Document:

<PAGE>

                                                                   Exhibit 10.27

                                  OFFICE LEASE

                  "NEW WORLD TOWER" - 100 N. BISCAYNE BOULEVARD

                                    LANDLORD:

                               NWT PARTNERS, LTD.

                                     TENANT:

                                  IBASIS, INC.

                                    PREMISES:

                                 SUITE NO. 1300

<PAGE>

                                BASIC TERM SHEET

                                  OFFICE LEASE

                  "NEW WORLD TOWER" - 100 N. BISCAYNE BOULEVARD

The following provisions and terms are incorporated as Sections I.2 and 1.3 in
the Lease between Landlord and Tenant.

<TABLE>
     <S>           <C>
     I.2.1  -      LANDLORD:     NWT PARTNERS, LTD.
     I.2.2  -      TENANT:       iBasis, Inc.
     I.2.3  -      BUILDING:     100 N. Biscayne Blvd.
                                 Miami, Florida 33132
                                 which is currently known as New World Tower and
                                 which includes the adjacent parking garage.

     I.2.4  -      PREMISES:     Suite 1300, having a gross leasable area which
                                 Landlord and Tenant designate for purposes of
                                 this Lease to be 5,250 square feet.
     I.2.5  -      USE OF PREMISES:  Executive and general  office use, the
                   installation, operation and maintenance of Tenant's
                   equipment and facilities in connection with Tenant's
                   telecommunications business.
     I.2.6  -      TENANT'S TRADE NAME: iBasis
     I.2.7  -      LEASE TERM: 10 year(s) and 0 month(s) from the Lease
                   Commencement Date.
     I.2.8  -      LEASE  COMMENCEMENT  DATE (Section  I.6):  Upon completion of
                   Landlord's Work as defined in Section I.2.18 as to which
                   Work Landlord shall use its best efforts to complete the
                   same within sixty (60) days from the date of the execution
                   and delivery of this Lease by both parties hereto. In the
                   event that Landlord's Work is not completed within sixty (
                   60) days from the date of the execution and delivery of this
                   Lease by both parties, Tenant shall receive two ( 2) days of
                   abatement of Fixed Minimum Rent for each day of such delay,
                   subject to extension of such time for delays caused by force
                   majeure and Acts of God. In the event that Landlord's Work
                   is not completed within 120 days from the date of the
                   execution and delivery of this Lease by both parties, Tenant
                   shall have the right to terminate this Lease effective upon
                   delivery of Notice of exercise of such right of termination
                   to Landlord no later than the fifth (5th) Business day after
                   such 120th day, and neither party shall have any further
                   liability to the other arising under this Lease. LEASE
                   EXPIRATION DATE (Section I.6): 10 years from Lease
                   Commencement Date.

     I.2.9  -      RENT COMMENCEMENT DATE (Section I.7): Four (4) months after
                   the Lease Commencement Date.

    I.2.10  -      FIXED MINIMUM RENT (Section II.1): $1,674,030.46,
                   payable the first of each month as follows, plus all
                   applicable taxes:
</TABLE>

<TABLE>
<CAPTION>
                   YEAR                 ANNUAL RENT          MONTHLY RENT
                   <S>           <C>                  <C>
                   FIRST         $107,787.25          $12,482.27
                   SECOND        $154,197.25          $12,849.77
                   THIRD         $158,761.60          $13,230.13
                   FOURTH        $163,485.70          $13,623.81
                   FIFTH         $168,375.15          $14,031.26
                   SIXTH         $173,435.73          $14,457.88
                   SEVENTH       $178,673.43          $14,889.45
                   EIGHTH        $184,095.21          $15,341.20
                   NINTH         $189,705.99          $15,808.83
                   TENTH         $195,513.15          $16,292.76
</TABLE>

                                                   ---------------/-------------
                                                       LANDLORD         TENANT

<PAGE>

<TABLE>
     <S>           <C>
     I.2.11 -      FIXED MINIMUM RENT INCREASE(S)-N/A
     I.2.12 -      CONSTRUCTION PLANS SUBMISSION DATE:  N/A
     I.2.13 -      LANDLORD'S CONTRIBUTION: N/A

     I.2.14 -      SECURITY DEPOSIT (Section X.1): The sum of

                   $63,000.00, in an Irrevocable Letter of Credit in the form
                   and substance and subject to the terms and conditions as set
                   forth in Exhibit E annexed hereto, delivered to Landlord
                   upon execution and delivery of this Lease by Tenant. In the
                   event Tenant shall not then be in default under this Lease
                   and has not then been in default under this Lease past any
                   applicable notice and cure dates more than twice in the
                   preceding twelve (12) months, the amount of this Security
                   Deposit shall be reduced by fifty percent (50%) on the fifth
                   (5th) anniversary of the Lease Commencement Date.

     I.2.15 -      TENANT'S PARTICIPATION IN OPERATING EXPENSES AND TAXES
                   (Section IV.1):
                   PROPORTIONATE SHARE:  1.98%
                   BASE OPERATING YEAR: 2000; BASE TAX YEAR: 2000.
                   FIRST OPERATING EXPENSE ADJUSTMENT PAYMENT DATE: January 1,
                   2001.
                   FIRST TAX ADJUSTMENT PAYMENT DATE: January 1, 2001.

     I.2.16 -      ADDRESSES FOR NOTICES (Section XII.1):
                   TENANT: iBasis, Inc.

                                 20 Second Avenue
                                 Burlington, MA 01803

                   after the Commencement Date: the Premises
                   LANDLORD:     NWT PARTNERS, LTD.

                                 1111 Lincoln Road Suite 800
                                 Miami Beach, Florida  33139
                                 Attention: David Garfinkle

                   With a copy to:

                                 Building Manager
                                 New World Tower
                                 100 N. Biscayne Blvd., Suite 2606

                                 Miami, FL   33132

     I.2.17 -      GUARANTORS: N/A

     I.2.18 -      ADDITIONAL  TERMS:  Lease Renewal Option: Tenant, on written
                   notice to Landlord delivered not less than twelve (12)
                   months' nor more than twenty four (24) months' prior to the
                   expiration of the respective term hereof, shall have the
                   Option to renew this Lease on the same terms and conditions
                   as set forth herein (except for this provision and Fixed
                   Minimum Rent) for two terms of five (5) years each (each
                   exercise of an Option to be effective only with respect to
                   one such Option Term) with the Fixed Minimum Rent for each
                   such Option Term to be at 100% of the Fair Market Value Rent
                   (as determined in the manner set forth in Exhibit F annexed
                   hereto), but in no event less than the amount which the
                   Fixed Minimum Rent for each year of the Lease Option Terms
                   would have been if the Fixed Minimum Rent for the first year
                   of the first Lease Option Term had been $177,736.31 and such
                   Fixed Minimum Rent for the subsequent years of the Lease
                   Option Terms had continued to be escalated at an annual rate
                   of 3.5%. Landlord's Work: Landlord, at its sole cost and
                   expense, shall deliver the Premises to Tenant with all
                   contents demolished and in broom clean condition; and shall
                   construct a building standard common corridor as set forth
                   on Exhibit B. Landlord's Services: Notwithstanding anything
                   contained herein to the contrary, Landlord shall not be
                   required to provide any VAC, electrical
</TABLE>

                                                   ---------------/-------------
                                                       LANDLORD         TENANT

<PAGE>

                    or janitorial service to the Premises.

<TABLE>
     <S>    <C>
     I.3    -      EXHIBIT A - Legal Description
                   EXHIBIT B - Site Plan
                   EXHIBIT C - Rules and Regulations
                   EXHIBIT D - Telecommunications Rider EXHIBIT E -
                   Letter of Credit Terms EXHIBIT F- Fair Market Value
                   Rent Determination EXHIBIT G - Form of SNDA agreement
                   EXHIBIT H - Roof Equipment
                   EXHIBIT I - List of Prohibited Uses
</TABLE>

                                                   ---------------/-------------
                                                       LANDLORD         TENANT

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

                                    ARTICLE I

                  LANDLORD COVENANTS; PRIMARY LEASE PROVISIONS;
                    EXHIBITS; PREMISES; USE OF PREMISES; TERM

<TABLE>
         <S>               <C>                                                                            <C>
         Section 1.1       COVENANTS OF LANDLORD'S AUTHORITY AND

                                    QUIET ENJOYMENT.........................................................1

         Section 1.2                PRIMARY LEASE PROVISIONS................................................1
         Section 1.3                EXHIBITS................................................................1
         Section 1.4                PREMISES LEASED BY TENANT...............................................1
         Section 1.5                USE OF PREMISES.........................................................2
         Section 1.6                LEASE TERM..............................................................2
         Section 1.7                RENT COMMENCEMENT DATE..................................................2
         Section 1.8                LEASE YEAR..............................................................2
         Section 1.9                ACCEPTANCE OF PREMISES..................................................2

                                                  ARTICLE II

                                                     RENT

         Section 2.1                FIXED MINIMUM RENT......................................................2
         Section 2.2                INTENTIONALLY DELETED...................................................3
         Section 2.3                LATE PAYMENT ADMINISTRATIVE FEE.........................................3
         Section 2.4                ADDITIONAL RENT - DEFINITION............................................3
         Section 2.5                SALES TAX...............................................................4

                                                  ARTICLE III

                                                   SERVICES

         Section 3.1                SERVICES OF LANDLORD....................................................4
         Section 3.2                SERVICES OF TENANT......................................................5
         Section 3.3                NO EVICTION.............................................................5
         Section 3.4                BUILDING SECURITY.......................................................5
         Section 3.5                PARKING.................................................................6

                                                  ARTICLE IV

                                         OPERATING EXPENSES AND TAXES

         Section 4.1       TENANT'S PARTICIPATION IN OPERATING

                                    EXPENSES AND TAXES......................................................6

         Section 4.2                DEFINITION OF OPERATING EXPENSES........................................6
         Section 4.3                TENANT'S TAXES..........................................................7
         Section 4.4                TAXES INCLUDED..........................................................8
         Section 4.5                RECEIPT OF NOTICES......................................................8

                                                   ARTICLE V

                                         TENANT'S INITIAL IMPROVEMENTS

         Section 5.1                CONSTRUCTION PLANS......................................................8
         Section 5.2                PLANS REVIEW............................................................9
         Section 5.3                PAYMENT................................................................10
         Section 5.4                TENANT DELAY...........................................................10
         Section 5.5                TENANT'S OBLIGATION FOR COST OF TENANT'S DELAYS........................10
         Section 5.6                LANDLORD'S DELAYS......................................................11
         Section 5.7                REVISIONS..............................................................11
         Section 5.8                COMPLETION DUE DILIGENCE...............................................11
</TABLE>

                                       (i)

                                                   ---------------/-------------
                                                       LANDLORD         TENANT

<PAGE>

                                      (ii)

                                                   ---------------/-------------
                                                       LANDLORD         TENANT

<PAGE>

                                   ARTICLE VI

            ADDITIONS, ALTERATIONS, REPLACEMENTS, AND TRADE FIXTURES

<TABLE>
         <S>                        <C>                                                                   <C>
         Section 6.1                BY LANDLORD............................................................11
         Section 6.2                BY TENANT..............................................................12
         Section 6.3                CONSTRUCTION INSURANCE AND INDEMNITY...................................12
         Section 6.4                MECHANIC'S LIENS AND ADDITIONAL

                                    CONSTRUCTION...........................................................13

         Section 6.5                TRADE FIXTURES.........................................................14
         Section 6.6                RIGHT OF ENTRY.........................................................15

                                                  ARTICLE VII

                                            INSURANCE AND INDEMNITY

         Section 7.1                TENANT'S INSURANCE.....................................................15
         Section 7.2                EXTRA HAZARD INSURANCE PREMIUMS........................................16
         Section 7.3                INDEMNITY..............................................................17

                                                 ARTICLE VIII

                                     DAMAGE, DESTRUCTION AND CONDEMNATION

         Section 8.1                DAMAGE OR DESTRUCTION BY FIRE OR OTHER
                                    CASUALTY...............................................................17

         Section 8.2                CONDEMNATION...........................................................19

                                                  ARTICLE IX

                                               DEFAULT, REMEDIES

         Section 9.1                DEFAULT................................................................19
         Section 9.2                REMEDIES...............................................................20
         Section 9.3                TERMINATION............................................................21
         Section 9.4                NO REINSTATEMENT AFTER TERMINATION.....................................21
         Section 9.5                RETENTION OF SUMS AFTER TERMINATION....................................21
         Section 9.6                RE-ENTRY...............................................................21
         Section 9.7                SUMS COLLECTED UPON RELETTING..........................................22
         Section 9.8                NO EFFECT ON SUIT......................................................22
         Section 9.9                WAIVER OF RIGHTS OF REDEMPTION.........................................22
         Section 9.10               INTENTIONALLY DELETED..................................................22
         Section 9.11               OTHER PARTY'S RIGHT TO CURE DEFAULTS...................................22
         Section 9.12               LANDLORD'S EXPENSES....................................................24

                                                   ARTICLE X

                                                   SECURITY

         Section 10.1               SECURITY DEPOSIT.......................................................24
         Section 10.2               PERSONAL PROPERTY......................................................25

                                                  ARTICLE XI

                                         ADDITIONAL TENANT AGREEMENTS

         Section 11.1               MORTGAGE FINANCING AND SUBORDINATION...................................25
         Section 11.2               ASSIGNMENT OR SUBLETTING...............................................26
         Section 11.3      TENANT'S NOTICE TO LANDLORD OF

                                    DEFAULT................................................................33

         Section 11.4               NO RECORDATION OF LEASE................................................33
         Section 11.5      SURRENDER OF PREMISES AND HOLDING

                                    OVER...................................................................33

         Section 11.6               ESTOPPEL CERTIFICATE...................................................34
         Section 11.7               DELAY OF POSSESSION....................................................34
</TABLE>

                                     (iii)

                                                   ---------------/-------------
                                                       LANDLORD         TENANT

<PAGE>

<TABLE>
         <S>                        <C>                                                                   <C>
         Section 11.8               COMPLIANCE WITH LAW....................................................34
         Section 11.9               RULES AND REGULATIONS..................................................36
         Section 11.10              ABANDONMENT............................................................36
         Section 11.11              INTENTIONALLY DELETED..................................................37

                                                  ARTICLE XII

                                           MISCELLANEOUS PROVISIONS

         Section 12.1               NOTICES................................................................37
         Section 12.2               ENTIRE AND BINDING AGREEMENT...........................................37
         Section 12.3               PROVISIONS SEVERABLE...................................................37
         Section 12.4               CAPTIONS...............................................................37
         Section 12.5               RELATIONSHIP OF THE PARTIES............................................37
         Section 12.6               ACCORD AND SATISFACTION................................................38
         Section 12.7               BROKER'S COMMISSION....................................................38
         Section 12.8               CORPORATE & PARTNERSHIP STATUS.........................................38
         Section 12.9               MISCELLANEOUS..........................................................39
         Section 12.10              FINANCIAL STATEMENTS...................................................40
         Section 12.11              SURVIVAL OF TENANT'S COVENANTS.........................................40
         Section 12.12              NON-WAIVER PROVISIONS..................................................40
         Section 12.13              RADON GAS..............................................................41
         Section 12.14              LIMITATION OF LIABILITY ...............................................41
</TABLE>

                                                   ---------------/-------------
                                                      LANDLORD         TENANT
<PAGE>

                                  OFFICE LEASE

                  "NEW WORLD TOWER" - 100 N. BISCAYNE BOULEVARD

         THIS LEASE ("Lease") is made and entered into as of this ___________
day of _______________________________, 19__ by and between Landlord and Tenant.

         Landlord demises and rents to Tenant, and Tenant leases from Landlord,
the Premises now existing in Landlord's Building, upon the terms, covenants and
conditions contained herein.

                                    ARTICLE I

                  LANDLORD COVENANTS; PRIMARY LEASE PROVISIONS;
                    EXHIBITS; PREMISES; USE OF PREMISES; TERM

         Section I.1       COVENANTS OF LANDLORD'S AUTHORITY AND QUIET
ENJOYMENT.

         Landlord represents and covenants that it has good title to the land
and Building of which the Premises form a part, and upon performing all of its
obligations under this Lease, Tenant shall peacefully and quietly have, hold and
enjoy the Premises for the Lease Term.

         Section I.2       PRIMARY LEASE PROVISIONS

         The provisions and terms of Sections I.2.1 through I.2.18 the Basic
Term Sheet are incorporated in this Lease as a part of this Section I.2, and are
subject to the additional provisions of this Lease.

         Section I.3       EXHIBITS

         The exhibits, riders and attachments described on the Basic Term Sheet
are incorporated in and made part of this Lease as part of this Section I.3.

         Section I.4       PREMISES LEASED BY TENANT

                  I.4.1    The Premises are leased by Tenant from Landlord. The
approximate boundaries and location of the Premises are outlined on the Site
Plan diagram of the Building (Exhibit "B"), which sets forth the general layout
of the Building but which shall not be deemed to be a warranty, representation,
or agreement upon the part of the Landlord that the Building and layout will be
exactly as indicated on said diagram.

                  I.4.2     The Premises, for the purpose of this Lease, shall
extend to the exterior faces of all walls or to the building line where there is
no wall, or to the center line of those walls separating the Premises from other
premises in the Building, together with the appurtenances specifically granted
in this Lease, but reserving and excepting to Landlord the use of the exterior
walls and the roof and the right to install, maintain, use, repair and replace
pipes, ducts, conduits, and wires leading through the Premises in locations
which will not materially interfere with Tenant's use thereof, or which serve
other parts of the Building.

                                                   ---------------/-------------
                                                      LANDLORD         TENANT

<PAGE>

         Section I.5       USE OF PREMISES

         The Premises shall be used and occupied only for the Use specified in
the Basic Term Sheet, under Tenant's Trade Name specified in the Basic Term
Sheet, and for no other purpose or purposes without Landlord's prior written
consent, which shall not be unreasonably withheld. except with respect to those
Uses listed on Exhibit "I" hereto. Tenant shall, at its own risk and expense,
obtain all governmental licenses and permits necessary for such use.

         Section I.6       LEASE TERM

         The Lease Commencement Date, the Lease Term and the Lease Termination
Date shall be for the period specified in the Basic Term Sheet, unless sooner
terminated or extended as provided in this Lease. Notwithstanding the foregoing,
prior to the Lease Commencement Date Tenant shall have reasonable access, at
Tenant's sole cost and expense, to the Premises and to the following portions of
the Building: third floor main electrical panels, the third floor Meet Me Room,
windows in the Premises for conversion to louvers, conduit and chase areas, and
such other areas in the Building as may in the reasonable opinion of the Chief
Building Engineers for both parties be necessary and appropriate for the
purposes of installing agreed upon wiring and conduits in the Building and for
other related installations and construction necessary to prepare the Building
and the Premises for Tenant's occupancy (the "Early Access Period"). During the
Early Access Period, Tenant shall not be required to pay Rent or Additional
Rent, but shall be subject to all other terms and conditions of this Lease.

         Section I.7       RENT COMMENCEMENT DATE

         Tenant shall commence payment of Rent the date specified in the Basic
Term Sheet. If the Rent Commencement Date falls on a day other than the first
day of a calendar month, the Fixed Minimum Rent for such month shall be prorated
on a per diem basis, calculated on the basis of a thirty (30) day month.

         Section I.8       LEASE YEAR

         For purpose of this Lease, the term "Lease Year" is defined to mean a
calendar year (beginning January 1 and extending through December 31 of any
given year). Any portion of a year which is less than a Lease Year, that is,
from the Lease Commencement Date through the next December 31, and from the last
January 1 falling within the Lease Term through the last day of the Lease Term,
shall be defined as a Partial Lease Year.

         Section I.9       ACCEPTANCE OF PREMISES

         Tenant acknowledges that it has fully inspected and accepts the
Premises in their present condition and "as is", except as indicated in Article
V and except for defects in workmanship and/or materials which are not
observable by careful inspection provided written notice of such defect(s) is
given by Tenant to Landlord no later than one (1) year subsequent to the Lease
Commencement Date , and in the Basic Term Sheet if applicable, and that the same
are suitable for the use specified in the Basic Term Sheet.

                                   ARTICLE II

<PAGE>

                                      RENT

         Section II.1      FIXED MINIMUM RENT

               II.1.1    The total Fixed Minimum Rent for the Lease Term as
specified in the Basic Term Sheet shall be payable by Tenant as specified in the
Basic Term Sheet.

               II.1.2    The phrase "Fixed Minimum Rent" shall be the Fixed
Minimum Rent specified above, payable monthly in advance on the first day of
each month, without prior demand therefore and without any deduction or setoff
whatsoever. In addition, Tenant covenants and agrees to pay Landlord all
applicable sales or other taxes which may be imposed on the above specified
rents or payments hereinafter provided for to be received by Landlord when each
such payment is made.

         Section II.2      THIS SECTION HAS BEEN INTENTIONALLY DELETED.

         Section II.3      LATE PAYMENT ADMINISTRATIVE FEE.

         If a Rent payment is not received within five (5) days after its due
date, administrative fees and late charges of $100.00, plus an ongoing charge of
18% (annual rate, which shall accrue on the unpaid Rent including Additional
Rent) shall become immediately due and payable from Tenant to Landlord, without
notice or demand. This provision for administrative fees and late charges is
not, and shall not be deemed, a grace period. In the event any check, bank draft
or negotiable instrument given for any payment under this Lease shall be
dishonored at any time for any reason whatsoever not attributable to Landlord,
Landlord shall be entitled, in addition to any other remedy that may be
available, to an administrative charge of Two Hundred Dollars ($200.00). Such
administrative fees and late charges are neither penalties nor interest charges,
but liquidated damages to defray administrative, collection, and related
expenses due to Tenant's invalid payment or to Tenant's failure to make such
Rent payment when due. An additional administrative fee and late charge shall
become immediately due and payable on the first day of each month for which all
or a portion of a Rent payment (together with any administrative fee and late
charge) remains unpaid. Landlord, at its option, may deduct any such charge from
any Security Deposit held by Landlord and, in such event, Tenant shall, upon
written notice of the same, immediately deposit a like amount with Landlord in
accordance with the terms of Section X.1. All sums which Tenant shall be
obligated to pay to Landlord from time to time pursuant to this Lease shall be
deemed part of the Rent. In the event of the nonpayment by Tenant of such sums,
Landlord shall have the same rights and remedies by reason of such nonpayment as
if Tenant had failed to pay any Rent.

         Section II.4      ADDITIONAL RENT - DEFINITION

         In addition to the foregoing Fixed Minimum Rent and Fixed Minimum Rent
Increase, all payments to be made under this Lease by Tenant to Landlord shall
be deemed to be and shall become Additional Rent hereunder and, together with
Fixed Minimum Rent, shall be included in the term "Rent" whenever such term is
used in this Lease. Unless another time is expressly provided for the payment
thereof, any Additional Rent shall be due and payable on demand or together with
the next succeeding installment of Fixed Minimum Rent, whichever shall first
occur, together with all applicable State taxes and interest thereon at the then
prevailing legal rate, and Landlord shall have the same remedies for failure to
pay the

<PAGE>

same as for non-payment of Fixed Minimum Rent. Landlord, at its election, shall
have the right to pay or do any act which requires the expenditure of any sums
of money by reason of the failure or neglect of Tenant to perform any of the
provisions of this Lease, and in the event Landlord elects to pay such sums or
do such acts requiring the expenditure of monies, all such sums so paid by
Landlord, together with interest thereon, shall be deemed to be Additional Rent
and payable as such by Tenant to Landlord upon demand.

         Section II.5      SALES TAX

         Together with each payment of Rent or other sum on which such tax may
be due, Tenant shall pay to Landlord a sum equal to any applicable sales tax,
tax on rents, and any other charges, taxes, and/or impositions now in existence
or subsequently imposed based upon the privilege of renting the Premises or upon
the amount of rent collected. Tenant's liability for such taxes and/or
impositions shall be payable whether assessed at the time the Rent payment is
made or retroactively, and shall survive the termination or expiration of this
Lease.

                                   ARTICLE III

                                    SERVICES

         Section III.1     SERVICES OF LANDLORD

               III.1.1   Landlord shall maintain the public and common areas
of the Building, including lobbies, stairs, elevators, corridors and restrooms,
the windows in the Building, the mechanical, plumbing and electrical equipment
serving the Building, and the roof (subject to Tenant's obligations under
Exhibit H hereto) and structure itself in reasonably good order and condition
except for damage occasioned by the act of Tenant, which damage shall be
repaired by Landlord at Tenant's expense.

               III.1.2   Landlord shall furnish the Premises with (a) elevator
service, if applicable, and (b) window washing with reasonable frequency.
Landlord shall not be in default hereunder or be liable for any damages directly
or indirectly resulting from, nor shall the rental herein reserved be abated by
reason of (i) the installation, use or interruption of use of any equipment in
connection with the furnishing of any of the foregoing services, unless caused
by Landlord's gross negligence or willful misconduct, (ii) failure to furnish or
delay in furnishing any such services when such failure or delay is caused by
accident or any condition beyond the reasonable control of Landlord or by the
making of necessary repairs or improvements to the Premises or to the Building,
or other cause other than Landlord's gross negligence or willful malfeasance,
(iii) the limitation, curtailment, rationing or restrictions on use of water,
electricity (for common areas only), gas or any other form of energy serving the
Premises or the Building, unless caused by Landlord's gross negligence or
willful misconduct, and (iv) if Landlord and Tenant have entered into an
agreement whereby Tenant uses Landlord's Backup Generator, the failure of such
Backup Generator to perform as specified except due to the gross negligence or
willful misconduct of Landlord. Landlord shall use reasonable efforts diligently
to remedy any interruption in the furnishing of such services. In the event any
such interruption continues for more than ten (10) Business Days, Tenant may
abate Rent by 10% of the monthly Rent for each subsequent Business Day
thereafter that such services are interrupted

<PAGE>

         Section III.2     SERVICES OF TENANT.

