Document:

<PAGE>
                                                                   Exhibit 10(A)

                                      LEASE

                   BELTWAY BUSINESS PARK WAREHOUSE NO. 2, LLC,
                       A NEVADA LIMITED LIABILITY COMPANY,

                                  AS LANDLORD,

                                       AND

                              NEVADA POWER COMPANY,
                              A NEVADA CORPORATION,

                                    AS TENANT

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                        PAGE
<S>                 <C>                                                                                 <C>
ARTICLE ONE         BASIC TERMS.......................................................................     1

ARTICLE TWO         LEASE TERM........................................................................     4

ARTICLE THREE       BASE RENT.........................................................................     7

ARTICLE FOUR        OTHER CHARGES PAYABLE BY TENANT...................................................     8

ARTICLE FIVE        USE OF PROPERTY...................................................................    16

ARTICLE SIX         CONDITION OF PROPERTY; MAINTENANCE, REPAIRS AND ALTERATIONS.......................    23

ARTICLE SEVEN       DAMAGE OR DESTRUCTION.............................................................    26

ARTICLE EIGHT       CONDEMNATION......................................................................    28

ARTICLE NINE        ASSIGNMENT AND SUBLETTING.........................................................    28

ARTICLE TEN         DEFAULTS; REMEDIES................................................................    32

ARTICLE ELEVEN      PROTECTION OF LENDERS.............................................................    34

ARTICLE TWELVE      LEGAL COSTS.......................................................................    35

ARTICLE THIRTEEN    BROKERS...........................................................................    36

ARTICLE FOURTEEN    BUILDING SHELL AND TENANT IMPROVEMENTS............................................    36

ARTICLE FIFTEEN     TELECOMMUNICATIONS SERVICES.......................................................    40

ARTICLE SIXTEEN     MISCELLANEOUS PROVISIONS..........................................................    40

ARTICLE SEVENTEEN   MASTER LEASE......................................................................    44

ARTICLE EIGHTEEN    DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND RECIPROCAL EASEMENTS.......    46

ARTICLE NINETEEN    NO OPTION OR OFFER................................................................    46

ARTICLE TWENTY      CONDITION SUBSEQUENT..............................................................    46
</TABLE>

EXHIBITS

A     DEPICTION OR DESCRIPTION OF THE PROPERTY

B     SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT [CONSTRUCTION
      LENDER]

B-1   SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT [PERMANENT LENDER]

C     ESTOPPEL CERTIFICATE

D     HAZARDOUS MATERIALS

E     CONFIRMATION OF INITIAL LEASE TERM AND AMENDMENT TO LEASE

F     MEMORANDUM OF LEASE

G     MASTER LEASE

H     BASE BUILDING SHELL PLANS

I     MODIFIED BUILDING SHELL PLANS

J     TENANT'S LIMITED RESTORATION OBLIGATION

K     FORM OF TENANT IMPROVEMENT CONTRACT

L     MASTER LANDLORD RNDA

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       i
<PAGE>

                             INDEX OF DEFINED TERMS
<TABLE>
<CAPTION>
TERM                                                                        PAGE
<S>                                                                       <C>
ADDITIONAL LAND.........................................................          2

ADDITIONAL RENT.........................................................          8

APPLICABLE LAWS.........................................................         16

ARCHITECT...............................................................         27

BASE BUILDING SHELL IMPROVEMENTS........................................         37

BASE BUILDING SHELL PLANS...............................................         36

BASE RENT...............................................................          3

BROKERS.................................................................         36

BUILDING................................................................          2

BUILDING SHELL IMPROVEMENTS.............................................         36

CAM SERVICES LIST.......................................................         15

CHANGE ORDER............................................................         38

CHANGES.................................................................         38

COMMON AREA COSTS.......................................................         14

COMMON AREAS............................................................         13

CONDEMNATION............................................................         28

CONSENT.................................................................         30

CONSTRUCTION DRAWINGS...................................................         37

CONSULTANT..............................................................         20

CONTROL.................................................................         30

COUNTY..................................................................     44, 45

DECLARATION.............................................................         46

ENVIRONMENTAL DAMAGES...................................................         17

ENVIRONMENTAL REQUIREMENTS..............................................         17

ESTIMATED LEASE COMMENCEMENT DATE.......................................          2

ESTIMATED SUBSTANTIAL COMPLETION DATE...................................          2

EVENT OF DEFAULT........................................................         32

EXTENSIONS..............................................................          5

FAIR RENTAL VALUE.......................................................          7

FINAL PLANS.............................................................         37

FORCE MAJEURE...........................................................         42

GOVERNMENTAL AGENCY.....................................................         18

HAZARDOUS MATERIAL......................................................         16

IMPOSITION..............................................................         25

LANDLORD................................................................  1, 22, 41

LANDLORD'S CONTRACTOR...................................................         25

LANDLORD'S NOTICE.......................................................         37

LEASE COMMENCEMENT DATE.................................................          4

LEASE EXPIRATION DATE...................................................          4

LEASE MEMORANDUM........................................................         42

LEASE MONTH.............................................................          7

LEASE TERM..............................................................          4

LEASE YEAR..............................................................          8

LEASEHOLD TITLE POLICY..................................................         45

MASTER LANDLORD.........................................................     44, 45

MASTER LEASE............................................................         44

MODIFIED BUILDING SHELL COSTS...........................................         39

NOTICE AND ACKNOWLEDGEMENT..............................................         24

NOTICES.................................................................         41

NRS.....................................................................          8

OFAC....................................................................     43, 44

OPTIONS.................................................................          5

PERMITTED PURCHASER.....................................................         30
</TABLE>

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       ii

<PAGE>

<TABLE>
<S>                                                                          <C>
PERMITTED USES.............................................................       2

POSTED SECURITY REQUIREMENTS...............................................      24

PRO RATA SHARE.............................................................      14

PROJECT....................................................................       2

PROPERTY...................................................................       2

REAL PROPERTY TAX..........................................................       8

RECORDS....................................................................      38

REDETERMINATION REQUEST....................................................       7

RENT.......................................................................       8

RENTAL ADJUSTMENT DATE.....................................................       7

RENTAL ADJUSTMENT DATES....................................................       6

RESTORATION................................................................      27

SIGN.......................................................................      21

STRUCTURAL AND SAFETY ALTERATIONS..........................................  25, 26

SUBJECT SPACE..............................................................      28

SUBLEASE...................................................................      30

SUBTENANT..................................................................      30

TAX CONTEST................................................................       9

TELECOMMUNICATIONS EQUIPMENT...............................................      40

TENANT.....................................................................   1, 22

TENANT AFFILIATE...........................................................      30

TENANT GROUP...............................................................      18

TENANT IMPROVEMENTS........................................................      37

TENANT'S ALTERATIONS.......................................................      24

TENANT'S COSTS.............................................................      38

TENANT'S OBJECTION.........................................................      37

TENANT'S REQUEST AND ACCEPTANCE NOTICE.....................................      38

TENANT'S SHARE.............................................................      39

TENANT'S TELECOMMUNICATIONS EQUIPMENT......................................      40

TERMINATION OPTION.........................................................      46

TRANSFER NOTICE............................................................      28

TRANSFER PREMIUM...........................................................      29

TRANSFEREE.................................................................      28

TRANSFERS..................................................................      28
</TABLE>

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                      iii
<PAGE>

                                      LEASE

ARTICLE ONE   BASIC TERMS

      This Article One contains the Basic Terms of this Lease between Landlord
and Tenant named below. Other Articles, Sections and Paragraphs of this Lease
referred to in this Article One explain and define the Basic Terms and are to be
read in conjunction with the Basic Terms.

      Section 1.01. DATE OF LEASE: December 11, 2006.

      Section 1.02. LANDLORD: BELTWAY BUSINESS PARK WAREHOUSE NO. 2, LLC, a
Nevada limited liability company.

      Address of Landlord:    c/o Majestic Realty Co.
                              13191 Crossroads Parkway North, Sixth Floor
                              City of Industry, California 91746
                              Attention:  Property Management
                              [Telephone:  (562) 692-9581]
                              [Fax:  (562) 695-0441]

                              With a copy of any notices to:

                              c/o Majestic Realty Co.
                              4155 W. Russell Road, Suite C
                              Las Vegas, Nevada 89118
                              Attention:  Property Manager
                              [Telephone:  (702) 896-5564]
                              [Fax:  (702) 896-4838]

            MASTER LANDLORD: (see Article Seventeen) County of Clark, a
political subdivision of the State of Nevada.

      Section 1.03. TENANT: NEVADA POWER COMPANY, a Nevada corporation.

      Address of Tenant:      Nevada Power Company
                              Administrative Services
                              6226 W. Sahara Ave.
                              Las Vegas, Nevada 89146
                              Attention:  Director of Administrative Services
                              [Telephone:  (702) 367-5636]
                              [Fax:  (702) 367-5095]

                              With copies of any notices to:

                              Nevada Power Company
                              Legal Department
                              6226 W. Sahara Ave.
                              Las Vegas, Nevada 89146
                              Attention:  General Counsel
                              [Telephone:  (702) 367-5000]
                              [Fax:  (702) 227-2069]

                                      and:

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       1
<PAGE>

                               K. Michael Leavitt
                               Leavitt, Sully & Rivers
                               601 E. Bridger Ave.
                               Las Vegas, NV 89101
                               [Fax:  (702) 382-2892]

      Section 1.04. PROPERTY: The Property (defined below) is part of Landlord's
multi-tenant real property development which will, when completed, consist of
two (2) buildings having a total of approximately 540,000 square feet of
rentable space and described or depicted on the attached Exhibit "A" (the
"PROJECT"). The Project includes the land, the buildings and all other
improvements located on the land, and the Common Areas and Common Area
Improvements (as defined in Section 4.05(a) below). The property that is the
subject of this Lease is that part of the Project known as Building 5 (which
will include approximately 288,000 square feet of space) (the "BUILDING"), the
real property upon which the Building and certain Common Areas are located
("BUILDING PREMISES") consisting of approximately 16.00 acres of land generally
located at 7155 Lindell Road, Las Vegas, Nevada, plus approximately 15.94 acres
of land adjacent to the Building Premises (the "ADDITIONAL LAND"), all as shown
on 4 7155 Lindell Road Las Vegas, Nevada Nevada Power Company DMWEST #6375379
v25 Exhibit "A" attached hereto (collectively, the "PROPERTY"). Although some
Common Area Improvements will be physically located on the Building Premises, as
used in this Lease, neither the defined term "Building" nor the defined term
"Property" is intended to include those improvements included within the defined
term "Common Area Improvements," unless otherwise expressly provided. The square
footage figures for the Project and the Property, as recited in this Section
1.04, are approximate. No adjustment will be made to the Base Rent or any other
amounts payable by Tenant under this Lease (or to any other provisions of this
Lease) if the actual square footage, however measured, is more or less than the
square footage recited.

      Section 1.05. TERM.

            (a) LEASE TERM: Twenty (20) years, subject to Sections 2.05 and
3.01, commencing on the Lease Commencement Date.

            (b) LEASE COMMENCEMENT DATE: The Lease Commencement Date (as defined
in Section 2.01 below) of the initial Lease Term shall be the one hundred
eightieth (180th) day following Substantial Completion (as defined in Article
Fourteen below) of the Building Shell Improvements (as defined in Article
Fourteen below). The estimated date of Substantial Completion of the Building
Shell Improvements is February 1, 2007 (the "ESTIMATED SUBSTANTIAL COMPLETION
DATE"), and the Lease Commencement Date is estimated to be August 1, 2007 (the
"ESTIMATED LEASE COMMENCEMENT DATE"). Upon determination of the actual date of
Substantial Completion of the Building Shell Improvements and the actual Lease
Commencement Date, Landlord and Tenant shall promptly execute a Confirmation of
Initial Lease Term and Amendment to Lease, substantially in the form of that
attached as Exhibit "E" to this Lease.

            (c) LEASE EXPIRATION DATE: Subject to Section 2.05, the expiration
date of the initial Lease Term shall be the last day of the two hundred fortieth
(240th) calendar month following the month in which the Lease Commencement Date
falls, unless the Lease Commencement Date is the first day of a calendar month,
in which event the expiration date shall be the last day of the two hundred
thirty-ninth (239th) calendar month following the month in which the Lease
Commencement date falls.

      Section 1.06. PERMITTED USES: Office uses; employee fitness center;
storage, warehousing and distribution uses, including, but not limited to
storage and distribution of transformers; design and engineering uses; employee
training; fabrication, assembly and manufacture of items, parts, equipment and
apparatus for use by Tenant, its affiliates and/or permitted Subtenants (as
defined in Section 9.08) in the course of their business, but not for sale to
third parties except with the prior written consent of Landlord; communication,
telecommunication and technological activities and services; call center; credit
union office and services; food and drink preparation, service and sale (but not
for commercial purposes with the general public), including cafeteria and
concession sales; cleaning, maintenance, repair and restoration of personal
property, including equipment and apparatus (but not for commercial purposes
with the public or third parties except with the prior written consent of
Landlord); parking, storage, cleaning, fueling, maintenance, repair and
restoration of vehicles (but not for commercial purposes with the public or
third parties except with the prior written consent of Landlord, and with such
uses to be conducted primarily on the Additional Land); demonstration energy
conservation projects, including solar panels and wind

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       2
<PAGE>

turbines; public meeting rooms for community organizations; uses reasonably
related to all of the foregoing; and any other uses approved in advance, in
writing, by Landlord. Consistent with the above, if in the course of consenting
to a proposed assignment or subletting requiring Landlord's consent under
Article Nine below, Landlord expressly approves a different use of all or a
portion of the Property, then such different use (and any ancillary office use)
shall also constitute a Permitted Use under this Lease. Subject to any
restrictions and requirements of Applicable Laws (as defined in Section 5.02
below). Tenant's outside storage yard on the westerly portion of the Additional
Land shall have block walls on the north, west and south boundaries. Any
permanent outside storage of items on other portions of the Property shall be
screened from view from adjacent public roadways, as may be reasonably required
by Landlord. Notwithstanding any language to the contrary in this Section 1.06,
no such Permitted Use shall (i) create obnoxious (as to a reasonable person)
odors or noise, (ii) include storage of tire or other products made with like
materials (except for storage of tires on the Additional Land for future use on
vehicles of Tenant and permitted Subtenants, and temporary storage of used tires
on the Additional Land preceding offsite disposition), (iii) include storage of
explosives, or (iv) involve fabrication or manufacturing, except as specifically
allowed above in this Section 1.06.

      Section 1.07. SECURITY DEPOSIT: None.

      Section 1.08. TENANT'S GUARANTOR: None.

      Section 1.09. BROKERS: (See Article Thirteen)

      Landlord's Broker:    Majestic Realty Co.
                            4155 W. Russell Road, Suite C
                            Las Vegas, Nevada 89118

                            and

                            Valley Realty, LLC
                            7181 Amigo Street, Suite 100
                            Las Vegas, Nevada 89119

      Tenant's Broker:      Commerce CRG of Nevada, LLC
                            3930 Howard Hughes Parkway, Suite 250
                            Las Vegas, Nevada 89109

      Section 1.10. RENT AND OTHER CHARGES PAYABLE BY TENANT: (Subject to the
provisions of Section 3.01).

            (a) BASE RENT:

Lease Term                                      Monthly Installment of Base Rent
----------                                      --------------------------------

Partial calendar month (if any)                      $250,000.00 (prorated)
at commencement of Lease Term

Lease Months 1 through 3                             $125,000.00
Lease Months 4 through 24                            $250,000.00
Lease Months 25 through 48                           $265,000.00
Lease Months 49 through 72                           $280,900.00
Lease Months 73 through 96                           $297,754.00
Lease Months 97 through 120                          $315,619.24
Lease Months 121 through 144                         $334,556.39
Lease Months 145 through 168                         $354,629.78
Lease Months 169 through 192                         $375,907.56
Lease Months 193 through 216                         $398,462.02
Lease Months 217 through 240                         $422,369.74

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       3
<PAGE>

            (b) OTHER PERIODIC PAYMENTS: (i) Real Property Taxes (see Section
4.02 below); (ii) Utilities (see Section 4.03 below); and (iii) Tenant's Pro
Rata Share--which shall be fifty percent (50%)--of Common Area Costs (see
Section 4.05(e) below).

ARTICLE TWO LEASE TERM

      Section 2.01. LEASE OF PROPERTY FOR LEASE TERM. The term of this Lease
(the "LEASE TERM") shall be as set forth in Section 1.05(a) above, shall
commence on the date (the "LEASE COMMENCEMENT DATE") set forth in Section
1.05(b) above, and shall terminate on the date (the "LEASE EXPIRATION DATE") set
forth in Section 1.05(c) above, unless sooner terminated or extended as
expressly provided in this Lease. The terms and provisions of this Lease shall
be effective as of the date of this Lease, except for Section 1.10, Article
Three (save and except Section 3.03), Article Four (save and except for Section
4.04(a) with respect to, but only with respect to, acts and omissions of Tenant,
its agents, employees, contractors or other persons under the supervision and
control of Tenant while on or about the Property), Section 5.02, Section 5.03
(save and except for Section 5.03.11), Section 5.05.1, Section 6.04 and Article
Seven. Those excepted terms and provisions of this Lease not becoming effective
as of the date of this Lease shall be and become effective on the Lease
Commencement Date unless they become effective earlier pursuant to the
provisions of Section 2.03 below.

      Section 2.02. DELAY IN COMMENCEMENT. Landlord shall not be liable to
Tenant if Landlord does not deliver possession of the Property to Tenant on the
Estimated Substantial Completion Date. Landlord's non-delivery of the Property
to Tenant on that date shall not affect this Lease or the obligations of Tenant
under this Lease, except that the Lease Commencement Date shall be delayed until
the one hundred eightieth (180th) day following Substantial Completion of the
Building Shell Improvements (unless such delay in Substantial Completion of the
Building Shell Improvements is the result of a Tenant Delay, as defined in
Section 14.02 below, in which event the 180-day period shall be reduced for a
period equal to the period of Tenant Delay). If Substantial Completion of the
Building Shell Improvements does not occur within one hundred eighty (180) days
following the Estimated Substantial Completion Date (extended for any periods of
Tenant Delay and any Force Majeure Delay as defined in Section 16.12 below),
Tenant may elect to cancel and terminate this Lease by giving written notice to
Landlord within fifteen (15) business days after the one hundred eighty
(180)-day period (as it may have been extended) ends. If Tenant gives such
notice, this Lease shall be canceled and terminated, and neither Landlord nor
Tenant shall have any further obligations to the other, excepting only those
obligations which have accrued prior to or which expressly survive termination
of this Lease. If Tenant fails to timely give such notice, the right to cancel
and terminate this Lease shall expire, and the Lease Term shall commence on the
one hundred eightieth (180th) day following Substantial Completion of the
Building Shell Improvements. Consistent with the terms of Section 1.05(b) above,
upon determination of the date of Substantial Completion of the Building Shell
Improvements and the Lease Commencement Date, Landlord and Tenant shall promptly
execute an amendment to this Lease setting forth the Lease Commencement Date and
Lease Expiration Date, substantially in the form attached as Exhibit "E" to this
Lease. Failure to execute such amendment shall not affect the actual Lease
Commencement Date and Lease Expiration Date. The failure of Tenant to take
possession of or to occupy the Property shall not serve to relieve Tenant of any
obligations arising on the Lease Commencement Date, and shall not delay the
payment of rent by Tenant.

      Section 2.03. EARLY ENTRY AND OCCUPANCY. Prior to Substantial Completion
of the Building Shell Improvements, Tenant shall have the right of early
occupancy of the Additional Land, subject to (a) full execution of this Lease,
(b) Landlord's receipt of the sum of One Hundred Twenty-five Thousand Dollars
($125,000.00) for Base Rent for Lease Month 1, (c) Landlord's and Tenant's
receipt of any necessary governmental permits, approvals, certificates, or
consents, (d) Landlord's prior receipt of Tenant's proposed schedule describing
the timing and purposes of Tenant's early occupancy, and (e) all of the terms
and conditions of this Lease then becoming effective, with the exception of
Section 1.10, Article Three (save and except Section 3.03), Article Four (save
and except for Section 4.04(a) with respect to, but only with respect to, acts
and omissions of Tenant, its agent, employees, contractors or other persons
under the supervision and control of Tenant while on or about the Property),
Section 5.02, Section 5.03 (save and except for Section 5.03.11 and except with
respect to acts and omissions of Tenant, its agents, employees, contractors or
other parties under the supervision and control of Tenant while on or about the
Property), Section 5.05.1 (except with respect to acts and omissions of Tenant,
its agents, employees, contractors or other parties under the supervision and
control of Tenant while on or about the Property), Section 6.04 and Article
Seven. Those excepted terms and provisions of this Lease not becoming effective
for purposes of the above early

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       4
<PAGE>

entry and occupancy period shall be and become effective on the Lease
Commencement Date. In addition to early occupancy of the Additional Land, Tenant
and Tenant's architects and other design representatives shall have the right
during the course of construction of the Building Shell Improvements to enter
upon the Building Premises for review and inspection purposes.

Landlord and Tenant shall together review Tenant's proposed schedule describing
the timing and purposes of Tenant's early occupancy, and Landlord and Tenant
shall work in good faith with each other to limit interference with each other's
activities during any period of early occupancy. Such early occupancy shall be
for the purpose of preparing the Property for use by Tenant and any permitted
Subtenants, including the construction of the Tenant Improvements (defined in
Article Fourteen below), if Tenant elects to do so pursuant to Section 14.04
below, and the installation of improvements and equipment and storage of
inventory and other personal property of Tenant and any permitted Subtenants.
During such period, Tenant shall assume all risk of loss to Tenant's equipment,
products, and other personal property. Tenant's entry upon the Building Premises
during this period shall not interfere with construction of the Building Shell
Improvements by Landlord's contractor, and in the event it does so interfere,
Tenant shall cease all such activity on the Building Premises until Substantial
Completion of the Building Shell Improvements.

      Section 2.04. HOLDING OVER. If Tenant holds over after the expiration of
the Lease Term, with or without the express or implied consent of Landlord, such
tenancy shall be from month-to-month only, and shall not constitute a renewal
hereof or an extension for any further term, and in such case Base Rent shall be
payable at a monthly rate equal to one hundred twenty percent (120%) of the Base
Rent applicable immediately before the expiration of the Lease Term. Such
month-to-month tenancy shall be subject to every other term, covenant and
agreement contained herein. Nothing contained in this Section 2.04 shall be
construed as consent by Landlord to any holding over by Tenant, and Landlord
expressly reserves the right to require Tenant to surrender possession of the
Property to Landlord as provided in this Lease upon the expiration or other
termination of this Lease. The provisions of this Section 2.04 shall not be
deemed to limit or constitute a waiver of any other rights or remedies of
Landlord provided herein or at law. If Tenant fails to surrender the Property
upon the termination or expiration of this Lease, in addition to any other
liabilities to Landlord accruing therefrom, Tenant shall protect, defend,
indemnify and hold Landlord harmless from all loss, costs (including reasonable
attorneys' fees) and liability resulting from such failure, including without
limiting the generality of the foregoing, any claims made by any succeeding
tenant founded upon such failure to surrender, and any lost profits to Landlord
resulting therefrom; provided, however, that notwithstanding the foregoing
provisions of this sentence and any language to the contrary in this Section
2.04, Tenant shall not be obligated with respect to the foregoing provisions of
this sentence and shall not be liable for any consequential damages unless (i)
Landlord enters into a written lease with a third-party, unrelated, and
unaffiliated tenant requiring delivery of the Property upon or following the
Lease Expiration Date, (ii) Landlord gives Tenant written notice of having
entered into that lease and a copy of the lease language requiring delivery of
the Property and the required date of delivery and (iii) Tenant fails to
surrender the Property by the later to occur of (a) the Lease Expiration Date or
(b) the one hundred eightieth (180th) day following Tenant's receipt of that
written notice.

      Section 2.05. OPTIONS TO EXTEND LEASE TERM.

            (a) Grant of Options. Landlord hereby grants to Tenant three (3)
options (the "OPTIONS") to extend the Lease Term for additional periods of ten
(10) years each (the "EXTENSIONS"), on the same terms and conditions as set
forth in this Lease, but at Base Rent as set forth below and without any
additional Options other than those granted in this Section 2.05; provided,
however, that the final Extension shall expire on the earlier of ten (10) years
following the commencement date of such Extension or the expiration date (as it
may be extended) of the Master Lease (defined below). In the event of the
exercise of one or more Options by Tenant, the Lease Expiration Date shall be
the last day of the last Extension for which the Option is exercised. Each
Option shall be exercised only by written notice delivered to Landlord not less
than two hundred seventy (270) days before the expiration of the initial Lease
Term or the preceding Extension of the Lease Term, respectively, and shall be
subject to the provisions of Section 2.05 (c)(1)(iv) below. If Tenant fails to
deliver Landlord written notice of the exercise of an Option within the
prescribed time period, such Option and any succeeding Options shall lapse, and
there shall be no further right to extend the Lease Term. Each Option shall be
exercisable by Tenant on the express conditions that at the time of the exercise
(and at all times following such exercise and prior to the commencement of the
Extension), Tenant shall not be in material default under any of the provisions
of this Lease (beyond any applicable notice and

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       5
<PAGE>

cure period). Following Tenant's timely and valid exercise of an Option and the
determination of the amount of Base Rent to be paid on the applicable FRV Rental
Adjustment Date (as defined below) (taking into consideration the provisions of
Section 2.05 (d)(1)(iv) below), Landlord shall prepare and Tenant shall execute
and deliver to Landlord an amendment to this Lease confirming the term of the
Extension and the amount of Base Rent payable by Tenant during such Extension.

            (b) Time of Essence. Time is of the essence with respect to Tenant's
exercise of the Option(s) granted in this Section 2.05.

            (c) Calculation of Rent. The Base Rent during the Extension(s) shall
be determined by a combination of the following methods:

            Fair Rental Value Adjustment (Section 2.05(c)(1), below); and
            Fixed Adjustment (Section 2.05(c)(2), below).

            (1) Fair Rental Value Adjustment. The Base Rent shall be adjusted on
the first day of the first month of each Extension of the Lease Term (the "FRV
RENTAL ADJUSTMENT DATES") to the "fair rental value" of (a) the Base Building
Shell Improvements (as defined in Section 14.01) upon and including the Building
Premises (exclusive of any (i) Common Area Improvements, other than those
included in the Base Building Shell Plans and located on the Building Premises
[but expressly excluding the ESFR System]), and (ii) any other onsite or offsite
improvements located thereon or associated therewith, other than those included
in the Base Building Shell Plans [as defined in Section 14.01]), and (b) the
land comprising the Additional Land (as if vacant, and without any buildings,
other structures or onsite or offsite improvements located thereon or associated
therewith) (collectively, the "APPRAISED PREMISES"), determined in the manner
that follows. The fair rental value of the Appraised Premises shall equal the
Base Rent on the applicable FRV Rental Adjustment Date and shall be the sum
total of (a) of the fair rental value of the Base Building Shell Improvements
upon and including the Building Premises, as if the Building Shell Improvements
were comprised solely and exclusively of the Base Building Shell Improvements
and had been constructed upon the Building Premises on the Building Shell
Substantial Completion Date as reflected in the Base Building Shell Plans,
without any of the Building Modifications (as defined in Section 14.01),
exclusive of any (i) Common Area Improvements, other than those included in the
Base Building Shell Plans and located on the Building Premises (but expressly
excluding the ESFR System), and (ii) any other onsite or offsite improvements
located thereon or associated therewith, other than those included in the Base
Building Shell Plans, and (b) the fair rental value of the land comprising the
Additional Land, as if vacant land, without any buildings, other structures or
onsite or offsite improvements located thereon or associated therewith, all
appraised in accordance with the provisions of Section 2.05(c)(1)(iii) below.

                  (i) Not later than two hundred fifty (250) days prior to any
applicable FRV Rental Adjustment Date, Landlord and Tenant shall meet in an
effort to negotiate, in good faith, the fair rental value of the Appraised
Premises as of such FRV Rental Adjustment Date. If Landlord and Tenant have not
agreed upon the fair rental value of the Appraised Premises at least one hundred
eighty (180) days prior to the applicable FRV Rental Adjustment Date, the fair
rental value shall be determined by appraisal issued by a real estate appraisal
firm of national standing in the manner that follows.

                  (ii) If Landlord and Tenant are not able to agree upon the
fair rental value of the Appraised Premises within the prescribed time period,
then Landlord and Tenant shall attempt to agree in good faith upon a single
appraiser, not later than one hundred fifty (150) days prior to the applicable
FRV Rental Adjustment Date. If Landlord and Tenant are unable to agree upon a
single appraiser within such time period, then Landlord and Tenant shall each
appoint one appraiser not later than one hundred twenty (120) days prior to the
applicable FRV Rental Adjustment Date. Within thirty (30) days thereafter, the
two appointed appraisers shall appoint a third appraiser. If either Landlord or
Tenant fails to appoint its appraiser within the prescribed time period, the
single appraiser appointed shall determine the fair rental value of the
Appraised Premises. If both parties fail to appoint appraisers within the
prescribed time periods, then the first appraiser thereafter selected by a party
shall determine the fair rental value of the Appraised Premises. Each party
shall bear the cost of its own appraiser, and the parties shall share equally
the cost of the single or third appraiser, if applicable. The appraisers used
shall have at least five (5) years' experience in appraising
commercial/industrial real property in Clark County, Nevada. All such appraisers
shall be Members of the Appraisal Institute. The appraisers shall be instructed
to separately determine

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the fair rental value of each of the two components of the Appraised Premises as
noted and described in the second sentence of the first paragraph of this
Section 2.05(c)(1) above

                  (iii) For the purposes of such appraisal, the term "fair
rental value" shall mean the price that a ready and willing tenant would pay, as
of the applicable FRV Rental Adjustment Date, as monthly rent to a ready and
willing landlord of the Appraised Premises (subject to usual adjustments) if
such property were exposed for lease on the open market for a reasonable period
of time for warehouse distribution purposes as respects the Base Building Shell
Improvements and the Building Premises, and for outside storage and vehicle
parking purposes as respects the Additional Land. If a single appraiser is
chosen, then such appraiser shall determine the fair rental value of the
Appraised Premises. If two appraisers shall agree upon the fair rental value of
the Appraised Premises, then the amount so agreed upon shall be the fair rental
value of the Appraised Premises. Otherwise, the fair rental value of the
Appraised Premises shall be the amount of the appraisal which is neither the
highest nor the lowest value. Base Rent shall not be reduced pursuant to the
provisions of this Section 2.05 (c)(1)(iii) by reason of such determination of
fair rental value of the Appraised Premises. Landlord and Tenant shall instruct
the appraiser(s) to complete their determination of the fair rental value not
later than sixty (60) days prior to the applicable FRV Rental Adjustment Date.
When the fair rental value of the Appraised Premises is determined by appraisal
as provided above, Landlord shall deliver notice thereof to Tenant, together
with statement setting forth the amount of Base Rent determined therefrom. If
the fair rental value is not determined prior to the applicable FRV Rental
Adjustment Date, then Tenant shall continue to pay to Landlord the Base Rent
immediately prior to such Extension, until the fair rental value is determined.
Tenant shall pay to Landlord, within ten (10) days after receipt of Landlord's
notice, any difference between the Base Rent actually paid by Tenant to Landlord
and the new Base Rent determined hereunder.

                  (iv) Notwithstanding any other provision herein to the
contrary, within one hundred twenty (120) days following receipt by Tenant from
Landlord of the determination of the fair rental value and the amount of the
Base Rent determined therefrom, Tenant may give Landlord written request for
redetermination of the amount of the Base Rent ("REDETERMINATION REQUEST"). The
Redetermination Request may be for purposes of reducing the Base Rent from the
amount payable prior to the applicable FRV Rental Adjustment Date. Within thirty
(30) days following Landlord's receipt of the Redetermination Request, Landlord
and Tenant shall meet and negotiate in good faith to agree upon a redetermined
amount of Base Rent to be paid commencing on the applicable FRV Rental
Adjustment Date. If Landlord and Tenant agree to an adjustment, the adjusted
amount shall be the amount of Base Rent for the applicable period, and Tenant
shall receive credit for any overpayments. If Landlord and Tenant are unable to
agree in writing upon an adjusted amount of Base Rent within ninety (90) days of
Landlord's receipt of the Redetermination Request, Tenant shall have the right
to terminate this Lease and Tenant's further rights and obligations under this
Lease as of a date certain (the "EARLY TERMINATION DATE"), which date shall be
not less than two (2) years following Landlord's receipt of written notice from
Tenant that Tenant intends to terminate this Lease in accordance with the
foregoing provisions. The Base Rent payable by Tenant to Landlord on and after
the applicable FRV Rental Adjustment Date shall be one hundred six percent
(106%) of the Base Rent payable immediately prior to the applicable FRV Rental
Adjustment Date. If the Early Termination Date is more than two (2) years
following the applicable FRV Rental Adjustment Date, the Base Rent shall be
increased by a like amount (106% of the Base Rent then payable) every two (2)
years thereafter.

            (2) Fixed Adjustment. The Base Rent shall be increased to the
following amounts on the following dates: on the first day of the 25th, 49th,
73rd and 97th months of each Extension (each a "RENTAL ADJUSTMENT DATE") by a
factor of six percent (6%) over the Base Rent payable immediately prior to the
applicable Rental Adjustment Date.

ARTICLE THREE BASE RENT

      Section 3.01. TIME AND MANNER OF PAYMENT. Upon execution of this Lease,
Tenant shall pay Landlord the sum of One Hundred Twenty-five Dollars
($125,000.00) as and for the Base Rent for Lease Month 1. On the first day of
Lease Month 3, Tenant shall pay Landlord the monthly Base Rent for any partial
Lease Month at the beginning of the Lease Term. On the first day of Lease Month
2 and each month during the Lease Term thereafter, Tenant shall pay Landlord the
monthly Base Rent set forth in Section 1.10(a) above, in advance, without
offset, deduction or prior demand except as otherwise provided herein. The Base
Rent shall be payable at Landlord's address or at such other place as Landlord
may designate in writing. The term "LEASE MONTH" shall

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mean each consecutive full calendar month during the Lease Term (excluding any
partial calendar month at the inception of the Lease Term). For purposes of this
Lease, the term "LEASE YEAR" shall mean, with respect to the first Lease Year,
the period commencing on the Lease Commencement Date and ending on the last day
of the twelfth (12th) calendar month following the month in which the Lease
Commencement Date falls (unless the Lease Commencement Date falls on the first
day of a calendar month, in which case the first Lease Year will end on the last
day of the twelfth (12th) Lease Month), and with respect to subsequent Lease
Years, each consecutive twelve (12) month period during the Lease Term following
the first Lease Year. If the Lease Commencement Date is a day other than the
first day of a calendar month, then (a) the Lease Term shall include the number
of months stated (or the number of months included within the number of years
stated) in Section 1.05 above, plus the partial calendar month in which the
Lease Commencement Date falls, (b) Base Rent of $250,000.00 and Additional Rent
for such partial month shall be prorated based on the number of days in such
calendar month and (c) such rent shall be payable on the first day of Lease
Month 3.

      Section 3.02. APPLICATION OF PAYMENTS. Unless otherwise agreed by Landlord
and Tenant, all payments received by Landlord from Tenant shall be applied to
the oldest payment obligation owed by Tenant to Landlord. No designation by
Tenant, either in a separate writing or on a check or money order, shall modify
this Section or have any force or effect.

