  Exhibit  "D",  and all
reasonable  non-discriminatory  modifications and additions thereto from time to
time put into effect by Lessor (the "Rules"). Lessor shall not be responsible to
Lessee for the non-performance of any of said Rules by any other occupant of the
Property.

     22. HOLDING OVER.

         Should Lessee hold over after the  expiration or sooner  termination of
this Lease with Lessor's prior

                                       14
<PAGE>

written   consent,   such   possession  by  Lessee  shall  be  deemed  to  be  a
month-to-month  tenancy  subject  to each and all terms and  conditions  of this
Lease as  applicable  to a  month-to-month  tenancy,  and such tenancy  shall be
terminable upon not less than thirty (30) days' notice given by either Lessor or
Lessee at any time.  During  such  holding  over,  Lessee  shall pay in  advance
monthly rent equal to the greater amount of: a) the product of the rentable area
times the Base Rent per square foot of rentable  area being quoted  generally by
Lessor to prospective lessees, or b) the rental rate established under the Lease
for the last  month of the Term of the  Lease,  plus  fifty  percent  (50%).  In
addition, Lessee shall pay any Additional Rent as set forth in Paragraph 3.2 and
Paragraph 4 and any other  charges  payable under the Lease during the period in
which  Lessee  holds  over.  The  foregoing  provisions  of this  Section are in
addition  to and do not affect  Lessors  right to re-enter  the  Premises or any
other  rights of Lessor  under the Lease or as  otherwise  provided by law.  The
terms and conditions of Lessee's  holding over may be changed by Lessor upon not
less than thirty (30) days'  notice.  If Lessee fails to surrender  the Premises
upon the expiration or sooner  termination of this Lease despite demand to do so
by Lessor,  Lessee shall  indemnify and hold Lessor  harmless from all losses or
liability, including without limitation, any claim made by any succeeding lessee
founded on or resulting  from such failure to  surrender,  any loss of rent from
prospective lessees, and any attorneys' fees and legal costs incurred by Lessor,
whether or not a legal action is filed.  The parties  agree that if Lessee holds
over without  Lessor's  prior  written  consent,  Lessee shall be liable for the
rental value of the  Premises,  which shall be deemed to be 1 1/2 times the Base
Rent and Additional Rent payable for the last month of the Lease term.

     23. INSPECTIONS AND ACCESS.

         Lessor may enter the  Premises at  reasonable  hours to (a) inspect the
same, (b) exhibit the same to prospective  purchasers,  lenders or tenants,  (c)
determine  whether Lessee is complying with all its obligations  hereunder,  (d)
supply  janitorial  service  and any other  service to be  provided by Lessor to
Lessee hereunder, (d) post notices of nonresponsibility, and (f) make repairs or
do any work required of Lessor or permitted  under the  provisions of this Lease
or make repairs or do any work for the benefit of any adjoining space or utility
services or make repairs,  alterations  or additions to any other portion of the
Building  provided  that all such work shall be done as promptly  as  reasonably
possible  and so as to cause as little  interference  to  Lessee  as  reasonably
possible.  If Lessee shall not be personally present to open and permit an entry
into the  Premises  at any time when such an entry by  Lessor  is  necessary  or
permitted hereunder, Lessor may enter by means of a master key without liability
to Lessee except for any failure to exercise due care for Lessee's property, and
without  affecting this Lease. If during the last year of the Term, Lessee shall
have removed substantially all of its property therefrom, Lessor may immediately
enter and alter,  renovate,  and  redecorate  the Premises  without  reducing or
abating any rent or incurring any liability to Lessee.

     24. NAME OF BUILDING.

         Lessee  shall not use the name,  insignia,  or logotype of the Building
for any  purpose.  Lessee  shall  not use any  picture  of the  Building  in its
advertising, stationery or any other manner. Lessor expressly reserves the right
at any time to change  said name  without in any manner  being  liable to Lessee
therefor.

     25. SURRENDER OF PREMISES.

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

     26. WAIVER.

         The  waiver by Lessor of any term,  covenant,  agreement  or  condition
herein contained shall not be deemed to be a waiver of any subsequent  breach of
the same or any other term,  covenant,  agreement or condition herein contained,
nor shall any custom or  practice  which may grow up between  the parties in the
administration  of this  Lease be  construed  to waive or to lessen the right of
Lessor to insist upon the performance by Lessee in strict accordance with all of
the terms,  covenants,  agreements and conditions of this Lease.  The subsequent
acceptance of rent hereunder by Lessor shall not be deemed to be a waiver of any
preceding breach by Lessee of any term, covenant, agreement or condition of this
Lease,  other than the failure of Lessee to pay the particular rent so accepted,
regardless  of  Lessor's  knowledge  of such  preceding  breach  at the  time of
acceptance of such rent.

     27. SALE BY LESSOR; LESSOR'S LIABILITY.

         27.1 In the event the  original  Lessor  hereunder,  or any  successor,
shall sell or convey its interest in the  Property,  Lessee  agrees to attorn to
such new owner.  In the event of such sale,  Lessor  shall  transfer  to the new
owner the balance of the Deposit, if any, remaining after

                                       15
<PAGE>

lawful  deductions  and,  after  notice  to  Lessee,  shall be  relieved  of all
liability with respect to the Deposit.