         Tenant shall, at Tenant's own expense, keep the Premises in good repair
and tenantable condition during the Term, except only for reasonable wear and
tear and casualty. Tenant shall, at Tenant's expense but under the direction of
Landlord, promptly repair (and make replacements where necessary) any injury or
damage to the Building and the property of which it is a part ("Property"),
including, but not limited to, any and all broken glass, caused by Tenant or
Tenant's officers, personnel, agents, employees, servants, licensees, invitees,
guests, patrons, or customers. Tenant shall shampoo and replace carpeting, wash
walls and ceilings, and otherwise maintain the appearance of the Premises and
contents thereof at Tenant's reasonable expense. Subject to the terms of the
Telecommunications Rider, Tenant, at its sole cost and expense, shall supply all
of its electrical service, VAC service and janitorial services.

         Section III.3     NO EVICTION.

         The services described in this Article III shall be provided as long as
this Lease is in full force and effect, no Event of Default by Tenant exists,
and no event has occurred which but for notice and/or the passage of time would
constitute an Event of Default by Tenant, subject to interruption caused by,
force majeure or acts of God, and conditions and causes beyond the control of
Landlord. Furthermore, Landlord reserves the right to stop the service of the
air-cooling, elevator, electrical, backup electrical generator power, plumbing
or other mechanical systems or facilities in the Building when necessary, by
reason of accident or emergency, or for repairs, additions, alterations,
replacements, decorations or improvements desirable or necessary to be made in
the judgment of Landlord, until such repairs, alterations, replacements or
improvements shall have been completed. Landlord shall undertake to diligently
commence and work toward completion of all necessary repairs. All discretionary
repairs shall be done in a manner and at times, whenever reasonably appropriate,
so as not to unnecessarily interfere with Tenant's Use (although Landlord need
not pay additional costs in order to make such arrangements). Landlord shall
have no responsibility or liability for interruption, curtailment or failure to
supply cooled or outside air, heat, elevator, plumbing, electricity or backup
electrical generator power when prevented by exercising its right to stop
service or by Unavoidable Delay or by any cause whatsoever beyond Landlord's
control or by human occupancy factors, or by failure of independent contractors
to perform, or by Legal Requirements, or by mandatory energy conservation, The
exercise of such right or such failure by Landlord shall not constitute an
actual or constructive eviction, in whole or in part, or entitle Tenant to any
compensation or to any abatement or diminution of Base Rent or Additional Rent,
or relieve Tenant from any of its obligations under this Lease, or impose any
liability upon Landlord or its agents by reason of inconvenience or annoyance to
Tenant, or injury to or interruption of Tenant's business, or otherwise,
provided such resulting interruption is not the result of Landlord's gross
negligence or willful misconduct.

         Section III.4     BUILDING SECURITY.

         Tenant acknowledges that Landlord shall not and does not have any
responsibility for the security of Tenant's officers, personnel, agents,
employees, servants, licensees, invitees, guests, patrons, customers, and all
others who come on or about the Property related to Tenant or Tenant's Use.

<PAGE>

         Section III.5     PARKING.

         If any parking is made available to Tenant by Landlord (but Landlord
does not represent that such parking shall ever be made available), Landlord
shall not be liable for any damage of any nature whatsoever to, or any theft of,
automobiles or other vehicles or the contents of them, while in or about such
parking areas.

                                   ARTICLE IV

                          OPERATING EXPENSES AND TAXES

         Section IV.1      TENANT'S PARTICIPATION IN OPERATING EXPENSES AND
TAXES.

               IV.1.1    Commencing on the First Adjustment Payment Date,
Tenant shall, on the first day of each month in advance pay to Landlord pro rata
monthly installments on account of the amount reasonably projected by Landlord
for Tenant's Share of increases in Operating Expenses and for Tenant's Share of
increases in Taxes over the Base Operating Year and over the Base Tax Year,
respectively, based upon the most recent data available to Landlord, from time
to time, for Operating Expenses and for Taxes. Landlord shall submit to Tenant
statement(s) showing the actual amounts which should have been paid by Tenant
with respect to increases in Operating Expenses and with respect to increases in
Taxes for the past calendar year by the last day of each February for each
preceding Lease Year, the amount of those expenses actually paid during that
year by Tenant and the amount of the resulting balance due on either or both of
those expenses, or overpayment of either of both of them, as the case may be.
Any balance shown to be due pursuant to said statement shall be paid by Tenant
to Landlord within thirty (30) days following Tenant's receipt of the statement
and any overpayment shall be immediately credited against Tenant's obligation to
pay expected Additional Rent in connection with anticipated increases in
Operating Expenses or anticipated increases in Taxes or, if by reason of any
termination of this Lease no such future obligations exist, shall be refunded to
Tenant. Anything in this Lease to the contrary notwithstanding, Tenant shall not
delay or withhold payment of any balance shown to be due pursuant to a statement
rendered by Landlord to Tenant, pursuant to the terms of this Lease, because of
any objection which Tenant may raise with respect to the statement. If at the
time of the resolution of said objection the Term has expired, Landlord shall
immediately refund to Tenant any overpayment found to be owing to Tenant.

               IV.1.2    If this Lease expires during a Partial Lease Year,
Tenant shall be responsible for its estimated pro rata share of Operating
Expenses and of Taxes for the Partial Lease Year. Tenant shall remit full
payment to Landlord within seven (7) days of such bill. If Tenant fails to remit
such full payment to Landlord, Landlord in its sole discretion may deduct the
amount due from Tenant's Security Deposit and be entitled to all other rights
and remedies under this Lease for Tenant's default.

         Section  IV.2      DEFINITION OF OPERATING EXPENSES

         (A) The term "Operating Expenses" shall mean (a) all costs of
management, operation and maintenance of the Building, including, without
limitation, wages, salaries and payroll burden of employees, janitorial,
maintenance, guard and other services, Building management office rent or rental

<PAGE>

value, power, fuel, water, waste disposal, landscaping care, premiums for
liability, fire, hazard and other property related insurance, parking area care
and management, advertising and promotion, fees for energy saving programs,
administrative costs, including management fee, provided such benefits are to
the proportionately equal benefit of all tenants and provided such management
fees are commensurate with those charged by third party unaffiliated managers of
buildings of similar type in the Miami, Florida area, and (b) the cost
(amortized over such reasonable period as landlord shall determine) of any
capital improvements made to the Building by Landlord after the date of this
Lease that are intended to reduce the Operating Expenses or that are required
under any governmental law or regulation; provided, however, that Operating
Expenses shall not include real property taxes or assessments (which are
included in "Taxes"), depreciation on the Building, costs of tenant
improvements, real estate brokers' commissions, interest and capital items other
than those referred to in clause (a) above.

         (B) Further, Operating Expenses shall also not include the following:
(i) cost of repairs or other work occasioned by the exercise of right of eminent
domain; (ii) leasing commissions, costs and disbursements and other expenses
which are incurred in connection with lease negotiations with prospective
tenants; (iii) attorneys' fees, costs and disbursements and other expenses which
are incurred in connection with lease negotiations with tenants, (but excluding
lease modifications, renewals and terminations thereof and disputes with tenants
and other occupants);(iv) excepting those relating to common areas, the cost of
renovating or otherwise improving or decorating, painting or redecorating leased
space for other tenants or other occupants or vacant tenant space, other than
ordinary maintenance provided to all tenants; (v) amortization except as set
forth in Section IV.2 (A); (vi) costs incurred due to violation by Landlord of
the terms and conditions of the Lease; (vii) costs incurred due to violation by
any other tenant or occupant of the terms of its Lease or License, or the
negligence of any of the same, except to the extent Landlord is not reimbursed
for the same by insurance or by such other party; (viii) overhead and profit
paid to subsidiaries or affiliates of Landlord for services on or the Building
and/or leased Premises, to the extent only that the costs of such services
exceed competitive costs for such services were they not so rendered by a
subsidiary or affiliate, provided, however, that the property management fee
charged by Landlord or an affiliate of Landlord shall not be in excess of the
rates then customarily charged for building management for buildings of the like
class and character; (ix) ground rents; (x) principal payments, or any interest
expense on any loans secured by mortgages placed upon the Building and the
underlying land (or a leasehold interest therein, except as set forth in Section
IV.2 (A); (xi) advertising or promotional expenditures of a non-general nature;
(xii) any costs, fines or penalties incurred due to violations by Landlord of
any applicable government law, ordinance, rule or authority; (xiii) any expense
to the extent for which Landlord is actually compensated through proceeds of
insurance; (xiv) capital costs incurred by Landlord to comply with the Americans
with Disabilities Act (42 U.S.C. 1201 et seq.) as that law is drafted on the
date first written above; (xv) costs incurred by Landlord to correct structural
defects or system defects, remediate environmental contamination caused by
Landlord or costs to repair or replace defective work performed by Landlord.

         Section IV.3      TENANT'S TAXES

         Tenant covenants and agrees to pay promptly when due all

<PAGE>

taxes imposed upon its business operations and its personal property situated in
the Premises.

         Section IV.4      TAXES INCLUDED.

         Should any governmental taxing authority, acting under any present or
future law, ordinance or regulation, levy, assess or impose a tax, excise and/or
assessment (other than income, franchise, estate, succession, inheritance and
transfer tax) upon or against or in any way related to the land and buildings
comprising the Building, either by way of substitution or in addition to any
existing tax on land and building otherwise, Tenant shall be responsible for and
shall pay to Landlord its Proportionate Share as set forth above of such tax,
excise and/or assessment.

         Section IV.5      RECEIPT OF NOTICES.

         Failure of Landlord to furnish in a timely manner a statement of actual
increases in Operating Expenses or Taxes or to give notice of an adjustment to
rent under this Article IV shall not prejudice or act as a waiver of Landlord's
right to furnish such statement or to give such notice at a subsequent time or
to collect any adjustment to or recalculation of the Additional Rent for any
preceding period. Tenant recognizes that Landlord's statements showing the
estimate of increases in Operating Expenses and Taxes for any calendar year may
be rendered at the end of the previous calendar year or the beginning of such
calendar year, or later, but in no event shall such estimates be delivered more
than sixty (60) days after the beginning of such calendar year. If Landlord's
statement is rendered subsequent to the beginning of a calendar year, Tenant
shall continue to pay the increase in the Operating Expenses and in the Taxes
for the prior calendar year and, should a deficiency result by virtue of an
increase in Landlord's estimate of the Operating Expenses or Taxes for the
current year, Tenant shall pay the amount of such deficiency, if any, in full,
in addition to the next monthly rent payment.

                                    ARTICLE V

                          TENANT'S INITIAL IMPROVEMENTS

         Section V.1       CONSTRUCTION PLANS.

         Tenant shall complete or cause the completion of Tenant's Initial
Improvements as shown on the Final Plans and as more fully described in this
Section. At Tenant's sole cost and expense, Tenant shall submit to Landlord its
complete and detailed architectural, structural, mechanical and engineering
plans and specifications prepared by an architect or engineer, showing Tenant's
Initial Improvements ("Construction Plans") no later than the Construction Plans
Submission Date (thirty (30) days after the execution of this Lease, time being
of the essence) for Landlord's approval. Wherever in this Article V Landlord's
approval is required, Landlord's approval shall not be unreasonably withheld,
delayed or conditioned. If applicable, Tenant's Construction Plans shall include
all information necessary to reflect Tenant's requirements for the installation
of any supplemental air conditioning system and ductwork, heating, electrical,
plumbing and other mechanical systems and all work necessary to connect any
special or non-standard facilities to the Building's base mechanical, electrical
and structural systems. Tenant's submission shall include not less than one (1)
set of sepias and five (5) sets of black and white prints. Tenant's Construction
Plans shall include, but not be limited to, indication or identification of the
following:

<PAGE>

                  V.1.1     locations and structural design of all floor area
requiring live load capacities in excess of 75 pounds per square foot;

                  V.1.2     the density of occupancy in large work areas;

                  V.1.3     the location of any food service areas or vending
equipment rooms;

                  V.1.4     areas requiring 24-hour air conditioning;

                  V.1.5     any partitions that are to extend from floor to
underside of structural slab above;

                  V.1.6     location of rooms for telephone equipment;

                  V.1.7     locations and types of plumbing, if any, required
for toilets (other than core facilities), sinks, drinking fountains, etc.;

                  V.1.8     light switching of offices, conference rooms, etc.;

                  V.1.9     layouts for specially  installed  equipment,
including computers, size and capacity of mechanical and electrical services
required and heat projection of equipment;

                  V.1.10   dimensioned location of: (a) electrical receptacles
(120 volts), including receptacles for wall clocks, and telephone outlets and
their respective locations (wall or floor), (b) electrical receptacles for use
in the operation of Tenant's business equipment which requires 208 volts or
separate electrical circuits, (c) electronic calculating and CRT systems, etc.,
(d) special audio-visual requirements, and (e) other special electrical
requirements;

                  V.1.11   special fire protection equipment and raised
flooring;

                  V.1.12   reflected ceiling plan;

                  V.1.13   information concerning air conditioning loads,
including, but not limited to, air volume amounts at all supply vents;

                  V.1.14   materials, colors and designs of wall coverings and
finishes;

                  V.1.15   painting and decorative treatment required to
complete all construction;

                  V.1.16   swing of each door, and schedule for doors (including
dimensions for undercutting to clean carpeting) and frames and hardware;

                  V.1.17   modifications of the front door and surrounding area,
if any, as may be required for handicapped use; and

                  V.1.18   all other information reasonably necessary to make
the work complete and in all respects ready for operation.

         Section V.2       PLANS REVIEW.

         Landlord or Landlord's consultant shall respond to Tenant's request for
approval of Tenant's Construction Plans within ten (10) business days of their
submission, prepared in

<PAGE>

accordance with the terms of this Lease. In the event Landlord or Landlord's
Consultant shall disapprove of all or a portion of Tenant's Construction Plans,
it shall set forth its reasons therefor in reasonable detail, in which event
Tenant shall revise its Construction Plans and resubmit same to Landlord within
five (5) business days thereafter, time being of the essence. Upon Landlord's
written final approval (notice of such approval, or of disapproval, shall be
given by Landlord within five (5) business days of receipt of the Construction
Plans), Tenant may proceed with Tenant's Initial Improvements, which shall be
performed in accordance with the provisions of this Article V. Change orders by
Tenant shall be similarly subject to Landlord's review and approval or
disapproval, and notice of either shall be given Tenant within five (5) business
days of Landlord's receipt of them. Neither the recommendation or designation of
an architect, any general contractor, any subcontractor or any materialman, nor
the approval of the Construction Plans by Landlord shall be deemed to create any
liability on the part of Landlord with respect to the design, functionality
and/or specifications set forth in the Final Plans.

         Section V.3       PAYMENT.

         Tenant shall pay for the Construction Plans, Final Plans, and all work
depicted on them. Promptly following Landlord's approval of the Final Plans,
Tenant shall execute written contracts with the architect and general
contractor, or if there is no general contractor, with each contractor,
subcontractor and materialman. Tenant agrees to pay the charges rendered by its
architect, general contractor, subcontractors and materialmen strictly in the
manner set forth in each such contract entered into between Tenant and each such
party and as provided by law.

         Section V.4       TENANT DELAY.

         Landlord shall not be responsible or liable for Tenant Delay. Tenant
Delay includes without limitation any of the following:

                  V.4.1     Tenant's failure to furnish plans, drawings, and
specifications in accordance with and at the times required pursuant to this
Article V; or

                  V.4.2     any delays  resulting  from the  disapproval  by
Landlord or Landlord's consultant of all or a portion of Tenant's revised plans
and specifications as resubmitted after initial submission, provided such
disapproval is reasonable; or

                  V.4.3     Tenant's changes in drawings, plans, specifications,
or construction submitted to Landlord including at any time subsequent to
Landlord's approval of the Final Plans, including any Revisions which Tenant
submits to Landlord; or

                  V.4.4     the performance of work by a person, firm or
corporation employed by Tenant and delays in the completion of the said work by
said person, firm or corporation.

         Section V.5       TENANT'S OBLIGATION FOR COST OF TENANT DELAYS.

         Tenant shall pay for any additional cost in completing Tenant's Initial
Improvements resulting from any Tenant Delay. Any such sums shall be in addition
to any sums payable pursuant to Section V.3 and shall be paid by Tenant within
ten (10) days after Tenant's architect, general contractor,

<PAGE>

subcontractors or materialmen submits an invoice to Tenant therefor. If such
costs, or any of the costs of Tenant' Improvements to be paid by Tenant under
this Article V are not paid by Tenant when due, Landlord shall have the right,
but not the obligation, to pay part or all of such costs, and in that event,
such costs shall be collectible from Tenant in the same manner as Additional
Rent whether or not the Term shall have commenced, and if Tenant defaults in the
payment of such cost, such default shall be deemed a default under Article IX of
this Lease and Landlord shall have all of the remedies therefor set forth in
this Lease.

         Section V.6        LANDLORD'S DELAY. Landlord shall be responsible for
all additional costs associated with or resulting from Landlord's failure to
comply with the terms of Section V.2 herein except for de minimus failures
aggregating less than $1,000.00. Tenant shall bill Landlord for such costs
within fifteen (15) days of receipt of the same and Landlord shall promptly
remit payment to Tenant therefor.

         Section V.7       REVISIONS.        Tenant shall have the right to make
revisions to the Final Plans ("Revisions"). All Revisions shall be subject to
Landlord's prior written approval, which shall not be unreasonably withheld,
delayed or conditioned provided the Revisions are non-structural in nature.
Landlord shall either approve or disapprove the Revisions within five (5)
business days after submission thereof by Tenant. Without limiting the
generality of the foregoing, no Revision will be approved unless (a) all changes
to and modifications from Tenant's Final Plans are circled or highlighted as per
standard industry practices and (b) said Revisions conform with the requirements
of Article V.

         Section V.8       COMPLETION DUE DILIGENCE.

         Tenant shall, subject to Tenant Delays and any other cause beyond
Tenant's reasonable control, use due diligence to complete Tenant's Initial
Improvements as soon as may be practicable. Tenant shall notify Landlord of the
date of the substantial completion of Tenant's' Initial Improvements
("Substantial Completion Date") at least five (5) days prior thereto. The phrase
"substantial completion" shall mean that Tenant's Initial Improvements shall
have been completed in accordance with the Final Plans and all mechanical and
electrical systems serving or affecting the Premises shall then be in working
order and Tenant shall have delivered to Landlord a copy of the applicable
Certificate of Occupancy or Completion, as the case may be issued by the local
governmental authority. Tenant shall have no right to enter the Premises for the
purposes of conducting its business therefrom until Tenant has complied with the
above requirements.

                                   ARTICLE VI

            ADDITIONS, ALTERATIONS, REPLACEMENTS, AND TRADE FIXTURES

         Section VI.1      BY LANDLORD

         Landlord reserves the right at any time to make reasonable alterations
or additions to the Building in which the Premises are contained and to build
additional stories thereon, provided Landlord uses commercially reasonable
efforts to mitigate any interruption of or interference with Tenant's business
or possession of the Premises. Landlord also reserves the right to construct
other buildings or improvements in the Building or Common Areas from time to
time and to make alterations thereof or additions thereto and to

<PAGE>

build additional office space on any such building or buildings so constructed.

         Section VI.2      BY TENANT

         VI.2.1 Tenant may from time to time, at its own expense, alter,
renovate or improve the non-structural interior of the Premises provided (i) the
same be performed in a good and workmanlike manner, in accordance with accepted
building practices, (ii) completed so as not to weaken or impair the strength or
lessen the value of the Building in which the Premises are located and (iii) do
not have an aggregate cost in excess of $10,000.00. No changes, alterations or
improvements affecting the structure or the exterior of the Premises or the
Building or the Building systems shall be made by Tenant without the prior
written approval of Landlord, which may be unreasonably withheld. Any work done
by Tenant under the provisions of this Section shall not interfere with the use
by the other tenants of their premises in the Building. Tenant also agrees to
pay 100% of any increase in the Real Estate Taxes or Landlord's Personal
Property Taxes resulting from such improvements by or for Tenant. With respect
to all other alterations, renovations or improvements which Tenant may propose
making in or to the Premises, Tenant shall be required to obtain Landlord's
prior written consent in the manner set forth in Article V hereof. All
alterations, renovations and improvements made by Tenant hereunder must be made
in accordance with all applicable zoning and Building Code laws, rules and
regulations, Tenant must procure permits prior to any such work, and no such
work may be deemed properly completed by Tenant until the applicable zoning and
Building Code authorities shall deliver to Tenant a Certificate of Completion or
Occupancy or a Final Inspection Report permitting the occupancy and use of the
Premises by Tenant (and a copy thereof shall have been delivered by Tenant to
Landlord within two business days of receipt thereof by Tenant.

                  VI.2.2   All alterations, decorations, additions and
improvements made by Tenant, or made by Landlord on Tenant's behalf as provided
in this Lease, shall remain the property of Tenant for the Lease Term or any
extension or renewal thereof, but they shall not be removed from the Premises
without the prior written consent of Landlord, which shall not be unreasonably
withheld.

                  VI.2.3   Upon obtaining the prior written consent of Landlord,
Tenant shall remove such alterations, decorations, additions and improvements
and restore the Premises as provided in Section VI.5, and if Tenant fails to do
so and moves from the Premises, all such alterations, decorations, additions and
improvements shall become the property of Landlord, who may charge Tenant for
storing or disposing of any or all of such property.

         Section VI.3      CONSTRUCTION INSURANCE AND INDEMNITY

                  VI.3.1   Tenant shall indemnify and hold Landlord harmless
from any and all claims for loss or damages or otherwise based upon or in any
manner growing out of any alterations or construction undertaken by Tenant under
the Lease Term, including all reasonable costs, damages, expenses, court costs
and attorneys' fees incurred in or resulting from claims made by any person or
persons, by other tenants of premises in the Building, their subtenants, agents,
employees, customers and invitees.

                  VI.3.2   Before undertaking any alterations or construction,
Tenant shall obtain and pay for a commercial

<PAGE>

general liability policy (including Builder's Risk insurance coverage) insuring
Tenant against any liability which may arise on account of such proposed
alterations and construction work in limits of not less than $1,000,000.00 for
any one person, $3,000,000.00 for more than one person in any one accident and
$1,000,000.00 for property damage; and a certificate from the insurer of such
insurance on Form ACCORD 27 shall be delivered to Landlord prior to the
commencement of such proposed work, acknowledging all of the conditions of such
insurance required hereunder and which shall contain a clause requiring the
insurer to give Landlord thirty (30) days' notice of cancellation or change of
such policies.. Tenant shall also maintain at all times fire insurance with
extended coverage in the name of Tenant in an amount adequate to cover the cost
of replacement of all alterations, decorations, additions or improvements in and
to the Premises and all trade fixtures therein, in the event of fire or extended
coverage loss. Landlord shall be an Additional Insured under all such insurance
policies and all such insurance policies shall be written on an occurrence
basis. All such insurance companies shall be rated at least A Plus VII by Best's
Insurance Reports, and shall be licensed in the State of Florida. Tenant shall
deliver to Landlord a certificate from the insurer of such insurance on Form
ACCORD 27 in the form referred to above.

         Section VI.4      MECHANIC'S LIENS AND ADDITIONAL CONSTRUCTION

                  VI.4.1   If by reason of any alteration, repair, labor
performed or materials furnished to the Premises for or on behalf of Tenant any
mechanic's or other lien shall be filed, claimed, perfected or otherwise
established or as provided by law against the Premises, Tenant shall discharge
or remove the lien by bonding or otherwise, within thirty (30) days after Tenant
receives notice of the filing of same. Notwithstanding any provision of this
Lease seemingly to the contrary, Tenant shall never, under any circumstances,
have the power to subject the interest of Landlord in the Premises or the
Building to any mechanics' or materialmen's' liens or liens of any kind, nor
shall any provision contained in this Lease ever be construed as empowering
Tenant to encumber or cause Landlord to encumber the title or interest of
Landlord in the Premises.

                  VI.4.2   Tenant hereby expressly acknowledges and agrees that,
except as indicated under Article V, (i) no alterations, additions, repairs or
improvements to the Premises of any kind are required or contemplated to be
performed as a prerequisite to the execution of this Lease and the effectiveness
thereof according to its terms or in order to place the Premises in a condition
necessary for use of the Premises for the purposes as set forth in this Lease,
(ii) that the Premises are presently complete and usable for the purposes as set
forth in this Lease and (iii) that this Lease is in no way conditioned on Tenant
making or being able to make alterations, additions, repairs or improvements to
the Premises, unless otherwise specified in this Lease, notwithstanding the fact
that alterations, repairs, additions or improvements may be made by Tenant, for
Tenant's convenience or for Tenant's purposes, subject to Landlord's prior
written consent where required hereunder, at Tenant's sole cost and expense.

                  VI.4.3   Landlord and Tenant expressly acknowledge and agree
that neither Tenant nor any one claiming by, through or under Tenant, including
without limitation contractors, sub-contractors, materialmen, mechanics and
laborers, shall have any right to file or place any mechanics' or

<PAGE>

materialmen's' liens of any kind whatsoever upon the Premises nor upon any
building or improvement thereon; on the contrary, any such liens are
specifically prohibited. All parties with whom Tenant may deal are hereby put on
notice that Tenant has no power to subject Landlord's interest in the Premises
to any claim or lien of any kind or character and any persons dealing with
Tenant must look solely to the credit of Tenant for payment and not to
Landlord's interest in the Premises or otherwise. All Contracts of Tenant for
the construction of any alteration, addition or improvement including, but not
limited to, the contracts of subcontractors and materialmen, shall contain the
agreement of the contractor, subcontractor or materialman agreeing to look
solely to the Tenant and Tenant's interest in the property for payment and
waiving any right to a lien on Landlord's interest in the Building or the
Premises. Such contracts shall also contain a provision waiving any lien against
Landlord's interest in the Building or the Premises for extras or change orders.
Such contracts shall also require the contractor, subcontractor and materialman
to provide in recordable form, a waiver and release of lien upon final payment
at the completion of construction and a waiver and release of lien upon progress
payment during the construction thereof. If, notwithstanding the requirements of
this Paragraph, any mechanic's lien by any such contractor, subcontractor or
materialman for Tenant is filed during or after the construction, Tenant shall
within fifteen (15) days after notice thereof pay such lien in full or transfer
it to a bond acceptable to Landlord. Landlord shall be advised, in writing, at
least ten (10) days prior to the date that work by or for Tenant is to commence
or the date of anticipated commencement in order to allow Landlord to post
notices of non-responsibility on the Premises. Tenant agrees to allow such
notices to remain posted in the Premises throughout the construction period and
to notify Landlord if such notices are damaged or removed.

