Document:

Lease Agreement dated June 25, 2001

 Exhibit 10.4 
 Confidential material has been omitted and filed separately with the Commission 

og\Firstcross-opstal (fg) – AP. 19751 
 THE YEAR TWO THOUSAND AND ONE 
 Rep. 18.665 

ON THE TWENTY-FIFTH OF JUNE. 
 On 25/06/2001. 
 Before us, Mr. James DUPONT and
Mr. Carl OCKERMAN, 
 civil-law notaries established in Brussels.  

BUILDING 
 RIGHTS 

THE FOLLOWING PERSONS APPEARED: 
 ON THE ONE HAND: 
 The public limited liability company FIRST
CROSS ROADS, with its registered head office at Terkamerenlaan 33, 1000 Brussels. Registered in the Trade Register of Brussels under number 523840 and registered for value added tax under number 437.830.680. 

 

	 	•	 	 The company was incorporated by a deed executed before civil-law notary Jacques Neyrinck, then established in Brussels, on the twenty-second of June,
nineteen hundred and eighty-nine, announced in the annexes of the Belgian Bulletin of Acts, Orders and Decrees of the twentieth of July of that year, under number 890720-172. 

As represented for the purposes of this deed, in accordance with its articles of association, by: Ms. Olivette MIKOLAJCZAK,
Licentiate in the notarial profession residing at Oude Molenstraat 180, 1180 Brussels, in accordance with a power of attorney executed before civil-law notary James Dupont in Brussels on the fourth of April, two thousand and one, an authenticated
copy of which shall remain attached to this deed. 
 Hereinafter referred to as the ‘owner of the land’.

  

	1.	The public liability company under Belgian law INTERXION BELGIUM N.V., with its registered head office at Wezembeekstraat 2, 1930 Zaventem, registered in
the Trade Register of Brussels under number 640.677. 

  

	 	•	 	 The company was incorporated by a deed executed before civil-law notary Erik Spruyt, established in Brussels, on the fourth of April, two thousand,
announced in the annexes of the Belgian Bulletin of Acts, Orders and Decrees of the eighteenth of April of that year, under number 20000418-337. 

  

	 	•	 	 The company’s articles of association have remained unchanged since its formation. 

Hereinafter referred to as the ‘holder of the building rights’. 

 

	2.	The public liability company under Dutch law INTERXION HOLDING N.V., registered in Amsterdam with its head office at Cessnalaan 1-33, 1119 NJ Schiphol
Rijk and also with offices at Breguetlaan 32/38, 1438 BC Oude Meer, registered in the Trade Register of Amsterdam (The Netherlands), under number 33301892. 

 Hereinafter referred to as the ‘surety’. 
 Both represented for
the purposes of this deed by: Mr. Fabrice DELVILLE, managing director, residing at Boulevard G. Van Halen 66, 1190 Brussels, pursuant to a power of attorney executed before junior civil-law notary Bartholmeus Johannes Kuck,
established in Rotterdam, on the fourteenth of December, two thousand, provided with an apostille on the fifteenth of December, two thousand, an authenticated copy of which shall remain attached to this deed. 

ON THE OTHER HAND: 

THE FOLLOWING IS AGREED: 
 ARTICLE 1 - Object of the agreement. 
  

	1.	The ‘owner of the land’ grants the ‘holder of the building rights’, who accepts, building rights subject to the following terms and conditions for
the property described below: 

 LOCATION OF THE PROPERTY. 

Municipality of ZAVENTEM-ZUID - Section Two 
 A warehouse and office building with ten outdoor parking spaces located in front of the offices and the piece of land between the warehouse and the street, located at Wezembeekstraat 2, with a total
surface area, according to the measurement statement, of one hectare, twenty-two ares, fifty-seven centiares and fifty-one decimilliares, registered in the Land Register in Section C, part of numbers 431/d, 429/d, 430/a, 433/a, 432/b and 431/2 and
according to a recent extract from the Land Register, number 430/partly. 
 As clearly described under number 430b/Part 1, on the
plan drawn up on the ninth of March, two thousand by Mr. Wouter LEUS, real estate land measurement expert, whose offices are registered at Rode Kruislaan 42, Zaventem, said plan is attached to this deed as annex 1. The surface area is
not guaranteed. 

 The ‘holder of the building rights’ does not require a more detailed description
of the Property. 
 This property is hereinafter referred to as ‘the Property’ or ‘building’.
 
 ORIGIN OF OWNERSHIP 
 The aforementioned company First Cross Roads, with the legal status of a public limited liability company, owns the aforementioned property, having acquired it as part of a larger surface area from the
company under British law Amdale Holdings Limited of Gibraltar, by deed executed before civil-law notary Guy-Laurent van der Beek, established in Schaarbeek, on the nineteenth of December, nineteen hundred and eighty-nine, transferred at the fourth
mortgage office of Brussels on the twelfth of March, nineteen hundred and ninety, Book 9757, Number 6. 
 The aforementioned
company Amdale Holdings Limited was the owner of the larger surface area, acquired as follows: 
  

	 	•	 	 Partly pursuant to a deed executed before the aforementioned civil-law notary Van der Beek and civil-law notary Liliane Verbruggen, established in
Anderlecht, on the fourteenth of March, nineteen hundred and eighty-nine, transferred at the fourth mortgage office of Brussels on the third of May of that year, Book 9570, number 9, from the Public Centre for Social Welfare in Brussels;

  

	 	•	 	 Partly pursuant to a deed executed before the aforementioned civil-law notary Van der Beek on the seventh of June, nineteen hundred and eighty-nine,
transferred at the fourth mortgage office of Brussels on the twenty-fourth of July of that year, Book 9631, number 14, from the public limited liability company N.V. Promintra International, registered in Elsene; 

 

	 	•	 	 Partly pursuant to a deed executed before the aforementioned civil-law notary Van der Beek and civil-law notary Jean Jacobs, established in Brussels,
on the fourteenth of March, nineteen hundred and eighty-nine, transferred at the fourth mortgage office of Brussels on the twentieth of April of that year, Book 9549, number 31, from 1. Mr. Yves Marie Ghislain Gérô me, of Brussels;
2. Mr. Michel Georges Louis Marie Ghislain de Spirlet-Lamarche, of Elsene; 3. Mr. Eric Marie Guy Ghislain de Spirlet-Lamarche, of Tuckahoe (United States of America); 4. Ms. Anne Gabrielle Andrée Marie Ghislain de
Spirlet-Lamarche, of Elsene; 5. Ms. Thérèse Marie Yvonne Pierrette Andrée Ghislain de Spirlet-Lamarche, of Brussels; and 6. Mr. François Xavier Joseph Marie Yves Noël Ghislain de Spirlet-Lamarche, of
Bierges; 

  

	 	•	 	 Partly pursuant to a deed executed before the aforementioned civil-law notary Van der Beek and signed by civil-law notary James Dupont, established in
Brussels, on the fourth of October, nineteen hundred and eighty-eight, transferred at the fourth mortgage office of Brussels on the seventh of November of that year, Book 9489, number 1, from the public limited liability company Weymeersch Invest,
registered in Elsene. 

 The ‘holder of the building rights’ must accept the above origin of
ownership and, on the basis of its building rights, may not require any title other than a copy hereof. 
  

	2.	The Property shall be delivered in its current condition, which is well known to the ‘holder of the building rights’, who had every opportunity prior to the
signing of this agreement to inspect the property to its own satisfaction and to form a detailed opinion regarding its suitability for the purposes that it envisages. 

 

	3.	The Building shall be transferred without finishes, with cabling still to be connected, any changes that need to be made in order to comply with the current regulations
and the finishing are the responsibility of the ‘holder of the building rights’, to be performed at his own risk and expense. 

  

	4.	The ‘owner of the land’ hereby declares that to the best of his knowledge: 

 

	 	•	 	 The Property is not encumbered with any personal servitudes or special conditions, other than those that may arise from ownership titles, and that he
has not personally granted any such rights; 

  

	 	•	 	 The Property is not encumbered with any rights of pre-sale, buying options or repurchasing rights, nor with any mortgage registrations, apart from:

  

	 	1°	A first registration (fourth mortgage office of Brussels, Book 2938, number 12) in favour of the company under Luxembourg law Skandinavska Enskilda Banken, as security
for all amounts due to it from First Cross Road for a principal amount of one hundred and ten million Belgian francs (BEF 110,000,000), plus three years of interest at the standard rate and an additional amount of five million and five
hundred thousand Belgian francs (BEF 5,500,000) for accessories, in accordance with a credit deed executed before civil-law notary Van der Beek of Schaarbeek, dated the twenty-sixth of January, nineteen hundred and ninety.

  

	 	2°	 A second registration (fourth mortgage office of Brussels, Book 3139, number 26) in favour of the company under Luxembourg law Skandinavska Enskilda
Banken, as security for all amounts due to it from First Cross Road for the repayment of (i) the aforementioned credit for a sum of one hundred and ten million Belgian francs (BEF 110,000,000),

	 	 
(ii) each amount paid by the bank for the account of First Cross Roads with interests, penalties, reimbursements, costs of serving bailiff’s notations, costs for declarations of guilt, etc.,
for a sum of five million, five hundred thousand Belgian francs (BEF 5,500,000), in accordance with a deed executed before civil-law notary Van der Beek of Schaarbeek, dated the nineteenth of February, nineteen hundred and ninety-three;

  

	 	•	 	 In a letter dated the thirtieth of March, two thousand and one, to remain attached to this deed, the company under Luxembourg law Skandinavska Enskilda
Banken confirmed its consent to the establishment of the building rights. 

  

	 	•	 	 The Property is unoccupied; 

  

	 	•	 	 There are no compulsory purchase plans and none have been announced; 

 

	 	•	 	 No dispute is pending or is threatened to be filed in relation to the Property; 

 

	 	•	 	 The Property is free of defects; 

  

	 	•	 	 The Building was constructed in accordance with the rules of the art and in compliance with the licences issued, apart from minor adjustments with no
serious consequences; 

  

	 	•	 	 No recovery taxes are due. 

  

	5.	The soil certificate was delivered by the Public Waste Company for the Flanders District (OVAM) on the second of December, nineteen hundred and ninety nine, and
literally reads as follows: 

 ‘No details of any soil contamination are available in the Land Register for
this registered plot, as no details are available to the OVAM. 
 Note: 

Since 1 October 1996, land on which an institution is or was established, or on which an activity is or was performed that is
included in the list referred to in Article 3, §1 of the Soil Decontamination Decree, may be transferred only if the OVAM is provided with a survey in advance, notifying the transfer. This certificate replaces all previous certificates.
Mechelen, 02.12.1999’ 
 The ‘owner of the land’ declares and guarantees that no institution has been
established on the land, and no activities included in the list referred to in Article 3, §1 of the Soil Decontamination Decree have been performed on the land since the first of January, nineteen hundred and ninety-three. 

 ARTICLE 2 - Purpose of the Property. 

 

	1.	The Property is intended, according to the building permit, for use as a warehouse and offices, except with regard to the outdoor facilities, which are intended for use
as parking spaces, with the exclusion of all other trading activities within the meaning of the Commercial Lease Contracts Act of the thirtieth of April, nineteen hundred and fifty-one. 