          27.2 The term  "Lessor" as used in this Lease so far as  covenants  or
obligations  on the part of Lessor  are  concerned  shall be limited to mean and
include  only  the  owner or  owners  at the time in  question  of the  lessee's
interest in a ground  lease of the Land on which the  Building  and the Premises
are located, or if no such ground lease exists, the owner or owners of fee title
to the Land. In the event of any transfer or  conveyance  by any Lessor,  of its
Interest,  such  Lessor  shall be  automatically  freed  and  relieved  from all
liability and obligations accruing or to be performed from and after the date of
such transfer or  conveyance.  The covenants and  obligations  contained in this
Lease on the part of Lessor  shall be  binding  on Lessor,  its  successors  and
assigns, only during the periods during which it is a Lessor.

         27.3 In the event Lessor is a trust or general or limited  partnership,
Lessor's liability respecting the performance of any covenants or obligations on
the part of Lessor contained in this Lease shall be limited to the assets of the
trust or  partnership,  and Lessee  shall  have no right to  proceed  against or
recover from any trustee or partner of Lessor, individually or collectively.

     28. NO LIGHT AND AIR EASEMENT.

         Any  diminution or shutting off of light or air by any structure  which
may be erected on lands  adjacent to or in the vicinity of the Building shall in
no way affect  this  Lease,  abate rent or  otherwise  impose any  liability  on
Lessor.

     29. FORCE MAJEURE.

         Lessor shall not be  chargeable  with,  liable for, or  responsible  to
Lessee for  anything or in any amount for any failure to perform or delay caused
by fire, earthquake,  explosion,  flood, hurricane, the elements, acts of God or
the  public  enemy,  action,  restrictions,   limitations,  or  interference  of
governmental  authorities or agents,  war,  invasion,  insurrection,  rebellion,
riots,  strikes or lockouts or any other cause whether  similar or dissimilar to
the  foregoing  which is beyond  the  reasonable  control of Lessor and any such
failure or delay due to said  causes or any of them shall not be deemed a breach
of or default in the performance of this Lease.

     30. ESTOPPEL CERTIFICATES.

         Lessee shall at any time and from time to time upon not less than three
(3) days prior written notice from Lessor  execute,  acknowledge  and deliver to
Lessor a statement (an "Estoppel Certificate") in writing in the form of Exhibit
"E".  Any  such  Estoppel  Certificate  may be  relied  upon by any  prospective
purchaser or lender upon the security of the fee interest or leasehold estate in
the Land or Property.

     31. RIGHT TO PERFORMANCE.

         All covenants and agreements to be performed by Lessee under any of the
terms of this  Lease  shall be  performed  by Lessee at  Lessee's  sole cost and
expense.  If Lessee shall fail to pay any sum of money required to be paid by it
hereunder,  or shall fail to perform  any other act on its part to be  performed
hereunder,  and such  failure  shall  continue  for ten (10) days after  written
notice thereof to Lessee  (provided that no notice shall be required in cases of
emergency),  Lessor may, but shall not be obligated so to do, without waiving or
releasing  Lessee  from any  obligations  of Lessee,  make any such  payment and
perform any other act on Lessee's  part to be made or  performed  as provided in
this  Lease.  All  sums so paid by  Lessor  and  all  costs  incidental  thereto
(including reasonable attorneys' fees), together with interest thereon, shall be
payable by Lessee on demand, and Lessee hereby covenants to pay any and all such
sums as rent.

If Lessee  fails to pay when due any Rental or other  amounts  or charges  which
Lessee is  obligated  to pay under the Terms of this Lease,  the unpaid  amounts
shall bear interest at the maximum rate then allowed by law. Lessee acknowledges
that the late  payment of any Monthly  Installments  of Rental or other  charges
will cause Lessor to lose the use of that money and incur costs and expenses not
contemplated under this Lease, including without limitation,  administrative and
collection  costs and processing and  accounting  expenses,  the exact amount of
which is extremely difficult to ascertain.  Therefore,  in addition to interest,
if any, such installment is not received by Lessor within ten (l0) days from the
date it is due, Lessee shall pay Lessor a late charge equal to ten percent (10%)
of such installment.  Lessor and Lessee agree that this late charge represents a
reasonable  estimate  of such costs and  expenses  and is fair  compensation  to
Lessor for the loss suffered from such  nonpayment by Lessee.  Acceptance of any
interest or late charge shall not  constitute a waiver of Lessee's  default with
respect to such  nonpayment  by Lessee nor prevent  Lessor from  exercising  any
other rights or remedies available to Lessor under this Lease.

     32. LESSOR'S DEFAULT.

         32.1 Lessor shall not be deemed to be in default in the  performance of
any obligation required by it under

                                       16
<PAGE>

this Lease  unless and until it has failed to  perform  such  obligation  within
thirty (30) days after written  notice by Lessee to Lessor,  specifying  wherein
Lessor has failed to perform  such  obligation;  provided  that if the nature of
Lessor's obligation is such that more than thirty (30) days are required for its
performance,  Lessor  shall not be in  default if Lessor  commences  to cure the
default within such 30-day period and thereafter  diligently prosecutes the same
to completion.

         32.2 Lessee hereby waives and  relinquishes  any right which Lessee may
have to  terminate  this  Lease  or  withhold  rent on  account  of any  damage,
condemnation,  destruction  or state of disrepair  of the  Premises  (including,
without limiting the generality of the foregoing,  those rights under California
Civil Code ss.ss.1932,  1933(4),  1941, 1941.1 and 1942).  Lessee's remedy for a
breach of this Lease  shall be limited  to any  action for  damages,  injunctive
relief or specific performance of this Lease.