         VI.4.4     The construction work shall be scheduled in such a manner so
as to create the minimum disturbance to other tenants. Any construction causing
or resulting in unreasonable noise, dust or other unreasonable disturbance of
tenants shall be scheduled and performed during the hours of 7:00 p.m. and 7:00
a.m. No building or other materials, construction, tools and equipment shall be
stored in the Common Areas. All trash and construction debris shall be promptly
removed and deposited lawfully off the property, or, if a dumpster has been
approved for the deposit of trash and construction debris,, then said trash and
construction debris shall be deposited into the approved dumpster. No dumpster
shall be brought on the Property unless the size and location thereof has been
approved by Landlord in writing.

         Section VI.5      TRADE FIXTURES

                  VI.5.1   All trade fixtures and equipment installed by Tenant
in the Premises shall remain the property of Tenant.

                  VI.5.2   Provided Tenant is not in default under this Lease,
Tenant shall have the right, at the expiration or earlier termination of this
Lease, to remove any and all trade fixtures, equipment and other items of
personal property not constituting a part of the Building which it may have
stored or installed in the Premises including, but not limited to, counters,
shelving, showcases, chairs, and movable machinery purchased or provided by
Tenant and which are susceptible of being moved without damage to the Building
and the Premises, provided this right is exercised before the Lease is
terminated and provided that Tenant, at its own cost and expense, shall repair
any damage to the Premises or Building caused thereby. The right granted Tenant
in this Section VI.5

<PAGE>

shall not include the right to remove any plumbing or electrical fixtures or
equipment, heating or air conditioning equipment, floor coverings (including
wall-to-wall carpeting) glued or fastened to the floors or any paneling, tile or
other materials fastened or attached to the walls or ceilings, all of which
shall be deemed to constitute a part of the Building, and, as a matter of
course, shall not include the right to remove any fixtures or machinery that
were furnished or paid for by Landlord. The Premises and the immediate areas in
front, behind and adjacent to it shall be left in a broom-clean condition.
Should Tenant fail to comply with this provision, Landlord may deduct the
reasonable cost of clean-up from Tenant's Security Deposit. If Tenant shall fail
to remove its trade fixtures or other property at the termination of this Lease,
or upon cessation of Tenant's business in the Premises or upon termination of
Tenant's rights to possession of the Premises, such fixtures and other property
not removed by Tenant shall be deemed abandoned by Tenant, and, at the option of
Landlord, shall become the property of Landlord; Landlord may store, sell, or
otherwise dispose of such property at Landlord's sole discretion but at Tenant's
expense. Any such removal shall be performed in a good and workmanlike manner,
in accordance with accepted building practices, in full compliance with all
applicable building codes and the ADA, with Tenant procuring at its sole cost
and expense all permits required for such work.

                  VI.5.3   All of the foregoing Section VI.5 is subject to
Section VI.3.1 of this Lease.

         Section VI.6      RIGHT OF ENTRY

         Landlord or its representatives shall have the right, without
liability, to enter the Premises at reasonable hours and upon reasonable notice
to Tenant during the Lease Term to (a) show the Premises to prospective
purchasers, lenders and, within the last year of the Term or at any time if the
Tenant is in default beyond any applicable notice or cure provision, if any,
tenants, or (b) ascertain if the Premises are in proper repair and condition,
and make repairs, additions or alterations thereto or to the Building in which
the same are located, including the right to take the required materials
therefore into and upon the Premises without the same constituting an eviction
of Tenant in whole or part, and the Rent shall not abate while such repairs,
alterations, replacements or improvements are being made by reason of loss or
interruption of Tenant's business due to the performance of any such work,
provided (i) Landlord makes all reasonable efforts not to disturb or interfere
with Tenant's business, (ii) such loss or interruption is not the result of
Landlord's gross negligence or willful misconduct, and (iii) such loss or
interruption does not continue for more then ten (10) consecutive Business Days,
subject to Force Majeure or Acts of God or Events Beyond Landlord's Reasonable
Control. If Tenant shall not be personally present to permit an entry into the
Premises when for any reason an entry therein shall be permissible, Landlord may
enter the Premises by a master key without rendering Landlord liable therefore
and without in any manner affecting Tenant's obligations under this Lease.

                                   ARTICLE VII

                             INSURANCE AND INDEMNITY

         Section VII.1     TENANT'S INSURANCE

         Tenant shall maintain, at its own cost and expense, in

<PAGE>

responsible companies approved by Landlord, combined single limit commercial
general liability insurance, insuring Tenant, against all claims, demands or
actions for bodily injury, personal injury or death of any one person in an
amount of not less than $1,000,000.00; and for bodily injury, personal injury or
death of more than one person in any one accident in an amount of not less than
$3,000,000.00; and for damage to property in an amount of not less than
$1,000,000.00. Landlord shall have the right to direct Tenant to increase such
amounts whenever it reasonably considers them inadequate. Such liability
insurance shall also cover and include all exterior signs maintained by Tenant.
The policy of insurance may be in the form of a general coverage or floater
policy covering these and other premises, provided that Landlord is specifically
insured therein. Tenant shall carry like coverage against loss or damage by
boiler or compressor or internal explosion of boilers or compressors, if there
is a boiler or compressor in the Premises. Tenant shall maintain fire insurance
against loss or damage by fire or windstorms, with such endorsements for
extended coverage, vandalism, malicious mischief and special extended coverage
as Landlord may require, covering 100% of the replacement costs of any items of
value, including but not limited to signs, stock, inventory, fixtures,
improvements, floor coverings and equipment. All of said insurance shall be in
form and in responsible companies (rated at least A Plus VII by Best's Insurance
Reports) licensed in the State of Florida satisfactory to Landlord, and shall
provide that it will not be subject to cancellation, termination or change
except after at least thirty (30) days' prior written notice to Landlord. Any
insurance procured by Tenant as herein required shall contain an express waiver
of any right of subrogation by the insurance company against Landlord. Landlord
shall be an additional insured on all insurance policies required hereunder. A
certificate from the insurer on Form ACCORD 27 acknowledging the insurance
company's compliance with all conditions for the benefit of Landlord hereunder,
, together with satisfactory evidence of the payment of the premiums thereon,
shall be deposited with Landlord on the day Tenant begins operations.
Thereafter, Tenant shall provide Landlord with a certificate from the insurer on
Form ACCORD 27 and evidence of proof of payment upon renewal of such policy, not
less than thirty (30) days prior to expiration of the term of such coverage. In
the event Tenant fails to timely obtain or maintain the insurance required
hereunder, Landlord may obtain same and any reasonable costs incurred by
Landlord in connection therewith shall be payable by Tenant upon demand.
Landlord shall carry commercial general liability insurance (in amounts similar
to those required of Tenant hereinabove) covering the common areas of the
Building, including but not limited to the sidewalks, malls and parking lot.

         Section VII.2     EXTRA HAZARD INSURANCE PREMIUMS

         Tenant shall not keep, use, sell or offer for sale in or upon the
Premises any article or permit any activity which may be prohibited by the
standard form of fire or public liability insurance policy. Tenant shall not
knowingly use or occupy the Premises or any part thereof, or suffer or permit
the same to be used or occupied for any business or purpose deemed extra
hazardous on account of fire or otherwise. In the event Tenant's use and/or
occupancy causes any increase of any insurance premium above the rate for the
least hazardous type of occupancy legally permitted in the Premises, Tenant
shall pay such additional premium on any policy, including but not limited to
fire, extended coverage, public liability or any insurance that may be carried
by Landlord for its protection against rent loss through fire. Bills for such
additional premiums shall be rendered by Landlord to Tenant at such times

<PAGE>

as Landlord may elect, and shall be due from and payable by Tenant when rendered
in writing, but such increases in the rate of insurance shall not be deemed a
breach of this covenant by Tenant. Failure to pay amounts due hereunder shall be
a breach of the Lease. In determining whether increased premiums are the result
of Tenant's use of the Premises, a schedule, issued by the organization making
the insurance rate on the Premises, showing various components of such rate,
shall be conclusive evidence of the several items and charges which make up the
fire and public liability insurance rate on the Premises.

         Section VII.3     INDEMNITY

         A. Tenant shall indemnify and save harmless Landlord from and against
any and all claims and demands whether for injuries to persons or loss of life,
or damage to property, occurring within the Premises and immediately adjoining
the Premises and arising out of the use and occupancy of the Premises or
Building by Tenant, or occasioned wholly or in part by any act or omission of
Tenant, its subtenants, agents, contractors, employees, servants, licensees or
concessionaires, excepting however such claims and demands, whether for injuries
to persons or loss of life, or damage to property, caused solely by the gross
negligence or willful malfeasance of Landlord. If, however, any liability arises
in the Common Areas because of the negligence of Tenant, Tenant's subtenants,
agents, employees, contractors, invitees, customers or visitors, then in such
event Tenant shall hold Landlord harmless. In case Landlord shall, without fault
on its part, be made a party to any litigation commenced by or against Tenant,
then Tenant shall protect and hold Landlord harmless and shall pay all
reasonable costs, expenses and reasonable attorneys' fees incurred or paid by
Landlord in connection with such litigation. Tenant shall also pay all
reasonable costs, expenses and reasonable attorneys' fees that may be incurred
or paid by Landlord in enforcing the covenants and agreements of this Lease.

         B. Landlord shall indemnify and save harmless Tenant from and against
any and all claims and demands whether for injuries to persons or loss of life,
or damage to property, occurring within the Common Areas of the Building
occasioned wholly or in part by any act or omission of Landlord, its agents,
contractors, employees, or servants, excepting however such claims and demands,
whether for injuries to persons or loss of life, or damage to property, caused
solely by the gross negligence or willful malfeasance of Tenant. If, however,
any liability arises in the Common Areas because of the negligence of Landlord,
Landlord's agents, employees, or contractors, then in such event Landlord shall
hold Tenant harmless. In case Tenant shall, without fault on its part, be made a
party to any litigation commenced by or against Landlord, then Landlord shall
protect and hold Tenant harmless and shall pay all reasonable costs, expenses
and reasonable attorneys' fees incurred or paid by Tenant in connection with
such litigation.

                                  ARTICLE VIII

                      DAMAGE, DESTRUCTION AND CONDEMNATION

         Section VIII.1 DAMAGE OR DESTRUCTION BY FIRE OR OTHER CASUALTY.

                  VIII.1.1 In the event the Premises are damaged by fire,
explosion, flood, tornado or by the elements, or through any casualty, or
otherwise, after the commencement of the Lease Term, the Lease shall continue in
full force and effect.

<PAGE>

If the extent of the damage is less than fifty percent (50%) of the cost of
replacement of the Premises, the damage shall promptly be repaired by Landlord
at Landlord's expense, provided that Landlord shall not be obligated to so
repair if such fire, explosion or other casualty is caused directly by the gross
negligence or willful malfeasance of Tenant, its subtenants, permitted
concessionaires, or its agents, servants or employees, and provided further that
Landlord shall not be obligated to expend for such repair an amount in excess of
the insurance proceeds recovered as a result of such damage, and that in no
event shall Landlord be required to replace Tenant's stock in trade, fixtures,
furniture, furnishings, floor coverings and equipment. In the event of any such
damage and (a) Landlord is not required to repair as hereinabove provided, or
(b) the Premises shall be damaged to the extent of fifty percent (50%) or more
of the cost of replacement, or (c) the Building of which the Premises are a part
is damaged to the extent of twenty-five percent (25%) or more of the cost of
replacement, Landlord may elect either to repair or rebuild the Premises, or the
Building, or to terminate this Lease upon giving notice of such election to
Tenant within sixty (60) days (except in the case of a major area wide
catastrophic event in which case such choice shall be made in ninety (90) days)
after the occurrence of the event causing the damage. In the event Landlord
determines that such repairs can not reasonably be completed within 120 days of
the date of destruction or damage, Tenant shall have the right to terminate this
Lease by giving written notice to Landlord within ten (10 days of Tenant's
receipt of such determination.

                  VIII.1.2 If the casualty, repairing, or rebuilding shall
render the Premises untenantable, in whole or in part, and the damage shall not
have been due to the default or willful misconduct of Tenant, a proportionate
abatement of the Fixed Minimum Rent shall be allowed from the date when the
damage occurred until the date Landlord completes the repairing or rebuilding,
said proportion to be computed on the basis of the relation which the gross
square foot area of the space rendered untenantable bears to the floor area of
the Premises. If Landlord is required or elects to repair the Premises as herein
provided, Tenant shall repair or replace its stock in trade, fixtures,
furniture, furnishings, floor coverings and equipment, and if Tenant has closed
for business, Tenant shall promptly reopen for business upon the completion of
such repairs.

                  VIII.1.3 In the event the Premises or the Building shall be
damaged in whole or in substantial part within the last twenty-four (24) months
of the original term, or within the last twenty-four (24) months of the last
renewal term, if renewals are provided for in this Lease, Tenant and Landlord
shall have the option, exercisable within Ninety (90) days following such
damage, of terminating this Lease, effective as of the date of the other party's
receipt of notice. If any such termination occurs during the initial Lease Term,
any options for renewal shall automatically be of no further force or effect.

                  VIII.1.4 No damage or destruction of the Premises or the
Building shall allow Tenant to surrender possession of the Premises nor affect
Tenant's liability for the payment of Rent or any other covenant contained
herein, except as may be specifically provided in this Lease. Notwithstanding
any of the provisions herein to the contrary, Landlord shall have no obligation
to rebuild the Premises or the Building and may at its own option cancel this
Lease unless the damage or destruction is a result of a casualty covered by
Landlord's insurance policy.

<PAGE>

         Section VIII.2 CONDEMNATION.

         In the event the entire Premises shall be appropriated or taken under
the power of eminent domain by any public or quasi-public authority, this Lease
shall terminate and expire as of the date of title vesting in such proceeding,
and Landlord and Tenant shall thereupon be released from any further liability
hereunder. If any part of the Premises shall be taken as aforesaid, and such
partial taking shall render that portion not so taken unsuitable for the
business of Tenant, as reasonably determined by Landlord, then this Lease and
the Lease Term herein shall cease and terminate as aforesaid. If such partial
taking is not extensive enough to render the Premises unsuitable for the
business of Tenant, then this Lease shall continue in effect, except that the
Fixed Minimum Rent shall be reduced in the same proportion that the floor area
of the Premises taken bears to the original floor area leased and Landlord
shall, upon receipt of the award in condemnation, make all necessary repairs or
alterations to the Building in which the Premises are located so as to
constitute the portion of the Building not taken as a complete architectural
unit, but such work shall not exceed the scope of the work to be done by
Landlord in originally constructing said Building, nor shall Landlord, in any
event, be required to spend for such work an amount in excess of the amount
received by Landlord as damages for the part of the Premises so taken. "Amount
received by Landlord" shall mean that part of the award in condemnation which is
free and clear to Landlord of any collection by mortgagee for the value of the
diminished fee. If more than twenty percent (20%) of the floor area of the
Building in which the Premises are located shall be taken as aforesaid, either
party may, by written notice to the other party , terminate this Lease, such
termination to be effective as aforesaid. If this Lease is terminated as
provided in this paragraph, the Rent shall be paid up to the date that
possession is so taken by public authority and Landlord shall make an equitable
refund of any Rent paid by Tenant in advance. Tenant shall not be entitled to
and expressly waives all claim to any condemnation award for any taking, whether
whole or partial, and whether for diminution in value of the leasehold or to the
fee although Tenant shall have the right, to the extent that the same shall not
reduce Landlord's award, to claim from the condemnor, but not from Landlord,
such compensation as may be recoverable by Tenant in its own right for damage to
Tenant's business, fixtures and improvements installed by Tenant at its expense.

                                   ARTICLE IX

                                DEFAULT, REMEDIES

         Section IX.1 DEFAULT.

         The occurrence of any of the following during the Term shall constitute
an Event of Default by Tenant:

                  IX.1.1 Tenant shall fail to pay when due all or any portion
of any Rent;

                  IX.1.2 Tenant shall fail to pay when due any other sums,
fees, charges, costs, or expenses which are payable under this Lease;

                  IX.1.3 Tenant shall, other than in the manner permitted
under this Lease, make or permit or suffer to occur any assignment (including
any transfer of interest in Tenant which is deemed to be an assignment under
this Lease), sublease or occupancy arrangement, conveyance, transfer,

<PAGE>

conditional or collateral assignment, pledge, hypothecation, or other
encumbrance, whether by operation of law or otherwise, of this Lease or any
interest in this Lease;

                  IX.1.4 Tenant shall fail in any other way in the performance
or observance of any of the terms and conditions of this Lease and within thirty
(30 ) days of receipt of Notice of such Event of Default shall not have cured
such default or, if impossible of cure within such time but possible of cure
within sixty (60) days, begun and diligently pursued such cure to completion;

                  IX.1.5 There shall be filed by or against Tenant or any
guarantor of this Lease in any court or other tribunal a petition in bankruptcy
or insolvency proceedings or for reorganization or for the appointment of a
receiver or trustee of all or substantially all of Tenant's or any such
guarantor's property, unless such petition shall be filed against Tenant or any
guarantor of this Lease and Tenant or any guarantor of this Lease shall in good
faith promptly thereafter commence and diligently prosecute any and all
proceedings appropriate to secure the dismissal of such petition and shall
secure such dismissal within sixty ( 60) days of its filing;

                  IX.1.6 Tenant or any guarantor of this Lease shall be
adjudicated a bankrupt or an insolvent or take the benefit of any federal
reorganization or composition proceeding, make an assignment for the benefit of
creditors, or take the benefit of an insolvency law;

                  IX.1.7 A trustee in bankruptcy or a receiver shall be
appointed or elected or had for Tenant or any guarantor of this Lease, whether
under federal or state laws;

                  IX.1.8 Tenant's interest under this Lease shall be sold under
any execution or process of law;

                  IX.1.9 The Premises shall be abandoned; or

                  IX.1.10 Tenant shall fail to maintain current, duly issued
occupational licenses, or any other permit or license required by an applicable
Legal Authority for its operations at the Premises, or Tenant shall fail to meet
the insurance requirements of this Lease and provide certificates of insurance
(and binders and policies, if required) evidencing such compliance.

         Section IX.2 REMEDIES.

         In the event of the occurrence of an Event of Default by Tenant,
Landlord, at Landlord's option, may elect to do one or more of the following, in
addition to Landlord's remedies at law or equity:

                  IX.2.1 terminate this Lease as provided by this section and
re-enter the Premises and remove all persons and property from the Premises,
either by summary proceedings or by any other suitable action or proceeding at
law, or otherwise; or

                  IX.2.2 without terminating this Lease, re-enter the Premises
and remove all persons and property from the Premises, either by summary
proceedings or by any other suitable action or proceeding at law, or otherwise,
and relet all or any part of the Premises.

<PAGE>

Section IX.3 TERMINATION.

         If Landlord elects to terminate this Lease:

                  IX.3.1 Landlord shall give notice of such termination, which
shall take effect five (5) Business days after such notice is given, or such
greater number of days as is set forth in such notice, fully and completely as
if the effective date of such termination were the date originally set forth in
this Lease for the expiration of the Lease Term;

                  IX.3.2 Tenant shall quit and peacefully surrender the
Premises to Landlord, without any payment by Landlord for doing so, on or before
the effective date of termination; and

                  IX.3.3 All Rent shall become due and shall be paid up to the
effective date of termination, together with such expenses, including attorneys'
fees, as Landlord shall incur in connection with such termination.

         Section IX.4 NO REINSTATEMENT AFTER TERMINATION.

         No receipts of monies by Landlord from Tenant after termination of this
Lease shall reinstate, continue, or extend the Term, affect any Notice
previously given by Landlord to Tenant, or operate as a waiver of the right of
Landlord to enforce the payment of Rent.

         Section IX.5 RETENTION OF SUMS AFTER TERMINATION.

         If Landlord shall terminate this Lease, Landlord shall be entitled to
retain, free of trust, all sums then held by Landlord pursuant to any of the
provisions of this Lease. In the interim following such termination until the
retention of such sums by Landlord free of trust, such sums shall be available
to Landlord, but not to Tenant, pursuant to and for the purposes provided by the
terms and conditions of this Lease.

         Section IX.6 RE-ENTRY.

         In the event of any re-entry and/or dispossession by summary
proceedings or otherwise without termination of this Lease:

                  IX.6.1 all Rent shall become due and shall be paid up to the
time of such re-entry and/or dispossession, together with such expenses,
including attorneys' fees, as Landlord shall incur in connection with such
re-entry and/or dispossession by summary proceedings or otherwise; and

                  IX.6.2 Landlord may relet all or any part of the Premises,
either in the name of Landlord or otherwise, for a term or terms which may, at
Landlord's option, be equal to, less than, or greater than the period which
would otherwise have constituted the balance of the Term.

                  IX.6.3 In connection with such reletting:

                           IX.6.1.1 Tenant shall pay, as Additional Rent, to
Landlord, as they are incurred by Landlord, such reasonable expenses as Landlord
may incur in connection with reletting, including, without limitation, legal
expenses, attorneys' fees, brokerage commissions, and expenses incurred in
altering, repairing, and putting the Premises in good order and condition and in
preparing the Premises for reletting;

                           IX.6.1.2 Tenant shall pay to Landlord, in

<PAGE>

monthly installments on the due dates for Rent payments for each month of the
balance of the Term, the amount by which any Rent payment exceeds the net
amount, if any, of the rents for such period collected on account of the
reletting of the Premises; any suit brought to collect such amount for any month
or months shall not prejudice in any way the rights of Landlord to collect the
deficiency for any subsequent month or months by a similar action or proceeding;

                           IX.6.1.3 at Landlord's option exercised at any time,
Landlord shall be entitled to recover immediately from Tenant, in addition to
any other proper claims, but in lieu of and not in addition to any amount which
would thereafter become payable under the preceding subsection, a sum equal to
the amount by which the sum of the Rent for the balance of the Lease Term,
compound discounted at a reasonable rate selected by Landlord to its
then-present worth, exceeds the net rental value of the Premises, compound
discounted at the same annual rate to its then-present worth, for the balance of
the Lease Term. In determining such net rental value of the Premises, the rent
realized by any reletting of the Premises, if such reletting is upon terms
(other than rental amounts) generally comparable to the terms of this Lease,
shall be deemed to be such net rental value; and

                           IX.6.1.4 at Landlord's option, Landlord may make such
reasonable alterations and/or decorations in or upon the Premises as Landlord,
in Landlord's sole judgment, considers advisable and necessary for the purpose
of reletting the Premises; the making of such alterations and/or decorations
shall not operate or be construed to release Tenant from liability under this
Section; the cost of all such reasonable alterations and/or decorations shall be
paid by Tenant to Landlord as Additional Rent.

         Section IX.7 SUMS COLLECTED UPON RELETTING.

         Landlord shall have, receive, and enjoy as Landlord's sole and absolute
property, any and all sums collected by Landlord as rent or otherwise upon
reletting the Premises after Landlord shall resume possession of the Premises as
provided by this Lease, including, without limitation, any amounts by which the
sum or sums so collected shall exceed the continuing liability of Tenant under
this Lease.

         Section IX.8 NO EFFECT ON SUIT.

         Landlord and Tenant agree that after the commencement of suit for
possession of the Premises or after final order or judgment for the possession
of the Premises, Landlord may demand, receive, and collect any monies due or
coming due without in any manner affecting such suit, order, or judgment. All
such monies collected shall be deemed to be payments on account of the use and
occupation of the Premises, or, at the election of Landlord, on account of
Tenant's liability under this Lease.

         Section IX.9 WAIVER OF RIGHTS OF REDEMPTION.

         Tenant waives all rights of redemption which may otherwise be provided
by any Legal Requirement in the event that Landlord shall, because of the
occurrence of an Event of Default by Tenant, obtain possession of the Premises
under legal proceedings, or pursuant to present or future law or to the terms
and conditions of this Lease.

         Section IX.10 INTENTIONALLY DELETED.

         Section IX.11 OTHER PARTY'S RIGHT TO CURE DEFAULTS.

<PAGE>

         Section IX.11.1 Whenever and as often as Tenant shall fail or neglect
to comply with the terms and conditions of this Lease, Landlord, at Landlord's
option and upon ten (10) days' Notice to Tenant (or upon shorter Notice, or with
no Notice at all, if reasonable to meet an emergency or a time limitation
imposed by Legal Authorities), may, in addition to all other remedies available
to Landlord, perform, or cause to be performed, such work, labor, services,
acts, or things, and take such other steps, including, but not limited to, entry
onto the Premises, as Landlord may deem advisable, to comply with and perform
any such term or condition. Tenant shall reimburse Landlord upon demand, and
from time to time, for all costs and expenses suffered or incurred by Landlord
in so complying with or performing such term or condition. The commencement of
any work or the taking of any other steps or performance of any other act by
Landlord pursuant to this Section shall not be deemed to obligate Landlord to
complete the curing of any term or condition which is in default.

<PAGE>

         Section IX.11.2 Whenever and as often as Landlord shall fail or neglect
to comply with the terms and conditions of this Lease, Tenant, at Tenant's
option and upon thirty (30) days' Notice to Landlord (or upon reasonable shorter
Notice, if reasonable to meet an emergency or a time limitation imposed by Legal
Authorities), may, in addition to all other remedies available to Tenant,
perform, or cause to be performed, such work, labor, services, acts, or things,
and take such other steps, including, but not limited to, entry onto the
remainder of the Building other than the Premises, as Tenant may reasonably deem
advisable, to comply with and perform any such term or condition provided,
however, that Tenant may not perform any work on any part of the Building
outside of the Premises nor perform any work on any Building System outside of
the Premises, or inside the Premises if the work on such System inside the
Premises is reasonably likely to affect the use of such System outside of the
Premises by the Landlord or any other tenant or licensee in the Building, or the
common areas of the Building. Landlord shall reimburse Tenant within ten (10)
business days after demand, and from time to time, for all reasonable costs and
expenses suffered or incurred by Tenant in so complying with or performing such
term or condition. The commencement of any work or the taking of any other steps
or performance of any other act by Tenant pursuant to this Section shall not be
deemed to obligate Tenant to complete the curing of any term or condition which
is in default, but all such work shall be done in accordance with the terms and
conditions of this Lease.