The ‘holder of the building rights’ must comply strictly with that purpose and may not use the Property for any other activities
without special prior consent, in writing, of the ‘owner of the land’, who must state the reasons for any refusal of such consent at the earliest opportunity, or must state the conditions to which such consent is subject. Without prejudice
to the provisions of Article 2.2 below, the ‘owner of the land’ hereby grants the ‘holder of the building rights’ consent, from the time that the possibility can arise, for the installation of telecommunications and/or internet
service provider (ISP) equipment in the Building by the ‘holder of the building rights’ or third parties and the exploitation within the building of telecommunications or ISP-related activities by the ‘holder of the building
rights’ or third parties, in the broadest sense. 
 It is explicitly agreed that the exclusive allocation of the Property
for the aforementioned use forms an essential condition of this agreement, without which the parties would not have contracted the agreement. 
 If the ‘holder of the building rights’ changes the permitted use of the Property without the special prior written consent of the ‘owner of the land’, and if the ‘holder of the
building rights’ does not correct any infringement within three months of receiving a warning from the ‘owner of the land’, the ‘owner of the land’ has the right to demand the cancellation of the agreement, to the detriment
of the ‘holder of the building rights’, as it is explicitly agreed that each change in the permitted use in such circumstances constitutes a serious breach of contract. 

 

	2.	Pursuant to the aforegoing, the performance of certain activities with the consent of the ‘owner of the land’ does not entail any obligation, guarantee or
duty to obtain administrative permits that are necessary in any sense to perform the activities of the ‘holder of the building rights’. 

 Consequently, the ‘holder of the building rights’ shall personally ensure that all administrative permits required for the performance of its activities are in order and that all amounts,
rights, taxes and other charges associated with the activities performed in the Building or for the use of the Building are paid. 
 If the ‘holder of the building rights’ should perform any activities without possessing the required permits, he is liable for all damaging consequences that may arise for the ‘owner of the
land’ as a result and he must indemnify the ‘owner of the land’ against all claims, petitions or other demands that could be directed against the ‘owner of the land’ due to those activities. 

 ARTICLE 3 - Duration of the building rights. 
 These building rights are contracted for a fixed term of fifteen successive years, commencing on the seventh of December two thousand, and legally ending fifteen years thereafter. 

The duration of the building rights and their non-cancellation for a period of fifteen years are essential elements of the agreement, without which the
‘owner of the land’ would not have contracted the agreement. 
 Neither party may request renewal of the building rights. On expiry of
the building rights, the ‘holder of the building rights’ has the right to contract a lease for the Property for a period of five years, by registered mail addressed to the ‘owner of the land’ no earlier than fifteen months and no
later than twelve months prior to the expiry of the contract. The lease contract shall be contracted on standard terms, still to be agreed, for an ordinary lease, for payment of lease instalments at commercial rates on commencement of the lease
contract, whereby the quarterly payments of the lease may in no case be less than the last quarterly payment made of the royalty. 
 The lease
instalments shall be fixed by an expert selected in agreement between the parties. If the parties cannot agree on the appointment of an expert, each party shall appoint an expert. If these experts do not agree, they shall appoint a third expert
whose decision shall be final. 
 The parties hereby agree in advance that, in determining the lease charges, the appointed expert or experts
may not take into account any work that was executed in the Property by the ‘holder of the building rights’. 
 ARTICLE 4 -
Royalty. 
  

	4.1	Royalty. 

 These building
rights are granted and accepted in exchange for a royalty of             ***             per year. It is payable in advance in
quarterly instalments of             ***             calculated annually on the first of January on the basis of a fixed
percentage of three per cent of the royalty for the preceding year, increased automatically by law, with no notice of default required from the ‘owner of the land’, and payable for the first time on the first of January, two thousand and
one. 

 In the view of the ‘owner of the land’, these building rights represent only one
of the elements of a refinancing operation that primarily provides for the following: 
  

	 	•	 	 The ‘owner of the land’ is assured of an income equal to the royalty laid down in this Article; 

 

	 	•	 	 That income must be ‘net’, in the sense that the income of the ‘owner of the land’ may not be reduced by any expenditure of any
kind relating to this agreement; 

  

	 	•	 	 That income must be assured for fifteen successive years. 

 The obligation of the ‘holder of the building rights’ to pay the royalty is consequently irrevocable, unconditional and separate from other considerations, and is in no way associated with the
use, condition or value of the Property on the commencement of or during the term of the agreement, and it remains due whatever happens, even in the event of force majeure, decisions of a higher authority, or full or partial loss of the
Property. 
 However, the ‘holder of the building rights’ is exempt from this obligation if he can no longer make use
of the Property due to either a compulsory purchase of the Property for public use, or a government prohibition on the reconstruction of the Property following its full destruction by fire or earthquake, subject in the latter case to exhaustion by
the ‘holder of the building rights’ of all the existing legal remedies against this prohibition showing a reasonable chance of success, and for payment to the ‘owner of the land’ of the total amount of the insurance benefits due
to it pursuant to Article 13. 
 In the latter case, this agreement will also be lawfully terminated. 

The ‘holder of the building rights’ shall not enjoy any discount, suspension or compensation of the royalty whatsoever, for any
reason, and may not invoke the defence of non-execution. 
 The ‘holder of the building rights’ enters into this
contract in full awareness of the terms, with the support of carefully considered advice of his legal and property consultants. 
  

	4.2	Payment. 

 The
‘holder of the building rights’ has issued standing order instructions to ABN AMRO BANK for automatic direct debits of the royalties from his bank account, for the benefit of the account of the ‘owner of the land’, as defined
below, and commits himself to maintain this standing order throughout the full duration of the agreement. 
 The royalty becomes
payable solely through the expiry of the due date, which serves as notice of default in the event of non-payment. 

  

	4.3	Obligation to pay into a specific account. 

 Royalties must be paid to account number 310-0615219-34 or any other account designated by the ‘owner of the land’ during the term of the agreement. The account may not be changed less than six
weeks prior to the due date for the quarterly payment. 
 ARTICLE 5 - Taxes, Fees, Contributions, Rights and Expenses. 

 

	5.1	Taxes and Fees. 

 All
taxes, fees and contributions in general, of any kind, and in particular land tax or other property taxes, taxes that are levied or will be levied in relation to the activities of the ‘holder of the building rights’ or the occupation of
the Property or on the owner and all later value added taxes due to the State, the Community, the Region, the provincial or municipal authority or any other government authority, shall be borne solely by the ‘holder of the building
rights’. 
 If the case arises, the sums due pursuant to this article shall be paid by the ‘holder of the building
rights’ to the ‘owner of the land’ or to a person appointed by him, within one week of the demand for payment. 

The ‘holder of the building rights’ is required to compensate the ‘owner of the land’ for any losses that he suffers
due to any delay in payment of taxes levied from the ‘holder of the building rights’ that are attributable to him. 
  

	5.2	Expenses. 

 In principle,
the ‘holder of the building rights’ bears all costs and expenditure arising directly or indirectly from his occupation or use of the Property, without exception or reservation, and more in general from the ownership of the Building and
other constructions located on the Property pursuant to article 7 of the Act of the tenth of January, eighteen hundred and twenty-four. The following examples serve as an illustration, and have no restrictive character of any kind. 

The costs, for the consumption or otherwise, or if the case arises, for individual subscriptions for the distribution of water, gas,
electricity, telephone, radio/TV transmission and others, shall be borne by the ‘holder of the building rights’ that takes out such subscriptions directly from the relevant providers. Where there are individual meters, the consumption
costs shall be shared according to the readings of those meters. 
 The costs of heating and ventilation of the Property
(including, where relevant, the costs of meter units for cooling and heating power), the costs of consumption of water, gas and electricity and the costs of maintenance, repair and cleaning of the air conditioning, heating and fire prevention
systems, the costs of maintaining the access routes, parking spaces and private roads (including the cables, pipelines and other facilities that they contain) located on the Property shall be borne solely by the ‘holder of the building
rights’. 

 ARTICLE 6 - Interest on overdue payments and compensation for damages for extended occupation.

  

	6.1	Interest on overdue payments. 

 Without prejudice to any other rights and claims available to the ‘owner of the land’, interest will be charged lawfully, without notice of default, on all outstanding amounts due from the
‘holder of the building rights’ pursuant to this agreement from the due date, at a rate equal to the legal rate of interest in effect on that date, plus five percentage points. In any event, the interest rate shall not be less than ten per
cent per annum. 
  

	6.2	Compensation for damages for extended occupation. 

 The compensation for extended occupation payable by the ‘holder of the building rights’ if he still occupies the Property after the expiry of the building rights is equal to twice the latest
royalty due, determined on a monthly basis for each calendar month that has already begun. 
  

	6.3	In the event of non-payment of the royalty by the ‘holder of the building rights’, pursuant to the provisions of article 4.1, or of any other amount due by
him pursuant to this agreement, and in the event of a breach of the obligations by the ‘holder of the building rights’ by refraining from encumbering these rights with mortgages before the granter of the building rights has exercised the
mortgage mandate provided for in article 12.3, the ‘owner of the land’ has the right to lawfully dissolve this agreement, after a warning sent by registered mail has failed to produce a satisfactory response within one month, counted from
the date on which the confirmation of receipt is received, with a copy to the Surety and the banker to be designated by the ‘holder of the building rights’ and the ‘owner of the land’. This dissolution shall take place without
prejudice to article 11.3. 

 ARTICLE 7 - Use of the building – Changes, fixtures and fittings. 

 

	7.1	The ‘holder of the building rights’ undertakes to use the Property with due care and to refrain from any activity that is excessively noisy or pollutant, or
that causes obstruction to neighbours or could harm the reputation of the Property. 

  

	7.2	Without prejudice to article 2, the ‘holder of the building rights’ may, while the building rights are valid, perform all refurbishment, conversion or fitting
work necessary within the Building, on condition that the ‘owner of the land’ is notified of this at least thirty days in advance by registered mail (or by fax on the same day) and the work cannot reduce the value of the Property, alter
its use, damage the structure or stability of the Building or contaminate the Property. 

 All other changes, renovations or conversions of the Property may be performed only with
special prior written consent of the ‘owner of the land’. However, the ‘owner of the land’ is deemed to have approved such work unless he specifically forbids this in writing, stating the reasons, within thirty days of receiving
notice from the ‘holder of the building rights’ requesting consent for the work, by registered mail. 
 The
‘holder of the building rights’ must address the aforementioned notices to the persons appointed for that purpose by the ‘owner of the land’ during the term of this agreement, the details of whom he must notify to the
‘holder of the building rights’ by registered mail, with a copy to Architect, Max Stevens, 79 Rue de Chêne du Corbeau, 1380 Lasne, Tel: 0032/633.22.33, Fax: 0032/633.23.33. 

As of today’s date and until further notice from the ‘owner of the land’, this person is Mr. Magnus Schiller,
Terkamerenlaan 33, 1000 Brussels, Tel: 0032/754.707.25, Fax: 0032/640.76.96. 
 In no case may the ‘holder of the building
rights’ demolish the Building or the other existing constructions. 
 The ‘owner of the land’ hereby grants his
consent in advance for the work that the ‘holder of the building rights’ plans to perform on the interior or exterior of the Building in order to comply with the requirements of his activities and with a view to finish it, a description of
which is attached as annex 3, on condition that the Property is returned to its original condition on the expiry of the building rights, as requested by the ‘owner of the land’ in a letter dated the eighth of September two thousand.

