Document:

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                                                                   EXHIBIT 10.34

                                 LEASE AGREEMENT

         THIS LEASE AGREEMENT is entered into this 7th day of September, 1999
between Cottonwood Land and Farms, Ltd., hereinafter called "Lessor," and Ecrix
Corporation, hereinafter called "Lessee." 1. Introduction. The Lessor has the
legal right to lease the real property and improvements (hereinafter called
"Premises") described in Exhibit "A," which exhibit is attached hereto and
incorporated by reference. The Premises comprise all of 2108 55th Street,
Boulder, Colorado. The parties now desire to enter into an agreement providing
for the Lessee's lease of the Premises, and this document sets forth in writing
the terms of their agreement.

         2. Premises, Term of Lease, Rental. The Lessor hereby leases the
Premises to the Lessee, and the Lessee hereby leases the Premises from the
Lessor, for a term commencing at 12:01 A.M. on the 15th day of September, 1999
and ending at 11:59 P.M. on the 31st day of December, 2006 unless sooner
terminated as herein set forth. Occupancy will be phased as described in Exhibit
"C". The Lessee agrees to pay Lessor as rent for the Premises according to the
terms of the RENT SCHEDULE in paragraph 31 of this lease. Said rent is payable,
in advance, by 12:00 noon on the first day of each and every month of the term
hereof at the office of the Lessor.

         In the event that the tenancy commences on a date other than the first
day of a month, the rent for the first and last months of the tenancy shall be
prorated and paid on the date of commencement and the first day of the last
month, respectively.

         3. Condition of Premises. The Lessor, shall deliver the Premises to
Lessee clean and free of debris on the Lease commencement date (unless the
Lessee is already

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in possession) and the Lessor warrants to the Lessee that the plumbing,
lighting, air-conditioning, and heating in the Premises shall be in good
operating condition on the Lease commencement date. Lessee shall have forty five
(45) days after the Lease commencement date to give Lessor written notice of any
defective condition or "punch-list" items of unfinished or deficient
construction in the Premises, and Lessor shall make reasonable efforts to
correct the same within a reasonable time after such notice. The Lessee's
failure to give such written notice within forty five (45) days after the Lease
commencement date shall cause the conclusive presumption that the Lessor has
complied with all of the Lessor's obligations hereunder. The warranty contained
in this paragraph shall be of no force or effect if, prior to this date, the
Lessee was an occupant of the Premises. Nothing herein shall be deemed to limit
or exclude any rights Lessee may have under contractor warranties or
manufacturer warranties relating to materials or equipment incorporated into the
Premises. Except as otherwise set forth in this paragraph, the Lessee accepts
the Premises in the condition existing as of the Lease commencement date or the
date that the Lessee takes possession of the Premises, whichever is earlier, and
the Lessee hereby waives any and all warranties of condition or habitability,
suitability for occupancy, use, or habitation, merchantability or fitness for a
particular purpose, whether express or implied, relating to the Premises.

         4. Use of Premise. Lessee acknowledges that its use of the Premises is
subject to all applicable zoning, municipal, county and state laws, ordinances
and regulations governing and regulating the use of the Premises, and further
subject to any covenants or restrictions of record (a copy of such covenants are
attached as Exhibit "B"

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and incorporated by reference). Lessee covenants and agrees that it will abide
by all such laws, ordinances and regulations and all such covenants and
restrictions of record. Lessee shall have no right to grant utility easements or
rights of way on the Premises or to permit the construction or location on the
Premises of utility equipment or infrastructure without Lessor's prior written
consent. Lessee further agrees that no materials (including toxic chemicals)
other than trash and rubbish in sanitary containers approved by Lessor will be
placed outside the building. No vehicles of any kind will be parked on the
Premises except in the designated parking areas. No vehicles will be parked at
the loading docks other than while being actively loaded or unloaded. No
vehicles, trailers, or other equipment of Lessee or its agents, employees, or
invitees shall be parked overnight on the Premises without the written
permission of Lessor.

         5. Assignment. It is expressly understood and agreed by the Lessee that
the Lessee's leasehold interest may not be assigned or sublet in whole or in
part without in each case having first obtained the written consent of the
Lessor. Such consent will not be unreasonably withheld.

         6. Access to Premises. It is expressly understood and agreed by the
Lessee that the Lessor or their agents shall have, upon reasonable advance
notice except in the case of an emergency, free access at all reasonable hours
to the Premises for the purpose of examining the same or exhibiting the same to
prospective buyers or lessees or for making repairs on the Premises which the
Lessor may desire to make, or for accessing, servicing or installing utility
equipment, transmission lines, or other infrastructure on the Premises. Lessor
shall have the right to use any and all means that Lessor may

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deem necessary and proper to enter any portion of the Premises in an emergency,
and such entry shall not under any circumstances be construed or deemed to be a
forcible or unlawful entry into, or a detainer of, the Premises or an eviction,
actual or constructive, of the Lessee from the Premises.

         7. Alterations. Lesser shall not make any alterations, additions, or
improvements including, but not limited to painting and signs, in or to the
Premises without Lessor's prior written consent, which may be withheld without
cause. Subject to the limitations of this paragraph, if Lessor fails to respond
to a request for alterations, additions, or improvements within five (5)
business days after receiving the materials described below, then Lessor shall
be deemed to have granted its consent. In particular, and not by way of
limitation, Lessee agrees that: (a) Lessee will submit to Lessor all plans for
signs to be erected, substituted, changed or modified on the Premises, including
color, site, location, height, and lighting; (b) No temporary structure, tent,
or trailer shall be constructed or permitted to remain on the Premises; (c) No
apparatus of any kind may be added to the exterior of the building by Lessee;
and (d) No locks may be changed on the Premises without Lessor's consent. Any
alterations, or improvements that the Lessee shall desire to make and which
require the consent of the Lessor shall be presented to the Lessor in written
form with scaled, detailed plans showing modifications of all electrical,
heating, ventilating, air-conditioning, plumbing and other systems as well as
modifications to walls, permanent partitions, doors and other structures, and
the Lessee shall furnish as-built scaled plans upon the completion of the
modifications. Lessee agrees that it shall be

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solely responsible for all costs and expenses incurred in connection with any
alterations, additions, or improvements desired by Lessee, including, without
limitation, the cost of any additional construction, modifications, or
improvements mandated under federal, state, or local law as a result of Lessee's
alterations, additions, or improvements. Notwithstanding anything to the
contrary herein, Lessee shall not be required to obtain Lessor's prior consent
or approval to non-structural, non-mechanical alterations or improvements of
less than $1,000 total aggregate cost in any one year period. Lessee shall not
be required to obtain Lessor's prior consent or approval for phone or data
cabling. If requested by Lessor, Lessee agrees to remove any improvements or
alterations installed under this paragraph.

         8. Landlord Not Liable. Lessor shall not be liable for any damages
occasioned by failure to keep the Premises in repair, and shall not be liable
for any damage done or occasioned by or from electrical current, plumbing, gas,
water, steam, or sewage, or the bursting, leaking, running or failure of
operation of any radiator, tank, water closet, wash stand, waste pipe, air
conditioning, or any other apparatus, above, upon, or about the Premises or the
Building, nor the damage occasioned by water, snow, or ice being upon any
sidewalk or entrance way, or being upon or coming through the roof, sky light,
trap door or any other opening in the Premises or the Building, nor from loss
suffered by fire, regardless of origin, wind, rain, flood or other elements, nor
from any damage arising from the action or negligence of Lessee or other
occupants of the Building or of any owners or occupants of its adjacent or
contiguous property, unless the same shall have been caused by Lessor's gross
negligence or willful

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misconduct. Lessee hereby releases, discharges, and agrees to indemnify Lessor
of and from any and all claims, demands, and liability for any loss, damage,
injury, or other casualty to property, whether it be that of either of the
parties hereto or of third persons, whether they be third persons of Lessee or
agents or employees of Lessee, caused by, arising from, or happening in
connection with Lessee's use or occupancy of the Premises or Lessee's use of any
equipment, facilities, or property in, on, or adjacent to the Premises or the
Building, unless the same shall have been caused by Lessor's gross negligence or
willful misconduct. Nothing herein shall be construed as limiting or reducing
Lessor's obligations under paragraph 16 hereof.

         9. Additional Areas. It is expressly understood and agreed by Lessee
that if the Lessor shall furnish any automobile parking spaces, common areas, or
any other facilities, equipment or appliances outside of and in addition to the
Lessee's Premises, the same shall be deemed gratuitously furnished by the Lessor
and that if any person shall use the same, such person does so at his or her own
risk and upon the express understanding and stipulation that the Lessor shall
not be liable for any loss of property through theft, casualty, or otherwise, or
for any damage or injury whatsoever to person or property. Maintenance of such
additional areas for normal wear and tear shall be the responsibility of Lessor,
but Lessee agrees to be responsible for any additional damage caused by its
agents, employees, guests or invitees.

         10. Additional Rent.

             10.1 Utilities. Whenever possible, all utility services to the
leased premises, including, without limitation, gas, electricity,
telecommunications, water, and sewer, shall be contracted directly in the name
of the Lessee, and the Lessee shall be

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solely responsible for the direct payment of all utility fees and service
charges for such utilities. If, for any reason, it is not possible for the
Lessee to contract directly for any utility service, and the cost of such
service is billed to the Lessor, the Lessee shall pay Lessor additional annual
rent equal to the full amount of such utility fees and service charges paid by
Lessor. Where such a utility service is metered by a common meter, the Lessor
shall apportion the total cost among the tenants serviced by such meter, taking
into account the area leased, type of business conducted, and any other factors
deemed relevant by the Lessor. Such apportionment shall be made in the Lessor's
sole, good faith judgment, and shall be final and binding upon Lessee.

             10.2 Operating Expenses. In addition, the Lessee shall pay Lessor
additional annual rent equal to the cost of all operating expenses for the
Building multiplied by 100% percent. Operating expenses shall include, but not
be limited to: (a) taxes, assessments and governmental taxes, whether federal,
state, county or municipal, which are levied on or charged against the Premises
and any other taxes and assessments attributable to the Premises and its
operation excluding, however, federal and state income taxes; (b) all insurance
premiums paid by the Lessor attributable to the Premises; (c) all expenses
incurred in connection with the maintenance, operation, and repair of the
Building, associated equipment, adjacent walks, parking areas, and landscaped
areas; (d) Building and cleaning supplies and materials; (e) the cost of all
charges for cleaning, maintenance and service contracts, trash collection, snow
removal, and other services with independent contractors; (f) the reasonable
amortization of any capital improvements which are made or installed by Lessor
after the commencement of this Lease for the purpose of saving labor or
otherwise reducing applicable operating

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expenses; (g) all other costs and expenses reasonably necessary in the operation
and maintenance of a first class Building; (h) the cost of all common area
utility and service charges for the Premises, including, without limitation,
gas, electricity, water, and sewer. Operating costs shall not include the cost
of any work or service performed specially by the Lessor for any lessee at the
cost of such lessee.

             10.3 Payment of Additional Rent. Such additional rent shall be paid
at monthly intervals in advance upon receipt of statements of charges and/or
estimated charges from Landlord. At the end of each calendar year, or, at
Lessor's option, at any other more frequent interval, Lessor shall provide an
accounting of the utility fees and service charges for the leased premises paid
by Lessor, if any, total operating expenses for the Building, Lessee's share of
operating expenses, and Lessee's payments toward such amounts during the year or
interval. During the thirty-day period following such accounting, Lessor shall
pay any excess to the Lessee if payments exceed expenses, and the Lessee shall
pay additional rent to Lessor if expenses exceed payments.

         11. Personal Property Taxes. The Lessee shall pay and discharge all
personal property taxes which are levied, assessed, imposed or charged upon its
personal property and inventory or which arise out of or result from the
activities carried on by the Lessee at or upon the leased Premises.

         12. Insurance. The Lessee shall, at its expense, acquire a general
liability insurance policy effective as of the date of this Lease Agreement.
Said policy shall be acquired from a company qualified and permitted to do
business in the State of Colorado. Said policy shall be in the minimum total
amounts of $1,000,000.00 combined single limits for bodily injury and property
damage. Said policy shall be

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maintained in full force and effect during the entire lease term and shall
contain a provision prohibiting cancellation thereof without at least ten (10)
days' notice to the Lessor, who shall be named as an additional insured. A copy
of the Policy and Current Declaration of coverage shall be provided to the
Lessor within ten (10) days after commencement of the lease and each renewal
date.

