Document:

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                                                                   Exhibit 10.33

                               LEASE AGREEMENT FOR

                                INPHONIC.COM INC.

                                   Suite # 215

                                WATERFRONT CENTER
                           1010 Wisconsin Avenue, N.W.
                              Washington, DC 20007

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
Section                                                                      Page
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<S>                                                                          <C>
WATERFRONT CENTER .......................................................       1

1.       DEMISED PREMISES ...............................................       1

2.       TERM ...........................................................       1

3.       USE ............................................................       2

4.       RENT ...........................................................       3

5.       DEPOSIT ........................................................       4

6.       (A) OPERATING EXPENSFS (Intentionally Omitted) .................       6

7.       CONSUMER PRICE INDEX ESCALATION (Intentionally Omitted) ........       6

8.       ASSIGNMENT AND SUBLETTING ......................................       6

9.       PREMISES IMPROVEMENTS ..........................................       8

10.      ALTERATIONS ....................................................       8

11.      LIENS ..........................................................      10

12.      MAINTENANCE BY LESSEE ..........................................      10

13.      SIGNS AND ADVERTISEMENTS .......................................      11

14.      DELIVERIES AND MOVING OF LESSEE'S PROPERTY .....................      11

15.      LESSEE'S EQUIPMENT .............................................      12

16.      SERVICES AND UTILITIES .........................................      13

17.      LESSEE'S RESPONSIBILITY FOR DAMAGE .............................      14

18.      ENTRY FOR INSPECTIONS- REPAIRS, OR INSTALLATIONS ...............      15

19.      INSURANCE RATING ...............................................      15

20.      INDEMNITY AND PUBLIC LIABILITY INSURANCE .......................      16

21.      WORKER'S COMPENSATION INSURANCE ................................      16

22.      ALL RISK COVERAGE INSURANCE ....................................      16

23.      LESSEE'S CONTRACTOR'S INSURANCE ................................      17

24.      REQIJIREMENTS FOR LESSEE'S INSIJRANCE POLICIES .................      17

25.      LIABILITY FOR DAMAGE TO PERSONAL PROPERTY AND PERSON ...........      18

26.      DAMAGE TO THE BUILDING AND/OR THE DEMISED PREMISES .............      18

27.      DEFAULT OF LESSEE ..............................................      19
</TABLE>

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<TABLE>
<S>                                                                          <C>
28.      REPEATED DEFAULTS ..............................................    20

29.      WAIVER .........................................................    20

30.      SUBORDINATION AND COVENANTS WITH MORTGAGEES ....................    21

31.      CONDEMNATION ...................................................    23

32.      RULES AND REGULATIONS ..........................................    24

33.      RIGHT OF LESSOR TO CURE LESSEE'S DEFAULT .......................    24

34.      LATE CHARGES ...................................................    24

35.      BANKRUPTCY .....................................................    25

36.      NO PARTNERSHIP .................................................    25

37.      NO REPRESENTATIONS BY LESSOR ...................................    25

38.      BROKER AND AGENT ...............................................    25

39.      WAIVER OF JURY TRIAL ...........................................    26

40.      ENFORCEMENT OF LEASE ...........................................    26

41.      NOTICES ........................................................    26

42.      ESTOPPEL CERTIFICATES ..........................................    27

43.      HOLDING OVER ...................................................    27

44.      RIGHTS RESERVED BY LESSOR ......................................    28

45.      COVENANTS OF LESSOR ............................................    29

46.      LIEN FOR RENT (Intentionally Omitted) ..........................    29

47.      EFFECTIVFNESS OF LEASE .........................................    29

48.      TRASH SORTING AND ENVIRONMENTAL LAWS ...........................    29

49.      PARKING ........................................................    30

50.      RECORDATION ....................................................    31

51.      GENDER .........................................................    31

52.      BENEFIT AND BURDEN .............................................    31

53.      GOVERNING LAW ..................................................    31

54.      SAVINGS CLAUSE .................................................    32

55.      CORPORATE LESSEE ...............................................    32

56.      JOINT AND SEVERAL LIABILITY ....................................    32

57.      BUSINESS DAY/WORKING DAY .......................................    32
</TABLE>

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<TABLE>
<S>                                                                          <C>
58.      ENTIRE AGREEMENT ...............................................    33

59.      LESSEE'S REPRESENTATIONS .......................................    33

60.      HEADINGS .......................................................    33

61.      RIGHT-TO-RELOCATE ..............................................    33

62.      RIGHT-TO-MATCH .................................................    34
</TABLE>

                                 LEASE EXHIBITS

EXHIBIT A

EXHIBIT B

EXHIBIT C

EXHIBIT E

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                                WATERFRONT CENTER

                                 LEASE AGREEMENT

     THIS LEASE AGREEMFNT (hereinafter the "Lease") is made and entered into on
this ___ day of February, 2000, by and between Waterfront Center Limited
Partnership, a District of Columbia limited partnership (hereinafter called
"Lessor") and InPhonic.com, a Delaware corporation (hereinafter called
"Lessee.")

     WITNESSETH, that, for and in consideration of the rents, mutual covenants,
and agreements hereinafter set forth, the parties hereto do hereby mutually
agree as follows:

1.   DEMISED PREMISES

     Lessor does hereby lease to Lessee, and Lessee does hereby lease from
Lessor, upon the terms and the conditions hereinafter provided, suite 215, (such
suite being hereinafter referred to as the "Demised Premises") deemed to contain
approximately 2,492 square-feet of area, located on the Second (2nd ) floor of
the office building (currently known as the Waterfront Center) situated at 1010
Wisconsin Avenue, N.W., Washington, DC (such building being hereinafter referred
to as the "Building" and which definition shall also include the four (4) level
townhouse situated at 1002 Wisconsin Avenue, N.W., Washington, DC; and which
definition shall include the parcel of land associated with the Building
currently known as Square 1188, Lot 0118, recorded in the land records of
Washington, DC). The Demised Premises is generally outlined on the floor plan(s)
attached hereto and made a part hereof as Exhibit "A". The Demised Premises
shall not include any of the Building's mechanical, electrical, or equipment
closets/rooms. The statement of approximate area of the Demised Premises set
forth above is not a representation or warranty by Lessor, but is rather an
amount agreed upon by Lessor and Lessee. The square footage of the Demised
Premises shall not be subject to remeasurement.

2.   TERM

     (A) The term of this Lease shall commence on the first (1/st/) day of
March, 2000 (the "Commencement Date.") Unless extended or earlier terminated as
provided in this Lease, the term of this Lease shall expire on the 28/th/ day of
February, 2003 (the "Termination Date.")

     (B) 1. In the event that Lessor shall not be able to give possession of the
Demised Premises on or before the Commencement Date above for any reason, then
Lessor, its Agent ("Agent" hereinafter defined) and employees shall not be
liable or responsible for any claims, damages, or liabilities arising in
connection therewith or by reason thereof, nor shall Lessee be excused from its
obligations to perform under the Lease.

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         2. If an event described in 2(B)1. above has occurred, then upon the
effective date of Lessor's notice to Lessee (which shall contain a minimum of
five (5) days prior notice): i) the Lessee shall occupy the Demised Premises
(the "Occupancy Date,") on the effective date that the Lessor has notified
Lessee in writing; ii) the Commencement Date shall be deemed to be the
first(1/st/) day of the first (1/st/) full calendar month following the
Occupancy Date; and iii)all provisions of this Lease shall also apply to the
period of time from the Occupancy Date through the day before the Commencement
Date, in addition to applying on and after the Commencement Date.

         3. If none of the events described in 2(B)I. above occur, the Lessee
shall occupy the Demised Premises on the Commencement Date as stated above in
2(A), and the Occupancy Date and the Commencement Date shall be deemed to be
one-in-the-same.

     (C) In the event Lessee fails to furnish to Lessor information requested by
Lessor which is required by Lessor to timely proceed with and complete ordering
of materials, preparation and procuring of prices for or for performance of any
Improvements, within two (2) working days from the receipt of Lessor's request
(oral or written) for information, then any delay by Lessor in completing the
Improvements specified in Exhibit "B" shall not in any manner delay or affect
the Commencement Date, including Lessee's obligation to pay Rent from said
Occupancy Date as provided in this Lease.

     (D) For the purpose of this Lease, the term "Occupancy Date" and
"Commencement Date" shall also mean any extended Occupancy Date and Commencement
Date which may be established pursuant to the operation of the provisions of
this section of the Lease.

     (E) The term "Lease Year" as it appears herein means that period of twelve
(12) consecutive calendar months commencing on the first (1/st/) day of the
month in which the Commencement Date (as it may be revised hereunder) occurs and
each consecutive twelve (12) month period thereafter.

3.   USE

     (A) 1. Lessee shall not commence the use of the Demised Premises pursuant
to terms herein prior to the Occupancy Date, without the prior written consent
of Lessor, in Lessor's sole and absolute discretion, and upon such terms as
Lessor may require. Lessee shall use and occupy the Demised Premises solely for
general office purposes only, and in accordance with, and subject to, all
applicable zoning regulations. The Demised Premises shall not be used for any
other purpose or purposes without the prior written consent of Lessor. Lessee
shall not use or occupy the Demised Premises for any unlawful purpose, and will
comply with all present and future laws, ordinances, regulations, and orders of
all governments, government agencies and any other public authority having
jurisdiction over the Demised Premises and will provide Lessor written evidence
of such compliance if so requested in writing by Lessor.

         2. Lessee shall take all action necessary to prevent any conduct or
activity by any of its invitees whomsoever: i) on any common area of the
Building including but not limited

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to any walkway, balcony, or patio, if any, adjacent to the-Demised Premises; or
ii) in the Demised Premises; which may cause injury or damage to any person or
property, or which, in Lessor's opinion, may be disturbing or offensive to, any
other tenants of the Building or to any member(s) of the public in the vicinity
of the Building. The Lessee shall indemnify, defend, and save harmless the
Lessor from any liability, loss, or obligation arising out of, or related to,
any such conduct or activity. Other than for Lessee's customary day-to-day
ingress and egress to the Demised Premises associated only with Lessee's
permitted use hereunder, Lessee shall not use or permit the use of any walk-way,
balcony, or patio for any purpose without the prior written consent of Lessor
(which may be conditioned, without limitation, on Lessee obtaining such
insurance coverage for such use as shall be satisfactory to Lessor).

     (B) The Lessee specifically acknowledges and agrees that it shall not
provide any type of communications, internet (unless such internet service is
through the "web" and not a direct, physical link in or through any part of the
Building,) utility, or other services to any other occupant or tenant in the
Building without the Lessor's prior written consent, which consent may be
conditioned or withheld at the Lessor's sole discretion.

4.   RENT

     (A) Lessee covenants and agrees to pay to Lessor the Rent (as hereinafter
defined) of every kind and nature specified in this Lease. This shall include:
i) Base Rent and Monthly Rent both as hereinafter defined); and ii) any sums,
charges, expenses, and costs identified in this Lease to be paid by Lessee to
Lessor or to a third party if required under this Lease, all of which shall be
deemed additional rent hereunder. All such amounts becoming due hereunder from
Lessee are sometimes hereafter referred to collectively as "Rent." Lessee's
obligation to pay said Rent shall begin on the Occupancy Date and shall continue
to remain an obligation of Lessee until said obligation to pay Rent is
completely satisfied.

     Lessee shall make all payments of Rent: i) each by one (1) check in lawful
currency of the United States of America, payable to "Waterfront Center," and
delivered to R B Associates, Inc., 1054 31st Street, N.W., Suite 1000,
Washington, DC, 20007, or to such other party or to such other address, or
pursuant to such other reasonable direction as Lessor may designate from time to
time by written notice to Lessee; ii) without demand; and iii) without
deduction, set-off, or counterclaim. If Lessor at any time or times accepts Rent
after it shall become due and payable, or in an amount that may actually be less
than that which is actually due, then such acceptance shall not excuse any delay
upon subsequent occasions, or constitute, or be construed as, a waiver of any or
all of Lessor's rights hereunder. In the event any check given by Lessee to
Lessor pursuant to this Lease is dishonored, Lessee shall pay to Lessor, as
additional Rent upon demand, the charges assessed against Lessor by the
financial institution in which the dishonored check was deposited, and Lessor
may require that Lessee pay all subsequent amounts due hereunder in the form (or
similar) of a bank check. No endorsement or statement on any check shall be
deemed an accord or satisfaction and Lessor may accept such check in payment
without prejudice to any of Lessor's rights hereunder. Lessor shall have the
right but not the obligation, to apply any Rent or other amounts received under
this Lease to any

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and all amounts due and payable to Lessor under the Lease, whether described as
Rent or otherwise, in any manner and in any order of payment that Lessor may, in
its sole discretion, desire. To the extent that Lessor accounts for any amounts
received under this Lease by categories, such accounting categories are for
Lessor's convenience of reference only and shall not serve to limit Lessor's
rights hereunder or prevent Lessor from altering such categories or eliminating
one (1) or more such categories in the future.

     (B) On and after the Commencement Date (and in the occurrence of the events
described in section 2(B)1. above, for the period from the Occupancy Date until
the Commencement Date, as set forth in section 4(D) below,) Lessee shall pay to
Lessor for each Lease Year base rent (the "Base Rent") in accordance with the
following schedule:

         Lease Year                                Base Rent - Monthly
         ----------                                -------------------
         One (1)                                   $5,191.67
         Two (2)                                   $5,399.33
         Three (3)                                 $5,615.31

     The monthly installment of rent for the Demised Premises set forth above is
hereinafter referred to as "Monthly Base Rent", which Lessee hereby agrees to
pay in advance to Lessor and Lessor hereby agrees to accept. The term Monthly
Rent as it appears herein is deemed to mean Monthly Base Rent as adjusted
pursuant to any applicable section of the Lease.

     (C) Monthly Rent as specified above shall be payable in advance on the
first (1/st/)day of each calendar month during the ten-n of this Lease, however,
the first (1/st/) such monthly installment shall be due upon affixation of
Lessee's signature hereto. Lessee shall also pay to Lessor with the payment of
Monthly Rent, any and all such payments of additional Rent provided for in this
Lease.

     (D) If the Occupancy Date occurs on a day other than the first (1/st/) day
of a calendar month, said Monthly Rent for such partial month (regardless of the
actual number of days such month has) shall be payable at the rate of one
hundred seventy and 22/100 dollars ($170.22) per day, for each day of that month
from the Occupancy Date until the Commencement Date, payable in advance, as
specified above.

5.   DEPOSIT

     (A) Simultaneously with the execution of this Lease by Lessee, Lessee shall
deposit with Lessor the sum of twenty thousand and 00/100 dollars ($20,000.00)
in the form of an irrevocable Letter of Credit ("L.O.C.") as security to be used
for payment of Rent and to secure the performance by Lessee of all of Lessee's
obligations hereunder. Said L.O.C. shall permit partial draws at a location in
the District of Columbia under a sight draft following Lessee's failure to
fulfill any of Lessee's monetary obligations hereunder following the expiration
of any applicable notice and cure period as may be provided for in the Lease.
The L.O.C. shall also: i) name Lessor and its successors and assigns as the
beneficiaries thereunder; ii) have an expiry date or be automatically renewable
to that date that is not sooner than the last day of the calendar

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month which is the last month of the last Lease Year (as this Lease may be
extended); iii) be issued by a federally regulated and insured financial
institution having an office at which the L.O.C. may be presented for draws
thereunder within the District of Columbia; iv) permit partial draws thereunder
by Lessor in the event of Lessee's default beyond any applicable notice and cure
period hereunder; and v) be issued in accordance with the ICC Uniform Customs
and Practices for Documentary Credits Publication No. 500, and be otherwise
reasonable satisfactory to Lessor. Notwithstanding the expiring date above, if
the Lessee has not and was not in monetary default of the Lease at any time
hereunder for a period of time of twenty-four (24) consecutive calendar months,
Lessee may request of Lessor in writing, the return of the L.O.C., (or portion
thereof) after said twenty-four (24) consecutive month period.

     (B) Simultaneously with the execution of this Lease by Lessee, Lessee shall
also deposit with Lessor, the sum of fifteen thousand five hundred seventy-five
and 01/100 dollars ($15,575.01) as a cash deposit (the "Cash Deposit") to be
used as security for payment of Rent and to secure the performance by Lessee of
all of Lessee's obligations hereunder, said Cash Deposit to be held by Lessor
for the entire term of this Lease and any extensions or renewals thereof.

     (C) 1. The L.O.C. and the Cash Deposit above shall hereinafter,
collectively be referred as (the "Security Deposit".) Lessor shall have the
right, but shall not be obligated, to apply all or any portion of the Security
Deposit toward any and all amounts due and payable hereunder, in the manner
permitted under section 4(A) of this Lease, including but not limited to, unpaid
Rent, or the losses or damages resulting from any default by Lessee. Lessor, in
Lessor's sole judgement, may: i) draw under the L.O.C.; ii) apply funds from the
Cash Deposit; or iii) use any combination of the immediately foregoing (i) and
(ii). In the event Lessor uses any portion of the Security Deposit, Lessee
shall: i) be obligated to promptly deposit with Lessor in cash, the amount
necessary to restore the Security Deposit to its original amount; and ii) only
be entitled accrued interest from the latest date of Lessor's receipt of full
restoration of the Cash Deposit from the Lessee. In the event Lessee fails to
perform its obligations to commence payment of Rent on the Occupancy Date or to
take possession of the Demised Premises by not later than the Commencement Date
provided herein, said Security Deposit shall not be deemed liquidated damages
and Lessor may apply the Security Deposit to reduce Lessors damages, and such
application of the Security Deposit shall not preclude Lessor from recovering
from Lessee all additional damages incurred by Lessor.

         2. Except as hereinafter provided, said Security Deposit shall bear
interest at the passbook rate of interest per annum paid by the financial
institution in which said Security Deposit is placed by Lessor and said interest
shall be held by Lessor together with and as part of the Security Deposit as
aforesaid. At Lessor's option, Lessor may apply the Security Deposit toward
payment to Lessee of any allowance payable to Lessee hereunder in which case no
interest on the Security Deposit shall be payable to Lessee, but in such event
Lessor shall remain responsible for any return of the Security Deposit to which
Lessee may be entitled at the expiration or termination of this Lease., In no
event shall the Security Deposit or any part thereof be required to be placed by
Lessor in any escrow account any such requirement being thereby waived by
Lessee, and it is agreed that said Security Deposit may be commingled with other
funds of Lessor or other deposits (or both).

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6.       (A) OPERATING EXPENSFS    (Intentionally Omitted)

         (A) REAL ESTATE TAXES     (Intentionally Omitted)

         (B) CHAR SERVICE COSTS    (Intentionally Omitted)

7.       CONSUMER PRICE INDEX ESCALATION    (Intentionally Omitted)

8.       ASSIGNMENT AND SUBLETTING

         (A) Lessee may not assign or otherwise transfer this Lease, or sublet
(including permitting occupancy or use by another party) the Demised Premises,
or any part thereof, without the prior written consent of Lessor, such consent
however, which shall not be unreasonably withheld, delayed, or conditioned, so
long as the proposed assignee or sublessee can demonstrate to the Lessor's
reasonable satisfaction that they are of sound professional character and that
they possess the financial capacity to undertake the obligations with respect to
that area which is proposed for assignment or sublease (as the case may be) that
is the - subject of Lessee's request. Such consent of Lessor shall be requested
by Lessee giving Lessor thirty (30) days prior written notice of Lessee's
intention to assign this Lease or sublet all or any part of the Demised
Premises. In the event Lessee seeks permission to sublease all or any part of
the Demised Premises (which such permission Lessee may seek only so long as
there is no uncured event of default hereunder) the notice shall: i) identify
the area of the Demised Premises Lessee seeks to sublease; ii) include the
proposed sublease/assignment document signed by the appropriate parties; and
iii) include such financial information and incorporation/partnership or other
organizational documentation (unless such proposed sublessee/assignee is an
individual) regarding the proposed sublessee/assignee that the Lessor may
require. Within thirty (30) days after receipt of said notice of intent to
assign or' sublease, together with all supporting documentation as aforesaid,
Lessor shall have the option to: i) terminate the Lease, if Lessee desires to
assign this Lease; or ii) terminate the Lease with regard to that portion of the
Demised Premises which Lessee seeks to sublet, or alternately to sublet that
portion of the Demised Premises from Lessee for the term which Lessee desires to
sublet that portion of the Demised Premises; or iii) grant or withhold its
consent to the matters set forth in Lessee's notice of intention to assign or
sublet. Lessor may exercise the option by giving Lessee written notice of its
election to exercise the option, withhold consent, or otherwise, within said
thirty (30) day period. In the event that the rent under any such sublease or
assignment results in rent higher than due under the Lease the Lessee and Lessor
shall divide equally any profit or gain.

         The effective date of termination, or the effective date of
commencement of the sublease to Lessor, shall be mutually agreed upon by Lessor
and Lessee. If the parties cannot agree upon a termination date or upon a
sublease commencement date to the Lessor, the termination date or sublease
commencement date shall be the date that is sixty (60) days after the date
Lessor received the notice that Lessee desired -to assign the Lease or sublet
all or any portion of the Demised Premises. Upon termination, all of the rights
and obligations of Lessor and Lessee under the terms of this Lease shall be
terminated, or terminated with regard to that portion of the

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Demised Premises that Lessee notified Lessor that Lessee desired to sublet,
except that Lessee shall continue to be obligated to pay Rent and all other
charges for the Demised Premises which accrue to the date of termination.

         If Lessor consents to the proposed sublease or assignment and Lessor
does not exercise its option to terminate or sublet, Lessee may assign this
Lease or sublet the part of the Demised Premises so identified as aforesaid
within sixty (60) days after the date that the Lessor notifies Lessee of its
consent. Notwithstanding anything to the contrary herein, it is expressly
understood that Lessee shall be required, in all cases, however, to obtain
Lessor's prior written consent to any assignee, any assignment, or any
sublessee, or any subletting, which consent may be given or withheld by Lessor
pursuant to the terms herein this Lease section 8. In the event that Lessee
fails to present to Lessor any sublease or assignment agreement, fully executed
by the parties thereto, within said sixty (60) day period, Lessee may not assign
this Lease or sublet the Demised Premises without first affording Lessor the
option to terminate or sublease as previously provided for in this section.

         (B) Lessee shall reimburse to Lessor, as additional Rent, all costs and
expenses, including reasonable attorney's fees, which Lessor incurs by reason of
or in connection with any assignment, sublease, or leasehold mortgage proposed
or granted by Lessee (whether or not permitted under this Lease,) and all
negotiations and actions with respect thereto, such additional Rent to be due
and payable within fifteen (15) days of receipt of a statement of such costs and
expenses from Lessor.

         (C) No assignment of this Lease shall be effectuated by operation of
law or otherwise without the prior written consent of Lessor. For the purposes
of this Lease, the transfer of fifty percent (50%) or more of the ownership
interest of Lessee or the transfer and/or issuance of more than fifty percent
(50%) of the voting stock of Lessee, if Lessee is not a publicly held
corporation, to any persons or entities that are not owners or stockholders of
Lessee on the date of execution of this Lease shall be deemed an assignment of
this Lease thereby giving Lessor the option to terminate this Lease or exercise
such other rights and remedies as provided to Lessor hereunder.

         (D) Me consent by Lessor to any assignment or subletting to any party
other than Lessor, including, without limitation, a subsidiary or affiliate of
Lessee, shall not be construed as a waiver or release of Lessee from the terms
of any covenant or obligation under this Lease and Lessee shall remain obligated
to perform all such covenants and obligations throughout the entire term of this
Lease and any extension or renewal thereof. Lessor's collection or acceptance of
rent from any assignee of Lessee shall not constitute a waiver or release of
Lessee of any covenant or obligation contained in this Lease, nor shall any such
assignment or subletting be construed to relieve Lessee from giving Lessor said
thirty (30) days notice or from obtaining the consent in writing of Lessor to
any further assignment or subletting. In the event that Lessee is in default of
any term or provision of this Lease, Lessee hereby assigns to Lessor the rent
due from any subtenant of Lessee and hereby authorizes and directs each such
subtenant, upon notice from Lessor, to pay said rent directly to Lessor, the
collection or acceptance of rent from any subtenant in such instance not to
constitute a waiver or release of Lessee of any covenant or

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obligation contained in this Lease.

         (E) Lessee shall not mortgage or encumber this Lease without the prior
written consent of Lessor, in Lessor's sole and absolute discretion.

9.       PREMISES IMPROVEMENTS

         Lessor shall attempt to substantially complete the work specified in
Exhibit "B" attached hereto (the "Improvements") on or prior to the Commencement
Date (unless otherwise specified) if Lessee signs and returns this Lease to
Lessor, with any amounts of advance payments of Rent due hereunder and with any
securitization required hereunder on or prior to February 4, 2000. All
Improvements shall become and remain the property of Lessor and shall be
considered a part of the Demised Premises. In the event Lessee removes any
elements of the Improvements, Lessee agrees to repair any damage to the Demised
Premises and the Building and restore the Demised Premises and the Improvements
to their condition after the installation of such Improvements. Any replacement
of any property, fixtures or Improvements of Lessor, whether made at Lessee's
expense or otherwise, shall be and remain the property of Lessor.

10.      ALTERATIONS

         After the Occupancy Date, Lessee shall make no alterations,
installations, additions or additional improvements (hereinafter collectively
called "Alterations") in or to the Demised Premises or the Building without
Lessor's prior written consent, except for those "Improvements" set forth in
Exhibit "B", Section (B), (the "Lessee's Improvements") which are installed
pursuant to Exhibit "B". Consent by Lessor to Lessee's Alterations shall not be
unreasonably withheld, except that Lessor may withhold its consent in its sole
and absolute discretion with regard to requested Alterations by Lessee which
affect the structure of the Building, or the mechanical, plumbing or electrical
systems of the Building, or any common areas of the Building, or any exterior or
interior architectural or visual aspects or parts of the Building, or any
portion of the Demised Premises visible from the exterior of the Building, or
any other tenant or tenants of the Building. Lessee, at its sole cost and
expense, shall provide Lessor with such architectural or other plans as shall be
deemed necessary by Lessor prior to performance of such Alterations, and after
installation of such Alterations Lessee, at its sole cost and expense, shall
provide Lessor with such revised as-built full-floor mechanical and electrical
plans for the floor or floors on which the Alterations are to be made, as shall
be deemed necessary by Lessor, to show Lessee's Alterations. If any Alterations
are made without the prior written consent of Lessor, Lessor may correct or
remove the same, and Lessee shall be liable for any and all expenses incurred by
Lessor in the performance of this work, plus fifteen percent (15%) of such
expenses as an administrative cost to Lessor. All Alterations shall be made in
compliance with all laws and regulations and at Lessee's sole expense, at such
times and in such manner as Lessor may designate, and only by such contractors
or mechanics as are approved in writing by Lessor. Approval of contractors or
mechanics by Lessor, shall be based, without

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limitation, upon the contractors or mechanics being properly licensed, bonded
and insured, their financial posture, experience and past job performance.

         All Alterations to the Demised Premises, whether made by Lessor or
Lessee, and whether at Lessor's or Lessee's expense, or the joint expense of
Lessor and Lessee, shall be and remain the property of Lessor. Notwithstanding
the foregoing, however, any Alterations, fixtures or any other property
installed in the Demised Premises at the sole expense of Lessee and with respect
to which Lessee has not been granted any credit or allowance by Lessor, whether
pursuant to Exhibit "B" or otherwise, and which can be removed without causing
material damage to the Demised Premises or the Building, shall be and remain the
property of Lessee if (and only if) Lessee provides to Lessor a list of each
such Alteration prior to the installation of such Alteration (as such may be
approved by Lessor), and if Lessee fails to list any such Alteration as
aforesaid then Lessor shall have the option, by written notice to Lessee, to
require Lessee to remove such Alteration at the expiration or earlier
termination of this Lease or to leave it in place as Lessor's property at the
expiration or earlier termination of this Lease. In the event Lessee removes any
of these Alterations and the like, Lessee agrees, at Lessor's election, to: i)
to repair any damage to the Building caused by said removal and to restore the
Demised Premises to a condition equal to that on the Occupancy Date; or ii) pay
Lessor, as additional Rent, for all costs incurred by Lessor to undertake such
repairs. Any replacements of any property or improvements of Lessor, whether
made at Lessee's expense or otherwise, shall be and remain the property of
Lessor.

         Lessor, at the expiration or earlier termination of the term of this
Lease, may elect to require Lessee to remove all or any part of the Alterations
made by Lessee subsequent to the Occupancy Date, (which shall not include items
#1 (floor) and #3 (electrical outlets) of the Lessee's Improvements), unless the
Lessor advises the Lessee in writing that removal of any Alterations would not
be required at the time Lessor consents to the Alterations. Removal of Lessee's
Alterations shall be at Lessee's cost and expense, and Lessee shall, at its cost
and expense, repair any damage to the Demised Premises or the Building caused by
such removal.

         Lessee shall remove all of Lessee's property at the expiration or
earlier termination of this Lease, unless otherwise specified by Lessor, as set
forth above. In the event Lessee does not remove Lessee's property at the
expiration or earlier termination of the Lease, such property shall become the
property of Lessor.

         In the event Lessee fails to remove its property or the Alterations
requested to be removed by Lessor on or before the expiration, or earlier
termination, of the term of the Lease, then Lessor may remove such property and
Alterations from the Demised Premises at Lessee's expense, and Lessee hereby
agrees to pay to Lessor, as additional Rent, the cost of such removal together
with any and all damages which Lessor may suffer and sustain by reason of the
failure of Lessee to remove the same. Said amount of additional Rent shall be
due and payable upon receipt by Lessee of a written statement of costs and
damages from Lessor.

                                        9

<PAGE>

11.      LIENS

         Lessee shall promptly pay all persons Punishing labor or materials with
respect to any work performed by Lessee or its contractors on or about the
Demised Premises. If any mechanics' or other lien is filed against the Demised
Premises, or the Building for work, labor, services, or materials, done for or
supplied to or claimed to have been done for or supplied to Lessee, such lien
shall be discharged by Lessee, at its sole cost and expense, within ten (10)
days from the date Lessee receives written demand from Lessor to discharge said
lien, by the payment thereof or by filing any bond required by law. If Lessee
shall fail to discharge any such lien, Lessor may, at its option, discharge the
same and treat the cost thereof (together with an administrative fee of fifteen
percent (15%) of such costs) as additional Rent, due and payable upon receipt by
Lessee of a written statement of costs from Lessor. It is hereby expressly
covenanted and agreed that such discharge of any lien by Lessor shall not be
deemed to waive or release Lessee from its default under the Lease for failing
to discharge the same.

         Lessee will indemnify and hold harmless Lessor from and against any and
all claims, damages and expenses incurred by Lessor, arising from any liens
placed against the Demised Premises or the Building and the land (or full
parcel(s)) upon which it is situated, or other parcels associated with the
Building) as a result of any work performed by or on behalf of Lessee in the
Demised Premises at its own cost and under its own control and direction, or
making any Alterations to the Demised Premises.

