Document:

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                                                                     Exhibit 4.2

                          SECURITIES PURCHASE AGREEMENT

         THIS SECURITIES PURCHASE AGREEMENT (the "Agreement") dated as of April
17, 2001, as amended on September 26, 2001, among NOVAZYME PHARMACEUTICALS,
INC., a Delaware corporation (the "COMPANY") and THE SEVERAL PURCHASERS NAMED IN
SCHEDULE 2.1 (each a "PURCHASER" and collectively, the "PURCHASERS").

         WHEREAS, the Company wishes to issue and sell to the Purchasers, an
aggregate of up to 1,780,000 shares of the Company's authorized but unissued
Series B Convertible Participating Preferred Stock (collectively, the "PURCHASED
SECURITIES") and

         WHEREAS, the Purchasers, severally and not jointly, wish to purchase
such securities on the terms and subject to the conditions set forth in this
Agreement;

         NOW THEREFORE, in consideration of the premises and the mutual
covenants contained in this Agreement, the parties agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         For all purposes of this Agreement the following terms shall have the
meanings set forth in this Article I:

         "ACCREDITED INVESTOR" means an "accredited investor" as defined in Rule
501 of the Securities Act (as defined herein).

         "ADDITIONAL PURCHASER(S)" means the Purchasers identified as
"Additional Purchasers" on SCHEDULE 2.1 to this Agreement.

         "ADDITIONAL PURCHASER CLOSING" has the meaning specified in Section
2.1(b) of this Agreement.

         "ADDITIONAL PURCHASER CLOSING DATES" has the meaning specified in
Section 2.2(b) of this Agreement.

         "ADDITIONAL PURCHASER AGREEMENT" has the meaning specified in Section
2.1(b) of this Agreement.

         "AFFILIATE" means, as applied to the Company or any other specified
Person, any Person directly or indirectly controlling, controlled by or under
direct or indirect common control with the Company (or other specified Person)
and shall also include (a) any Person who is a director or beneficial owner of
at least 5% of the Company's then outstanding Capital Securities (or other
specified Person) and Family Members of any such Person, (b) any Person of which
the

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Company (or other specified Person) or an Affiliate, as defined in clause (a)
above, of the Company (or other specified Person) shall, directly or indirectly,
either beneficially own at least 10% of the Company's then outstanding Capital
Securities or constitute at least a 10% equity participant, and (c) in the case
of a specified Person who is an individual, any Family Member of such Person.
Notwithstanding the foregoing, the Purchasers shall not be considered
"Affiliates" of the Company under this Agreement.

         "BLUE SKY FILINGS" has the meaning specified in Section 3.5 of this
Agreement.

         "BUDGET" means the budget approved by the Board of Directors in
accordance with the Certificate of Designation.

         "BUSINESS DAY" means any day other than a Saturday, Sunday or a legal
holiday in Boston, Massachusetts or any other day on which commercial banks in
such State are authorized by law or government decree to close.

         "CAPITAL SECURITIES" means, as to any Person that is a corporation, the
authorized shares of such Person's capital stock, including all classes of
common, preferred, voting and nonvoting capital stock, and, as to any Person
that is not a corporation or an individual, the ownership shares in such Person,
including, without limitation, the right to share in profits and losses, the
right to receive distributions of cash and property, and the right to receive
allocations of items of income, gain, less, deduction and credit and similar
items from such Person, whether or not such shares include voting or similar
rights entitling the holder thereof to exercise control over such Person.

         "CERTIFICATE OF DESIGNATION" means the Amended Certificate of
Designation of Series A Convertible Participating Preferred Stock and
Certificate of Designation of Series B Convertible Participating Preferred Stock
of Novazyme Pharmaceuticals, Inc., as filed with the Delaware Secretary of State
on or before the date hereof, in the form of EXHIBIT A hereto.

         "CHARTER" means, as to a corporation, the articles or certificate of
incorporation, as to a general or limited partnership, the joint venture or
partnership agreement or articles or other organizational document, as to a
limited liability company, the operating or limited liability company agreement
or articles or certificate of formation, and as to any other Person other than
an individual, any statute, articles or other organizational document, each as
from time to time amended or modified.

         "CLINICAL TRIAL CLEARANCE AMOUNT" means the number of shares of Series
B Preferred Stock specified in SCHEDULE 2.1 to be purchased by a Purchaser
pursuant to Section 2.1(a)(iv). In the case of the Initial Purchasers, such
amount shall equal fifty percent (50%) of the Initial Purchased Securities, and
in the case of the Additional Purchasers, such amount shall not exceed the
number of shares to which such Additional Purchasers shall have the right to
purchase under Section 5.2 of the Stockholders' Agreement.

         "CLINICAL TRIAL CLEARANCE NOTICE" means the date upon which the Company
gives written notice to the Purchasers that the Company has received clearance
under U.S. Food and Drug Administration regulations and controlling statutory
provisions to commence human clinical trials for a therapeutic for Pompe
Disease.

                                       2
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         "CLOSING" shall mean, collectively, the Initial Closing and any
Subsequent Closings and/or Additional Purchaser Closings (each as defined
herein).

         "CLOSING DATE" shall mean, collectively, the Initial Closing Date and
any of the Subsequent Closing Dates or Additional Purchaser Closing Dates (each
as defined herein).

         "CODE" means the Internal Revenue Code of 1986, as amended.

         "COMMON STOCK" has the meaning specified in Section 3.4 of this
Agreement.

         "COMPANY" has the meaning specified in the introduction to this
Agreement.

         "CONSOLIDATED" or "CONSOLIDATED" means, with reference to any term
defined herein, that term as applied to the Company's accounts and all of its
Subsidiaries' accounts that may in accordance with GAAP be consolidated with the
Company.

         "CONTRACTS" has the meaning specified in Section 3.12 of this
Agreement.

         "CONVERTIBLE DEBENTURES" means any of the series of 8% convertible
debentures of the Company issued to Neose pursuant to that certain Securities
Purchase Agreement dated as of May 18, 2000 by and between the Company and
Neose.

         "CONVERTIBLE SECURITIES" means securities or obligations, that are
exercisable for, convertible into or exchangeable for shares of Common Stock,
including without limitation all shares of the Series B Preferred Stock, shares
of the Series A Preferred Stock, Convertible Debentures, options, warrants or
other rights to subscribe for or purchase Common Stock or to subscribe for or
purchase other Capital Securities or obligations that are, directly or
indirectly, convertible into or exchangeable for Common Stock.

         "DAMAGES" has the meaning specified in Section 9.1 of this Agreement.

         "DELIVERY DATE" has the meaning specified in Section 16.2 of this
Agreement.

         "DOLLARS" and the sign "$" mean lawful money of the United States of
America.

         "EFFECTIVE TIME" shall have the meaning set forth in the Merger
Agreement.

         "EMPLOYEE BENEFIT PLAN" means any employee benefit plan within the
meaning of Section 3(3) of ERISA maintained or contributed to by the Company or
any ERISA Affiliate, other than a Multiemployer Plan.

         "EMPLOYEE OPTIONS" has the meaning specified in Section 3.4(e) of this
Agreement.

         "ERISA" means the Employee Retirement Income Security Act of 1974, any
successor statute of similar import, and the rules and regulations thereunder,
collectively, and from time to time amended and in effect.

         "ERISA AFFILIATE" means any Person, which is treated as a single
employer with the Company under Section 414 of the Code.

                                       3
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         "FAMILY MEMBER" means, as applied to any individual, such individual's
spouse, child (including a stepchild or an adopted child) grandchild, parent,
brother or sister thereof or any spouse of any of the foregoing, and each trust
created for the exclusive, benefit of one or more of them.

         "FOUNDER" means William M. Canfield, M.D., Ph.D.

         "FULLY DILUTED BASIS" has the meaning specified in Section 3.4(1) of
this Agreement.

         "GENERALLY ACCEPTED ACCOUNTING PRINCIPLES" or "GAAP" means accounting
principles which are (a) consistent with the principles promulgated or adopted
by the United States Financial Accounting Standards Board and its predecessors
and other recognized principle setting bodies, in effect from time to time, (b)
applied on a basis consistent with prior periods, and (c) such that a certified
public accountant would, insofar as the use of accounting principles is
pertinent, be in a position to base an opinion as to financial statements in
which such principles have been properly applied.

         "GENZYME" shall mean Genzyme Corporation, a Massachusetts corporation.

         "GENZYME TRANSACTION" shall mean the acquisition of the Company by
Genzyme through a merger of a wholly owned subsidiary of Genzyme with and into
the Company in accordance with the terms and conditions of the Merger Agreement.

         "GUARANTEED PENSION PLAN" means any employee pension benefit plan
within the meaning of Section 3(2) of ERISA maintained or contributed to by the
Company or any ERISA Affiliate, the benefits of which are guaranteed on
termination in full or in part by the Pension Benefit Guaranty Corporation
pursuant to Title IV of ERISA, other than a Multiemployer Plan.

         "HISTORICAL FINANCIAL STATEMENTS" means, on a consolidated and
consolidating basis for each of the Company and its Subsidiaries, the audited
balance sheet and statement of operations, statement of cash flows and statement
of stockholders' equity for the year ended December 31, 2000, and the unaudited
balance sheet and statement of operations, statement of cash flows and.
statement of stockholders' equity for the two months ended February 28, 2001.

         "IND FILING NOTICE" means the date upon which the Company gives written
notice to the Purchasers that the Company has filed an Investigational New Drug
Application with the U.S. Food and Drug Administration for a therapeutic for
Pompe Disease.

         "IND FILING PURCHASE AMOUNT" means the number of shares of Series B
Preferred Stock specified in SCHEDULE 2.1 to be purchased by a Purchaser
pursuant to Section 2.1(a)(iii). In the case of the Initial Purchasers, such
amount shall equal fifty percent (50%) of the Initial Purchased Securities for
such Initial Purchaser, and in the case of the Additional Purchasers, such
amount shall not exceed the number of shares to which such Additional Purchasers
shall have the right to purchase under Section 5.2 of the Stockholders'
Agreement.