         The Lessor shall maintain on the Building and other improvements (but
not Lessee's personal property, fixtures, equipment, and tenant improvements) in
which the Premises are located a policy of standard fire and extended coverage
insurance to the extent of at least ninety percent (90%) of full replacement
value. The insurance policy shall be issued in the names of Lessor and Lessor's
lender, as their interest appear, and any proceeds shall be made payable to
Lessor. The cost of such insurance shall be passed on to the Lessee as part of
the operating expenses for the Building.

         The parties release each other, and their respective authorized
representatives, from any claims for damages arising out of or incident to the
perils insured against or under the insurance policies carried by the parties
and in force at the time of such damage, whether due to the negligence of Lessor
or Lessee or their agents, employees, or invitees. The parties shall, upon
obtaining the policies of insurance required herein, give notice to the
insurance carrier or carriers that the foregoing mutual waiver of subrogation is
contained in this Agreement.

         13. Indemnification. The Lessee agrees to indemnify and hold the Lessor
harmless from any claims, damages, liens, or judgments that may be filed,
entered or asserted against it by virtue of the Lessee's use of the Premises or
by virtue of any act of the Lessee, its agents, servants or employees.

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         14. Condemnation. If all or a substantial part of the Premises is taken
or condemned for a public or quasi-public use (or any transfer is made in lieu
thereof), and the part thereof which remains is not suitable for the Lessee's
business use, then this Lease shall, upon written notice from Lessee, terminate
as of the date that title is taken by the condemnor. Lessor shall, after the
taking of all or any portion of the Premises, provide the same amount of square
feet of compatible building space for Lessee's operations in the immediate
vicinity of the Premises, and, in the event Lessor cannot do so, Lessee shall
have the right to terminate this Lease, but shall not receive payment in any
form of compensation. All compensation awarded upon any such condemnation or
taking shall go to the Lessor except that the Lessee shall be entitled to that
part of the total award, if any, specifically allocated to the value of the
Lessee's fixtures so taken.

         15. Release of Liens. Lessee expressly covenants and agrees that it
will, during the term hereof, promptly remove or release, by the posting of a
bond or otherwise, as required or permitted by law, any lien attached to or upon
the Premises or any portion thereof by reason of any act or omission on the part
of the Lessee, and it hereby expressly agrees to save and hold harmless the
Lessor from or against any such lien or claim of lien. In the event any such
lien does attach, or any claim of lien is made against the Premises, which may
be occasioned by any act or omission upon the part of the Lessee, and it is not
thus released within thirty (30) days after notice thereof, Lessor, in its sole
discretion, (but nothing herein contained shall be construed as requiring it so
to do) may pay and discharge the said lien and relieve the said demised Premises
from any such lien, and the Lessee agrees to pay and reimburse Lessor upon

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demand for or on account of any expense which may be incurred by Lessor in
connection with such lien of claim, including reasonable attorney's fees. Lessor
covenants and agrees that it will not cause any mechanic's lien or materialman's
lien to attach to or remain a lien against the Premises in a manner that
adversely affects Lessee's rights hereunder.

         16. Repair and Maintenance. The Lessor shall be responsible for all
repair, maintenance, and replacements required to maintain and keep the Building
in good condition and shall receive reimbursement of such costs as part of the
operating expenses for the Building; provided, however, that the Lessee shall be
wholly responsible for replacement of cracked or broken glass, replacement of
all incandescent and fluorescent lights and maintenance of all light fixtures on
the Premises and all damage to the Building resulting from acts or omissions of
the Lessee, its agents, employees or invitees. The Lessee shall not be
responsible for maintenance or repair resulting from acts or omissions
(including vandalism) of other tenants, their agents, employees, or invitees.

         17. Compliance With Laws and Regulation. The Lessee shall comply with
all laws and regulations of governmental entities, agencies or authorities
having jurisdiction over the Premises and the uses made therein. The Lessee
shall not permit a nuisance to exist on the leased Premises.

         18. Payments to Lessor. Until notice to the contrary is given to the
Lessee, all payments to be made to the Lessor hereunder shall be made by
delivering the same

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at the address of the Lessor as set forth in Paragraph 19 hereof so that payment
is received by the Lessor on or before the due date.

         19. Notice. Whenever notice is required to be given to a party
hereunder, said notice shall be in writing and shall be given to the party
entitled thereto by delivering a copy thereof to the party entitled thereto or
by mailing a copy thereof to the party entitled thereto by registered or
certified mail, return receipt requested. If such notice is given by delivering
a copy to the person entitled thereto, said notice shall be complete and
effective on the date of such delivery. If such notice is given by mailing a
copy to the person entitled thereto, said notice shall be complete and effective
on the date it is deposited in the mail to the following persons at the
addresses indicated:

          Lessor:    Cottonwood Land and Farms, Ltd.

                     c/o Flatiron Park Company

                     5540 Central Avenue

                     Boulder, Colorado 80301

          Lessee:    Ecrix Corporation

                     5525 Central Avenue

                     Boulder, Colorado 80301

         20. Surrender of Premises. The Lessee shall, upon the termination of
this lease, whether said termination occurs due to the expiration of the lease
term or otherwise, surrender the Premises in as good a condition as when entered
upon, subject only to ordinary wear and tear. Upon the surrender of the
Premises, the Lessee shall, if

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it is not then in default hereunder, have the right to remove its inventory,
furnishings, equipment and trade fixtures from the leased Premises provided that
it repair all damage done to the leased Premises in accomplishing said removal
so as to leave the Premises in the same condition as when entered upon, ordinary
wear and tear excepted.

         21. Removal of Lessee's Property. Lessee hereby grants Lessor a
security interest in all its inventory, equipment, furnishings, and trade
fixtures located on the Premises to secure Lessee's obligations hereunder. If
Lessee defaults in any payment obligation of this lease, or if Lessee fails to
remove such property from the Premises within five days after termination of
this lease, or if Lessee abandons the Premises as defined in Paragraph 23, then
Lessor shall have the right and option to remove such property from the Premises
and exercise all rights granted by Article 9 of the Colorado Uniform Commercial
Code, without any liability for damage or injury caused to the property by any
removal, restoration of Premises, or storage, even if Lessor is negligent.

         The Lessee shall be responsible for the cost incurred in said removal,
storage and restoration, including any reasonable attorney's fees. The Lessor
shall give notice of removal to the Lessee in the manner provided for in this
agreement and the Lessee shall have three (3) days after the effective date of
such notice to recover such property by paying all monies owed and fulfilling
all other obligations hereunder. If the Lessee does not take such actions,
Lessor may retain such property as its sole and separate property or may sell
such property in any commercially reasonable fashion and apply the proceeds to
Lessee's obligations hereunder.

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         Lessor hereby subordinates its lien pursuant to this paragraph to any
existing or future UCC lien relating to bank or institutional financing
(including equipment leases) granted by Lessee in the ordinary course of its
business.

         22. Premises Damages or Destroyed. In the event the Premises are
damaged or rendered wholly or partially unusable by fire, flood, windstorm,
explosion or any other casualty, then the rights and obligations of the parties
shall be as follows:

         Lessor shall promptly repair or replace the damaged Premises, and if
reasonably possible the repair or replacement shall be completed within 90 days
from date of the damage (plus any time period required to obtain City of Boulder
permits and approvals). In the event the repairs or replacements are not
completed within such time period, the Lessee may at its option terminate this
lease, and all the Lessee's obligation for further rent payments shall cease as
of the date of said termination. Rent shall not be abated unless more than 10
percent of the interior floor space in the Premises is rendered untenantable and
the total repairs are not completed in 30 days, in which event there shall be an
abatement of rent in proportion to the portion of the interior floor space
rendered untenantable. In no event shall there be an abatement of rent if the
damage is caused by any casualty on the Premises as a result of acts or
omissions of the Lessee.

         The parties recognize that the Lessee on most occasions will be storing
valuable materials and equipment within the Premises. In the event the Premises
are so damaged by such casualty that Lessee's property would be endangered by
exposure to the elements, and in the further event that Lessee desires to
complete emergency repairs, the restoration of any alterations to the Premises
occasioned by emergency repairs shall

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also be borne by the Lessee. Lessor shall have no obligation to make such
emergency repairs nor any liability for damage directly or indirectly caused to
Lessee's property by such casualty.

         23. Default and Abandonment. If the Lessee defaults in any of its
obligations hereunder and fails to correct said default within three days after
written notice thereof from the Lessor, or, if such breach is not in payment of
money, has not within said three-day period of time commenced substantial
efforts to cure said breach and thereafter continued its efforts to cure said
breach with due diligence, then the Lessor shall have the right to declare this
agreement terminated and to re-enter and take immediate possession of the
demised Premises, or, without in any way being obligated so to do, the Lessor
may elect to retake possession of said Premises and rent the same for such rent
and pursuant to such conditions as the Lessor believes best, making such changes
and repairs as may be required, and giving credit for the amount of rent so
received less all expenses for reletting, advertising, cleaning, removal or
storage of Lessee's property, and repairs, and in such event, said Lessee shall
be liable for the balance of the rent herein reserved until the expiration of
the term of this lease.

         The Lessee shall pay unto the Lessor additional rent for late rent
payments as to all rental payments not made on or before the fifth (5th) day of
the month in which they are due, said additional rent to be five percent (5%) of
the rent payment so delinquent for each month or fraction, thereof that such
payment is late. The parties agree that this late charge is reasonable
liquidated damages taking into account the time spent by Lessor, its agents and
employees because of such late rent payments, processing and

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accounting charges, and late charges that may be imposed on Lessor under the
trust deed covering the Premises.

         In the event of a default by the Lessee in the performance of any of
its duties and obligations hereunder, the Lessee shall pay all costs incurred by
the Lessor in the enforcement of the provisions of this lease (including this
provision) as against said Lessee, said costs to include reasonable attorneys'
fees whether or not litigation is commenced.

         24. Holding Over. If Lessee remains in possession of the Premises after
the expiration of this lease and without the execution of a new lease, it shall
be deemed to be occupying said Premises as Lessee from month to month at a rent
equal to two times the monthly rental being paid by it at the time of said
expiration of lease.

         25. Bankruptcy. If at any time during the term hereof the Lessee shall
file a voluntary petition in Bankruptcy, or if an involuntary petition in
Bankruptcy shall be filed against Lessee if the same shall not be dismissed
within thirty (30) days, or if the Lessee makes an assignment for the benefit of
creditors, or if a receiver shall be appointed for Lessee, then the Lessor may,
at its option, in any of such events, immediately take possession of the demised
Premises and terminate this lease. Upon such termination, all installments of
rent earned to the date of termination and unpaid shall at once become due and
payable, and in addition thereto Lessor shall have all rights provided by the
Bankruptcy Code relative to the proof of claims on an anticipatory breach on an
executory contract.

         26. Rent Regulations. If the rent to be paid by the Lessee to the
Lessor hereunder, whether pursuant to Paragraph 2 or Paragraph 24, is subject to
regulation by

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law, then the rent to be so paid shall be the maximum rental permitted by said
laws but in no event in excess of the rent provided for or determined in
accordance with the applicable provisions of this Lease Agreement.

         27. Meaning of Words. Unless the context clearly indicates a contrary
intention, all words used herein in one gender shall extend to and include the
other gender; all words in the singular number shall extend to and include the
plural; and all words used in the plural number shall extend to and include the
singular.

         28. Remedies Not Exclusive. It is agreed that each and every one of the
rights, remedies and benefits provided by this lease shall be cumulative, and
shall not be exclusive of any other of said rights, remedies and benefits, or of
any other rights, remedies and benefits allowed by law.

         29. Waiver. One or more waivers of any covenant or condition by the
Lessor shall not be construed as a waiver of a further breach of the same.

         30. Lease Binding. The covenants, conditions and agreements contained
in this lease shall bind and inure to the benefit of the Lessor and Lessee and
their respective heirs, personal representatives and successors, and except as
otherwise provided in this lease, their assigns.