          32.3  Lessee  agrees to give all  beneficiaries  under  first deeds of
trust,  by registered  mail, a copy of any notice of default served upon Lessor,
provided that prior to such notice Lessee has been notified,  in writing (by way
of Notice of Assignment of Rents and Leases,  or  otherwise),  of the address of
such  beneficiaries.  Lessee  further agrees that if Lessor shall have failed to
cure such default within the time provided for in this Lease, then before Lessee
pursues  its  other  remedies,  such  beneficiaries  shall  have  (but  not  the
obligation) an additional thirty (30) days within which to cure such default, or
if such default cannot be cured within that time,  then such  additional time as
may  be  necessary,  provided  that  if  within  such  thirty  (30)  days,  such
beneficiary has commenced and is diligently  pursuing the remedies  necessary to
cure such default  (including  but not limited to  commencement  of  foreclosure
proceedings, if necessary to effect such cure).

     33. EXECUTION OF LEASE BY LESSOR.

         The submission of this document or examination and negotiation does not
constitute an offer to lease,  or a reservation  of, or option for the Premises;
and this document becomes effective and binding only upon execution and delivery
hereof by Lessee and by Lessor.  No act or omission of any  employee or agent of
Lessor or of Lessor's broker shall alter, change or modify any of the provisions
of this Lease.

     34. PARKING FACILITIES.

         So long as Lessee complies with the terms, provisions and conditions of
this Lease,  Lessor shall  maintain and operate,  or cause to be maintained  and
operated, automobile parking facilities as they may exist from time to time (the
"Parking  Facilities") in, adjacent to or within a reasonable  distance from the
Building.  Lessee's  privileges  during  such time with  respect to the  Parking
Facilities shall be in accordance with the provisions of Exhibit "F". As used in
this Lease, the term "Parking  Facilities"  shall be deemed to refer only to the
structures or improvements  constructed  exclusively for automobile parking, and
shall not include elevators, ramps, roadways and other routes for pedestrian and
vehicular access to the Parking Facilities.

     35. NOTICES.

         All notices and demands which may or are required to be given by either
party to the other  hereunder shall be deemed to have been fully given when made
in writing and  deposited in the United  States mail,  certified or  registered,
postage prepaid, and addressed as follows: To Lessee, to _______________________
________________________________________________________________________________
_____________  or to the Premises;  to Lessor, to Building Manager, 1875 Century
Park East,  Los  Angeles,  California  90067 with a copy to Lessor at 2716 Ocean
Park  Boulevard,  P.O. Box 2114,  Santa Monica,  CA. 90406,  Attention:  General
Counsel,  and a copy to Teachers  Insurance and Annuity  Association of America,
730 Third Avenue, New York, New York 10017, Attention: Mortgage Loan Department,
or to such other place or places as Lessor may from time to time  designate in a
notice to Lessee.

     36. MISCELLANEOUS.

         36.1 If Lessee is a corporation,  each individual  executing this Lease
on behalf of Lessee  represents  and warrants that he/she is duly  authorized to
execute  and  deliver  this  Lease on behalf of  Lessee  and that this  Lease is
binding upon Lessee in accordance  with its terms. If Lessee is a partnership or
trust,  each individual  executing this Lease on behalf of Lessee represents and
warrants  that he/she is duly  authorized  to execute and deliver  this Lease on
behalf of  Lessee in  accordance  with the  terms of such  entity's  partnership
agreement or trust agreement,  respectively; and that this Lease is binding upon
Lessee in  accordance  with its  terms,  and  Lessee  shall,  concurrently  with
execution  of this  Lease,  deliver  to  Lessor  such  certificates  or  written
assurances as Lessor may reasonably  request  authorizing  the execution of this
Lease.

         36.2 This Lease  contains  the entire  agreement  between  the  parties
respecting the lease of the Premises

                                       17
<PAGE>

and all  matters  covered or  mentioned  herein.  This Lease may not be altered,
changed or amended  except by an  instrument  in writing  signed by both parties
hereto.

         36.3 The illegality, invalidity or unenforceability of any provision of
this Lease  shall in no way impair or  invalidate  any other  provision  of this
Lease, and such remaining provisions shall remain in full force and effect.

         36.4 All provisions,  whether  covenants or conditions,  on the part of
Lessee shall be deemed to be both covenants and conditions.

         36.5 Other than NELSON SHELTON & ASSOCIATES  ("Broker"),  Lessee hereby
warrants and represents  that it has not employed or dealt with any other broker
or finder in  connection  with this Lease.  Lessee  hereby agrees to hold Lessor
harmless  from any and all claims of any other  broker or finder on account of a
brokerage  commission  or finder's fee in  connection  with the  negotiation  or
execution of this Lease.

         36.6 The words  "Lessor" and "Lessee" as used herein shall  include the
plural as well as the  singular.  Words used in  masculine  gender  include  the
feminine and neuter. If there be more than one Lessee, the obligations hereunder
imposed upon Lessee shall be joint and several.  The paragraph  headings of this
Lease  are  not a part  of  this  Lease  and  shall  have  no  effect  upon  the
construction  or  interpretation  of any  part  hereof.  The  terms,  covenants,
conditions and agreement herein  contained  shall,  subject to the provisions of
Paragraphs  12 and 27,  above,  apply to and bind the heirs,  successors,  legal
representatives  and assigns of the parties hereto. This Lease shall be governed
by and construed pursuant to the laws of the State of California.

         36.7 All  exhibits  attached to this Lease are hereby  incorporated  by
this reference and made a part hereof. In the event of variation or discrepancy,
the duplicate original hereof (including exhibits,  if any) held by Lessor shall
control.