         "INDEBTEDNESS" means all obligations, contingent and otherwise, which
in accordance with GAAP should be classified on the obligor's balance sheet as
liabilities, or to which reference should be made by footnote thereto, including
without limitation, in any event and

                                       4
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whether or not so classified: (i) all debt and similar monetary obligations,
whether direct or indirect; (ii) all liabilities secured by any mortgage,
pledge, security interest, lien, charge or other encumbrance existing on
property owned or acquired subject thereto, whether or not the liability secured
thereby shall have been assumed; (iii) all guaranties, endorsements and other
contingent obligations whether direct or indirect in respect of Indebtedness or
performance of others, including any obligation to supply funds to or in any
manner to invest in, directly or indirectly, the debtor, to purchase
Indebtedness, or to assure the owner of Indebtedness against loss, through an
agreement to purchase goods, supplies or services for the purpose of enabling
the debtor to make payment of the indebtedness held by such owner or otherwise;
and (iv) obligations to reimburse issuers of any letters of credit.

         "INDEMNITEE" has the meaning specified in Section 9.1 of this
Agreement.

         "INITIAL CLOSING" has the meaning specified in Section 2.2(a) of this
Agreement.

         "INITIAL CLOSING DATE" has the meaning specified in Section 2.2(a) of
this Agreement. "INITIAL PURCHASED SECURITIES" has the meaning specified in
Section 2.1 (a) of this Agreement.

         "INITIAL PURCHASER" means those Purchasers identified as "Initial
Purchasers" on SCHEDULE 2.1 to this Agreement.

         "INTANGIBLE PROPERTY" has the meaning specified in Section 3.15 of this
Agreement.

         "KNOWLEDGE" or "KNOWLEDGE" means, the good faith actual knowledge of
such Person, after due and proper inquiry and such due diligence as is
reasonably required for such Person to make an informed representation or
warranty as to such Person's "knowledge" of a matter.

         "LETTER" has the meaning specified in Section 16.2 of this Agreement.

         "LICENSES" has the meaning specified in Section 3.17 of this Agreement.

         "LIEN" means (a) any encumbrance, mortgage, pledge, lien, charge or
other security interest of any kind upon any property or assets of any
character, or upon the income or profits therefrom; (b) any acquisition of or
agreement to have an option to acquire any property or assets upon conditional
sale or other title retention agreement, device or arrangement (including a
capitalized lease); or (c) any sale, assignment, pledge or other transfer for
security of any accounts, general intangibles or chattel paper, with or without
recourse.

         "MATERIAL ADVERSE EFFECT" means (a) an adverse effect on the validity
or enforceability of this Agreement or any of the Related Agreements in any
material respect; (b) an adverse effect on the condition (financial or other),
business, results of operations, ability to conduct business or properties of
the Company and its Subsidiaries, taken as a whole; or (c) an impairment of the
ability of the Company to fulfill its obligations under this Agreement or any of
the Related Agreements in any material respect.

                                       5
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         "MERGER AGREEMENT" shall mean that certain Agreement and Plan of
Merger, by and among the Company, Genzyme and Rodeo Merger Corp, a wholly owned
subsidiary of Genzyme, dated as of August 6, 2001, a copy of which is attached
hereto as EXHIBIT A.

         "MULTIEMPLOYER PLAN" means a multiemployer plan within the meaning of
Section 3(37) of ERISA.

         "NEOSE" means Neose Technologies, Inc., a Delaware corporation.

         "NEOSE RIGHTS AGREEMENT" means that certain Amended and Restated Rights
Agreement between the Company and Neose dated February 26, 2001.

         "OPTIONAL PURCHASE NOTICE" has the meaning specified in Section 2.1(a)
of this Agreement.

         "PARENT COMMON STOCK" shall have the meaning set forth in the Merger
Agreement.

         "PER SHARE PRICE" has the meaning specified in Section 2.1(a) of this
Agreement.

         "PERSON" means an individual, partnership, corporation, association,
trust, joint venture, unincorporated organization, and any government,
governmental department or agency or political subdivision thereof.

         "PURCHASED SECURITIES" has the meaning specified in the introduction to
this Agreement.

         "PURCHASERS" means the several purchasers named in SCHEDULE 2.1,
including the Initial Purchasers and any Additional Purchasers subsequently
named therein, and a "PURCHASER" means any one of them.

         "REGISTRABLE SECURITIES" means those shares of Common Stock issuable
upon conversion of the Series B Preferred Stock.

         "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement
dated as of September 13, 2000, among the Company and the holders named therein,
as amended by Amendment No. 1 to Registration Rights Agreement dated April 17,
2001, in the form of Exhibit C hereto.

         "RELATED AGREEMENTS" means the Registration Rights Agreement, the
Stockholders' Agreement, the Certificate of Designation and any Additional
Purchaser Agreements.

         "SECURITIES ACT" means the Securities Act of 1933, as amended, or any
successor federal statute, and the rules and regulations of the Securities and
Exchange Commission thereunder, all as the same shall be in effect at the time.

         "SERIES A PREFERRED STOCK" has the meaning specified in Section 3.4(a)
of this Agreement.

                                       6
<PAGE>

         "SERIES A PURCHASE AGREEMENT" has the meaning specified in Section 3.10
of this Agreement.

         "SERIES B PREFERRED STOCK" has the meaning specified in Section 3.4(a)
of this Agreement.

         "STOCK OPTION PLAN" has the meaning specified in Section 3.4(e) of this
Agreement.

         "STOCKHOLDERS' AGREEMENT" means the Amended and Restated Stockholders'
Agreement dated as of April 17, 2001, among the Company and each of the parties
named therein as "Holders", a copy of which is attached as EXHIBIT B hereto.

         "SUBSEQUENT CLOSINGS" has the meaning specified in Section 2.2(c) of
this Agreement.

         "SUBSEQUENT CLOSING DATES" has the meaning specified in Section 2.2(c)
of this Agreement.

         "SUBSIDIARY" means any Person of which the Company or other specified
Person now or hereafter shall at the time own directly or indirectly through a
Subsidiary or another Person at least a majority of the outstanding Capital
Securities (or other shares of beneficial interest) entitled to vote generally;
and the term "Subsidiaries" means all such Persons collectively.

         "TAXES" or "TAX" means (a) all net income, gross income, gross
receipts, sales, use, ad valorem, transfer, franchise, profits, license,
withholding, payroll, employment, excise, severance, stamp, occupation, premium,
property or windfall profits taxes, or other taxes of any kind whatsoever,
together with any interest and any penalties, additions to tax or additional
amounts imposed by any taxing authority (domestic or foreign) upon the Company
with respect to all periods or portions thereof ending on or before the date
hereof, and/or (b) any liability of the Company for the payment of any amounts
of the type described in the immediately preceding clause (a) as a result of
being a member of an affiliated or combined group.

         "THIRD PARTY CLAIMS" has the meaning specified in Section 9.1 of this
Agreement.

         "USRPHC" has the meaning specified in Section 16.2 of this Agreement.

                                   ARTICLE II

                    SALE AND PURCHASE OF PURCHASED SECURITIES

         SECTION 2.1. SALE AND PURCHASE OF PURCHASED SECURITIES.

         (a) PREVIOUS PURCHASES. Each Purchaser has previously purchased, and
the Company has previously issued to such Purchaser, the number of shares of
Series B Preferred Stock set forth on SCHEDULE 2.1 in the column captioned
"Initial Purchased Securities" (the "INITIAL PURCHASED SECURITIES") opposite the
name of such Purchaser. Each Purchaser hereby acknowledges that except as
provided in this Section 2.1, such Purchaser has no other rights to purchase by
additional shares of Series B Preferred Stock.

                                       7
<PAGE>

         (b) FUTURE PURCHASES.

         (i)      MANDATORY IND FILING PURCHASES. No later than fifteen (15)
                  days following the IND Filing Notice, each Purchaser shall
                  purchase (the "REQUIRED IND PURCHASE") the number of shares of
                  Series B Preferred Stock (subject to appropriate adjustment
                  for any stock split, stock dividend, split-up, subdivision,
                  reverse stock split, combination or reclassification of Series
                  B Preferred Stock) set forth on SCHEDULE 2.1 in the column
                  captioned "IND Filing Purchase Amount" opposite the name of
                  such Purchaser (the "IND FILING PURCHASE AMOUNT"), at a price
                  per share of $10.399 (the "PER SHARE PRICE"). Notwithstanding
                  anything to the contrary stated above, the IND Filing Purchase
                  Amount shall be reduced by the number of shares of Series B
                  Preferred Stock that shall equal the difference of (A) the
                  Clinical Trial Clearance Amount (as defined in 2.1(b)(ii)
                  below) less (B) the number of shares of Series B Preferred
                  Stock, if any, that such Purchaser purchased pursuant to
                  2.1(b)(iii) below, such number not to be less than zero.

         (ii)     MANDATORY CLINICAL TRIAL CLEARANCE PURCHASES. No later than
                  fifteen (15) days following the Clinical Trial Clearance
                  Notice, each Purchaser shall purchase (the "REQUIRED CLINICAL
                  TRIAL PURCHASE") the number of shares of Series B Preferred
                  Stock (subject to appropriate adjustment for any stock split,
                  stock dividend, split-up, subdivision, reverse stock split,
                  combination or reclassification of Common Stock) set forth on
                  SCHEDULE 2.1 in the column captioned "Clinical Trial Clearance
                  Amount" opposite the name of such Purchaser (the "CLINICAL
                  TRIAL CLEARANCE AMOUNT"), less any number of shares of Series
                  B Preferred Stock purchased pursuant to 2.1(b)(i) and
                  2.1(b)(iii), at the Per Share Price, such number not to be
                  less than zero;

         (iii)    VOLUNTARY PURCHASES. Notwithstanding any of the foregoing, at
                  any time or from time to time, each Purchaser shall have the
                  option (the "OPTIONAL PURCHASE RIGHT") to require the Company,
                  by delivering written notice to the Company (the "OPTIONAL
                  PURCHASE NOTICE") set forth as EXHIBIT B-1 (if before the
                  Effective Time of the Genzyme Transaction) or EXHIBIT B-2 (if
                  after the Effective Time of the Genzyme Transaction), attached
                  hereto, as applicable, to issue and sell to such Purchaser on
                  a date mutually agreed upon by the Company and such Purchaser,
                  but in no event later than 5 business days following the date
                  of the Optional Purchase Notice, the number of shares of
                  Series B Preferred Stock, subject to Section 2(c), (subject to
                  appropriate adjustment for any stock split, stock dividend,
                  split-up, subdivision, reverse stock split, combination or
                  reclassification of Common Stock) set forth on SCHEDULE 2.1 in
                  the column captioned "Voluntary Purchase Amount" opposite the
                  name of such Purchaser (the "VOLUNTARY PURCHASE AMOUNT"), less
                  any number of shares of Series B Preferred Stock purchased
                  pursuant to 2.1(b)(i) and 2.1(b)(ii), at the Per Share Price,
                  such number not to be less than zero.