         31. Rent Schedule.

September 15, 1999 through September 30, 1999          $4,407.00 per month

October 1, 1999 through October 31, 1999               $8,263.00 per month

November 1, 1999 through November 30, 1999             $14,901.00 per month

December 1, 1999 through December 31, 1999             $17,314.00 per month

January 1, 2000 through December 31, 2000              $36,366.00 per month

January 1, 2001 through December 31, 2001              $38,184.00 per month

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January 1, 2002 through December 31, 2002              $40,094.00 per month

January 1, 2003 through December 31, 2003              $42,098.00 per month

January 1, 2004 through December 31, 2004              $44,203.00 per month

January 1, 2005 through December 31, 2005              $46,413.00 per month

January 1, 2006 through December 31, 2006              $48,734.00 per month

         32. Quiet Enjoyment. Subject to the terms and conditions of this lease,
Lessor covenants that so long as the rental is current for the demised Premises
and there is no default in any of the covenants to be performed by Lessee, the
Lessee shall peaceably and quietly hold and enjoy the demised Premises for the
entire term of this lease and any renewals thereof.

         33. Subordination. This lease is and shall be subordinate to any
encumbrance now of record or recorded after the date of this lease affecting the
Premises. Such subordination is effective without any further act of Lessee.
Lessee shall from time to time on request from Lessor execute and deliver any
documents that may be required by a lender to effectuate any subordination. If
Lessee fails to execute and deliver such documents within fifteen (15) days
after written request by Lessor, Lessee irrevocably constitutes and appoints
Lessor as Lessee's special attorney-in-fact to execute and deliver such
documents on Lessee's behalf.

         34. Security Deposit. Upon occupancy of the Premises, Lessee shall
deposit with Lessor $36,366.00, to be held by Lessor without liability for
interest, as a security deposit for the performance by Lessee of all its
obligations under this lease. If Lessee is in default, Lessor can use the
security deposit, or any portion of it, to cure the default or to compensate
Lessor for all damage sustained by Lessor resulting from Lessee's default.
Lessee shall immediately on demand pay such amount to Lessor as is necessary

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to restore the security deposit to the amount set forth above. At the expiration
or termination of this lease, Lessor shall return to Lessee that portion of the
security deposit remaining after application of such amounts as are necessary to
compensate Lessor for Lessee's defaults, if any.

         35. Additional Rent and Interest. Any monetary obligations of Lessee to
Lessor under the terms of this lease shall be deemed to be rent. Any amount due
to Lessor under any of the provisions of this lease shall bear interest from the
date due at fifteen (15%) percent per annum, provided, however, that interest
shall not be payable on late charges nor any amounts upon which late charges are
paid. Payment of such interest shall not cure or excuse any default by Lessee.

         36. Severability. The invalidity of any provision of this Lease as
determined by a court of competent jurisdiction shall in no way affect the
validity of any other provision hereof.

         37. Prohibition on Animals. Lessee, its employees, authorized
representatives, and invitees shall not permit any access to or use of the
Premises or any part of the Premises by any animals, whether domestic or
agricultural, other than qualified "service" animals used by persons with
disabilities covered by the Americans with Disabilities Act or any similar law.
Any such use shall constitute a default under this lease, and Lessee shall be
fully responsible for any damages caused thereby.

         38. Environmental Matters.

         38.1 Definitions.

              38.1.1 Hazardous Material. Hazardous Material means any substance:

                                       19
<PAGE>   20

                     (a) which is or becomes defined as a "hazardous material,"
"hazardous waste," "hazardous substance," "regulated substance," pollutant or
contaminant under any federal, state or local statute, regulation, rule, order,
or ordinance or amendments thereto; or

                     (b) the presence of which on the Premises causes or
threatens to cause a nuisance upon the Premises or to adjacent properties or
poses or threatens to pose a hazard to the health or safety of persons on or
about the Premises or requires investigation or remediation under any federal,
state or local statute, regulation, rule, order, or ordinance or amendments
thereto.

              38.1.2 Environmental Requirements. Environmental Requirements
means all applicable present and future statutes, regulations, rules,
ordinances, codes, licenses, permits, orders, approvals, plans, authorization,
concessions, franchises, and similar items, of all governmental agencies,
departments, commissions, boards, bureaus, or instrumentalities, of the United
States, states and political subdivisions thereof and all applicable judicial,
administrative, and regulatory decrees, judgments, and orders relating to the
protection of human health or the environment.

              38.1.3 Environmental Damages. Environmental Damages means all
claims, judgments, injuries, damages (including without limitation damages for
diminution in the value of the Premises and adjoining property and for the loss
of business from the Premises and adjoining property), losses, penalties, fines,
liabilities (including strict liability), encumbrances, liens, costs, and
expenses of investigation and defense of any claim, and of any good faith
settlement of judgment, of whatever kind or nature, contingent or otherwise,
matured or unmatured, foreseeable or unforeseeable,

                                       20
<PAGE>   21

including without limitation reasonable attorneys' fees and disbursements and
consultants' fees, any of which are incurred at any time as a result of the
existence of "Hazardous Material" upon, about, beneath the Premises or migrating
or threatening to migrate to or from the Premises or the existence of a
violation of "Environmental Requirements" pertaining to the Premises.

         38.2 Obligation To Indemnify, Defend And Hold Harmless.

              38.2.1 Lessee, its successors, assigns and guarantors, agree to
indemnify, defend, reimburse and hold harmless the following persons from and
against any and all "Environmental Damages" arising from activities of Lessee or
its employees, agents, or invitees which (a) result in the presence of
"Hazardous Materials" upon, about or beneath the Premises or migrating to or
from the Premises, or (b) result in the violation of any "Environmental
Requirements" pertaining to the Premises and the activities thereon:

                     (i) Lessor;

                     (ii) any other person who acquires a portion of the
Premises in any manner, including but not limited to through purchase, at a
foreclosure sale or otherwise through the exercise of the rights and remedies of
Lessor under this Agreement; and

                     (iii) the directors, officers, shareholders, employees,
partners, agents, contractors, subcontractors, experts, licensees, affiliates,
lessees, mortgagees, trustees, heirs, devisees, successors, assigns and invitees
of such persons.

                                       21
<PAGE>   22

              38.2.2 This obligation shall include, but not be limited to, the
burden and expense of defending all claims, suits and administrative proceedings
(with counsel reasonably approved by the indemnified parties), and conducting
all negotiations of any description, and paying and discharging, when and as the
same become due, any and all judgments, penalties or other sums due against such
indemnified persons. Lessee, at its sole expense, may employ additional counsel
of its choice to associate with counsel representing Lessor.

              38.2.3 The obligations of Lessee in this section shall survive the
expiration or termination of this Lease.

         38.3 Notification.

              38.3.1 If Lessee shall become aware of or receive notice or other
communication concerning any actual, alleged, suspected or threatened violation
of "Environmental Requirements," or liability of Lessee for "Environmental
Damages" in connection with the Premises or past or present activities of any
person thereon, or that any representation set forth in this Agreement is not or
is no longer accurate, then Lessee shall deliver to Lessor, within ten days of
the receipt of such notice, or communication or correcting information by
Lessee, a written description of such information or condition, together with
copies of any documents evidencing same.

         38.4 Negative Covenants.

              38.4.1 No Hazardous Material on Premises. Except in strict
compliance with all Environmental Requirements, Lessee shall not cause, permit
or suffer any "Hazardous Material" to be brought upon, treated, kept, stored,
disposed of, discharged, released, produced, manufactured, generated, refined or
used upon, about or

                                       22
<PAGE>   23

beneath the Premises or any portion thereof by Lessee, its agents, employees,
contractors, tenants or invitees, on any other person without prior written
consent of Lessor.

              38.4.2 No Violations of Environmental Requirements. Lessee shall
not cause, permit or suffer the existence or the commission by Lessee, its
agents, employees, contractors, or invitees, or by any other person of a
violation of any "Environmental Requirements" upon, about or beneath the
Premises or any portion thereof.

         38.5 Right To Inspect.

              38.5.1 Lessor shall have the right in its sole and absolute
discretion, but not the duty, to enter and conduct an inspection of the Premises
at any reasonable time to determine whether Lessee is complying with the terms
of this Agreement, including but not limited to the compliance of the Premises
and the activities thereon with "Environmental Requirements" and the existence
of "Environmental Damages." Lessee hereby grants to Lessor the right to enter
the Premises and to perform such tests on the Premises as are reasonably
necessary in the opinion of Lessor to conduct such reviews and investigations.
Lessor shall use its best efforts to minimize interference with the business of
Lessee but Lessor shall not be liable for any interference caused thereby.

         38.6 Right To Remediate.

              38.6.1 Should Lessee fail to perform or observe any of its
obligations or agreements pertaining to "Hazardous Materials" or "Environmental
Requirements," then Lessor shall have the right, but not the duty, without
limitation

                                       23

<PAGE>   24

upon any of the rights of Lessor pursuant to this Agreement, to enter the
Premises personally or through its agents, consultants or contractors and
perform the same. Lessee agrees to indemnify Lessor for the costs thereof and
liabilities therefrom as set forth in Section 38.2.

         39. Monitoring Equipment. Should equipment for monitoring fire systems
and/or security systems be deemed necessary by the Lessee or be required for the
Premises by Federal, State, or Local Governing Agencies because of Lessee's
equipment, the nature of Lessee's business, or Lessee's modification of the
Premises, Lessee shall be responsible for installation of such monitoring
system, for any required building permits, and monthly monitoring fees. Should
such monitoring systems be otherwise required by Federal, State, or Local
Governing Agencies, Lessor shall be responsible for installation of such
monitoring systems, but Lessee shall pay for monthly monitoring fees as
additional rent.

         40. Force Majeure. In the event that Lessor shall be delayed or
hindered in, or prevented from, the performance of any act required hereunder by
reason of strikes, lock-outs, labor troubles, inability to procure materials,
the inability to obtain building inspections, approvals, or permits, stop work
orders, the inability to obtain a certificate of occupancy, failure of power or
unavailability of utilities, riots, insurrection, war or other reason of like
nature not the fault of Lessor or not within its control, the performance of
such acts shall be excused for the period of delay, and the period for the
performance of any such act shall be extended for a period equivalent to the
period of such delay (including extension of both the commencement and
termination dates of this Lease); provided, however, that if Lessee is not in
any way responsible for the delay

                                       24
<PAGE>   25

and does not have use or occupancy of the Premises during the period of delay,
the rent payable hereunder shall be abated for such period of delay.

         Other 41. The occupancy dates described in Exhibit "C", for this Lease,
are contingent upon successfully obtaining timely building permits from the City
of Boulder and the execution of this Lease Agreement by September 8, 1999. In
the event that Lessor is unable to obtain timely permits by the City of Boulder
to meet occupancy dates outlined in Exhibit "C, it is agreed that this Lease
shall be modified by changing the occupancy dates and rent schedules to reflect
a new commencement date accounting for the resulting delay, for each phase of
occupancy. All other terms of the Lease shall remain in full force and effect.

         Tenant Improvements and occupancy dates for each phase of work are
described in the attached "Exhibit C."

         It is agreed that Lessor will amortize $291,900.00 over the term of the
lease for tenant improvements to the Premises, in the form of a separate
Promissory Note, and Lessee agrees to make payments per the Promissory Note.
This amount will be billed with the rent invoice each month and shall be
considered due and payable by the 1st of each month. The monthly amount due for
amortized tenant improvements will be $4,623.00 per month. Any default by Lessee
under the Promissory Note shall also be a default under this Lease.
Additionally, Lessee agrees to pay directly $200,000.00 to Quinlan Construction
for addition tenant improvements requested by Lessee, on terms and conditions
agreeable to Lessee and Quinlan Construction.

         Lessee understands that Lessor intends to add an addition to the
existing facility, sometime in the next twenty four months. Lessee agrees to
provide Lessor access to the

                                       25
<PAGE>   26

Premises from time to time, as necessary, during normal business hours with
reasonable notice to perform task associated with the construction of the
addition. Lessor understands Lessee is running a business and will take
reasonable precautions to prevent interruption to Lessee's day to day business
routine.

         This agreement does not include the payment of any broker commissions
and Lessor will not pay any commission in connection with this Lease. All real
estate and or broker commissions, if any, shall be the responsibility of Lessee.

                                       26
<PAGE>   27

         IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
this date and year above written.

         LESSOR:         Cottonwood Land and Farms, Ltd.