         Section IX.12 LANDLORD'S EXPENSES.

         Tenant shall reimburse Landlord upon demand for all reasonable
expenses, including attorneys' fees and costs for negotiation, trial, or
appellate work (including fees for the services of paralegals and similar
persons) incurred by Landlord in connection with (a) any litigation or dispute
between Tenant and any unrelated third party in which Landlord becomes a party
or otherwise becomes involved related to the Premises or Landlord's rights or
obligations under this Lease (except to the extent Landlord is found to be at
fault); (b) all costs of reletting the Premises in the event of Tenant's
default, including brokers' charges, and the proportionate share of the original
broker's fees, if any, for which Tenant has not paid all Rent, (c) the
enforcement or collection of any judgments, settlements or court awards, and (d)
if the leasehold interest of Tenant under this Lease shall be held by more than
one person or entity, and if litigation shall arise by reason of a dispute among
such persons or entities, then Landlord's reasonable expenses incurred if
Landlord is made a party to, or incurred otherwise in connection with, such
litigation.

                                    ARTICLE X

                                    SECURITY

         Section X.1 SECURITY DEPOSIT

         X.1.1 Tenant has deposited with Landlord the sum specified in the Basic
Term Sheet to be retained by Landlord without liability for interest, as
security for the payment of all Rent and other sums of money which shall or may
be payable for the full stated term of this Lease, and any extension or renewal
thereof, and for the faithful performance of all the terms of this Lease to be
observed and performed by Tenant.

                  X.1.2 The Security Deposit shall not be mortgaged, assigned,
transferred or encumbered by Tenant without the

<PAGE>

prior written consent of Landlord and any such act on the part of Tenant shall
be without force or effect and shall not be binding upon Landlord. If any of the
Rent herein reserved or any other sum payable by Tenant to Landlord shall be
overdue and unpaid or should Landlord make payments on behalf of Tenant, or if
Tenant shall fail to perform any of the terms of this Lease, then Landlord may,
at its option and without prejudice to any other remedy which Landlord may have
on account thereof, appropriate and apply said entire deposit or so much thereof
as may be necessary to compensate Landlord toward the payment of Rent or
Additional Rent or loss or damage sustained by Landlord due to breach on the
part of Tenant; and Tenant shall promptly upon demand restore said security to
the original sum deposited. If Tenant should be overdue in the payment of
monthly Rent or other sums payable to Landlord on at least two or more occasions
during a year, Landlord, at its option, may require Tenant to increase the
amount of Security Deposit now held by Landlord by an amount sufficient to cover
at least two months' Rent or greater amount to be determined at the sole
discretion of Landlord. In this event, upon receipt of the additional security
sum, Landlord and Tenant shall evidence such receipt by a letter signed and
acknowledged by both Landlord and Tenant to be incorporated as part of this
Lease amending the Basic Term Sheet, stating the "New Total Amount" so held
without liability for any interest. Within thirty (30 ) days after the
expiration of the tenancy hereby created, whether by lapse of time or otherwise,
provided Tenant shall not be in default hereunder and shall have complied with
all the terms, covenants and conditions of this Lease, including the yielding up
of immediate possession to Landlord, Landlord shall, upon being furnished with
affidavits and other satisfactory evidence by Tenant that Tenant has paid all
bills incurred by it in connection with its performance of the terms, covenants
and conditions of this Lease, return to Tenant said sum on deposit or such
portion thereof then remaining on deposit with Landlord as set forth herein. In
the event Tenant has not complied with all the obligations provided for
hereunder, Landlord may appropriate a part or all of the Security Deposit as
liquidated damages to satisfy Tenant's obligations.

         Section X.2 INTENTIONALLY DELETED.

                                   ARTICLE XI

                          ADDITIONAL TENANT AGREEMENTS

         Section XI.1 MORTGAGE FINANCING AND SUBORDINATION

This Lease and all of Tenant's rights hereunder are and shall be subordinate to
the present and any future mortgage upon the Building, as well as to any
existing ground lease, however, Tenant shall, upon request of either Landlord,
the holder of any mortgage or Deed of Trust now or hereafter placed upon the
Landlord's interest in the Premises or future additions thereto, and to any
ground lease now or hereafter affecting the Premises, execute and deliver upon
demand, any such further instruments subordinating this Lease to the lien of any
such mortgage or mortgages, and such ground lease, provided such subordination
shall be upon the express condition that this Lease shall be recognized by the
mortgagees and ground lessors and that the rights of Tenant shall remain in full
force and effect during the Lease Term and any extension thereof,
notwithstanding any default by the mortgagors with respect to the mortgages or
any foreclosure thereof, or any default by the ground lessee, so long as Tenant
shall perform all of the covenants and conditions of this Lease. Tenant agrees
to execute all agreements required by Landlord's mortgagee or ground lessor or
any purchaser at a

<PAGE>

foreclosure or sale in lieu of foreclosure by which agreements Tenant will
attorn to the mortgagee or purchaser or successor or ground lessor.
Notwithstanding anything to the contrary contained in this Lease, Landlord shall
use its commercially reasonable efforts to obtain from its mortgagee(s) and
ground lessor(s) a Subordination, Non-Disturbance and Attornment Agreement
substantially in the form annexed hereto as Exhibit G hereto.

         Section XI.2 ASSIGNMENT OR SUBLETTING

                  XI.2.1 All assignments of this Lease or sublease or subleases
of the Premises by Tenant or occupancy of all or part of the Premises by anyone
other than Tenant shall be subject to and in accordance with all of the
provisions of this Section.

                  XI.2.2 (a) Tenant, for itself, its heirs, distributees,
executors, administrators, legal representatives, successors and assigns
expressly covenants that it shall not assign, mortgage, pledge, encumber, or
otherwise transfer this Lease, nor sublet the Premises, in whole or in part, to
any other party without first having obtained the written consent of Landlord in
each instance, which shall not be unreasonably withheld. If this Lease is
assigned or if the Premises or any part thereof are sublet or occupied by
anybody other than Tenant, or if this Lease or the Premises are encumbered
without Landlord's consent, then Landlord may, after default by Tenant, collect
rent from the assignee, subtenant or occupant, but no assignment, subletting,
occupancy or collection shall be deemed a waiver by the Landlord or of the
provisions hereof, the acceptance by Landlord of the assignee, subtenant or
occupant as a tenant, or a release by Landlord of Tenant from the further
performance by Tenant of its obligations under this Lease and Tenant shall
remain fully liable therefor. The consent of Landlord to any assignment or
subletting shall not in any way be construed to relieve Tenant from obtaining
the express consent in writing of Landlord to any further assignment or
subletting. In no event shall any permitted subtenant assign or encumber its
sublease or further sublet all or any portion of its sublet space, or otherwise
suffer or permit the sublet space or any part thereof to be used or occupied by
others without Landlord prior written consent in each instance. Any assignment,
sublease, mortgage, pledge, encumbrance or transfer of this Lease in
contravention of the provisions hereof shall be null and void. Landlord may
withhold its consent under this Section XI.2 in Landlord's sole discretion,
except where otherwise stated.

                  (b) If Tenant shall, at any time or from time to time, during
the Lease Term, desire to assign this Lease or sublet all or part of the
Premises, Tenant shall give notice (a "Tenant's Notice") thereof to Landlord,
which Tenant's Notice shall set forth: (a) with respect to an assignment, the
date Tenant desires the assignment to be effective and any consideration Tenant
would receive under such assignment, (b) with respect to a sublet of all or a
part of the Premises (i) the dates upon which Tenant desires the sublease term
to commence and expire, the effective or commencement date of which shall not be
less than thirty (30) nor more than one hundred and twenty (120) days after the
giving of such notice, (ii) the rental rate and other material business terms
upon which Tenant would sublet such premises, and (iii) a description of the
Premises showing the portion to be sublet, (c) a statement setting forth in
reasonable detail the identity of the proposed assignee or subtenant, the nature
of its business and its proposed use of the Premises, (d) current financial
information with respect to the proposed assignee or

<PAGE>

subtenant, including, but not limited to, audited financial statements for the
last three (3) years prior to the date of Tenant's Notice , (e) a true and
complete copy of the proposed assignment or sublease and any other agreements
relating thereto, and (f) an agreement by Tenant to indemnify the Landlord
against liability resulting from any claims that may be made against Landlord by
the proposed assignee or subtenant or by any brokers or other persons claiming
any commission or similar compensation in connection with the proposed
assignment or sublease. Tenant's Notice shall be deemed an offer from Tenant to
Landlord whereby Landlord (or Landlord's designee) may, at its option, (I)
sublease such space (the "Leaseback Space") from Tenant upon the terms and
conditions set forth in Section XI.2.4 below, or terminate the Lease with
respect to only the Leaseback Space or (II) if the proposed transaction is (1)
an assignment of this Lease or (2) if the proposed sublease is for more than
seventy five percent (75%) of the Premises, terminate this Lease. Said options
may be exercised by Landlord by notice given to Tenant at any time within thirty
(30) days after Tenant's Notice has been given to Landlord, and during such
thirty (30) day period, Tenant may not assign this Lease nor sublet such space
to any person other than Landlord.

                  XI.2.3 If Landlord exercises its option to terminate this
Lease with respect to all or any portion of the Premises pursuant to Section
XI.2.2(b) hereof, then this Lease shall end and expire on the date that such
assignment or sublease was to be effective or commence, as the case may be, and
the Fixed Minimum Rent and Additional Rent due hereunder shall be paid and
apportioned to such date. In such event, Landlord and Tenant, upon request by
either party, shall enter into an amendment of this Lease ratifying and
confirming such total or partial termination, and setting forth appropriate
modifications, if any, to the terms and conditions hereof. Following such
termination, Landlord shall be free to and shall have no liability to Tenant if
Landlord shall lease the Premises (or any part thereof) to Tenant's prospective
assignee or subtenant or any other party.

                  XI.2.4 If Landlord exercises its option to sublet the
Leaseback Space, such sublease to Landlord or its designee (as subtenant) shall
be at a rental rate equal to the product of (i) the lesser of (A) the rental
rate per sq. ft. of Fixed Minimum Rent and Additional Rent then payable
hereunder, or (B) the rental rate per sq. ft. of rent and additional rent set
forth in Tenant's Notice, multiplied by (ii) the number of sq. ft. of the
Leaseback Space, and shall be for the same term as that of the proposed
subletting, and such sublease shall:

                           (a) be upon such terms and conditions as are
         contained in Tenant's Notice, and be expressly subject to all of the
         covenants, agreements, terms, provisions and conditions of this Lease,
         except such as are irrelevant or inapplicable, and as expressly set
         forth in this Section XI.2 to the contrary;

                           (b) give the subtenant the unqualified and
         unrestricted right, without Tenant's permission, to assign such
         sublease or any interest therein and/or to sublet the space covered by
         such sublease or any part of such space and to make any and all
         changes, alterations and improvements in the space covered by such
         sublease;

                           (c) provide that any assignee or further subtenant of
         Landlord or its designee, may, at Landlord's option, be permitted to
         make alterations, decorations and installations in such space or any
         part thereof and shall also provide in substance that any such
         alterations,

<PAGE>

         decorations and installations in such space therein made by any
         assignee or subtenant of the Landlord or its designee may be removed in
         whole or in part, by such assignee or subtenant, at its option, prior
         to or upon the expiration or other termination of such sublease;

                           (d) provide that (i) the parties to such sublease
         expressly negate any intention that any estate created under such
         sublease be merged with any other estate held by either of said
         parties, (ii) any assignment or sublease by Landlord or its designee
         (as the subtenant) may be for any purpose or purposes that Landlord, in
         Landlord uncontrolled discretion, shall deem suitable or appropriate,
         (iii) Tenant shall, at Tenant's sole cost and expense, at all times
         provide and permit reasonably appropriate ingress to and egress from
         such space so sublet by Tenant to Landlord or its designee, (iv)
         Landlord may, at Tenant's sole cost and expense, make such reasonable
         alterations as may be required by Landlord to physically separate the
         subleased space from the balance of the Premises and to comply with any
         legal or insurance requirements relating to such separation, and (v)
         that at the expiration of the term of such sublease, Tenant will accept
         the space covered by such sublease in its then as is condition, subject
         to the obligations of the subtenant to make such repairs thereto as may
         be necessary to preserve the Premises demised by such sublease in good
         order and condition.

                  XI.2.5 In the event that Landlord does not exercise either
option provided to it pursuant to the above, and provided that Tenant shall not
be in default of any obligation under this Lease, Landlord's consent (which must
be in writing and in form reasonably satisfactory to Landlord) to the proposed
assignment or subletting shall not be unreasonably withheld or delayed,
provided, however, that:

                           (a) Tenant shall have complied with the provision of
         Section XI.2.2(b) hereof and Landlord has not exercised any of its
         options thereunder within the time permitted therefor;

                           (b) In Landlord's judgment, the proposed assignee or
         subtenant is engaged in a business or activity, and the Premises, or
         the relevant portion thereof, will be used in a manner, (i) which is in
         keeping with the than standards of the Building, and (ii) shall be only
         for the Permitted Use;

                           (c) The proposed assignee or subtenant is a reputable
         person or entity with sufficient financial worth considering the
         responsibility involved and Landlord has been furnished with reasonable
         evidence thereof;

                           (d) Neither the proposed assignee or subtenant nor
         any person or entity which directly or indirectly, controls, is
         controlled by, or is under common control with, the proposed assignee
         or subtenant, is then an occupant of any part of the Building (unless
         there is no other suitable vacant space of comparable size in the
         Building), and neither the proposed assignee or subtenant has dealt
         with or negotiated with Landlord or Landlord's agent within the
         preceding twelve (12) months for space in the Building;

                           (e) The form and substance of the proposed sublease
         or instrument of assignment shall be reasonably satisfactory to
         Landlord and shall comply with the

<PAGE>

         applicable provision of this Section XI.2, and Tenant shall deliver a
         true and complete original, fully executed counterpart of such sublease
         or other instrument to Landlord promptly upon the execution and
         delivery thereof;

                           (f) Tenant and its proposed assignee or subtenant
         shall execute and deliver to Landlord an agreement, in form and
         substance reasonably satisfactory to Landlord, setting forth the terms
         and conditions upon which Landlord shall have granted its consent to
         such assignment or subletting, and the agreement of Tenant and such
         assignee or subtenant, as the case may be, to be bound by the
         provisions of this Section XI.2;

                           (g) There shall be no more than 1 subtenant of the
         Premises;

                           (h) The amount of the aggregate rent to be paid by
         the assignee or subtenant, as the case may be, shall not be less than
         ninety percent (90%) of the then current market rent per rentable sq.
         ft. for the Premises as determined by Landlord;

                           (i) Tenant shall reimburse Landlord, as Additional
         Rent upon demand, for the greater of (A) the total of Landlord's
         reasonable legal fees and disbursements incurred and other reasonable
         costs and expenses incurred in connection with the assignment or
         sublease, including the costs of making investigations as to the
         acceptability of the proposed assignee or subtenant and the cost of
         reviewing plans and specifications in connection therewith or (B) one
         percent (1%) of the annual current Rent of this Lease. Payment of such
         fee shall be submitted along with Tenant's request for Landlord's
         consent.

                  XI.2.6 Except for any sublease by Tenant to Landlord or its
designee pursuant to Section XI.2.4, each sublease pursuant to this Section
shall be subject to all of the covenants, agreements, terms, provisions and
conditions contained in this Lease. Notwithstanding any such sublease to
Landlord or any such sublease to any other subtenant, or any acceptance of Fixed
Rent or Additional Rent by Landlord from any subtenant, Tenant will remain fully
liable for the payment of the Fixed Rent and Additional Rent due and to become
due hereunder and for the performance of all the covenants, agreements, terms,
provisions and conditions contained in this Lease on Tenant's part to be
observed and performed, and for all acts and omissions of any licensee or
subtenant or anyone claiming under or through any subtenant which shall be in
violation of any of the obligations of this Lease, and any such violation shall
be deemed to be a violation by Tenant and an Event of Default under the Lease.
If Landlord shall decline to give its consent to any proposed assignment or
sublease, or if Landlord shall exercise either of its options under Section XI.2
hereof, Tenant shall indemnify, defend and hold harmless Landlord against and
from any and all losses, liabilities, damages, costs, and expenses (including
attorney's fees and disbursements) resulting from any claims that may be made
against Landlord by the proposed assignee or subtenant arising from or in
connection with such proposed assignment or subletting, or by any brokers or
other persons (with whom Tenant or its proposed assignee or subtenant may have
dealt) claiming a commission or similar compensation in connection with the
proposed assignment or sublease.

                  XI.2.7 In the event that (a) Landlord fails to exercise
either of its options under Section XI.2 hereof and consents to a proposed
assignment or sublease, and (b) Tenant

<PAGE>

fails to execute and deliver the assignment or sublease to which Landlord
consented within one hundred twenty (120) days after the giving of such consent,
then, Tenant shall again comply with all of the provisions and conditions of
Section XI.2 hereof before assigning this Lease or subletting all or part of the
Premises.

                  XI.2.8 With respect to each and every sublease authorized by
Landlord under the provisions of this Lease, it is further agreed that:

                           (a) No sublease shall be for a term ending later than
         one day prior to the Lease Expiration Date;

                           (b) No sublease shall be delivered, and no subtenant
         shall take possession of the Premises or any part thereof, until an
         executed counterpart of such sublease has been delivered to Landlord
         and approved in writing by Landlord; and

                           (c) Each sublease shall be subject and subordinate to
         this Lease and to the matters to which this Lease is or shall be
         subordinate, and each subtenant by entering into a sublease is deemed
         to have agreed that in the event of termination, re-entry or
         dispossession by Landlord under this Lease, Landlord may, at its
         option, take over all of the right, title and interest of Tenant, as
         sublandlord, under such sublease, and such subtenant shall, at
         Landlord's option, attorn to Landlord pursuant to the then executory
         provisions of such sublease, except that Landlord shall not (i) be
         liable for any previous act or omission of Tenant under such sublease,
         (ii) be subject to any counterclaim, offset or defense, not expressly
         provided in such sublease, which theretofore accrued to such subtenant
         against Tenant, (iii) be bound by any previous modification of such
         sublease or by any previous prepayment of more than one month's Fixed
         Rent or of any Additional Rent, or (iv) be obligated to perform any
         work in the subleased space or to prepare it for occupancy, and in
         connection with such attornment, the subtenant shall execute and
         deliver to Landlord any instruments Landlord may reasonably request to
         evidence and confirm such attornment. Each subtenant or licensee of
         Tenant shall be deemed, automatically upon and as a condition of its
         occupying or using the Premises or any part thereof, to have agreed to
         be bound by the terms and conditions set fourth in this Section XI.2.
         The provisions of this Article XI.2 shall be self-operative and no
         further instrument shall be required to give effect to this provision.

                  XI.2.9 If Landlord shall consent to any assignment of this
Lease or to any sublease, or if Tenant shall enter into any other assignment or
sublease permitted hereunder, Tenant shall, in consideration therefor, pay to
Landlord, as Additional Rent:

                           (a) In the case of an assignment, on the effective
         date of the assignment, an amount equal to 50% of (i) all sums and
         other consideration paid to Tenant by the assignee for or by reason of
         such assignment (including sums paid for Tenant's Property, less, in
         the case of a sale thereof, the then net unamortized or undepreciated
         cost thereof, determined on the basis of Tenant's federal income tax
         returns) less (ii) all Transaction Expenses; or

                           (b) In the case of a sublease, an amount equal to 50%
         of (i) all rents, additional charges or other

<PAGE>

         consideration payable to Tenant under the sublease in excess of the
         Fixed Rent and Additional Rent accruing during the term of the sublease
         in respect of the subleased space (at the rate per square foot payable
         by Tenant hereunder) pursuant to the terms hereof (including sums paid
         for the sale or rental of Tenant's Property, less, in the case of the
         sale thereof, the then net unamortized or undepreciated cost thereof,
         determined on the basis of Tenant's federal income tax returns) less
         (ii) all Transaction Expenses. The sums payable under this clause shall
         be paid by Tenant to Landlord as Additional Rent as and when payable by
         the subtenant to Tenant.

                  XI.2.10 (a) If Tenant is a corporation (but not a public
corporation), the provisions of Section XI.2.2 hereof shall apply to a transfer
(by one or more transfer(s)), of a majority of the stock of Tenant as if such
transfer of a majority of the stock of Tenant were an assignment of this Lease.
It is expressly understood that the term "transfer(s)" shall be deemed to
include the issuance of new stock which results in a majority of the stock of
Tenant being held by Persons who or which (i) do not hold a majority of the
stock of Tenant on the date hereof, and (ii) are not Affiliates of the holders
of majority of the stock of Tenant on the date hereof. The foregoing shall not
apply to transactions with (i) a corporation into or with which Tenant is merged
or consolidated or to which substantially all of Tenant's assets are transferred
which corporation shall have been an operating entity for at least the 3 years
prior to the Tenant's Notice and shall have had Net Profits After Taxes of at
least $One Million during two of the three years prior to such notice (ii) an
entity directly or indirectly controlling, controlled by or under common control
with Tenant; provided, however, that (iii) such transfer shall have been made
for a legitimate independent business purpose and not for the principal purpose
of transferring this Lease, (iv ) the successor to Tenant shall have a net
worth, computed in accordance with generally accepted accounting principles, at
least equal to the greater of (A) the net worth of Tenant immediately prior to
such merger, consolidation or transfer, or (B) the net worth of Tenant herein
named on the date of this Lease, and (v ) proof satisfactory to Landlord of such
net worth shall have been delivered to Landlord at least ten (10) days prior to
the effective date of any such transaction. The term "Affiliate" shall mean (i)
any corporation or other entity controlled by, under common control with or
which controls Tenant or in which Tenant, directly or indirectly, has a 50% or
greater voting or ownership interest, (ii) any corporation or other entity that
acquires substantially all of the assets of Tenant, (iii) corporation or other
entity into or with which Tenant merges or is consolidated and (iv) if Tenant is
a corporation, any corporation into which Tenant is merged or resulting from a
consolidation of tenant with some other corporation.

                  (b) If Tenant is a partnership, the provisions of Section 13.1
hereof shall apply to a transfer (by one or more transfer) of a majority
interest in the partnership, as if such transfer were an assignment of this
Lease.

                  (c) The limitations set forth in this Section XI.2.10 shall be
deemed to apply to subtenant(s), assignee(s) and guarantor(s) of this Lease, if
any, and any transfer by any such Person in violation of this Section XI.2.10
shall be deemed to be transfer in violation of Section XI.2.

                  (d) A modification, amendment, or extension of a sublease
shall be deemed a sublease for the purposes of Section XI.2 hereof, and a
takeover agreement shall be deemed

<PAGE>

a transfer of this Lease for the purposes of Section XI.2 hereof.

                  XI.2.11 Without such transaction being subject to the terms
and conditions of Section XI.2 hereof, Tenant may, without Landlord's consent,
but upon not less than ten (10) days' prior notice to Landlord, permit any
Affiliate of Tenant to sublet from Tenant all or part of the Premises for any
permitted Use, or assign this Lease to any Affiliate, subject however to
compliance with Tenant's obligations under this Lease. Such sublease shall not
be deemed to vest in any such Affiliate any right or interest in this Lease or
the Premises nor shall it relieve; release, impair or discharge any of Tenant's
obligations hereunder.

                  XI.2.12 (a) Any assignment or transfer, whether made with
Landlord's consent pursuant to Section XI.2 hereof or without Landlord's consent
to the extent permitted under Sections XI.2.10 and XI.2.11 hereof, shall be made
only if, and shall not be effective until, the assignee shall execute,
acknowledge and deliver to Landlord an agreement in form and substance
reasonably satisfactory to Landlord whereby the assignee shall assume the
obligations of this Lease on the part of Tenant to be performed or observed from
and after the effective date of such assignment or transfer, and whereby the
assignee shall agree that the provisions in Section XI hereof shall,
notwithstanding such assignment or transfer, continue to be binding upon it in
respect of all future assignments and transfers.

                  (b) The joint and several liability of Tenant and any
immediate or remote successor in interest of Tenant and the due performance of
the obligations of this Lease on Tenant's part to be performed or observed shall
not be discharged, released or impaired in any respect by any agreement or
stipulation made by Landlord, or any grantee or assignee of Landlord by way of
mortgage or otherwise, extending the time, or modifying any of the obligations
of this Lease, or by any waiver or failure of Landlord, or any grantee or
assignee of Landlord by way of mortgage or otherwise, to enforce any of the
obligations of this Lease.

                  (c) The listing of any name other than that of Tenant, whether
on the doors of the Premises or the Building Directory, or otherwise, shall not
operate to vest any right or interest in this Lease or in the Premises, nor
shall it be deemed to be consent of Landlord to any assignment or transfer of
this Lease or to any sublease of Premises or to the use or occupancy thereof by
others. Any such listing shall constitute a privilege extended by Landlord,
revocable at Landlord's will by notice to Tenant, provided that Landlord shall
not unreasonably revoke such privilege as to any Affiliate of Tenant, or any
subtenant of Tenant or assignee of this Lease approved by Landlord, or as to
which Landlord's approval is not required, pursuant to this Article XI.2.

                  XI.2.13 Landlord acknowledges that the collocation of
communications equipment not owned by Tenant at the Premises shall not
constitute an assignment or sublease requiring the consent of Landlord
hereunder. For purposes of this Lease, "collocation" means the installation by
Tenant's customers of telecommunications equipment in Tenant's facilities
therefor, in the ordinary course of Tenant's business, for which such customers
pay fees based upon access to such facilities, as distinct from the renting of
floor area. In no event shall any collocation arrangement entered into by Tenant
entail the construction of a separate entrance to the Premises from the Building
common corridor for any party thereto other than Tenant. Such Collocation shall
be for

<PAGE>

a valid business purpose and not to avoid the obligations of Tenant to comply
with this Section XI.2. Tenant shall be prohibited from allowing any company to
collocate with Tenant who has dealt with or who has been actively negotiating
with Landlord for space in the Building's Meet-Me room or for any other space in
the Building.