 Hereby he also grants the ‘holder of the building rights’ permission for the installation of telecommunications
equipment in the Property. 
 The ‘owner of the land’ reserves the right to supervise or arrange for supervision of all
work undertaken by the ‘holder of the building rights’ in the Property, without accepting any liability in any way in respect of the ‘holder of the building rights’ or third parties. 

Prior to the performance of work of any kind, the ‘owner of the land’ may require the ‘holder of the building rights’
to provide evidence of appropriate insurance that covers both his contractual liability and liability for unlawful actions against the ‘owner of the land’ or third parties at any time, as well as the potential liability of the ‘owner
of the land’, both in respect to third parties and inter partes, on the basis of the work to be performed inside or outside the Building, with a first class insurance company registered in the BENELUX region (or another country, after
approval of the ‘owner of the land’). The policy must provide for sole competence of the District Court of Brussels to hear any disputes arising in relation to the policy. 

 During the performance of the work, the ‘holder of the building rights’ shall
comply with the permits and current regulations, in particular those concerning fire prevention and safety, and all special regulations applying to the Property. 
  

	7.3	On expiry of the building rights, in any way whatsoever, and subject to any other agreement between the parties, the ‘holder of the building rights’ shall
restore the Property to its original condition at his own risk and expense. 

 However, if the ‘holder of the
building rights’ notifies the ‘owner of the land’ of the reconstruction, conversion or fitting work that needs to be performed inside or outside the Building, as provided for in paragraph 2 of this article, the ‘holder of the
building rights’ shall list the parts inside or outside the building that he wishes to leave out on expiry of the building rights. 
 From the date of the receipt of the above list, the ‘owner of the land’ has thirty calendar days to grant approval for the parts that will be left inside or outside the building on expiry of the
building rights. 
 Without notice to the contrary within this term, the ‘owner of the land’ is deemed to have given
his consent to the list of parts that the ‘holder of the building rights’ wishes to leave inside or outside the building on expiry of the building rights. 
 The changes or fittings installed by the ‘holder of the building rights’ that may be left inside or outside the building on expiry of the building rights shall lawfully become the property of
the ‘owner of the land’ at that time, without any compensation. 
 ARTICLE 8 - Description of location – Restoration to
original condition. 
  

	1.	Description of location. 

The Property shall be delivered to the ‘holder of the building rights’ in its current condition. 

A detailed description of the location shall be drawn up by the parties when this agreement takes effect. 

 

	2.	Restoration to original condition. 

 Without prejudice to the provisions of article 7, on expiry of this agreement, the ‘holder of the building rights’ shall restore the Property to the condition in which it was received, without
liability for normal wear and tear. 

 In the absence of agreement between the parties on expiry of the building rights regarding
the amount to be paid for any damages, this amount shall be fixed by an expert appointed in agreement between the parties. In the absence of agreement between the parties regarding the choice of expert, the expert shall be appointed by the presiding
judge of the Commercial Court in Brussels. 
 The parties shall each bear half of the costs of any legal fees, as well as of the
costs of the expert’s report. 
 The expert shall, at the same time, fix the period during which the property will be
unavailable. 
 During the period of unavailability fixed by the expert, or during the actual period for performing the work, if
this lasts longer, the ‘holder of the building rights’ shall pay a royalty equal to double the amount of the last royalty payment due. The minimum period shall be fixed to one month and the calculation of that additional royalty shall take
place in full periods of one month. 
 ARTICLE 9 - Maintenance, repair and reconstruction 

The ‘holder of the building rights’ is solely and fully liable for the Property and in particular for the risks of damage, loss or full or
partial destruction, whatever the reasons, including force majeure or decisions by higher authorities, and in particular, is liability pursuant to articles 1384 and 1386 of the Belgian Civil Code to indemnify the ‘owner of the
land’, with no rights of recourse against him. 
 Consequently, all restoration, reconstruction, modernisation and maintenance work of any
kind, for whatever reason and of whatever nature or scale, whether this is of an ‘ordinary’ or ‘exceptional’ nature, is borne, without exception or reservation solely by the ‘holder of the building rights’. 

The only exception to the foregoing is that the ‘owner of the land’ remains responsible for the restoration of any hidden defects that could
damage the structure of the Building, if the holder of the building rights can prove that the origins of this predate the establishment of those building rights, as well as all ‘structural repairs’ to the roofing of the Building, within
the meaning of article 606 of the Belgian Civil Code. 
 The ‘holder of the building rights’ must provide for all such repairs in due
course, solely at his own risk and expense, to be carried out in accordance with the professional rules by dedicated and careful professionals. For other work borne by the ‘owner of the land’, as referred to in the preceding paragraph, the
‘owner of the land’ must provide for all such repairs in due course, solely at his own risk and expense, to be carried out in accordance with the professional rules by dedicated and careful professionals. 

The following examples serve solely for illustration purposes and are in no way restrictive. 

 The ‘holder of the building rights’ has a particular duty to keep the Property in a perfect state
of repair, operation, safety and orderliness throughout the duration of the building rights, in particular with regard to the structure, shell, roofing, mechanical systems, technical installations, accessories and equipment: he shall repair these as
often as necessary and replace any elements that cannot be repaired where necessary. The ‘holder of the building rights’ is required to perform all necessary work for disinfection, insect and rodent control and consequently must comply
with all hygiene regulations. 
 Restoration, maintenance and cleaning work on the outside of the Building (access roads, gardens, parking
spaces, pathways and the installations and cables and pipelines they contain) shall also be performed by the ‘holder of the building rights’ at his own expense. 
 In the event of full or partial loss of the Building or the outbuildings, the ‘holder of the building rights’ himself, or with mediation of a third party or the ‘owner of the land’,
who hereby accepts in advance and for the period that the case may arise, in which that third party or the ‘owner of the land’ shall then act in the name and for the account of the ‘holder of the building rights’, shall fully or
partially reconstruct the Building or the outbuildings, on condition that the necessary permits and consent is granted for this by the competent authorities and, where required, in accordance with the conditions set by those authorities. 

Regardless of whether the ‘holder of the building rights’ is currently authorised to reconstruct the Property, the royalties remain due until
the expiry of the building rights, except in the case provided for in article 4. 
 The ‘owner of the land’ may require of the
‘holder of the building rights’, by registered mail, that all restoration, reconstruction and maintenance work provided for in this article be performed and completed as soon as possible, within a reasonable term of which the ‘holder
of the building rights’ is notified. If the ‘holder of the building rights’ fails to do this, the ‘owner of the land’ is hereby authorised to arrange to perform all that work at the risk and expense of the ‘holder of
the building rights’ that is in default. 
 The ‘holder of the building rights’ must, with no compensation, grant the ‘owner
of the land’ or his employees, architects or all other persons appointed by the ‘owner of the land’ access to the Property in order to assess the condition of the Property in general, to the extent that an appointment has been made
with the ‘holder of the building rights’ in advance. 
 The ‘holder of the building rights’ may not claim any compensation
for hindrance arising from any interruption in the supply of utilities to the Property, regardless of its cause, duration or scale, to the extent that the interruption is not attributable to shortcomings of the ‘owner of the land’ with any
of his own obligations. The ‘holder of the building’ rights thus also undertakes to perform all reconstruction, renovation and maintenance work that becomes necessary during the term of the building rights, regardless of the duration, with
no compensation or reduction in royalties. 

 ARTICLE 10 - Safety and accident prevention measures and changes in the regulations. 

The Property complies with the provisions of the building permit issued prior to the construction of it ten years ago. 

Except for the changes recommended by the Zaventem municipal fire brigade in its report dated the first of February, nineteen hundred and ninety-nine
(annex 4), the ‘owner of the land’ knows of no changes that the authorities required for the Property and confirms that to date, he has received no request from the authorities to make the Property comply with any statutory regulations.

 The ‘holder of the building rights’ has made contact with the competent authorities (in particular the Zaventem municipal fire brigade) in order to
submit the plans concerning the layout of the Property for assessment and to obtain the necessary permits to implement the plans. 
 The
‘holder of the building rights’ commits himself to comply with all statutory standards and
regulations concerning safety and accident prevention at the Property and if necessary, to equip the Property appropriately for that purpose, at his own expense and under his own responsibility. 

All costs arising from any change, adjustment or alteration of any kind that need to be applied to the Property in compliance with any statutory,
regulatory, administrative, occupational or any other requirement shall be borne solely by the ‘holder of the building rights’, without exception or reservation. 
 The ‘owner of the land’ nevertheless accepts to mediate in the costs to be borne by the ‘holder of the building rights’ in order to make the Property comply with current fire safety
legislation, in the sum of             ***            
            ***             inclusive of VAT. This sum was paid on today’s date. 

The ‘holder of the building rights’ shall also bear the costs of all changes to entrance connections, replacement of meters or interior
installations that could be required by water, electricity or telephone distribution companies, and restrictions relating to the operation of the heating system. 
 ARTICLE 11 - Security. 
  

	11.1	Guarantee for correct performance. 

 On the fifth of April, two thousand, the ‘holder of the building’ rights provided the ‘owner of the land’ with a bank guarantee irrevocable at the earliest request, amounting to
            ***            
            ***             as a guarantee for correct performance of all his obligations to the ‘owner of the land’. A
copy is attached to this deed. 

 The amount of this bank guarantee must be updated by law when the quarterly payments are
adjusted, in compliance with article 4 of this agreement, with an increase of ten per cent. 
 In no case may the ‘holder of
the building rights’ offer or allocate this bank guarantee as payment of royalties or other contractual debts, in part or in full, at any time during the full duration of the building rights. 

 

	11.2	Transfer of lease payments. 

 As additional security for the correct performance of his obligations pursuant to this agreement, the ‘holder of the building rights’ will ensure that his bank ‘transfers’ or
pays the owner of the land the lease instalments, royalties, payments and amounts in general, of any kind, that are or could be due to him for any reason by tenants or occupants of the Property and that are entrusted to the bank by the ‘holder
of the building rights’ in advance, as security for the financing of the works that need to be performed in the Property by the ‘holder of the building rights’ pursuant to article 7, with all preferential rights and rights of
precedence. 
 Nevertheless, this ‘transfer’ by the bank of the ‘holder of the building rights’:

  

	 	a.	is limited to the amount of the royalties referred to in article 4 above, after deduction of quarterly payments already made, and 

 

	 	b.	may be applied only in the event of default by the ‘holder of the building rights’ after the ‘owner of the land’ has sent him a notice of default,
with a copy sent to the bank of the ‘holder of the building rights’, demanding payment by the ‘holder of the building rights’, without result for a period of three months. 

The ‘owner of the land’ may collect those sums solely with proof of receipt. 

This ‘transfer’ shall take place in compliance with the modalities still to be agreed by the ‘holder of the building
rights’ and his bank, which must be submitted to the ‘owner of the land’ for approval in advance. 
 If the
‘owner of the land’ is unable to grant approval for these modalities, the parties shall agree on a different security with equivalent legal and economic consequences, in good faith. 

To the extent that the ‘holder of the building rights’ does not transfer the relevant lease instalments, royalties, payments and
amounts to his bank as security for the financing of his works, the ‘holder of the building rights’ shall transfer these amounts to the ‘owner of the land’, directly and irrevocably, pursuant to this agreement, within the above
limits. 