         BY:             /s/ Richard L. Hedge
                         -----------------------------------------

         LESSEE:         Ecrix Corporation

         BY:             /s/ Craig G. Lamborn
                         ------------------------------------------

         ITS:            V.P. Finance
                         ------------------------------------------

                                       27
<PAGE>   28

                                                                   EXHIBIT 10.34

The Registrant hereby agrees to furnish supplementally a copy of the following
omitted Attachments and Exhibits:

         Attachment                         Notary Public signatures
         Exhibit A                          Floor Plans
         Exhibit B                          Declaration of Protective Covenants
         Exhibit C                          Occupancy Schedule<PAGE>   1
                                                                   EXHIBIT 10.35

                                      LEASE

                                 BY AND BETWEEN

                               BOULDER WALNUT LLC

                                       AND

                               EXABYTE CORPORATION

                                 October 1, 1999

Lerner & Holmes PC
Execution Copy                                               3300 Walnut Street

<PAGE>   2

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                                  Page
                                                                                                                  ----

<S>                                                                                                                <C>
ARTICLE I REFERENCE DATA............................................................................................1

    1.1   BASIC LEASE TERMS.........................................................................................1

    1.2   EXHIBITS..................................................................................................2

ARTICLE II PREMISES AND TERM........................................................................................3

    2.1   PREMISES..................................................................................................3

    2.2   APPURTENANT RIGHTS AND RESERVATIONS.......................................................................3

    2.3   TERM......................................................................................................3

ARTICLE III DELIVERY OF PREMISES; CONSTRUCTION......................................................................3

    3.1   AS IS DELIVERY............................................................................................3

    3.2   GENERAL PROVISIONS APPLICABLE TO CONSTRUCTION.............................................................3

ARTICLE IV RENT.....................................................................................................4

    4.1   BASE RENT.................................................................................................4

    4.2   ADDITIONAL RENT...........................................................................................5

    4.3   REAL PROPERTY TAXES.......................................................................................6

    4.4   CAM EXPENSES..............................................................................................6

    4.5   PAYMENTS..................................................................................................7

ARTICLE V LANDLORD'S COVENANTS......................................................................................8

    5.1   LANDLORD'S COVENANTS DURING THE TERM......................................................................8

    5.2   INTERRUPTIONS.............................................................................................9

ARTICLE VI TENANT'S COVENENTS.......................................................................................9

    6.1   TENANT'S COVENANTS DURING THE TERM........................................................................9

ARTICLE VII CASUALTY AND TAKING....................................................................................15

    7.1   CASUALTY AND TAKING......................................................................................15

    7.2   RESERVATION OF AWARD.....................................................................................15
</Table>

                                       i
<PAGE>   3

<Table>
<S>                                                                                                                <C>
ARTICLE VIII RIGHTS OF MORTGAGEE...................................................................................16

    8.1   SUBORDINATION............................................................................................16

    8.2   SUCCESSOR LANDLORD.......................................................................................17

    8.3   NO PREPAYMENT OR MODIFICATION, ETC. .....................................................................17

ARTICLE IX DEFAULT.................................................................................................17

    9.1   EVENTS OF DEFAULT........................................................................................17

    9.2   TENANT'S OBLIGATIONS AFTER TERMINATION...................................................................18

ARTICLE X MISCELLANEOUS............................................................................................19

    10.1  NOTICES FROM ONE PARTY TO THE OTHER......................................................................19

    10.2  BIND AND INURE...........................................................................................20

    10.3  NO SURRENDER.............................................................................................20

    10.4  NO WAIVER, ETC. .........................................................................................20

    10.5  NO ACCORD AND SATISFACTION...............................................................................20

    10.6  CUMULATIVE REMEDIES......................................................................................21

    10.7  LANDLORD'S RIGHT TO CURE.................................................................................21

    10.8  ESTOPPEL CERTIFICATE.....................................................................................21

    10.9  WAIVER OF JURY TRIAL.....................................................................................22

    10.10 ACTS OF GOD..............................................................................................22

    10.11 BROKERAGE................................................................................................22

    10.12 SUBMISSION NOT AN OFFER..................................................................................22

    10.13 APPLICABLE LAW AND CONSTRUCTION..........................................................................22

    10.14 SIGNS....................................................................................................23

EXHIBIT A - PLAN OF PREMISES......................................................................................A-1

EXHIBIT B - PLAN SHOWING RESERVED PARKING SPACES..................................................................B-1

EXHIBIT C - LANDLORD'S WORK.......................................................................................C-1
</Table>

                                       ii
<PAGE>   4

                                   ARTICLE I
                                 REFERENCE DATA

1.1      BASIC LEASE TERMS.

         Each reference in this Lease to any of the following subjects shall be
construed to incorporate the data stated for that subject in this Section 1.1:

<Table>
<S>                                                       <C>
LANDLORD:                                                 Boulder Walnut LLC, a Delaware limited
                                                          liability company

LANDLORD'S NOTICE ADDRESS:                                c/o Great Point Investors LLC
                                                          265 Franklin Street, 18th Floor
                                                          Boston, MA 02110
                                                          Attn:  John H. Baxter

                                                          with a copy to:
                                                          Bancroft Capital Advisors, Inc.
                                                          1112 Ocean Drive, Suite 300
                                                          Manhattan Beach, CA
                                                          Attn:  Douglas J. McDonald

                                                          Rent payments to be sent to:
                                                          Dean Callan & Company
                                                          1510 28th Street, Suite 200
                                                          Boulder, CO 80303
                                                          Attn:  Scott Callan

TENANT:                                                   Exabyte Corporation, a Delaware
                                                          corporation

TENANT'S NOTICE ADDRESS:                                  1685 38th Street
                                                          Boulder, CO 80301
                                                          Attn: Craig Smith or Mark Harding

PREMISES:                                                 Approximately 51,337 rentable square feet
                                                          in the building commonly known as 3300
                                                          Walnut Street, Boulder, Colorado (the
                                                          "Building"), which Premises are shown on
                                                          the plan attached to this Lease as
                                                          Exhibit A. together with the right, in
                                                          common with others, to use certain
                                                          parking areas and other improvements
                                                          related to the Building (together with
                                                          the Building, the "Property")
</Table>

<PAGE>   5

<Table>
<S>                                                       <C>
RENTABLE FLOOR AREA OF PREMISES:                          Approximately 51,337 rentable square feet

COMMENCEMENT DATE:                                        October 1, 1999

RENT COMMENCEMENT DATE:                                   November 1, 1999

BUILDING RENTABLE AREA:                                   146,560 rentable square feet

TENANT'S PRO RATA SHARE:                                  35.03%

TERM EXPIRATION DATE:                                     September 30, 2002

TERM:                                                     Three years commencing on the Commencement
                                                          Date and expiring on the Expiration Date

LEASE YEAR:                                               The period of twelve full calendar
                                                          months beginning with the first full
                                                          calendar month of the Term, and each
                                                          subsequent period of twelve full
                                                          calendar months during the Term

ANNUAL LEASE RENT:                                        Lease Year 1         $269,519.25 ($5.25/RSF)
                                                          Lease Year 2         $276,257.23 ($5.38/RSF)
                                                          Lease Year 3         $283,163.66 ($5.52/RSF)

PARKING SPACES ALLOCATED TO TENANT:                       82 reserved parking spaces (as shown on
                                                          Exhibit B)

SECURITY DEPOSIT:                                         None

PERMITTED USES:                                           Warehouse and related uses

BROKERS:                                                  Dean Callan & Company, Inc.
                                                          Frederick Ross & Company
                                                          Staubach
</Table>

1.2      EXHIBITS.

         The exhibits listed below in this section are incorporated in this
Lease by reference and are to be construed as part of this Lease:

         EXHIBIT A                Plan of Premises
         EXHIBIT B                Plan Showing Reserved Parking Spaces
         EXHIBIT C                Landlord's Work

                                       2
<PAGE>   6

                                   ARTICLE II
                                PREMISES AND TERM

2.1      PREMISES

         Landlord hereby leases to Tenant, and Tenant leases from Landlord the
Premises for the rents hereinafter reserved, and upon and subject to the terms
and conditions of this Lease.

2.2      APPURTENANT RIGHTS AND RESERVATIONS.

         Tenant shall have, as appurtenant to the Premises, the nonexclusive
right to use and to permit its invitees to use the Parking Spaces Allocated to
Tenant and, in common with others, the other Common Areas (as defined in Section
4.4) of the Property. Such rights shall always be subject to reasonable rules
and regulations from time to time established by Landlord by written notice to
Tenant in advance and to the right of Landlord to reasonably designate and
change from time to time any Common Areas provided (i) Tenant is given written
notice before any such change and (ii) any such change does not materially
adversely affect Tenant's ability to use the Premises for the Permitted Uses.

2.3      TERM.

         The Premises are leased for the Term unless the Term shall sooner
terminate pursuant to any of the terms of this Lease or pursuant to Law.

                                  ARTICLE III
                       DELIVERY OF PREMISES; CONSTRUCTION

3.1      AS IS DELIVERY.

         Other than the work listed on Exhibit C attached hereto, Landlord is
leasing and delivering the Premises to Tenant "as is," without any
representations or warranties of any kind (including, without limitation, any
express or implied warranties of merchantability, fitness or habitability),
subject to all recorded matters, laws, ordinances, and governmental regulations
and orders.

3.2      GENERAL PROVISIONS APPLICABLE TO CONSTRUCTION.

         Tenant shall not make any installations, alterations, additions, or
improvements in or to the Premises, including, without limitation, any apertures
in the walls, partitions, ceilings or floors, without, on each occasion where
such installations, alterations, additions or improvements will cost in excess
of $50,000, obtaining the prior written consent of Landlord which shall not be
unreasonably withheld. Tenant shall reimburse Landlord for all costs incurred by
Landlord or any Superior Mortgagee (as defined below) in reviewing Tenant's
proposed installation, alterations, additions or improvements. Any such work so
approved by Landlord shall be performed only in accordance with plans and
specifications therefor approved by Landlord. Tenant shall

                                       3
<PAGE>   7

procure at Tenant's sole expense all necessary permits and licenses before
undertaking any work on the Premises and shall perform all such work in a good
and workmanlike manner employing materials of good quality and so as to conform
with all applicable insurance requirements, laws, ordinances, regulations and
orders of governmental authorities. Tenant shall employ for such work only
contractors reasonably approved by Landlord and shall require all contractors
employed by Tenant to carry worker's compensation insurance in accordance with
statutory requirements and commercial general liability insurance covering such
contractors on or about the Premises with a combined single limit not less than
$2,000,000 and shall submit certificates evidencing such coverage to Landlord
prior to the commencement of such work. Landlord acknowledges that Tenant may
use its own employees to perform work and maintenance at the Premises. Tenant
shall indemnify and hold harmless Landlord from all injury, loss, claims or
damage to any person or property occasioned by or growing out of such work.
Landlord may inspect the work of Tenant at reasonable times and give notice of
observed defects. Upon completion of any such work, Tenant shall provide
Landlord with "as built" plans, copies of all construction contracts and proof
of payment for all labor and materials relating to such work.

         With respect to work not performed by full-time employees of Tenant,
Tenant covenants and agrees that with respect to the carpentry work (meaning
work that would be performed by carpenters under a collective bargaining
agreement) on any and all alterations, improvements and/or additions that are
made to the Premises, Tenant's construction managers, general contractors and
subcontractors whenever possible shall be signatory to and in good standing
under a collective bargaining agreement with the Carpenters Union covering the
geographical area where the work is performed, and with respect to non-carpentry
work, whenever practicable such work shall be performed by contractors signatory
to and in good standing under the collective bargaining agreement of the local
building trades union affiliated with the AFL-CIO which covers that work. If the
construction manager, general contractor and/or subcontractor with
responsibility for the carpentry work is not signatory to and in good standing
under a collective bargaining agreement with the Carpenters Union, then the
Landlord shall have the right, upon 24 hours' written notice to Tenant, to order
Tenant to cease all work on the Premises, in which event all work then in
progress shall be halted and shall not be recommenced until and unless Tenant's
construction manager, general contractor and/or subcontractor becomes subject
to, covered by and in good standing under the Carpenters Union's collective
bargaining agreement.