12.      MAINTENANCE BY LESSEE

         Lessee at its sole cost and expense shall keep, maintain, and repair
the Demised Premises and the fixtures and equipment therein (including, without
limitation, all of the Improvements) in clean, safe and sanitary condition,
shall take good care thereof, and shall suffer no waste or injury thereto. At
the expiration or earlier termination of the term of this Lease (or immediately
upon the earlier vacancy of the Demised Premises by the Lessee), Lessee shall
surrender the Demised Premises and the Improvements, broom clean and in the same
order and condition in which they were on the Occupancy Date (which shall
include the removal wiring/cabling installed by Lessee), ordinary wear and tear
and damage by the elements, fire and other insured casualty excepted. Without
limiting the general provision above, Lessee, at its sole cost and expense shall
be responsible for the following items wiring/for the Demised Premises (which
shall include, but may not be limited to): i) cleaning and char services and
supplies for any eating area(s)/room(s), kitchenette(s), shower(s), or
lavatorie(s); ii) replacement cost of any lighting elements of all light
fixtures which are not Building Standard fixtures (as well as the maintenance of
any such fixtures); iii) maintenance of any locks/keys/hardware for: a) locks on
any internal doors within the Demised Premises, or b) any non Building Standard
locks to any entry door(s) to the Demised Premises; iv) maintenance of any
security system or non Building Standard item or Alteration (whether or not
approved by Lessor); and v) repair/replacement of

                                       10

<PAGE>

any ceiling tile or other item as a result of wiring/cabling conducted by or on
behalf of the Lessee.

13.  SIGNS AND ADVERTISEMENTS

     No sign, advertisement, or notice shall be inscribed, painted, affixed, or
displayed on any part of the outside or the inside of the Demised Premises or
the Building without Lessor's prior written consent and then or any in such
place, number, size, color and style (i.e., Building standard lettering) as is
authorized by Lessor. If any such sign, advertisement or notice is exhibited
without first obtaining Lessor's written consent, Lessor shall have the right to
remove the same, and Lessee shall be liable for any and all expenses incurred by
Lessor by said removal, as additional Rent.

     Lessor agrees to display Lessee's name on one (1) strip (line) on each of
the Building directories in the size and style of lettering used by Lessor, at
Lessor's one-time, initial expense; and at the Lessee's sole cost and expense
any time thereafter. Lessor shall display Lessee's name on (or adjacent to) the
main entry door of the Demised Premises in Building standard color, size and
style of lettering, at Lessee's expense.

     Lessor shall have the right to prohibit any advertisement of Lessee or
reference to the Building, Lessor, or its Agent which in Lessor's opinion tends
to impair the reputations of said parties or of the Building or its desirability
as a high-quality commercial-use building, and, upon written notice from Lessor,
Lessee shall immediately refrain from and discontinue any such advertisement or
reference.

14.  DELIVERIES AND MOVING OF LESSEE'S PROPERTY

     No furniture, equipment deliveries, or other bulky matter of any
description shall be received into the Demised Premises or the Building, or
carried in the elevators except in the manner and during the times approved by
Lessor. Lessee shall obtain Lessees prior determination of the manner in which
said property may be moved into the Building. All moving of furniture, equipment
and other material within the public areas shall be under the direct control and
supervision of Lessor who shall, however, not be responsible for any damage to
or charges for moving the same. Lessor shall have the sole right to determine
the load capacities of the elevators of the Building and to determine if
Lessee's property can be safely transported in the elevators. Lessee agrees
promptly to remove from the sidewalks adjacent to the Building or any of the
Building common areas, any of the Lessee's furniture, equipment or other
material there delivered or deposited.

                                       11

<PAGE>

15.  LESSEE'S EQUIPMENT

     (A) Lessee will not install or operate in the Demised Premises any
electrically operated equipment or other machinery (other than typewriters, word
processing machines, personal computers, adding machines, radios, televisions,
tape recorders, dictaphones, bookkeeping machines, copying machines, clocks, and
other business machines and equipment normally employed for general office use)
which require high electricity consumption for operation, without first
obtaining the prior written consent of Lessor, who may condition such consent
upon payment by Lessee of additional Rent as compensation for additional
consumption of electricity and/or other utility services. Such additional Rent
shall be in addition to Lessee's other obligations under this Lease to pay any
costs specified elsewhere in this Lease. If any or all of Lessee's equipment
requires electricity consumption in excess of the capacity of the electrical
system existing in the Demised Premises, and if Lessor consents to the
installation of such equipment, then all additional transformers, distribution
panels and wiring that may be required to provide the amount of electricity
required for Lessee's equipment shall be installed, if reasonably feasible, by
Lessor at the cost and expense of Lessee.

     If Lessee's equipment causes Lessee's consumption of electricity to exceed
the Building standard amount provided by Lessor (as determined by Lessor), or if
such equipment is to be consistently operated beyond the normal Building hours
of 8:00 a.m. to 6:00 p.m., Monday through Friday, and 9:00 a.m. to 1:00 p.m. on
Saturday, Lessor may at its option: i) install a separate electric meter for the
Demised Premises at Lessee's sole cost and expense; ii) install a separate meter
at Lessee's sole cost and expense, to record the specific equipment that is
causing Lessee's excessive consumption of electricity; or iii) determine the
equitable amount to be charged to Lessee for such excessive consumption of
electricity. In the event Lessor installs a separate meter for the Demised
Premises, Lessee shall then pay the cost of electricity it consumes as recorded
by such meter directly to the electric company. In the event Lessor separately
meters the specific equipment or in the event Lessor itself determines the
equitable amount to be charged to Lessee as aforesaid, Lessee shall be billed
periodically by Lessor based upon such excessive consumption.

     (B) Lessee shall not install any equipment of any kind or nature whatsoever
or permit any use of the Demised Premises which will or may necessitate any
changes, replacements or additions to, or in the use of (but necessarily limited
to), the water system, heating system, plumbing system, air-conditioning system,
or electrical system of the Demised Premises or the Building without first
obtaining the prior written consent of Lessor. Any machines or mechanical
equipment belonging to or being used by Lessee which cause noise or vibration
that may be transmitted to the structure of the Building or to any space therein
to such a degree as to be objectionable to Lessor or to any tenant in the
Building shall be installed and maintained by Lessee, at Lessee's expense, on
vibration eliminators or other devices sufficient to eliminate such noise and
vibration.

     (C) Lessor shall have the right to prescribe the weight and position of all
heavy personal property, equipment and fixtures, including, but not limited to,
data processing equipment, record and file systems, and safes which Lessee
intends to install or locate within the

                                       12

<PAGE>

Demised Premises. Lessee shall obtain Lessor's prior review and approval before
installing or locating heavy equipment and fixtures in the Demised Premises, and
if installation or location of such equipment or fixtures, in Lessor's opinion,
requires structural modifications or reinforcement of any portion of the Demised
Premises or the Building, Lessee agrees to reimburse Lessor, as additional Rent,
for any and all costs incurred by Lessor to make such required modifications or
reinforcements, and such modifications or reinforcements shall be completed
prior to Lessee installing or locating such equipment or fixtures in the Demised
Premises. Lessee shall reimburse Lessor within thirty (30) days of receipt of
any statement setting forth those costs.

16.  SERVICES AND UTILITIES

     (A)  Lessor shall provide and maintain the following utilities and services
(unless stated otherwise or interrupted by Lessee's mis-use or negligence):

          1. Hot and cold water and lavatory supplies, it being understood and
agreed that hot and cold water and lavatory supplies shall be furnished by
Lessor only at those points of supply provided for general use of other tenants
in the Building, as well as hot and cold water to any approved facility within
the Demised Premises;

          2. Automatically operated elevator service (at least one (1) elevator)
at all times;

          3. Cleaning and char services, as determined by Lessor, after normal
business hours, Monday through Friday of each week, except on the holidays
listed in subparagraph (iv) below. This shall not include any eating
area(s)/room(s), kitchenette(s), shower(s) or lavatorie(s) within the Demised
Premises; the cleaning and supplying of which shall be the sole cost and
responsibility of the Lessee;

          4. Heat and air-conditioning in seasons as determined by Lessor,
Monday through Friday from 8:00 a.m. to 6:00 p.m. and on Saturday from 9:00 a.m.
to 1:00 p.m., except for the following 9 holidays: New Year's Day, Martin Luther
King, Jr. Day, Presidents' Day, Memorial Day, Fourth of July, Labor Day,
Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day, and any other
national holiday promulgated by a Presidential Executive Order or Congressional
Act. Lessor shall provide heat and air-conditioning at times in addition to
those specified in the preceding sentence at Lessee's expense, provided Lessee
gives Lessor notice prior to 1:00 p.m. on a business day in the case of
after-hours service on that business day and prior to 3:00 p.m. on the
immediately preceding business day in the case of after- hours service on a
Saturday, a Sunday or a holiday. Lessor shall charge Lessee for said after-hours
services the same rate it charges other tenants of the Building. Lessor reserves
the right, in its sole discretion, to increase the hourly charge for said after
hours service, but in no event shall the rate per hour charged Lessee be more
than the rate per hour charged other tenants of the Building. In the event the
same after-hours service is also requested by other tenants of the Building in
addition to Lessee, the charge therefor to each tenant requesting such
after-hours

                                       13

<PAGE>

service shall be prorated among all requesting tenants based upon the respective
square footages of each of the demised premises of the tenants requesting such
after-hours service;

          5. Maintenance and electric lighting service for all public areas in
the Building, as well as all Building Standard light fixtures within the Demised
Premises;

          6. Building access system as determined by Lessor; and

          7. Electricity and electrical facilities to furnish Building standard
amounts (as determined by Lessor) of electricity for equipment of Lessee
installed pursuant to the section of this Lease entitled, "Lessee's Equipment."

     (B)  In the event any public utility supplying energy requires, or
government law, regulation, executive or administrative order results in a
requirement, that Lessor or Lessee must reduce, or maintain at a certain level,
the consumption of electricity for the Demised Premises or Building, which
affects the heating, air-conditioning, lighting, or hours of operation of the
Demised Premises or Building, Lessor and Lessee shall each adhere to and abide
by said laws, regulations or executive orders without any reduction in Rent.

     (C)  Lessor's inability to furnish, to any extent, these defined services,
or any cessation thereof, resulting from, but not limited to, any causes
including from entry from inspections, repairs, alterations, improvements and
installations by Lessor, its Agent, employees or contractors pursuant to the
section of this Lease entitled "Entry for Inspections, Repairs, and
Installation", or from renovation, redecoration or rehabilitation of any area of
the Building, including the lobby, or any of the surrounding public spaces,
shall not render Lessor liable for damages to either person or property, nor be
construed as an eviction of Lessee, nor work as an abatement of any portion of
Rent, nor relieve Lessee from fulfillment of any covenant or agreement hereof.
Should any of the Building equipment or machinery cease to function properly for
any cause, Lessor shall use reasonable diligence to repair the same promptly,
but Lessee shall have no claim against Lessor for damages or for a rebate of any
portion of Rent on account of any interruptions in any services occasioned
thereby or resulting therefrom. Lessor shall not be liable to Lessee for any
loss, damage, or expense which Lessee may sustain if the quality or character of
the utilities or services herein used upon or furnished to the Demised Premises
(or Lessee) are no longer available or suitable for Lessee's requirements or if
said utilities are interrupted as a result of actions by the public utility
companies or any other cause other than Lessees gross negligence or willful
misconduct.

17.  LESSEE'S RESPONSIBILITY FOR DAMAGE

     Any and all injury, breakage or damage to: i) the Demised Premises, the
Building, or the Improvements arising from any cause done by (or omission of)
Lessee, its agents, contractors, servants, employees and visitors, or ii) the
Demised Premises by individuals and persons making deliveries to or from the
Demised Premises, except as provided for in the section of this Lease entitled,
"All Risk Coverage Insurance", shall be repaired by Lessor at the sole expense
of Lessee. The payment by Lessee for the cost of such repairs by Lessor, shall
be due as additional

                                       14

<PAGE>

Rent with the next installment of Monthly-Rent after Lessee receives a bill for
such repairs from Lessor. This provision shall not be in limitation of any other
rights and remedies which Lessor has or may have in such circumstances.

18.  ENTRY FOR INSPECTIONS, REPAIRS, OR INSTALLATIONS

     Lessee shall permit Lessor, its Agent, employees or contractors, to enter
the Demised Premises at all reasonable times (which shall include during
business hours) and in a reasonable manner, without charge to Lessor or
diminution of Monthly Rent payable by Lessee, to: i) examine, measure, inspect,
or protect the Demised Premises or the Building, and upon one (1) day written
notice, to make such repairs or installations as in the judgment of Lessor may
be deemed necessary to maintain or protect the Demised Premises or Building or
as may be required by any governmental requirements (beyond any responsibility
of the Lessee hereunder); or ii) exhibit the same to prospective purchasers of
the Building or prospective lenders to Lessor; or iii) exhibit the same to
prospective tenants during the last nine (9) months of the term of this Lease;
or iv) exhibit the same to prospective tenants prior to the last nine (9) months
of the term of this Lease, but only at times that are other than the "Working
Day;" and v) in the event of an emergency, enter the Demised Premises or the
Building without notice and make whatever repairs are necessary to protect the
Demised Premises or the Building, or personal property. Lessor shall use
reasonable efforts to minimize interference to Lessee's business when making
repairs, but Lessor shall not be required to perform the repairs at a time other
than during normal working hours.

     In addition to the above, Lessor, its Agent, employees, or contractors may,
upon no less than ten (10) days prior written notice to Lessee, enter the
Demised Premises at reasonable times and in a reasonable manner, without charge
to Lessor or diminution of Monthly Rent payable by Lessee, to make installations
related to the construction of tenant improvements work being performed by
Lessor for other tenants of the Building, to make repairs, alterations and
improvements arising due to repairs, alterations and improvements to any areas
adjoining the Demised Premises, to erect, use and maintain pipes and conduits in
and through the Demised Premises, or to make installations, improvements and
repairs to utility services of the Building located in or about the Demised
Premises. Lessor shall use reasonable efforts to minimize interference's with
Lessee's business operations, but Lessor shall not be required to perform such
work at a time other than normal working hours.

19.  INSURANCE RATING

     Lessee shall not conduct or permit to be conducted any activity, or place
any equipment or property in or about the Demised Premises that will increase in
any way the rate of All Risk Coverage insurance or other insurance on the
Building, unless consented to by Lessor. Lessor's consent may be conditioned
upon Lessee's payment of any costs arising directly or indirectly from such
increase. If any increase in the rate of All Risk Coverage insurance or other
insurance

                                       15

<PAGE>

on the Building is stated by any insurance company or by the applicable
Insurance Rating Bureau to be due to Lessee's activity, equipment or property in
or about the Demised Premises, said statement shall be conclusive evidence that
the increase in such rate is due to such activity, equipment or property and, as
a result thereof, Lessee shall be liable for such increase. Any such rate
increase and related costs incurred by Lessor shall be deemed additional Rent
due and payable by Lessee to Lessor upon receipt by Lessee of a written
statement of the rate increase and costs. Lessee may contest, at its sole cost
and expense, any insurance rate increase, provided such action by Lessee will
not adversely affect the insurance coverage of Lessor.

20.  INDEMNITY AND PUBLIC LIABILITY INSURANCE

     (A) Lessee shall indemnify and save harmless Lessor and its Agent from any
and all liability, damage, expense, cause of action, suits, claims, judgments
and cost of defense arising from injury to person or personal property in and on
the Demised Premises, or upon any adjoining sidewalks or public areas of the
Building, which arise out of the act, failure to act or negligence of Lessee,
its agents or employees.

     (B) In order to assure such indemnity, Lessee shall, at its sole cost,
carry and keep in full force and effect at all times during the term of this
Lease, a commercial general liability policy with a single limit of at least two
million and 00/100 dollars ($2,000,000.00) including coverage for bodily injury,
property damage and personal injury liability.

21.  WORKER'S COMPENSATION INSURANCE

     Lessee shall carry and keep m full force and effect at all times during the
term of this Lease, at its sole cost, worker's compensation or similar insurance
in form and amounts required by law. Such insurance shall contain waiver of
subrogation provisions in favor of Lessor and its Agent.

22.  ALL RISK COVERAGE INSURANCE

     Lessor shall obtain and maintain All Risk Coverage insurance covering the
Building. Lessee shall obtain and maintain throughout the term of this Lease and
any extension or renewal periods All Risk Coverage insurance insuring against
damage to and loss of all of the Improvements in or used in connection with the
Demised Premises (whether constructed by Lessor or Lessee), fixtures, glass in
windows and plate glass, equipment, furniture, and all other personal property
in and about the Demised Premises. Lessor and Lessee hereby release each other
and waive any claims they may have against the other for loss or damage to the
Building, Demised Premises, the Improvements, fixtures, equipment and/or any
other personal property arising from a risk insured against, under the All Risk
Coverage insurance policies to be carried by Lessor and Lessee, as required
above, even though such loss or damage was caused by the negligence of Lessor
and Lessee, their agents or employees, except for the amount of the

                                       16

<PAGE>

deductible under said policies. Lessor and Lessee agree to obtain and maintain
throughout the term of this Lease endorsements to their respective All Risk
Coverage policies waiving the right of subrogation of their insurance companies
against the other party and its agents and employees. Except to the extent
expressly provided herein, nothing contained in this Lease shall relieve Lessor
or Lessee of any liability to each other or to their insurance carriers which
Lessor or Lessee may have under law or the provisions of this Lease in
connection with any damage to the Building, Demised Premises, the Improvements,
fixtures, equipment, furniture, and all other personal property, by fire or
other casualty.

23.  LESSEE'S CONTRACTOR'S INSURANCE

     Lessee shall require any contractor of Lessee performing work on the
Demised Premises to carry and maintain, at no expense to Lessor:

     (A) commercial general liability insurance, including contractor's
liability coverage, contractual liability coverage, completed operations
coverage, broad form property damage endorsement and contractor's protective
liability coverage, to afford protection with limits, for each occurrence, of
not less than one million & 00/1 00 dollars ($ 1,000,000.00) with respect to
personal injury, death, or property damage; and

     (B) worker's compensation or similar insurance in form and amounts required
by law.

24.  REQIJIREMENTS FOR LESSEE'S INSIJRANCE POLICIES

     The company or companies writing any insurance which Lessee is required to
carry and maintain or cause to be carried or maintained pursuant to this Lease
as well as the form of such insurance shall at all times be subject to Lessor's
approval and any such company or companies shall be a good and responsible
insurance company, licensed to do business in the District of Columbia. Lessee's
public liability and All Risk Coverage insurance policies and certificate(s)
evidencing such insurance shall name Lessor and its Agent as additional insiders
and shall also contain a provision by which the insurer agrees that such policy
shall not be canceled except after thirty (30) days written notice to Lessor.
Lessee agrees to provide to Lessor prior to taking possession of the Demised
Premises (and annually thereafter thirty (30) days prior to the expiration of
such policy) the certificate(s) evidencing such insurance; Lessor may withhold
delivery of the Demised Premises without delaying the Commencement Date, or
triggering any abatement of rent, if Lessee fails to provide Lessor with the
certificate(s).

     Any insurance carried or to be carried by Lessee hereunder shall be primary
over any policy that might be carried by Lessor. If Lessee shall fail to perform
any of its obligations regarding the acquisition and maintenance of insurance,
Lessor may perform the same and the cost of same shall be deemed additional
Rent, payable upon Lessor's demand. All insurance

                                       17

<PAGE>

coverage's hereunder shall contain deductibles in amounts reasonably
satisfactory to the Lessor with the exception of the general liability policy
which shall have no deductible at all.

25.  LIABILITY FOR DAMAGE TO PERSONAL PROPERTY AND PERSON

     (A) All personal property of Lessee, its employees, agents, subtenants,
business invitees, licensees, customers, clients, family members, guests or
trespassers, in and on the Demised Premises shall be and remain in and on the
Demised Premises and the Building at the sole risk of Lessee and said parties
and Lessor shall not be liable to Lessee or any such person or party for any
damage to, or loss of personal property thereof, including loss or damage
arising from (but not limited to): i) any act, including theft, or any failure
to act, of any other persons; ii) the leaking of the roof; iii) the bursting,
rupture, leaking or overflowing of water, sewer or steam pipes; iv) the rupture
or leaking of heating or plumbing fixtures, including security and protective
systems; v) short-circuiting or malfunction of electrical wires or fixtures,
including security and protective systems; or vi) the failure of the heating or
air-conditioning systems. Lessor shall also not be liable for the interruption
or loss to Lessee's business arising from any of the above-described acts or
causes. Lessee specifically agrees to save Lessor and its Agent harmless in all
such cases.

     (B) Lessor shall not be liable for any personal injury to Lessee, Lessee's
employees, agents, subtenants, business invitees, licensees, customers, clients,
family members, guests or trespassers arising from the use, occupancy and
condition of the Demised Premises or the Building, unless such party establishes
that there has been gross negligence or willful misconduct on the part of
Lessor, provided however that the Lessor shall nevertheless continue to be
insured hereunder.

26.  DAMAGE TO THE BUILDING AND/OR THE DEMISED PREMISES

     If. i) the Demised Premises is damaged by fire or other casualty insured
against by Lessor's All Risk Coverage insurance policy covering the Building;
and ii) the Demised Premises can be fully repaired, in Lessor's opinion, within
180 days from the date of the insured risk; then the Lessor, at Lessor's
expense, shall repair such damage, provided, however, Lessor shall have no
obligation to repair any damage to, or to replace, Lessee's non-building
standard tenant improvements or any other property located in the Demised
Premises. Except as otherwise provided herein, if. i) the entire Demised
Premises is rendered untenantable by reason of the insured risk, then Monthly
Rent shall abate for the period from the date of such damage to the date when
Lessor has completed repairs to the Demised Premises as specified above; or ii)
if only a portion of the Demised Premises is so rendered untenantable by reason
of the insured risk, then Monthly Rent shall abate for such period in the
proportion which the area of the portion of the Demised Premises so rendered
untenantable by reason of the insured risk bears to the total area of the
Demised Premises. However, if prior to the date when such repairs have been
completed, any portion of the Demised Premises so damaged shall be rendered
tenantable or shall be used or occupied by Lessee or any person claiming through
or under Lessee, then the

                                       18

<PAGE>

amount by which the Monthly Rent shall abate shall be equitably apportioned for
the period from the date of any such use or occupancy to the date when such
repairs are completed. No compensation or claim or reduction of rent will be
allowed or paid by Lessor by reason of inconvenience, annoyance, or injury to
business arising from the necessity of repairing the Demised Premises or any
portion of the Building.

     Notwithstanding the foregoing, if, prior to or during the term of this
Lease: i) the Demised Premises is so damaged that, in Lessor's opinion, the
Demised Premises cannot be fully repaired within 180 days from the date the
damage occurred; or ii) the Building is so damaged that, in Lessor's opinion,
substantial repair or reconstruction of the Building shall be required (whether
or not the Demised Premises is damaged or rendered untenantable), then, in any
of such events, Lessor, at its option, may give to Lessee, within sixty (60)
days after such fire or other casualty, a thirty (30) days notice of termination
of this Lease and, in the event such notice is given, this Lease shall terminate
(whether or not the term shall have commenced) upon the expiration of such
thirty (30) days with the same effect as if the date of expiration of such
thirty (30) days were the date definitely fixed for expiration of the term of
the Lease, and the then-applicable Monthly Rent shall be apportioned as of such
date, including any rent abatement as provided above.

27.  DEFAULT OF LESSEE

     This Lease shall, at the option of Lessor, cease and terminate if. i)
Lessee fails to pay Rent, including any installment of Monthly Rent, additional
Rent, costs of the Improvements (if any are payable by Lessee hereunder), or any
sums, charges, expenses and costs of any kind or nature identified in this Lease
as additional Rent, although no legal or formal demand has been made, and such
failure to pay Rent continues for a period of five (5) days after written notice
addressed to Lessee has been delivered by Lessor to the Demised Premises (and to
no other address, notwithstanding any other notice address for the Lessee
pursuant to section 41 of this Lease); or ii) Lessee violates or fails to
perform any of the other conditions, covenants or agreements of this Lease, and
any violation or failure to perform any of those conditions, covenants or
agreements continues for a period of ten (10) days after written notice thereof
has been delivered by Lessor to Lessee, or, in cases where the violation or
failure to perform cannot by its nature be corrected within ten (10) days,
Lessee does not begin to correct the violation or failure to perform within ten
(10) days after receiving Lessees written notice and/or Lessee thereafter does
not diligently pursue the correction of the violation or failure to perform. Any
said violation or failure to perform or to pay any Rent, if left uncorrected,
shall operate as a notice to quit, any further notice to quit or notice of
Lessor's intention to re-enter being hereby expressly waived. Lessor may
thereafter proceed to recover possession under and by virtue of the provisions
of the laws of the jurisdiction in which the Building is located or by such
other proceedings, including re-entry and possession, as may be applicable. If
Lessor elects to terminate this Lease, everything herein contained on the part
of Lessor to be done and performed shall cease without prejudice to the right of
Lessor to recover from Lessee all Rent accruing up to and through the date of
termination of this Lease or the date of recovery of possession of the

                                       19

<PAGE>

Demised Premises by Lessor, whichever is later. Should this Lease be terminated
before the expiration of the term of this Lease by reason of Lessee's default as
hereinabove provided, or if Lessee abandons or vacates the Demised Premises
before the expiration or termination of the term of this Lease, the Demised
Premises may be relet by Lessor for such rent and upon such terms as are not
unreasonable under the circumstances, and, if the full rent hereinabove provided
is not realized by Lessor, Lessee shall be liable for all damages sustained by
Lessor, including, without limitation, deficiency in Rent, reasonable attorneys'
fees, brokerage fees, and expenses of placing the Demised Premises in a
condition equal to that of the Demised Premises on the Occupancy Date. Any
damage or loss of Rent sustained by Lessor may be recovered by Lessor, at
Lessees option, at the time of the reletting, or in separate actions, from time
to time, as said damage shall have been made more easily ascertainable by
successive reletting, or, at Lessees option, may be deferred until the
expiration of the term of this Lease, in which event the cause of action shall
not be deemed to have accrued until the date of expiration of said term. The
provisions contained in this section shall be in addition to and shall not
prevent the enforcement of any claim Lessor may have against Lessee for
anticipatory breach of the unexplored term of this Lease.

28.  REPEATED DEFAULTS

     If Lessee is in default of this Lease with respect to the same or
substantially the same provision hereof two (2) or more times during any three
(3) month period during the term of this Lease, then, at Lessor's election,
Lessee shall not have any right to cure such repeated default, the terms and
conditions of the section of this Lease entitled, "Default of Lessee,"
notwithstanding. In the event of Lessor's election not to allow a cure of a
repeated default, Lessor shall have all of the rights provided for in that
section of this Lease for an uncured default.

29.  WAIVER

     If Lessor institutes legal or administrative proceedings against Lessee and
a compromise or settlement thereof is made, the same shall not constitute a
waiver of Lessee's obligations to comply with any covenant, agreement or
condition of this Lease, nor of any of Lessor's rights hereunder. No waiver by
Lessor of any breach of any covenant, condition, or agreement specified herein
shall operate as an invalidation or as a continual waiver of such covenant,
condition or agreement itself, or of any subsequent breach thereof. No payment
by Lessee or receipt by Lessor (or any party designated by Lessor to receive any
payments of Rent) of a lesser amount than the amount of Rent due Lessor shall be
deemed to be other than payment on account of the earliest stipulated Rent. In
addition, no endorsement or statement on any check or letter accompanying a
check for payment of such Rent shall be deemed an accord and satisfaction.
Lessor, or any party designated by Lessor, may accept such check or payment
without prejudice to Lessor's right to recover the balance of such rent or to
pursue any other remedy provided for in this Lease or in the governing law of
the jurisdiction in which the

                                       20

<PAGE>

Building is located. No re-entry by Lessor, and no acceptance by Lessor of keys
from Lessee, shall be considered an acceptance of a surrender of the Lease.

     No reference to any specific right or remedy shall preclude Lessor from
exercising any other right or from having any other remedy or from maintaining
any action to which it may otherwise be entitled at law or in equity.

30.  SUBORDINATION AND COVENANTS WITH MORTGAGEES

     This Lease is subject and subordinate to the lien of all and any mortgages
which may now or hereafter encumber or otherwise affect the real estate
(including the Building) of which the Demised Premises is a part, or Lessor's
leasehold interest therein, and to all and any renewals, restatements,
extensions, consolidations, modifications, recastings or refinancings thereof.
The foregoing subordination is and shall be self-executing, but in confirmation
of such subordination, Lessee shall, at Lessors or any mortgagee's request,
promptly execute any requisite or appropriate certificate or other document.
Lessee hereby constitutes and appoints Lessor as Lessee's attorney-in-fact to
execute any such certificate or other document for or on behalf of Lessee if
Lessee does not execute said certificate or document within five (5) days after
receipt thereof. The term "mortgages" shall include ground leases, both
construction and permanent financing, and deeds of trust and similar security
instruments.

     Notwithstanding any other provision of this Lease or of law to the
contrary, if a mortgagee shall so elect by notice to Lessee or by the recording
of a unilateral declaration of subordination among the land records of the
District of Columbia at any time before such mortgagee conducts a foreclosure
sale (without the necessity of any instrument or agreement with or by Lessee),
this Lease and Lessee's rights hereunder shall be superior and prior in right to
the mortgage of which such mortgagee has the benefit, with the same force and
effect as if this Lease had been executed, delivered and recorded prior to the
execution, delivery and recording of such mortgage, subject, nevertheless, to
such conditions as may be set forth in any such notice or declaration.

     Lessee agrees that in the event that any proceedings are brought for the
foreclosure or termination of any such mortgage, Lessee shall, whether the Lease
be superior or subordinate to the mortgage, at tom to the purchaser at such
foreclosure sale, if requested to do so by such purchaser, and Lessee agrees to
execute and deliver within ten (10) days after such request a confirmation of
such attornment. Lessee shall also recognize such purchaser as the Lessor under
this Lease. Lessee waives the provisions of any statute or rule of law, now or
hereafter in effect, which may give or purport to give Lessee any right to
terminate or otherwise adversely affect this Lease and the obligations of Lessee
hereunder in the event that any such foreclosure proceeding is prosecuted or
completed.

                                       21

<PAGE>

     If the Building, the Demised Premises or any part respectively thereof is
at any time subject to a mortgage or a deed of tug or other similar instrument,
and this Lease or the rents are assigned to such mortgagee, trustee or
beneficiary, and the Lessee is given written notice thereof, including the post
office address of such assignee, then Lessee may not terminate this Lease for
any default on the part of Lessor without first giving written notice by
certified or registered mail, return receipt requested, to such assignee.
Pursuant to the foregoing, Lessee is hereby notified that the current mortgage
is such an assignee and that the address of the current mortgagee is Monumental
Life Insurance Company, c/o Aegon USA Realty Advisors, Inc., 4333 Edgewood Road,
N.E., Cedar Rapids, Iowa. Every such notice under this paragraph shall specify
the default in reasonable detail, and afford such assignee a reasonable
opportunity (which shall not be less than thirty (30) days) to make performance,
at its election, for and on behalf of Lessor.