         36.8 Lessor and Lessee agree that in all events this Lease shall not be
recorded by Lessee.

         36.9 Subject to the provisions of Paragraph 29, above, time shall be of
the essence of this Lease and of each of the provisions hereof.

         36.10 No remedy or election  given by any provision of this Lease shall
be deemed exclusive unless

so indicated, but it shall, whenever possible, be
cumulative with all other remedies in law or equity.

         36.11 Any  obligation of Lessor under this Lease may be fulfilled by an
agent, employee or independent contractor of Lessor.

        IN WITNESS WHEREOF,  the parties have executed this Lease on the day and
year fast above written.

"LESSEE"

VIRTUAL STOCK MARKET, INC.,
a California corporation

By: /s/ Michael B. Cratty
----------------------------------
Its: President/CEO
     -----------------------------

By:
----------------------------------
Its:
     -----------------------------

"LESSOR"

1875/1925 CENTURY PARK EAST COMPANY,
a California general partnership

By: Watt Family Properties, Inc.
    dba Watt Management Company
    Its Agent

By:  Austin McReynolds
    -----------------------------
          Vice President

                                       18
<PAGE>

This  entire  rider  ("Rider")  is  attached  to and  made a part of that  Lease
Agreement  and  Exhibits  A-F (the  "Lease")  dated  4-6  ,1999  by and  between
1875/1925  CENTURY PARK EAST COMPANY  ("Lessor") and VIRTUAL STOCK MARKET,  INC.
("Lessee"). In the event of any inconsistencies between the terms and provisions
of the Riders and those of the Lease, the Rider shall control.

                                     RIDER A
                               TENANT IMPROVEMENTS

Lessee  accepts  the  Premises in their "as is"  condition,  except  Lessor,  at
Lessor's sole cost and expense, through Lessor's contractor,  shall demolish the
walls indicated on Exhibit A-1 attached hereto and made a part hereof and carpet
and paint the Premises with Building standard materials.  Lessee, at its option,
shall select said Building standard materials.

Any additional changes or improvements to the Premises by Lessee,  either now or
at any time during the Term of this Lease,  shall be made at Lessee's  sole cost
and expense,  with the approval and under the  direction of Lessor and employing
the services of contractors  reasonably approved by Lessor, which approval shall
not be  withheld  or  delayed,  and in  accordance  with  any  other  applicable
provisions  of this Lease.  These costs  shall  include,  but not be limited to,
space planning,  working drawings,  engineer drawings, plan and permit fees, and
all other  costs  attributed  to such  changes or  improvements.  In all events,
Lessee shall use Lessor's  subcontractors for all mechanical,  electrical,  HVAC
and plumbing work.

                                       19
                                                                             ???
                                                                    INITIAL HERE
                                                                             ???

<PAGE>

                                     RIDER B
                             SUBSTANTIAL COMPLETION

"Substantial  Completion"  shall be defined as the completion of installation of
those Standard  Installation  items selected by Lessee to be installed by Lessor
pursuant to Rider "A" of this Lease except for:

         (1)      Those  Standard   Installations  which  cannot  reasonably  be
                  installed or the installation of which is delayed by reason of
                  Lessee's non-standard require- ments; and

         (2)      Any non-standard  installations  or improvements  specified by
                  Lessee,  and

         (3)      The completion of those minor Standard Installations where the
                  failure to complete such minor  Standard  Installations  would
                  not  unreasonably  interfere with Lessee's  ability to conduct
                  business within the Premises.

Any delay  attributable to Lessee shall not delay the  Commencement  Date beyond
the date outlined in Paragraph 2.l(a) of this Lease.

                                    RIDER C
                                DIRECTORY STRIPS

Lessor,  at Lessor's sole cost and expense,  shall initially provide and install
on the ground floor  Building  directory  five (5) directory  strips for Lessee.
Lessor shall charge Lessee the costs for subsequent  changes or revisions to the
directory strips arid for additional directory strips as requested by Lessee.

                                                                             ???
                                                                    INITIAL HERE
                                                                             ???

                                       20
<PAGE>

                             1875 Century Park East

                                 [IMAGE OMITTED]

                            FLOOR PLAN of 18th FLOOR

                                   18th FLOOR

VIRTUAL STOCK MARKET, INC.,
a California corporation
1875 Century Park East
Suite 1880

2,443 Net rentable square feet
(2,712 rentable square feet)

                                   EXHIBIT A

                                                                             ???
                                                                    INITIAL HERE
                                                                             ???

<PAGE>

                                 [IMAGE OMITTED]

                            FLOOR PLAN OF SUITE 1880

//// - demolish

                                   WATT PLAZA
                             1875 Century Park East
                                   Suite 1880

                           2,712 Rentable Square Feet
                           (2,443 Usable Square Feet)

                                                                             ???
                                                                    INITIAL HERE
                                                                             ???

<PAGE>

                                   EXHIBIT "B"

                               DESCRIPTION OF LAND

PHASE I PARCEL

That  portion  of Parcel B in the City of Los  Angeles,  County of Los  Angeles,
State of  California,  as shown on Parcel  Map L.A.  No.  3247 filed in Book 69,
Pages 93 and 94 of Parcel  Maps in the  Office of the  County  Recorder  of said
County,  and those  portions of Lots 4 and 5 of Tract No.  30364,  in said City,
County and State,  as per Map  recorded in Book 803 pages 63 and 64 of Maps,  in
said County Recorder's Office.

