Document:

Unassociated Document

    Exhibit
      10.28

     

    STANDARD
      FORM OF OFFICE LEASE

    The
      Real Estate Board of New York, Inc.

     

    Agreement
      of Lease,
      made as
      of this 12 day of Sept, 1996, between 

     

    JOSEPH
      P. DAY REALTY CORP.,
      as
      agent, for 800 Third Avenue Associates, having an office at 9 East 40th Street,
      New York, New York 10016 

    party
      of
      the first part, hereinafter referred to as OWNER, and

     

    ASSET
      ALLIANCE CORPORATION,
      a
      Delaware corporation

    having
      a
      place of business at 90 Broad Street, New York, New York 10004

    party
      of
      the second part, hereinafter referred to as TENANT,

     

    Witnesseth:

     

    Owner
      hereby leases to Tenant and Tenant hereby hires from Owner

    a
      portion
      of the 16th Floor as shown on the attached Floor Plan

     

    in
      the
      building known as 800 Third Avenue

    in
      the
      Borough of Manhattan, City of New York, for a term of: 

     

    Ten
      years
      (or until such term shall sooner cease and expire as hereinafter provided)
      to
      commence on November 1, 1996 (the “Commencement Date”) and to end on October 31,
      2006, both dates inclusive, at an annual rental rate of: One Hundred Thirty-one
      Thousand One Hundred Eighty and no/100 ($131,180.00) Dollars per annum, subject
      to the concession set forth in Article 67 below, which Tenant agrees to pay
      in
      lawful money of the United States which shall be legal tender in payment of
      all
      debts and dues, public and private, at the time of payment, in equal monthly
      installments in advance on the first day of each month during said term, at
      the
      office of Owner or such other place as Owner may designate, without any set
      off
      or deduction whatsoever, except that Tenant shall pay the first monthly
      installment(s) on the execution hereof (unless this lease be a
      renewal).

     

    In
      the
      event that, at the commencement of the term of this lease, or thereafter, Tenant
      shall be in default in payment of rent to Owner pursuant to the terms of another
      lease with Owner or with Owner’s predecessor in interest, Owner may at Owner’s
      option and without notice to Tenant add the amount of such arrears to any
      monthly installment of rent payable hereunder and the same shall be payable
      to
      Owner as additional rent.

     

    The
      parties hereto, for themselves, their heirs, distributees, executors,
      administrators, legal representatives, successors and assigns, hereby covenant
      as follows:

     

    Rent:
      1.
      Tenant
      shall pay the rent as above and as hereinafter provided.

     

    Occupancy:
      2.
      Tenant
      shall use and occupy the demised premises for executive offices and for no
      other
      purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Tenant
      Alterations: 3.
      Tenant
      shall make no changes in or to the demised premises of any nature without
      Owner’s prior written consent. Subject to the prior written consent of Owner,
      and to the provisions of this article. Tenant, at Tenant’s expense, may make
      alterations, installations, additions or improvements which are non-structural
      and which do not affect utility services or plumbing and electrical lines,
      in or
      to the interior of the demised premises by using contractors or mechanics first
      approved in each instance by Owner. Tenant shall, before making any alterations,
      additions, installations or improvements, at its expense, obtain all permits,
      approvals and certificates required by any governmental or quasi-governmental
      bodies and (upon completion) certificates of final approval thereof and shall
      deliver promptly duplicates of all such permits, approvals and certificates
      to
      Owner and Tenant agrees to carry and will cause Tenant’s contractors and
      sub-contractors to carry such workman’s compensation, general liability,
      personal and property damage insurance as Owner may require. If any mechanic’s
      lien is filed against the demised premises, or the building of which the same
      forms a part, for work claimed to have been done for, or materials furnished
      to,
      Tenant, whether or not done pursuant to this article, the same shall be
      discharged by Tenant within thirty days thereafter, at Tenant’s expense, by
      payment or filing the bond required by law. All fixtures and all paneling,
      partitions, railings and like installations, installed in the premises at any
      time, either by Tenant or by Owner on Tenant’s behalf, shall, upon installation,
      become the property of Owner and shall remain upon and be surrendered with
      the
      demised premises;1
      the same
      shall be removed from the premises by Tenant prior to the expiration of the
      lease, at Tenant’s expense. Nothing in this Article shall be construed to give
      Owner title to or to prevent Tenant’s removal of trade fixtures, moveable office
      furniture and equipment, but upon removal of any such from the premises or
      upon
      removal of other installations as may be required by Owner, Tenant shall
      immediately and at its expense, repair and restore the premises to the condition
      existing prior to installation and repair any damage to the demised premises
      or
      the building due to such removal. All property permitted or required to be
      removed, by Tenant at the end of the term remaining in the premises after
      Tenant’s removal shall be deemed abandoned and may. at the election of Owner,
      either be retained as Owner’s property or may be removed from the premises by
      Owner, at Tenant’s expense.

     

    Maintenance
      and Repairs: 4.
      Tenant
      shall, throughout the term of this lease, take good care of the demised premises
      and the fixtures and appurtenances therein. Tenant shall be responsible for
      all
      damage or injury to the demised premises or any other part of the building
      and
      the systems and equipment thereof, whether requiring structural or nonstructural
      repairs caused by or resulting from carelessness, omission, neglect or improper
      conduct of Tenant, Tenant’s subtenants, agents, employees, invitees or
      licensees, or which arise out of any work, labor, service or equipment done
      for
      or supplied to Tenant or any subtenant or arising out of the installation,
      use
      or operation of the property or equipment of Tenant or any subtenant. Tenant
      shall also repair all damage to the building and the demised premises caused
      by
      the moving of Tenant’s fixtures, furniture and equipment. Tenant shall promptly
      make, at Tenant’s expense, all repairs in and to the demised premises for which
      Tenant is responsible, using only the contractor for the trade or trades in
      question, selected from a list of at least two contractors per trade submitted
      by Owner. Any other repairs in or to the building or the facilities and systems
      thereof for which Tenant is responsible shall be performed by Owner at the
      Tenant’s expense. Owner shall maintain in good working order and repair the
      exterior and the structural portions of the building, including the structural
      portions of its demised premises, and the public portions of the building
      interior and the building plumbing, electrical, heating and ventilating systems
      (to the extent such systems presently exist) serving the demised premises.
      Tenant agrees to give prompt notice of any defective condition in the premises
      for which Owner may be responsible hereunder. There shall be no allowance to
      Tenant for diminution of rental value and no liability on the part of Owner
      by
      reason of inconvenience, annoyance or injury to business arising from Owner
      or
      others making repairs, alterations, additions or improvements in or to any
      portion of the building or the demised premises or in and to the fixtures,
      appurtenances or equipment thereof. It is specifically agreed that Tenant shall
      not be entitled to any setoff or reduction of rent by reason of any failure
      of
      Owner to comply with the covenants of this or any other article of this Lease.
      Tenant agrees that Tenant’s sole remedy at law in such instance will be by way
      of an action for damages for breach of contract. The provisions of this Article
      4 shall not apply in the case of fire or other casualty which are dealt with
      in
      Article 9 hereof.2

     

    
      
        
        

      

      
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    Window
      Cleaning: 5.
      Tenant
      will not clean nor require, permit, suffer or allow any window in the demised
      premises to be cleaned from the outside in violation of Section 202 of the
      Labor
      Law or any other applicable law or of the Rules of the Board of Standards and
      Appeals, or of any other Board or body having or asserting
      jurisdiction.

     

    Requirements
      of Law, Fire Insurance, Floor Loads: 6.
      Prior to
      the commencement of the lease term, if Tenant is then in possession, and at
      all
      times thereafter, Tenant, at Tenant’s sole cost and expense, shall promptly
      comply with all present and future laws, orders and regulations of all state,
      federal, municipal and local governments, departments, commissions and boards
      and any direction of any public officer pursuant to law, and all orders, rules
      and regulations of the New York Board of Fire Underwriters, Insurance Services
      Office, or any similar body which shall impose any violation, order or duty
      upon
      Owner or Tenant with respect to the demised premises, whether or not arising
      out
      of Tenant’s use or manner of use thereof, (including Tenant’s permitted use) or,
      with respect to the building if arising out of Tenant’s use or manner of use of
      the premises or the building (including the use permitted under the lease).
      Nothing herein shall require Tenant to make structural repairs or alterations
      unless Tenant has, by its manner of use of the demised premises or method of
      operation therein, violated any such laws, ordinances, orders, rules,
      regulations or requirements with respect thereto. Tenant may, after securing
      Owner to Owner’s satisfaction against all damages, interest, penalties and
      expenses, including, but not limited to, reasonable attorneys’ fees, by cash
      deposit or by surety bond in an amount and in a company satisfactory to Owner,
      contest and appeal any such laws, ordinances, orders, rules, regulations or
      requirements provided same is done with all reasonable promptness and provided
      such appeal shall not subject Owner to prosecution for a criminal offense or
      constitute a default under any lease or mortgage under which Owner may be
      obligated, or cause the demised premises or any part thereof to be condemned
      or
      vacated. Tenant shall not do or permit any act or thing to be done in or to
      the
      demised premises which is contrary to law, or which will invalidate or be in
      conflict with public liability, fire or other policies of insurance at any
      time
      carried by or for the benefit of Owner with respect to the demised premises
      or
      the building of which the demised premises form a part, or which shall or might
      subject Owner to any liability or responsibility to any person or for property
      damage. Tenant shall not keep anything in the demised premises except as now
      or
      hereafter permitted by the Fire Department, Board of Fire Underwriters, Fire
      Insurance Rating Organization or other authority having jurisdiction, and then
      only in such manner and such quantity so as not to increase the rate for fire
      insurance applicable to the building, nor use the premises in a manner which
      will increase the insurance rate for the building or any property located
      therein over that in effect prior to the commencement of Tenant’s occupancy.
      Tenant shall pay all costs, expenses, fines, penalties, or damages, which may
      be
      imposed upon Owner by reason of Tenant’s failure to comply with the provisions
      of this article and if by reason of such failure the fire insurance rate shall,
      at the beginning of this lease or at any time thereafter, be higher than it
      otherwise would be, then Tenant shall reimburse Owner, as additional rent
      hereunder, for that portion of all fire insurance premiums thereafter paid
      by
      Owner which shall have been charged because of such failure by Tenant. In any
      action or proceeding wherein Owner and Tenant are parties, a schedule or
“make-up” of rate for the building or demised premises issued by the New York
      Fire Insurance Exchange, or other body making fire insurance rates applicable
      to
      said premises shall be conclusive evidence of the facts therein stated and
      of
      the several items and charges in the fire insurance rates then applicable to
      said premises. Tenant shall not place a load upon any floor of the demised
      premises exceeding the floor load per square foot area which it was designed
      to
      carry and which is allowed by law. Owner reserves the right to prescribe the
      weight and position of all safes, business machines and mechanical equipment.
      Such installations shall be placed and maintained by Tenant, at Tenant’s
      expense, in settings sufficient, in Owner’s judgment, to absorb and prevent
      vibration, noise and annoyance.

     

    
      
        
        

      

      
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    Subordination:
      7.
      This
      lease is subject and subordinate to all ground or underlying leases and to
      all
      mortgages which may now or hereafter affect such leases or the real property
      of
      which demised premises are a part and to all renewals, modifications,
      consolidations, replacements and extensions of any such underlying leases and
      mortgages. This clause shall be self-operative and no further instrument of
      subordination shall be required by any ground or underlying lessor or by any
      mortgagee, affecting any lease or the real property of which the demised
      premises are a part. In confirmation of such subordination, Tenant shall from
      time to time execute promptly any certificate that Owner may
      request.

     

    Property
      Loss, Damage Reimbursement Indemnity: 8.
      Owner or
      its agents shall not be liable for any damage to property of Tenant or of others
      entrusted to employees of the building, nor for loss of or damage to any
      property of Tenant by theft or otherwise, nor for any injury or damage to
      persons or property resulting from any cause of whatsoever nature, unless caused
      by or due to the negligence of Owner, its agents, servants or employees. Owner
      or its agents will not be liable for any such damage caused by other tenants
      or
      persons in, upon or about said building or caused by operations in construction
      of any private, public or quasi-public work. If at any time any windows of
      the
      demised premises are temporarily closed, darkened or bricked up (or permanently
      closed, darkened or bricked up, if required by law) for any reason whatsoever
      including, but not limited to Owner’s own acts, Owner shall not be liable for
      any damage Tenant may sustain thereby and Tenant shall not be entitled to any
      compensation therefor nor abatement or diminution of rent nor shall the same
      release Tenant from its obligations hereunder nor constitute an eviction. Tenant
      shall indemnify and save harmless Owner against and from all liabilities,
      obligations, damages, penalties, claims, costs and expenses for which Owner
      shall not be reimbursed by insurance, including, reasonable attorneys’ fees,
      paid, suffered or incurred as a result of any breach by Tenant, Tenant’s agents,
      contractors, employees, invitees, or licensees, of any covenant or condition
      of
      this lease, or the carelessness, negligence or improper conduct of the Tenant,
      Tenant’s agents, contractors, employees, invitees or licensees. Tenant’s
      liability under this lease extends to the acts and omissions of any sub-tenant,
      and any agent, contractor, employee, invitee or licensee of any sub-tenant.
      In
      case any action or proceeding is brought against Owner by reason of any such
      claim, Tenant, upon written notice from Owner, will, at Tenant’s expense, resist
      or defend such action or proceeding by counsel approved by Owner in writing,
      such approval not to be unreasonably withheld.

     

    
      
        
        

      

      
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    Destruction,
      Fire and Other Casualty: 9. (a)
      If
      the demised premises or any part thereof shall be damaged by fire or other
      casualty, Tenant shall give immediate notice thereof to Owner and this lease
      shall continue in full force and effect except as hereinafter set forth, (b)
      If
      the demised premises are partially damaged or rendered partially unusable by
      fire or other casualty, the damages thereto shall be repaired by and at the
      expense of Owner and the rent and other items of additional rent, until such
      repair shall be substantially completed, shall be apportioned from the day
      following the casualty according to the part of the premises which is usable,
      (c) If the demised premises are totally damaged or rendered wholly unusable
      by
      fire or other casualty, then the rent and other items of additional rent as
      hereinafter expressly provided shall be proportionately paid up to the time
      of
      the casualty and thenceforth shall cease until the date when the premises shall
      have been repaired and restored by Owner (or sooner reoccupied in part by Tenant
      then rent shall be apportioned as provided in subsection (b) above), subject
      to
      Owner’s right to elect not to restore the same as hereinafter provided, (d) If
      the demised premises are rendered wholly unusable or (whether or not the demised
      premises are damaged in whole or in part) if the building shall be so damaged
      that Owner shall decide to demolish it or to rebuild it, then, in any of such
      events, Owner may elect to terminate this lease by written notice to Tenant,
      given within 90 days after such fire or casualty, or 30 days after adjustment
      of
      the insurance claim for such fire or casualty, whichever is sooner, specifying
      a
      date for the expiration of the lease, which date shall not be more than 60
      days
      after the giving of such notice, and upon the date specified in such notice
      the
      term of this lease shall expire as fully and completely as if such date were
      the
      date set forth above for the termination of this lease and Tenant shall
      forthwith quit, surrender and vacate the premises without prejudice however,
      to
      Landlord’s rights and remedies against Tenant under the lease provisions in
      effect prior to such termination, and any rent owing shall be paid up to such
      date and any payments of rent made by Tenant which were on account of any period
      subsequent to such date shall be returned to Tenant. Unless Owner shall serve
      a
      termination notice as provided for herein, Owner shall make the repairs and
      restorations under the conditions of (b) and (c) hereof, with all reasonable
      expedition, subject to delays due to adjustment of insurance claims, labor
      troubles and causes beyond Owner’s control. After any such casualty, Tenant
      shall cooperate with Owner’s restoration by removing from the premises as
      promptly as reasonably possible, all of Tenant’s salvageable inventory and
      moveable equipment, furniture, and other property. Tenant’s liability for rent
      shall resume five (5) days after written notice from Owner that the premises
      are
      substantially ready for Tenant’s occupancy, (e) Nothing contained hereinabove
      shall relieve Tenant from liability that may exist as a result of damage from
      fire or other casualty. Notwithstanding the foregoing, including Owner’s
      obligation to restore under subparagraph (b) above, each party shall look first
      to any insurance in its favor before making any claim against the other party
      for recovery for loss or damage resulting from fire or other casualty, and
      to
      the extent that such insurance is in force and collectible and to the extent
      permitted by law, Owner and Tenant each hereby releases and waives all right
      of
      recovery with respect to subparagraphs (b), (d), and (e) above, against the
      other or any one claiming through or under each of them by way of subrogation
      or
      otherwise. The release and waiver herein referred to shall be deemed to include
      any loss or damage to the demised premises and/or to any personal property,
      equipment, trade fixtures, goods and merchandise located therein. The foregoing
      release and waiver shall be in force only if both releasers’ insurance policies
      contain a clause providing that such a release or waiver shall not invalidate
      the insurance. If, and to the extent, that such waiver can be obtained only
      by
      the payment of additional premiums, then the party benefiting from the waiver
      shall pay such premium within ten (10) days after written demand or shall be
      deemed to have agreed that the party obtaining insurance coverage shall be
      free
      of any further obligation under the provisions hereof with respect to waiver
      of
      subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant’s
      furniture and/or furnishings or any fixtures or equipment, improvements, or
      appurtenances removable by Tenant and agrees that Owner will not be obligated
      to
      repair any damage thereto or replace the same, (f) Tenant hereby waives the
      provisions of Section 227 of the Real Property Law and agrees that the
      provisions of this article shall govern and control in lieu thereof.3

     

    
      
        
        

      

      
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    Eminent
      Domain: 10.
      If the
      whole or any part of the demised premises shall be acquired or condemned by
      Eminent Domain for any public or quasi-public use or purpose, then and in that
      event, the term of this lease shall cease and terminate from the date of title
      vesting in such proceeding and Tenant shall have no claim for the value of
      any
      unexpired term of said lease and assigns to Owner, Tenant’s entire interest in
      any such award. Tenant shall have the right to make an independent claim to
      the
      condemning authority for the value of Tenant’s moving expenses and personal
      property, trade fixtures and equipment, provided Tenant is entitled pursuant
      to
      the terms of the lease to remove such property, trade fixture and equipment
      at
      the end of the term and provided further such claim does not reduce Owner’s
      award.