  

	11.3	Joint and several indivisible security from the parent company. 

 InterXion Holding N.V. shall provide joint and several indivisible security for the ‘holder of the building rights’ (and all his entitled parties, under any title whatsoever, assignees, etc.)
with regard to all the obligations of the ‘holder of the building rights’ (and all his entitled parties, under any title whatsoever, assignees, etc.) pursuant to this agreement. This security is irrevocable. 

The Surety hereby declares and guarantees that it is the parent company of the InterXion Group and is and will remain the owner of the
main assets of this Group. 
 ARTICLE 12 - Sub-letting, transfer and mortgage. 

 

	12.1	Sub-letting. 

 The
‘holder of the building rights’ may sublet the property wholly or in part to ISPs (Internet Service Providers) or companies for telecommunications services. If the future occupant/tenant is not part of the sector mentioned above, the
‘holder of the building rights’ must obtain prior written consent of the ‘owner of the land’ before sub-letting the property. 
 The duration of the lease may in no case exceed the term for which the ‘holder of the building rights’ has the right to remain in the Property. 

Subletting in compliance with this article involves every form under which the ‘holder of the building rights’ makes part or all
of the Property available to a third party, whether this is in relation to a personal or business right, or under rights granted to another party. 
  

	12.2	Transfer. 

 The
‘holder of the building rights’ may transfer the benefits of this agreement, on condition that the transferring party, the party to whom the benefits are transferred and the Surety retain joint and indivisible liability to the ‘owner
of the land’ for all obligations arising from this agreement and its annexes. 
 Consequently, the ‘holder of the
building rights’ undertakes to ensure that the party to which such benefits are transferred also signs such an undertaking in favour of the ‘owner of the land’. 
 If the party acquiring the benefits does not contract such an obligation, the transfer cannot take effect. Within two weeks after the signing, the ‘holder of the building rights’ shall provide
the ‘owner of the land’ with a certified copy of the transfer agreement. 

  

  

	12.3	Mortgage registration. 

On the occasion of the transfer of the existing building rights in the mortgage register, the land registrar will be invited to register a
third mortgage, after the registrations referred to in article 1.4 above, in favour of the ‘owner of the land’, as security for the correct performance by the ‘holder of the building rights’ of all his obligations under this
agreement, but limited to a principal sum of              ***              plus three years’ interest at the conventional
rate at which the rank is protected by the Mortgage Act. 
 The ‘holder of the building rights’ undertakes to refrain
from mortgaging his building rights, partially or in full, or from allowing a mortgage mandate to be established for these rights without prior written consent of the ‘owner of the land’. 

The holder of the building rights grants Ms. Olivette Mikolajczak, Licentiate in the notarial profession residing at Oude Molenstraat
180, 1180 Brussels, and Ms. Catherine Gillardin, Licenciate in the notarial profession, residing at Roodebeeksteenweg 101, 1200 Brussels, an irrevocable mandate, with power of attorney, to act jointly or individually, with the power of
substitution, on behalf of the ‘owner of the land’ or his entitled parties, under any title whatsoever, as security for the proper performance of all the obligations of the ‘holder of the building rights’ pursuant to this
agreement, to mortgage the building rights to the Property at once or on several occasions, to a maximum amount of             
***                         ***             plus three years’
interest at the conventional rate. 
 The mortgage shall be established at the earliest request of the ‘owner of the
land’, solely by serving the amounts to be guaranteed, without the need to provide other documentary evidence. 
 All costs
and fees arising from registrations in relation to the mortgage mandate shall be borne by the ‘owner of the land’. 

To elect domicile for the execution and signing of all deeds and documents to that end, and in general to do all that is necessary, for
which no accounting to the custodian of the mortgages is required. 
  

	12.4	Transfer of royalties by the ‘owner of the land’. 

 The ‘holder of the building rights’ has notified the ‘owner of the land’ of his intention to transfer the rights to the royalty arising from article 4 of this agreement to a financial
third party, in observance of the formalities required pursuant to article 1689 of the Belgian Civil Code. 

  

  

	ARTICLE	13 - Insurance and waiver of recourse. 

In order to avoid multiple claims, all insurance policies relating to the Property and its operation must be signed by the ‘holder of the building
rights’, after notifying the ‘owner of the land’ of the name of the insurance company, which must be a first class insurance company registered in the BENELUX region or another country, with the approval of the ‘owner of the
land’, the terms of the policy and the insured amounts. The policies must provide that the District Court of Brussels holds sole competence to hear any disputes that may arise in relation to the policy. The ‘holder of the building
rights’ shall pass on to the ‘owner of the land’ the charges part of the insurance policy relating specifically to the roof, as determined in the policies, and shall be paid within thirty days of receipt of the invoices by the
‘owner of the land’. 
 The policies shall be of the type ‘buildings, all risks’ and shall cover all risks that should be
covered in the interests of due care, in particular the risks of fire, explosion, lighting strike, flooding damage, broken glass, sprinkler leaks, falling aircrafts, pieces of spacecrafts, rockets, vehicle collisions, machine breakage, earthquake,
terrorism, rioting, etc. and the loss of use as a result of incidences of damages. 
 The ‘holder of the building rights’ shall also
insure the liability that could arise from the Property or the activities performed therein for sufficient amounts, on the customary terms. Obviously, the ‘holder of the building rights’ is free to arrange cover for his own operating
risks. 
 The Building and its fittings shall be insured for their reconstruction value (including indexation). The fittings installed by the
‘holder of the building rights’ shall be insured through a separate policy on the same terms. The policies shall also cover the costs of removing rubble (for the percentage for reconstruction of the Building), the costs of fire
extinguishing, rescue and security and actions by neighbours. 
 The policies provide that the insurance may be terminated or suspended for any
reason only in compliance with a notice period of one month in respect of the ‘owner of the land’. 
 The insurance premiums for these
policies shall be borne by the ‘holder of the building rights’, who shall provide evidence of regular payment of the premiums at the earliest request of the ‘owner of the land’. Within two weeks of signing the policies, the
‘holder of the building rights’ shall sent the ‘owner of the land’ a certificate from his insurer, stating that the cover has taken effect. The ‘holder of the building rights’ shall send all endorsements of these
policies to the ‘owner of the land’ within two weeks of their signing. 
 The parties explicitly agree that, whatever the provisions
of the insurance policies in this regard and, in cases arising, regardless of those provisions, any payouts by the insurance company for reconstruction and for loss of use in the event of full or partial loss of the Property must be blocked in an
account opened in the name of the ‘owner of the land’ and the ‘holder of the building rights’, and must then be allocated as follows: 
  

	 	•	 	 with regard to the reconstruction, for the full or partial restoration of the Property to its former condition, as the work progresses, on submission
of the invoices; 

  

  

	 	•	 	 with regard to compensation for loss of use, for payment of the royalties due by the ‘holder of the building rights’, the royalties remaining
due despite the destruction and reconstruction of the Building and regardless of any insurance payout; 

 and 

 

	 	•	 	 any remaining amounts must be paid to the ‘holder of the building rights’. 

If the Property is not reconstructed for any reason, the policies must provide that the total sum of the insurance payouts shall be due from the
insurers, as if the Building had been reconstructed. 
 The aforementioned insurance benefits shall then be paid in full to the ‘owner of
the land’, except for benefits due under a separate policy that will be signed by the ‘holder of the building rights’ for his own fittings (or his own operating losses). 
 Except in the case provided for in article 4, the ‘holder of the building rights’ remains liable to pay the full royalties that remain outstanding on the contractual due dates, less the amounts
paid out by the insurers to the ‘owner of the land’ for loss of the use of the property, even if, the permits and licences needed for reconstruction or restoration of a property similar to the design of these building rights are refused as
a result of a decision of a higher authority or through force majeure. 
 The policies must provide that the parties mutually waive all
claims, within the limits of the insurance, that they could make against each other and against the lessees, sub-lessees, transferring parties, acquirers, occupants, managers or custodians of the Property and against persons in their services and
their intermediaries on the grounds of any loss they could suffer through unfortunate events, such as fire, flood or accidents, and undertake to arrange for each of their lessees, sub-lessees or occupants and their insurers to accept a similar
waiver of recourse, keeping the possibility of recourse in case of gross negligence or from the perpetrator of damage with malicious intent or default. 
 The ‘holder of the building rights’ is required to maintain its fire detection system in accordance with the relevant regulations; in particular, it is forbidden to position furnishings of other
objects in such a way that they could obstruct the proper functioning of the fire detection system. 
 The provisions of this article do not
relieve the ‘holder of the building rights’ of any of his obligations imposed on him by the terms of the insurers. 

  

 ARTICLE 14 - Exemption from liability of the ‘owner of the land’ and his entitled parties.

 The ‘owner of the land’ and his entitled parties reject all liability for any action or omission on their part or by their employees
that cause damage to the ‘holder of the building rights’ or third parties visiting their property, both in the performance of their duties and in other ways, unless this involves gross negligence, malicious intent or deliberate
recklessness on the part of the ‘owner of the land’. 
 The ‘holder of the building rights’ must undertake the custody and
effective protection of the Property; he explicitly relieves the ‘owner of the land’ and his entitled parties of all liability in the event of theft, rioting or disturbances of any kind, including those that could arise in or around the
Property. 
 In the event that administrative or legal proceedings are instituted against the ‘owner of the land’ for the activities
or presence of the ‘holder of the building rights’ in the Property, the ‘holder of the building rights’ agrees to bear the consequences of this for the ‘owner of the land’, to mediate in any proceedings instituted
against the ‘owner of the land’ and to indemnify him against any judgment handed down against him as a result. 
 ARTICLE 15 -
Compulsory purchase. 
 In the event of the compulsory purchase of the Property for public use, the building rights shall be cancelled by law.

 The ‘holder of the building rights’ undertakes to waive the institution of any litigation that could reduce the amount of the
compensation due to the ‘owner of the land’ (who has become the full owner once again). 
 Equally, the ‘holder of the building
rights’ may not claim any compensation from the ‘owner of the land’. 
 ARTICLE 16 - Bankruptcy. 

If the ‘holder of the building rights’ goes bankrupt, this agreement shall automatically be terminated by law, without the need to comply with
any formalities for that purpose. This termination shall take place without prejudice to the provisions of article 11.3. 
 In the event that
the liquidation of the ‘holder of the building rights’ is declared null and void, the ‘owner of the land’ has the right, if he so wishes, to terminate this agreement by registered mail, without advance notice. In that event, the
‘holder of the building rights’ is nevertheless required to pay the full royalties outstanding on the contractual due dates. The same applies if, in one of the cases described in this paragraph, the ‘owner of the land’ does not
terminate this agreement but the liquidator of the ‘holder of the building rights’ decides to do so. That termination shall also take place without prejudice to the provisions of article 11.3. 

 ARTICLE 17 - Provisions concerning urban development. 

The building rights are granted for the Property with the restrictions that may arise from the statutory provisions concerning planning, urban development
and the living environment, regulations implemented by the competent authority for the execution of those provisions and the regional and municipal urban development regulations, where these exist. 