      Section 3.03. TERMINATION; ADVANCE PAYMENTS. Upon termination of this
Lease under Article Seven (Damage or Destruction) of this Lease, or under
Article Eight (Condemnation) of this Lease, or any other termination not
resulting from Tenant's default, and after Tenant has vacated the Property in
the manner required by this Lease, Landlord shall refund or credit to Tenant (or
Tenant's successor) any Rent, including Additional Rent, or other advance
payments made by Tenant to Landlord, and any amounts paid for Real Property
Taxes and insurance which apply to any time periods after termination of this
Lease.

ARTICLE FOUR OTHER CHARGES PAYABLE BY TENANT

      Section 4.01. ADDITIONAL RENT. All charges payable by Tenant during the
Lease Term other than Base Rent are called "ADDITIONAL RENT." Unless this Lease
provides otherwise, Tenant shall pay all Additional Rent then due with the next
monthly installment of Base Rent. The term "rent" or "RENT" shall mean Base Rent
and Additional Rent. Without limitation on other obligations of Tenant that
shall survive the expiration or earlier termination of the Lease Term, the
obligations of Tenant to pay the Additional Rent provided for in this Article
Four shall survive the expiration or earlier termination of the Lease Term. The
failure of Landlord to timely furnish Tenant the amount of the Additional Rent
shall not preclude Landlord from enforcing its rights to collect such Additional
Rent after furnishing the amount.

      Section 4.02. PROPERTY TAXES.

            (a) REAL PROPERTY TAXES. Tenant shall pay all Real Property Taxes on
the Property (including any fees, taxes or assessments against, or as a result
of, any tenant improvements installed on the Property by or for the benefit of
Tenant) during the Lease Term. Until the Property is separately assessed as
provided in Section 4.02(c) below, Landlord shall bill Tenant in advance for
Tenant's share of the Real Property Taxes, and Tenant shall pay Landlord the
amount of such Real Property Taxes quarterly prior to their due date, as
Additional Rent. Landlord shall pay such taxes prior to such delinquency date,
provided that Tenant has timely made such payments to Landlord. Any penalty
caused by Tenant's failure to timely make such payments shall also be Additional
Rent owed by Tenant immediately upon demand. When the Property is separately
assessed as provided in Section 4.02(c) below, Tenant shall pay all Real
Property Taxes as part of Tenant's central tax assessment, or as otherwise
required by the applicable taxing authorities.

            (b) DEFINITION OF "REAL PROPERTY TAX." "Real Property Tax" means ad
valorem real property tax assessed against the Property and levied pursuant to
the provisions of Nevada Revised Statutes ("NRS") 361.445-361.470, or any
successor statute, and (i) any fee, license fee, license tax, business license
fee, commercial rental tax, levy, charge, assessment, penalty or tax imposed by
any taxing authority against the Property; (ii) any tax on the Landlord's right
to receive, or the receipt of, rent or income from the Property or against
Landlord's business of leasing the Property; (iii) any tax or charge for fire
protection, streets, sidewalks, road maintenance, refuse or other services
provided to the Property by any governmental agency; (iv) any tax imposed upon
this transaction or

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based upon a re-assessment of the Property due to a change of ownership, as
defined by applicable law, or other transfer of all or part of Landlord's
interest in the Property; and (v) any charge or fee replacing any tax previously
included within the definition of Real Property Tax. "Real Property Tax" does
not, however, include (i) Landlord's federal or state income, franchise,
inheritance or estate taxes, or (ii) penalties imposed by any taxing authority
against the Property due to Landlord's failure to pay such taxes prior to
delinquency, unless such failure was due to Tenant's failure to timely make such
payments to Landlord.

            (c) JOINT ASSESSMENT; TENANT'S SHARE. Until the Property is
separately assessed, Landlord shall reasonably determine Tenant's share of the
Real Property Taxes payable by Tenant under Section 4.02(a) above from the
assessor's worksheets or other reasonably available information. As used in this
Section 4.02, the Real Property Taxes for the Property shall be (i) Tenant's Pro
Rata Share of the Real Property Taxes for the Project exclusive of the
Additional Land, plus (ii) all of the Real Property Taxes for the Additional
Land. Landlord shall diligently pursue the separate assessment of the Property
as follows: Upon recordation of the Lease Memorandum (defined in Section 16.08
below), Landlord, at Landlord's cost and expense, shall have all of the Property
included in one or more Assessor's Parcels comprised exclusively of all or
portions of the Property, so that the entirety of the Property may be taxed
separately as part of Tenant's central tax assessment. The Building Premises
shall independently comprise a single Assessor's Parcel. The Additional Land
shall separately comprise one or more Assessor's Parcels of such size and
configuration as Tenant shall direct, subject to such requirements as may be
imposed by the Clark County Assessor's Office; provided, however, that the cost
of preparing any additional required legal descriptions of the Additional Land
(other than the legal description of the Additional Land attached as part of
Exhibit "A" to this Lease) due to Tenant's desire to divide the Additional Land
into multiple parcels shall be at Tenant's sole cost. Landlord shall make all
commercially reasonable, good faith efforts to have the foregoing accomplished
through Clark County administrative procedures. However, if the foregoing can be
accomplished only through division of land procedures under NRS 278.320 through
278.4725, Tenant shall reimburse to Landlord one-half (1/2) of the out-of-pocket
survey and engineering costs incurred with unaffiliated survey and engineering
firms and paid by Landlord to effect the land division. Tenant shall make such
reimbursement within thirty (30) days following the recording of applicable maps
and certificates and receipt by Tenant from Landlord of copies of the paid
invoices for such engineering and survey work. In connection with the
above-described separate assessment of the Property, Landlord and Tenant shall
execute and deliver such further instruments and perform such additional acts as
may be reasonably required to obtain the desired central tax assessment
treatment.

            (d) PERSONAL PROPERTY TAXES.

                  (i) Tenant shall pay all taxes charged against trade fixtures,
furnishings, equipment or any other personal property belonging to Tenant.
Tenant shall diligently pursue the separate assessment of such personal
property, so that it is taxed separately from the Property.

                  (ii) If any of Tenant's personal property is taxed with the
Property and the Property is not separately assessed, Tenant shall pay Landlord
the taxes for the personal property with its payment to Landlord of Real
Property Taxes.

            (e) CONTEST OF TAXES. Tenant, at Tenant's sole cost and expense,
shall have the right, in Landlord's name, if appropriate, to contest Real
Property Taxes on the Property by appropriate legal or administrative
proceedings (a "TAX CONTEST"), subject to the terms of this Section 4.02(e). In
such event, Tenant may defer payment of the contested tax but shall promptly pay
such contested tax or cause it to be paid under protest prior to such time as
the Property may be subject to conveyance by the Clark County Treasurer pursuant
to the provisions of NRS 361.595, 361.603 or NRS 361.604, as those provisions
may, from time to time, be amended. If there shall be any refund with respect to
any contested tax based on a payment by Tenant, Tenant shall be entitled to the
same to the extent of such payment. If the Property is not taxed separate and
apart from other portions of the Project, Landlord shall have the right to
participate jointly with Tenant in any contest of Real Property Taxes relative
to any portion of the Property not so separately taxed. In such event, Landlord
shall bear all costs incurred by Landlord relative to such participation.
Landlord shall promptly cooperate with Tenant, execute such documents and take
such actions as may be reasonably necessary to enable Tenant to properly contest
any tax contemplated in this section; provided, however, that Landlord shall not
be required to incur any out-of-pocket costs in connection with the same except
to the extent that Landlord elects to do so if Landlord elects to proceed
jointly with Tenant relative to the contest of such tax as provided in the
foregoing provisions of this Section 4.02(e). Tenant shall and

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hereby agrees to indemnify, defend and hold harmless Landlord of, from and
against any and all costs, liabilities or tax obligations (including without
limitation any increases in taxes) resulting from any such contest in which
Landlord does not jointly participate with Tenant as provided in the foregoing
provisions of this Section 4.02(e). If Tenant does elect to pursue the Tax
Contest under the circumstances described above, then Tenant shall furnish such
security, if any, as may be required in the Tax Contest proceedings.

      Section 4.03. UTILITIES. Tenant shall pay, directly to the appropriate
supplier, the cost of all natural gas, heat, light, power, sewer service,
telephone, fiber optic, cable or other telecommunications or data delivery
services, water, refuse disposal and other utilities and services supplied to
the Property during the Lease Term. However, if any services or utilities are
jointly metered with other property, Landlord shall make a reasonable
determination of Tenant's proportionate share of the cost of such utilities and
services and Tenant shall pay such share to Landlord with Tenant's next monthly
installment of Base Rent, consistent with Section 4.01 above. Landlord's
determination shall take into consideration the uses being made of the Building,
the uses being made of the other building in the Project, and any differences in
costs imposed by the utility providing entity. Tenant acknowledges and agrees
that (1) this Lease is entirely separate and distinct from and independent of
any and all agreements that Tenant may at any time enter into with any third
party for the provision of utility services or any other services, and (2)
Landlord has no obligation of any kind concerning the provision of any such
services. Landlord shall not be liable for any failure to furnish, stoppage of,
or interruption in furnishing any of the services or utilities described in this
Section 4.03, when such failure is not caused by, and does not result from, any
act or omission of Landlord, its agents, permitees, invitees or contractors, and
instead results from accident, breakage or repairs caused by parties other than
Landlord, its agents, permitees, invitees or contractors, or is caused by
strikes, lockouts, labor disputes, labor disturbances, governmental regulation,
civil disturbances, terrorist acts, acts of war, moratorium or other
governmental action, or any other cause beyond Landlord's reasonable control,
and, in such event, Tenant shall not be entitled to any damages, nor shall any
failure or interruption abate or suspend Tenant's obligation to pay rent as
required under this Lease or constitute or be construed as a constructive or
other eviction of Tenant. Further, in the event any governmental authority or
public utility promulgates or revises any law, ordinance, rule or regulation, or
issues mandatory controls or voluntary controls relating to the use or
conservation of energy, water, gas, light or electricity, the reduction of
automobile or other emissions, or the provision of any other utility or service,
Landlord may take any reasonably appropriate action to comply with such law,
ordinance, rule, regulation, mandatory control or voluntary guideline without
affecting Tenant's obligations under this Lease. Tenant recognizes that security
services, if any, provided by Landlord at the Project are for the protection of
Landlord's property, and under no circumstances shall Landlord be responsible
for, and Tenant waives any rights with respect to, providing security or other
protection for Tenant or its employees, invitees or property in or about the
Property or the Building.

      Section 4.04. INSURANCE POLICIES.

            (a) LIABILITY INSURANCE. Subject to the provisions of Section
4.04(e) below, during the Lease Term, Tenant, at Tenant's sole cost and expense,
shall maintain a policy of commercial general liability insurance (or its
equivalent) insuring Tenant against liability for bodily injury, property damage
(including loss of use of property) and personal injury arising out of Tenant's
use or occupancy of the Property. Tenant shall name Landlord as an additional
insured under such policy, and Tenant shall provide Landlord with an appropriate
insurance certificate so evidencing prior to Tenant's occupancy of the Property,
which certificate shall show Landlord as "an additional insured as required by
contract." The initial per occurrence amount of such insurance shall be Three
Million Dollars ($3,000,000.00) and shall be subject to periodic increase based
upon inflation, increased liability awards, the reasonable recommendations of
Landlord's professional insurance advisors and other relevant factors; provided,
however, that any such increase shall not be required during the first three (3)
Lease Years and shall not exceed those increases reasonably required by prudent
owners of like properties in the Las Vegas metropolitan area. The liability
insurance obtained by Tenant under this Section 4.04(a): shall (i) be primary
and non-contributing except with respect to Landlord's negligence or willful
misconduct; (ii) contain cross-liability endorsements; and (iii) provide
contractual coverage with respect to Tenant's obligations under Section 5.05
below. The amount and coverage of such insurance shall not limit Tenant's
liability nor relieve Tenant of any other obligation under this Lease. Landlord
shall also obtain commercial general liability insurance (or its equivalent)
insuring Landlord against liability for bodily injury, property damage
(including loss of use of property) and personal injury arising out of
ownership, operation, use or occupancy of the Property. The initial per
occurrence amount of such insurance shall be not less than Three Million Dollars
($3,000,000.00) and shall be increased in amount and at times coincident with
Tenant's required liability coverage amount increases provided above. The

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policy obtained by Landlord shall not be contributory and shall not provide
primary insurance except with respect to Landlord's negligence or willful
misconduct. The policy obtained by Landlord shall provide contractual coverage
with respect to Landlord's obligations under Section 5.05 below. In addition to
the foregoing, both Landlord and Tenant shall obtain commercial automobile
liability coverage with combined single limit coverage of One Million Dollars
($1,000,000.00) for bodily injury and property damage, which coverage shall
include owned, non-owned and hired automobile liability for vehicles driven on
or about the Property by their respective employees. Landlord shall have Tenant
named as an additional insured on any policy of liability insurance obtained
relative to the Common Areas.

            (b) PROPERTY INSURANCE. Except as otherwise provided herein, and
subject to the provisions of Section 4.04 (e) below, during the Lease Term,
Tenant shall maintain policies of insurance covering loss of or damage to the
Building Shell Improvements (including Common Area Improvements on the Building
Premises other than, and excluding, the ESFR System [as defined in Section
4.05(a)]) and Tenant Improvements, in the full amount of their replacement
value, with such policies providing protection against loss or damage due to
fire or other casualties covered within the classification of fire and extended
coverage. Such insurance coverage shall be effected by adding the Building Shell
Improvements (including the Common Area Improvements located on the Building
Premises, other than, and excluding the ESFR System) and the Tenant's
Improvements to Tenant's schedule of insured values on its property coverage
insurance policies, and shall be thereby insured against such other casualties
as Tenant may elect to obtain relative to its other similar properties, which
coverages may, at Tenant's election, include vandalism, malicious mischief,
sprinkler leakage, flood coverage, earthquake coverage and/or terrorism
coverage. All policies required under this Section 4.04(b) shall be written as
primary policies, not contributing with and not supplemental to any property
insurance coverage that Landlord may carry, and shall name Tenant, Landlord and
Landlord's mortgage lender as loss payees as respects the Base Building Shell
Improvements. Tenant shall be responsible for payment of the entirety of any
deductible amount under Tenant's insurance policies. Neither Landlord nor Tenant
shall do or permit anything to be done which invalidates any such insurance
policies.

            (c) PAYMENT OF PREMIUMS. Tenant shall pay all premiums for the
insurance policies described in Sections 4.04(a) and (b), except Landlord shall
pay all premiums for liability insurance which Landlord is required to obtain as
provided in Section 4.04(a) above. Subject to the provisions of Section 2.03
above and Section 4.04 (e) below, prior to the Lease Commencement Date Tenant
shall deliver to Landlord the "Acord Form" (or such other reasonable substitute
form as may then be customarily accepted by Landlord's and Landlord's mortgage
lender if the Acord Form is no longer available) certificates of insurance
evidencing insurance coverage which Tenant is required to maintain under this
Section 4.04. Upon the expiration of any such policy, Tenant shall deliver to
Landlord a certificate evidencing renewal of such policy without a lapse in
coverage. All such certificates of insurance shall be issued by an officer or
agent of the insurer. Landlord or Landlord's mortgage lender may request
commercially reasonable modifications to certificates of insurance provided by
Tenant. If so, Tenant shall expend commercially reasonable efforts to obtain
such modifications or to obtain issuance of a modified certificate. If Tenant is
unsuccessful in those efforts, Tenant shall provide to Landlord or Landlord's
mortgage lender written certification by an officer of Tenant, that with respect
to the particular required insurance coverage, such coverage is in force and
effect, or that Tenant is self-insuring such coverage in accordance with the
provisions of Section 4.04(e) below. If Landlord maintains a property casualty
insurance policy with a schedule for "contingent coverage" for multiple Landlord
properties (with claim proceeds payable only if Tenant or Tenant's insurer fails
to respond to the claim), and if Landlord's mortgage lender requires the Base
Building Shell Improvements to be added to such schedule, Tenant shall reimburse
Landlord for seventy-five percent (75%) of the premium cost of adding the Base
Building Shell Improvements to such schedule. In such event, Tenant shall
reimburse Landlord for such premium cost within thirty (30) days following
Tenant's receipt of Landlord's invoice therefor.

            (d) GENERAL INSURANCE PROVISIONS.

                  (i) Any insurance that Tenant is required to maintain under
this Lease shall include the carrier's standard provision for thirty (30) days'
notice to Landlord prior to any cancellation or modification of such coverage,
including the cancellation or modification of any required endorsements.

                  (ii) If Tenant fails to deliver any certificate to Landlord
required under this Lease within the prescribed time period or if such policy is
cancelled or modified contrary to the requirements of this Lease during the
Lease Term without Landlord's consent (unless such policy is not in force or has
been cancelled or

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modified because Tenant has qualified for and elected to self-insure pursuant to
Section 4.04(e) below), such failure, cancellation or modification shall
constitute a material default under this Lease if not cured by Tenant following
written notice from Landlord pursuant to Section 10.02 of this Lease.

                  (iii) Tenant shall maintain all insurance required under this
Lease with companies duly authorized to issue insurance policies in Nevada and
holding a Financial Strength Rating of "A" or better, and a Financial Size
Category of "VIII" or larger, based on the most recent published ratings of the
A.M. Best Company. If at any time during the Lease Term, Tenant is unable to
maintain the insurance required under this Lease, Tenant shall nevertheless
maintain insurance coverage which is customary and commercially reasonable in
the insurance industry for Tenant's type of business, as that coverage may
change from time to time.

                  (iv) Notwithstanding anything in this Lease to the contrary,
Landlord and Tenant each hereby waives any and all rights of recovery against
the other, or against the members, managers, officers, employees, agents or
representatives of the other (whether such right of recovery arises from a claim
based on negligence or otherwise), for loss of or damage to its property or the
property of others under its control, if such loss or damage is covered by any
insurance policy required under the terms of this Lease (or other insurance
coverage not required by this Lease) and which is active and in force at the
time of such loss or damage. Upon obtaining the required policies of insurance,
Landlord and Tenant shall give notice to the insurance carriers of this mutual
waiver of subrogation and shall obtain any policy endorsements required therefor
by any such policy.

                  (v) Neither Landlord nor Tenant shall do or permit to be done
any act or thing upon the Property or the Project which would jeopardize or be
in conflict with the property insurance policies covering the Project or
fixtures or property in the Project.

                  (vi) During the Lease Term, Tenant, at Tenant's sole cost and
expense, shall maintain workers' compensation insurance as required by Nevada
law, and employer's liability insurance coverage with a limit of One Million
Dollars ($1,000,000.00) in Constant Dollars (as defined in Section 6.05(b)
below).

                  (vii) If Tenant carries any of the liability insurance
required hereunder in the form of a blanket policy, any certificate required
hereunder shall make specific reference to the Property.

                  (viii) Landlord or Landlord's mortgage lender shall not be
limited in the proof of any damages which Landlord or Landlord's mortgage lender
may claim against Tenant arising out of or by reason of Tenant's failure to
provide and keep in force insurance, as provided above, to the amount of the
insurance premium or premiums not paid or incurred by Tenant and which would
have been payable under such insurance; but Landlord and Landlord's mortgage
lender shall also be entitled to recover as damages for such breach, the
uninsured amount of any loss, to the extent that it would have been insured.
Tenant shall self insure any deductibles for the insurance required to be
carried by Tenant in this Section 4.04.

                  (ix) Insurance claims by reason of damage to or destruction of
any portion of the Property shall be adjusted by Tenant; provided, however, that
although Tenant shall make the final decision with respect to any such
adjustment, with respect to any claim regarding damage to or destruction of the
Base Building Shell Improvements in excess of $200,000.00, promptly after such
damage or destruction, Tenant shall advise Landlord and Landlord's mortgage
lender of such occurrence and consult with Landlord and Landlord's mortgage
lender throughout the process of adjusting any such claim, and provided further
that both Landlord and Landlord's mortgage lender are fully advised as to all
matters on a current basis. Landlord shall not be required to prosecute any
claim against, or to contest any settlement proposed by Tenant or an insurer.
Tenant may, at its expense, prosecute any such claim or contest any such
settlement in the name of Landlord, Tenant or both, and Landlord will join
therein at Tenant's written request upon the receipt by Landlord of an indemnity
from Tenant against all costs, liabilities and expenses in connection therewith.

            (e) SELF-INSURANCE OPTION. Tenant shall have the right to satisfy
its insurance obligations under this Lease by means of self-insurance to the
extent of all or part of the insurance required hereunder so long as (a) such
self-insurance is permitted under all laws applicable to Tenant and/or the
Property at the time in question, and (b) Tenant maintains a tangible net worth
(as shown by its audited financial statements prepared in accordance with
generally accepted accounting principles) of not less than Two Hundred Fifty
Million Dollars

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($250,000,000.00) in Constant Dollars; and (c) Tenant shall, not less than
annually, provide Landlord an audited financial statement, prepared in
accordance with generally accepted accounting principles, showing the required
tangible net worth (provided, that Tenant need not make such a delivery if its
financial statement is generally available to the public through Tenant's
filings with a governmental authority). If Tenant is a Tenant Affiliate of the
original Tenant, the foregoing $250,000,000.00 net worth requirement shall be
reduced to One Hundred Million Dollars ($100,000,00.00) so long as the original
Tenant maintains a tangible net worth of $250,000,000.00 and remains liable
under this Lease in accordance with the provisions of Section 9.05 below.
"Self-insure" shall mean that Tenant is itself acting as though it were the
third-party insurer providing the insurance required under the provisions of
this Lease, and Tenant shall pay any amounts due in lieu of insurance proceeds
because of self-insurance. To the extent Tenant chooses to provide any insurance
required by this Lease by "self-insurance," then Tenant shall have all of the
obligations and liabilities of an insurer, and the protection afforded Landlord,
Landlord's mortgage lender, and the Property shall be the same as if provided by
a third-party insurer under the coverages required under this Lease. Without
limiting the generality of the foregoing, all amounts which Tenant pays or is
required to pay and all losses or damages resulting from risks for which Tenant
has elected to self-insure shall be subject to the waiver of subrogation
provisions of Section 4.04(d)(iv) of this Lease, and shall not limit Tenant's
indemnification obligations set forth in Section 5.05 of this Lease. In the
event that Tenant elects to self-insure and an event or claim occurs for which a
defense and/or coverage would have been required to be furnished by Tenant under
the provisions of Section 4.04(a) from a third-party insurer, Tenant shall
undertake the defense of the claim (if applicable), including a defense of
Landlord (if applicable), at Tenant's sole cost and expense, and use its own
funds to pay the claim or replace any property or otherwise provide the funding
which would have been available from insurance proceeds but for such election by
Tenant to self-insure. In the event that Tenant elects to self-insure any
coverage required to be insured by Tenant in this Lease, upon written request
from Landlord, Tenant shall provide Landlord and Landlord's mortgage lender with
written confirmation from Tenant (certified to by an officer of Tenant) of that
coverage, in form reasonably acceptable to Landlord and Landlord's mortgage
lender, which may supplement, but not replace the certificates of insurance to
be provided by Tenant pursuant to Section 4.04(c) above for insurance
obligations Tenant chooses not to self-insure.

      Section 4.05. COMMON AREAS; USE, MAINTENANCE AND COSTS.

            (a) COMMON AREAS. As used in this Lease, "COMMON AREAS" shall mean
those areas within the Project designated as such on Exhibit "A" to this Lease.
If required by law to do so or with Tenant's prior written consent, Landlord,
from time to time, may change the size, location, nature and use of Common Areas
and increase or decrease Common Areas land and/or facilities. Tenant
acknowledges that such legally required activities may result in an
inconvenience to Tenant. Such activities and changes are permitted so long as
they do not permanently and materially affect Tenant's use of the Property.
Although not a part of the Common Areas, the cost of maintaining, testing, and
operating the components of the Project's ESFR fire suppression system,
including the pump house located on the Building Premises, are included within
the Common Area Costs (defined below). Subject to the provisions of Section 5.06
below, Landlord shall be provided access to such pump house for periodic
testing, but no other tenants in the Project shall have such access. The
Project's ESFR fire suppression system, consisting of the pump house, and those
other components of the system that serve, service and benefit both the Building
and the other building in the Project, are collectively referred to herein as
the "ESFR SYSTEM." The (i) ESFR System, (ii) real property improvements,
landscaping, equipment, systems and fixtures located within the Common Areas and
(iii) utility lines within the Common Areas and used in common by tenants of the
Project are collectively referred to herein as "COMMON AREA IMPROVEMENTS."
Notwithstanding any language to the contrary in this Lease, Tenant acknowledges
and agrees that the defined term "ESFR System" does not include those components
of the Project's ESFR fire suppression system which are included within the
Building and which serve, service and benefit only the Building, to the
exclusion of the other building in the Project, and Tenant further agrees that
such components will be treated as part of the Building for purposes of Section
4.04(b) above and as part of the Base Building Shell Improvements for purposes
of Section 7.01 below.

            (b) USE OF COMMON AREAS. Tenant shall have the nonexclusive right
(in common with other tenants in the Project) to use the Common Areas for the
purposes intended, subject to such reasonable rules and regulations as Landlord
may establish from time to time. Tenant shall abide by such rules and
regulations and shall use its best effort to cause others who use the Common
Areas with Tenant's express or implied permission to abide by Landlord's rules
and regulations. At any time, Landlord may close any Common Areas to perform any
acts in

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the Common Areas as, in Landlord's judgment, are desirable to improve the
Project. Tenant shall not interfere with the rights of Landlord, other tenants
or any other person entitled to use the Common Areas.

            Notwithstanding the foregoing provisions of this Section 4.05,
Tenant, at its cost and subject to its compliance with Applicable Laws, shall
have the right to establish vehicle parking spaces in the Common Areas, but only
within the northerly twenty-five feet (25') of the Building Premises (excluding
areas that are required for fire lanes) by installation and placement of
pavement striping and other parking improvements. Tenant, its permitted
Subtenants, and its and their employees, contractors, customers and other
business invitees shall be entitled to exclusive use of any parking spaces so
established. Such reserved parking improvements shall not be considered Common
Area Improvements and shall be maintained by Tenant pursuant to Section 6.04
below. In the event of use of such parking spaces by other tenants in the
Project or other parties, Landlord shall take all commercially reasonable steps
to curtail such use by other parties and preserve to Tenant and its permitted
Subtenants the use thereof, whether by use of parking reservation signs, or
otherwise.

            (c) MAINTENANCE OF COMMON AREAS. Landlord, and not Tenant, shall
maintain the Common Areas and all Common Area Improvements in good order,
condition and repair (including replacement, as necessary), and shall operate
the Project as a first-class industrial/commercial real property development.
Subject to the provisions of Section 4.05(e), Tenant shall pay Tenant's Pro Rata
Share (as determined below) of all costs incurred by Landlord for the operation
and maintenance of the Common Areas and Common Area Improvements (the "COMMON
AREA COSTS"). Common Area Costs include, but are not limited to, all costs and
expenses for the following: utilities, water and sewage charges; maintenance of
signs (other than tenants' signs); maintenance of the ESFR System (including
testing, monitoring and servicing); maintenance of landscaped areas; maintenance
of utility lines within the Common Areas and which are used in common by tenants
of the Project, to the extent such maintenance responsibility is not assumed by
the utility provider; premiums for liability, property damage, fire and other
types of casualty insurance (if applicable) on the Common Area Improvements;
premiums for worker's compensation insurance (if applicable); all property taxes
and assessments levied on or attributable to the Common Areas and all Common
Areas Improvements (if applicable); appropriately prorated personal property
taxes levied on or attributable to personal property used in connection with the
Common Areas; appropriately prorated straight-line depreciation on personal
property owned by Landlord which is consumed in the operation or maintenance of
the Common Areas; the cost of improvements made subsequent to the initial
development of the Common Areas to comply with the requirements of any law,
ordinance, code, rule or regulation; appropriately prorated rental or lease
payments paid by Landlord for rented or leased personal property used in the
operation or maintenance of the Common Areas; appropriately prorated fees for
required licenses and permits; repairing, resurfacing, repaving, maintaining,
painting, lighting, cleaning, refuse removal, security and similar items for the
Common Areas; and reserves for sealing and restriping and/or resurfacing and
repaving of the Common Areas paved areas. Except for payment of Tenant's Pro
Rata Share of the Common Area Costs associated with the operation and
maintenance of the ESFR System, as provided in this Section, Tenant shall have
no obligation or responsibility whatsoever for the maintenance, repair or
replacement of the ESFR System or any portion thereof. Landlord may cause any or
all of such services to be provided by third parties and the cost of such
services shall be included in Common Area Costs. Common Area Costs shall not
include depreciation of Common Area Improvements or any real property, real
property improvements, or equipment, machinery or fixtures which are part of the
Common Areas.

            (d) ROUTINE MAINTENANCE. Consistent with Section 4.05(c) above,
Landlord shall maintain, as Common Area Costs, the landscaped and paved areas
within the Common Areas. Such maintenance shall include gardening, tree
trimming, replacement or repair of landscaping, landscape irrigation systems and
similar items. Such maintenance shall also include sweeping and cleaning of
asphalt, concrete or other surfaces on the driveway, parking areas, yard areas,
loading areas or other paved or covered surfaces in Common Areas. In connection
with Landlord's obligations under this Section 4.02(d), Landlord may enter into
a contract with a contractor of Landlord's choice to provide some (but not
necessarily all) of the maintenance services listed above. Subject to the
provisions of Section 4.05(e), Tenant shall pay its Pro Rata Share of the
monthly cost of such contract relative to the Common Areas, as part of its share
of the monthly Common Area Costs.

            (e) TENANT'S SHARE AND PAYMENT. Tenant shall pay Tenant's Pro Rata
Share of all Common Area Costs (prorated for any fractional month) upon written
notice from Landlord that such costs have been incurred and are due and payable,
and in any event prior to delinquency. Tenant's "PRO RATA SHARE" shall be as
stated in Section 1.10(b) above, subject to a proportionate equitable adjustment
if the size of the Common Areas

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are adjusted pursuant to Section 4.05(a) above. Landlord may, at Landlord's
election, estimate in advance and charge to Tenant as Common Area Costs, all
Real Property Taxes for which Tenant is liable under Section 4.02(c) of this
Lease, and all other Common Area Costs payable by Tenant hereunder. At
Landlord's election, such statements of estimated Common Area Costs shall be
delivered monthly, quarterly or at any other periodic intervals to be designated
by Landlord; provided, however, that unless otherwise notified by Landlord,
Landlord shall bill Tenant monthly in advance for the estimated Common Area
Costs (other than Real Property Taxes, which shall be billed quarterly) and
Tenant shall pay Landlord the amount of such costs, as Additional Rent. Landlord
may adjust such estimates annually based upon Landlord's experience and
reasonable anticipation of costs. Such adjustments shall be effective as of the
next rent payment date after notice to Tenant. Within one hundred twenty (120)
days after the end of each calendar year of the Lease Term, Landlord shall
deliver to Tenant a statement prepared in accordance with generally accepted
accounting principles setting forth, in reasonable detail, the Common Area Costs
paid or incurred by Landlord during the preceding calendar year and Tenant's Pro
Rata Share. Landlord shall thereafter deliver to Tenant copies of all
documentation that Tenant may reasonably request relative to the Common Area
Costs paid or incurred by Landlord during that period, including, but not
limited to, copies of service contracts, invoices, statements and billings,
together with evidence of payments by Landlord, and including the formulas and
other accounting bases by which Landlord has computed Tenant's billings for a
Common Area Costs. Landlord shall retain all such documentation for a period of
not less than three (3) years. Following receipt of such statement and any such
documentation, there shall be an adjustment between Landlord and Tenant, with
payment to or credit given by Landlord (as the case may be) so that Landlord
shall receive the entire amount of Tenant's share of such costs and expenses for
such period and Tenant shall pay only the amount for which Tenant is obligated
for such period. The provisions of this Section 4.05(e) shall survive the
expiration or earlier termination of the Lease Term.

            (f) TENANT'S USE OF LANDLORD'S CONTRACTORS. Upon Tenant's written
request, but not more than annually, Landlord shall provide to Tenant a schedule
of the services provided by Landlord in performing its obligations under Section
4.05(c) and Section 4.05(d) above (the "CAM SERVICES LIST") together with the
names and addresses of contractors providing such services and such other
information relative thereto as Tenant may reasonably request. Landlord shall
make available for hiring by Tenant, and Tenant shall have the right to contract
with, any such contractor to perform tasks for which Tenant is responsible under
the provisions of Section 6.04 below.

      Section 4.06. LATE CHARGES. Tenant's failure to pay rent promptly may
cause Landlord to incur unanticipated costs. The exact amount of such costs are
impractical or extremely difficult to ascertain. Such costs may include, but are
not limited to, processing and accounting charges and late charges which may be
imposed on Landlord by any ground lease, mortgage or trust deed encumbering the
Property. Therefore, if Landlord does not receive any rent payment within ten
(10) business days after it becomes due, subject to the subsequent provisions of
this Section 4.06 Tenant shall pay Landlord a late charge equal to five percent
(5%) of the overdue amount. The parties agree that such late charge represents a
fair and reasonable estimate of the costs Landlord will incur by reason of such
late payment. Notwithstanding anything to the contrary in this Section 4.06,
such late charge shall not be incurred unless Tenant fails to deliver such
delinquent payment within three (3) business days following Tenant's receipt of
written notice from Landlord of the delinquency, amount and original due date of
the payment and demanding its payment; provided, however, that Landlord is under
no obligation to provide more than two (2) such notices in any consecutive
12-month period. Further, if Landlord fails to receive any payment or give
Tenant credit for receipt of any payment as a result of errors, omissions or
oversights of Landlord, its employees or bankers, or as a result of any changes
made by Landlord with respect to its bankers or personnel, no such late charges
shall be imposed, and any notices given by Landlord relative thereto shall not
constitute one of the two notices provided for in the immediately proceeding
sentence.

      Section 4.07. INTEREST ON PAST DUE OBLIGATIONS. In addition to any late
charge imposed pursuant to Section 4.06 above, but subject to the subsequent
provisions of this Section 4.07, any amount owed by Tenant to Landlord which is
not paid within thirty (30) days when due shall bear interest at the rate of ten
percent (10%) per annum from the due date of such amount ("INTEREST"); provided,
however, that no Interest shall be payable on any late charges imposed on Tenant
under this Lease. The payment of interest on such amounts shall not excuse or
cure any default by Tenant under this Lease. If the interest rate specified in
this Section 4.07 is higher than the rate permitted by law, such interest rate
is hereby decreased to the maximum legal interest rate permitted by law.
Notwithstanding the terms of this Section 4.07, such default interest shall not
be imposed unless Tenant fails to deliver such delinquent payment within three
(3) business days following Tenant's receipt of written notice from

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Landlord of the delinquency, amount and original due date of the payment and
demanding its payment; provided, however, that Landlord is under no obligation
to provide more than two (2) such notices in any consecutive 12-month period.
Further, if Landlord fails to receive any payment or give Tenant credit for
receipt of any payment as a result of errors, omissions or oversights of
Landlord, its employees or bankers, or as a result of any changes made by
Landlord with respect to its bankers or personnel, no interest shall be imposed,
and any notices given by Landlord relative thereto shall not constitute one of
the two notices provided for in the immediately proceeding sentence.

      Section 4.08. MANAGEMENT FEE. Tenant pay Landlord, for Landlord's
supervision and management of the Project, a management fee not to exceed one
percent (1%) of the Base Rent payable under this Lease. Such fee shall be
payable monthly by Tenant, as Additional Rent, as and when the monthly Base Rent
is paid.

ARTICLE FIVE USE OF PROPERTY

      Section 5.01. PERMITTED USES. Tenant may use the Property only for the
Permitted Uses set forth in Section 1.06 above.