         (iv)     LIMITATION ON NUMBER OF SHARES. No Purchaser shall be required
                  to, nor have the right to, purchase pursuant to this Section
                  2.1 more than that number of shares of Series B Preferred
                  Stock equal to the Voluntary Purchase Amount.

         (c) RIGHT TO ACQUIRE PARENT COMMON STOCK FOLLOWING THE GENZYME
TRANSACTION. Notwithstanding any of the foregoing, immediately following the
Effective Time of the Genzyme Transaction, and pursuant to the terms of the
Merger Agreement, the Required IND Purchase, the Required Clinical Trial
Purchase and the Optional Purchase Right shall,

                                       8
<PAGE>

automatically and without any action by the Company or any Purchaser, become the
right (the "ASSUMED PREFERRED STOCK PURCHASE RIGHT") to purchase shares of
Parent Common Stock, and, upon exercise of such Assumed Preferred Stock Purchase
Right, Genzyme shall issue, that number of shares of Parent Common Stock in each
case, as determined pursuant to Section 1.7(e) of the Merger Agreement (the
"ASSUMED PURCHASE RIGHT SHARES"), at a purchase price per share as determined
pursuant to Section 1.7(e) of the Merger Agreement (the "ASSUMED PREFERRED STOCK
PURCHASE PRICE").

         (d) ADJUSTMENT UPON CERTAIN EVENTS. If after the Effective Time there
is a change in the number of issued and outstanding shares of Parent Common
Stock as the result of a reclassification, subdivision, recapitalization,
combination, exchange, stock split (including reverse stock split), stock
dividend or distribution or other similar transaction, the number of shares of
Parent Common Stock a Purchaser shall have the obligation or the right to
purchase pursuant to this Agreement shall be equitably adjusted to give effect
to such event.

         (e) NET EXERCISE. In lieu of making a cash payment for the Exercise
Price (as defined below) of an Assumed Preferred Stock Purchase Right, the
Purchaser may pay all or such portion of such Exercise Price by electing not to
receive all of such Assumed Purchase Right Shares but only to receive that
number of such Assumed Purchase Right Shares as shall be determined in
accordance with the following formula:

                                     X = Y(A-B)
                                         ------
                                            A

Where:                     X =  the number of shares of Parent Common Stock to
                                be issued to the Purchaser pursuant to this
                                Section 2.1(e)

                           Y =  the number of Assumed Purchase Right
                                Shares for which the Assumed Preferred Stock
                                Purchase Right is being exercised as of the
                                date the Assumed Preferred Stock Purchase
                                Right is being exercised (the "EXERCISE DATE")

                           A =  the closing price per share of Parent Common
                                Stock as reported by The Nasdaq National
                                Market, rounded to the fourth decimal place as
                                of the applicable Exercise Date of a share of
                                Parent Common Stock constituting such Assumed
                                Purchase Right Shares

                           B =  the exercise price in effect as of the
                                applicable Exercise Date of a share of Parent
                                Common Stock constituting such Assumed Purchase
                                Right Shares

         For purposes of this Section 2(e), the "Exercise Price" for all or any
portion of the Assumed Purchase Right Shares held by a Purchaser shall equal (a)
the Assumed Preferred Stock Purchase Price, multiplied by (b) the number of
Assumed Purchase Right Shares payable in respect of the number of shares of
Parent Common Stock for which the Assumed Preferred Stock Purchase Right is
being exercised.

                                       9
<PAGE>

         The Purchaser may elect to make payment of all or any portion of such
aggregate Exercise Price pursuant to, and in the manner set forth in this
Section 2.1(e) by submitting to Genzyme after the Effective Time at its
principal office a notice of such net issue exercise, which is attached hereto
as EXHIBIT C.

                  [Remainder of Page Intentionally Left Blank]

                                       10
<PAGE>

         IN WITNESS WHEREOF, this Securities Purchase Agreement has been
executed under seal by the parties hereto as of the day and year first above
written.

"COMPANY":                           NOVAZYME PHARMACEUTICALS, INC.
                                     f/k/a Targeted Therapy, Inc.

                                     By:  /s/ JOHN F. CROWLEY
                                          -------------------------------------
                                          John F. Crowley
                                          President and Chief Executive Officer

"PURCHASERS":

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

                                       11<Page>

                                                                    Exhibit 10.1

                           THE LAW SOCIETY OF IRELAND

                    GENERAL CONDITIONS OF SALE (1995 EDITION)

                                   WILLIAM FRY
                                   Solicitors
                                Fitzwilton House
                                  Wilton Place
                                    Dublin 2

                                 014090.0003.DW
<Page>

                           THE LAW SOCIETY OF IRELAND

                    GENERAL CONDITIONS OF SALE (1995 EDITION)

                                   PARTICULARS

                                       and

                               CONDITIONS OF SALE

                                       OF

             PREMISES SITUATED AT OLD KILMEADEN ROAD, IDA WATERFORD
                          INDUSTRIAL ESTATE, WATERFORD

Auctioneer:                             Hamilton Osborne King

Address:                                32 Molesworth Street

Vendor:                                 Luxottica Ireland Limited

Vendor's Solicitors:                    William Fry

Address:                                Fitzwilton House
                                        Wilton Place
                                        Dublin 2

Reference:                              014090.0003.DW

Warning: It is recommended that the within should not be completed without prior
legal advice.
<Page>

MEMORANDUM OF AGREEMENT made on 25 June 2001

BETWEEN:

LUXOTTICA IRELAND LIMITED                                             ("VENDOR")
OF IDA Industrial Park, Old Kilmeaden Road, Waterford, Co Waterford
Dublin

and

GOSFEND LIMITED                        ("PURCHASER")
OF

whereby it is agreed that the Vendor shall sell and the Purchaser shall purchase
in accordance with the annexed Special and General Conditions of Sale the
property described in the within Particulars at the purchase price mentioned
below

Purchase Price: IR[POUND SYMBOL]4,250,O00  Interest Rate: 13% per annum
Less Deposit:   IR[POUND SYMBOL]  425,000  Closing Date: 27 June 2001
                ------------------
Balance:        IR[POUND SYMBOL]3,825,000

SIGNED: /s/ Roberto Chemello                   SIGNED: /s/ Michael S. Wyzga
       -----------------------                 ---------------------------------
    Vendor                             Purchaser

Vendor's RSI No.                               Purchaser's RSI No.
                --------------                                     -------------

Witness [ILLEGIBLE]                            Witness [ILLEGIBLE]
       -----------------------                         -------------------------

Occupation Employee                            Occupation Solicitor
           -------------------                            ----------------------

Address Milan, Italy                           Address [ILLEGIBLE]
        ----------------------                         -------------------------

As Stakeholder We acknowledge receipt of Bank Draft/Cheque for IR[POUND SYMBOL]
in respect of deposit.

      Signed: /s/ William Ty
              -----------------------
<Page>

                             PARTICULARS AND TENURE

ALL THAT AND THOSE the lands comprised in Folio 4141L Co. Waterford HELD under
Indenture of Lease dated 3 September 1990 (the "Lease) between (1) Industrial
Development Authority and (2) Bausch and Lomb Ireland for a term of 999 years
from the 1 January 1990 subject to the covenants and conditions therein
contained.
<Page>

                               DOCUMENTS SCHEDULE

TITLE

1.    Certified Copy Folio 4141L County Waterford together with file plan in
      relation thereto.

2.    Original Lease dated 3 September 1990 between (1) Industrial Development
      Authority and (2) Bausch and Lomb Ireland.

3.    Copy Folio 3241F, County Waterford together with file plan relating
      thereto.

4.    Copy Folio 4917, County Waterford together with file plan relating
      thereto.

5.    Certified Copy Letter from Bausch and Lomb to the IDA dated 28 May 1999
      with the IDA consent endorsed thereon.

PLANNING

6.    Copy Notification of Grant of Permission Register Reference No. 7802 dated
      27 July 1990.

7.    Original Architects Opinion on Compliance with Planning dated 18 June 1999
      (re original construction of factory).

8.    Original Architects Opinion on Exemption from Building Regulations dated
      18 June 1999 (re original construction of factory).

9.    Original Architects Opinion on Compliance with Building Regulations dated
      18 June 1999 (re new processes).

10.   Copy Declaration of Identity of Olive McGloin.

11.   Copy certificate of Barry Fanin re roadway.

                                       5
<Page>

12.   Copy Effluent Discharge Licence No. W.P.(S) 8/98/2

13.   Copy Magazine Licence re Potassium Nitrate and Sodium Nitrate.

14.   Copy Letter from Waterford Corporation dated 15 May 1996 re new processes.

CORPORATE DOCUMENTATION

15.   Certificate of Incorporation together with Certificate of Incorporation on
      Change of Name to Luxottica Ireland Limited together with Memorandum and
      Articles of Association.

16.   Copy letter from Vendor dated 18th May 2001.

                                SEARCHES SCHEDULE

                                      None
<Page>

                               SPECIAL CONDITIONS

1.    Save where the context otherwise requires or implies or the text hereof
      expresses to the contrary, the definitions and provisions as to
      interpretation set forth in the within General Conditions shall be applied
      for the purposes of these Special Conditions.

2.    The said General Conditions shall:-

      (a)   apply to the sale in so far as the same are not hereby altered or
            varied, and these Special Conditions shall prevail in case of any
            conflict between them and the General Conditions.

      (b)   be read and construed without regard to any amendment therein,
            unless such amendment shall be referred to specifically in these
            Special Conditions.