     

    Assignment,
      Mortgage, Etc.: 11.
      Tenant,
      for itself, its heirs, distributees, executors, administrators, legal
      representative, successor and assigns, expressly covenants that it shall not
      assign, mortgage or encumber this agreement, nor underlet, or suffer or permit
      the demised premises or any part thereof to be used by others, without the
      prior
      written consent of Owner in each instance. Transfer of the majority of the
      stock
      of a corporate Tenant or the majority partnership interest of a partnership
      Tenant shall be deemed an assignment. If this lease be assigned, or if the
      demised premises or any part thereof be underlet or occupied by anybody other
      than Tenant, Owner may, after default by Tenant, collect rent from the assignee,
      under-tenant or occupant, and apply the net amount collected to the rent herein
      reserved, but no such assignment, underletting, occupancy or collection shall
      be
      deemed a waiver of this covenant, or the acceptance of the assignee, under
      tenant or occupant as tenant, or a release of Tenant from the further
      performance by Tenant of covenants on the part of Tenant herein contained.
      The
      consent by Owner to an assignment or underletting shall not in any wise be
      construed to relieve Tenant from obtaining the express consent in writing of
      Owner to any further assignment or underletting.4 

     

    Electric
      Current: 12.
      Rates
      and conditions in respect to submetering or rent inclusion, as the case may
      be,
      to be added in RIDER attached hereto. Tenant covenants and agrees that at all
      times its use of electric current shall not exceed the capacity of existing
      feeders to the building or the risers or wiring installation and Tenant may
      not
      use any electrical equipment which, in Owner’s opinion, reasonably exercised,
      will overload such installations or interfere with the use thereof by other
      tenants of the building. The change at any time of the character of electric
      service shall in no wise make Owner liable or responsible to Tenant, for any
      loss, damages or expenses which Tenant may sustain.

     

    
      
        
        

      

      
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    Access
      to Premises: 13. Owner
      or
      Owner’s agents shall have the right (but shall not be obligated) to enter the
      demised premises in any emergency at any time, and, at other reasonable
      times5
      to
      examine the same and to make such repairs, replacements and improvements as
      Owner may deem necessary and reasonably desirable to the demised premises or
      to
      any other portion of the building or which Owner may elect to perform. Tenant
      shall permit Owner to use and maintain and replace pipes and conduits in and
      through the demised premises and to erect new pipes and conduits therein
      provided they are concealed within the walls, floor, or ceiling. Owner may,
      during the progress of any work in the demised premises, take all necessary
      materials and equipment into said premises without the same constituting an
      eviction nor shall the Tenant be entitled to any abatement of rent while such
      work is in progress nor to any damages by reason of loss or interruption of
      business or otherwise. Throughout the term hereof Owner shall have the right
      to
      enter the demised premises at reasonable hours5
      for the
      purpose of showing the same to prospective purchasers or mortgagees of the
      building, and during the last six months of the term for the purpose of showing
      the same to prospective tenants. If Tenant is not present to open and permit
      an
      entry into the demised premises, Owner or Owner’s agents may enter the same
      whenever such entry may be necessary or permissible by master key or forcibly
      and provided reasonable care is exercised to safeguard Tenant’s property, such
      entry shall not render Owner or its agents liable therefor, nor in any event
      shall the obligations of Tenant hereunder be affected. If during the last month
      of the term Tenant shall have removed all or substantially all of Tenant’s
      property therefrom Owner may immediately enter, alter, renovate or redecorate
      the demised premises without limitation or abatement of rent, or incurring
      liability to Tenant for any compensation and such act shall have no effect
      on
      this lease or Tenant’s obligations hereunder.

     

    Vault,
      Vault Space, Area: 14.
      No
      Vaults, vault space or area, whether or not enclosed or covered, not within
      the
      property line of the building is leased hereunder, anything contained in or
      indicated on any sketch, blue print or plan, or anything contained elsewhere
      in
      this lease to the contrary notwithstanding. Owner makes no representation as
      to
      the location of the property line of the building. All vaults and vault space
      and all such areas not within the property line of the building, which Tenant
      may be permitted to use and/or occupy, is to be used and/or occupied under
      a
      revocable license, and if any such license be revoked, or if the amount of
      such
      space or area be diminished or required by any federal, state or municipal
      authority or public utility, Owner shall not be subject to any liability nor
      shall Tenant be entitled to any compensation or diminution or abatement of
      rent,
      nor shall such revocation, diminution or requisition be deemed constructive
      or
      actual eviction. Any tax, fee or charge of municipal authorities for such vault
      or area shall be paid by Tenant.

     

    Occupancy:
      15.
      Tenant
      will not at any time use or occupy the demised premises in violation of the
      certificate of occupancy issued for the building of which the demised premises
      are a part. Tenant has inspected the premises and accepts them as is, subject
      to
      the riders annexed hereto with respect to Owner’s work, if any. In any event,
      Owner makes no representation as to the condition of the premises and Tenant
      agrees to accept the same subject to violations, whether or not of
      record.

    
       

      
        
          
          

        

        
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    Bankruptcy:
      16.
      (a)
      Anything elsewhere in this lease to the contrary notwithstanding, this lease
      may
      be cancelled by Owner by the sending of a written notice to Tenant within a
      reasonable time after the happening of any one or more of the following events:
      (1) the commencement of a case in bankruptcy or under the laws of any state
      naming Tenant as the debtor; or (2) the making by Tenant of an assignment or
      any
      other arrangement for the benefit of creditors under any state statute. Neither
      Tenant nor any person claiming through or under Tenant, or by reason of any
      statute or order of court, shall thereafter be entitled to possession of the
      premises demised but shall forthwith quit and surrender the premises. If this
      lease shall be assigned in accordance with its terms, the provisions of this
      Article 16 shall be applicable only to the party then owning Tenant’s interest
      in this lease, (b) it is stipulated and agreed that in the event of the
      termination of this lease pursuant to (a) hereof, Owner shall forthwith,
      notwithstanding any other provisions of this lease to the contrary, be entitled
      to recover from Tenant as and for liquidated damages an amount equal to the
      difference between the rent reserved hereunder for the unexpired portion of
      the
      term demised and the fair and reasonable rental value of the demised premises
      for the same period. In the computation of such damages the difference between
      any installment of rent becoming due hereunder after the date of termination
      and
      the fair and reasonable rental value of the demised premises for the period
      for
      which such installment was payable shall be discounted to the date of
      termination at the rate of four percent (4%) per annum. If such premises or
      any
      part thereof be re-let by the Owner for the unexpired term of said lease, or
      any
      part thereof, before presentation of proof of such liquidated damages to any
      court, commission or tribunal, the amount of rent reserved upon such re-letting
      shall be deemed to be the fair and reasonable rental value for the part or
      the
      whole of the premises to re-let during the term of the re-letting. Nothing
      herein contained shall limit or prejudice the right of the Owner to prove for
      and obtain as liquidated damages by reason of such termination, 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, such damages are to be proved, whether
      or not such amount be greater, equal to, or less than the amount of the
      difference referred to above.

     

    Default:
      17.
      (1) If
      Tenant defaults in fulfilling any of the covenants of this lease other than
      the
      covenants for the payment of rent or additional rent; or if the demised premises
      become vacant or deserted; or if any execution or attachment shall be issued
      against Tenant or any of Tenant’s property whereupon the demised premises shall
      be taken or occupied by someone other than Tenant; or if this lease be rejected
      under §235 of Title 11 of the U.S. Code (bankruptcy code); or if Tenant shall
      fail to move into or take possession of the premises within thirty (30) days
      after the commencement of the term of this lease, then, in any one or more
      or
      such events, upon Owner serving a written notice upon Tenant specifying the
      nature of said default and upon the expiration of said days, if Tenant shall
      have failed to comply with or remedy such default, or if the said default or
      omission complained of shall be of a nature that the same cannot be completely
      cured or remedied within said day period, and if Tenant shall not have
      diligently commenced during such default within such day period, and shall
      not
      thereafter with reasonable diligence and in good faith, proceed to remedy or
      cure such default, then Owner may serve a written five (5) days’ notice of
      cancellation of this lease upon Tenant, and upon the expiration of said five
      (5)
      days this lease and the term thereunder shall end and expire as fully and
      completely as if the expiration of such five (5) day period were the day herein
      definitely fixed for the end and expiration of this lease and the term thereof
      and Tenant shall then quit and surrender the demised premises to Owner but
      Tenant shall remain liable as hereinafter provided.

     

    (2)
      If
      the notice provided for in (1) hereof shall have been given, and the term shall
      expire as aforesaid; or if Tenant shall make default in the payment of the
      rent
      reserved herein or any item of additional rent herein mentioned or any part
      of
      either or in making any other payment herein required; then and in any of such
      events Owner may without notice, re-enter the demised premises either by force
      or otherwise, and dispossess Tenant by summary proceedings or otherwise, and
      the
      legal representative of Tenant or other occupant of demised premises and remove
      their effects and hold the premises as if this lease had not been made, and
      Tenant hereby waives the service of notice of intention to re-enter or to
      institute legal proceedings to that end. If Tenant shall make default hereunder
      prior to the date fixed as the commencement of any renewal or extension of
      this
      lease, Owner may cancel and terminate such renewal or extension agreement by
      written notice.

     

    
      
        
        

      

      
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    Remedies
      of Owner and Waiver of Redemption: 18.
      In case
      of any such default, re-entry, expiration and/or dispossess by summary
      proceedings or otherwise, (a) the rent shall become due thereupon and be paid
      up
      to the time of such re-entry, dispossess and/or expiration, (b) Owner may re-let
      the premises or any part or parts thereof, either in the name of Owner or
      otherwise, for a term or terms, which may at Owner’s option be less than or
      exceed the period which would otherwise have constituted the balance of the
      term
      of this lease and may grant concessions or free rent or charge a higher rental
      than that in this lease, and/or (c) Tenant or the legal representatives of
      Tenant shall also pay Owner as liquidated damages for the failure of Tenant
      to
      observe and perform said Tenant’s covenants herein contained, any deficiency
      between the rent hereby reserved and/or covenanted to be paid and the net
      amount, if any, of the rents collected on account of the lease or leases of
      the
      demised premises for each month of the period which would otherwise have
      constituted the balance of the term of this lease. The failure of Owner to
      re-let the premises or any part or parts thereof shall not release or affect
      Tenant’s liability for damages. In computing such liquidated damages there shall
      be added to the said deficiency such expenses as Owner may incur in connection
      with re-letting, such as legal expenses, reasonable attorneys’ fees, brokerage,
      advertising and for keeping the demised premises in good order or for preparing
      the same for re-letting. Any such liquidated damages shall be paid in monthly
      installments by Tenant on the rent day specified in this Lease and any suit
      brought to collect the amount of the deficiency for any month shall not
      prejudice in any way the rights of Owner to collect the deficiency for any
      subsequent month by a similar proceeding. Owner, in putting the demised premises
      in good order or preparing the same for re-rental may, at Owner’s option, make
      such alterations, repairs, replacements, and/or decorations in the demised
      premises as Owner, in Owner’s sole judgment, considers advisable and necessary
      for the purpose of re-letting the demised premises, and the making of such
      alterations, repairs, replacements, and/or decorations shall not operate or
      be
      construed to release Tenant from liability hereunder as aforesaid. Owner shall
      in no event be liable in any way whatsoever for failure to re-let the demised
      premises, or in the event that the demised premises are re-let, for failure
      to
      collect the rent thereof under such re-letting, and in no event shall Tenant
      be
      entitled to receive any excess, if any, of such net rents collected over the
      sums payable by Tenant to Owner hereunder. In the event of a breach or
      threatened breach by Tenant of any of the covenants or provisions hereof, Owner
      shall have the right of injunction and the right to invoke any remedy allowed
      at
      law or in equity as if re-entry, summary proceedings and other remedies were
      not
      herein provided for. Mention in this lease of any particular remedy, shall
      not
      preclude Owner from any other remedy, in law or in equity. Tenant hereby
      expressly waives any and all rights of redemption granted by or under any
      present or future laws in the event of Tenant being evicted or dispossessed
      for
      any cause, or in the event of Owner obtaining possession of demised premises,
      by
      reason of the violation by Tenant of any of the covenants and conditions of
      this
      lease, or otherwise.

     

    Fees
      and Expenses: 19.
      If
      Tenant shall default in the observance or performance of any term or covenant
      on
      Tenant’s part to be observed or performed under or by virtue of any of the terms
      or provisions in any article of this lease, after notice if required and upon
      expiration of any applicable grace period if any, (except in an emergency),
      then, unless otherwise provided elsewhere in this lease, Owner may immediately
      or at any time thereafter and without notice perform the obligation of Tenant
      thereunder. If Owner, in connection with the foregoing or in connection with
      any
      default by Tenant in the covenant to pay rent hereunder, makes any expenditures
      or incurs any obligations for the payment of money, including but not limited
      to
      reasonable attorneys’ fees, in instituting, prosecuting or defending any action
      or proceeding, and prevails in any such action or proceeding then Tenant will
      reimburse Owner for such sums so paid or obligations incurred with interest
      and
      costs. The foregoing expenses incurred by reason of Tenant’s default shall be
      deemed to be additional rent hereunder and shall be paid by Tenant to Owner
      within ten (10) days of rendition of any bill or statement to Tenant therefor.
      If Tenant’s lease term shall have expired at the time of making of such
      expenditures or incurring of such obligations, such sums shall be recoverable
      by
      Owner, as damages.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Building
      Alterations and Management: 20.
      Owner
      shall have the right at any time without the same constituting an eviction
      and
      without incurring liability to Tenant therefor to change the arrangement and/or
      location of public entrances, passageways, doors, doorways, corridors,
      elevators, stairs, toilets or other public parts of the building and to change
      the name, number or designation by which the building may be known. There shall
      be no allowance to Tenant for diminution of rental value and no liability on
      the
      part of Owner by reason of inconvenience, annoyance or injury to business
      arising from Owner or other Tenants making any repairs in the building or any
      such alterations, additions and improvements. Furthermore, Tenant shall not
      have
      any claim against Owner by reason of Owner’s imposition of such controls of the
      manner of access to the building by Tenant’s social or business visitors as the
      Owner may deem necessary for the security of the building and its
      occupants.

     

    No
      Representations by Owner: 21.
      Neither
      Owner nor Owner’s agents have made any representations or promises with respect
      to the physical condition of the building, the land upon which it is erected
      or
      the demised remises, the rents, leases, expenses of operation or any other
      matter or affecting or related to the premises except as herein expressly set
      forth and no rights, easements or licenses are acquired by Tenant by implication
      or otherwise except as expressly set forth in the provisions of this lease.
      Tenant has inspected the building and the demised premises and is thoroughly
      acquainted with their condition and agrees to take the same “as is” and
      acknowledges that the taking of possession of the demised premises by Tenant
      shall be conclusive evidence that the said premises and the building of which
      the same form a part were in good and satisfactory condition at the time such
      possession was so taken, except as to latent defects. All understandings and
      agreements heretofore made between the parties hereto are merged in this
      contract, which alone fully and completely expresses the agreement between
      Owner
      and Tenant and any executory agreement hereafter made shall be ineffective
      to
      change, modify, discharge or effect an abandonment of it in whole or in part,
      unless such executory agreement is in writing and signed by the party against
      whom enforcement of the change, modification, discharge or abandonment is
      sought.

     

    End
      of Term: 22. Upon
      the
      expiration or other termination of the term of this lease, Tenant shall quit
      and
      surrender to Owner the demised premises, broom clean, in good order and
      condition, ordinary wear and damages which Tenant is not required to repair
      as
      provided elsewhere in this lease excepted, and Tenant shall remove all its
      property. Tenant’s obligation to observe or perform this covenant shall survive
      the expiration or other termination of this lease. If the last day of the term
      of this Lease or any renewal thereof, falls on Sunday, this lease shall expire
      at noon on the preceding Saturday unless it be a legal holiday in which case
      it
      shall expire at noon on the preceding business day.

     

    
      
        
        

      

      
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    Quiet
      Enjoyment: 23. Owner
      covenants and agrees with Tenant that upon Tenant paying the rent and additional
      rent and observing and performing all the terms, covenants and conditions,
      on
      Tenant’s part to be observed and performed, Tenant may peaceably and quietly
      enjoy the premises hereby demised, subject, nevertheless, to the terms and
      conditions of this lease including, but not limited to, Article 31 hereof and
      to
      the ground leases, underlying leases and mortgages hereinbefore
      mentioned.

     

    Failure
      to Give Possession: 24. If
      Owner
      is unable to give possession of the demised premises on the date of the
      commencement of the term hereof, because of the holding-over or retention of
      possession of any tenant, under tenant or occupants or if the demised premises
      are located in a building being constructed, because such building has not
      been
      sufficiently completed to make the premises ready for occupancy or because
      of
      the fact that a certificate of occupancy has not been procured or for any other
      reason, Owner shall not be subject to any liability for failure to give
      possession on said date and the validity of the lease shall not be impaired
      under such circumstances, nor shall the same be construed in any wise to extend
      the term of this lease, but the rent payable hereunder shall be abated (provided
      Tenant is not responsible for Owner’s inability to obtain possession or complete
      construction) until after Owner shall have given Tenant written notice that
      the
      Owner is able to deliver possession in condition required by this lease. If
      permission is given to Tenant to enter into the possession of the demised
      premises or to occupy premises other than the demised premises prior in the
      date
      specified as the commencement of the term of this lease, Tenant covenants and
      agrees that such possession and/or occupancy shall be deemed to be under all
      the
      terms, covenants, conditions and provisions of this lease except the obligation
      to pay the fixed annual rent set forth in the preamble to this lease. The
      provisions of this article are intended to constitute “an express provision to
      the contrary” within the meaning of Section 223-a of the New York Real Property
      Law.

     

    No
      Waiver: 25.
      The
      failure of Owner to seek redress for violation of, or to insist upon the strict
      performance of any covenant or condition of this lease or of any of the Rules
      or
      Regulations, set forth or hereafter adopted by Owner, shall not 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 Owner of
      rent
      and/or additional rent with knowledge of the breach of any covenant of this
      lease shall not be deemed a waiver of such breach and no provision of this
      lease
      shall be deemed to have been waived by Owner unless such waiver be in writing
      signed by Owner. No payment by Tenant or receipt by Owner of a lesser amount
      than the monthly rent herein stipulated shall be deemed to be other than on
      account of the earliest stipulated rent, nor shall any endorsement or statement
      of any check or any letter accompanying any check or payment as rent be deemed
      an accord and satisfaction, and Owner may accept such check or payment without
      prejudice to Owner’s right to recover the balance of such rent or pursue any
      other remedy in this lease provided. No act or thing done by Owner or Owner’s
      agents during the term hereby demised shall be deemed an acceptance of a
      surrender of said premises, and no agreement to accept such surrender shall
      be
      valid unless in writing signed by Owner. No employee of Owner or Owner’s agent
      shall have any power to accept the keys of said premises prior to the
      termination of the lease and the delivery of keys to any such agent or employee
      shall not operate as a termination of the lease or a surrender of the
      premises.

     

    
      
        
        

      

      
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    Waiver
      of Trial by Jury: 26.
      It is
      mutually agreed by and between Owner and Tenant that the respective parties
      hereto shall and they hereby do waive trial by jury in any action proceeding
      or
      counterclaim brought by either of the parties hereto against the other (except
      for personal injury or property damage) on any matters whatsoever arising out
      of
      or in any way connected with this lease, the relationship of Owner and Tenant,
      Tenant’s use of or occupancy of said premises, and any emergency statutory or
      any other statutory remedy. It is further mutually agreed that in the event
      Owner commences any proceeding or action for possession including a summary
      proceeding for possession of the premises, Tenant will not interpose any
      counterclaim of whatever nature or description in any such proceeding including
      a counterclaim under Article 4 except for statutory mandatory
      counterclaims.