      Section 5.02. MANNER OF USE. Tenant shall not cause or permit the Property
to be used in any way which constitutes a violation of any law, statute,
ordinance, or governmental regulation or order, or other governmental
requirement now in force or which may hereafter be enacted or promulgated
(collectively, "APPLICABLE LAWS"), or which unreasonably interferes with the
rights of other tenants of Landlord, or which constitutes a nuisance or waste.
Tenant shall obtain and pay for all permits required for Tenant's occupancy of
the Property, and for all business licenses, and shall promptly take all actions
necessary to comply with all applicable statutes, ordinances, rules,
regulations, orders and requirements regulating the use by Tenant of the
Property, including without limiting to the Occupational Safety and Health Act.
Notwithstanding the foregoing, Landlord shall, at Tenant's sole cost and
expense, cooperate with Tenant in executing permitting applications and
performing other ministerial acts reasonably necessary to enable Tenant to
obtain a High Pile Stock Permit (or comparable permit) from the applicable
governmental authority, if applicable. Tenant, at Tenant's sole cost and
expense, shall be responsible for the installation of any fire hose valves,
draft curtains, smoke venting and any additional fire protection systems that
may be required by the fire department or any governmental agency, save and
except for the standard ESFR fire suppression systems and pump and any such
valves, draft curtains, smoke venting and additional fire protection systems
that are part of the Building Shell Improvements to be constructed at Landlord's
cost and expense.

      Tenant shall, at its sole cost and expense, promptly comply with any
Applicable Laws which relate to (or are triggered by) (i) Tenant's use of the
Property, and (ii) any alteration or any tenant improvements made by Tenant or
at the request of Tenant. Should any standard or regulation now or hereafter be
imposed on Tenant by any federal, state or local governmental body charged with
the establishment, regulation and enforcement of occupational, health or safety
standards, then Tenant agrees, at its sole cost and expense, to comply promptly
with such standards or regulations so long as Tenant is not actively contesting
the same. The final, unappealed or unappealable judgment of any court of
competent jurisdiction or the admission of Tenant in any judicial action,
regardless of whether Landlord is a party thereto, that Tenant has violated any
Applicable Laws, shall be conclusive of that fact as between Landlord and
Tenant. Tenant shall promptly notify Landlord in writing of any water
infiltration at the Property indicating the need for a repair that is the
responsibility of Landlord under this Lease and any other material water
infiltration in the Building.

      Section 5.03. HAZARDOUS MATERIALS.

            5.03.1 DEFINITIONS.

            A. "HAZARDOUS MATERIAL" means any substance, whether solid, liquid
or gaseous in nature:

                  (i) the presence of which requires remediation under any
federal, state or local statute, regulation, ordinance, order, action or policy
relating to the protection of human health or the environment, or

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                  (ii) which is or becomes defined as a "hazardous waste,"
"hazardous substance," pollutant or contaminant under any federal, state or
local statute, regulation, rule or ordinance or amendments thereto including,
without limitation, the Comprehensive Environmental Response, Compensation and
Liability Act (42 U.S.C. section 9601 et seq.) and/or the Resource Conservation
and Recovery Act (42 U.S.C. section 6901 et seq.), the Hazardous Materials
Transportation Act (49 U.S.C. section 1801 et seq.), the Federal Water Pollution
Control Act (33 U.S.C. section 1251 et seq.), the Clean Air Act (42 U.S.C.
section 7401 et seq.), the Toxic Substances Control Act, as amended (15 U.S.C.
section 2601 et seq.), and the Occupational Safety and Health Act (29 U.S.C.
section 651 et seq.), as these laws have been amended or supplemented; or

                  (iii)which is toxic, explosive, corrosive, flammable,
infectious, radioactive, carcinogenic, mutagenic, or otherwise hazardous and is
or becomes regulated by any governmental authority, agency, department,
commission, board, agency or instrumentality of the United States, the State of
Nevada or any political subdivision thereof; or

                  (iv) which contains gasoline, diesel fuel or other petroleum
hydrocarbons; or

                  (v) which contains polychlorinated biphenyls (PCBs), asbestos
or urea formaldehyde foam insulation; or

                  (vi) which contains radon gas.

            B. "ENVIRONMENTAL REQUIREMENTS" means all applicable present and
future:

                  (i) statutes, regulations, rules, ordinances, codes, licenses,
permits, orders, approvals, plans, authorizations, concessions, franchises, and
similar items (including, but not limited to those pertaining to reporting,
licensing, permitting, investigation and remediation), of all Governmental
Agencies relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials; and

                  (ii) all applicable judicial, administrative, and regulatory
decrees, judgments, and orders relating to emissions, discharges, releases, or
threatened releases of Hazardous Materials into the air, surface water,
groundwater or land, or relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport, or handling of Hazardous
Materials.

            C. "ENVIRONMENTAL DAMAGES" means all claims, judgments, damages,
losses, penalties, fines, liabilities (including strict liability),
encumbrances, liens, costs, and expenses (including the expense of investigation
and defense of any claim, whether or not such claim is ultimately defeated, or
the amount of any good faith settlement or judgment arising from any such claim)
of whatever kind or nature, contingent or otherwise, matured or unmatured,
foreseeable or unforeseeable (including without limitation reasonable attorneys'
fees and disbursements and consultants' fees) any of which are incurred at any
time as a result of the existence of Hazardous Materials upon, about, or beneath
the Property or migrating or threatening to migrate from the Property, or the
existence of a violation of Environmental Requirements pertaining to the
Property and the activities thereon. Environmental Damages include, without
limitation:

                  (i) compensatory damages for personal injury, or injury to
property or natural resources occurring upon or off of the Property, including
interest, penalties and damages arising from claims brought by or on behalf of
employees of Tenant;

                  (ii) fees, costs or expenses reasonably incurred for the
services of outside environmental counsel, consultants, contractors, experts,
laboratories and all other costs incurred in connection with the investigation
or remediation of such Hazardous Materials or violation of such Environmental
Requirements, including, but not limited to, the preparation of any feasibility
studies or reports or the performance of any cleanup, remediation, removal,
response, abatement, containment, closure, restoration or monitoring work
required by any Governmental Agency or reasonably necessary to make full
economic use of the Property or any other property in a manner consistent with
its current use or otherwise expended in connection with such conditions, and
including

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without limitation any attorneys' fees, costs and expenses incurred in enforcing
the provisions of this Section 5.03 or collecting any sums for Environmental
Damages due hereunder pursuant to Section 12.01 below;

                  (iii) liability to any third person or Governmental Agency to
indemnify such person or Governmental Agency for costs expended in connection
with the items referenced in subparagraph (ii) above; and

                  (iv) diminution in the fair market value of the Property;
provided, however, that this measure of Environmental Damages shall be
inapplicable if, upon expiration or earlier termination of this Lease, there
will be no remaining residual leasehold interest for Landlord under the Master
Lease.

            D. "GOVERNMENTAL AGENCY" means all governmental agencies,
departments, commissions, boards, bureaus or instrumentalities of the United
States, states, counties, cities and political subdivisions thereof.

            E. The "TENANT GROUP" means Tenant, Tenant's successors, officers,
members, managers, directors, assignees, agents, employees, contractors,
invitees, permitees or other parties under the supervision or control of Tenant
or entering the Property during the Lease Term with the permission or knowledge
of Tenant.

            F. The "LANDLORD GROUP" means Landlord, Landlord's successors,
officers, members, managers, directors, assignees, agents, employees,
contractors, invitees, permitees, affiliates, other tenants and other parties
under the supervision or control of Landlord or entering the Property or Project
during the Lease Term with the permission or knowledge of Landlord, other than
any party in the Tenant Group.

            5.03.2 PROHIBITIONS.

            A. Other than normal quantities of general office and cleaning
supplies and except as specified on Exhibit "D" attached hereto, Tenant shall
not cause, permit or suffer any Hazardous Material to be brought upon, treated,
kept, stored, disposed of, discharged, released, produced, manufactured,
generated, refined or used upon, about or beneath the Property by the Tenant
Group, or any other person without the prior written consent of Landlord;
provided, however, if Tenant is the original Tenant, a Tenant Affiliate of the
original Tenant or a regulated public utility, prior written notification to
Landlord shall be sufficient without the necessity of obtaining Landlord's
consent. If Landlord's consent is required, Landlord shall allow Tenant's use of
such other Hazardous Materials if Tenant establishes, to Landlord's reasonable
satisfaction, that the use of such substances poses no materially greater risk
of contamination to the Property than do Tenant's existing activities in view of
(a) quantities, toxicity and other properties of the proposed new Hazardous
Materials, (b) precautions Tenant agrees to take to prevent a release, (c)
Tenant's current financial condition as it relates to its ability to fund a
major clean-up, and (d) Tenant's policy and historical record respecting its
willingness to respond to any such clean-up. Prior to the Lease Commencement
Date (for those Hazardous Materials described on Exhibit "D") and upon
introduction of other Hazardous Materials on the Property (for other Hazardous
Materials later used on the Property), Tenant shall make available to Landlord
for review and copying: (a) any written handling, storage, use and disposal
procedures of Tenant; and (b) any "community right to know" plans or disclosures
and/or emergency response plans which Tenant is required to supply to local
Governmental Agencies pursuant to any Environmental Requirements.

            B. Tenant shall cause the Tenant Group to comply with all
Environmental Requirements relating to Property.

            C. Tenant shall keep the Property free and clear from any lien,
imposed pursuant to section 107(f) of the Superfund Amendments and
Reauthorization Act of 1986 (42 U.S.C. section 9607(l)) or any similar state
statute as a result of the acts or omissions of the Tenant Group.

            D. Except as specified on Exhibit "D" attached hereto, Tenant shall
not install any below grade Storage Tank (as defined below) on the Building
Premises or install, operate or maintain any sump, pit, pond or lagoon on the
Property without Landlord's prior written consent. No Tenant other than the
original Tenant, a Tenant Affiliate of the original Tenant or a Tenant that is a
regulated public utility shall install any below grade Storage Tank on the
Additional Property without the prior written consent of Landlord. Except as
specified on Exhibit "D" attached hereto, Tenant shall not install any Storage
Tank on the Property except after prior written

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notification to Landlord. "STORAGE TANK" means a stationary tank used to contain
or accumulate Hazardous Materials and that has a storage capacity of more than
five hundred (500) gallons.

            5.03.3 INDEMNITY.

            A. Subject to the provisions of this Section 5.03.3, Tenant, its
successors and assigns agree to indemnify, defend, reimburse and hold harmless:

                  (i) Landlord; and

                  (ii) any other person who acquires all or a portion of the
Property in any manner (including purchase at a foreclosure sale) or who becomes
entitled to exercise the rights and remedies of Landlord under this Lease; and

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

from and against any and all Environmental Damages which are caused by the
activities or negligence of the Tenant Group or which result from the breach of
any warranty or covenant or the inaccuracy of any representation of Tenant
contained in this Lease, or by Tenant's remediation of the Property or failure
to meet its obligations contained in this Section 5.03. Notwithstanding anything
in the foregoing to the contrary, Tenant, its successors and assigns shall have
no obligation to indemnify, defend, reimburse or hold harmless any of the
foregoing parties from and against any Environmental Damages (i) which are
caused by the activities or negligence of any member of the Landlord Group or
any of the foregoing parties or any agents, contractors, subcontractors, experts
or licensees of any member of the Landlord Group or any of the foregoing
parties, (ii) which result from the breach of any warranty or covenant or the
inaccuracy of any representation of Landlord in this Lease, or which are
contrary to any condition warranted or represented by Landlord in this Lease,
(iii) which are incurred as a result of the existence of Hazardous Materials
upon, about or beneath the Property at the time of Substantial Completion of the
Tenant Improvements), or (iv) which result from or relate to Hazardous Materials
that migrate to, or threaten to migrate to the Property from a location other
than the Property and are not the result of the activities or negligence of the
Tenant Group.

            B. The obligations contained in this Section 5.03.3 shall include,
but not be limited to, the burden and expense of defending all claims, suits and
administrative proceedings, even if such claims, suits or proceedings are
groundless, false or fraudulent, and conducting all negotiations of any
description, and paying and discharging, when and as the same become due, any
and all judgments, penalties or other sums due against such indemnified persons.
Landlord, at its sole expense, may employ additional counsel of its choice to
associate with counsel representing Tenant.

            C. Landlord shall have the right but not the obligation to join and
participate in, at Landlord's sole expense, any legal proceedings or actions
initiated in connection with Tenant's activities. Landlord may also, at
Landlord's sole expense, negotiate, settle, defend, approve and appeal any
action taken or issued by any applicable governmental authority with regard to
contamination of the Property by a Hazardous Material.

            D. The obligations of Tenant in this Section 5.03.3 shall survive
the expiration or termination of this Lease.

            5.03.4 OBLIGATION TO REMEDIATE. In addition to the obligation of
Tenant to indemnify Landlord pursuant to this Lease, Tenant shall, upon approval
and demand of Landlord, at its sole cost and expense, and using contractors
approved by Landlord, promptly take all actions to remediate the Property which
are required by (i) any Governmental Agency (ii) the Master Lease (as defined in
Article Seventeen) or (iii) any deed of trust or mortgage of Landlord's
mortgagees lender then encumbering the Property, which remediation is
necessitated from the presence upon, about or beneath the Property, at any time
during or upon termination of this Lease (whether discovered during or following
the Lease Term), of a Hazardous Material or a violation of Environmental
Requirements existing as a result of the activities or negligence of the Tenant
Group. Such actions shall include, but

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not be limited to, the assessment of a known environmental condition of the
Property, the preparation of appropriate feasibility studies, reports or
remedial plans, and the performance of any cleanup, remediation, containment,
operation, maintenance, monitoring or restoration work, whether on or off the
Property, which shall be performed in a commercially reasonable manner and in
conformance with requirements of any Governmental Agency, the Master Lease and
any deed of trust or mortgage of Landlord's mortgagee lender in force against
the Property.

            5.03.5 RIGHT TO INSPECT. Following written notice to Tenant of not
less than two (2) business days, Landlord shall have the right at its sole cost
and expense (except as provided below), in its reasonably exercised discretion,
but not the duty, to enter and conduct an inspection of the Property accompanied
by one or more representatives of Tenant, including invasive tests, at any
reasonable time to determine whether Tenant is complying with the terms of this
Lease, including but not limited to the compliance of the Property and the
activities thereon with Environmental Requirements and determination of the
existence of Environmental Damages as a result of the condition of the Property
and activities thereon. Landlord shall have the right, but not the duty, to
retain any independent professional consultant (the "CONSULTANT") to enter the
Property to conduct such an inspection or to review any report prepared by or
for Tenant concerning such compliance. The cost of the Consultant shall be paid
by Landlord unless such investigation discloses a material violation of an
Environmental Requirement by the Tenant Group in which case Tenant shall pay the
reasonable cost of the Consultant. Tenant hereby grants to Landlord, and the
agents, employees, consultants and contractors of Landlord the right to enter
the Property accompanied by one or more representatives of Tenant, and to
perform such tests on the Property as are reasonably necessary to conduct such
reviews and investigations following written notice to Tenant of not less than
two (2) business days. Landlord shall use commercially reasonable efforts to
minimize interference with the business of Tenant and any permitted Subtenants.
Notwithstanding anything in the foregoing or elsewhere in this Lease to the
contrary, the right of Landlord or any representative of Landlord to enter or
have access to Tenant's control room shall be subject to the terms of Section
5.06 below.

            5.03.6 NOTIFICATION. If Tenant shall receive notice or other
communication concerning any actual, alleged, suspected or threatened material
violation of Environmental Requirements, or liability of Tenant for
Environmental Damages in connection with the Property or past or present
activities of any person thereon, including but not limited to notice or other
communication concerning any actual or threatened investigation, inquiry,
lawsuit, claim, citation, directive, summons, proceeding, complaint, notice,
order, writ, or injunction, relating to same, then Tenant shall promptly deliver
to Landlord a written description of said violation, liability, or actual or
threatened event or condition, together with copies of any documents evidencing
same. Receipt of such notice shall not be deemed to create any obligation on the
part of Landlord to defend or otherwise respond to any such notification.

            If requested by Landlord, Tenant shall disclose to Landlord the
names and amounts of all Hazardous Materials other than general office and
cleaning supplies referred to in Section 5.03.2 of this Lease, which were used,
generated, treated, handled, stored or disposed of on the Property or which
Tenant intends to use, generate, treat, handle, store or dispose of on the
Property and which are either not listed in Exhibit "D" or were not the subject
of any consent of, or notice to Landlord under the provisions of Section 5.03.2.
The foregoing in no way shall limit the necessity for Tenant obtaining
Landlord's consent pursuant to Section 5.03.2 of this Lease, if applicable.

            5.03.7 SURRENDER OF PROPERTY. In the ninety (90) days prior to the
expiration or termination of the Lease Term, and for up to thirty (30) days
after the later to occur of: (i) Tenant fully surrenders to Landlord exclusive
possession of the Property; and (ii) the termination of this Lease, Landlord, at
Landlord's cost and expense (except as otherwise provided in Section 5.03.5
above), may have an environmental assessment of the Property performed in
accordance with Section 5.03.5 of this Lease. Tenant shall perform, at its sole
cost and expense, any commercially reasonable clean-up or remedial work
reasonably recommended by the Consultant which is necessary to remove, mitigate
or remediate any Hazardous Materials and/or contamination of the Property caused
by the activities or negligence of the Tenant Group, consistent with the
requirements of Section 5.03.4 above.

            5.03.8 ASSIGNMENT AND SUBLETTING. With respect to any assignment of
this Lease or subletting of the Property, if the proposed assignee's or
sublessee's activities on the Property would involve the use, handling, storage
or disposal of material amounts of Hazardous Materials other than those which
are the same or similar to those used by Tenant and in quantities and processes
similar to Tenant's uses in compliance with this Lease, (i) it

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shall be reasonable for Landlord to withhold its consent to such assignment or
sublease in light of the risk of contamination posed by such activities, and/or
(ii) Landlord may impose an additional conditions to such assignment or sublease
which requires Tenant to reasonably establish that such assignee's or
sublessee's activities pose no materially greater risk of contamination to the
Property than do Tenant's permitted activities in view of: (a) the quantities,
toxicity and other properties of the Hazardous Materials used by Tenant in
comparison to those to be used by such assignee or sublessee; (b) the
precautions against a release of Hazardous Materials such assignee or sublessee
agrees to implement; (c) any such assignee's financial condition as it relates
to its ability to fund a major clean-up; and (d) any such assignee's policy and
historical record (if any) respecting its willingness to respond to the clean up
of a release of Hazardous Materials.

            5.03.9 STORAGE TANKS. Without limiting the generality of the above
provisions of this Section 5.03, with respect to any above or underground
Storage Tanks to be located on the Property by Tenant, whether with or without
Landlord's consent, Tenant shall keep all permits and registrations current and
shall make available to Landlord for review and copying, all test results
regarding all storage tanks, including without limitation, tightness testing and
release detection results, all submissions to and correspondence with any
Governmental Agency regarding such tests and provide copies of all plans for
responding to releases from all Storage Tanks, including any and all SPCC (spill
prevention control and countermeasure) plans. Tenant shall promptly notify
Landlord of any release or suspected release from such tanks, and shall promptly
implement corrective action and remediation consistent with the provisions of
this Section 5.03. Tenant shall comply with all commercially reasonable requests
by Landlord for modification to any spill prevention, investigation or
remediation plan and shall allow Landlord to conduct its own testing (or, at
Tenant's option, provide Landlord with split samples) at Landlord's sole
expense, following request in writing from Landlord.

            5.03.10 SURVIVAL OF HAZARDOUS MATERIALS OBLIGATION. Tenant's
material breach of any of its covenants or obligations under this Section 5.03
not timely cured pursuant to the provisions of Section 10.02(c) below shall
constitute a material default under this Lease. The obligations of Tenant under
this Lease shall survive the expiration or earlier termination of this Lease,
and shall constitute obligations that are independent and severable from
Tenant's covenants and obligations to pay rent under this Lease.

            5.03.11 LANDLORD'S REPRESENTATION AND WARRANTY. As of the date
of this Lease, Landlord represents and warrants that to the best of Landlord's
actual knowledge (and except as otherwise disclosed in that certain
environmental assessment report dated July 5, 2006 and prepared by OGI
Environmental LLC, a copy of which has been provided by Landlord to Tenant), the
Property is free of any Hazardous Materials in violation of any Environmental
Requirements, and will be free upon Substantial Completion of the Building Shell
Improvements and the Tenant Improvements. Tenant shall have no liability of any
kind to Landlord for any Environmental Damages resulting from or related to
Hazardous Materials located on, under or about the Property as of the date of
this Lease or upon Substantial Completion of the Building Shell Improvements (or
the Tenant Improvements. As used in this Section, the "actual knowledge" of
Landlord means the actual knowledge of Rodman C. Martin (as opposed to
constructive, implied, or imputed), but without any investigation.

      Section 5.04. AUCTIONS AND SIGNS. Tenant shall not conduct or permit any
auctions or sheriff's sales at the Property. Subject to Landlord's prior written
approval, which shall not be unreasonably withheld, delayed or conditioned, and
provided all signs are in keeping with the quality, design and style of the
business park within which the Property is located, Tenant and its permitted
Subtenants, at their cost and expense, may install signs (collectively, "SIGN")
at the Property; provided, however, that (i) the size, color, location,
materials and design of the Sign shall be subject to Landlord's prior written
consent, which shall not be unreasonably withheld, delayed or conditioned; (ii)
the Sign shall comply with all applicable governmental rules and regulations and
the Property's covenants, conditions and restrictions; (iii) the Sign shall not
be painted directly on the Building or attached or placed on the roof of the
Building; and (iv) continuing signage rights shall be contingent upon
maintaining the Sign in a first-class condition. Tenant shall be responsible for
all costs incurred in connection with the design, construction, installation,
repair and maintenance of the Sign. Upon the expiration or earlier termination
of this Lease, Tenant shall cause the Sign to be removed and shall repair any
damage caused by such removal (including, but not limited to, patching and
painting), all at Tenant's sole cost and expense. Any installed signs, notices,
logos, pictures, etc. which have not been approved by Landlord may be removed by
Landlord at Tenant's cost if not removed by Tenant following the applicable
notice and cure period provided in this Lease. Notwithstanding any

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language to the contrary in this Section 5.04, Tenant may, without the prior
consent of Landlord, install typical directional signs at the Property, so long
as the same are in compliance with Applicable Laws.

      Section 5.05. INDEMNITY.

            5.05.1 TENANT'S INDEMNITY. Tenant shall indemnify, defend, protect
and hold harmless Landlord (and Landlord's agents, employees, contractors, and
property manager) from any and all costs, claims, loss, damage, expense and
liability (including without limitation court costs, litigation expenses, and
reasonable attorneys' fees) incurred in connection with or arising from: (a)
Tenant's use of the Property, including, but not limited to, those arising from
any accident, incident, injury or damage, however and by whomsoever caused
(except to the extent of any claim arising out of the negligence or willful
misconduct of Landlord, its affiliates, employees, agents, contractors, other
tenants or invitees), to any person or property occurring in or about the
Property; (b) the conduct of Tenant's business or anything else permitted by
Tenant to be done in or about the Property; (c) any breach or default in the
performance of Tenant's obligations under this Lease; (d) any misrepresentation
or breach of warranty by Tenant under this Lease; or (e) other acts or omissions
of Tenant. As a material part of the consideration to Landlord, Tenant assumes
all risk of damage to property or injury to persons in or about the Property
arising from any cause from which Tenant is required to indemnify Landlord
pursuant to the foregoing, and Tenant hereby waives all claims in respect
thereof against Landlord, except to the extent of any claim arising out of the
negligence or willful misconduct of Landlord, its agents, contractors, invitees
or permitees. As used in this Section 5.05, acts and omissions of "Tenant" shall
include acts and omissions of Tenant's employees, agents, contractors and
invitees, if applicable. The provisions of this Section 5.05.1 shall survive the
expiration or earlier termination of this Lease with respect to any claims or
liability occurring prior to such expiration or earlier termination, and shall
constitute obligations that are independent and severable from Tenant's
covenants and obligations to pay rent under this Lease.

            5.05.2 LANDLORD'S INDEMNITY. Landlord shall indemnify, defend,
protect and hold harmless Tenant (and Tenant's agents, employees, and
contractors) from any and all costs, claims, loss, damage, expense and liability
(including without limitation court costs, litigation expenses, and reasonable
attorneys' fees) incurred in connection with or arising from the following,
except to the extent caused by Tenant's negligence or willful misconduct: (a)
any breach or default in the performance of any obligation of Landlord under
this Lease, (b) any misrepresentation or breach of warranty by Landlord under
this Lease, or (c) any negligence or willful misconduct of Landlord. As material
part of the consideration to Tenant, Landlord assumes all risk of damage to
property or injury to persons in or about the Property arising from any cause
from which Landlord is required to indemnify Tenant pursuant to the foregoing,
and Landlord hereby waives all claims and respect thereof against Tenant, except
to the extent of any claim arising out of the negligence or willful misconduct
of Tenant, its agents, contractors, invitees or permittees. As used in this
Section 5.05, acts and omissions of "Landlord" shall include acts and omissions
of Landlord's employees, agents, contractors and invitees, if applicable. The
provisions of this Section 5.05.2 shall survive the expiration or earlier
termination of this Lease with respect to any claims or liability occurring
prior to such expiration or earlier termination.

      Section 5.06. LANDLORD'S ACCESS. Landlord reserves the right at all
reasonable times and upon reasonable notice to Tenant (i.e., notice of not less
than two (2) business days) to enter the Property to (i) inspect it; (ii) show
the Property to prospective purchasers, mortgagees or tenants (but only during
the last year of the Lease Term, in case of prospective tenants, and only if
Landlord will have a residual leasehold interest under the Master Lease at such
time), or to the ground or underlying lessors; (iii) post notices of
non-responsibility if required by statute to be so posted to be effective; (iv)
alter, improve or repair the Property as permitted or required under the terms
of this Lease; or (v) place "For Lease" signs on the Property (but only during
the last year of the Lease Term and only if Landlord will have a residual
leasehold interest under the Master Lease at such time). Any such entries shall
be without the abatement of Rent and shall include the right to take such
reasonable steps as required to accomplish the stated purposes. Any entry into
the Property in the manner described above shall not be deemed to be a forcible
or unlawful entry into, or a detainer of, the Property, or an actual or
constructive eviction of Tenant from any portion of the Property. In case of any
such entry into the Property, Landlord's representatives shall be accompanied by
a representative of Tenant. Landlord acknowledges that the right of Landlord or
any representative of Landlord to enter or have access to Tenant's control room
shall be conditioned upon and subject to Tenant's then security requirements and
procedures, and shall in any event be with the accompaniment of one or more
representatives of Tenant. Tenant represents and warrants that Tenant's present
control room security requirements

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and procedures impose conditions and restrictions but do not prohibit such
access by Landlord or its representatives. Landlord acknowledges the possibility
that such requirements and procedures may in the future prohibit such access,
but Tenant agrees that any such future prohibition will not unfairly
discriminate nor be applied in such a manner so as to unfairly discriminate
against Landlord and its representatives.

      Section 5.07 VEHICLE PARKING. Tenant, its permitted Subtenants, and their
employees, contractors, customers and other business invitees shall be entitled
to the exclusive use of those spaces in the vehicle parking areas to be located
on the Property (including the exclusive spaces established by Tenant in the
Common Areas pursuant to Section 4.05(b) above) without paying any Additional
Rent. Tenant shall not allow large trucks or other large vehicles to be parked
on the adjacent public streets.

      Section 5.08 QUIET POSSESSION. If Tenant pays the rent and complies with
all other terms of this Lease, Tenant may occupy and enjoy the Property for the
full Lease Term, subject to the provisions of this Lease.

ARTICLE SIX CONDITION OF PROPERTY; MAINTENANCE, REPAIRS AND ALTERATIONS

      Section 6.01. CONDITION OF PROPERTY. Landlord warrants that upon
Substantial Completion of the Tenant Improvements, the Building Shell
Improvements and the Tenant Improvements shall have been constructed in a good
and workmanlike manner, in conformance with the plans and specifications
therefor, and shall be free of any defects in workmanship or material and in
conformance with all recorded matters and all Applicable Laws. Except as
expressly provided in this Lease, Tenant acknowledges that neither Landlord nor
any agent of Landlord has made any representation as to the suitability of the
Property for Tenant's intended use. Tenant represents and warrants that Tenant
has made its own inspection of and inquiry regarding the suitability of the
Property (or has had the opportunity to do so) and is not relying on any
representations of Landlord or any Broker with respect thereto. Notwithstanding
the above, Tenant is entitled to the benefit of the construction warranties set
forth in this Section 6.01 and Section 6.03 below.

      Section 6.02. EXEMPTION OF LANDLORD FROM LIABILITY. Landlord shall not be
liable for any damage or injury to the person or business (or any loss of income
therefrom), goods, wares, merchandise or other property of Tenant, Tenant's
employees, invitees, customers, or the property of others in the possession and
control of Tenant, in or about the Property, whether such damage or injury is
caused by or results from: (a) fire, steam, electricity, water, gas or rain; (b)
the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires,
appliances, plumbing, air conditioning or lighting fixtures or any other cause;
(c) conditions arising in or about the Property or upon other portions of the
Project, or from other sources or places; or (d) any act or omission of any
other tenant of Landlord. Landlord shall not be liable for any such damage or
injury even though the cause of or the means of repairing such damage or injury
are not accessible to Tenant. The provisions of this Section 6.02 shall not,
however, exempt Landlord from liability to the extent of the negligence or
willful misconduct of Landlord, its agents, contractors, invitees and permitees,
and are subject to Section 4.04(d)(iv) and Section 5.05.2 above.

      Section 6.03. LANDLORD'S OBLIGATIONS. Subject to the provisions of Article
Seven (Damage or Destruction) and Article Eight (Condemnation), and except as
provided in Section 4.05 above and in this Section 6.03, Landlord shall have no
responsibility to repair, maintain or replace any portion of the Property. Upon
Substantial Completion of the Tenant Improvements, Landlord shall deliver the
Property to Tenant clean and free of debris, and in conformance with Landlord's
warranties and representations set forth in Section 6.01 above. In the event of
non-compliance with the warranties and representations contained in Section 6.01
above, Landlord shall promptly after receipt of written notice from Tenant
setting forth with specificity the nature and extent of such non-compliance,
rectify the same at Landlord's expense. If Tenant does not give Landlord written
notice of a non-compliance with that warranty within one (1) year after the date
of Substantial Completion of the Building Shell Improvements (with respect to
the Building Shell Improvements) or within one (1) year after the date of
Substantial Completion of the Tenant Improvements (with respect to the Tenant
Improvements), correction of that non-compliance shall be the obligation of
Tenant at Tenant's sole cost and expense, and any further obligation of Landlord
arising from or related to such warranty shall be extinguished except with
respect to any latent defects in those components of the Building for which
Landlord has expressly assumed responsibility below in this Section 6.03.
Landlord shall also obtain a ten (10)-year NDL manufacturer warranty covering
the Building's roof membrane, and shall assign its rights thereunder to Tenant
(and Tenant acknowledges it must assume and comply with all of the obligations
thereunder in connection with such assignment).

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      With respect to the Building only, Landlord, at its sole cost and expense,
shall be responsible for repair, maintenance, or replacement (as needed) of the
foundations, structural portions of the roof (but excluding all non-structural
portions such as the roof membrane), exterior walls (but excluding the painting
thereof, which shall be Tenant's sole responsibility) and the floor slab due to
any latent defects therein. Subject to Landlord's one-year warranties set forth
in this Article Six, Landlord shall not be obligated to replace or maintain or
repair windows, doors, plate glass or the interior surfaces of the exterior
walls of the Building, or any of the improvements on the Additional Land or any
of the other Tenant Improvements. Landlord shall not be obligated to undertake
any work pursuant to this Section 6.03 until a reasonable time after receipt of
a written notice from Tenant of the need for such work, and shall diligently
pursue such work until complete. In no event shall normal wear and tear
(including that caused by the elements or other natural environmental
conditions) constitute or be deemed to have caused or resulted in a latent
defect.

      Section 6.04. TENANT'S OBLIGATIONS.

            (a) Except as otherwise expressly provided in Section 4.05 above,
Section 6.03 above, Article Seven (Damage or Destruction) below, and Article
Eight (Condemnation) below, Tenant, at Tenant's sole cost and expense, shall
keep all portions of the Property (including interior, exterior, systems and
equipment) in good order, condition and repair. If any portion of the Property
or any system or equipment in the Property that Tenant is obligated to repair
cannot be fully repaired or restored, Tenant shall promptly replace such portion
of the Property or system or equipment in the Property. The cost of such
replacement shall be amortized (including Interest) over the useful life as
reasonably determined by Landlord, and Tenant shall only be liable for that
portion of the cost which is applicable to the remaining Lease Term (as it may
be extended), and Landlord shall reimburse Tenant or, at Tenant's option,
provide Tenant with a credit against future Additional Rent obligations in an
amount equal to Landlord's share of such total cost. If any part of the Property
or the Project is damaged by any act or omission of Tenant, to the extent such
damage is not insured under any property insurance policy carried by Landlord
that provides primary coverage, Tenant shall repair or replace the same, as
needed. It is the intention of Landlord and Tenant that, at all times during the
Lease Term, Tenant shall maintain the Property in an attractive, first-class and
fully operative condition. Without limiting the generality of the provisions
contained above in this Section 6.04(a), Tenant agrees to repair any damage to
the Building and Building Premises other than ordinary wear and tear caused by
the transportation and storage of its products in, on, or about the Property,
including, but not limited to any damage to the Building's concrete floor slab,
adjoining concrete ramps, adjoining concrete truck apron, and adjoining asphalt
parking and access areas on the Building Premises due to the use of forklifts
hauling Tenant's products. Tenant's repair obligation described above shall
include the restoration of any damaged areas of the Property or the Project, if
repair is impracticable, so as to restore such areas to the condition existing
prior to such damage. For purposes of the foregoing, "damage" excludes ordinary
wear, tear and scrapes, as well as any settling of concrete and paved areas
reasonably anticipated from Tenant's use of the Property.

      Section 6.05. ALTERATIONS, ADDITIONS, AND IMPROVEMENTS.

            (a) Any alterations, additions or improvements made to the Building
or the Property by or at the request of Tenant, are herein referred to as
"TENANT'S ALTERATIONS." Tenant shall not make any Tenant's Alterations to the
Building without Landlord's prior written consent, except for non-structural
interior alterations and the initial Tenant Improvements (which are to be
constructed subject to the provisions of Article Fourteen below). Tenant shall
promptly remove any Tenant's Alterations constructed in violation of this
Section 6.05(a) upon Landlord's written request. All Tenant's Alterations shall
be performed in a good and workmanlike manner, in conformity with all Applicable
Laws, and to the extent Landlord's consent is required, using a contractor
reasonably acceptable to Landlord. Upon completion of any such work, Tenant
shall make available for Landlord's review and copying, any "as built" plans,
construction contracts, and proof of payment for labor and materials in Tenant's
possession.