3.    VAT

      In addition to the purchase price, the Purchaser shall pay to the Vendor
      an amount equivalent to such Value Added Tax as shall be exigible in
      relation to the sale, same to be calculated in accordance with the
      provisions of the Value-Added Tax Act, 1972, and to be paid on completion
      of the sale or forthwith upon receipt by the Purchaser of an appropriate
      Invoice (whichever shall be the later).

4.    TITLE

      (a)   The Title to the subject property shall consist of an up to date
            certified copy Folio 4141L County Waterford together with the file
            plan.

      (b)   The Purchaser is furnished with the documents referred to at Items 3
            and 4 of the Documents Schedule as evidence of the Industrial
            Development Authority's (the "IDA") title to grant the Lease. The
            Purchaser shall not enquire into the title of the Industrial
            Development Authority to grant the Lease but shall assume that same
            was well granted.

                                       7
<Page>

      (c)   The Purchaser shall be furnished on closing with a certified copy
            only of the document referred to at No. 5 of the Documents Schedule
            as evidence of the IDA's consent to the assignment of the Lease to
            the Vendor.

5.    IDENTITY

      (a)   General Condition 14 is hereby deleted.

      (b)   No objection, requisition or enquiry shall be raised to
            discrepancies (if any) which may arise as between the Land Registry
            Map and the boundaries of the property on the ground.

      (c)   The Purchaser shall be deemed to have satisfied itself of the
            identity of the Property prior to entering into this Agreement.

6.    CONDITION

      The Purchaser shall be deemed to buy with full notice of the actual state
      and condition of the subject property and shall take it as it stands and
      subject to all rights of way, water, light, drainage and other easements,
      rights and privileges and liabilities and to all rent, outgoings and
      incidents of tenure mentioned in the Particulars or any Special
      Conditions.

7.    PLANNING

      (a)   General Condition 36 is hereby deleted in its entirety and the
            Vendor gives no warranty or representation whatsoever with regard to
            compliance or otherwise of the Property with the Planning and
            Developments Acts, Building By-Laws, the Building Control Act 1990
            and the Regulations made thereunder, the Fire Services Act 1981 or
            the Safety Health and Welfare at Work (Construction) Regulations
            1995.

      (b)   Strictly without prejudice to Special Condition 7(a) the Purchaser
            has been provided with the planning and related documents specified
            in the Documents Schedule for information purposes only and shall
            not raise any objection

                                       8
<Page>

            requisition or enquiry with regard thereto. The Purchaser shall rely
            on its own independent survey and enquires with regard to compliance
            or otherwise of the property with the aforesaid Acts. Without
            prejudice to the foregoing, the Vendor has also furnished the
            Purchaser with the letter referred to at No. 16 of the Documents
            Schedule.

8.    ENVIRONMENTAL

      The Vendor is not aware of any environmental problems in relation to the
      subject property for which the Vendor is liable however it is the
      responsibility of the Purchaser to carry out any investigations or make
      any enquires its deems necessary in relation to environmental matters and
      the Vendor will on prior reasonable notice make the subject property
      available for all investigations and inspections requested by the
      Purchaser. No warranties are given by the Vendor that the Property
      complies with environmental laws and no liability shall attach to the
      Vendor for any breach or non-compliance of same. No objection, requisition
      or enquiry shall be raised or made the Purchaser in relation to same.
      Without prejudice to the foregoing, the Vendor has furnished the Purchaser
      with one letter referred to at No. 16 of the Documents Schedule.

9.    COMPLETION

      This transaction shall be completed and the Purchaser will pay the balance
      of the purchase price by bank draft at 12 noon on the Closing Date in
      order to enable the Vendor to achieve full value of the Purchase Price on
      the date of actual completion. The provisions of General Condition 25 are
      varied accordingly.

10.   REPRESENTATIONS

      The Purchaser hereby expressly declares, warrants and admits that it has
      not been induced or persuaded or influenced to enter into this Agreement
      by any representation or warranty whether expressed or implied made or
      given by the Vendor or its servants or agents either at or before the time
      of the making of this Agreement. This Agreement alone contains the entire
      Agreement between the parties hereto and any other document, statement,
      representation or agreement is expressly excluded. This Agreement,
      including the documents referred herein constitute the entire Agreement
      between the parties and supersedes all prior representations, arrangements
      or agreements in connection with the subject matter and sets forth the
      entire, complete and exclusive Agreement and

                                       9
<Page>

      understanding between the parties hereto relating to the subject matter
      hereto, no Director, employee or agent of the Vendor is authorised to make
      any representation warranty not contained in this Agreement and Purchaser
      agrees that it/he has not relied on any such oral or written or writing
      representation no variation or waiver to the provision of this Agreement
      shall be binding unless in writing and signed by the duly authorised
      Director or employee of the Vendor.

11.   GENERAL CONDITION 40

      General Condition 40 is hereby modified by the deletion of the words "28
      days" in paragraphs (b), (f), (g)(ii) respectively of that condition and
      the replacement of the words "14 days".

                                       10
<Page>

NOTE: These General Conditions are not to be altered in any manner. Any required
      variation or addition should be dealt with by way of Special Condition.

      Special Conditions should be utilised in instances where it is required to
      adopt Recommendations or Advices of the Law Society or of any Committee
      associated with it, where such Recommendations or Advices are at variance
      with provisions expressed in the General Conditions.

                           GENERAL CONDITIONS OF SALE

                                   DEFINITIONS

1.    In these General Conditions:

      "THE CONDITIONS" means the attached Special Conditions and these General
      Conditions

      "THE DOCUMENTS SCHEDULE", "THE SEARCHES SCHEDULE" and "THE SPECIAL
      CONDITIONS" mean respectively the attached Documents Schedule, Searches
      Schedule and Special Conditions.

      "THE MEMORANDUM" means the Memorandum of Agreement on Page 1 hereof

      "THE PARTICULARS" means the Particulars and Tenure on Page 2 hereof and
      any extension of the same

      "THE PURCHASER" means the party identified as such in the Memorandum

      "THE SALE" means the transaction evidenced by the Memorandum, the
      Particulars and the Conditions

      "THE SUBJECT PROPERTY" means the property or interest in property which is
      the subject of the sale

      "THE VENDOR" means the party identified as such in the Memorandum.

2.    In the Conditions save where the context otherwise requires or implies:

      "APPORTIONMENT DATE" means either (a) the later of (i) the closing date
      (as defined hereunder) and (ii) such subsequent date from which delay in
      completing the sale shall cease to be attributable to default on the part
      of the Vendor or (b) in the event of the Vendor exercising the right
      referred to in Condition 25 (a) (ii) hereunder, the date of actual
      completion of the sale or (c) such other date as may be agreed by the
      Vendor and the Purchaser to be the Apportionment Date for the purpose of
      this definition

      "ASSURANCE" means the document or documents whereby the sale is to be
      carried into effect

      "CLOSING DATE" means the date specified as such in the Memorandum, or, if
      no date is specified, the first working day after the expiration of five
      weeks computed from the date of sale

      "COMPETENT AUTHORITY" includes the State, any Minister thereof, Government
      Department, State Authority, Local Authority, Planning Authority, Sanitary
      Authority, Building Control Authority, Fire Authority, Statutory
      Undertaker or any Department, Body or person by statutory provision or
      order for the time being in force authorised directly or indirectly to
      control, regulate, modify or restrict the development, use or servicing of
      land or buildings, or empowered to acquire land by compulsory process
<Page>

      "DATE OF SALE" means the date of the auction when the sale shall have been
      by auction, and otherwise means the date upon which the contract for the
      sale shall have become binding on the Vendor and the Purchaser

      "DEVELOPMENT" has the same meaning as that conferred by the Local
      Government (Planning and Development) Act, 1963

      "LEASE" includes (a) a fee farm grant and every contract (whether or not
      in writing or howsoever effected, derived or evidenced) whereby the
      relationship of Landlord and Tenant is or is intended to be created and
      whether for any freehold or leasehold estate or interest and (b) licences
      and agreements relating to the occupation and use of land, cognate words
      being construed accordingly

      "PURCHASED CHATTELS" means such chattels, fittings, tenant's fixtures and
      other items as are included in the sale

      "PURCHASE PRICE" means the purchase price specified in the Memorandum
      PROVIDED HOWEVER that, if the sale provides for additional moneys to be
      paid by the Purchaser for goodwill, crops or purchased chattels, the
      expression "PURCHASE PRICE" shall be extended to include such additional
      moneys

      "REQUISITIONS" include Requisitions on the title or titles as such of the
      subject property and with regard to rents, outgoings, rights, covenants,
      conditions, liabilities (actual or potential), planning and kindred
      matters and taxation issues material to such property

      "STIPULATED INTEREST RATE" means the interest rate specified in the
      Memorandum, or, if no rate is so specified, such rate as shall equate to 4
      per centum per annum over the rate (as annualised) of interest payable
      upon tax chargeable under the Capital Acquisitions Tax Act, 1976 and
      ruling at the date from which interest hereunder is to run

      "WORKING DAY" does not include any Saturday, Sunday nor any Bank or Public
      Holiday nor any of the seven days immediately succeeding Christmas Day.

                                 INTERPRETATION

3.    In the Conditions save where the context otherwise requires or implies:

      Words importing the masculine gender only include the feminine, neuter and
      common genders, and words importing the singular number only include the
      plural number and vice versa

      The words "Vendor" and "Purchaser" respectively include (where
      appropriate) parties deriving title under them or either of them and shall
      apply to any one or more of several Vendors and Purchasers as the case may
      be and so that the stipulations in the Conditions contained shall be
      capable of being enforced on a joint and several basis

      Unless the contrary appears, any reference hereunder:

      (a)   to a particular Condition shall be to such of these General
            Conditions of Sale as is identified by said reference

      (b)   to a Statute or Regulation or a combination of Statutes or
            Regulations shall include any extension, amendment, modification or
            re-enactment thereof, and any Rule, Regulation, Order or Instrument
            made thereunder, and for the time being in force

      Headings and marginal notes inserted in the Conditions shall not affect
      the construction thereof nor shall the same have any contractual
      significance.
<Page>

                                     AUCTION

4.    Where the sale is by auction, the following provisions shall apply:

      (a)   the Vendor may divide the property set forth in the Particulars into
            lots and subdivide, consolidate or alter the order of sale of any
            lots

      (b)   there shall be a reserve price for the subject property whether the
            same shall comprise the whole or any part of the property set forth
            in the Particulars and the Auctioneer may refuse to accept any bid.
            If any dispute shall arise as to any bidding, the Auctioneer shall
            (at his option) either determine the dispute or again put up the
            property in question at the last undisputed bid. No person shall
            advance at a bidding a sum less than that fixed by the Auctioneer,
            and no accepted bid shall be retracted. Subject to the foregoing,
            the highest accepted bidder shall be the Purchaser

      (c)   the Vendor may:

            (i)   bid himself or by an agent up to the reserve price

            (ii)  withdraw the whole of the property set forth in the
                  Particulars or, where such property has been divided into
                  lots, withdraw any one or more of such lots at any time before
                  the same has been sold without disclosing the reserve price

      (d)   the Purchaser shall forthwith pay to the Vendor's Solicitor as
            stakeholder a deposit of ten per centum (10%) of the purchase price
            in part payment thereof, and shall execute an agreement in the form
            of the Memorandum to complete the purchase of the subject property
            in accordance with the Conditions.