     

    Inability
      to Perform: 27.
      This
      Lease and the obligation of Tenant to pay rent hereunder and perform all of
      the
      other covenants and agreements hereunder on part of Tenant to be performed
      shall
      in no way be affected, impaired or excused because Owner is unable to fulfill
      any of its obligations under this lease or to supply or is delayed in supplying
      any service expressly or impliedly to be supplied or is unable to make, or
      is
      delayed in making, any repair, additions, alterations or decorations or is
      unable to supply or is delayed in supplying any equipment, futures, or other
      materials if Owner is prevented or delayed from so doing by reason of strike
      or
      labor troubles or any cause whatsoever including, but not limited to, government
      preemption or restrictions or by reason of any rule, order or regulation of
      any
      department or subdivision thereof of any government agency or any reason of
      the
      conditions which have been or are affected, either directly or indirectly,
      by
      war or other emergency.

     

    Bills
      and Notices: 28.
      Except
      as otherwise in this lease provided, a bill, statement, notice or communication
      which Owner may desire or be required to give to Tenant, shall be deemed
      sufficiently given or rendered if, in writing delivered to Tenant personally
      or
      sent by registered or certified mail addressed to Tenant at the building of
      which the demised premises form a part or at the last known residence address
      or
      business address of Tenant or left at any of the aforesaid premises addressed
      to
      Tenant, and the time of the rendition of such bill or statement and of the
      giving of such notice or communication shall be deemed to be the time when
      the
      same is delivered to Tenant, mailed, or left at the premises as herein provided.
      Any notice by Tenant to Owner must be served by registered or certified mail
      addressed to Owner at the address first hereinabove given or at such other
      address as Owner shall designate by written notice.

     

    Services
      Provided by Owners: 29.
      As long
      as Tenant is not in default under any of the covenants of this lease beyond
      the
      applicable grace period provided in this lease for the curing of such defaults.
      Owner shall provide: (a) necessary elevator facilities on business days from
      8
      a.m. to 6 p.m. and have one elevator subject to call at all other times; (b)
      heat to the demised premises when and as required by law, on business days
      from
      8 a.m. to 6 p.m.; (c) water for ordinary lavatory purposes, but if Tenant uses
      or consumes water for any other purposes or in unusual quantities (of which
      fact
      Owner shall be the sole judge), Owner may install a water meter at Tenant’s
      expense which Tenant shall thereafter maintain at Tenant’s expense in good
      working order and repair to register such water consumption and Tenant shall
      pay
      for water consumed as shown on said meter as additional rent as and when bills
      are rendered; (d) cleaning service for the demised premises on business days
      at
      Owner’s expense provided that the same are kept in order by Tenant. If, however,
      said premises are to be kept clean by Tenant it shall be done at Tenant’s sole
      expense, in a manner reasonably satisfactory to Owner and no one other than
      persons approved by Owner shall be permitted to enter said premises or the
      building of which they are a part for such purpose. Tenant shall pay Owner
      the
      cost of removal of any of Tenant’s refuse and rubbish from the builder; (e) If
      the demised premises are serviced by Owner’s air conditioning/cooling and
      ventilating system, air conditioning/cooling will be furnish to Tenant from
      May
      15th through September 30th on business days (Mondays through Fridays, holidays
      excepted) from 8:00 a. m. to 6:00 p.m., and ventilation will be furnished on
      business days during the aforesaid hours except when air conditioning/cooling
      is
      being furnished as aforesaid. If Tenant requires air conditioning/cooling or
      ventilation for more extended hours or on Saturdays, Sundays or on holidays,
      as
      defined under Owner’s contract with Operating Engineers Local 94-94A, Owner will
      furnish the same at Tenant’s expense. RIDER to be added in respect to rates and
      conditions for such additional service; and (f) Owner reserves the right to
      stop
      services of the heating, elevators, plumbing, air-conditioning, electric, power
      systems or cleaning or other services, if any, when necessary by reason of
      accident or for repairs, alterations, replacements or improvements necessary
      or
      desirable in the judgment of Owner for as long as may be reasonably required
      by
      reason thereof. If the building of which the demised premises are a part
      supplies manually operated elevator service, Owner at any time may substitute
      automatic control elevator service and proceed diligently with alterations
      necessary therefor without in any wise affecting this lease or the obligation
      of
      Tenant hereunder.

     

    
      
        
        

      

      
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    Captions:
      30. The
      Captions are inserted only as a matter of convenience and for reference and
      in
      no way define, limit or describe the scope of this lease nor the intent of
      any
      provisions thereof.

     

    Definitions:
      31.
      The term
“office”, or “offices”, wherever used in this lease, shall not be construed to
      mean premises used as a store or stores, for the sale or display, at any time,
      of goods, wares or merchandise, of any kind, or as a restaurant, shop, booth,
      bootblack or other stand, barber shop, or for other similar purposes or for
      manufacturing. The term “Owner” means a landlord or lessor, and as used in this
      lease means only the owner, or the mortgagee in possession, for the time being
      of the land and building (or the owner of a lease of the building or of the
      land
      and building) of which the demised premises form a part so that in the event
      of
      any sale or sales of said land and building or of said lease, or in the event
      of
      a lease of said building, or of the land and building, the said Owner shall
      be
      and hereby is entirely freed and relieved of all covenants and obligations
      of
      Owner hereunder, and it shall be deemed and construed without further agreement
      between the parties or their successors in interest, or between the parties
      and
      the purchaser, at any such sale, or the said lessee of the building, or of
      the
      land and building, that the purchaser or the lessee of the building has assumed
      and agreed to carry out any and all covenants and obligations of Owner,
      hereunder. The words “re-enter” and “re-entry” as used in this lease are not
      restricted to their technical legal meaning. The term “business days” as used in
      this lease shall exclude Saturdays, Sundays and all days as observed by the
      State or Federal Government as legal holidays and those designated as holidays
      by the applicable building service union employees service contract or by the
      applicable Operating Engineers contract with respect to HVAC service. Wherever
      it is expressly provided in this lease that consent shall not be unreasonably
      withheld, such consent shall not be unreasonably delayed.

     

    Adjacent
      Excavation-Shoring: 32. If
      an
      excavation shall be made upon land adjacent to the demised premises, or shall
      be
      authorized to be made, Tenant shall afford to the person causing or authorized
      to cause such excavation, license to enter upon the demised premises for the
      purpose of doing such work as said person shall deem necessary to preserve
      the
      wall or the building of which demised premises form a part from injury or damage
      and to support the same by proper foundations without any claim for damages
      or
      indemnity against Owner, or diminution or abatement of rent.6a

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Rules
      and Regulations: 33.
      Tenant
      and Tenant’s servants, employees, agents, visitors, and licensees shall observe
      faithfully, and comply strictly with, the Rules and Regulations and such other
      and further reasonable Rules and Regulations as Owner or Owner’s agents may from
      time to time adopt. Notice of any additional rules or regulations shall be
      given
      in such manner as Owner may elect. In case Tenant disputes the reasonableness
      of
      any additional Rule or Regulation hereafter made or adopted by Owner or Owner’s
      agents, the parties hereto agree to submit the question of the reasonableness
      of
      such Rule or Regulation for decision to the New York office of the American
      Arbitration Association, whose determination shall be final and conclusive
      upon
      the parties hereto. The right to dispute the reasonableness of any additional
      Rule or Regulation upon Tenant’s part shall be deemed waived unless the same
      shall be asserted by service of a notice, in writing upon Owner within fifteen
      (15) days after the giving of notice thereof. Nothing in this lease contained
      shall be construed to impose upon Owner any duty or obligation to enforce the
      Rules and Regulations or terms, covenants or conditions in any other lease,
      as
      against any other tenant and Owner shall not be liable to Tenant for violation
      of the same by any other tenant, its servants, employees, agents, visitors
      or
      licensees.

     

    Security:
      34.
      Tenant
      has deposited with Owner the sum of $23,706.10 as security for the faithful
      provisions and conditions of this lease; it is agreed that in the event Tenant
      defaults in respect of any of the terms, provisions and conditions of this
      lease, including, but not limited to, the payment of rent and additional rent,
      Owner may use, apply or retain the whole or any part of the security so
      deposited to the extent required for the payment of any rent and additional
      rent
      or any other sum as to which Tenant is in default or for any sum which Owner
      may
      expend or may be required to expend by reason of Tenant’s default in respect of
      any of the terms, covenants and conditions of this lease, including but not
      limited to, any damages or deficiency in the re-letting of the premises, whether
      such damages or deficiency accrued before or after summary proceedings or other
      re-entry by Owner. In the event that Tenant shall fully and faithfully comply
      with all of the terms, provisions, covenants and conditions of this lease,
      the
      security shall be returned to Tenant after the date fixed as the end of the
      Lease and after delivery of entire possession of the demised premises to Owner.
      In the event of a sale of the land and building, or lease of the building,
      of
      which the demised premises form a part, Owner shall have the right to transfer
      the security to the vendee or lessee and Owner shall thereupon be released
      by
      Tenant from all liabilities, for the return of such security; and Tenant agrees
      to look to the new Owner solely for the return of said security, and it is
      agreed that the provisions hereof shall apply to every transfer or assignment
      made of the security to a new Owner. Tenant further covenants that it will
      not
      assign or encumber or attempt to assign or encumber the monies deposited herein
      as security and that neither Owner nor its successors or assigns shall be bound
      by any such assignment, encumbrance, attempted assignment or attempted
      encumbrance.7 

     

    Estoppel
      Certificate: 35.
      Tenant,
      at any time, and from time to time, upon at least 10 days’ prior notice by
      Owner, shall execute, acknowledge and deliver to Owner, and/or to any other
      person, firm or corporation specified by Owner, a statement certifying that
      this
      Lease is unmodified and in full force and effect (or, if there have been
      modifications, that the same is in full force and effect as modified and stating
      the modifications), stating the dates to which the rent and additional rent
      have
      been paid, and stating whether or not there exists any default by Owner under
      this Lease, and, if so, specifying each such default.

     

    
      
        
        

      

      
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    Successors
      and Assigns: 36.
      The
      covenants, conditions and agreements contained in this lease shall bind and
      inure to the benefit of Owner and Tenant and their respective heirs,
      distributees, executors, administrators, successors, and except as otherwise
      provided in this lease, their assigns. Tenant shall look only to Owner’s estate
      and interest in the land and building, for the satisfaction of Tenant’s remedies
      for the collection of a judgment (or other judicial process) against Owner
      in
      the event of any default by Owner hereunder, and no other property or assets
      of
      such Owner (or any partner, member, officer or director thereof, disclosed
      or
      undisclosed), shall be subject to levy, execution or other enforcement procedure
      for the satisfaction of Tenant’s remedies under or with respect to this lease,
      the relationship of Owner and Tenant hereunder, or Tenant’s use and occupancy of
      the demised premises.

     

    In
      Witness Whereof,
      Owner
      and Tenant have respectively signed and sealed this lease as of the day and
      year
      first above written.

     

    
      	
              Witness
                for Owner:

            	 	
              JOSEPH
                P. DAY REALTY CORP., as 

              Agent
                for 800 Third Avenue Associates 

              (Owner)

            
	 	 	 
	
               

            	 	
              By:

            	
                  /s/Richard
                Teichman

            
	 	 	 	 
	
              Witness
                for Tenant:

            	 	
              ASSET
                ALLIANCE CORPORATION 

              (Tenant)

            
	 	 	 
	
               

            	 	
              By:

            	
                  /s/Arnold
                L.
                Mintz

            

    

     

    ACKNOWLEDGEMENTS

     

    CORPORATE
      OWNER

    STATE
      OF
      NEW YORK,    ss.:

    County
      of

     

    On
      this
      ____ day of ____________, 19___, before me personally came _______________,
      to
      be known, who being by me duly sworn, did depose and say that he resides in
      ________________, that he is the __________________ of __________________ the
      corporation described in and which executed the foregoing instrument, as OWNER;
      that he knows the seal of said corporation; the seal affixed to said instrument
      is such corporate seal; that it was so affixed by order of the Board of
      Directors of said corporation, and that he signed his name thereto by like
      order.

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    CORPORATE
      TENANT

    STATE
      OF
      NEW YORK,    ss.:

    County
      of

     

    On
      this
      ____ day of ____________, 19___, before me personally came ________________,
      to
      be known, who being by me duly sworn, did depose and say that he resides in
      ________________, that he is the __________________ of __________________ the
      corporation described in and which executed the foregoing instrument, as TENANT;
      that he knows the seal of said corporation; the seal affixed to said instrument
      is such corporate seal; that it was so affixed by order of the Board of
      Directors of said corporation, and that he signed his name thereto by like
      order.

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    INDIVIDUAL
      OWNER

    STATE
      OF
      NEW YORK,    ss.:

    County
      of

     

    On
      this
      ____ day of ____________, 19___, before me personally came ________________,
      to
      be known, and known to me to be the individual described in and who, as OWNER,
      executed the foregoing instrument and acknowledged to me that _________________
      he executed the same.

     

     

    
      
        

      

    

     

    INDIVIDUAL
      TENANT

    STATE
      OF
      NEW YORK,    ss.:

    County
      of

     

    On
      this
      ____ day of ____________, 19___, before me personally came ________________,
      to
      be known, and known to me to be the individual described in and who, as TENANT,
      executed the foregoing instrument and acknowledged to me that _________________
      he executed the same.

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    GUARANTY

     

    FOR
      VALUE
      RECEIVED, and in consideration for, and as an inducement to Owner making the
      within lease with Tenant, the undersigned guarantees to Owner, Owner’s
      successors and assigns, the full performance and observance of all the
      covenants, conditions and agreements, therein provided to be performed and
      observed by Tenant, including the “Rules and Regulations” as therein provided,
      without requiring any notice of non-payment, non-performance, or non-observance,
      or proof, or notice, or demand, whereby to charge the undersigned therefor,
      all
      of which the undersigned hereby expressly waives and expressly agrees that
      the
      validity of this agreement and the obligations of the guarantor hereunder shall
      in no way be terminated, affected or impaired by reason of the assertion by
      Owner against Tenant of any of the rights or remedies reserved to Owner pursuant
      to the provisions of the within lease. The undersigned further covenants and
      agrees that this guaranty shall remain and continue in full force and effect
      as
      to any renewal, modification or extension of this lease and during any period
      when Tenants occupying the premises as a “statutory tenant.” As a further
      inducement to Owner to make this lease and in consideration thereof, Owner
      and
      the undersigned covenant and agree that in any action or proceeding brought
      by
      either Owner or the undersigned against the other on any matters whatsoever
      arising out of, under, or by virtue of the terms of this lease or of this
      guarantee that Owner and the undersigned shall and do hereby waive trial by
      jury.

     

    Dated:
      _____________________________, 19__

     

    
      	
               

            
	
              Guarantor

            
	 
	
               

            
	
              Witness

            
	 
	
               

            
	
              Guarantor’s
                Residence

            
	 
	
               

            
	
              Business
                Address

            
	 
	
               

            
	
              Firm
                Name

            

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )
                

            	
              ss.:

            
	
              County
                of

            	
              )

            	 

    

     

    On
      this
      ____ day of ____________, 19___, before me personally came ________________,
      to
      me known, and known to me to be the individual described in and who, executed
      the foregoing Guaranty and acknowledged to me that he executed the
      same.

     

     

    
      

    

    Notary

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RULES
      AND REGULATIONS ATTACHED TO AND MADE A PART OF THIS LEASE IN ACCORDANCE WITH
      ARTICLE 33.

     

    1. The
      sidewalks, entrances, driveways, passages, courts, elevators, vestibules,
      stairways, corridors or halls shall not be obstructed or encumbered by any
      Tenant or used for any purpose other than for ingress or egress from the demised
      premises and for delivery of merchandise and equipment in a prompt and efficient
      manner using elevators and passageways designated for such delivery by Owner.
      There shall not be used in any space, or in the public hall of the building,
      either by any Tenant or by jobbers or others in the delivery or receipt of
      merchandise, any hand trucks, except those equipped with rubber tires and
      sideguards. If said premises are situated on the ground floor of the building,
      Tenant thereof shall further, at Tenant’s expense, keep the sidewalk and curb in
      front of said premises clean and free from ice, snow, dirt and
      rubbish.

     

    2. The
      water
      and wash closets and plumbing fixtures shall not be used for any purposes other
      than the purposes for which they were designed or constructed and no sweepings,
      rubbish, rags, acids or other substances shall be deposited therein, and the
      expense of any breakage, stoppage, or damage resulting from the violation of
      this rule shall be borne by the Tenant who, or whose clerks, agents, employees
      or visitors, shall have caused it.

     

    3. No
      carpet, rug or other article shall be hung or shaken out of any window of the
      building and no Tenant shall sweep or throw or permit to be swept or thrown
      from
      the demised premises any dirt or other substances into any of the corridors
      or
      halls, elevators, or out of the doors or windows or stairways of the building
      and Tenant shall not use, keep or permit to be used or kept any foul or noxious
      gas or substance in the demised premises, or permit or suffer the demised
      premises to be occupied or used in a manner offensive or objectionable to Owner
      or other occupants of the building by reason of noise, odors, and/or vibrations,
      or interfere in any way with other Tenants or those having business therein,
      nor
      shall any bicycles, vehicles, animals, fish, or birds be kept in or about the
      building. Smoking or carrying lighted cigars or cigarettes in the elevators
      of
      the building is prohibited.

     

    4. No
      awnings or other projections shall be attached to the outside walls of the
      building without the prior written consent of Owner.

     

    5. No
      sign,
      advertisement, notice or other lettering shall be exhibited, inscribed, painted
      or affixed by any Tenant on any part of the outside of the demised premises
      or
      the building or on the inside of the demised premise if the same is visible
      from
      the outside of the premises without the prior written consent of Owner, except
      that the name of Tenant may appear on the entrance door of the premises. In
      the
      event of the violation of the foregoing by any Tenant, Owner may remove same
      without any liability, and may charge the expense incurred by such removal
      to
      Tenant or Tenants violating this rule. Interior signs on doors and directory
      tablet shall be inscribed, painted or affixed for each Tenant by Owner at the
      expense of such Tenant, and shall be of size, color and style acceptable to
      Owner.

     

    6. No
      Tenant
      shall mark, paint, drill into, or in any way deface any part of the demised
      premises or the building of which they form a part. No boring, cutting or
      stringing of wires shall be permitted, except with the prior written consent
      of
      Owner, and as Owner may direct. No Tenant shall lay linoleum, or other similar
      floor covering, so that the same shall come in direct contact with the floor
      of
      the demised premises, and, if linoleum or other similar floor covering is
      desired to be used an interlining of builder’s deadening felt shall be first
      affixed to the floor, by a paste or other material, soluble in water, the use
      of
      cement or other similar adhesive material being expressly
      prohibited.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7. No
      additional locks or bolts of any kind shall be placed upon any of the doors
      or
      windows by any Tenant, nor shall any changes be made in existing locks or
      mechanism thereof. Each Tenant must, upon the termination of his Tenancy,
      restore to Owner all keys of stores, offices and toilet rooms, either furnished
      to, or otherwise procured by, such Tenant, and in the event of the loss of
      any
      keys, so furnished, such Tenant shall pay to Owner the cost
      thereof.