     Lessee covenants as follows with each holder of a mortgage, which covenants
shall be for the benefit of and enforceable only by such mortgagee:

               (a) Rent Paid in Advance. No beneficiary of any mortgage of all
or any part of the property of which the Demised Premises are a part, shall be
bound by any payment of Rent for more than one month in advance;

               (b) No Amendment, Modification or Cancellation. No amendment,
modification or cancellation of this Lease shall be effective unless in
compliance, with the requirements of the current mortgagee;

               (c) Not Bound by Lessor's Default. No beneficiary of any mortgage
of all or part of the property of which the Demised Premises are a part shall be
bound by any default of Lessor under this Lease or be responsible for any defect
in the Demised Premises or be responsible for any accrued liabilities of Lessor
under this Lease or be responsible for any refund or rebate owed to Lessee,
unless such beneficiary has received the funds that constitute such refund, or
for any work or improvement not completed by Lessor or any prior landlord;

               (d) Non-recourse to Lessor. In the case of any foreclosure of the
lien of any mortgage, the rights and remedies of Lessee in respect of any
obligations of any successor landlord hereunder shall be non-recourse as to any
assets of such successor landlord other than its interest in the Demised
Premises;

               (e) No Abatement. Lessee's obligation to pay Rent shall not be
subject to any abatement, deduction, counterclaim, or setoff as against any
mortgagee, or purchaser upon the foreclosure of any other mortgage or the
delivery of a deed in lieu thereof to or any other mortgagee, by reason of a
landlord default occurring prior to such foreclosure or the delivery of such
deed;

               (f) No Duty to Cure Defaults. No beneficiary of any mortgage or
their successor in interest shall be obligated to cure existing defaults, other
than defaults of a continuing nature of which such beneficiary received notice,
and in respect of which Lessee

                                       22

<PAGE>

afforded such beneficiary a reasonable cure period (which shall not be less than
thirty (30) days) following such notice;

               (g) Return of Security Deposit. No beneficiary of any mortgage or
their successor in interest shall be obligated to return any security deposit
not actually received by such beneficiary or successor in interest;

               (h) Payment of Rent. Lessee may pay Rent to the beneficiary of a
mortgage upon notice from such beneficiary that Lessor's license to collect Rent
has been revoked; and

               (i) Notice to Lessee. Any notice delivered to Lessee by
beneficiary under a mortgage shall be valid if delivered to the Demised Premises
under the Lease.

31.  CONDEMNATION

     If the whole or a "substantial part of the Demised Premises" or the
Building is condemned or acquired in lieu of condemnation by any governmental
authority for any public or quasi-public use or purpose, then the term of this
Lease shall cease and terminate as of the date when title vests in such
governmental authority. Lessee shall have no claim against Lessor or the
condemning authority for any portion of the amount of the condemnation award or
settlement that Lessor claims as its damages arising from such condemnation or
acquisition, or for the value of any unexpired term of the Lease. Lessee may
make a separate claim against the condemning authority for a separate award for
the value of any of Lessee's tangible personal property and trade fixtures, for
moving and relocation expenses and for such business damages and/or
consequential damages as may be allowed by law, provided the same shall not
diminish the amount of Lessor's award.

     If less than a "substantial part of the Demised Premises" is condemned or
acquired in lieu of condemnation by any governmental authority for any public or
quasi-public use or purpose, the rent shall be equitably adjusted on the date
when title vests in such governmental authority and the Lease shall otherwise
continue in full force and effect. For purposes of this section, a "substantial
part of the Demised Premises" shall be considered to have been taken if
twenty-five percent (25%) or more of the Demised Premises is condemned or
acquired in lieu of condemnation, or if less dm twenty five percent (25%) of the
Demised Premises is taken and the portion of the Demised Premises taken renders
the entire Demised Premises untenantable for the conduct of Lessee's business.

     If twenty-five percent (25%) or more of the Building is condemned (whether
or not the Demised Premises shall have been condemned) and Lessor elects to
demolish the remainder of the Building, Lessor may elect to terminate this
Lease.

                                       23

<PAGE>

32.  RULES AND REGULATIONS

     Lessee, its agents and employees shall abide by and observe the rules and
regulations attached hereto as Exhibit "C" and such other reasonable rules and
regulations as may be promulgated from time to time by Lessor for the operation
and maintenance of the Building, provided a copy thereof is sent to Lessee.
Nothing contained in this Lease shall be construed to impose upon Lessor any
duty or obligation to enforce such rules and regulations, or the terms,
conditions or covenants contained in any other lease as against any other
tenant, and Lessor shall not be liable to Lessee for violation of the same by
any other tenant, any other tenant's employees, agents, business invitees,
licensees, customers, clients, family members or guests.

33.  RIGHT OF LESSOR TO CURE LESSEE'S DEFAULT

     If Lessee defaults in the making of any payment to any third (3rd) party
required hereunder, or doing any act required to be made or done by Lessee
relating to the Demised Premises, then Lessor may, but shall not be required to,
make such payment or do such act, and the amount of the costs and expenses
thereof, if made or done by Lessor, plus an administrative fee of fifteen
percent (15%) of such costs and expenses, with interest on the total amount at a
rate equal to two (2) percentage points above the base rate or prime rate of
interest per annum as published from time to time in the Money Rates section of
the Wall Street Journal, accruing from the date paid by Lessor, shall be paid by
Lessee to Lessor and shall constitute additional Rent hereunder due and payable
by Lessee upon receipt of a written statement of costs from Lessor. The making
of such payment or the doing of such act by Lessor shall not operate to cure
Lessee's default, nor shall it prevent Lessor from the pursuit of any remedy to
which Lessor would otherwise be entitled.

34.  LATE CHARGES

     If any installments of Monthly Rent, additional Rent or other charges to be
paid by Lessee pursuant to this Lease are not actually received by Lessor within
five (5) days of the date such payment was due (inclusive of such due date),
Lessee shall pay to Lessor, as a late charge, five percent (5%) (per annum) of
such installment, additional Rent or other charge, and if any such installments
of Monthly Rent, additional Rent or other charges are not actually received by
Lessor within ten (10) days after the same becomes due and payable, they instead
shall bear interest at a rate (per annum) of the greater of. i) seven percent
(7%); or ii) a rate equal to one (1) percentage point above the then base rate
or prime rate of interest per annum as published from time to time in the Money
Rates section of the Wall Street Journal, either of the applicable rate accruing
from the date such installment or payment became due and payable to the date of
receipt of such payment thereof by Lessor. Such interest shall constitute
additional Rent due and payable to Lessor by Lessee upon the date of Lessor's
receipt of payment of the delinquent payment referenced above.

                                       24

<PAGE>

35.  BANKRUPTCY

     If Lessee or any guarantor of this Lease shall become bankrupt or
insolvent, or file any debtor proceedings or if Lessee or any guarantor shall
take or have taken against either party in any court pursuant to any statute
either of the United States or of any court pursuant to any statute either of
the United States or of any State a petition in bankruptcy or insolvency or for
reorganization or for the appointment of a receiver or trustee of all or a
portion of Lessee's or any such guarantor's property, or if Lessee or any such
guarantor makes an assignment for the benefit of creditors, or petitions for or
enters into an arrangement, then this Lease shall terminate and Lessor, in
addition to any other rights or remedies it may have, shall have the immediate
right of reentry and may remove all persons and property from the Demised
Premises and such property may be removed and stored in a public warehouse or
elsewhere at the cost of, and for the account of Lessee, all without service of
notice or resort to legal process and without being deemed guilty of trespass,
or becoming liable for any loss or damage which may be occasioned thereby.

36.  NO PARTNERSHIP

     Nothing contained in this Lease shall be deemed or construed to create a
partnership or joint venture of or between Lessor and Lessee, or to create any
other relationship between the parties hereto other than that of Lessor or
Lessee.

37.  NO REPRESENTATIONS BY LESSOR

     Neither Lessor, or its Agent, or employees of Lessor has made any
representations or promises with respect to the Demised Premises or the Building
except as herein expressly set forth, and no rights, privileges, easements or
licenses are acquired by Lessee except as herein expressly set forth. Unless
specified in Exhibit "B", Lessee unconditionally accepts the Demised Premises
and the Building in their then "as is" condition (including but not limited to
the level of service provided by the Building's HVAC, electrical, or other
systems) as of the Occupancy Date. The Lessee has inspected the Demised Premises
and the Building and is aware of the current condition of both and of the
utilities and services currently available to the Demised Premises. Taking of
possession of the Demised Premises by Lessee shall be conclusive evidence that
the Demised Premises and the Building are in good and satisfactory condition at
the time of such taking of possession.

38.  BROKER AND AGENT

     Lessee represents and wan-ants to Lessor that, except for Woodmark
Commercial Services, LLC (the "Broker" who's fees, if any are owed, shall be
dictated by a written

                                       25

<PAGE>

agreement entered into between Lessor and Broker separate from this Lease,)
Lessee has not employed any broker, finder or other person who may claim any
commission or fee, in carrying on the negotiations, or had any dealings with any
broker, finder or such other person relating to this Lease. Lessee shall
indemnify and hold Lessor harmless from and against any claim or claims for
brokerage or other commission, fee or amount arising from or out of any breach
of the foregoing representation and warranty by Lessee.

     Lessor appoints and Lessee recognizes, until such time as Lessor otherwise
notifies Lessee in writing, R B Associates, Inc. as Lessor's management agent
(referred to in this Lease as "Agent") for the management and operations of the
Building including the issuance and receipt of all notices and the instituting
and processing all legal actions on behalf of Lessor under this Lease.

39.  WAIVER OF JURY TRIAL

     Lessor and Lessee hereby waive trial by jury in any action, proceeding or
counterclaim brought by either of the parties hereto against the other on or
with respect to any matter whatsoever arising out of or in any way connected
with this Lease, the relationship of Lessor and Lessee hereunder, Lessee's use
or occupancy of the Demised Premises, and/or any claim of injury or damage.

40.  ENFORCEMENT OF LEASE

     In the event that Lessor pursues or takes legal action in good faith, to
enforce against Lessee the performance of Lessee's obligations under this Lease,
then Lessee shall immediately reimburse Lessor for all costs and expenses,
including, without limitation, reasonable attorneys' fees, incurred by Lessor,
in such good faith pursuit.

41.  NOTICES

     All notices or other communications hereunder, except for service of
process, shall be in writing and shall be deemed duly given if. i) to Lessor, if
delivered by certified mail - return receipt requested, or by registered mail -
postage prepaid at, c/o R B Associates, Inc., attention: Real Estate Division,
1054 31/st/ Street, N.W., Suite 1000, Washington, DC 20007, with a copy to by
mail postage prepaid to Holland & Knight LLP, 2100 Pennsylvania Avenue, N.W.,
Suite 400, Washington, DC 20037, attention: Mr. Nelson F. Migdal, Esq.; and ii)
to lessee, if delivered by hand delivery, or by certified mail - return receipt
requested, or by registered mail - postage prepaid, at 1101 30/th/ Street, N.W.,
Suite 500, Washington, DC 20007, prior to the Occupancy Date and at the Demised
Premises thereafter. The party to receive notices and the place notices are to
be sent for either Lessor or Lessee may be changed by notice given pursuant to
the

                                       26

<PAGE>

provisions of this section, however, the Lessee must receive Lessor's prior
written approval to make such a change.

42.  ESTOPPEL CERTIFICATES

     At any time and from time to time, upon not less than ten (10) days prior
written notice from Lessor or the Current Mortgagee, or any other mortgagee, to
Lessee, Lessee agrees to execute, acknowledge and deliver to Lessor or the
mortgagee requesting same an estoppel certificate containing such information
with respect to the status of this Lease as Lessor or such mortgagee may
reasonably request, including, but not limited to the following certifications:
i) that this Lease is unmodified and in full force and effect (or, if there have
been modifications, that the Lease is in full force and effect as modified and
stating the modifications); ii) the dates to which the Rent and other charges
hereunder have been paid by Lessee; iii) whether or not Lessor is in default in
the performance of any covenant, agreement or condition contained in this Lease,
and, if so, specifying each ` such default of which Lessee may have knowledge;
iv) the address to which notices to Lessee should be sent and, if Lessee is a
corporation, the name and address of its registered agent in the jurisdiction in
which the Building is located; and v) that Lessee has not paid Rent more than
thirty (30) days in advance. Any such statement delivered pursuant hereto may be
relied upon by any owner of the Building, any prospective purchaser of the
Building, any mortgagee or prospective mortgagee of the Building or of Lessor's
interest, or any prospective assignee of any such mortgage.

43.  HOLDING OVER

     In the event Lessee continues in possession of the Demised Premises without
Lessor's consent after the date of expiration of the term of this Lease or any
extension period thereof, Lessee shall, by virtue of this section of the Lease,
become a lessee by the month and hereby agrees to pay to Lessor (subject to
further increases thereafter) a Monthly Rent equal to twice the amount of the
Monthly Rent in effect during the last month of the term of this Lease as it may
have been extended. The month-to-month tenancy shall commence with the first
(1st) day next after the expiration of the ten-n of this Lease. Lessee as a
month-to-month tenant shall continue to be subject to all of the conditions and
covenants of this Lease, except as aforesaid with respect to Rent. Lessee shall
give to Lessor at least thirty (30) days written notice of any intention to quit
the Demised Premises. Lessee shall be entitled to thirty (30) days written
notice to quit the Demised Premises, except in the event of nonpayment of the
modified Monthly Rent in advance or breach of any other covenant or provision of
this Lease, in which event Lessee shall not be entitled to any notice to quit,
the usual thirty (30) days notice to quit being hereby expressly waived.

     In the event Lessee holds over after the expiration of the term of the
Lease or extension period thereof, and Lessor desires to regain possession of
the Demised Premises promptly at the expiration of the term of this Lease or
extension period thereof, then at any time prior to Lessor's

                                       27

<PAGE>

acceptance of modified Monthly Rent from Lessee as a month to month tenant
hereunder, Lessor, at its option, may notify Lessee of Lessor's desire to so
regain possession and may forthwith reenter and take possession of the Demised
Premises without process, or by any legal process in force in the jurisdiction
in which the Building is located.

44.  RIGHTS RESERVED BY LESSOR

     In addition to any and all other rights of Lessor hereunder and in law,
Lessor shall have the following rights, exercisable without notice to Lessee,
without liability for damage or injury to property, person or business and
without effecting an eviction, constructive or actual, or disturbances or
Lessee's use or possession of the Demised Premises or giving rise to any claim
for set-off, abatement of rent or otherwise:

     (A) To change the Building's name or street address (without any
responsibility to Lessee for any resulting costs, such as changing stationary);

     (B) To affix, maintain and remove any and all signs on the exterior and
interior of the Building; except any signs that may have been approved under the
section of this Lease entitled "signs and advertisements";

     (C) To designate and approve: i) prior to installation, all window shades,
blinds, drapes, awnings, window ventilators, lighting and other similar
equipment to be installed by Lessee; or ii) the placement of any personal
property of Lessee that may be visible from the exterior of the Demised Premises
or the Building;

     (D) To decorate and make repairs, alterations, additions and improvements,
whether structural or otherwise, in, to and about the Building and any part
thereof, and, during the continuance of any of such work, to temporarily close
doors, entry ways, and common areas in the Building and to temporarily interrupt
or suspend Building services and facilities, all without affecting Lessee's
obligations hereunder;

     (E) To grant to anyone the exclusive right to conduct any business or
render any service in the Building, provided Lessee is not thereby excluded from
uses expressly permitted herein;

     (F) To alter, relocate, reconfigure and reduce the common areas of the
Building, as long as the Demised Premises remains reasonably accessible; and

     (G) To alter, relocate, reconfigure, reduce and withdraw the common areas
located inside or outside the Building, including parking and access roads, as
long as the Demised Premises remain reasonably accessible; to establish, modify
and enforce reasonable rules and regulations with respect to the common areas;
to enter into, modify and terminate easements and other agreements pertaining to
the use and maintenance of the common areas; to close all or any portion of the
common areas to such extent as may, in the opinion of Lessor, be necessary to
prevent a dedication thereof or the accrual of any rights to any person or to
the public therein; to

                                       28

<PAGE>

close temporarily any or all portions of the common areas; to change the size,
location, elevation and nature of any of the common areas; to utilize portions
of the common areas for entertainment, displays, kiosks, carts, and booths; and
to do and perform such other acts in and to said areas and improvements as, in
Lessor's sole judgment, Lessor shall determine to be advisable.

45.  COVENANTS OF LESSOR

     Lessor covenants that it has the right to make this Lease for the term of
the Lease aforesaid. Further, Lessor covenants that if Lessee shall pay the Rent
and shall perform all of the covenants, agreements and conditions specified in
this Lease to be performed by Lessee, Lessee shall, for the term of the Lease,
freely, peaceably and quietly occupy and enjoy the full possession of the
Demised Premises without molestation or hindrance by Lessor, its Agent or
employees, subject, however, to the section of this Lease entitled
"Subordination." Entry into the Demised Premises for inspections, repairs,
alterations, improvements and installations by Lessor, its agents, employees or
contractors pursuant to the section of this Lease entitled "Inspections, Repairs
and Installations" and the exercise by Lessor of Lessor's rights reserved in the
section of this Lease entitled "Rights Reserved by Lessor" shall not constitute
a breach by Lessor of this covenant, nor entitle Lessee to any abatement or
reduction of rent. In addition, any activities of Lessor, whether in the form of
renovation, redecoration or rehabilitation of any area of the Building,
including the lobby, and any of the surrounding public spaces by Lessor or in
the form of organized activities, public or private, shall not be deemed
violation by Lessor of Lessor's covenant of quiet enjoyment benefiting Lessee.

46.  LIEN FOR RENT (Intentionally Omitted)

47.  EFFECTIVFNESS OF LEASE

     The furnishing of the form of this Lease by Lessor shall not constitute an
offer to or option of Lessee and this Lease shall become effective upon and only
upon its execution by both parties hereto.

48.  TRASH SORTING AND ENVIRONMENTAL LAWS

     Lessee covenants and agrees, at its sole cost and expense, to comply with
all present and future laws, orders, and regulations of the District of
Columbia, federal, municipal, and local governments, departments, commissions,
agencies and boards regarding the collection, sorting, separation, and recycling
of garbage, trash, rubbish and other refuse (collectively, "Trash.") Lessee
shall sort and separate its Trash into such categories as are provided by law.
Each separately sorted category of Trash shall be placed in separate receptacles
as directed by Lessor.

                                       29

<PAGE>

Lessor reserves the right to refuse to collect or accept from Lessee any Trash
that is not separated and sorted as required by law, and to require Lessee to
arrange for such collection at Lessee's sole cost and expense, utilizing a
contractor satisfactory to Lessor. Lessee shall pay all costs, expenses, fines,
penalties, or damages that may be imposed on Lessor or Lessee by reason of
Lessee's failure to comply with the provisions of this Section 48, and, at
Lessee's sole cost and expense, shall indemnify, defend and hold Lessor harmless
(including legal fees and expenses) from and against any actions, claims, and
suits arising from such noncompliance, utilizing counsel reasonably satisfactory
to Lessor.

     Lessee shall not use any portion or all of the Building or the Demised
Premises for the generation, treatment, storage or disposal of "hazardous
materials," "hazardous waste," "hazardous substances," or "oil" (collectively,
"Materials") as such terms are defined under the Comprehensive Environmental
Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., as
amended, the Resource Conservation and Recovery Act of 1976, 42 U.S.C. 6901 et
seq., as amended, and any and all other "environmental statutes" which regulate
the use of hazardous and/or dangerous substances, and the regulations
promulgated thereunder and any and all state and local laws, rules and
regulations, without the express prior written consent of Lessor, and then only
to extent that the presence and/or discharge of the Materials is: i) properly
licensed and approved by all appropriate governmental officials and in
accordance with all applicable laws and regulations; and ii) in compliance with
any terms and conditions stated in said prior written approval by the Lessor.
Lessee may use such Materials in the ordinary course of business, provided that
such use is in accordance with all applicable statutes, laws, rules and
regulations, and any manufacturer instructions; and provided further that Lessee
may not discharge any Materials except as provided by applicable statutes, laws,
rules and/or regulations, and specifically may not discharge any Materials in
any public sewer or any drain and/or drainpipe leading or connected thereto.
Lessee shall promptly give written notice to Lessor of any communication
received by Lessee from any governmental authority or other person or entity
concerning any complaint, investigation or inquiry regarding any use or
discharge (or alleged use or alleged discharge) by Lessee or any Materials.
Lessor shall have the right (but not the obligation) to conduct such
investigations or tests (or both) as Lessor shall deem necessary with respect to
any such complaint, investigation or inquiry, and Lessee, at its expense, shall
take such action (or refrain from taking such action) as Lessor may request in
connection with such investigations and tests by Lessor. Lessee shall indemnify,
defend (with counsel selected by Lessor), and hold Lessor harmless from and
against any such improper use or discharge (or both) by Lessee, including any
costs of all necessary clean-up activities occasioned by Lessee's actions,
whether during the term or after termination of this Lease.

49.  PARKING

     So long as the Lessee is not in default of the Lease or any applicable
rules and regulations which apply to the garage; then during the term of the
Lease, the Lessee shall be entitled to contract for four (4) unreserved parking
spaces in the Building's parking garage at prevailing market rates.

                                       30

<PAGE>

50.      RECORDATION

         Lessee shall not record this Lease or any memorandum thereof without
the prior written consent of Lessor. All fees, costs, taxes and expenses in
connection with Lessee's filing and recording of this Lease or any memorandum
thereof shall be the sole obligation of Lessee. Lessor may condition its consent
to any request by requiring that only a memorandum of lease be filed and
recorded, such memorandum to exclude information as to the amount of Rent
specified in this Lease.

51.      GENDER

         Feminine or neuter pronouns shall be substituted for those of the
masculine form, and the plural shall be substituted for the singular number, in
any place or places herein in which the context may require such substitution or
substitutions.

52.      BENEFIT AND BURDEN

         The terms and provisions of this Lease shall be binding upon and shall
inure to the benefit of the parties hereto and each of their respective
representatives, successors and permitted assigns. Lessor may freely and fully
assign its interest hereunder. In the event of any sale or transfer of the
Building by operation of law or otherwise by the party named as Lessor hereunder
(or any subsequent successor, transferee or assignee), then said party, whose
interest is thus sold or transferred shall be and is completely released and
forever discharged from and with respect to all covenants, obligations and
liabilities as Lessor hereunder after the date of such sale or transfer.

         In the event Lessor shall be in default under this Lease, and if as a
consequence of such default, Lessee shall recover a money judgement against
Lessor, such judgement shall be satisfied only out of the proceeds of sale
received upon execution of such judgement against the right, title and interest
of Lessor in the Building as the same may then be constituted and encumbered and
Lessor shall not be liable for any deficiency. In no event shall Lessee have the
right to levy execution against any property of Lessor other dm its interests in
the Building. In no event shall any personal judgment lie against any partner in
Lessor or any officer, director, shareholder, or trustee in any partnership or
corporation which is a partner in Lessor.

53.      GOVERNING LAW

         This Lease and the rights and obligations of Lessor and Lessee
hereunder shall be governed by the laws of the District of Columbia.

                                       31

<PAGE>

54.      SAVINGS CLAUSE

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

55.      CORPORATE LESSEE

         If Lessee is or will be a corporation, the persons executing this Lease
on behalf of Lessee hereby consent, represent and wan-ant that Lessee is a duly
incorporated or a duly qualified (if a foreign corporation) corporation and
authorized to do business in the District of Columbia; and that the person or
persons executing this Lease on behalf of Lessee is an officer or are officers
of Lessee, and that they as such officers are duly authorized to sign and
execute this Lease. Simultaneously with the execution and delivery of this Lease
by Lessee to Lessor, Lessee shall deliver to Lessor documentation satisfactory
to Lessor evidencing Lessee's compliance with the provisions of this section.
Further, Lessee agrees to promptly execute all necessary and reasonable
applications or documents confirming such registration as requested by Lessor or
its representatives required to permit the issuance of necessary permits and
certificates for Lessee's use and occupancy of the Demised Premises. Any delay
or failure by Lessee in submitting such application or document so executed
shall not serve to delay the Commencement Date or delay or waive Lessee's
obligations to pay Rent hereunder. Lessee, if a corporation, states that its
registered agent in the District of Columbia is _______________________________,
having an address at ___________________________ and that it is a corporation in
good standing in the District of Columbia.

56.      JOINT AND SEVERAL LIABILITY

         If two (2) or more individuals, corporations, partnerships or other
business associations (or any combination of two (2) or more thereof) shall sign
this Lease as Lessee, the liability of each of them shall be joint and several.
In like manner, if Lessee named in this Lease shall be a partnership or other
business association the members of which are, by virtue of statute or general
law, subject to personal liability, the liability of each of such member shall
be joint and several.

57.      BUSINESS DAY/WORKING DAY

         The terms "business day" and/or "working day" are terms describing each
calendar day Monday through Friday (from 8:00 a.m. to 6:00 p.m.) and Saturday
(from 9:00 a.m. to 1:00 p.m.)

                                       32

<PAGE>

except any holiday identified specifically or generically in the section of this
Lease entitled, "Services and Utilities" falling on one (1) of such calendar
days.

58.      ENTIRE AGREEMENT

         (A)  This Lease, together with the Exhibits attached hereto and made a
part hereof, contains and embodies the entire agreement of the parties hereto,
and no representations, inducements, or agreements, oral or otherwise, between
the parties not contained and embodied in this Lease and said Exhibits shall be
of any force or effect, and the same may not be modified, changed or terminated
in whole or in part in any manner other than by an agreement in writing duly
signed by all parties hereto.

         (B)  The Lessee and the Lessor agree, understand, and acknowledge that
the Lease has been freely negotiated by both parties; and that in any
controversy, dispute, or contest over the meaning, interpretation, validity, or
enforceability of this Lease, or any of its terms and conditions, there shall be
no inference, presumption, or conclusion drawn whatsoever against either party
having drafted this Lease or any portion thereof.

59.      LESSEE'S REPRESENTATIONS

         The financial information and references submitted by Lessee are made a
part of this Lease and has been an inducement for the Lessor to lease the
Demised Premises to the Lessee under the terms herein. If any of the
representations contained in that financial information or references are
discovered at any time to be misleading, incorrect or untrue, Lessor has the
right to cancel this Lease and repossess the Demised Premises according to any
remedy provided by law. Lessor may also recover from the Lessee any loss or
damages (including Rent for the full term hereunder) which the Lessor may have
suffered from such misrepresentation.

60.      HEADINGS

         The captions, section numbers, and table of contents appearing in this
Lease are included only as a matter of convenience and in no way define, limit,
or describe the scope of intent of such sections of this Lease, nor in any way
affect this Lease.

61.      RIGHT-TO-RELOCATE

         (A)  Lessee shall have the right to relocate to other office spaces and
simultaneously terminate this Lease at and during the specified time periods set
forth in this section 61, however, expressly subject to each of the following
conditions:

                                       33

<PAGE>

         1.  the effective dates of the termination option are only during the
period of time after completion of the first (1/st/) six (6) months of the first
(1) Lease-Year and ending six (6) months prior to the Termination Date, and

         2.  during the time period immediately above in 61 (A)i, the Lessee
entering into a new lease for other office space within the Building or Lessor's
affiliated property, Canal Square located @ 1054 31/st/ Street, N.W.,
Washington, DC; and such lease contains: (a) "basic terms" and conditions
contained within the Lessor's Standard lease; and (b) "business terms" which
reflect a "market rent."

     (B) The Lessee's right to relocate to other office space and simultaneously
terminate this lease as specified above shall be null and void and of no force
and effect unless at the time above specified: i) for exercising such option
each and every one of the following conditions precedent shall have been fully
satisfied: (a) Lessee's notice to terminate was received by Lessor within the
applicable period of time specified above (b) the Lease shall be in full force
and effect; (c) Lessee shall not be in default (beyond any notice anducure
provisions) in the performance or observance of any of the terms herein; and ii)
as the effective date of Lease termination. Lessee shall not be in default
(beyond any notice and cure provisions) in the performance or observance of any
of the terms herein. Upon Lessor's reasonable satisfaction that all of the above
conditions have been fulfilled by the Lessee, the Lease, shall be deemed
terminated.

62.  RIGHT-TO-MATCH

     (A) Provided that Lessee is not then in default of the Lease and is then in
occupancy of the entire Demised Premises then solely during the period
commencing on the first (1/st/) annual anniversary of the Commencement Date and
ending six (6) months prior to the Termination Date, Lessee shall have an
ongoing right to match or exceed any offer the Lessor may receive from: i) a
non-Lessor affiliated entity; or ii) any party which lesses the space prior to
the first (1/st/) annual anniversary of the commencement date; to lease the
adjacent premises known as Suite #250 as shown on Exhibit "A" ("Available
Space"). The Available Space shall be offered to, and accepted (if at all) by
Lessee on the terms and conditions as shall be set forth in such offer
aforementioned to lease that Lessor may receive as to such Available Space
("Lessor's Offer".)

     (B) Lessee shall give to Lessor, written notice of Lessee's exercise of its
option to so lease the Available Space within five (5) business days after the
date on which Lessor gives Lessor's Offer to Lease. If Lessee shall fail to
exercise its option to lease the Available Space within said five (5) business
days after the date on which Lessor's Offer is so given by Lessor, then Lessor
shall be free to offer to lease such Available Space to others and Lessee's
right to lease said Available Space shall be void and of no force or effect for
ever more and Lessor may lease said Available Space to others upon such terms
and for such periods as shall be acceptable to Lessor (it being agreed that time
shall be of the essence in Lessee's delivery of the aforesaid, Lessor will rely
to its detriment on Lessee's failure to give such written notice.)

                                       34

<PAGE>

     (C) Within ten (10) days (subject to written extension by Lessor) after the
date Lessee gives written notice to Lessor of the exercise of Lessee's option
hereunder, Lessor and Lessee shall execute an amendment to this Lease (or, at
Lessor's option, a new lease as to said Available Space) setting forth the terms
set forth in Lessor's Offer as to the Available Space (or with respect to a new
lease as to said Available Space, setting forth the terms in Lessor's Offer as
to the Available Space and in all other respects identical to this Lease.) If
Lessee shall fail due to no fault of Lessor to execute said Lease Amendment (or
said new lease, as the case may be) for the Available Space within such ten (10)
days period (as the same may be extended as aforesaid), and deliver said
document with any required securitization therewith, then the exercise by Lessee
of Lessee's option herein is automatically cancelled and of no force or effect
and Lessor shall be free to offer to lease and to lease such Available Space to
others upon such terms and conditions as shall be acceptable to Lessor, and to
hold Lessee liable for any damages to Lessor from such cancellation.

