Document:

frpcreditamendment

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT, dated as of November 13, 2012 (this “Amendment”), is entered into among FAIRPOINT COMMUNICATIONS, INC., a Delaware corporation (“FairPoint”), FAIRPOINT LOGISTICS, INC., a South Dakota corporation (“Logistics” and, together with FairPoint, being collectively referred to as the “Borrowers” and each being individually referred to as a “Borrower”), Bank of America, N.A., in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”) and the Lenders signatory hereto.  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement referred to below. 
W I T N E S S E T H :
WHEREAS, the Borrowers, the Administrative Agent and the other banks and financial institutions from time to time party thereto (the “Lenders”) are party to a Credit Agreement, dated as of January 24, 2011 (as amended, supplemented, waived or otherwise modified prior to the date hereof, the “Credit Agreement”);
WHEREAS, the Borrowers have requested that the Lenders agree to amend the Credit Agreement to facilitate future Dispositions; and
WHEREAS, the undersigned Lenders are agreeable to such amendments, but only on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, it is hereby agreed as follows:
Article I.
Amendments
Effective on (and subject to the occurrence of) the Effective Date (as defined below):
Section 1.1.  Section 2.05 of the Credit Agreement is hereby amended by deleting clause (b)(ii) of such Section and inserting, in lieu thereof, the following new clause (b)(ii):

“    (ii)    If FairPoint or any of its Subsidiaries Disposes of any property (other than any Disposition of any property permitted by Section 7.05(a) through (j)) which results in the realization by such Person of Net Cash Proceeds in excess of $5,000,000 in any fiscal year of such Person, the Borrowers shall prepay an aggregate principal amount of Loans equal to 100% of such excess immediately upon receipt thereof by such Person (such prepayments to be applied as set forth in clauses (vi) and (ix) below); provided, however, that, with respect to any Net Cash Proceeds (up to a maximum aggregate amount of Net Cash Proceeds in any fiscal year of $20,000,000 (or in the event the Consolidated Total Leverage Ratio as of the last day of the immediately preceding fiscal year of FairPoint is 2.00 to 1.00 or less, $45,000,000))  realized under a Disposition described in this Section 2.05(b)(ii), at the election of the Borrowers (as notified by the Borrowers to the Administrative Agent on or prior to the date of such Disposition), and so long as no Default shall have occurred and be continuing, FairPoint or such Subsidiary may reinvest all or any portion of such Net Cash Proceeds in operating assets so long as within 180 days after the receipt of such Net Cash Proceeds, such purchase shall have been consummated (as certified by the Borrowers in writing to the Administrative Agent); and provided, further, however, that any Net Cash Proceeds not so reinvested shall be immediately applied to the prepayment of the Loans as set forth in this Section 2.05(b)(ii).  Notwithstanding the foregoing, to the extent that the sole reason that FairPoint or any of its Subsidiaries is unable to reinvest all or a portion of the Net Cash Proceeds realized under a Disposition within such 180 day period is the failure to receive any required regulatory approvals (and such approvals have not theretofore been denied), such 180 day period may be extended to up to 365 days in the sole discretion of the Administrative Agent; provided, however, immediately upon any denial of a requested approval or withdrawal of the request of such approval the applicable Net Cash Proceeds shall be applied to the prepayment of the Loans as set forth in this Section 2.05(b)(ii).”

Section 1.2.  Section 7.05 of the Credit Agreement is hereby amended by:

(a)  Deleting the phrase “or enter into any written agreement to make any Disposition” as it appears in the introductory language to such Section.

(b)  Deleting clause (k) of such Section in its entirety and inserting, in lieu thereof, the following new clause (k):

“    (k)    Dispositions of assets (including, without limitation, Dispositions of Investments in joint ventures) not otherwise permitted by this Section 7.05; provided that (i) at the time of such Disposition, no Default shall exist or would result therefrom, (ii) the total consideration received from all such Dispositions permitted by this clause (k) in any fiscal year of FairPoint shall not exceed $125,000,000 in any fiscal year (or, in the event the Consolidated Total Leverage Ratio as of the last day of the immediately preceding fiscal year of FairPoint is 2.00:1.00 or less, $200,000,000) and (iii) the Net Cash Proceeds thereof shall be applied if and to the extent required by Section 2.05(b)(ii);” 
Article II.
Miscellaneous

Section 2.1.  Conditions to Effectiveness.  This Amendment shall become effective as of the date (the “Effective Date”) on which the following conditions have been satisfied in full:

		
	(a)
	the Administrative Agent shall have received this Amendment, executed and delivered by a duly authorized officer of each Borrower and the Required Lenders;

		
	(b)
	all representations and warranties contained in this Amendment or otherwise made in writing to the Administrative Agent in connection herewith shall be true and correct on the date hereof and on the Effective Date, and after giving effect to the effectiveness of this Amendment there shall not exist a Default or an Event of Default; and

		
	(c)
	the Administrative Agent shall have received payment in full in immediately available funds of all reasonable out-of-pocket fees, costs and expenses incurred by the Administrative Agent (including, but not limited to, the reasonable fees and expenses of its legal counsel) in connection with this Amendment and, to the extent required pursuant to Section 10.04(a)(i) of the Credit Agreement, any unreimbursed fees and expenses heretofore incurred by the Administrative Agent, in each case for which FairPoint has received an invoice prior to the Effective Date.

Section 2.2.  Representations and Warranties of the Borrowers.

(a)The execution, delivery and performance of this Amendment has been duly authorized by all necessary corporate action on the part of each Borrower.

(b)The execution and delivery by each Borrower of this Amendment, and performance by the Borrowers of the Credit Agreement as amended hereby, will not (i) violate any applicable Law or any Organizational Documents of any Borrower or (ii) conflict with or result in any breach or contravention of, or the creation of any Lien (other than any Lien permitted by Section 7.1 of the Credit Agreement) or require any payment to be made under (x) any material Contractual Obligation to which a Borrower is a party or affecting such Borrower or the properties of any Borrower or any of its Subsidiaries or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which a Borrower or its property is subject.

(c)This Amendment constitutes a legal, valid and binding obligation of each Borrower, enforceable against such Borrower in accordance with its terms, except to the extent that the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws relating to or affecting creditors' rights generally and general equitable principles (regardless of whether enforcement is sought by proceedings in equity or at law).

(d)After giving effect to the effectiveness of this Amendment all representations and warranties contained in the Credit Agreement and each other Loan Document are true and correct in all material respects (or, in the case of any representation or warranty that is already by its terms qualified as to “materiality” or “Material Adverse Effect” or similar language, in all respects after giving effect to such qualification) with the same effect as if made on and as of such date, except to the extent any of such 

representations and warranties relate to a specific date, in which case such representations and warranties shall be deemed true and correct on and as of such earlier date (provided that for purposes of this clause (d), the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively).

Section 2.3.  Severability.    Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 2.4.  Continuing Effect; No Other Waivers or Amendments.  This Amendment shall not constitute an amendment to or waiver of any provision of the Credit Agreement and the other Loan Documents except as expressly stated herein and shall not be construed as a consent to any action on the part of any Borrower or any Subsidiary of any Borrower, that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein.  Except as expressly amended or waived hereby, the provisions of the Credit Amendment and the other Loan Documents are and shall remain in full force and effect in accordance with their terms, and the terms of the other Loan Documents (a) secure, and continue to secure, all Obligations and (b) guarantee, and continue to guarantee, the Obligations. On and after the Effective Date, each reference in the Credit Agreement or in any other Loan Document to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference in the Notes to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument.  This Amendment shall be considered a Loan Document.  

Section 2.5.  Counterparts.  This Amendment may be executed in any number of separate counterparts by the parties hereto (including by telecopy or via electronic mail), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument.

Section 2.6.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first above written.

	
					
	 
	 
	 
	 
	 

	FAIRPOINT COMMUNICATIONS, INC.

	 
	 

	By:
	 
	/s/ Ajay Sabherwal

	 
	 
	Name:
	 
	Ajay Sabherwal

	 
	 
	Title:
	 
	Chief Financial Officer

	
					
	 
	 
	 
	 
	 

	FAIRPOINT LOGISTICS, INC.

	 
	 

	By:
	 
	/s/ Ajay Sabherwal

	 
	 
	Name:
	 
	Ajay Sabherwal

	 
	 
	Title:
	 
	Chief Financial Officer

                                    

[Signature Page to First Amendment to FairPoint Communications Credit Agreement]

	
					
	 
	 
	 
	 
	 

	BANK OF AMERICA, N.A.,

	as Administrative Agent and a Lender

	 
	 

	By:
	 
	/s/ Edna Aguilar Mitchell

	 
	 
	Name:
	 
	Edna Aguilar Mitchell

	 
	 
	Title:
	 
	Director

            

[Signature Page to First Amendment to FairPoint Communications Credit Agreement]Xtra-Gold Resources Corp.: Exhibit 10.65 - Filed by newsfilecorp.com

Exhibit 10.65 

OFFICE SPACE LEASE 

DUNDEAL SUMMER 2011 COLLECTION (GP) INC. 

Landlord 

and 

XTRA-GOLD RESOURCES CORP. 

Tenant 

 

Suite 902 
357 Bay Street 
Toronto, Ontario 

Rentable Area: approximately 881 square feet 

Date: October 18, 2012 

INDEX 

	PART 1 – BASIC
      INFORMATION 
	 	  	  
	 	1.1 	Landlord 
	 	1.2 	Tenant 
	 	1.3 	Indemnifier 
	 	1.4 	Building 
	 	1.5 	Premises 
	 	1.6 	Use 
	 	1.7 	Term 
	 	1.8 	Commencement Date 
	 	1.9 	Basic Rent 
	 	1.10 	Additional Rent 
	 	1.11 	Prepaid Rent 
	 	1.12 	Deposit 
	 	1.13 	Rent Commencement Date
    
	 	1.14      	Basic Information 
	 	  	  
	PART 2 – BASIC TERMS AND PRINCIPLES
    
	 	  	  
	 	2.1 	Lease 
	 	2.2 	Grant 
	 	2.3 	Basic Covenants 
	 	  	  
	PART 3 – USE OF PREMISES 
	 	  	  
	 	3.1 	Use 
	 	3.2 	Abandonment 
	 	3.3 	Operating Standards 
	 	3.4 	Compliance with Laws
  
	 	3.5 	No Waste or Nuisance 
	 	3.6 	Common Areas 
	 	3.7 	Easements 
	 	  	  
	PART 4 – TERM – POSSESSION 
	 	  	  
	 	4.1 	Term 
	 	4.2 	Tenant Fixturing 
	 	4.3 	Early Occupation 
	 	4.4 	Delayed Possession

	 	4.5 	Surrender 
	 	4.6 	Overholding 
	 	4.7 	Effect of Termination 
	 	4.8 	Acceptance of Premises
    
	 	  	  
	PART 5 – RENT

	 	  	  
	 	5.1 	Payment 
	 	5.2 	Basic Rent 
	 	5.3 	Deposit 
	 	5.4 	Additional Rent 
	 	5.5 	Utilities 
	 	5.6 	Additional Services 
	 	5.7 	General Provisions
  

- ii - 

	PART 6 – TAXES
  
	 	  	  
	 	6.1 	Taxes Payable by
      Landlord 
	 	6.2 	Business and Other Taxes Payable by
      Tenant 
	 	6.3 	Allocation of Realty Taxes
      to Premises 
	 	6.4 	Allocation of Realty Taxes to Common
      Areas 
	 	6.5 	Contesting Taxes 
	 	6.6 	Alternate Methods of Taxation 
	 	6.7 	Other Taxes 
	 	  	  
	PART 7 – MAINTENANCE,
      REPAIRS AND ALTERATIONS 
	 	  	  
	 	7.1 	Responsibility of Tenant
    
	 	7.2 	Responsibility of Landlord 
	 	7.3 	Inspection, Entry and
      Notice 
	 	7.4 	Alterations or Improvements 
	 	7.5 	Removal and Restoration
    
	 	7.6 	External Changes 
	 	7.7 	Trade Fixtures 
	 	7.8 	Tenant's Signs 
	 	7.9 	Landlord's Signs 
	 	  	  
	PART 8 – STANDARD SERVICES
      AND ALTERATIONS 
	 	  	  
	 	8.1 	Operation of Building
  
	 	8.2 	Services to Premises 
	 	8.3 	Building Services 
	 	8.4 	Utilities 
	 	8.5 	Limitation 
	 	8.6 	Landlord's Alterations 
	 	8.7 	Interruption or Delay of
      Services 
	 	8.8 	Public Policy 
	 	8.9 	Security Information
  
	 	  	  
	PART 9 – DISPOSITIONS BY
      TENANT 
	 	  	  
	 	9.1 	Transfers 
	 	9.2 	Additional Requirements 
	 	9.3 	No Release 
	 	9.4 	Costs 
	 	9.5 	No Advertising 
	 	  	  
	PART 10 – INSURANCE AND
      INDEMNIFICATION 
	 	  	  
	 	10.1 	Tenant's Insurance

	 	10.2 	Policy Requirements 
	 	10.3 	Proof of Insurance

	 	10.4 	Failure to Maintain 
	 	10.5 	Damage to Leasehold
      Improvements 
	 	10.6 	Increase in Insurance
      Premiums/Cancellation 
	 	10.7 	Landlord's Insurance
  
	 	10.8 	Non-Liability for Loss, Injury or Damage
    
	 	10.9 	Indemnification of
      Landlord 
	 	10.10    	Extension of Rights and Remedies
  

- iii - 

	PART 11 – DAMAGE
  
	 	  	  
	 	11.1 	Damage to Premises

	 	11.2 	Damage to the Building 
	 	11.3 	Architect's Certificate
    
	 	11.4 	Limitation on Landlord's Liability

	 	  	  
	PART 12 – LANDLORD'S REMEDIES

	 	  	  
	 	12.1 	Landlord May Perform Tenant's Covenants
    
	 	12.2 	Re-Entry 
	 	12.3 	Right to Distrain 
	 	12.4 	Landlord May Follow
      Chattels 
	 	12.5 	Rights Cumulative 
	 	  	  
	PART 13 – ADDITIONAL PROVISIONS
  
	 	  	  
	 	13.1 	Landlord Default 
	 	13.2 	Relocation 
	 	13.3 	Demolition 
	 	13.4 	Effect of Termination
  
	 	  	  
	PART 14 – TRANSFERS BY
      LANDLORD 
	 	  	  
	 	14.1 	Sales, Conveyance and
      Assignment 
	 	14.2 	Effect of Sale, Conveyance or Assignment
    
	 	14.3 	Subordination 
	 	14.4 	Attornment 
	 	14.5 	Nondisturbance 
	 	14.6 	Effect of Attornment 
	 	14.7 	Execution of Instrument
    
	 	  	  
	PART 15 –
      MISCELLANEOUS 
	 	  	  
	 	15.1 	Certification 
	 	15.2 	Rights of Mortgagees 
	 	15.3 	Joint and Several
      Liability 
	 	15.4 	Landlord and Tenant Relationship 
	 	15.5 	No Waiver 
	 	15.6 	Expropriation 
	 	15.7 	Additional Costs 
	 	15.8 	Notice 
	 	 15.9 	Non Merger 
	 	15.10 	Lease Entire Agreement 
	 	15.11 	Registration 
	 	15.12 	Name of Building and Complex 
	 	15.13 	Governing Law 
	 	15.14 	Survival of Tenant's Covenants 
	 	15.15 	Quiet Enjoyment 
	 	15.16 	Severability 
	 	15.17 	Amendments 
	 	15.18 	Assigns 
	 	15.19 	Status of Manager 
	 	15.20 	Acceptance by Tenant 
	 	15.21     	Tenant's Review of Lease
    

- iv - 

	Schedule 1 	– 	Legal Description 
	Schedule 2 	– 	Floor Plan 
	Schedule 3 	– 	Definitions 
	Schedule 4 	– 	Operating Standards 
	Schedule 5 	– 	INTENTIONALLY DELETED
  
	Schedule 6 	– 	Operating Costs 
	Schedule 7 	– 	INTENTIONALLY DELETED
  
	Schedule 8 	– 	Determination of Rentable Area 
	Schedule
      9      	–      	Special Provisions
  

OFFICE SPACE LEASE 

THIS LEASE is made as of the 18th day of October,
2012 

between Landlord and Tenant listed below.

PART 1 - BASIC INFORMATION 

	1.1 	Landlord: 	Name: 	DUNDEAL SUMMER 2011 COLLECTION (GP) INC.
    
	  	  	Address: 	c/o Dundee Realty Management Corp., State
      Street Financial Centre, 
	  	  	  	30 Adelaide Street East, Suite 1600, Toronto,
      Ontario, M5C 3H1 
	  	  	  	  
	  	  	Phone No.:     	416 365-3535 
	  	  	Fax No.: 	416 365-6565 
	  	  	  	  
	1.2 	Tenant: 	Name: 	XTRA-GOLD RESOURCES CORP. 
	  	  	Address: 	357 Bay Street, Suite 902, Toronto, Ontario,
      M5H 2T7 
	  	  	  	  
	  	  	Phone No.: 	416 366-4227 
	  	  	Fax No.: 	416 981-3055 
	  	  	  	  
	1.3 	Indemnifier: 	None. 	  

	1.4 	
      Building: 357 Bay Street, Toronto, Ontario,
      and situate upon the lands described in Schedule 1 to this
Lease.

	 	 
	1.5 	
      Premises: The area outlined on Schedule 2
      to this Lease, designated as suite 902, located on the 9th floor of the
      Building and having a Rentable Area of approximately 881 square
    feet.

	 	 
	1.6 	
      Use: The Premises may not be used for any
      purpose other than as a first class business office.

	 	 
	1.7 	
      Term: Five (5) years.

	 	 
	1.8 	
      Commencement Date: November 1,
  2012.

	 	 
	1.9 	
      Basic Rent:

	 	Period 	Annual Rate 	Annual 	Monthly 
	 	  	(per sq. ft. of
    	Amount 	Amount 
	 	  	Rentable
      Area) 	(plus
      applicable 	(plus
      applicable 
	 	  	  	taxes) 	taxes)
  
	 	  	  	  	  
	 	November 1, 2012 to 
October 31, 2017
	$23.00 	$20,263.00 	$1,688.58

- 2 - 

	1.10 	
      Additional Rent: The following additional
      payments are payable as rent as of and from the Rent Commencement
    Date:

	 	.1              
      Tenant's Share of Realty Taxes and Operating Costs 
	 	 	   
	 	.2              
      Utilities for the Premises 
	 	 	   
	 	.3              
      Additional Services 

	1.11 	
      Prepaid Rent: None.

	 	 
	1.12 	
      Deposit: Landlord acknowledges that Tenant
      has deposited $7,500.00 with Landlord, such amount to be applied to the
      Basic Rent and Additional Rent accruing for the first month of the Term
      and the remainder to be held as a security deposit as provided in this
      Lease.

	 	 
	1.13 	
      Rent Commencement Date: November 1,
      2012.

	 	 
	1.14 	
      Basic Information: Each reference in this
      Lease to any portion of the Basic Information shall incorporate the
      specific information described above. Certain words and phrases recurring
      throughout this Lease have defined meanings as set out in Schedule 3 to
      this Lease, unless the subject matter or context requires
  otherwise.

PART 2 - BASIC TERMS AND PRINCIPLES 

	2.1 	
      Lease: This is a lease as well as a
      business contract. It is intended that this Lease be an absolutely net and
      carefree lease for Landlord and that rent be received by Landlord free of
      any cost or obligation concerning the Premises or the Building unless
      specified in this Lease. Each provision of this Lease applicable to each
      party although not expressed as a covenant, shall be construed to be a
      covenant of such party for all purposes.

	 	 
	2.2 	
      Grant: In consideration of the rents to be
      paid and the covenants contained in this Lease, Landlord leases the
      Premises to Tenant and Tenant leases and accepts the Premises from
      Landlord, to have and to hold the Premises during the Term, at the rent,
      subject to the conditions and limitations and in accordance with the
      covenants contained in this Lease.

	 	 
	2.3 	
      Basic Covenants: Landlord covenants to
      observe and perform all of the terms and conditions to be observed and
      performed by Landlord under this Lease. Tenant covenants to pay the Rent
      when due under this Lease, and to observe and perform all of the terms and
      conditions to be observed and performed by Tenant under this
  Lease.

PART 3 - USE OF PREMISES 

	3.1 	
      Use: Tenant covenants to use the Premises
      only as specified in section 1.6 in accordance with the Operating
      Standards and the standards of comparable office buildings in the
      municipality. Tenant shall take possession of the Premises no later than
      the Commencement Date, unless Landlord otherwise consents in
    writing.