     

    8. Freight,
      furniture, business equipment, merchandise and bulky matter of any description
      shall be delivered to and removed from the premises only on the freight
      elevators and through the service entrances and corridors, and only during
      hours
      and in a manner approved by Owner. Owner reserves the right to inspect all
      freight to be brought into the building and to exclude from the building all
      freight which violates any of these Rules and Regulations of the lease or which
      these Rules and Regulations are a part.

     

    9. Canvassing,
      soliciting and peddling in the building is prohibited and each Tenant shall
      cooperate to prevent the same.

     

    10. Owner
      reserves the right to exclude from the building all persons who do not present
      a
      pass to the building signed by Owner. Owner will furnish passes to persons
      for
      whom any Tenant requests same in writing. Each Tenant shall be responsible
      for
      all persons for whom he requests such pass and shall be liable to Owner for
      all
      acts of such persons. Tenant shall not have a claim against Owner for reason
      of
      Owner excluding from the building any person who does not present such
      pass.

     

    11. Owner
      shall have the right to prohibit any advertising by any Tenant which in Owner’s
      opinion, tends to impair the reputation of the building or its desirability
      as a
      building for offices, and upon written notice from Owner. Tenant shall refrain
      from or discontinue such advertising.

     

    12. Tenant
      shall not bring or permit to be brought or kept in or on the demised premises,
      any inflammable, combustible, explosive, or hazardous fluid, material, chemical
      or substance, or cause or permit any odors of cooking or other processes, or
      any
      unusual or other objectionable odors to permeate in or emanate from the demised
      premises.

     

    13. If
      the
      building contains central air conditioning and ventilation, Tenant agrees to
      keep all windows closed at all times and to abide by all rules and regulations
      issued by Owner with respect to such services. If Tenant requires air
      conditioning or ventilation after the usual hours, Tenant shall give notice
      in
      writing to the building superintendent prior to 3.00 p m. in the case of
      services required on week days, and prior to 3:00 p m. on the day prior in
      case
      of after hours service required on weekends or on holidays. Tenant shall
      cooperate with Owner in obtaining maximum effectiveness of the cooling system
      by
      lowering and closing venetian blinds and/or drapes and curtains when the sun’s
      rays fall directly on the windows of the demised premises.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    14. Tenant
      shall not move any safe, heavy machinery, heavy equipment, bulky matter, or
      fixtures into or out of the building without Owner’s prior written consent. If
      such safe, machinery, equipment, bulky matter or fixtures requires special
      handling, all work in connection therewith shall comply with the Administrative
      Code of the City of New York and all other laws and regulations applicable
      thereto and shall be done during such hours as Owner may designate.

     

    15. Refuse
      and Trash. (1) Compliance by Tenant. Tenant covenants and agrees, at its sole
      cost and expense, to comply with all present and future laws, orders, and
      regulations of all state, federal, municipal, and local governments,
      departments, commissions and boards regarding the collection, sorting,
      separation and recycling of waste products, garbage, refuse and trash. Tenant
      shall sort and separate such waste products, garbage, refuse and trash into
      such
      categories as provided by law. Each separately sorted category of waste
      products, garbage, refuse and trash shall be placed in separate receptacles
      reasonably approved by Owner. Such separate receptacles may, at Owner’s option,
      be removed from the demised premises in accordance with a collection schedule
      prescribed by law. Tenant shall remove, or cause to be removed by a contractor
      acceptable to Owner, at Owner’s sole discretion, such items as Owner may
      expressly designate. (2) Owner’s Rights in Event of Noncompliance. Owner has the
      option to refuse to collect or accept from Tenant waste products, garbage,
      refuse or trash (a) that is not separated and sorted as required by law or
      (b)
      which consists of such items as Owner may expressly designate for Tenant’s
      removal, and to require Tenant to arrange for such collection at Tenant’s sole
      cost and expense, utilizing a contractor satisfactorily to Owner. Tenant shall
      pay all costs, expenses, fines, penalties, or damages that may be imposed on
      Owner or Tenant by reason of Tenant’s failure to comply with the provisions of
      this Building Rule 15, and, at Tenant’s sole cost and expense, shall indemnify,
      defend and hold Owner harmless (including reasonable legal fees and expenses)
      from and against any actions, claims and suits arising from such noncompliance,
      utilizing counsel reasonably satisfactory to Owner.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STANDARD
      LEASE RIDER

     

    37. RIDER
      PROVISIONS PARAMOUNT

     

    If
      and to
      the extent that any of the provisions of this Rider conflict or are otherwise
      inconsistent with any of the preceding printed provisions of this Lease, whether
      or not such inconsistency is expressly noted in this Rider, the provisions
      of
      this Rider shall prevail, and in case of inconsistency with the Rules and
      Regulations, shall be deemed a waiver of such Rules and Regulations with respect
      to this Tenant to the extent of such inconsistency.

     

    38. BINDING
      EFFECT

     

    It
      is
      specifically understood and agreed that this Lease is offered to Tenant for
      signature by the managing Agent of the Building solely in its capacity as such
      Agent and subject to Owner’s acceptance and approval, and that Tenant shall have
      affixed its signature hereto with the understanding that such act shall not,
      in
      any way, bind Owner or its Agent until such time as this Lease shall have been
      approved and executed by the managing Agent or the Owner and delivered to
      Tenant. If on the signing or at any time during the term of this lease, the
      “Owner” is acting as such in fiduciary capacity or capacities, then such “Owner”
shall not be bound hereby or be liable hereunder or for any covenant or
      warranty, expressed or implied, otherwise than in such capacity or
      capacities.

     

    39. REAL
      ESTATE TAX ESCALATION

     

    Tenant
      shall pay Owner as additional rents the amounts set forth in this Article
      39.

     

    A. The
      following definitions shall apply:

     

    1. “Taxes”
      shall mean the real estate taxes and assessments and special assessments imposed
      upon the Building and/or the land (“the Building”) by any governmental bodies or
      authorities for
      any
      purpose
      whatsoever or any other governmental charges whether general or special,
      ordinary or extraordinary, foreseen or unforeseen, which may be levied or
      accessed with respect to the Building during the term of this Lease or any
      renewal thereof whether the increase results from a higher tax rate or an
      increase in the assessed value of the Building or both or other means of
      increase. If at any time after the date hereof the methods of taxation
      prevailing on the date hereof shall be altered so that in lieu of, or as an
      addition to or as a substitute for the whole or any part of the taxes,
      assessments, levies, impositions or charges now levied, assessed or imposed
      on
      real estate and the improvements thereof, there shall be levied, assessed and
      imposed (i) a tax, assessment, levy or otherwise on the rents received
      therefrom, or (ii) a license fee measured by the rent payable by Tenant to
      Owner, or (iii) any other additional or substitute tax, assessment, levy,
      imposition or charge, then all such taxes, assessments, levies, impositions
      or
      charges or the part thereof so measured or based shall be deemed to be included
      within the term “Taxes” for the purpose hereof. Taxes shall not include any
      inheritance, estate, succession, transfer, gift, franchise, corporation, income
      or profit tax or excess profits that is or may be imposed upon Owner. Tenant
      agrees to pay Tenant’s Share of the actual costs incurred by Owner in any tax
      protest or reduction proceedings, including attorneys, accountants and
      appraiser’s fees and any other filing or court fees or other costs,
      disbursements or expenses incurred with relation to each Tax Year during the
      term of this Lease.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. “Base
      Tax” shall mean Taxes, as finally determined by settlement, court decision or
      otherwise, for the fiscal Tax Year ending June 30, 1997.

     

    3. “Tax
      Year” shall mean the fiscal year for which Taxes are levied by the governmental
      authority.

     

    4. “Tenant’s
      Share” shall be .796 percent (.796%) throughout the term of this Lease
      irrespective of the bulk of the Building and the Demised Premises and any
      additions or demolition at any time during the term hereof.

     

    5. “Building”
      shall mean the land and building known as 800 Third Avenue in the borough of
      Manhattan, city and state of New York of which the Demised Premises form a
      part.

     

    B.1. lf,
      for
      any reason, the Taxes for any Tax Year shall be more than the Base Tax, Tenant
      shall pay as additional rent for such Tax Year an amount equal to Tenant’s Share
      of the amount by which the Taxes for such Tax Year are greater than the Base
      Tax. (The amount payable by Tenant is hereinafter called the “Tax Payment.”)
      Owner or Agent shall furnish Tenant with a statement showing the calculations
      for any year in which a Tax Payment is due and if requested with copies of
      the
      tax bills. The Tax Payment shall be prorated, if necessary, to correspond with
      that portion of a Tax Year occurring within the term of this Lease.

     

    2. In
      the
      event the Base Tax is reduced as a result of settlement, court decision or
      of
      any other appropriate proceeding or agreement, Owner shall have the right to
      adjust the amount of Tax Payment due from Tenant for any Tax Year in which
      Tenant is or was obligated to pay a Tax Payment hereunder to reflect the new
      Base Tax, and Tenant agrees to pay the amount of said adjustment on the next
      rental installment day immediately following receipt of a rent statement from
      Owner setting forth the amount of said adjustment.

     

    C. With
      respect to any period at the commencement or expiration of the term, which
      shall
      constitute a partial Tax Year, Owner’s statement shall apportion the amount of
      the Tax Payment due hereunder.

     

    D. Beginning
      with the first Tax Year in which Taxes are greater than the Base Tax, the Tax
      Payment for that year and subsequent years shall be paid in the same number
      of
      installments as Taxes are paid by Owner to the taxing authority, such payments
      to be made by Tenant 30 days before each such installment is due to be paid
      to
      the taxing authority.

     

    E. Owner
      shall be under no obligation to contest the Taxes or the assessed valuation
      of
      the land and the Building for any Tax Year or to refrain from contesting the
      same, and may settle any such contest on such terms as Owner in its sole
      judgment considers proper.

     

    F. Owner’s
      failure during the Lease term to prepare and deliver any statements or bill
      for
      Tax Payment, or Owner’s failure to make a demand under this Article 39 or under
      any other provisions of this Lease shall not in any way be deemed to be a waiver
      of or cause Owner to forfeit or surrender its right to collect any items of
      additional rent which may have become due pursuant to this Article
      398
      or any
      other article of this Lease during the term of this Lease. Tenant’s liability
      for the additional rent due under this Article 39 shall survive the expiration
      or sooner termination of this Lease.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    G. In
      no
      event shall any adjustment of Tax Payments hereunder result in a decrease of
      the
      fixed rent or additional rent payable pursuant to any other provisions of this
      Lease, it being agreed that the payment of additional rent under this Article
      39
      is an obligation supplemental and in addition to Tenant’s obligation to pay
      fixed rent.9

     

    40. WAGE
      FORMULA INCREASE

     

    If
      the
      Labor Rate for any Operation Year shall be greater than the Base Labor Rate,
      the
      Tenant shall in case of such an excess, pay to Owner as additional rent for
      the
      Demised Premises for such Operation Year an amount equal to the product obtained
      by multiplying (i) the Wage Rate Multiple by (ii) one annum for each one cent
      that such Hourly Wage Rate is over the Base Labor Rate. Any such annual
      adjustment payable by reason of the provisions of the preceding sentence shall
      be due and payable in equal monthly installments as of the first day of the
      first month of the relevant Operation Year, and Owner or Agent shall furnish
      Tenant with an Escalation Statement relating to such Operation Year. The
      aforesaid monthly installments shall continue until a new adjustment becomes
      effective pursuant to the terms of this Article 40. If said Escalation Statement
      is furnished to Tenant after the commencement of any such Operation Year, there
      shall be promptly paid by Tenant to Owner an amount equal to the portion of
      such
      adjustments allocable to the part of such Operation Year which shall have
      elapsed prior to the first day of the calendar month next succeeding the
      calendar month in which said Escalation Statement is furnished to Tenant. Any
      such adjustment billed to Tenant shall be deemed additional rent.

     

    As
      used
      in this Article 40, the words and terms which follow mean and include the
      following:

     

    (a)
      “Operation Year” shall mean each calendar year in which occurs any part of the
      term of this Lease.

     

    (b)
“Wage
      Rate Multiple” shall be 3748.

     

    (c)
      “Hourly Wage Rate” as used herein shall mean the minimum regular hourly wage
      rate, social security and welfare fund contribution paid for the porters
      (Others) engaged in the general maintenance and operation of Class A. office
      buildings pursuant to a collective bargaining agreement between Owner or Owner’s
      association and Local 32B of the Building Service Employees International Union
      AFL-CIO (or any successor thereto). The Hourly Wage Rate shall include but
      not
      be limited to sums paid for fringe benefits for vacations, holidays, sick days,
      birthdays, jury duty, medical check-ups, lunch hours, relief time and other
      paid
      time off, bonuses, pensions, unemployment, disability benefits, health, life,
      accident, and other types of insurance, and other employee benefits. If any
      such
      agreement is not entered into or such parties or their successors shall cease
      to
      bargain collectively, the Hourly Wage Rate shall be the average of the regular
      hourly wage rate and other sums aforesaid payable to or for the benefit of
      porters engaged in the maintenance and operation of the Building and payable
      by
      either Owner or the contractor furnishing such services, but not in excess
      of
      the hourly minimum rate of wages and other sums as aforesaid for porters engaged
      in the general maintenance and operations of buildings of the same type and
      in
      the same vicinity as the Building and, provided further, that if there is no
      such agreement as of any such January 1 by which the Hourly Wage Rate for
      porters is determinable, computations and payments shall thereupon be made
      upon
      the basis of the Hourly Wage Rate being paid by Owner or by the contractor
      performing the cleaning services for Owner on such January 1 for said porters
      and appropriate retroactive adjustment shall thereafter be made when the Hourly
      Wage Rate to be paid as of such January 1 pursuant to such agreement for porters
      is finally determined and, provided further that, if as of the last day of
      such
      Operation Year, no such agreement covering January 1 occurring in such Operation
      Year shall have been in effect, the Hourly Wage Rate paid by Owner or by the
      contractor performing the cleaning services for Owner on such January 1 for
      said
      porters as the case may be shall be for all purposes hereof deemed to be such
      Hourly Wage Rate prescribed by such agreement and in effect as of such January
      1.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)
“Base
      Labor Rate” shall mean the Labor Rate at December 31, 1997.

     

    (e)
      “Labor Rate” for any Operation Year shall mean the Hourly Wage Rate as defined
      above.

     

    (f)
      “Escalation Statement” shall mean a statement in writing submitted by Owner or
      Agent, setting forth the amount payable by Tenant for a specified Operation
      Year
      pursuant to this Article 40.

     

    With
      respect to any period at the commencement or expiration of the term, which
      shall
      constitute a partial Operation Year, Owner’s statement shall apportion the
      amount of the Wage Formula Increase due hereunder.

     

    Owner’s
      failure during the Lease term to prepare and deliver any notice, statement
      or
      bill, or Owner’s failure to make a demand, shall not in any way cause Owner to
      forfeit or surrender Owner’s right to collect any additional rent which may have
      become due during the term of this Lease under this Article 40 and Tenant’s
      liability for amounts due under this Article 40 shall survive the termination
      of
      this Lease.

     

    The
      above
      Article 40 which pertains to “Wage Formula Increase” utilizes the Hourly Wage
      Rate of employees as part of a formula for adjusting rent as agreed by the
      parties and is not intended to reflect or be based upon the actual labor costs
      or other expenses of the Building which are not relevant to the formula. In
      no
      event shall any rent adjustment hereunder result in a decrease of the fixed
      annual rent provided herein.

     

    41.
      OPERATING EXPENSE ESCALATION

     

    Owner
      shall have the option in any Operation Year to impose an “Operating Expense”
increase for such Operation Year pursuant to this Article 41 in lieu of the
      Wage
      Formula Increase for such year.9a
      As used
      herein, the term “Operating Expense” shall mean all costs and expenses incurred
      by the Owner in connection with the operation, servicing and the maintenance
      of
      the Building, except real estate taxes.10
      In the
      event that the Owner should eliminate the payment of any wages or other labor
      costs as a result of the installation of labor saving devices or by any other
      means, then in computing the additional rent payable for Operating Expenses
      as
      provided hereunder, the corresponding item or items of such wages or other
      labor
      costs shall be deducted from the Operating Expenses for the Base Year. As used
      herein, the term “Base Year” shall mean the calendar year, 1997. In the event
      that the Operating Expenses incurred by the Owner during any Operation Year
      following the Base Year shall exceed the Operating Expenses incurred by Owner
      during the Base Year, the Tenant shall pay to the Owner as additional rent
      for
      such Operating Year an amount equal to .796 percent (.796%) of such excess.
      Within six months subsequent to the Operation Year following the Base Year,
      and
      within six months after each Operation Year thereafter, the Owner shall endeavor
      to furnish to the Tenant a statement of the Operating Expenses for the preceding
      Operation Year and a statement of the Operating Expenses for the Base Year,
      and
      any additional rent due the Owner by reason of any increase in Operating
      Expenses for the Operation Year over the Operating Expenses for the Base Year
      shall be paid by the Tenant within ten (10) days after receipt of the aforesaid
      statement. The statement of Operating Expenses to be furnished by the Owner
      shall consist of data prepared for the Owner by a firm of Certified Public
      Accountants (who may be the firm currently employed by the Owner in connection
      with its accounts), and the statements thus furnished to the Tenant shall
      constitute a final determination as between the Owner and the Tenant of
      Operating Expenses for the periods represented thereby. The failure of Owner
      to
      submit bills in accordance with this Article 41 shall not be deemed a waiver
      of
      Owner’s right to bill for such periods nor release Tenant of Tenant’s
      obligations to pay these charges. The obligation to make any payment pursuant
      to
      this Article 41 shall survive the expiration or sooner termination of this
      Lease.10a

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    42.
      HEATING COSTS

     

    Anything
      to the contrary notwithstanding and in addition to billing pursuant to Articles
      40 and 41 of this Lease, Tenant agrees that in the event Heating Costs for
      any
      calendar year shall be greater than the Heating Costs for the calendar year
      1997
      as a result of but not limited to increases in or additions to the number of
      units used, rates, fuel adjustments, taxes, surcharges, energy charges or
      charges of any kind, Tenant agrees to pay to Owner within ten (10) days after
      receipt of Owner’s statement, .796 percent (.796%) of such excess for the
      particular calendar year. In the event that Owner exercises its option pursuant
      to Article 41 herein and during such Lease years, this Article 42 shall not
      apply. Heating Costs as used in this Article 42 shall mean fuel costs if Owner
      continues to use its own heating plant or the cost of outside heating or steam
      if the Owner uses an off-premises heating service.