                               PRIVATE TREATY SALE

5.    (a)   where the sale is by private treaty, the Purchaser shall on or
            before the date of the sale pay to the Vendor's Solicitor as
            stakeholder a deposit of the amount stated in the Memorandum in part
            payment of purchase price

      (b)   if notwithstanding Condition 5(a), a part of such deposit has been
            or is paid to any other person appointed or nominated by the Vendor
            that other person shall be deemed to receive or to have received
            said part as stakeholder

              THE FOLLOWING CONDITIONS APPLY WHETHER THE SALE IS BY
                          AUCTION OR BY PRIVATE TREATY

                    PURCHASER ON NOTICE OF CERTAIN DOCUMENTS

6.    The documents specified in the Documents Schedule or copies thereof have
      been available for inspection by the Purchaser or his Solicitor prior to
      the sale. If all or any of the subject property is stated in the
      Particulars or in the Special Conditions to be held under a lease or to be
      subject to any covenants, conditions, rights, liabilities or restrictions,
      and the lease or other document containing the same is specified in the
      Documents Schedule, the Purchaser, whether availing of such opportunity of
      inspection or not, shall be deemed to have purchased with full knowledge
      of the contents thereof, notwithstanding any partial statement of such
      contents in the Particulars or in the Conditions.
<Page>

                                DELIVERY OF TITLE

7.    Within seven working days from the date of sale, the Vendor shall deliver
      or send by post to the Purchaser or his Solicitor copies of the documents
      necessary to vouch the title to be shown in accordance with the
      Conditions.

                                      TITLE

8.    (a)   The Title to be shown to the subject property shall be such as is
            set forth in the Special Conditions

      (b)   Where the title to be shown to the whole or any part of the subject
            property is based on possession, the Vendor shall, in addition to
            vouching that title and dealing with such further matters as are
            required of him by the Conditions, furnish to the Purchaser on or
            before completion of the sale a certificate from the Revenue
            Commissioners to the effect (i) that the subject property or (as the
            case may be) such part of the same as aforesaid is not charged with
            any of the taxes covered by the provisions of Section 146. Finance
            Act, 1994 or (ii) that the Revenue Commissioners are satisfied that
            any such charge will be discharged within a time considered by them
            to be reasonable

      (c)   Save as stipulated in the Special Conditions the Vendor shall, prior
            to or at the completion of the sale, discharge all mortgages and
            charges for the payment of money (other than items apportionable
            under Condition 27(b)) which affect the subject property.

9.    Where any of the subject property is held under a lease, the Purchaser
      shall not call for or investigate the title of the grantor or lessor to
      make the same, but shall conclusively assume that it was well and validly
      made, and is a valid and subsisting lease.

10.   Where any of the subject property is stated to be held under a lease or an
      agreement therefor then:

      (a)   no Objection or Requisition shall be made or indemnity required on
            account of such lease or agreement being (if such is the case) a
            sub-lease or agreement therefor, or on account of any superior lease
            comprising other property apart from the subject property or
            reserving a larger rent, or on the ground of any superior owner not
            having concurred in any apportionment or exclusive charge of rent

      (b)   no Objection or Requisition shall be made by reason of any
            discrepancy between the covenants, conditions and provisions
            contained in any sub-lease and those in any superior lease, unless
            such as could give rise to forfeiture or a right of re-entry

      (c)   the production of the receipt for the last gale of rent reserved by
            the lease or agreement therefor, under which the whole or any part
            of the subject property is held, (without proof of the title or
            authority of the person giving such receipt) shall (unless the
            contrary appears) be accepted as conclusive evidence that all rent
            accrued due has been paid and all covenants and conditions in such
            lease or agreement and in every (if any) superior lease have been
            duly performed and observed or any breaches thereof (past or
            continuing) effectively waived or sanctioned up to the actual
            completion of the sale, whether or not it shall appear that the
            lessor or reversioner was aware of such breaches. If the said rent
            (not being a rack rent) shall not have been paid in circumstances
            where the party entitled to receive the same is not known to the
            Vendor, or if the subject property is indemnified against payment of
            rent, the production of a Statutory Declaration so stating shall
            (unless the contrary appears) be accepted as such conclusive
            evidence, provided that the Declaration further indicates that no
            notices or rent demands have been served on or received by
<Page>

            the Vendor under the lease or agreement on foot of which the subject
            property is held; that the Vendor has complied with all the
            covenants (other than those in respect of payment of rent) on the
            part of the lessee and the conditions contained in such lease or
            agreement, and that he is not aware of any breaches thereof either
            by himself or by any of his predecessors in title

      (d)   if any of the subject property is held under a lease or agreement
            for lease requiring consent to alienation, the Vendor shall apply
            for and endeavour to obtain such consent, and the Purchaser shall
            deal expeditiously and constructively with and shall satisfy all
            reasonable requirements of the lessor in relation to the application
            therefor, but the Vendor shall not be required to institute legal
            proceedings to enforce the issue of any such consent or otherwise as
            to the withholding of the same. If such consent shall have been
            refused or shall not have been procured and written evidence of the
            same furnished to the Purchaser on or before the closing date, or if
            any such consent is issued subject to a condition, which the
            Purchaser on reasonable grounds refuses to accept, either party may
            rescind the sale by seven days prior notice to the other.

                                   PRIOR TITLE

11.   (a)   The title to the subject property prior to the date of the
            instrument specified in the Special Conditions as the commencement
            of title, whether or not appearing by recital, inference or
            otherwise, shall not be required, objected to or investigated.

      (b)   In the case of registered freehold or leasehold land registered
            under the Registration of Title Acts, 1891 to 1942 or the
            Registration of Title Act, 1964 the provisions of subparagraph (a)
            of this Condition shall apply without prejudice to Sections 52 and
            115 of the last mentioned Act and shall not disentitle the Purchaser
            from investigating the possibility of there having been a voluntary
            disposition on the title within the period of twelve years
            immediately preceding the date of sale or a disposition falling
            within Section 121, Succession Act, 1965 and the Vendor shall be
            required to deal with all points properly taken in or arising out of
            such investigation.

                               INTERMEDIATE TITLE

12.   Where in the Special Conditions it is provided that the title is to
      commence with a particular instrument and then to pass to a second
      instrument or to a specified event, the title intervening between the
      first instrument and the second instrument or the specified event, whether
      or not appearing by recital, inference or otherwise, shall not be
      required, objected to or investigated.

                                 REGISTERED LAND

13.   Where all or any of the subject property consists of freehold or leasehold
      registered land registered under the Registration of Title Acts, 1891 to
      1942 ("the Acts of 1891 to 1942") or the Registration of Title Act, 1964
      ("the Act of 1964") then:

      (a)   if the registration is subject to equities under the Acts of 1891 to
            1942, the Purchaser shall not require the equities to be discharged,
            but the Vendor shall, with the copy documents to be delivered or
            sent in accordance with Condition 7, furnish sufficient evidence of
            title prior to first registration or otherwise to enable the
            Purchaser to procure their discharge

      (b)   if the registration is with a possessory title under the Act of 1964
            the Purchaser shall not require the Vendor to be registered with an
            absolute title, but the Vendor shall,
<Page>

            with the copy documents to be delivered or sent in accordance with
            Condition 7, furnish sufficient evidence of the title prior to such
            registration or otherwise to enable the Purchaser to be registered
            with an absolute title

      (c)   the Vendor shall, with the copy documents to be delivered or sent in
            accordance with Condition 7, furnish to the Purchaser a copy of the
            Land Registry Folio or Folios relating to the subject property
            written up-to-date (or as nearly as practicable up-to-date),
            together with a copy of the relevant Land Registry map or file plan

      (d)   the Vendor shall furnish a Statutory Declaration, by some person
            competent to make it, confirming that there are not an existence any
            burdens which under the Act of 1964 affect registered land without
            registration, save such (if any) as are specifically mentioned in
            the Particulars or the Special Conditions

      (e)   if the Land Certificate has been issued to the Land Commission or if
            no such Certificate has been issued, the Purchaser shall not be
            entitled to require such Certificate to be produced, handed over on
            completion or issued

      (f)   the Purchaser shall procure himself to be registered as owner of the
            subject property at his own expense

      (g)   In the event of the subject property being subject to a Land
            Purchase Annuity the Vendor shall, prior to completion, redeem the
            same or (as the case may be) such proportion thereof as may be
            allocated to the subject property

                                    IDENTITY

14.   The Purchaser shall accept such evidence of identity as may be gathered
      from the descriptions in the documents of title plus (if circumstances
      require) a Statutory Declaration to be made by a competent person, at the
      Purchaser's expense, that the subject Property has been held and enjoyed
      for at least twelve years in accordance with the title shown. The Vendor
      shall be obliged to furnish such information as is in his possession
      relative to the identity and extent of the subject property, but shall not
      be required to define exact boundaries, fences, ditches, hedges or walls
      or to specify which (if any) of the same are of a party nature, nor shall
      the Vendor be required to identify parts of the subject property held
      under different titles.