- 3 - 

	3.2 	
      Abandonment: Tenant will not vacate or
      abandon the Premises at any time during the Term without Landlord's prior
      written consent, which consent may be unreasonably or arbitrarily
      withheld. If Tenant, without Landlord's prior written consent, vacates, or
      abandons the Premises, or fails to conduct its business therein, or uses
      or permits or suffers the use of the Premises for any purpose not
      specifically herein authorized, Tenant will be in breach of Tenant's
      obligations under this Lease, and then without constituting a waiver of
      Tenant's obligations or limiting Landlord's remedies hereunder, all Rent
      reserved in this Lease will immediately become due and payable to Landlord
      unless payment thereof is guaranteed to the satisfaction of
    Landlord.

	 	 
	3.3 	
      Operating Standards: Tenant shall comply
      with the Operating Standards. Landlord may from time to time make other
      rules and regulations to amend and supplement the Operating Standards and
      which relate to the operation, use, reputation, safety, care or
      cleanliness of the Building and the Premises, the operation and
      maintenance of buildings and equipment, the use of Common Areas, and any
      other matters affecting the operation and use of the Building and conduct
      of business in the Premises and which may differentiate between different
      types of businesses.

	 	 
	3.4 	
      Compliance with Laws: Tenant is responsible
      at all times to comply with and to keep the Premises, the Leasehold
      Improvements and Trade Fixtures in compliance and accordance with the
      requirements of all applicable laws, directions, rules, regulations or
      codes of Landlord and every Authority having jurisdiction and of any
      insurer by which Landlord or Tenant is insured and affecting the
      construction, operation, condition, maintenance, use or occupation of the
      Premises or the making of any repair or alteration including, without
      limitation, compliance with each Environmental Law and any agreements with
      adjoining owners and or third parties affecting the Premises and the
      Building. Tenant shall not allow or cause any act or omission to occur in
      or about the Premises which may result in an illegal or prohibited use or
      causes any breach of or non-compliance with such laws, directions, rules,
      regulations and codes. If, due to Tenant's acts, omissions or use of the
      Premises, repairs, alterations or improvements to the Premises or the
      Building are necessary to comply with any of the foregoing or with the
      requirements of insurance carriers, Tenant will pay the entire cost
      thereof. Before being permitted to take possession of the Premises, and at
      any time and from time to time thereafter within ten (10) days after
      Landlord's request, Tenant shall provide a true and complete copy of all
      environmental permits and compliance certificates for the Tenant's
      permitted business operations and all other activities by Tenant at, upon
      or about the Premises required and/or issued by any Authority pursuant to
      any Environmental Law.

	 	 
	3.5 	
      No Waste or Nuisance: Tenant shall not
      commit or permit any waste or damage to the Premises or the Building, or
      commit or permit anything which may disturb the quiet enjoyment of any
      occupant of the Building or which may interfere with the operation of the
      Building. Tenant will not cause or permit any nuisance or hazard in or
      about the Premises and Tenant will not permit the storage of any
      Contaminant or any Discharge in or about the Premises or the Building and
      will keep the Premises free of Contaminants, debris, trash, rodents,
      vermin and anything of a dangerous, noxious or offensive nature or which
      could create a fire hazard (through undue load on electrical circuits or
      otherwise) or undue vibration, heat or any noxious or strong noises or
      odours or anything which may disturb the enjoyment of the Building and the
      Common Areas by customers and other tenants of the Building. Without
      limiting the generality of the foregoing: (a) Tenant shall not use or
      permit the use of any equipment or device such as, without limitation,
      loudspeakers, stereos, public address systems, sound amplifiers, radios,
      televisions, VCR's or DVD's which is in any manner audible or visible
      outside of the Premises; and (b) no noxious or strong odours shall be
      allowed to permeate outside the Premises; and (c) no boot trays or other
      items may be placed outside the Premises; in each case without the prior
      written consent of Landlord which may be arbitrarily withheld or withdrawn
      on 24 hours notice to Tenant.

- 4 - 

	3.6 	
      Common Areas: Landlord agrees that Tenant,
      in common with all others entitled thereto including the general public in
      concourse areas, may use and have access through the Common Areas for
      their intended purposes during Normal Business Hours only; provided
      however, that in an emergency or in the case of Landlord making repairs,
      Landlord may temporarily close or restrict the use of any part of the
      Common Areas, although Landlord shall, in such instances, endeavour not to
      prevent access to the Premises.

	 	 
	3.7 	
      Easements: Tenant acknowledges that
      Landlord and any persons authorized by Landlord may install, maintain and
      repair pipes, wires and other conduits or facilities through the Common
      Areas and the Premises. Any such installing, maintaining and repairing
      shall be done as quickly as possible and in a manner that will minimize
      inconvenience to Tenant to the extent reasonably possible in the
      circumstances.

PART 4 - TERM - POSSESSION 

	4.1 	
      Term: This Lease shall be for the Term set
      out in section 1.7 unless earlier terminated as provided in this Lease,
      and nothing hereafter contained in this Part 4 shall postpone the
      Commencement Date, or extend the Term.

	 	 
	4.2 	
      Tenant Fixturing: INTENTIONALLY DELETED.
      Refer to section 1 of Schedule 9.

	 	 
	4.3 	
      Early Occupation: INTENTIONALLY DELETED.
      Refer to section 1 of Schedule 9.

	 	 
	4.4 	
      Delayed Possession: If Landlord is delayed
      for any reason in delivering possession of all or any portion of the
      Premises to Tenant on or before the Commencement Date, then Tenant will
      take possession of the Premises on the date when Landlord delivers
      possession of all of the Premises, which date will be conclusively
      established by notice from Landlord to Tenant at least five (5) days
      before such date. This Lease will not be void or voidable nor will
      Landlord be liable to Tenant for any loss or damage resulting from any
      delay in delivering possession of the Premises to Tenant, but no Rent will
      be payable by Tenant (unless such delay is principally caused by or
      attributable to Tenant, its employees, servants, agents or contractors),
      for the period prior to the date on which Landlord can so deliver
      possession of all of the Premises, unless Tenant elects to take possession
      of a portion of the Premises whereupon Rent will be payable in respect of
      such portion from the date such possession is so taken.

	 	 
	4.5 	
      Surrender: Tenant shall surrender
      possession of the Premises upon termination of this Lease by expiration of
      the Term or operation of the terms hereof, in good and substantial repair
      and condition as required by this Lease.

	 	 
	4.6 	
      Overholding: If Tenant remains in
      possession of the Premises following termination of this Lease by
      expiration of the Term or operation of the terms hereof, with or without
      objection by Landlord, and without any written agreement otherwise
      providing, Tenant shall be deemed to be a monthly tenant upon the same
      terms and conditions as are contained in this Lease except as to the Term,
      and except as to Basic Rent which shall be equal to the greater of: (a)
      twice the Basic Rent payable in the last year of the Term or any renewal
      term, or (b) the then prevailing rate charged by Landlord in the Building.
      This provision shall not authorize Tenant to so overhold where Landlord
      has objected.

	 	 
	4.7 	
      Effect of Termination: The expiry or
      termination of this Lease whether by elapse of time or by the exercise of
      any right of either Landlord or Tenant pursuant to this Lease shall be
      without prejudice to the right of Landlord to recover arrears of rent and
      the right of each party to recover damages for an antecedent default by
      the other.

	 	 
	4.8 	
      Acceptance of Premises: Tenant accepts the
      Premises in "as-is" condition, subject to Landlord’s Work set out in
      section 3 of Schedule 9.

- 5 - 

PART 5 - RENT

	5.1 	
      Payment: From and after the Rent
      Commencement Date, Tenant shall pay to Landlord the Basic Rent and the
      Additional Rent. Tenant covenants to pay rent without any deduction,
      abatement or set off except as specified in this section. All rent in
      arrears shall bear interest at the Interest Rate from the date on which
      the same became due until the date of payment. Except as provided in
      sections 11.1 or 11.2 or by reason of a decision by Landlord to terminate
      this Lease pursuant to Part 11, damage to or destruction of all or any
      portion of the Premises or the Building shall not terminate this Lease nor
      entitle Tenant to surrender the Premises, nor in any way affect Tenant's
      obligation to pay rent. Tenant agrees to deliver to Landlord at the time
      and for the period requested from time to time by Landlord monthly
      post-dated cheques in amounts conforming with the monthly Basic Rent
      payments, plus any Additional Rent payments estimated by Landlord in
      advance. Rent will be paid to Landlord at the address of Landlord set
      forth in section 1.1, or to such other person or at such other address as
      Landlord may from time to time designate in writing. Tenant's obligations
      to pay rent will survive the expiration or earlier termination of this
      Lease.

	 	 
	5.2 	
      Basic Rent: Tenant shall pay Basic Rent in
      the amount set out in section 1.9, without demand in advance in equal
      consecutive monthly instalments on the first of each month commencing on
      the Rent Commencement Date. Rent is subject to adjustment upon measurement
      of the actual Rentable Area of the Premises by Landlord.

	 	 
	5.3 	
      Deposit: Tenant shall pay to Landlord a
      security deposit in the amount specified in section 1.12 to be held by
      Landlord as security for Tenant's performance of its covenants under this
      Lease. No interest shall accrue or be payable to Tenant in respect of the
      deposit. If Tenant shall be in default of any such covenant, Landlord may
      appropriate and apply such portion of the security deposit as Landlord
      considers necessary to compensate it for rent outstanding or loss or
      damage suffered by Landlord arising out of or in connection with such
      default. When requested by Landlord following any such appropriation
      Tenant shall pay to Landlord an amount sufficient to restore the original
      amount of the security deposit. Tenant shall not assign or encumber its
      interest in the security deposit, and Landlord shall not be bound by any
      attempted assignment or encumbrance of the security deposit, except in the
      case of any permitted Transfer of the Lease, in which case Tenant's
      interest in the security deposit shall be deemed to have been assigned to
      such permitted transferee as of the date of such Transfer. So much of the
      deposit as remains unappropriated by Landlord shall be returned to Tenant
      within 60 days after expiry of the Term so long as Tenant has surrendered
      the Premises in accordance with all requirements of this Lease, otherwise
      the deposit shall be forfeited to Landlord as liquidated damages, without
      prejudice to any other right or remedy available to Landlord.

	 	 
	5.4 	
      Additional Rent: From and after the Rent
      Commencement Date, or such earlier date specified in this Lease, Tenant
      shall pay to Landlord, or to others if any sums are required by the terms
      of this Lease to be paid to anyone other than Landlord, further annual
      rent for the Premises equal to the aggregate of the following
    amounts:

.1              
Each Realty Tax levied or imposed upon or in respect of the Premises and each
Realty Tax allocated to the Premises under Part 6 of this Lease,

.2              
Tenant's Share of Operating Cost, 

.3              
INTENTIONALLY DELETED, 

.4              
All charges for heat, water, gas, electricity or any other Utilities used or
consumed in the Premises which are not supplied to Tenant by or through
Landlord, 

.5              
All charges for Additional Services, and 

.6              
Tenant's Additional Share of Costs. 

- 6 - 

		
      On or before the Commencement Date and the commencement
      of any Fiscal Period during the Term, Landlord shall estimate the Realty
      Taxes and Operating Costs and Tenant's Share thereof. Tenant shall pay to
      Landlord in equal monthly instalments in advance on the first day of each
      month a sum on account of Tenant's Share of Realty Taxes and Operating
      Costs based on Landlord's estimates.

	 	 
		
      Landlord may from time to time re-estimate the amount of
      estimated Realty Taxes and Operating Costs for the then current Fiscal
      Period and re-estimate Tenant's Share thereof for the remainder of the
      Fiscal Period and Tenant shall change its monthly instalments to conform
      with the revised estimates.

	 	 
		
      Within 12 months after the end of each Fiscal Period,
      Landlord shall determine the actual Tenant's Share of Realty Taxes and
      Operating Costs and the difference between such actual determination and
      the amount already billed to Tenant in instalments. If the aggregate of
      Tenant's instalments for the Fiscal Period in question was less than the
      actual determination, then Tenant shall pay the difference to Landlord
      within 10 days after demand, or if the aggregate of such instalments was
      more than the actual determination, Landlord shall credit the difference
      to Tenant's rental account.

	 	 
	5.5 	
      Utilities: Except where Tenant is
      purchasing Utilities directly from a supplier with Landlord's consent,
      Tenant shall pay to Landlord the cost incurred by Landlord in providing
      Utilities to the Premises as reasonably determined by Landlord, commencing
      on the earlier of the date of possession and the Rent Commencement Date,
      and billed monthly, in advance. The amount of such cost shall be based on
      Landlord's reasonable estimates for the quantities and types of Utilities
      supplied multiplied by the average unit costs to Landlord for each of such
      types of Utilities. Tenant shall also pay to Landlord the cost of
      cleaning, maintaining and servicing all electric light fixtures in the
      Premises, including the cost of replacing light bulbs, tubes, starters and
      ballasts. If Landlord shall from time to time reasonably determine that
      the use of electricity or any other Utility or service in the Premises is
      disproportionate to the use of other tenants in the Building, Landlord may
      adjust Tenant's share of the cost thereof from a date reasonably
      determined by Landlord to take equitable account of the disproportionate
      use and may separately charge Tenant for such excess cost, plus 15% of
      such excess cost to cover Landlord's costs of administration. At
      Landlord's request, Tenant shall install and maintain at Tenant's expense
      metering devices for checking the use of any such Utility or service in
      the Premises. In all cases Tenant shall reimburse Landlord in the same
      manner in which Landlord is charged including any energy demand or
      consumption charges.

	 	 
	5.6 	
      Additional
Services:

.1              
Tenant may from time to time be provided with or request Additional Services
from Landlord and Tenant shall pay to Landlord, Landlord's charge for such
Additional Services plus 15% of such charge to cover Landlord's cost of
administration, payable forthwith upon delivery of Landlord's invoice
therefor.

.2              
Tenant shall not install in the Premises equipment or Utilities (including
telephone, telecommunication or other information technology equipment) which
may or does overload any Utilities or which generates sufficient heat to affect
the temperature otherwise maintained in the Premises by the HVAC Facilities as
normally operated. Landlord may install supplementary HVAC units, facilities or
services in the Premises, or modify the HVAC Facilities, as may in Landlord's
reasonable opinion be required to maintain proper temperature levels, and Tenant
shall pay Landlord, within ten days of receipt of any invoice, for the cost
thereof, including, without limitation, installation, operation and maintenance
expenses, plus 15% of such cost to cover Landlord's costs of administration.

	5.7 	
      General Provisions:

.1              
No Delay in Payment of Rent: Nothing contained in this Lease shall
suspend or delay the payment of any money by Tenant at the time it becomes due
and payable. Tenant agrees that Landlord may, at its option, apply any sums
received against any amounts due and payable under this Lease in such manner as
Landlord sees fit. No payment by Tenant, or receipt by Landlord, of a lesser
amount than the Rent due hereunder will be deemed to be other than on account of
the earliest stipulated Rent, nor will any endorsement or statement on any
cheque or any letter accompanying any cheque, or payment as Rent, be deemed an accord and satisfaction, and
Landlord may accept such cheque or payment without prejudice to Landlord's right
to recover the balance of such Rent or pursue any other remedy available to
Landlord. 

- 7 - 

.2              
Interest on Arrears: If any amount of Rent is in arrears it shall bear
interest at the Interest Rate.

.3              
Partial Periods: If the Rent Commencement Date is any day other than the
first day of a calendar month, or if the Term ends on a day other than the last
day of a calendar month, then Basic Rent and Additional Rent, as the case may
be, will be adjusted for the months affected, pro rata, based on a 365 day
year.

.4              
Estimated Amounts: Where Landlord estimates or re-estimates the costs of
Realty Taxes, Operating Costs and the amount of Utilities supplied, it shall do
so acting reasonably and shall provide Tenant with statements of such
estimates.

.5              
Statements: Invoices for the actual determination of Tenant's Share of
Operating Costs and Realty Taxes shall be accompanied by a statement of such
Operating Costs and Realty Taxes verified to be correct by Landlord. Tenant may
not claim a re-adjustment in respect of Tenant's Share of Operating Costs or
Realty Taxes for a Fiscal Year based upon any error of computation or allocation
except by notice delivered to Landlord within six months after the date of
delivery of Landlord's statement. 

.6              
General: All amounts payable by Tenant to Landlord pursuant to this Lease
shall be deemed to be Rent. All Rent shall be paid in lawful money of
Canada.

.7              
Allocations: Where any amount, cost or expense is to be determined,
allocated, apportioned or attributed under any provision of this Lease, Landlord
shall do so and shall act reasonably in determining and applying criteria which
are relevant to doing so and Landlord may retain engineering, accounting, legal
and other professional consultants to assist and advise in doing so. If a charge
for Additional Services is payable by Tenant under this Lease, then to the
extent any cost or expense is included in such charge, such cost or expense
shall be excluded from Operating Cost. 

PART 6 - TAXES

	6.1 	
      Taxes Payable by Landlord: Landlord shall
      pay all Realty Taxes in the first instance, unless levied or imposed
      directly against Tenant or the Premises.

	 	 
	6.2 	
      Business and Other Taxes Payable by Tenant:
      Tenant shall pay before delinquency all Business Taxes, and any
      other taxes, charges, rates, duties and assessments levied, rated,
      imposed, charged or assessed against or in respect of any use, occupancy
      or conduct of business at the Premises or in respect of the Leasehold
      Improvements, Trade Fixtures, Tenant Property, or the business or income
      of Tenant on or from the Premises or rent payable under this Lease. Tenant
      shall pay to Landlord any increase or incremental amount of Realty Taxes
      or other taxes which Landlord, acting reasonably, has determined to be
      attributable to an act by Tenant (for example declaring itself a separate
      school supporter) or attributable to the Leasehold Improvements, Trade
      Fixtures and Tenant Property.

	 	 
	6.3 	
      Allocation of Realty Taxes to Premises:
      There may be more than one Realty Tax for the Lands and the Building, each
      such Realty Tax being separately assessed, charged or imposed upon or in
      respect of the Lands and the Building. Subject to section 6.4 and the last
      paragraph of this section 6.3, each Realty Tax for the Building shall be
      allocated to the Premises under either section 6.3.1 or 6.3.2, as
      Landlord, from time to time, determines, such
that:

.1              
if there is a separate assessment or charge (or in lieu thereof, any information
available to Landlord from which a separate assessment or charge may be
determined by Landlord) for the Premises such Realty Tax for the Lands and the
Building may be allocated to the Premises on the basis of such separate
assessment or charge; or 

- 8 - 

.2              
Tenant's Share of such Realty Tax for the Lands and the Building may be
allocated to the Premises. For the purpose of this section 6.3.2. if any
rentable premises in the Building are vacant, any lower tax rate or other
reduction in such Realty Tax due to such vacancy shall be deemed not to exist
and such Realty Tax for the Lands and the Building shall be adjusted to be the
amount that would be applicable if the Building was fully occupied and the
benefit of any lower tax rate or other reduction in such Realty Tax due to
vacancies shall accrue solely to Landlord. 

	6.4 	
      Allocation of Realty Taxes to Common Areas:
      Landlord may allocate to the Common Areas a portion of any Realty Tax for
      the Building and such allocated portion may include, without limitation,
      any amount of such Realty Tax related to assessments for portions of the
      Common Areas identified in the assessments of rentable premises.

	 	 
	6.5 	
      Contesting Taxes:

.1              
Tenant may, at its expense, appeal or contest the taxes, assessments and other
amounts payable as described in section 6.2 but such appeal or contest shall be
limited to the assessment of the Premises alone and not to any other part of the
Building or the Lands and provided Tenant first gives Landlord written notice of
its intention to do so, and consults with Landlord, and provides such security
as Landlord requires and obtains Landlord's prior written approval. 

.2              
Landlord reserves the exclusive right to appeal or contest any taxes payable by
Landlord, including Realty Taxes. 

	6.6 	
      Alternate Methods of Taxation: If, during
      the Term, the method of taxation shall be altered so that the whole or any
      part of the Realty Taxes now levied on real estate and improvements are
      levied wholly or partially as a capital levy or on the rents received or
      reserved or otherwise, or if any new or other tax, assessment, levy,
      imposition or charge in lieu thereof, shall be imposed upon Landlord,
      related in any way to the Building, the Lands or the income therefrom,
      then all such taxes, assessments, levies, impositions and charges shall be
      included when determining Realty Taxes. If, during the Term, the method of
      taxation shall be altered, so that the whole or any part of the business
      taxes payable in respect of any use or occupancy of the Premises which are
      currently included in Realty Taxes are separately assessed, Landlord shall
      have the right to allocate and collect such business taxes in the manner
      or on the same basis as would have been employed by the Authority
      previously levying same.