     (D) Nothing set forth in this paragraph shall be construed to give Lessee a
superior right to lease the Available Space or any other space in the Building
that is leased to another tenant and that is subject to any written option on
the part of such other tenant to renew or extend the term thereof. Any lease of
Available Space entered into pursuant to the terms of this section 62 shall be
effective upon the date of the amendment to this Lease (or upon the date of such
new lease, as the case may be) and the term thereof and the obligation to pay
rental thereunder shall commence upon the date determined pursuant to the
provisions of Lessor's Offer, as set forth in such amendment or new lease.
During the period of time that any Lessor's Offer is outstanding, Lessor may
proceed with negotiations with prospective tenants other than Lessee with
respect to any or all of the Available Space in question. Lessee may only take
Available Space hereunder in whole but not in part.

[Signatures, Notaries, and Exhibits Follow]

                                       35

<PAGE>

         IN WITNESS WHEREOF, Lessor and Lessee have caused this Lease to be
signed in their names by their duly authorized representatives and delivered as
their act and deed, intending to be legally bound by its terms and provisions.

WITNESS:               LESSOR: Waterfront Center Limited Partnership

                          By:  The Waterfront Corporation, its General Partner

                               By:  /s/ Richard D. Bernstein
___________                         __________________________________
Date:

                       LESSEE: InPhonic.com, Inc.

                               By:  /s/ David A. Steinberg
                                    __________________________________
                                    Name:
                                    Title:

                                       36

<PAGE>

                       Acknowledgment of Corporate Lessee

State of ______________________________

                                              ss:
County of______________________________

     I,  Joyce Richardson the Notary Public indicated below, in and for the
jurisdiction aforesaid, acknowledge that the person satisfactorily proven to
me to be David Steinberg, and is the President of the Lessee named in the
foregoing and annexed Lease, who executed the foregoing instrument on behalf of
Lessee as said Lessee's free act and deed for the purpose therein contained.

     WITNESS my hand and official seal this ___ day of ___________________,
20___.

     /s/ Joyce Richardson
     ______________________________
     Notary Public - signature

     (Notarial Seal)

     My Commission Expires: 10/31/02

                                       37

<PAGE>

                                    EXHIBIT A

                         FLOOR PLAN OF DEMISED PREMISES

                                  [FLOOR PLAN]

                                      A-1

<PAGE>

                                   EXHIBIT "B"

                              PREMISES IMPROVEMENTS

     (A)  The work to be provided by Lessor at no additional cost to Lessee (the
"Improvements") shall be as follows:

          1.  Paint all vertical walls in Lessor's Building Standard white
except that, the Lessor will paint the vertical walls of one (1) office in a
different, reasonable color of the Lessee's reasonable choice;

          2.  Install new carpet in all currently carpeted areas in one (1)
color of Lessee's choice from Lessor's Building Standard selections, except
that, the Lessor will install carpet in one (1) office in a different,
reasonable color of the Lessee's reasonable choice from Lessor's Building
Standard selections;

          3.  Demolish one (1) wall where shown on Exhibit "A" and re-build
resulting office entrance as required;

          1.  Add weather stripping around suite entry door; and

          2.  fix ceiling tile and lighting as required.

     Except for the work set forth above in this Exhibit "B", Lessee accepts
possession of the Demised Premises and Building in their "as-is" condition
existing on the Lease date. Lessor reserves the right to reasonably modify the
above if field conditions require such modification. In the case where
significant modification is required, the Lessor will notify the Lessee of such
modification. All Improvements shall be of Lessor's Building Standard unless
otherwise noted.

     (B)  In addition to the Improvements as detailed above, the Lessee may, at
its sole cost and expense (and if started prior to Lessor's work to complete the
Improvements above in this Exhibit B, so long as same does not interfere with
the Lessor's work to complete the Improvements above in Section (A) of this
Exhibit B) be permitted to install the following Improvements (and which shall
be subject to Lessor's reasonable prior written approval of final details):

     1.   hardwood floors in reception area and hallway;

     2.   built-in work stations in the interior conference room; and

     3.   additional electrical outlets.

                                      B-1

<PAGE>

                                   EXHIBIT "C"

                              Rules and Regulations

     The following rules and regulations have been formulated for the safety and
well-being of all the lessees of the Building. Any violation of these rules and
regulations by any lessee which continues after notice from Lessor shall be
sufficient cause for termination, at the option of Lessor, of the Lessee's
lease. Lessor may, upon request by any Lessee, waive the compliance by such
Lessee of any of the following rules and regulations, provided that: i) no
waiver shall be effective unless signed by Lessor or Lessor's authorized agent;
ii) any such waiver shall not relieve the Lessee from the obligation to comply
with such rule or regulation in the future unless expressly consented to, in
writing by Lessor; and iii) no waiver of a rule or regulation granted to any
lessee shall relieve any other lessee from the obligation unless such other
lessee has received a similar waiver in writing from Lessor.

1.   The sidewalks, entrances, passages, courts, elevators, vestibules,
stairways, corridors or halls or other parts of the Building not occupied by any
Lessee (hereinafter "Common Areas") shall not be obstructed or encumbered by any
lessee or used for any purpose other than ingress and egress to and from the
Lessee's Demised Premises. Lessor shall have the right to control and operate
the Common Areas, and the facilities furnished for the common use of the Lessee
in such manner as Lessor, in its sole discretion, deems best for the benefit of
the Lessees generally. No lessee shall permit the visit to its Demised Premises
of persons in such number or under such conditions as to interfere with the use
and enjoyment by other lessees of the Common Areas.

2.   No awnings or other projections shall be attached to the outside walls of
the Building. No drapes, blinds, shades or screens shall be attached to or hung
in, or used in connection with, any window or door of a lessee's Demised
Premises.

3.   No sign, advertisement, notice or other lettering or material(s) shall be
exhibited, inscribed, painted or affixed by any lessee on any part of the
outside or inside of the Lessee's Demised Premises, the Building or elevators.
In the event of the violation of the foregoing by any lessee, Lessor may remove
same without any liability, and may charge the expense incurred by such removal
to the lessee or lessees violating this rule. All interior signs on the doors
and directory table shall be inscribed, painted or affixed for each lessee by
Lessor at the expense of such lessee, and shall be of a size, color and style
acceptable to Lessor.

4.   No show cases or other articles shall be put in front of or affixed to any
part of the exterior of the Building, nor placed in the Common Areas.

5.   The water and wash closets and other plumbing fixtures shall not be used
for any purposes other than those for which they were constructed, and no
sweepings, rubbish, rags or other substances shall be thrown or placed therein.
All damages resulting from any misuse of the fixtures shall be borne by the
lessee whose employees, agents, visitors or licensees shall have caused the
same.

                                      C-1

<PAGE>

6.   There shall be no marking, painting, drilling into or other form of
defacing or damage of any part of a lessee's Demised Premises or the Building.
No boring, cutting or stringing of wires shall be permitted. No lessee shall
construct, maintain, use or operate within its Demised Premises or elsewhere
within or on the outside of the Building, any electrical device, wiring or
apparatus in connection with a loud speaker system or other sound system. Lessor
will, however, permit a Lessee to install muzak or other internal music system
within the Lessee's Demised Premises if the music system cannot be heard outside
of the Demised Premises.

7.   No Lessee shall make or permit to be made any disturbing noises or disturb
or interfere with the occupants of the Building or neighboring Buildings or
premises or those having business with them, whether by the use of any musical
instrument, radio, tape recorder, whistling, singing or any other way. No Lessee
shall throw anything out of the doors or windows, off the balconies or down the
corridors or stairs.

8.   No bicycles, vehicles or animals, birds or pets of any kind shall be
brought into or kept in or about a Lessee's Demised Premises. No cooking shall
be done or permitted by any Lessee on its Demised Premises, except that, with
Lessor's prior written approval, a lessee may install and operate for the
convenience of its employees, a lounge or coffee room with microwave oven, sink
and refrigerator. No lessee shall cause or permit any unusual or objectionable
odors to originate from its Demised Premises. Each lessee shall be obligated to
maintain sanitary conditions in any area approved by the Lessor for food and
beverage preparation and consumption.

9.   No space in or about the Building shall be used by any Lessee for the
manufacture, storage, or sale or auction of merchandise, goods or property of
any kind.

10.  No flammable, combustible, explosive, hazardous or toxic fluid, chemical or
substance shall be brought into or kept upon a lessee's Demised Premises.

11.  No additional locks or bolts or alarms of any kind shall be placed upon any
of the doors or windows by any lessee, nor shall any changes be made in existing
locks or the mechanism thereof. The doors leading to the Common Areas shall be
kept closed during business hours except as they may be used for ingress and
egress. Each lessee shall, upon the expiration or termination of its tenancy,
return to Lessor all keys or codes used in connection with its, Demised
Premises, including any keys or codes to the Demised Premises, to rooms and
offices within the Demised Premises, to storage rooms and closets, to cabinets
and other built-in furniture, and to toilet rooms whether or not such keys or
codes were furnished by Lessor or procured by Lessee, and in the event of the
loss of any such keys and the codes for any alarms, such lessee shall pay to
Lessor the cost of replacing the locks. On the expiration or termination of a
lessee's lease, the lessee shall disclose to Lessor the combination of all locks
for safes, safe cabinets and vault doors and the codes for any alarms, if any,
remaining in the Demised Premises.

12.  All deliveries and removals, or the carrying in or out of any safes,
freight, furniture or bulky matter or material of any description, must take
place in such manner and during such hours as Lessor may require. Lessor
reserves the right to inspect all freight, furniture or bulky

                                      C-2

<PAGE>

matter or materials to be brought into the Building and to exclude from the
Building all or any of such which violates any of these rules and regulations or
the Lease.

13.  Any person employed by Lessee to do janitorial work within the Demised
Premises must obtain Lessor's written consent prior to commencing such work, and
such person shall, while in the Building and outside of said Demised Premises,
comply with all instructions issued by the superintendent of the Building. No
lessee shall engage or pay any employees on the Lessee's Demised Premises,
except those actually working for such lessee on said Demised Premises.

14.  Any person(s) or company supplying spring water, ice, coffee, soft drinks,
towels, or other like merchandise or service shall follow Lessor's directions
for delivering same. Lessor has the right to prohibit entry to the Building by
such person(s) or company who does not follow Lessor's directions.

15.  Lessor shall have the right to prohibit any advertising by any Lessee
which, in Lessor's sole opinion, tends to impair the reputation of the Building
or its desirability as a Building for offices, and upon written notice from
Lessor, such lessee shall refrain from or discontinue such advertising.

16.  Lessor reserves the right to exclude from the Building at all times any
person who is not known or does not properly identify himself to the Building
management or its agents. Lessor may at its option require all persons admitted
to or leaving the Building between the hours of 6:00 p.m. and 8:00 a.m., Monday
through Friday, and at all times on Saturdays, Sundays and holidays, to
register. Each Lessee shall be responsible for all persons for whom it
authorizes entry into the Building, and shall be liable to Lessor for all acts
of such persons.

17.  Each Lessee, before closing and leaving its Demised Premises at any time,
shall assure that all lights are turned off and access to the Demised Premises
is locked.

18.  The requirements of Lessees will be attended to only upon application at
the office of the Building. Building employees shall not perform, and shall not
be requested by any Lessee to perform, any work or do anything outside of their
regular duties, unless under special instructions from the Building management.

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

20.  No water cooler, plumbing or electrical fixtures shall be installed by the
Lessee without Lessor's prior written consent.

21.  There shall not be used in any space, or in the Common Areas of the
Building, either by any Lessee or by jobbers or others in the delivery or
receipt of merchandise, any hand trucks, except those equipped with rubber tires
and side guards.

22.  Mats, trash or other objects shall not be placed in the Common Areas.

                                      C-3

<PAGE>

23.  Lessor shall not maintain or repair suite finishes or fixtures which are
non-standard, including, but not limited to, kitchens, bathrooms, wallpaper, and
special lights.

24.  No space demised to any lessee shall be used, or permitted to be used, for
lodging or sleeping or for any illegal purpose.

25.  Employees of Lessor other than those expressly authorized are prohibited
from receiving any packages or other articles delivered to the Building for any
lessee and, should any such employee receive any such package or article, he or
she in so doing shall be the agent of such lessee and not Lessor.

26.  No Lessee shall install or permit or allow installation of a television
antenna in the windows or upon the exterior of its Demised Premises or the
Building.

27.  No Lessee shall tie in, or permit others to tie in, to the electrical or
water supply of the Building without prior written consent of the Building
management.

28.  No Lessee shall remove, alter or replace the Building standard ceiling,
light diffusers or air conditioning terminals in any portion of its Demised
Premises without the prior written consent of Lessor.

29.  No vending machines shall be permitted to be placed or installed in any
part of the Building by any lessee. Lessor reserves the right to place or
install vending machines in any of the Common Areas of the Building.

30.  No lessee shall place, or permit to be placed, on any part of the floor or
floors of the space demised to such lessee a load exceeding the floor load per
square foot which such floor was designed to carry and which is allowed by law.

31.  Lessor reserves the right to specify where in the space demised to any
Lessee business machines and mechanical equipment shall be placed or maintained
in order, in Lessor's judgment, to absorb and prevent vibration, noise, and
annoyance to other Lessees of the Building.

32.  Lessor reserves the right to rescind, amend, alter or waive any of the
foregoing rules and regulations at any time when, in its sole judgment, it deems
it necessary, desirable or proper for its best interest and for the best
interests of the lessees, and no such rescission, amendment, alteration or
waiver or any rule or regulation in favor of one Lessee shall operate as an
alteration or waiver in

                                   EXHIBIT "E"

                       Certificate as to Resolution of the
                        Board of Directors and Incumbency

                                      C-4

<PAGE>

     The undersigned, David Steinberg hereby certifies to Waterfront Center
Limited Partnership, that they are the duly elected Board, of InPhonic, Inc.,
a __________________ corporation (the "Corporation"), and
that, as such, they are authorized to execute this Certificate on behalf of the
Corporation, and further certifies that:

(a)  The following resolution was adopted on the 8th day of February, 2000
by the unanimous consent of the Board of Directors of the Corporation and duly
filed with the minutes of the Corporation:

"RESOLVED, that David Steinberg, the President and CEO of the Corporation, be
and is hereby authorized and directed for and on behalf of the Corporation to
executive, acknowledge, seal and deliver that certain lease ( the "Lease")
between Waterfront Center Limited Partnership, as Lessor, and the Corporation,
as Lessee, demising certain space known as suite #215 and located at 1010
Wisconsin Avenue, N. W., Washington, DC, upon the terms and conditions set forth
in the Lease, a copy of which is attached hereto and incorporated by reference
herein".

(b)  The person hereinabove named is the now duly elected, qualified and acting
______________ of the Corporation, and their signature appearing opposite their
name is their true and genuine signature.

President and CEO                                      /s/ David Steinberg
_____________________                                  _________________________
Title of Officer                                       Signature of Officer

Witness the signature of the undersigned and the seal of the Corporation this
___ day of ________________, 20___

[Corporate Seal]                                       ___________________

<PAGE>

     FIRST ADDENDUM TO INPHONIC.COM, INC. LEASE FOR SPACE AT 1010 WISCONSIN
                         AVE SUITE 215 WASHINGTON, D.C.

     WHEREAS, the Lessee is unable to tender the Letter of Credit simultaneous
with the execution of this Lease.

     WHEREAS, the Lessor has agreed to delay receipt of the Letter of Credit
provided that the Letter of Credit as required under Lease is received no later
than March 31, 2000.

     NOW THEREFORE, in consideration of the parties' mutual promises contained
herein, the parties agree that:

     1. The Lessee shall deliver to the Lessor a Letter of Credit as required
under the Lease in the sum of $20,000.00, or the same amount in certified funds
on or before March 31, 2000, in satisfaction of Lessee's obligations under
paragraph 5(A) of the Lease.

     2. The Lessee, simultaneously with the execution of the Lease and this
First Addendum to InPhonic.com Lease, shall wire to Lessor the sum of $20,766.68
to Lessor's account at Bank of America, route number 054000551, account number
002080103070, which represents the two payments of $15,575.01 and $5,191.67 as
required under the Lease. In the event that the Lessee fails to deliver the
Letter of Credit or funds as specified in paragraph one (1) above, then the
Lessor, at its option, may elect to terminate the Lease in its entirety and
retain the two payments tendered by Lessee in the sum of $15,575.01 and
$5,191.67, as liquidated damages, and Lessor and Lessee shall have no further
obligations under the Lease.

     3. To the extent that anything in this Addendum conflicts with any Lease
provision, the terms of this Addendum shall take precedence over the Lease
terms. All other terms of the Lease shall remain in full force and effect.

     4. Lessor and Lessee agree that rent payments shall commence on March 1,
2000, provided the Landlord is able to tender possession on that date.
Nevertheless, Lessee shall not be entitled to take possession of the Premises
until it delivers an acceptable Letter of Credit to the Lessor. Lessor shall not
unreasonably withhold its acceptance of the Letter of Credit and shall in good
faith and promptly notify Lessee of any reasonable changes it may require.

LESSOR:                                           LESSEE:

/s/ Richard Bernstein                            /s/ David Steinberg
___________________________                       ___________________________

<PAGE>

                          ADDENDUM NUMBER TWO TO LEASE

     This Addendum Number Two to Lease (the "Addendum") is made and entered into
this 24th day of April 2000, by and between Waterfront Center Limited
Partnership (the "Lessor") and InPhonic.com, Inc., a Delaware corporation (the
"Lessee").

                               W I T N E S S E T H

     WHEREAS, by that certain Lease Agreement dated February 17, 2000, between
the Lessor and the Lessee as modified by that certain Addendum Number One to
Lease dated March 1, 2000 (both such documents, hereinafter referred to as the
"Lease"), the Lessor leased to Lessee approximately 2,492 square-feet of area
located on the second (2nd) floor of the office building located at 1010
Wisconsin Avenue, N.W., Washington, DC (such area hereinafter referred to as the
"Demised Premises" and such office building hereinafter referred to as the
"Building");

     WHEREAS, Lessee desires to expand the Demised Premises and Lessor is
willing to expand the Demised Premises;

     WHEREAS, the parties desire to extend the term of the Lease; and

     WHEREAS, Lessor and Lessee desire to formally reflect their understanding
and agreement whereby the Demised Premises will be expanded, and therefore
revise and modify the Lease accordingly, with respect to the following Lease
sections:

1.   Demised Premises                         6.    Broker and Agent
2.   Term                                     7.    Exhibit "A"
3.   Rent                                     8.    Exhibit "B"
4.   Deposit                                  9     Right-to-Match
5.   Premises Improvements                    10.   Other Terms and Provisions

    NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties agree as follows:

1.   Demised Premises. Lease section 1 is modified to add that:

     (A) Commencing on May 15, 2000 (the "Suite 250 Commencement Date"), Lessee
shall have the absolute obligation to accept, in its absolute "as-is" condition
(except as may be set forth in Exhibit "G" attached hereto), possession of all
of that certain premises known as Suite 250 deemed to contain the
agreed-upon-amount of approximately 2,820 square feet of area located on the
second (2nd) floor of the Building. Such area is further shown on the attached
Exhibit "H" and shall continue to be designated as Suite 250 and shall
hereinafter be referred to as "Suite 250." On and after the Suite 250
Commencement Date, the Demised Premises shall

<PAGE>

include Suite 250 and be deemed to contain the agreed-upon-amount of
approximately 5,312 square feet of area.

     (B) However, if in the event that Lessor shall not be able to give
possession of Suite 250 to the Lessee on May 15, 2000, for any reason, then
Lessor, its Agent and employees shall not be liable or responsible for any
claims, damages, or liabilities arising in connection therewith or by reason
thereof, nor shall Lessee be excused from its obligations to perform under the
Lease. However, if Lessor shall not be able to give possession of Suite 250 to
the Lessee on May 15, 2000, the "Suite 250 Commencement Date" shall be revised
to be that date which is the effective date of Lessor's written notice to Lessee
(which shall contain a minimum of five (5) days prior notice); and the Lessee
shall accept possession of Suite 250 on the effective date of such notice.

2.   Term. Lease section 2 is modified to provide that:

     The parties acknowledge and agree that the term of the Lease commenced on
March 1, 2000. The termination date of the Lease shall herein be extended six
(6) months and the Lease shall expire on August 31, 2003 (the "Termination
Date").

3.   Rent. Lease section 4(B) is modified to add that:

     On and after the Suite 250 Commencement Date, Lessee shall pay to Lessor
(in addition to any and all other Rent due under the Lease) for each month of
each Lease Year, Monthly Base Rent for Suite 250 in accordance with the
following schedule:

     Lease Year                                              Base Rent - Monthly
     ----------                                              -------------------
     One (1) - (partial year for Suite 250)                  $5,875.00
     Two (2)                                                 $6,110.00
     Three (3)                                               $6,354.40
     Four (4) - (partial year for entire Demised Premises)   $6,608.58

     The Monthly Base Rent for Suite 215 for Lease-Year Four (4) shall be five
thousand eight hundred thirty-nine and 92/1 00 dollars ($5,839.92).

     Lease section 4(D) is modified to add that:

     If the Suite 250 Commencement Date occurs on a day other than the first
(1st) day of a calendar month, said Monthly Rent for Suite 250 for such partial
month (regardless of the actual number of days such month has) shall be payable
at the rate of one hundred seventy and 22/100 dollars ($170.22) per day, for
each day of that partial month, payable in advance, as specified above.

<PAGE>

4.   Deposit. Lease section 5 is modified to provide that:

     So long as the Lessee installs the wood floor pursuant to section 5 of this
Addendum, the Lessee shall not be required to deposit with Lessor any additional
deposit in connection with this Addendum. However, should the Lessee not install
the wood floor pursuant to section 5 of this Addendum, the Lessee shall, no
later than ten (10) days after the date of Lessor's notice to Lessee, establish
and fund with Lessor one (1) additional deposit, of the sum of five thousand and
00/100 dollars ($5,000.00). All such sums shall be hereinafter referred to as
the "Security Deposit" as a deposit to be used as security for payment of Rent
and for the performance by Lessee of all of Lessee's obligations hereunder, said
Security Deposit to be held by Lessor for the entire term of this Lease and any
extensions or renewals thereof.

     Lessor shall have the right, but shall not be obligated, to apply all or
any portion of the Security Deposit toward the losses or damages resulting from
any default by Lessee, in which event Lessee shall be obligated to promptly
deposit with Lessor such amount as will replenish the Security Deposit to the
full amount required under this Lease. In the event Lessee fails to perform its
obligations to commence payment of Rent or to take possession of Suite 250 on
the Suite 250 Commencement Date, said Security Deposit shall not be deemed
liquidated damages and Lessor may apply the deposit to reduce Lessor's damages,
and such application of the Security Deposit shall not preclude Lessor from
recovering from Lessee all additional damages incurred by Lessor.

5.   Premises Improvements. Lease section 9 is modified to add that:

   The Lessee continues to accept Suite 215 in its "as-is" condition and the
Lessee accepts Suite 250 in its as-is condition, however the Lessor and the
Lessee shall, at their respective sole cost and expense as set forth on Exhibit
"G", perform such work to Suite 250 as set forth on Exhibit "G"; and such work
shall hereinafter be referred to as the "Suite 250 Improvements."

   All Suite 250 Improvements (regardless of the source of payment for same)
shall become and remain the property of Lessor and shall be considered part of
the "Improvements" under the Lease. Any replacement of any property, fixtures or
the Improvements, whether made at Lessee's

<PAGE>

IN WITNESS WHEREOF, Lessor and Lessee have caused this Addendum to be signed in
their act and deed, intending to be legally bound by its terms and provision.

WITNESS:                         LESSOR:  Waterfront Center Limited Partnership

                                 By:  The Waterfront Corporation,
                                      its General Partner

_____________________            By:  /s/ Richard D. Bernstein
                                      ______________________________
                                      Richard D. Bernstein
                                      President

WITNESS:                         LESSEE: Inphonic.com, Inc.

                                 By:  /s/ David Steinberg
_____________________                 ______________________________
Name:                                 Name:
Title:                                Title:

<PAGE>

                         ADDENDUM NUMBER THREE TO LEASE

     Addendum Number Three to Lease (the "Addendum") is made and entered into
this 24th day of May 2002 by and between Waterfront Center Limited Partnership
(the "Lessor") and a Delaware corporation (the "Lessee").

                               W I T N E S S E T H

     WHEREAS, by that certain Lease Agreement dated February 17, 2000, between
the Lessor and the Lessee, as amended by that certain Addendum Number One to
Lease, dated March 1, 2000; and that certain Addendum Number Two (2) to Lease
dated April 24, 2000 (hereinafter, all such three (3) documents collectively
referred to as the "Lease"), the Lessor leased to Lessee approximately 5,312
square feet of area on the second (2/nd/) floor of the office building located
at 1010 Wisconsin Avenue, N.W., Washington, DC (such area hereinafter referred
to as the "Demised Premises" and such office building hereinafter referred to as
the "Building");

     WHEREAS, the parties desire to expand the Demised Premises;

     WHEREAS, Lessor and Lessee desire to formally reflect their understanding
and agreement, and therefore revise and modify the Lease accordingly, with
respect to the following Lease sections:

1.   Demised Premises                    5.    Broker and Agent
2.   Rent                                6.    Exhibit "A"
3.   Premises Improvements               7.    Other Terms and Provisions
4.   Services and Utilities

    NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties agree as follows:

1.   Demised Premises. Lease section 1 is modified to add that:

     (A)1. Commencing on July l, 2002 (the "Expansion Area Commencement Date"),
Lessee shall have the absolute obligation to accept, in its absolute "as-is"
condition, possession of that certain area located on the second (2/nd/) floor
of the Building and currently used as storage area, such certain area agreed to
by the parties to contain the agreed-upon amount of approximately 900 square
feet of area. Such area is further shown on the attached Exhibit "E," and shall
be designated herein as the "Expansion Area."

     2.    On and after the Expansion Area Commencement Date, the Demised
Premises shall include the Expansion Area and be deemed to contain the
agreed-upon amount of approximately 6,212 square feet of area.

                                      E-1

<PAGE>

     3. In the event that Lessor shall not be able to give such possession (as
  described herein) of the Expansion Area to the Lessee on or before July 1,
  2002, by reason of the holding over or retention of the Expansion Area by any
  then current tenant/occupant, or for any other reason, then: i) Lessor, its
  Agent and employees shall not be liable or responsible for any claims,
  damages, or liabilities arising in connection therewith or by reason thereof,
  nor shall Lessee be excused from its obligations to perform under the Lease;
  ii) the "Expansion Area Commencement Date" shall be revised to be that date
  which is the effective date in the Lessor's written notice to Lessee that
  possession of the Expansion Area will be delivered to Lessee, such notice
  which shall contain a minimum of five (5) business days prior; and iii) the
  Lessee shall accept possession of the Expansion Area on the effective date of
  such notice.

     4. In the event that Lessor is not able to give possession of the Expansion
Area to the Lessee on or after August 1, 2002, the Lessee may propose to
terminate the Lease for only the Expansion Area, by providing the Lessor with
written notice, such notice which may be delivered by the Lessee to the Lessor
any time after August 1, 2002, of Lessee's intent to terminate the Lease for
only the Expansion Area. If after ten (10) business days of Lessor's receipt of
Lessee's intent to terminate the Lease for only the Expansion Area due to the
foregoing, the Lessor is still unable to give possession of the Expansion Area
to the Lessee, the Lease shall be deemed terminated as of the eleventh (11/th/)
business day after Lessor's receipt of such notice.

     2. Rent. Lease section 4(B) is modified to provide that:

     For the period of time commencing on Expansion Area Commencement Date and
ending on the Lease termination date, Lessee shall pay to Lessor (in addition to
any and all other Rent due under the Lease) an additional minimum guaranteed
base rent for the Expansion Area in the sum of twenty-two thousand four hundred
and 00/100 dollars ($22,400.00), such additional base rent payable in minimum
monthly installments of one thousand six hundred and 00/100 dollars ($1,600.
00).

     Lease section 4(D) is modified to provide that:

     The additional monthly base rent for the Expansion Area shall be adjusted,
if the date for possession of the Expansion Area given pursuant to Lease section
1.(A)3. above occurs on a day other than July 1, 2002. Said Monthly Rent for
such partial month (regardless of the actual number of days such month actually
has) shall be due and payable/credited at the rate of fifty-two and 45/100
dollars ($52.45) per day, for each day, after/until possession of Expansion Area
is given to Lessee. The Rent due/credited for such partial month shall be
calculated from the date of possession of Expansion Area until the first (1/st/)
day of the month immediately following such date of possession, payable in
advance, as specified above.

     Lease section 4(E) is added to the Lease in its entirety as follows:

                                      E-2

<PAGE>

     Notwithstanding the foregoing, Lessor shall grant to Lessee a "rent
holiday" from the payment of one thousand six hundred and 00/100 dollars
($1,600.00) of the installment of Monthly Rent due only for the first (1st) full
month of possession of Expansion Area (such period being hereinafter referred to
as the "Expansion Area Free Rent Period"). During such Expansion Area Free Rent
Period, all installments of Monthly Rent shall be abated as stated above (such
rental abatement being hereinafter referred to as the "Expansion Area Free Rent
Allowance"); provided, however, that: i) the Expansion Area Free Rent Period and
the granting of the Expansion Area Free Rent Allowance as provided hereunder
shall not affect the Expansion Area Commencement Date as determined herein; ii)
Lessee shall remain obligated during the Expansion Area Free Rent Period to pay
all Additional Rent payable pursuant to this Lease and to perform all of
Lessee's obligations under this Lease except as expressly aforesaid; and iii) in
the event of any termination of this Lease by Lessor based upon a default
hereunder by Lessee, the entire amount of Monthly Rent which would have
otherwise been due and payable hereunder during the Expansion Area Free Rent
Period in the absence of the Expansion Area Free Rent Allowance shall
immediately become due and payable.

3.   Premises Improvements. Lease section 9(A) is added in its entirety as
follows:

     (A)1. The Lessee continues to accept the Demised Premises in its as-is
condition and the Lessee accepts the Expansion Area in its as-is condition
including the lack of heating, air conditioning, ventilation, lighting, and the
like; however the Lessee shall perform, at its sole cost and expense, and
subject to the conditions herein, that certain work to Expansion Area that would
enable Lessee to legally occupy such area (the "Expansion Area Improvements")
during the one (1) month period of time beginning on the Expansion Area
Commencement Date, such period of time being hereinafter referred to as the
"Expansion Area Work Period". All Expansion Area Improvements, whether made at
Lessee's expense or otherwise, shall become and remain the property of Lessor
and shall be considered a part of the Demised Premises and the Improvements
under the Lease. Prior to actual installation of any of the Expansion Area
Improvements, Lessee shall have received Lessor's written approval for the
installation of such Expansion Area Improvements (such approval which shall not
be unreasonably withheld, conditioned, or delayed, so long as the proposed
Expansion Area Improvements would not adversely affect any of the Building's
systems and/or structure; and/or common areas; or would not have an adverse
impact on the appearance of the Building from a vantage point outside the
Demised Premises), which shall be requested by the Lessee providing the Lessor
with a detailed description and plans of the proposed Expansion Area
Improvements. Lessee will cooperate fully with Lessor's reasonable directions
with regard to the scheduling and performance of the work associated with the
Expansion Area Improvements.