              RIGHTS - LIABILITIES - CONDITION OF SUBJECT PROPERTY

15.   The Vendor shall disclose before the sale, in the Particulars, the Special
      Conditions or otherwise, all easements, rights, reservations, privileges,
      taxes and other liabilities (not already known to the Purchaser or
      apparent from inspection) which are known by the Vendor to affect the
      subject property or which are likely to affect it.

16.   Subject to Condition 15, the Purchaser shall be deemed to buy:

      (a)   with full notice of the actual state and condition of the subject
            property

            and

      (b)   subject to (i) all leases (if any) mentioned in the Particulars or
            in the Special Conditions and (ii) all easements, rights,
            reservations, privileges, liabilities, covenants, rents, outgoings
            and all incidents of tenure.
<Page>

                                  REQUISITIONS

17.   The Purchaser shall, within fourteen working days after the delivery of
      the copy documents of title in accordance with Condition 7, send to the
      Vendor's Solicitor a written statement of his Objections (if any) on the
      title and his Requisitions. Any Objection or Requisition not made within
      the time aforesaid and not going to the root of the title shall be deemed
      to have been waived. The Vendor's Replies to any Objections or
      Requisitions shall be answered by the Purchaser in writing within seven
      working days after the delivery thereof and so on toties quoties, and, if
      not so answered, shall be considered to have been accepted as
      satisfactory. In all respects time shall be deemed to be of the essence of
      this Condition.

18.   If the Purchaser shall make and insist on any Objection or Requisition as
      to the title, the Assurance to him or any other matter relating or
      incidental to the sale, which the Vendor shall, on the grounds of
      unreasonable delay or expense or other reasonable ground, be unable or
      unwilling to remove or comply with, the Vendor shall be at liberty
      (notwithstanding any intermediate negotiation or litigation or attempts to
      remove or comply with the same) by giving to the Purchaser or his
      Solicitor not less than five working days notice to rescind the sale. In
      that case, unless the Objection or Requisition in question shall in the
      meantime have been withdrawn, the sale shall be rescinded at the
      expiration of such notice.

                                    SEARCHES

19.   The Purchaser shall be furnished with the searches (if any) specified in
      the Searches Schedule and any searches already in the Vendor's possession,
      which are relevant to the title or titles on offer. Any other searches
      required by the Purchaser must be obtained by him at his own expense.
      Where the Special Conditions provide that the title shall commence with a
      particular instrument and then pass to a second instrument or to a
      specified event, the Vendor shall not be obliged to explain and discharge
      any act which appears on a search covering the period between such
      particular instrument and the date of the second instrument or specified
      event, unless same goes to the root of the title. Subject as aforesaid the
      Vendor shall explain and discharge any acts appearing on Searches covering
      the period from the date stipulated or implied for the commencement of the
      title to the date of actual completion.

                                    ASSURANCE

20.   Subject to the provisions of Paragraph 11, Schedule 4, Capital Gains Tax
      Act, 1975 (as substituted), and (if relevant) to those contained in
      Section 107, Finance Act, 1993 (in relation to Residential Property Tax)
      on payment of all moneys payable by him in respect of the sale, the
      Purchaser shall be entitled to a proper Assurance of the subject property
      from the Vendor and all other (if any) necessary parties, such Assurance
      to be prepared by and at the expense of the Purchaser. The draft thereof
      shall be submitted to the Vendor's Solicitor not less than seven working
      days, and the engrossment not less than four working days, before the
      closing date. The delivery of the said draft or engrossment shall not
      prejudice any outstanding Objection or Requisition validly made.

                                VACANT POSSESSION

21.   Subject to any provision to the contrary in the Particulars or in the
      Conditions or implied by the nature of the transaction, the Purchaser
      shall be entitled to vacant possession of the subject property on
      completion of the sale.
<Page>

                                     LEASES

22.   Where the subject property is sold subject to any lease, a copy of the
      same (or, if the provisions thereof have not been reduced to writing, such
      evidence of its nature and terms as the Vendor shall be able to supply)
      together with copies of any notices in the Vendor's possession served by
      or on the lessee shall, prior to the sale, be made available for
      inspection by the Purchaser or his Solicitor.

23.   Unless the Special Conditions provide to the contrary, the Purchaser shall
      be entitled to assume that, at the date of sale, the Lessee named in any
      such Lease (as is referred to in Condition 22) is still the Lessee; that
      there has been no variation in the terms and conditions of said Lease
      (other than such as may be evident from an inspection of the subject
      property or apparent from the Particulars or the documents furnished to
      the Purchaser prior to the sale), and that the said terms and conditions
      (save those pertaining to the actual state and condition of the subject
      property) have been complied with.

                             COMPLETION AND INTEREST

24.   (a)   The sale shall be completed and the balance of the purchase price
            paid by the Purchaser on or before the closing date

      (b)   Completion shall take place at the Office of the Vendor's Solicitor.

25.   (a)   If by reason of any default on the part of the Purchaser, the
            purchase shall not have been completed on or before the later of (a)
            the closing date or (b) such subsequent date whereafter delay in
            completing shall not be attributable to default on the part of the
            Vendor

            (i)   the Purchaser shall pay interest to the Vendor on the balance
                  of the purchase price remaining unpaid at the stipulated
                  interest rate for the period between the closing date (or as
                  the case may be such subsequent date as aforesaid) and the
                  date of actual completion of the sale. Such interest shall
                  accrue from day to day and shall be payable before and after
                  any judgment and

            (ii)  the Vendor shall in addition to being entitled to receive such
                  interest, have the right to take the rents and profits less
                  the outgoings of the subject property up to the date of the
                  actual completion of the sale

      (b)   If the Vendor by reason of his default shall not be able, ready and
            willing to complete the sale on the closing date he shall thereafter
            give to the Purchaser at least five working days prior notice of a
            date upon which he shall be so able ready and willing and the
            Purchaser shall not before the expiration of that notice be deemed
            to be in default for the purpose of this Condition provided that no
            such notice shall be required if the Vendor is prevented from being
            able and ready to complete or to give said notice by reason of the
            act or default of the Purchaser.

26.   The submission of an Apportionment Account made up to a particular date or
      other corresponding step taken in anticipation of completing the sale
      shall not per se preclude the Vendor from exercising his rights under the
      provisions of Condition 25 and in the event of such exercise the said
      Apportionment Account or the said other corresponding step shall (if
      appropriate) be deemed not to have been furnished or taken, and the Vendor
      shall be entitled to furnish a further Apportionment Account.

                          APPORTIONMENT AND POSSESSION

27.   (a)   Subject to the stipulations contained in the Conditions, the
            Purchaser, on paying the
<Page>

            purchase price, shall be entitled to vacant possession of the
            subject property or (as the case may be) the rents and profits
            thereout with effect from the Apportionment Date

      (b)   All rents, profits, rates, taxes, outgoings and moneys (including
            rent, outgoings and money payable in advance but not including
            impositions derived from hypothecation) referable to the subject
            property shall for the purpose of this Condition, be apportioned
            (whether apportionable by law or not) on a day to day basis as at
            the Apportionment Date, up to which the liability for or the
            entitlement to the same shall (subject to apportionment as aforesaid
            to accord with the position obtaining as to moneys paid or due at
            such date) be for the account of the Vendor and thereafter for that
            of the Purchaser provided that if completion shall have been delayed
            through the default of the Vendor the Purchaser may opt for
            apportionment under this Condition as at the closing date or at the
            date at which the Purchaser (if also in default) shall have ceased
            to have been so in default whichever shall be the later

      (c)   In the implementation of this Condition the Vendor shall be regarded
            as being the owner of the subject property until midnight on such
            date as is appropriate for apportionment purposes

      (d)   The balance of the purchase price shall (where appropriate) be
            adjusted upwards or downwards to accommodate apportionments
            calculated pursuant to this Condition and the expression "balance of
            the purchase price" where used in the Conditions shall be construed
            accordingly

      (e)   To the extent that same shall be unknown at the Apportionment Date
            (or shall not then be readily ascertainable) amounts to be
            apportioned hereunder - including any amount apportionable pursuant
            to Condition 27 (f) - shall be apportioned provisionally on a fair
            estimate thereof, and, upon ascertainment of the actual figures, a
            final apportionment shall be made, and the difference between it and
            the provisional apportionment shall be refunded by the Vendor or the
            Purchaser (as the case may be) to the other within ten working days
            of the liable party becoming aware of the amount of such difference

      (f)   Excise and kindred duties payable in respect of the subject property
            or any licence attached thereto shall be apportioned on a day to day
            basis as at the Apportionment Date up to which the liability for the
            same shall be for the account of the Vendor and thereafter for that
            of the Purchaser and Condition 27(c) shall apply for the purposes of
            such apportionment.

                           SECTION 45, LAND ACT, 1965

28.   Where Section 45, Land Act, 1965 applies, the Purchaser shall, at his own
      expense, procure any such Certificate or Consent as may be necessary
      thereunder for the vesting of the subject property in him or his nominee
      and the sale is not conditional upon such consent being obtained.

                             COMPULSORY REGISTRATION

29.   (a)   If all or any of the subject property is unregistered land the
            registration of which was compulsory prior to the date of sale the
            Vendor shall be obliged to procure such registration prior to
            completion of the sale

      (b)   If all or any of the subject property is unregistered land, the
            registration of which shall become compulsory at or subsequent to
            the date of sale, the Vendor shall not be under any obligation to
            procure such registration but shall at or prior to such
<Page>

            completion furnish to the Purchaser a Map of the subject property
            complying with the requirements of the Land Registry as then
            recognised and further the Vendor shall, if so requested within two
            years after completion of the sale, by and at the expense of the
            Purchaser, supply any additional information, which he may
            reasonably be able to supply, and produce and furnish any documents
            in his possession that may be required to effect such registration.

                        SIGNING "IN TRUST" OR "AS AGENT"

30.   A Purchaser who signs the Memorandum "in Trust", "as Trustee" or "as
      Agent", or with any similar qualification or description without therein
      specifying the identity of the principal or other party for whom he so
      signs, shall be personally liable to complete the sale, and to fulfil all
      such further stipulations on the part of the Purchaser as are contained in
      the Conditions, unless and until he shall have disclosed to the Vendor the
      name of his principal or other such party.