	 	 
	6.7 	
      Other Taxes: Tenant shall pay upon demand,
      any Rental Taxes or other similar taxes imposed by an Authority upon
      Landlord or Tenant.

PART 7 - MAINTENANCE, REPAIRS AND ALTERATIONS

	7.1 	
      Responsibility of Tenant: Without notice or
      demand from Landlord and except to the extent that Landlord is
      specifically responsible therefor under this Lease, Tenant will maintain
      the Premises, the Leasehold Improvements and the Trade Fixtures and all
      improvements therein (whether or not such improvements were installed or
      furnished by Tenant) in good order and condition all as a careful owner
      would do, including without limitation:

.1              
making repairs, replacements and alterations as needed, including those
necessary to comply with the requirements of any Authority, 

.2              
removing all debris and refuse in accordance with the Operating Standards. 

.3              
maintaining and keeping in a good state of repair, the Leasehold Improvements,
the Trade Fixtures and any signage, or other fixtures, attachments or
installations in any part of the Building permitted by this Lease to be
installed by or on behalf of Tenant, whether or not located in the Premises.

- 9 - 

.4              
keeping the Premises in a clean and tidy condition, and not permitting
wastepaper, garbage, ashes, waste or objectionable material to accumulate
thereon or in or about the Building, other than in areas and in a manner
designated by Landlord.

.5              
repairing all damage in the Premises resulting from any misuse, excessive use or
installation, alteration, or removal of Leasehold Improvements, Trade Fixtures,
fixtures, furnishings or equipment.

Tenant will promptly notify Landlord of
any damage to or defect in any part of the Premises, or in any equipment or
utility system serving the Premises, of which Tenant becomes aware
notwithstanding that Landlord may have no obligation with regard thereto. 

	7.2 	
      Responsibility of Landlord: Subject to Part
      11, Landlord shall maintain and keep in a good state of
  repair:

.1              
the Building structure, roof, and permanent building walls (except for interior
faces facing into the Premises), 

.2              
the HVAC Facilities, 

.3              
systems and equipment installed by Landlord for the supply and distribution of
Utilities, 

.4              
the Common Areas including the elevators, 

.5              
Landlord's Improvements in the Premises, and 

.6              
damage from causes against which Landlord has agreed to insure, as primary
insurer. 

The following provisions limit
Landlord's obligations in this section 7.2: 

.7              
if all or part of such systems, facilities and equipment are destroyed, damaged
or impaired, Landlord will have a reasonable time in which to complete the
necessary repair or replacement, and during that time will be required only to
maintain such services as are reasonably possible in the circumstances, 

.8              
Landlord may temporarily discontinue such services or any of them at such times
as may be necessary due to Unavoidable Delay, 

.9              
Landlord will use reasonable diligence in carrying out its obligations under
this section 7.2, but will not be liable under any circumstances for any
consequential damage to any person (including, without limitation, Tenant) or to
any property for any failure to do so, 

.10             
no reduction or discontinuance of Landlord services will be construed as an
eviction of Tenant or release Tenant from any obligation of Tenant under this
Lease, and 

.11             
nothing contained herein will derogate from the provisions of Part 11 or from
Landlord's ability to include in Operating Costs, the cost of complying with
this Part 7. 

	7.3 	
      Inspection, Entry and
  Notice:

.1              
Tenant will permit Landlord and its authorized agents, employees, consultants
and contractors to enter upon the Premises at any time or times to examine,
measure and inspect the Premises, to show the Premises to prospective tenants,
mortgagees or purchasers, to provide janitorial and maintenance services and to
make all repairs, alterations, changes, adjustments, improvements or additions
to the Premises or the Building including the Building systems that Landlord
considers necessary or desirable, whether for the direct benefit of the Premises
or where necessary to serve another part of the Building. For these purposes,
Landlord may take all material into and upon the Premises that is required
therefor and may have access to the overhead conduits and access panels and
shafts and Landlord may check, calibrate, adjust and balance controls and other parts of the
Building systems and facilities including the HVAC Facilities. The Rent required
to be paid pursuant to this Lease will not abate or be reduced while any such
repairs, alterations, changes, adjustments, improvements or additions are being
made due to loss or interruption of Tenant's business. Tenant will not obstruct
pipes, conduits, ducts or shafts or other parts of the Building systems so as to
prevent access to them by Landlord. Tenant will provide free and unhampered
access for the above purposes and will not be entitled to compensation for any
damages, inconvenience, nuisance or discomfort caused thereby, but Landlord in
exercising its rights under this section will make reasonable efforts to
minimize interference with Tenant's use and enjoyment of the Premises. No entry
made or work undertaken by or on behalf of Landlord upon the Premises pursuant
to this section is a re-entry or a breach of Landlord's covenant for quiet
enjoyment. Despite the foregoing, Landlord will endeavour to give Tenant at
least 24 hours prior notice before doing any repair or maintenance work during
Normal Business Hours, except in the case of emergencies. 

- 10 - 

.2              
Landlord may give notice to Tenant requiring it to perform in accordance with
section 7.1 hereof, and Tenant shall rectify any failure to perform within the
time period set out in section 12.1 hereof. Should Tenant fail to commence such
remedy within the allotted time, or having so commenced, fail to diligently
continue such remedy to conclusion, Landlord may carry out such remedy without
further notice to Tenant, and charge Tenant for such remedy as if it were an
Additional Service requested by Tenant.

.3              
If Tenant is not present to open and permit any entry into the Premises when for
any reason an entry shall be necessary or in the case of a real or apprehended
emergency, Landlord or its agents may, using reasonable force, enter the same
without rendering Landlord or such agents liable therefor, and without affecting
the obligations and covenants of Tenant under this Lease. Landlord may also upon
reasonable prior notice to Tenant, show the Premises to prospective purchasers,
tenants and existing or prospective mortgagees. 

.4              
Nothing in this Lease shall make Landlord liable for any actions, notices or
inspections as described in this section 7.3, nor is Landlord required to
inspect the Premises, give notice to Tenant or carry out remedies on Tenant's
behalf, nor is Landlord under any obligation for the care, maintenance or repair
of the Premises, except as specifically provided in this Lease.

	7.4 	
      Alterations or
  Improvements:

.1              
Following approval by Landlord, Tenant shall install its initial Leasehold
Improvements and Trade Fixtures in accordance with the provisions of this Lease,
and in exact accordance with Plans and Specifications prepared by Tenant and
approved, in writing, by Landlord prior to the commencement of any work, and the
Building's Design Criteria Manual provided to Tenant. 

.2              
Following installation of such initial Leasehold Improvements, and Trade
Fixtures, Tenant shall not make any alterations, repairs, changes, replacements,
additions, installations or improvements (the "Alterations") to any part of the
Premises, Leasehold Improvements or Trade Fixtures without Landlord's prior
written approval, which approval shall not be unreasonably withheld, unless the
Alterations may affect a structural part of the Building or may affect the
mechanical, electrical, HVAC or other basic systems of the Building or the
capacities thereof, in which case Landlord's approval may be arbitrarily
withheld. Tenant shall submit to Landlord details of any proposed Alterations,
including complete working drawings and specifications prepared by qualified
designers and conforming to good engineering practice. 

.3              
The installation of all Leasehold Improvements and Alterations shall:

.1              
at Landlord's option, be performed by Landlord as an Additional Service, 

.2              
be performed expeditiously and at the sole risk and expense of Tenant, and in
accordance with the Design Criteria Manual, 

- 11 - 

.3              
be performed by competent workers whose labour union affiliations, if any, are
compatible with others employed by Landlord and its contractors, and who will
not interfere with work being performed by Landlord,

.4              
be performed in a good and workmanlike manner and only in strict accordance with
the drawings and specifications which Landlord has approved,

.5              
be performed in compliance with the applicable requirements of all Authorities,
evidence of which shall be provided to Landlord, and be subject to the
supervision and direction of Landlord.

.6              
equal or exceed the then current standard for the Building, and 

.7              
subject to section 7.4.7, be carried out only by persons selected by Tenant and
approved in writing by Landlord, who will, if required by Landlord, deliver to
Landlord before commencement of the work performance and payment bonds as well
as proof of workers' compensation and public liability and property damage
insurance coverage, with Landlord as an additional named insured, in amounts,
with companies, and in form reasonably satisfactory to Landlord, which will
remain in effect during the entire period in which the work will be carried out.

Prior to taking possession of the
Premises and commencing any work Tenant shall provide Landlord with an insurance
certificate from its insurer and its contractors' insurer confirming
comprehensive general liability and building risk insurance in effect in an
amount not less than $5,000,000 per occurrence and naming Landlord as an
additional insured and containing cross liability and severability of interest
provisions. 

.4              
Any Leasehold Improvements made by Tenant without the prior written consent of
Landlord or which are not in strict accordance with the drawings and
specifications approved by Landlord shall, if requested by Landlord, be promptly
removed by Tenant at Tenant's expense, and the Premises shall be restored to
their previous condition.

.5              
Tenant shall reimburse Landlord for the cost of technical evaluation of Tenant's
plans and specifications and shall revise such plans and specifications as
Landlord deems necessary. Tenant shall be solely responsible for the adequacy
and sufficiency of Tenant's plans and specifications and Landlord shall have no
liability of any kind arising from Landlord's review or approval of such plans
and specifications nor shall Landlord's review and approval constitute an
acknowledgement or indication of any kind as to the adequacy or sufficiency of
Tenant's plans and specifications. 

.6              
In carrying out any alterations or improvements in the Premises, Tenant, at its
expense, shall pay to Landlord with respect to such work the cost to Landlord of
all Utilities supplied to the Premises with respect to such work and the cost of
any Additional Services including the cost of any necessary cutting or patching
or repairing of any damage to the Building or the Premises, any cost to Landlord
of removing refuse, cleaning, hoisting of materials and any other costs of
Landlord which can be reasonably allocated as a direct expense relating to the
conduct of such work.

.7              
If a request is made by Tenant with respect to approval of Alterations or
initial work including work which may affect the structure or matters which
affect the mechanical, electrical, HVAC or other basic systems of the Building
or the capacities thereof, which request is approved by Landlord, Landlord may
require that such work be designed by consultants designated by it and paid by
Tenant and that it be performed by Landlord or its contractors. If Landlord or
its contractors perform such work, it shall be at Tenant's expense in an amount
equal to Landlord's total cost of such work or the contract price therefor plus,
in either case, 15% payable following completion upon demand. Notwithstanding
the foregoing, if Tenant requests Landlord to alter or install any Leasehold
Improvements or Trade Fixtures such work will be considered as an Additional
Service. Tenant will, if required by Landlord, deliver to Landlord prior to commencement of any Alterations an
unconditional irrevocable letter of credit or other security satisfactory to
Landlord in amount equal to Landlord's reasonable estimate of the cost of
performing such Alterations, including 15% of the total of such costs
representing Landlord's overhead. If Landlord does not elect to perform any
Alterations or initial work on Tenant's behalf Landlord will nevertheless be
paid a fee equal to 10% of the total cost of such work for co-ordination and
supervision services. 

- 12 - 

.8              
No Leasehold Improvements by or on behalf of Tenant shall be permitted which may
adversely affect the condition or operation of the Building or any of its
systems or the Premises or diminish the value thereof or restrict or reduce
Landlord's coverage for municipal zoning purposes.

.9              
During construction and installation of Leasehold Improvements, Tenant shall
keep the Building clean of any related debris and in any event, after
construction is completed Tenant shall do an adequate "first clean" to the
Premises.

.10             
Any Alterations and initial work will be subject to supervision by Landlord or
its employees, agents, manager or contractors during construction. Tenant
acknowledges that such supervision will be for the benefit of Landlord only and
that Landlord will not be responsible in any way whatsoever for the quality,
design, construction or installation of any such Alterations. 

.11             
Any increase in Realty Taxes on or fire or casualty insurance premiums for the
Building attributable to the Alterations will be borne by Tenant and Tenant will
pay Landlord for the cost of such increase upon receipt of Landlord's invoice.

.12             
Tenant shall promptly pay all its contractors and suppliers and shall do all
things necessary to prevent a lien attaching to the Lands or Building and should
any such lien be made, filed or attach Tenant shall discharge or vacate such
lien immediately. If Tenant shall fail to discharge or vacate any lien, then in
addition to any other right or remedy of Landlord, Landlord may discharge or
vacate the lien by paying into Court the amount required to be paid to obtain a
discharge, and the amount so paid by Landlord together with all costs and
expenses including solicitor's fees (on a solicitor and his client basis)
incurred in connection therewith shall be due and payable by Tenant to Landlord
on demand together with interest at the Interest Rate, calculated from the date
of payment by Landlord until all of such amounts have been paid by Tenant to
Landlord. 

	7.5 	
      Removal and
Restoration:

.1              
The Leasehold Improvements shall immediately upon installation become the
property of Landlord without compensation to Tenant. 

.2              
Tenant shall not be required to remove from the Premises at the expiration of
the Term or earlier termination of this Lease any Leasehold Improvements
existing as of the date hereof. Any Leasehold Improvements installed or
Alterations made by Tenant after the Commencement Date, or installed or made
without the prior written consent of Landlord or which are not installed or made
in strict accordance with the drawings and specifications approved by Landlord
shall, if requested by Landlord, be promptly removed or restored, as the case
may be, by Tenant at Tenant's expense and Tenant shall at its cost complete the
reconstruction necessary to reinstate the Premises original structure in the
event structural changes were undertaken by Tenant. Landlord reserves the right
to require any non-standard Alterations or Leasehold Improvements installed
(including but not limited to all computer and telephone wiring) to be removed
or restored, as the case may be, by Tenant at Tenant’s expense and Tenant shall
repair any damage caused by such removal, all as required under this Lease. The
determination of non-standard shall be at the Landlord’s discretion, acting
reasonably. 

.3              
Tenant shall repair and make good any damage to the Premises or to the Building
caused either in the installation or removal of Leasehold Improvements and Trade
Fixtures.

- 13 - 

	7.6 	
      External Changes: Tenant agrees that it
      shall not erect, affix or attach to any roof, exterior walls or surfaces
      of the Building any antennae, sign or fixture of any kind, nor shall it
      make any opening in or alteration to the roof, walls, or structure of the
      Premises, or install in the Premises or Building free standing
      air-conditioning units, without the prior written consent of Landlord
      which may be arbitrarily withheld.

	 	 
	7.7 	
      Trade Fixtures: Tenant may, at the end of
      the Term, if not in default, remove its Trade Fixtures, and Tenant shall,
      in the case of every installation or removal of Trade Fixtures, make good
      any damage caused to the Premises or the Building by such installation or
      removal. Any Trade Fixtures removed during the Term will be
      contemporaneously replaced with Trade Fixtures of equal or better quality.
      Any Trade Fixtures and equipment belonging to Tenant, if not removed at
      the termination or expiry of this Lease, shall, if Landlord so elects, be
      deemed abandoned and become the property of Landlord without compensation
      to Tenant. If Landlord shall not so elect, Landlord may remove such Trade
      Fixtures from the Premises and store them at Tenant's risk and expense and
      Tenant shall save Landlord harmless from all damage to the Premises caused
      by such removal, whether by Tenant or by Landlord.

	 	 
	7.8 	
      Tenant's Signs: Tenant shall not at any
      time cause or permit any sign, picture, advertisement, notice, lettering,
      flag, decoration or direction (collectively called "Signs") to be painted,
      displayed, inscribed, placed, affixed or maintained within the Premises
      and visible outside the Premises or in or on any windows or the exterior
      of the Premises (including glass demising walls facing onto Common Areas),
      nor anywhere else on or in the Building, without the prior and continuous
      consent of Landlord which consent may, with respect to proposed signage on
      the main floor of the Building, or which can be seen from outside the
      Premises, be arbitrarily withheld, but otherwise shall not be unreasonably
      withheld, provided that the copy and style of any Signs shall be
      consistent with the character of the Building and in accordance with
      Landlord's Sign criteria. No hand-written Signs will be permitted.
      Landlord may at any time prescribe a uniform pattern of identification
      Signs for tenants to be placed on the outside of the Premises and other
      premises. Any breach by Tenant of this provision may be immediately
      rectified by Landlord at Tenant's expense and in this connection, Landlord
      shall be entitled to enter the Premises and remove any Signs contravening
      this provision and charge Tenant the costs thereof, and same shall not
      constitute a re-entry under this Lease and Landlord shall not be liable
      for any damages caused thereby, whether or not arising from its own
      negligence.

	 	 
	7.9 	
      Directory Board: Landlord may erect and
      maintain a directory board in the main lobby of the Building which shall
      indicate the name of Tenant and the location of the Premises within the
      Building. Tenant shall pay Landlord's cost of changes thereto, and any
      other signage with respect to the Premises. Should sufficient space exist
      on the directory board, Landlord may provide to Tenant, at Tenant's
      expense, additional entries as requested. The directory board shall be
      exclusively controlled by Landlord and shall be for identification only
      and not for advertising. Landlord's acceptance of any name for listing on
      the directory board will not be deemed, nor will it substitute for,
      Landlord's consent, as required by this Lease, to any Transfer.

	 	 
	7.10 	
      Landlord's Signs: In addition to Landlord's
      right to install general information and direction signs in and about the
      Building as would be customary for comparable office building in the
      municipality, Landlord shall have the right at any time to place upon the
      Building a notice of reasonable dimensions, reasonably placed so as not to
      interfere with Tenant's business, stating that the Building is for sale,
      or that areas of the Building are for lease, as the case may be, and at
      any time during the last nine (9) months of the Term, that the Premises
      are for lease and Tenant shall not remove or interfere with such notices
      or signs.

PART 8 - STANDARD SERVICES AND ALTERATIONS

	8.1 	
      Operation of Building: Landlord shall
      operate the Building during the Term to an appropriate standard having
      regard to the size, age, type and location of the Building. The Building
      shall at all times be under the exclusive control and management of
      Landlord and, subject to participation by Tenant by payment of Operating
      Costs, Landlord will provide the services set out in section 8.2, 8.3 and
      8.4.

	 	 
	8.2 	
      Services to Premises: Landlord will provide
      in the Premises:

- 14 - 

.1              
HVAC as required for the use and occupancy of the Premises during Normal
Business Hours, 

.2              
janitor services, including window washing, as reasonably required to keep the
Premises clean provided that Tenant will leave the Premises in a reasonably tidy
condition at the end of each business day, 

.3              
electric power for normal lighting and small business office equipment (but not
equipment using amounts of power disproportionate to that used by other tenants
in the Building), 

.4              
replacement of Building standard fluorescent tubes, light bulbs and ballasts as
required from time to time as a result of normal usage, and 

.5              
maintenance, repair, and replacement as set out in section 8.4. 

	8.3 	
      Building Services: Landlord will provide in
      the Building:

.1              
janitorial service, domestic running water and necessary supplies in washrooms
sufficient for the normal use thereof by occupants in the Building, 

.2              
access to and egress from the Premises, including elevator or escalator service
if included in the Building. Landlord may reduce the number of elevators in
service after Normal Business Hours. Landlord retains the right to regulate the
use of elevators for the purpose of carrying freight, and 

.3              
HVAC, lighting, electric power, domestic running water, and janitor service in
those areas of the Building from time to time designated by Landlord for use
during Normal Business Hours by Tenant in common with all tenants and other
persons in the Building but under the exclusive control of Landlord. 

	8.4 	
      Utilities:

.1              
Electrical Power: Landlord will supply to the Premises sufficient
electrical power to operate the standard lighting fixtures supplied by Landlord
plus circuits sufficient to deliver power to the Premises as currently existing.
If Tenant requires electrical power at a different voltage or at a greater
capacity than Landlord's system delivers, then any additional systems required,
if available, shall be installed, operated and maintained at Tenant's cost.

.2              
Water and Sewage Connections: Landlord shall provide to the floor(s) on
which the Premises is located, water for drinking fountains, cold or tempered
water for washroom facilities and the necessary sewer connections. Any
connections made to Leasehold Improvements or special facilities by Tenant shall
be made at Tenant's cost and in accordance with section 7.4.

.3              
Information Technology: Landlord may provide or arrange with third
parties to provide to the Building, access to advanced information technology
systems and equipment including fibre optic and other sophisticated
telecommunication facilities. Landlord shall from time to time in its discretion
determine the terms and conditions applicable to Landlord providing Tenant with
access and connections to such systems and equipment including the amounts of
fees and charges payable by Tenant to Landlord and applicable from time to time
for access and connection privileges. 

.4              
Utility Regulations: The obligation of Landlord to furnish Utilities as
set out in this section 8.4 shall be subject to the rules and regulations of the
supplier of such utility or other Authority regulating the business or providing
any of these Utilities.