     

    43.
      LOCAL
      LAWS

     

    If
      any
      alterations, installations, changes or improvements to the Building, including,
      but not limited to, the Demised Premises are made by Owner in order to comply
      with New York City Local Law No. 5 (fire protection) and New York City Law
      No.
      10 (building condition) as each may be amended or any successor or law of like
      import (or any Federal, State or local law or government regulations enacted
      subsequent to the date hereof), at any time after the date of this Lease and
      prior to the expiration date of this Lease, the cost of any such alterations
      shall, for the purposes of this Article 43, be deemed amortized by Owner in
      accordance with an amortization schedule with a reasonable interest factor
      included therein, determined by Owner in Owner’s judgment, and during each
      calendar year which shall include any part of the demised term for which such
      an
      amortization shall be applicable, Tenant shall pay to Owner a sum equal to
      .796
      percent (.796%) of such amortization and interest applicable to such calendar
      year.11

     

    44.
      ADDITIONAL RENT

     

    All
      escalation rents, additional rent and any and all other payments, charges and
      sums due by the Tenant to the Owner under this Lease whether or not designated
      as such shall be deemed rent for all purposes hereunder and by law, and the
      failure to pay any such amount shall subject the Tenant to the same rights
      and
      remedies of the Owner including the right to commence summary proceedings for
      nonpayment of rent as if such escalation rent, additional rent and other
      payments, charges and sums due were Fixed Annual Base Rent
      hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    45.
      ACCEPTANCE OF RENT

     

    If
      Tenant
      is in arrears in the payment of fixed rent or additional rent, Tenant waives
      its
      rights, if any, to designate the items in arrears against which any payments
      made by Tenant are to be credited, and Owner may apply any of such payments
      to
      any such items in arrears as Owner, in its sole discretion, shall determine,
      irrespective of any designation or request by Tenant as to the items against
      which any such payments shall be credited. No payment by Tenant nor receipt
      by
      Owner of a lesser amount than may be required to be paid hereunder shall be
      deemed to be other than on account of any payment nor shall any endorsement
      or
      statement on any check or any letter accompanying any check tendered as payment
      be deemed an accord and satisfaction and Owner may accept such check or payment
      without prejudice to Owner’s right to recover the balance of such payment due or
      pursue any other remedy in this Lease provided or at law. No receipt of monies
      by Owner from Tenant, after any reentry or after the cancellation or termination
      of this Lease in any lawful manner shall reinstate this Lease; and after the
      service of notice to terminate this Lease, or after the commencement of any
      action, proceeding or other remedy, Owner may demand, receive and collect any
      monies due and apply this on account of Tenant’s obligations under this Lease
      but without in any respect affecting such notice, action, proceeding or remedy,
      except that if a money judgment is being sought in any such action or
      proceeding, the amount of such judgment shall be reduced by such payment. All
      checks rendered to the Owner as and for the rent of the Demised Premises shall
      be deemed payments for the account of the Tenant. Acceptance by the Owner of
      rent from anyone other than the Tenant shall not be deemed to operate as an
      attornment to the Owner by the payor of such rent or as a consent by the Owner
      to an assignment or subletting by the Tenant to the Demised Premises to such
      payor, or as a modification of the provisions of this Lease.

     

    46.
      LATE
      PAYMENT

     

    If
      Tenant
      shall fail to pay any installment of rent, additional rent or other charges
      when
      first due hereunder (irrespective of any grace period as may be applicable
      thereto) and such payment was not received in the office of the Owner’s Agent on
      or before the tenth (10th)
      day
      after such payment was first due, then interest at the rate of two percent
      (2%)
      per month for each month or portion of a month may be charged on such sum not
      paid when first due and payable hereunder, and such interest shall be deemed
      to
      accrue as additional rent hereunder and shall be paid to Owner upon demand
      made
      from time to time, but in any event no later than the time of payment of the
      delinquent sum. If such interest from time to time shall exceed the rate
      permitted under the laws of the State of New York to be charged on late payments
      of sums of money due pursuant to a lease, then the interest shall be reduced
      to
      said legal maximum rate. Such late charge shall be without prejudice to any
      of
      Owner’s rights and remedies hereunder for nonpayment of rent and shall be in
      addition thereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    47.
      RENT
      CONTROL

     

    If
      the
      annual base rental or any additional rent shall be or become uncollectible,
      reduced or required to be refunded by virtue of any law, governmental order
      or
      regulation, or direction of any public officer or body pursuant to law, Tenant
      shall within ten (10) days of request enter into an agreement or agreements
      and
      take such other action as Owner may request, as may be legally permissible,
      to
      permit Owner to collect the maximum annual base rent and additional rent which
      may from time to time during the continuance of such rent restriction be legally
      permissible, but not in excess of the amounts of annual base rent or additional
      rent payable under this Lease. Upon the termination of such rent restriction
      prior to the termination of the term of this Lease, (a) the annual base rent
      and
      additional rent, after such termination, shall become payable under this Lease
      in the amount of the annual base rent and additional rent set forth in this
      Lease for the period following such termination, and (b) Tenant shall pay to
      Owner, to the maximum extent legally permissible, an amount equal to (i) the
      annual base rent and additional rent which would have been paid pursuant to
      this
      Lease but for such rent restriction less (ii) the annual base rent and
      additional rent paid by Tenant to Owner during the period that such rent
      restriction was in effect.

     

    48.
      TENANT’S SECURITY

     

    11a
      Owner
      shall unless prohibited by law or by the general policies of lending
      institutions in New York City deposit the security in an interest-bearing
      account with a bank selected by Owner. All interest which shall accrue on the
      security shall be held as additional security in accordance with this Lease.
      Owner shall be entitled to an administrative fee of 1% per year upon the
      security deposited by the Tenant.

     

    49.
      [INTENTIONALLY OMITTED]

     

    50.
      TENANT’S CLEANING

     

    12
      The
      Tenant agrees to employ such office cleaning and maintenance contractor as
      the
      Owner may from time to time designate for all waxing, polishing and maintenance
      work in the Demised Premises above any cleaning services which may be provided
      by Owner pursuant to this Lease. The Tenant shall not employ any other
      contractor or individual without the Owner’s prior written consent which consent
      shall be in Owner’s sole discretion. Tenant recognizes that this provision is
      for the security of the Building. The foregoing shall not preclude Tenant or
      its
      employees from performing any of the foregoing work.

     

    51.
      RESTRICTIONS ON USAGE

     

    A.
      Tenant
      covenants and agrees that during the term of this Lease neither Tenant, assignee
      nor any subtenant (if the same are permitted pursuant to this Lease) will use
      as
      its name or as part of its name (under which it conducts business) any name
      which, regardless of the spelling thereof, has the same or similar sound or
      meaning as the words “MEDICAL CENTER”, “MEDICAL GROUP” or “MEDICAL TREATMENT
      CENTER”.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    B.
      Notwithstanding anything to the contrary contained in this Lease, Tenant
      covenants and agrees that Tenant will not use the Demised Premises or any part
      thereof or permit the Demised Premises or any part thereof to be
      used:

     

    (a)
      for
      banking, trust company or safe deposit business;

     

    (b)
      as or
      by a commercial or savings bank, as or by a trust company, as or by a savings
      and loan association, as or by a loan company or as or by a credit
      union;

     

    (c)
      for
      the sale of traveler’s checks and/or foreign exchange;

     

    (d)
      as a
      restaurant and/or bar, and/or for the sale of soda and/or beverages and/or
      food
      or sandwiches and/or ice cream and/or baked goods;

     

    (e)
      as a
      diagnostic medical center and/or for the practice of medicine or health
      services;

     

    (f)
      as a
      school of any kind including but not limited to the teaching of or instructions
      or giving courses in either secretarial skills, and/or languages and/or the
      operation of office equipment and/or business machines;

     

    (g)
      for
      telephone answering, messenger, photocopying, express mail services for other
      than Tenant;

     

    (h)
      as an
      employment, placement or recruiting agency or similar activity.

     

    52.
      INDEMNIFICATION AND INSURANCE

     

    Tenant
      agrees to indemnify and save Owner harmless from and against all damages,
      liabilities, claims, costs and expenses, including reasonable attorneys’ fees,
      arising out of the use of the Demised Premises or the Building or the adjacent
      sidewalks12a
      or any
      work or thing done, or any condition created by Tenant or its employees,
      licensees, Agents or contractors whether or not caused by negligence or breach
      of an obligation by Tenant. This provision shall survive the termination of
      this
      Lease. The Tenant shall, at full replacement cost, insure its alterations,
      improvements, inventory, trade fixtures, personal property and equipment against
      property damage for the Tenant and the Owner’s benefit, as their respective
      interest may appear.

     

    Tenant
      covenants to provide (and deliver proof thereof) on or before the commencement
      date of the term hereof and to keep in force during the whole time period Tenant
      occupies Demised Premises a fully paid comprehensive general liability insurance
      policy covering but not limited to all the above mentioned items in respect
      of
      the Demised Premises and the conduct and operation of business therein (and
      the
      sidewalks adjacent thereto) naming the Owner as a named insured with limits
      of
      $2,000,000 for bodily injury and $250,000 property damage including water damage
      and sprinkler leakage legal liability. At least 15 days prior to the expiration
      date of such policy, Tenant shall deliver to Owner a fully paid renewal policy
      or insurance certificate.

     

    Tenant
      agrees to deliver certificates of the insurance required by Article 3 of the
      lease from contractors or subcontractors in reasonable amounts unless otherwise
      required pursuant to Article 3.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    All
      such
      policies shall be issued by companies of recognized responsibility licensed
      to
      do business in the State of New York and shall contain a provision whereby
      the
      same cannot be cancelled or modified unless Owner is given at least twenty
      (20)
      days’ prior written notice by certified or registered mail of such cancellation
      or modification.

     

    If
      Tenant
      defaults in obtaining or delivering any such policy or policies or fails to
      pay
      the premiums therefor, Owner may (but shall not be required to) secure or pay
      for any such policy or policies and charge Tenant as additional rent therefor.
      Such additional rent shall be payable by Tenant to Owner with the fixed rent
      then next accruing. If Tenant defaults in paying the same with interest to
      date
      of payment, Owner shall have the same rights and remedies on account thereof
      as
      it has with respect to a default in the payment of the fixed rent, including
      summary proceedings.

     

    53.
      COST
      AND EXPENSES

     

    All
      costs
      and expenses, including attorneys’ fees incurred by Owner in and about enforcing
      any of the covenants and conditions of this Lease shall be paid by Tenant as
      additional rent, and if not previously paid, shall be included in any judgment
      rendered in Owner’s favor in any court of competent jurisdiction and against
      Tenant herein.

     

    54.
      SERVICE CART

     

    Tenant
      expressly agrees that it shall not permit or obtain or accept the delivery
      of
      any food or beverage by any vendor operating a service cart or similar means
      of
      conveyance to the Demised Premises, except by any vendor as shall be approved
      in
      advance by Owner in writing.

     

    55.
      BROKER

     

    The
      Tenant represents and warrants to the Owner that it has dealt with no broker
      or
      salesperson nor been shown or introduced to the Demised Premises in connection
      with this Lease by any person, except the managing Agent JOSEPH P. DAY REALTY
      CORP. The Tenant hereby agrees to indemnify and hold the Owner harmless from
      and
      against any claims, costs, expenses (including legal fees) and other liabilities
      incurred by the Owner by reason of any claim or action for a commission or
      fees
      by any other person or broker in connection with this leasing. The provisions
      of
      this Article 55 shall survive the expiration or earlier termination of the
      term
      of this Lease.

     

    56.
      CONSTRUCTION: GOVERNING LAW

     

    If
      any of
      the provisions of this Lease or the application thereof to any person or
      circumstances, shall, to any extent, be invalid or unenforceable, the remainder
      of this Lease or the application of such provision or provisions to persons
      or
      circumstances other than those as to whom or which it is held invalid or
      unenforceable shall not be affected thereby, and every provision of this Lease
      shall be valid and enforceable to the fullest extent permitted by law. This
      Lease shall be governed in all respects by the laws of the State of New
      York.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    57.
      ATTORNMENT

     

    Tenant
      agrees that if a superior lessor or a mortgagee shall enter into and become
      possessed of the real property of which the Demised Premises form a part, or
      any
      part or parts of such real property either through possession or foreclosure
      action or proceedings, or through the issuance and delivery of a new lease
      of
      the premises covered by the Lease to the mortgagee, then, if this Lease is
      in
      full force and effect at such time, Tenant shall attorn to the superior lessor
      or the mortgagee, as its landlord, if such superior lessor or such mortgagee
      requests Tenant to do so. In such event, such lessor or mortgagee shall not
      be
      liable to Tenant for any defaults theretofore committed by Owner, and no such
      default shall give rise to any rights or offset or deduction against the rents
      payable under this Lease. If any superior lessor or any mortgagee to which
      Tenant agrees to attorn, as aforesaid, reasonably requests a further instrument
      expressing such attornment, Tenant agrees to execute the same promptly, and
      if
      Tenant fails to do so, Tenant hereby appoints Owner Tenant’s attorney-in-fact to
      execute any such instrument for and on behalf of Tenant. This appointment is
      coupled with an interest and is irrevocable.

     

    58.
      TENANT’S CERTIFICATE

     

    A.
      At any
      time and from time to time upon at least ten (10) days’ prior written notice by
      the Owner to the Tenant, the Tenant shall without charge execute, acknowledge
      and deliver to the Owner a statement in writing, in recordable form, addressed
      to such party as the Owner may designate prepared by the Owner or in form
      satisfactory to the Owner certifying any of the following information as may
      be
      requested (a) that this Lease is unmodified and in full force and effect (or
      if
      there have been modifications, that the same is in full force and effect as
      modified and stating the modifications), (b) whether the term of the Lease
      has
      commenced and the rent and additional rent have become payable hereunder and,
      if
      so, the dates to which they have been paid, (c) whether or not, to the best
      knowledge of the Tenant, the Owner is in default in the performance of any
      of
      the terms of this Lease and, if so, specifying each such default of which the
      Tenant may have knowledge, (d) whether the Tenant has accepted possession of
      the
      Demised Premises, (e) whether the Tenant has made any uncollected claims against
      the Owner under this Lease and, if so, the nature thereof and the dollar amount,
      if any, of such claims, (f) whether there exist any offsets or defenses against
      enforcement of any of the terms of this Lease upon the part of the Tenant to
      be
      performed and, if so, specifying the same and (g) such further information
      with
      respect to the Lease or the Demised Premises as the Owner may reasonably
      request, it being intended that any such statement delivered pursuant hereto
      may
      be relied upon by any prospective purchaser of the Building or any part thereof
      or of the interest of the Owner in any part thereof, by any mortgagee or
      prospective mortgagee thereof, by any lessor or prospective lessor thereof,
      by
      any lessee or any prospective lessee thereof or by any prospective assignee
      of
      any mortgage thereof.

     

    B.
      The
      failure of the Tenant to execute, acknowledge and deliver to the Owner a true
      statement in accordance with the provisions of this Article 58 A within the
      aforesaid ten (10) day period shall constitute an acknowledgment by the Tenant,
      which may be relied upon by any person who would be entitled to rely upon any
      such statement that such statement as submitted by the Owner is true and
      correct.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    59.
      TENANT’S REMEDIES

     

    With
      respect to any provision of this Lease whereby Owner’s consent or approval is
      required or as to any other matter where Owner’s consent is requested, Tenant in
      no event shall be entitled to make nor shall Tenant make, any claim (and Tenant
      hereby waives any such claim) for money damages; nor shall Tenant claim any
      money damages by way of set off, counterclaim or defense, based upon any claim
      or assertion by Tenant that Owner has unreasonably withheld or unreasonably
      delayed any consent or approval, but Tenant’s sole remedy shall be an action or
      proceeding in equity to enforce any such provision or for specific performance,
      injunction or declaratory judgement.

     

    60.
      [INTENTIONALLY OMITTED]

     

    61.
      [INTENTIONALLY OMITTED]

     

    62.
      ASSIGNMENT AND SUBLETTING

     

    (a)
      Tenant shall not, by operation of law or otherwise, assign, mortgage or encumber
      this Lease, nor sublet all or any part of the Demised Premises or permit the
      Demised Premises or any part thereof to be used by others, without Owner’s prior
      written consent in each instance. The consent by Owner to any assignment or
      subletting in no way shall be construed to relieve Tenant from obtaining Owner’s
      express written consent to any other or further assignment or
      subletting.

     

    (b)
      If
      Tenant requests Owner’s consent to the assignment of this Lease or the
      subletting of all of the Demised Premises, it shall submit in writing to Owner,
      at the time it requests such consent the following material relating to the
      proposed assignee or subtenant:

     

    (i) the
      name
      and address;

     

    (ii) the
      terms
      and conditions of the proposed assignment or subletting;

     

    (iii) the
      nature and character of the business to be conducted in the Demised
      Premises;

     

    (iv) financial
      statement for the preceding two (2) years if it has been a business for that
      period;

     

    (v) banking,
      financial and other credit information reasonably sufficient to enable Owner
      to
      determine the proposed assignee’s or subtenant’s financial responsibility;
      and

     

    (vi) such
      other business or financial information reasonably requested by
      Owner.

     

    (c)
      Owner
      shall have the following options, exercisable by written notice to tenant
      within12b
      business
      days after Tenant’s aforesaid request for Owner’s consent and the furnishing of
      all requested information:

     

    (i) Owner
      may
      require Tenant to execute an assignment or sublease to Owner or to anyone
      designated by Owner on the same terms as the proposed assignment or sublease
      without payment of any premium therefor;13

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii) Owner
      may
      elect to terminate Tenant’s Lease on the effective date of the proposed
      assignment or sublease, and Owner shall execute and deliver an instrument
      releasing and discharging the Tenant from all obligations under this Lease
      accruing after the effective date of such proposed assignment or sublet, and
      Tenant shall vacate and surrender possession of the entire Demised Premises
      in
      accordance with the Lease on or before said effective date.

     

    (d)
      If
      the Owner shall not exercise either of its foregoing options in subparagraph
      (c)
      hereinabove within the time set forth above, its consent to the proposed
      assignment or subletting of all of the Demised Premises shall not be
      unreasonably withheld, provided, however, that it may withhold consent therein
      if in the reasonable exercise of its judgment it determines that:

     

    1. The
      financial condition and/or general reputation of the proposed assignee or
      subtenant are not consistent with the extent of the obligations undertaken
      by
      the proposed assignment or sublease.

     

    2. The
      proposed use of the Demised Premises is not appropriate for the Building or
      in
      keeping with the character of the existing tenancies or permitted by the
      Tenant’s Lease.

     

    3. The
      nature of the occupancy of the proposed assignee or subtenant is not in
      accordance with the use provision of the Lease or will cause excessive density
      of employees or traffic or make excessive demands on the Building’s services or
      facilities or be an assignment or sublease to a school or employment or
      placement agency.

     

    4.
      The
      Tenant proposes to assign or sublet to one who at the time is a Tenant in
      possession of premises in the Building of which the Demised Premises are a
      part.14

     

    5.
      Such
      proposed assignee or Subtenant would lower the value of the dignity or the
      Building or adversely affect the interest of Owner.