                                   ARTICLE IV
                                      RENT

4.1      BASE RENT.

         Beginning on the Rent Commencement Date, Tenant agrees to pay base rent
to Landlord without notice or demand and without any offset or reduction
whatever (except as made in accordance with the express provisions of this
Lease), equal to the Base Rent in equal installments in advance on the first day
of each calendar month

                                       4
<PAGE>   8

included in the Term. If the Commencement Date occurs on a day other than the
first day of a calendar month, Tenant shall pay to Landlord, on the Commencement
Date, Base Rent for the partial month after the Commencement Date at the
proportionate rate payable for such portion.

4.2      ADDITIONAL RENT.

         All sums payable by Tenant under this Lease other than Base Rent shall
be deemed "Additional Rent;" the term "Rent" shall mean Base Rent and Additional
Rent. Landlord shall reasonably estimate in advance by written notice to Tenant
at least thirty days in advance and charge to Tenant the following costs (the
"Total Operating Costs"), to be paid with the Base Rent throughout the Term in
equal monthly installments based on Landlord's most recent reasonable estimate:
(i) all Real Property Taxes for which Tenant is liable under Section 4.3 of the
Lease, (ii) all utility costs (if not separately metered) for which Tenant is
liable under Section 6.1.1 of the Lease, and (iii) all CAM Expenses for which
Tenant is liable under Section 4.4 of the Lease. Landlord may adjust its
estimates of Total Operating Costs at any time based upon Landlord's experience
and reasonable anticipation of costs, upon at least ten business days prior
written notice specifying the reasons for any adjustments. Such adjustments
shall be effective as of the next Rent payment date after notice to Tenant.
Within 120 days after the end of each fiscal year (which shall be January 1
through December 31 for this Lease) during the Term, Landlord shall deliver to
Tenant a statement (the "Statement") prepared in accordance with generally
accepted accounting principles setting forth, in reasonable detail, the Total
Operating Costs paid or incurred by Landlord during the preceding fiscal year.
Within thirty days after Tenant's receipt of such Statement, there shall be an
adjustment made in good faith between Landlord and Tenant, with payment to or
credit given by Landlord (as the case may be) in order that Landlord shall have
received the actual amount of Total Operating Costs for such period. Tenant (and
its accountants and representatives) shall have the right, within thirty days of
receipt of the Statement, to notify Landlord that it would like to audit
Landlord's books and records with respect to the Total Operating Costs. Such
audit is to be at Tenant's sole cost and expense (except as provided in the
following sentence) and is to performed and completed within two months of the
receipt of the Statement by Tenant. If such audit reveals that the Total
Operating Costs billed to Tenant exceed the actual Total Operating Costs by more
than five percent, Landlord shall pay the reasonable costs of such audit.

         In addition to its obligation to pay Base Rent and Total Operating
Expenses, Tenant is required hereunder to pay directly to suppliers, vendors,
carriers, contractors, etc. certain insurance premiums, utility costs, personal
property taxes, cleaning and other expenses (collectively "Additional
Expenses"). If Landlord pays for any Additional Expenses in accordance with the
terms of this Lease, Tenant's obligation to reimburse such costs shall be an
Additional Rent obligation. Unless this Lease provides otherwise, Tenant shall
pay all Additional Rent then due with the next monthly installment of Base Rent
due after Tenant received written notice of the amount of such Additional Rent.

                                       5
<PAGE>   9

4.3      REAL PROPERTY TAXES.

         Tenant shall pay to Landlord Tenant's Pro Rata Share of all Real
Property Taxes on the Premises attributable to any period included in the Term;
provided, however, if the Term includes only a portion of a fiscal tax period,
the Real Property Taxes for such period shall be prorated according to the
fraction of the total days in such period falling within the Term, and Tenant
shall be responsible for paying only such prorated amount. The term "Real
Property Taxes" shall mean taxes, assessments (special, betterment, or
otherwise), levies, fees, rent taxes, impositions, excises, charges, water and
sewer rents and charges, and all other government levies and charges, general
and special, ordinary and extraordinary, foreseen and unforeseen, which are
imposed or levied upon or assessed against the Premises or any Rent or other
sums payable by any tenants or occupants thereof. If at any time during the term
the present system of ad valorem taxation of real property shall be changed so
that in lieu of the whole or any part of the ad valorem tax on real property, or
in lieu of increases therein, there shall be assessed on Landlord a capital levy
or other tax on the gross rents received with respect to the Property or a
federal, state, county, municipal, or other local income, franchise, excise or
similar tax, assessment, levy, or charge (distinct from any now in effect)
measured by or based, in whole or in part, upon gross rents, then all of such
taxes, assessments, levies, or charges, to the extent so measured or based,
shall be deemed to be a Real Property Tax. Notwithstanding any other provision
of this Lease, Real Property Taxes shall not include, and Tenant shall have no
obligation to pay, any taxes on Landlord's net income.

         Landlord shall have the right, but not the obligation, to dispute any
Real Property Taxes attributable to any fiscal tax period included wholly or
partially within the Term. The cost of such contest shall be included in the
calculation of Total Operating Costs.

4.4      CAM EXPENSES.

         "CAM Expenses" are all out-of-pocket costs and expenses paid or
incurred by Landlord in connection with the operation and maintenance of the
Common Areas (as defined below), the Building and the repair and maintenance of
the plumbing, electrical, utility, and safety systems, including, but not
limited to, the following: gardening and landscaping; snow removal; utility,
water and sewage services for the Common Areas or provided to all tenants of the
Building; maintenance of signs; worker's compensation insurance; personal
property taxes; rental or lease payments for rented or leased personal property
used in the operation or maintenance of the Common Areas; fees for required
licenses and permits; routine maintenance, repair and replacement of roof
membrane, flashings, gutters, downspouts, roof drains, skylights and
waterproofing; repair, maintenance and replacement of paving (including
sweeping, striping, repairing, resurfacing and repaving); general maintenance;
painting; lighting; cleaning; refuse removal; payroll of maintenance personnel
and management personnel not above the level of property manager; a property
management fee (not to exceed market rates); and premiums for the insurance
carried by Landlord pursuant to Section 5.1.4 of this Lease. Notwithstanding any

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<PAGE>   10

other provision of this Lease, CAM Expenses shall not, however, include the
following: leasing commissions, advertising expenses, legal fees and other costs
in leasing and procuring new tenants for the Building; expenditures for capital
improvements except (i) capital expenditures which Landlord reasonably
anticipates will have the effect of reducing current and/or future CAM Expenses
and (ii) capital expenditures required by laws enacted or regulations
promulgated after the date of this lease (provided, however, only an amortized
portion of any capital expenditures permitted to be included in CAM Expenses
shall be included in CAM Expenses for the year in which the expenditures are
incurred and subsequent years, on a straight line basis, over an appropriate
useful life, with an interest factor reasonably determined by Landlord at the
time of Landlord's having incurred said expenditure); charges imposed on
Landlord pursuant to any recorded declarations; cost of repairs or replacements
incurred by reason of fire or other casualty or by the exercise of the right of
eminent domain to the extent to which Landlord is compensated therefor through
proceeds of insurance or a condemnation award; accounting and legal fees and
other expenses incurred in disputes with tenants; costs incurred in performing
work or furnishing services exclusively to or for the benefit of individual
tenants or prospective tenants and which are separately billed to such tenants,
including, but not limited to painting, redecorating and after hours HVAC;
payments of principal, interest and other charges under any Superior Mortgage or
rent and other charges payable under any Superior Lease; salaries, wages,
benefits and other expenses of administrative employees and other employees
involved in the operation or management of the Property above the level of
property manager; compensation paid to employees or other persons in connection
with commercial concessions operated by Landlord; and Landlord's general
overhead not directly related to the operation or maintenance of the Property.

         As used in this Lease, "Common Areas" shall mean all areas within the
Property which are not part of the rentable areas of the Building, including,
but not limited to, parking areas, driveways, sidewalks, access roads,
landscaping, and planted areas.

4.5      PAYMENTS.

        All payments of Rent shall be made to Landlord at the address specified
in Section 1.1, or to such other person as Landlord may from time to time
designate by written notice to Tenant. If any installment of Rent is paid more
than 5 days after the due date thereof, at Landlord's election, it shall bear
interest from such due date at a rate equal to the average prime commercial rate
from time to time established by BankBoston plus 4% per annum, which interest
shall be immediately due and payable as further Additional Rent. Notwithstanding
the foregoing, the first time in each Lease Year that Tenant is late in the
payment of any installment of Rent, interest shall not be charged until 10
business days after Tenant receives written notice of such non-payment.

                                       7
<PAGE>   11

                                   ARTICLE V
                              LANDLORD'S COVENANTS

5.1      LANDLORD'S COVENANTS DURING THE TERM.

         Landlord covenants during the Term:

         5.1.1 Repairs and Maintenance. Except as provided in Article VII,
Landlord shall perform all maintenance, repairs and replacements necessary to
keep in good condition and working order, and in compliance with all applicable
laws, the foundation, columns, exterior walls, floors, roof and other structural
elements of the Building (collectively, "Structural Components"), and the
parking areas, outdoor lighting, sprinkler system, plumbing system and all
Common Areas of the Building. Within a reasonable time after receiving actual
knowledge thereof, Tenant shall notify Landlord of any maintenance within the
Premises that Landlord is obligated to perform pursuant to this Section 5.1.1.

         5.1.2 Quiet Enjoyment. That Landlord has the right to make this Lease
and that Tenant on paying the Rent and performing its obligations hereunder
shall peacefully and quietly have, hold and enjoy the Premises throughout the
Term without any manner of hindrance or molestation from Landlord or anyone
claiming under Landlord, subject however to all the terms and provisions hereof.

         5.1.3 Insurance. During the Term, Landlord shall maintain in effect all
risk insurance covering loss of or damage to the Building and other improvements
at the Property in the amount of its replacement value with such endorsements
and deductibles as Landlord shall reasonably determine from time to time.
Landlord shall have the right to obtain flood, earthquake, and such other
insurance as Landlord shall reasonably determine from time to time or shall be
required by any lender holding a security interest in the Premises. Landlord
shall not obtain insurance for Tenant's trade fixtures, equipment or building
improvements. During the Term, Landlord shall also maintain a rental income
insurance policy, with loss payable to Landlord, in an amount equal to one
year's Base Rent, plus estimated Real Property Taxes, total Operating Costs, and
insurance premiums. Tenant shall not do or permit anything to be done which
shall invalidate any such insurance. Any policy obtained by Landlord shall not
be contributory, shall not provide primary insurance, and shall be excess over
any insurance maintained by Tenant. Landlord shall also maintain during the Term
a policy of general liability insurance with respect to the Premises naming
Tenant as an additional insured.

         5.1.4 Representations and Warranties. Landlord represents and warrants
to Tenant that (a) as of the date hereof Landlord owns the Property; (b)
Landlord is a limited liability company duly organized, validly existing and in
good standing under the laws of the State of Delaware and is qualified to do
business in the State of Colorado; (c) Landlord has all necessary power and
authority to own, manage and operate the Property and to enter into this Lease;
and (d) Landlord and its members

                                       8
<PAGE>   12

have taken all actions necessary to authorize the execution and delivery of this
Lease and to perform its obligations under this Lease.

         5.1.5 Tenant's Access. Tenant shall have access to the Premises at all
times (24 hours each day and seven days each week).

         5.1.6 Indemnity. To indemnify, defend with counsel satisfactory to
Landlord, and hold harmless Tenant from all claims for loss or damage resulting
from injury or losses to persons or property occurring at the Property to the
extent resulting from the negligence or willful misconduct of Landlord or its
agents, servants or employees, including the cost of reasonable attorneys' fees
and court costs incurred in defending against such claim, except to the extent
that such loss or damage is caused by the negligence or willful misconduct of
Tenant or its agents, employees or contractors.

5.2      INTERRUPTIONS.

         Landlord shall not be liable to Tenant for any compensation or
reduction of Rent by reason of inconvenience or annoyance or for loss of
business arising from power losses or shortages or from the necessity of
Landlord's entering the Premises for any of the purposes in this Lease
authorized, or for repairing the Premises or any portion thereof. In case
Landlord is prevented or delayed from making any repairs, alterations or
improvements, or furnishing any service or performing any other covenant or duty
to be performed on Landlord's part, by reason of any cause beyond Landlord's
reasonable control, Landlord shall not be liable to Tenant therefor, nor, except
as expressly otherwise provided in Article VII, shall Tenant be entitled to any
abatement or reduction of rent by reason thereof, nor shall the same give rise
to a claim in Tenant's favor that such failure constitutes actual or
constructive, total or partial, eviction from the Premises.