	8.5 	
      Limitation: Tenant acknowledges and agrees
      that the degree of heating and cooling and other services provided after
      Normal Business Hours will be reduced by Landlord in a manner comparable
      to other similar office buildings in the municipality. Landlord may enter
      the Premises at any time in order to inspect, control or regulate the
      operation of any HVAC Facilities.

- 15 - 

.1              
The systems furnished and operated by Landlord for providing HVAC to the
Premises are designed for a reasonable density of persons and for general office
purposes based on window shading being fully closed where windows are exposed to
direct sunlight. Arrangement of partitions, equipment or special purpose areas,
or the installation of equipment with high levels of heat production by Tenant
may require alteration of the portion of the HVAC Facilities located within the
Premises. Any alterations that can be accommodated by Landlord's equipment shall
be made at Tenant's expense and in accordance with section 7.4 hereof. Balancing
of the system within the Premises shall be at Tenant's expense. Tenant
acknowledges that the HVAC Facilities serving the Premises or the Building may
require initial balancing or that alterations made from time to time whether
inside the Premises or in other areas of the Building, may temporarily cause
imbalance of the HVAC Facilities and Tenant shall allow a reasonable amount of
time for such readjustment and rebalancing. 

.2              
Should Landlord fail to provide sufficient heat or HVAC at any time it shall not
be liable for direct, indirect, or consequential damages, or for personal
discomfort or illness.

	8.6 	
      Landlord's Alterations: Notwithstanding
      anything contained in this Lease, Landlord shall have the right, at any
      time, to add buildings, additions and parking structures on the Lands or
      to make additions to, or subtractions from, or to change, rearrange or
      relocate any part of the Common Areas, the Lands or the Building including
      the Premises. Landlord shall also have the right to enclose any open area,
      and to grant, modify or terminate easements and other agreements
      pertaining to the use and maintenance of all or any part of the Building,
      Common Areas or the Lands, and to close all or any part of the Lands,
      Common Areas or the Building to such extent as Landlord considers
      reasonably necessary to prevent accrual of any rights therein to any
      persons at any time. Landlord is entitled to make changes to the parking
      areas and facilities and to make any changes or additions to the systems,
      pipes, conduits, Utilities or other building services within or serving
      the Premises or any other premises in the Building. In doing any of the
      foregoing, Landlord shall have the right to enter upon the Premises and
      same shall not constitute a re-entry hereunder. Landlord shall not be
      liable for any damage caused to Tenant's property. No claim for
      compensation shall be made by Tenant by reason of inconvenience, nuisance,
      discomfort or consequential loss arising from such changes or Landlord's
      entry. Landlord shall make such changes as expeditiously as reasonably
      possible. The Building and all Common Areas shall at all times be subject
      to the exclusive control and management of Landlord or as Landlord may
      direct from time to time. Tenant shall cooperate with Landlord in any of
      its programmes to improve or make more efficient the operation of the
      Lands and Building.

	 	 
	8.7 	
      Interruption or Delay of Services: Landlord
      may slow down, interrupt, delay, or shut down any of the services or
      Utilities outlined in this Part 8 on account of repairs, maintenance or
      alterations to any equipment or other parts of the Building and where
      practical, Landlord shall schedule such interruptions, delays, slow downs,
      or stoppage so as to minimize any inconvenience to Tenant. Landlord shall
      not be responsible for any direct, indirect or consequential damages,
      losses, or injuries caused.

	 	 
	8.8 	
      Public Policy: Landlord shall be deemed to
      have observed and performed the terms and conditions to be performed by
      Landlord under this Lease, including those relating to the provision of
      Utilities, if in so doing it acts in accordance with a directive, policy
      or request of an Authority acting in the fields of energy, conservation,
      waste management and disposal, security, the environment or other area of
      public interest.

	 	 
	8.9 	
      Security and Information: Landlord may
      provide a security guard or receptionist in the main lobby of the Building
      to provide general information to visitors and to control traffic in and
      out of the Building. Landlord may from time to time elect to substitute
      such services with automated systems and other devices that may from time
      to time seem appropriate for a comparable office building in the
      municipality. It is acknowledged by Tenant that such services are intended
      for the general benefit of the Building and are not intended to
      specifically protect or otherwise serve Tenant, its employees or the
      Premises.

- 16 - 

PART 9 - DISPOSITIONS BY TENANT 

	9.1 	
      Transfers: Tenant covenants that no
      Transfer affecting Tenant, this Lease, the Premises or the business of
      Tenant at the Premises shall be permitted or effective until Landlord's
      prior written consent to the Transfer is delivered to Tenant. Tenant shall
      deliver to Landlord its written request for consent to such Transfer
      together with copies of the proposed Transfer documents and shall provide
      Landlord with full particulars of the proposed Transfer and the business
      and financial responsibility and standing of the proposed Transferee. If
      Tenant requests Landlord's consent to any Transfer, Landlord may
      either:

.1              
refuse its consent (which refusal may be without any reasons being given or for
reasons which are arbitrary or unreasonable, and such refusal shall not be
subject to any review or any contestation by anyone or any Authority); or 

.2              
elect to cancel and terminate this Lease if the request is to assign the Lease
or to sublet all of the Premises, or if the request is to sublet a portion of
the Premises only, to cancel and terminate this Lease with respect to such
portion. If Landlord elects to cancel this Lease and so advises Tenant in
writing, Tenant shall then notify Landlord in writing within 15 days thereafter
of Tenant's intention either to refrain from such assigning or subletting or to
accept the cancellation of the Lease (in whole, or in part). Failure of Tenant
to deliver notice to Landlord within such 15 day period advising of Tenant's
intention to refrain from such assigning or subletting, shall be deemed to be an
acceptance by Tenant of Landlord's cancellation of this Lease (in whole, or in
part, as the case may be). Any cancellation of this Lease pursuant to this
section 9.1 shall be effective on the later of the date originally proposed by
Tenant as being the effective date of transfer or the last day of the month
which is not less than 60 days following the date of Landlord's notice of
cancellation of this Lease; or 

.3              
grant its consent with such conditions, if any, as Landlord elects to impose in
its sole discretion, which conditions shall be effective upon completion of such
Transfer and may include but are not limited to: 

.1              
an increase in Basic Rent to an amount which is equal to the then fair market
basic rent for the Premises for the balance of the Term, as determined by
Landlord; 

.2              
the relinquishment of any rights of the Tenant with respect to the name of the
Building, with respect to signage, with respect to renewal of this Lease or
extension of the Term, or in respect to additional premises in the Building, or
of exclusivity of use; 

.3              
waiver by Tenant of any further rights to rent free periods or other inducements
of any kind provided under this Lease; 

.4              
the requirement that any party to the Transfer enter into a new lease with
Landlord on Landlord's then standard lease form for the Building and that Tenant
enter into such new lease as a guarantor or indemnifier; 

.5              
the deletion of any of the amendments to Landlord's standard form of lease
contained in this Lease; and 

.6              
the requirement that any party to the Transfer other than Tenant covenant
directly with Landlord in writing to perform and observe such of the covenants,
obligations and agreements of Tenant under this Lease as Landlord requires. 

	9.2 	
      Additional Requirements: If Landlord agrees
      to grant its consent to any Transfer under section
9.1:

.1              
Tenant shall not permit or cause such Transfer to be completed except: 

- 17 - 

.1              
upon terms consistent with the terms of Tenant's request and information under
section 9.1 (except to the extent modified by any conditions imposed by Landlord
under section 9.1); 

.2              
upon conditions imposed by Landlord, if any, under section 9.1; and 

.3              
upon terms not otherwise inconsistent with the terms of this Lease; 

.2              
Tenant shall cause to be executed and delivered by any party to the Transfer
(including Tenant) such documentation as may be required by Landlord in
connection with such Transfer; 

.3              
if Tenant shall receive or be entitled to receive from any Transferee either
directly or indirectly, any consideration for the Transfer or the use of the
whole or any portion of the Premises, either in the form of money or monies
worth, goods, or services, Tenant shall forthwith pay an amount equivalent in
value to such consideration to Landlord and such amount shall be deemed to be
Additional Rent due; 

.4              
in the event of any subletting or other Transfer by Tenant by reason of which
Tenant receives a rent or other payment of any kind related to any sublease or
other right to use the Premises or conduct the business of Tenant therein, in
the form of money or monies worth, goods or services from the subtenant or any
other person, which is more than the rent payable hereunder to Landlord, Tenant
shall pay such excess to Landlord in addition to all Rent, Additional Rent and
other charges payable under this Lease, and such excess amounts shall be deemed
to be further Additional Rent due; 

.5              
if such Transfer shall not be completed within 60 days after Landlord's consent
is given, such consent shall expire and become null and void and Tenant shall
not then allow or cause such Transfer to be completed without again complying
with all the requirements of this section 9; 

and such consent shall not be effective
unless and until Tenant shall have complied fully with this section 9.2. 

	9.3 	
      No Release: No Transfer or other
      disposition by Tenant of this Lease or of any interest under this Lease
      shall release Tenant from the performance of any of its covenants under
      this Lease and Tenant shall continue to be bound by this Lease. Tenant's
      liability under the Lease will continue notwithstanding the bankruptcy,
      insolvency, dissolution or liquidation of any Transferee of this Lease or
      the termination of this Lease for default or the termination, disclaimer,
      surrender or repudiation of this Lease pursuant to any statute or rule of
      law. Furthermore, if this Lease is terminated for default or is
      terminated, disclaimed, surrendered or repudiated pursuant to any statute
      or rule of law, then, in addition to and without limiting Tenant's
      liability under this Lease, Tenant, upon notice from Landlord given within
      90 days after any such termination, disclaimer, surrender or repudiation,
      shall enter into a new lease with Landlord for a term commencing on the
      effective date of such termination, disclaimer, surrender or repudiation
      and expiring on the date this Lease would have expired but for such
      termination, disclaimer, surrender or repudiation and otherwise upon the
      same terms and conditions as are contained in this Lease with respect to
      the period after such termination, disclaimer, surrender or
      repudiation.

	 	 
	9.4 	
      Costs: Prior to Landlord delivering any
      requested consent, Tenant shall pay Landlord's costs incurred in
      processing each request by Tenant for consent to Transfer including all
      internal and external legal costs incurred.

	 	 
	9.5 	
      No Advertising: Tenant will not print,
      publish, post, display or broadcast any notice or advertisement or
      otherwise advertise that all or part of the Premises is available for
      lease or sublease or is otherwise available for the purpose of effecting a
      Transfer, and it will not permit any broker or other person to do any of
      the foregoing, unless the complete text and format of any such notice of
      advertisement is first approved in writing by Landlord. Without
      restricting or limiting Landlord's right to refuse any text or format on
      the other grounds, no text or format proposed by Tenant may contain a
      reference to the rental rate for the Premises and in no event shall Tenant
      display any sign that is visible from outside the
  Premises.

- 18 - 

PART 10 - INSURANCE AND INDEMNIFICATION

	10.1 	
      Tenant's Insurance: Tenant shall, at its
      sole cost and expense, take out and maintain in full force and effect at
      all times throughout the Term the following
insurance:

.1              
"All Risks" insurance upon property of every description and kind owned by
Tenant, or for which Tenant is legally liable, or which is installed by or on
behalf of Tenant, within the Premises or on the Lands or Building, including,
without limitation, stock in trade, furniture, equipment, partitions, Trade
Fixtures and Leasehold Improvements, in an amount not less than the full
replacement cost thereof from time to time. If there shall be a dispute as to
the amount of full replacement cost the decision of Landlord or the Mortgagee
shall be conclusive;

.2              
Comprehensive general liability insurance for bodily injury and property damage
with respect to the Premises and the Common Areas, which coverage shall include
the business operations conducted by Tenant and any other person on the
Premises. Such policies shall be written on a comprehensive basis with coverage
for any one occurrence or claim of not less than $5,000,000.00 or such higher
limits as Landlord or the Mortgagee may require from time to time; 

.3              
Business interruption insurance in a form which covers all potential claims
deriving from an interruption in business, respective to the scope of business
operations being conducted from the Premises; 

.4              
Any form of insurance as Tenant, Landlord or the Mortgagee may reasonably
require from time to time in amounts and for insurance risks against which a
prudent tenant would protect itself.

	10.2 	
      Policy Requirements: Each policy of
      insurance taken out by Tenant in accordance with this Lease shall be taken
      out with insurers, and shall be in such form and on such terms as are
      satisfactory to Landlord, and each such policy shall name Landlord, any
      Mortgagee and the Manager and any others designated by Landlord as
      additional named insureds, as their respective interests may appear, and
      each of such policies shall contain, in form satisfactory to
    Landlord:

.1              
the standard mortgage clause as required by the Mortgagee;

.2              
a waiver by the insurer of any rights of subrogation or indemnity or any other
claim over, to which such insurer might otherwise be entitled against Landlord,
the Manager and their respective officers, directors, agents, employees or those
for whom it is in law responsible; 

.3              
an undertaking by the insurer to notify Landlord and the Mortgagee in writing
not less than 30 days prior to any proposed material change, cancellation or
other termination thereof; 

.4              
a provision that Tenant's insurance is primary and shall not call into
contribution any other insurance available to Landlord; 

.5              
a severability of interests clause and a cross-liability clause, where
applicable.

	10.3 	
      Proof of Insurance: Tenant shall provide to
      Landlord and the Mortgagee at the time of execution of this Lease and
      thereafter on demand, and from time to time, satisfactory evidence that
      the policies of insurance required to be maintained by Tenant in
      accordance with this Lease are in fact being maintained, which evidence
      shall be in the form of certificates of insurance, or if required by
      Landlord or the Mortgagee, certified copies of each such insurance
      policy.

	 	 
	10.4 	
      Failure to Maintain: If Tenant fails to
      take out or keep in force any insurance referred to in this Part 10 or
      should any such insurance not be approved by either Landlord or the
      Mortgagee and should Tenant not rectify the situation within forty-eight
      (48) hours following receipt by Tenant of written notice from Landlord
      (stating, if Landlord or the Mortgagee do not approve of such insurance,
      the reasons therefor), Landlord shall have the right, without assuming any
      obligation in connection therewith, to effect such insurance at the sole
      cost of Tenant and all outlays by Landlord shall be payable by Tenant to
      Landlord and shall be due on the first day of the next month following
      said payment by Landlord without prejudice to any other rights and
      remedies of Landlord under this Lease.

- 19 - 

	10.5 	
      Damage to Leasehold Improvements: In case
      of damage to the Leasehold Improvements, or any material part thereof, the
      proceeds of insurance in respect thereto shall be payable to Landlord, and
      such proceeds shall be released to Tenant (provided that Tenant is not in
      default hereunder) upon Tenant's written request for progress payments, at
      stages determined by a certificate of the Architect stating that repairs
      to each such stage have been satisfactorily completed free of liens by
      Tenant or by Tenant's contractors. In the event Tenant defaults in making
      such repairs, Landlord may, but shall not be obliged to, perform the
      repairs and the proceeds may be applied by Landlord to the cost thereof.
      If this Lease expires or is terminated at a time when the Premises or
      Leasehold Improvements are damaged or destroyed as a result of a peril
      required to be insured against by Tenant, Tenant shall pay or assign to
      Landlord free of any encumbrance, an amount equal to the proceeds or the
      proceeds of insurance required to be maintained by Tenant with respect to
      such damage or destruction.

	 	 
	10.6 	
      Increase in Insurance Premiums/Cancellation:
      Tenant shall not do or permit anything to be done upon the
      Premises which shall cause the premium rate of insurance on the Building
      to be increased. If the premium rate of insurance on the Building shall be
      increased by reason of any act or omission of Tenant or any use made of
      the Premises, Tenant shall pay to Landlord on demand the amount of such
      premium increase. In the event of an actual or threatened cancellation of
      any insurance on the Building or any adverse change thereto by the insurer
      by reason of the use or occupation of the Premises, and if Tenant has
      failed to remedy the situation, use, condition, occupancy or other factor
      giving rise to such actual or threatened cancellation or adverse change
      within 24 hours after notice thereof by Landlord, then Landlord may
      terminate this Lease by notice in writing to Tenant or remedy the
      situation, use, condition, occupancy or other factor giving rise to such
      actual or threatened cancellation or change, all at the cost of Tenant to
      be paid forthwith on demand, and for such purposes Landlord shall have the
      right to enter upon the Premises without further notice.

	 	 
	10.7 	
      Landlord's Insurance: Landlord agrees to
      insure the Building and the machinery, boilers and equipment therein owned
      by Landlord (specifically excluding any property which Tenant is obliged
      to insure under this Part 10) against "All Risks" of loss in such
      reasonable amounts as would be carried by a prudent owner of a comparable
      office building in the municipality. Landlord may also carry public
      liability and property damage insurance with respect to the operation of
      the Building, rental insurance and environmental insurance and any other
      forms of insurance as it or the Mortgagee may reasonably determine to be
      advisable. Notwithstanding that Tenant shall be contributing to Landlord's
      costs and premiums respecting such insurance, Tenant shall not have any
      insurable or other interest in any of Landlord's insurance other than the
      rights, if any, expressly set forth in this Lease, and in any event,
      Tenant shall not have any interest in, nor any right to recover any
      proceeds under any of Landlord's insurance policies.

	 	 
	10.8 	
      Non-Liability for Loss, Injury or Damage:
      Tenant acknowledges and agrees that Landlord shall not be liable
      for

.1              
any death or injury arising from or out of any occurrence in, upon, at or
relating to the Lands or Building, 

.2              
damage to property of Tenant or others located on the Premises however caused,

.3              
any loss or damage to any property of Tenant or others from any cause whatsoever
(whether or not such property has been entrusted to Landlord, its agents,
servants or employees) and, without limiting the generality of the foregoing,
Landlord shall not be liable for any injury or damage to persons or property
resulting from fire, explosion, steam, water, rain, snow or gas which may leak
into or issue or flow from any part of the Building or from the water, steam or
drainage pipes or plumbing works of the Building or from any other place or
quarter, 

.4              
any damage caused by or attributable to the condition or arrangement of any
electric or other wiring,

- 20 - 

.5              
any loss or damage of any kind arising from failure or interruption of any
Utility, including without limitation, any failure or interruptions of any
telecommunication, fibre optic or other information technology facility utilized
by Tenant and whether provided by Landlord or any other provider,

.6              
any damage caused by anything done or omitted to be done by Landlord or by any
other tenant or occupant of the Building, 

.7              
any claim or demand in connection with any injury, loss or damage to Tenant, its
agents, invitees or licensees, or to the property of Tenant, its agents,
invitees or licensees, where such injury, loss or damage arises out of the
security services in force or the lack thereof in the Building from time to
time, or 

.8              
in any event, any indirect or consequential damages suffered by Tenant. 

		
      Without limiting the foregoing, Tenant hereby releases
      Landlord, and those for whom it is in law responsible, from all losses,
      damages and claims of any kind in respect of which Tenant is required to
      maintain insurance or is otherwise insured. Tenant acknowledges that
      notwithstanding that Landlord may provide connections or access within the
      Building for information technology systems which Tenant uses in the
      operation of its business, Tenant shall have no claim of any kind against
      Landlord with respect to any failure, interruption or improper performance
      of any such information technology systems or equipment whether located
      within or beyond the Building. Tenant shall look solely to third party
      suppliers and service providers in respect of all such claims and Tenant
      waives and releases any and all such claims it may otherwise have had
      against Landlord.

	 	 
	10.9 	
      Indemnification of Landlord: Tenant shall
      indemnify Landlord and also save it harmless from all losses, liabilities,
      damages, claims, demands and actions of any kind or nature which Landlord
      shall or may become liable for or suffer by reason of any breach,
      violation or non-performance by Tenant of any covenant, term or provision
      of this Lease and against any and all losses, liabilities, damages,
      claims, demands, actions and expenses in connection with loss of life,
      personal injury or damage to property arising from any occurrence on the
      Premises or arising from the occupancy or use by Tenant of the Premises,
      the Lands or Building by Tenant, its agents, contractors, employees,
      servants, licensees, concessionaires or invitees or occasioned wholly or
      in part by any act or omission of Tenant, its agents, contractors,
      employees, servants, licensees or concessionaires whether on the Premises,
      Lands or in the Building. In case Landlord, without actual fault on its
      part, is made a party to any litigation commenced by or against Tenant,
      Tenant shall hold Landlord harmless and shall pay all costs and legal fees
      incurred or paid by Landlord in respect of such litigation.