                             FAILURE TO PAY DEPOSIT

31.   The failure by the Purchaser to pay an full the deposit hereinbefore
      specified as payable by him shall constitute a breach of condition
      entitling the Vendor to terminate the sale or to sue the Purchaser for
      damages or both but such entitlement shall be without prejudice to any
      rights otherwise available to the Vendor.

32.   In case a cheque taken for the deposit (having been presented and whether
      or not it has been re-presented) shall not have been honoured, then and on
      that account the Vendor may (without prejudice to any rights otherwise
      available to him) elect either:

      (a)   to treat the Contract evidenced by the Memorandum, the Particulars
            and the Conditions as having been discharged by breach thereof on
            the Purchaser's part

            or

      (b)   to enforce payment of the deposit as a deposit by suing on the
            cheque or otherwise.

                              DIFFERENCES - ERRORS

33.   (a)   In this Condition "error" includes any omission, non-disclosure,
            discrepancy, difference, inaccuracy, mis-statement or
            mis-representation made in the Memorandum, the Particulars or the
            Conditions or in the course of any representation, response or
            negotiations leading to the sale, and whether in respect of
            measurements, quantities, descriptions or otherwise

      (b)   The Purchaser shall be entitled to be compensated by the Vendor for
            any loss suffered by the Purchaser in his bargain relative to the
            sale as a result of an error made by or on behalf of the Vendor
            provided however that no compensation shall be payable for loss of
            trifling materiality unless attributable to recklessness or fraud on
            the part of the Vendor nor in respect of any matter of which the
            Purchaser shall be deemed to have had notice under Condition 16(a)
            nor in relation to any error in a location or similar plan furnished
            for identification only

      (c)   Nothing in the Memorandum, the Particulars or the Conditions shall:

            (i)   entitle the Vendor to require the Purchaser to accept property
                  which differs substantially from the property agreed to be
                  sold whether in quantity, quality, tenured or otherwise, if
                  the Purchaser would be prejudiced materially by reason
<Page>

                  of any such difference

                  or

            (ii)  affect the right of the Purchaser to rescind or repudiate the
                  sale where compensation for a claim attributable to a material
                  error made by or on behalf of the Vendor cannot be reasonably
                  assessed

      (d)   Save as aforesaid, no error shall annul the sale or entitle the
            Vendor or the Purchaser (as the case maybe) to be discharged
            therefrom.

                  DOCUMENTS OF TITLE RELATING TO OTHER PROPERTY

34.   (a)   Documents of title relating to other property as well as to the
            subject property shall be retained by the Vendor or other person
            entitled to the possession thereof

      (b)   where the property is sold in lots, all documents of title relating
            to more than one lot shall be retained by the Vendor, until the
            completion of the sales of all the lots comprised in such documents,
            and shall then (unless they also relate to any property retained by
            the Vendor) be handed over to such of the Purchasers as the Vendor
            shall consider best entitled thereto

      (c)   the Vendor shall give to the Purchaser (and where the property is
            sold in lots, to the Purchaser of each lot) certified copies of all
            documents retained under this Condition and pertinent to the title
            to be furnished (other than documents of record, of which plain
            copies only will be given)

      (d)   subject as hereinafter provided, the Vendor shall give the usual
            statutory acknowledgement of the right of production and
            undertaking for safe custody of all documents (other than documents
            of record) retained by him under this Condition and pertinent to
            the title to be furnished. Such acknowledgement and undertaking
            shall be prepared by and at the expense of the Purchaser

      (e)   if the Vendor is retaining any unregistered land held wholly or
            partly under the same title as the subject property, the Assurance
            shall be engrossed in duplicate by and at the expense of the
            Purchaser, who shall deliver to the Vendor the Counterpart thereof,
            same having been stamped and registered and (if appropriate)
            executed by the Purchaser.

                              DISCLOSURE OF NOTICES

 35.    Where prior to the sale

        (a)  any closing, demolition or clearance Order

             or

        (b)  any notice (not being of the contents of the Development Plan other
             than an actual or proposed designation of all or any part of the
             subject property for compulsory acquisition)

        made or issued by or at the behest of a Competent Authority in respect
        of the subject property and affecting same at the date of sale has been
        notified or given to the Vendor (whether personally or by advertisement
        or posting on the subject property or in any other manner) or is
        otherwise known to the Vendor or where the subject property is at the
        date of sale affected by any award or grant which is or may be repayable
        by the Vendor's
<Page>

      successor in title then if the Vendor fails to show

            (i)   that, before the sale, the Purchaser received notice or was
                  aware of the matter in question

                  or

            (ii)  that same is no longer applicable or material

                  or

            (iii) that same does not prejudicially affect the value of the
                  subject property

                  or

            (iv)  that the subject thereof can and will be dealt with fully in
                  the Apportionment Account

            the Purchaser may by notice given to the Vendor rescind the sale.

                                   DEVELOPMENT

36.   (a)   Unless the Special Conditions contain a provision to the contrary,
            the Vendor warrants:

[SIDEBAR ILLEGIBLE]

            (1)   either

                  (i)   that there has been no development (which term includes
                        material change of use) of, or execution of works on or
                        to, the subject property since the 1st day of October,
                        1964, for which Planning Permission or Building Bye-Law
                        Approval was required by law

                        or

                  (ii)  that all Planning Permissions and Building Bye-Law
                        Approvals required by law for the development of, or the
                        execution of works on or to, the subject property as at
                        the date of sale, or for any change in the use thereof
                        at that date were obtained (save in respect of matters
                        of trifling materiality), and that, where implemented,
                        the conditions thereof and the conditions expressly
                        notified with said Permissions by any Competent
                        Authority in relation to and specifically addressed to
                        such development or works were complied with
                        substantially

                        AND

            (2)   that no claim for compensation has ever been made under Part
                  III, Local Government (Planning and Development) Act, 1990

            provided however that the foregoing warranty shall not extend to
            (and the Vendor shall not be required to establish) the obtaining of
            Approvals under the Building Bye-Laws or compliance with such
            Bye-Laws in respect of development or works executed prior to the
            1st day of October, 1964.

      (b)   The Vendor shall, with the copy documents to be delivered or sent in
            accordance with Condition 7, furnish to the Purchaser copies of all
            such Permissions and Approvals as are referred to in Condition 36(a)
            other than in the proviso thereto, and (where relevant) copies of
            all Fire Safety Certificates and (if available) Commencement Notices
            issued under Regulations made pursuant to the Building Control Act,
            1990 and referable to the subject property.
<Page>

      (c)   The Vendor shall, on or prior to completion of the sale, furnish to
            the Purchaser

            (i)   written confirmation from the Local Authority of compliance
                  with all conditions involving financial contributions or the
                  furnishing of bonds in any such Permission or Approval (other
                  than those referred to in the said proviso) or alternatively
                  formal confirmation from the Local Authority that the roads
                  and other services abutting on the subject property have been
                  taken in charge by it without requirement for payment of
                  moneys in respect of the same

            (ii)  a Certificate or Opinion by an Architect or an Engineer (or
                  other professionally qualified person competent so to certify
                  or opine) confirming that, in relation to any such Permission
                  or Approval (other than those referred to in the proviso
                  aforesaid) the same relates to the subject property; that the
                  development of the subject property has been carried out in
                  substantial compliance therewith and that all conditions
                  (other than financial conditions) thereof and all conditions
                  expressly notified with said Permission by any Competent
                  Authority and specifically directed to and materially
                  affecting the subject property or any part of the same have
                  been complied with substantially (and, in the event of the
                  subject property forming part of a larger development, so far
                  as was reasonably possible in the context of such
                  development).

      (d)   Unless the Special Conditions contain a stipulation to the contrary,
            the Vendor warrants in all cases where the provisions of the
            Building Control Act, 1990 or of any Regulations from time to time
            made thereunder apply to the design or development of the subject
            property or any part of the same or any activities in connection
            therewith, that there has been substantial compliance with the said
            provisions in so far as they shall have pertained to such design
            development or activities and the Vendor shall, on or prior to
            completion of the sale, furnish to the Purchaser a Certificate or
            Opinion by an Architect or an Engineer (or other professionally
            qualified person competent so to certify or opine) confirming such
            substantial compliance as aforesaid.

                                   RESCISSION

37.   Upon rescission of the sale in accordance with any of the provisions
      herein or in the Special Conditions contained or otherwise:

      (a)   the Purchaser shall be entitled to a return of his deposit (save
            where it shall lawfully have been forfeited) but without interest
            thereon

      (b)   the Purchaser shall remit to the Vendor all documents in his
            possession belonging to the Vendor and the Purchaser shall at his
            expense (save where Special Conditions otherwise provide) procure
            the cancellation of any entry relating to the sale in any register.

38.   If any such deposit as is to be returned pursuant to Condition 37 shall
      not have been returned to the Purchaser within five working days from the
      date upon which the sale shall have been rescinded, the Purchaser shall be
      entitled to interest thereon at the stipulated interest rate from the
      expiration of the said period of five working days to the date upon which
      the deposit shall have been so returned.