         Section XI.2.14 Notwithstanding any of the foregoing provisions, if
Tenant is or has been at any time in default under any of the terms of this
Lease beyond the applicable cure periods, if any, twice or more during the 12
months preceding the date of Tenant's Notice, Tenant may not assign or sublet
the Premises in whole or in part.

         Section XI.3 TENANT'S NOTICE TO LANDLORD OF DEFAULT

         Should Landlord be in breach under any of the terms of this Lease,
Tenant shall give Landlord prompt written notice thereof in the manner specified
in Section XII.1, and Tenant shall allow Landlord a reasonable length of time in
which to cure such breach , which time shall not in any event be less than
thirty (30) days from the date of receipt of such notice. Should Landlord fail
to cure such breach within such period of time or, if such breach is not capable
of being cured within such period of time but may be cured within a larger
period of time, have diligently pursued the cure thereof thereafter, and should
Tenant obtain a judgment against Landlord from a court of competent jurisdiction
that Landlord is in default hereunder, Tenant may then take such steps to cure
any such breach in the manner set forth and as limited in Section 9.11 hereof.

         Section XI.4 NO RECORDATION OF LEASE

         Tenant shall not record this Lease .

         Section XI.5 SURRENDER OF PREMISES AND HOLDING OVER

         At the expiration of the tenancy, Tenant shall surrender the Premises
in good condition, reasonable wear and tear excepted, and damage by unavoidable
casualty (except to the extent that the same is covered by Landlord's fire
insurance policy with extended coverage endorsement), and Tenant shall surrender
all keys for the Premises to Landlord at the place then fixed for the payment of
Rent and shall inform Landlord of all combinations on locks, safes and vaults,
if any, in the Premises. Tenant shall remove all its trade fixtures and any
alterations or improvements, subject to the provisions of Section VI.5, before
surrendering the Premises, and shall repair, at its own expense, any
unreasonable damage to the Premises caused thereby. Tenant's obligations to
observe or perform this covenant shall survive the expiration or other
termination of the Lease Term. In the event Tenant remains in possession of the
Premises after the expiration of the tenancy created hereunder, whether or not
with the consent or acquiescence of Landlord, and without the execution of a new
lease, Tenant, at the option of Landlord, shall be deemed to be occupying the
Premises as a tenant at will on a week-to-week tenancy and in no event on a
month-to-month or on a year-to-year tenancy. The rent during this week-to-week
tenancy shall be payable weekly for the first four (4) weeks at 150% of the pro
rated monthly Fixed Minimum Rent, and 150% of all other charges due hereunder,
and thereafter at twice the pro-rated monthly Fixed Minimum Rent and twice all
other charges due hereunder; and it shall be subject to all the other terms,
conditions, covenants, provisions and obligations of this Lease, and no
extension or renewal of this Lease shall be deemed to have occurred by such
holding over. Tenant's obligations to observe or perform this covenant shall
survive

<PAGE>

the expiration or other termination of the Lease Term.

         Section XI.6 ESTOPPEL CERTIFICATE

         Either party shall provide at any time, within ten (10) days of the
other party's written request, a statement certifying that this Lease is
unmodified and in full force and effect or, if there have been modifications,
that same are in full force and effect as modified and stating the
modifications, and the dates to which the Fixed Minimum Rent and other charges
have been paid in advance, if any. It is intended that any such statement
delivered pursuant to this paragraph may be relied upon by any prospective
purchaser or mortgagee of the Premises.

         Section XI.7 DELAY OF POSSESSION

         If Landlord is unable to give possession of the Premises on the
Commencement Date by reason of the holding over of any prior tenant or tenants
or for any other reason, an abatement or diminution of the Rent to be paid
hereunder shall be allowed Tenant under such circumstances, but nothing herein
shall operate to extend the Lease Term beyond the agreed Lease Expiration Date.
Said abatement of rent shall be the full extent of Landlord's liability to
Tenant for any loss or damage to Tenant on account of said delay in obtaining
possession of the Premises.

         Section XI.8 COMPLIANCE WITH LAW

                  XI.8.1 At all times during the Lease Term, Tenant shall, at
Tenant's own cost and expense, fully perform and comply with any law, statute,
code, rule, regulation, ordinance, order, judgment, decree, writ, injunction,
franchise, permit, certificate, license (including any beer, wine or liquor
license), authorization, registration, or other direction or requirement of any
domestic or foreign federal, state, county, municipal, or other government or
governmental or quasi-governmental department, commission, board, bureau, court,
agency, or instrumentality having jurisdiction or authority over Landlord,
Tenant, and/or all or any part of the Premises ("Legal Authority"), which is now
or in the future applicable to the Premises, including those not within the
present contemplation of the parties ("Legal Requirements"), and applicable
insurance underwriters' rules, regulations, decrees or requirements, whether or
not they shall necessitate ordinary or extraordinary structural changes,
improvements, replacements, or repairs to the Premises, or cause any
interference with the Use. Tenant acknowledges that the Building is not newly
constructed, and Tenant shall cooperate with Landlord in asbestos removal or any
other matter which may be necessary or advisable in connection with Legal
Requirements, but shall not be responsible for costs associated with any actions
required hereunder if such actions are the result of conditions or acts of
Landlord or others that predate the commencement of this Lease.

                  XI.8.2 At all times during the Term, Tenant shall not do,
permit, or suffer to be done any act, or cause, permit, or suffer to exist any
condition upon the Premises, which may (a) be dangerous, unless safeguarded as
provided for by Legal Requirements; (b) constitute a public or private nuisance;
(c) make any Insurance void or voidable or cause any increase in Insurance
premiums; or (d) involve invasive medical procedures including but not limited
to the use of syringes. Landlord may enforce this provision in different ways
from time to time, and the permitting by Landlord of certain activities on one
or more occasions shall not alter Landlord's rights to prohibit or modify such
activities at

<PAGE>

other times. Tenant acknowledges and agrees that Landlord shall have the right
to provide for the comfort of others in the Building and that such right is a
significant consideration and inducement to Landlord to enter into this Lease.

                  XI.8.3 Tenant shall:

                           11.8.3.1 neither cause nor permit the Premises to be
used to generate, manufacture, refine, transport, treat, store, handle, dispose,
transfer, produce, or process Hazardous Materials, except in compliance with all
Legal Requirements;

                           11.8.3.2 neither cause nor permit a release or
threatened release of Hazardous Materials onto the Premises or any other
property as a result of any intentional or unintentional act or omission on the
part of Tenant;

                           11.8.3.3 comply with all applicable Legal
Requirements related to Hazardous Materials;

                           11.8.3.4 conduct and complete all investigations,
studies, sampling, and testing, and all remedial, removal, and other actions on,
from, or affecting the Premises in accordance with such applicable Legal
Requirements and to the reasonable satisfaction of Landlord;

                           11.8.3.5 allow access to the Premises by Landlord and
as and to the extent required by law, applicable regulatory authorities, at
reasonable times and upon reasonable notice so that they may assure compliance
with this Section XI.8;

                           11.8.3.6 upon the expiration or termination of this
Lease, deliver the Premises to Landlord free of all Hazardous Materials; and

                           11.8.3.7 defend, indemnify, and hold harmless
Landlord and Landlord's employees and other agents from and against any claims,
demands, penalties, fines, liabilities, settlements, damages, costs, or expenses
of any kind or nature, known or unknown, contingent or otherwise (including,
without limitation, accountants' and attorneys' fees (including fees for the
services of paralegals and similar persons), consultant fees, investigation and
laboratory fees, court costs, and litigation expenses at the trial and all
appellate levels), arising out of, or in any way related to (a) the presence,
disposal, release, or threatened release, by or caused by Tenant or its agents,
of any Hazardous Materials which are on, from, or affecting the soil, water,
vegetation, buildings, personal property, persons, animals, or otherwise; (b)
any personal injury, including wrongful death, or damage to property, real or
personal, arising out of or related to such Hazardous Materials; (c) any lawsuit
brought, threatened, or settled by Legal Authorities or other parties, or order
by Legal Authorities, related to such Hazardous Materials; and/or (d) any
violation of Legal Requirements related in any way to such Hazardous Materials.
For the purposes of this Lease "Hazardous Materials" means any flammable
explosives, radioactive materials, oil or petroleum products and their by
products, asbestos, polychlorobiphenyls, hazardous materials, hazardous wastes,
hazardous or toxic substances, or related materials as defined under or
regulated by any Legal Requirements, including, without limitation, the
following statutes and the regulations promulgated under their authority: (a)
the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended (42 U.S.C. Sections 9601 et seq.); (b) the Hazardous Materials
Transportation

<PAGE>

Act, as amended (49 U.S.C. Sections 1801 et seq.); and (c) the Resource
Conservation and Recovery Act of 1976, as amended (42 U.S.C. Sections 6901 et
seq.). The provisions of this Section XI.8 shall survive the expiration or
termination of this Lease.

                  XI.8.4 Landlord shall defend, indemnify, and hold harmless
Tenant and Tenant's employees and other agents from and against any claims,
demands, penalties, fines, liabilities, settlements, damages, costs, or expenses
of any kind or nature, known or unknown, contingent or otherwise (including,
without limitation, reasonable accountants' and attorneys' fees (including
reasonable fees for the services of paralegals and similar persons), reasonable
consultant fees, reasonable investigation and laboratory fees, court costs, and
reasonable litigation expenses at the trial and all appellate levels), arising
out of, or in any way related to (a) the presence, disposal, release, or
threatened release, by or caused by Landlord or its agents, of any Hazardous
Materials that pre-date the commencement date of this Lease ("Pre-Lease
Hazardous Materials") which are on, from, or affecting the soil, water,
vegetation, buildings, personal property, persons, animals, or otherwise; (b)
any personal injury, including wrongful death, or damage to property, real or
personal, arising out of or related to such Pre-Lease Hazardous Materials; (c)
any lawsuit brought, threatened, or settled by Legal Authorities or other
parties, or order by Legal Authorities, related to such Pre-Lease Hazardous
Materials; and/or (d) any violation of Legal Requirements related in any way to
such Pre-Lease Hazardous Materials. For the purposes of this Lease "Pre-Lease
Hazardous Materials" means any flammable explosives, radioactive materials, oil
or petroleum products and their by products, asbestos, polychlorobiphenyls,
hazardous materials, hazardous wastes, hazardous or toxic substances, or related
materials as defined under or regulated by any Legal Requirements as such Legal
Requirements existed on the commencement date of this Lease, and which were
physically located in the Premises or the Building prior to the commencement
date of this Lease, including, without limitation, the following statutes and
the regulations promulgated under their authority: (a) the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. Sections 9601 et seq.); (b) the Hazardous Materials Transportation Act,
as amended (49 U.S.C. Sections 1801 et seq.); and (c) the Resource
Conservation and Recovery Act of 1976, as amended (42 U.S.C. Sections 6901 et
seq.).

         Section XI.8.5 Landlord represents and warrants to Tenant that, to
the best of Landlord's knowledge and belief, Landlord is in compliance with all
Legal Requirements of all Legal Authorities having jurisdiction over Landlord
and its activities with respect to this Lease and the ownership and operation of
the Building, including, but not limited to, the Americans with Disabilities
Act.

         Section XI.9 RULES AND REGULATIONS

         Tenant's use of the Premises shall be subject, at all times during the
Lease Term, to Landlord's right to adopt in writing, from time to time, modify
and/or rescind reasonable Rules and Regulations not in conflict with any of the
express provisions hereof governing the use of the parking areas, walks,
driveways, passageways, signs, exterior of Building, lighting and other matters
affecting other tenants in and the general management and appearance of the
Building of which the Premises are a part, but no such rule or regulation shall
discriminate against Tenant. The current Rules and Regulations are attached as
Exhibit "C".

         Section XI.10 ABANDONMENT

<PAGE>

         Tenant shall not abandon the Premises at any time during the Lease
Term. If Tenant shall abandon or surrender the Premises, or be dispossessed by
process of law or otherwise, any personal property belonging to Tenant left on
the Premises after such abandonment, surrender or dispossession shall, at the
option of the Landlord, be deemed abandoned, and Landlord may sell, store, or
otherwise dispose of it at Tenant's expense.

         Section XI.11 INTENTIONALLY DELETED.

                                   ARTICLE XII

                            MISCELLANEOUS PROVISIONS

         Section XII.1 NOTICES

         Whenever notice shall or may be given to either of the parties by the
other, each such notice shall be either delivered in person or sent by
nationally recognized overnight delivery service, with return receipt requested.
Notices to Landlord shall be sent to the address specified in the Basic Term
Sheet. Notices to Tenant shall be sent to the address specified in the Basic
Term Sheet. Any notice under this Lease shall be deemed to have been given at
the time it is received or refused by the addressee.

         Section XII.2 ENTIRE AND BINDING AGREEMENT

         This Lease contains all of the agreements between the parties hereto,
and it may not be modified in any manner other than by agreement in writing
signed by all parties hereto or their successors in interest. Tenant shall pay
Landlord for any and all legally-related expenses which may be incurred by
Landlord in connection with the review or preparation of all lease-related
documents including, without limitation, consents, amendments, modifications and
assignments therewith. The terms, covenants and conditions contained herein
shall inure to the benefit of and be binding upon Landlord and Tenant and their
respective heirs, successors and assigns, except as may be otherwise expressly
provided in this Lease.

         Section XII.3 PROVISIONS SEVERABLE

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

         Section XII.4 CAPTIONS

         The captions contained herein are for convenience and reference only
and shall not be deemed as part of this Lease or construed as in any manner
limiting or amplifying the terms and provisions of this Lease to which they
relate.

         Section XII.5 RELATIONSHIP OF THE PARTIES.

<PAGE>

         Nothing herein contained shall be deemed or construed as creating the
relationship of principal and agent or of partnership or joint venture between
the parties hereto; it being understood and agreed that neither the method of
computing rent nor any other provision contained herein nor any acts of the
parties hereto shall be deemed to create any relationship between the parties
other than that of Landlord and Tenant.

         Section XII.6 ACCORD AND SATISFACTION

         No payment by Tenant or receipt by Landlord of a lesser amount than the
Rent herein stipulated shall be deemed to be other than on account of the
earliest stipulated Rent nor shall any endorsement or statement on any check or
any letter accompanying any check or payment as Rent be deemed an accord and
satisfaction, and Landlord may accept such check or payment without prejudice to
Landlord's right to recover the balance of such Rent or pursue any other remedy
provided for in this Lease or available at law or in equity.

         Section XII.7 BROKER'S COMMISSION Each of Landlord and Tenant
warrants to the other that it has not engaged any Real Estate Broker or Realtor,
except for Abood & Associates, Inc. (which represents Landlord) and Partners
National Real Estate Group, Inc. (which represents Tenant) in connection with
its execution of this Lease and agrees to indemnify and save Landlord harmless
from any liability that may arise from such claim, including reasonable
attorneys' fees by any broker, realtor or finder. Landlord shall pay or cause to
be paid to Partners National Real Estate Group, Inc. a brokerage commission as
set forth in a separate agreement between Landlord and Partners National Real
Estate Group, Inc.

         Section XII.8 CORPORATE AND PARTNERSHIP STATUS

                  XII.8.1 If Tenant is a corporation or partnership, tenant's
corporate or partnership status shall continuously be in good standing and
active and current with the state of its incorporation and the state in which
the Building is located at the time of execution of the Lease and at all times
thereafter. Tenant shall keep its corporate status active and current throughout
the Lease Term or any extensions or renewals. Failure of Tenant to keep its
corporate or partnership status active and current shall constitute a default
under the terms of the Lease. In the event this Lease is signed on behalf of
Tenant by a person in a representative capacity, each of the person or persons
signing in such capacity represents and warrants to the Landlord and its
successors and assigns that:

XII.8.1.1 The execution and delivery of this lease has been duly and validly
authorized and all requisite actions have been taken to make it valid and
binding on the entity they represent.

XII.8.1.2 The entity they represent will, on the date of the commencement of and
at all times during the term of this Lease, be duly organized, validly existing
and in good standing in the state of its organization and entitled to conduct
its business in the state where the Premises is located.

XII.8.1.3 The entity shall, at all times be in possession of a fully paid,
current and valid Occupational License from the City and County where the
Premises is located. Failure to comply with this requirement shall be a material
default under this Lease but shall not relieve Tenant of all of its obligations
hereunder, including, but not limited to, the

<PAGE>

obligation to pay Rent.

         Section XII.9 MISCELLANEOUS

         XII.9.1 Landlord shall not be liable for any injury or damage to
persons or property resulting from fire, explosion, falling materials, steam,
gas, electricity, water, rain or leaks from any part of the Premises or from the
pipes, appliances or plumbing works or from the roof, street or subsurface or
from any other place or by dampness or by any other cause of whatsoever nature
unless caused by Landlord's gross negligence or willful misconduct. All property
of Tenant, including merchandise and furnishings, kept or stored on the Premises
shall be so kept or stored at the risk of Tenant only and Tenant shall hold
Landlord harmless from any and all claims arising out of damage to same. If
Landlord is required to make repairs by reason of any act, omission or
negligence of Tenant, any permitted subtenants, concessionaires or their
respective employees, agents, invitees, licensees or contractors, the reasonable
cost of such repairs shall be borne by Tenant and shall be due and payable
immediately upon receipt of Landlord's notification of the amount due.

                  XII.9.2 At Tenant's request, if Landlord provides any
miscellaneous services and/or supplies to Tenant or Tenant's Premises (including
by way of example, but not limited to: keys, directory strips, carpet cleaning,
non-standard light bulbs, repairs, locks, parking, overtime electricity usage)
all charges for these services imposed by Landlord shall be billed to Tenant and
payable by Tenant as Additional Rent. Landlord shall have the same remedies for
failure to pay the same as for non-payment of Fixed Minimum Rent. Tenant
covenants and agrees to pay Landlord all applicable sales tax or other taxes
which may be imposed on the above Additional Rent.

                  XII.9.3 It is specifically understood and agreed that there
shall be no personal liability on Landlord or its general or limited partners in
respect to any of the covenants, conditions or provisions of this Lease; in the
event of a breach or default by Landlord of any of its obligations under this
Lease, Tenant shall look solely to the equity of Landlord in the Premises for
the satisfaction of Tenant's remedies. In the event of a sale or transfer of the
Building or any portion thereof which includes the Premises, or in the event of
the making of the lease of the Building or of any portion, or in the event of a
sale or transfer of the leasehold estate under any such underlying lease, the
grantor, transferor or Landlord, as the case may be, shall thereafter be
entirely relieved of all terms, covenants and obligations thereafter to be
performed by Landlord under this Lease to the extent of the interest or portion
so sold, transferred or leased, and it shall be deemed and construed, without
further agreement between the parties and the purchaser, transferee or Tenant,
as the case may be, has assumed and agreed to carry out any and all covenants of
Landlord hereunder.

                  XII.9.4 THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTER CLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE
OTHER OR ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT'S USE OR OCCUPANCY OF THE
PREMISES, AND/OR CLAIM OF INJURY OR DAMAGE.

                  XII.9.5 In the event of a breach by Tenant of any of the
covenants or provision hereof, Landlord shall have, in addition to any other
remedies which it may have, the right to invoke any remedy allowed at law or in
equity, including

<PAGE>

injunctive relief, to enforce Landlord's rights or any of them, as if re-entry
and other remedies were not herein provided for.

                  XII.9.6 In the event of any litigation arising out of
enforcement of this Lease, the prevailing party in such litigation shall be
entitled to recovery of all costs, including reasonable attorneys' fees.

                  XII.9.7 Notwithstanding anything in this Lease to the
contrary, Landlord reserves all rights which any state or local laws, rules,
regulations or ordinances confer upon a Landlord against a Tenant in default.
This article shall apply to any renewals or extensions of this Lease.

                  XII.9.8 This agreement shall be deemed to have been made in
Dade County, Florida and shall be interpreted, and the rights and liabilities of
the parties here determined, in accordance with the laws of the State of
Florida. The venue for any litigation arising out of or with respect to this
Lease and the relationship of Tenant and Landlord shall be laid in the Courts of
Miami-Dade County, Florida and neither party shall be heard to complain that
such venue and jurisdiction is inconvenient.

         Section XII.10 FINANCIAL STATEMENTS.

         Tenant shall furnish Landlord, within ten ( 10) business days after
Landlord's request therefor, an updated, current financial statement of Tenant,
Tenant's shareholders, and any guarantors of this Lease. Such financial
statement(s) shall not be required to be furnished more than once each calendar
year as to Tenant for as long as Tenant's financial reports audited pursuant to
GAAP are publicly available from either the Securities and Exchange Commission
or on the Internet.

         Section XII.11 SURVIVAL OF TENANT'S COVENANTS.

All covenants of Tenant contained in this Lease and the other documents attached
hereto shall survive the expiration or termination of this Lease unless
otherwise specifically set forth herein.

         Section XII.12 NON-WAIVER PROVISIONS

                  XII.12.1 The failure of Landlord to insist upon a strict
performance of any of the terms, conditions and covenants herein shall not be
deemed to be a waiver of any rights or remedies that Landlord may have and shall
not be deemed a waiver of any subsequent breach or default in the terms,
conditions and covenants herein contained except as may be expressly waived in
writing.

                  XII.12.2 The maintenance of any action or proceeding to
recover possession of the Premises or any installment or installments of rent or
any other monies that may be due or become due from Tenant to Landlord shall not
preclude Landlord from thereafter instituting and maintaining subsequent actions
or proceedings for the recovery or possession of the Premises or of any other
monies that may be due or become due from Tenant including all expenses, court
costs and attorneys' fees and disbursements incurred by Landlord in recovering
possession of the Premises and all costs and charges for the care of the
Premises while vacant. Any entry or re-entry by Landlord shall not be deemed to
absolve or discharge Tenant from liability hereunder.

                  XII.12.3 If Landlord is delayed or prevented from performing
any of its obligations under this Lease by reason

<PAGE>

of strike, labor disputes, or any cause whatsoever beyond Landlord's reasonable
control, the period of such delay or such prevention shall be deemed added to
the time herein provided for the performance of any obligation by Landlord.

         Section XII.13 RADON GAS.

         Pursuant to F.S. 404.056(8), Tenant is hereby notified that radon is a
naturally occurring radioactive gas that, when it has accumulated in a building
in sufficient quantities, may present health risks to persons who are exposed to
it over time. Levels of radon that exceed federal and state guidelines have been
found in buildings in Florida. Additional information regarding radon and radon
testing may be obtained from your county public health unit. In no event shall
Landlord be liable for direct or indirect, consequential or incidental damages
arising from the existence or discovery of radon in the Premises.

         Section XII.14 LIMITATIONS ON LIABILITY.

In no event shall Landlord be responsible to Tenant, or to any party claiming by
or through Tenant, whether under this Lease or otherwise, for any consequential,
special, indirect or punitive damages. This Lease contains all agreements and
understandings between Landlord and Tenant on the use and occupancy of the
Premises and the relationship of Landlord and Tenant as landlord and tenant. Any
agreement of any nature, oral or written, between Landlord and Tenant,
including, but not limited to, any one based on custom, usage, acceptance or
waiver, purportedly entered into prior to or subsequent to the execution of this
Lease is null and void and of no affect whatsoever, unless such purported
agreement is specifically set forth in writing in this Lease or in a written
instrument executed by both Landlord and Tenant.

         IN WITNESS WHEREOF, Landlord and Tenant above duly executed this Lease
as of the day and year first above written, each acknowledging receipt of an
executed copy hereof.

WITNESSES:                                  LANDLORD:

                                            NWT PARTNERS, LTD., a Florida
                                            limited partnership

                                            BY: NWT PARTNERS, INC, a
                                                Florida corporation,
                                                General Partner
/s/ Suanny Morales
----------------------------
Name: Suanny Morales                            By: /s/ David Garfincle
                                                   ----------------------------
/s/ Paul L. Feinsmith                              David Garfincle, as its
----------------------------                       ----------------------------
Name: Paul L. Feinsmith                            Vice President

                                                 [Corporate Seal]

                                            TENANT: iBasis, Inc.

/s/illegible                                By:/s/ Michael J. Hughes
----------------------------                   --------------------------------
Name: Director of Finance

                                            Michael J. Hughes, as Chief
                                            -----------------------------------
/s/illegible                                Financial Officer
----------------------------                -----------------------------------
Name: Billing Manager                            [Corporate Seal]<PAGE>

                                                                  Exhibit 10.28

                                 NORTHWEST PARK

                                    L E A S E

                                    ARTICLE 1

                                 REFERENCE DATA

1.1      SUBJECT REFERRED TO.

         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.

                  DATE OF THIS LEASE:                October 22, 1999

                  BUILDING:                 The single-story Building located in
                                            Northwest Park in Burlington,
                                            Massachusetts (hereinafter referred
                                            to as the "Park") on a parcel of
                                            land known as 10 Second Avenue,
                                            Burlington, Massachusetts (the
                                            Building and such parcel of land
                                            hereinafter being collectively
                                            referred to as the "Property").

                  PREMISES:                  A portion of the Building,
                                             substantially as shown on Exhibit A
                                             attached hereto.

                  RENTABLE FLOOR

                  AREA OF PREMISES:         Approximately 14,462 square feet

                  LANDLORD:                  Rodger P. Nordblom and Peter C.
                                             Nordblom, as Trustees of N.W.
                                             Building 1 Associates under
                                             Declaration of Trust dated November
                                             11, 1984 and filed with the
                                             Middlesex South Registry District
                                             of the Land Court as Document
                                             #674807.

                  ORIGINAL NOTICE

                  ADDRESS OF LANDLORD:       c/o Nordblom Management Company,
                                             Inc.

                                            31 Third Avenue
                                             Burlington, Massachusetts 01803

                  TENANT:                   iBasis, Inc., a ________ corporation

                  ORIGINAL NOTICE

                  ADDRESS OF TENANT:         10 Second Avenue
                                             Burlington, Massachusetts 01803

                  EXPIRATION DATE:          April 30, 2005

                  DELIVERY DATE:            January 1, 2000

                  RENT COMMENCEMENT

                  DATE:                      The earlier of (i) January 1, 2000
                                             or (ii) the Commencement Date
                                             (defined in Section 2.2)

                  ANNUAL FIXED RENT RATE:    $231,392.00 through March 31, 2002;
                                             and $260,316.00 thereafter.