	 	 
	10.10 	
      Extension of Rights and Remedies: Every
      right, exemption from liability, defence, immunity and waiver of
      whatsoever nature applicable to Landlord under this Lease shall also be
      available and shall extend to benefit and to protect all other companies
      owned, operated or controlled by or affiliated with Landlord and the
      Manager and to protect their respective officers, directors, managers,
      consultants and employees and for such purposes Landlord and the Manager
      is or shall be deemed to be acting as agent or trustee on behalf of and
      for the benefit of such companies and persons.

PART 11 - DAMAGE

	11.1 	
      Damage to Premises: It is understood and
      agreed that, notwithstanding the other provisions of this Lease, should
      the Premises at any time be partially or wholly destroyed or damaged by
      any cause whatsoever or should demolition of the Premises be necessitated
      thereby or should the Premises become unfit for occupancy by
  Tenant:

.1              
subject as hereinafter provided in this section 11.1, Landlord shall, to the
extent of the insurance proceeds available for reconstruction and actually
received by Landlord from its insurers following an election by the Mortgagee to
apply all or any portion of such insurance proceeds against the debt owing to
the Mortgagee as the case may be, reconstruct the Premises in accordance with
Landlord's obligations to repair under the provisions of section 7.2 hereof.
Upon substantial completion of Landlord's work, Landlord shall notify Tenant, and
Tenant shall forthwith commence and expeditiously complete reconstruction and
repair of the Premises, Leasehold Improvements and Trade Fixtures in accordance
with Tenant's obligations to repair under the provisions of section 7.1
hereof;

- 21 - 

.2              
rent shall not abate unless the Premises are rendered wholly or partially unfit
for occupancy by such occurrence and in such event Rent, as of the date of such
occurrence shall abate proportionately as to the portion of the Premises
rendered unfit for occupancy, but only for the period and to the extent that
proceeds of rental insurance are actually received by Landlord, or if earlier,
only until 30 days following receipt by Tenant of Landlord's notice given to
Tenant as provided in subsection 11.1.1 hereof, at which time Rent shall
recommence;

.3              
if, in the opinion of the Architect, such opinion to be given to Landlord and
Tenant within 30 days of the date of such damage, the Premises cannot be
repaired and made fit for occupancy within 180 days next following any
occurrence, or if 30% or more of the Premises are damaged or destroyed, or, if
such damage occurs during the last 2 years of the Term, Landlord may, by written
notice to Tenant within 30 days of receipt of such opinion of the Architect, or
within 30 days after the occurrence of such damage where such damage occurs
during the last 2 years of the Term, terminate this Lease and Rent shall cease
and be adjusted as of the date of such occurrence, and Tenant shall immediately
vacate the Premises and surrender same to Landlord; 

.4              
in no event, including termination of this Lease in accordance with the
provisions of subsection 11.1.3 hereof, shall Landlord be liable to reimburse
Tenant for damage to, or replacement or repair of any Leasehold Improvements,
Trade Fixtures or of any Tenant Property.

	11.2 	
      Damage to the Building: It is understood
      and agreed that, notwithstanding the other provisions of this Lease,
      should the Building at any time be partially or wholly destroyed or
      damaged by any cause whatsoever, or should demolition of the Building, or
      any part thereof, be necessitated thereby:

.1              
subject as hereinafter provided in this section 11.2, Landlord shall, to the
extent of the insurance proceeds available for reconstruction and actually
received by Landlord from its insurers following any election by the Mortgagee
to apply all or any portion of such insurance proceeds against the debt owing to
the Mortgagee as the case may be, expeditiously reconstruct and repair the
Building, and to the extent necessary, the Premises, in accordance with
Landlord's obligations to repair under the provisions of section 7.2 hereof.
Upon substantial completion of Landlord's work as it relates to the Premises
Landlord shall notify Tenant, and Tenant shall forthwith commence and
expeditiously complete reconstruction and repair of the Premises, Leasehold
Improvements and Trade Fixtures to the extent they are so affected, in
accordance with Tenant's obligations to repair under the provisions of section
7.1 hereof;

.2              
rent shall not abate unless the Premises are rendered wholly or partially unfit
for occupancy by such occurrence, and in such event, Rent, as of the date of
such occurrence shall abate proportionately as to the portion of the Premises
rendered unfit for occupancy, but only for the period and to the extent that
proceeds of rental insurance are actually received by Landlord, or if earlier,
only until 30 days following receipt by Tenant of Landlord's notice given to
Tenant as provided in subsection 11.2.1 hereof, at which time Rent shall
recommence;

.3              
if in the opinion of the Architect, such opinion to be given to Landlord and
Tenant within 30 days of the date of such damage, 30% or more of the total
Rentable Area of the Building is at any time destroyed or damaged in whole or in
part by any cause whatsoever, or by demolition caused or necessitated thereby,
or, if such damage occurs during the last 2 years of the Term, notwithstanding
that the Premises may be unaffected by such occurrence, Landlord may, at its
option, by written notice to Tenant, within 30 days of receipt of such opinion
of the Architect, or within 30 days after the occurrence of such damage where
such damage occurs during the last 2 years of the Term, elect to terminate this
Lease and Tenant shall within 30 days vacate the Premises and Rent will abate as
of the 30th day after Landlord's notice so long as Tenant has vacated the
Premises; 

- 22 - 

.4              
in repairing, reconstructing or rebuilding the Building or any part thereof,
Landlord may use designs, plans and specifications, other than those used in the
original construction of the Building, and Landlord may alter or relocate, or
both, any or all buildings, facilities and improvements, including the Premises,
provided that the Premises as altered or relocated shall be substantially the
same size and shall be in all material respects reasonably comparable to the
Premises, as defined herein; and

.5              
in no event, including termination of this Lease in accordance with the
provisions of subsection 11.2.3 hereof, shall Landlord be liable to reimburse
Tenant for damage to, or replacement or repair of any Leasehold Improvements,
Trade Fixtures or of any Tenant Property.

	11.3 	
      Architect's Certificate: It is understood
      and agreed by Tenant that wherever a certificate of the Architect is
      required or deemed appropriate by Landlord, the certificate of the
      Architect shall bind the parties hereto as to completion of construction
      of the Premises and the availability of services, the percentage of the
      Premises or Building destroyed or damaged and the number of days required
      to make repairs or reconstruct and the state of tenantability of the
      Premises, and the state of completion of any work or repair of either
      Landlord or Tenant.

	 	 
	11.4 	
      Limitation on Landlord's Liability: Except
      as specifically provided in this Lease, there will be no reduction or
      abatement of Rent and Landlord will have no liability to Tenant by reason
      of any injury to or interference with Tenant's business or Tenant Property
      arising from fire or other casualty, howsoever caused, or from the making
      of any repairs resulting therefrom in or to any portion of the Building.
      Notwithstanding anything contained in this Lease, including sections 11.1
      and 11.2, Rent payable by Tenant hereunder will not be abated, if the
      damage is caused by any act or omission of Tenant, its officers,
      directors, agents, servants, employees or any other person entering upon
      the Premises under express or implied invitation of
  Tenant.

PART 12 - LANDLORD'S REMEDIES

	12.1 	
      Landlord May Perform Tenant's Covenants: If
      Tenant is in default of any of its covenants, obligations or agreements
      under this Lease (other than its covenant to pay Rent) and such default
      shall have continued for a period of 10 consecutive days after notice by
      Landlord to Tenant specifying with reasonable particularity the nature of
      such default and requiring the same to be remedied (or, if by reason of
      the nature thereof, such default cannot be cured by the payment of money
      and cannot with due diligence be wholly cured within such 10 day period,
      if Tenant shall fail to proceed promptly to cure the same or shall
      thereafter fail to prosecute the curing of such default with due
      diligence), Landlord, without prejudice to any other rights which it may
      have with respect to such default, may remedy such default and the cost
      thereof to Landlord together with interest at the Interest Rate thereon
      from the date such cost was incurred by Landlord until repaid by Tenant
      shall be treated as Additional Rent and added to the Rent due on the next
      succeeding date on which Basic Rent is payable. Notwithstanding the above,
      if the nature of the default is such that it can be wholly cured in less
      than 10 days, then Landlord's notice shall stipulate such reasonable
      lesser period, and if the default is not remedied within the time period
      set out, Landlord may remedy the default as set out above.

	 	 
	12.2 	
      Re-Entry: It is a condition of this Lease
      that when:

.1              
Tenant fails to pay when due any Rent, whether lawfully demanded or not; 

.2              
Tenant is in default of any of its covenants, obligations or agreements under
this Lease (other than its covenant to pay Rent) and such default has continued
for a period of 10 consecutive days (or such shorter period set out in
Landlord's notice as may be reasonable in the circumstances) after notice by
Landlord to Tenant specifying with reasonable particularity the nature of such
default and requiring the same to be remedied, or, if by reason of the nature
thereof, such default cannot be cured by the payment of money and cannot with
due diligence be wholly cured within such 10 day period, if Tenant has failed to
proceed promptly to cure the same or has thereafter failed to prosecute the
curing of such failure with due diligence;

- 23 - 

.3              
an execution issues against any property of Tenant or any guarantor or
indemnifier of this Lease and remains outstanding for more than 10 days, or any
receiver of any property of Tenant or any guarantor or indemnifier of this Lease
is appointed, or Tenant or any guarantor or indemnifier of this Lease becomes
insolvent or makes application for relief from creditors under the provisions of
any statute now or hereafter in force or, under the Bankruptcy and Insolvency
Act, files a notice of intention or a proposal, makes an assignment in
bankruptcy, has a receiving order made against it or otherwise becomes bankrupt
or insolvent, or any action, steps or proceedings whatever, are taken with a
view to the winding up, dissolution or liquidation of Tenant or any guarantor or
indemnifier of this Lease, or with a view to the restructuring or compromise of
any debt or other obligation of Tenant or any guarantor or indemnifier of this
Lease; 

.4              
any insurance policy is cancelled or not renewed by any insurer by reason of any
particular use or occupation of the Premises; 

.5              
the Premises have been abandoned, or have become vacant or have remained
unoccupied for a period of 5 consecutive days without the consent of Landlord or
the Premises have been used or occupied by any other person or persons other
than Tenant or any person permitted by Part 9 hereof; or 

.6              
Tenant or any Related Corporation is in default of any of its covenants,
obligations or agreements under any lease or other written agreement between it
and Landlord (as owner or as manager) or any company which is a Related
Corporation to Landlord and such default shall have continued for such period of
time that Landlord's (or such Related Corporation) remedies have become
exercisable thereunder; 

.7              
a receiver, interim receiver, trustee, liquidator or a receiver and manager is
appointed for all or part of Tenant Property or business or of an Indemnifier's,
occupant's, licensee's, concessionaire's or franchisee's property or business;
or 

.8              
Tenant has not discharged or vacated any lien referred to in section 7.4 within
48 hours after notice from Landlord requiring Tenant to do so, 

.9              
Tenant makes a bulk sale of its goods or moves or commences, attempts or
threatens to move its goods, chattels and equipment out of the Premises (other
than in the normal course of its business) or Tenant ceases to conduct business
from the Premises; or 

.10              termination
of this Lease by Landlord is permitted under any other part of this Lease or in
law; 

then, and in any of such cases, the
then current month's Rent together with the Rent for the three (3) months next
ensuing shall immediately become due and payable, and at the option of Landlord
the Term shall become forfeited and void, and Landlord without notice or any
form of legal process whatever may forthwith re-enter the Premises or any part
thereof in the name of the whole and repossess the same as of its former estate,
anything contained in any statute or law to the contrary notwithstanding.
Landlord may expel all persons and remove all property from the Premises and
such property may be removed and sold or disposed of by Landlord as it deems
advisable or may be stored in a public warehouse or elsewhere at the cost and
for the account of Tenant without Landlord being considered guilty of trespass
or conversion or becoming liable for any loss or damage which may be occasioned
thereby, provided, however, that such forfeiture shall be wholly without
prejudice to the right of Landlord to recover arrears of rent and damages for
any antecedent default by Tenant of its covenants under this Lease. Should
Landlord at any time terminate this Lease by reason of any such event, then, in
addition to any other remedies it may have, it may recover from Tenant all
damages it may incur as a result of such termination. 

Notwithstanding any termination of this
Lease, Landlord shall be entitled to receive Rent and Rental Tax up to the time
of termination plus accelerated rent as herein provided and damages including
but not limited to: 

.1              
damages for the loss of Rent and Rental Tax suffered by reason of this Lease
having been prematurely terminated; 

- 24 - 

.2              
the costs of reclaiming and repairing the Premises; and 

.3              
solicitor's fees and disbursements on a solicitor and his client basis. 

	12.3 	
      Right to Distrain: Tenant agrees that
      Landlord shall have the right to distrain for any arrears of Rent without
      notice to Tenant, in addition to the other rights reserved to it. For such
      purpose Landlord shall have the right to enter the Premises as agent of
      Tenant either by force or otherwise without being liable for any
      prosecution therefor and to take possession of any goods and chattels
      whatever on the Premises, and to sell the same at public or private sale
      and apply the proceeds of such sale on account of the Rent or in
      satisfaction of the breach of any covenant, obligation or agreement of
      Tenant under this Lease and Tenant shall remain liable for the deficiency,
      if any. Notwithstanding anything contained in any statute concerning
      commercial tenancies in the province in which the Building is located,
      (the "Act") or any successor legislation or other statute which may
      hereafter be passed to take the place of the said Act or to amend the
      same, none of the goods and chattels of Tenant at any time during the
      continuance of the Term shall be exempt from levy by distress for Rent and
      Tenant hereby waives all and every benefit that it could or might have
      under such Act. Upon any claim being made for such exemption by Tenant, or
      on distress being made by Landlord, this provision may be pleaded as an
      estoppel against Tenant in any action brought to test the right to the
      levying of distress upon any such goods.

	 	 
		
      In exercising its right to distrain, Landlord in addition
      to the rights reserved to it shall have the right:

.1              
to enter the Premises by force or otherwise without being liable for any
prosecution therefor; 

.2              
to change the locks on the Premises in order to prevent the removal by Tenant or
any other person of the goods and chattels which are being distrained without
thereby re-entering the Premises or terminating this Lease; and 

.3              
to levy distress after sunset and before sunrise. 

	12.4 	
      Landlord May Follow Chattels: In case of
      removal by Tenant of the goods or chattels of Tenant from the Premises,
      Landlord may follow the same for 30 days in the same manner as is provided
      for in the Act or any successor legislation or other statute which may
      hereafter be passed to take the place of the Act or to amend the
    same.

	 	 
	12.5 	
      Rights Cumulative: The rights and remedies
      given to Landlord in this Lease are distinct, separate and cumulative, and
      no one of them, whether or not exercised by Landlord shall be deemed to be
      in exclusion of any other rights or remedies provided in this Lease or by
      law or in equity.

	 	 
	12.6 	
      Acceptance of Rent Non-Waiver: No receipt
      of monies by Landlord from Tenant after the termination of this Lease
      shall reinstate, continue or extend the Term, or affect any notice
      previously given to enforce the payment of Rent then due or thereafter
      falling due or operate as a waiver of the right of Landlord to recover
      possession of the Premises by proper action, proceeding or other remedy;
      it being agreed that, after the service of a notice to cancel or terminate
      this Lease and after the commencement of any action, proceeding or other
      remedy, or after a final order or judgment for possession of the Premises,
      Landlord may demand, receive and collect any monies due, or thereafter
      falling due without in any manner affecting such notice, action,
      proceeding, order or judgment; and any and all such monies so collected
      shall be deemed payments on account of the use and occupation of the
      Premises or at the election of Landlord on account of Tenant's liability
      hereunder.

PART 13 - ADDITIONAL PROVISIONS 

	13.1 	
      Landlord Default: If Landlord is in
      default, Tenant shall not have or exercise any right or remedy with
      respect thereto unless such default continues for 30 days or such longer
      period as may be reasonably required in the circumstances to cure such
      default after notice by Tenant to Landlord specifying reasonable details
      of the default and requiring it to be
remedied.

- 25 - 

	13.2 	
      Relocation: Tenant agrees that, despite any
      other provision of this Lease, Landlord has the right at any time and from
      time to time before or during the Term to rearrange the Premises or to
      change the location of the Premises to comparable space in the Complex.
      Tenant agrees to vacate the Premises and move to such other premises not
      later than 60 days following Landlord's notice to Tenant requiring Tenant
      to relocate failing which Tenant shall be deemed to be overholding in the
      Premises. If Landlord exercises its right to rearrange the Premises or
      change its location, the appropriate modifications will be made to the
      Basic Information and, if appropriate, the Basic Rent will be adjusted.
      Landlord's exercise of its rights under this section does not constitute a
      re-entry or a breach of Landlord's covenant for quiet enjoyment contained
      in this Lease or implied by law. If Landlord exercises its right to
      rearrange the Premises or to change the location of the Premises after the
      date on which Landlord notifies Tenant that the Premises are ready for
      installation of Leasehold Improvements, Landlord will reimburse Tenant for
      the direct costs it reasonably incurs because of the rearrangement or
      relocation of the Premises. Landlord also reserves the right to rearrange
      any demising walls for purposes of providing required fire or emergency
      corridors or of otherwise complying with law and the requirements of
      Authorities from time to time.

	 	 
	13.3 	
      Demolition: Notwithstanding anything
      contained in this Lease to the contrary, if Landlord intends to demolish,
      renovate, remodel or alter the Building to such an extent that Landlord
      requires possession of the Premises, then Landlord, upon giving Tenant 180
      days written notice, shall have the right to terminate this Lease and this
      Lease shall expire on the expiration of 180 days from the date of giving
      of such notice without compensation of any kind to Tenant.

	 	 
	13.4 	
      Effect of Termination: The expiry or
      termination of this Lease whether by elapse of time or by the exercise of
      any right of either Landlord or Tenant pursuant to this Lease shall be
      without prejudice to the right of Landlord to recover arrears of rent and
      to recover damages for an antecedent default by
Tenant.

PART 14 - TRANSFERS BY LANDLORD 

	14.1 	
      Sales, Conveyance and Assignment: Nothing
      in this Lease will restrict the right of Landlord to sell, convey, assign
      or otherwise deal with all or any part of the Building, subject only to
      the rights of Tenant under this Lease.

	 	 
	14.2 	
      Effect of Sale, Conveyance or Assignment: A
      sale, conveyance or assignment of the Lands and the Building will operate
      to release Landlord from liability from and after the effective date
      thereof upon all of the covenants, terms and conditions of this Lease,
      express or implied, except as such may relate to the period prior to such
      effective date, and Tenant will thereafter look solely to Landlord's
      successors in interest in and to this Lease. This Lease will not be
      affected by any such sale, conveyance or assignment, and Tenant will
      attorn to Landlord's successor in interest thereunder.

	 	 
	14.3 	
      Subordination: Unless this Lease is
      required by Mortgagee or by Landlord to be registered (by caveat or
      otherwise) in priority to any such Mortgage, this Lease is and will be
      subject and subordinate in all respects to any and all Mortgages, now or
      hereafter placed on the Building or Lands, and to all renewals,
      modifications, consolidations, replacements and extensions
  thereof.

	 	 
	14.4 	
      Attornment: Subject to section 14.5, if the
      interest of Landlord is transferred to any person including a Mortgagee
      (herein called "Purchaser") by reason of foreclosure or other proceedings
      for enforcement of any Mortgage including obtaining possession by a
      Mortgagee or by delivery of a transfer or deed in lieu of such
      foreclosure, or other proceedings, Tenant will immediately and
      automatically attorn to Purchaser.

	 	 
	14.5 	
      Nondisturbance: No attornment by Tenant
      under section 14.4 will be effective unless and until, Purchaser delivers
      to Tenant a written undertaking, binding upon Purchaser and enforceable by
      and for the benefit of Tenant, that despite such enforcement proceedings
      and transfer this Lease and Tenant's rights hereunder, will continue
      undisturbed while Tenant is not in default of this
Lease.

- 26 - 

	14.6 	
      Effect of Attornment: Upon attornment under
      section 14.4 this Lease will continue in full force and effect as a direct
      lease between Purchaser and Tenant, upon all of the same terms, conditions
      and covenants as are set forth in this Lease except that, after such
      attornment, Purchaser will not be

.1              
liable for any act or omission of Landlord prior to such attornment, or 

.2              
subject to any offsets or defences which Tenant might have against Landlord
prior to such attornment, or 

.3              
bound by any prepayment by Tenant of more than one month's installment of Rent,
or by any previous modification of this Lease, unless such prepayment or
modification will have been approved in writing by Purchaser. 

	14.7 	
      Execution of Instruments: Except as
      otherwise provided herein, the subordination and attornment provisions of
      this Part 14 will be self-operating and except as set out in section 14.5
      no further instrument will be required. Nevertheless Tenant, on request by
      and without cost to Landlord or any successor in interest, will execute
      and deliver any and all instruments further evidencing such subordination
      and (where applicable hereunder) attornment.