PHASE II PARCEL

Those  portions of Lots 4 and 5 of Tract No. 30364,  in the City of Los Angeles,
County of Los  Angeles,  State of  California,  as per Map  recorded in Book 803
Pages 63 and 64 of Maps,  in the Office of the County  Recorder of said  County,
lying northeasterly of the southeasterly  prolongation of that certain course in
the  southwesterly  boundary of Parcel B of Parcel Map L.A.  No.  3247,  in said
City, County and State,  filed in Book 69 Pages 93 and 94 of Parcel Maps in said
County Recorder's Office.

EXHIBIT "C"

STANDARDS FOR UTILITIES AND SERVICES

         The following  are the  Standards  for  Utilities and Services.  Lessor
reserves the right to adopt such reasonable non-discriminatory modifications and
additions hereto as it deems appropriate.

         As long as Lessee is not in default under any of the terms,  covenants,
conditions,  provisions or agreements  of this Lease,  Lessor shall,  subject to
limitations and provisions hereinafter set forth in this Exhibit C:

                  (a) Provide  automatic  elevator  facilities on Monday through
         Friday from 8 A.M. to 6 P.M.,  and on Saturdays  from 8 A.M. to 1 P.M.,
         excepting state and federal holidays,  and have one automatic  elevator
         available at all other times.

                  (b) Provide to the  Premises,  during the times  specified  in
         Paragraph  (a) hereof (and at other times for a  reasonable  additional
         charge  to  be  fixed  by  Lessor),  heating,   ventilation,   and  air
         conditioning  (HVAC), when in the judgment of Lessor it may be required
         for the comfortable  occupancy of Premises for general office purposes.
         Lessor  shall not be  responsible  for room  temperatures  if  Lessee's
         lighting and  receptacle  load exceed  those  listed in  Paragraph  (c)
         hereof,  or if the  Premises  are used for other  than  general  office
         purposes.

                  (c)  Furnish to the  Premises  during the times  specified  in
         Paragraph  (a) hereof,  electric  current for routine  lighting and the
         operation of general  office  machines such as  typewriters,  dictating
         equipment, desk model adding machines, and the like, which use 110 volt
         electric  power,  not to exceed the  reasonable  capacity  of  Building
         standard office lighting and  receptacles,  and not in excess of limits
         imposed by governmental authority. Lessee agrees, should its electrical
         installation  or electrical  consumption  be in excess of the aforesaid
         use or extend beyond the times specified in Paragraph (c), to reimburse
         Lessor for the excess  utilities as provided in  Paragraph  11.2 of the
         Lease.

                  (d)  Furnish  water  for  drinking   fountains  and  restrooms
         provided by Lessor.

                  (e) Provide janitorial services to the Premises Monday through
         Friday (except state and federal holidays),  provided the same are used
         exclusively as offices,  and are kept reasonably in order by Lessee. If
         Premises are not used exclusively as offices,  they shall be kept clean
         and in order by Lessee, at Lessee's expense, and to the satisfaction of
         Lessor,  and by persons approved by Lessor.  Lessee shall pay to Lessor
         the cost of  removal of any of  Lessee's  refuse  and  rubbish,  to the
         extent that the same exceeds the refuse and rubbish  usually  attendant
         upon the use of the premises for general office purposes.

         No electrical equipment, air conditioning or heating units, or plumbing
additions  shall be  installed,  nor shall any,  changes to the  Building  HVAC,
electrical or plumbing systems be made without prior written approval of Lessor,
which consent shall be subject to Lessor's sole and absolute discretion.  Lessor
reserves the right to designate  and/or  approve the  contractor to be used. Any
permitted  installations shall be made under Lessor's supervision,  Lessee shall
pay any additional cost on account of any increased support to the floor load or
additional  equipment  required for such  installations,  and such installations
shall otherwise be made in accordance with Paragraph 7.2 of the Lease.

                                       B&C
<PAGE>

          Lessor  shall not provide  reception  outlets or  television  or radio
antennas  for  television  or radio  broadcast  reception,  and Lessee shall not
install any such equipment without prior written approval from Lessor.

           Lessee will not,  without  prior written  consent of Lessor,  use any
apparatus,  machine or device in the Premises,  including,  without  limitation,
duplicating machines,  electronic data processing machines,  punch card machines
and  machines  using  current  in excess  of 110  volts,  which  will in any way
increase the amount of  electricity  or water usually  furnished or supplied for
use of the Premises as general office space, nor connect with electric  current,
except through  existing  electrical  outlets in the Premises,  any apparatus or
device for the  purpose  of using  electric  current  in excess of that  usually
furnished or supplied for use of the Premises as general office space.

           Lessee  agrees to cooperate  fully at all times with  Lessor,  and to
abide by all  regulations  and  requirements  which Lessor may prescribe for the
proper functioning and protection of the Building HVAC,  electrical and plumbing
systems.   Lessee  shall  comply  with  all  laws,   statutes,   ordinances  and
governmental  rules  and  regulations  now in force or which  may  hereafter  be
enacted or promulgated  in connection  with building  services  furnished to the
Premises,  including,  without  limitation,  any governmental rule or regulation
relating to the heating and cooling of the Building.