     2.    In the event that the Expansion Area Improvements are not completed
during the Expansion Area Work Period or if the Expansion Area Improvements are
not made in accordance with the requirements herein: i) Lessor, its Agent
(hereinafter defined) and employees shall not be liable or responsible for any
claims, damages, or liabilities arising in connection therewith or by reason
thereof, ii) nor shall Lessee be excused from its obligations to perform under
the Lease, including specifically the payment of rent for the Expansion Area.

                                      E-3

<PAGE>

     3. Lessee shall indemnify, defend and hold Lessor and its Agent harmless
from and against any loss, costs, liability, damage or expense (including but
not limited to reasonable attorney's fees) arising out of the design and
specifications of the Expansion Area Improvements and the installation of the
Expansion Area Improvements by the Lessee's professionals, regardless of
Lessor's approval of same. Lessee's failure to be in compliance with this Lease
section 9.(A), shall not create, or in any way give rise to, any rights for
Lessee to not accept possession of Expansion Area.

4.   Services and Utilities. Lease section 16(A) is modified to provide that:

     Lessee acknowledges and agrees that the Lessor's responsibilities under
this Lease section 16(A), identified by numbers 3, 4, 5, and 7 are subject to,
and will only apply to the Expansion Area if the Expansion Area is completely
and properly constructed and occupied by Lessee and if newly installed
electrical and HVAC systems associated with the Expansion Area are competently
and properly connected with/to the applicable Building systems.

5.   Broker and Agent. Lease section 38 is modified to add that:

     Lessee represents and warrants to Lessor that, Lessee has not had any
dealings with any broker, finder or other person who may claim any commission or
fee in carrying on the negotiations relating to the Addendum other than for
Jones Long LaSalle, whose fees due, if any, shall be paid by the Lessee. Lessee
shall indemnify and hold Lessor harmless, from and against any claim or claims
for brokerage or other commission arising from or out of any breach of the
foregoing representation and warranty.

6.   Exhibit "A".  Exhibit "A" of the Lease is modified by the addition of:

     Exhibit "I" attached hereto.

7.  Other Terms and Provisions.

    All Provisions of the Lease, as modified herein, shall remain in full force
and effect and apply to the Demised Premises. If any provision of this Addendum
conflicts with a provision of the Lease, the provision of this Addendum shall
control.

                                      E-4

<PAGE>

IN WITNESS WHEREOF, Lessor and Lessee have caused this Addendum to be signed in
their act and deed, intending to be legally bound by its terms and provision.

WITNESS:                      LESSOR: Waterfront Center Limited Partnership

                              By:  The Waterfront Center Limited Partnership

                              By:  /s/ Richard D. Bernstein
____________________               ____________________________
                                   Richard D. Bernstein
                                   President

WITNESS:                      LESSEE: Inphonic, Inc.

                              By:  /s/ David Steinberg
____________________               ____________________________
Name:                              Name:
Title:                             Title:

                                      E-5<PAGE>

                                                                   Exhibit 10.34

                     MARYLAND MULTI-TENANT INDUSTRIAL LEASE

                             INGLEWOOD TECH CENTER I

                                 by and between

                   ROUSE COMMERCIAL PROPERTIES, INC., Landlord

               by ROUSE OFFICE MANAGEMENT, INC., Authorized Agent,

                                       and

                             INPHONIC, INC., Tenant

<PAGE>

                     MARYLAND MULTI-TENANT INDUSTRIAL LEASE

                             INGLEWOOD TECH CENTER I

     THIS LEASE is made and entered into as of February 26, 2001 (intended to be
effective as of December 1, 2000) by and between ROUSE COMMERCIAL PROPERTIES,
INC., a Maryland corporation ("Landlord") by ROUSE OFFICE MANAGEMENT, INC.,
Authorized Agent, and INPHONIC, INC., a Maryland corporation ("Tenant").

     In consideration of the rents hereinafter reserved and the agreements
hereinafter set forth, Landlord and Tenant mutually agree as follows:

     1.   SUMMARY OF TERMS.

     The following is a summary of the principal terms of the Lease. Any
capitalized term set forth below shall, for the purposes of this Lease, have the
meaning ascribed to it in this Section

     A.   Description of Premises

          (1)  Building:  The building known as Inglewood Tech Center I and
located at 9301 Peppercorn Place, Largo, Maryland 20774.

          (2)  Business Community:  Inglewood Business Community

          (3)  Premises:  Approximately 34,929 square feet of Rental Area in the
Building as shown on Schedule A.

          (4)  Protective Covenants: Declaration of Protective Covenants -
Inglewood, A Planned Business Community, dated December 17, 1980, recorded among
the Land Records of Prince George's County, Maryland, in Liber 5350, folio 305,
as amended.

          (5)  Permitted Use.  The Premises shall be used solely for the
operation of a business office.

     B.   Rent

          (1)  Annual Basic Rent:

                         PSF             Annual            Monthly
                         ---             ------            -------
Period                   Basic Rent      Basic Rent        Installment
------                   ----------      ----------        -----------
12/l/00 - 5/31/01:       $3.81           $133,079.49       $11,089.96
6/l/01 - 9/30/02:        $4.92           $171,850.68       $14,320.89

          (2)  Advance Rent: None.

          (3)  Security Deposit: None.

     C.   Adjustments.

                                       -1-

<PAGE>

          (1)  Base Operating Costs.  None.

          (2)  Adjustment Period Consumer Price Index.  Intentionally omitted.

     D.   Term

          (1)  Term:  One (1) year, ten (10) months, subject to Section 4.

          (2)  Lease Commencement Date:  December 1, 2000, subject to Section 4.

          (3)  Termination Date:  September 30, 2002, subject to Section 4.

     E.   Notice and Payment

          (1)  Tenant Notice Address:
               Mr. Don Chariton
               InPhonic, Inc.
               1010 Wisconsin Avenue, N.W.
               Washington, D.C., 20007

          (2)  Landlord Notice Address:
               Rouse Office Management, Inc.
               Suite 302
               9200 Basil Court
               Largo, Maryland 20774-5309

               with a copy to:
               Rouse Office Management, Inc.
               c/o The Rouse Company
               10275 Little Patuxent Pkwy
               Columbia, Maryland 21044
               Attention: General Counsel

          (3)  Landlord Payment Address:
               Rouse Commercial Properties, Inc.
               P.O. Box 62190
               Baltimore, Maryland 21264-2190

     F.   Broker
               None

     2.   DEFINITIONS.

     For purposes of this Lease, the Schedules attached and made a part hereof
and all agreements supplemental to this Lease, the following terms shall have
the respective meanings as set forth in the following Section, subsection,
paragraph and Schedule references: Reference

                                       -2-

<PAGE>

     Additional Rent.............................................         6.3
     Alterations.................................................        15.1
     Annual Basic Rent...........................................         I.B
     Bankruptcy Code ............................................        19.1
     Building ...................................................        1.A.
     Building Service Equipment .................................         8.2
     Casualty ...................................................        17.1
     Default Rate ...............................................         6.5
     Event of Default ...........................................        20.1
     Event of Tenant's Bankruptcy ...............................        19.1
     Fractional Share ...........................................         7.1
     Insolvency Laws ............................................        19.1
     Landlord Notice Address ....................................        1.E.
     Landlord Payment Address ...................................        1.E.
     Lease Commencement Date ....................................         1.D
     Mortgage ...................................................          27
     Mortgagee ..................................................          27
     Operating Costs ............................................         7.1
     Operating Costs Statement ..................................         7.2
     Operating Year .............................................         7.1
     Permitted Use ..............................................        1.A.
     Premises ...................................................        1.A.
     Property ...................................................         7.1
     Protective Covenants .......................................        I.A.
     Public Areas................................................  Schedule C
     Renewal Term ...............................................         4.3
     Rental Area ................................................           3
     Rental Year ................................................         6.1
     Rules and Regulations ......................................           9
     Tenant Notice Address ......................................        1.E.
     Tenant's Share of Operating Costs ..........................         7.2
     Tenant's Personal Property .................................        15.3
     Term .......................................................         4.1
     Termination Date ...........................................        1.D.
     Transfer ...................................................          25

     3.   LEASED PREMISES; MEASUREMENT.

     3.1. Leased Premises. Landlord hereby leases to Tenant, and Tenant hereby
leases from Landlord, the Premises as shown on the plan attached hereto as
Schedule A, together with the right to use, in common with others, the Common
Area. The rental area of the Premises ("Rental Area") has been computed in
accordance with the applicable formula set forth in Schedule X attached hereto
and made a part hereof.

                                       -3-

<PAGE>

     4.   TERM AND COMMENCEMENT OF TERM.

     4.l. Term. The term of this Lease (the "Term") shall commence on the Lease
Commencement Date and shall be for the period of time specified in Section
I.D.(1) plus the part of the month, if any, from the Lease Commencement Date to
the first day of the first full calendar month in the Term, unless earlier
terminated pursuant to any other provision of this Lease or pursuant to law. At
Landlord's request, Tenant shall promptly enter into one or more supplementary
written agreements, in such form as Landlord shall reasonably prescribe,
specifying the Lease Commencement Date and the Termination Date.

     4.2. Option to Renew. Provided Tenant is In possession of the Premises and
is not in default of any term, covenant or condition of this Lease, Tenant shall
have the option to renew the Term of this Lease for one (1) additional period of
five (5) years ("Renewal Term") to commence immediately upon the expiration of
the initial Term.

     Said Renewal Term shall be upon the same terms, covenants and conditions as
contained in this Lease, except that (i) there shall be no further right of
renewal except as specifically provided herein, (ii) there shall be no abatement
of rent, (iii) Landlord shall not be obligated to construct, pay for or grant an
allowance with respect to tenant improvements unless otherwise specifically
provided for in this Lease, (iv) the Annual Basic Rent payable by Tenant during
the Renewal Term shall be as follows:

                                               PSF
                                               ---
                         Period                Basic Rent
                         ------                ----------
                         Year 1:               $7.00
                         Year 2:               $7.25
                         Year 3:               $7.50
                         Year 4:               $7.75
                         Year 5:               $8.00

     In order to exercise the option granted herein, Tenant shall so notify
Landlord in writing not more than twelve (12) months nor less than nine (9)
months prior to the expiration of the initial Term. In the event Tenant
exercises said option, Landlord and Tenant shall execute a modification to this
Lease acknowledging such renewal and setting forth the new Annual Basic Rent.

     The option shall be void if, at the time of exercise of such option, Tenant
is not in possession of the Premises or if there is an Event of Default under
this Lease or if Tenant fails to deliver the requisite notice thereof within the
time period specified above. The option granted herein shall not be severed from
this Lease, separately sold, assigned or transferred.

     5.   TENANT IMPROVEMENTS AND ACCEPTANCE OF PREMISES.

     5.1  Delivery of Premises. Landlord shall deliver, and Tenant agrees to
accept, the Premises broom clean and in "as-is" condition. By occupying the
Premises, Tenant shall be deemed to have (a) accepted the Premises in their
present condition, (b) acknowledged that the

                                       -4-

<PAGE>

Premises are suitable for Tenant's intended use, and (c) agreed that Landlord
shall not be required to make any repairs or improvements to the Premises.

     5.2. Acceptance of Premises. Tenant's occupancy of the Premises for the
purpose of making the Tenant Improvements shall be deemed to constitute
acceptance of the Premises and acknowledgment by Tenant that Landlord has fully
complied with its obligations hereunder.

     6.   RENT.

     6.1. Annual Basic Rent. Tenant shall pay to Landlord during each Rental
Year of the Term fixed rent equal to the Annual Basic Rent as set forth in
Section I.B.(I). Annual Basic Rent shall be payable in advance on the first day
of each month of the Term in equal monthly installments, without notice, demand,
abatement (except as otherwise specifically provided in this Lease), deduction
or set-off. If the Ten-n of this Lease shall commence on a day other than the
first day of a month, the first payment shall include any prorated Annual Basic
Rent for the period from the Lease Commencement Date to the first day of the
first full calendar month of the Term.

     "Rental Year" shall mean each successive twelve (12) calendar month period
occurring during the Term of this Lease, or portion of such a period, with the
first Rental Year commencing as of the Lease Commencement Date and ending on the
last day of the twelfth full calendar month thereafter and the last Rental Year
ending on the Termination Date. For any Rental Year of less or more than twelve
full months, Annual Basic Rent shall be adjusted accordingly. All Annual Basic
Rent and Additional Rent shall be paid to Landlord at the Landlord Payment
Address.

     6.2. Intentionally omitted.

     6.3. Additional Rent. Tenant shall pay to Landlord as additional rent
("Additional Rent") all other sums of money which shall become due and payable
hereunder. Unless a date for payment is otherwise specified herein, all
Additional Rent shall be due and payable within thirty (30) days of invoicing by
Landlord.

     6.4  Advance Rent; Security Deposit. Intentionally Omitted.

     6.5. Late Charge. If Tenant fails to make any payment of Annual Basic Rent,
Additional Rent, or other sums required to be paid hereunder on or before the
date when payment is due, Tenant shall pay to Landlord, as Additional Rent, a
late charge to cover extra administrative costs and loss of use of funds equal
to (a) six percent (6%) of the amount due for the first month or portion thereof
that such amount is past due plus (b) interest on the amount remaining unpaid
thereafter at the rate of twenty-four percent (24%) per annum; provided,
however, that should such late charge at any time violate any applicable law,
the late charge shall be reduced to the highest rate permitted by law (the
foregoing rate being herein referred to as the "Default Rate"). Landlord's
acceptance of any rent after it has become due and payable shall not excuse any
delays with respect to future rental payments or constitute a waiver of any of
Landlord's rights under this Lease.

                                       -5-

<PAGE>

     7.   OPERATING COST ESCALATIONS.

     7.1. Definitions. For purposes of this Lease, the following definitions
shall apply:

          a.   "Operating Year" means each respective calendar year or part
thereof during the Term of this Lease or any renewal thereof, or at the option
of Landlord, any other twelve month period or part thereof designated by
Landlord during the Term of this Lease or any renewal thereof.

          b.   "Property" means the Building, the land upon which the Building
is situated, the Common Area, and such additional facilities in subsequent years
as may be determined by Landlord to be reasonably necessary or desirable for the
management, maintenance or operation of the Building.

          c.   "Operating Costs" means all expenses and costs (but not specific
costs which are allocated or separately billed to and paid by specific tenants)
of every kind and nature which Landlord shall pay or become obligated to pay
because of or in connection with owning, operating, managing, painting,
repairing, insuring and cleaning the Property, including, but not limited to,
the following:

               (i)    cost of all supplies and materials used, and labor charges
incurred, in the operation, maintenance, decoration, repairing and cleaning of
the Property, including janitorial service for all rental area ]eased to
tenants;

               (ii)   cost of all equipment purchased or rented which is
utilized in the performance of Landlord's obligations hereunder, and the cost of
maintenance and operation of any such equipment;

               (iii)  cost of all maintenance and service agreements for the
Property and the equipment therein, including, without limitation, alarm
service, security service, window cleaning, and elevator maintenance;

               (iv)   accounting costs, including the cost of audits by
certified public accountants, outside legal and engineering fees and expenses
incurred in connection with the operation and management of the Property;

               (v)    wages, salaries and related expenses including the costs
of all on-site and off-site agents or employees engaged in the operation,
maintenance, security and management of the Property; provided, however, the
wages, salaries and related expenses of any agents or employees not exclusively
engaged in the operation, maintenance, security and management of the Property
shall be apportioned as deemed appropriate by Landlord;

               (vi)   cost of repairs, replacements and general maintenance to
the Property, including without limitation the mechanical, electrical and
heating, ventilating and air-conditioning equipment and/or systems (excluding
alterations attributable solely to tenants, capital improvements unless they are
included under c(xi), and repairs and general maintenance paid by proceeds of
insurance or by tenants or other third parties);

                                       -6-

<PAGE>

               (vii)   any and all Common Area maintenance, repair or
redecoration (including repainting) and exterior and interior landscaping;

               (viii)  cost of removal of trash, rubbish, garbage and other
refuse from the Property as well as removal of ice and snow from the sidewalks
on or adjacent to the Property;

               (ix)    all charges for electricity, gas, water, sewerage
service, heating, ventilation and air-conditioning and other utilities furnished
to the Property (including legal, architectural and engineering fees incurred in
connection therewith);

               (x)     amortization of capital improvements made to the Building
after the year of substantial completion of the Building, which improvements
were undertaken by Landlord with the reasonable expectation that the same would
result in more efficient operation of the Building or are made by Landlord
pursuant to any governmental law, regulation or action not applicable to the
Building at commencement of construction of the Building; provided that the cost
of each such capital improvement, together with any financing charges incurred
in connection therewith, shall be amortized over the useful life thereof and
only that portion attributable to each Operating Year shall be included herein
for such Operating Year;

               (xi)    a management fee for the operation and management of the
Property;

               (xii)   costs and expenses incurred in order to comply with
covenants and conditions contained in liens, encumbrances and other matters of
public record affecting the Property; and

               (xiii)  cost of all insurance coverage for the Property from time
to time maintained by Landlord, including but not limited to the costs of
premiums for insurance with respect to personal injury, bodily injury, including
death, property damage, business interruption, workmen's compensation insurance
covering personnel and such other insurance as Landlord shall deem necessary,
which insurance Landlord may maintain under policies covering other properties
owned by Landlord in which event the premium shall be reasonably allocated;

               (iv)    all real estate taxes, assessments (special or
otherwise), levies, ad valorem charges, benefit charges, water and sewer rents,
rates and charges, privilege permits and any other governmental liens,
impositions or charges of a similar or dissimilar nature, and any payments in
lieu of such charges. regardless of whether any such items shall be
extraordinary or ordinary, general or special, foreseen or unforeseen, levied,
assessed, or imposed on or with respect to all or any part of the Property or
upon the rent due and payable hereunder by any governmental authority (all of
the aforesaid being hereinafter referred to as "Taxes"); provided, however, that
if at any time during the Term or any extension thereof the method of taxation
prevailing at the commencement of the Term shall be altered or eliminated so as
to cause the whole or any part of the above items which would otherwise be
included in Taxes to be replaced by a levy, assessment or imposition, which is
(A) a tax assessment, levy, imposition or charge based on the rents received
from the Property whether or not wholly or partially a capital levy or

                                       -7-

<PAGE>

otherwise, or (B) a tax, assessment, levy, imposition or charge measured by or
based in whole or in part upon all or any portion of the Property and imposed on
Landlord, or (C) a license fee measured by the rent payable by Tenant to
Landlord, or (D) any other tax, levy, imposition, charge or license fee, however
described or imposed, then such levy, assessment or imposition shall be included
in Taxes; provided, however, in no event shall Tenant be required to pay any
inheritance, estate, succession, income, profits or franchise taxes unless they
are in lieu of or in substitution for any of the above items which would
otherwise be included in Taxes.

     Any of the foregoing costs which under generally accepted accounting
principles would be considered capital expenditures shall be amortized in
accordance with generally accepted accounting principles.

     Notwithstanding the above, Operating Costs shall not include (a) payments
of principal and interest on any mortgages, deeds of trust or other financing
instruments relating to the financing of the Property, (b) leasing commissions
or brokerage fees, and (c) costs associated with preparing, improving or
altering for space for any leasing or releasing of any space within the
Building.

     For any Operating Year during which less than ninety-five percent (95%) of
the Rental Area of the Building is occupied, the calculation of that portion of
Operating Costs which vary with occupancy shall be adjusted to equal the
Operating Costs which Landlord projects would have been incurred had the
Building been ninety-five percent occupied during such Operating Year.

          d.   "Fractional Share" shall mean a fraction, the numerator of which
is the Rental Area of the Premises and the denominator of which is the total
Rental Area of the Building. For the purposes of this subparagraph, the Rental
Area of the Building shall mean the sum of the Rental Area of all floors of the
Building as determined by Landlord.

     7.2. Payment of Operating Costs. For each Operating Year, Tenant shall pay
to Landlord, in the manner provided herein, Tenant's share of Operating Costs
which shall be computed by multiplying the Operating Costs for the Operating
Year by Tenants Fractional Share (Tenants Share of Operating Costs"); provided,
however, that for the Operating Years during which the Term begins and ends,
Tenant's Share of Operating Costs shall be prorated based upon the actual number
of days Tenant occupied, or could have occupied, the Premises during each such
Operating Year.

     Tenant's Share of Operating Costs shall be paid, in advance, without
notice, demand, abatement (except as otherwise specifically provided in this
Lease), deduction or set-off, on the first day of each calendar month during the
Term, said monthly amounts to be determined on the basis of estimates prepared
by Landlord on an annual basis and delivered to Tenant prior to the commencement
of each Operating Year. If, however, Landlord fails to furnish any such estimate
prior to the commencement of an Operating Year, then (a) until the first day of
the month following the month in which such estimate is furnished to Tenant,
Tenant shall pay to Landlord on the first day of each month an amount equal to
the monthly sum payable by Tenant to Landlord under this subsection 7.2 in
respect of the last month of the preceding Operating Year; (b) promptly after
such estimate is furnished to Tenant, Landlord shall give notice to Tenant

                                       -8-

<PAGE>

whether the installments of Tenants Share of Operating Costs paid by Tenant for
the current Operating Year have resulted in a deficiency or overpayment compared
to payments which would have been paid under such estimate, and Tenant, within
ten (10) days after receipt of such estimate, shall pay any deficiency to
Landlord and any overpayment shall be credited against future payments required
by Tenant under such estimate. and (c) on the first day of the month following
the month in which such estimate is furnished to Tenant and monthly thereafter
throughout the remainder of the Operating Year, Tenant shall pay to Landlord the
monthly payment shown on such estimate. Landlord may at any time or from time to
time furnish to Tenant a revised estimate of Tenant's Share of Operating Costs
for such Operating Year, and in such case, Tenant's monthly payments shall be
adjusted and paid or credited, as the case may be, substantially in the same
manner as provided in the preceding sentence.

     After the end of each Operating Year, Landlord shall determine actual
Operating Costs for such Operating Year and shall provide to Tenant an
`Operating Costs Statement" setting forth the actual Tenant's Share of Operating
Costs for such Operating Year. Within thirty (30) days after delivery of the
Operating Costs Statement Tenant shall pay Landlord any deficiency between the
amount shown as Tenant's Share of Operating Costs in the Operating Costs
Statement and the total of the estimated payments made by Tenant during the
Operating Year. In the event of overpayment, such amount shall be credited
against future payments required on account of Tenant's Share of Operating
Costs, or if the Term has expired, Landlord shall refund to Tenant the amount of
any overpayment.

     Each Operating Costs Statement provided by Landlord shall be conclusive and
binding upon Tenant unless within thirty (30) days after receipt thereof, Tenant
notifies Landlord that it disputes the correctness thereof, specifying those
respects in which it claims the Operating Costs Statement to be incorrect.
Unless resolved by the parties, such dispute shall be determined by arbitration
in accordance with the then prevailing rules of the American Arbitration
Association. If the arbitration proceedings result in a determination that the
Operating Costs Statement contained an aggregate discrepancy of less than five
percent (5%), Tenant shall bear all costs in connection with such arbitration.
Pending determination of the dispute, Tenant shall pay any amounts due from
Tenant in accordance with the Operating Costs Statement, but such payment shall
be without prejudice to Tenant's claims. Tenant, for a period of thirty (30)
days after delivery of the Operating Costs Statement in each Operating Year and
upon at least ten (10) days written notice to Landlord, shall have reasonable
access during normal business hours to the books and records of Landlord
relating to Operating Costs for the purpose of verifying the Operating Costs
Statement, Tenant to bear all costs relating to such inspection. Tenant shall
reimburse Landlord for any cost for photocopying that it desires.

     8.   USE, CARE AND REPAIR OF PREMISES BY TENANT.

     8.1. Permitted Uses. Tenant shall use and occupy the Premises solely for
general office purposes in accordance with applicable zoning regulations and for
no other purpose. Tenant shall not do anything or permit anything to be done in
or on the Premises, or bring or keep anything therein which will, in any way,
obstruct, injure, annoy or interfere with the rights of Landlord or other
tenants, or subject Landlord to any liability for injury to persons or damage to
property, or interfere with the good order of the Building, or conflict with the
laws, rules or regulations of any Federal, state or city authority.

                                       -9-

<PAGE>

     8.2. Care of Premises. Tenant shall, at its sole expense, keep the Premises
and the improvements and appurtenances therein in good order and in a safe,
clean and sanitary condition, and at the expiration of the Term, or at the
sooner termination of this Lease as herein provided, deliver up the same broom
clean and in as good order and condition as at the beginning of the Term,
ordinary wear and tear and damage by fire or other casualty excepted. Tenant, at
its sole expense, shall provide or cause to be provided janitorial service to
the Premises, shall dispose of all trash and rubbish in an appropriate manner,
and shall promptly replace damaged or broken doors and glass in and about the
interior of the Premises and shall be responsible for the repair and maintenance
of all improvements installed and placed within the Premises including sinks and
special plumbing, special light fixtures and special cabinetry and all Building
Service Equipment. `Building Service Equipment" shall mean all equipment needed
to operate the Premises in an efficient and comfortable manner, including, but
not limited to, electrical, plumbing, heating, air-conditioning, security, and
sprinkler and fire protection equipment, pipes, separate water meters, wires,
ducts, fixtures and appliances installed for Tenant, and sprinkler monitoring
equipment. Consistent with the provisions of Section 22, Tenant shall pay for
all damage to the Property and any fixtures and appurtenances related thereto,
as well as for all property damage sustained by other tenants or occupants of
the Building, due to any waste, misuse or neglect of the Premises and any
fixtures and appurtenances related thereto or due to any breach of this Lease by
Tenant, its employees, agents, representatives or invitees.

     Tenant shall, at its sole expense throughout the term, carry and maintain a
full parts and labor maintenance service contract from a qualified service
company, approved in advance by Landlord, covering the heating, ventilating, and
air conditioning systems of the Premises, if any. Tenant shall maintain all
systems in a good condition during the term of this lease and any renewal term
and shall be responsible, at its sole expense, for all necessary repairs and
replacements regardless of whether or not they are covered by the maintenance
contract or which are necessitated by Tenant's failure to carry a maintenance
contract. Tenant shall submit a copy of the proposed maintenance contract within
thirty (30) days prior to the Lease Commencement Date. Landlord shall notify
Tenant promptly upon receipt whether the service company is approved and the
contract is acceptable.

     Notwithstanding the foregoing, Landlord shall, at its sole cost, replace
one (1) of six (6) heating, ventilating, and air conditioning units serving the
Premises ("HVAC Unit #6"). After said replacement and during the Term, Tenant
shall, at its sole cost, be responsible for the servicing and maintenance of
HVAC Unit #6.

     8.3. Hazardous Substances. For purposes of this provision, "Hazardous
Substances" shall mean any hazardous or toxic substance, material or waste, now
or hereafter defined or regulated under the Resource Conservation and Recovery
Act (42 U.S.C. (S) 6901 et seq.), the Comprehensive Environmental Response,
Compensation, and Liability Act (42 U.S.C. (S) 9601 et seg.), the Clean Water
Act (33 U.S.C. (S) 1251 et seq.), the Clean Air Act (42 U.S.C. (S) 7401 et
seq.), and the Toxic Substances Control Act (15 U.S.C. (S) 2601l et seq.), and
all similar federal, state and local statutes, laws, rules and regulations in
connection with environmental conditions, health and safety, including without
limitation, asbestos and petroleum products (collectively, "Environmental
Laws"). Tenant covenants and agrees that it will not use or allow the Premises
to be used for the storage, use, treatment or disposal of any Hazardous
Substance, without

                                      -10-

<PAGE>

Landlord's prior written consent. Notwithstanding the foregoing, Landlord's
prior written consent shall not be required with respect to Tenant's use,
storage or sale of certain supplies or products, which might contain or might be
considered a Hazardous Substance, in the normal course of Tenants business in
accordance with the specific use permitted by this Lease, provided, however,
that Tenant shall (i) comply with all other provisions of this Section; (ii)
notify Landlord in writing from time to time of the identity and approximate
quantity of such Hazardous Substance; and (iii) keep each such Hazardous
Substance on the Premises in quantities as small as reasonably practicable, but
in no event large enough to activate reporting requirements under any
Environmental Law. Tenant, at Tenant's sole cost and expense shall promptly
contain and remediate any release of a Hazardous Substance on the Property to
the extent such release arises directly from the actions of Tenant, its agents,
servants and employees.

     Tenant shall indemnify, reimburse and hold harmless Landlord, its partners
and affiliates agents from and against any damages, claims, judgments, fines,
penalties, costs, liabilities (including sums paid in settlement of claims) or
loss including reasonable attorneys' fees, reasonable consultants' fees, and
reasonable expert fees incurred by any of them to the extent resulting from
Tenant's use, handling, generation, treatment storage, disposal, other
management or release of any Hazardous Substance at or from the Premises or the
Property, whether or not Tenant has acted negligently with respect to such
Hazardous Substance. This indemnity shall survive the expiration or earlier
termination of this Lease.

     9.   RULES AND REGULATIONS, PROTECTIVE COVENANTS.

     9.1. Rules and Regulations. Tenant and its agents and invitees shall abide
by and observe the rules and regulations attached hereto as Schedule C for the
operation and maintenance of the Building or any new rules and regulations which
may from time to time be issued by Landlord ("Rules and Regulations"), provided
that any new rules or regulations are not inconsistent with the provisions of
this Lease. Nothing in this Lease shall be interpreted to impose upon Landlord
any duty or obligation to enforce any such rules and regulations against any
other tenant in the Building, and Landlord shall not be liable to Tenant for any
violation of these rules and regulations by any other tenant or its agents or
invitees.

     9.2. Protective Covenants. Tenant shall comply with, perform and be bound
by the terms, covenants, provisions, and conditions contained in the Protective
Covenants. For the purposes of this Lease, the term "Owner" as used in the
Protective Covenants, shall be deemed to mean Tenant, except for the purposes of
amending the Protective Covenants. In the absence of Landlord's express written
agreement to the contrary, no amendment or revocation of the Protective
Covenants shall serve to reduce or revoke Tenant's obligation to Landlord to
perform and be bound by the Protective Covenants as presently in force.