            (b) Tenant shall pay when due all claims for labor and material
contracted for by Tenant and furnished to the Property. Tenant shall give
Landlord at least ten (10) days' prior written notice of the commencement of any
work with an anticipated cost of One Hundred Fifty Thousand Dollars
($150,000.00) in Constant Dollars (defined below) or more on the Property (other
than the initial Tenant Improvements), regardless of whether Landlord's consent
to such work is required. Notwithstanding any language to the contrary in this
Section 6.05, with respect to any Tenant's Alterations, regardless of whether
Landlord's consent to such work is

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required under the terms of this Lease, Tenant acknowledges Nevada law may
require Tenant to record a notice of posted security in compliance with the
requirements of Nev. Rev. Stat. Chapter 108 (2005) (the "POSTED SECURITY
REQUIREMENTS"). Concurrently with Landlord's delivery of this Lease to Tenant
for execution, Landlord may elect to provide Tenant with a separate written
notice of the Posted Security Requirements, which shall include an
acknowledgement of Tenant (the "NOTICE AND ACKNOWLEDGEMENT"). If so provided,
Tenant agrees to promptly sign and return the Notice and Acknowledgment to
Landlord; provided, however, that Tenant acknowledges and agrees that under no
circumstances shall such Notice and Acknowledgement or the terms of this Section
6.05 be construed as Landlord's consent to or approval of any Tenant's
Alterations; and provided that the Notice and Acknowledgment shall be in form
reasonably satisfactory to Tenant. Landlord may elect to record and post notices
of non-responsibility on the Property. "CONSTANT DOLLARS" means the value of the
U.S. dollar to which such phrase refers, as adjusted from time to time. An
adjustment shall occur on the first (1st) day of January of the sixth (6th) full
calendar year following the date of this Lease, and thereafter at five (5) year
intervals. Constant Dollars shall be determined by multiplying the dollar amount
to be adjusted by a fraction, the numerator of which is the Current Index Number
and the denominator of which is the Base Index Number. The "Base Index Number"
shall be the level of the Index for the calendar month during which this
Declaration is recorded in the Official Records; the "Current Index Number"
shall be the level of the Index for the calendar month that corresponds to the
month of the date of this Lease of the year preceding the adjustment year; the
"Index" shall be the Consumer Price Index for All Urban Consumers, published by
the Bureau of Labor Statistics of the United States Department of Labor for U.S.
City Average, All Items (1996=100), or any successor index thereto as
hereinafter provided. If publication of the Index is discontinued, or if the
basis of calculating the Index is materially changed, then Landlord shall
substitute for the Index comparable statistics as computed by an agency of the
United States Government or, if none, by a substantial and responsible
periodical or publication of recognized authority most closely approximating the
result which would have been achieved by the Index.

            (c) To the extent Landlord's prior consent is required by this
Section 6.05, Landlord may condition its consent to any proposed Tenant's
Alterations on: (i) Tenant's submission to Landlord, for Landlord's prior
written approval, of all plans and specifications relating to Tenant's
Alterations; (ii) Tenant's written notice of whether Tenant's Alterations
include the use or handling of any Hazardous Materials; (iii) Tenant's
obtaining, for Landlord's benefit and protection, of such insurance as Landlord
may reasonably require (in addition to that required under Section 4.04 of this
Lease); (iv) Tenant's compliance with the requirements of Nev. Rev. Stat.
Chapter 108 (2005) or any applicable successor statute; and (v) Tenant's payment
to Landlord of all reasonable costs and expenses incurred by Landlord because of
Tenant's Alterations other than the initial Tenant Improvements, including
without limitation, costs incurred in reviewing the plans and specifications
for, and inspecting the progress of, Tenant's Alterations; provided, however,
that Landlord shall only be entitled to such payment to the extent such work
affects (i) the drainage or grade of the Property, or (ii) structural components
(including the floor slabs) of any improvements on the Building Premises. Such
reasonable cost and expenses shall include the standard hourly charges incurred
by Landlord when using employees of Commerce Construction Co., L.P. ("LANDLORD'S
CONTRACTOR") for such review and inspection.

            (d) Upon imposition of any lien resulting from construction of
Tenant's Alterations contracted for by Tenant (an "IMPOSITION"), Tenant shall
either (i) cause the same to be released, if recorded, or (ii) diligently
contest such Imposition and indemnify, defend, and hold Landlord harmless from
any and all loss, cost, damage, liability and expense (including attorney's
fees) arising from or related to it; provided, however, that consistent with
Article Seventeen below, if the Master Landlord requires the removal of any such
Imposition, Tenant shall comply with the terms of the Master Lease and either
bond against or discharge the same within the time period provided in the Master
Lease. Notwithstanding the above, in case of an Imposition for the claimed cost
of work, materials or equipment furnished in construction of the Tenant
Improvements by Landlord pursuant to Section 14.02 below, the provisions of this
Section 6.05(d) shall not apply, unless at the time or recording of the
Imposition (i) all of that claimed cost has been approved by Tenant's Architect
for payment as provided in Section 14.02(a) below and (ii) twenty (20) days or
more have expired following that approval without payment by Tenant to Landlord
as provided in Section 14.02 below.

            (e) Notwithstanding any language to the contrary in this Section
6.05, if the proposed Tenant's Alterations (other than the Tenant Improvements,
which are to be constructed subject to the provisions of Article Fourteen
below), materially affect one or more of the structural components of the
Building, or life safety

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

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matters, including, but not limited to, the Building's or Project's fire
suppression system, Landlord's prior written consent will be required.

            (f) Tenant acknowledges and agrees that any Tenant's Alterations are
wholly optional with Tenant and are not being required by Landlord, either as a
condition to the effectiveness of this Lease or otherwise.

      Section 6.06. CONDITION UPON TERMINATION. Subject to the provisions
of Article Seven and Article Eight below, upon the termination of this Lease,
Tenant shall surrender the Property to Landlord, broom clean and in good
condition and repair, ordinary wear and tear excepted; provided, however, Tenant
shall not be obligated to repair any damage which Landlord is required to repair
under Article Seven (Damage or Destruction) below, if any, or make any repairs
for which Landlord is responsible hereunder. Landlord may require Tenant to
remove any Tenant's Alterations (whether or not made with Landlord's consent)
prior to, or within thirty (30) days after, the expiration of this Lease and to
restore the Building to its prior condition at Tenant's expense; provided,
however, that Tenant shall not have any obligation to remove any Building Shell
Improvements or Tenant Improvements save and except those described on Exhibit
"J" attached hereto and by this reference incorporated herein, and then only if
requested by Landlord to do so at least one hundred eighty (180) days prior to
the expiration or earlier termination of this Lease (or such shortened period if
the 180-day notice is not practicable under the circumstances, such as in case
of an early termination based on an Event of Default). All alterations,
additions and improvements which Tenant does not remove shall become Landlord's
property if surrendered to Landlord upon the expiration or earlier termination
of this Lease. Tenant may remove any of Tenant's machinery, equipment (including
Tenant's Telecommunication Equipment), trade fixtures and other personal
property. Tenant shall repair, at Tenant's expense, any damage to the Building
or Building Premises caused by the removal of any such machinery, equipment,
fixtures or personal property (including, without limitation, the complete
removal of all studs and bolts that penetrate the floor or walls and filling and
patching the holes). In no event, however, shall Tenant remove any of the
following materials or equipment (which shall be deemed Landlord's property)
from the Building or Building Premises without Landlord's prior written consent:
any power wiring and power panels; lighting and lighting fixtures; wall
coverings; drapes, blinds and other window coverings; carpets and other floor
coverings; heaters, air conditioners and any other heating and air conditioning
equipment; fencing and security gates; load levelers, dock lights, dock locks
and dock seals; and other similar building operating equipment and decorations.
Tenant's obligations under this Section 6.06 shall also include its obligations
under Section 5.04 with respect to any Sign.

ARTICLE SEVEN DAMAGE OR DESTRUCTION

      Section 7.01. DAMAGE OR DESTRUCTION TO PROPERTY.

            (a) In case of damage to or destruction of Building Shell
Improvements other than the ESFR System, or any part of those Building Shell
Improvements by fire or other casualty, Tenant will promptly give written notice
thereof to Landlord and shall, in accordance with the provisions of this Article
and all other provisions of this Lease, commence and complete restoration of the
Base Building Shell Improvements and Common Area Improvements on the Building
Premises (other than the ESFR System) in conformance with the Base Building
Shell Plans together with such Building Modifications as Tenant elects to
restore and such Tenant Improvements and other Tenant's Alterations as Tenant
elects to restore. In any such event, Tenant shall also have the right to make
additional alterations in conformity with and subject to the conditions of
Section 6.05 above, and in conformity with the plans and specifications required
to be prepared pursuant to this Section 7.01. Tenant's obligations in this
Section 7.01(a) shall be effective whether or not (i) such damage or destruction
has been insured or was insurable, (ii) Tenant is entitled to receive any
insurance proceeds, or (iii) insurance proceeds are sufficient to pay in full
the cost of the restoration work in connection with such restoration. Such
restoration shall be commenced promptly and shall be prosecuted and completed
expeditiously, Force Majeure Delays excepted. Landlord, its agents and
mortgagees, may, from time to time, inspect the restoration upon reasonable
advance notice to Tenant during normal business hours, subject to the provisions
of Section 5.06 above. In case of damage to or destruction of the ESFR System,
other Common Area Improvements not located on the Building Premises, or any part
thereof by fire or other casualty, Landlord shall promptly commence and shall
expeditiously prosecute and complete the restoration thereof, Force Majeure
Delays, excepted. Any restoration or rebuilding of the Building shall be in
conformance with such building code and other Applicable Law requirements as
shall permit the issuance of a certificate of occupancy for the restored or
reconstructed Building by Clark County, Nevada, or such other governmental
entity as shall have jurisdiction with respect thereto.

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                                                               Las Vegas, Nevada
                                                            Nevada Power Company

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            (b) In the event of any damage or destruction of the Base Building
Shell Improvements, or any substantial part thereof by fire or other casualty,
if the anticipated cost of repair exceeds One Hundred Fifty Thousand Dollars
($150,000.00) in Constant Dollars, Tenant agrees to furnish to Landlord at least
ten (10) days before the commencement of the restoration of such damage or
destruction, the following:

                  (i) Complete plans and specifications for such restoration
prepared by a licensed and reputable architect (the "ARCHITECT"), which plans
and specifications shall meet with the reasonable approval of Landlord, and
Landlord's mortgage lender, together with the approval thereof by all
governmental authorities then exercising jurisdiction with regard to such work.

                  (ii) Contracts then customary in the trade with (a) the
Architect, and (b) with a reputable and responsible contractor providing for the
completion of such restoration in accordance with said plans and specifications.

                  (iii) Certificates of insurance required by this Lease.

            (c) All insurance claims shall be adjusted as provided in Section
4.04(d)(ix) above, and insurance proceeds shall be applied to the payment of the
cost of the restoration, including the cost of temporary repairs or for the
protection of the Property pending the completion of permanent restoration (all
of which temporary repairs, protection of the Property and permanent restoration
are hereinafter collectively referred to as the "RESTORATION"), from time to
time as such Restoration progresses. Insurance proceeds for the Base Building
Shall Improvements shall be received by Tenant in trust for the purposes of
paying the cost of Restoration of Base Building Shell Improvements.

            (d) If the net insurance proceeds shall be insufficient to pay the
entire cost of such Restoration, Tenant will pay the deficiency.

            (e) If the Property shall be partially or totally damaged or
destroyed by fire or other casualty, except as provided in paragraph (f) below,
Tenant shall restore such damage or destruction as previously provided in this
Section 7.01, Base Rent and Additional Rent shall continue to be due and payable
as if no damage or destruction had occurred, and this Lease shall remain in full
force and effect. In no event shall Base Rent or Additional Rent abate, nor
shall this Lease terminate (subject to paragraph (f) below) by reason of such
damage or destruction.

            (f) Notwithstanding anything in this Lease to the contrary, in case
of damage to or destruction of Building during the last year of the Lease Term
(including the last year of any previously exercised Lease Term Extension), and
if such damage will require more than one hundred twenty (120) days to
substantially complete the repair, then Tenant shall have the right and option
to terminate this Lease upon written notice to Landlord dispatched within ninety
(90) days after such damage or destruction. In such event, Tenant shall have the
right and option to do either of the following: (i) commence and complete
restoration of the Base Building Shell Improvements together with such Building
Modifications as Tenant elects to restore and such Tenant Improvements and other
Tenant's Alterations as Tenant elects to restore, or (ii) demolish and remove
the Building and pay to Landlord the full replacement cost of the Base Building
Shell Improvements (including any sums necessary to replace the Base Building
Shell Improvements in conformance with such building code and other Applicable
Law requirements as shall permit the issuance of a certificate of occupancy for
the replaced Building), and this Lease shall terminate upon such restoration or
upon such demolition and payment. Any Restoration or rebuilding of the Building
shall be in conformance with such building code and other Applicable Law
requirements as shall permit the issuance of a certificate of occupancy for the
restored or reconstructed Building by Clark County, Nevada or such other
governmental entity as shall have jurisdiction with respect thereto.

      Section 7.02. WAIVER. Tenant waives the protection of any statute,
code or judicial decision which may grant to Tenant the right to terminate a
lease in the event of the destruction of the leased property. Tenant agrees that
the provisions of Article Seven above shall govern the rights and obligations of
Landlord and Tenant in the event of any destruction to the Property.

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                                                               Las Vegas, Nevada
                                                            Nevada Power Company

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ARTICLE EIGHT CONDEMNATION

      If all or any portion of the Property is taken under the power of
eminent domain or sold under the threat of that power (all of which are called
"CONDEMNATION"), this Lease shall terminate as to the part taken or sold on the
date the condemning authority takes title or possession, whichever occurs first.
If a Condemnation occurs (i) through which any material portion of the Building
is taken or (ii) through which one acre or more of Property land is taken or one
acre or more of Property land will have been cumulatively taken through that
Condemnation and any prior Condemnation, or (iii) through which Property land is
taken after more than one acre of Property land has already been taken through
prior Condemnation, then Tenant may terminate this Lease as of the date the
condemning authority takes title or possession, by delivering written notice to
Landlord, within ninety (90) days after the condemning authority takes title or
possession. If Tenant does not terminate this Lease, this Lease shall remain in
effect as to the portion of the Property not taken, except that the Base Rent
and Additional Rent shall be reduced equitably in the same proportion that the
value of the Property taken bears to the value of the Property prior to such
Condemnation. If Landlord and Tenant are unable to agree upon the amount of such
reduction, the values shall be determined by process of appraisal, in the same
manner set forth in Section 2.05(d) above for determining fair rental value. If
this Lease is not terminated, Tenant shall repair any damage to the Building
Shell Improvements and Common Area Improvements on the Building Premises other
than the ESFR System, and Landlord shall repair any damage to the ESFR System
and the Common Area Improvements not located on the Building Premises. If the
damages received by Tenant are not sufficient to pay for repairs to be made by
Tenant, Tenant shall pay any amount in excess of such award necessary to
complete such repair. Tenant shall be entitled to all of any award or payment
made for (i) any such repair or restoration to be made by Tenant, (ii) the
Building Modifications, (iii) Tenant Improvements and (iv) any other Tenant
Alterations, including buildings and other real property improvements on the
Additional Land, and Landlord hereby assigns to Tenant any interest in any such
awards or payments. Landlord shall be entitled to all of any award or payment
made for Common Area Improvements and Base Building Shell Improvements (save and
except any award or payment to be made to Tenant for repair or restoration of
Common Area Improvements or the Building), and Tenant hereby assigns to Landlord
any interest in any such awards or payments. Landlord and Tenant shall be
entitled to assert and make claim for any other award or payment in connection
with any Condemnation, according to their respective interests in the Property.
Landlord's mortgage lender shall also be permitted to participate in any such
proceeding.

ARTICLE NINE ASSIGNMENT AND SUBLETTING

      Section 9.01. TRANSFERS. Subject to all of the terms of this Article
Nine, Tenant shall not, without the prior written consent of Landlord, assign,
mortgage, pledge, encumber or otherwise transfer, this Lease or any interest
hereunder, permit any assignment or other such foregoing transfer of this Lease
or any interest hereunder by operation of law, or sublet the Property or any
part thereof (all of the foregoing are hereinafter sometimes referred to
collectively as "TRANSFERS" and any person to whom any Transfer is made or
sought to be made is hereinafter sometimes referred to as a "TRANSFEREE"). To
request Landlord's consent to any Transfer requiring such consent under the
provisions of this Article Nine, Tenant shall notify Landlord in writing, which
notice (the "TRANSFER NOTICE") shall include (i) the proposed effective date of
the Transfer, which shall not be less than forty-five (45) days after the date
of delivery of the Transfer Notice, (ii) a description of the portion of the
Property to be transferred (the "SUBJECT SPACE"), (iii) all of the terms of the
proposed Transfer and the consideration therefor, including a calculation of the
Transfer Premium (defined below) in connection with such Transfer (if
applicable), the name and address of the proposed Transferee, and a copy of all
existing documentation pertaining to the proposed Transfer, including all
existing operative documents to be executed to evidence such Transfer or the
agreements incidental or related to such Transfer, and (iv) current financial
statements of the proposed Transferee certified by an officer, partner or owner
thereof, and any other information reasonably required by Landlord, which will
enable Landlord to determine the financial responsibility, character, and
reputation of the proposed Transferee, nature of such Transferee's business and
proposed use of the Subject Space, and such other information as Landlord may
reasonably require. Any Transfer requiring but made without Landlord's prior
written consent shall, at Landlord's option, be null, void and of no effect, and
if not terminated and rescinded upon expiration of the notice and cure periods
in Section 10.02 (c), shall, at Landlord's option, constitute a material default
by Tenant under this Lease.

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                                                               Las Vegas, Nevada
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<PAGE>

      Section 9.02. LANDLORD'S CONSENT. Landlord shall not unreasonably
withhold its consent to any proposed Transfer of the Subject Space to the
Transferee on the terms specified in the Transfer Notice. The parties hereby
agree that it shall be reasonable under this Lease and under any applicable law
for Landlord to withhold consent to any proposed Transfer where one or more of
the following apply, without limitation as to other reasonable grounds for
withholding consent:

            9.02.1 The Transferee's business or use of the Subject Space is not
permitted under this Lease and Landlord decides, upon the exercise of its
reasonable discretion, not to approve such new use;

            9.02.2 Any proposed assignee Transferee is not a party of reasonable
financial worth and/or financial stability in light of the responsibilities
involved under this Lease on the date consent is requested; or

            9.02.3 The proposed Transfer would cause Landlord to be in violation
of another lease or agreement to which Landlord is a party.

      If Landlord consents to any Transfer pursuant to the terms of this
Section 9.02), Tenant may within one year after Landlord's consent, but not
later than the expiration of such year period, enter into such Transfer of the
Property or portion thereof, upon substantially the same terms and conditions as
are set forth in the Transfer Notice furnished by Tenant to Landlord pursuant to
Section 9.01 of this Lease.

      Section 9.03. TRANSFER PREMIUM. During any Extension (but not during
the initial Lease Term), in the event of a Transfer of Subject Space consisting
of warehouse area on the ground floor of the Building, and if the Transfer
requires Landlord's consent, if Landlord consents to such a Transfer, as a
condition thereto which the parties hereby agree is reasonable, Tenant shall pay
to Landlord fifty percent (50%) of any "TRANSFER PREMIUM," as that term is
defined in this Section 9.03, received by Tenant from such Transferee, as
received by Tenant from the Transferee. "Transfer Premium" shall mean all rent,
additional rent or other consideration payable by such Transferee for the ground
floor warehouse area in excess of the Rent payable by Tenant under this Lease
for the area on a per rentable square foot basis if less than all of the
Building is transferred, less the total of actual and reasonable expenses
incurred by Tenant in connection with such Transfer (e.g., tenant improvement
costs, legal fees, leasing commission, etc., if applicable). All of the
foregoing sums shall be offset against first due Transfer Premium payments
otherwise payable to Landlord. "Transfer Premium" shall also include, but not be
limited to, key money and bonus money paid by Transferee to Tenant in connection
with such Transfer, and any payment in excess of fair market value for services
rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment,
or furniture transferred by Tenant to Transferee in connection with such
Transfer. Notwithstanding any language to the contrary in this Section 9.03,
Tenant shall not be responsible for payment of any Transfer Premium otherwise
payable in connection with a subletting by the original Tenant of up to fifty
thousand (50,000) square feet of ground floor warehouse area in the Building.

      Section 9.04. TRANSFER INVOLVING A PERMITTED USE. Notwithstanding
anything to the contrary contained in Section 9.01 above, a Transfer by the
original Tenant or a Tenant Affiliate of the original Tenant of a portion of the
Building to a subtenant for a Permitted Use shall not be deemed a Transfer for
which Landlord's consent is required. Further, notwithstanding anything to the
contrary contained in Section 9.01 above, a Transfer by the original Tenant to a
Tenant Affiliate of the original Tenant of a portion of the Property other than
the Building to a subtenant for a Permitted Use shall not be deemed a Transfer
for which Landlord's consent is required if (i) the Transfer includes an area of
the Building Premises or Additional Land incident to, ancillary to, and as a
part of a Transfer of a portion of the Building, (ii) the Transferee is a
vendor, supplier, contractor or co-venturer of Tenant, or (iii) the Permitted
Uses for which the Subject Space may be utilized by the Transferee are uses
relating to or in support of Tenant's activities as a public utility. Tenant
shall promptly notify Landlord of any such Transfer and promptly supply Landlord
with any documents or information reasonably requested by Landlord regarding
such Transfer. Any such sublease shall still comply with the provisions of
Section 9.08 below. Notwithstanding the foregoing provisions of this Section
9.04, any sublease of a portion of the Property for any use which (i) is a
Permitted Use, but which would create an unusual or atypical wear and tear on
the Building, different in nature and degree from that which results from the
original Tenant's use of the Property, (ii) is a Permitted Use, but which would
involve the use, handling, storage or disposal of material amounts of Hazardous
Materials other than those which are the same or similar to those used by the
original Tenant and in quantities and processes similar to the original Tenant's
uses, or (iii) is not a Permitted Use, shall require the prior written consent
of Landlord.

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                                                               Las Vegas, Nevada
                                                            Nevada Power Company

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<PAGE>

      Section 9.05. EFFECT OF TRANSFER. If Landlord consents to a
Transfer, (i) the terms and conditions of this Lease shall in no way be deemed
to have been waived or modified, (ii) such consent shall not be deemed consent
to any further Transfer by either Tenant or a Transferee, (iii) Tenant shall
deliver to Landlord, promptly after execution, a copy of executed Transfer
documentation pertaining to the Transfer, (iv) Tenant shall furnish upon
Landlord's request a complete statement certified by an independent certified
public accountant, or Tenant's chief financial officer, setting forth in detail
the computation of any Transfer Premium Tenant has derived and shall derive from
such Transfer (if applicable), and (v) no Transfer relating to this Lease or
agreement entered into with respect thereto, whether with or without Landlord's
consent, shall relieve Tenant or any guarantor (if applicable) of Tenant's
obligations under this Lease from liability under this Lease. Landlord or its
authorized representatives shall have the right at all reasonable times to audit
the books, records and papers of Tenant relating to any Transfer Premium, and
shall have the right to make copies thereof. If the Transfer Premium respecting
any Transfer shall be found understated, Tenant shall, within thirty (30) days
after demand, pay the deficiency and the reasonable costs of such audit.

      Section 9.06. INTENTIONALLY OMITTED.

      Section 9.07. TENANT AFFILIATE. Notwithstanding anything to the
contrary contained in Section 9.01 above, a Transfer of all or a portion of the
Property or any interest of Tenant in this Lease to a Tenant Affiliate (as
defined below), shall not be deemed a Transfer under this Article Nine for which
consent is required provided that (i) if such Transfer is an assignment, the
Tenant Affiliate assumes in writing all of Tenant's obligations under this
Lease; and (ii) such Transfer is not a subterfuge by Tenant to avoid its
obligations under this Lease. Tenant shall promptly notify Landlord of any such
transfer and promptly supply Landlord with copies of any applicable documents of
transfer regarding such Transfer. For purposes of this Lease, a "TENANT
AFFILIATE" means (i) an entity which is controlled by, controls, or is under
common control with Tenant, (ii) an entity resulting from a merger of,
consolidation with, or reorganization of Tenant or (iii) a Permitted Purchaser
(as defined below). "CONTROL," as used herein, shall mean the ownership,
directly or indirectly, of at least twenty percent (20%) of the voting
securities of, or possession of the right to vote, in the ordinary direction of
its affairs, of at least twenty percent (20%) of the voting interest in, any
person or entity. Tenant may assign this Lease, without Landlord's consent, to
any entity to which all or substantially all of Tenant's assets are sold, so
long as (a) such purchaser has a tangible net worth (as determined according to
GAAP then in effect) equal to or greater than One Hundred Million Dollars
($100,000,000.00), and (b) Tenant complies with the requirements stated above in
this Section 9.07 with respect to a Transfer involving a Tenant Affiliate. The
original Tenant may also assign this Lease, without Landlord's consent, to any
entity to which other material assets of the original Tenant are sold, so long
as (a) such purchaser has a tangible net worth (as determined according to GAAP
then in effect) equal to or greater than One Hundred Million Dollars
($100,000,000.00), (b) Tenant complies with the requirements stated above in
this Section 9.07 with respect to a Transfer involving a Tenant Affiliate and
(c) the original Tenant remains liable for its obligations under this Lease as
provided in Section 9.05. An assignee described in either of the two immediately
preceding sentences is a "PERMITTED PURCHASER."

      Section 9.08. TRANSFER INVOLVING SUBLEASE. Every approved sublease
transaction shall be evidenced by a written sublease (the "SUBLEASE") between
Tenant and the subtenant (the "SUBTENANT"). The Sublease or, where applicable,
Landlord's written consent required under Section 9.01 above, to which Tenant
and Subtenant shall be parties (the "CONSENT"), shall comply with the following
requirements:

            (i) The Sublease shall be subject to, and shall incorporate by
reference, all of the terms and conditions of this Lease, except those terms and
conditions relating to Base Rent, Additional Rent, and any other amount due
under this Lease. Subtenant shall acknowledge in the Sublease or Consent that it
has reviewed and agreed to all of the terms and conditions of this Lease.
Subtenant shall agree in the Sublease or Consent not to do, or fail to do,
anything that would cause Tenant to violate any of its obligations under this
Lease.

            (ii) The Sublease or Consent shall contain, in full, any use
restrictions or other provisions of this Lease that affect the use of the
Property.

            (iii) The Sublease or Consent shall contain a waiver of subrogation
against Landlord, and any Consent shall contain a waiver of subrogation by
Landlord against Subtenant.

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                                                               Las Vegas, Nevada
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            (iv) The Sublease or Consent shall prohibit a sub-subletting of the
Property or the assignment of the Sublease by Subtenant, without first obtaining
Landlord's consent if Landlord's consent to the Sublease was required in this
Lease.

            (v) The Sublease or Consent shall require Subtenant, acting through
Tenant, to obtain Landlord's prior written consent to any alterations to the
Property, to the extent Tenant is required by this Lease to obtain such consent.

            (vi) The Sublease or Consent shall provide that, at Landlord's
option, the Sublease shall not terminate in the event that this Lease
terminates. The Sublease shall require Subtenant to execute an attornment
agreement, if Landlord, in its sole and absolute discretion, shall elect to have
the Sublease continue beyond the date of termination of this Lease. Such
attornment agreement shall provide that Subtenant confirms it is in direct
privity of contract with Landlord and that all obligations owed to Tenant under
the Sublease shall become obligations owed to Landlord for the balance of the
term of the Sublease.

            (vii) The Sublease or Consent shall provide that unless and until
such time as an attornment agreement is executed by Subtenant pursuant to the
terms and conditions of the preceding subsection (vi), nothing contained in the
Sublease shall create or shall be construed or deemed to create privity of
contract or privity of estate between Landlord and Subtenant.

            (viii) The Sublease or Consent shall provide that Subtenant shall
have no right (and shall waive any rights it may have) under the Sublease to
hold Landlord responsible for any liability in connection with the Property,
including, without limitation, any liability arising from the noncompliance with
any federal, state, or local laws applicable to the Property.

            (ix) The Sublease or Consent shall provide that nothing in the
Sublease shall amend or shall be construed or deemed to amend this Lease.

      SECTION 9.09. NO MERGER. No merger shall result from Tenant's sublease of
the Property under this Article Nine, Tenant's surrender of this Lease or the
termination of this Lease in any other manner. In any such event, Landlord may
terminate any or all subtenancies or succeed to the interest of Tenant as
sublandlord under any or all subtenancies.

      Section 9.10. RIGHT TO MORTGAGE LEASEHOLD INTEREST. Notwithstanding any
language to the contrary in this Article Nine, Tenant and any Tenant Affiliate,
shall have the right, from time to time, without Landlord's prior written
consent or approval, to mortgage and encumber Tenant's interest in this Lease
and its leasehold interest in the Property. Any such leasehold mortgage is
herein referred to as a "Leasehold Mortgage" or "permitted Leasehold Mortgage"
As used in this Section and throughout this Lease, the noun "mortgage" shall
include a deed of trust or other security instrument (whether in the nature of a
security agreement, assignment, collateral assignment or otherwise); the verb
"mortgage" shall include the granting or creation of a deed of trust or other
such security instrument; the word "mortgagee" shall include the beneficiary
under a deed of trust or other such secured party or assignee; and the phrase
"Leasehold Mortgagee" or "permitted Leasehold Mortgagee" shall mean a mortgagee
of or with respect to a Leasehold Mortgage.

      Section 9.11. RIGHT TO NOTICES. If Tenant shall mortgage this Lease in
accordance with Section 9.10 above and shall have furnished Landlord the name
and mailing address of the Leasehold Mortgagee, then Landlord shall give such
Leasehold Mortgagee, at the address specified by Tenant (as the same may be
changed, from time to time, by Tenant or such Leasehold Mortgagee by notice
given Landlord in conformance with Section 16.06 below and in the manner
required by Section 16.06 below), duplicate copies of all notices to Tenant and
all documents and suits delivered to or served upon Tenant, and notwithstanding
anything in this Lease to the contrary, no notice intended for Tenant shall be
deemed properly given, and no Event of Default hereunder shall be deemed to have
occurred unless Landlord shall have given the Leasehold Mortgagee a copy of its
notices to Tenant relating to such Event of Default. Further, notwithstanding
anything in this Lease to the contrary, no Event of Default shall have occurred,
Landlord shall not be empowered to terminate this Lease and this Lease shall not
expire by reason of the occurrence of any Event of Default hereunder unless
Tenant's applicable cure period with respect to such Event of Default shall have
expired without cure or commencement of cure as provided in Section 10.02, and
an additional

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fifteen (15) business days shall have expired without cure or a failure of
performance following receipt by the Leasehold Mortgagee entitled to notice
under the provisions of this Section of written notice from Landlord specifying
(i) the nature of the potential Event of Default, (ii) this Lease Section
together with the Lease Section requiring the applicable performance, (iii) that
the applicable period for Tenant's cure or commencement of cure has expired
without cure or commencement of cure by Tenant and (iv) that unless the
Leasehold Mortgagee cures or commences cure within fifteen (15) business days of
receipt of the notice an Event of Default shall occur and all applicable cure
periods shall have expired.

      Section 9.12. RIGHT TO CURE. Notwithstanding anything in this Lease to the
contrary, a Leasehold Mortgagee shall have the right to pay any amount or do any
act or thing required of Tenant and so remedy any default under this Lease or
cause the same to be remedied, and Landlord shall accept such performance by or
at the instance of such Leasehold Mortgagee as if made by Tenant.

      Section 9.13. ASSUMPTION OF OBLIGATIONS. Notwithstanding anything in this
Lease to the contrary, a Leasehold Mortgagee or the purchaser at any foreclosure
or similar sale, without the necessity of Landlord's prior approval, shall
become the legal owner and holder of Tenant's leasehold estate under this Lease
upon lawful foreclosure of a Leasehold Mortgage or as a result of the assignment
of Tenant's leasehold estate under this Lease in lieu of foreclosure, becoming
thereby subject to all the terms and conditions of this Lease. Except as
otherwise permitted in the following sentence of this Section, upon so becoming
the owner and holder of the leasehold estate, a Leasehold Mortgagee or the
purchaser at any foreclosure or similar sale shall have all rights, privileges,
obligations and liabilities of the original Tenant. Notwithstanding anything in
this Lease to the contrary, a Leasehold Mortgagee or the purchaser at any
foreclosure or similar sale following lawful foreclosure of a Leasehold Mortgage
or the assignment of Tenant's leasehold estate under this Lease in lieu of
foreclosure shall have the right to thereupon and thereafter assign Tenant's
leasehold estate under this Lease, without the prior written consent of
Landlord. In the event of any such assignment, the assignee shall become Tenant
hereunder, and the assigning Leasehold Mortgagee or purchaser shall thereupon be
relieved and released of any liability or obligation under this Lease accruing
after the effective date of such assignment. Any Leasehold Mortgage may provide,
at Tenant's option, that the mortgagee, upon making good any default or defaults
on the part of Tenant, shall be thereby subrogated to any and all of the right
of Tenant under the terms and provisions of this Lease.

      Section 9.14. OTHER PROVISIONS. For the benefit of any Leasehold
Mortgagee, Landlord shall not accept a voluntary surrender of this Lease at any
time while a Leasehold Mortgage shall remain a lien on the leasehold interest of
Tenant without obtaining the prior written approval of the Leasehold Mortgagee.

ARTICLE TEN DEFAULTS; REMEDIES

      Section 10.01. COVENANTS AND CONDITIONS. Tenant's performance of each of
Tenant's obligations under this Lease is a condition as well as a covenant.
Tenant's right to continue in possession of the Property is conditioned upon
such performance. Time is of the essence in the performance of all covenants and
conditions of Landlord and Tenant in this Lease.

      Section 10.02. DEFAULTS. Tenant shall be in material default under this
Lease (an "Event of Default"):

            (a) If Tenant's vacation of the Property results in the cancellation
of any insurance required in Section 4.04(b) above and Tenant does not replace
such insurance at its cost, or agree to self-insure with respect to such
insurance as provided in Section 4.04(e) within thirty (30) days of receipt of
written notice from Landlord that such insurance is being cancelled or has been
cancelled, demanding such replacement or self-insurance;

            (b) If Tenant fails to pay rent or any other charge when due and
such failure continues for a period of fifteen (15) business days or more
following Tenant's receipt of written notice thereof from Landlord demanding
payment;

            (c) If Tenant fails to perform any of Tenant's material non-monetary
obligations under this Lease or is otherwise in material breach of its
obligations under this Lease for a period of thirty (30) days after written
notice from Landlord; provided that if more than thirty (30) days are required
to complete such performance or cure such breach, Tenant shall not be in default
if Tenant commences such performance or cure within the thirty

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(30) day period and thereafter diligently pursues its completion. The notice
required by this paragraph is (i) intended to satisfy any and all notice
requirements imposed by law on Landlord and is not in addition to any such
requirement, and (ii) not intended to extend the time for Tenant's performance
if a shorter period of time for performance is expressly provided in this Lease
(although Tenant shall not be in material default of this Lease unless and until
that (a) shorter period of time for performance expires without performance, (b)
Landlord thereupon or thereafter provides the 30-day written notice provided for
above and (c) Tenant fails to complete such performance or cure such breach
within the time period set forth above in this Section 10.02(c)).

            (d) If Tenant's interest in this Lease is sold, transferred or
conveyed after attachment, execution or other judicial seizure by a party other
than a permitted Leasehold Mortgagee and is not redeemed by Tenant prior to
expiration of any period during which Tenant may lawfully do so.