                  MONTHLY FIXED RENT RATE:   $19,282.67 through March 31, 2002;
                                             and $21,693.00 thereafter.

                  LETTER OF CREDIT AMOUNT:   $100,000.00, subject to reduction
                                             pursuant to Section 4.4.

                  TENANT'S PERCENTAGE:       The ratio of the Rentable Floor
                                             Area of the Premises to the total
                                             rentable area of the Building,
                                             which shall initially be deemed to
                                             be 53.16%.

                  INITIAL ESTIMATE OF
                  TENANT'S PERCENTAGE OF
                  TAXES FOR THE TAX YEAR:

                  INITIAL ESTIMATE OF
                  TENANT'S PERCENTAGE OF
                  OPERATING COSTS FOR THE
                  CALENDAR YEAR:

                  PERMITTED USES:            Offices, and uses incidental
                                             thereto.

                  PUBLIC LIABILITY INSURANCE LIMITS:

                           COMPREHENSIVE GENERAL LIABILITY:   $2,000,000 per
                                                              occurrence
                                                              $4,000,000 general
                                                              aggregate

1.2      EXHIBITS.

         The Exhibits listed below in this section are incorporated in this
Lease by reference and are to be construed as a part of this Lease.

                  EXHIBIT A                 Plan showing the Premises.
                  EXHIBIT B                 Commencement Date Notification
                  EXHIBIT C                 Work Letter
                  EXHIBIT D                 Work Change Order
                  EXHIBIT E                 Rules and Regulations
                  EXHIBIT F                 Form Tenant Estoppel Certificate
                  EXHIBIT G                 Form of Letter of Credit

<PAGE>

1.3      TABLE OF ARTICLES AND SECTIONS.

<TABLE>
<CAPTION>
<S>                                                                                                          <C>
         ARTICLE 1 -- REFERENCE DATA

         1.1      Subjects Referred To............................................................................1
         1.2      Exhibits........................................................................................1
         1.3      Table of Articles and Sections..................................................................2

         ARTICLE 2 -- PREMISES AND TERM

         2.1      Premises........................................................................................3
         2.2      Term............................................................................................3
         2.3      Extension Option................................................................................3

         ARTICLE 3 -- IMPROVEMENTS

         3.1      Performance of Work and Approval  of Landlord's Work............................................4
         3.2      Acceptance of the Premises......................................................................4
         3.3      Sidewalk Construction...........................................................................4

         ARTICLE 4 -- RENT

         4.1      The Fixed Rent..................................................................................4
         4.2      Additional Rent.................................................................................4
                  4.2.1    Real Estate Taxes......................................................................4
                  4.2.2    Personal Property Taxes................................................................5
                  4.2.3    Operating Costs........................................................................5
                  4.2.4    Insurance..............................................................................5
                  4.2.5    Utilities..............................................................................6
         4.3    Late Payment of Rent..............................................................................6
         4.4    Letter of Credit..................................................................................6
                  4.4.1    Amount of Letter of Credit.............................................................6
                  4.4.2    Renewal of Letter of Credit............................................................6
                  4.4.3    Draws to Cure Defaults.................................................................6
                  4.4.4    Draws to Pay Damages...................................................................6
                  4.4.5    Draws for Failure to Deliver Substitute Letter of Credit...............................6
                  4.4.6    Return of Letter of Credit at End of Term..............................................7

         ARTICLE 5 -- LANDLORD'S COVENANTS

         5.1      Affirmative Covenants...........................................................................7
                  5.1.1    Heat and Air Conditioning..............................................................7
                  5.1.2    Electricity............................................................................7
                  5.1.3    Cleaning; Water........................................................................7
                  5.1.4    Fire Alarm; Security...................................................................7
                  5.1.5    Repairs................................................................................7
                  5.1.6    Landscaping; Grounds Maintenance.......................................................7
                  5.1.7    Access.................................................................................7
         5.2      Interruption....................................................................................7
         5.3      Outside Services................................................................................7
         5.4      Landlord's Insurance............................................................................7

         ARTICLE 6 -- TENANT'S ADDITIONAL COVENANTS

         6.1      Affirmative Covenants...........................................................................7
                  6.1.1    Perform Obligations....................................................................7
                  6.1.2    Use....................................................................................7
                  6.1.3    Repair and Maintenance.................................................................7
                  6.1.4    Compliance with Law....................................................................8
                  6.1.5    Indemnification........................................................................8
                  6.1.6    Landlord's Right to Enter..............................................................8
                  6.1.7    Personal Property at Tenant's Risk.....................................................8
                  6.1.8    Payment of Landlord's Cost of Enforcement..............................................8
                  6.1.9    Yield Up...............................................................................8
                  6.1.10   Rules and Regulations..................................................................8
                  6.1.11   Estoppel Certificate...................................................................8
                  6.1.12   Landlord's Expenses Re:  Consents......................................................8

         6.2      Negative Covenants..............................................................................9
                  6.2.1    Assignment and Subletting..............................................................9
                  6.2.2    Nuisance...............................................................................9
                  6.2.3    Hazardous Wastes and Materials.........................................................9
                  6.2.4    Floor Load; Heavy Equipment...........................................................10
                  6.2.5    Installation, Alterations or Additions................................................10
                  6.2.6    Abandonment...........................................................................10
                  6.2.7    Signs.................................................................................10
                  6.2.8    Parking and Storage...................................................................10

         ARTICLE 7 -- CASUALTY OR TAKING

         7.1      Termination....................................................................................10
         7.2      Restoration....................................................................................10
         7.3      Award..........................................................................................10

         ARTICLE 8 -- DEFAULTS

         8.1      Events of Default..............................................................................10
         8.2      Remedies.......................................................................................11
         8.3      Remedies Cumulative............................................................................11
         8.4      Landlord's Right to Cure Defaults..............................................................11

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                                            <C>
         8.5      Effect of Waivers of Default...................................................................11
         8.6      No Waiver, etc.................................................................................11
         8.7      No Accord and Satisfaction.....................................................................11

         ARTICLE 9 -- RIGHTS OF MORTGAGE HOLDERS

         9.1      Rights of Mortgage Holders.....................................................................11
         9.2      Lease Superior or Subordinate to Mortgages.....................................................12

         ARTICLE 10 -- MISCELLANEOUS PROVISIONS

         10.1     Notices From One Party to the Other............................................................12
         10.2     Quiet Enjoyment................................................................................12
         10.3     Lease Not to be Recorded.......................................................................12
         10.4     Limitation of Landlord's Liability.............................................................12
         10.5     Acts of God....................................................................................12
         10.6     Landlord's Default.............................................................................12
         10.7     Brokerage......................................................................................12
         10.8     Applicable Law and Construction................................................................12
         10.9     Right of First Offer...........................................................................12
         10.10    Expansion......................................................................................12

</TABLE>

                                    ARTICLE 2

                                PREMISES AND TERM

2.1      PREMISES. Landlord hereby leases to Tenant and Tenant hereby leases
         from Landlord, subject to and with the benefit of the terms, covenants,
         conditions and provisions of this Lease, the Premises, excluding the
         roof, exterior faces of exterior walls, the common stairways, and
         pipes, ducts, conduits, wires, and appurtenant fixtures serving
         exclusively or in common other parts of the Building (and any areas,
         such as the space above the ceiling or in the walls, that may contain
         such pipes, ducts, conduits, wires or appurtenant fixtures), and if
         Tenant's space includes less than entire rentable area of any floor,
         excluding the central core area of such floor.

         Tenant shall have, as appurtenant to the Premises, rights to use in
         common, subject to reasonable rules of general applicability to tenants
         of the Building from time to time made by Landlord of which Tenant is
         given notice: (a) the common lobbies, hallways and stairways of the
         Building, (b) common walkways and driveways necessary for access to the
         Building, (c) the common parking areas serving the Building, and (d) if
         the Premises include less than the entire rentable area of any floor,
         the common toilets and other common facilities in the central core area
         of such floor.

         Tenant shall be permitted to use up to 58 parking spaces in the parking
         area serving the Building.

         Landlord reserves the right from time to time, without unreasonable
         interference with use of the Premises: (a) to install, use, maintain,
         repair, replace and relocate for service to the Premises and other
         parts of the Building, or either, pipes, ducts, conduits, wires and
         appurtenant fixtures, wherever located in the Premises or Building, (b)
         to alter or relocate any other common facility, (c) to make any repairs
         and replacements to the Premises which Landlord may deem reasonably
         necessary, and (d) in connection with any excavation made upon adjacent
         land of Landlord or others, to enter, and to license others to enter,
         upon the Premises to do such work as the person causing such excavation
         deems necessary to preserve the wall of the Building from injury or
         damage and to support the same, provided that at least 24 hours' notice
         is given to Tenant (except in emergencies, where no notice shall be
         required).

2.2      TERM. TO HAVE AND TO HOLD for a term beginning on the Commencement
         Date, which shall be the earlier of (a) the date on which the work to
         be performed by Landlord pursuant to Exhibit C and the Final Plans has
         been substantially completed or (b) the opening by Tenant of its
         business in the Premises, and ending on the Expiration Date, unless
         sooner terminated as hereinafter provided. The term "substantially
         completed" as used herein shall mean that (a) the work to be performed
         by Landlord pursuant to Exhibit C and the Final Plans has been
         completed with the exception of minor items which can be fully
         completed without material interference with Tenant and other items
         which because of the season or weather or the nature of the item are
         not practicable to do at the time, provided that none of said items is
         necessary to make the Premises tenantable for the Permitted Uses, and
         (b) a temporary certificate of occupancy has issued. When the dates of
         the beginning and end of the term have been determined, such dates
         shall be evidenced by a document, in the form attached hereto as
         Exhibit B, which Landlord shall complete and deliver to Tenant, and
         which shall be deemed conclusive unless Tenant shall notify Landlord of
         any disagreement therewith within ten (10) days of receipt.

         The term "lease year" as used herein shall mean a period of twelve (12)
         consecutive full calendar months. The first lease year shall begin on
         the Commencement Date if the Commencement Date is the first day of a
         calendar month; if not, then the first lease year shall commence upon
         the first day of the calendar month next following the Commencement
         Date. Each succeeding lease year shall commence upon the anniversary
         date of the first lease year.

2.3      EXTENSION OPTION. Provided that as of the date of the notice specified
         below, Tenant is not in default and has not previously been in default
         of its obligations under this Lease beyond any applicable grace period
         more than once, Tenant shall have the right to extend the term of this
         Lease for one additional period of five (5) years, to begin immediately
         upon the expiration of the original term of this Lease (the "extended
         term"). All of the terms, covenants and provisions of this Lease shall
         apply to such extended term except that the Annual Fixed Rent Rate for
         such extension period shall be the fair market rate at the commencement
         of such extended term, as designated by Landlord for comparable
         buildings in the greater Burlington area. If Tenant shall elect to
         exercise the aforesaid option, it shall do so by giving Landlord notice
         in writing of its intention to do so not later than one (1) year prior
         to the expiration of the original term of this Lease. If Tenant gives
         such notice, the extension of this Lease shall be automatically
         effected without the execution of any additional documents. The
         original term and the extended term are hereinafter collectively called
         the "term".

         If the Tenant disagrees with Landlord's designation of the market rate,
         and the parties cannot agree upon the market rate, then the market rate
         shall be submitted to arbitration as follows: market rate shall be
         determined by impartial arbitrators, one to be chosen by the Landlord,
         one to be chosen by Tenant, and a third to be selected, if necessary,
         as below provided. The unanimous written decision of the two first
         chosen, without selection and participation of a third arbitrator, or
         otherwise, the written decision of a majority of three arbitrators
         chosen and selected as aforesaid, shall be conclusive and binding upon
         Landlord and Tenant. Landlord and Tenant shall each notify the other of
         its chosen arbitrator within ten (10) days following the call for
         arbitration and, unless such two arbitrators shall have reached a
         unanimous decision within thirty (30) days after their designation,
         they shall so notify the then President of the Boston Bar Association
         and request him to select an impartial third arbitrator, who shall be
         another office building owner, a real estate counselor or a broker
         dealing with like types of properties, to determine market rate as
         herein defined. Such third arbitrator and the first two chosen shall
         hear the parties and their evidence and render their decision within
         thirty (30) days following the conclusion of such hearing and notify
         Landlord and Tenant thereof. Landlord and Tenant shall share equally
         the expense of the third arbitrator (if any). If the dispute between
         the parties as to a market rate has not been resolved before the
         commencement of Tenant's obligation to pay Fixed Rent based upon such
         market rate, then Tenant shall pay Fixed Rent under the Lease based
         upon the

<PAGE>

         market rate designated by Landlord until either the agreement of the
         parties as to the market rate, or the decision of the arbitrators, as
         the case may be, at which time Tenant shall pay any underpayment of
         Fixed Rent to Landlord, or Landlord shall refund any overpayment of
         Fixed Rent to Tenant.

         In any event, the Annual Fixed Rent Rate for the extended term shall
         not be less than the Annual Fixed Rent Rate in effect immediately prior
         to such extended term.

                                    ARTICLE 3

                                  IMPROVEMENTS

3.1      PERFORMANCE OF WORK AND APPROVAL OF LANDLORD'S WORK. Landlord shall
         cause to be performed the work (the "Landlord's Work") substantially as
         shown on the preliminary plan attached hereto as Exhibit C. The final
         approved construction plans and specifications for the Landlord's Work
         (called, the "Final Plans"), which have not been completed as of the
         date of this Lease, shall be prepared by Tenant and approved by
         Landlord, and shall emanate from and be consistent with said Exhibit C.
         All Landlord's Work shall be done in a good and workmanlike manner
         employing new and first quality materials. Landlord covenants and
         warrants for the benefit of Tenant that Landlord's Work shall be
         performed so as to conform to all applicable local, state and federal
         laws, regulations and ordinances promulgated by governmental
         authorities with competent jurisdiction which are in effect on or
         before the Commencement Date, including, without limitation, all
         applicable laws relating to the removal of architectural barriers to
         accommodate disabled persons. Tenant agrees that Landlord may make any
         changes in such work which may become reasonably necessary or
         advisable, other than substantial changes, without approval of Tenant,
         provided written notice is promptly given to Tenant; and Landlord may
         make substantial changes in such work, with the written approval of
         Tenant, which shall not be unreasonably withheld or delayed. Tenant
         acknowledges that the Delivery Date is based on the assumption that the
         Final Plans will be provided to Landlord on or before November 8, 1999.
         So long as the Final Plans are delivered to Landlord on or before
         November 8, 1999, Landlord shall use diligence to cause Landlord's Work
         to be substantially completed by the Delivery Date, subject to the
         provisions of Section 10.5 hereof. Landlord agrees that Tenant may make
         changes in such work with the approval of Landlord and the execution by
         Landlord and Tenant of a Work Change Order, in the form attached hereto
         as Exhibit D. Upon Tenant's execution of this Lease, Tenant shall pay
         to Landlord a contribution in the amount of $50,000.00 toward the costs
         incurred by Landlord in performing the Landlord's Work.

3.2      ACCEPTANCE OF THE PREMISES. Tenant or its representatives may, at
         reasonable times, enter upon the Premises during the progress of the
         work to inspect the progress thereof and to determine if the work is
         being performed in accordance with the requirements of Section 3.1.
         Tenant shall promptly give to Landlord notices of any alleged failure
         by Landlord to comply with those requirements. Landlord's Work shall be
         deemed approved by Tenant when Tenant occupies the Premises for the
         conduct of its business, except for (a) items of Landlord's Work which
         are uncompleted or do not conform to Exhibit C and the Final Plans and
         as to which Tenant shall, in either case, have given written notice to
         Landlord prior to such occupancy, and (b) a punch-list prepared by
         Landlord and Tenant based on an inspection made by the parties on the
         date on which Tenant occupies the Premises for the conduct of its
         business. Landlord shall forthwith correct all defects noted on such
         punch-list within thirty (30) days thereafter, except for items which
         by their nature cannot be corrected within said thirty (30) day period,
         provided that Landlord shall use reasonable efforts to correct such
         items expeditiously. A certificate of completion by a licensed
         architect or registered engineer shall be conclusive evidence that
         Landlord's Work has been completed except for items stated in such
         certificate to be incomplete or not in conformity with Exhibit C and
         the Final Plans.

3.3      SIDEWALK CONSTRUCTION. Landlord shall diligently pursue the
         construction of a sidewalk connecting the Property with the adjacent
         property owned by Landlord's affiliate.

                                    ARTICLE 4

                                      RENT

4.1      THE FIXED RENT. Commencing as of the Rent Commencement Date, Tenant
         covenants and agrees to pay rent to Landlord at the Original Address of
         Landlord or at such other place or to such other person or entity as
         Landlord may by notice in writing to Tenant from time to time direct,
         at the Annual Fixed Rent Rate, in equal installments at the Monthly
         Fixed Rent Rate (which is 1/12th of the Annual Fixed Rent Rate), in
         advance, on the first day of each calendar month included in the term;
         and for any portion of a calendar month following the Rent Commencement
         Date, at the rate for the first lease year payable in advance for such
         portion. Notwithstanding the foregoing, if the Commencement Date fails
         to occur by January 1, 2000, and such failure is caused solely by
         Landlord's action or inaction, then the Rent Commencement Date shall be
         postponed by one day for each day in the period commencing on January
         1, 2000 and ending on the day before the Commencement Date actually
         occurs.

         If Landlord shall give notice to Tenant that all rent and other
         payments due hereunder are to be made to Landlord by electronic funds
         transfers, so called, or by similar means, Tenant shall make all such
         payments as shall be due after receipt of said notice by means of said
         electronic funds transfers (or such similar means as designated by
         Landlord).

4.2      ADDITIONAL RENT. Tenant covenants and agrees to pay, as Additional
         Rent, insurance costs, utility charges, personal property taxes and its
         pro rata share of taxes and operating costs with respect to the
         Premises as provided in this Section 4.2 as follows:

          4.2.1 REAL ESTATE TAXES. Tenant shall pay to Landlord, as additional
               rent, for each tax period partially or wholly included in the
               term, Tenant's Percentage of Taxes (as hereinafter defined).
               Tenant shall remit to Landlord, on the first day of each calendar
               month, estimated payments on account of Taxes, such monthly
               amounts to be sufficient to provide Landlord, by the time real
               estate tax payments are due and payable to any governmental
               authority responsible for collection of same, a sum equal to the
               Tenant's Percentage of Taxes, as reasonably estimated by Landlord
               from time to time on the basis of the most recent tax data
               available. The initial calculation of the monthly estimated
               payments shall be based upon the Initial Estimate of Tenant's
               Percentage of Taxes for the Tax Year and upon quarterly payments
               being due to the governmental authority on August 1, November 1,
               February 1 and May 1, and shall be made when the Commencement
               Date has been determined. If the total of such monthly
               remittances for any Tax Year is greater than the Tenant's
               Percentage of Taxes for such Tax Year, Landlord shall promptly
               pay to Tenant, or credit against the next accruing payments to be
               made by Tenant pursuant to this subsection 4.2.1, the difference;
               if the total of such remittances is less than the Tenant's
               Percentage of Taxes for such Tax Year, Tenant shall pay the
               difference to Landlord at least ten (10) days prior to the date
               or dates within such Tax Year that any Taxes become due and
               payable to the governmental authority (but in any event no
               earlier than ten (10) days following a written notice to Tenant,
               which notice shall set forth the manner of computation of
               Tenant's Percentage of Taxes).

            If, after Tenant shall have made reimbursement to Landlord pursuant
               to this subsection 4.2.1, Landlord shall receive a refund of any
               portion of Taxes paid by Tenant with respect to any Tax Year
               during the term hereof as a result of an abatement of such Taxes
               by legal proceedings, settlement or otherwise (without either
               party having any obligation to undertake any such proceedings),
               Landlord shall promptly pay to Tenant, or credit against the next
               accruing payments to be made by Tenant

<PAGE>
               pursuant to this subsection 4.2.1, the Tenant's Percentage of the
               refund (less the proportional, pro rata expenses, including
               reasonable attorneys' fees and reasonable appraisers' fees,
               incurred in connection with obtaining any such refund), as
               relates to Taxes paid by Tenant to Landlord with respect to any
               Tax Year for which such refund is obtained.

               In the event this Lease shall commence, or shall end (by reason
               of expiration of the term or earlier termination pursuant to the
               provisions hereof), on any date other than the first or last day
               of the Tax Year, or should the Tax Year or period of assessment
               of real estate taxes be changed or be more or less than one (1)
               year, as the case may be, then the amount of Taxes which may be
               payable by Tenant as provided in this subsection 4.2.1 shall be
               appropriately apportioned and adjusted.

               The term "Taxes" shall mean all taxes, assessments, betterments
               and other charges and impositions (including, but not limited to,
               fire protection service fees and similar charges) levied,
               assessed or imposed at any time during the term by any
               governmental authority upon or against the Property, or taxes in
               lieu thereof, and additional types of taxes to supplement real
               estate taxes due to legal limits imposed thereon. If, at any time
               during the term of this Lease, any tax or excise on rents or
               other taxes, however described, are levied or assessed against
               Landlord with respect to the rent reserved hereunder, either
               wholly or partially in substitution for, or in addition to, real
               estate taxes assessed or levied on the Property, such tax or
               excise on rents shall be included in Taxes; however, Taxes shall
               not include franchise, estate, inheritance, succession, capital
               levy, transfer, income or excess profits taxes assessed on
               Landlord. Taxes shall include any estimated payment made by
               Landlord on account of a fiscal tax period for which the actual
               and final amount of taxes for such period has not been determined
               by the governmental authority as of the date of any such
               estimated payment.

          4.2.2 PERSONAL PROPERTY TAXES. Tenant shall pay all taxes charged,
               assessed or imposed upon the personal property of Tenant in or
               upon the Premises.

          4.2.3 OPERATING COSTS. Tenant shall pay to Landlord the Tenant's
               Percentage of Operating Costs (as hereinafter defined) incurred
               by Landlord in any calendar year. Tenant shall remit to Landlord,
               on the first day of each calendar month, estimated payments on
               account of Operating Costs, such monthly amounts to be sufficient
               to provide Landlord, by the end of the calendar year, a sum equal
               to the Operating Costs, as reasonably estimated by Landlord from
               time to time. The initial monthly estimated payments shall be in
               an amount equal to 1/12th of the Initial Estimate of Tenant's
               Percentage of Operating Costs for the Calendar Year. If, at the
               expiration of the year in respect of which monthly installments
               of Operating Costs shall have been made as aforesaid, the total
               of such monthly remittances is greater than the actual Operating
               Costs for such year, Landlord shall promptly pay to Tenant, or
               credit against the next accruing payments to be made by Tenant
               pursuant to this subsection 4.2.3, the difference; if the total
               of such remittances is less than the Operating Costs for such
               year, Tenant shall pay the difference to Landlord within twenty
               (20) days from the date Landlord shall furnish to Tenant an
               itemized statement of the Operating Costs, prepared, allocated
               and computed in accordance with generally accepted accounting
               principles. Any reimbursement for Operating Costs due and payable
               by Tenant with respect to periods of less than twelve (12) months
               shall be equitably prorated.

               The term "Operating Costs" shall mean all costs and expenses
               incurred for the operation, cleaning, maintenance, repair and
               upkeep of the Property, and the portion of such costs and
               expenses with regard to the common areas, facilities and
               amenities of the Park which is equitably allocable to the
               Property, including, without limitation, all costs of maintaining
               and repairing the Property and the Park (including snow removal,
               landscaping and grounds maintenance, operation and maintenance of
               parking lots, sidewalks, walking paths, access roads and
               driveways, security, operation and repair of heating and
               air-conditioning equipment, lighting and any other Building
               equipment or systems) and of all repairs and replacements,
               subject to the 4th paragraph of this Subsection 4.2.3 (other than
               repairs or replacements for which Landlord has received full
               reimbursement from contractors, other tenants of the Building or
               from others) necessary to keep the Property and the Park in good
               working order, repair, appearance and condition; all costs,
               including material and equipment costs, for cleaning and
               janitorial services to the Building (including window cleaning of
               the Building); all costs of any reasonable insurance carried by
               Landlord relating to the Property; all costs related to provision
               of heat (including oil, electric, steam and/or gas),
               air-conditioning, and water (including sewer charges) and other
               utilities to the Building (exclusive of reimbursement to Landlord
               for any of same received as a result of direct billing to any
               tenant of the Building); payments under all service contracts
               relating to the foregoing; all compensation, fringe benefits,
               payroll taxes and workmen's compensation insurance premiums
               related thereto with respect to any employees of Landlord or its
               affiliates engaged in security and maintenance of the Property
               and the Park; to the extent relating to the operation of the
               Property, reasonable attorneys' fees and disbursements (exclusive
               of any such fees and disbursements incurred in tax abatement
               proceedings or the preparation of leases) and reasonable auditing
               and other professional fees and expenses; and a management fee
               comparable to management fees charged by other landlords of
               similar office property in the greater Burlington area.

               There shall not be included in such Operating Costs brokerage
               fees (including rental fees) related to the operation of the
               Building; interest and depreciation charges incurred on the
               Property; or expenditures made by Tenant with respect to (i)
               cleaning, maintenance and upkeep of the Premises, and (ii) the
               provision of electricity to the Premises; Landlord's advertising
               and marketing costs; matters for which Landlord is reimbursed by
               insurance; Landlord's negligence; mortgage and debt service
               payments (including payments of principal, interest and other
               charges due under any mortgage or deed of trust); salaries of
               executives or principals of Landlord; expenses for which
               Landlord, by the terms of this Lease, makes a separate charge;
               and any costs incurred by Landlord for alterations or
               improvements to the Premises on account of Landlord's failure to
               perform the Landlord's Work in compliance with applicable laws in
               effect on or before the Commencement Date.