The building rights are granted with no guarantee by, or recourse against the ‘owner of the land’ in connection with the statutory servitudes
of public rights of way with which the Property may be encumbered. 
 The ‘holder of the building rights’ hereby declares that he is
fully aware that the Property is encumbered with a servitude of non altius tolendi in favour of Zaventem Airport. 
 The ‘owner of
the land’ has no knowledge of any servitude of public rights of way in relation to the Property. 
 SPATIAL PLANNING AND URBAN
DEVELOPMENT DECREE 
  

	1.	The ‘owner of the land’ hereby declares that to the best of his knowledge, no permit to divide the land into plots or building permit was issued and that,
apart from the submission of an urban development certificate that provides that such a permit could be obtained, no assurance can be provided regarding the possibility of building on the prescribed property or constructing any fixed or mobile
installation thereon that can be used for accommodation purposes. 

  

	2.	Furthermore, the undersigned civil-law notary refers the ‘holder of the building rights’ to ARTICLE 99 of the Flemish Spatial Planning Decree, which
literally reads as follows: 

  

	 	‘§1.	Without an urban development permit issued in advance, no one may: 

  

	 	1°	build one or more permanent structures on a site or demolish, reconstruct, renovate or expand an existing structure or building at a site, with the exception of
maintenance and repair work; 

  

	 	2°	deforest any site on which trees are growing, within the meaning of the Forestry Decree of the thirteenth of June, nineteen hundred and ninety, as referred to in
article 3, §1 and §2 of that Decree; 

  

	 	3°	fell tall trees, growing singly, in clumps or in rows, to the extent that they do not form part of surfaces grown with trees, within the meaning of article 3,
§1 and §2 of the Forestry Decree of the thirteenth of June, nineteen hundred and ninety; 

  

	 	4°	substantially alter the relief of the soil; 

  

	 	5°	utilise, create or equip a site for: 

  

	 	a)	storing used or scrap vehicles, of all sorts of materials, for materials or scrap; 

 

	 	b)	parking vehicles, trucks or trailers; 

  

	 	c)	installing one or more mobile units that can be used for residential purposes, such as trailers, caravans, scrap vehicles or tents; 

 

	 	d)	installing one or more mobile units or rolling equipment that is used primarily for publicity purposes; 

 

	 	6°	partially or fully alter the primary function of property with view to a new use, to the extent that said change of use appears on a list to be drawn up by the
Flemish Government of changes of function requiring a permit; 

  

	 	7°	change the number of residential units in a building intended for the accommodation of a family or single person, regardless of whether this involves a single family
home, a flat, a block of flats, a studio apartment or a room, furnished or otherwise; 

  

	 	8°	install or alter publicity units or billboards; 

  

	 	9°	create or alter recreational sites, including golf courses, football grounds, tennis courts or swimming pools. ‘Construction and installation of permanent
structures’, as is meant in paragraph 1 °, refers to the construction of a building or construction or installing an installation, even those made of nondurable materials, built into the ground, fixed to the ground or resting on the ground
in the interests of stability, and intended to remain at that location, even though it can be dismantled, relocated or is entirely underground. This also covers the functional combination of materials through which a fixed installation or
construction arises, and laying pavement. ‘Maintenance or repair work’, as is meant in paragraph 1°, refers to work that secures the use of the building for the future without change, by repairing, restoring or replacing eroded or worn
materials or parts. This does not include works that relate to the structural elements of the building, such as: 

  

	 	1°	replacement of roofing beams or loadbearing roofing beams, with the exception of local repairs; 

 

	 	2°	full or partial reconstruction or replacement of exterior walls, even with the restoration of the existing bricks. A ‘tall tree’, as is meant in paragraph
3°, is deemed to be any tree that has a trunk circumference of one meter at a height of one meter above ground level. 

	 	 	A ‘substantial change of relief, as is meant in paragraph 4°(1), is deemed to include any filling, raising of soil levels, excavation or lowering of soil
levels that changes the nature or function of the site. 

  

	 	 	Without prejudice to the provisions of paragraph 5°, c, no urban development permit is required for camping with mobile units at a camp site within the meaning
of the Decree of the third of March, nineteen hundred and ninety-three, concerning the statutes for sites for open-air recreational stays. 

  

	 	§2.	The Flemish Government may establish the list of works, actions and changes for which, by way of departure from §1, no urban development permit is required, due
to their nature and/or scale. 

  

	 	§3.	A provincial and/or municipal urban development bye-law may supplement the works, actions and changes requiring a permit, as listed in §1. They may also
introduce a requirement for an urban development permit for works and actions that are exempt for permits.’ 

  

	5.	The ‘owner of the land’, as shown by a letter from Zaventem municipal authority dated the twenty-eighth of November, two thousand, declares that, according to
the Halle-Vilvoorde-Asse District Plan, the property lies in an area for artisan businesses and small and medium-sized enterprises. 

  

	 	In order to complete this information, the contents of the said letter from Zaventem municipal authority are reiterated here. 

 

	 	The parties explicitly acknowledge that they are aware of the urban development information obtained by the Zaventem Municipal Authority and more specifically, what is
reiterated here. 

  

	 	They acknowledge that they have received copies of the aforementioned letter. 

 

	 	•	 	 According to the Halle-Vilvoorde-Asse District Plan established by Royal Decree of 07.03.1977, the property in question lies in an area for artisan
businesses and small and medium-sized enterprises. 

  

	 	•	 	 Not included in a Special Building Plan approved by Royal Decree. 

 

	 	•	 	 Not included in an approved division into plots. 

 

	 	•	 	 Not included in a revaluation or emergency housing area. 

 

	 	•	 	 Not subject to the Decree of 03.03.1976 for the protection of urban and village skylines. 

 

	 	•	 	 Not subject to the Decree of 16.04.1996 concerning protection of landscapes. 

 

	 	•	 	 Not affected by the plot boundary. 

  

	 	•	 	 Not the subject of compulsory purchase. 

  

	 	•	 	 Not encumbered with servitudes for underground use for pipelines for transportation of gaseous products, within the meaning of the Act of 12 April
1965. 

  

	 	•	 	 Not included in a list of void properties (residential properties, unfit and/or uninhabitable residential properties and derelict buildings and/or
residential properties); void commercial properties. 

  

	 	•	 	 We do not possess a list of contaminated properties (OVAM). 

 

	 	•	 	 Pursuant to the Decree of 15 July 1997, containing the Flemish Residential Code, article 85 et seq., we report that the property in question
lies in a residential area. The municipal pre-sale rights do not apply here. 

  

	 	•	 	 We do not yet have a register of plans and a register of permits. The urban development information is provided for the application of article 63 of
the urban development legislation co-ordinated on 22 October 1996, to the extent applicable to urban development notifications. 

 The above information is provided to you in the form of a single notice and remains valid only while the prospects in the field of urban development remain unchanged. They do not anticipate any
decisions to be taken pursuant to applications for building and division of land into plots; they are without prejudice to such decisions in any way.’ 
 NOTIFICATIONS 
 The notifications of division into plots, as provided for by article 138 of
the new Spatial Planning Decree of the eighteenth of May, nineteen hundred and ninety-nine, were issued by registered mail, namely to: 
  

	a.	the Municipal Executive of Zaventem Municipal Authority on the seventeenth of October, two thousand. This letter has remained unanswered to date.

  

	b.	the Director of Urban Development Administration, Directorate of Flemish Brabant Provincial Authority, on the seventeenth of October, two thousand. This letter has
remained unanswered to date. 

 ARTICLE 18 - Visits to the building. 

The ‘holder of the building rights’ consents to the placement of posters announcing that the Property is to let or for sale at visible locations
at the property, and to visits by persons accompanied by an authorised representative of the ‘owner of the land’ at any time between nine o’clock in the morning and five o’clock in the evening on Monday to Friday, in the company
of an InterXion employee, in the twelve months prior to the expiry of the agreement. 
 ARTICLE 19 - Costs and Rights. 

All costs of any kind arising from this deed or its implementation shall be borne by the ‘holder of the building rights’. 

For the purpose of the collection of the registration rights, the parties declare that: 

  

	 	•	 	 the amount of the overall royalty, taking account of the automatic increase by a fixed rate of three per cent, amounts to
            ***             

  

	 	•	 	 With no civil consequence between the parties, the charges imposed on the ‘holder of the building rights’ are fixed at fifteen per cent of
the overall royalty. 

 The parties hereby declare that the private building rights agreement was registered on the ninth of
April, two thousand and one, at the Zaventem registration office, with the following notice: 
 ‘registered twenty-three rolls, no
insurance in Zaventem on 9 April 2001, book 6/13, page 98, section 14, received:             ***             The Receiver L
DESMAELE, First inspector present. 
 ARTICLE 20 - Changes – Tolerance – Indivisibility. 

This agreement may be amended only by an explicit written provision. 
 Consequently, in no case may a change be deduced from the passive position of the ‘owner of the land’ or the ‘holder of the building rights’, or even from simple tolerance, however
frequent or lengthy, and the ‘owner of the land’ or the ‘holder of the building rights’, depending on the case, is free at all times to require the strict application of the provisions and requirements that have not formed the
subject of an explicit, written change. 
 This agreement is declared to be indivisible sole in the favour of the ‘owner of the land’,
in particular with regard to the entitled parties of the ‘holder of the building rights’. 
 ARTICLE 21 - Election of domicile.

 For all purposes concerning this agreement, the ‘holder of the building’ rights elects domicile in the Property. 

ARTICLE 22 - Dates of notices. 
 All
notices made by registered mail for the implementation of this agreement are deemed to have been made as of the date on which the registered letter is delivered, and the date of the receipt has evidentiary value in that regard. 

ARTICLE 23 - Any nullity of a provision. 

The nullity of any provision of this agreement does not lead to the nullity of the agreement. The provision that is invalid is deemed not to have been
written to the extent that it is unlawful, and in cases arising, the parties undertake to replace that provision with a provision equivalent in economic terms. 

 ARTICLE 24 - Waiver of right to compensation on the basis of article 6 of the Act of the tenth of
January, eighteen hundred and twenty-four concerning building rights. To the extent necessary, the ‘holder of the building rights’ waives the right to any compensation on termination of this agreement, on the grounds of article 6 of the
Act of the tenth of January, eighteen hundred and twenty-four concerning building rights. 
 ARTICLE 25 - Act of the tenth of January,
eighteen hundred and twenty-four. 
 The Act of the tenth of January, eighteen hundred and twenty-four concerning building rights applies in all
cases for which no explicit provision is made in this agreement. 
 PRO FISCO DECLARATION 

In compliance with article 168 of the Code of Registration of Mortgages and Registry Fees, the undersigned parties hereby declare that the existing
buildings on the land to which the building rights pertain belong solely to the ‘holder of the building rights’ during the term of these rights, pursuant to article 7 of the Act of the tenth of January, eighteen hundred and twenty-four
concerning building rights. The ownership rights of the ‘holder of the building rights’ to said buildings are consequently of a highly restricted nature, such that he holds no absolute ownership rights to these within the meaning of
article 544 of the Belgian Civil Code. The establishment of these building rights therefore does not entail any transfer of ownership within the meaning of articles 1582 et seq. of the Belgian Civil Code. 

ARTICLE 26 - Applicable law and choice of legal forum. 
 This agreement is governed by Belgian law. 
 The District Courts in the legal district of Brussels
hold sole competence to hear any disputes arising in relation to this agreement. 
 FISCAL DECLARATION. 