      SECTION 10.03. REMEDIES. On the occurrence of any Event of Default,
Landlord may, at any time thereafter, with or without notice or demand (except
as required in Section 9.11 above, and except with respect to Tenant or a Tenant
Affiliate) and without limiting Landlord in the exercise of any right or remedy
which Landlord may have:

            (a) Terminate Tenant's right to possession of the Property through
the institution of restitution, unlawful detainer or other legal action (as
respects the original Tenant or any Tenant Affiliate of the original Tenant) or
by any other lawful means (as respects a Tenant other than the original Tenant
or any Tenant Affiliate of the original Tenant). Upon termination of Tenant's
possession and occupancy of the Property and recovery, occupancy and possession
of the Property by Landlord, this Lease shall terminate. In such event, Landlord
shall be entitled to recover from Tenant all compensatory damages reasonably
incurred by Landlord by reason of Tenant's default. If Tenant has vacated the
Property, Landlord shall have the option of (i) retaking possession of the
Property as provided in this Section 10.03(a) or (ii) proceeding under Section
10.03(b) below;

            (b) Maintain Tenant's right to possession, in which case this Lease
shall continue in effect whether or not Tenant has abandoned the Property. In
such event, Landlord shall be entitled to enforce all of Landlord's rights and
remedies under this Lease, including the right to recover the rent as it becomes
due; or

            (c) Pursue any other remedy now or hereafter available to Landlord
under the laws or judicial decisions of the State of Nevada not expressly
prohibited in this Lease.

Notwithstanding any language to the contrary in this Section 10.03, Landlord
agrees to use commercially reasonable efforts to relet the Property and take
other commercially reasonable action in mitigation of damages caused by Tenant's
default hereunder. The provisions of this Section 10.03 shall survive
termination of the Lease.

      Section 10.04. TERMINATION. If Landlord elects to terminate this
Lease as a result of a Tenant default, Tenant shall be liable to Landlord for
all compensatory damages resulting therefrom, which shall include, without
limitation, all costs, expenses and fees, including reasonable attorneys' fees
that Landlord reasonably incurs in connection with the filing, commencement,
pursuing and/or defending of any action in any bankruptcy court or other court
with respect to this Lease; the obtaining of relief from any stay in bankruptcy
restraining any action to evict Tenant; or the pursuing of any action with
respect to Landlord's right to possession of the Property. All such damages
suffered (apart from Base Rent and other rent payable hereunder) shall
constitute pecuniary damages that must be reimbursed to Landlord prior to
assumption of this Lease by Tenant or any successor to Tenant in any bankruptcy
or other proceeding.

      Section 10.05. CUMULATIVE REMEDIES. Exercise of any right or remedy shall
not prevent a party from exercising any other right or remedy not expressly
prohibited in this Lease.

      Section 10.06. SURRENDER. No act or thing done by Landlord or its agents
during the Lease Term shall be deemed an acceptance of a surrender of the
Property, and no agreement to accept a surrender of the Property shall be valid
unless made in writing and signed by Landlord.

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      Section 10.07. REMOVAL OF TENANT'S PROPERTY. All furniture, equipment, and
other personal property of Tenant not removed from the Property upon the
vacation thereof following an uncured default by Tenant or upon the termination
of this Lease for any cause whatsoever shall be deemed to have been abandoned by
Tenant, and may be appropriated, sold, stored, destroyed or otherwise disposed
of by Landlord without obligation to account therefor if Landlord first gives
thirty (30) days' written notice to Tenant that Landlord intends to so
appropriate, sell, store, destroy or otherwise dispose of such furniture,
equipment and other personal property, unless Tenant retrieves such property
within such 30-day period, which Landlord shall permit Tenant to do during
reasonable times following dispatch of such notice. Tenant shall reimburse
Landlord for all reasonable expenses incurred in connection with such
disposition of such personal property. Landlord, upon presentation of reasonable
evidence of a third party's claim of ownership or security interest in any such
abandoned property, may turn over such property to the third party claimant
without any liability to Tenant.

      Section 10.08. CONSEQUENTIAL DAMAGES. Notwithstanding anything to the
contrary contained in this Lease, nothing in this Lease shall impose any
obligations on Tenant or Landlord to be responsible or liable for, and each
hereby releases the other from all liability for, consequential damages other
than those consequential damages incurred by Landlord in connection with
holdover of the Property by Tenant after the expiration or earlier termination
of this Lease in accordance with, and subject to the provisions of Section 2.04
above.

      Section 10.09. LANDLORD DEFAULT; LIMITED SELF-HELP RIGHT. Landlord shall
be deemed to be in default under this Lease, and a default of Landlord shall
have occurred if Landlord shall fail to perform any act or obligation required
of Landlord under this Lease, and should such failure continue for a period of
thirty (30) days following receipt by Landlord of written notice from Tenant of
the failure, requesting the performance of the act or obligation; provided,
however, that if Landlord cannot reasonably complete the cure or performance
within such 30-day period, then so long as Landlord commences such cure or
performance within thirty (30) days after receipt of such notice and thereafter
diligently pursues the same to completion, Landlord shall be deemed to have
timely cured such failure. In the event of any default of Landlord in accordance
with the foregoing, Tenant shall have available to it, and may pursue, any and
all rights and remedies available at law or in equity not expressly prohibited
in this Lease. Tenant shall have the right to make such temporary, emergency
repairs to the structural components of the Building, which are to be otherwise
made by Landlord under Section 6.03 above (but only to the extent as may be
reasonably necessary to prevent damage to the equipment, inventory or other
personal property of Tenant situated in the Building, or to prevent imminent
injury to persons). Tenant's limited self-help right described in the prior
sentence may only be exercised if Tenant has first provided Landlord with prior
notice reasonable under the circumstances stating that an emergency exists, the
nature of such emergency and the nature of the required repairs, and that Tenant
intends to immediately undertake the repair if Landlord does not do so within
twelve (12) hours following Landlord's receipt of such notice. The actual,
direct, and reasonable costs of Tenant's performance in lieu of Landlord's
performance shall be due and payable thirty (30) days after submission by Tenant
to Landlord of an invoice therefor (including the supporting documentation
described below), and if not timely paid, shall accrue Interest until paid.
Notwithstanding the foregoing, Tenant may not recover any costs that are
reimbursed to Tenant under any insurance policies carried by Tenant. In
addition, any requests for reimbursement made by Tenant shall be accompanied by
reasonable documentation showing the actual costs incurred by Tenant.

ARTICLE ELEVEN PROTECTION OF LENDERS

      Section 11.01. SUBORDINATION. This Lease is subject and subordinate to all
present and future ground or underlying leases of the Project or Property, and
to the lien of any mortgages or trust deeds, now or hereafter in force against
the Project or Property, and to all renewals, extensions, modifications,
consolidations and replacements thereof, and to all advances made or hereafter
to be made upon the security of such mortgages or trust deeds, (i) unless the
holders of such mortgages or trust deeds, or the lessors under such ground lease
or underlying leases, require in writing that this Lease be superior thereto by
giving notice thereof to Tenant at least five (5) days before the election
becomes effective and (ii) so long as the holder of such mortgage or trust deed,
or the lessor under such ground lease or underlying lease agrees in writing, for
the benefit of Tenant, to accept this Lease and accept Tenant's occupancy as
provided in subsequent provisions of this Section 11.01. Tenant covenants and
agrees in the event any proceedings are brought for the foreclosure of any such
mortgage or trust deed, or if any ground or underlying lease is terminated, to
attorn to the purchaser upon any such foreclosure sale, or to the lessor of such
ground or underlying lease, as the case may be, if so requested to do so by such
purchaser or lessor, and to recognize such purchaser or lessor as the landlord
under this Lease, provided such lienholder or purchaser or ground lessor

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shall agree to accept this Lease and not disturb Tenant's occupancy, so long as
Tenant timely pays the rent and observes and performs all of the terms,
covenants and conditions of this Lease to be observed and performed by Tenant.
Landlord's interest herein may be assigned as security at any time to any
lienholder. Tenant shall, within fifteen (15) business days of request by
Landlord, execute such further instruments or assurances substantially in the
form attached hereto as Exhibit "B" or Exhibit "B-1" to evidence or confirm the
subordination or superiority of this Lease to any such mortgages, trust deeds,
ground leases or underlying leases, which shall expressly provide for the
non-disturbance of Tenant as provided in the foregoing provisions of this
Section 11.01, and if Tenant fails to do so timely, such failure shall
constitute a material default under this Lease, subject to the applicable notice
and cure provisions contained in this Lease. Tenant waives the provisions of any
current or future statute, rule or law which may give or purport to give Tenant
any right or election to terminate or otherwise adversely affect this Lease and
the obligations of Tenant hereunder in the event of any foreclosure proceeding
or sale. Notwithstanding anything to the contrary in this Section 11.01, the
subordination of the original Tenant's interest in this Lease to the lien of
Landlord's existing mortgage lender is conditioned on such lender's execution
and delivery to Tenant, for Tenant's execution, of the subordination
non-disturbance, and attornment agreement attached as Exhibit "B" to this Lease,
with such execution and delivery to Tenant being made no later than thirty (30)
days following full execution and delivery of this Lease by Landlord and Tenant.
In case of any future permanent (term) loan or refinancing of such future loan,
Landlord agrees to cause its then lender to execute and deliver to Tenant for
Tenant's execution, a subordination, non-disturbance and attornment agreement in
substantially the form of that attached as Exhibit "B-1" to this Lease.

      Section 11.02. ESTOPPEL CERTIFICATES.

            (a) Upon Landlord's written request, Tenant shall execute,
acknowledge and deliver to Landlord a written estoppel certificate substantially
in the form attached hereto as Exhibit "C" or such other commercially-reasonable
form as may be reasonably requested by Landlord's purchaser or encumbrance so
long as such certificate merely estops Tenant as a matter of legal defense and
does not create any right of action against Tenant and does not impose on Tenant
any affirmative obligation (such as providing additional notices of default) or
negative obligation (such as forbearing enforcement for additional cure
periods). Tenant shall deliver such certificate to Landlord within fifteen (15)
business days after Landlord's request. Landlord may give any such certificate
by Tenant to any prospective purchaser or encumbrancer of the Property. Such
purchaser or encumbrancer may rely conclusively upon such statement as true and
correct.

            (b) If Tenant does not deliver such statement to Landlord within
such fifteen (15) business day period, Landlord, and any prospective purchaser
or encumbrancer, may conclusively presume and rely upon the following: (i) that
the terms and provisions of this Lease have not been changed except as set forth
in written amendments to this Lease attached thereto and reflecting the
signatures of both Landlord and Tenant; (ii) that this Lease has not been
canceled or terminated; (iii) that not more than one month's Base Rent or other
charges have been paid in advance; and (iv) that Landlord is not in default
under this Lease. In such event, Tenant shall be estopped from denying the truth
of the foregoing.

      Section 11.03. TENANT'S FINANCIAL CONDITION. Within fifteen (15) business
days after written request from Landlord, Tenant shall deliver to Landlord such
financial statements, as Landlord reasonably requires, to verify the net worth
of Tenant or any Transferee or Permitted Purchaser (if such verification of net
worth is required under the terms of this Lease). Tenant represents and warrants
to Landlord that each such financial statement is a true and accurate statement
as of the date of such statement. All financial statements shall be confidential
and shall be used only for the purposes set forth in this Lease. Notwithstanding
any language in this Section 11.03, Tenant need not provide Landlord with copies
of Tenant's financial statements if they are public record or available to the
public through filings with any governmental authority.

ARTICLE TWELVE LEGAL COSTS

      Section 12.01. LEGAL PROCEEDINGS. If any legal action for breach of or to
enforce the provisions of this Lease is commenced, the court in such action
shall award to the party in whose favor a judgment is entered, a reasonable sum
as attorneys' fees and costs. The losing party in such action shall pay such
attorneys' fees and costs. Tenant shall also indemnify Landlord against and hold
Landlord harmless from all costs, expenses, demands and liability Landlord may
incur if Landlord becomes or is made a party to any claim or action (a)
instituted by Tenant

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against any third party, or by any person holding any interest under or using
the Property by license of or agreement with Tenant; (b) for foreclosure of any
lien for labor or material furnished to or for Tenant or such other person; (c)
otherwise arising out of or resulting from any act or transaction of Tenant or
such other person; or (d) necessary to protect Landlord's interest under this
Lease in Tenant's bankruptcy case, or other proceeding under Title 11 of the
United States Code, as amended. Tenant shall defend Landlord against any such
claim or action at Tenant's expense with Tenant's counsel or other counsel
reasonably acceptable to Landlord. Notwithstanding the above, Tenant's indemnity
obligations as set forth above shall not include any claims based on Landlord's
actual or claimed acts or omissions.

ARTICLE THIRTEEN BROKERS

      Landlord and Tenant hereby warrant to each other that they have had no
dealings with any real estate broker or agent in connection with the negotiation
of this Lease, and that they know of no other real estate broker or agent who is
entitled to a commission in connection with this Lease, excepting only the real
estate brokers or agents named in Section 1.09 above (the "Brokers"). Each party
agrees to indemnify and defend the other party against and hold the other party
harmless from any and all claims, demands, losses, liabilities, lawsuits,
judgments, and costs and expenses (including without limitation reasonable
attorneys' fees) with respect to any leasing commission or equivalent
compensation alleged to be owing on account of the indemnifying party's dealings
with any real estate broker or agent, other than the Brokers. Landlord's Broker
hereby discloses to Landlord and Tenant, and Landlord and Tenant hereby consent
to Landlord's Broker acting in this transaction as the agent of Landlord
exclusively. It is hereby acknowledged that Majestic Realty Co., identified in
Section 1.09 above as Landlord's Broker, and Rodman C. Martin, are acting as
both principal (that is, they have an interest in the Landlord entity) and
broker in this lease transaction. Landlord shall pay a commission to the Brokers
pursuant to the terms of a separate written agreement.

ARTICLE FOURTEEN BUILDING SHELL AND TENANT IMPROVEMENTS

      Section 14.01. BUILDING SHELL IMPROVEMENTS. Subject to obtaining all
necessary governmental approvals (and subject to any changes mandated by the
applicable governmental authorities as a condition to obtaining such approvals),
Landlord shall use commercially reasonable efforts to construct the Building and
the surrounding and associated Common Areas, Common Area Improvements and other
improvements generally shown on the attached Exhibit "A" (using Landlord's
customary materials, methods, and means of construction, modified as required to
construct in conformance with the Building Shell Plans (as defined below) prior
to the Estimated Substantial Completion Date, or as soon thereafter as is
practicable (collectively, the "BUILDING SHELL IMPROVEMENTS"). The Building
Shell Improvements shall not include the Tenant Improvements (defined below) or
any improvements to the Additional Land. The Building Shell Improvements shall
be constructed according to those certain construction drawings identified on
the list attached as Exhibit "H" to this Lease (the "BASE BUILDING SHELL
PLANS"), as modified and supplemented by those construction drawings identified
on the list attached as Exhibit "I" to this Lease, plus all Change Orders (as
defined in Section 14.02(c)) for Building Shell Improvements approved by Tenant
(collectively, the "MODIFIED BUILDING SHELL PLANS"). If any of the construction
drawings listed on Exhibit "H" or Exhibit "I" are modified or supplemented, or
if additional construction drawings are hereafter prepared, Landlord shall
immediately provide copies of all such revisions and construction drawings to
Tenant. The Base Building Shell Plans, as modified by the Modified Building
Shell Plans are collectively referred to in this Lease as the "BUILDING SHELL
PLANS." The Building Shell Improvements, including Common Area Improvements, to
be constructed as reflected in the Base Building Shell Plans include the
following:

            (a) UTILITY CONNECTION FEES. All connection fees, "hook-up" fees and
similar fees imposed by utility-providing entities or agencies relative to that
portion of the Building Shell Improvements identified in the Base Building Shell
Plans, including, but not limited to those imposed by the Las Vegas Valley Water
District and the Clark County Water Reclamation District.

            (b) PERMIT FEES. All fees of any kind or nature required to be paid
for, or prior to, the issuance of any and all building permits and other permits
required for construction of that portion of the Building Shell Improvements
identified in the Base Building Shell Plans.

      Landlord shall construct those portions of the Building Shell Improvements
described in the Base Building Shell Plans at no cost or expense to Tenant other
than the Rent payable under this Lease. The Building Shell

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Improvements described in the Base Building Shell Plans, including those Common
Area Improvements located on the Building Premises (other than the ESFR System),
are referred to herein as the "BASE BUILDING SHELL IMPROVEMENTS." Tenant shall
be solely responsible for the difference between (i) the total costs and
expenses of constructing the Building Shell Improvements and (ii) the total
costs and expenses that would have been incurred in constructing the Base
Building Shell Improvements reflected in the Base Building Shell Plans and all
Common Area Improvements included within the Base Building Shell Plans, which
difference in costs is referred to in this Lease as the "MODIFICATION COSTS."
The changes to the Base Building Shell Improvements resulting from the
modification and supplementation of the Base Building Shell Plans by the
Modified Building Shell Plans are herein referred to as the "BUILDING
MODIFICATIONS."

      Section 14.02. TENANT IMPROVEMENTS AND SUBSTANTIAL COMPLETION.

            (a) In addition to the Building Shell Improvements, and subject to
obtaining all necessary governmental approvals (and subject to any changes
mandated by the applicable governmental authorities as a condition to obtaining
such approvals), Landlord shall, at Tenant's sole cost and expense, construct
additional improvements (beyond the Building Shell Improvements) desired by
Tenant, including, without limitation, additional Building systems (including
HVAC) and office improvements for the Building and improvements for the
Additional Land, which may include buildings, structures, paving, lighting,
landscaping, screening, street improvements, and utilities (collectively, the
"TENANT IMPROVEMENTS") according to, and in conformance with the Final Plans as
defined below.

      Landlord acknowledges having received Tenant's initial design development
drawings for the Tenant Improvements. Landlord acknowledges having received
additional construction drawings for building structures comprising Tenant
Improvements (the "CONSTRUCTION DRAWINGS"). Landlord and Tenant's Architect have
met and discussed the Construction Drawings. Tenant shall have final plans and
specifications prepared for the Tenant Improvements, taking into consideration
Landlord's comments. The final plans and specifications for Tenant Improvements
prepared pursuant to the foregoing, as revised, modified and supplemented from
time to time by Change Orders for the Tenant Improvements, are herein referred
to as the "FINAL PLANS."

      On or before December 11, 2006, Landlord shall cause Landlord's Contractor
to provide Tenant with a written proposed guaranteed maximum price (the
"GUARANTEED MAXIMUM PRICE") for the Tenant Improvement Contract (as defined
below in this Section 14.02). The proposed Guaranteed Maximum Price may include
reasonable allowances (some of which may be provided by Tenant's Architect to
Landlord's Contractor in the absence of specifications or other detail not yet
available and not included in the Construction Drawings) for some of the work
("ALLOWANCE WORK") to take into account detail not included in the Construction
Drawings and anticipated differences between the Construction Drawings and the
Final Plans. The Guaranteed Maximum Price, once provided to Tenant, is to be
used by Tenant in determining whether to exercise the Termination Option
(defined in Article Twenty below). If Tenant does not timely exercise the
Termination Option, Landlord and Tenant acknowledge and agree that the
Guaranteed Maximum Price determined pursuant to this paragraph will also serve
as the Guaranteed Maximum Price to be subsequently identified in the Tenant
Improvement Contract (the "TIC GUARANTEED MAXIMUM PRICE"), provided that (a) the
scope of the work described in the Tenant Improvement Contract is materially the
same as the scope of the work described in the Construction Drawings, and (b)
the actual cost of the Allowance Work, as constructed in conformance with the
Final Plans and in the manner set forth in the Tenant Improvement Contract, does
not exceed the amount of such allowances. If, instead, the scope of the work is
materially different or the cost of the Allowance Work exceeds the allowances,
then in the case of either or both, the TIC Guaranteed Maximum Price may exceed
the Guaranteed Maximum Price by the sum total of (i) the increased cost
resulting from the differing scope of the work and (ii) the amount by which the
cost of the Allowance Work exceeds the allowances.

      If, in the course of Landlord's seeking the necessary governmental
approvals of the Final Plans and obtaining the building permits required for
construction of the Tenant Improvements from the appropriate governmental
authorities such authorities impose any changes in the Final Plans as a
condition to obtaining such approvals and permits, Landlord shall provide
written notice to Tenant of any such impositions ("LANDLORD'S NOTICE"). Unless
Tenant, within ten (10) business days after receipt of Landlord's Notice,
objects in writing to the imposed changes in the Final Plans and specifically
describes the basis for such objection ("TENANT'S OBJECTION"), Tenant shall be
deemed to have waived any objection to the imposed changes and their effect on
the Property. If

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Tenant timely objects, then Landlord, with Tenant's cooperation, shall
thereafter attempt to resolve the matter to Tenant's reasonable satisfaction.

      Landlord shall have the Tenant Improvements constructed by Landlord's
Contractor under and pursuant to a construction contract in the form attached as
Exhibit "K" hereto (the "TENANT IMPROVEMENT CONTRACT"). Landlord shall execute
the Tenant Improvement Contract and shall cause Landlord's Contractor to execute
the Tenant Improvement Contract upon written request from Tenant to Landlord
that Landlord initiate construction of the Tenant Improvements, which written
request shall also include Tenant's written acceptance of all of the final terms
of the Tenant Improvement Contract ("TENANT'S REQUEST AND ACCEPTANCE NOTICE").
Failure of Landlord to so execute or so cause Landlord's Contractor to execute
the Tenant Improvement Contract within ten (10) business days following
Landlord's receipt of Tenant's Request and Acceptance Notice shall constitute a
material default of Landlord hereunder, which, notwithstanding any other
provision of this Lease to the contrary, shall permit Tenant to thereafter
terminate this Lease by written notice to Landlord. Subject to the terms of
Article Twenty below, in the absence of Tenant's Request and Acceptance Notice,
Landlord shall have no obligation to construct the Tenant Improvements, but all
other rights and obligations of Landlord and Tenant under this Lease shall
remain unaffected.

      Tenant shall be responsible for all costs of constructing the Tenant
Improvements ("TENANT'S COSTS"), which shall be paid by Tenant to Landlord as
follows: Tenant shall disburse to Landlord on a monthly basis the amount
sufficient for Landlord to pay Landlord's Contractor the monthly amount then
owing to Landlord's Contractor (based on applications for payment submitted to
Landlord by Landlord's Contractor under the Tenant Improvement Contract,
reflecting the portion of the work completed during the prior month as approved
in writing by Tenant's Architect. Such monthly payments shall be made by Tenant
to Landlord within twenty (20) days following Tenant's receipt of written
approval by Tenant's Architect of the application for payment submitted by
Landlord's Contractor to Landlord. If Tenant's payment of these sums is delayed
beyond such 20-day period, Landlord may direct Landlord's Contractor to suspend
the work, in which case Tenant shall be responsible for payment of reasonably
and actually incurred costs to which Landlord's Contractor may be entitled based
upon such suspension. All applications for payment submitted by Landlord's
Contractor shall be submitted with all such invoices and supporting
documentation as Tenant and Tenant's Architect may reasonably request. Tenant
shall provide in Tenant's contract with Tenant's Architect that the Architect
review applications for payment and communicate approval or disapproval thereof
(and the reasons for any disapproval) to Landlord and Tenant within ten (10)
days of receipt of the application for payment and all requested invoices and
supporting documents and all other documentation provided for in the Tenant
Improvement Contract.

            (b) CONSTRUCTION RECORDS. The Building Shell Improvements and the
Tenant Improvements, to the extent designed by Landlord's design consultants and
constructed by Landlord's Contractor, shall be designed and constructed on an
"open book" basis with Tenant. Landlord shall keep, and shall cause Landlord's
Contractor and design consultants to keep, full and accurate accounts, records,
books, journals, ledgers, and data with respect to the direct expenses incurred
by Landlord's Contractor and design consultants in completing the Building Shell
Improvements and the Tenant Improvements pursuant to this Lease (the "RECORDS"),
which shall truthfully, accurately, and fully document the costs incurred in
connection with the construction of the Building Shell Improvements and the
Tenant Improvements. Tenant shall have the right, through its designated
representatives, during regular business hours, to inspect the Records as may be
reasonably necessary to verify performance by Landlord, Landlord's Contractor
and Landlord's design consultants of their respective obligations with regard to
construction of the Building Shell Improvements and the Tenant Improvements.
Landlord and Landlord's Contractor shall retain all Records for at least three
(3) years following the later of the date of Substantial Completion of the
Building Shell Improvements and the date of Substantial Completion of the Tenant
Improvements, and make the same available from time to time to Tenant and its
designated representatives during regular business hours at Landlord's offices
in Las Vegas, Nevada, within ten (10) days after receipt of a written request
for inspection from Tenant.

            (c) CHANGES. Tenant may request a change to any part of the Building
Shell Improvements or the Tenant Improvements by providing written notice to
Landlord in which Tenant specifies with particularity the requested changes.
Within ten (10) business days of Landlord's receipt of Tenant's request for
changes ("CHANGES"), Landlord shall review the Changes requested and notify
Tenant in writing ("CHANGE ORDER") of any increase or decrease in the cost of
the Building Shell Improvements or the Tenant Improvements and the amount of any
delay that would result from the Change. Any delay that results from
Tenant-requested Changes to the Building

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Shell Improvements shall constitute a Tenant Delay if the critical path for
construction of the Building Shell Improvements is affected. Tenant shall
approve or disapprove the Change Order in writing before the expiration of ten
(10) business days following receipt of the Change Order. Any failure to approve
shall constitute a disapproval. Any and all costs, fees and expenses reasonably
incurred by Landlord relative to a Tenant-approved Change Order to (a) evaluate
a Tenant-requested Change, and (b) to change the Building Shell Improvements or,
the Tenant Improvements and to incorporate the Changes into the Building Shell
Improvements or, the Tenant Improvements contemplated under the Change Order
shall be expressly set forth in the Change Order and shall be paid by Tenant if
the Change Order is approved by Tenant. If such costs are incurred during the
course of Landlord's construction of the Tenant Improvements, such costs shall
be paid as provided above with respect to payment of Tenant's Costs. If such
costs are incurred by Landlord in connection with its construction of the
Building Shell Improvements, such costs shall be paid as provided in Section
14.02(e) below.

            (d) SUBSTANTIAL COMPLETION. If the Building Shell Improvements are
not Substantially Completed by the Estimated Substantial Completion Date, then
the Lease Commencement Date shall be one hundred eighty (180) days following the
date the Building Shell Improvements would have been Substantially Completed but
for any Tenant Delay, subject to the provisions of Section 2.02 above. Tenant
agrees that any Tenant Delay shall be cumulative and shall not cause the Lease
Commencement Date to be extended beyond what it otherwise would have been in the
absence of any Tenant Delay. For purposes of this Lease, the Building Shell
Improvements shall be Substantially Completed when (a) all of such improvements
are completed, except for minor items of work (e.g., pick-up, "punch list" work,
etc.) that can be completed with only minor interference with construction and
installation of the Tenant Improvements, which shall be itemized on a punch list
and completed by Landlord within sixty (60) days following the date of
Substantial Completion of the Building Shell Improvements, (b) the Clark County
Building Department has conducted its final inspection of all Building Shell
Improvements, has provided its approval thereof, and has issued a Certificate of
Completion therefor, and (c) upon written notice from Landlord to Tenant of the
foregoing, accompanied by a copy of such Certificate of Completion and expressly
granting Tenant possession and occupancy of the Building Shell Improvements
("SUBSTANTIALLY COMPLETED" or "SUBSTANTIAL COMPLETION" of the Building Shell
Improvements, or similar phrase). For purposes of this Lease , the Tenant
Improvements shall be Substantially Completed when (a) all of such improvements
are completed, except for minor items of work (e.g., pick-up, "punchlist work,"
etc.) that can be completed with only minor interference with Tenant's conduct
of business at the Property, and (b) the issuance of a final unconditional
Certificate of Occupancy for the Property.

            (e) TENANT'S SHARE OF BUILDING SHELL COSTS. During the course of
construction of the Building Shell Improvements, no more than monthly, Landlord
shall provide Tenant an itemized statement ("TENANT'S BUILDING SHELL COST
STATEMENT") setting forth the Modification Costs incurred during the prior month
for constructing Building Modifications, including any Changes related thereto
approved by Tenant, which are costs for which Tenant is responsible under this
Lease. Tenant's Building Shell Cost Statement (i) shall be accompanied by such
invoices and other documentation as Tenant may reasonably request, (ii) shall be
subject to written approval by Tenant's Architect or other contract
administration personnel and (ii) shall be subject to review and audit by Tenant
and its representatives, which may include an audit of the Records. Within
twenty (20) days following receipt of written approval by Tenant's Architect or
other contract administration personnel of Tenant's Building Shell Cost
Statement, Tenant shall pay the approved portion of the Modification Costs to
Landlord. If audit or review results in a determination of revised Modification
Costs for any monthly period, Landlord or Tenant shall pay to the other any
applicable overpayment or underpayment within thirty (30) days following such
determination. Tenant shall provide in Tenant's contract with Tenant's Architect
or other contract administration personnel that the Architect or other contract
administration personnel review Tenant's Building Shell Cost Statement and
communicate their approval or disapproval thereof (and the reasons for any
disapproval) to Landlord and Tenant within ten (10) days of receipt of Tenant's
Building Shell Cost Statement and all requested invoices and other
documentation. Tenant shall be entitled to reduction of, and credit against, the
first payments due under this Section 14.02(e) in the cumulative amount of all
advances and/or payments made by Tenant to Landlord for Modification Costs,
whether such advances or payments are so characterized, and whether such
advances or payments are made before or after execution of this Lease.

            (f) TENANT DELAY. As used in this Lease, "Tenant Delay" shall mean,
in addition to the Tenant Delay specifically described above in this Article
Fourteen, any delay caused by (a) any Tenant-requested and approved Changes; (b)
any act or omission of Tenant or its employees, agents or contractors,
including, but not

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limited to, any interference with the construction of the Building Shell
Improvements; and (c) any unreasonable delays by Tenant in providing Landlord
with information requested by Landlord, or in providing consents or approvals
required to be given by Tenant.

      During the Lease Term, the Base Building Shell Improvements shall be the
property of Landlord, the Building Modifications and the Tenant Improvements and
other Tenant's Alterations shall be the property of Tenant. The Building Shell
Improvements and the Tenant Improvements shall remain upon and be surrendered
with the Property upon the expiration or earlier termination of the Lease Term,
subject to the other provisions of this Lease.

      Notwithstanding any language to the contrary in this Section 14.02,
neither Landlord nor Landlord's Contractor shall be responsible for tracking the
compliance with the requirements for obtaining LEED certification for the Tenant
Improvements. Any such work related to obtaining such certification shall be
performed by Tenant or Tenant's consultants at Tenant's sole cost and expense.

      Section 14.03. NO OTHER IMPROVEMENTS. Except for the Building Shell
Improvements, the Tenant Improvements, and any unfinished "punch list" items,
Landlord shall have no liability or obligation for making any further
alterations or improvements of any kind in or about the Property.

      Section 14.04. NO POSTED SECURITY REQUIREMENTS. Notwithstanding the
provisions of Section 6.05 above, Landlord acknowledges and agrees that Tenant
is not required to comply with the Posted Security Requirements with respect to
any work of improvement to be undertaken by Landlord in constructing the
Building Shell Improvements and/or the Tenant Improvements. Further, Landlord
shall obtain the express written waiver by Landlord's Contractor of any right to
stop work on either the Building Shell Improvements or the Tenant Improvements
pursuant to the provisions of the Posted Security Requirements.

ARTICLE FIFTEEN TELECOMMUNICATIONS SERVICES

      Section 15.01. TENANT'S TELECOMMUNICATIONS EQUIPMENT. Subject to all
Applicable Laws, Tenant may, at Tenant's sole cost and expense, install antennae
and related facilities and other equipment for the provision of
telecommunications services (the "TELECOMMUNICATIONS EQUIPMENT") on the rooftop
or in other portions of the Building or elsewhere on the Property, but only if
such use is solely limited to Tenant's own use in the conduct of its business
("TENANT'S TELECOMMUNICATIONS EQUIPMENT"); provided, however, that co-location
of equipment supplied by third parties on Tenant's Telecommunications Equipment
shall be permitted without Landlord's prior written approval. Tenant shall be
solely responsible for all costs and expenses related to the use and maintenance
of Tenant's Telecommunications Equipment, the removal of which upon the
expiration or earlier termination of this Lease shall be governed by Section
6.06 of this Lease. All operations by Tenant pursuant to this Article shall be
lawful and in compliance with all rules and regulations of the Federal
Communications Commission, Federal Aviation Administration, and Clark County
Department of Aviation. Consistent with the terms of Section 6.05 above,
Landlord shall have the right, in its reasonably exercised discretion, to
determine the location of any visible Tenant's Telecommunications Equipment on
the Building; provided, however, that Landlord shall not require any location
that precludes or interferes with the intended operation of Tenant's
Telecommunications Equipment. Regardless of any roof warranty or any repair
obligations of Landlord in this Lease, Tenant shall be solely responsible for
the repair of any leaks or other damage to the roof membrane resulting from the
installation of any Tenant's Telecommunications Equipment. Landlord shall
include language in all other leases for space in the Project requiring the
tenants under such leases to operate any of their Telecommunications Equipment
in compliance with all rules and regulations of the Federal Communications
Commission, Federal Aviation Administration, and Clark County Department of
Aviation.

ARTICLE SIXTEEN MISCELLANEOUS PROVISIONS

      Section 16.01. NON-DISCRIMINATION. Tenant promises, and it is a condition
to the continuance of this Lease, that there will be no discrimination against,
or segregation of, any person or group of persons on the basis of race, color,
sex, creed, national origin or ancestry in the leasing, subleasing,
transferring, occupancy, tenure or use of the Property or any portion thereof.

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      Section 16.02. LANDLORD'S LIABILITY; CERTAIN DUTIES.

            (a) As used in this Lease, the term "LANDLORD" means only the
current owner of the leasehold estate under a ground lease of the Property at
the time in question. Each Landlord is obligated to perform the obligations of
Landlord under this Lease only during the time such Landlord owns such interest
or title. Any Landlord who transfers its title or interest is relieved of all
liability with respect to the obligations of Landlord under this Lease to be
performed on or after the date of transfer. However, each Landlord shall deliver
to its transferee all funds that Tenant previously paid if such funds have not
yet been applied under the terms of this Lease.

            (b) Tenant shall give written notice of any failure by Landlord to
perform any of its obligations under this Lease to Landlord and, if Landlord
expressly so requests in written notice thereof to Tenant, to any ground lessor,
mortgagee or beneficiary under any deed of trust encumbering the Property whose
name and address have been furnished to Tenant in writing in that notice.
Landlord shall not be in default under this Lease unless Landlord (or such
ground lessor, mortgagee or beneficiary) fails to cure or commence to cure such
non-performance within the period(s) specified in Section 10.09 above.

            (c) Notwithstanding any term or provision herein to the contrary,
the liability of Landlord for the performance of its duties and obligations
under this Lease is limited to Landlord, and neither Landlord nor Landlord's
partners, members, managers, shareholders, officers or other principals shall
have any personal liability under this Lease.

            (d) Except as otherwise expressly provided in this Lease, Tenant
shall have no right to terminate this Lease based on an uncured default by
Landlord in the performance of Landlord's obligations under this Lease;
provided, however, that in addition to all other rights and remedies not
expressly prohibited in this Lease, Tenant may seek to recover from Landlord an
amount representing appropriate actual, compensatory damages for breach of
contract based on any such uncured default of Landlord. Consistent with Section
10.08 above, in no event shall Tenant be permitted to recover consequential,
punitive, or exemplary damages from Landlord based on any such uncured default
of Landlord, or otherwise.

      Section 16.03. SEVERABILITY. A determination by a court of competent
jurisdiction that any provision of this Lease or any part thereof is illegal or
unenforceable shall not cancel or invalidate the remainder of such provision or
this Lease, which shall remain in full force and effect, and it is the intention
of the parties that there shall be substituted for such provision as is illegal
or unenforceable a provision as similar to such provision as may be possible and
yet be legal and enforceable.