     

    6.
      The
      sublet is not for the entire Demised Premises.

     

    (e)
      If
      Owner shall not exercise an option set forth in subparagraph (c) above within
      the time limit provided therefor and if Owner shall not have withheld its
      consent pursuant to subparagraph (d) above, its consent to the proposed
      assignment or subletting shall not be withheld provided, however, that each
      of
      the following conditions first are complied with:

     

    (i) Tenant
      then shall not be in default under this Lease;

     

    (ii) The
      assignee shall execute an agreement, in form reasonably satisfactory to the
      Owner, whereby such proposed assignee assumes performance of Tenant’s
      obligations under this Lease and shall become jointly and severally liable
      with
      the Tenant for the performance thereof. The subletting agreement shall provide
      that it is expressly subject to the terms and provisions of the
      Lease;

     

    (iii) A
      duplicate original of the instrument of assignment and assumption agreement
      or
      sublease duly executed by the appropriate party, shall be delivered to the
      Owner
      before the assignee or subtenant shall be let into possession of the Demised
      Premises;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iv) Tenant
      shall pay any expense, including, but not limited to15
      attorneys’ fees and fees for financial investigation incurred in connection with
      the review and/or preparation and/or execution of any documents submitted to
      Owner relating to the proposed assignment or subletting including preparation
      of
      the consent. This provision shall not apply if Owner elects to terminate the
      Lease pursuant to subparagraph (c) herein.

     

    (f)
      If
      the Owner shall give its consent to any assignment of this Lease or to any
      sublease, Tenant, in consideration therefor, shall pay to Owner, as additional
      rent:

     

    (i)
      In
      the case of an assignment, an amount equal to16a
      all sums
      and other considerations paid to Tenant by the assignee for or by reason of
      such
      assignment (including, but not limited to, sums paid for the sale of Tenant’s
      fixtures, leasehold improvements, equipment, furniture, furnishings or other
      personal property, less, in the case of a sale thereof, the then net
      underappreciated cost thereof determined on the basis of Tenant’s Federal income
      tax returns;16b
      and

     

    (ii)
      In
      the case of a sublease16a
      any
      rents, additional charges or other consideration payable under the sublease
      and
      related agreements to Tenant by the subtenant which is in excess of the fixed
      annual rent and additional rent accruing during the term of the sublease
      pursuant to the terms of this Lease (including, but not limited to, sums paid
      for the sale or rental of Tenant’s fixtures, leasehold improvements, equipment,
      furniture or other personal property, less, in the case of the sale thereof,
      the
      then undepreciated cost thereof determined on the basis of Tenant’s Federal
      income tax returns).16b

     

    The
      sums
      payable under this subparagraph (f) shall be paid by Tenant to Owner as and
      when
      paid by the assignee or subtenant to Tenant.

     

    (g)
      Each
      of the foregoing provisions and conditions shall apply to each and every further
      assignment or subletting. An assignment of Lease or a subletting as above
      provided shall not discharge or release from liability under the Lease the
      Tenant or any other person, firm or corporation which previously shall have
      assumed Tenant’s obligations hereunder, such liability to remain and continue
      for the balance of the term and any option to renew contained in the Lease
      with
      the same force and effect as though no assignment had been
      effected.

     

    (h)
      Any
      transfer or issuance of shares which shall cause in the aggregate fifty percent
      (50%) or more of the stock of Tenant or any assignee to be owned by any party
      other than those parties who were Tenant’s shareholders or assignee’s
      shareholders on the date of execution of this Lease or the effective date of
      the
      assignment shall be deemed an assignment of this Lease and shall require Owner’s
      prior written consent in accordance with this Article 62.

     

    (i)
      In
      the event that Owner exercises either of its options under subparagraph (c)
      above, Owner shall have the absolute right to, and in no way shall be liable
      to
      Tenant if it shall, lease or further sublease the Demised Premises to Tenant’s
      prospective assignee or subtenant, as the case may be.

     

    (j)
      If
      Owner does not exercise its option and also withholds its consent to the
      proposed assignment or subletting and it is established by a court or body
      having final jurisdiction thereover that Owner has been unreasonable, the only
      effect of such finding shall be that Owner shall be deemed to have given its
      consent; but Owner shall not be liable to Tenant in any respect for money or
      compensatory damages by reason of withholding its consent.17

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (k)
      In
      the event that Tenant or any assignee or sublessee desires to assign or sublet,
      it hereby designates the managing Agent as Tenant’s sole and exclusive Agent to
      effect such assignment or subletting and agrees to pay said managing Agent
      upon
      the consent to assignment or sublease a commission computed in accordance with
      the commission rates then in effect. Tenant acknowledges that it is aware that
      the managing Agent represents the Owner and may also act with respect to other
      competing space in the building and Tenant waives any right to make claim for
      conflict of interest or for other damages.

     

    18

     

    (l)
      In
      the event of a sublease or assignment, the Tenant agrees to deposit an
      additional security of19
      rent,
      escalations and additional rent due under this Lease at the then existing
      rate.

     

    (m)
      No
      action or consent by Owner to listing of names on the Building directory nor
      acceptance of rent from any party other than Tenant shall be deemed a consent
      to
      any assignment or sublease of the Demised Premises nor a waiver of any of the
      provisions hereof.

     

    (n)
      Anything herein to the contrary notwithstanding, conversion of Tenant or any
      successor tenant to a limited liability partnership or company during the term
      of this lease constitutes an assignment of the lease which requires the Owner’s
      consent in its sole discretion.

     

    19a

     

    63.
      END
      OF TERM

     

    A.
      Tenant
      hereby agrees to indemnify and save Owner harmless against all costs, expenses,
      claims, losses or liability resulting from delay by Tenant in surrendering
      the
      Demised Premises upon the expiration or earlier termination of this Lease,
      (Tenant’s Holdover) including without limitation any claims made by any
      succeeding tenant founded on such delay. Such indemnity shall survive the
      expiration or earlier termination of this Lease.

     

    B.
      Tenant
      agrees that losses to Owner resulting from Tenant’s Holdover will be very
      substantial, exceed the amount of Fixed Rent and additional rent payable
      hereunder and be difficult of accurate measurement. Therefore, if Tenant shall
      fail to vacate and surrender the Demised Premises as required hereunder, it
      shall be deemed a holdover Tenant on a month-to-month basis at a fixed monthly
      rent equal to20
      times
      the monthly rate of all Fixed Rent and additional rent payable for the last
      month of the term hereof. The collection of the aforesaid rent shall not act
      to
      limit Owner’s rights to institute summary proceedings to obtain possession or
      pursuant to this Article 63 or in the Lease or at law, but any such rent
      collected will be non-refundable and shall be applied against any such
      damages.

     

    64.
      EXHIBIT

     

    Tenant
      acknowledges and agrees that the diagram of the Demised Premises annexed hereto
      as Exhibit A has not been drawn to scale, is an approximation of the actual
      size
      and location of the space involved and is not meant to be a representation
      of
      the actual size and location of the space involved. Tenant has had the
      opportunity to and has made such inspection of the leased premises as Tenant
      deems necessary.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    65.
      HEAD
      NOTES

     

    The
      Article headings herein are only for convenience and are in no way to be
      construed as a part of the agreement or as a limitation on the scope of any
      provision thereof.

     

    66.
      ELECTRICITY

     

    Owner,
      at
      Owner’s expense has distributed and will furnish electrical energy to or for the
      use of Tenant in the Premises on a rent inclusion basis. There shall be no
      charge to Tenant for such electric energy by way of measuring the same on any
      meter or otherwise, such electric energy being included in Owner’s services
      which are covered by the annual rental reserved hereunder. Tenant agrees that
      pending an electrical survey as provided in this Article, the fixed annual
      rental set forth on the first page of this Lease shall be increased by
      $11,056.60 per annum (the “Electrical Inclusion Factor”) making a total fixed
      annual rental of $142,236.60 per annum payable in equal monthly installments
      of
      $11,853.05. Owner shall not be liable in any way to Tenant for any failure
      or
      defect in the supply or character of electric energy furnished to the Premises
      by reason of any requirement, act or omission of the public utility servicing
      the Building with electricity or for any other reason not attributable to
      Owner.

     

    (A)
      The
      parties agree that although the charge for the distribution and furnishing
      of
      electrical energy is included in the rent on a so-called “Rent Inclusion” basis,
      the value of such service may not be fully reflected in the rent. Accordingly,
      Tenant agrees that Owner may cause an independent electrical consulting firm,
      selected by Owner, to make a final determination following the execution of
      this
      Lease, of the full value to Tenant of such services supplied by Owner. The
      consultant’s calculations and determinations of the electric charge, hereafter
      referred to as “Electrical Inclusion Factor” shall be established by the
      consultant by the use of this agreed upon method:

     

    (i)
      The
      Demand factor (KW) applicable to the rate structure for each item consuming
      electricity shall be arrived at by applying the Connected Load rating of each
      item at 100% when related to Lighting, and at not less than 70% for items
      related to Equipment.

     

    (ii)
      The
      Energy factor (KWH) applicable to the rate structure shall be arrived at by
      the
      method of applying the Connected Load rating of each item, multiplied by the
      hours of its usage for a one month period as determined by the
      consultant.

     

    (iii)
      All
      components of Consolidated Edison Company’s Service Classification and Rate
      Schedule S.C. #4 Rate I in effect on the date of execution of this Lease, or
      any
      successor classification reflecting similar service, shall be utilized as the
      basis for the determination of the Electrical Inclusion Factor. Tenant shall
      pay
      for electricity consumed thereby as determined and evaluated from time to time
      by Owner’s electrical consultant, such payment to be additional rent, and to be
      equal to what Tenant would pay for such consumption of electricity if it
      purchased that amount of electricity from the public utility servicing the
      Building under the rate structure and/or classification as set forth in this
      section.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    An
      additional component shall be added to the rate schedule hereafter referred
      to
      as “Electric Service Charge” which shall reflect an adjustment to the rate
      schedule at the rate of one cent per KWH to compensate the Owner for its cost
      related to servicing the Electrical Inclusion Factor.

     

    In
      no
      event shall the Electrical Inclusion Factor, as defined below, be decreased
      below $11,056.60 per annum.

     

    (B)
      Subject to the provisions of subsections below, the parties agree that the
      sum
      of $11,056.60 per annum is included in the annual rental to cover the charge
      for
      electricity made available to Tenant in the Premises (“Electrical Inclusion
      Factor”). If the public utility rate schedule for the supply of electric current
      to the Building shall be increased or decreased (using the rate in effect on
      the
      date of execution of this Lease as the base rate), or if there occurs any other
      cost adjustment resulting in an increase or decrease in electric charges, the
      annual rental herein reserved shall be equitably adjusted to reflect the
      increase or decrease in the Electrical Inclusion Factor and Tenant agrees to
      pay
      Owner the new annual rental rate resulting from such adjustment of the
      Electrical Inclusion Factor. In no event, however, shall the Electrical
      Inclusion Factor be decreased below the sum of $11,056.60 per annum. The parties
      recognize that at the time of the execution of this Lease, the Electrical
      Inclusion Factor is an arbitrary figure, not necessarily representing the true
      value of electricity being supplied to the Premises. A survey may be made by
      Owner’s consultant which shall incorporate methods for the determination of the
      Electrical Inclusion Factor pursuant to Section A. When said survey is completed
      and delivered to Tenant, the Electrical Inclusion Factor as set forth in said
      survey shall become binding upon Tenant.

     

    (C)
      If it
      shall be determined that the full value to Tenant of such service is in excess
      of $11,056.60 per annum (such sum is referred to as the “Electrical Inclusion
      Factor”) 21
      by
      increasing the Rent and the Electrical Inclusion Factor by an annual amount
      equal to such excess. However, if it shall be so determined that the full value
      to Tenant of such service does not exceed the Electrical Inclusion Factor,
      no
      such agreement shall be executed and there shall be no increase or decrease
      in
      the Rent or the Electrical Inclusion Factor by reason of such determination.
      If
      either the quantity or character of electrical service is changed by the public
      utility corporation supplying electrical service to the Building or is no longer
      available or suitable for Tenant’s requirements, no such change, unavailability
      or unsuitability shall constitute an actual or constructive eviction, in whole
      or in part, or entitle Tenant to any abatement or diminution of rent, or relieve
      Tenant from any of its obligations under this Lease, or impose any liability
      upon Owner, or its Agents, by reason of inconvenience or annoyance to Tenant,
      or
      injury to or interruption of Tenant’s business, or otherwise.

     

    (D)
      Owner
      represents that the electrical feeder or riser capacity serving the Premises
      on
      the Commencement Date is adequate to serve the lighting fixtures and electrical
      equipment installed in the Premises initially by Tenant. Subject to the
      provisions of subsections of this Lease, any additional feeders or risers to
      supply Tenant’s additional electrical requirements, and all other equipment
      proper and necessary in connection with such feeders or risers, shall be
      installed by Owner upon Tenant’s request, at the sole cost and expense of
      Tenant, provided that, in Owner’s judgment, such additional feeders or risers
      are necessary and are permissible under applicable laws (including, without
      limitation, the New York State Energy Conservation Code) and insurance
      regulations and the installation of such feeders or risers will not cause
      permanent damage or injury to the Building or the Premises or cause or create
      a
      dangerous or hazardous condition or entail excessive or unreasonable alterations
      or interfere with or disturb other tenants or occupants of the Building. Tenant
      covenants that at no time shall the use of electrical energy in the Premises
      exceed the capacity of the existing feeders or wiring installations then serving
      the Premises. Tenant shall not make or perform, or permit the making or
      performance of, any alterations to wiring installations or other electrical
      facilities in or sewing the Premises or any additions to the business machines,
      office equipment or other appliances in the premises which utilize electrical
      energy without the prior consent of Owner in each instance.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (E)
      Rate
      Adjustment - If the cost to Owner of electricity shall have been, or shall
      be,
      increased from time to time by change in utility company’s electricity rates,
      charges, fuel adjustment, or service classification or by taxes or charges
      of
      any kind imposed thereon, or for any other reason (“Electrical Change”), then
      the Electrical Inclusion Factor, which is a portion of the fixed annual rent,
      shall be increased in the same percentage. Any such percentage increase in
      the
      charge to the Owner shall be computed by the application of an avenged monthly
      seasonal consumption (Demand and Energy) of electricity which shall reasonably
      reflect such consumption of the entire Building based on a period of twelve
      (12)
      full months prior to the rate change, other change in cost, or any changed
      method of or rules on billing for same, on a consistent basis to the new rate
      and/or service classification. The following method of computation shall be
      employed in making the percentage differential determination applicable to
      the
      Electrical Inclusion Factor.

     

    (i)
      Owner’s bills from the public utility corporation providing electricity to the
      Building for the twelve (12) month period immediately preceding the Electrical
      Change in question shall be averaged for demand and consumption (KW and KWH)
      and
      the rate structure in effect immediately prior to the Electrical Change in
      question shall be applied to the average demand and consumption factors of
      Owner’s billings for the Building for said twelve (12) month period resulting in
      an agreed determination of the cost to Owner of electricity for the Building
      immediately prior to the Electrical Change in question;

     

    (ii)
      The
      new rate structure pursuant to which Owner is billed by the public utility
      corporation, i.e., the rate structure which includes the Electrical Change
      in
      question, shall be applied to the average demand and consumption factors of
      Owner’s billings for the Building for said twelve (12) month period resulting in
      an agreed estimate of the cost to Owner by reason of the Electrical Change
      in
      question;

     

    (iii)
      The
      difference in the costs determined pursuant to the foregoing subdivisions (i)
      and (ii) shall be deemed the amount of the estimated annual change in cost
      and
      the amount of such estimated annual change in cost shall be divided by the
      cost
      determined pursuant to the foregoing subdivision (i); and

     

    (iv)
      The
      resulting quotient shall be applied to Tenant’s then current Electrical
      Inclusion Factor to produce the increase or decrease in the Rent and Electrical
      Inclusion Factor.

     

    Any
      increase in the rent related to rate increases shall be payable by Tenant from
      the date of effectiveness of the revised rate schedule. In no event, however,
      shall the Electrical Inclusion Factor be decreased below the sum of
      $11,056.60.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (F)
      Fuel
      and Tax Adjustment Charges - If the cost to Owner of electricity shall be
      increased from time to time by changes in the fuel adjustment and/or any other
      charges imposed on the Owner by the utility company, then the Tenant agrees
      to
      pay to Owner, as additional rent as and when billed from time to time, an amount
      equal to Tenant’s pro rata share of increased adjustment costs to the
      Owner.

     

    (G)
      Owner
      reserves the right to discontinue furnishing electricity to Tenant in the
      Premises on not less than thirty (30) days’ notice to Tenant. If Owner exercises
      such right to discontinue, or is compelled to discontinue furnishing electricity
      to Tenant, this Lease shall continue in full force and effect and shall be
      unaffected thereby, except only that from and after the effective date of such
      discontinuance, Owner shall not be obligated to furnish electricity to Tenant
      and the Rent shall be reduced by an amount equal to the Electrical Inclusion
      Factor. If Owner so discontinues furnishing electricity to Tenant, Tenant shall
      arrange to obtain electricity directly from the public utility or other company
      servicing the Building. Such electricity may be furnished to Tenant by means
      of
      the then existing electrical facilities serving the Premises to the extent
      that
      the same are available, suitable and safe for such purposes. All meters and
      all
      additional panel boards, feeders, risers, wiring and other conductors and
      equipment which may be required to obtain electricity, of substantially the
      same
      quantity, quality and character, shall be installed by Owner: (a) at Owner’s
      expense, if Owner shall discontinue furnishing electricity to Tenant voluntarily
      or shall have been compelled to do so by reason of any act or omission of Owner
      in violation of any law or rule or regulation; or (b) at Tenant’s expense, if
      Owner shall have been compelled to discontinue furnishing electricity to Tenant
      by reason of any act or omission of Tenant in violation of any law, rule or
      regulation; or (c) at the equal expense of Owner and Tenant, if such
      discontinuance shall have been by compulsion of law or of any rule or regulation
      and not by reason of any act or omission of Owner or Tenant in violation of
      any
      Law or any rule or regulation. Owner shall not voluntarily discontinue
      furnishing electricity to Tenant unless it likewise discontinues furnishing
      electricity to all tenants of office space above the second floor of the
      Building or until Tenant is able to receive electricity directly from the public
      utility or other company servicing the Building but Tenant shall upon notice
      from Owner proceed diligently to make provision so as to receive electricity
      directly.

     

    (H)
      Owner
      shall not be liable to Tenant in any way for any interruption, curtailment
      or
      failure, or defect in the supply or character of electricity furnished to the
      Premises by reason of any requirement, act or omission of Owner or of any public
      utility or other company servicing the Building with electricity or for any
      other reason.

     

    (I)
      The
      Electrical Inclusion Factor shall be subject to periodic adjustments upon the
      occurrence of any increase in Tenant’s electric connected load and/or usage
      subsequent to the initial or any revised Electrical Inclusion Factor currently
      in effect, which was partially based on demand and usage factors as determined
      by Owner’s consultant. Owner may, at its option, from time to time, have its
      electric rate firm resurvey the Premises and adjust the Electrical Inclusion
      Factor to reflect such changes, employing methods of determination as heretofore
      set forth within this Rider. In no event, however, shall the Electrical
      Inclusion Factor be decreased below the annual rate of $11,056.60.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (J)
      In
      the event Tenant disagrees with the Electrical Inclusion Factor as billed by
      Owner, Tenant shall nevertheless pay the same as billed until the dispute has
      been resolved. If the same is subsequently reduced as hereinafter set forth,
      Tenant shall be allowed credit against rent for any overpayment. Tenant’s
      electrical consultant (paid by Tenant) and Owner’s electrical consultant (paid
      by Owner) shall attempt to resolve the dispute. In the event they are unable
      to
      do so, they shall select a third electrical consultant (to be paid one half
      by
      Owner and one half by Tenant) whose determination shall be binding upon both
      parties.