         Landlord reserves the right to stop any service or utility system when
necessary by reason of accident or emergency acting in good faith, until
necessary repairs have been completed. Except in case of emergency repairs,
Landlord will give Tenant reasonable advance written notice of any contemplated
stoppage and will use reasonable efforts to avoid unnecessary inconvenience to
Tenant by reason thereof.

         Landlord also reserves the right, by written notice to Tenant at least
10 days in advance, to institute such policies, programs and measures as may be
required to comply with applicable codes, rules, regulations or standards.

                                   ARTICLE VI
                               TENANT'S COVENENTS

6.1      TENANT'S COVENANTS DURING THE TERM.

         Tenant covenants during the Term and such further time as Tenant
occupies any part of the Premises:

                                       9
<PAGE>   13

         6.1.1 Tenant's Payments. To pay when due (a) all Base Rent and
Additional Rent, (b) all taxes which may be imposed on Tenant's personal
property in the Premises (including, without limitation, Tenant's fixtures and
equipment) regardless to whomever assessed, (c) all charges by public utilities
for telephone, electricity and other utility services (including service
inspections therefor) rendered to the Premises (which if the Building is fully
tenanted shall be, with respect to gas, electricity and water, Tenant's Pro Rata
Share of the amounts charged to the Building for such utilities provided the
other tenants of the Building have similar permitted uses), and (d) as
Additional Rent, all other charges payable to Landlord pursuant to this Lease.

         6.1.2 Repairs and Yielding Up. Except as otherwise provided in Article
VII, at Tenant's sole expense to keep the Premises, including the heating,
ventilation and air conditioning systems and equipment serving the Premises, in
as good order, repair and condition as exists on the Commencement Date or in
such improved condition as it may be put during the Lease Term, reasonable wear
and damage by fire, casualty and eminent domain excepted, and to make all
necessary and customary repairs thereto in order to do so; and at the expiration
or termination of this Lease peaceably to yield up the Premises and all changes
and additions therein in good order, repair and condition, first removing all
goods and effects of Tenant and any items, the removal of which is required by
agreement or specified herein to be removed at Tenant's election and which
Tenant elects to remove, and repairing all damage caused by such removal and
restoring the Premises and leaving them clean and neat.

         6.1.3 Cleaning. At its sole cost and expense enter into a service
contract or use its own employees to provide for the cleaning of the Premises.
Any outside cleaning contracts and the vendors thereunder shall be subject to
Landlord's reasonable approval.

         6.1.4 Occupancy and Use. Continuously from the Commencement Date, to
use and occupy the Premises only for the Permitted Uses; not to injure or deface
the Premises; and not to permit in the Premises any use thereof which is
contrary to law or ordinances, or creates a nuisance or to render necessary any
alteration or addition to the Building; not to dump, flush, or in any way
introduce any hazardous substances or any other toxic substances into the
septic, sewage or other waste disposal system serving the Premises, not to
generate, store or dispose of hazardous substances in or on the Premises or
dispose of hazardous substances from the Premises to any other location without
the prior written consent of Landlord, which shall not be unreasonably withheld,
delayed or conditioned, and then only in compliance with all applicable laws,
ordinances and regulations; to notify Landlord of any incident which would
require the filing of a notice under applicable federal, state, or local law;
not to store or dispose of hazardous substances on the Premises without first
submitting to Landlord a list of all such hazardous substances and all permits
required therefor and thereafter providing to Landlord on an annual basis
Tenant's certification that all such permits have been renewed with copies of
such renewed permits; and to comply with the orders and regulations of all
governmental authorities with respect to zoning, building, fire, health and
other codes, regulations, ordinances or laws, to the extent applicable to
Tenant's use of the Premises, including without limitation, the

                                       10
<PAGE>   14

Americans with Disabilities Act. "Hazardous substances" as used in this
paragraph shall mean "hazardous substances" as defined in the Comprehensive
Environmental Response Compensation and Liability Act of 1980, as amended, 42
U.S.C. Section 9601 and regulations adopted pursuant to said Act, provided,
however, "hazardous substances" shall not include customary quantities of
ordinary office and cleaning products, fuel for any generators on the Premises.

         6.1.5 Rules and Regulations/Security. To comply with any reasonable
rules and regulations hereafter made by Landlord, of which Tenant has been given
notice, for the care and use of the Premises and the Property. To provide, at
its sole cost and expense, any security system serving the Premises. Tenant
acknowledges that Landlord is not providing any security system or security
guards at the Property.

         6.1.6 Safety Appliances. To keep the Premises equipped with all safety
appliances required by law or ordinance or any other regulation of any public
authority because of any use made by Tenant and to procure all licenses and
permits so required because of such use and, if reasonably requested by
Landlord, to do any work so required because of such use, it being understood
that the foregoing provisions shall not be construed to broaden in any way
Tenant's Permitted Uses.

         6.1.7 Assignment and Subletting. Not without the prior written consent
of Landlord (which shall not be unreasonably withheld) to assign this Lease, to
make any sublease, or to permit occupancy of the Premises or any part thereof by
anyone other than Tenant, voluntarily or by operation of law; as Additional
Rent, to reimburse Landlord promptly for reasonable and customary legal and
other expenses incurred by Landlord or any Superior Mortgagee in connection with
any request by Tenant for consent to assignment or subletting; no assignment or
subletting shall affect the continuing primary liability of Tenant (which,
following assignment, shall be joint and several with the assignee); no consent
to any of the foregoing in a specific instance shall operate as a waiver in any
subsequent instance. Landlord's consent to any proposed assignment or subletting
is required both as to the terms and conditions thereof, and as to the
creditworthiness of the proposed assignee or subtenant and the consistency of
the proposed assignee's or subtenant's business with the Permitted Uses of the
Premises. In the event that any assignee or subtenant pays to Tenant any
consideration attributable to the interest in this Lease or the Premises so
assigned or subleased in excess of the Rent then payable hereunder, or pro rata
portion thereof on a square footage basis for any portion of the Premises, after
deducting Tenant's reasonable attorneys' fees, brokerage commissions and other
expenses relating to such assignment or sublease, Tenant shall promptly pay 50%
of said net excess to Landlord as and when received by Tenant. If a Tenant
requests Landlord's consent to assign this Lease or sublet the Premises, or the
assignment or sublease term will begin three or fewer months before the end of
the Lease Term, Landlord shall have the option, exercisable by written notice to
Tenant given within 10 days after receipt of such request, to terminate this
Lease as of a date specified in such notice which shall be not less than 30 days
after the date of such notice.

                                       11
<PAGE>   15

         6.1.8 Indemnity. To defend, with counsel reasonably approved by
Landlord, all actions against Landlord, its officers, directors, members,
employees, agents, advisors and contractors and all others who could be liable
for the obligations of any of them, and any holders of mortgages secured by the
Property ("Indemnified Parties") with respect to, and to indemnify and save
harmless, to the extent permitted by law, all Indemnified Parties from and
against, any and all liabilities, losses damages, costs, expenses (including
reasonable attorneys' fees and expenses), causes of action, suits, claims,
demands or judgments of any nature (a) to which any Indemnified Party is subject
because of its estate or interest in the Property, or (b) arising from (i)
injury to or death of any person, or damage to or loss of property, on the
Property, or connected with the use, condition or occupancy of any thereof, (ii)
a breach of Tenant's obligations under this Lease, or (iii) any act, negligence
or willful misconduct of Tenant or its employees, agents, contractors,
licensees, sublessees or invitees; except to the extent arising from the gross
negligence or willful misconduct of Landlord or any Indemnified Party.

         6.1.9 Tenant's Liability Insurance.

                  a. Liability Insurance. To maintain in effect commercial
general liability insurance insuring Tenant against liability for bodily injury,
property damage (including loss of use of property) and personal injury at the
Premises. Such insurance shall name Landlord, its property manager, any
mortgagee of which Tenant has received written notice, and Great Point Investors
LLC, as additional insureds. The initial amount of such insurance shall be Two
Million Dollars ($2,000,000) per occurrence, Five Million Dollars ($5,000,000)
in the aggregate, and Ten Million Dollars ($10,000,000) as umbrella coverage,
and shall be subject to reasonable periodic increases specified by Landlord
based upon inflation, increased liability awards, recommendation of Landlord's
professional insurance advisers, and other relevant factors. The liability
insurance obtained by Tenant under this Section 6.1.8 shall (i) be primary and
(ii) insure Tenant's obligation to Landlord under Section 6.1.7 under a standard
contractual liability endorsement. The amount and coverage of such insurance
shall not limit Tenant's liability nor relieve Tenant of any other obligation
under this Lease.

                  b. Worker's Compensation Insurance. To maintain in effect
Worker's Compensation Insurance (including Employees' Liability Insurance) in
the statutory amount covering all employees of Tenant employed or performing
services at the Premises, in order to provide the statutory benefits required by
the laws of the state in which the Premises are located.

                  c. Automobile Liability Insurance. To maintain in effect
Automobile Liability Insurance, including but not limited to, passenger
liability, on all owned, nonowned, and hired vehicles used by Tenant or its
employees in connection with the Premises, with a combined single limit per
occurrence of not less than One Million Dollars ($1,000,000) per vehicle for
injuries or death of one or more persons or loss or damage to property.

                                       12
<PAGE>   16

                  d. Personal Property Insurance. To maintain in effect Personal
Property Insurance covering Tenant's personal property and trade fixtures from
time to time in, on, or at the Premises, in an amount not less than 100% of the
full replacement cost, without deduction for depreciation, providing protection
against events protected under "All Risk Coverage," as well as against sprinkler
damage, vandalism, and malicious mischief. Any proceeds from the Personal
Property Insurance shall be used for the repair or replacement of the property
damaged or destroyed, unless this Lease is terminated under an applicable
provision herein.

                  e. Business Interruption Insurance. To maintain in effect
Business Interruption Insurance, providing in the event of damage or destruction
of the Premises an amount sufficient to sustain Tenant for a period of not less
than six months for: (i) the net profit that would have been realized had
Tenant's business continued; and (ii) such fixed charges and expenses as must
necessarily continue during a total or partial suspension of business to the
extent to which they would have been incurred had no business interruption
occurred, including, but not limited to, interest on indebtedness of Tenant,
salaries of executives, foremen, and other employees under contract, charges
under noncancelable contracts, charges for advertising, legal or other
professional services, taxes and rents that may still continue, trade
association dues, insurance premiums, and depreciation.

                  f. General Insurance Provisions.

                           (i) Any insurance which Tenant shall be required to
maintain under this Lease shall include a provision which requires the insurance
carrier to give Landlord not less than 30 days' written notice prior to any
cancellation or modification of such coverage.

                           (ii) Prior to the earlier of Tenant's entry into the
Premises or the Commencement Date, Tenant shall deliver to Landlord an insurance
company certificate that Tenant maintains the insurance required by Sections
6.1.8(a)-(e) and not less than 60 days prior to the expiration or termination of
any such insurance, Tenant shall deliver to Landlord renewal certificates
therefor. Tenant shall provide Landlord with copies of the policies promptly
upon request from time to time. If Tenant shall fail to deliver any certificate
or renewal certificate to Landlord required under this Lease within the
prescribed time period or if any such policy shall be canceled or modified in a
manner materially adverse to Landlord during the Lease Term without Landlord's
consent, Landlord may, after notice and the expiration of the applicable grace
period, obtain such insurance, in which case Tenant shall reimburse Landlord, as
Additional Rent, for the cost of procuring such insurance within 10 days after
receipt of a statement of the cost of such insurance.

                           (iii) Tenant shall maintain all insurance required
under this Lease with companies having a "General Policy Rating" of A-X or
better, as set forth in the most current issue of the Best Key Rating Guide.
Landlord and Tenant, on behalf of themselves and their insurers, each hereby
waive any and all rights of recovery against the other, or against the officers,
partners, members, employees,

                                       13
<PAGE>   17

agents, or representatives of the other, for loss of or damage to its property
or the property of others under its control, if such loss or damage shall be
covered by any insurance policy in force (whether or not described in this
Lease) at the time of such loss or damage. All property insurance carried by
either party shall contain a waiver of subrogation against the other party to
the extent such right shall have been waived by the insured party prior to the
occurrence of loss or injury.