 

	A.	Registration rights. 

 The
parties acknowledge that they have taken cognisance of article 203 of the Code of Registration Rights, reading as follows: ‘In the event of any understatement of the price and charges or the agreed value, each of the contract parties is liable
to pay a penalty equal to the evaded rights. This right is indivisible and payable by all parties.’ 

  

	B.	Value added tax. 

 The
parties acknowledge that they have taken cognisance, through the undersigned Civil-Law Notaries, of article 61, paragraph 6 and article 73 of the Value Added Tax Code. 
 The ‘owner of the land’ hereby declares that he is liable for tax within the meaning of the Value Added Tax Code, under number 437.830.680 at the office in Brussels. 

WHEREOF DEED. 
 Drawn up and executed in
Brussels. 
 On the date hereinbefore mentioned. 
 Following the reading of the deed, with explanation, the deed was signed by the persons appearing and by Us, Civil-Law Notaries. The original of the deed shall be in the custody of Mr. James Dupont.

 Signatures to follow. 
 Registered 20 page(s), 6 note(s), at the 1st Registration Office of Vorst on 6 July 2001, Book 5/26, Page 91, Section 8, Receiver: 1000 francs. The acting receiver, A. Wauters. 

Additional receipt at the 1st Registration Office of Vorst on 13 July 2001, Book 5/27, Page 93, Section 16, Receiver: 399,000 francs. The
acting receiver, A. Wauters.Lease Agreement dated May 1, 2000

 Exhibit 10.5 
 Confidential material has been omitted and filed separately with the Commission 
 TABLE OF
CONTENTS 
 Background and purpose 
  

							
	1.	  	The Leased Premises	  	 	3	  
			
	2.	  	Application	  	 	5	  
			
	3.	  	Commencement/takeover	  	 	6	  
			
	4.	  	Notice/termination	  	 	7	  
			
	5.	  	Subletting/expiry	  	 	9	  
			
	6.	  	Annual fee and deposit	  	 	9	  
			
	7.	  	Utilities accounts (heating and water)	  	 	10	  
			
	8.	  	Property accounts (taxes, charges, operating expenses and other costs)	  	 	11	  
			
	9.	  	Other expenses and expense types	  	 	13	  
			
	10.	  	Agreed regulation of rent	  	 	13	  
			
	11.	  	Regulation of rent to market rent	  	 	14	  
			
	12.	  	Maintenance and renewals	  	 	14	  
			
	13.	  	Liability and risk	  	 	14	  
			
	14.	  	Vacation and return of the Leased Premises	  	 	15	  
			
	15.	  	VAT	  	 	16	  
			
	16.	  	Disputes	  	 	16	  
			
	17.	  	Pre-emption right	  	 	16	  
			
	18.	  	Registration and costs	  	 	17	  

 This lease agreement
includes the following appendices: 
  

			
		
	 Appendix 1.
	  	Plan drawings, basement and ground floor, buildings 1 and 11, dated 15.03.00, as well as drawings, building 11, office plan, dated 07.04.00.
		
	 Appendix 2.
	  	Description of the design and arrangement as of the commencement date, dated 25.04.00.
		
	 Appendix 3.
	  	Specification of charges pursuant to clauses 7 and 8, dated 25.04.00.
		
	 Appendix 4.
	  	Checklist from Ministry of Housing and Urban Affairs.
		
	 Appendix 5.
	  	Section 24 of AB 92.

  
 Page 1 of 16

 interxion 
 The parties: 
 This lease agreement is concluded between 

 

			
	 Lessor:
	  	 Keops A/S

Rådhuspladsen 14
 1550 København
V
 Denmark
 CVR no. 36 85 00 16
(hereinafter “the Lessor”)

		  
		  
		  
		  
	 and
	  	
		
	 Lessee:
	  	 InterXion Headquarters BV
 Cessmalaan 1
 1119 NJ Schipol – Rijk
 The Netherlands
 CVR no. (hereinafter “the Lessee”)

		  
		  
		  
		  

  

	1.	The leased premises 

  

	1.1	The leased premises comprise the following provisional areas: 

  

					
	 Building 1:
	  		  	
	 Basement:
	  	approx.	  	544
    m2
	 Ground floor:
	  	—  	  	5,400
    m2
	 Proportion of communal areas:
	  	—  	  	16
    m2
		  	 	  	 
	 Total:
	  	approx.	  	5,960
    m2
			
	 Building 11:
	  		  	
	 Basement:
	  	approx.	  	507
    m2
	 Ground floor:
	  	—  	  	580
    m2
	 Proportion of communal areas:
	  	—  	  	16
    m2
		  	 	  	 
	 Total:
	  	approx.	  	1,103
    m2
			
	 Total gross area:
	  	approx.	  	7,063
    m2

hereinafter “the Leased Premises”. 
  

	1.2	In connection with the Commencement Date, the Lessor is responsible for the final measurement of the Leased Premises. Executive order no. 311 of 27 June 1983 on
land area is applied, although the gross area includes a proportion defined in binding terms by the Lessor of all communal areas, including entrance areas, staircases, evacuation routes, evacuation corridors, emergency exits, air raid shelters,
equipment rooms, terraces, etc., notwithstanding any restrictions associated with them. 

  
 Page 2 of 16

  

	1.3	 The proportional share is defined as the Leased Premises’ gross area divided by the total gross area of 30,237 m2. 

 

	1.4	If the gross area, following final measurement, deviates from the provisional measurement by 5% or more, regulation is performed of the rent and deposit as well as all
other payments, including contributions to utilities, with retrospective force from the Commencement Date. There is no regulation in the event of deviations of less than 5%. 

 

	1.5	The Leased Premises are situated on title no. 18 a Ballerup, the land and buildings of which are referred to hereafter as the Property. The postal address of the Leased
Premises is Industriparken 20-32, Ballerup, Buildings 1 and 11. The location of the leased Premises is indicated on the attached drawing Appendix 1. 

 

	1.6	The design and arrangement of the Leased Premises on the Commencement Date are indicated in the attached description Appendix 2. To the extent that the
parties have agreed that the Lessor shall undertake renovation, repairs or new installation work in the Leased Premises, this is specified in the description. The Lessee plans to install equipment and to undertake new installation work in the Leased
Premises as specified in the description, Appendix 2. 

 The Lessee plans to invest
approx.            * * *             in the Leased Premises. 

 

	1.7	In association with the Leased Premises the Lessee is granted the exclusive right of use of a total of 12 car parking spaces. The location of these spaces is indicated
in Appendix 1. 

  

	1.8	In association with the Leased Premises there is also the right to use a traffic zone and an area in the communal yard for goods deliveries/unloading. This zone is
highlighted in the attached Appendix 1. 

  

	1.9	The Lessor grants the Lessee first refusal of tenancy to any free areas in the property known as Industriparken 20-32 and to any properties belonging to the Lessor or
an associated company that adjoins Industriparken 20-32. The Lessor makes the same offer to the Lessee that a potential lessee would receive. The Lessee must give the Lessor a response within 15 working days of receipt of the offer. If the Lessee
fails to respond within 15 working days, the Lessor is free to conclude a lease agreement with the potential lessee. If the Lessee exercises his right of first refusal of tenancy, the terms and conditions of the new Leased Premises must be
essentially the same as those offered to the potential lessee. 

  

	1.10	For a period of six months from the date on which the parties sign this agreement, the Lessor offers the Lessee the opportunity to lease the property known as
Industriparken 20-32, Building 3, for the same rent (per square metre) and with the same expenses as for the current Leased Premises. If the Lessee notifies the Lessor before the expiry of this six-month period that the Lessee wishes to exercise the
right to lease Building 3, the Lessee shall be granted three months’ free rent. 

  
 Page 3 of 16

  

	2.	Application 

  

	2.1	The Leased Premises shall be used for industrial use, production, telecommunication business/business as an Internet Service Provider, and may not be used for any other
purpose without the Lessor’s written consent. 

 The Lessor is responsible for ensuring that the use of the
Leased Premises for the commercial purpose described above on the Commencement Dates specified in clause 3.1 is not in breach of the local plan or other public planning. 
 The Lessor bears neither liability nor risk for the Lessee’s actual use of the Leased Premises. The Lessee is responsible for ensuring that the agreed use is not subject to special public regulations
and is obliged to obtain and maintain all permits required with regard to the installation and operation of the Leased Premises, including regulations relating to environmental and fire conditions, as well as the Danish Working Environment
Authority. The Lessor must be notified without undue delay of official requirements and receive a copy of any necessary permits. 
  

	2.2	The Lessee’s use may not cause inconvenience in the form of odour, noise, vibration or light or in any other way cause inconvenience to other lessees in the
Property or others. The Lessor does, however, give the Lessee permission to perform the activities that are described in Appendix 2, with the consequences that such activities involve. The Lessee must ensure that his personnel and
others who have access to the Leased Premises treat the Leased Premises and its equipment as well as the Property in general in a responsible way. 

  

	2.3	Changes may only be made to the Leased Premises with the Lessor’s written consent. The Lessee shall, in response to the Lessor’s reasonably justified
instructions, implement installations and renovations when changes take place to meet requirements from a public authority regarding the contractual use of the Leased Premises. 

 

	2.4	If the Lessee has made changes to the Leased Premises, the Lessee is obliged upon termination of the lease arrangement to restore the Leased Premises, unless the Lessor
has waived this requirement in writing. The Lessor may demand that the Lessee, before making any changes, deposit a reasonable amount as security for the obligation to restore. 

 

	2.5	The Lessee is liable for compensation for any damage – including accidental damage – caused to the Leased Premises or the Property in general as a consequence
of the Lessee’s installations or renovations. 

  

	2.6	Signs, flags and other forms of publicity on and by the Property as well as the setting up of awnings, sun blinds, showcases and automatic machines, etc. are only
permitted subject to the Lessor’s prior written notification and approval and must in such cases comply with the easements and official requirements in force at any time that apply to the Property. 

  
 Page 4 of 16

 All costs in connection with the above measures are paid by the Lessee, who is obliged to
obtain and maintain all official approvals and to make sure that any conditions for approval are observed at all times. 
 When
vacating the premises, the Lessee must at his own expense remove all traces of objects placed in the Property in accordance with the above, unless the Lessor has waived the requirement to do so in writing. 

The Lessor may demand that signage, etc. on the Property complies with a signage plan drawn up by the Lessor, which may include inter alia
communal direction signs. The costs of producing and continuously updating this signage plan as well as all measures relating to its implementation constitute a communal charge, which is included in the property accounts, cf. clause 8. 

 

	2.7	The Lessee is not entitled to use the communal area and/or the outdoor area for the storage or placing of goods, packaging, etc. without the Lessor’s written
consent. The Lessor may remove such objects without prejudice at the Lessee’s expense. 

  

	2.8	The Lessee undertakes to clear storage rooms that also serve as air raid shelters within the statutory time frame in force at any time. 

 

	2.9	Notwithstanding whether a part of the Property’s communal area is included in the gross area of the Leased Premises, the Lessor may to a reasonable extent make use
of these communal areas, including for the hiring of advertising space, mobile phone aerials, etc. The Lessor’s right of use includes both internal and external communal areas. 

 

	2.10	The disposal of hazardous or polluting substances is not permitted in or by the Leased Premises and the Property. The Lessee is liable for compensation for this, and
the Lessor may conduct an inspection when the premises are vacated in order to check that the Lessee’s obligation has been fulfilled. 