     

    67.
      RENT
      CONCESSION

     

    Provided
      that Tenant shall have performed all the terms, covenants and conditions of
      this
      Lease on the part of Tenant to be performed, the fixed rent for the first six
      months of the term of this Lease shall be $921.38 per month. Otherwise, the
      fixed rent shall be that set forth on the first page of this Lease and in
      Article 66 above.

     

    68.
      OWNER’S WORK

     

    Owner
      agrees, at Owner’s cost and expense, to do the work set forth in the Workletter
      attached hereto.

     

    69.
      TERMINATION

     

    Provided
      that Tenant is not then in default under this Lease, Tenant shall have the
      option to end the term of this Lease effective March 31, 2003 or at the end
      of
      any calendar month thereafter by giving Owner no less than21a
      prior
      written notice of Tenant’s intention to do so. In the event Tenant exercises the
      foregoing option, Tenant shall pay to Owner in consideration thereof, along
      with
      Tenant’s notice, the sum of $50,000. In the event Tenant exercises this option
      effective on any date later than March 31, 2003, said consideration shall be
      equal to the product obtained by multiplying $50,000 by the fraction the
      numerator of which is the number of calendar months remaining in the term of
      this Lease after the effective date of the exercise of Tenant’s option, and the
      denominator of which is 43.

     

    22

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FOOTNOTES
      TO Lease AND RIDER

     

    between

     

    JOSEPH
      P. DAY REALTY CORP., as Agent

    for
      800 Third Avenue Associates

     

    and

     

    ASSET
      ALLIANCE CORPORATION, a Delaware corporation

     

    
      	
              1.

            	
              If
                Tenant requests in writing that Owner do so, Owner will state at
                the time
                Owner consents to such installation, whether Owner elects to have
                such
                installation removed by Tenant. Owner agrees Tenant may determine
                to
                remove or not to remove Tenant’s initial installation at the end of the
                term of this Lease. If Owner requires the installation to be removed
                by
                Tenant.

            

    

     

    
      	
              2.

            	
              If
                as a result of any such repairs, alterations, additions or improvements
                the demised premises become untenantable for ten or more consecutive
                business days and as a result thereof Tenant ceases to conduct Tenant’s
                business in the demised premises, then rent and additional rent shall
                be
                abated commencing on the eleventh such business day and continuing
                until
                the earlier of the date that the demised premises become tenantable
                or
                Tenant resumes the conduct of Tenant’s business in the demised
                premises.

            

    

     

    
      	
              3.

            	
              If
                the demised premises are totally damaged or rendered wholly unusable
                by
                fire or other casualty and repair and restoration of the same is
                not
                substantially completed within one hundred fifty days after such
                fire or
                other casualty, Tenant may give Owner written notice that unless
                repair
                and restoration of said demised premises is substantially completed
                within
                thirty days after the date of such notice, Tenant will end the term
                of
                this Lease. In the event such repair and restoration is not substantially
                completed within thirty days after the date of such notice, Tenant
                may at
                any time thereafter and prior to substantial completion of such repair
                and
                restoration give Owner a second notice ending the term of this Lease,
                whereupon the term of this Lease shall end on the date of such second
                notice as if such date was the date set forth in this Lease for the
                end of
                the term for this Lease.

            

    

     

    
      	4.	
              See
                article 62 below.

            

    

     

    
      	5.	
              on
                prior oral notice.

            

    

     

    
      	6.	
              20

            

    

     

    
      	
              6a.

            	
              If
                as a result of Tenant’s compliance with this Article the demised premises
                become untenantable for ten or more consecutive business days and
                as a
                result thereof Tenant ceases to conduct Tenant’s business in the demised
                premises, then rent and additional rent shall be abated commencing
                on the
                eleventh such business day and continuing until the earlier of the
                date
                that the demised premises become tenantable or Tenant resumes the
                conduct
                of Tenant’s business in the demised
                premises.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              7.

            	
              (a)

            	
              At
                any time, Tenant may furnish Owner a binding, unconditional, irrevocable
                standby letter of credit in form reasonably satisfactory to Owner,
                in
                amount equal to the security required to be deposited by Tenant under
                the
                Lease, to be issued by a commercial bank or savings bank located
                in New
                York City reasonably acceptable to Owner payable to Joseph P. Day
                Realty
                Corp., as Agent for the Owner, 9 East 40th Street, New York, N.Y.
                10016
                and to expire not earlier than 1 year from the date of issuance thereof
                (the “Letter of Credit”) and to be renewed on a year -to-year basis unless
                the bank shall have notified Owner at least 90 days before the expiration
                of the Letter of Credit that it is not renewing the Letter of Credit
                for
                the following year. The Letter of Credit shall have a final expiration
                date at least 30 days after the date set forth in this Lease for
                the
                expiration of the term of this Lease. Owner shall have the right
                to
                present the Letter of Credit and draw the full amount thereof upon
                submitting a written notice to the issuer specifying any of the following
                events:

            

    

     

    
      	 	
              (i)

            	
              If
                Tenant shall default in payment of any fixed rent, escalations or
                additional rent for 10 days after the same shall become due and such
                default shall not be cured;

            

    

     

    
      	 	
              (ii)

            	
              If
                Tenant shall default in the performance or observance of any other
                covenant or condition of this Lease on the part of Tenant to be performed
                or observed and such default shall not be cured after Owner shall
                have
                given Tenant written notice thereof, as provided in this Lease;
                or

            

    

     

    
      	 	
              (iii)

            	
              If
                Owner shall have received a notice from the bank that it is not renewing
                the Letter of Credit for the following year and Tenant has not delivered
                a
                substitute letter of credit to
                Owner.

            

    

     

    
      	 	
              (b)

            	
              Upon
                receipt of the proceeds of the Letter of Credit, Owner shall hold
                the same
                subject to the provisions of Articles 34 and 48 of this Lease, as
                security
                for the full and faithful performance and observance by Tenant of
                all of
                the covenants and conditions of this Lease on its part to be performed
                or
                observed (collectively, “Tenant’s obligations”). Tenant shall not be
                entitled to have said security deposit, or any part thereof, applied
                in
                payment of any installments of rent or additional rent falling due
                under
                this Lease, but only to have the same returned to it upon the expiration
                or earlier termination of this Lease, provided Tenant shall not then
                be in
                default hereunder, or if then in default, after Tenant has fully
                cured
                such default.

            

    

     

    
      	 	
              (c)

            	
              If
                the Letter of Credit shall be in effect upon the expiration or earlier
                termination of this Lease, the Letter of Credit shall be surrendered
                by
                Owner for cancellation, provided Tenant shall not then be in default
                under
                this Lease.

            

    

     

    
      	 	
              (d)

            	
              In
                the event of a sale or Lease of the Building, Owner shall have the
                right
                to transfer the security to the vendee or lessee and Owner shall
                thereupon
                be released by Tenant from all liability for the return of such security;
                and Tenant agrees to look solely to the new owner for the return
                of said
                security; and it is agreed that the provisions hereof shall apply
                to every
                subsequent transfer or assignment made of the security to a new
                Owner.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (e)

            	
              Except
                in connection with an assignment permitted under this Lease, Tenant
                further covenants that it will not assign or encumber or attempt
                to assign
                or encumber the Letter of Credit deposited herein as security and
                that
                neither Owner nor its successors or assigns shall be bound by any
                such
                assignment, encumbrance, attempted assignment or attempted
                encumbrance.

            

    

     

    
      	
              8.

            	
              so
                long as Owner delivers to Tenant a bill for Tax Payment within two
                years
                after the expiration of the Tax Year for which such tax is
                due.

            

    

     

    
      	
              9

            	
              H.

            	
              It
                is understood by Tenant that Owner may obtain and accept reductions
                in the
                proposed assessed valuation of the Building in a settlement in a
                Tax Year
                during the term of this Lease before the Owner has paid the Taxes
                and such
                reduction will substantially reduce the real estate tax escalation
                for the
                Tax Year due from Tenant under this Article. Tenant therefore agrees
                the
                expenses of the Owner in obtaining such reduction, including reasonable
                legal fees, accounting fees, appraisal fees and other expenses shall
                be
                deemed to be Taxes paid for the Tax Year of said
                reduction.

            

    

     

    In
      the
      event the Taxes for any Tax Year during the term of this Lease shall be reduced
      after Tenant shall have paid Tenant’s Share of any excess thereof in respect of
      such Tax Year pursuant to this Article, Owner shall allow Tenant a credit
      against future rent, or issue a refund to Tenant (if the term of this Lease
      shall have expired) in the amount of Tenant’s Share of the refund (including any
      interest paid on such refund by the taxing authority) of such Taxes received
      by
      Owner (after deduction of expenses, including legal fees, accounting fees,
      appraisal fees and other expenses incurred by Owner in obtaining such
      refund).

     

    
      	
              9a.

            	
              In
                clarification of the foregoing, in the event Owner imposes an Operating
                Expense increase for any Operation Year, then Tenant shall not be
                required
                to pay a Wage Formula Increase under Article 40 for such
                year.

            

    

     

    
      	
              10.

            	
              ,
                mortgage amortization and interest payments; nonmonetary items such
                as
                depreciation; income or equivalent taxes; expenses incurred in leasing
                or
                procuring new tenants, including leasing commissions, advertising
                expenses, legal fees and expenses of renovating space for new tenants;
                legal expenses for enforcing the terms of any ground Lease or any
                mortgage; wages, salaries and other compensation paid to any executive
                employee above the grade of building manager and the wages of any
                building
                manager shall be apportioned to the extent the building manager supervises
                more than one building; capital replacements, improvements and alterations
                for the building above the amount amortized by Owner on Owner’s tax return
                for that year; expenses for which Owner has received insurance or
                condemnation proceeds; electricity to the extent that the cost is
                reimbursed to Owner by tenants.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              10a.

            	
              Owner
                will not exercise the option set forth in this article more than
                once
                during the term of this Lease and will not revoke the exercise of
                such
                option more than once during the term of this
                Lease.

            

    

     

    
      	
              11.

            	
              Tenant
                shall not be required to make any payment under this article by reason
                of
                alterations required to be made by laws in effect as of the date
                of
                execution of this Lease.

            

    

     

    
      	
              11a.

            	
              In
                the event Owner collects the proceeds of the Letter of Credit referred
                to
                in footnote 7 above, or if Tenant at any time during the term of
                this
                Lease shall deposit cash security with Owner in lieu of or in addition
                to
                a Letter of Credit, the provisions of this Article shall
                apply.

            

    

     

    
      	
              12.

            	
              Owner
                agrees to clean the demised premises in accordance with the attached
                cleaning specifications.

            

    

     

    
      	12a.	
              by
                Tenant or its employees, invitees, licensees, agents or
                contractors

            

    

     

    
      	12b.	
              ten

            

    

     

    
      	
              13.

            	
              In
                the event of such assignment, Tenant shall be released from any obligation
                under this Lease accruing after the effective date of such assignment;
                in
                the event of a sublease, Tenant shall not be required to pay to Owner
                any
                rent or additional rent not received by Tenant from the subtenant
                during
                the term of the sublease;

            

    

     

    
      	14.	
              and
                other comparable space is available in the
                building.

            

    

     

    
      	15.	
              reasonable

            

    

     

    
      	16a.	
              50%
                of

            

    

     

    
      	
              16b.

            	
              ,
                brokerage commissions and alteration expenses incurred by Tenant
                in
                connection with such transaction

            

    

     

    
      	
              17.

            	
              In
                the case of a claim by Tenant that Owner unreasonably withheld or
                delayed
                consent to any sublease or assignment, Owner and Tenant hereby agree
                that
                the following provisions shall apply: upon the written request of
                Tenant,
                the dispute either (i) shall be submitted to the American Arbitration
                Association (the “Association”) for disposition pursuant to the “Expedited
                Procedures” of the Association, if available, or (ii) shall be submitted
                to the president of the Real Estate Board of New York, Inc. who shall
                appoint a single arbitrator to decide the dispute; in the event said
                president refuses to do so, the dispute shall be resolved in accordance
                with clause (i). If the President of the Real Estate Board agrees
                to
                appoint an arbitrator, he shall appoint the arbitrator within three
                days
                and the arbitrator will hold a hearing and decide the dispute within
                seven
                days of his appointment. The decision of the arbitrator shall be
                final,
                and all actions necessary to implement the decision of the arbitrator
                shall be undertaken as soon as possible, but in no event later than
                ten
                (10) business days after the rendering of such decision. Judgment
                upon the
                decision or any award rendered may be entered in any court having
                jurisdiction thereof. All fees payable to the Association or the
                Real
                Estate Board or the arbitrator for services rendered in connection
                with
                the resolution of the dispute shall be paid for by the party suffering
                the
                adverse decision of the Association. For purposes of this Article,
                the
                phrase “Expedited Procedures of the Association” shall mean those
                procedures set forth in paragraphs 53 through 58 of that certain
                booklet
                published by the Association and titled “Commercial Arbitration Rules”, as
                amended and in effect March 1,
                1986.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              18.

            	
              The
                exclusive set forth in this Article 62(k) shall continue for 90 days
                and
                if within 270 days after the expiration of the aforesaid 90 day period
                there is an assignment or sublease to a party introduced by the managing
                Agent within the exclusive 90 day period, then the managing Agent
                shall be
                entitled to a commission in accordance with its usual rates. In the
                event
                that Tenant assigns or subleases without advertising (except in
                professional journals) and without utilizing the services of a broker,
                finder or consultant, then the provisions of this Article 62(k) shall
                not
                apply.

            

    

     

    
      	19.	
              one
                month’s

            

    

     

    
      	
              19a.

            	
              (o)
                Provided that Tenant is not then in default under this Lease Tenant
                may
                without Owner’s consent assign this Lease to an affiliate of Tenant
                provided that Tenant gives Owner prior written notice thereof, including
                the name of said affiliate and furnishes Owner with a copy of the
                instrument of assignment and provided further that said affiliate
                shall
                assume the obligations of Tenant under this Lease. An affiliate of
                Tenant
                shall be deemed to be an entity controlled by, controlling or under
                common
                control with Tenant.

            

    

     

    
      	
              (p)

            	
              Provided
                that Tenant is not then in default under this Lease Tenant may without
                Owner’s consent sublet up to two offices within the demised premises
                (without further demises the demised premises) provided that Tenant
                gives
                Owner prior written notice thereof, including the name of any such
                subtenant, and furnishes Owner with a copy of the sublease. In connection
                with any such sublease, the other provisions of this Article shall
                not
                apply. No such subletting under this subparagraph (p) shall be for
                any of
                the uses set forth in Article 51 of this
                Lease.

            

    

     

    
      	20.	
              1
                1/2

            

    

     

    
      	21.	
              ,
                the Lease shall be deemed modified effective on the date Owner requests
                such survey 

            

    

     

    
      	21a.	
              120
                days

            

    

     

    
      	22.	
              70. TENANT’S
                SIGN

            

    

     

    Tenant
      may install at Tenant’s expense erect a sign on the floor and if feasible,
      install colored logos on the glass plate floor indicator in the elevator, so
      long as Owner consents to the size, style and content of such signs. Owner
      agrees without charge to Tenant to provide 8 listings on the building director
      in the lobby for Tenants and its affiliates and sublesses. Tenant agrees to
      give
      Owner prior notice of the full names of any affiliates of Tenant which may
      occupy the demised premises.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    71. OWNER’S
      WORK (CONTINUED)

     

    Owner
      agrees that in doing the work set forth in the work letter referred to in
      Article 68 above, Owner will comply with the Americans with Disabilities Act.
      In
      the event asbestos is found in the demised premises which has not been
      introduced into the demised premises by Tenant, Owner will remove or encapsulate
      the same as required by law.

     

    72. FREIGHT
      ELEVATORS

     

    Owner
      agrees that Tenant may use the freight elevator for Tenant’s move into the
      building after regular business hours without charge. Tenant may also use the
      freight elevator without charge for accepting deliveries of furniture to Tenant
      within the first year of the term of this Lease.

     

    73. FIRST
      OFFER

     

    If,
      during the terms of this Lease, the adjoining space on the sixteenth floor
      of
      the building becomes vacant, then provided Tenant shall not then be in default
      under this Lease beyond any applicable notice and cure time, Tenant shall have
      the right of first offer upon the terms and conditions set forth in this Article
      for said adjoining space, when such space becomes available. Owner shall submit
      to Tenant for the approval of Tenant a Lease Proposal which shall contain the
      rent, electric charge, escalations and other terms for a lease term that will
      expire on the termination date of this Lease. Tenant shall have 30 days to
      notify Owner of Tenant’s acceptance of the Lease Proposal. The failure of Tenant
      so to notify Owner in writing within 30 days shall be conclusively deemed a
      rejection by Tenant. Tenant agrees within 30 days after notifying Owner that
      Tenant accepts the Lease Proposal to execute a lease for said adjoining space
      upon the terms and conditions set forth in the Lease Proposal and otherwise
      upon
      the terms and conditions set forth in this Lease.

     

    74. CABLE
      TELEVISION

     

    The
      building is presently wired for cable television; Tenant shall have access
      to
      such cable connection.

     

    75. DEMISED
      PREMISES; TEMPORARY SPACE

     

    In
      the
      event Owner’s work in the demised premises has not been substantially completed
      on or before November 1, 1996, Owner agrees Owner will pay any penalty incurred
      by Tenant, not exceeding $5,000, in holding over in its present space at 90
      Broad Street, New York, New York, provided that Tenant shall first pay such
      penalty and shall exhibit to Owner a copy of the bill from the landlord of
      90
      Broad Street, New York, New York and a copy of Tenant’s check in payment of the
      same.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      the
      event Owner’s work in the demised premises has not been substantially completed
      by December 1, 1996 Owner leases the Tenant and Tenant hires from Owner
      Temporary Space consisting of the portion of the eighteenth floor of the
      building that is shown on the attached floor plan (the “Temporary Space”).
      Tenant has inspected the Temporary Space and accepts the same “as is”. All of
      the other terms, comments and conditions of this Lease shall apply to the
      leasing by Owner to Tenant of the Temporary Space, except that Tenant shall
      pay
      fixed rent for the Temporary Space of $921.38 per month including electricity,
      which shall be prorated for any portion of the month that Tenant occupies the
      Temporary Space. 

     

    After
      Owner has substantially completed Owner’s work in the demised premises as set
      forth in the attached Work Letter, Owner shall give Tenant notice thereof and
      Tenant agrees to quit and surrender the Temporary Space in accordance with
      Article 22 of this Lease and move into the demised premises within ten (10)
      days
      after such notice. The fixed annual rent provided in this Lease for the demised
      premises such commence on and be prorated from the eleventh (11) day after
      such
      notice and the rent for the Temporary Space shall be prorated to the date Tenant
      quits and surrenders the Temporary Space. In the event the Tenant holds over
      in
      the Temporary Space after the tenth (10) day following Owner’s notice, Tenant
      shall pay rent for the Temporary Space as set forth in this Lease for the
      demised premises without giving effect to Article 67 of this Lease. Nothing
      in
      this Article shall prevent Owner from commencing a holdover proceeding against
      Tenant in the event Tenant holds over in the Temporary Space beyond the tenth
      day after Owner’s notice.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Bennet
      Design Group, Inc.