               If, during the term of this Lease, Landlord shall replace any
               capital items or make any capital expenditures (collectively
               called "capital expenditures") the total amount of which is not
               properly included in Operating Costs for the calendar year in
               which they were made, there shall nevertheless be included in
               Operating Costs for each calendar year in which and after such
               capital expenditure is made the annual charge-off of such capital
               expenditure. (Annual charge-off shall be determined by (i)
               dividing the original cost of the capital expenditure by the
               number of years of useful life thereof [The useful life shall be
               reasonably determined by Landlord in accordance with generally
               accepted accounting principles and practices in effect at the
               time of acquisition of the capital item.]; and (ii) adding to
               such quotient an interest factor computed on the unamortized
               balance of such capital expenditure based upon an interest rate
               reasonably determined by Landlord as being the interest rate then
               being charged for long-term mortgages by institutional lenders on
               like properties within the locality in which the Building is
               located.) Provided, further, that if Landlord reasonably
               concludes on the basis of engineering estimates that a particular
               capital expenditure will effect savings in Operating Costs and
               that such annual projected savings will exceed the annual
               charge-off of capital expenditure computed as aforesaid, then and
               in such events, the annual charge-off shall be determined by
               dividing the amount of such capital expenditure by the number of
               years over which the projected amount of such savings shall fully
               amortize the cost of such capital item or the amount of such
               capital expenditure; and by adding the interest factor, as
               aforesaid.

               If during any portion of any year for which Operating Costs are
               being computed, the Building was not fully occupied by tenants or
               if not all of such tenants were paying fixed rent or if Landlord
               was not supplying all tenants with the services being supplied
               hereunder, actual Operating Costs incurred shall be reasonably
               extrapolated by Landlord to the estimated Operating Costs that
               would have been incurred if the Building were fully occupied by
               tenants and all such tenants were

<PAGE>

               then paying fixed rent or if such services were being supplied to
               all tenants, and such extrapolated amount shall, for the purposes
               of this Section 4.2.3, be deemed to be the Operating Costs for
               such year.

          4.2.4 INSURANCE. Tenant shall, at its expense, as Additional Rent,
               take out and maintain throughout the term the following insurance
               protecting Landlord:

               4.2.4.1 Comprehensive liability insurance naming Landlord,
                    Tenant, and Landlord's managing agent and any mortgagee of
                    which Tenant has been given notice as insureds or additional
                    insureds and indemnifying the parties so named against all
                    claims and demands for death or any injury to person or
                    damage to property which may be claimed to have occurred on
                    the Premises (or the Property, insofar as used by customers,
                    employees, servants or invitees of the Tenant), in amounts
                    which shall, at the beginning of the term, be at least equal
                    to the limits set forth in Section 1.1, and, which, from
                    time to time during the term, shall be for such higher
                    limits, if any, as are customarily carried in the area in
                    which the Premises are located on property similar to the
                    Premises and used for similar purposes; and workmen's
                    compensation insurance with statutory limits covering all of
                    Tenant's employees working on the Premises.

               4.2.4.2 Fire insurance with the usual extended coverage
                    endorsements covering all Tenant's furniture, furnishings,
                    fixtures and equipment.

               4.2.4.3 All such policies shall be obtained from responsible
                    companies qualified to do business and in good standing in
                    Massachusetts, which companies and the amount of insurance
                    allocated thereto shall be subject to Landlord's approval.
                    Tenant agrees to furnish Landlord with certificates
                    evidencing all such insurance prior to the beginning of the
                    term hereof and evidencing renewal thereof at least thirty
                    (30) days prior to the expiration of any such policy. Each
                    such policy shall be non-cancelable with respect to the
                    interest of Landlord without at least ten (10) days' prior
                    written notice thereto. In the event provision for any such
                    insurance is to be by a blanket insurance policy, the policy
                    shall allocate a specific and sufficient amount of coverage
                    to the Premises.

               4.2.4.4 All insurance which is carried by either party with
                    respect to the Building, Premises or to furniture,
                    furnishings, fixtures, or equipment therein or alterations
                    or improvements thereto, whether or not required, shall
                    include provisions which either designate the other party as
                    one of the insured or deny to the insurer acquisition by
                    subrogation of rights of recovery against the other party to
                    the extent such rights have been waived by the insured party
                    prior to occurrence of loss or injury, insofar as, and to
                    the extent that, such provisions may be effective without
                    making it impossible to obtain insurance coverage from
                    responsible companies qualified to do business in the state
                    in which the Premises are located (even though extra premium
                    may result therefrom). In the event that extra premium is
                    payable by either party as a result of this provision, the
                    other party shall reimburse the party paying such premium
                    the amount of such extra premium. If at the request of one
                    party, this non-subrogation provision is waived, then the
                    obligation of reimbursement shall cease for such period of
                    time as such waiver shall be effective, but nothing
                    contained in this subsection shall derogate from or
                    otherwise affect releases elsewhere herein contained of
                    either party for claims. Each party shall be entitled to
                    have certificates of any policies containing such
                    provisions. Each party hereby waives all rights of recovery
                    against the other for loss or injury against which the
                    waiving party is protected by insurance containing said
                    provisions, reserving, however, any rights with respect to
                    any excess of loss or injury over the amount recovered by
                    such insurance. Tenant shall not acquire as insured under
                    any insurance carried on the Premises any right to
                    participate in the adjustment of loss or to receive
                    insurance proceeds and agrees upon request promptly to
                    endorse and deliver to Landlord any checks or other
                    instruments in payment of loss in which Tenant is named as
                    payee.

          4.2.5 UTILITIES. Tenant shall pay all charges made by public authority
               or utility for the cost of electricity furnished or consumed on
               the Premises, all charges for any utilities supplied by Landlord
               pursuant to Subsections 5.1.1, 5.1.2 and 5.1.3 which are
               separately metered, and all charges for telephone and other
               utilities or services not supplied by Landlord pursuant to
               Subsections 5.1.1, 5.1.2 and 5.1.3, whether designated as a
               charge, tax, assessment, fee or otherwise, all such charges to be
               paid as the same from time to time become due. Except as
               otherwise provided in Article 5, it is understood and agreed that
               Tenant shall make its own arrangements for the installation or
               provision of all such utilities and that Landlord shall be under
               no obligation to furnish any utilities to the Premises and shall
               not be liable for any interruption or failure in the supply of
               any such utilities to the Premises.

4.3      LATE PAYMENT OF RENT. If any installment of rent is paid more than five
         (5) days after the date the same was due, and if on a prior occasion in
         the twelve (12) month period prior to the date such installment was due
         an installment of rent was paid after the same was due, then Tenant
         shall pay Landlord a late payment fee equal to five (5%) percent of the
         overdue payment.

4.4      LETTER OF CREDIT. The performance of Tenant's obligations under this
         Lease shall be secured by a letter of credit throughout the term hereof
         in accordance with and subject to the following terms and conditions:

          4.4.1 AMOUNT OF LETTER OF CREDIT. (a) Concurrently with Tenant's
               execution and delivery of this Lease, Tenant shall deliver to
               Landlord an irrevocable standby letter of credit (the "Original
               Letter of Credit") which shall be (i) in the form of Exhibit G
               attached to this Lease (the "Form LC"), (ii) issued by a bank
               reasonably satisfactory to Landlord upon which presentment may be
               made in Boston, Massachusetts, (iii) in the amount equal to the
               Letter of Credit Amount, and (iv) for a term of at least 1 year,
               subject to the provisions of Section 4.4.2 below. The Original
               Letter of Credit, any Additional Letters(s) of Credit and
               Substitute Letter(s) of Credit are referred to herein as the
               "Letter of Credit."

               (b) Once Tenant provides Landlord with proof reasonably
               satisfactory to Landlord that it has completed its initial public
               offering, and provided Tenant is not then in default under this
               Lease, the Letter of Credit Amount shall be reduced to
               $50,000.00. This reduction shall only be effected one time during
               the term of this Lease.

          4.4.2 RENEWAL OF LETTER OF CREDIT. Each Letter of Credit shall be
               automatically renewable in accordance with the second to last
               paragraph of the Form LC; provided however, that Tenant shall be
               required to deliver to Landlord a new letter of credit (a
               "Substitute Letter of Credit") satisfying the requirements for
               the Original Letter of Credit under Section 4.4.1 on or before
               the date 30 days prior to the expiration of the term of the
               Letter of Credit then in effect, if the issuer of such Letter of
               Credit gives notice of its election not to renew such Letter of
               Credit for any additional period pursuant thereto.

          4.4.3 DRAWS TO CURE DEFAULTS. If the Fixed Rent or Additional Rent
               payable hereunder shall be overdue and unpaid or should Landlord
               make payments on behalf of the Tenant, or Tenant shall fail to
               perform any of the terms of this Lease in all cases beyond the
               expiration of all applicable notice and cure periods, then
               Landlord shall have the right, at any time thereafter to draw
               down from the Letter of Credit the amount necessary to cure such
               default. In the event of any such draw by the Landlord, Tenant
               shall, within 30 days of written demand therefor, deliver to
               Landlord an additional Letter of Credit ("Additional Letter of
               Credit") satisfying the requirements for the Original Letter of
               Credit, except that the amount of such Additional Letter of
               Credit shall be the amount of such draw.

          4.4.4 DRAWS TO PAY DAMAGES. In addition, if (i) this Lease shall have
               been terminated as a result of Tenant's default under this

<PAGE>

               Lease beyond the expiration of the applicable cure period, and/or
               (ii) this Lease shall have been rejected in a bankruptcy or other
               creditor-debtor proceeding, then Landlord shall have the right at
               any time thereafter to draw down from the Letter of Credit an
               amount sufficient to pay any and all damages payable by Tenant on
               account of such termination or rejection, as the case may be,
               pursuant to Article 8 hereof. In the event of bankruptcy or other
               creditor-debtor proceeding against Tenant, all proceeds of the
               Letter of Credit shall be deemed to be applied first to the
               payment of rent and other charges due Landlord for all periods
               prior to the filing of such proceedings.

          4.4.5 DRAWS FOR FAILURE TO DELIVER SUBSTITUTE LETTER OF CREDIT. If
               Tenant fails timely to deliver to Landlord a Substitute Letter of
               Credit, then Landlord shall have the right, at any time
               thereafter, without giving any further notice to Tenant, to draw
               down the Letter of Credit and to hold the proceeds thereof
               ("Security Proceeds") in a bank account in the name of Landlord,
               which may be withdrawn and applied by Landlord under the same
               circumstances and for the same purposes as if the Security
               Proceeds were a Letter of Credit. Upon any such application of
               Security Proceeds by Landlord, Tenant shall, within 30 days of
               written demand therefor, deliver to Landlord an Additional Letter
               of Credit in the amount of Security Proceeds so applied.

          4.4.6 RETURN OF LETTER OF CREDIT AT END OF TERM. Within 30 days after
               the expiration of the term, to the extent Landlord has not
               previously drawn upon any Letter of Credit or Security Proceeds
               held by Landlord, Landlord shall return the same to Tenant
               provided that Tenant is not then in default of any of its
               obligations under this Lease."

                                    ARTICLE 5

                              LANDLORD'S COVENANTS

5.1      AFFIRMATIVE COVENANTS.  Landlord covenants with Tenant:

          5.1.1 HEAT AND AIR-CONDITIONING. To furnish to the Premises,
               separately metered and at the direct expense of Tenant as
               hereinabove provided, heat and air-conditioning (reserving the
               right, at any time, to change energy or heat sources) sufficient
               to maintain the Premises at comfortable temperatures (subject to
               all federal, state, and local regulations relating to the
               provision of heat), during such hours of the day and days of the
               year that the Building is normally open.

          5.1.2 ELECTRICITY. To furnish to the Premises, separately metered and
               at the direct expense of Tenant as hereinabove provided,
               reasonable electricity for Tenant's Permitted Uses. If Tenant
               shall require electricity in excess of reasonable quantities for
               Tenant's Permitted Uses and if (i) in Landlord's reasonable
               judgment, Landlord's facilities are inadequate for such excess
               requirements, or (ii) such excess use shall result in an
               additional burden on the Building utilities systems and
               additional cost to Landlord on account thereof, as the case may
               be, (a) Tenant shall, upon demand, reimburse Landlord for such
               additional cost, as aforesaid, or (b) Landlord, upon written
               request, and at the sole cost and expense of Tenant, will furnish
               and install such additional wire, conduits, feeders, switchboards
               and appurtenances as reasonably may be required to supply such
               additional requirements of Tenant (if electricity therefor is
               then available to Landlord), provided that the same shall be
               permitted by applicable laws and insurance regulations and shall
               not cause permanent damage or injury to the Building or cause or
               create a dangerous or hazardous condition or entail excessive or
               unreasonable alterations or repairs.

          5.1.3 CLEANING; WATER. To provide cleaning (including daily trash
               removal) to the Premises in accordance with cleaning and
               janitorial standards generally prevailing throughout the term
               hereof in comparable office buildings within the municipality in
               which the Building is located; and to furnish water for ordinary
               cleaning, lavatory and toilet facilities.

          5.1.4 FIRE ALARM, SECURITY. To maintain fire alarm systems within the
               Building; and to provide security measures in the common areas of
               the Building, provided that Landlord shall not be liable for any
               loss, damage or expense arising out of any failure of such
               security measures.

          5.1.5 REPAIRS. Except as otherwise expressly provided herein, to make
               such repairs and replacements to the roof, exterior walls, floor
               slabs and other structural components of the Building, and to the
               common areas, facilities and plumbing, electrical, heating,
               ventilating and air-conditioning systems of the Building as may
               be necessary to keep them in good repair and condition and in
               compliance with applicable laws (exclusive of equipment installed
               by Tenant and except for those repairs required to be made by
               Tenant pursuant to Section 6.1.3 hereof and repairs or
               replacements occasioned by any act or negligence of Tenant, its
               servants, agents, customers, contractors, employees, invitees, or
               licensees).

          5.1.6 LANDSCAPING; GROUNDS MAINTENANCE. To provide landscaping,
               grounds maintenance and snow removal services for the Property.

          5.1.7 ACCESS. To permit access to the Premises twenty-four (24) hours
               a day, seven (7) days a week, subject to Landlord's reasonable
               security requirements for the Building.

5.2      INTERRUPTION. Landlord shall be under no responsibility or liability
         for failure or interruption of any of the above-described services,
         repairs or replacements caused by breakage, accident, strikes, repairs,
         inability to obtain supplies, labor or materials, or for any other
         causes beyond the control of the Landlord, and in no event for any
         indirect or consequential damages to Tenant; and failure or omission on
         the part of the Landlord to furnish any of same for any of the reasons
         set forth in this paragraph shall not be construed as an eviction of
         Tenant, actual or constructive, nor entitle Tenant to an abatement of
         rent, nor render the Landlord liable in damages, nor release Tenant
         from prompt fulfillment of any of its covenants under this Lease.
         However, in each instance of a failure or interruption Landlord shall
         use best efforts to remedy the cause thereof.

5.3      OUTSIDE SERVICES. In the event Tenant wishes to provide outside
         services for the Premises over and above those services to be provided
         by Landlord as set forth herein, Tenant shall first obtain the prior
         written approval of Landlord for the installation and/or utilization of
         such services ("Outside services" shall include, but shall not be
         limited to, cleaning services, television, so-called "canned music"
         services, security services, catering services and the like.) In the
         event Landlord approves the installation and/or utilization of such
         services, such installation and utilization shall be at Tenant's sole
         cost, risk and expense.

5.4      LANDLORD'S INSURANCE. Landlord shall take out and maintain during the
         term all-risk casualty insurance in an amount equal to the full
         replacement cost of the Building.

                                    ARTICLE 6

                          TENANT'S ADDITIONAL COVENANTS

6.1      AFFIRMATIVE COVENANTS. Tenant covenants at all times during the term
         and for such further time (prior or subsequent thereto) as Tenant
         occupies the Premises or any part thereof:

<PAGE>

          6.1.1 PERFORM OBLIGATIONS. To perform promptly all of the obligations
               of Tenant set forth in this Lease; and to pay when due the Fixed
               Rent and Additional Rent and all charges, rates and other sums
               which by the terms of this Lease are to be paid by Tenant.

          6.1.2 USE. To use the Premises only for the Permitted Uses, and from
               time to time to procure all licenses and permits necessary
               therefor, at Tenant's sole expense. With respect to any licenses
               or permits for which Tenant may apply, pursuant to this
               subsection 6.1.2 or any other provision hereof, Tenant shall
               furnish Landlord copies of applications therefor on or before
               their submission to the governmental authority.

          6.1.3 REPAIR AND MAINTENANCE. To maintain the Premises in neat order
               and condition and to perform all routine and ordinary repairs to
               the Premises and to any plumbing, heating, electrical,
               ventilating and air-conditioning systems located within the
               Premises and installed by Tenant such as are necessary to keep
               them in good working order, appearance and condition, as the case
               may require, reasonable use and wear thereof and damage by fire
               or by unavoidable casualty only excepted; to keep all glass in
               windows and doors of the Premises (except glass in the exterior
               walls of the Building) whole and in good condition with glass of
               the same quality as that injured or broken; and to make as and
               when needed as a result of misuse by, or neglect or improper
               conduct of Tenant or Tenant's servants, employees, agents,
               invitees or licensees or otherwise, all repairs necessary, which
               repairs and replacements shall be in quality and class equal to
               the original work. (Landlord, upon default of Tenant hereunder
               and upon prior notice to Tenant, may elect, at the expense of
               Tenant, to perform all such cleaning and maintenance and to make
               any such repairs or to repair any damage or injury to the
               Building or the Premises caused by moving property of Tenant in
               or out of the Building, or by installation or removal of
               furniture or other property, or by misuse by, or neglect, or
               improper conduct of, Tenant or Tenant's servants, employees,
               agents, contractors, customers, patrons, invitees, or licensees.)

          6.1.4 COMPLIANCE WITH LAW. To the extent required as a result of
               alterations performed by or on behalf of Tenant pursuant to
               subsection 6.2.5 below or any other act of Tenant or by Tenant's
               particular use of the Premises and not required for office
               buildings generally, to make all repairs, alterations, additions
               or replacements to the Premises required by any law or ordinance
               or any order or regulation of any public authority; to keep the
               Premises equipped with all safety appliances so required; 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 applicable to
               Tenant's use of the Premises, except that Tenant may defer
               compliance so long as the validity of any such law, ordinance,
               order or regulations shall be contested by Tenant in good faith
               and by appropriate legal proceedings, if Tenant first gives
               Landlord appropriate assurance or security against any loss, cost
               or expense on account thereof.

          6.1.5 INDEMNIFICATION. To save harmless, exonerate and indemnify
               Landlord, its agents (including, without limitation, Landlord's
               managing agent) and employees (such agents and employees being
               referred to collectively as the "Landlord Related Parties") from
               and against any and all claims, liabilities or penalties asserted
               by or on behalf of any person, firm, corporation or public
               authority on account of injury, death, damage or loss to person
               or property in or upon the Premises and the Property arising out
               of the use or occupancy of the Premises by Tenant or by any
               person claiming by, through or under Tenant (including, without
               limitation, all patrons, employees and customers of Tenant), or
               arising out of any delivery to or service supplied to the
               Premises, or on account of or based upon anything whatsoever done
               on the Premises, except if the same was caused by the willful
               negligence, fault or misconduct of Landlord or the Landlord
               Related Parties. In respect of all of the foregoing, Tenant shall
               indemnify Landlord and the Landlord Related Parties from and
               against all costs, expenses (including reasonable attorneys'
               fees), and liabilities incurred in or in connection with any such
               claim, action or proceeding brought thereon; and, in case of any
               action or proceeding brought against Landlord or the Landlord
               Related Parties by reason of any such claim, Tenant, upon notice
               from Landlord and at Tenant's expense, shall resist or defend
               such action or proceeding and employ counsel therefor reasonably
               satisfactory to Landlord.

          6.1.6 LANDLORD'S RIGHT TO ENTER. Provided that Landlord does not
               materially interfere with Tenant's use or enjoyment of the
               Premises, to permit Landlord and its agents to enter into and
               examine the Premises at reasonable times and to show the
               Premises, and to make repairs to the Premises, and, during the
               last six (6) months prior to the expiration of this Lease, to
               keep affixed in suitable places notices of availability of the
               Premises.

          6.1.7 PERSONAL PROPERTY AT TENANT'S RISK. All of 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, except that
               Landlord shall in no event be indemnified or held harmless or
               exonerated from any liability to Tenant or to any other person,
               for any injury, loss, damage or liability to the extent
               prohibited by law, or to the extent resulting from any willful
               misconduct by Landlord or Landlord Related Parties.

          6.1.8 PAYMENT OF LANDLORD'S COST OF ENFORCEMENT. To pay on demand
               Landlord's expenses, including reasonable attorneys' fees,
               incurred in enforcing any obligation of Tenant under this Lease
               or in curing any default by Tenant under this Lease as provided
               in Section 8.4.

          6.1.9 YIELD UP. At the expiration of the term or earlier termination
               of this Lease: to surrender all keys to the Premises; to remove
               all of its trade fixtures and personal property in the Premises;
               to deliver to Landlord stamped architectural plans showing the
               Premises at yield up (which may be the initial plans if Tenant
               has made no installations after the Commencement Date); to remove
               such installations made by it as Landlord may request (including
               computer and telecommunications wiring and cabling, it being
               understood that if Tenant leaves such wiring and cabling in a
               useable condition, Landlord, although having the right to request
               removal thereof, is less likely to so request) and all Tenant's
               signs wherever located; to repair all damage caused by such
               removal and to yield up the Premises (including all installations
               and improvements made by Tenant except for trade fixtures and
               such of said installations or improvements as Landlord shall
               request Tenant to remove), broom-clean and in the same good order
               and repair in which Tenant is obliged to keep and maintain the
               Premises by the provisions of Subsection 6.1.3 of this Lease. Any
               property not so removed shall be deemed abandoned and, if
               Landlord so elects, deemed to be Landlord's property, and may be
               retained or removed and disposed of by Landlord in such manner as
               Landlord shall determine and Tenant shall pay Landlord the entire
               cost and expense incurred by it in effecting such removal and
               disposition and in making any incidental repairs and replacements
               to the Premises and for use and occupancy during the period after
               the expiration of the term and prior to its performance of its
               obligations under this subsection 6.1.9.

               If the Tenant remains in the Premises beyond the expiration or
               earlier termination of this Lease, such holding over shall be
               without right and shall not be deemed to create any tenancy, but
               the Tenant shall be a tenant at sufferance only at a daily rate
               of rent equal to two (2) times the rent and other charges in
               effect under this Lease as of the day prior to the date of
               expiration of this Lease. Tenant shall further indemnify Landlord
               against all reasonable loss, cost and damage resulting from
               Tenant's failure and delay in surrendering the Premises.

          6.1.10 RULES AND REGULATIONS. To comply with the Rules and Regulations
               set forth in Exhibit E, and with all reasonable Rules

<PAGE>

               and Regulations of general applicability to all tenants of the
               Building hereafter made by Landlord, of which Tenant has been
               given notice; Landlord shall not be liable to Tenant for the
               failure of other tenants of the Building to conform to such Rules
               and Regulations.

          6.1.11 ESTOPPEL CERTIFICATE. Upon not less than fifteen (15) days'
               prior written request by Landlord, to execute, acknowledge and
               deliver to Landlord a statement in writing, which may be in the
               form attached hereto as Exhibit F or in another form reasonably
               similar thereto, or such other form as Landlord may provide from
               time to time, certifying all or any of the following: (i) that
               this Lease is unmodified and in full force and effect, (ii)
               whether the term has commenced and Fixed Rent and Additional Rent
               have become payable hereunder and, if so, the dates to which they
               have been paid, (iii) whether or not Landlord is in default in
               performance of any of the terms of this Lease, (iv) whether
               Tenant has accepted possession of the Premises, (v) whether
               Tenant has made any claim against Landlord under this Lease and,
               if so, the nature thereof and the dollar amount, if any, of such
               claim, (vi) whether there exist any offsets or defenses against
               enforcement of any of the terms of this Lease upon the part of
               Tenant to be performed, and (vii) such further information with
               respect to the Lease or the Premises as Landlord may reasonably
               request. Any such statement delivered pursuant to this subsection
               6.1.11 may be relied upon by any prospective purchaser or
               mortgagee of the Premises, or any prospective assignee of such
               mortgage. Tenant shall also deliver to Landlord such financial
               information as may be reasonably required by Landlord to be
               provided to any mortgagee or prospective purchaser of the
               Premises.

          6.1.12 LANDLORD'S EXPENSES RE CONSENTS. To reimburse Landlord promptly
               on demand for all reasonable legal expenses incurred by Landlord
               in connection with all requests by Tenant for consent or approval
               hereunder.

6.2      NEGATIVE COVENANTS. Tenant covenants at all times during the term and
         such further time (prior or subsequent thereto) as Tenant occupies the
         Premises or any part thereof:

          6.2.1 ASSIGNMENT AND SUBLETTING. Except for an assignment or
               subletting to a wholly-owned subsidiary or a corporation in which
               Tenant owns in excess of 25% of the outstanding capital stock (in
               either case called a "Permitted Transfer"), not to assign,
               transfer, mortgage or pledge this Lease or to sublease (which
               term shall be deemed to include the granting of concessions and
               licenses and the like) all or any part of the Premises or suffer
               or permit this Lease or the leasehold estate hereby created or
               any other rights arising under this Lease to be assigned,
               transferred or encumbered, in whole or in part, whether
               voluntarily, involuntarily or by operation of law, or permit the
               occupancy of the Premises by anyone other than Tenant without the
               prior written consent of Landlord. In the event Tenant desires to
               assign this Lease or sublet any portion or all of the Premises,
               Tenant shall notify Landlord in writing of Tenant's intent to so
               assign this Lease or sublet the Premises and the proposed
               effective date of such subletting or assignment, and shall
               request in such notification that Landlord consent thereto.
               Except for a Permitted Transfer, Landlord may terminate this
               Lease in the case of a proposed assignment, or suspend this Lease
               pro tanto for the period and with respect to the space involved
               in the case of a proposed subletting, by giving written notice of
               termination or suspension to Tenant, with such termination or
               suspension to be effective as of the effective date of such
               assignment or subletting. If Landlord does not so terminate or
               suspend, Landlord's consent shall not be unreasonably withheld to
               an assignment or to a subletting, provided that the assignee or
               subtenant shall use the Premises only for the Permitted Uses.
               Tenant shall, as Additional Rent, reimburse Landlord promptly for
               Landlord's reasonable legal expenses incurred in connection with
               any request by Tenant for such consent. If Landlord consents
               thereto, or in the case of a Permitted Transfer, no such
               subletting or assignment shall in any way impair the continuing
               primary liability of Tenant hereunder, and no consent to any
               subletting or assignment in a particular instance shall be deemed
               to be a waiver of the obligation to obtain the Landlord's written
               approval in the case of any other subletting or assignment.