     Tenant acknowledges that the Protective Covenants require that the owner
and all occupants of the Building submit plans to the Architectural Review
Committee ("ARC") governing the Building Community for review and approval prior
to any change, addition or alteration to the Property or the interior of the
Building which is visible from the exterior. The ARC's authority is created by
the Protective Covenants and is independent of that of the Landlord or property
owner.

                                      -11-

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     10.  COMMON AREA.

     10.1  Definition of Common Area. As used herein, "Common Area" means those
areas and facilities which may be furnished by Landlord on or near the Property,
as designated by Landlord from time to time, intended for the general common use
and benefit of all tenants of the Building and their agents, representatives,
licensees, employees and invitees, including, without limitation, any and all
stairs, landings, roofs, utility and mechanical rooms and equipment, service
closets, corridors, elevators, lobbies, lavatories and other public areas of the
Building and all parking areas, access roads, pedestrian walkways, plazas and
landscaped areas.

     10.2. Use of Common Area. Tenant shall have the non-exclusive right to use
the Common Area in common with Landlord, other tenants in the Building, and
others entitled to the use thereof, subject to such reasonable rules and
regulations governing the use of the Common Area as Landlord may from time to
time prescribe and subject to such easements therein as Landlord may from time
to time grant to others. Tenant shall not obstruct in any way any portion of the
Common Area or in any way interfere with the rights of other persons entitled to
use the Common Area and shall not, without the prior written consent of
Landlord, use the Common Area in any manner, directly or indirectly, for the
location or display of any merchandise or property belonging to Tenant or for
the location of signs relating to Tenant's operations in the Premises. The
Common Area shall at all times be subject to the exclusive control and
management of Landlord.

     10.3. Alterations to the Common Area. Landlord reserves the right at any
time and from time to time (i) to change or alter the location, layout, nature
or arrangement of the Common Area or any portion thereof, and (ii) to construct
additional improvements on the Property and make alterations thereof or
additions thereto and build additional stories on or in any such buildings or
build adjoining same; provided, however, that no such change or alteration shall
deprive Tenant of access to the Premises or reduce the Rental Area of the
Premises, unless such reduction is required by Federal, State or local laws or
regulations, in which event, a reduction in the Premises shall be permitted with
a commensurate reduction in rent. Landlord shall have the right to close
temporarily all or any portion of the Common Area to such extent as may, in the
reasonable opinion of Landlord, be necessary to prevent a dedication thereof to
the public, provided that Tenant is not thereby denied access to the Premises,
or for repairs, replacements or maintenance to the Common Area, provided such
repairs, replacements or maintenance are performed expeditiously and in such a
manner as not to deprive Tenant of access to the Premises.

     10.4. Maintenance. Landlord covenants to keep, maintain, manage and operate
the Common Area in a manner consistent with the operation of a first class
office building and to keep the sidewalks and driveways, if any, constituting a
portion of the Common Area clean and reasonably clear of snow and ice. Landlord
reserves the right of access to the Common Area through the Premises for the
purposes of operation, decoration, cleaning, maintenance, safety, security,
alterations and repairs.

                                      -12-

<PAGE>

     11.   UTILITIES.

     11.1. Landlord shall provide water through a utility meter applicable to
the Building. Tenant shall pay Landlord, as Additional Rent, its proportionate
share of the total charges for water and sewage as reasonably determined by
Landlord.

     11.2. Landlord may, at its sole option, install separate meters for each
demised area within the Building to measure the consumption of water. In the
event separate meters are installed, Tenant shall pay Landlord, as Additional
Rent the charges for water that are indicated by the meters applicable to the
Premises and shall pay for the cost of installation and for the repair or
replacement of these separate meters as necessary.

     11.3. Landlord shall provide separate meters to measure Tenant's usage of
gas and electricity in the Premises. Tenant shall be solely responsible for the
payment of all metered gas and electric service to the Premises (including, at
Landlord's option, utility for exterior lighting) and shall pay for the cost of
installation, repair and replacement of the separate meters as necessary.

     12.   COMPLIANCE WITH GOVERNMENTAL REGULATIONS.

     Tenant shall, at its sole expense, continually comply with all federal,
state, and local laws, codes, ordinances, administrative and court orders and
directives, rules, and regulations applicable to Tenants use and occupancy of
the Property, as are now or may subsequently be in effect during the Term.
Tenant shall neither conduct nor permit to be conducted on the Property any
business in violation of any county, state or federal law, ordinance or
regulation applicable to the Property. Tenant shall pay directly to the proper
agency all licenses, fees, and charges legally imposed upon the use of the
Property by the Tenant.

     13.   LOSS, DAMAGE AND INJ-URY.

     To the maximum extent permitted by law, Tenant shall occupy and use the
Premises, the Building and the Common Area at Tenant's own risk. Consistent with
the provisions of subsection 16.4, Tenant's Personal Property and personal items
of those claiming by, through or under Tenant, located in or on the Premises or
the Building shall be and remain at the sole risk of Tenant or such other
person.

     No representation, guaranty, assurance, or warranty is made or given by
Landlord that the communications or security systems, devices or procedures
used, if any, will be effective to prevent injury to Tenant or any other person
or damage to, or loss (by theft or otherwise) of any of Tenant's Personal
Property or of the property of any other person, and Landlord reserves the right
to discontinue or modify at any time such communications or security systems,
devices, or procedures without liability to Tenant.

                                      -13-

<PAGE>

     14.   MAINTENANCE AND REPAIRS BY LANDLORD.

     14.1. Care and Maintenance. Landlord shall, at Tenant's expense in
accordance with Section 7, maintain the exterior of the Building (including
exterior door and window glass) and the grounds upon which the Building is
located. This obligation includes, but is not limited to: painting, cleaning and
maintenance of the exterior of the Building, including exterior windows, the
care, cutting and maintenance, including replacement. of all lawns, plantings
and shrubbery; snow removal; the maintenance of any detention or storm water
management pond, irrigation system or preservation areas; the cleaning,
vacuuming, resealing, and restriping of all paved surfaces on the Lot; and the
repair and maintenance of all exterior building-mounted and parking lot
lighting, exterior sewer and water lines, and all Building identification signs.

     14.2. Landlord's Other Repair Obligations. Except as otherwise provided in
this Article, Landlord shall make all other ordinary and necessary repairs to
the structural portions of the Building, the expense of which shall be included
in Operating Costs.

     14.3. Damage Caused by Tenant. Anything contained in this Article to the
contrary notwithstanding, Tenant shall be obligated to reimburse Landlord on
demand for the cost of any repairs to the Premises, Building or Property,
necessitated by the negligence of Tenant, its agents, servants, employees,
licensees, or guests, or by any contractor engaged by or on behalf of Tenant.
Tenant shall also be obligated to reimburse Landlord on demand for the cost of
any repairs of damage to any paved surface or grounds on the Lot which are
caused by the excessive weight of vehicles owned or operated by Tenant its
agents, servants, employees, licensees, or guests or by any subcontractor
engaged by or on behalf of Tenant. The cost of these repairs shall be deemed
Additional Rent.

     14.4. Landlord's Failure to Repair. Anything contained in this Lease to the
contrary notwithstanding, Landlord shall not be obligated to make any repairs,
nor shall it be liable to Tenant or any other person, for any claim or injury
arising out of Landlord's failure to make any repairs under the terms of this
Lease, unless Tenant gives Landlord prompt written notice of the condition
requiring repair upon discovery and Landlord has not made a timely effort to
effect the needed repair. There shall be no abatement in rents due and payable
hereunder and no liability on the part of Landlord by reason of any
inconvenience or annoyance arising from Landlord's making repairs, additions or
improvements to the Building in accordance with its obligations hereunder.

     15.   ALTERA-NONS, TITLE AND PERSONAL PROPERTY.

     15.1. Alterations. Tenant shall in no event make or permit to be made any
alteration, modification, substitution or other change of any nature to the
mechanical, electrical, plumbing, HVAC , and sprinkler systems within or serving
the Premises. After completion of Tenant's Improvements within the Premises,
Tenant shall not make or permit any other improvements, alterations, fixed
decorations, substitutions or modifications, structural or otherwise, to the
Premises or the Building ("Alterations") without the prior written approval of
Landlord. Landlord's approval shall include the conditions under which
acceptable Alterations may be made. Alterations shall include, but not be
limited to, the installation or modification of carpeting, walls, partitions,
counters, doors, shelves, lighting fixtures, hardware, locks, ceiling,

                                      -14-

<PAGE>

window and wall coverings; but shall not include the initial Tenant's
Improvements placed within the Premises pursuant to Section 5.1. All Alterations
shall be based on complete plans and specifications prepared and submitted by
Tenant to Landlord for approval, except in the instance of cosmetic changes,
such as painting and carpeting, in which case Tenant shall provide Landlord with
samples showing colors, styles, etc. Landlord shall have the right at its
option, to make any Alterations on behalf of Tenant, and the cost of any such
Alterations, together with Landlord's standard construction management fee,
shall be payable by Tenant as Additional Rent within thirty (30) days after
receipt of an invoice for same from Landlord. Tenant shall be responsible for
the cost of any additional improvements within the Premises or the Common Area
required by The Americans with Disabilities Act of 1990 as a result of Tenant's
Alterations.

     If Tenant makes any Alterations without the prior consent of Landlord,
then, in addition to Landlord's other remedies, Landlord may correct or remove
such Alterations and Tenant shall pay the cost thereof, as Additional Rent, on
demand.

     In making any permitted Alterations as well as in its use of the Premises,
Tenant shall, at its sole expense, fully comply with all applicable federal,
state and local laws, ordinances, and regulations, including the acquisition of
permits and the payment of fees, as well as any requirements imposed by
Landlord's insurer. Tenant shall save Landlord harmless for and on account of
all charges or damages if it shall fail to comply. To the extent that any
additional improvements are required by law to be made to the Building as a
result of Tenant's Alterations, all such improvements shall be made by Tenant at
its sole cost and shall conform to plans and specifications approved by Landlord
as aforesaid.

     15.2. Title. The Tenant Improvements, all Alterations and all equipment,
machinery, furniture, furnishings' and other property or improvements installed
or located in the Premises by or on behalf of Landlord or Tenant, other than
Tenant's Personal Property, (a) shall immediately become the property of
Landlord and (b) shall remain upon and be surrendered to Landlord with the
Premises as a part thereof at the end of the Term. Notwithstanding the
foregoing, Landlord may, upon notice to Tenant at the time Alterations are made,
elect that any Alterations be removed at the end of the Term, and thereupon,
Landlord shall at Tenant's sole expense, cause such Alterations to be removed
and restore the Premises to its condition prior to the making of such
Alterations, reasonable wear and tear excepted. Tenant shall promptly reimburse
Landlord, as Additional Rent, -for the cost of such work, which reimbursement
obligation shall survive termination of the Lease.

     15.3. Tenant's Personal Property. "Tenant's Personal Property" means all
equipment, machinery, furniture, furnishings and/or other property now or
hereafter installed or placed in or on the Premises by and at the sole expense
of Tenant with respect to which Tenant has not been granted any credit or
allowance by Landlord and which (a) is not used, or was not procured for use, in
connection with the operation, maintenance or protection of the Premises or the
Building; (b) is removable without damage to the Premises Or the Building; and
(c) is not a replacement of any property of Landlord, whether such replacement
is made at Tenant's expense or otherwise. Notwithstanding any other provision of
this Lease, Tenant's Personal Property shall not include Building Service
Equipment, any Alterations or any improvements or other property installed or
placed in or on the Premises as part of Tenant's Improvements, whether or not
installed at

                                      -15-

<PAGE>

Tenant's expense. Tenant shall promptly pay all personal property taxes on
Tenant's Personal Property, as applicable. Provided that Tenant is not then in
default of any of its obligations under this Lease, Tenant may remove all
Tenant's Personal Property from the Premises at the termination of this Lease.
Any property belonging to Tenant or any other person which is left in the
Premises after the date the Lease is terminated for any reason shall be deemed
to have been abandoned. In such event, Landlord shall have the right to declare
itself the owner of such property and to dispose of it in whatever manner
Landlord considers appropriate without waiving its right to claim from Tenant
all expenses and damages caused by Tenant's failure to remove such property, and
Tenant shall not have any right to compensation or claim against Landlord as a
result.

     16.   INSURANCE.

     16.1. Tenant's Insurance. Tenant, at its expense, shall obtain and maintain
in effect as long as this Lease remains in effect and during such other time as
Tenant occupies the Premises or any part thereof insurance policies in
accordance with the following provisions.

     A.    Coverage.

           (i)    commercial general liability insurance policy, including
insurance against assumed or contractual liability under this Lease, with
respect to the Property, to afford protection with limits, per occurrence, of
not less than Two Million Dollars ($2,000,000), combined single limit, with
respect to personal injury, bodily injury, including death, and property damage
and Four Million Dollars ($4,000,000) aggregate (occurrence form), such
insurance to provide for no deductible;

           (ii)   all-risk property insurance policy, including theft, written
at replacement cost value and with replacement cost endorsement covering the
HVAC system and all of Tenant's Personal Property in the Premises, and covering
loss of income resulting from casualty, and comprehensive boiler and machinery
insurance with an endorsement covering off-Premises service interruption (i.e.
all Building Service Equipment, including HVAC), such insurance to provide for
no deductible greater than Five Thousand Dollars ($5,000).

           (iii)  worker's compensation or similar insurance policy offering
statutory coverage and containing statutory limits, which policy shall also
provide Employer's Liability Coverage of not less than Five Hundred Thousand
Dollars ($500,000) per occurrence.

           (iv)   Tenant shall require any construction contractor retained by
it to perform work on the Premises to carry and maintain, at no expense to
Landlord, during such times as contractor is working in the Premises, a
non-deductible (a) commercial general liability insurance policy, including, but
not limited to, contractor's liability coverage, contractual liability coverage,
completed operations coverage, broad form property damage endorsement and
contractors protective liability coverage, to afford protection with limits per
person and for each occurrence, of not less than Two Million Dollars
($2,000,000), combined single limit, and with respect to personal injury and
death and property damage, Four Million Dollars ($4,000,000) aggregate
(occurrence form) and Two Million Dollars ($2,000,000) aggregate completed
operations; (b) automobile liability insurance in the amount of One Million
Dollars ($1,000,000)

                                      -16-

<PAGE>

combined single limit for bodily injury and property damage; (c) worker's
compensation insurance or similar insurance in form and amounts as required by
law; and (d) any other insurance reasonably required of Tenant by Landlord or
any Mortgagee.

           (v)    Notwithstanding anything set forth above in this subsection
16.1 to the contrary, all dollar limits specified herein shall be increased from
time to time as reasonably necessary to effect economically equivalent insurance
coverage, or coverage deemed adequate in light of then existing circumstances.

     B.    Policies.

     Such policies shall be maintained with companies licensed to do business in
the State where the Premises are located and in form reasonably acceptable to
Landlord and will be written as primary policy coverage and not contributing
with, or in excess of, any coverage which Landlord shall carry. Such policies
shall be provided on an occurrence form basis unless otherwise approved by
Landlord and shall include Landlord and its managing agent as additional insured
as to coverage under paragraphs 16.1.A.(i) and 16.1.A.(iv). Such policies shall
also contain a waiver of subrogation provision and a provision stating that such
policy or policies shall not be canceled, non-renewed, reduced in coverage or
materially altered except after thirty (30) days written notice, said notice to
be given in the manner required by this Lease to Landlord, Attention: Risk
Management Department. All such policies of insurance shall be effective as of
the date Tenant occupies the Premises and shall be maintained in force at all
times during the Term of this Lease and all other times during which Tenant
shall occupy the Premises. Tenant shall deposit the policy or policies of such
required insurance or certificates thereof with Landlord prior to the Lease
Commencement Date.

     16.2. Tenant's Failure to Insure. If Tenant shall fail to obtain insurance
as required under this Section 16, Landlord may, but shall not be obligated to,
obtain such insurance, and in such event Tenant shall pay, as Additional Rent,
the premium for such insurance upon demand by Landlord.

     16.3. Compliance with Policies. Tenant shall not do or allow to be done, or
keep, or allow to be kept, anything in, upon or about the Premises which will
contravene Landlord's policies insuring against loss or damage by fire, other
casualty, or any other cause, including without limitation, public liability, or
which will prevent Landlord from procuring such policies in companies acceptable
to Landlord. If any act or failure to act by Tenant in and about the Building
and the Premises shall cause the rates with respect to Landlord's insurance
policies to be increased beyond those rates that would normally be applicable
for such limits of coverage, Tenant shall pay, as Additional Rent, the amount of
any such increases upon demand by Landlord.

     16.4. Waiver of Right of Recovery. Except as provided in Section 8.3,
neither party, including Landlord's managing agent, shall be liable to the other
party, including Landlord's managing agent, or to any insurance company (by way
of subrogation or otherwise) insuring the other party, for any loss or damage to
any building, structure or other tangible property, or loss of income resulting
therefrom, or losses under worker's compensation laws and benefits even though
such loss or damage might have been occasioned by the negligence of such party,
its

                                      -17-

<PAGE>

agents or employees. The provisions of this Section 16.4 shall not limit the
indemnification for liability to third parties pursuant to Section 22.

     16.5. Landlord's Insurance. Landlord shall carry commercial general
liability insurance with regard to the Property and all-risk property insurance
on the Building, including Tenant Improvements, Alterations, but not the
heating, ventilating and air-conditioning system or Tenant's Personal Property.
Landlord shall not be obligated to repair any damage to the heating, ventilating
and air-conditioning system or Tenants Personal Property or replace the same.

     17.   DAMAGE AND DESTRUCTION.

     17.1. Landlord's Obligation to Repair and Reconstruct . If, as the result
of fire, the elements, accident or other casualty (any of such causes being
referred to herein as a "Casualty"), the Premises shall be rendered wholly or
partially untenantable (damaged to such an extent as to preclude Tenant's use of
the Premises for the purposes originally intended), then, subject to the
provisions of subsection 17.2, Landlord shall cause such damage to be repaired,
including Tenant Improvements and Alterations, and the Annual Basic Rent and
Additional Rent (but not any Additional Rent due Landlord either by reason of
Tenant's failure to perform any of its obligations hereunder or by reason of
Landlord's having provided Tenant with additional services hereunder) shall be
abated proportionately as to the portion of the Premises rendered untenantable
during the period of such untenantability. All such repairs shall be made at the
expense of Landlord, subject to the availability of insurance proceeds and
Tenants responsibilities set forth herein. Landlord shall not be liable for
interruption to Tenant's business or for damage to or replacement or repair of
Tenant's Personal Property, all of which replacement or repair shall be
undertaken and completed by Tenant, at Tenant's expense.

     If the Premises shall be damaged by Casualty, but the Premises shall not be
thereby rendered wholly or partially untenantable, Landlord shall promptly cause
such damage to be repaired and there shall be no abatement of rent reserved
hereunder.

     17.2. Termination of Lease. (A) If the Premises are (1) rendered wholly
untenantable, or (2) damaged as a result of any cause which is not covered by
Landlord's insurance, or (B) if the Building is damaged to the extent of fifty
percent (50%) or more of the gross leasable area thereof, or (C) if, for reasons
beyond Landlord's control or by virtue of the terms of any financing of the
Building, sufficient insurance proceeds are not available for the reconstruction
or restoration of the Building or Premises, then, in any of such events,
Landlord may elect to terminate this Lease by giving to Tenant notice of such
election within ninety (90) days after the occurrence of such event, or after
the insufficiency of such proceeds becomes known to Landlord, whichever is
applicable. If such notice is given, the rights and obligations of the parties
shall cease as of the date set forth in such notice, and the Annual Basic Rent
and Additional Rent (but not any Additional Rent due Landlord either by reason
of Tenant's failure to perform any of its obligations hereunder or by reason of
Landlord's having provided Tenant with additional services hereunder) shall be
adjusted as of the date set forth in such notice, or, if the Premises were
rendered untenantable, as of the date of the Casualty.

     17.3. Demolition of the Building. If the Building shall be so substantially
damaged that it is reasonably necessary, in Landlord's judgment, to demolish the
Building for the purpose of

                                      -18-

<PAGE>

reconstruction, Landlord may demolish the same, in which event the Annual Basic
Rent and Additional Rent (but not any Additional Rent due Landlord either by
reason of Tenant's failure to perform any of its obligations hereunder or by
reason of Landlord's having provided Tenant with additional services hereunder)
shall be abated to the same extent as if the Premises were rendered wholly
untenantable by a Casualty.

     17.4. Insurance Proceeds. If the Lease is not terminated pursuant to
subsection 17.2. Landlord shall, subject to the terms of any Mortgage, disburse
and apply any insurance proceeds received by Landlord to the restoration and
rebuilding of the Building in accordance with subsection 17.1 hereof All
insurance proceeds payable with respect to the Premises and the Building shall
belong to and shall be payable to Landlord. Notwithstanding anything to the
contrary, Tenant shall be entitled to receive all proceeds payable with respect
to Tenant's Personal Property.

     18.   CONDEMNATION.

     18.1. Termination. If either the entire Premises or the Building shall be
acquired or condemned by any governmental authority under its power of eminent
domain for any public or quasi public use or purpose, this Lease shall terminate
as of the date of vesting or acquisition of title in the condemning authority
and the rents hereunder shall be abated on that date. If less than the whole but
more than fifty percent (50%) of the Rental Area of the Premises or more than
fifty percent (50%) of the total area of the Building (even if the Premises are
unaffected) or such portion of the Common Area as shall render the Premises or
the Building untenantable should be so acquired or condemned, Landlord and
Tenant shall each have the option to terminate this Lease by notice given to the
other within ninety (90) days of such taking. In the event that such a notice of
termination is given, this Lease shall terminate as of the date of vesting or
acquisition of title in the condemning authority and the Annual Basic Rent and
Additional Rent (but not any Additional Rent due Landlord either by reason of
Tenant's failure to perform any of its obligations hereunder, or by reason of
Landlord's having provided Tenant with additional services hereunder) shall be
adjusted as of such date.

     If (a) neither Landlord nor Tenant shall exercise their respective options
to terminate this Lease, as hereinabove set forth, or (b) some lesser portion of
the Premises or the Building or Common Area, which does not give rise to a right
to terminate pursuant to this subsection 18.1, is taken by the condemning
authority, this Lease shall continue in force and effect, but from and after the
date of the vesting of title in the condemning authority, the Annual Basic Rent
payable hereunder during the unexpired portion of the Term shall be reduced in
proportion to the reduction in the total Rental Area of the Premises, and any
Additional Rent (but not any Additional Rent due Landlord either by reason of
Tenant's failure to perform any of its obligations hereunder, or by reason of
Landlord's having provided Tenant with additional services hereunder) payable
pursuant to the terms hereof shall be adjusted to reflect the diminution of the
Premises and/or the Building, as the case may be.

     18.2. Rights to Award. Tenant shall have no claim against Landlord arising
out of the taking or condemnation, or arising out of the cancellation of this
Lease as a result of any such taking or condemnation, or for any portion of the
amount that may be awarded as damages as a result of any taking or condemnation,
or for the value of any unexpired portion of the Term, or

                                      -19-

<PAGE>

for any property lost through condemnation, and Tenant hereby assigns to
Landlord all its right, title and interest in and to any such award with regard
to the Premises; provided, however, that, in the event of a total taking, Tenant
may assert any claim it may have against the condemning authority for
compensation for Tenant's Personal Property lost thereby, loss of income, and
for any relocation expenses compensable by statute and receive such awards
therefor as may be allowed in the condemnation proceedings provided that such
awards shall be made in addition to, and stated separately from, the award made
for the Building, the underlying land and the Premises. Landlord shall have no
obligation to contest any taking or condemnation.

     19.   BANKRUPTCY.

     19.1  Event of Bankruptcy. For purposes of this Lease, each of the
following shall be deemed an "Event of Tenant's Bankruptcy":

           (a)    if Tenant becomes insolvent, as defined in the Bankruptcy
Code, or under the Insolvency Laws;

           (b)    the commencement of any action or proceeding for the
dissolution or liquidation of Tenant or for the appointment of a receiver or
trustee of the property of Tenant, whether instituted by or against Tenant, if
not bonded or discharged within thirty (30) days of the date of the commencement
of such proceeding or action;

           (c)    if Tenant files a voluntary petition under the Bankruptcy
Code or Insolvency Laws;

           (d)     if there is filed an involuntary petition against Tenant as
the subject debtor under the Bankruptcy Code or Insolvency laws, which is not
dismissed within sixty (60) days of filing, or results in issuance of an order
for relief against the debtor; and

           (e)    if Tenant makes or consents to an assignment of its assets,
in whole or in part, for the benefit of creditors, or to a common law
composition of creditors.

     As used herein, (i) "Bankruptcy Code" means title 11 of the United States
Code, 11 U.S.C. Section 10.1 et. seq. as amended or any successor statute and
(ii) Insolvency Laws means the insolvency laws of any state or territory of the
United States.

     19.2. Assumption by Trustee. If Tenant becomes the subject debtor in a case
pending under the Bankruptcy Code, Landlord's right to terminate this Lease
under Section 20 hereof shall be subject to the applicable rights (if any) of
the Trustee in Bankruptcy to assume or assign this Lease as then provided for in
the Bankruptcy Code. However, the Trustee in Bankruptcy must give to Landlord
and Landlord must receive proper written notice of the Trustee's assumption or
rejection of this Lease, within sixty (60) days (or such other applicable period
as is provided for in the Bankruptcy Code) after the date of the Trustee's
appointment. The failure of the Trustee to give notice of the assumption within
the period shall conclusively and irrevocably constitute the Trustee's rejection
of this Lease and waiver of any rights of the Trustee to assume or assign this
Lease. The Trustee shall not have the right to assume or assign this Lease
unless the Trustee (i) promptly and fully cures all defaults under this Lease,
(ii) promptly and fully

                                      -20-

<PAGE>

compensates Landlord for all monetary damages incurred as a result of such
default and (iii) provides to Landlord adequate assurance of future performance.
In the event Tenant is unable to: (i) cure its defaults, (ii) reimburse Landlord
for its monetary damages, or (iii) pay the Rent due under this Lease on time,
then Tenant hereby agrees in advance that it has not met its burden to provide
adequate assurance of future performance, and this Lease may be terminated by
Landlord in accordance with Section 20.

     19.3. Tenant's Guarantor's Bankruptcy. Notwithstanding any of the other
provisions of this Lease, in the event Tenant's obligations under this Lease are
guaranteed by a guarantor, and said guarantor shall voluntarily or involuntarily
come under the jurisdiction of the Bankruptcy Code, and thereafter said
guarantor or its trustee in bankruptcy, under the authority of and pursuant to
applicable provisions thereof, shall determine to assign the guarantee
obligations of said guarantor hereunder, Tenant and its said guarantor agree
that (a) said guarantor or its trustee will provide Landlord sufficient
information enabling it to independently determine whether Landlord will incur
actual and substantial detriment by reason of such assignment, and (b)"adequate
assurance of future performance" in regard to such guarantee obligations of said
guarantor, as that term is generally defined under the Bankruptcy Code, will be
provided to Landlord by said guarantor or its trustee and its assignee as a
condition of said assignment.

     20.   DEFAULT PROVISIONS AND REMEDIES.

     20.1. Events of Default. Each of the following shall be deemed an Event of
Default by Tenant under this Lease:

           a.  failure of Tenant to pay Annual Basic Rent, Additional Rent, or
any other sum required to be paid under the terms of this Lease, including `late
charges, within five (5) days of the date due hereunder;

           b.  failure by Tenant to perform or observe any other term, covenant,
agreement or condition of this Lease, on the part of Tenant to be performed
(other than those obligations of Tenant set forth in subsection 16.2 for which
Tenant shall be entitled to receive no prior notice, and other than the
conditions set forth in paragraphs 20.1.a, c, d, e, f and g, which shall be
governed solely by the provisions set forth herein), within ten (10) days after
notice thereof from the Landlord, unless such performance shall reasonably
require a longer period, in which case Tenant shall not be deemed in default if
Tenant commences the required performance promptly and thereafter pursues and
completes such action diligently and expeditiously and in any event within not
more than thirty (30) days;

           c.  the filing of a tax or mechanic's lien suit or claim against any
property of Tenant which is not bonded or discharged and/or dismissed within
thirty (30) days of the date such lien is filed;

           d.  abandonment of the Premises by Tenant;

           e.  an Event of Tenant's Bankruptcy;

                                      -21-

<PAGE>

           f.   the sale of Tenant's interest in the Premises under attachment,
execution or similar legal process; and

           g.   the failure of Tenant to vacate the Premises upon the expiration
of the Term, or the earlier termination thereof pursuant to the other provisions
hereof.

     20.2. Remedies. Upon the occurrence of an Event of Default, Landlord,
without notice to Tenant in any instance (except where expressly provided for
below or by applicable law) may do any one or more of the following:

           (a)  Sell at public or private sale all or any part of the goods,
chattels, fixtures and other Tenant's Personal Property which are or may be put
into the Premises during the Term, whether exempt or not from sale under
execution or attachment (it being agreed that said property shall at all times
be bound within a lien in favor of Landlord and shall be chargeable for all Rent
and for the fulfillment of the other covenants and agreements herein contained)
and apply the proceeds of such sale, first, to the payment of all costs and
expenses of conducting the sale or caring for or storing said property
(including all attorneys' fees), second, toward the payment of any indebtedness,
including (without limitation) indebtedness for Annual Basic Rent, which may be
or may become due from Tenant to Landlord, and third, to pay Tenant, on demand
in writing, any surplus remaining after all indebtedness of Tenant to Landlord
has been fully paid;

           (b)  perform, on behalf and at the expense of Tenant, any obligation
of Tenant under this Lease which Tenant has failed to perform and of which
Landlord shall have given Tenant notice, the cost of which performance by
Landlord, together with interest thereon at the Default Rate from the date of
such expenditure, shall be payable by Tenant to Landlord, as Additional Rent,
upon demand. Notwithstanding the provisions of this clause (b) and regardless of
whether an Event of Default shall have occurred, Landlord may exercise the
remedy described in clause (b) without any notice to Tenant if Landlord, in its
good faith judgment, believes it would be materially injured by failure to take
rapid action or if the unperformed obligation of Tenant constitutes an
emergency;

           (c)  elect to terminate this Lease and the tenancy created hereby by
giving notice of such election to Tenant, and reenter the Premises, by summary
proceedings or otherwise, and remove Tenant and all other persons and property
from the Premises, and store such property in a public warehouse or elsewhere at
the cost of and for the account of Tenant without resort to legal process and
without Landlord being deemed guilty of trespass or becoming liable for any loss
or damage occasioned thereby;

           (d)  declare any option which Tenant may have to renew the Term or
expand the Premises to be null and void and of no further force and effect; or

           (e)  exercise any other legal or equitable right or remedy which it
may have.

           Any costs and expenses incurred by Landlord (including, without
limitation, reasonable attorneys' fees) in enforcing any of its rights or
remedies under this Lease shall be paid to Landlord by Tenant, as Additional
Rent, upon demand.