    135
      West
      29th Street

    New
      York,
      NY, 10001

    212-239-0511

     

    September
      10, 1996 Revised

     

    Asset
      Alliance Corporation

    800
      Third
      Avenue

    16th
      Floor

    New
      York,
      NY

     

    WORK
      LETTER

     

    Landlord
      agrees, at it’s sole expense and without charge to tenant, shall cause to be
      prepared the following architectural drawings and specifications: AND THE
      LANDLORD WILL BUILD THE SPACE PURSUANT TO LEASE ARTICLE #68.

     

    
      	A.	
              GENERAL
                CONSTRUCTION:

            

    

     

    
      	1.	
              DEMOLITION:

            

    

     

    As
      per
      plan C - 1 dated September 3, 1996.

     

    
      	2.	
              PARTITIONS:

            

    

     

    
      	a)	
              Building
                standard partitioning as per approved plan # C - 1 dated September
                3,
                1996.

            

    

     

    
      	b)	
              Wood
                and frame less clear glass at room # 1 & 3 ( Approximately 21 linear
                feet.)

            

    

     

    
      	3.	
              DOORS,
                FRAMES & HARDWARE:

            

    

     

    
      	
              a)

            	
              Seven
                ( 7 ) cherry wood and glass doors 3’ - 0” x 8’ - 0’ with true mullions ( 3
                x 7 ) with frosted panes, with 1” clear
                borders.

            

    

     

    
      	b)	
              One
                ( 1 ) pair of full height cherry wood closet
                doors.

            

    

     

    
      	
              c)

            	
              Lever
                door pulls - brushed chrome ( all doors ). Locks on three ( 3 ) office
                doors. Dead bolt and 8” sq. face plate for front entry
                doors.

            

    

     

    
      	d)	
              All
                doors to have Dome floor stops and
                silencers.

            

    

     

    
      	4.	
              CEILINGS:

            

    

     

    a) New
      2’ x
      2” full line (Donn or approved equal ) with white “cirrus” style lay -in tiles.
      As per plan RC - 1, dated September 3, 1996.

     

    b) Raised
      ceiling area in conference room #3 approximately 6’ - 0” x 8’ - 0” x 6” with
      continuous cherry wood fascia trim.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	5.	
              AIR
                CONDITIONING:

            

    

     

    
      	a)	
              Modify
                existing diffusers to conform to new partition
                layout.

            

    

     

    
      	6.	
              LIGHTING
                / ELECTRIC:

            

    

     

    
      	a)	
              Two
                ( 2 ) new building standard 2 x 4 fluorescent
                fixtures.

            

    

     

    
      	b)	
              Twenty
                two ( 22) new building standard recessed incandescent down lights.
                (One at
                lobby entry ).

            

    

     

    
      	c)	
              Three
                ( 3) new building standard recessed incandescent with emergency 24
                hour
                packs.

            

    

     

    
      
        	d)	
                Nineteen
                  ( 19 ) incandescent wall mounted sconces ( $250.00 allowed for
                  each
                  ).

              

      

    

     

    
      	e)	
              Four
                ( 4 ) dimmers and four ( 4 )
                switches.

            

    

     

    
      	f)	
              Two
                ( 2 ) new exit lights.

            

    

     

    
      	g)	
              One
                ( 1 ) new pendant incandescent fixture ( $250.00 allowance
                )

            

    

     

    
      	7.	
              POWER
                / ELECTRIC:

            

    

     

    
      	
              a)

            	
              Existing
                circuits and outlets to remain. Relocate all affected by demo and
                new
                partition layout.

            

    

     

    
      	
              b)

            	
              Three
                ( 3 ) new double duplex outlets.

            

    

     

    
      	
              c)

            	
              One
                ( 1 ) floor duplex outlet and one ( 1 ) floor conduit with box for
                phone
                and data line.

            

    

     

    
      	
              d)

            	
              Three
                ( 3 ) new 20 amp 115 volt dedicated quad
                outlet.

            

    

     

    
      	
              8.

            	
              PAINTING:

            

    

     

    
      	
              a)

            	
              Paint
                in colors selected by tenant - eggshell
                finish.

            

    

     

    
      	
              9.

            	
              FLOOR
                COVERING:

            

    

     

    
      	
              a)

            	
              Plank
                cherry wood floor in reception and wood border ( minimum 1’ - 0” width )
                on conference room ( approximately: 350 sq. ft.). ( Random width
                with wood
                pegs with plywood subfloor).

            

    

     

    
      	
              b)

            	
              Upgraded
                building standard carpet - color to be selected by tenant ( all offices
                $28.00 per yard allowance ).

            

    

     

    
      	
              c)

            	
              Building
                standard vinyl composition floor tile room # 11 - colors selected
                by
                tenant.

            

    

     

    
      	
              d)

            	
              Wood
                base ( 4” high ) all areas / offices except building standard vinyl base
                in room # 11.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              10.

            	
              MILLWORK:

            

    

     

    
      	
              a)

            	
              One
                ( 1 ) reception desk - cherry wood (3’ - 0” x 6’- 0”) with 5’ x 2’ return
                and gate and marble ledge.

            

    

     

    
      	
              b)

            	
              Wood
                panel chair rail wainscot and base ( room # 1 ) (approximately 92
                linear
                feet x 2’ - 6” high).

            

    

     

    
      	
              c)

            	
              Wood
                chair rail and base in corridor # 10 and conference room
                #3.

            

    

     

    
      	
              d)

            	
              One
                ( 1 ) media cabinet - cherry wood office # 4 ( approximately 10’ - 0’ long
                2’ - 0” deep x 2’ -6 “ high).

            

    

     

    
      	
              e)

            	
              One
                ( 1 ) cherry wood bookcase with adjustable shelves and four file
                draw for
                office # 4 (approximately 10’ - 0” long x 2’ - 6” high x 1’ - 0” deep
                ).

            

    

     

    
      	
              f)

            	
              Secretaries
                work station - room #5 - cherry wood surround 3’ - 6” high x 6’ - 6” long
                with plastic laminate top 14’-0” long x 2’ - 0” wide x 1 1/2” thick and
                wall MTD storage cabinet with task lighting and up light approximately
                12’
                6” long x 2’ - 6” high x 1’ - 1”
deep.

            

    

     

    
      	
              g)

            	
              Cherry
                wood radiator enclosures - room # 3, 4 , 5 and 9. ( Low bookcase
                at room
                #3 and 5 ).

            

    

     

    
      	
              h)

            	
              Cherry
                wood entry door surround and two side panels (approximately 4’ - 0” x 8’ -
                0” high).

            

    

     

    
      	
              i)

            	
              Pantry
                - cabinets - base with sink and all required plumbing 4’ - 0” x 2’ - 0” x
                3’ - 0” high and wall MTD cabinet 4’ - 0” x 1’ - 0” room #11
                .

            

    

     

    
      	
              j)

            	
              Storage
                room #11 counter approximately 2’ - 0” x 17’ - 0” long and two adjustable
                shelves approximately 1’ - 0” x 14’ - 0” long
                each.

            

    

     

    
      	
              k)

            	
              Built
                - in storage cabinets at wainscot column - room #1 (
                3-sections)

            

    

     

    
      	
              I)

            	
              Trading
                room # 7 twenty five ( 25) linear feet. 2’ - 0” deep counters and 15’ - 0”
                wall MTD cabinet, approximately 1’ - 3” deep x 1” - 3” high.( plastic
                laminate finish ).

            

    

     

    NOTE:
      All
      wood finishes to be selected by tenant. - See C - 1 and F - 1 dated September
      3,
      1996.

     

    
      	
              11.

            	
              WINDOW
                TREATMENT:

            

    

     

    
      	
              a)

            	
              Building
                standard solar veils added in color selected by
                tenant.

            

    

     

    NOTE:
      All
      work done by landlord and or tenant shall comply with the New York State
      Building Department code requirements.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Any
      additional equipment or work over and above that is specified in the Work Letter
      must receive approval of lessor, in advance, and shall be performed at lessees
      expense.

     

    
      	
              B.

            	
              WORK
                AT TENANT’S SOLE COST AND EXPENSE:

            

    

    (Unless
      specified in above Work Letter)

     

    
      	a)	
              Furniture
                and furnishings.

            

    

     

    
      	b)	
              Telephone
                and data equipment and cabling.

            

    

     

    
      	c)	
              Any
                above standard finishes and cabinetwork ( unless specified
                above).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CLEANING
      SPECIFICATIONS

     

    General
      Office Areas

     

    Nightly

     

    
      	a.	
              Damp
                mop all stone ceramic tile, terrazzo and other types of unwaxed
                flooring.

            

    

     

    
      	
              b.

            	
              Sweep
                all vinyl, asphalt, rubber and similar types of flooring using an
                approved
                chemically treated cloth or treated
                mop.

            

    

     

    
      	
              c.

            	
              Vacuum
                clean carpeted areas, once per week. Sweep all private stairways
                nightly
                and vacuum if carpeted, once per
                week.

            

    

     

    
      	
              d.

            	
              Hand
                dust and wipe clean with damp or chemically treated cloth all furniture,
                file cabinets, fixtures, window sills and convector enclosure tops,
                once
                per week.

            

    

     

    
      	e.	
              Dust
                all telephones.

            

    

     

    
      	f.	
              Dust
                all chairs, rail trim, etc., once per
                week.

            

    

     

    
      	
              g.

            	
              Empty
                and clean all waste receptacles and remove wastepaper and waste materials
                to a designated area. (Plastic liners provided once per week by
                Contractor.)

            

    

     

    
      	h.	
              Damp
                dust interiors of all waste disposal
                receptacles.

            

    

     

    
      	i.	
              Empty
                and wipe clean all ash trays and screen all sand
                urns.

            

    

     

    
      	j.	
              Wash
                clean all water fountains and water
                coolers.

            

    

     

    
      	k.	
              Clean
                all furniture tops.

            

    

     

    
      	l.	
              Remove
                fingermarks and dust doors of elevator
                batchways.

            

    

     

    
      	
              m.

            	
              This
                cleaning and additional cleaning operations shall be scheduled so
                that a
                minimum number of lights are to be left on at all times. Upon completion
                of the cleaning, all lights are to be turned off. All entrance doors
                are
                to be kept locked during this entire
                operation.

            

    

     

    General
      Office Areas

     

    Periodic

     

    
      	a.	
              Hand
                dust all door louvers and other ventilating louvers within reach
                once per
                week.

            

    

     

    
      	b.	
              Dust
                all baseboards once per week.

            

    

     

    
      	
              c.

            	
              Remove
                fingerprints from all painted surfaces near light switches, entrance
                doors, etc., once per week.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	d.	
              Wipe
                clean all bright work weekly.

            

    

     

    
      
        
          
            	e.	
                    Mopfloors
                      in public and private stairways throughout building once per
                      week,
                      including doors as
                      needed.

                  

          

        

      

    

     

    
      	f.	
              Move
                and vacuum clean once per week underneath all furniture that can
                be
                moved.

            

    

     

    
      	g.	
              Dust
                all picture frames, charts and similar hangings
                quarterly.

            

    

     

    
      	h.	
              Dust
                all vertical surfaces such as walls, partitions and doors
                quarterly.

            

    

     

    
      	i.	
              Dust
                exterior of lighting fixtures three times per year.
                

            

    

     

    Public
      Toilets - (excludes private lavatories)

     

    Nightly

     

    
      	a.	
              Wash
                all floors.

            

    

     

    
      	b.	
              Wash
                all mirrors and powder shelves.

            

    

     

    
      	c.	
              Wash
                all bright work.

            

    

     

    
      	d.	
              Wash
                all plumbing fixtures.

            

    

     

    
      	e.	
              Wash
                and disinfect all toilet seats, both
                sides.

            

    

     

    
      	f.	
              Scour,
                wash and disinfect all basins, bowls, urinals throughout all
                toilets.

            

    

     

    
      	g.	
              Empty
                paper towels receptacles and remove paper to designated
                area.

            

    

     

    
      	h.	
              Fill
                toilet tissue holder (tissue to be furnished by
                contractor).

            

    

     

    
      	
              i.

            	
              Fill
                soap dispenser system and fill paper towel dispenser (soap and towels
                to
                be supplied by contractor).

            

    

     

    
      	j.	
              Empty
                and clean sanitary disposal
                receptacles.

            

    

     

    
      	k.	
              Clean
                and wash receptacles and dispensers
                nightly.

            

    

     

    
      	1.	
              Remove
                fingerprints from painted surfaces.

            

    

     

    
      	m.	
              Report
                all mechanical deficiencies, i.e. dripping faucets, etc., to Owner’s
                representative.

            

    

     

    
      	
              n.

            	
              Remove
                all unauthorized marks and writing from walls on night. Dust all
                partitions and the tile walls
                weekly.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Periodic

     

    
      	a.	
              Clean
                and wash all partitions once a month: spot clean
                daily.

            

    

     

    
      	b.	
              Scrub
                floors once per month.

            

    

     

    
      	c.	
              Hand
                dust, clean and wash all the tile walls twice each
                year.

            

    

     

    
      	d.	
              High
                dusting to be done once each quarter which includes lights, walls
                and
                grills.

            

    

     

    
      	e.	
              Wash
                toilet lighting fixtures once per
                year.

            

    

     

    Public
      Areas

     

    
      	
              a.

            	
              Daily,
                police all public and private stairwells throughout the entire building
                and keep in clean condition, sweep and damp mop same, once per
                week.

            

    

     

    
      	b.	
              Inspect
                and keep clean firehose, extinguishers and similar
                equipment.

            

    

     

    
      	c.	
              Dust
                all railing, etc., weekly and high dust
                quarterly.

            

    

     

    
      	d.	
              Wash
                all public corridor flooring as
                necessary.

            

    

     

    
      	e.	
              Remove
                all unauthorized marks and writing from walls on
                sight.

            

    

     

    
      	
              f.

            	
              Damp
                wipe vertical surfaces of public corridors and elevator lobbies as
                often
                as necessary but not less than once per
                month.Unassociated Document

    
      Exhibit
        10.29

       

      LEASE
        MODIFICATION AGREEMENT

       

      AGREEMENT
        made this 1st
        day of
        November 1996, by and between JOSEPH P. DAY RELATY CORP., as agent for 800
        Third
        Avenue Associates (“Owner”), having an office at 9 East 40th Street, New York,
        New York 10016, and ASSET ALLIANCE CORPORATION (“Tenant”), 800 Third Avenue, New
        York, New York 10022;

       

      W
        I T N E S S E T H :

       

      WHEREAS,
        the parties are Owner and Tenant respectively under lease dated September
        12,
        1996 (the “Lease”) covering a portion of the 16th Floor as described in the
        Lease; and

       

      WHEREAS,
        Tenant wishes to lease additional space in the basement;

       

      NOW,
        THEREFORE, the parties agree as follows:

       

      1. Owner
        hereby leases to Tenant and Tenant hereby leases from Owner the basement
        space
        shown on the attached floor plan (the “Basement Space”) for a term commencing on
        execution of this Agreement and ending on the same day the term of the Lease
        shall end, at an annual rental rate of $3,900 per annum.

       

      2. Except
        to
        the extent otherwise provided in this Agreement, (a) from and after the date
        of
        this Agreement the Basement Space shall for all purposes of the Lease constitute
        part of the demised premises under the Lease, and (b) Owner and Tenant agree
        that all the terms, covenants and conditions of the Lease shall apply to
        the
        leasing of the Basement Space.

       

      3. Tenant
        has inspected the Basement Space and accepts the same “as is” and Owner is
        required to do no work in the Basement Space.

       

      4. Articles
        39, 40, 41, 42, 43, 66, 67, 68, 70, 71, 72, 73, 74 and 75 of the Lease shall
        not
        apply to the leasing of the Basement Space. Article 2 of the Lease shall
        not
        apply to the Basement Space; Tenant shall use and occupy the Basement Space
        for
        storage and for no other purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5. This
        Agreement is offered to Tenant for signature by the managing agent of the
        Building solely in its capacity as such agent and subject to Owner’s acceptance
        and approval. Tenant shall affix its signature hereto with the understanding
        that such act shall not, in any way, bind Owner or its agent until such time
        as
        this Agreement shall have been approved and executed by the managing agent
        or
        the Owner and delivered to Tenant.

       

      6. Tenant
        covenants, warrants and represents that there was no broker except Joseph
        P. Day
        Realty Corp. instrumental in consummating this Agreement and that no
        conversations or negotiations were had with any broker except Joseph P. Day
        Realty Corp. concerning the terms of this Agreement. Tenant agrees to hold
        Owner
        harmless against any claims for a brokerage commission arising out of any
        conversations or negotiations had by Tenant with any broker except Joseph
        P. Day
        Realty Corp.

       

      7. Except
        as
        specifically modified herein, Owner and Tenant ratify, confirm, accept and
        agree
        to all of the terms, covenants and conditions of the Lease.

       

      8. This
        Agreement shall inure to the benefit of and bind the parties hereto, their
        legal
        representatives, successors and assigns. Tenant shall look only to Owner’s
        estate and interest in the land and Building, for the satisfaction of Tenant’s
        remedies for the collection of a judgment (or other judicial process) against
        Owner in the event of any default by Owner under the Lease or this Agreement,
        and no other property or assets of such Owner (or any partner, member, officer
        or director thereof, disclosed or undisclosed), shall be subject to levy,
        execution or other enforcement procedure for the satisfaction of Tenant’s
        remedies under or with respect to the Lease or this Agreement, the relationship
        of Owner and Tenant hereunder, or Tenant’s use and occupancy of the demised
        premises.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

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

       

      
        	
                JOSEPH
                  P. DAY REALTY CORP., as agent

              
	
                (Owner)

              
	 
	
                By:

              	
                /s/
                  Richard Teichman

              
	 	 
	
                ASSET
                  ALLIANCE CORPORATION

              
	
                (Tenant)

              
	 
	
                By:

              	
                /s/
                  Arnold L. Mintz

              

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      Asset
        Alliance Corporation

      Arnold
        L.
        Mintz

      Executive
        Vice President

       

      October
        30, 1996

       

      Mr.
        Arnold Tannenbaum

      Clarks
        Goodman & Company, Ltd.

      1210
        Pleasantville Road

      Briarcliff
        Manor, NY 10510

       

      Dear
        Mr.
        Tannenbaum:

       

      To
        confirm our telephone conversation, this is to advise you not to issue an
        umbrella liability policy for Asset Alliance Corporation. I have enclosed
        the
        original certificate of insurance which was issued on October 17,
        1996.

       

      Please
        mail to us the amended certificate of insurance as soon as
        possible.

       

      Thank
        you
        for your assistance in this matter.

       

      Kindest
        regards,

       

      
        	
                /s/
                  Arnold L. Mintz

              
	
                Arnold
                  L. Mintz

              
	
                Executive
                  Vice President

              

      

       

      Encl.

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