  

	3.	Commencement/takeover 

  

	3.1	The Leased Premises in Building 1 are expected to be available to be taken over by the Lessee on 01.05.2000, referred to hereafter as Commencement Date I. The Leased
Premises in Building 11 are expected to be available to be taken over by the Lessee on 15.08.2000, referred to hereafter as Commencement Date II. Commencement Date I and Commencement Date II are referred to hereafter as “the Commencement
Dates”, and the latter of these two dates is referred to hereafter as “the Commencement Date”. 

  
 Page 5 of 16

  

	3.2	Any less significant defects in the Leased Premises that do not prevent the Lessee’s use of them do not defer the Commencement Dates and the Commencement Date, and
do not entitle the Lessee to a reduction in the rent. 

  

	3.3	If the Leased Premises cannot be taken into use on the Commencement Dates and this is due to a situation relating to the previous lessee (e.g. their failure to vacate
the premises in time or to restore the premises) or an unexpected need to undertake repairs, the Lessor can defer the Commencement Dates by the time that this delay represents. The Lessor is not, however, entitled to defer the Commencement Dates by
more than 13 months. The Lessee does, however, have access to the Leased Premises on the specified Commencement Dates. 

  

	3.4	If the Leased Premises cannot be taken in to use on the specified Commencement Dates and this is due to a situation that according to Section 24 of AB 92 gives the
contractor the right to extend the deadline, the Lessor can defer the Commencement Dates (and thereby also the Commencement Date) without compensation as specified in Section 24 of AB 92. A copy of Section 24 of AB 92 is attached as
Appendix 5. 

  

	3.5	No later than on the Commencement Dates, a transfer process takes place, and the Lessor draws up a moving-in report on the basis of this. No later than 14 days after
receipt of the moving-in report, the Lessee must notify the Lessor of any objections to this. The Lessor is entitled and obliged to rectify any defects within a reasonable time. 

 

	3.6	The Lessee is obliged to take part free of charge in the 1-year and 5-year review between the Lessor and the contractor, and in this context the Lessee is obliged to
provide information about any defects confirmed after the Commencement Dates. The Lessee is obliged without compensation to assist in the contractor’s and the Lessor’s rectification of any defects. Rectification of such faults and defects
will, however, take place in close collaboration with the Lessor and in such a way that it does not disrupt the Lessee’s business activities. 

  

	3.7	Disputes about defects and/or delays are resolved by the assessor, cf. clause 16.2. If, as an element of such a dispute, an expert opinion is sought with regard to
questions that may be or become the subject of a dispute between the Lessor and the contractor, the parties agree to use the same assessor. The Lessee is a party to the expert opinion and has a right to influence the choice of assessor and an
obligation to take part in the process of obtaining an expert opinion, including possibly also in the costs. Before the Lessor approves the assessor, the Lessee must have approved this person with the Lessor. There is no contractual relationship
between the Lessee and the contractor. 

  

	4.	Notice/termination 

  

	4.1	The Lessee can serve notice to terminate the lease arrangement and vacate the premises no earlier than ten years after the Commencement Date. 

  
 Page 6 of 16

  

	4.2	The Lessor can serve notice to terminate the lease arrangement and vacate the premises no earlier than 15 years after the Commencement Date. 

 

	4.3	Both the Lessee and the Lessor must give at least 12 months’ written notice to vacate the premises on 1 April of a given year. 

 

	4.4	The Lessee is entitled to extend the term of the lease agreement at one year’s notice by up to 2 x 5 years. When a request is made to extend the term of the
agreement, the other provisions of the lease agreement are also carried forward in full. 

 The Lessee’s
notice may only be based on significant changes in the commercial market terms of the rent. 

  
 Page 7 of 16

  

	5.	Subletting and surrender 

  

	5.1	The Lessee is entitled to sublet the Leased Premises either partly or in full. 

 

	5.2	The Lessee is not entitled to surrender the lease arrangement, but is granted the right after the Commencement Date to transfer the lease arrangement to the
Lessee’s Danish, 100%-owned subsidiary, currently in the process of being established under the name of InterXion Danmark A/S. The transfer of the lease arrangement to the Lessee’s Danish subsidiary is, however, only valid for as long as
and to the extent that the subsidiary fulfils the terms of the lease agreement in all respects. If this is not the case, the lease agreement reverts to the Lessee in the Lessee’s non-terminability period. The subsidiary cannot transfer the
lease arrangement to another party. 

  

	6.	Annual fee and deposit 

  

	6.1	The rent excluding VAT is: 

  

																	
	 Building 1:
	  				  				  				  			
	 Basement         approx. 544 m2
	  	 	x DKK	  	  	 	Total	  	  	 	DKK	  	  	 	    	*** 
	 Ground floor   approx. 5 400 m2
	  	 	x —	  	  	 	—  	  	  	 	—  	  	  	 	    	*** 
	 Share of communal areas approx. 16 m2
	  	 	x —	  	  	 	—  	  	  	 	—  	  	  	 	    	*** 
					
	 Building 11:
	  				  				  				  			
	 Basement         approx. 507 m2
	  	 	x DKK	  	  	 	Total	  	  	 	DKK	  	  	 	    	*** 
	 Ground floor   approx. 580 m2
	  	 	x —	  	  	 	—  	  	  	 	—  	  	  	 	    	*** 
	 Share of communal areas approx. 16 m2
	  	 	x —	  	  	 	—  	  	  	 	—  	  	  	 	    	*** 
		  				  				  				  	 	 	 
					
	 Total rent excl. VAT 7,063 m2
	  				  	 	Total	  	  	 	DKK	  	  	 	    	*** 
		  				  				  				  	 	 	 

 The final rent and deposit are defined when the final measurement of the areas has taken place and will be
regulated either upwards or downwards with retrospective force from the Commencement Dates, cf. clause 1.4. 
  

	6.2	The rent falls due for payment quarterly in advance, and falls due for the first time as of the Commencement Dates, when rent is paid for the period from the
Commencement Dates until the end of the quarter in question. The rent is paid otherwise quarterly in advance on 1 March, 1 June, 1 September and 1 December. 

 

	6.3	No later than one week after the Lessee has signed this agreement, the Lessee shall set up a bank guarantee corresponding to six months’ rent. The bank guarantee
only comes into force two years after the parties’ signatures upon conclusion of this agreement. The bank guarantee constitutes security for any interim balances between the Lessee and the Lessor in connection with the lease arrangement,
including security for the Lessee’s obligations in connection with vacating the premises. The guarantee shall be released wholly or partly when the rental arrangement has ceased and all requirements from the Lessor have been satisfied. (Draft
bank guarantee attached.) 

  
 Page 8 of 16

  

	6.4	In addition to the rent, the Lessee shall pay a proportion of the costs in accordance with the utilities accounts, cf. clause 7, and a proportion of the expenses in
accordance with the property accounts, cf. clause 8. 

  

	6.5	All claims resulting from this lease agreement or the Danish Act on the Lease of Business Premises are pecuniary obligations. 

 

	7.	Utilities accounts (heating and water) 

  

	7.1	The Lessor arranges for supplies of heating and hot/cold water. The Lessee is obliged to source all of this consumption of heating and hot/cold water in accordance with
the Lessor’s instructions, and the Lessee pays for this in accordance with the guidelines described below. The Lessee may not establish any other heating supplies without the Lessor’s written consent. The Lessee is obliged the keep the
Leased Premises free of frost. 

 The utilities accounts are produced jointly for premises in the Property or for
units that share their heating supplies with it. The Lessor may restrict or extend the units that share joint heating supplies with the Property and change the division between the units that participate in joint heating supplies. 

Clause 7.2 and the attached Appendix 3 (“Specification of charges in accordance with clauses 7 and 8”) specify
which estimated expenses are included in the utilities accounts. The specification does not include expense types that are not known when this agreement is concluded, and which the Lessor may therefore subsequently have included in the utilities
accounts. Any new expenses must be directly associated with the operation of the Leased Premises or the communal areas and must reflect actual expenses borne by the Lessor. 

 

	7.2	The utilities accounts include the following expenses: 

  

	7.2.1	All expenses for fuel, etc., all forms of payments to suppliers of district heating, gas and oil, and all expenses associated with the operation of the heating supply,
including chimney sweeping, staff costs, expenses for inspection and supervision, and maintenance and provisions for renewals of heating supply systems, including spare parts and tools, as well as statutory inspection schemes.

  

	7.2.2	 Lease of the boiler room, calculated at 126 m2
x            ***             . This boiler room lease is regulated once a year according to the net price index.

  
 Page 9 of 16

  

	7.2.3	Expenses for security and service arrangements, technical support and administrative expenses, including expenses for producing heating accounts.

  

	7.2.4	Water consumption, water drainage charges and sewerage charges for the Property, including communal consumption of water and water drainage, apart from those that are
billed directly to the individual lessee by the supply company, cf. clause 9. 

  

	7.3	A final statement on utilities expenses is produced once a year for the period from 01.04.00 until 31.03. The Lessee will receive a statement on the first occasion for
the accounts that run from 01.04.00 until 01.04.01. The Lessor may, at two weeks’ written notice, re-schedule the utilities accounting period, and the new period may cover a period of more or less than 12 months. 

 

	7.4	The utilities expenses are divided between the lessees on the basis of the distribution meters in the leased premises where they exist and also according to criteria
drawn up by a heating engineer designated by the Lessor, including with due reference to area and shares of rooms and taps. 

  

	7.5	In order to cover the utilities expenses, the Lessor defines an “on account” amount, which is due for payment at the same time as the rent, cf. clause 6.
Additional payments relating to the utilities accounts fall due for payment as requested by the Lessor. 

  

	8.	Property accounts (taxes, charges, operating expenses and other costs) 

 (8.1) In addition to the agreed rent and the expenses specified in clause 7, the Lessor is entitled to demand from the Lessee reimbursement for all taxes, charges, operating expenses and other costs of
any kind relating to the Property and the associated lease activity. Unless otherwise specified, the Lessor is responsible for all measures relating to the property expenses against reimbursement for these, cf. below. 

The expenses listed below are specified and estimated in attached Appendix 3 (“Specification of charges in accordance
with clauses 7 and 8”). This specification does not include types of expenses that are not known when this agreement is concluded, and which the Lessor may therefore subsequently have included in the property accounts. Any new expenses must be
directly associated with the operation of the Leased Premises or the communal areas and must reflect actual expenses borne by the Lessor. 
  

	8.1	Property expenses include inter alia the following: 

  

	8.1.1	All taxes and charges, etc. including land tax, environmental charges, contributions to renovations, road contributions, insurance premiums relating to the property,
contributions to or the acquisition of materiel for civil defence measures and the basic owners’ association subscription. 

  
 Page 10 of 16

  

	8.1.2	The property’s consumption of communal electricity – including communal electricity consumption for, for example, internal and external lighting, lifts, etc.

  

	8.1.3	All external cleaning, maintenance and renewal of surfaces and open areas, etc. including maintenance of the cultivated and communal areas by the Property as well as
snow clearance, gritting as required on roads, parking areas and yard areas, installation, cleaning, maintenance and renewal of all external lighting, direction signs and the cleaning of drains. 

 

	8.1.4	Internal cleaning, maintenance and renewal of communal areas, including communal staircases, lifts, communal corridors and installations shared by several lessees in
the Property. 