         Lessor reserves the right to reduce,  interrupt or cease service of the
heating,  air  conditioning,   ventilation,  elevator,  plumbing,  and  electric
systems,  when  necessary,  by reason of  accident,  emergency  or  governmental
regulations  or for  repairs,  additions,  alterations  or  improvements  to the
Premises  or  the  Building  until  said  repairs,  additions,   alterations  or
improvements shall have been completed, and shall further have no responsibility
or liability for failure to supply elevator facilities,  plumbing,  ventilating,
air conditioning,  or utility services,  when prevented from so doing by strike,
lockout  or  accident,  or by any  cause  whatever  beyond  Lessor's  reasonable
control,  or by laws,  rules,  orders,  ordinances,  directions,  regulations or
requirement of any federal, state, county or municipal authority,  labor trouble
or any other cause  whatsoevcr,  or failure of coal,  gas, oil or other suitable
fuel supply or  inability  by exercise of  reasonable  diligence to obtain coal,
gas, oil or other suitable fuel. It is expressly  understood and agreed that any
covenants, conditions, provisions or agreements of this Lease, or performance of
any act or thing for the  benefit  of Lessee  shall  not be deemed  breached  if
Lessor is unable to  furnish or  perform  the same by virtue of a strike,  labor
dispute, lockout, laws, rules, orders,  ordinances,  directions,  regulations or
requirements  of an federal,  state,  county or municipal  authority,  accident,
breakage,  or repairs,  or any other cause whatever beyond  Lessor's  reasonable
control,  or where  reasonable  efforts are made to restore  service,  nor shall
Lessee's rent be abated by such failure of services.

                                  EXHIBIT "D"

                             RULES AND REGULATIONS

          1. The  sidewalks,  entrances,  parking areas,  elevators,  stairways,
corridors,  lobbies or halls  shall not be  obstructed  or used for any  purpose
other than ingress and egress.

          2. No  curtains,  blinds or shades shell bc attached to or hung in, or
used in connection with, any window of the Premises other than Lessor's standard
blinds.   The  interior  of  any  windows  shall  not  be  coated  or  otherwise
sunscreened.

          3. No sign,  advertisement,  notice or  handbill  shall be  exhibited,
painted or affixed by any Lessee on any part of the  Premises,  the  Building or
the Property.  The directory is provided exclusively for the display of the name
and location of Lessees only and Lessor  reserves the right to exclude any other
names therefrom. Nothing may be placed on corridor walls or corridor doors other
than Lessor's standard lettering.

          4. No Lessee shall mark,  paint,  drill into, or in any way deface any
part of the Premises, Building or Property.

          5. No bicycles, vehicles, birds or animals except for Seeing Eye dogs,
of any  kind  shall be  brought  into or kept in or about  the  Premises  or the
Building, and no cooking (except micro wave) shall be permitted by Lessee on the
Premises,  except that the preparation of coffee, tea, hot chocolate and similar
items for Lessee and Lessee's  Employees shall be permitted provided power shall
not exceed that amount  which can be  provided  by a 30 amp  circuit.  No Lessee
shall  cause or permit any unusual or  objectionable  odors to be produced or to
permeate the Premises or the Building.

          6. The Premises shall not be used for manufacturing or for the storage
of  merchandise  except  as such  storage  may be  incidental  to the use of the
Premises  for general  office  purposes.  No Lessee  shall  occupy or permit any
portion of the  Premises to be occupied as a medical  office,  or as a barber or
manicure shop, or as an employment bureau without the express written consent of
Lessor.

                                       D
<PAGE>
         7. No Lessee shall make, or permit to be made, any disturbing noises or
interfere  with  occupants  of this  Building or those  having  business  there,
whether by the use of any musical instrument, radio, phonograph,  unusual noise,
or in any other way.

         8. No Lessee nor any of Lessee's  Employees  shall at any time bring or
keep  within the  Premises  or the  Building  any  inflammable,  combustible  or
explosive fluid, chemical or substance.

         9. No additional locks or bolts of any kind shall be placed upon any of
the doors by  Lessee,  nor shall any  changes be made in  existing  locks or the
mechanism thereof. Lessee must, upon the termination of its tenancy,  restore to
Lessor all keys of stores,  offices,  and toilet rooms,  either  furnished to or
otherwise proctored by Lessee and in the event of the loss of keys so furnished,
Lessee  shall pay to Lessor the cost of  replacing  the same or of changing  the
lock or locks  opened by such lost key if Lessor shall deem it necessary to make
such changes.

          10. The carrying in or out of any safes, freight,  furniture, or bulky
matter of any description  must take place during the hours which the Lessor may
determine and the moving of safes or other  fixtures or bulky or heavy matter of
any  kind  must be done  upon  previous  notice  to the  Lessor  and  under  his
supervision,  and the  persons  employed  by any  Lessee  for such  work must be
acceptable  to the Lessor,  but such persons  shall not be agents of the Lessor,
and  Lessee  shall be  responsible  for all  acts of such  persons.  The  Lessor
reserves  the  right to  inspect  all  safes,  freight  or other  bulky of heavy
articles to be brought  into the  Building  and to exclude from the Building all
safes, freight or other bulky or heavy articles which violate any of these Rules
and  Regulations or the Lease of which these Rules and  Regulations  are a part.
The Lessor reserves the right to prescribe the weight and position of all safes,
freight,  furniture or bulky or heavy matter, which must be placed upon supports
approved by Lessor to distribute the weight.

         11. No Lessee  shall  purchase  water,  ice,  janitorial  or other like
services, from any person or persons not approved by Lessor.

         12.  Lessor  shall have the right to prohibit  any  advertising  by any
Lessee which, in Lessors reasonable  opinion,  tends to impair the reputation of
the Building or its  desirability  as an office building and upon written notice
from Lessor, Lessee shall discontinue such advertising.

         13. Lessor reserves the right to exclude from the Building  between the
hours of 7 P.M.  and 6 A.M.  and at all hours on Sundays  and state and  federal
holidays all persons who are not authorized by Lessee.  Such authorization shall
be in accordance with procedures  established by Lessor. Lessor shall in no case
be liable for damages for any error with regard to the admission to or exclusion
from the Building of any person.