               The provisions of the preceding paragraph shall not apply to
               transactions with an entity into or with which Tenant is merged
               or consolidated or to which substantially all of Tenant's assets
               are transferred, provided that in any of such events (i) the
               successor to Tenant has a net worth computed in accordance with
               generally accepted accounting principles at least equal to the
               net worth of Tenant immediately prior to such merger,
               consolidation or transfer, (ii) proof reasonably satisfactory to
               Landlord of such net worth shall have been delivered to Landlord
               at least ten (10) days prior to the effective date of any such
               transaction, and (iii) the assignee agrees directly with
               Landlord, by written instrument in form satisfactory to Landlord
               to perform all the obligations of Tenant.

               If for any assignment or sublease consented to by Landlord
               hereunder Tenant receives rent or other consideration, either
               initially or over the term of the assignment or sublease, in
               excess of the rent called for hereunder, or in case of sublease
               of part, in excess of such rent fairly allocable to the part,
               after appropriate adjustments to assure that all other payments
               called for hereunder are appropriately taken into account and
               after deduction for reasonable expenses of Tenant in connection
               with the assignment or sublease, to pay to Landlord as additional
               rent fifty (50%) percent of the excess of each such payment of
               rent or other consideration received by Tenant promptly after its
               receipt.

               Whenever Tenant lists with a broker or brokers or otherwise
               advertises, holds out or markets the Premises or any part thereof
               for sublease or assignment, Tenant shall give Nordblom Company,
               as brokers, a non-exclusive listing with respect to such sublease
               or assignment.

               If, at any time during the term of this Lease, there is a
               transfer of a controlling interest in the stock, membership or
               general partnership interests of Tenant, Tenant shall so notify
               Landlord and (whether or not Tenant so notifies Landlord) such
               transfer shall be deemed an assignment subject to the provisions
               of the first paragraph of this subsection 6.2.1, except for any
               public offering or transfer of less than fifty (50%) percent of
               the outstanding stock of Tenant that is not also a transfer of a
               controlling interest of Tenant (in which case Landlord's prior
               consent is not required).

               If, at any time during the term of this Lease, there is a
               transfer of a controlling interest in the stock, membership or
               general partnership interests of Tenant, Tenant shall so notify
               Landlord and (whether or not Tenant so notifies Landlord) such
               transfer shall be deemed an assignment subject to the provisions
               of the first paragraph of this Section 6.2.1, except for a
               transfer of less than 50% of the outstanding stock of Tenant that
               is not also a transfer of a controlling interest of Tenant (in
               which case Landlord's prior consent is not required).

               Landlord hereby consents to the assignment by Tenant of this
               Lease to an institutional lender ("Leasehold Mortgagee") as
               security for the payment of all indebtedness and performance of
               obligations under the financing with such Leasehold Mortgagee.
               Landlord agrees that so long as any such financing shall remain
               in effect, the following provisions shall apply:

               1.   Landlord shall, upon serving Tenant with any notice of
                    default, promptly serve a copy of such notice upon Leasehold
                    Mortgagee provided Landlord has previously been given
                    written notice of the name and address of the Leasehold
                    Mortgagee. Leasehold Mortgagee shall thereupon have the same
                    period as is allowed to Tenant, to remedy or cause to be
                    remedied the defaults specified by Landlord, and Landlord
                    shall accept such performance by or at the instigation of
                    Leasehold Mortgagee in response to any such notice of
                    default as if the same had been performed by Tenant; and

               2.   Should Tenant be in default under the terms of such
                    financing Leasehold Mortgagee shall have the right, but not
                    the obligation, to receive an assignment of this Lease for
                    the remainder of its term and assume all of Tenant's rights,
                    duties and obligations under the Lease, provided that as a
                    condition to such assignment and

<PAGE>

                    assumption Leasehold Mortgagee shall have remedied or caused
                    to be remedied defaults, if any, under this Lease of which
                    Leasehold Mortgagee shall have been given written notice
                    prior to such assignment and assumption, and provided
                    further that the use of the Premises by any such Leasehold
                    Mortgagee shall be substantially similar to that of Tenant
                    immediately prior to the assumption, and that any assignment
                    or subletting by such Leasehold Mortgagee shall be subject
                    to all of the provisions of this subsection 6.2.1., except
                    that the third sentence of the first paragraph shall not be
                    applicable in the case of a proposed assignment to an entity
                    acquiring substantially all of the assets of the initial
                    Tenant named herein.

          6.2.2 NUISANCE. Not to injure, deface or otherwise harm the Premises;
               nor commit any nuisance; nor permit in the Premises any vending
               machine (except such as is used for the sale of merchandise to
               employees of Tenant) or inflammable fluids or chemicals (except
               such as are customarily used in connection with standard office
               equipment); nor permit any cooking to such extent as requires
               special exhaust venting; nor permit the emission of any
               objectionable noise or odor; nor make, allow or suffer any waste;
               nor make any use of the Premises which is improper, offensive or
               contrary to any law or ordinance or which will invalidate any of
               Landlord's insurance; nor conduct any auction, fire, "going out
               of business" or bankruptcy sales.

          6.2.3 HAZARDOUS WASTES AND MATERIALS. Not to dispose of any hazardous
               wastes, hazardous materials or oil on the Premises or the
               Property, or into any of the plumbing, sewage, or drainage
               systems thereon, and to indemnify and save Landlord harmless from
               all claims, liability, loss or damage arising on account of the
               use or disposal of hazardous wastes, hazardous materials or oil,
               including, without limitation, liability under any federal,
               state, or local laws, requirements and regulations, or damage to
               any of the aforesaid systems. Tenant shall comply with all
               governmental reporting requirements with respect to hazardous
               wastes, hazardous materials and oil, and shall deliver to
               Landlord copies of all reports filed with governmental
               authorities.

          6.2.4 FLOOR LOAD; HEAVY EQUIPMENT. Not to place a load upon any floor
               of the Premises exceeding the floor load per square foot area
               which such floor was designed to carry and which is allowed by
               law. Landlord reserves the right to prescribe the weight and
               position of all heavy business machines and equipment, including
               safes, which shall be placed so as to distribute the weight.
               Business machines and mechanical equipment which cause vibration
               or noise shall be placed and maintained by Tenant at Tenant's
               expense in settings sufficient to absorb and prevent vibration,
               noise and annoyance. Except if in the due course of Tenant's
               business operations, Tenant shall not move any safe, heavy
               machinery, heavy equipment, freight or fixtures into or out of
               the Premises except in such manner and at such time as Landlord
               shall in each instance authorize.

          6.2.5 INSTALLATION, ALTERATIONS OR ADDITIONS. Not to make any
               installations, alterations or additions in, to or on the Premises
               nor to permit the making of any holes in the walls, partitions,
               ceilings or floors nor the installation or modification of any
               locks or security devices without on each occasion obtaining the
               prior written consent of Landlord, and then only pursuant to
               plans and specifications approved by Landlord in advance in each
               instance; Tenant shall pay promptly when due the entire cost of
               any work to the premises undertaken by Tenant so that the
               Premises shall at all times be free of liens for labor and
               materials, and at Landlord's request Tenant shall furnish to
               Landlord a bond or other security acceptable to Landlord assuring
               that any work commenced by Tenant will be completed in accordance
               with the plans and specifications theretofore approved by
               Landlord and assuring that the Premises will remain free of any
               mechanics' lien or other encumbrance arising out of such work. In
               any event, Tenant shall forthwith bond against or discharge any
               mechanics' liens or other encumbrances that may arise out of such
               work. Tenant shall procure all necessary licenses and permits at
               Tenant's sole expense before undertaking such work. All such work
               shall be done in a good and workmanlike manner employing
               materials of good quality and so as to conform with all
               applicable zoning, building, fire, health and other codes,
               regulations, ordinances and laws. Tenant shall save Landlord
               harmless and indemnified from all injury, loss, claims or damage
               to any person or property occasioned by or growing out of such
               work. Without waiver of the provisions of this subsection 6.2.5,
               Tenant shall be permitted to install one (1) conduit in areas of
               the Building and the Property, designated by Landlord, to
               facilitate a fiber optic connection with the adjacent building
               owned by Landlord's affiliate and in which is located the leased
               premises of Tenant's affiliate. In the event that such conduit is
               installed underground, Tenant shall repair any damage to the
               Property and shall restore the Property to the same condition as
               existed prior to said installation, including restoring any
               shrubbery that may have been moved during the installation of
               said conduit.

               Not to grant a security interest in, or to lease, any personal
               property being installed in the Premises (including, without
               limitation, demountable partitions) without first obtaining an
               agreement, for the benefit of Landlord, from the secured party or
               lessor that such property will be removed within fifteen (15)
               business days after notice from Landlord of the expiration or
               earlier termination of this Lease and that a failure to so remove
               will subject such property to the provisions of subsection 6.1.9
               of the Lease.

          6.2.6 ABANDONMENT. Not to abandon or vacate the Premises during the
               term.

          6.2.7 SIGNS. Not without Landlord's prior written approval to paint or
               place any signs or place any curtains, blinds, shades, awnings,
               aerials, or the like, visible from outside the Premises.

          6.2.8 PARKING AND STORAGE. Not to permit any storage of materials
               outside of the Premises; nor to permit the use of the parking
               areas for either temporary or permanent storage of trucks; nor
               permit the use of the Premises for any use for which heavy
               trucking would be customary.

                                    ARTICLE 7

                               CASUALTY OR TAKING

7.1      TERMINATION. In the event that the Premises or the Building, or any
         material part thereof, shall be taken by any public authority or for
         any public use, or shall be destroyed or damaged by fire or casualty,
         or by the action of any public authority, then this Lease may be
         terminated at the election of Landlord. Such election, which may be
         made notwithstanding the fact that Landlord's entire interest may have
         been divested, shall be made by the giving of notice by Landlord to
         Tenant within sixty (60) days after the date of the taking or casualty.
         In the event the Premises are destroyed or damaged by fire or casualty,
         or by the action of public authority, and, in the reasonable opinion of
         an independent architect or engineer selected by Landlord, cannot be
         repaired or restored within one hundred eighty (180) days from the time
         that repair or restoration work would be commenced, then this Lease may
         be terminated at the election of Landlord or Tenant, which election
         shall be made by the giving to the other party within thirty (30) days
         after the date the opinion of the architect or engineer is made
         available to all parties.

7.2      RESTORATION. If neither party elects to so terminate, this Lease shall
         continue in force and a just proportion of the rent reserved, according
         to the nature and extent of the damages sustained by the Premises,
         shall be suspended or abated until the Premises, or what may remain
         thereof, shall be put by Landlord in proper condition for use, which
         Landlord covenants to do with reasonable diligence to the extent
         permitted by the net proceeds of insurance recovered or damages awarded
         for such taking, destruction or damage and subject to zoning and
         building laws or ordinances then in existence. "Net proceeds of
         insurance recovered or damages awarded"

<PAGE>

         refers to the gross amount of such insurance or damages less the
         reasonable expenses of Landlord incurred in connection with the
         collection of the same, including without limitation, fees and expenses
         for legal and appraisal services.

7.3      AWARD. Irrespective of the form in which recovery may be had by law,
         all rights to damages or compensation shall belong to Landlord in all
         cases. Tenant hereby grants to Landlord all of Tenant's rights to such
         damages and covenants to deliver such further assignments thereof as
         Landlord may from time to time request.

                                    ARTICLE 8

                                    DEFAULTS

8.1      EVENTS OF DEFAULT. (a) If Tenant shall default in the performance of
         any of its obligations to pay the Fixed Rent or Additional Rent
         hereunder and if such default shall continue for ten (10) days after
         written notice from Landlord designating such default or if within
         thirty (30) days after written notice from Landlord to Tenant
         specifying any other default or defaults Tenant has not commenced
         diligently to correct the default or defaults so specified or has not
         thereafter diligently pursued such correction to completion, or (b) if
         any assignment shall be made by Tenant or any guarantor of Tenant for
         the benefit of creditors, or (c) if Tenant's leasehold interest shall
         be taken on execution, or (d) if a lien or other involuntary
         encumbrance is filed against Tenant's leasehold interest or Tenant's
         other property, including said leasehold interest, and is not
         discharged or bonded over within thirty (30) days thereafter, or (e) if
         a petition is filed by Tenant or any guarantor of Tenant for
         liquidation, or for reorganization or an arrangement under any
         provision of any bankruptcy law or code as then in force and effect, or
         (f) if an involuntary petition under any of the provisions of any
         bankruptcy law or code is filed against Tenant or any guarantor of
         Tenant and such involuntary petition is not dismissed within sixty (60)
         days thereafter, then, and in any of such cases, Landlord and the
         agents and servants of Landlord lawfully may, in addition to and not in
         derogation of any remedies for any preceding breach of covenant,
         immediately or at any time thereafter without demand or notice and with
         or without process of law enter into and upon the Premises or any part
         thereof in the name of the whole or mail a notice of termination
         addressed to Tenant, and repossess the same as of landlord's former
         estate and expel Tenant and those claiming through or under Tenant and
         remove its and their effects without being deemed guilty of any manner
         of trespass and without prejudice to any remedies which might otherwise
         be used for arrears of rent or prior breach of covenants, and upon such
         entry or mailing as aforesaid this Lease shall terminate, Tenant hereby
         waiving all statutory rights to the Premises (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 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.

8.2      REMEDIES. In the event that this Lease is terminated under any of the
         provisions contained in Section 8.1 or shall be otherwise terminated
         for breach of any obligation of Tenant, Tenant covenants to pay
         punctually to Landlord all the sums and to 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
         pursuant to the preceding sentence Tenant shall be credited with the
         net proceeds of any rent obtained by Landlord by reletting the
         Premises, after deducting all Landlord's expense in connection with
         such reletting, including, without 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 sole 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. Landlord shall use commercially reasonable
         efforts to mitigate its damages hereunder.

         In lieu of full recovery by Landlord of the sums payable under all of
         the foregoing provision of this Section 8.2 (except for the amount of
         any rent of any kind accrued and unpaid as of the time of termination),
         Landlord may, by written notice to Tenant, elect to recover, and Tenant
         shall thereupon pay, as liquidated damages, an amount equal to the
         excess of the 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 there shall be included, in addition to
         the Fixed Rent and Additional Rent, the value of all other
         considerations agreed to be paid or performed by Tenant for said
         residue.

         In lieu of any other damages or indemnity and in lieu of full recovery
         by Landlord of all sums payable under all the foregoing provisions of
         this Section 8.2, Landlord may by written notice to Tenant, at any time
         after this Lease is terminated under any of the provisions contained in
         Section 8.1 or is otherwise terminated for breach of any obligation of
         Tenant and before such full recovery, elect to recover, and Tenant
         shall thereupon pay, as liquidated damages, an amount equal to the
         aggregate of the Fixed Rent and Additional Rent accrued in the two (2)
         months ended next prior to such termination plus the amount of rent of
         any kind accrued and unpaid at the time of termination and less the
         amount of any recovery by Landlord under the foregoing provisions of
         this Section 8.2 up to the time of payment of such liquidated damages.
         Nothing contained in this Lease shall, however, limit or prejudice the
         right of Landlord to prove for 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 than, equal to, or
         less than the amount of the loss or damages referred to above.

8.3      REMEDIES CUMULATIVE. Any and all rights and remedies which Landlord may
         have under this Lease, and at law and equity, shall be cumulative and
         shall not be deemed inconsistent with each other, and any two or more
         of all such rights and remedies may be exercised at the same time
         insofar as permitted by law.

8.4      LANDLORD'S RIGHT TO CURE DEFAULTS. Landlord may, but shall not be
         obligated to, cure, at any time, without notice, any default by Tenant
         under this Lease; and whenever Landlord so elects, all costs and
         expenses incurred by Landlord, including reasonable attorneys' fees, in
         curing a default shall be paid, as Additional Rent, by Tenant to
         Landlord on demand, together with lawful interest thereon from the date
         of payment by Landlord to the date of payment by Tenant.

8.5      EFFECT OF WAIVERS OF DEFAULT. Any consent or permission by Landlord to
         any act or omission which otherwise would be a breach of any covenant
         or condition herein, shall not in any way be held or construed (unless
         expressly so declared) to operate so as to impair the continuing
         obligation of any covenant or condition herein, or otherwise, except as
         to the specific instance, operate to permit similar acts or omissions.

8.6      NO WAIVER, ETC. The failure of Landlord 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 rent with knowledge of the breach
         of any covenant of this Lease shall not be deemed to have been a waiver
         of such breach by Landlord. No consent or waiver, express or implied,
         by Landlord 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.

<PAGE>

8.7      NO ACCORD AND SATISFACTION. No acceptance by Landlord of a lesser sum
         than the Fixed Rent, Additional Rent or any other charge then due shall
         be deemed to be other than on account of the earliest installment of
         such rent or charge due, nor shall any endorsement or statement on any
         check or any letter accompanying any check or payment as rent or other
         charge be deemed an 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.

                                    ARTICLE 9

                           RIGHTS OF MORTGAGE HOLDERS

9.1      RIGHTS OF MORTGAGE HOLDERS. The word "mortgage" as used herein includes
         mortgages, deeds of trust or other similar instruments evidencing other
         voluntary liens or encumbrances, and modifications, consolidations,
         extensions, renewals, replacements and substitutes thereof. The word
         "holder" shall mean a mortgagee, and any subsequent holder or holders
         of a mortgage. Until the holder of a mortgage shall enter and take
         possession of the Property for the purpose of foreclosure, such holder
         shall have only such rights of Landlord as are necessary to preserve
         the integrity of this Lease as security. Upon entry and taking
         possession of the Property for the purpose of foreclosure, such holder
         shall have all the rights of Landlord. No such holder of a mortgage
         shall be liable either as mortgagee or as assignee, to perform, or be
         liable in damages for failure to perform, any of the obligations of
         Landlord unless and until such holder shall enter and take possession
         of the Property for the purpose of foreclosure. Upon entry for the
         purpose of foreclosure, such holder shall be liable to perform all of
         the obligations of Landlord, subject to and with the benefit of the
         provisions of Section 10.4, provided that a discontinuance of any
         foreclosure proceeding shall be deemed a conveyance under said
         provisions to the owner of the equity of the Property.

         The covenants and agreements contained in this Lease with respect to
         the rights, powers and benefits of a holder of a mortgage
         (particularly, without limitation thereby, the covenants and agreements
         contained in this Section 9.1) constitute a continuing offer to any
         person, corporation or other entity, which by accepting a mortgage
         subject to this Lease, assumes the obligations herein set forth with
         respect to such holder; such holder is hereby constituted a party of
         this Lease as an obligee hereunder to the same extent as though its
         name were written hereon as such; and such holder shall be entitled to
         enforce such provisions in its own name. Tenant agrees on request of
         Landlord to execute and deliver from time to time any agreement which
         may be necessary to implement the provisions of this Section 9.1.

9.2      LEASE SUPERIOR OR SUBORDINATE TO MORTGAGES. It is agreed that, subject
         to Landlord's obtaining a nondisturbance agreement as further described
         in this Section 9.2, the rights and interest of Tenant under this Lease
         shall be (i) subject or subordinate to any present or future mortgage
         or mortgages and to any and all advances to be made thereunder, and to
         the interest of the holder thereof in the Premises or any property of
         which the Premises are a part if Landlord shall elect by notice to
         Tenant to subject or subordinate the rights and interest of Tenant
         under this Lease to such mortgage or (ii) prior to any present or
         future mortgage or mortgages, if Landlord shall elect, by notice to
         Tenant, to give the rights and interest of Tenant under this Lease
         priority to such mortgage; in the event of either of such elections and
         upon notification by Landlord to that effect, the rights and interest
         of Tenant under this Lease should be deemed to be subordinate to, or
         have priority over, as the case may be, said mortgage or mortgages,
         irrespective of the time of execution or time of recording of any such
         mortgage or mortgages (provided that, in the case of subordination of
         this Lease to any future mortgages, the holder thereof agrees not to
         disturb the possession of Tenant so long as Tenant is not in default
         hereunder). Tenant agrees it will, upon request of Landlord, execute,
         acknowledge and deliver any and all instruments deemed by Landlord
         necessary or desirable to give effect to or notice of such
         subordination or priority. Tenant also agrees that if it shall fail at
         any time to execute, acknowledge and deliver any such instrument
         requested by Landlord, Landlord may, in addition to any other remedies
         available to it, execute, acknowledge and deliver such instrument as
         the attorney-in-fact of Tenant and in Tenant's name; and Tenant does
         hereby make, constitute and irrevocably appoint Landlord as its
         attorney-in-fact, coupled with an interest with full power of
         substitution, and in its name, place and stead so to do. Any Mortgage
         to which this Lease shall be subordinated may contain such terms,
         provisions and conditions as the holder deems usual or customary.

                                   ARTICLE 10

                            MISCELLANEOUS PROVISIONS

10.1     NOTICES FROM ONE PARTY TO THE OTHER. All notices required or permitted
         hereunder shall be in writing and addressed, if to the Tenant, at the
         Original Notice Address of Tenant or such other address as Tenant shall
         have last designated by notice in writing to Landlord and, if to
         Landlord, at the Original Notice Address of Landlord or such other
         address as Landlord shall have last designated by notice in writing to
         Tenant. Any notice shall be deemed duly given when mailed to such
         address postage prepaid, by registered or certified mail, return
         receipt requested, or when delivered to such address by hand.

10.2     QUIET ENJOYMENT. Landlord agrees that upon Tenant's paying the rent and
         performing and observing the agreements, conditions and other
         provisions on its part to be performed and observed, Tenant shall and
         may peaceably and quietly have, hold and enjoy the Premises during the
         term hereof without any manner of hindrance or molestation from
         Landlord or anyone claiming under Landlord, subject, however, to the
         terms of this Lease.

10.3     LEASE NOT TO BE RECORDED. Tenant agrees that it will not record this
         Lease. Both parties shall, upon the request of either, execute and
         deliver a notice or short form of this Lease in such form, if any, as
         may be permitted by applicable statute.

10.4     LIMITATION OF LANDLORD'S LIABILITY. The term "Landlord" as used in this
         Lease, so far as covenants or obligations to be performed by Landlord
         are concerned, shall be limited to mean and include only the owner or
         owners at the time in question of the Property, and in the event of any
         transfer or transfers of title to said property, the Landlord (and in
         case of any subsequent transfers or conveyances, the then grantor)
         shall be concurrently freed and relieved from and after the date of
         such transfer or conveyance, without any further instrument or
         agreement of all liability as respects the performance of any covenants
         or obligations on the part of the Landlord contained in this Lease
         thereafter to be performed, it being intended hereby that the covenants
         and obligations contained in this Lease on the part of Landlord, shall,
         subject as aforesaid, be binding on the Landlord, its successors and
         assigns, only during and in respect of their respective successive
         periods of ownership of said leasehold interest or fee, as the case may
         be. Tenant, its successors and assigns, shall not assert nor seek to
         enforce any claim for breach of this Lease against any of Landlord's
         assets other than Landlord's interest in the Property and in the rents,
         issues and profits thereof, and Tenant agrees to look solely to such
         interest for the satisfaction of any liability or claim against
         Landlord under this Lease, it being specifically agreed that in no
         event whatsoever shall Landlord (which term shall include, without
         limitation, any general or limited partner, trustees, beneficiaries,
         officers, directors, or stockholders of Landlord) ever be personally
         liable for any such liability.

10.5     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, 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.

<PAGE>

10.6     LANDLORD'S DEFAULT. Landlord shall not be deemed to be in default in
         the performance of any of its obligations hereunder unless it shall
         fail to perform such obligations and such failure shall continue for a
         period of thirty (30) days or such additional time as is reasonably
         required to correct any such default after written notice has been
         given by Tenant to Landlord specifying the nature of Landlord's alleged
         default. Landlord shall not be liable in any event for incidental or
         consequential damages to Tenant by reason of Landlord's default,
         whether or not notice is given. Tenant shall have no right to terminate
         this Lease for any default by Landlord hereunder and no right, for any
         such default, to offset or counterclaim against any rent due hereunder.

10.7     BROKERAGE. Tenant warrants and represents that it has dealt with no
         broker in connection with the consummation of this Lease, other than
         Nordblom Company, and in the event of any brokerage claims, other than
         by Nordblom Company, against Landlord predicated upon prior dealings
         with Tenant, Tenant agrees to defend the same and indemnify and hold
         Landlord harmless against any such claim.

10.8     APPLICABLE LAW AND CONSTRUCTION. This Lease shall be governed by and
         construed in accordance with the laws of the Commonwealth of
         Massachusetts and, if any provisions of this Lease shall to any extent
         be invalid, the remainder of this Lease shall not be affected thereby.
         There are no oral or written agreements between Landlord and Tenant
         affecting 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. If there be more than one tenant,
         the obligations imposed by this Lease upon Tenant shall be joint and
         several.

10.9     RIGHT OF FIRST OFFER. If additional space in the Building becomes
         available during the original term of this Lease, prior to marketing
         such space, other than to the then tenant thereof, Landlord shall first
         offer to Tenant the opportunity to lease such space, provided that the
         initial Tenant named herein occupies at least fifty (50%) percent of
         the Rentable Floor Area of the Premises and is not in default hereunder
         at such time. The offering terms shall be the same as Landlord would
         offer to the general market. Tenant shall have ten (10) days to accept
         or reject such offer. If Tenant accepts such offer, Landlord and Tenant
         shall both negotiate in good faith an amendment to this Lease with
         respect to such space, acceptable to both parties. If Tenant rejects
         such offer, Landlord will then be free to offer such space to the
         general market.

10.10    EXPANSION. Landlord, or its affiliate, agrees to use reasonable efforts
         to accommodate Tenant in another building in the Park should Tenant
         require additional space.

<PAGE>

         WITNESS the execution hereof under seal on the day and year first above
written:

                                             Landlord:

                                             As Trustee, but not individually

                                             As Trustee, but not individually

                                             Tenant:

                                             iBASIS, INC.

                                             By:

                                             Its:

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