                                      -22-

<PAGE>

     20.3. Damages. If this Lease is terminated by Landlord pursuant to Section
20.2.(c), Tenant nevertheless shall remain liable for (a) any Annual Basic Rent,
Additional Rent and damages which may be due or sustained prior to such
termination, and (b) all reasonable costs, fees and expenses including, but not
limited to, attorneys' fees, costs and expenses incurred by Landlord in pursuit
of its remedies hereunder or in renting the Premises to others from time to
time. In addition, Landlord may recover from Tenant additional damages to
compensate Landlord for loss of rent resulting from termination of the Lease,
which, at the election of Landlord, shall be either:

     (i)   An amount equal to the rent which, but for termination of this Lease,
           would have become due during the remainder of the Term, less the
           amount of rent, if any, which Landlord shall receive during such
           period from others to whom the Premises may be rented (other than any
           Additional Rent received by Landlord as a result of any failure of
           such other person to perform any of its obligations to Landlord), in
           which case such damages shall be computed and payable in monthly
           installments, in advance, on the first day of each calendar month
           following termination of the Lease and continuing until the date on
           which the Term would have expired but for such termination; any suit
           or action brought to collect any such damages for any month shall not
           in any manner prejudice the right of Landlord to collect any damages
           for any subsequent month by a similar proceeding; or

     (ii)  an amount equal to the present worth (as of the date of such
           termination) of rent which, but for termination of this Lease, would
           have become due during the remainder of the Term, in which case such
           damages shall be payable to Landlord in one lump sum on demand and
           shall bear interest at the Default Rate until paid. For purposes of
           this clause (ii), "present worth" shall be computed by discounting
           such amount to present worth at a discount rate equal to one
           percentage point above the discount rate then in effect at the
           Federal Reserve Bank nearest to the location of the Property.

     Damages shall be due and payable immediately upon demand by Landlord
following any termination of this Lease pursuant to Section 20.2.

     If this Lease is terminated pursuant to Section 20.2., Landlord may
re-lease the Premises or any part thereof, alone or together with other
premises, for such term(s) (which may be greater or less than the period which
otherwise would have constituted the balance of the Term) and on such terms and
conditions (which may include concessions or free rent and alterations of the
Premises) as Landlord, in its sole discretion, may determine. The failure or
refusal of Landlord to re-lease the Premises or any part or parts thereof shall
not release or affect Tenant's liability for damages.

     Nothing contained in this Lease shall limit or prejudice the right of
Landlord to prove and obtain in proceedings for the termination of this Lease by
reason of bankruptcy or insolvency, an amount equal to the maximum allowed by
any statute or rule of law in effect at the time when,

                                      -23-

<PAGE>

and governing the proceedings in which, the damages are to be proved, whether or
not the amount be greater, equal to, or less than the amount of the loss or
damages referred to above.

     20.4. No Waiver. No act or omission by Landlord shall be deemed to be an
acceptance of a surrender of the Premises or a termination of Tenant's
liabilities hereunder, unless Landlord shall execute a written release of
Tenant. Tenant's liability hereunder shall not be terminated by the execution by
Landlord of any new lease for all or any portion of the Premises or the
acceptance of rent from any assignee or subtenant.

     20.5. Remedies Not Exclusive. All rights and remedies of Landlord set forth
in this Lease shall be cumulative, and none shall exclude any other right or
remedy, now or hereafter allowed by or available under any statute, ordinance,
rule of court, or the common law, either at law or in equity, or both. For the
purposes of any suit brought or based hereon, this Lease shall be construed to
be a divisible contract, to the end that successive actions may be maintained on
this Lease as successive periodic sums shall mature hereunder. The failure of
Landlord to insist, in any one or more instances, upon a strict performance of
any of the covenants, terms and conditions of this Lease or to exercise any
right or option herein contained shall not be construed as a waiver or a
relinquishment for the future, of such covenant, term, condition, right or
option, but the same shall continue and remain in full force and effect unless
the contrary is expressed by Landlord in writing. The receipt by Landlord of
rents hereunder, with knowledge of the breach of any covenant hereof or the
receipt by Landlord of less than the full rent due hereunder, shall not be
deemed a waiver of such breach or of Landlord's right to receive the full rents
hereunder, and no waiver by Landlord of any provision hereof shall be deemed to
have been made unless expressed in writing and signed by Landlord.

     20.6. Persistent Failure to Pay Rent. In addition to any other remedies
available to Landlord pursuant to this Lease or by law, Landlord may, at any
time throughout the Term of this Lease, terminate this Lease upon Tenant's
default on three (3) separate occasions during any twelve (12) month period
under subsection 20.1.a, regardless of whether or not such prior defaults have
been cured. Termination, pursuant to this subsection 20.6, shall be effective
upon Landlord's delivery to Tenant of a notice of termination.

     21.   LANDLORD'S LIEN.

     21.1. Tenant hereby grants to Landlord a lien and security interest on all
property of Tenant now or hereafter placed in or upon the Premises, and such
property shall be and remain subject to such lien and security interest of
Landlord for payment of all Rent and other sums agreed to be paid by Tenant
herein. It is provided, however, the Landlord shall not have a lien which would
be superior to a lien from a lending institution, supplier or leasing company,
if such lending institution, supplier or leasing company has a security interest
in the equipment, furniture or other tangible personal property and which
security interest has its origin in a transaction whereby Tenant originally
acquired such equipment furniture or other tangible personal property.

     21.2. The provisions of this paragraph relating to such lien and security
interest shall constitute a security agreement under and subject to the Uniform
Commercial Code of the state where the Premises are located so that Landlord
shall have and may enforce a security interest on all property of Tenant now or
hereafter placed in or on the Premises, in addition to and

                                      -24-

<PAGE>

cumulative of the Landlord's liens and rights provided by law or by the other
terms and provisions of this Lease.

     22.   INDEMNITY.

     To the maximum extent permitted by law, Tenant shall indemnify, hold
harmless and (at Landlord's option) defend Landlord, its agents, servants and
employees from and against all claims, actions, losses, costs and expenses
(including attorneys' and other professional fees), judgments, settlement
payments, and, whether or not reduced to final judgment, all liabilities,
damages, or fines paid, incurred or suffered by any third parties to the extent
arising directly or indirectly from (a) any default by Tenant under the terms of
this Lease, (b) the use or occupancy of the Property by Tenant or any person
claiming through or under Tenant, and/or (c) any acts or omissions of Tenant or
any contractor, agent employee, invitee or licensee of Tenant in or about the
Property. The foregoing indemnity is in addition to, and not in substitution
for, any indemnity given by Tenant to Landlord under Section 8.3.

     23.   LIMITATION ON LANDLORD LIABILITY.

     The term "Landlord" as used in this Lease shall mean only the owner or the
Mortgagee or its trustees, as the case may be, then in possession of the
Property so that in the event of any transfer by Landlord of its interest in the
Property, the Landlord in possession immediately prior to such transfer shall
be, and hereby is, entirely released and discharged from all covenants,
obligations and liabilities of Landlord under this Lease accruing after such
transfer. In consideration of the benefits accruing hereunder, Tenant, for
itself, its successors and assigns, covenants and agrees that, in the event of
any actual or alleged failure, breach or default hereunder by the Landlord, and
notwithstanding anything to the contrary contained elsewhere in this Lease, the
remedies of Tenant under this Lease shall be solely and exclusively limited to
Landlord's interest in the Property.

     24.   LANDLORD OBLIGATIONS.

     Landlord agrees to perform all of its obligations under this Lease in a
first class manner consistent with the standards applicable to similar buildings
in the vicinity of the Building. Landlord shall be excused for the period of any
delay in the performance of any of its obligations when the delay is due to any
cause or causes beyond Landlord's control which include, without limitation,
acts of God, all labor disputes, governmental regulations or controls, civil
unrest, war, adverse weather condition, fire or other casualty, inability to
obtain any material, services, or financing unless otherwise provided for in
this Lease. Except where specifically set forth in this Lease, there shall be no
abatement, set-off or deduction of Annual Basic Rent or Additional Rent due
under this Lease.

     25.   ASSIGNMENT AND SUBLETITNG.

     25.1. Prohibited Without Landlord's Consent. Tenant agrees for itself and
its permitted successors and assigns in interest hereunder that it will not (a)
assign or otherwise transfer, mortgage or otherwise encumber this Lease or any
of its rights hereunder; (b) sublet the Premises or any part thereof or permit
the occupancy or use of the Premises or any part thereof by any

                                      -25-

<PAGE>

person other than Tenant; and/or (c) permit the assignment or other transfer of
this Lease or any of Tenant's rights hereunder by operation of law (each of the
events referred to in the foregoing clauses (a), (b) and (c) being hereinafter
referred to as a "Transfer"), without the prior written consent of Landlord in
each instance first obtained, which consent may be given or withheld in
Landlord's sole and absolute subjective discretion, and any consent given shall
not constitute a consent to any subsequent Transfer. Any attempted Transfer
without Landlord's consent shall be null and void and shall not confer any
rights upon any purported transferee, assignee, mortgagee, sublessee, or
occupant. No Transfer, regardless of whether Landlord's consent has been granted
or withheld, shall be deemed to release Tenant from any of its obligations
hereunder or to alter, impair or release the obligations of any person
guaranteeing the obligations of Tenant hereunder. Tenant hereby indemnifies
Landlord against liability resulting from any claim made against Landlord by any
assignee or subtenant or by any broker claiming a commission in connection with
the proposed Transfer. In the event Landlord shall consent to a Transfer of this
Lease, any option which Tenant may have to renew the Term shall be null and
void.

     25.2. Stock Transfer. If Tenant or Guarantor is a privately-held
corporation or a partnership, then any event which results in a change in
control of Tenant or Guarantor, or any change in the ownership or structure of
Tenant or Guarantor which results in a change in management of Tenant or
Guarantor, shall be deemed a prohibited Transfer under this Section 25.

     25.3. Rents from Transfer.

     In the event Landlord shall consent to a Transfer of this Lease and the
amount of the rents (or other compensation) to be paid to Tenant by any such
transferee is greater than the rents required to be paid by Tenant to Landlord
pursuant to this Lease or a premium is to be paid to Tenant for an assignment of
this Lease, Tenant shall pay to Landlord any such excess or any such premium, as
the case may be, upon receipt thereof by Tenant from such transferee.

     25.4. Procedure for Obtaining Landlord's Consent.

     A.    In the event that, at any time or from time to time prior to or
during the Term, Tenant desires to Transfer this Lease in whole or in part,
whether by operation of law or otherwise, Tenant shall submit to Landlord for
its consideration (a) in writing, the name and address of the proposed subtenant
or assignee, a reasonably detailed statement of the proposed subtenant's or
assignee's business and reasonably detailed financial references and
infor7nation concerning the financial condition of the proposed subtenant or
assignee, (b) a disclosure of the rents to be paid by any subtenant in excess of
the rents reserved hereunder or the premium to be paid for the assignment, and
(c) if a subletting, a description of the area of the Premises to be sublet.
Tenant agrees to pay Landlord, as Additional Rent, all costs incurred by
Landlord in connection with any actual or proposed Transfer, including, without
limitation, the costs of making investigations as to the acceptability of a
proposed subtenant or assignee and legal costs incurred in connection with any
requested consent.

     B.    Landlord's consent to an assignment of this Lease shall be effective
upon the execution by Tenant, the assignee, and Landlord of an assignment
document prepared by Landlord in which the assignee shall agree to assume,
observe, perform, and be bound by, all of

                                      -26-

<PAGE>

Tenant's obligations under this Lease and Tenant shall agree to remain primarily
liable for such obligations.

     Any consent by Landlord to a subletting of all or a portion of the Premises
shall be deemed to have been given only upon the delivery by Landlord to Tenant
of a consent document prepared and executed by Landlord expressly consenting to
such subletting.

     26.  HOLDING OVER.

     Tenant agrees to vacate the Premises at the end of the Term, and Landlord
shall be entitled to the benefit of all summary proceedings to recover
possession of the Premises at the end of the Term. If Tenant remains in
possession of the Premises after the expiration of the Term, such action shall
not renew this Lease by operation of law and nothing herein shall be deemed as a
consent by Landlord to Tenant's remaining in the Premises. If Tenant fails to
vacate the Premises as required, Landlord may consider Tenant as either (a) a
"Tenant-at-Will" (i.e. month-to-month tenant) liable for the payment of rent at
the then market rate as determined by Landlord or (b) as a "Tenant-Holding Over"
liable for an amount equal to the actual damages incurred by Landlord as a
result of Tenant's holding over, including, without limitation, all incidental,
prospective and consequential damages and attorney's fees, but in no event shall
such amount be less than an amount equal to twice the Annual Basic Rent and
Additional Rent, reserved hereunder applicable to the period of the holdover. In
either event all other covenants of this Lease shall remain in full force and
effect.

     27.  SUBORDINANON AND ATTORNMENT.

     This Lease is subject and subordinate to the liens of all mortgages, deeds
of trust and other security instruments now or hereafter placed upon the
Building or the Property or any portion thereof and all ground and other
underlying leases from which Landlord's interest is derived (said mortgages,
deeds of trust, other security instruments, and ground leases being hereinafter
referred to as "Mortgages" and the mortgagees, beneficiaries, secured parties,
and ground lessors thereunder from time to time being hereinafter called
"Mortgagees"), and to any and all renewals, extensions, modifications, or
refinancings thereof, without any further act of the Tenant. If requested by
Landlord, however, Tenant shall promptly execute any certificate or other
document confirming such subordination. Tenant agrees that if any proceedings
are brought for the foreclosure of any of the Mortgages, Tenant, if requested to
do so by the purchaser at the foreclosure sale, shall attorn to the purchaser,
recognize the purchaser as the landlord under this Lease, and make all payments
required hereunder to such new landlord without any deduction or set-off of any
kind whatsoever. Tenant waives the provisions of any law or regulation, now or
hereafter in effect, which may give, or purport to give, Tenant any right to
terminate this Lease or to alter the obligations of Tenant hereunder in the
event that any such foreclosure or termination or other proceeding is prosecuted
or completed.

     Notwithstanding anything contained herein to the contrary, any Mortgagee
may at any time subordinate the lien of its Mortgages to the operation and
effect of this Lease without obtaining the Tenant's consent thereto, by giving
the Tenant written notice thereof, in which event this Lease shall be deemed to
be senior to such Mortgages without regard to the respective dates of execution
and/or recordation of such Mortgages and this Lease and thereafter such

                                      -27-

<PAGE>

Mortgagee shall have the same rights as to this Lease as it would have had were
this Lease executed and delivered before the execution of such Mortgages.

     If, in connection with obtaining financing for the Building, a Mortgagee
shall request reasonable modifications in this Lease as a condition to such
financing, Tenant will not unreasonably withhold, delay or defer its consent
thereto, provided that such modifications do not materially adversely increase
the obligations of Tenant hereunder, or materially adversely affect the
leasehold interest hereby created or Tenant's use and enjoyment of the Premises,
or increase the amount of Annual Basic Rent and Additional Rent payable
hereunder.

     28.  ESTOPPEL CERTIFICATES.

     Tenant shall, without charge, at any time and from time-to-time, within
fifteen (15) days after receipt of request therefor by Landlord, execute,
acknowledge and deliver to Landlord a written estoppel certificate, in such form
as may be determined by Landlord, certifying to Landlord, Landlord's Mortgagee,
any purchaser of Landlord's interest in the Building, or any other person
designated by Landlord, as of the date of such estoppel certificate, the
following, without limitation: (a) whether Tenant is in possession of the
Premises; (b) whether this Lease is in full force and effect; (c) whether there
have been any amendments to this Lease, and if so, specifying such amendments;
(d) whether there are then existing any set-offs or defenses against the
enforcement of any rights hereunder, and if so, specifying such matters in
detail; (e) the dates, if any, to which any rent or other charges have been paid
in advance and the amount of any Security Deposit held by Landlord; (f) that
Tenant has no knowledge of any then existing defaults of Landlord under this
Lease, or if there are such defaults, specifying them in detail; (g) that Tenant
has no knowledge of any event having occurred that authorizes the termination of
this Lease by Tenant, or if such event has occurred, specifying it in detail;
and (h) the address to which notices to Tenant under this Lease should be sent.
Any such certificate may be relied upon by the person or entity to whom it is
directed or by any other person or entity, who could reasonably be expected to
rely on it in the normal course of business. The failure of Tenant to execute,
acknowledge and deliver such a certificate in accordance with this Section 28
within fifteen (15) days after a request therefor by Landlord shall constitute
an acknowledgment by Tenant which may be relied on by any person who would be
entitled to rely upon any such certificate, that such certificate as submitted
by Landlord to Tenant is true and correct.

     29.  PEACEFUL AND QUIET POSSESSION.

     Tenant, if and so long as it pays all rents due hereunder and performs and
observes the other terms and covenants to be performed and kept by it as
provided in this Lease, shall have the peaceable and quiet possession of the
Premises during the Term free of any claims of Landlord or anyone lawfully
claiming by, through or under Landlord, subject, however, to the terms of this
Lease and to matters of public record existing as of the date of this Lease.

     30.  LANDLORD'S ACCESS TO PREMISES.

     Landlord and its agents may at any reasonable time and without incurring
any liability to Tenant, other than liability arising under Section 22, enter
the Premises to inspect them or to make alterations or repairs or for any
purpose which Landlord considers necessary for the repair,

                                      -28-

<PAGE>

operation, or maintenance of the Building; provided, however, that in the case
of an emergency, Landlord may enter the Premises at any time. Tenant shall allow
the Premises to be exhibited by Landlord (a) at any time to any representative
of a lender or to any prospective purchaser of the Building or Landlord's
interest therein or (b) within twelve (12) months of the end of the Term to any
persons who may be interested in leasing the Premises.

     31.  RELOCATION.

     Landlord shall have the right, either before or during the Term, upon not
less than thirty (30) days written notice to Tenant, to change the location of
the Premises to another location within the Building or the Business Community,
if any, provided that the new location is reasonably similar in size, utility
and appearance. If Tenant is occupying the Premises when Landlord exercises its
rights hereunder, Landlord, at its expense, shall remove, relocate and reinstall
Tenant's equipment (including telephones), furniture and fixtures in the new
premises and redecorate the new premises so that they will substantially
resemble the former Premises. Landlord shall also pay Tenant's cost of
reprinting stationery and business cards. On completion of the change in
location of the Premises, the parties shall execute an amendment to this Lease
which sets forth the new description of the Premises and amendments to any other
terms of this Lease, if any, required by the relocation of the Premises.

     32.  BROKERS, COMMISSIONS, ETC.

     Landlord and Tenant acknowledge, represent and warrant each to the other
that, except as listed in Section I.F., no broker or real estate agent brought
about or was involved in the making of this Lease and that no brokerage fee or
commission is due to any other party as a result of the execution of this Lease.
Each of the parties hereto agrees to indemnify and hold harmless the other
against any claim by any broker, agent or finder based upon the execution of
this Lease and predicated upon a breach of the above representation and
warranty.

     33.  RECORDATION.

     Neither Landlord nor Tenant shall record this Lease, any amendment to this
Lease or any other memorandum of this Lease without the prior written consent of
the other party, which consent may be withheld in the sole discretion of either
party and, in the event such consent is given, the party requesting such consent
and recording shall pay all transfer taxes. recording fees and other charges in
connection with such recording. Notwithstanding the above, Tenant covenants that
if at any time any mortgagee or ground lessor relating to the financing of the
Property shall require the recordation of this Lease, or if the recordation of
this Lease shall be required by any valid governmental order, or if any
governmental authority having jurisdiction in the matter shall assess and be
entitled to collect transfer taxes, documentary stamp taxes, or both, on this
Lease, Tenant, upon the request of Landlord, shall execute such instruments,
including a Memorandum o this Lease, as may be necessary to record this Lease,
and shall pay all recording fees, transfer taxes and documentary stamp taxes,
payable on, or in connection with, this Lease or such recordation.

                                      -29-

<PAGE>

     34.   MISCELLANEOUS.

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

     34.2. Applicable Law. This Lease shall be given effect and construed by
application of the laws of the state where the Property is located, and any
action or proceeding arising hereunder shall be brought in the courts of the
State where the Premises are located.

     34.3. Authority. If Tenant is a corporation or partnership, the person
executing this Lease on behalf of Tenant represents and warrants that Tenant is
duly organized and validly existing; that this Lease has been authorized by all
necessary parties, is validly executed by an authorized officer or agent of
Tenant and is binding upon and enforceable against Tenant in accordance with its
terms.

     The undersigned agent of Landlord represents and warrants that it is
authorized and empowered to enter into this Lease Agreement on behalf of the
Landlord.

     34.4. No Discrimination. It is Landlord's policy to comply with all
applicable state and federal laws prohibiting discrimination in employment based
on race, age, color, sex, national origin, disability, religion, or other
protected classification. It is further intended that the Building shall be
operated so that all perspective tenants thereof, and all customers, employees,
licensees and invitees of all tenants shall have equal opportunity to obtain all
the goods, services, accommodations, advantages, facilities and privileges of
the Building without discrimination because of race, age, color, sex, national
origin, disability, or religion. To that end, Tenant shall not discriminate in
the conduct and operation of its business in the Premises against any person or
group of persons because of the race, age, color, sex, religion, national origin
or other protected classification of such person or group of persons.

     34.5. Integration of Agreements. This writing is intended by the parties as
a final expression of their agreement and is a complete and exclusive statement
of its terms, and all negotiations, considerations and representations between
the parties hereto are incorporated herein. No course of prior dealings between
the parties or their agents shall be relevant or admissible to supplement,
explain, or vary any of the terms of this Lease. Acceptance of, or acquiescence
to, a course of performance rendered under this Lease or any prior agreement
between the parties or their agents shall not be relevant or admissible to
determine the meaning of any of the terms or covenants of this Lease. Other than
as specifically set forth in this Lease, no representations, understandings or
agreements have been made or relied upon in the making of this Lease. This Lease
can only be modified by a writing signed by each of the parties hereto.

     34.6. Third Party Beneficiary. Except as expressly provided elsewhere in
this Lease, nothing contained in this Lease shall be construed so as to confer
upon any other party the rights of a third party beneficiary.

                                      -30-

<PAGE>

     34.7.  Captions; Gender. The captions used in this Lease are for
convenience only and do not in any way limit or amplify the terms and provisions
hereof. As used in this Lease and where the context so requires, the singular
shall be deemed to include the plural and the masculine shall be deemed to
include the feminine and neuter, and vice versa.

     34.8.  Successors and Assigns. Subject to the express provisions of this
Lease to the contrary (e.g., Section 25), the terms, provisions and covenants
contained in this Lease shall apply to, inure to the benefit of, and be binding
upon the parties hereto and their respective heirs, personal representatives,
successors and assigns.

     34.9.  Waiver of Jury Trial. Landlord and Tenant hereby expressly waive
trial by jury in any action or proceeding or counterclaim brought by either
party hereto against the other party on any and every matter, directly or
indirectly arising out of or with respect to this Lease, including, without
limitation, the relationship of Landlord and Tenant the use and occupancy by
Tenant of the Premises, any statutory remedy and/or claim of injury or damage
regarding this Lease.

     34.10. Joint and Several Liability. In the event that two (2) or more
persons (i.e., natural persons, corporations, partnerships, associations and
other legal entities) shall sign this Lease as Tenant, the liability of each
such party to pay all rents due hereunder and perform all the other covenants of
this Lease shall be joint and several. In the event Tenant is a general
partnership or a limited partnership with two or more general partners, the
liability of each partner, or general partner, under this Lease shall be joint
and several.

     34.11. Notices. All notices, demands and requests required under this Lease
shall be in writing. All such notices, demands and requests shall be deemed to
have been properly given if sent by United States certified mail, return receipt
requested, postage prepaid, or hand delivered, or overnight delivery, addressed
to Landlord or Tenant, at the Landlord Notice Address and Tenant Notice Address,
respectively. Either party may designate a change of address by written notice
to the other party, in the manner set forth above. Notice, demand and requests
which shall be served by certified mail in the manner aforesaid, shall be deemed
to have been given three (3) days after mailing. Notices sent by overnight
delivery shall be deemed to have been given the day after sending. Without
intending to limit the generality of the foregoing requirement that all notices,
demands and requests be in writing, there are certain provisions in this Lease
where, for emphasis alone, such requirement is reiterated.

     34.12. Effective Date of this Lease. Unless otherwise expressly provided,
all terms, conditions and covenants by Tenant contained in this Lease shall be
effective as of the date first above written.

     34.13. Mechanics' Liens. In the event that any mechanics' or materialmen's
lien, suit or claim shall at any time be filed against the Premises purporting
to be for work, labor, services or materials performed or furnished to Tenant or
anyone holding the Premises through or under Tenant, Tenant shall cause the same
to be dismissed and/or discharged of record or bonded within thirty (30) days
after the filing thereof. If Tenant shall fail to cause such lien to be
discharged and/or dismissed or bonded within thirty (30) days after the filing
thereof, then, in addition to any other right or remedy of Landlord, Landlord
may, but shall not be obligated to,

                                      -31-

<PAGE>

discharge the same by paying the amount claimed to be due; and the amount so
paid by Landlord, and all costs and expenses, including reasonable attorneys'
fees incurred by Landlord in procuring the discharge of such lien, shall be due
and payable by Tenant to Landlord, as Additional Rent, on the first day of the
next succeeding month. Notice is hereby given that Landlord shall not be liable
for any labor or materials furnished to Tenant upon credit and that no
mechanics', materialmen's or other liens for any such labor or materials shall
attach to or affect the estate or interest of Landlord in and to the land and
improvements of which the Premises are a part.

     34.14. Waiver of Right of Redemption. Tenant hereby expressly waives (to
the extent legally permissible) for itself and all persons claiming by, through
or under it, any right of redemption or right to restore the operation of this
Lease under any present or future law in the event Tenant is dispossessed for
any proper cause, or in the event Landlord shall obtain possession of the
Premises pursuant to the terms of this Lease. Tenant understands that the
Premises are leased exclusively for business, commercial and mercantile purposes
and therefore shall not be redeemable under any provision of law.

     34.15. Mortgagee's Performance. If requested by any Mortgagee, Tenant shall
give such Mortgagee written notice of any default by Landlord under this Lease
and a reasonable opportunity to cure such default. Tenant shall accept
performance of any of Landlord's obligations hereunder by any ground lessor or
mortgagee relating to the financing of the Property.

     34.16. Mortgagee's Liability. No mortgagee or ground lessor relating to the
financing of the Property, not in possession of the Premises or the Building,
shall have any liability whatsoever hereunder.

     34.17. Schedules. Each writing or plat referred to herein as being attached
hereto as a schedule or exhibit is hereby made a part hereof, with the same full
force and effect as if such writing or plat were set forth in the body of this
Lease.

     34.18. Time of Essence. Time shall be of the essence of this Lease with
respect to the performance by Tenant of its obligations hereunder.

     34.19. Amendment. This Lease may be amended by and only by an instrument
executed and delivered by each party hereto. No amendments of this Lease entered
into by Landlord and Tenant, as aforesaid, shall impair or otherwise affect the
obligations of any guarantor of Tenant's obligations hereunder, all of which
obligations shall remain in full force and effect and pertain equally to any
such amendments, with the same full force and effect as if the substance of such
amendments was set forth in the body of this Lease.

                                      -32-

<PAGE>

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

ATTEST:                                LANDLORD:
                                       ROUSE COMMERCIAL PROPERTIES, INC.

                                       By:      ROUSE OFFICE MANAGEMENT,
                                                INC., Authorized Agent

---------------------------            By:  /s/ Wayne A. Christman       (SEAL)
Assistant Secretary                        ----------------------------
                                                Vice President

ATTEST:                                TENANT:
                                       INPHONIC, INC

---------------------------            By:  /s/ David A. Steinberg       (SEAL)
Secretary of Corporation                   ----------------------------
                                                      CEO

                                      -33-

<PAGE>

Chart

                                      -34-

<PAGE>

                                   SCHEDULE C

                              RULES AND REGULATIONS

     1.   Tenant shall not obstruct or encumber the Common Area, and the
sidewalks, driveways, and other public portions of the Property (herein "Public
Areas") and such Public Areas shall not be used for any purpose other than
ingress and egress to and from its Premises. Tenant shall not permit any of its
employees, agents, licensees or invitees to congregate or loiter in party of the
Public Areas. Tenant shall not invite to, or permit to visit, its Premises
persons in such numbers or under such conditions as may interfere with the use
and enjoyment by others of the Public Areas. Fire exits and stairways are for
emergency use only, and they shall not be used for any other purpose. Landlord
reserves the right to control, operate, restrict and regulate the use of the
Common Areas, public facilities, and any facilities furnished for the common use
of the tenants in such manner as it deems best for the benefit of the tenants.

     2.   No awnings or other projections shall be attached to the outside walls
of the Building. No curtains, blinds, shades or screens shall be attached to,
hung in, or used in connection with any window or door of its Premises, without
the consent of Landlord. Such window or door coverings must be of a quality,
type, design and color approved by Landlord and further they must be installed
in a manner approved by Landlord. In order that the Building can and will
maintain a uniform appearance to those persons outside of the Building, each
tenant occupying the perimeter areas of the Building shall (a) use only Building
standard lighting in areas where lighting is visible from the outside of the
Building and (b) use only building standard blinds in window areas which are
visible from the outside of the Building.

     3.   Except as otherwise provided in the Lease, no sign, insignia,
advertisement, lettering, notice or other object shall be exhibited, inscribed,
painted or affixed by Tenant on any part of the exterior or interior of the
Premises or the Building or on doors without the prior approval of Landlord.
Landlord shall review the size, color, style, content and location of any
proposed signage. Landlord shall have the right to prohibit any advertising or
identifying sign by Tenant which, in the sole judgment of Landlord, impairs the
appearance, reputation, or the desirability of the Building. Upon Landlord's
approval, Tenant shall obtain all necessary approvals and permits from
governmental or quasi-governmental authorities in connection with such signs.
Further, approved signs shall be inscribed, painted or affixed by signmakers
approved by Landlord at Tenant's sole cost. In the event of a violation of the
foregoing by Tenant, upon written notice from Landlord, Tenant shall refrain
from and discontinue such advertising or identifying sign. In the event that
Tenant does not promptly correct said violation, Landlord may remove such signs
without any liability, and may charge the expense incurred in such removal to
the Tenant violating this Rule and Tenant hereby agrees to pay any such expense
as Additional Rent.

     4.   No bicycles, vehicles, animals (except seeing eye dogs), fish or birds
of any kind shall be brought into or kept in or about the Premises within the
Building.

     5.   Nothing shall be done or permitted by Tenant which would impair or
interfere with the use or enjoyment by any other occupant of the Building,
including the playing of music.