PART 15 - MISCELLANEOUS 

	15.1 	
      Certification: Landlord and Tenant
      respectively agree that within 10 days after a written request therefor,
      they shall execute and deliver to the other or to such person as may be
      identified in the written request (but in no event more than twice in any
      year) a written statement certifying that this Lease is unmodified and is
      in full force and effect (or if modified stating the modifications and
      that this Lease is in full force and effect as modified), the amount of
      the Basic Rent and the date to which it as well as all other charges under
      this Lease have been paid, whether or not there is any existing default on
      the part of Landlord or Tenant of which the person signing the certificate
      has notice and giving as well such further information as the person
      requesting the certificate shall reasonably require.

	 	 
	15.2 	
      Rights of Mortgagees: If at any time during
      the currency of a Mortgage of the interest of Landlord in the Premises or
      Building, notice of which has been given to Tenant, Landlord shall be in
      default under this Lease and such default would give rise to a right in
      Tenant to terminate this Lease, Tenant, before becoming entitled as
      against the holder of such Mortgage to exercise any right to terminate
      this Lease, shall give to such Mortgagee notice in writing of such
      default. Such Mortgagee shall have 60 days after the giving of such
      notice, or such longer period as may be reasonable in the circumstances,
      within which to remedy such default, and if such default is remedied
      within such time Tenant shall not by reason thereof terminate this Lease.
      The rights and privileges granted to any such Mortgagee by virtue of this
      section shall not be deemed to alter, affect or prejudice any of the
      rights and remedies available to Tenant as against Landlord. Any notice to
      be given to such Mortgagee shall be deemed to have been properly given if
      mailed by registered mail to its most recent address of which Tenant has
      notice.

	 	 
	15.3 	
      Joint and Several Liability: If two or more
      individuals, corporations, partnerships or other business associations (or
      any combination of two or more thereof) sign this Lease as Tenant, the
      liability of each such individual, corporation, partnership or other
      business association to pay Rent and to perform all other obligations
      hereunder shall be deemed to be joint and several. In like manner, if
      Tenant is a partnership or other business association, the members of
      which are, by virtue of statute or general law, subject to personal
      liability, the liability of each such member shall be joint and several.
      Tenant warrants and represents that it is duly formed and in good
      standing, and has full corporate or partnership authority, if applicable
      and as the case may be, to enter into this Lease, and has taken all
      corporate or partnership action, if applicable and as the case may be,
      necessary to make this Lease a valid and binding obligation, enforceable
      in accordance with its terms.

- 27 - 

	15.4 	
      Landlord and Tenant Relationship: No
      provision of this Lease is intended to nor creates a joint venture or
      partnership or any other similar relationship between Landlord and Tenant,
      it being agreed that the only relationship created by this Lease is that
      of landlord and tenant.

	 	 
	15.5 	
      No Waiver: No condoning or waiver by either
      Landlord or Tenant of any default or breach by the other at any time or
      times in respect of any of the terms, covenants and conditions contained
      in this Lease to be performed or observed by the other shall be deemed to
      operate as a waiver of Landlord's or Tenant's rights under this Lease, as
      the case may be, in respect of any continuing or subsequent default or
      breach nor so as to defeat or affect in any way the rights or remedies of
      Landlord or Tenant under this Lease, as the case may be, in respect of any
      such continuing or subsequent default or breach. Unless expressly waived
      in writing, the failure of Landlord or Tenant to insist in any case upon
      the strict performance of any of the terms, covenants or conditions
      contained in this Lease to be performed or observed by the other shall not
      be deemed to operate as a waiver of the future strict performance or
      observance of such terms, covenants and conditions.

	 	 
	15.6 	
      Expropriation: Landlord and Tenant shall
      co-operate in respect of any expropriation of all or any part of the
      Premises or the Lands and Building so that each party may receive the
      maximum award to which it is entitled in law. If the whole or any part of
      the Premises or of the Lands and Building are expropriated, as between the
      parties hereto, their respective rights and obligations under this Lease
      shall continue until the day on which the expropriating authority takes
      possession thereof. If, in the case of partial expropriation of the
      Premises this Lease is not frustrated by operation of governing law and
      such expropriation does not render the remaining part of the Premises
      untenantable for the purposes of this Lease, Tenant and Landlord shall
      restore the part not so taken in accordance with their respective repair
      obligations under the provisions of Part 7 of this Lease. In this section
      the word "expropriation" shall include a sale by Landlord to any authority
      with powers of expropriation, in lieu of or under threat of
      expropriation.

	 	 
	15.7 	
      Additional Costs: Tenant agrees to pay
      Landlord as Rent, upon written request therefor, any and all costs,
      including without limitation, costs of additional security, cleaning and
      legal costs, incurred by Landlord as a result of picketing, demonstration
      or other activity within or about the Building which is initiated by
      members of any organization or group including, without limitation, a
      trade union, and which is directed at Tenant, its contractors,
      subcontractors, suppliers or employees or at Tenant's operations in the
      Building.

	 	 
	15.8 	
      Notice: Any notice required or contemplated
      by any provision of this Lease shall be given in writing and shall be
      signed by the party giving the notice, addressed, in the case of Landlord
      to its Manager at the address shown in Part 1; in the case of notice to
      Tenant to it at the Premises or at the address shown in Part 1; and in the
      case of notice to the Indemnifier to it at the address shown in Part 1, in
      each case delivered or sent by facsimile or by registered mail, postage
      prepaid, return receipt requested. The time of giving of such notice if
      mailed shall be conclusively deemed to be the 5th business day after the
      day of such mailing unless regular mail service is interrupted by strikes
      or other irregularities. Such notice, if delivered or sent by facsimile,
      shall be conclusively deemed to have been given and received at the time
      of such delivery or the time of sending by facsimile, in either case,
      unless received on a non-business day, or after 5:00 p.m. in which event
      such notice shall be deemed to have been given and received on the next
      business day. If in this Lease two or more persons are named as Tenant,
      such notice shall be delivered personally to any one of such persons.
      Provided that either party may, by notice to the other, from time to time
      designate another address in Canada to which notices given more than 10
      days thereafter shall be addressed. Any notice to be given by Landlord may
      be signed and given by Landlord or by the Manager.

	 	 
	15.9 	
      Non Merger: There shall be no merger of
      this Lease nor of the leasehold estate created hereby with the fee estate
      in the Lands or any part thereof by reason of the fact that the same
      person, firm, corporation or entity may acquire or own or hold directly or
      indirectly: (a) this Lease or the leasehold estate created hereby or any
      interest in this Lease or any such leasehold estate; and (b) the fee
      estate in the Lands or any part thereof or any interest in such fee
      estate. No such merger shall occur unless and until Landlord, Tenant and
      Landlord's Mortgagees (including a trustee for bondholders) shall join in
      a written instrument effecting such merger and shall duly record the
      same.

- 28 - 

	15.10 	
      Lease Entire Agreement: There are no
      covenants, representations, warranties, agreements or conditions expressed
      or implied, collateral or otherwise forming part of or in any way
      affecting or relating to this Lease or the Premises save as expressly set
      out in this Lease and this Lease constitutes the entire agreement between
      Landlord and Tenant and may not be amended or modified except by
      subsequent agreement in writing of equal formality executed by Landlord
      and Tenant. The submission of this Lease for examination does not
      constitute an offer, a reservation of or option for the Premises, and this
      Lease becomes effective as a lease only upon execution and delivery
      thereof by both Landlord and Tenant.

	 	 
	15.11 	
      Registration: Tenant shall not register
      this Lease on the title to the Lands; however, Tenant after having paid to
      Landlord the sum of $500.00 as an additional deposit which Landlord may
      use to defer costs incurred in removing such registration at the end of
      the Term, may register a Notice of Lease on title to the Lands, at its
      sole cost, provided such Notice of Lease shall describe only the parties,
      the Premises, the Term of this Lease, and any renewals. Such Notice of
      Lease shall be prepared by Tenant's solicitors, and shall be subject to
      the prior written approval of Landlord and its solicitors, and shall be
      registered at Tenant's expense. Upon expiry or termination of this Lease,
      Tenant shall forthwith remove or discharge from registration any such
      Notice of Lease.

	 	 
	15.12 	
      Name of Building: Tenant shall not refer to
      the Building by any name other than that, if any, designated from time to
      time by Landlord, and Tenant may use such designated name of the Building
      for the business address of Tenant but for no other purpose. Landlord will
      have the right, after 30 days notice to Tenant, to change the name, number
      or designation of the Building or any part thereof, during the Term
      without liability of any kind to Tenant.

	 	 
	15.13 	
      Governing Law: This Lease shall be
      construed in accordance with the laws having application in the Province
      in which the Building is situate and the parties attorn to the exclusive
      jurisdiction of the courts of such Province to deal with all actions in
      respect of this Lease. The section headings of this Lease have been
      inserted for convenience of reference only and they shall not be referred
      to in the interpretation of this Lease. This Lease shall be read with all
      changes of gender and number required by the context. Time shall be of the
      essence of this Lease and each of the provisions hereof.

	 	 
	15.14 	
      Survival of Tenant's Covenants: All
      agreements, covenants and indemnifications in this Lease made by Tenant
      shall survive the expiration or earlier termination of this Lease,
      anything to the contrary in this Lease or at law
notwithstanding.

	 	 
	15.15 	
      Quiet Enjoyment: Landlord agrees that so
      long as Tenant duly pays the Rent hereby reserved and duly observes and
      performs the agreements, terms and conditions herein on its part to be
      observed and performed, Tenant shall and may peaceably possess and enjoy
      the Premises for the Term without any hindrance, interruption or
      disturbance from Landlord, subject nevertheless to the terms, covenants,
      conditions and limitations of this Lease.

	 	 
	15.16 	
      Severability: If any provision of this
      Lease or the application thereof to any person or circumstance shall, to
      any extent, be invalid or unenforceable, the remainder of this Lease or
      the application of such provision to persons or circumstances other than
      those to which it is held invalid or unenforceable, shall not be affected
      thereby and each provision of this Lease shall be separately valid and
      enforceable to the fullest extent permitted by law.

	 	 
	15.17 	
      Amendments: This Lease may not be
      amended or altered except by instrument in writing signed by Landlord and
      Tenant.

	 	 
	15.18 	
      Assigns: This Lease shall enure to the
      benefit of and be binding upon the parties hereto, shall be binding upon
      their respective successors and assigns and subject to the limitations on
      Transfer by Tenant set forth above, shall enure to the benefit of and be
      enforceable by only such successors and assigns which have undertaken to
      assume and to perform each of the covenants of the party to which they
      have succeeded or from which they have received such assignment in the
      same manner and to the same extent as if originally named in this Lease as
      such party.

- 29 - 

	15.19 	
      Status of Manager: Tenant
      acknowledges that the Manager has executed this Lease solely in its
      representative capacity as property manager for Landlord and the Manager
      shall have no personal liability under the provisions of this Lease.
      Subject to the foregoing, the Manager shall represent and act for and on
      behalf of Landlord for all purposes of this Lease.

	 	 
	15.20 	
      Acceptance by Tenant: Tenant does hereby
      accept this Lease of the Premises to be held by it as tenant, subject to
      the conditions, restrictions and covenants set forth in this
  Lease.

	 	 
	15.21 	
      Tenant's Review of Lease: Tenant
      acknowledges and agrees that this Lease has been negotiated and approved
      by each of Landlord and Tenant and, notwithstanding any rule or maxim of
      law or construction to the contrary, any ambiguity or uncertainty will not
      be construed against either Landlord or Tenant by reason of the authorship
      of any provision contained in this Lease.

IN WITNESS WHEREOF the parties hereto have executed this
indenture by their authorized officers in that behalf, or by Tenant's signature
hereto if Tenant is not incorporated, as of the date first above written. 

	LANDLORD: 	DUNDEAL SUMMER 2011 COLLECTION
      (GP) INC., 
	  	By its Manager, Dundee Realty
      Management Corp. 
	  	  	  
	  	Per: 	/s/ Ana Radic 
	  	Name:        	Ana Radic 
	  	Title: 	Senior Vice President, Eastern Region 
	 	   	 
	  	I have authority to bind the
      Corporation 
	  	  	  
	  	  	  
	TENANT: 	XTRA-GOLD RESOURCES
      CORP. 
	  	  	  
	  	Per: 	/s/ Paul Zyla 
	  	Name: 	Paul Zyla 
	  	Title: 	President 
	 	   	 
	  	I have authority to bind the
      Corporation 

If the Tenant is a corporation it must execute this Lease by
signature of its duly authorized officer(s) under its corporate seal or if no
corporate seal is affixed indicate the name(s) and capacity of the signing
officers and if a partnership must execute this Lease by the signatures of the
general partner(s) under seal, and if an individual must execute this Lease by
the individual's signature under seal. Except in the case of corporations all
signatures must be witnessed. 

SCHEDULE 1 

LEGAL DESCRIPTION 

PIN 21403-0085 (LT) 

PT TOWN LT 4 S/S RICHMOND ST PL TOWN OF YORK TORONTO AS IN
CT684760; TORONTO , CITY OF TORONTO

T/W EASE OVER PT OF TOWN LT 4 S/S RICHMOND STREET W PL TOWN OF
YORK TORONTO, PT 1 66R20964, AS IN AT451404. 

Being the whole of the said PIN 

SCHEDULE 2 

FLOOR PLAN 

SCHEDULE 3 

DEFINITIONS 

In this Lease, unless there is something in the subject matter
or context inconsistent therewith:

"Additional Rent" means the Tenant's Share of Realty
Taxes and Operating Costs, payments for Utilities and light fixtures, and all
payments for Additional Services, and such other sums, excluding Basic Rent,
otherwise payable by Tenant in accordance with the terms of this Lease, whether
to Landlord or others.

"Additional Services" means any additional service,
Utilities and/or supervision provided to Tenant and supplied by Landlord or by
anyone authorized by Landlord and not otherwise expressly provided for as a
standard service under this Lease, at rates and charges determined by Landlord;
by way of example, adjusting and balancing HVAC Facilities, cleaning of carpets,
moving furniture, construction, installation and alterations to or removal of
Leasehold Improvements, providing HVAC for periods in excess of Normal Business
Hours and access and connection to fibre optics or other enhanced information
technology, are each Additional Services. 

"Alterations" has the meaning provided in section 7.4.2.

"Architect" means the architect, surveyor or engineer
from time to time appointed by Landlord.

"assignment" means any transaction whereby any rights of
Tenant under this Lease are transferred to anyone (whether immediately,
conditionally or contingently) and includes an assignment or specific or
floating charge whereby the interest of Tenant or the Premises is mortgaged or
pledged as security for any indebtedness or other obligation and includes an
assignment by operation of law and any change in the identity of the party
having the right to possession or actually in possession of the Premises. 

"Authority" means the federal, provincial, and municipal
governments, the courts, administrative and quasi-judicial boards and tribunals
and any other organizations or entities with the lawful authority to regulate,
or having a power or right conferred at law or by or under a statute over,
Landlord, Tenant, the Building, the Lands or the Premises including the
businesses carried on therein; 

"Basic Information" means the information set out in
Part 1 of this Lease. 

"Basic Rent" means the basic rent payable by Tenant
pursuant to section 5.2 of this Lease.

"Building" means the buildings, structures, and
improvements from time to time during the Term erected on the Lands together
with all fixtures, sprinklers, elevators, escalators, HVAC Facilities and
mechanical and electrical equipment and machinery and water, gas, sewage,
telephone and other communication facilities and electrical power services and
Utilities comprised therein, belonging thereto, connected therewith or used in
the operation thereof, and now or hereafter constructed, erected and installed
therein and thereon, and all alterations, additions, and replacements thereto,
and includes the Common Areas but excludes all Leasehold Improvements made,
constructed, erected or installed therein by or on behalf of Tenant and any
other tenant of premises therein. 

"business day" means a day other than a Saturday or
Sunday or statutory holiday in the Province of Ontario. 

"Business Tax" means any business tax or assessment or
any other tax, assessment, rate or levy imposed by any Authority having
jurisdiction, in respect of, any business carried on, in, from or through the
Premises or the whole or any part of the Building or any use, possession or
occupancy of any property, premises or space in the Building. 

"Capital Tax" means any tax or taxes payable by the
Taxpayer to any taxing authority based upon or computed by reference to the
value of the Lands and Building or the paid-up capital or place of business of
the Taxpayer, including without limitation provincial capital tax and federal
large corporations tax. If the system of capital taxation shall be altered such
that any new capital tax shall be levied or imposed in substitution or
replacement for or in addition to Capital Tax from time to time levied or imposed,
then any such new tax or levy shall be deemed to be Capital Tax or included in
Capital Tax. 

- 2 - 

"Capital Tax for the Building" is included in Operating
Costs and for any Fiscal Period means the amount calculated by multiplying the
aggregate book value to the Taxpayer of the Lands and Building (and all
equipment used in connection therewith) by the applicable Capital Tax rate
imposed, from time to time, by the taxing authority having jurisdiction.
Aggregate book value shall be net of depreciation and amortization for financial
statement purposes and determined as at the end of such Fiscal Period and may be
imputed by Landlord (i) as if the Lands and Building was the only property of
the Landlord, but with any applicable tax exemption allocated equitably by
Landlord amongst all of its properties and/or assets, and (ii) on the basis of
the Landlord's determination of the amount of capital attributable to the Lands
and Building. The parties acknowledge that Capital Tax for the Lands and
Building is an approximation based upon the concept of Capital Tax, and is not
necessarily the actual Capital Tax paid or payable by the Taxpayer in respect of
the Lands and Building. If the calculation or basis of Capital Tax changes then
Landlord may adjust the calculation or basis of such amount to reasonably
reflect such change. 

"change in control" means, in the case of any
corporation or partnership, the transfer, by sale, assignment, operation of law,
transmission on death, mortgage, trust, issuance from treasury, cancellation or
redemption, or otherwise, of any shares, voting rights or interest, which will
result in a change of the identity of the person exercising, or who might
exercise, effective control of such corporation or partnership whether directly
or indirectly, unless such change occurs as the result of trading in shares
listed upon a recognized stock exchange. 

"Commencement Date" is defined in section 1.8
hereof.

"Common Areas" means:

(i)              
all common areas and facilities within the Building from time to time furnished
or designated (and which may be changed) by Landlord, whether or not the areas
are open to the general public, and are deemed to include any fixtures,
chattels, systems, decor, signs, roofs, parking facilities, or landscaping
contained in them or maintained or used in connection with them, and are deemed
to include the city sidewalks adjacent to the Lands, access areas to the
Delivery Facilities, and any pedestrian walkway system, park or other facility
in respect of which Landlord is from time to time subject to obligations in its
capacity as owner or lessee of the Lands or Building or both, some parts of
which are for the use in common, in such manner as Landlord may designate and
permit, by tenants of premises in the Building and all others entitled thereto
including, without restricting the generality of the foregoing, lobbies,
corridors, together with washrooms, fan rooms, janitors' closets, electrical
closets and other closets not situate within the demising line of any premises
in the Building, and parking areas; and 

(ii)              all
portions of the Lands not from time to time demised by Landlord and not covered
by any building (other than service buildings) available for the general benefit
of all tenants of the Building and including without restricting the generality
of the foregoing, parking areas, access roads, driveways, sidewalks and
landscaped areas. 

"Complex" means such of the following buildings and
improvements located in Toronto, Ontario, which are owned or controlled by the
Landlord and which are municipally known respectively as 330 Bay Street, 350 Bay
Street, 357 Bay Street, 360 Bay Street, 366 Bay Street, 8 King Street East, 10
King Street East, 18 King Street East, 78-80 Richmond Street West, 56 Temperance
Street and 36 Toronto Street. 

"Construction Schedule" means the provisions set forth
in Schedule 5 to this Lease. 

"Contaminant" means any solid, liquid, or gaseous
substance, any Hazardous Waste, any Toxic Substances, any odour, heat, sound
vibration, radiation or combination of any of them that may, if Discharged, have
an adverse effect on the environment or on people, property or the normal
conduct of business. 

"Delivery Facilities" means those portions of the Common
Areas on and below the street level that are from time to time designated by
Landlord as facilities to be used in common by Landlord, tenants of the
Building, and others, for purposes of loading, unloading, delivery, dispatch and
holding of merchandise, goods and materials entering or leaving the Building and
giving vehicular access to portions of the Building. 