         6.1.10 Landlord's Right of Entry. To permit Landlord and Landlord's
agents entry upon reasonable advance notice and without material interference
with Tenant's use of the Premises: to examine the Premises at reasonable times
and, if Landlord shall so elect, to make repairs or replacements as required or
permitted by this Lease; to remove, at Tenant's expense, any changes, additions,
signs, curtains, blinds, shades, awnings, aerials, flagpoles, or the like not
consented to in writing (to the extent required under this Lease); and to show
the Premises to prospective tenants during the 9 months preceding expiration of
the Term and to prospective purchasers and mortgagees at all reasonable times.

         6.1.11 Loading. Not to place Tenant's property (as described in Section
6.1.12), upon the Premises so as to exceed the floor load capacities; Tenant's
business machines and mechanical equipment which cause vibration or noise that
may be transmitted to the Building structure shall be placed and maintained by
Tenant in settings of cork, rubber, spring, or other types of vibration
eliminators sufficient to eliminate such vibration or noise,

         6.1.12 Landlord's Costs. In case Landlord shall be made party to any
litigation commenced by or against Tenant or by or against any parties in
possession of the Premises or any part thereof claiming under Tenant, except any
litigation arising out of a breach by Landlord of its obligations under this
Lease or the negligence or willful misconduct of Landlord or its agents,
employees or contractors (unless Landlord is the prevailing party in such
litigation), to pay, as Additional Rent, all reasonable costs including, without
implied imitation, reasonable counsel fees incurred by or imposed upon Landlord
in connection with such litigation and, as Additional Rent, also to pay all such
costs and fees incurred by Landlord in connection with the successful
enforcement by Landlord of any obligations of Tenant under this Lease.

         6.1.13 Tenant's Property. All the furnishings, fixtures, equipment,
effects and property of every kind, nature and description of Tenant and of all
persons claiming by, through or under Tenant which, during the continuance of
this Lease or any occupancy of the Premises by Tenant or anyone claiming under
Tenant, may be on the Premises, shall be at the sole risk and hazard of Tenant,
and if the whole or any part thereof shall be destroyed or damaged by fire,
water or otherwise, or by the leakage or bursting of water pipes, steam pipes,
or other pipes, by theft, or from any other cause, no part of said loss or
damage is to be charged to or to be borne by Landlord, unless due to the gross
negligence of Landlord.

         6.1.14 Labor or Materialmen's Liens. To pay promptly when due the
entire cost of any work done on the Premises by Tenant, its agents, employees,
or

                                       14
<PAGE>   18

independent contractors; not to cause or permit any liens for labor or materials
performed or furnished in connection therewith to attach to the Premises; and to
discharge any such liens which may so attach within five business days after
receiving notice of such liens.

         6.1.15 Holdover. (A) For each month or portion thereof that Tenant
shall retain possession of the Premises, to pay Landlord 200% of the greater of
(a) the then fair market rent as conclusively determined by Landlord or (b) the
total of the Base Rent and Additional Rent then applicable for each month or
portion thereof, and (B) also to pay all damages sustained by Landlord on
account thereof. The provisions of this Subsection 6.1.15 shall not operate as a
waiver by landlord of the right of re-entry provided in this Lease.

                                  ARTICLE VII
                               CASUALTY AND TAKING

7.1      CASUALTY AND TAKING.

         In case during the Term all or any substantial part of the Premises,
are damaged materially by fire or any other cause, or by action of public or
other authority in consequence thereof, or are taken by eminent domain, Landlord
shall have the right to terminate this Lease, by notice to Tenant within 30 days
after the occurrence of the event giving rise to the election to terminate,
which notice shall specify the effective date of termination which shall be not
less than 30 nor more than 60 days after the date of notice of such termination.
If Landlord does not terminate this Lease as provided above, Landlord shall use
due diligence to restore the Premises, or, in case of a taking, what may remain
thereof (excluding any items installed or paid for by Tenant which Tenant may be
required or permitted to remove) into proper condition for use and occupation
within 180 days of Landlord's receipt of insurance or condemnation proceeds to
the extent permitted by the net award of insurance or damages available to
Landlord, and a just proportion of the Base Rent according to the nature and
extent of the injury shall be abated until the Premises or such remainder shall
have been restored by Landlord to such condition; and in case of a taking which
permanently reduces the area of the Premises, a just proportion of the Base Rent
and shall be abated for the remainder of the Term.

7.2      RESERVATION OF AWARD.

         Landlord reserves to itself any and all rights to receive awards made
for damages to the Premises and the leasehold hereby created, accruing by reason
of exercise of eminent domain or by reason of anything lawfully done in
pursuance of public or other authority. Tenant hereby releases and assigns to
Landlord all Tenant's rights to such awards, and covenants to deliver such
further assignments and assurances thereof as Landlord may from time to time
request. and hereby irrevocably designates and appoints Landlord its
attorney-in-fact to execute and deliver in Tenant's name and behalf all such
further assignments thereof. It is agreed and understood, however, that Landlord
does not reserve to itself, and Tenant does not

                                       15
<PAGE>   19

assign to Landlord, any damages payable for (i) trade fixtures installed by
Tenant or anybody claiming under Tenant, at its own expense or (ii) relocation
expenses recoverable by Tenant from such authority in a separate action.

                                  ARTICLE VIII
                               RIGHTS OF MORTGAGEE

8.1      SUBORDINATION.

         This Lease and all rights of Tenant hereunder shall be subject and
subordinate in all respects to (a) all present and future ground leases,
operating leases, superior leases, overriding leases and underlying leases and
grants of term of the Premises or any portion thereof (collectively, including
the applicable items set forth in Subdivision (d) of this Section 8.1, the
"Superior Lease") whether or not the Superior Lease shall also cover other lands
or buildings, (b) all mortgages and building loan agreements, including
leasehold mortgages, which may now or hereafter affect the Premises or the
Superior Lease (collectively, including the applicable items set forth in
Subdivisions (c) and (d) of this Section 8. 1, the "Superior Mortgage"), whether
or not any Superior Mortgage shall also cover other lands or buildings or
leases, (c) each advance made or to be made under any Superior Mortgage, and (d)
all renewals, modifications, replacements, substitutions and extensions of the
Superior Lease and any Superior Mortgage. Any holder of a Superior Mortgagee (a
"Superior Mortgagee") may elect that this Lease shall have priority over such
Superior Mortgage and, upon notification thereof by such Superior Mortgagee to
Tenant, this Lease shall be deemed to have priority over such Superior Mortgage,
whether this Lease is dated prior to or subsequent to the date of such Superior
Mortgage. If, in connection with the obtaining, continuing or renewing of
financing for which the Premises or the interest of the lessee under the
Superior Lease represents collateral, in whole or in part, any bank, insurance
company, pension fund or other lending institution shall request reasonable
modifications of this Lease as a condition of its granting such financing,
Tenant will not unreasonably withhold its consent thereto, provided that such
modifications do not increase the Base Rent, materially and adversely increase
the obligations of Tenant hereunder or materially and adversely affect Tenant's
rights hereunder. Tenant agrees that it will take no steps to terminate this
Lease or abate Rent payable hereunder without giving each lessor under a
Superior Lease (a "Superior Lessor"), and any Superior Mortgagee requesting
same, written notice of any default by Landlord and the opportunity to cure such
default (without any obligation on the part of any such person to cure such
default) within 45 days thereafter or, if such Superior Lessor or Superior
Mortgagee commences such cure within 30 business days and diligently pursues
such cure, such longer period as may be reasonably necessary to effect such
cure. Landlord shall endeavor to obtain a subordination and non-disturbance
agreement, in recordable form, for each present and future Superior Mortgagee or
Superior Lessor.

                                       16
<PAGE>   20

8.2      SUCCESSOR LANDLORD.

         For purposes of this Section 8.2, the term "Successor Landlord" shall
mean and include (i) any person, including but not limited to any Superior
Lessor or Superior Mortgagee, who, prior to the termination of this Lease,
acquires or succeeds to the interest of Landlord under this Lease through
summary proceedings, foreclosure action, assignment, deed in lieu of foreclosure
or otherwise, and (ii) the successors and assigns of any person referred to in
clause (i) of this sentence. Upon any Successor Landlord's so acquiring, or so
succeeding to, the interest of Landlord under this Lease, Tenant shall, at the
election and upon the request of the Successor Landlord, fully attorn to and
recognize such Successor Landlord as Tenant's landlord under this Lease upon the
then executory terms of this Lease, but only if such Successor Landlord is bound
by a Non-Disturbance Agreement and only in accordance with such Non-Disturbance
Agreement. No Successor Landlord shall be bound by any prepayment of rent or
additional rent for more than one month in advance or any amendment or
modification of this Lease made without the consent of the Superior Mortgagee or
Superior Lessor from which such Successor Landlord derives its interest in this
Lease or the Premises. Upon demand of any such Successor Landlord, Tenant agrees
to execute instruments to evidence and confirm the foregoing provisions of this
Section reasonably satisfactory to any such Successor Landlord.

8.3      NO PREPAYMENT OR MODIFICATION, ETC.

         Tenant shall not pay Rent, or any other charge more than thirty days
prior to the due date thereof, no prepayment of the Rent (except one monthly
installment of Base Rent) or other charge, no assignment of this Lease and no
agreement to modify the Lease so as to reduce the Rent, change the Term, or
otherwise materially change the rights of Landlord under this Lease, or to
relieve Tenant of any obligations or liability under this Lease, shall be
enforceable against any Superior Mortgagees unless consented to in writing by
all Superior Mortgagees, if any.

                                   ARTICLE IX
                                     DEFAULT

9.1      EVENTS OF DEFAULT.

         There shall be an "Event of Default" hereunder if:

                  (i) any default by Tenant continues after written notice
         (describing such default in reasonable detail), (a) in case of the
         payment of Rent or any other monetary obligation to Landlord for more
         than 5 days, (b) in case of the delivery of any document to Landlord
         for more than 10 days or (c) in any other case for more than 30 days
         and such additional time, if any, as is reasonably necessary to cure
         the default if the default is of such a nature that it cannot
         reasonably be cured in 30 days and Tenant diligently commences and
         continues to cure such default and completes such cure within 90 days;
         or

                                       17
<PAGE>   21

                  (ii) if Tenant becomes insolvent, fails to pay its debts as
         they fall due, files a petition under any chapter of the U.S.
         Bankruptcy Code, 11 U.S.C, 101 et seq., as it may be amended (or any
         similar petition under any insolvency law of any jurisdiction), or if
         such petition is filed against Tenant and not dismissed within 60 days;
         or

                  (iii) if Tenant proposes any dissolution, liquidation,
         composition, financial reorganization or recapitalization with
         creditors, makes an assignment or trust mortgage for benefit of
         creditors, or if a receiver, trustee, custodian or similar agent is
         appointed or takes possession with respect to any property of Tenant
         and such appointment or taking is not dismissed within 60 days; or if
         the leasehold hereby created is taken on execution or other process of
         law in any action against Tenant.

         If there shall be an Event of Default hereunder, Landlord and the
agents and servants of Landlord may, in addition to and not in derogation of any
remedies for any preceding breach of covenant, immediately or at any time
thereafter while such Event of Default continues and without further notice, at
Landlord's election, do any one or more of the following:

                  (a) give Tenant written notice stating that the Lease is
terminated, effective upon the giving of such notice or upon a date stated in
such notice, as Landlord may elect, in which event the Lease shall be
irrevocably extinguished and terminated as stated in such notice without any
further action; or

                  (b) with process of law, in a lawful manner enter and
repossess the Premises and expel Tenant and those claiming through or under
Tenant, and remove its and their effects, without being guilty of trespass, in
which event the Lease shall be irrevocably extinguished and terminated at the
time of such entry; or

                  (c) pursue any other rights or remedies permitted by law.

         Any such termination of the Lease shall be without prejudice to any
remedies which might otherwise be used for arrears of Rent or prior breach of
covenant, and in the event of such termination Tenant shall remain liable under
this Lease as hereinafter provided. Tenant hereby waives all statutory rights
(including, without limitation, rights of redemption, if any) to the extent such
rights may be lawfully waived, and Landlord, without notice to Tenant, may store
Tenant's effects and those of any person claiming through or under Tenant at the
reasonable expense and risk of Tenant and, if Landlord so elects, may sell such
effects at public auction or private sale and apply the net proceeds to the
payment of all sums due to Landlord from Tenant, if any, and pay over the
balance, if any, to Tenant.