      Section 16.04. INTERPRETATION. The captions of the Articles or Sections of
this Lease are to assist the parties in reading this Lease and are not a part of
the terms or provisions of this Lease. Whenever required by the context of this
Lease, the singular shall include the plural and the plural shall include the
singular. The masculine, feminine and neuter genders shall each include the
other. In any provision relating to the conduct, acts or omissions of Tenant,
the term "Tenant" shall include Tenant's agents, employees, contractors,
invitees, successors or others using the Property with Tenant's express or
implied permission. Any reference in this Lease to a "business day" refers to a
date that is not a Saturday, Sunday or legal holiday (or observed as a legal
holiday) for Nevada state government offices pursuant to NRS. If any deadline
specified in this Lease falls on a day that is not a business day, the deadline
shall be extended to the next business day.

      Section 16.05. INCORPORATION OF PRIOR AGREEMENTS; MODIFICATIONS. This
Lease is the only agreement between the parties pertaining to the lease of the
Property and no other agreements are effective. All amendments to this Lease
shall be in writing and signed by all parties. Any other attempted amendment
shall be void.

      Section 16.06. NOTICES. All notices, demands, statements or communications
(collectively, "NOTICES") given or required to be given by either party to the
other hereunder shall be in writing, shall be sent by United States certified or
registered mail, postage prepaid, return receipt requested,
nationally-recognized commercial overnight courier, or delivered personally (i)
to Tenant at the addresses set forth in Section 1.03 above, or (ii) to Landlord
at the addresses set forth in Section 1.02 above. Landlord or Tenant shall have
the right to change its respective Notice address upon giving Notice to the
other party. Any Notice will be deemed given three (3) business days after the
date it is mailed as provided in this Section 16.06, or upon the date delivery
is made, if delivered by an approved

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courier (as provided above) or personally delivered. Consistent with the
provisions of Section 16.02(b) above, if Tenant is notified as provided in this
Section 16.06 of the identity and address of Landlord's secured lender or ground
or underlying lessor, Tenant shall give to such lender or ground or underlying
lessor written notice of any default by Landlord under the terms of this Lease
by registered or certified mail or nationally-recognized commercial overnight
courier, and such lender or ground or underlying lessor shall be given the same
opportunity to cure such default as is provided Landlord under this Lease
(unless such cure period is extended pursuant to the terms of any agreement to
which Tenant is a party or to which Tenant consents) prior to Tenant's
exercising any remedy available to Tenant. Notices required hereunder may be
given by either an agent or attorney acting on behalf of Landlord or Tenant.

      Section 16.07. WAIVERS. The failure of either party to insist upon the
strict performance, in any of one or more instances, of any term, covenant or
condition of this Lease shall not be deemed to be a waiver by that party of such
term, covenant or condition. No waiver of any breach of any term, provision and
covenant contained herein shall be deemed or construed to constitute a waiver of
any other or subsequent breach of any term, provision or covenant contained
herein. Landlord's acceptance of the payment of rent (or portions thereof) or
any other payments hereunder after the occurrence of and during the continuance
of a default unrelated to the payment of that rent (or with knowledge of a
breach of any term or provision of this Lease which with the giving of notice
and the passage of time, or both, would constitute such a default) shall not be
construed as a waiver of such default or any other rights or remedies of
Landlord, including any right of Landlord to recover the Property. Moreover,
Tenant acknowledges and agrees that Landlord's acceptance of a partial rent
payment shall not, under any circumstances (whether or not such partial payment
is accompanied by a special endorsement or other statement), constitute an
accord and satisfaction with regard to the unpaid balance of the rent. Landlord
will accept the check (or other payment means) for payment without prejudice to
Landlord's right to recover the balance of such rent or to pursue any other
remedy available to Landlord. Forbearance by Landlord to enforce one or more of
the remedies herein provided upon the occurrence of a default shall not be
deemed or construed to constitute a waiver of such default.

      Section 16.08. NO RECORDATION. Tenant shall not record this Lease.
Concurrently with their execution of this Lease, Landlord and Tenant shall
execute a memorandum of this Lease in the form of that attached as Exhibit "F"
to this Lease (the "LEASE MEMORANDUM"), which shall be recorded at Landlord's
sole cost and expense.

      Section 16.09. BINDING EFFECT; CHOICE OF LAW. This Lease binds any party
who legally acquires any rights or interest in this Lease from Landlord or
Tenant. However, Landlord shall have no obligation to Tenant's successor unless
the rights or interests of Tenant's successor are acquired in accordance with
the terms of this Lease. The laws of the state in which the Property is located
shall govern this Lease, without regard to such state's conflicts of law
principles. Landlord and Tenant agree that any action or claim brought to
enforce or interpret the provisions of this Lease, or otherwise arising out of
or related to this Lease or to Tenant's use and occupancy of the Property,
regardless of the theory of relief or recovery and regardless of whether third
parties are involved in the action, may only be brought in the State and County
where the Property is located, unless otherwise agreed in writing by the other
party prior to the commencement of any such action.

      IN THE INTEREST OF OBTAINING A SPEEDIER AND LESS COSTLY ADJUDICATION OF
ANY DISPUTE, LANDLORD AND TENANT HEREBY KNOWINGLY, INTENTIONALLY, AND
IRREVOCABLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING,
CLAIM, OR COUNTERCLAIM BROUGHT BY EITHER OF THEM AGAINST THE OTHER ON ALL
MATTERS ARISING OUT OF OR RELATED TO THIS LEASE OR THE USE AND OCCUPANCY OF THE
PROPERTY.

      Section 16.10. INTENTIONALLY OMITTED.

      Section 16.11. INTENTIONALLY OMITTED.

      Section 16.12. FORCE MAJEURE. A "FORCE MAJEURE" event shall occur if
Landlord or Tenant cannot perform any of its obligations due to events beyond
such applicable party's control, except with respect to the obligations imposed
with regard to Base Rent, Additional Rent and other charges to be paid by Tenant
pursuant to this Lease, the time provided for performing such obligations shall
be extended by a period of time ("FORCE MAJEURE DELAY") equal to the duration of
such events. Events beyond Landlord's or Tenant's control include, but are not
limited to, acts of God, war, civil commotion, terrorist acts, labor disputes,
strikes, fire, flood or other casualty, shortages of labor or material,
government regulation or restriction, waiting periods atypical in Clark

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County, Nevada for obtaining governmental permits or approvals, or weather
conditions. No express reference in this Lease to a Force Majeure event shall
create any inference that the terms of this Section 16.12 do not apply with
equal force in the absence of such an express reference.

      Section 16.13. COUNTERPARTS. This Lease may be executed in counterparts
and, when all counterpart documents are executed, the counterparts shall
constitute a single binding instrument.

      Section 16.14. SURVIVAL. All representations and warranties of Landlord
and Tenant shall survive the termination of this Lease.

      Section 16.15. RELATIONSHIP OF PARTIES. Nothing contained in this Lease
shall be deemed or construed by the parties hereto or by any third party to
create the relationship of principal and agent, partnership, joint venturer or
any association between Landlord and Tenant, it being expressly understood and
agreed that neither the method of computation of Rent nor any act of the parties
hereto shall be deemed to create any relationship between Landlord and Tenant
other than the relationship of landlord and tenant.

      Section 16.16. NO WARRANTY. In executing and delivering this Lease, Tenant
has not relied on any representation, including, but not limited to, any
representation whatsoever as to the amount of any item comprising Additional
Rent or the amount of the Additional Rent in the aggregate or that Landlord is
furnishing the same services to other tenants, at all, on the same level or on
the same basis, or any warranty or any statement of Landlord which is not set
forth herein or in one or more of the exhibits attached hereto.

      Section 16.17. INTENTIONALLY OMITTED.

      Section 16.18. INDEPENDENT COVENANTS. This Lease shall be construed as
though the covenants herein between Landlord and Tenant are independent and not
dependent and Tenant hereby expressly waives the benefit of any statute or other
law to the contrary and agrees that if Landlord fails to perform its obligations
set forth herein, Tenant shall not be entitled to make any repairs or perform
any acts hereunder at Landlord's expense or to any setoff of the Rent or other
amounts owing hereunder against Landlord, except as otherwise expressly provided
in this Lease.

      Section 16.19. CONFIDENTIALITY. Each party acknowledges that the content
of this Lease and any related documents are confidential information. Except
with respect to any disclosure required by law, each party shall keep such
confidential information strictly confidential and shall not disclose such
confidential information to any person or entity other than its financial,
legal, and design consultants, provided that such recipients agree to maintain
the confidentiality of the information.

      Section 16.20. REVENUE AND EXPENSE ACCOUNTING. Landlord and Tenant agree
that, for all purposes (including any determination under Section 467 of the
Internal Revenue Code), rental income will accrue to the Landlord and rental
expenses will accrue to the Tenant in the amounts and as of the dates rent is
payable under this Lease.

      Section 16.21. TENANT'S REPRESENTATIONS AND WARRANTIES. Tenant warrants
and represents to Landlord as follows, each of which is material and being
relied upon by Landlord:

            (a) Tenant (i) is not, and shall not become, a person or entity with
whom Landlord is restricted from doing business under regulations of the Office
of Foreign Asset Control ("OFAC") of the Department of the Treasury (including,
but not limited to, those named on OFAC's Specially Designated and Blocked
Persons list), or under any statute, executive order (including, but not limited
to, the September 24, 2001 Executive Order Blocking Property and Prohibiting
Transactions with Persons who Commit, Threaten to Commit, or Support Terrorism),
or other governmental action, (ii) is not knowingly engaged and shall not
knowingly engage in any dealings or transactions with or otherwise be associated
with such persons or entities, and (iii) is not and shall not become, a person
or entity whose activities are regulated by the International Money Laundering
Abatement and Financial Anti-Terrorism Act of 2001, or the regulations or orders
thereunder.

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            (b) Tenant is duly organized, validly existing and in good standing
under the laws of the state of its organization, and is qualified to do business
in the state in which the Property is located, and the persons executing this
Lease on behalf of Tenant have the full right and authority to bind Tenant
without the consent or approval of any other person or entity. Tenant has full
power, capacity, authority and legal right to execute and deliver this Lease and
to perform all of its obligations hereunder. This Lease is a legal, valid and
binding obligation of Tenant, enforceable in accordance with its terms.

            (c) Tenant has not (1) made a general assignment for the benefit of
creditors, (2) filed any voluntary petition in bankruptcy or suffered the filing
of an involuntary petition by any creditors, (3) suffered the appointment of a
receiver to take possession of all or substantially all of its assets, (4)
suffered the attachment or other judicial seizure of all or substantially all of
its assets, (5) admitted in writing its inability to pay its debts as they come
due, or (6) made an offer of settlement, extension or composition to its
creditors generally.

Tenant confirms that all of the above representations and warranties are true as
of the date of this Lease, and acknowledges and agrees that they shall survive
the expiration or earlier termination of this Lease.

      Section 16.22. LANDLORD'S REPRESENTATIONS AND WARRANTIES. Landlord
warrants and represents to Tenant as follows, each of which is material and
being relied upon by Tenant:

Landlord (i) is not, and shall not become, a person or entity with whom Tenant
is restricted from doing business under regulations of the Office of Foreign
Asset Control ("OFAC") of the Department of the Treasury (including, but not
limited to, those named on OFAC's Specially Designated and Blocked Persons
list), or under any statute, executive order (including, but not limited to, the
September 24, 2001 Executive Order Blocking Property and Prohibiting
Transactions with Persons who Commit, Threaten to Commit, or Support Terrorism),
or other governmental action, (ii) is not knowingly engaged and shall not
knowingly engage in any dealings or transactions with or otherwise be associated
with such persons or entities, and (iii) is not and shall not become, a person
or entity whose activities are regulated by the International Money Laundering
Abatement and Financial Anti-Terrorism Act of 2001, or the regulations or orders
thereunder.

            (a) Landlord is duly organized, validly existing and in good
standing under the laws of the state of its organization, and is qualified to do
business in the state in which the Property is located, and the persons
executing this Lease on behalf of Landlord have the full right and authority to
bind Landlord without the consent or approval of any other person or entity.
Landlord has full power, capacity, authority and legal right to execute and
deliver this Lease and to perform all of its obligations hereunder. This Lease
is a legal, valid and binding obligation of Landlord, enforceable in accordance
with its terms.

            (b) Landlord has not (1) made a general assignment for the benefit
of creditors, (2) filed any voluntary petition in bankruptcy or suffered the
filing of an involuntary petition by any creditors, (3) suffered the appointment
of a receiver to take possession of all or substantially all of its assets, (4)
suffered the attachment or other judicial seizure of all or substantially all of
its assets, (5) admitted in writing its inability to pay its debts as they come
due, or (6) made an offer of settlement, extension or composition to its
creditors generally.

Landlord confirms that all of the above representations and warranties are true
as of the date of this Lease, and acknowledges and agrees that they shall
survive the expiration or earlier termination of this Lease.

      Section 16.23. APPROVALS AND CONSENTS. Any approvals, consents,
authorizations or similar discretionary acceptances, endorsements and
ratifications required or provided for in this Lease shall not be unreasonably
withheld, conditioned or delayed, except in any case in which the action to be
taken is expressly described in this Lease as being within the "sole discretion"
of a party.

ARTICLE SEVENTEEN  MASTER LEASE

            (a) This Lease is subject and subordinate to that certain Lease
Agreement, dated November 15, 2005, as amended by that certain First Amendment
to Lease Agreement, dated June 20, 2006 (collectively, the "MASTER LEASE"), by
and between Landlord, as tenant, and County of Clark, a political subdivision of
the State of

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       44

<PAGE>

Nevada ("COUNTY"), as landlord (the "MASTER LANDLORD"), and to any renewal,
amendment or modification thereof, and to any mortgage or other encumbrance to
which the Master Lease is subject or subordinate, and to all renewals,
modifications, consolidations, replacements and extensions thereof. A copy of
the Master Lease is attached as Exhibit "G" to this Lease. Except as
specifically modified in this Lease, during the Lease Term Tenant shall be bound
by and shall observe all of the terms and conditions to be observed by Landlord
under the Master Lease as fully and to the same extent and effect as though
Tenant were the lessee thereunder in the place and stead of Landlord. Any event
resulting in termination of the Master Lease by its terms or otherwise shall
also automatically result in termination of this Lease, except as otherwise
provided or contemplated in Section 2.3 (Attornment) of the Master Lease.

            (b) Without limiting the generality of (a) above, Tenant expressly
agrees to comply with and be bound by any and all covenants, conditions and
restrictions or rules, regulations or standards of operation or conduct
contemplated under the terms of the non-discrimination provisions of Article III
of the Master Lease, which are hereby incorporated into this Lease by this
reference.

            (c) Without limiting the generality of (a) above, Tenant
acknowledges and agrees that Landlord's covenant of quiet possession or
enjoyment (Section 5.08 of this Lease) is expressly subject to the Master
Landlord's rights under the Master Lease, including but not limited to the right
to recover the Property (Section 2.21 of the Master Lease), the right to improve
or expand McCarran International Airport (Section 3.10 of the Master Lease), and
the right to enter and inspect the Property (Section 2.7 of the Master Lease).

            (d) Without limiting the generality of (a) above, Tenant
acknowledges and agrees that this Lease is subject to the attornment provisions
of Section 2.3 of the Master Lease. Pursuant to the provisions of such section
of the Master Lease, Section 11.01 of this Lease is supplemented by adding the
following thereto:

            If by reason of a default on the part of Landlord as tenant in the
            performance of the terms of the provisions of the Master Lease, the
            Master Lease and the leasehold estate of Landlord as ground lessee
            thereunder are terminated by summary proceedings or otherwise in
            accordance with the terms of the Master Lease, Tenant will attorn to
            Master Landlord and recognize Master Landlord as lessor; provided,
            however, Master Landlord agrees that so long as Tenant is not in
            default, Master Landlord agrees to provide quiet enjoyment to Tenant
            and to be bound by all the terms and conditions of this Lease.

            (e) Without limiting the generality of (a) above, Tenant further
acknowledges and agrees that (i) all Tenant signs must have the prior written
approval of the designated representative of Master Landlord (pursuant to
Section 2.6.2 of the Master Lease), and (ii) Master Landlord must be named as an
additional insured on all liability insurance policies maintained by Tenant
under the terms of this Lease (pursuant to Section 2.12.2.7.4 of the Master
Lease).

            (f) As required by the terms of Section 2.9 of the Master Lease,
should Tenant cause any improvements to be made to the Property, Tenant shall
cause any contract with any contractor, designer, or other person providing
work, labor, or materials to the Property to include the following clause:

            Contractor agrees on behalf of itself, its subcontractors, suppliers
            and consultants and their employees that there is no legal right to
            file a lien upon County-owned property and will not file a
            mechanic's lien or otherwise assert any claim against County's real
            estate or any County's leasehold interest on account of any work
            done, labor performed or materials furnished under this contract.
            Contractor agrees to indemnify, defend and hold the County and
            Landlord harmless from any liens filed upon the County's property
            and County's leasehold interest and shall promptly take all
            necessary legal action to ensure the removal of any such lien at
            Contractor's sole cost.

            (g) Within twenty (20) days following full execution of this Lease
and the recordation of the Lease Memorandum, Landlord shall cause Nevada Title
Company to issue in favor of Tenant, as insured, a policy of

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       45
<PAGE>

leasehold title insurance for Tenant's leasehold interest under this Lease, in
the form of the Pro-Forma Policy (2nd Amendment) prepared by Nevada Title
Company (Order No. 06-04-0139-JJA) (the "LEASEHOLD TITLE POLICY"). The Leasehold
Title Policy shall reflect the recording of (i) the executed Recognition
Nondisturbance and Attornment Agreement in the form of Exhibit "L" (in Schedule
A, item 2 of the Leasehold Title Policy) and (ii) the executed Subordination
Non-Disturbance and Attornment Agreement in the form of Exhibit B (in Schedule
B, Part 1, item 13 of the Leasehold Title Policy). The face amount of the
Leasehold Title Policy shall be Thirty Million Dollars ($30,000,000.00). The
Leasehold Title Policy shall be provided to Tenant by Landlord at no additional
cost or expense to Tenant, provided that if Tenant desires "extended coverage"
or any endorsements, Tenant shall be solely responsible for all costs associated
with obtaining the same, including the cost of any survey or other requirements
for such coverage and endorsements. Within thirty (30) days of written request
from Tenant, Landlord, at Landlord's cost shall undertake all commercially
reasonable actions to commence and diligently pursue to completion (including
all commercially reasonable efforts to have Master Landlord cooperate in such
efforts) the vacation, release and relinquishment of record of (i) all
right-of-way reservations and easements for roadway and public utilities
purposes and (ii) the rights and interests of any public utility-providing
agencies with respect thereto, as reserved and granted within the boundaries of
the Property in patents from the United States of America. Landlord shall
diligently pursue such efforts, but its failure to obtain a release of all such
matters of record despite and after expending all commercially reasonable
efforts shall not constitute a default under this Lease. If Landlord fails to
timely deliver the Leasehold Title Policy, and should such failure continue for
a period of thirty (30) days, following Tenant's written request to deliver the
Leasehold Title Policy, Landlord shall be in material default of this Lease.
Consistent with Section 16.02(d) above, Tenant may thereafter seek to recover
from Landlord an amount representing appropriate actual compensatory damages for
such default.

            (h) Upon the full execution of this Lease, Landlord shall execute
and deliver to Master Landlord for execution and delivery to Tenant the
Recognition, Non-Disturbance and Attornment Agreement in the form of Exhibit "L"
attached hereto. Landlord shall diligently pursue the execution of that
Recognition, Non-Disturbance and Attornment Agreement by Master Landlord and the
delivery thereof to Tenant following such execution.

ARTICLE EIGHTEEN DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND
                 RECIPROCAL EASEMENTS

      Landlord may prepare for eventual recordation against the Property and
other adjacent land a Declaration of Covenants, Conditions, Restrictions and
Reciprocal Easements (the "DECLARATION"). So long as the provisions of the
Declaration do not affect Tenant's obligations in any material way (the
performance of ministerial acts shall not be deemed material) and do not affect
Tenant's use or conduct of business from the Property, Tenant will not
unreasonably withhold consent to a subordination of this Lease to the
Declaration, and further agrees to execute a recordable instrument (prepared by
Landlord at its sole cost and expense) in order to evidence any such
subordination.

ARTICLE NINETEEN  NO OPTION OR OFFER

      THE SUBMISSION OF THIS LEASE BY LANDLORD, ITS AGENT OR REPRESENTATIVE FOR
EXAMINATION OR EXECUTION BY TENANT DOES NOT CONSTITUTE AN OPTION OR OFFER TO
LEASE THE PROPERTY UPON THE TERMS AND CONDITIONS CONTAINED HEREIN OR A
RESERVATION OF THE PROPERTY IN FAVOR OF TENANT, IT BEING INTENDED HEREBY THAT
THIS LEASE SHALL ONLY BECOME EFFECTIVE UPON THE EXECUTION HEREOF BY LANDLORD AND
DELIVERY OF A FULLY EXECUTED LEASE TO TENANT. NEITHER PARTY SHALL HAVE ANY
OBLIGATION TO CONTINUE DISCUSSIONS OR NEGOTIATIONS OF THIS LEASE.

ARTICLE TWENTY  CONDITION SUBSEQUENT

      At any time prior to the earlier of (i) Landlord's receipt of Tenant's
Request and Acceptance Notice (defined in Section 14.02 above), (ii) the
expiration of five (5)

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       46
<PAGE>

business days following Tenant's receipt from Landlord's Contractor of written
notice of the proposed Guaranteed Maximum Price pursuant to Section 14.02 above,
or (iii) December 14, 2006, Tenant shall have the option and right to terminate
this Lease (the "TERMINATION OPTION"), by providing written notice to Landlord
of the same, subject to Landlord's receipt, within five (5) business days
following its receipt of Tenant's termination notice, in immediately available
funds, of the sum of Five Million Dollars ($5,000,000.00) (the "TERMINATION
FEE") in consideration for the exercise by Tenant of the Termination Option. If
the above terms of the Termination Option are not strictly complied with
(including Landlord's timely receipt of the Termination Fee), then the
Termination Option shall be rendered null and void and any purported exercise
shall be ineffective. Assuming the Termination Option is timely and validly
exercised and the Lease is terminated, then following such termination neither
Landlord nor Tenant shall have any further obligations to the other under this
Lease, excepting those obligations which have accrued prior to or which
expressly survive such termination. Time is of the essence with respect to
Tenant's rights under this Article Twenty. Tenant shall be entitled to reduction
of, and credit against, the Termination Fee due under this Article Twenty in the
cumulative amount of all advances and /or payments made by Tenant to Landlord
for Modification Costs, whether such advances or payments are so characterized,
and whether such advances or payments are made before or after execution of this
Lease.

              (Left intentionally blank - signature page to follow)

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       47
<PAGE>

      Landlord and Tenant have signed this Lease at the place and on the dates
specified adjacent to their signatures below.

                                     LANDLORD:

Signed on_____________, 2006         BELTWAY BUSINESS PARK WAREHOUSE NO. 2, LLC,
at__________________________         a Nevada limited liability company

                                     By: MAJESTIC BELTWAY WAREHOUSE
                                         BUILDINGS, LLC, a Delaware
                                         limited liability company, its Manager

                                         By:  MAJESTIC REALTY CO.,
                                              a California corporation,
                                              Manager's Agent

                                              By:/s/ Edward P. Roski, Jr.
                                              Name:Edward P. Roski, Jr.
                                        Its:Chairman and Chief Executive Officer

                                     By: THOMAS & MACK BELTWAY, L.L.C.,
                                         a Nevada limited liability company,
                                         its Manager

                                         By:.s. Thomas A. Thomas
                                         Name:    Thomas A. Thomas
                                         Its:     Manager

                                         TENANT:

Signed on December 11, 2006              NEVADA POWER COMPANY,
at_________________________              a Nevada corporation

                                         By:/s/ Walter M. Higgins
                                         Printed Name: Walter M. Higgins
                                         Its: Chief Executive Officer

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                       48
<PAGE>

                                    EXHIBIT A

                    DEPICTION OR DESCRIPTION OF THE PROPERTY

                                   (Attached)

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                      A-1

<PAGE>

                          [DIAGRAMS OF LEASED PROPERTY]

THENCE SOUTH 00(degree)54'27" WEST, 40.08 FEET TO A POINT ON THE NORTH LINE OF
THE SOUTH HALF (S 1/2) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE SOUTHWEST
QUARTER (SW 1/4) OF SAID SECTION 01;

THENCE ALONG SAID LINE, SOUTH 87(degree)14'47" WEST, 630.64 FEET TO THE
NORTHWEST CORNER OF SAID SOUTH HALF (S 1/2);

THENCE ALONG THE WEST LINE OF THE NORTH HALF (N 1/2) OF THE SOUTHEAST QUARTER
(SE 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 01, NORTH
01(degree)05'30" EAST, 652.21 FEET;

THENCE DEPARTING SAID WESTERLY LINE AND ALONG A LINE 16.50 FEET SOUTH OF AND
PARALLEL TO THE NORTHERLY LINE OF THE SOUTHEAST QUARTER (SE 1/4) OF SAID
SOUTHWEST QUARTER (SW 1/4) NORTH 87(degree)13'43" EAST, 1083.01 FEET TO THE
POINT OF BEGINNING.

CONTAINING: 16.00 ACRES OF LAND.

BASIS OF BEARINGS

THE EAST LINE OF THE NORTHEAST QUARTER (NE 1/4) OF THE NORTHEAST QUARTER (NE
1/4) OF SECTION 1, TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.M., CLARK COUNTY,
NEVADA, AS SHOWN ON THAT MAP ON FILE IN FILE 66 OF SURVEYS AT PAGE 02 OF
OFFICIAL RECORDS, CLARK COUNTY, NEVADA, SAID LINE BEARS NORTH 00(degree)42'44"
WEST.

GLEN J. DAVIS
PROFESSIONAL LAND SURVEYOR
NEVADA CERTIFICATE NO 11825
EXPIRES 12/31/06
LOCHSA SURVEYING
(702) 365-9312 / FAX (702) 320-1769

                          [DIAGRAMS OF LEASED PROPERTY]

                                LEGAL DESCRIPTION
                                BBP WAREHOUSE II
                        PORTION OF A.P.N.: 176-01-301-032

     BEING A PORTION OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 1, TOWNSHIP 22
SOUTH, RANGE 60 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED
AS FOLLOWS:

<PAGE>

M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER (SE 1/4) OF THE
NORTHEAST QUARTER (NE 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHWEST
QUARTER (SW 1/4) OF SAID SECTION 01;

THENCE ALONG THE NORTH LINE THEREOF, NORTH 87(degree)13'39" EAST, 314.79 FEET TO
THE NORTHEAST CORNER OF SAID SOUTHEAST QUARTER (SE 1/4);

THENCE ALONG THE EAST LINE THEREOF, SOUTH 01(degree)05'30" WEST, 334.37 FEET TO
THE NORTH LINE OF THE SOUTH HALF (S 1/2) OF THE SOUTHEAST QUARTER (SE 1/4) OF
THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 01;

THENCE ALONG SAID NORTH LINE, NORTH 87(degree)14'47" EAST, 630.64 FEET TO A
POINT HEREINAFTER KNOWN AS "POINT A";

THENCE DEPARTING SAID NORTH LINE AND ALONG THE EAST LINE OF THE SOUTHWEST
QUARTER (SW 1/4) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE SOUTHWEST QUARTER (SW
1/4) OF SAID SECTION 01, SOUTH 00(degree)54'27" WEST, 161.72 FEET TO A
NON-TANGENT 56.00 FEET RADIUS CURVE, A RADIAL LINE TO SAID POINT BEARS SOUTH
16(degree)58'33" WEST;

THENCE ALONG SAID CURVE CONCAVE SOUTHEASTERLY THROUGH A CENTRAL ANGLE OF
171(degree)46'44", AN ARC LENGTH OF 167.89 FEET TO A REVERSE 14.50 FEET RADIUS
CURVE, A RADIAL LINE TO SAID POINT BEARS SOUTH 25(degree) 11'49" WEST;

THENCE ALONG SAID CURVE CONCAVE SOUTHWESTERLY THROUGH A CENTRAL ANGLE OF
65(degree)42'38", AN ARC LENGTH OF 16.63 FEET;

THENCE SOUGH 00(degree)54'27" WEST, ALONG A LINE 30.00 FEET WEST OF AND PARALLEL
TO THE EASTERLY LINE OF THE SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHEAST QUARTER
(SE 1/4) OF SAID SOUTHWEST QUARTER (SW 1/4), 322.47 FEET TO A TANGENT 25.00 FEET
RADIUS CURVE;

THENCE ALONG SAID CURVE CONCAVE NORTHWESTERLY THROUGH A CENTRAL ANGLE OF
86(degree)21'59", AN ARC LENGTH OF 37.68 FEET TO A LINE 45.00 FEET NORTH OF AND
PARALLEL TO THE SOUTHERLY LINE OF THE SOUTHEAST QUARTER (SE 1/4) OF SAID
SOUTHWEST QUARTER (SW 1/4);

THENCE ALONG SAID LINE, SOUTH 87(degree)16'26" WEST, 569.11 FEET TO THE WESTERLY
LINE OF THE SOUTHEAST QUARTER (SE 1/4) OF SAID SOUTHWEST QUARTER (SW 1/4);

THENCE ALONG SAID WESTERLY LINE, NORTH 01(degree)05'30" EAST, 289.27 FEET TO THE
SOUTHEAST CORNER OF THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHEAST QUARTER (SE
1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SOUTHWEST QUARTER (SW 1/4);

<PAGE>

THENCE ALONG THE SOUTHERLY LINE THEREOF, SOUTH 87(degree)13'31" WEST, 315.98
FEET TO THE SOUTHWEST CORNER OF THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHEAST
QUARTER (SE 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SOUTHWEST QUARTER (SW
1/4);

THENCE ALONG THE WESTERLY LINE THEREOF, NORTH 01(degree)11'37" EAST, 668.84 FEET
TO THE POINT OF BEGINNING.

TOGETHER WITH THAT PORTION OF SAID SOUTH HALF (S 1/2) OF THE SOUTHWEST QUARTER
(SW 1/4) OF SECTION 01, TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.M., CLARK COUNTY,
NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE AFOREMENTIONED "POINT A";

THENCE NORTH 00(degree)54'27" EAST, 40.08 FEET;

THENCE NORTH 87(degree)14'47" EAST, 526.77 FEET TO A POINT ON THE WESTERLY
RIGHT-OF-WAY LINE OF LINDELL ROAD AD DEDICATED BY THAT CERTAIN DOCUMENT RECORDED
MARCH 14, 2002 IN BOOK 20020314 OF OFFICIAL RECORDS AS INSTRUMENT NO. 00744 IN
THE CLARK COUNTY RECORDER'S OFFICE, CLARK COUNTY, NEVADA;

THENCE ALONG SAID RIGHT-OF-WAY LINE, SOUTH 15(degree)38'00" EAST, 116.43 FEET TO
THE BEGINNING OF A TANGENT CURVE HAVING A RADIUS OF 760.00 FEET;

THENCE CURVING TO THE RIGHT ALONG THE ARC OF ARC OF SAID CURVE, CONCAVE
SOUTHWESTERLY, THROUGH A CENTRAL ANGLE OF 16(degree)21'23", AN ARC LENGTH OF
216.96 FEET;

THENCE SOUTH 00(degree)43'23" WEST, 45.00 FEET;

THENCE DEPARTING SAID RIGHT-OF-WAY LINE, SOUTH 87(degree)15'37" WEST, 275.78
FEET TO THE SOUTHWEST CORNER OF THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHEAST
QUARTER (SE 1/4) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE SOUTHWEST QUARTER (SW
1/4) OF SAID SECTION 01;

THENCE NORTH 00(degree)48'55" EAST, 334.50 FEET TO A POINT ON THE NORTH LINE OF
THE SOUTH HALF (S 1/2) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE SOUTHWEST
QUARTER (SW 1/4) OF SAID SECTION 01;

THENCE ALONG SAID NORTH LINE, SOUTH 87(degree)14'47" WEST, 315.32 FEET TO THE
POINT OF BEGINNING.

CONTAINING: 15.94 ACRES OF LAND.

BASIS OF BEARINGS

THE EAST LINE OF THE NORTHEAST QUARTER (NE 1/4) OF THE NORTHEAST QUARTER (NE
1/4) OF SECTION 1, TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.M., CLARK COUNTY,
NEVADA, AS SHOWN ON THAT MAP ON FILE IN

<PAGE>

FILE 66 OF SURVEYS AT PAGE 02 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA, SAID
LINE BEARS NORTH 00(degree)42'44" WEST.

ROBERT M. MCENTEE
PROFESSIONAL LAND SURVEYOR
NEVADA CERTIFICATE NO. 12998
EXPIRES 12/31/07
LOCHSA SURVEYING
(702) 365-9312/FAX (702) 320-1769

<PAGE>

                                    EXHIBIT D

                  "HAZARDOUS MATERIAL" AND "STORAGE TANK" LIST

In addition to general office and cleaning supplies, the following (which may be
defined as "Hazardous Material" in the Lease) may be brought upon, treated,
kept, stored, generated, or used upon the Property:

      Gasoline, diesel fuel and other petroleum hydrocarbons, including, but not
limited to, new and used oil, hydraulic fluid, brake fluid, transmission fluid,
gear oil, etc.

      Polychlorinated biphenyls (PCBs), including PCB transformer oil, PCB
contaminated soil and PCB-contaminated debris.

      Cleaning solvents.

      Welding gases.

      Antifreeze.

      Aerosols, including paint, brake cleaner, WD-40, glass cleaner, etc.

      Windshield washer fluid.

      Steam cleaner soap.

      Oils and greases.

      New and used batteries, including those with lead and acid contents.

      New and used transformer oil.

      SF6 gas.

      Water contaminated with oil and/or metals.

      Asbestos.

      Ampac shells and Caldwell cartridges containing gun powder and similar
substances.

      Treated wood poles.

      Paint.

      Paint remover.

      CFCs. Mercury.

      Solvents.

      Soil contaminated with any Hazardous Material identified above on this
Exhibit "D".

The following "Storage Tanks" and containment facilities will be located on the
Property:

      One or more above-grade unleaded gasoline fuel tanks, each with a capacity
of 15,000 gallons or less.

      One or more above-grade diesel fuel tanks, each with a capacity of 15,000
gallons or less.

      Three or more above-grade vaulted tanks for new and used non-detect
transformer oils, each with a capacity of up to 3,000 gallons.

      One or more above-grade tanks for used non-PCB mineral oil, each with a
capacity of up to 3,000 gallons.

      One or more above-grade tanks for used PCB contaminated oil, each with a
capacity of up to 3,000 gallons.

      One or more concrete pads and self-contained containment tanks in
transformer containment areas, including covered containment slabs and run-off
trenches.

      Two or more above-grade multiple compartment tanks for new and used oil,
hydraulic fluids, transmission fluids and other petroleum hydrocarbons, each
tank with multiple compartments of up to 500 gallons and single tank capacity of
up to 1,000 gallons.

      One or more sand/oil separators and associated tank systems.

      One or more kitchen grease traps.

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company
                                       D-1

<PAGE>

                                    EXHIBIT G

                                  MASTER LEASE

                   (Attached or provided separately to Tenant)

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                      G-1
<PAGE>

                       FIRST AMENDMENT TO LEASE AGREEMENT

     THIS FIRST AMENDMENT TO LEASE AGREEMENT (the "First Amendment") is made and
entered this 20th day of June, 2006, by and between the COUNTY OF CLARK,
a political subdivision of the State of Nevada ("County"), and BELTWAY BUSINESS
PARK WAREHOUSE NO. 2, LLC, a Nevada limited liability company authorized to do
business in the State of Nevada ("Company").