- 3 - 

"Design Criteria Manual" means Landlord's manual, as
amended and supplemented from time to time, setting out standards and procedures
applicable to any work or material for the Premises including preparation and
approval of plans and the conduct and completion of Tenant's work whether at the
beginning or at any time during the Term. Such manual shall provide for
architectural, mechanical and Utilities standards, specifications and criteria
established by Landlord, from time to time, for rentable premises in the
Building, including but not limited to standards, specifications and criteria
for all interior improvements. 

"Discharge" means any spill release, escape, leak or
movement of a Contaminant into the environment, the indoor or outdoor air, into
or onto the ground, into the surface water or ground water, into the sewers or
any watercourse, or into, onto or from the Premises or the Building. 

"Environmental Law" means the statutes, regulations,
policies, directives, orders, approvals and other legal requirements of an
Authority or of the common law which affect the Lands, the Building, the
Premises, and Landlord's or Tenant's business, and which impose any obligations
relating to the protection, conservation or restoration of the environment, the
Lands, the Premises or the Building. 

"Fiscal Period" means the period designated as such from
time to time by Landlord.

"General Building Expense" means that portion of all
costs, charges and expenses which are attributable to the operation, repair and
maintenance of the Building and Lands or incurred to reduce Operating Costs but
which are not attributable solely to the operation, repair and maintenance of
the Common Areas or any rentable component of the Building, as allocated by
Landlord to the Building on such basis as Landlord may, from time to time,
determine to be equitable. 

"Gross Revenue" means all Basic Rent, Additional Rent,
earned interest, commissions, royalties, bonuses, Operating Cost recoveries,
revenue, if any, from any parking facilities, damage recoveries, tax recoveries,
insurance proceeds relating to lost revenue and all other amounts, rights and
benefits of any kind whatsoever actually received, receivable or derived by the
Landlord from the Building, all calculated in accordance with generally accepted
accounting principles and practices consistent with the commercial real estate
industry in Canada including, without limitation, an amount deemed to be
received for any rent-free period calculated on the basis of the monthly rent
payable immediately following the rent-free period under a Tenant's lease. 

"Hazardous Waste" means any hazardous waste, hazardous
product, deleterious substance, special waste, liquid industrial waste,
bio-medical waste, dangerous goods or substance which is controlled or regulated
under Environmental Law. For ease of reference, this includes, but is not
limited to, any waste which is composed in whole or in part of substances which
are: (i) corrosive, (ii) ignitable, (iii) pathological, (iv) radioactive, (v)
reactive, or (vi) toxic; and liquid waste, whether or not from a commercial or
industrial process, that cannot lawfully be disposed of through the municipal
sewers. 

"HVAC" means heating, ventilating or cooling or any
combination thereof. 

"HVAC Cost" means that portion of all costs in the
Fiscal Year for the operation, repair, replacement and maintenance of the
systems for heating, ventilating, and air-conditioning the Building as
established by Landlord from time to time on a fair and equitable basis which
reflects load and hours of operation, (and includes depreciation at reasonable
rates on such systems) as allocated by Landlord to the Building on such basis as
Landlord may, from time to time, determine equitable. 

"HVAC Facilities" means facilities and equipment used
for or in connection with the provision and supply of HVAC, as from time to time
existing. 

"Indemnifier" includes Indemnifier named in this Lease
and its respective heirs, executors, administrators, successors and assigns, as
the case may be. 

- 4 - 

"Interest" or "Interest Rate" means interest at a
rate equivalent to three (3%) per cent per annum in excess of the prime lending
rate of a Canadian bank designated by Landlord where the prime lending rate of
such bank means the rate of interest (now commonly known as that bank's "prime
rate"), expressed as a rate per annum, charged by such bank in Toronto on
commercial demand loans made by it in Canadian dollars at such time to its most
creditworthy borrowers. 

"Landlord" includes Landlord named in this Lease and its
respective heirs, executors, administrators, successors and assigns, as the case
may be. 

"Lands" means the lands described in Schedule 1 annexed
hereto as supplemented or diminished from time to time by Landlord. 

"Landlord's Improvements" means improvements to be
constructed or installed in or to the Premises by Landlord in accordance with
Landlord's working drawings prepared for the construction of the Building; by
way of example, and without limiting the generality of the foregoing, Landlord's
Improvements include ceilings, lighting, and window covering systems originally
installed by Landlord and standard to the Building. Any Landlord's Improvements
from time to time modified by or on behalf of Tenant so as to no longer be
standard to the Building shall be considered Leasehold Improvements. Landlord's
Improvements shall not include any Leasehold Improvements installed by Landlord
on behalf of Tenant or a previous occupant of the Premises. 

"Lease" means this document as originally signed, sealed
and delivered and as amended, from time to time. 

"Leasehold Improvements" means all items generally
considered to be leasehold improvements, including, without limitation, all
fixtures, equipment, improvements, installations, alterations and additions from
time to time made, erected or installed by or on behalf of Tenant, whether by
Landlord, Tenant or any other party on behalf of Tenant or any previous occupant
of the Premises, including, without limitation, any stairways for the exclusive
use of Tenant, all fixed partitions, light fixtures, plumbing fixtures, however
affixed and whether or not movable, and all wall-to-wall carpeting other than
carpeting laid over finished floors and affixed so as to be readily removable
without damage, and all water, electrical, gas and sewage facilities, all
heating, ventilating and air-conditioning equipment and facilities exclusively
serving the Premises all telephone and other communication and information
technology wiring and cabling leading from the base building facilities and
distribution panel to facilities located in the Premises, all cabinets,
cupboards, shelving and all other items which cannot be removed without damage
to the Premises; but excluding Trade Fixtures, furniture, unattached or
free-standing partitions and equipment not in the nature of fixtures. 

"Manager" means Landlord's manager for the Building who
may be changed from time to time and who is Dundee Realty Management Corp. at
the date of signing this Lease. 

"Mortgagee" means Landlord's mortgagee(s) from time to
time with respect to the Lands, the Building and/or this Lease, and includes a
trustee for bondholders. 

"Normal Business Hours" means the hours from 8:00 a.m.
to 6:00 p.m. on Monday to Friday of each week except any statutory holiday or
civic holiday in the municipality where the Building is located. 

"Operating Agreement" means any agreement or agreements
between Landlord and the owner of any lands neighbouring or contiguous to the
Lands, pursuant to which the developments and improvements on the Lands and the
developments and improvements on such neighbouring or contiguous lands are
operated on a co-ordinated basis. 

"Operating Costs" has the meaning provided in Schedule
6. 

"Operating Standards" means the rules, procedures and
requirements as amended and supplemented from time to time, (initially as set
forth in Schedule 4 to this Lease) governing the manner in which Tenant and
others doing business in the Building shall operate and conduct their businesses
and utilize the Premises and the Common Areas. 

- 5 - 

"person" means any individual, corporation, partnership,
trust, other legal entity or other business association and includes a
government or departmental subdivision or agency thereof. 

"Premises" means and shall be deemed to include (except
where such meaning would be clearly repugnant to the context) the space demised
and all Leasehold Improvements and Alterations therein. The space demised shall
consist of the area shown on Schedule 2 and shall be bounded by the unfinished
interior surfaces of the perimeter walls and windows, the unfinished surfaces of
interior load-bearing walls, the unfinished top of the floor slab and the
unfinished bottom of the floor slab of the floor above excluding, however, any
stairs and other areas within said boundaries which are not included in the
calculation of Rentable Area and excluding pipes, wires, ducts, conduits and
other elements of the Building systems constructed and installed by or for
Landlord including, without limitation, the HVAC Facilities but including all
mechanical, electrical and utility systems and equipment within the Premises for
the exclusive use of the Premises. If the Premises, in whole or in part, is on a
multiple tenancy floor, for the purposes of calculation of Rentable Area, the
area of the Premises shall be increased to include a pro rata portion of
Unallocated Space on the same floor(s) as the Premises, provided that Landlord
will retain exclusive control over all of the Common Areas, including
Unallocated Space. 

"Realty Taxes" means all real estate, municipal or
property taxes (including local improvement rates), levies, rates, duties, and
assessments whatsoever imposed upon or in respect of any real property from time
to time by any Authority, which may be levied or assessed against the Premises,
the Lands and Building, or Landlord, or the owners of the Premises, Lands and
Building, and any and all taxes which may, in the future, be levied on the
Premises, the Lands, the Building or Landlord due to its ownership thereof in
lieu of realty taxes or in addition thereto and the cost to Landlord or the
owners of appealing such levies, rates, duties and assessments. Should the Lands
and Building not be fully occupied or assessed as a commercial property for
determination of Realty Taxes in any calendar year, then Landlord shall adjust
the Realty Taxes to an amount that would have been determined if the Building
and Lands were fully occupied and assessed as a commercial property. 

"Related Corporation" means a holding corporation,
subsidiary corporation or affiliate of Tenant, as each of those terms is defined
in the business corporations act or similar statute of the Province in which the
Building is located. 

"Rent Commencement Date" is as defined in section 1.13
hereof. 

"Rent, rent, Rental or rental" means all payments and
charges payable by Tenant pursuant to this Lease, including without limitation
the Basic Rent and the Additional Rents.

"Rentable Area", shall have the meaning provided by the
Building Owner and Managers Association ("BOMA") in its 1996 standard. 

"Rental Taxes" means any tax or duty imposed upon
Landlord or Tenant on or in respect of this Lease, the payments made by Tenant
hereunder or the goods and services provided by Landlord, including but not
limited to the rental of the Premises and provision of administrative services
to Tenant or to others whether existing at the date hereof or hereinafter
imposed by any Authority, including without limitation goods and services tax,
use, consumption or value added tax, business transfer tax, retail sales tax,
federal sales tax, harmonized sales tax, excise taxes or duties, or any tax
similar to any of the foregoing.

"Schedules" means the schedules appended to this Lease
comprising: 

	 	Schedule 1 	– 	Legal Description 
	 	Schedule 2 	– 	Floor Plan 
	 	Schedule 3 	– 	Definitions 
	 	Schedule 4 	– 	Operating Standards 
	 	Schedule 5 	– 	INTENTIONALLY DELETED 
	 	Schedule 6 	– 	Operating Costs 
	 	Schedule 7 	– 	INTENTIONALLY DELETED 
	 	Schedule 8 	– 	Determination of Rentable Area 
	 	Schedule
      9        	–         	Special Provisions

- 6 - 

"Signs" has the meaning provided in section 7.8. 

"sublease" means any transaction other than an
assignment whereby any right of use, occupancy or possession (whether exclusive,
non-exclusive, permanent or temporary) relating to the whole or any part of the
Premises is conferred upon anyone (whether immediately, conditionally or
contingently) and includes but is not limited to any sublease, sub-sublease,
concession, franchise, licence agreement or any other arrangement (such as but
not limited to a management agreement) conferring any such right of use,
occupancy or possession and whether or not Tenant is a party thereto. 

"Taxpayer" means Landlord and each of the entities
constituting Landlord and each of the owners of the Building, as the case may
be. In the event that the Landlord or any of the entities constituting Landlord
are not corporations against which Capital Taxes are exigible, including general
and limited partnerships, then Taxpayer shall include any corporate owner of
Landlord or any of the entities constituting Landlord required to include in
computing its paid-up capital its share of the amounts that would be components
of the paid-up capital of Landlord if Landlord were a corporation against which
Capital Taxes are exigible. 

"Tenant" includes Tenant named in this Lease and its
respective heirs, executors, administrators, successors and assigns, as the case
may be. 

"Tenant's Additional Share of Costs" means the amount,
to be reasonably determined by Landlord, of the increase in any of the Operating
Costs which Landlord determines is attributable to the manner of operation of
Tenant's business if in a manner dissimilar to the majority of other tenants of
the Building. 

"Tenant Property" means the Trade Fixtures, chattels,
merchandise and personal effects within the Building. 

"Tenant's Share" means the proportion which the Rentable
Area of the Premises is of the Total Rentable Area of the Building. 

"Term" means the initial term of this Lease as set out
in section 1.7 hereof, any renewal or extension term and any overholding
period.

"Total Rentable Area of the Building" means the sum of
Rentable Areas for all leaseable premises on office floors (measured in
accordance with the terms hereof) and the Rentable Area of all leaseable
premises on the main floor excluding in each case storage areas located outside
of the premises.

"Toxic Substances" means any substance which is listed
on the List of Toxic Substances prescribed under the Environmental Protection
Act (Canada) (as amended from time to time, or any replacement legislation), or
is designated to be toxic or hazardous by an Authority. 

"Trade Fixtures" means all items generally considered to
be trade fixtures, including, without limitation, computers, and business
equipment, built-in fridges, stoves, walk-in coolers, counters, bars, chairs,
stools, tables, banquettes, racks, or any other equipment or fixtures used by
Tenant in its business, any of which have been installed in the Premises by or
on behalf of Tenant , but notwithstanding the foregoing, shall not include any
Leasehold Improvements, any part of the electrical, plumbing, mechanical,
sprinkler, heating, ventilating or air-conditioning equipment or systems, or any
floor coverings, wall coverings or any part of the ceiling, whether or not
installed by Tenant or Landlord. 

"Transfer" means any assignment, sublease, change in
control, or parting with possession, or any other transaction or occurrence
(including an expropriation, amalgamation, receivership or seizure by execution
or other legal process) which has or might have the effect of changing the
identity of Tenant or the person controlling Tenant, or, changing the identity
of the person having lawful use, occupancy or possession of the whole or any
part of the Premises, whether such change is or might be immediate, deferred,
conditional, exclusive, non-exclusive, permanent or temporary. 

- 7 - 

"Unallocated Space" means those parts of the Building
which are the elevator lobby(s), corridors, vestibules, washrooms, janitor
closets, HVAC equipment rooms, fan closets, mechanical rooms, electrical rooms
and telephone and information technology rooms and any other such spaces within
or servicing any one floor which is a multiple tenancy floor. 

"Unavoidable Delay" means any prevention, delay,
stoppage or interruption in performance due to weather conditions, strikes,
lockouts, labour disputes, lack of materials or supplies, legal or regulatory
impediment, acts of God, the occurrence of enemy or hostile action, civil
commotion, fire or other casualties or conditions, or due to any other causes
beyond the reasonable control of the party obligated to perform where the
effects of such casualty or contingency are not avoidable by the exercise of
reasonable effort or foresight by such party (but does not include insolvency,
lack of funds , or other financial casualty or contingency).

"Useable Area" shall have the meaning provided by BOMA
in its 1996 standard. 

"Utilities" means water, gas, fuel, electricity,
telephone, telecommunications, fibre optics and any other form of information
technology systems and equipment, waste disposal and other utilities or services
or any combination thereof other than HVAC. 

SCHEDULE 4 

OPERATING STANDARDS 

Tenant shall observe the following Operating Standards as
amended, modified or supplemented from time to time by Landlord as provided in
this Lease. 

	1. 	
      Appliances: The Tenant shall not permit in
      the Premises any cooking or the use of any apparatus for the preparation
      of food or beverages (except for the use of coffee makers, kettles,
      microwave ovens or refrigerators or where the Landlord has approved of the
      installation of cooking facilities as part of the Tenant's Leasehold
      Improvements) nor the use of any electrical apparatus likely to cause an
      overloading of electrical circuits.

	 	 
	2. 	
      Obstructions: The sidewalks, entries,
      passages, corridors, lobbies, elevators and staircase shall not be
      obstructed or used by Tenant, his agents, servants, contractors, invitees
      or employees for any purpose other than ingress to and egress from the
      offices. Landlord reserves entire control of the Common Area and all parts
      of the Building and the Land employed for the common benefit of
      Tenants.

	 	 
	3. 	
      Overloading: Tenant, his agents, servants,
      contractors, invitees or employees, shall not bring in or take out,
      position, construct, install or move any safe, business machine or other
      heavy office equipment without first obtaining the consent in writing of
      Landlord. In giving such consent, Landlord shall have the right in its
      sole discretion, to prescribe the weight permitted and the position
      thereof, and the use and design of planks, skids or platforms to
      distribute the weight thereof. All damage done to the Building by moving
      or using any such heavy equipment or other office equipment or furniture
      shall be repaid at the expense of Tenant. The moving of all heavy
      equipment or other office equipment or furniture shall occur between 6:00
      p.m. and 8:00 a.m. or any other time consented to by Landlord and the
      persons employed to move the same in and out of the Building must be
      acceptable to Landlord. Safes and other heavy office equipment will be
      moved through the halls and corridors only upon steel bearing plates. No
      deliveries requiring the use of an elevator for freight purposes will be
      received into the Building or carried in the elevators, except during
      hours approved by and scheduled through Landlord. Only elevators so
      designated by Landlord shall be used for deliveries of workmen and
      materials, furniture and other freight. Tenant shall pay, as Additional
      Rent, any costs incurred by Landlord in connection with the moving of
      Tenant's equipment, furniture, etc.

	 	 
	4. 	
      Entry: All persons entering and leaving the
      Building at any time other than during Normal Business Hours shall
      register in the books kept by Landlord at or near the entrance or
      entrances and Landlord will have the right to prevent any person from
      entering or leaving the Building unless provided with a key to the
      premises to which such person seeks entrance and a pass in a form to be
      approved by Landlord and provided at Tenant's expense. Any persons found
      in the Building at such times without such keys or passes will be subject
      to the surveillance of the employees and agents of Landlord. Landlord
      shall be under no responsibility for failure to enforce this
  rule.

	 	 
	5. 	
      Security: Landlord may from time to time
      adopt appropriate systems and procedures for the security or safety of the
      Building, any persons occupying, using or entering the same, or any
      equipment, finishings or contents thereof, and Tenant shall comply with
      Landlord's reasonable requirements relative
thereto.

- 2 - 

	6. 	
      Locks: Landlord may from time to time
      install and change locking mechanisms on entrances to the Building, common
      areas thereof, and the Premises, and (unless 24 hour security is provided
      by the Building) shall provide to Tenant a reasonable number of keys and
      replacements therefor to meet the bona fide requirements of Tenant. In
      these rules "keys" include any device serving the same purpose. Tenant
      shall not add to or change existing locking mechanisms on any door in or
      to the Premises without Landlord's prior written consent. If Tenant
      installs lock(s) incompatible with the Building master locking
    system:

.1              
Landlord, without abatement of Rent, shall be relieved of any obligation under
the Lease to provide any service to the affected areas which require access
thereto, 

.2              
Tenant shall indemnify Landlord against any expense as a result of forced entry
thereto which may be required in an emergency, and 

.3              
Tenant shall at the end of the Term and at Landlord's request remove such locks
at Tenant's expense. 

	7. 	
      Return of Keys: Tenant shall promptly
      return to Landlord at the end of the Term all keys for the Building and
      Premises which are in possession of Tenant.

	 	 
	8. 	
      Food: Tenant shall not install or permit
      the installation or use of any machine dispensing goods for sale in the
      Premises or the Building or permit the delivery of any food or beverages
      to the Premises without the approval of Landlord or in contravention of
      any regulations made by Landlord. Only persons authorized by Landlord
      shall be permitted to deliver or to use the elevators in the Building for
      the purpose of delivering food or beverages to the Premises. Landlord
      acknowledges that Tenant, acting reasonably, will be permitted to have
      small quantities of food and beverages delivered to the Premises provided
      such delivery does not interfere with traffic flow to the Building and
      with Building operations.

	 	 
	9. 	
      Repair, Maintenance Alterations and
      Improvements: Tenant shall carry out Tenant's repair, maintenance,
      alterations and improvements in the Premises only during times agreed to
      in advance by Landlord and in a manner which will not interfere with the
      rights of other tenants in the Building and in compliance with the
      Lease.

	 	 
	10. 	
      Water Fixtures: Tenant shall not use water
      fixtures for any purpose for which they are not intended, nor shall water
      be wasted by tampering with such fixtures. Any cost or damage resulting
      from such misuse by Tenant shall be paid for by Tenant.

	 	 
	11. 	
      Personal Use of Premises: The Premises
      shall not be used or permitted to be used for residential, lodging or
      sleeping purposes or for the storage of personal effects or property not
      required for business purposes.

	 	 
	12. 	
      Animals, Bicycles: Tenant shall not bring
      any animals or birds into the Building and shall not permit bicycles or
      other vehicles inside or on the sidewalks outside the Building except in
      areas designated from time to time by Landlord for such
purposes.

	 	 
	13. 	
      Windows: Tenant shall observe Landlord's
      rules with respect to maintaining window coverings at all windows in the
      Premises so that the Building presents a uniform exterior appearance, and
      shall not install any window shades, screens, drapes, covers or other
      materials or signs on or at any window in the Premises without Landlord's
      prior written consent. Tenant shall ensure that window coverings are
      closed on all windows in the Premises while they are exposed to the direct
      rays of the sun.