39.   The right to rescind shall not be lost by reason only of any intermediate
      negotiations or attempts to comply with or to remove the issue giving rise
      to the exercise of such right.
<Page>

                               COMPLETION NOTICES

40.   Save where time is of the essence in respect of the closing date, the
      following provisions shall apply:

      (a)   if the sale be not completed on or before the closing date either
            party may on or after that date (unless the sale shall first have
            been rescinded or become void) give to the other party notice to
            complete the sale in accordance with this condition, but such notice
            shall be effective only if the party giving it shall then either be
            able, ready and willing to complete the sale or is not so able,
            ready or willing by reason of the default or misconduct of the other
            party

      (b)   upon service of such notice the party upon whom it shall have been
            served shall complete the sale within a period of twenty-eight days
            after the date of such service (as defined in Condition 49 and
            excluding the date of service), and in respect of such period time
            shall be of the essence of the contract but without prejudice to any
            intermediate right of rescission by either party

      (c)   the recipient of any such notice shall give to the party serving the
            same reasonable advice of his readiness to complete

      (d)   if the Purchaser shall not comply with such a notice within the said
            period (or within any extension thereof which the Vendor may agree)
            he shall be deemed to have failed to comply with these Conditions in
            a material respect and the Vendor may enforce against the Purchaser,
            without further notice, such rights and remedies as may be available
            to the Vendor at law or in equity, or (without prejudice to such
            rights and remedies) may invoke and impose the provisions of
            Condition 41

      (e)   if the Vendor does not comply with such a notice within the said
            period (or within any extension thereof which the Purchaser may
            agree), then the Purchaser may elect either to enforce against the
            Vendor, without further notice, such rights and remedies as may be
            available to the Purchaser at law or in equity or (without prejudice
            to any right of the Purchaser to damages) to give notice to the
            Vendor requiring a return to the Purchaser of all moneys paid by
            him, whether by way of deposit or otherwise, on account of the
            purchase price. Condition 38 shall apply to all moneys so to be
            returned, the period of five working days therein being computed
            from the date of the giving of such last mentioned notice. If the
            Purchaser gives such a notice and all the said moneys and interest
            (if any) are remitted to him, the Purchaser shall no longer be
            entitled to specific performance of the sale, and shall return
            forthwith all documents in his possession belonging to the Vendor,
            and (at the Vendor's expense) procure the cancellation of any entry
            relating to the sale in any register

      (f)   the party serving a notice under this Condition may, at the request
            of or with the consent of the other party, by written communication
            to the other party extend the term of such notice for one or more
            specified periods of time, and, in that case, the term of the notice
            shall be deemed to expire on the last day of such extended period or
            periods, and the notice shall operate as though such extended period
            or periods, had been specified in this Condition in lieu of the said
            period of twenty-eight days, and time shall be of the essence in
            relation to such extended period

      (g)   the Vendor shall not be deemed to be other than able, ready and
            willing to complete for the purposes of this Condition:

            (i)   by reason of the fact that the subject property has been
                  mortgaged or charged, provided that the funds (including the
                  deposit) receivable on completion shall (after allowing for
                  all prior claims thereon) be sufficient to discharge the
                  aggregate of all amounts payable in satisfaction of such
                  mortgages and charges to the extent that they relate to the
                  subject property
<Page>

                  or

            (ii)  by reason of being unable, not ready or unwilling at the date
                  of service of such notice to deliver vacant possession of the
                  subject property provided that (where it is a term of the sale
                  that vacant possession thereof be given) the Vendor is, upon
                  being given reasonable advice of the other party's intention
                  to close the sale on a date within the said period of
                  twenty-eight days or any extension thereof pursuant to
                  Condition 40(f), able, ready and willing to deliver vacant
                  possession of the subject property on that date.

                        FORFEITURE OF DEPOSIT AND RESALE

41.   If the Purchaser shall fail in any material respect to comply with any of
      these Conditions, the Vendor (without prejudice to any rights or remedies
      available to him at law or in equity) shall be entitled to forfeit the
      deposit and shall be at liberty (without being obliged to tender an
      Assurance) to re-sell the subject property, with or without notice to the
      Purchaser, either by public auction or private treaty. In the event of the
      Vendor re-selling the subject property within one year after the closing
      date (or within one year computed from the expiration of any period by
      which the closing may have been extended pursuant to Condition 40) the
      deficiency (if any) arising on such re-sale and all costs and expenses
      attending the same or on any attempted re-sale shall (without prejudice to
      such damages to which the Vendor shall otherwise be entitled) be made good
      to the Vendor by the Purchaser, who shall be allowed credit against same
      for the deposit so forfeited. Any increase in price obtained by the Vendor
      on any re-sale, whenever effected, shall belong to the Vendor.

                               DAMAGES FOR DEFAULT

42.   Neither the Vendor nor the Purchaser, in whose favour an order for
      specific performance has been made, shall be precluded from an award of
      damages at law or in equity, in the event of such order not being complied
      with.

                                      RISK

43.   Subject as hereinafter provided, the Vendor shall be liable for any loss
      or damage howsoever occasioned (other than by the Purchaser or his Agent)
      to the subject property (and the purchased chattels) between the date of
      sale and the actual completion of the sale BUT any such liability
      (including liability for consequential or resulting loss) shall not as to
      the amount thereof exceed the purchase price.

44.   The liability imposed on the Vendor by Condition 43 shall not apply:

      (a)   to inconsequential damage or insubstantial deterioration from
            reasonable wear and tear in the course of normal occupation and use,
            and not materially affecting value

      (b)   to damage occasioned by operations reasonably undertaken by the
            Vendor in his removal from, and vacation of the subject property,
            provided that the same are so undertaken with reasonable care

      (c)   where any such loss or damage has resulted from a requirement
            restriction or obligation imposed by a Competent Authority after the
            date of sale.

45.   Nothing in Conditions 43 and 44 shall affect:

      (a)   the Purchaser's right to specific performance in an appropriate case
<Page>

      (b)   the Purchaser's right to rescind or repudiate the sale upon the
            Vendor's failure to deliver the subject property substantially in
            its condition at the date of sale (save where such failure shall
            have been occasioned by the Purchaser or his Agent)

      (c)   the operation of the doctrine of conversion

      (d)   the Purchaser's right to gains accruing to the subject property (or
            the purchased chattels) after the date of sale

      (e)   the Purchaser's right to effect on or after the date of sale his own
            insurance against loss or damage in respect of the subject property
            or any part of the same (or the purchased chattels)

      (f)   the rights and liabilities of parties other than the Vendor and the
            Purchaser

      (g)   the rights and liabilities of the Purchaser on foot of any lease
            subsisting at the date of sale, or of any arrangement whereby the
            Purchaser shall prior to the actual completion of the sale have been
            allowed into occupation of the subject property or any part thereof
            (or into possession of the purchased chattels).

                                    CHATTELS

46.   Unless otherwise disclosed to the Purchaser prior to the sale the Vendor
      warrants that, at the actual completion of the sale, all the purchased
      chattels shall be his unencumbered property and that same shall not be
      subject to any lease, rental hire, hire-purchase or credit sale agreement
      or chattel mortgage.

                                   INSPECTION

47.   The Vendor shall accede to all such requests as may be made by the
      Purchaser for the inspection on a reasonable number of occasions and at
      reasonable times of the subject property (and the purchased chattels).

                                   NON-MERGER

48.   Notwithstanding delivery of the Assurance of the subject property to the
      Purchaser on foot of the sale, all obligations and provisions designed to
      survive completion of the sale and all warranties in the Conditions
      contained, which shall not have been implemented by the said Assurance,
      and which shall be capable of continuing or taking effect after such
      completion, shall enure and remain in full force and effect.

                                     NOTICES

49.   Unless otherwise expressly provided, any notice to be given or served on
      foot of the Conditions shall be in writing, and may (in addition to any
      other prescribed mode of service) be given:

      (a)   by handing same to the intended recipient, and shall be deemed to
            have been delivered when so handed
<Page>

      (b)   by directing it to the intended recipient, and delivering it by
            hand, or sending same by prepaid post to:

            (i)   such address as shall have been advised by him to the party
                  serving the notice as being that required by the intended
                  recipient for the service of notices,

                  or

            (ii)  (failing such last mentioned advice) the address of the
                  intended recipient as specified in the Memorandum,

                  or

            (iii) (in the event of the intended recipient being a Company) its
                  Registered Office for the time being,

                  or

            (iv)  the office of the Solicitor representing the intended
                  recipient in relation to the sale

      and any such notice shall be deemed to have been given or served, when
      delivered, at the time of delivery, and, when posted, at the expiration of
      three working days after the envelope containing the same, and properly
      addressed, was put in the post.

                                   TIME LIMITS

50.   Where the last day for taking any step on foot of the Conditions or any
      Notice served thereunder would, but for this provision, be a day other
      than a working day, such last day shall instead be the next following
      working day provided that for the purpose of this Condition the expression
      "working day" shall not be deemed to include (i) any Saturday, Sunday,
      Bank or Public Holiday nor (ii) any of the seven days immediately
      succeeding Christmas Day nor (iii) any day on which the registers or
      records wherein it shall be appropriate to make searches referable to the
      sale shall not be available to the public nor (iv) any day which shall be
      recognised by the Solicitors' Profession at large as being a day on which
      their offices are not open for business.

                                   ARBITRATION

51.   All differences and disputes between the Vendor and the Purchaser as to:

      (a)   whether a rent is or is not a rack rent for the purpose of Condition
            10 (c), or

      (b)   as to whether any interest is payable pursuant to Condition 25 or as
            to the rate or amount thereof or the date from which it shall be
            exigible, or

      (c)   the identification of the Apportionment Date, or the treatment or
            quantification of any item pursuant to the provisions for
            apportionment in the Conditions, or

      (d)   any issue on foot of Condition 33, including the applicability of
            said Condition, and the amount of compensation payable thereunder,
            or

      (e)   the materiality of any matter for the purpose of Condition 36 (a),
            or

      (f)   The materiality of damage or any other question involving any of the
            provisions in Conditions 43, 44 and 45, including the amount of
            compensation (if any) payable, or
<Page>

      (g)   whether any particular item or thing is or is not included in the
            sale, or otherwise as to the nature or condition thereof

      shall be submitted to arbitration by a sole Arbitrator to be appointed (in
      the absence of agreement between the Vendor and the Purchaser upon such
      appointment and on the application of either of them) by the President (or
      other Officer endowed with the functions of such President) for the time
      being of the Law Society of Ireland or (in the event of the President or
      other Officer as aforesaid being unable or unwilling to make the
      appointment) by the next senior Officer of that Society who is so able and
      willing to make the appointment and such arbitration shall be governed by
      the Arbitration Acts, 1954 and 1980 provided however that if the
      Arbitrator shall relinquish his appointment or die, or if it shall become
      apparent that for any reason he shall be unable or shall have become unfit
      or unsuited (whether because of bias or otherwise) to complete his duties,
      or if he shall be removed from office by Court Order, a substitute may be
      appointed in his place and in relation to any such appointment the
      procedures herein-before set forth shall be deemed to apply as though the
      substitution were an appointment de novo which said procedures may be
      repeated as many times as may be necessary.
<Page>

                                   LAW SOCIETY

                                       OF

                                     IRELAND

                                   PARTICULARS

                                       and

                               CONDITIONS OF SALE

                                 (1995 Edition)

                                  Copyright in,

                                       and

                              obtainable only from,

                           the Law Society of Ireland.

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