                                    RECITALS:

     A. County and Company entered into that certain Lease Agreement, dated
November 15, 2005 (the "Lease"), wherein Company agreed to lease from County and
County agreed to lease to Company certain real property located in Clark County,
Nevada, which is depicted and more particularly described in the Lease (the
"Premises"). All terms used herein and not otherwise defined shall have the same
meaning as given to them in the Lease.

     B. County and Company desire to amend the Lease, as provided below in this
Amendment.

     NOW, THEREFORE, for and in consideration of the covenants and conditions
herein, County and Company hereby agree as follows:

                                   AGREEMENT:

     1. Enlargement of Premises. The size of the Premises is hereby enlarged to
include an additional tract of land (the "Additional Land"); accordingly, the
descriptions of the Premises set forth on Exhibit "D" to the Lease and on
Exhibit "A" to that certain Memorandum of Lease, dated November 15, 2005 (and
recorded with the official records of Clark County, Nevada on November 21, 2005
in Book 20051121 as Instrument No. 2760), are hereby superseded and replaced
with the description attached as Exhibit "A" to this First Amendment, which
includes the Additional Land. Consistent with the above modification to the
description of the Premises, the parties shall execute and record an appropriate
Amended and Restated Memorandum of Lease.

     2. Condition Subsequent. The continued effectiveness of this First
Amendment is expressly conditioned on the execution and delivery, within one
hundred eighty (180) days following the date of this First Amendment, of a lease
agreement between Company, as landlord, and a third party, as tenant, for the
Additional Land (the "Condition Subsequent"). If the Condition Subsequent is
timely satisfied, Company shall promptly provide County with written notice of
the same. In the event the Condition Subsequent is not satisfied or waived by
Company within the time set forth above, this First Amendment shall be rendered
null and void and without further force or effect, and in such event County and
Company shall execute and deliver an instrument confirming the same. Any waiver
by Company of the Condition Subsequent must be in writing and received by County
on or before the expiration of the time set forth above, and in the event of
such timely waiver by Company, this First Amendment shall remain binding on
County and Company and remain in full force and effect.

                                       -1-

<PAGE>

     3. Effect of Amendment. Except as modified by this First Amendment, the
Lease shall remain in full force and affect. As amended hereby, the Lease is
hereby ratified and confirmed in its entirety. In the event of a conflict
between the terms of the Lease and this First Amendment, this First Amendment
shall control.

     4. Miscellaneous. This First Amendment embodies the entire agreement
between the parties relating to the subject matter contained herein. There are
no representations, promises, warranties, understandings or agreements, express
or implied or otherwise, except for those expressly referred to or set forth
herein or in the Lease. No modification of this First Amendment or the Lease
shall be binding unless evidenced by an Agreement in writing signed by both
County and Company. This First Amendment may be executed in counterparts, each
of which shall constitute an original, and all of which taken together shall
constitute one and the same instrument.

             [intentionally left blank -- signature page to follow]

                                       -2-

<PAGE>

     IN WITNESS WHEREOF, this First Amendment has been executed as of the date
first written above.

                                        COUNTY:

                                        CLARK COUNTY, NEVADA,
                                        a political subdivision of the State of
                                        Nevada

                                        By:
                                            ------------------------------------
                                        Printed Name:
                                                      --------------------------
                                        Its:
                                             -----------------------------------

APPROVED AS TO FORM:
David Roger, District Attorney

By:
    ---------------------------------
Name:
      -------------------------------
      Deputy District Attorney

                                        COMPANY:

                                        BELTWAY BUSINESS PARK WAREHOUSE
                                        NO. 2, LLC, a Nevada limited liability
                                        company

                                        By: MAJESTIC BELTWAY WAREHOUSE
                                            BUILDINGS, LLC, a Delaware limited
                                            liability company, its Manager

                                        By: MAJESTIC REALTY CO., a California
                                            corporation, Manager's Agent

                                        By:
                                            ------------------------------------
                                        Printed Name:
                                                      --------------------------
                                        Its:
                                             -----------------------------------

                                        By:
                                            ------------------------------------
                                        Printed Name:
                                                      --------------------------
                                        Its:
                                             -----------------------------------

                                        By: THOMAS & MACK BELTWAY, L.L.C
                                            a Nevada limited liability company,
                                            its Manager

                                        By:
                                            ------------------------------------
                                            Thomas A. Thomas, Manager

                                       -3-

<PAGE>

                                    EXHIBIT A
                                       TO
                            FIRST AMENDMENT TO LEASE

                             Description of Premises

                                   (Attached)

<PAGE>

                                LEGAL DESCRIPTION
                                       FOR
  APN 176-01-301-032, 176-01-401-007, 009, 010, 012, 013 & 014, 176-01-402-007
                       (THE OVERALL BOUNDARY WAREHOUSE 2)

APN 176-01-301-032 AND APN 176-01-401-013

THE SOUTH HALF (S 1/2) OF THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHWEST
QUARTER (SW 1/4) AND THE NORTH HALF (N 1/2) OF THE SOUTHEAST QUARTER (SE 1/4) OF
THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 1, TOWNSHIP 22 SOUTH, RANGE 60 EAST,
M.D.M., IN THE COUNTY OF CLARK, STATE OF NEVADA.

EXCEPTING THEREFROM ALL THAT PORTION OF THE ABOVE DESCRIBED LAND WHICH LIES
EASTERLY OF THE WESTERLY RIGHT OF WAY OF LINDELL ROAD AS DESCRIBED IN DOCUMENT
RECORDED MARCH 14, 2002 AS BOOK/INSTRUMENT NO. 20030314:00744, OF OFFICIAL
RECORDS IN THE OFFICE OF THE COUNTY RECORDER OF CLARK, NEVADA.

APN 176-01-402-007

THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE
SOUTHEAST QUARTER (SE 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 1,
TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.M. IN THE COUNTY OF CLARK, STATE OF
NEVADA.

EXCEPTING THEREFROM ALL THAT PORTION OF THE ABOVE DESCRIBED LAND WHICH LIES
EASTERLY OF THE WESTERLY RIGHT OF WAY OF LINDELL ROAD AS DESCRIBED IN DOCUMENT
RECORDED MARCH 14, 2002 AS BOOK/INSTRUMENT NO. 20030314:00743, OF OFFICIAL
RECORDS IN THE OFFICE OF THE COUNTY RECORDER OF CLARK, NEVADA.

APN 176-01-401-014

THE EAST HALF (E 1/2) OF THE SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHEAST QUARTER
(SE 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 1, TOWNSHIP 22 SOUTH,
RANGE 60 EAST, M.D.M., IN THE COUNTY OF CLARK, STATE OF NEVADA.

EXCEPTING THEREFROM ALL THAT PORTION OF THE ABOVE DESCRIBED LAND WHICH LIES
SOUTHERLY OF THE NORTHERLY RIGHT OF WAY OF WARM SPRINGS ROAD AS DESCRIBED IN
DOCUMENT RECORDED JANUARY 28, 2000 AS BOOK/INSTRUMENT NO. 20000128:00910, OF
OFFICIAL RECORDS IN THE OFFICE OF THE COUNTY RECORDER OF CLARK, NEVADA.

APN 176-01-401-010 AND 176-01-401-012

<PAGE>

THE WEST HALF (W 1/2) OF THE SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHEAST QUARTER
(SE 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION I, TOWNSHIP 22 SOUTH,
RANGE 60 EAST, M.D.M., IN THE COUNTY OF CLARK, STATE OF NEVADA.

APN 176-01-401-009

THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE
SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 1,
TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.M. IN THE COUNTY OF CLARK, STATE OF
NEVADA.

APN 176-01-401-007

THE SOUTHEAST QUARTER (SE 1/4) OF THE NORTHEAST QUARTER (NE 1/4) OF THE
SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 1,
TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.M. IN THE COUNTY OF CLARK, STATE OF
NEVADA.

OVERALL ACREAGE = 47.07 ACRES MORE OR LESS

PREPARED BY:
LOCHSA ENGINEERING
6345 SOUTH JONES BOULEVARD
SUITE 100
LAS VEGAS, NV 89118
KATHLEEN M. HAND
P.E. #16209

<PAGE>

                                  (FLOOR PLAN)

<PAGE>

S-1402, CLOSURE CALCULATION, 05-18-0-2006, BEH

Parcel name: SUBJECT PROPERTY

   North: 4396.3926                   East: 1352.8021
Line   course: N 87-20-5S  E   Length: 303.08
          North: 4410.4128                East: 1655.5576
Line   Course: N 87-20-55  E   Length: 780.20
          North: 4445.5040                East: 2434.9224
Line   Course: S 01-08-44  W   Length: 564.75
          North: 3881-8669                East: 2423.6317
Line   course: S 01-08-44  W   Length: 16.54
          North: 3865.3302                East: 2423.3010
Line   course: S 01-08-44  W   Length: 235.77
          North: 3529.6073                East: 2418.5874
Curve  Length: 245.99                     Radius: 840.40
          Delta: 16-46-44                 Tangent: 123.33
          chord: 245.11                   Course: S 07-14-38 E
    Course In: S 88-51-16  E      Course Out: S 74-22-00     W
    RP North: 3612.8137                   East: 3258.4196
    End North: 3386.4537                  East: 2449.4941
Line   Course: S 15-38-00  E   Length: 251.32
          North: 3144.4310                East: 2517.2199
Curve  Length: 216,96                     Radius: 760.00
          Delta: 16-21-23                 Tangent: 109.22
          Chord: 216.22                   Course: S 07-27-18 E
    Course In: S 74-22-00  W      Course Out: S 89-16-37     E
    RP North: 2933.6261                   East: 1785.3354
    End North: 2930.0387                  East: 2545.2739
Line   Course: S 00-43-23  W   Length: 45.00
          North: 2S8S.0423                East: 2544.7060
Line   Course: S 87-15-37  W   Length: 275.78
          North: 2871.8603                East: 2269.2412
Line   Course: H 00-48-55  E   Length: 334.50
          North: 3206.3265                East: 2274.0008
Line   Course: S 87-14-47  W   Length: 315.32
          North: 3191.1781                East: 1959.0448
Line   Course: S 00-54-27  W   Length: 618.81
          North: 2572,4455                East: 1949.2440
Line   Course: S 87-16-26  W   Length: 316.31
          North: 2557.4015                East: 1633.2920
Line   Course: S 00-59-58  W   Length: 50.11
          North: 2507.2992                East: 1632.4179
Line   Course: S S7-16-26  W   Length: 316.39
          North: 2492.2511                East: 1316.3860
Line   Course: N 01-05-30  E   Length: 334.37
          North: 2826.5604                East: 1322.7564
Line   Course: S 87-13-31  W   Length: 315.98
          North: 2811.2641                East: 1007.1469
Line   Course: N 01-11-37  E   Length: 334.42
          North: 3145.6116                East: 1014.1131
Line   Course: N 01-11-37  E   Length: 334.42
          North: 3479.9590                East: 1021.0794
Line   Course: N 87-13-39  E   Length: 314.79
          North: 3495.1855                East: 1335.5010
Line   Course: N 01-05-30  E   Length: 317.84
          North: 3812.9678                East: 1341.5565
Line   Course: N 01-05-30  E   Length: 16.54
          North: 3829.5048                East: 1341.8716
Line   Course: N 01-06-16  E   Length: 567.00
          North: 4396.3995                East: 1352.8005

                                     Page 1

<PAGE>

Perimeter: 7422.18   Area: 2,050,534 sq.ft. 47.074 ACRES

Mapcheck closure - (Uses listed courses and chords)
Error Closure:  0.0070                     course:  N 13-07-41 W
   Error North: 0.00684                       East: -0.00160
Precision 1:    1,060,081.43

<PAGE>

                                 LEASE AGREEMENT

     THIS LEASE AGREEMENT (hereinafter referred to as "Agreement") entered into
this 15th day of November by and between the COUNTY OF CLARK, apolitical
subdivision of the State of Nevada (hereinafter referred to as "County") and
BELTWAY BUSINESS PARK WAREHOUSE NO.2, LLC, a Nevada limited liability company
authorized to do business in the State of Nevada (hereinafter referred to as
"Company").

                                   WITNESSETH:

     WHEREAS, County is the owner and operator of McCarran International Airport
(hereinafter referred to as "Airport") and wishes to cause the development and
construction of retail/office/warehouse facilities (hereinafter referred to as
"Commercial Facilities") on property owned by Clark County within the
Cooperative Management Area (defined below) and controlled by the Airport to
ensure that the development of such property is compatible with Airport uses;
and

     WHEREAS, it is for the benefit of County to more efficiently and
economically manage its Airport-controlled property to include such Commercial
Facilities; and

     WHEREAS, Company is engaged in the business of developing, constructing,
maintaining, leasing and operating such Commercial Facilities; and

     WHEREAS, County is willing and Company desires to enter this Agreement for
the construction and operation of such Commercial Facilities; and

     WHEREAS, on August 21, 2001 the Board of County Commissioners approved a
Lease Option Agreement (hereinafter referred to as "Lease Option Agreement")
between County and Beltway Business Park, L.L.C., an affiliate of Company, which
was first amended on March 5, 2002, and then amended on December 3, 2002, and
then amended on September 20, 2005; and

     NOW, THEREFORE, for and in consideration of the above recitals (which are
incorporated into this Agreement by this reference), and the agreements,
covenants and conditions herein, County and Company agree as follows:

                                    ARTICLE I

1.1  DEFINITIONS

     1.1.1 The term "Airport," whenever used herein, means the McCarran
          International Airport and all property located within its general
          environs at the date of execution of this Agreement or at any future
          date during the term hereof.

     1.1.2 The term "Airport Environs Map," means the McCarran International
          Airport Environs Overlay District map, prepared by the Department of
          Aviation and dated April 16, I998, or any subsequent version of such
          maps as may be updated from time to time by the Department of
          Aviation.

<PAGE>

     1.1.3 The term "Approval Date" means the date upon which this Agreement is
          approved by the Board of County Commissioners.

     1.1.4 The term "Approved Budget," whenever used herein, means the annual
          written budget prepared by Company and approved by County's Designated
          Representative pursuant to the procedure set forth in Section 1.6
          (entitled BUDGET APPROVAL) below.

     1.1.5 The term "Assignee," whenever used herein, means (i) any assignee of
          Lender's interest in the Loan, or (ii) any purchaser or any heir,
          successor, or assign of the leasehold estate evidenced by this
          Agreement that acquires such leasehold estate at or subsequent to a
          Foreclosure Transfer (as defined in Section 2.19.11.1 below), as
          approved by County, to the extent such approval is required pursuant
          to Section 2.19.11.1 below, or (iii) any assignee of Company's rights
          and duties under this Agreement pursuant to Section 2.1 (entitled
          ASSIGNMENT) below.

     1.1.6 The term "Capital Improvement Expenditures," whenever used herein,
          means the expenses of a capital nature associated with the Commercial
          Facilities which exceed those set forth in the Approved Budget. Such
          expenses will require prior written approval of County's Designated
          Representative.

     1.1.7 The term "County's Designated Representative (hereinafter referred to
          as 'CDR')," whenever used herein, means the Director of the Department
          of Real Property Management, or designee, acting on behalf of County.

     1.1.8 The term "Commence Construction," whenever used herein, means
          commencing construction of the Commercial Facilities on the Premises
          by Company causing its construction contractor to obtain occupancy and
          control the area and to begin actual construction of the Commercial
          Facilities. The term shall not include any site preparation or
          off-site work related to the Premises.

     1.1.9 The term "Commercial Facilities," whenever used herein, means the
          retail/office/warehouse improvements to be constructed on the Premises
          by Company in accordance with the terms and conditions of this
          Agreement.

     1.1.10 The term -"Company," whenever used herein, means. BELTWAY BUSINESS
          PARK WAREHOUSE NO. 2, LLC, a Nevada limited liability company,
          entering into this Agreement as the developer and operator of the
          Commercial Facilities on the Premises as described herein.

     1.1.11 The term "Cooperative Management Area" or "CMA," whenever used
          herein, means the land area included within the Airport's 60 and above
          day-night average decibel level noise contours, as defined in the 1992
          Interim Cooperative Management Agreement between the U.S. Department
          of Interior's Bureau of Land Management and County, a copy of which is
          attached hereto as Exhibit "A" and incorporated herein (the "CMA
          Agreement"). Only those land uses defined in the CMA Agreement as
          compatible with Aircraft (defined below) operations will be permitted
          on County-owned parcels within the CMA that were acquired by

                                       -2-

<PAGE>

          County under the terms of Southern Nevada Public Land Management Act
          of 1998 (the "SNPLMA" ), a copy of which is attached hereto as Exhibit
          "B" and incorporated herein.

     1.1.12 The term "County," whenever used herein, means Clark County, Nevada,
          as represented by the Clark County Board of Commissioners and where
          this Agreement speaks of "Approval by County," such approval means
          action by the Clark County Board of Commissioners.

     1.1.13 The term "Debt Service," whenever used herein, means the Company's
          payment of principal and interest for construction and/or permanent
          financing for Commercial Facilities.

          All financing for Commercial Facilities shall include any fees,
          including loan points, fees, closing costs, and other loan charges
          (monthly or otherwise) to any Lender, including without limitation,
          lending institutions or shareholders, officers, directors, members,
          and managers of Company for construction and/or permanent financing
          for Commercial Facilities. Except as otherwise approved in writing by
          CDR, the principal loan amounts of such financing shall not exceed
          100% of the "Pro Forma Development Costs" (as set forth in Exhibit "C"
          attached hereto and incorporated herein) and shall not be amortized
          over more than thirty (30) years. Any such financing must be approved
          by CDR as outlined in Section 2.19.1 below, and shall be at
          commercially reasonable interest rates, points, fees, closing costs,
          and other terms and conditions for the same type of loan from a bank
          or other commercial lender.

     1.1.14 The term "Effective Date," whenever used herein, means the date
          established pursuant to Sections 1.2.6 and 1.7 below for the
          commencement of the distribution of Net Revenues (first, to repayment
          of any equity contribution and second, for distribution to County and
          Company as provided in Section 1:7 below). All other terms and
          conditions of this Agreement will become effective on the Approval
          Date.

     1.1.15 The term "Environmental Laws," whenever used herein, means any one
          or all of the laws and/or regulations of the Environmental
          Protection-Agency or any other federal, state or local agencies,
          including, but not limited to the following as the same are amended
          from time to time:

               COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY
               ACT (42 U.S.C. Section 9601 et seq.)

               RESOURCE CONSERVATION AND RECOVERY ACT (42 U.S.C. Section 6901 et
               seq.)

               TOXIC SUBSTANCES CONTROL ACT (15 U.S.C. Section 2601 et seq.)
               SAFE DRINKING WATER ACT (42 U.S.C. Section 300h et seq.)

                                       -3-

<PAGE>

               CLEAN WATER ACT (33 U.S.C. Section 1251 et seq.)

               CLEAN AIR ACT (42 U.S.C. Section 7401 et seq.)

               NEVADA SANITATION LAWS (Nevada Revised Statutes, Chapter. 444)

               NEVADA WATER CONTROL LAWS (Nevada Revised Statutes Chapter 445A)

               NEVADA AIR POLLUTION LAWS (Nevada Revised Statutes Chapter 445B)

               HAZARDOUS MATERIALS, INCLUDING UNDERGROUND STORAGE TANK
               REGULATIONS (Nevada Revised Statutes, Chapter 459)

               NEVADA OCCUPATIONAL SAFETY AND HEALTH ACT (Nevada Revised
               Statutes, Chapter 618)

and the regulations promulgated thereunder and any other laws, regulations and
ordinances. (whether enacted by the Federal, State or local government) now in.
effect or hereinafter enacted that deal with the regulation or protection of the
environment (including, but not limited to, the ambient air procedures and
records detailing chlorofluorocarbons [CFC]), ambient air, ground water, surface
water and land use, including sub-strata land.

     1.1.16 The term "Hazardous Material," whenever used herein, means the
          definitions of hazardous substance, hazardous material, toxic
          substance, regulated substance or solid waste as defined within the
          following:

               COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY
               ACT (42 U.S.C. Section 9601 et seq.)

               RESOURCE CONSERVATION AND RECOVERY ACT (42 U.S.C. Section 6901 et
               seq.)

               HAZARDOUS MATERIALS TRANSPORTATION ACT (49 U.S.C. Section 5101 et
               seq.) and all present or future regulations promulgated thereto

               DEPARTMENT OF TRANSPORTATION HAZARDOUS MATERIALS TABLE (49 C.F.R.
               Part 172) and amendments thereto

               ENVIRONMENTAL PROTECTION AGENCY (40 C.F.R. Part 300 and
               amendments thereto--including Appendices thereto)

                                       -4-

<PAGE>

               HANDLING OF HAZARDOUS MATERIALS (including transportation of
               Hazardous Materials by Motor Carriers) (Nevada Revised Statutes
               459.700 through 459.780)

and all substances, materials and wastes that are, or that become, regulated
under, or that are classified-as hazardous or toxic under any environmental law,
whether such laws are Federal, State or local.

     1.1.17 The term "Initial Improvements," whenever used herein, shall mean
          completion of the site work and building shell for. (i) one hundred
          percent (100%) of the proposed Commercial Facilities, if consisting of
          two (2) or fewer commercial buildings; or (ii) not less than fifty
          percent (50%) of the proposed Commercial Facilities, if consisting of
          more than two (2) commercial buildings.

     1.1.18 The term "Lender," whenever used herein, shall mean the provider of
          construction or permanent financing (or any refinancing) to Company in
          connection with the construction of the Commercial Facilities, which
          financing arrangements are to be approved by CDR to the extent
          required under Section 2.19 (entitled FINANCING) of this Agreement.

     1.1.19 The "Loan," whenever used herein, shall mean a loan made by a Lender
          to Company and secured by a mortgage or deed of trust encumbering the
          leasehold estate evidenced by this Agreement

     1.1.20 The term "Management Fee," whenever used herein, means a fee to be
          deducted from Total Revenue in consideration of the expenses incurred
          by Company or its property manager for the project administration of
          the Commercial Facilities. It is understood and agreed that during the
          term of this Agreement such fee is to be up to three percent (3%) (for
          industrial space), up to four and one-half percent (4.5%) (for office
          space), or up to five percent (5%) (for retail space) of the Total
          Revenue received by Company from Sublessees or as otherwise negotiated
          by County and Company: Such Management Fee shall include all
          compensation and property management administration expenses of all
          Commercial Facilities personnel. Such Management Fee may be adjusted
          as necessary by mutual agreement of Company and CDR and as set forth
          in an Approved Budget to be competitive with other fees that are
          standard in the industry in the metropolitan area.

     1.1.21 The term "Maintenance and Operations," whenever used herein, means
          the expense for maintenance, operation, administration and repair of
          the Commercial Facilities.

     1.1.22 The term "Net Revenue," whenever used herein, means the amount of
          available cash after allowable deductions have been made from Total
          Revenue which is available for an equal fifty percent (50%)
          distribution between the Participating Parties of this Agreement
          Allowable deductions are defined as follows:

               a.   Debt Service;

                                       -5-

<PAGE>

               b.   Actual expenses authorized in the Approved Budget, including
                    the cost of any Maintenance and Operations, or other Project
                    Costs approved by CDR, which approval will not be
                    unreasonably withheld;

               c.   Capital Improvement Expenditures;

               d.   Management Fee;

               e.   A reasonable reserve for Maintenance and Operations or any
                    reserve required by any Lender under any approved financing;
                    and

               f.   Repayment of equity contribution plus return on equity
                    contribution Of applicable), as per Section 1.7 (entitled
                    RENTALS AND FEES) below.

     1.1.23 The term "Participating Parties" or "Parties," whenever used herein,
          means Company as Lessee and County as lessor (hereinafter jointly
          referred to as "Parties") to a participating leasing arrangement for
          the sharing of Net Revenues as consideration for the development and
          operation of the commercial facilities at the Premises.

     1.1.24 The term "Premises," whenever used herein, means that area depicted
          on Exhibit "D," which is attached hereto and made a part hereof. The
          final legal description of the Premises will be attached to the
          Memorandum of Lease described in Section 1.2.3 below.

     1.1.25 The term "Project Cost," whenever used herein, means all costs of
          Company actually incurred and paid by Company in designing,
          developing, constructing, owning, leasing, and managing the Commercial
          Facilities.

     1.1.26 The term "Sublease," whenever used herein, means the documents
          signed by a Sublessee or Tenant for the leasing of space in the
          Commercial Facilities.

     1.1.27 The term "Sublessee" or "Tenant," whenever used herein, means any
          business firm or individual who leases office, retail, industrial or
          warehouse space for a valid, legal commercial activity in the
          Commercial Facilities. Subject to the terms of Section 1.4.1 below,
          the CDR will retain the right to reasonably approve the uses of such
          Sublessee or Tenant. These defined terms may be used interchangeably.

     1.1.28 The term "Release," whenever used herein, means any releasing,
          spilling, leaking, pumping, pouring, emitting, emptying, discharging,
          injecting, escaping, leaching, disposing or dumping of any Hazardous
          Material in violation of Environmental Laws.

     1.1.29 The term "Rent Commencement Date," whenever used herein, means the
          date established pursuant to Sections 1.2.6 and 1.7 Below for the
          commencement of

                                       -6-

<PAGE>

          the distribution of Net Revenues. As used in this Agreement, the "Rent
          Commencement Date" is synonymous with the "Effective Date."

     1.1.30 The term "Total Revenue," whenever used herein, means the total
          amount of all rents, charges, fees and/or other income collected by
          Company from any use of the Commercial Facilities. Any space occupied
          by Company or any related entity which is not exclusively used for the
          necessary construction on and/or management of the Premises must be
          charged at a similar rental rate to that being charged for a similar
          type of rental property in the Las Vegas Valley. Such rental value
          shall be' included in the Total Revenue, whether or not a cash payment
          is made.

1.2  TERM

     1.2.1 The term of this Agreement will expire fifty (50) years from the
          Approval Date (the "Termination Date").

     1.2.2 Except for Section 1.7 (entitled RENTALS AND FEES) below, all other
          provisions of this Agreement will be in force and effect upon the
          Approval Date.

     1.2.3 As soon as practicable following the Approval Date, County and
          Company agree to execute and acknowledge a Memorandum of Lease (1)
          evidencing the existence of this Agreement, the ownership of the
          Commercial Facilities by Company, the rights of Company in the
          Premises, and the Approval Date and Termination Date of this
          Agreement, and (2) containing a legal description of the Premises.
          Such Memorandum of Lease shall be recorded with the official real
          estate records of Clark County, Nevada.

     1.2.4 As soon as practicable following the Approval Date, Company will be
          entitled to receive, as a Project Cost, an ALTA leasehold policy of
          title insurance, together with those endorsements reasonably deemed
          necessary by Company, all issued by a title company. selected by
          Company, with liability in an amount reasonably determined by Company
          and insuring Company's interests hereunder. Such leasehold policy will
          be subject only to exceptions permitted by Company.

     1.2.5 County hereby agrees to give Lender at least thirty (30) days prior
          notice of any intended amendment, modification, revocation,
          surrender, cancellation or termination of this Agreement. County
          further agrees that it will not consent to or accept any surrender,
          revocation, cancellation or other termination by Company or amendment,
          nor agree to any modification of this Agreement without Lender's prior
          written approval. No expiration or early termination of this Agreement
          shall terminate or extinguish this Agreement without the prior written
          consent of Lender, unless the termination arises after a default and
          Lender has been given the notice and cure rights specified under
          Sections 2.15.2 and 2.19 of this Agreement, and has failed to cure in
          accordance therewith.

                                       -7-

<PAGE>

     1.2.6 Subject to Section 1.7 (entitled RENTALS AND FEES) below, the
          Effective Date (also known as the Rent Commencement Date) will be the
          first of the following dates:

          1.2.6.1 The date of completion of the Initial Improvements for the
               Commercial Facilities, as evidenced by County's issuance of a
               Certificate of Completion.

          1.2.6.2 The date that any portion of the Premises generates any
               revenue or has a Temporary Certificate of Occupancy with actual
               occupancy and use.

          1.2.6.3 Subject to the extension rights set forth in Section 1.10.3.1
               below, upon the first day of the thirty-sixth (36th) month
               following the Approval Date.

1.3  PREMISES

     1.3.1 County does hereby demise and let unto Company and Company does
          hereby take from County the Premises.

          Company shall be responsible to provide County with a final legal
          description of the entire Premises under this Agreement, which
          includes the depiction of all current and proposed easements and/or
          rights-of-way that County has or may wish to retain. Company will
          submit a draft description, both narrative and graphic formats, to
          County for its review and County has the right to modify the documents
          to retain County's interests in any easements and/or rights of way
          necessary for roads, utilities, and flood control. Once a final legal
          description is agreed upon by both parties, such legal description
          will be included in the Memorandum of Lease, as provided in Section
          1.2.3 above.

     1.3.2 Company acknowledges that it has inspected the Premises and accepts
          the Premises "as is," including, but not limited to, grades, soil
          conditions, and drainage with no further responsibility to Company by
          County for any present or further improvements or maintenance thereof,
          including, but not limited to, the existence of any utilities and
          public roadways and the potential need to cap off or otherwise abandon
          such utilities and/or roadways.

     1.3.3 All improvements constructed on the Premises by Company (including,
          without limitation, the Commercial Facilities) at any time and from
          time to time during the term will be owned by Company during the term
          of this Agreement.

1.4  USE OF PREMISES

     1.4.1 Upon performance of the agreements, provisions and conditions
          contained in this Agreement, Company., will have the use of the
          Premises for the construction and operation of Commercial Facilities
          and for other business activities directly related thereto and for no
          other purposes, unless approved in writing by CDR.

                                       -8-

<PAGE>

          Such Commercial Facilities uses will be for purposes similar to other
          commercial developments in the Las Vegas metropolitan area and if such
          uses are Compatible Uses (defined below) and not Incompatible Uses
          (defined below), they are deemed approved by CDR. CDR, however,
          retains the sole right to determine if a use is compatible with
          Airport operations. Notwithstanding the above (or any other language
          in this Agreement) to the contrary, the uses set forth in Exhibit "E"
          attached hereto and incorporated herein shall be deemed approved by
          CDR as Compatible Uses.

     1.4.2 Neither Company nor County shall have the right to erect (or cause or
          permit any third party to erect) billboards (whether for commercial or
          non-commercial purposes) on the Premises.

     1.4.3 Company also agrees that use of the Premises is conditioned upon
          Company's agreement that it will not develop the Premises and/or
          adjoining or surrounding properties in a manner that County may find
          objectionable to Airport and/or Aircraft operations. CDR, however,
          retains the sole right to determine, in its reasonable discretion, if
          the uses are Incompatible Uses or Compatible Uses, as defined below:

          1.4.3.1 Incompatible Uses: The term "Incompatible Uses" means uses
               which potentially expose persons to elevated levels of Aircraft
               generated noise or to areas identified as necessary to protect
               the safe passage of Aircraft, or which have been determined by
               the Federal Aviation Administration (the "FAA"), the Director of
               the Department of Aviation, and/or the Airport Height Hazard
               Board of Adjustment to be hazardous to or incompatible with air
               navigation. Incompatible Uses include, but are not limited to:
               rural estate uses, residential uses, single- family homes, mobile
               homes, low density, medium density and high density housing,
               apartments, group quarters, condominiums, time-sharing
               apartments, condominium hotels or motels, townhouses, churches,
               hospitals, care centers, nursing homes, schools, auditoriums and
               concert halls, fraternity and sorority housing, recreational
               vehicle parks, places of public assembly, amusement parks,
               outdoor sports arenas, zoos, uses that may in the future be
               accessory to or enhance any of the uses described above on
               adjacent parcels, and uses intended to fulfill development and/or
               zoning requirements for any of the uses described above on an
               adjacent parcel (including, without limitation, open space,
               parking and landscaping requirements). The fact that any of the
               foregoing uses is permitted under the Clark County Code shall
               have no bearing on whether they constitute an Incompatible Use
               under this Restriction.

               No "sexually oriented" business or "adult use," as defined in the
               Clark County Code (e.g. CCC 6.110, 6.140, 6.160, 6.170, 7.54,
               30.08.030, and 30.44.010 and as amended from time to time), or

                                       -9-

<PAGE>

               other laws, regulations and ordinances now in effect or
               hereinafter enacted that deal with such businesses and uses,
               shall be allowed upon any part of the Premises. No use for which
               a liquor or gaming license is required shall be allowed upon any
               part of the Premises without the written consent of County
               (refusal to consent to these uses is solely within the discretion
               of the Board of County Commissioners and does not need to be
               reasonable). Should County consent to a use involving a liquor or
               gaming license, Company shall pay all costs, including the cost
               of background investigations and attorney fees, relating to the
               licensing process. Notwithstanding the foregoing, CDR consents to
               liquor uses, subject to all normal and customary licensing
               procedures, in such restaurants as may be developed on the
               Premises.

          1.4.3.2 Compatible Uses: The term "Compatible Uses," means land uses
               which are appropriate given the area's exposure to Aircraft
               overflight and noise, and the limitations on development
               necessary to preclude potential hazards to air navigation.
               Compatible Uses which may conform with the preceding definition
               include, but are not limited to, commercial uses such as office,
               warehousing, manufacturing, business, professional, and wholesale
               and retail, provided any occupied structure is constructed using
               noise attenuation construction techniques in compliance with FAA
               regulations as further outlined in Sections 1.4.3.3, 1.4.3.4 and
               3.18 below; communication uses; transportation uses such as
               railroad, motor vehicle, rapid transit and street railway
               transportation; street and highway rights-of-way; utility
               rights-of way; parking; general dispersed recreation; golf
               courses; and drainage facilities.

          1.4.3.3 Avigation Easement: Company hereby grants and conveys to
               County a perpetual and assignable right-of-way and easement for
               the free and unobstructed passage of all Aircraft,. regardless of
               the owner or operator of such, in, through, and across all of the
               airspace above the Premises (including the Commercial Facilities
               constructed thereon) subject to such rights, terms, and
               conditions as contained herein. For purposes of this Agreement,
               "Aircraft" is defined as any contrivance now known or hereafter
               invented, used, or designed for navigation of or flight in the
               air or space, regardless of the form of propulsion which powers
               said Aircraft in flight.

               County, its successors in interest and assigns, for the use and
               benefit of Aircraft owners, operators and the general public,
               shall have the continuing right to cause or allow in all of the
               airspace above the surface of the Premises such noise, fumes,
               vibrations, dust, fuel, particles and all other effects that may
               be caused by or

                                      -10-

<PAGE>

               result from the operation of Aircraft, whether or not said
               Aircraft over fly or intrude into the airspace above the
               Premises.

               County reserves unto itself, its successors and assigns, for the
               use and benefit of Aircraft owners, operators and the general
               public, a right of flight for the passage of Aircraft in the
               airspace above the Premises (including the Commercial Facilities
               constructed thereon), together with the right to cause in said
               airspace such noise as may be inherent in the operation of
               Aircraft, now known or hereafter used; for navigation of or
               flight in said airspace, and for use of said airspace for landing
               at, taking off from or operating at the facilities now known as,
               or any future name or common reference that may be promulgated,
               adopted or referred to, McCarran International Airport, Nellis
               Air Force Base, North Las Vegas Airport, Overton Airport, Indian
               Springs Air. Force Base, Henderson Executive Airport,
               Laughlin/Bullhead Airport, Searchlight Airport, Mesquite Airport,
               Boulder City Airport, and Jean Airport; or any-and all. future
               facility or facilities developed in the Ivanpah Valley, Pahrump
               Valley, and in the vicinity of the City of Mesquite (the
               "Airports").