         14.  Any  persons  employed  by  Lessee  to do any work in or about the
Premises shall, while in the Building and outside of the Premises, be subject to
and  under the  control  and  direction  of the  Lessor  (but not as an agent or
servant  of  Lessor),  and  Lessee  shall  be  responsible  for all acts of such
persons.

         15. All doors  opening  onto  public  corridors  shall be kept  closed,
except when in use for ingress and egress.

         16. Canvassing,  soliciting and peddling in the Building are prohibited
and each Lessee shall cooperate to prevent the same.

         17. All office  equipment of any electrical or mechanical  nature shall
be placed by Lessee in the Premises in settings approved by Lessor, to absorb or
prevent any vibration, noise and annoyance.

         18. Smoking is not permitted in the Premises, as provided by law.

                                   EXHIBIT "E"

                              ESTOPPEL CERTIFICATE
Date:

Teachers Insurance and Annuity
Association of America
730 Third Avenue
New York, New York 10017

     Re: Address:

               Your Appl. # CAL--2588
               Century Park East Offices
               Los Angeles, California

Gentlemen:

It is our understanding  that you have committed to place a mortgage upon and to
acquire an interest in the subject premises and as a condition precedent thereof
have required this certification by the undersigned.

                                       E
<PAGE>
The undersigned,  as Lessee, under that certain lease dated _____________,  made
with 1875/1925  Century Park East Company,  as Lessor,  hereby ratifies the said
lease and  certifies  that the  undersigned  has entered  into  occupancy of the
premises  described in said lease on  ___________  and the minimum Rental in the
monthly amount of ________  ________ was payable from that date; that said lease
is in full force and effect and has not been assigned, modified, supplemented or
amended in any way (except by agreement(s)  dated  ____________);  that the same
represents the entire agreement between the parties as to this leasing; that the
term of said lease expires on ____________; that all conditions under said lease
to be  performed  by the Lessor  have been  satisfied,  including,  but  without
limitation, all cotenancy requirements thereunder, all required contributions by
Lessor to Lessee on account of Lessee's improvements have been received,  and on
this date there are no existing  defenses or offsets which the  undersigned  has
against the enforcement of said lease by the Lessor,  that no rent has been paid
in advance  and no security  (or in the amount of $_______ ) has been  deposited
with Lessor, and that rental for _______, 19__, has been paid.

Very truly yours,
                                  EXHIBIT "F"

                               PARKING FACILITIES

         So long as the Lease dated 4-6-99 between  1875/1925  Century Park East
Company  ("Lessor")  and VIRTUAL STOCK  MARKET,  INC.  ("Lessee")  pertaining to
Premises located at 1875 Century Park East, Los Angeles,  California  remains in
effect and Lessee is not in default  thereunder.  Lessee and Lessee's designated
employees shall bc entitled during the Term thereof upon reasonable prior notice
to acquire  monthly parking  licenses,  privileges or leases for up to eight (8)
automobiles, in the aggregate, at the monthly rates or charges from time to time
applicable to monthly parking for the particular class of parking. In each ease,
Lessee (or its designated  employee)  shall cater into parking license or rental
agreement  or other  arrangement  then in use by Lessor (or its  operator)  with
respect to such monthly parking.

         A  condition  of any  parking  shall be  compliance  by the parker with
garage  rules  and  regulations  and all  non-discriminatory  modifications  and
additions  thereto  from  time to time  put  into  effect  by  Lessor  (and  its
operator),  including any sticker or other identification  system established by
Lessor (and its operator). Lessor (and its operator) shall not be responsible to
Lessee for the non-performance of any of said rules and regulations by any other
parker. The proposed rules for the Parking Facilities are as follows:

                             RULES AND REGULATIONS

         1. Garage hours shall be 6:00 A.M. to 9:00 P.M.,  Monday through Friday
and 6:00 A.M. to 4:00 P.M on Saturday, State and federal holidays excepted.

         2.  Automobiles  must be parked  entirely within the stall lines on the
floor.

         3. All directional signs and arrows must be observed.

         4. The speed limit shall be 5 miles per hour.

         5. Parking is prohibited in areas not striped for parking.

         6.  Parking  stickers  or any other  device  or form of  identification
supplied by Lessor (or its operator) shall remain the property of Lessor (or its
operator). Such parking identification device must be displayed as requested and
may  not  be  mutilated  in  any  manner.  The  serial  number  of  the  parking
identification  device may not be obliterated.  Devices are not  transferable or
assignable  and any device in the possession of an  unauthorized  holder will be
void. There will be a replacement  charge to the Lessee or person  designated by
Lessee for loss of any parking card.

         7. The monthly rate for parking is payable one (1) month in advance and
must be paid by the third  business  day of each  month.  Failure  to do so will
automatically  cancel parking  privileges  and a charge at the prevailing  daily
rate will be due. No deductions or allowances from the monthly rate will be made
for days parker does not use Parking Facilities.

         8. Lessee may validate visitor parking by such method or methods as the
Lessor  may  approve,  at the  validation  rate  from  time  to  time  generally
applicable to visitor parking.

         9.  Lessor  (and its  operator)  may  refuse to permit  any  person who
violates the within rules to park in the garage,  and any violation of the rules
shall subject the automobile to removal from the garage at the parker's expense.
In either of said  events,  Lessor  (or its  operator)  shall  refund a pro rata
portion of the current monthly parking rate and the sticker or any other form of
identification  supplied by Lessor (or its operator)  will be returned to Lessor
(or its operator).
                                                                             ???
                                                                    INITIAL HERE
                                                                             ???