9.2      TENANT'S OBLIGATIONS AFTER TERMINATION.

         In the event that this Lease is terminated under any of the provisions
contained in Section 9.1 or shall be otherwise terminated for breach of any
obligation of Tenant, Tenant covenants to pay forthwith to Landlord, as
compensation, the excess of the

                                       18
<PAGE>   22

total rent reserved for the residue of the Term over the rental value of the
Premises for said residue of the Term. In calculating the rent reserved and the
rental value, there shall be included, in addition to the Base Rent and all
Additional Rent, the value of all other consideration agreed to be paid or
performed by Tenant for said residue. Tenant further covenants as an additional
and cumulative obligation after any such termination to pay punctually to
Landlord all the sums and perform all the obligations which Tenant covenants in
this Lease to pay and to perform in the same manner and to the same extent and
at the same time as if this Lease had not been terminated. In calculating the
amounts to be paid by Tenant under the next foregoing covenant, Tenant shall be
credited with any amount paid to Landlord as compensation as provided in the
first sentence of this Section 9.2 and also with the net proceeds of any rents
obtained by Landlord by reletting the Premises, after deducting all Landlord's
reasonable expenses in connection with such reletting, including, without
implied limitation, all repossession costs, brokerage commissions, fees for
legal services and expenses of preparing the Premises for such reletting, it
being agreed by Tenant that Landlord may (i) relet the Premises or any part or
parts thereof for a term or terms which may at Landlord's option be equal to or
less than or exceed the period which would otherwise have constituted the
balance of the Term and may grant such concessions and free rent as Landlord in
its reasonable judgment considers advisable or necessary to relet the same and
(ii) make such alterations, repairs and decorations in the Premises as Landlord
in its sole judgment considers advisable or necessary to relet the same, and no
action of Landlord in accordance with the foregoing or failure to relet or to
collect rent under reletting shall operate or be construed to release or reduce
Tenant's liability as aforesaid.

         Nothing contained in this Lease shall, however, limit or prejudice the
right of Landlord to prove and obtain in proceedings for bankruptcy or
insolvency by reason of the termination of this Lease, an amount equal to the
maximum allowed by any statute or rule of law in effect at the time when, and
governing the proceedings in which, the damages are to be proved, whether or not
the amount be greater, equal to, or less than the amount of the loss or damages
referred to above.

                                   ARTICLE X
                                  MISCELLANEOUS

10.1     NOTICES FROM ONE PARTY TO THE OTHER.

         All notices, requests and other communications required or permitted
under this Lease shall be in writing and shall be personally delivered or sent
by certified mail, return receipt requested, postage prepaid or by a national
overnight delivery service which maintains delivery records. Notices to Tenant
and Landlord shall be delivered to the address specified in Article I above. All
notices shall be effective upon delivery (or refusal to accept delivery). Either
party may change its notice address upon notice to the other party.

                                       19
<PAGE>   23

10.2     BIND AND INURE.

         The obligations of this Lease shall run with the land, and this Lease
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that the Landlord named herein and
each successive owner of the Property shall be liable only for the obligations
accruing during the period of its ownership. The obligations of Landlord shall
be binding upon the assets of Landlord which comprise the Property and the
proceeds of any insurance or action in the nature of eminent domain relating to
the Property, but not upon other assets of Landlord. No individual partner,
trustee, stockholder, officer, director, employee, member, beneficiary, agent or
advisor of Landlord shall be personally liable under this Lease and Tenant shall
look solely to Landlord's interest in the Property, and the proceeds of any
insurance or action in the nature of eminent domain relating to the Property
remedies upon an event of default hereunder, and the general assets of the
individual partners, trustees, stockholders, officers, employees, members or
beneficiaries of Landlord shall not be subject to levy, execution or other
enforcement procedure for the satisfaction of the remedies of Tenant.

10.3     NO SURRENDER.

         The delivery of keys to any employee of Landlord or to Landlord's agent
or any employee thereof shall not operate as a termination of this Lease or a
surrender of the Premises.

10.4     NO WAIVER, ETC.

         The failure of Landlord or of Tenant to seek redress for violation of,
or to insist upon the strict performance of any covenant or condition of this
Lease shall not be deemed a waiver of such violation nor prevent a subsequent
act, which would have originally constituted a violation, from having all the
force and effect of an original violation. The receipt by Landlord of Base Rent
or Additional Rent with knowledge of the breach of any covenant of this Lease
shall not be deemed a waiver of such breach by Landlord, unless such waiver is
in writing and signed by Landlord. No consent or waiver, express or implied, by
Landlord or Tenant to or of any breach of any agreement or duty shall be
construed as a waiver or consent to or of any other breach of the same or any
other agreement or duty.

10.5     NO ACCORD AND SATISFACTION.

         No acceptance by Landlord of a lesser sum than the Rent then due shall
be deemed to be other than on account of the earliest installment of such Rent
due, nor shall any endorsement or statement on any check or any letter
accompanying any check or payment as Rent be deemed as accord and satisfaction,
and Landlord may accept such check or payment without prejudice to Landlord's
right to recover the balance of such installment or pursue any other remedy in
this Lease provided.

                                       20
<PAGE>   24

10.6     CUMULATIVE REMEDIES.

         The specific remedies to which Landlord may resort under the terms of
this Lease are cumulative and are not intended to be exclusive of any other
remedies or means of redress to which it may be lawfully entitled in case of any
breach or threatened breach by Tenant of any provisions of this Lease. In
addition to the other remedies provided in this Lease, Landlord shall be
entitled to the restraint by injunction of the violation or attempted or
threatened violation of any of the covenants, conditions or provisions of this
Lease or to a decree compelling specific performance of any such covenants,
conditions or provisions.

10.7     LANDLORD'S RIGHT TO CURE.

         If Tenant shall at any time default in the performance of any
obligation under this Lease, Landlord shall have the right, but shall not be
obligated, to enter upon the Premises and to perform such obligation,
notwithstanding the fact that no specific provision for such substituted
performance by Landlord is made in this Lease with respect to such default. In
performing such obligation, Landlord may make any payment of money or perform
any other act. All sums so paid by Landlord (together with interest at the rate
of 4% per annum in excess of the then average prime commercial rate of interest
being charged by BankBoston) and all necessary incidental costs and expenses in
connection with the performance of any such act by Landlord, shall be deemed to
be Additional Rent under this Lease and shall be payable to Landlord immediately
on demand. Landlord may exercise the foregoing rights without waiving any other
of its rights or releasing Tenant from any of its obligations under this Lease.

10.8     ESTOPPEL CERTIFICATE.

         Tenant agrees, from time to time, upon not less than 10 days' prior
written request by Landlord, to execute, acknowledge and deliver to Landlord a
statement in writing certifying that this Lease is unmodified and in full force
and effect; that, to Tenant's knowledge, Tenant has no defenses, offsets or
counterclaims against its obligations to pay the Rent and to perform its other
covenants under this Lease; that to the extent true, there is no default or
Event of Default then existing and Tenant has not received a notice of any
alleged default by Tenant under the Lease; that the Lease has not been modified
or amended (or, if there have been modifications, that this Lease is in full
force and effect as modified and stating the modifications, and, if there are
any defenses, offsets, counterclaims, or defaults, setting them forth in
reasonable detail); the dates to which the Base Rent, Additional Rent and other
charges have been paid; and such other factual matters as Landlord may
reasonably request. Any such statement delivered pursuant to this Section 10.8
shall be in a form reasonably acceptable to and may be relied upon by any
prospective purchaser or mortgagee of premises which include the Premises or any
prospective assignee of any such mortgagee.

                                       21
<PAGE>   25

10.9     WAIVER OF JURY TRIAL.

THE PARTIES HERETO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY PARTY(IES) AGAINST ANY OTHER PARTY(IES) ON ANY MATTER ARISING OUT
OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP OF THE
PARTIES CREATED HEREUNDER.

10.10    ACTS OF GOD.

         In any case where either party hereto is required to do any act, delays
caused by or resulting from Acts of God, war, civil commotion, fire, flood or
other casualty, labor difficulties not limited to the Premises or Tenant's or
Landlord's business operations, shortages of labor, materials or equipment,
government regulations, unusually severe weather, or other causes beyond such
party's reasonable control shall not be counted in determining the time during
which work shall be completed, whether such time be designated by a fixed date,
a fixed time or a "reasonable time", and such time shall be deemed to be
extended by the period of such delay.

10.11    BROKERAGE.

         Tenant represents and warrants that it has dealt with no broker in
connection with this transaction other than the Brokers and agrees to defend,
with counsel reasonably approved by Landlord, indemnify and save Landlord
harmless from and against any and all cost, expense or liability for any
compensation, commissions or charges claimed by a broker or agent, other than
the Brokers, with respect to Tenant's dealings in connection with this Lease.
Landlord represents and warrants to Tenant that it has dealt with no broker in
connection with this transaction other than the Brokers and agrees to defend,
with counsel reasonably approved by Tenant, indemnify and save Tenant harmless
from and against any and all cost, expense or liability for any compensation,
commissions or charges claimed by a broker or agent with respect to Landlord's
dealings in connection with this Lease.

10.12    SUBMISSION NOT AN OFFER.

         The submission of a draft of this Lease or a summary of some or all of
its provisions does not constitute an offer to lease or demise the Premises, it
being understood and agreed that neither Landlord nor Tenant shall be legally
bound with respect to the leasing of the Premises unless and until this Lease
has been executed by both Landlord and Tenant and a fully executed copy has been
delivered to each of them.

10.13    APPLICABLE LAW AND CONSTRUCTION.

         This Lease shall be governed by and construed in accordance with the
laws of the state in which the Premises are located. If any term, covenant,
condition or provision of this Lease or the application thereof to any person or
circumstances shall be declared invalid or unenforceable by the final ruling of
a court of competent

                                       22
<PAGE>   26

jurisdiction having final review, the remaining terms, covenants, conditions and
provisions of this Lease and their application to persons or circumstances shall
not be affected thereby and shall continue to be enforced and recognized as
valid agreements of the parties, and in the place of such invalid or
unenforceable provision, there shall be substituted a like, but valid and
enforceable provision which comports to the findings of the aforesaid court and
most nearly accomplishes the original intention of the parties.

         There are no oral or written agreements between Landlord and Tenant
affecting this Lease, except as specified in this Lease. This Lease may be
amended, and the provisions hereof may be waived or modified, only by
instruments in writing executed by Landlord and Tenant.

         The titles of the several Articles and Sections contained herein are
for convenience only and shall not be considered in construing this Lease,

         Unless repugnant to the context, the words "Landlord" and "Tenant"
appearing in this Lease shall be construed to mean those named above and their
respective heirs, executors, administrators, successors and assigns, and those
claiming through or under them respectively to there be more than one tenant,
the obligations imposed by this Lease upon Tenant shall be joint and several.

10.14    SIGNS.

         Tenant may install, at its sole cost and expense, signsat the Property.
All signage must comply with all applicable laws, codes and regulations,
including, without limitation, zoning and building codes. Tenant shall be
responsible for obtaining all necessary permits and approvals. The location,
materials, design and method of installation of all signage shall be subject to
Landlord's prior written approval.

                         SIGNATURES FOLLOW ON NEXT PAGE

                                       23
<PAGE>   27

         EXECUTED as a sealed instrument in two or more counterparts on the day
and year first above written.

LANDLORD:

BOULDER WALNUT LLC

By:     Boulder Campus LLC, Manager

        By:    MSC Boulder LLC, Primary Member

               By:     /s/ JOHN H. BAXTER
                   ----------------------------
                      Name:  John H. Baxter
                      Title: Vice President

TENANT:

EXABYTE CORPORATION

  By:    /s/   WILLIAM L. MARRINER
     --------------------------------------
        Name:  William L. Marriner
        Title: President and Chief Executive Officer

A copy of Tenant's corporate authorization for such execution is attached
hereto.

                                       24

<PAGE>   28

                                                                   EXHIBIT 10.35

The Registrant hereby agrees to furnish supplementally a copy of the following
omitted Certificates and Appendices:

         Certificate             Certificate of Incumbency
                                        Appendix A              Plan of Premises

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