  

	8.1.5	Cleaning, maintenance and renewal of the building, including installations and systems, etc., to the extent that these expenses are not ultimately to be borne by the
Lessor in accordance with clause 12.1, or the situation is specifically attributable to an individual lessee’s maintenance obligation. 

  

	8.1.6	Expenses for subsequent changes to the Property’s communal fittings, communal installations, including relating to the electricity installation, communal water and
heating supply systems to the extent that these changes can be attributed to amended or stricter official requirements, unless the parties are in agreement that the expense be treated as an improvement expense. 

 

	8.1.7	If an instance of damage or defective general maintenance or renewal cannot be attributed to an individual rented unit, the repair, maintenance or renewal is performed
by the Lessor and the expense is divided among the lessees in accordance with this provision. 

  

	8.2	A final statement on property expenses is produced once a year for the period from 1 January until 31 December. The Lessor may, at two weeks’ written notice,
re-schedule the accounting period, and the new period may cover a period of more or less than 12 months. 

  

	8.3	Property expenses are divided among the lessees in the Property according to the defined proportional share, cf. clause 1.3. Expenses that can be attributed solely to
one or more of the individual leased units in the Property are, however, divided among these lessees in proportion to the gross areas involved. 

  

	8.4	In order to cover the property expenses, the Lessor defines an “on account” amount, which is due for payment at the same time as the rent, cf. clause 6.
Additional payments relating to the property accounts fall due for payment as requested by the Lessor. 

  
 Page 11 of 16

  

	9.	Other expenses and expense types 

  

	9.1	In addition to the rent, cf. clause 6 and the expenses described in clauses 7 and 8, the Lessee shall, as far as possible, pay the following expenses directly to the
supplier: 

  

	9.1.1	Electricity consumed in the Leased Premises. 

  

	9.1.2	Water consumed and the associated charges, including drainage, environmental charges, etc., to the extent that these are not included in the property accounts, cf.
clause 8. 

  

	9.1.3	Removal of business waste. Waste containers must be located as instructed by the Lessor. 

 

	9.2	If the Lessor, despite the direct customer relationship between the Lessee and the supplier, is responsible towards the supplier for any of the aforementioned
deliveries, the Lessor can demand a special deposit as security for the Lessee’s payments. 

  

	10.	Agreed regulation of rent 

  

	10.1	The annual rent is regulated with no special notice every year as of 01.05.00, starting on 01.05.2001, by the percentage change in the net price index from April of the
previous year until April before the regulation date. 

 The annual regulation of rent can be calculated using the
following formula: 
 annual rent (old) x new index = annual rent (new) 

            old index 

where the “annual rent (old)” is understood to be the rent in force immediately before regulation, where “new
index” is understood to be the net price index for April. 
 where the “old index” is understood to be the
net price index for April of the previous year. 
 where the “annual rent (new)” is understood to be the
calculated new annual rent, after the annual regulation, which will be in force from the regulation date, and  
 where
the “net price index” is understood to be the price figure calculated and published by Statistics Denmark using January 1975 (=100) as a base. 
  

	10.2	The annual rent increase shall be as a minimum 2.5% cumulatively of the rent in force immediately before the regulation process and shall be as a maximum 5%
cumulatively of the rent in force immediately before the regulation process. 

  
 Page 12 of 16

  

	10.3	If regulation according to the net price index cannot be completed as a consequence of a change or lapse of the current rules on the net price index, the parties agree
to use another, equivalent form of regulation. 

  

	11.	Regulation of rent to market rent 

  

	11.1	Either party may request that the rent be regulated to the market rent in accordance with a similar application of the rules in Section 13 of the Danish Act on the
Lease of Business Premises. The four-year intervals mentioned in the provision are, however, changed to the effect that regulation can take place at five-year intervals. The rent may never, however, be reduced to an amount that is lower than the
agreed starting rent in accordance with clause 6/the most recent regulation to market rent. 

  

	11.2	Notwithstanding clause 11.1, the parties have mutually waived the right to demand that the rent be regulated to the market rent for a period of 15 years from the
Commencement Date. 

  

	12.	Maintenance and renewals 

  

	12.1	Expenses for maintenance of the external envelope, i.e. the roof, façade and external side of gates, doors and windows (excl. panes), are ultimately borne by the
Lessor, while other maintenance and renewal expenses are paid by the lessees via the property accounts, cf. clause 8. 

  

	12.2	All internal maintenance and renewal of the Leased Premises, i.e. the entire physical framework within the leased premises, is the responsibility of the Lessee to the
extent that it is necessary to keep the Leased Premises in a good state of repair corresponding to the standard at which the Leased Premises were taken over on the Commencement Dates. 

In this context the Lessee is obliged to undertake painting, whitewashing and wallpapering. The Lessee is also obliged to maintain and, if
necessary, renew floor coverings, locks, keys and panes, water and gas taps, electrical switches, toilet bowls, cisterns, wash basins, baths, white goods, ventilation systems and any other installations of any kind. The list of aforementioned
elements that the Lessee must maintain is not exhaustive, but simply provides examples. 
  

	12.3	The Lessor is entitled, but not obliged, to conduct an annual inspection of the Leased Premises and the Property in general with a view to assessing the state of
maintenance, etc. 

  

	12.4	The Lessor is entitled to undertake works both inside and outside the Leased Premises in accordance with the rules in Chapter 5 of the Danish Act on the Lease of
Business Premises. 

  

	13.	Liability and risk 

  

	13.1	The Lessee is responsible for arranging the usual shop and/or business insurance covering fire, theft and operating losses before the Commencement Dates, i.e. before
the Leased Premises are furnished with stock, etc. and equipment. Such insurance should as a minimum include stock and equipment, “annual earnings” and fixed glass and sanitary fittings. 

  
 Page 13 of 16

 The Lessor is, however, entitled to arrange a joint insurance policy for glass and sanitary
fittings for the whole Property. The insurance premium in such an eventuality is included in the property accounts, cf. clause 8 
  

	13.2	If, during the term of the lease arrangement, damage is caused to the Lessee’s property (e.g. to stock, etc.) as a consequence of faults, defects or omissions in
the Leased Premises, the Lessor can only be held liable for this if the Lessor has been negligent. This condition only applies if such damage is not covered by an insurance policy arranged by the Lessor. 

 

	14.	Vacation and return of the Leased Premises 

  

	14.1	At no later than 12.00 on the termination date, this time hereafter being referred to as the Termination Time – and regardless of whether this is a public holiday
or the day before a public holiday – the Lessee shall return the Leased Premises in their state at the time. The Lessee is not obliged to restore the Leased Premises. 

 

	14.2	Before the Termination Time the Lessee – unless otherwise agreed with the Lessor – is entitled to remove all moveable effects and equipment, as well as
technical installations that were paid for and installed in the Leased Premises by the Lessee. 

  

	14.3	No later than at the Termination Time, following an invitation from one of the parties, a joint inspection is conducted of the Leased Premises (“moving-out
inspection”) to determine any defects that need to be rectified. Upon completion of the moving-out inspection the Lessee hands over all keys to the Leased Premises, and the Lessor then draws up a moving-out report. The Lessor can then demand
that the value of confirmed defects be converted into a cash amount, which is paid in cash by the Lessee to the Lessor. Any dispute on the conversion of defects into cash amounts is resolved by the assessor, cf. clause 16.2. Instead of conversion
into a cash amount, the Lessor can choose to demand that the defects be rectified at the Lessee’s expense and risk. After the moving-out inspection, the Lessee is subsequently prevented from undertaking his own rectification of defects in the
Leased Premises. 

  

	14.4	Apart from hidden faults and defects in the Leased Premises, the Lessor cannot lodge claims under clauses 14.1 – 14.4 if more than 8 weeks have passed since the
moving-out inspection. 

  

	14.5	The defects confirmed during the moving-out inspection that are not converted into cash amounts are rectified by the Lessor at the Lessee’s expense. If
rectification has not been completed at the Termination Time, the Lessor can demand payment for charges in accordance with clauses 6, 7 and 8, as well as indemnification for expenses in accordance with clause 9 for the period that passes for
restoration from the Termination Time and until the Leased Premises have been put into a contractually agreed condition. Repairs must be undertaken within a reasonable time. 

  
 Page 14 of 16

  

	14.6	If the Lessee’s activity in or from the Leased Premises has any environmental impact, the Lessee must document, when requested by the Lessor, that this activity
and the impact has not had any negative effect on the Property or the neighbours. Documentation can take the form of an authoritative declaration either from the relevant municipal authority or from a recognised engineering company. Any dispute
about the environmental impact is resolved by the assessor, cf. clause 16.2. The costs of producing the documentation are borne by the Lessee. 

  

	15.	VAT 

  

	15.1	The Lessor is voluntarily registered for VAT for both leasing the Leased Premises and for delivery of heating and hot water. 

 

	15.2	As a consequence of this, all services and charges that the Lessee must pay to the Lessor under this agreement will be subject to VAT, currently at 25%, in accordance
with the currently prevailing rules in this respect. 

  

	16.	Disputes 

  

	16.1	Any dispute that may arise in connection with this lease agreement must be brought before the real estate court of the first instance. 

 

	16.2	Disputes relating to defects and delays, cf. clause 3.10, on the conversion of defects when vacating the premises into cash, cf. clause 14.4 and on the environmental
impact, cf. clause 14.7 must, however, be resolved by an independent expert assessor appointed jointly by the parties. In the absence of agreement, the assessor is appointed by the Danish Institute of Arbitration. The assessor’s decision is
final. 

  

	17.	Pre-emption right 

  

	17.1	If the Lessor sells or transfers the property right to the Leased Premises or the Property, subject to the options specified in clauses 1.9 and 1.10, the Lessee has the
pre-emption right to the Property. The Lessor offers the Lessee the opportunity to buy the Property on sales conditions defined by the Lessor. The Lessee must respond to the Lessor within 15 working days. If the Lessee does not respond within 15
working days, the Lessor is free to sell to a third party. If the Lessee exercises his pre-emption right, the conditions of the sale or transfer must be essentially the same conditions that were defined by the Lessor. 

  
 Page 15 of 16

  

	18.	Registration and costs 

  

	18.1	The Lessee is entitled to have this agreement registered for the Property in respect of current and future mortgages and easements. The registration must respect the
Property’s possible division into freehold properties, such that the current agreement releases the Property and is transferred to the relevant freehold property. 

 

	18.2	When the lease arrangement ceases, the Lessee is obliged to cancel the registered lease agreement. If this has not happened within 14 days of the end of the lease
arrangement, the Lessor can cancel the registration at the Lessee’s expense, as the Lessee’s written notice to terminate or the enforcement agent’s notes on the basis of enforcement in a repossession case can form the basis of
cancellation. 

  

	18.3	Each party bears its own costs in connection with the creation of this lease agreement, including fees to their own advisors, solicitors, etc. The Lessee pays all costs
in connection with a possible registration and cancellation from the register of the lease agreement. 

  

	18.4	The Lessee confirms that he has read all appendices to this agreement, including the attached checklist from the Ministry of Housing and Urban Affairs, Appendix
4. 

  

					
	Date:	 		 	Date:
			
	  	 		 	  
	for the Lessee	 		 	for the Lessor

  
 Page 16 of 16

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