                                       F
<PAGE>

         10. Garage  managers or attendants  arc not authorized to make or allow
any exceptions to these Rules and Regulations.

         11. Every parker is required to park and lock his own  automobile.  All
responsibility  for any loss or damage to automobiles  or any personal  property
therein is assumed by the parker.

         12. Loss or theft of parking  identification  devices from  automobiles
must be reported to the garage manager immediately,  and a lost or stolen report
must be filed by the parker at that time.

         13. The  Parking  Facilities  arc for the sole  purpose of parking  one
automobile per space. Washing,  waxing,  cleaning or servicing of any vehicle by
the parker or his agents is prohibited.

         14. Lessor (and its operator) reserves the right to refuse the issuance
of monthly stickers or other parking identification devices to any Lessee and/or
its employees who refuse to comply with the above Rules and  Regulations and all
posted and unposted City, State or Federal ordinances, laws or agreements.

         15.  Lessee  agrees to  acquaint  all  employees  with these  Rules and
Regulations.Accrued Liabilities Agreement

THIS  AGREEMENT  is made and  entered  into as of August 9, 1999 by and  between
Online Stock Market Group ("OSMG"), a California  Corporation,  and Online Stock
Market, Inc. ("OSMi"), a California Corporation.

RECITALS:

This agreement is made with reference to the following facts:

A.   OSMi is a  registered  broker/dealer,  a  member  in good  standing  of the
     National  Association of Securities  Dealers ("NASD"),  and a subsidiary of
     OSMG.

B.   As a member of the NASD, OSMi is subject to certain rules (the "Net Capital
     Rules") designed to maintain the general financial  integrity and liquidity
     of a broker/dealer.

C.   It is in the best interests of OSMG that OSMi be in compliance with the Net
     Capital Rules.

D.   To this end, OSMG wishes to act as a guarantor of the significant debts and
     liabilities of OSMi.

NOW, THEREFORE, it is agreed as follows:

1.   Basic Agreement. OSMG agrees to pay upon written request of OSMi any of the
     significant  debts and  liabilities of OSMi.  Payment shall be prompt,  and
     evidence of payment shall be furnished to OSMi. It shall be the  discretion
     of OSMG to make payment  directly or to transfer  funds for such payment to
     OSMi.

2.   Significant  Liabilities.  The significant debts and liabilities of OSMi to
     which this Agreement applies shall initially consist of the following:

     a.   Rent due Watt Plaza
     b.   Telephone lines and service provided by Pacific Bell
     c.   Toll-free 800 service provided by MCI WorldCom
     d.   Data connection and service by ILX Systems
     e.   DSL connection by Concentric
     f.   Web site hosting by WebCom
     g.   Trading Web site and  transaction  processing  by Automated  Financial
          Systems
     h.   Backoffice and compliance support by RND Resources, Inc.
     i.   Unemployment insurance, worker's compensation, and liability insurance
     j.   General utilities, including cable TV by Adelphia
     k.   Postal meter rental and usage
     l.   Legal services
     m.   Accounting services

     This list may be amended by written agreement of both parties.

3.   Credit Rating.  OSMG agrees that OSMi may use the credit rating and history
     of OSMG to obtain credit on more favorable terms.

4.   Entire  Agreement.   This  Agreement  embodies  the  entire  agreement  and
     understanding  of the parties to this Agreement with respect to its subject
     matter and supersedes  all prior  agreements  and  understandings,  whether
     written or oral, relating to such subject matter.

                                      -1-
<PAGE>

5.   Notices. Any notice under this Agreement shall be deemed sufficiently given
     by one party to another if in writing and if and when delivered or tendered
     either in person or by the deposit of it in the United  States  mail,  in a
     sealed envelope,  registered or certified, with postage prepaid,  addressed
     to the person to whom such notice is being given at such  person's  address
     as may have been given by such person to the other  party for the  purposes
     of notice in accordance with this  subsection.  A notice not given as above
     shall, if it is in writing,  be deemed given if and when actually  received
     by the party to whom it is required or permitted to be given.

6.   Governing  Law.  This  Agreement  shall be  governed  by and  construed  in
     accordance with the laws of the State of California.

7.   Severability.  Any provision of this Agreement prohibited by or unlawful or
     unenforceable under any applicable law of any jurisdiction shall as to such
     jurisdiction be ineffective  without  affecting any other provision of this
     Agreement.  To the  full  extent,  however,  that  the  provisions  of such
     applicable  law may be waived,  they are hereby waived to the end that this
     Agreement  be deemed to be a valid and  binding  agreement  enforceable  in
     accordance with its terms.

8.   Remedies.  The parties to this  Agreement  shall have available to them all
     remedies  for  breach  provided  by law or  equity.  Without  limiting  the
     generality  of the  foregoing,  the  parties  agree that in addition to all
     other rights and remedies  available at law or in equity, the parties shall
     be entitled to obtain specific performance or the obligations of each party
     to this Agreement and immediate injunctive relief and that in the event any
     action  or  proceeding  is  brought  in  equity to  enforce  the  same,  no
     Shareholder  will urge, as a defense,  that there is an adequate  remedy at
     law.

IN WITNESS  WHEREOF,  the parties have executed this Agreement as of the day and
year first above written.

ONLINE STOCK MARKET GROUP

/s/ Michael B. Cratty
----------------------------
Michael B. Cratty
President/CEO

ONLINE STOCK MARKET, INC.

/s/ Michael B. Cratty
----------------------------
Michael B. Cratty
President/CEO

                                      -2-

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