                                       -1-

<PAGE>

     6.  Nothing shall be done or permitted in the Premises and nothing shall be
brought into, installed or kept in or about the Premises, which would impair or
interfere with any of the HVAC, plumbing, electrical, structural components of
the Building or the services of the Building or the proper and economic heating,
cleaning or other services of the Building or the Premises. Neither Tenant nor
its employees, agents, licensees or invitees shall at any time bring or keep
upon the Premises any flammable, combustible or explosive fluid, chemical or
substance.

     7.  No additional locks or bolts of any kind shall be placed upon any of
the doors or windows by Tenant nor shall any changes be made in locks or the
mechanism thereof. Duplicate keys for the Premises shall be procured only from
Landlord and Landlord may make a reasonable charge therefor. Tenant shall, upon
the termination of the Lease, turn over to Landlord all keys to the Premises. In
the event of the loss of any keys furnished by Landlord, Tenant shall pay to
Landlord the cost of replacement locks and Tenant hereby agrees to pay said cost
as Additional Rent.

     8.  Any delivery or moving of any safes, freight, furniture, packages,
boxes, crates or any other such object shall take place at such time and in such
manner so as not to interfere with other occupants of the Building. Tenant
hereby agrees to reimburse Landlord for extra costs incurred by Landlord
including, but not limited to, Landlord's right to inspect all objects to be
brought into the Building and to exclude from the Building any objects which may
in Landlord's sole discretion violate the Lease and/or any of these Rules and
Regulations. Tenant hereby agrees to pay any such costs as Additional Rent.

     No hand trucks shall be used for such moving activities except for those
equipped with rubber tires, side guards and such other safeguards as Landlord
shall require.

     9.  If Tenant shall request Landlord to perform any work on the Premises or
Property, Tenant shall make such request at the management office for the
Building. Tenant shall not request employees of Landlord to perform any work or
do anything outside of their regular duties, unless under special instructions
from Landlord.

     10. Canvassing, soliciting and peddling in the Building are prohibited and
Tenant shall cooperate to prevent the same.

     11. Tenant shall not cause or permit any odors of cooking or other
processes, or any unusual or objectionable odors, to emanate from its Premises
which would annoy other tenants or create a public or private nuisance. No
cooking shall be done in Tenant's Premises, except for a household microwave
oven or as is expressly permitted in the Lease, or otherwise consented to in
writing by the Landlord.

     12. All paneling, doors, trim or other wood products not considered
furniture shall be treated with fire-retardant materials. Before installation of
any such materials, certification of the materials' fire retardant
characteristics shall be submitted to and approved by Landlord, and all such
materials shall be installed in a manner approved by Landlord.

                                       -2-

<PAGE>

     13. Whenever Tenant submits any plan, agreement or other document for the
consent or approval of Landlord, Landlord may charge, on demand, a reasonable
processing fee for the review thereof, which shall include the cost of any
services of an architect, engineer or attorney employed by Landlord to review
such plan, agreement or document. Tenant hereby agrees to pay any such
processing fee as Additional Rent.

     14. When electric wiring of any kind is introduced, it must be connected as
directed by Landlord, and no stringing or cutting of wires will be allowed,
except with the prior written consent of Landlord, and shall be done only by
contractors approved by Landlord. The number and locations of telephones,
telegraph instruments, electric appliances, call boxes, etc., shall be subject
to Landlord's approval. Tenant shall not lay linoleum or other similar floor
covering so that the same shall be in direct contact with the floor of the
Premises; and if linoleum or other similar floor covering is desired to be used,
an interlining of buildees deadening felt shall be first affixed to the floor by
a paste or other material, the use of cement or other similar adhesive material
being expressly prohibited.

     15. Landlord hereby reserves to itself any and all rights not granted to
Tenant hereunder, including, but not limited to, the following rights which are
reserved to Landlord for its purposes in operating the Building:

     (a) the exclusive right to use of the name of the Building for all
purposes, except that Tenant may use the name as its business address and for no
other purpose;

     (b) the right to change the name or address of the Building, without
incurring any liability to Tenant for so doing;

     (c) the right to install and maintain a sign or signs on the exterior of
the Building;

     (d) the exclusive right to use or dispose of the use of the roof of the
Building;

     (e) the right to limit the space on the directory of the Building to be
allotted to Tenant; and

     (f) the right to grant anyone the right to conduct any particular business
or undertaking in the Building.

     16. Tenant and its employees shall park their cars only in those portions
of the parking area designated by Landlord.

     17. Tenant shall not permit undue accumulations of garbage, trash, rubbish
or any other refuse, and will keep such refuse in proper containers in the
interior of the Tenant's Premises or other places designated by the Landlord.

     18. Tenant shall not conduct or permit any bankruptcy sales, unless
directed by order of a court of competent jurisdiction, or any fictitious fire
or going out of business sale.

                                       -3-

<PAGE>

     19. Landlord reserves the right to rescind, alter, waive or add any rule or
regulation at any time prescribed for the Building when Landlord deems it
necessary or desirable for the reputation, safety, character, security, care,
appearance or interests of the Building, the preservation of good order therein,
the operation or maintenance of the Building or the equipment thereof, or the
comfort of tenants or others in the Building. No rescission, alteration, waiver
or addition of any rule or regulation with respect to one tenant shall operate
as a rescission, alteration or waiver in respect of any other tenant.

                                       -4-

<PAGE>

                          ROUSE OFFICE MANAGEMENT, INC

                             QUITCLAIM BILL OF SALE

     ROUSE COMMERCIAL PROPERTIES, INC., the Seller, in consideration of the sum
of ONE DOLLAR AND NO CENTS ($1.00), received from INPHONIC, INC., the Buyer,
hereby, on this February 26, 2001 day of February, 2001, sells to the Buyer the
personal property located in the Premises known as Inglewood Tech I described as
follows:

     Office furniture
     Computer accessories
     Light manufacturing equipment

          WITNESS our hands and seals this February 20, 2001 day of February,
2001.

SIGNED AND SEALED IN OUR PRESENCE

ATTEST:                                 SELLER:

                                        ROUSE COMMERCIAL PROPERTIES, INC.

                                        By:    ROUSE OFFICE MANAGEMENT, INC.

                                                /s/ Wayne A. Christman
----------------------------            --------------------------------------
Assistant Secretary                                  Vice President

                                   SHHEDULE D

<PAGE>

                                   SCHEDULE X

                 METHOD OF BUILDING MEASUREMENT FOR OFFICE SPACE

I.   SINGLE-TENANCY FLOORS

     The Rental Area of a single-tenancy floor shall be the area within the
outside walls computed by measuring from the inside surface of the window glass
to the inside surface of the opposite window glass including columns and
projections necessary to the building as well as accessory areas within and
exclusively serving only that floor, with their enclosing walls, toilets,
janitors closets, electrical closets, air-conditioning rooms and fan rooms and
telephone closets, together with twelve percent (12%) of the sum so determined
as a "Common Area Factor". Rental Area will not include penetrations made by
public stairs, fire towers, public elevator shafts, flues, vents, stacks, pipe
shafts and vertical ducts.

II.  DIVIDED FLOORS

     The Rental Area of an individual office or a portion of a divided floor
shall be the area computed by measuring from the inside surface of the window
glass to the finished surface of the corridor side of corridor partitions and
from center to center of the partitions that separate the Premises from
adjoining Rental Areas including columns and projections necessary to the
Building together with twelve percent (12%) of the sum so determined as a
"Common Area Factor".

                                      -6-

<PAGE>

                            FIRST AMENDMENT TO LEASE

         THIS FIRST AMENDMENT TO LEASE is made and entered into as of May 29,
2002 by and between ROUSE COMMERCIAL PROPERTIES, LLC, a Maryland limited
liability company ("Landlord") by ROUSE OFFICE MANAGEMENT, LLC, Managing Agent,
and INPHONIC, INC., a Delaware corporation ("Tenant").

                                    RECITALS:

         A. Landlord and Tenant entered into a Lease dated February 26, 2001
(the "Lease"), or Premises containing approximately 34,929 square feet of Rental
Area, in the building known as Inglewood Tech Center I (the "Original
Premises");

         B. Effective December 30, 2001, Rouse Commercial Properties, LLC became
the survivor corporation by merger with Rouse Commercial Properties, Inc. and
Rouse Office Management, LLC became the survivor corporation by merger with
Rouse Office Management, Inc.; and

         C. Landlord and Tenant desire to amend the Lease to increase the size
of the Original Premises and to modify certain other particulars of the Lease as
hereinafter set forth.

         NOW, THEREFORE, in consideration of the sum of One Dollar ($1.00), paid
by Landlord and Tenant, each to the other, and the mutual covenants and
conditions hereinafter contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Landlord and
Tenant agree as follows:

         1. Definitions. Unless otherwise set forth in this First Amendment to
lease, all capitalized terms shall have the same meaning as set forth in the
Lease.

         2. Term. The term of the Lease is hereby extended for a period of seven
(7) years ("Renewal Term"), commencing October 1, 2002 ("Renewal Date") and
expiring September 30, 2009 ("Renewal Termination Date").

         Landlord and Tenant acknowledge and agree that Tenant has no further
renewal options remaining, except for the renewal option stated in Section 8
below.

         3. Expansion of Premises. Effective as of August 1, 2002 (regardless of
the status of the Tenant Improvements as defined below) ("Effective Date"); the
Original Premises shall be expanded by the addition of an area containing 12,420
square feet of Rental Area on the first floor of the building known as Inglewood
Tech Center 2 as identified on Schedule A-1 attached hereto and made a part
hereof ("Additional Premises"). The Premises shall thereafter be comprised of a
total Rental Area of 47,349 square feet as identified on Schedule A-2
("Premises"). As of the Effective Date, Schedule A-2 shall supersede and replace
the Schedule A attached to the lease and thereafter all references to the
Premises contained in the Lease shall refer to the Premises as hereby increased
in size and identified below:

         Premises:

         Original Premises:  34,929 square feet on the first floor of Inglewood
Tech Center 1

         Additional Premises:  12,420 square feet on the first floor of
Inglewood Tech Center 1

         Total Square Footage of Premises:  47,349 square feet.

<PAGE>

         4. Rent for Premises:

         (A) Effective as of June 1, 2002 through September 30, 2002, the Annual
Basic Rent payable by Tenant to Landlord for the Original Premises shall be
increased and amended as follows:

<TABLE>
<CAPTION>
             Period                   PSF Basic Rent               Annual Basic Rent          Monthly Installments
<S>                                      <C>                          <C>                          <C>
         6/1/02-9/30/02                  $5.92                        $206,779.68                  $17,231.54
</TABLE>

         (B) As of the Effective Date through the Renewal Termination Date and
in addition to the Rent payable for the Original Premises, the Annual Basic Rent
payable by Tenant to Landlord for the Additional Premises shall be as follows:

<TABLE>
<CAPTION>
             Period                   PSF Basic Rent               Annual Basic Rent          Monthly  Installments
<S>                                      <C>                          <C>                          <C>
         8/1/02-9/30/03                  $8.00                        $99,360.00                   $8,280.06
         10/1/03-9/30/04                 $8.24                        $102,340.80                  $8,528.46
         10/1/04-9/30/05                 $8.49                        $105,445.80                  $8,787.15
         10/1/05-9/30/06                 $8.74                        $108,550.80                  $9,045.96
         10/1/06-9/30/07                 $9.00                        $111,780.00                  $9,315.06
         10/1/07-9/30/08                 $9.27                        $115,133.40                  $9,594.45
         10/1/08-9/30/09                 $9.55                        $118,611.00                  $9,884.25
</TABLE>

         (C) As of the Renewal Date through the Renewal Termination Date, and in
addition to the Rent Payable for the Additional Premises, the Annual Basic Rent
payable by Tenant to Landlord for the Original Premises shall be as follows:

<TABLE>
<CAPTION>
             Period                   PSF Basic Rent               Annual Basic Rent          Monthly  Installments
<S>                                      <C>                          <C>                          <C>
         10/1/02-9/30/03                 $8.00                        $279,432.00                  $23,286.00
         10/1/03-9/30/04                 $8.24                        $287,814.96                  $23,984.58
         10/1/04-9/30/05                 $8.49                        $296,547.21                  $24,712.27
         10/1/05-9/30/06                 $8.74                        $305,279.46                  $25,439.94
         10/1/06-9/30/07                 $9.00                        $314,361.00                  $26,196.73
         10/1/07-9/30/08                 $9.27                        $323,791.83                  $26,982.65
         10/1/08-9/30/09                 $9.55                        $333,571.95                  $27,797.66
</TABLE>

<PAGE>

         5. Tenant Improvements to the Original Premises and Additional
Premises. Landlord hereby grants to Tenant the right to make interior
improvements to the Original Premises and Additional Premises ("Tenant
Improvements"), subject to the terms and conditions hereinafter set forth.

         Prior to the commencement of the work for the Tenant Improvements,
Tenant shall: (a) obtain Landlord's written approval of comprehensive plans and
specifications for such work, which approval shall not be unreasonably withheld
(the "Construction Documents"); (b) obtain landlord's approval of Tenant's
general contractor, which approval shall not be unreasonably withheld; (c)
deposit with Landlord all policies or certificates of insurance required by the
provisions of Section 16 of the Lease; and (d) have in its possession the
permits and licenses necessary for the Tenant Improvements. Tenant shall conduct
its work for the Tenant Improvements in the Original Premises and Additional
Premises in accordance with the Construction Regulations attached as Schedule D
and shall proceed diligently to complete the Tenant Improvements. At the time
Landlord approves the Construction Documents, Landlord shall notify Tenant of
the Tenant Improvements that will need to be removed at the expiration or
termination of the Lease in the Original Premises and Additional Premises. In
addition, Landlord agrees that Tenant shall not be required to remove any of the
improvements that already exist within the Original Premises as of the Effective
Date.

         Notwithstanding approval of the Construction Documents by Landlord,
Tenant shall not be entitled to rely upon such approval as assurance that the
Construction Documents comply with all applicable codes, rules, regulations and
guidelines of all appropriate government agencies.

         Prior to the date of delivery of the Additional Premises by Landlord to
Tenant, Landlord and Tenant shall conduct a joint inspection of the Additional
Premises. At the time of said inspection, Tenant shall have the right to have a
mechanical contractor or service company inspect the HVAC system for the
Additional Premises in order to ensure that the HVAC system is in good working
order.

         Tenant agrees to accept the Additional Premises in its as-is condition
as of the date of delivery of the Additional Premises by Landlord to Tenant and
further acknowledges that Landlord is not obligated to provide any improvements
whatsoever to the Original Premises and Additional Premises, except for
Landlord's Work stated in Section 7 below.

         Tenant's occupancy of the Additional Premises for the purpose of making
the Tenant Improvements shall be deemed to constitute acceptance of the
Additional Premises and acknowledgement by Tenant that Landlord has fully
complied with its obligations hereunder.

         Notwithstanding anything to the contrary contained in this Amendment,
in the event that Tenant completes the Tenant Improvements prior to August 1,
2002, however, no earlier than July 1, 2002, Tenant will be permitted to occupy
the Additional Premises prior to the Effective Date. During this period, Tenant
shall perform all of its covenants and obligations contained in the Lease
including, without limitation, those obligations relating to insurance and
indemnification, except for the obligation to pay Rent, which shall begin on the
Effective Date.

         6. Tenant Allowance. Landlord agrees to reimburse Tenant solely for
costs incurred by Tenant in making the Tenant Improvements (including permanent
cabling) in an amount not to exceed Four Hundred Seventy-Three Thousand Four
Hundred Ninety Dollars and No Cents

<PAGE>

($473,490.00) which shall include Landlord's construction management fee of
three percent (3%). Tenant may also use a portion of the Tenant Allowance,
however, not to exceed Two Dollars and No Cents ($2.00) per square foot for
costs incurred by Tenant for purchasing and installing Tenant's systems
furniture. Payment shall be made within thirty 930) days after Tenant delivers
to Landlord the following: (a) copies of invoices and receipts for work done and
all sums paid for the Tenant Improvements and (b) mechanics lien waivers
executed by all of Tenant's contractors, subcontractors and materialmen
performing work in or applying materials to the Premises on Tenant's behalf for
the Tenant Improvements. Any excess of the Tenant Allowance over the total cost
of constructing the Tenant Improvements shall belong solely to Landlord.

         7. Landlord's Work. Prior to the commencement of the Tenant
Improvements, Landlord agrees, at its sole cost, to remove the existing
refrigeration equipment in the Additional Premises that was left by a prior
tenant ("Landlord's Work"). Landlord hereby agrees that the Landlord's Work
shall be completed on or before May 31, 2002.

         8. Option to Renew. Provided Tenant is in possession of the Premises
and is not in default of any term, covenant or condition of the Lease, Tenant
shall here the option to renew the Term of the Lease for one (1) additional
period of five (5) years ("Second Renewal Term") to commence immediately upon
the expiration of the Removal Term.

         Said Second Renewal Term shall be upon the same terms, covenants and
conditions as contained in the Lease, except that (i) the Annual Basic Rent
during said Second Renewal Term shall be at the "Prevailing Market Rate", (ii)
there shall be no further option to renew except as specifically provided
herein, (iii) there shall be no abatement of rent, and (iv) Landlord shall not
be obligated to construct, pay for or grant an allowance with respect to tenant
improvements unless otherwise specifically provided for in the Lease.
"Prevailing Market Rate" shall mean the current market rental rate for the
Premises as determined by Landlord but shall not be more than the rate at which
Landlord would offer such space or space of approximately the same size and
location of a third party, provided however that if said third party were to
receive any construction and/or tenant improvement allowance them the Prevailing
Market Rate shall take into account Landlord's cost of provided the same. In no
event, however, shall the Annual Basic Rent during the Second Renewal Term be
less than the Annual Basic Rent reserved under the Lease for the Rental Year
immediately preceding the Second Renewal Term for which the determination is
being made.

         In order to exercise the option granted herein, Tenant shall notify
Landlord, in writing , so earlier than eighteen (18) months nor later than
twelve (12) months prior to the expiration of the Renewal Term. On receipt of
such notice, Landlord will, in writing, not later than thirty (30) days after
receipt of the notice from Tenant, quote to Tenant what the new Annual Basic
Rent will be for the Second Renewal Term. Tenant shall then notify Landlord, in
writing, not later than fifteen (15) days after notice received of such Annual
Basic Rent, as to whether or not it will exercise the option herein granted and
if no such notice of exercise of the option is received, the option shall be
deemed waived. In the event Tenant exercises the option, Landlord and Tenant
shall execute a modification to the Lease acknowledging such renewal and setting
forth the new Annual Basic Rent.

         The option shall be void if, at the time of execution of such option,
Tenant is not in possession of the Premises or if there is an Event of Default
under the Lease or if Tenant fails to

<PAGE>

deliver the requisite notice thereof within the time period specified above. The
option granted herein shall not be severed from this Leases, separately sold,
assigned or transferred.

         9. Right of First Offer. Subject to the provisions set forth
hereinafter and subject to the superior rights of third parties including
without limitation, the renewal options of existing tenants, Tenant shall have a
one-time right to first offer to lease from Landlord approximately 16,738 square
feet of adjacent space in the Building that is currently leased to an existing
tenant, US Express, as identified on Schedule A-3 (the "Expansion Premises"), on
the same terms as contained in the Lease for the Premises, except that the
Annual Basic Rent for the Expansion Premises shall be at the Prevailing Market
Rate for such space, which is defined as the current market rental rate for the
Expansion Premises, as determined by Landlord, but not more than the rate at
which Landlord would offer such space to any third party.

         Tenant shall exercise its right of first offer by written notice to
Landlord within fifteen (15) days following receipt of written notice from
Landlord that the Expansion Premises is available for lease and the Prevailing
Market Rate for the Expansion Premises. In the event that Tenant exercise the
right granted herein, Landlord and Tenant shall enter into an amendment to the
Lease to incorporate the Expansion Premises and to make necessary adjustments to
the Annual Basic Rent and similarly affected provisions of the Lease. In the
event Tenant declines to exercise its right as above provided for, or fails to
deliver notice thereof within the time period stipulated above, or fails to
execute the requisite amendment to the Lease, this right of first offer shall
lapse and be of no further force and effect.

         The foregoing right of first offer shall not be severed from the Lease
or separately sold, assigned or transferred and shall be subject to the
following additional conditions, namely; (a) that the lease term for any
additional space shall run concurrently with the Lease; (b) that the rental for
the Expansion Premises shall be at the Prevailing Market Rate; (c) that there
shall be no abatement of rent; (d) that, unless otherwise set forth in this
Section, Landlord shall not be obligated to construct, pay for or grant an
allowance with respect to tenant improvements; (d) that, at the time that Tenant
exercises this right of first offer for any additional space, Tenant shall not
be in default of any term, covenant or obligation of the Lease; (e) that, at the
time Tenant exercises this right of first offer, Tenant shall be in occupancy
and possession of the Premises (f) that Landlord and Tenant shall enter into an
amendment to the Lease to incorporate the Expansion Premises and make
corresponding modifications to the provisions of the Lease regarding Annual
Basic Rent and Base Operating Costs, and (g) the holders of any superior rights
to the Expansion Premises have not exercised such rights.

         10. Early Termination of Lease. Tenant anticipates that its business
operation may grow during the Renewal Term and such growth could require Tenant
to need additional space. In the event Tenant notifies Landlord in writing,
requesting additional space consisting of 11,837 contiguous square feet or more
and Landlord is unable to accommodate Tenant's expansion requirements within one
of the following buildings: Inglewood Tech Center 1, 2, 3, 4, or 5, Tenant shall
have the right to terminate the Lease at the end of the Fourth Rental Year of
the Renewal Term, provided Tenant is not in default of any term, covenant or
condition of the Lease.

         Tenant shall exercise the right granted herein by delivering written
notice to Landlord of its intention to terminate twelve (12) months prior to the
date Tenant intends to terminate. Failure by Tenant to deliver such written
notice within the time period stipulated herein shall constitute a waiver of
tenant's right of termination.

<PAGE>

         If Tenant elects to terminate the Lease as provided herein, Tenant
shall pay to Landlord as Additional Rent, an early termination fee in an amount
equal to due unamortized costs of the Tenant Improvements, which sum shall be
calculated on a straight-line basis over the Renewal Term; plus (i) that portion
of the broker's commission due for the remainder of the Renewal Term (based upon
a total broker's commission of $70,038.33), and (ii) an amount equal to three
(3) months of the Annual Basic Rent for the Fifth Rental Year of the Renewal
term. Upon receipt of Tenant's notice exercising its right to terminate,
Landlord will notify Tenant of the exact amount of termination fee due. Tenant
shall have fifteen (15) days from the date of such notice to pay the specified
termination fee. If such termination fee is not paid to Landlord within said
fifteen day period, Tenant's notice exercising its right to terminate the Lease
shall be deemed void and inoperative.

         If this Lease is terminated as provided herein, the parties agree to
execute an instrument which confirms and effects a release and surrender of all
right title and interest in and to the Premises pursuant to the terms of the
Lease and otherwise.

         11. Assignment and Subletting. Section 25.1 of the Lease is hereby
amended by adding to the following paragraph:

         "Notwithstanding the foregoing, Landlord shall not unreasonably
withhold its consent to a sublet or assignment of the Lease by Tenant provided
that: (a) the proposed transferee has a financial capacity and net worth
sufficient to fulfill the terms of this Lease, as reasonably determined by
Landlord based on financial information about such transferee provided by Tenant
or such transferee provided by Tenant or such transferee; (b) the proposed use
of the Premises by the proposed transferee is permitted by this Lease and is
compatible with the operation of the Building; (c) the proposed transferee is
not an existing tenant in the Building or was not a prospect for any other
building six (6) months prior to the proposed Transfer (nor an existing tenant
in or prospect for any other building owned or operated by Landlord in the
Business Community), and (d) an Event of Default does not exist under this
Lease. The foregoing shall not be severed from the Lease or separately sold,
assigned or transferred."

         12. License for Communications Equipment. As of the Effective date,
Landlord hereby grants to Tenant, a non-exclusive revocable license (the
"License") upon and through the Property, to install, inspect, maintain, repair,
remove, and/or replace telecommunications and data transmission lines, and
related equipment and facilities inside a conduit (collectively "Equipment"), at
Tenant's sole cost and expense, in accordance with comprehensive plans and
specifications prepared by Tenant and approved in writing by Landlord which
shall be attached here to as Schedule E. Said License shall be subject to the
terms and conditions stated below.

         (a) Tenant shall obtain pay for all building permits, or other required
         governmental licenses or permits, necessary for its Equipment.

         (b) Tenant will install its Equipment in such a manner as to not
         unreasonably interrupt to Property's normal operations. Tenant will
         repair any and all damage that it causes to the Property, to as good or
         better condition than existed immediately prior to the time of damage.

         (c) Tenant shall be the sole owner of the Equipment and Tenant, at its
         sole cost and expenses, may remove the Equipment by providing advance
         notice to landlord and

<PAGE>

         coordinating the removal in a manner reasonably satisfactory to
         Landlord; provided that, Tenant shall repair any and all damage done to
         the Property during removal.

         (d) All installation of the Equipment shall be undertaken in a
         workmanlike manner and Tenant shall keep the Property and the adjacent
         areas clean and free from trash, debris and dirt resulting from such
         installation.

         (e) The operation of the Equipment installed by Tenant shall not
         interfere with the quiet enjoyment of the tenants and occupants of the
         Property or other telecommunications systems presently in use.

         (f) Tenant may use a portion of the Tenant Allowance to pay for the
         cost of the Equipment.

         13. Broker. Landlord and Tenant acknowledge, represent and warrant each
to the other that, except for Grubb & Ellis of Metropolitan Washington, DC, no
broker or real estate agent brought about or was involved in the making of this
Lease and that no brokerage fee or commission is due to any other party as a
result of the execution of this Lease. Each of the parties hereto agrees to
indemnify and hold harmless the other against any claim by any broker, agent or
finder based upon execution of this lease and predicated upon a breach of the
above representation and warranty.

         14. Full Force and Effect. All other terms, covenants and conditions of
the Lease shall remain the same and continue in full force and effect and shall
be deemed unchanged, except as such terms, covenants and conditions of the Lease
have been amended or modified by this Agreement.

<PAGE>

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

ATTEST:                                  LANDLORD:
                                         ROUSE COMMERCIAL PROPERTIES, LLC

                                         By:     ROUSE OFFICE MANAGEMENT,
                                                 LLC, Managing Agent

-----------------------------            By:  /s/ Wayne A. Christman
Assistant Secretary                           ------------------------------
                                                  Vice President

ATTEST:                                  TENANT:
                                         INPHONIC, INC.

  /s/ Donald Charlton                    By:  /s/ Frank Bennett III
-----------------------------                -----------------------------
Secretary of Corporation                        Chief Operating Officer

<PAGE>

                                   SCHEDULE D
                              RULES AND REGULATIONS
                     APPLICABLE TO TENANT CONSTRUCTION WORK

1.  These rules and regulations shall apply to all improvement work approved by
    Landlord and performed by Tenant in the Premises, including, without
    limitation, the following:

    A.  Removal, relocation, installation or refinishing of walls, doors,
        modular systems, etc.
    B.  Removal, relocation or installation of electrical, coaxial or telephone
        outlets and cable.
    C.  Removal, relocation or installation of HVAC or plumbing ductwork and
        piping.
    D.  Carpet installation, replacement or repair.

2.  Contractor Approval - Tenant shall submit to Landlord for its prior approval
    the names of all contractors who Tenant employs to perform work in the
    Premises.

3.  Contractor Parking - Tenant shall insure that its contractors and their
    employees shall park only in those areas designated by Landlord.

4.  Building Access - Contractors shall have access to the Building only through
    those entrances and at such times as Landlords shall designate.

5.  Contractors shall sign in an out at front desk.

6.  Tenant Areas Access - Tenant shall be responsible for providing contractor
    access to Tenant areas.

7.  Deliveries - All deliveries of supplies and materials shall be made via the
    outside loading dock or garage loading dock. No deliveries will be permitted
    through front and side entrances and first floor lobby except in special
    circumstances and only with Landlord's prior approval. Supplies and
    materials shall be transported to the appropriate floor via the construction
    elevator which shall be locked off for contractors use, when needed. The
    same procedure shall be followed for removal of materials and supplies from
    Tenant areas and the Building. Deliveries will be made between 8:30 and
    11:30 a.m. and 1:30 and 4:30 p.m.

8.  Storage - Materials and supplies shall be stored within Tenant work areas.
    There shall be no exceptions without Landlord's approval.

9.  Utility Interruptions - any interruptions of water, fire alarms, sprinklers,
    gas, plumbing and automation system, electric service related to Tenant
    alterations must be scheduled in advance and approved by landlord.

10. Debris Removal - Tenant shall cause it contractors to remove and dispose of
    all construction debris from Tenant areas and the building. Landlord's
    compactor shall not

<PAGE>

    be used for construction debris disposal. If needed, contractors shall be
    responsible for supplying construction dumpsters with location of the
    dumpsters approved by the Landlord.

    (a) Tenant shall obtain and pay for all building permits, or other required
        governmental licenses or permits, necessary for its Equipment.

    (b) Tenant will install its Equipment in such a manner as to not
        unreasonably interrupt the Property's normal operations. Tenant will
        repair any and all damage that it causes to the Property, to as good or
        better condition than existed immediately prior to the time of damage.

    (c) Tenant shall be the sole owner of the Equipment, and Tenant, at its sole
        cost and expense, may remove the Equipment by providing advance written
        notice to Landlord and coordinating the removal in a manner reasonably
        satisfactory to Landlord; provided that, Tenant shall repair any and all
        damages done to the Property during the removal.

    (d) All installation of the Equipment shall be undertaken in a workmanlike
        manner and Tenant shall keep the Property and the adjacent areas clean
        and free from trash, debris and dirt resulting from such installation.

    (e) The operation of the Equipment installed by Tenant shall not interfere
        with the quiet enjoyment of the tenants and occupants of the Property or
        other telecommunications systems presently in use.

    (f) Tenant may use a portion of the Tenant Allowance to pay for the cost of
        the Equipment.

13. Broker. Landlord and Tenant acknowledge, represent and warrant each to the
    other that, except for Grubb & Ellis of Metropolitan Washington, DC, no
    broker or real estate agent brought about or was involved in the making of
    this Lease and that no brokerage fee or commission is due to any other party
    as a result of the execution of this Lease. Each of the parties hereto
    agrees to indemnify and hold harmless the other against any claim by any
    broker, agent or finder based upon execution of this lease and predicated
    upon a breach of the above representation and warranty.

14. Full Force and Effect. All other terms, covenants and conditions of the
    Lease shall remain the same and continue in full force and effect and shall
    be deemed unchanged, except as such terms, covenants and conditions of the
    Lease have been amended or modified by this Agreement.

<PAGE>

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

ATTEST:                                  LANDLORD:
                                         ROUSE COMMERCIAL PROPERTIES, LLC

                                         By:     ROUSE OFFICE MANAGEMENT,
                                                 LLC, Managing Agent

--------------------------------         By:    /s/ Wayne A. Christman
Assistant Secretary                           ------------------------------
                                                    Vice President

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