- 3 - 

	14. 	
      Carpet Pads: In those portions of the
      Premises where carpet has been provided directly or indirectly by
      Landlord, Tenant shall at its own expense install and maintain pads to
      protect the carpet under all furniture having casters other than carpet
      casters.

	 	 
	15. 	
      Nuisance: Tenant shall not perform any acts
      or carry on any practice which may damage the Building or the Common Areas
      or be a nuisance to any tenant in the Building.

	 	 
	16. 	
      Installations: Tenant shall not mark, drill
      into, bore or cut or in any way damage or deface the walls, ceilings, or
      floors of the Premises. No wires, pipes, conduits, telephonic,
      telegraphic, electronic wire service, information technology equipment or
      other connections shall be installed in the Premises without the prior
      written approval of Landlord.

	 	 
	17. 	
      Contaminants: Tenant shall not permit any
      Discharge to occur in or about the Building or the Premises and shall not
      use or permit any Contaminant to be brought into the Building or the
      Premises.

	 	 
	18. 	
      Deliveries: Tenant shall ensure that
      deliveries of materials and supplies to the Premises are made through such
      delivery facilities, entrances, elevators and corridors and at such times
      as may from time to time be designated by Landlord, and shall promptly pay
      or cause to be paid to Landlord the cost of repairing any damage in the
      Building caused by any person making such deliveries.

	 	 
	19. 	
      Furniture and Equipment: Tenant shall
      ensure that furniture, fixtures, furnishing and equipment being moved into
      or out of the Premises is moved through such delivery facilities,
      entrances, elevators and corridors and at such times as may from time to
      time be designated by Landlord, and by movers or a moving company approved
      by Landlord, and shall promptly pay or cause to be paid to Landlord the
      cost of repairing any damage in the Building caused thereby.

	 	 
	20. 	
      Solicitations: Landlord reserves the right
      to restrict or prohibit canvassing, soliciting or peddling in the
      Building.

	 	 
	21. 	
      Refuse: Tenant shall place all refuse in
      proper receptacles provided by Tenant at its expense in the Premises or in
      receptacles (if any) provided by Landlord for the Building, and shall keep
      sidewalks and driveways outside the Building, and lobbies, corridors,
      stairwells, ducts and shafts of the Building, free of all
refuse.

	 	 
	22. 	
      Dangerous, Immoral or Hazardous Activities:
      Tenant shall not make any use of the Premises which involves the danger of
      injury to any person, nor shall the same be used for any immoral purpose
      or to commit any act of waste or damage to any part of the Premises or to
      use any part of the Premises so as to constitute a hazard.

	 	 
	23. 	
      Proper Conduct: Tenant shall not conduct
      itself in any manner which is inconsistent with the character of the
      Building which will impair the comfort and convenience of other tenants in
      the Building. Such prohibited conduct shall include the playing of loud
      music and the placing of anything in Common Areas.

	 	 
	24. 	
      Employees, Agents and Invitees: In these
      Operating Standards, Tenant includes the employees, agents; invitees and
      licensees of Tenant and others permitted by Tenant to use or occupy the
      Premises.

- 4 - 

	25. 	
      Parking: Landlord, from time to time, may
      prohibit Tenant, Tenant's employees and Tenant's suppliers and others
      making deliveries to or receiving shipments from the Premises from parking
      anywhere within the Building. If Landlord designates Tenant parking areas
      in the Building, Tenant shall park its vehicles and shall cause its
      employees to park their vehicles only in such designated parking areas.
      Tenant shall furnish Landlord, upon request, with the current license
      numbers of all vehicles owned or used by Tenant or its employees and
      Tenant thereafter shall notify Landlord of any changes in such numbers
      within 5 days after the occurrence thereof. In the event of failure of
      Tenant or its employees to park their vehicles in such designated parking
      areas, Tenant shall forthwith on demand pay to Landlord, as additional
      rent, the sum of $30 per day per each car so parked. Landlord reserves the
      right to impose reasonable charges upon any person (including the general
      public) for the use of any parking facilities which may from time to time
      form a part of the Building.

SCHEDULE 5 

CONSTRUCTION SCHEDULE 

INTENTIONALLY DELETED 

SCHEDULE 6 

OPERATING COSTS 

"Operating Costs" means the total direct and indirect
cost and expense, without duplication, incurred or accrued whether by Landlord
or by others on behalf of Landlord and allocated or attributed by Landlord to
the discharge of its obligations under this Lease and with respect to the
ownership, administration, operation, management, maintenance, improvement,
insuring, cleaning, supervision, rebuilding, replacement and repair of the Lands
and Building, including without limiting the generality of the foregoing the
total annual cost and expense of:

	1. 	
      insurance maintained by Landlord with respect to the
      ownership and operation of the Lands and the Building including without
      limitation the cost of insuring the Building and the Lands with such forms
      of coverage and in such amounts as Landlord, or its Mortgagees may, from
      time to time determine, including, without limitation, costs and premiums
      paid for insurance against any and all risks of physical loss or damage to
      property of Landlord on a replacement cost basis, boiler, pressure
      vessels, air-conditioning equipment and miscellaneous electrical apparatus
      insurance on a broad form blanket coverage repair and replacement basis,
      loss of insurable gross profits and loss of rental income attributable to
      all perils reasonably insured against by Landlord or commonly insured
      against by prudent landlords, third party liability hazards including
      exposure to personal injury, bodily injury and property damage on an
      occurrence basis including insurance for all contractual obligations and
      covering also actions of all authorized employees, subcontractors and
      agents while working on behalf of Landlord, environmental insurance and
      any other forms of insurance as Landlord or its Mortgagees may reasonably
      require from time to time for insurable risks and in amounts against which
      a prudent owner of a comparable office building in the municipality would
      protect himself and for clarity, all deductible amounts shall be
      considered to be a cost of insurance;

	 	 
	2. 	
      warranties and guarantees;

	 	 
	3. 	
      complete maintenance and janitorial service for the
      Building and Lands, including snow removal, window cleaning, garbage and
      waste collection and disposal, the cost of operating and maintaining any
      merchandise holding and receiving areas and truck docks, and the cost of
      interior and exterior landscaping;

	 	 
	4. 	
      elevator maintenance, lighting, public and private
      Utilities, together with the cost of energy management programmes and the
      cost of maintaining any signs considered by Landlord to be part of the
      Common Areas;

	 	 
	5. 	
      policing and supervision;

	 	 
	6. 	
      salaries, termination and severance costs of all
      personnel employed or contracted from outside contractors to carry out
      management, administration, supervision, maintenance and service
      operations, (including contributions towards usual fringe benefits,
      unemployment insurance, pension plan contributions and similar
      contributions), and to the extent such personnel are not engaged full time
      to perform such management, administration, supervision, maintenance and
      service operations, then only such portion of their salaries as is
      attributable to such on-site performance;

	 	 
	7. 	
      the rental of any equipment and signs, and the cost of
      building supplies, used by Landlord in the maintenance and operation of
      the Lands and the Building;

- 2 - 

	8. 	
      HVAC Cost;

	 	 
	9. 	
      repair, maintenance and operation of the Lands and the
      Building and all Utilities and the repair, replacement, maintenance and
      operation of the mechanical, electrical, plumbing, information technology,
      heating and air-conditioning equipment and systems appurtenant thereto and
      the cost of complying with Environmental Law with respect to the Lands and
      the Building;

	 	 
	10. 	
      the total cost and expense of operating, maintaining and
      repairing parking garages and parking areas;

	 	 
	11. 	
      all business taxes, if any, from time to time payable by
      Landlord, on account of its ownership or operation of the Lands and
      Building but excluding income tax of Landlord;

	 	 
	12. 	
      legal fees as reasonably attributable to the daily
      operation of the Lands and Building but excluding legal fees for lease
      enforcement and leasing of the Lands and Building;

	 	 
	13. 	
      all fees and expenses incurred by Landlord in connection
      with actions taken by Landlord to appeal Realty Tax assessments for the
      Lands and Building;

	 	 
	14. 	
      accounting and computing services and audit fees in
      connection with the calculations and tabulations of amounts referred to in
      this Lease;

	 	 
	15. 	
      internet services provided for the Building including
      websites and other information and communication services and facilities
      available to tenants;

	 	 
	16. 	
      security services, if any, undertaken by or on behalf of
      Landlord;

	 	 
	17. 	
      depreciation and amortization of capital costs as
      determined in accordance with generally accepted accounting principles
      for:

.1              
the costs related to all maintenance and cleaning equipment and Landlord's
Utility meters;

.2              
the costs incurred for all other fixtures, furniture, replacement of finishes in
the Common Areas, equipment, and facilities serving the Building; 

.3              
the costs, together with Interest, of equipment modification or improvements of
the Building and all upgrading and retrofitting of all Building systems,
facilities and equipment, including all mechanical, electrical, plumbing and
life safety systems, amortized over their useful life, as determined by
Landlord;

.4              
the costs incurred by Landlord in complying with any laws including
Environmental Laws pertaining to the operation of the Lands and Building, and
all costs incurred pursuant to section 7.2.2 to 7.2.5 inclusive hereof together
with Interest; and 

.5              
any costs relating to the provision, replacement and upgrading of aerials,
antennae, cables, machinery, equipment, installations, and other forms of
communications and information technology systems and equipment which are
available for use by tenants of the Building; 

	18. 	
      operation, maintenance and repair of the equipment and
      facilities referred to in subsection 17.5;

- 3 - 

	19. 	
      Capital Tax including Capital Tax for the
  Building;

	 	 
	20. 	
      General Building Expense;

	 	 
	21. 	
      all costs related to the furnishing, equipping, staffing
      and operation of a regional or on-site administrative office serving the
      Building, including the fair rental value (having regard to rentals
      prevailing from time to time for similar space) of space occupied by the
      employees or contractors of Landlord or an outside contractor for day to
      day management, administrative and supervisory purposes relating to the
      Building. In the case of a regional office, the costs will be apportioned
      among the buildings served by it on a pro rata basis.

	 	 
	22. 	
      a management and administration fee which shall be an
      amount equal to the greater of 4% of Gross Revenue from the Building and
      15% of the foregoing costs, including the cost of Utilities;

	 	 
		
      The foregoing list of specific items is intended to be
      representative rather than exhaustive and shall not limit in any manner
      the scope of the introductory general language of the
definition.

	 	 
		
      If Landlord decides not to charge the full amount of any
      one or more of the foregoing costs and expenses in the year in which it is
      incurred, then any such uncharged portions may be charged in any
      subsequent years and there shall be included, interest at the Interest
      Rate on the uncharged portion of such costs and expenses from time to time
      outstanding. Indirect and offsite costs shall be determined and allocated
      by Landlord to Operating Costs in accordance with the provisions of this
      Lease. Where any amount, cost or expense is to be determined, allocated,
      apportioned or attributed under any provision of this Lease, Landlord
      shall do so and shall act reasonably in determining and applying criteria
      which are relevant to doing so and Landlord may retain engineering,
      accounting, legal and other professional consultants to assist and advise
      in doing so. If the Lands and Buildings contain a combination of office,
      retail or residential components then Landlord shall allocate Operating
      Costs between the various components depending upon Landlord's
      determination of the amounts attributable to each component.

	 	 
		
      If the Building is not fully occupied for any period
      within the Term, the Operating Costs which vary with the level of
      occupancy of the Building (for example, the cost of janitorial services)
      may be adjusted by Landlord to reflect full occupancy.

	 	 
		
      Operating Costs shall not include the following, except
      to the extent set out above:

.1              
additions and major structural improvements to the Building, 

.2              
repair and replacement resulting from inferior or deficient workmanship,
materials or equipment in the initial construction of the Building for which
Landlord is actually reimbursed, 

.3              
ground rent (if any), and interest on and principal retirement of Mortgages and
capital cost allowance on the building structure comprised in the Building, 

.4              
repair and replacement for which Landlord is reimbursed by insurers, 

.5              
tenant improvements and leasing commissions, and 

.6              
the cost of painting, decorating, or of providing special cleaning services for
any occupant of any space in the Building, other than the Premises. 

SCHEDULE 7 

GUARANTEE AND INDEMNITY 

INTENTIONALLY DELETED 

SCHEDULE 8 

DETERMINATION OF RENTABLE AREA 

DETERMINATION OF SQUARE FEET IN THE PREMISES 

Office Space - Single-Tenancy Floors: The number
of Square Feet in the Premises on a single tenancy floor in the Building (if
any), whether above or below grade, shall be calculated from dimensioned
Architect's drawings to the inside face of the glass in the permanent exterior
walls (whether or not the glass extends to the floor) or to the inside finish of
those walls which contain no glass. It shall include all space within exterior
building walls except for stairs (other than stairs exclusively serving a tenant
occupying offices on more than one floor), elevator shafts, flues, pipe shafts,
vertical ducts, and other vertical risers which penetrate the floor and their
enclosing walls. No deduction shall be made for washrooms, janitor closets, air
conditioning rooms, fan closets, mechanical rooms, or for electrical or
telephone rooms within and servicing only that floor or servicing a single
tenant on more than one floor, or for any other rooms, corridors, or areas
available to the tenant on that floor for its use, furnishings or personnel, or
for any columns located wholly or partially within the space, or for any
enclosures around the periphery of the Building used for the purpose of cooling,
heating or ventilating. 

Office Space - Multiple-Tenancy Floors: The
number of square feet in the Premises on a multiple tenancy floor in the
Building (if any), whether above or below grade, shall be calculated from
dimensioned Architect's drawings to the inside face of the glass in permanent
exterior walls as described above for a single-tenancy floor or to the inside
finish of permanent exterior building walls which contain no glass, to the face
of permanent interior walls and to the centre line of demising partitions and
shall also include a pro rata portion of the Unallocated Space on the same
floor(s) as the Premises. No deduction shall be made for any column, located
wholly or partially within the rentable space, or for any enclosures around the
periphery of the Building used for the purpose of cooling, heating or
ventilating. 

Retail Space: The number of square feet of retail
space in the Premises (if any), whether above or below grade, shall be
calculated from dimensioned Architect's drawings to the inside face of permanent
exterior walls, to the face of permanent interior walls, to the centre line of
demising partitions, and to the centre line of a pre-determined lease line
(usually referred to as the storefront line) in the case of retail space facing
onto either an interior public wall or corridor or onto a public street or lane.
No deduction shall be made for vestibules inside the permanent exterior building
walls or inside the pre-determined lease line, or for any columns located wholly
or partially within the rentable space. 

Certification by Architect: If, as the result of
a certification or re-certification by the Architect of the number of Square
Feet in the Premises, there is to be a proportionate adjustment of Rent and of
other Tenant charges which are based upon the Rentable Area of the Premises,
such adjustment shall be made and become effective on: (a) the Commencement Date
if certified in the first year of the Term; and (b) the first day of the month
following the date of the certification or recertification by the Architect if
certified or re-certified after the end of the first year of the Term. 

If Tenant shall require a certification or re-certification by
the Architect of the number of Rentable Area of the Premises at any time prior
to or during the Term, Tenant will pay for the cost of same. Prior to any such
certification or re-certification Tenant shall agree in writing on Landlord's
form to the exact cost thereof. 

SCHEDULE 9 

SPECIAL PROVISIONS 

	1. 	
      Fixturing Period (Early Occupancy): Tenant
      shall be permitted to occupy the Premises during the period (the
      "Fixturing Period") commencing on the later of (a) the date
      Landlord completes Landlord’s Work and (b) the date Tenant executes and
      delivers this Lease in form acceptable to Landlord and expiring on the
      date immediately preceding the Commencement Date, in order to complete
      Tenant's Work at Tenant's sole risk and expense and when complete, to
      commence its business operations. During the Fixturing Period all of the
      terms and conditions of this Lease, except for payment of Basic Rent,
      Realty Taxes, Operating Costs, Utilities and janitorial services shall be
      in full force and effect. Tenant shall reimburse Landlord for the cost of
      any Additional Services provided during the Fixturing Period.

	 	 	 
		
      If Landlord is delayed for any reason in delivering
      possession of the Premises, then the commencement of the Fixturing Period
      and the Commencement Date and the Term expiration date shall be adjusted
      by a time period equivalent to such delay, and Landlord shall not be
      liable for any loss or damage resulting from such delay. Notwithstanding
      anything to the contrary, at Landlord's sole option, the commencement of
      the Fixturing Period and the Commencement Date shall not be adjusted for
      any delays resulting from Tenant's failure to execute and deliver the
      Lease in a timely fashion.

	 	 	 
	2. 	
      Tenant's Work: Tenant's Work (to be
      performed by Tenant at its sole risk and cost) shall consist of
      constructing the office improvements and doing all work required to open
      for business, all in accordance with this Lease, Landlord's criteria and
      standards for the Building and in strict accordance with plans and
      specifications to be submitted by Tenant in a timely fashion and approved
      by Landlord before the commencement of any Tenant's Work. Prior to
      commencing any Tenant's Work, Tenant shall provide Landlord with an
      insurance certificate from its contractor's insurer in form acceptable to
      Landlord confirming builder's risk and public liability coverage in an
      amount not less than five million ($5,000,000) dollars per occurrence and
      evidence that all required building and municipal permits and
      authorizations, if required, have been obtained.

	 	 	 
	3. 	
      Landlord's Work: Provided this Lease has
      been executed and delivered by Tenant in form acceptable to Landlord and
      Tenant is not in default hereof, Landlord shall carry out, at its sole
      cost, the below-noted work to the Premises (the "Landlord's Work")
      within ten (10) business days following execution of this Lease by
      Landlord, subject to Unavoidable Delay and delays caused by
  Tenant:

	 	 	 
		(a) 	
      Paint the Premises in a colour chosen by Tenant,
      including patching, repairing, and painting any holes in the walls and
      cracks in the drywall;

	 	 	 
		(b) 	
      Repair the water damage around the windows and re-seal
      the interior of the window if required; and

	 	 	 
		(c) 	
      Steam clean the carpet.

	 	 	 
		
      Tenant acknowledges that Landlord’s Work will be
      performed using Landlord’s standard samples. Upon completion of Landlord’s
      Work, Landlord shall provide, and Tenant shall accept, the Premises in
      "as-is" condition.

	 	 	 
	4. 	
      Option to Extend: So long as:

	 	 	 
		(a) 	
      this Lease has been executed and delivered by Tenant in
      form acceptable to Landlord;

	 	 	 
		(b) 	
      Tenant is not and has not been in default under this
      Lease;

	 	 	 
		(c) 	
      no Transfer affecting Tenant, the Premises or this Lease
      has occurred;

- ii - 

	 	(d) 	
      Tenant is itself occupying the entire Premises;
  and

	 	 	 
	 	(e) 	
      Tenant gives to Landlord written notice of its intention
      to extend the Term of this Lease not more than twelve (12) months nor less
      than nine (9) months prior to the expiry of the
Term;

		
      then Tenant shall have the right to extend the Term of
      this Lease for one further period of five (5) years upon the same terms
      and conditions as contained in this Lease except as otherwise expressly
      provided herein and except that there shall be no further right of
      extension or renewal, no rent concessions, no Landlord's Work required, no
      fixturing period and no tenant allowance or any other amount payable by
      Landlord to Tenant, and annual Basic Rent shall be equal to the fair
      market annual Basic Rent for the Premises as agreed upon by the parties
      having regard to the finished condition of the Premises at the time of
      extension and having regard to then applicable basic rental levels for
      similar premises for a similar term in the Building. The parties shall
      make all reasonable efforts to reach agreement as to the fair market
      annual Basic Rent for the extension term not less than three months prior
      to the commencement of the extension term, and failing such agreement,
      fair market annual Basic Rent for the extension term shall be fixed by
      three arbitrators, one to be chosen by each of Landlord and Tenant and the
      third to be chosen by the two arbitrators nominated by Landlord and Tenant
      pursuant to the provisions of the Arbitration Act of the province in which
      the Building is situate, and the decision of such Board of Arbitration
      shall be final and binding upon the parties and the cost of such
      arbitration shall be borne equally by the parties and, except as otherwise
      provided for herein, the provisions of such Arbitration Act shall apply.
      Pending the award of the Board of Arbitration, Basic Rent shall continue
      at the same rate as before and all necessary adjustments shall be made
      upon release of the award.

	 	 
		
      If Landlord so elects, Tenant shall execute Landlord's
      then current form of lease amending agreement or lease, as determined by
      Landlord, to give effect to such extension of the Term.

	 	 
	5. 	
      Directory Board and Identification Signage:
      Landlord will, at Tenant’s cost, add Tenant's name to the existing
      tenant directory board located on the main floor of the Building and
      install Landlord's standard identification signage in a location to be
      determined by Landlord on or adjacent to the exterior of the entrance door
      to the Premises.

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