               Company covenants and agrees not to allow any improvement to
               become constructed. on the Premises which is, will be or has been
               erected to a height and does extend into the airspace where, upon
               making application of a FAA form 7460-1 if required, the FAA
               determines such improvement to- be an obstruction and/or hazard
               to air navigation pursuant to the rules and regulations of the
               FAA under Code of Federal Regulations ("CFR") Title 14, Chapter
               I, Part 77 ("Part 77"). Should the FAA determine such proposed,
               erected, or grown improvement to be an obstruction and/or hazard
               to air navigation, the improvement is to be removed, demolished,
               and/or lowered to a height which the FAA determines not to be an
               obstruction and/or hazard to air navigation, and until such
               compliance is determined by the FAA, Company shall not be granted
               a permit under. Clark County Code Chapter 20 and Chapter 30,
               including but not limited to Section 20.13 and Section 30.48 Part
               B "Airport Airspace Overlay District" as amended, or any similar
               federal state, or local regulation which may hereinafter be
               enacted in total or in part:

               Company covenants and agrees not to allow any vegetation to be
               planted or grown on. the Premises which is, will be or has been
               grown to a height and does extend into the airspace where, upon
               making application of a FAA form 7460-I if required, the FAA
               determines such vegetation to be an obstruction and/or hazard to
               air navigation pursuant to the rules and regulations of the FAA
               under Part 77. Should FAA determine such proposed or grown

                                      -11-

<PAGE>

               vegetation to be an obstruction and/or hazard to air navigation,
               the vegetation is to be removed, trimmed, and/or lowered to a
               height -which the FAA determines not to be an obstruction and/or
               hazard to air navigation, and until such compliance is determined
               by the FAA, Company shall not be granted a permit under Clark
               County Code Chapter 20 and Chapter 30, including but not limited
               to Section 20.13 and Section 30.48 Part B "Airport Airspace
               Overlay District" as amended, or any similar federal state, or
               local regulation which may hereinafter be enacted in total or in
               part.

               Company shall, prior to 1) construction of any applicable
               improvement; 2) planting any applicable vegetation; or 3) at such
               time as any vegetation is grown to a height on the Premises that
               meets or exceeds the notification requirements of Part 77; file
               notice with the FAA in accordance with the requirements of Part
               77 as applied to the Airports via FAA form 7460-1, as amended, or
               any similar regulations which may hereinafter be enacted and,
               where required by the Clark County Code, receive either a
               Director's Permit from the Department of Aviation or a Director's
               Permit Variance from County's Airport Hazard Area Board of
               Adjustment.

               Company, in addition to all rights, terms, and conditions
               contained herein, expressly acknowledges and consents to the
               right of Aircraft flight set forth in Title 49 United States Code
               ("USC") Section 40102(a)(30), 49 USC Section 40103(a)(2), Title
               14 CFR, Chapter I, Part 91., Part 101, and Part 103 as amended,
               including but not limited to 14 CFR Part 91.119, or any similar
               statute or regulation which may hereinafter be enacted in total
               or in part, and Nevada Revised Statute ("NRS") Chapters,
               including but not limited to, NRS 493.030, NRS 493.040 and NRS
               493.050, as amended, or any similar regulation or statute which
               may hereinafter be enacted in total or in part, as may be
               undertaken by Aircraft arriving to or departing from the
               Airports.

          1.4.3.4 Waiver: Company, its successors, assigns, licensees, invitees,
               and tenants, hereby waive, remise, and release any right, claim,
               or cause of action which they may now have or may have in the
               future against County, and its officers and employees, or
               operators or users, and their officers, directors, employees, and
               agents, of the above described Airports, for losses or
               psychological or physical effects on account of or arising out of
               noise, vibrations, fumes, dust, fuel, particles and all other
               effects that may be caused or may have been caused by the
               operation of Aircraft landing at, taking off from, or operating
               at or on the Airports, or in or near the airspace above the
               Premises. Company, its successors, assigns, licensees, invitees,
               and tenants specifically waives any and all claims,

                                      -12-

<PAGE>

               including a claim that the easement is burdened by increases in
               noise, fumes, vibrations, dust, fuel, particles, or any other
               effects that may be caused by or result from the operation of
               Aircraft; changes in the type or frequency of Aircraft
               operations, the airport layout, or flight patterns; or increases
               in nighttime operations.

               Further, Company, its successors, assigns, licensees, invitees,
               and tenants, hereby waive, remise, and release any right, claim,
               or cause of action as to use and/or regulation of all airspace
               more than fifty (50) feet above the finished grade of the
               Premises (more than forty (40) feet above the finished grade will
               require Airport and CDR written approval), except as may be
               granted by County.

               The above grant of Avigation Easement and Waiver do not require
               the removal of an improvement or vegetation in the condition
               existing on the Premises as of-the date of this Agreement.

Company expressly agrees for itself, its successors and assigns, to:

     a.   Submit to County plans showing exterior building finishes, including
          but not limited to glass surfaces and exterior lighting, which
          potentially may make it difficult for Aircraft pilots to distinguish,
          between- airport lights and other lights; produce glare or reflection
          which would impair Aircraft pilots landing or taking off at the
          Airport, impair visibility in the vicinity of the Airport, or
          otherwise endanger the landing, take off, or maneuvering of Aircraft;
          and shall not install the same without receiving a Director's Permit
          from the Department of Aviation or a variance from County's Airport
          Height Hazard Board of Adjustment. Company shall not use, permit, or
          suffer the use of the Premises in such manner a5 to create electrical
          interference with radio communication to or from any Aircraft or
          between any airport installation or navigational aid (NAVAID) and any
          Aircraft.

     b.   Not authorize the construction of any facility or improvement on the
          Premises, which attracts or results in the concentration of birds or
          other wildlife which would interfere with the safe operation of
          Aircraft in flight.

     c.   Use construction practices and materials to achieve an exterior to
          interior noise level reduction sufficient to-achieve a maximum 40
          decibel Day-Night Level (DNL 40 dB) interior noise level in any
          permanent structures, based on Aircraft noise contours shown on the
          McCarran International Airport Environs Overlay District Map, prepared
          by the Department of Aviation and dated April 16, 1998, or on a
          subsequent version of said map(s) as may be updated from time to time
          by the Department of Aviation (Airport Environs Map). Land, buildings,
          and structures shall be deemed to be impacted by the specific noise
          contours that cross them as shown on the Airport Environs Maps. Where
          a building is or would be

                                      -13-

<PAGE>

          impacted by one or more noise contours, the entire building shall be
          considered to be within the most restrictive noise contour.

1.5  STANDARDS OF OPERATION

     1.5.1 Company will develop and cause to be constructed Commercial
          Facilities in accordance with - plans and specifications prepared by
          Company and approved by CDR in order to provide a first-class
          commercial facility operation for use by its Sublessees or Tenants.

     1.5.2 Company may enter into a standard form Sublease (attached as Exhibit
          "F' hereto and made a part hereof), which has been approved by CDR,
          with Sublessees or Tenants. With CDR's approval, an entirely new form
          of standard form. Sublease may be adopted for use by Company from time
          to time.

          1.5.2.1 Consistent with Section 2.2.1.4 below, Company must obtain the
               written approval of CDR for any materially adverse change to the
               standard form Sublease.

          1.5.2.2 All Subleases must be for those uses permitted in Section I.4
               (entitled USE OF PREMISES) above, and must incorporate by
               reference all applicable provisions of this Agreement (as
               reasonably determined by Company) to ensure every Sublessee's
               operations and conduct are in compliance with such applicable
               provisions of this Agreement.

     1.5.3 Company will provide County with a copy of any rules, regulations or
          other standards of operation developed by Company and distributed to
          Sublessees and Tenants.

1.6  BUDGET APPROVAL

     1.6.1 A written budget for each calendar year during the term of this
          Agreement will be prepared for all expenses related to the use,
          maintenance and operation of the Premises, including, without
          limitation, maintenance, operation, administration, leasing and other
          fees and expenses of any nature as follows:

          1.6.1.1 On or within thirty (30) days following substantial completion
               of the Commercial Facilities, Company and CDR will agree upon an
               initial budget to cover the period from the Effective Date until
               December 31 of the year in which the Effective Date falls.

          1.6.1.2 By October 15, annually, Company will prepare and submit to
               CDR a written budget for the following calendar year.

          1.6.1.3 Within fourteen (14) days of receipt of the proposed budget,
               CDR will review and approve or disapprove the proposed budget
               submitted by Company.

                                      -14-

<PAGE>

               1.6.1.3.1 If disapproved on reasonable grounds, CDR will inform
                    Company in writing of its disapproval, describing the
                    disapproved provisions of the proposed budget, or requesting
                    further clarification of the budget elements. Company will
                    respond Within fourteen (14) days with clarification of the
                    budget elements or with a modified written budget, which is
                    reasonably satisfactory to CDR. The Participating Parties
                    agree to negotiate in good faith to resolve any conflicting
                    issues that may arise. If CDR fails to timely respond, the
                    proposed budget will be deemed approved and will become an
                    Approved Budget.

               1.6.1.3.2 If, however, the Participating Parties cannot agree
                    upon the elements contained in the proposed budget or if,
                    during the term of the following year, the parties cannot
                    agree upon the interpretation of the intent of the Approved
                    Budget, a neutral third party will be selected by CDR to
                    arbitrate the disputed terms.

                    1.6.1.3.2.1 If, however, Company does not accept the neutral
                         third party selected by CDR, Company will be allowed to
                         select a second neutral party. The two selected parties
                         will then select a third neutral party and the three
                         together will arbitrate the disputed terms. County
                         agrees that Company may operate under the prior year
                         Approved Budget until the dispute is resolved. All
                         neutral parties shall have at least five (5) years
                         experience in commercial real estate matters and must
                         be attorney(s) certified by the Nevada Court Annexed
                         Arbitration Program.

                    1.6.1.3.2.2 CDR and Company agree to be bound by the
                         decisions reached by the selected arbitrator. The
                         Participating Parties will cause the arbitrator to make
                         a determination within fourteen (14) days following
                         submittal.

                    1.6.1.3.2.3 The Participating Parties agree that each party
                         will bear its own costs and expenses incurred for
                         attorney's fees, preparation and presentation costs for
                         the arbitration process. The Participating Parties will
                         share the cost of any third arbitrator.

          1.6.1.4 The agreed upon budget will be deemed the Approved Budget for
               the applicable calendar year. Until a budget has been approved,
               the prior year's budget will be used.

                                      -15-

<PAGE>

     1.6.2 Company will be entitled to expend funds in accordance with the
          Approved Budget during the applicable calendar year. In the event
          Company is over-budget on a particular line item, Company may
          reallocate excess funds from one line item to another line item,
          except that any salary line item reallocations must be approved by
          CDR. Any expenses not covered by the Approved Budget are subject to
          the reasonable written approval of CDR. In the event of emergency,
          Company may immediately take action necessary to complete repair and
          any expenses incurred by Company will be shared in accordance with the
          provisions of Section 1.7 (entitled RENTALS AND FEES) below.

1.7  RENTALS AND FEES

     Rentals and fees for the operation of the Commercial Facilities will be as
     follows:

     1.7.1 As soon as practicable following the Approval Date, Company, at its
          election, will obtain financing for the Commercial Facilities in
          accordance with the, terms and conditions of Section 2.19 (entitled
          FINANCING) of this Agreement. Rentals and fees will be subject to such
          financing and completion, of the Commercial Facilities as follows:

          1.7.1.1 The Participating Parties acknowledge that Company may be
               required to make an equity contribution to fund the difference
               between total Project Costs and the amount of financing obtained
               by Company.

          1.7.1.2 Following completion of the Commercial Facilities and once the
               Net Revenue from the Commercial Facilities is available, such Net
               Revenue will be applied to Company's equity contribution, if
               applicable, until such time as the amount is repaid in full
               together with interest at the rate of eleven percent (11%) per
               annum. Company will furnish documentation satisfactory to CDR
               showing the Total Revenues received from the Commercial
               Facilities and the payments applied to the equity contribution
               amount. Company shall not finance more than thirty percent (30%)
               of Pro Forma Development Costs with its equity. Notwithstanding
               the prior sentence to the contrary, if, following Company's
               reasonable efforts to obtain loans requiring not more than thirty
               percent (30%) equity, Company is unable to obtain such loans (on
               reasonable and customary terms), then, Company will be allowed to
               increase its equity contribution to such amounts required by its
               Lenders. Except as otherwise agreed by County, any amount in
               excess of thirty percent (30%) that is self-financed will be
               repaid with interest at a rate equal to the applicable loan rate
               (whether construction or permanent loan) plus one hundred fifty
               (150) basis points per annum, not to exceed eleven percent (11%)
               per annum.

                                      -16-

<PAGE>

          1.7.1.3 The Participating Parties will acknowledge the date the equity
               contribution is paid in full by written notice from Company and
               acknowledgment by CDR.

          1.7.1.4 In the event of default by Company and the subsequent
               foreclosure and sale of the leasehold interest to an Assignee as
               provided in Section 2.19 (entitled FINANCING) below, and assuming
               County declines the right to assume the Loan (as provided in
               Section 2.19.11 below), the above defined rentals will be abated
               as described in Section 2.19.11.2 below. Following satisfaction
               of the Loan obligation owed to an Assignee of Lender, payment to
               County of the rentals and fees as described in this Section 1.7
               will resume.

          1.7.1.5 Any additional capital required to be contributed for
               operation of the Property, following completion of construction
               of the Initial Improvements shall be contributed by Company, as
               an additional equity contribution, provided such capital is
               required to pay obligations arising under either an Approved
               Budget or a Sublease, or reasonably required to remedy an
               unforeseen situation. Any such equity contribution shall be
               repaid as described in Section 1.7.1.2 above.

          1.7.1.6 Company recognizes that the Premises are within the boundary
               of the Cooperative Management Area and that this Agreement is
               subject to the provisions of the SNPLMA, and that County is
               required by the SNPLMA to receive "fair market value" for all
               leases on land within the Cooperative Management Area. The
               Parties agree and acknowledge that they have negotiated this
               Agreement to be a fair market lease. If it is determined by a
               court of competent jurisdiction that any of the terms and
               conditions of this Agreement violate the SNPLMA, then Company
               agrees to renegotiate in good faith the applicable terms of this
               Agreement with County, consistent with the provisions of Section
               4.6 below.

     1.7.2 Upon the date Company's and County's equity contributions (if
          applicable) are paid in full, with interest, as described in Section
          1.7.1.2 above, the rental for the Premises will consist of County's
          share of Net Revenue, as defined in Section 1.1 22 of this Agreement,
          calculated as follows:

                    Total Revenue

                    Less: Debt Service

                         Actual expenses authorized in the. Approved Budget,
                         including the cost of any Maintenance and Operations,
                         development fees, leasing commissions,

                                      -17-

<PAGE>

                         capital market fees, or other Project Costs approved by
                         CDR

                         Capital Improvement Expenditures

                         Management Fees

                         Reasonable reserves for Maintenance and Operations and
                         capital improvements, or any other reserve required by
                         any Lender under any approved financing

                    Equals: Net Revenue (available cash)

                    Distribution 50% to County
                    of Net Revenue: 50% to Company

     1.7.3 On or before the twenty-fifth (25th) of each month, Company will
          submit a statement depicting Total Revenue received for the preceding
          month and allowable deductions for the Net Revenue calculation. A
          check for County's fifty percent (50%) share of Net Revenue will be
          submitted with such report.

     1.7.4 Company will make all payments by check made payable to the Clark
          County Department of Aviation and deliver or mail said payments to
          County at McCarron International Airport, P.O. Box 11005, Las Vegas,
          Nevada 89111-1005 or to such other place as County may direct Company
          in writing:

     1.7.5 In the event any required payment is not made by Company to County as
          required and remains unpaid for a period of thirty (30) days or more,
          County will be entitled to, and Company will pay to County, interest
          at the rate of eleven percent (11%) per annum on all amounts unpaid
          and which remain unpaid thirty (30) days past the due date. However,
          the County will not be prevented from terminating this Agreement for
          default of payments of rents, fees, or charges or from enforcing any
          other provisions contained herein or implied by law.

     1.7.6 On or prior to April 30, annually, during the term of this Agreement
          or any extension thereof and within ninety (90) days after the
          expiration of the term of this Agreement, Company will provide County
          with a statement showing the entire preceding year's business
          operations, including revenue and expenses, which will be prepared in
          accordance with sound accounting principles. Such statement is to be
          prepared by Company's Certified Public Accountant and contain a
          written opinion as to whether the gross revenues and distribution of
          Net Revenue has been made in accordance with the provisions of this
          Agreement Should such statements show that the amount paid during the
          period of review was less than that which was due, Company will
          immediately remit the additional amount to County. Should such
          statement show that Company paid County more than was due, after
          review and verification by CDR a credit will be issued to be applied
          against future Net Revenue, except that if such should be the case at
          the

                                      -18-

<PAGE>

          end of the last month of this Agreement, County will refund the
          overpayment to Company.

     1.7.7 Subject to the extension rights set forth in Section 1.10.3.1 below,
          if the Initial Improvements are not completed by the first day of the
          thirty-sixth (36th) month following the Approval Date, then Company
          will pay flat ground rent equal to the then fair market ground rent
          for unimproved real estate which is: (a) subject to the same rights
          and interests encumbering the Premises, and (b) at this location. Such
          payment of flat ground rent shall continue only until the completion
          of the Initial Improvements.

1.8  RECORDS AND AUDIT

     1.8.1 Within forty-eight (48) hours of request by County, Company agrees to
          provide at a location in the metropolitan area of Las Vegas, Nevada,
          accurate books, records, and accounts of all revenues received from
          Company's business authorized under this Agreement. Company further
          agrees to make such books, records and accounts available at any time,
          Monday through Friday (excluding holidays), 9:00 a.m. to 5:00 p.m. for
          the inspection of CDR, or such agents, employees or accountants as
          he/she may designate for at least a six (6) year period following the
          end of each annual period of this Agreement. In the event that County
          detects error(s) in fees in favor of County by a greater margin of one
          percent (1%) during such inspection, the cost of the inspection shall
          be borne by Company.

     1.8.2 County will, at any time, have the right to cause an audit of the
          business of Company to be made by a Certified Public Accountant of
          County's selection and if the financial statements previously made to
          County by Company will be found to be intentionally understated in any
          respect or to be understated (either intentionally or unintentionally)
          by a greater margin of one percent (1%) of Company's Total Revenue for
          the period of review, then Company will immediately pay to County the
          reasonable cost of such audit, as well as the additional payments
          shown to be payable to County by Company. Otherwise, the cost of the
          audit will be paid by County.

1.9  IMPROVEMENTS, MAINTENANCE AND REPAIR BY COUNTY

     1.9.1 County has no direct responsibility or obligation for any
          maintenance, repair or replacement 'of the leased Premises or
          improvements.

     1.9.2 In connection with the Commercial Facilities, at any time and from
          time to time during the term of this Agreement, County agrees to, upon
          the written request of Company, assist Company in delivering such
          instruments as may be appropriate, necessary, required or desired by
          Company for the purpose of (a) the grant or dedication of any
          easement, right of way or other property right to any public entity or
          service corporation or for the development of the Premises, so long as
          such grant or dedication does not substantially impair the value of
          the County's fee interest in the real property underlying the
          Premises, or (b) the application to

                                      -19-

<PAGE>

          any governmental authority for, or the obtaining of, approvals;
          consents, zoning changes, conditional uses, variances, subdivision
          maps or the like, in each instance for the purpose of providing
          adequate utility services to the Premises or of permitting Company to
          construct the Commercial Facilities on the Premises or make any
          alteration or addition to the Commercial Facilities, or (c) obtaining
          institutional construction and permanent financing, including such
          Estoppel Certificates, Subordination Agreements, and/or
          Non-Disturbance and Attornment Agreements, in customary form, as may
          be reasonably required by such Lenders.

1.10 IMPROVEMENTS, MAINTENANCE AND REPAIR BY COMPANY

     1.10.1 In the operations of Company's activities within the Premises,
          Company will design, develop; construct, manage and maintain and
          repair the following:

          1.10.1.1 All leasehold improvements, including but not limited to
               grading, fencing, paving, lighting, roadways, parking lots,
               drainage, structures, all applicable permits, zoning requirements
               as required by Company for the operation of the Commercial
               Facilities in the conduct of the business as authorized by
               Section 1.4 (entitled USE OF PREMISES) of this Agreement.
               Notwithstanding the assumption of any of these responsibilities
               by a Sublessee, Company shall remain responsible to ensure all
               leasehold improvements are completed in accordance with this
               Agreement.

     1.10.2 Commencement of construction of the Initial Improvements will be as
          soon as all approvals are obtained following the Approval Date of this
          Agreement.

          1.10.2.1 If Company has not commenced construction by the nineteenth
               (19'4) month after the Approval Date, it will be a material
               breach of this Agreement and County will have the right of
               termination as defined in Section 2.15 (entitled TERMINATION BY
               COUNTY) of this Agreement. County agrees to give Company ninety
               (90) days prior written notice before executing its right to
               terminate this Agreement. County agrees not to exercise its right
               to terminate until any Lender has been given its rights to cure
               or foreclose on Company as provided in Section 2.19 (entitled
               FINANCING) of this Agreement.

     1.10.3 Subject to Section 1.10.3.1 below, the dare of completion of the
          Initial Improvements. will be on or before the first (1st) day of the
          thirty-sixth (36th) month following the Approval Date.

          1.10.3.1 In the event the Initial Improvements are not completed
               within such thirty-six (36) months due to circumstances beyond
               the control of Company, County, through its CDR, may extend the
               completion of the Initial Improvements deadline for a period not
               to exceed six (6) months. In no event, however, will the
               extension

                                      -20-

<PAGE>

               period be longer than the commensurate time affected by the
               circumstances beyond the control of Company.

          1.10.3.2 Should the deadline for completion of the Initial
               Improvements not be extended as provided above or if the Initial
               Improvements are not completed by the time frame allowed in such
               extension, County may declare this failure to perform a material
               breach of this Agreement and County will have the right to
               terminate set forth in Section 2.15 (entitled TERMINATION BY
               COUNTY) of this Agreement. County agrees to give Company ninety
               (90) days prior written notice before executing its right to
               terminate this Agreement. County agrees not to exercise its right
               to terminate until any Lender has been given its rights to cure
               or foreclose on Company as provided in Section 2.19 (entitled
               FINANCING) below.

          1.10.3.3 If, at the end of such thirty-six (36) months (as such period
               may be extended as provided above), Company has not completed the
               Initial Improvements proposed for the Premises, then Company
               forfeits any rights to lease and develop the remaining
               undeveloped portion of the Premises (the "Undeveloped Portion").
               Upon ninety (90) days written notice to Company of its intent,
               County will have the right to enter and occupy the Undeveloped
               Portion. County agrees not to exercise this right until any
               Lender has been given its rights to cure Company's default under
               this Agreement or foreclose its mortgage or deed of trust, as
               provided in Section 2.19 (entitled FINANCING) of this Agreement.
               A modified Exhibit "D," excluding the Undeveloped Portion, will
               then be prepared by Airport Engineering and verified by an
               exchange of correspondence. Such modified Exhibit "D" will be
               attached hereto and made a part hereof in replacement of the
               current Exhibit "D" to this Agreement.

     1.10.4 Company will construct and install the following, each of which will
          be considered a Project Cost:

          1.10.4.1 Underground utility lines and connections. Company's expense
               will include all connection fees or all other fees.

          1.10.4.2 All leasehold improvements including, but not limited to,
               grading, fencing, paving, lighting, roadways, parking lots,
               drainage and structures which are required by Company in its
               conduct of business as authorized under Section 1.4 (entitled USE
               OF PREMISES) below.

                                      -21-

<PAGE>

     1.10.5 Maintenance is understood and agreed to include all janitorial
          services and requirements and daily routine Premises cleanup, and all
          dust mitigation requirements.

     1.10.6 All improvements or alterations by Company will be in accordance
          with the Clark County Code and all other applicable governmental rules
          and regulations. The shell drawings for the Initial Improvements are
          also subject to the prior written approval of CDR; if requested by
          CDR. In the event of a default hereunder by Company, Company will
          provide County copies of all the following documents which are in
          Company's possession: as-built drawings of all improvements, along
          with a certification of construction costs for all permanent
          improvements.

     1.10.7 During the term or any extension of this Agreement, Company may, as
          a Project Cost with -prior written approval of CDR, add to or alter
          the Initial Improvements at any time subject to the applicable
          provisions of this Section 1.10. Any such addition or alteration will
          be performed in a workmanlike manner in accordance with all applicable
          governmental regulations and requirements and will not weaken or
          impair the structural strength or reduce the value of the Premises or
          improvements thereon.

     1.10.8 Company will be responsible as a Maintenance and Operation expense
          for the removal and disposal of garbage, debris, contaminants and any
          other waste material (whether solid or liquid) arising out of its
          occupancy of the leased Premises or out of its operation. Such removal
          will conform with all governmental requirements and regulations as
          more fully described hereinafter in Section 3.22 (entitled
          ENVIRONMENTAL POLICY) below.

     1.10.9 Should Company fail to perform its maintenance and repair
          responsibilities, County may, but is not obligated to, provide
          maintenance and make repairs thereon and thereto, upon thirty (30)
          days prior written notice of its intent to do so; except in case of
          emergency for which no notice is necessary. Company shall reimburse
          County for any such reasonable amounts as billed, plus a ten percent
          (10%) administrative fee. Company may then charge such costs to the
          project as a maintenance expense.

     1.10.10 In addition to this Agreement, County may enter into other ground
          lease agreements on substantially similar terms with affiliates of
          Company (the "Company Affiliates") for the development of other real
          property owned or controlled by County on or in the vicinity of the
          Airport (the "Related Lease Agreements"). Notwithstanding any language
          to the contrary contained in this Agreement, Company may, with CDR's
          prior written consent, alter the boundary lines of the Premises under
          this Agreement, and under the Related Lease Agreements, and reorder
          the sequence and timing of the commencement of construction of the
          Commercial Facilities under this Agreement and under the Related Lease
          Agreements; provided, however, that in no event shall such altering
          and/or reordering excuse Company or any of the Company Affiliates

                                      -22-

<PAGE>

          from fulfilling their obligations under this Agreement or under the
          Related Lease Agreements.

     1.10.11 The Company shall submit a site plan ("Site Plan") for the proposed
          Premises, including all areas that have previously been the subject of
          an exercise of the lease option granted in the Lease Option Agreement,
          to the CDR no later than the final Approval Date of this Agreement by
          the Board of County Commissioners. In addition, Company shall submit
          an updated Site Plan in connection with any proposed amendment to this
          Agreement.

1.11 CONSTRUCTION STANDARDS, RULES AND REGULATIONS

     All Initial Improvements by Company will be in accordance with the Clark
     County Code and all other applicable governmental rules and regulations.

     Further, design and construction specifications and documents must be
     reviewed by County Department of Building and Zoning prior to the issuance
     of a building permit and will be subject to any statute, ordinance, rule or
     regulation of any other applicable governmental agency, department or
     authority whether Federal, State or local.

1.12 APPROVALS TO BE REASONABLY GIVEN

     It is understood and agreed that all provisions of this Agreement which
     require approval by or the consent of the County or CDR, except those that
     are specifically noted as "sole" discretion (which still require responses
     in a timely manner), will receive timely response and such approvals or
     consents will not be unreasonably withheld, conditioned or delayed.

                                   ARTICLE II

2.1  ASSIGNMENT

     2.1.1 Company will not assign its rights or duties hereunder or any estate
          created hereunder, in whole or in part, except with the prior written
          consent of County. County agrees to provide such consent if the
          proposed Assignee presented is a "proper and fit" person or entity,
          which means one having (1) demonstrated experience in the management
          of comparable commercial real estate properties (i.e., at least five
          (5) years of such management experience or a contractual relationship
          with a manager with such minimum experience), and (2) financial
          resources sufficient, in County's reasonable business judgment, to be
          financially secure to perform Company's obligations hereunder (i.e.,
          having a net worth of at least Two Million Dollars ($2,000,000) as
          increased annually according. to the percentage increase during the
          preceding year in the Consumer Price index for all urban wage earners
          and clerical workers [CPI-W] U.S. average all items prepared by the
          Bureau of Labor Statistics of the United States Department of Labor,
          with such increase not to exceed four percent (4%)). Further, any such
          assignment will be specifically subject to all provisions of this
          Agreement Except as provided below in this Section 2.1.1, any
          assignment by Company without County's

                                      -23-

<PAGE>

          consent is void. Notwithstanding the above, if the proposed Assignee
          is an institutional investor having a net worth of at least Twenty
          Million Dollars ($20,000,000) or an entity owned or controlled,
          directly or indirectly, by such an institutional investor, no prior
          written consent of County is required, but County shall be provided
          written notice of any such assignment within thirty (30).days
          following its effective date.

          2.1.1.1 Any voluntary transfer of fifty percent (50%) or more of
               Company's equity interest will be deemed an assignment.

          2.1.1.2 Before any assignment will become effective, the Assignee
               will, by written instrument, assume and agree to be bound by the
               terms and conditions of this Agreement during the remainder of
               the term thereafter. When seeking consent to an assignment
               hereunder, Company will submit a copy of the document or
               instrument of assignment to County. Any assignment will not
               release Company from its obligations under this Agreement arising
               prior to the date of assignment.

          2.1.1.3 Any transfers by the equity owners of Company or the equity
               owners of the equity owners of Company to each other or to other
               related parties for estate planning purposes will not be
               considered an assignment hereunder. For purposes of this Section
               2.1 (entitled ASSIGNMENT), "related parties" shall mean, in the
               case of individuals, any persons related by blood or marriage
               within the second degree of consanguinity, and in the case of
               legal entities, entities that control, are controlled by or are
               under common control with each other. Company shall notify CDR,
               in writing, of any such actions.

2.2  SUBLEASING

     Company Will not sublease, rent to, or permit any persons, firms or
     corporations to occupy any part of the leased Premises without having first
     complied with the following terms and conditions:

     2.2.1 Any arrangements must be in the form of a written instrument and must
          be specifically for purposes and uses of the Premises as authorized
          under this Agreement and subject to the provisions of this Agreement.

          2.2.1.1 Consistent with Section 1.5.2 above, all Subleases are to be
               entered into using the standard form agreement approved by CDR;
               provided, however, that in the course of negotiating the final
               terms of a particular Sublease, Company may make commercially
               reasonable revisions and modifications to the standard form
               agreement as required to consummate the transaction, subject to
               the terms of Section 2.2.1.4 below.

                                      -24-

<PAGE>

          2.2.1.2 Any arrangements for the leasing of space which are not based
               on the use of the standard form agreement approved in accordance
               with Section 1.12 above must receive the prior written approval
               of CDR.

          2.2.1.3 All license agreements of Company shall be entered into using
               a standard form of license agreement approved by-County;
               provided, however, that in the course of negotiating the
               final-terms of a particular license agreement, Company may make
               commercially reasonable revisions and modifications to the
               approved form of agreement as required to consummate the
               transaction, subject to the terms of Section 22.1.4 below.

          2.2.1.4 CDR must approve any materially adverse change to the standard
               form of Sublease or license agreement. For purposes of this
               Section 2.2.1.4, the term "materially adverse change" shall mean
               any change to the form of Sublease attached hereto (or the
               approved form of license agreement) that would amend those
               provisions (a) dealing with the obligations of a Sublessee (or
               licensee) to comply with the pertinent provisions of this
               Agreement, or (b) which incorporate by reference any of the terms
               and provisions of this Agreement.

     2.2.2 All Subleases and license agreements of Company will be subject to
          all terms and conditions of this Agreement.

2.3  ATTORNMENT

     2.3.1 In the event Company ceases to be a party to this Agreement and
          perform its obligations hereunder to County, other than by a transfer
          of interest and novation approved in writing by County, all Sublessees
          will recognize County as the successor to Company, and render
          performance hereunder to County as if the Sublease were executed
          directly between County and the Sublessees; provided, however, County
          agrees that so long as Sublessees are not in default, County agrees to
          provide quiet enjoyment to the Sublessees and County agrees to be
          bound by all of the terms and conditions of such Sublease. County
          shall execute a separate Subordination, Non-Disturbance and Attornment
          Agreement if so required by any Sublessee.

     2.3.2 All Subleases of Company will provide that:

          If by reason of a default on the part of Company as lessee in the
          performance of the terms of the provisions of the underlying
          Agreement, the underlying Agreement and the leasehold estate of
          Company as lessee thereunder is terminated by summary proceedings or
          otherwise in accordance with the terms of the underlying Agreement,
          all Sublessees will attorn to County and recognize County as lessor,
          provided, however, County agrees that so long as such

                                      -25-

<PAGE>

          Sublessees are not in default, County agrees to provide quiet
          enjoyment to the Sublessees and to be bound by all the terms and
          conditions of such Sublease.

     2.3.3 In the event this Agreement is terminated for any reason, all
          Sublessees will be liable to County for their payment of rents and
          fees.

2.4  SUCCESSORS AND ASSIGNS

     All covenants and conditions of this Agreement will extend to and bind the
     legal representatives, successors and assigns of the respective parties
     hereto and all agreements with Assignees will include all provisions
     contained in this Agreement.

2.5  CONTROL OF PERSONNEL

     Company will, in and about the leased Premises, exercise reasonable control
     over the conduct, demeanor and appearance of its employees, agents and
     representatives and the conduct of its contractors and suppliers. Upon
     objection from CDR to Company concerning the conduct, demeanor or
     appearance of such persons, Company will, within a reasonable time, remedy
     the cause of the objection.

2.6  SIGNS AND/OR WORKS OF ART

     2.6.1 Company will not erect, install, operate, nor cause or permit to. be
          erected, installed, or operated upon Airport property (other than the
          Premises), any signs or other similar advertising devices for its own
          business.

     2.6.2 Any identifying signs erected, installed, operated or attached to the
          leased Premises will require the prior written approval of CDR, which
          will not be unreasonably withheld. Such approval may consider and
          provide conditions concerning factors including, but not limited to,
          size, type, content, and method of installation.

     2.6.3 Company will not commission, install or display any work of art
          without the prior written approval of CDR and without a full written
          waiver by the artist of all rights under the Visual Arts Rights Act of
          1990, 17 U.S.C. Sections 106A and 113.

2.7  ENTRY AND INSPECTION OF PREMISES

     County, its authorized officers, employees, agents, contractors,
     subcontractors or other representatives will have the right to enter upon
     the Premises for the following reasons by providing at least two (2)
     business days prior written notice and while accompanied by a
     representative of Company (except in an emergency, in which case County
     will provide concurrent or reasonable subsequent notice specifying the
     nature of the emergency and the need for immediate entry).

                                      -26-

<PAGE>

     2.7.1 To inspect at reasonable intervals during regular business hours (or
          any time in case of emergency) to determine whether Company has
          complied and is complying with the terms and conditions of this
          Agreement.

     2.7.2 For the purpose of inspecting the Premises and for fulfilling
          County's obligations hereunder, provided however, that such entry will
          be at such times and in such manner as to not unreasonably interfere
          with the operations of Company or its Sublessees. County may, however,
          enter at any time for emergency repairs or maintenance without
          responsibility to Company for loss of business.

          No such entry by or on behalf of County upon the Premises will cause
          or constitute a termination of this Agreement nor be deemed to
          constitute an interference with the possession thereof nor constitute
          a revocation of or interference with any of Company's rights in
          respect thereof for exclusive use of the Leased Premises.

          The inspections contemplated by the parties to this Agreement,
          pursuant to this Section, are for the sole benefit of the parties. No
          benefit to any third party is contemplated nor intended.

2.8  INTENTION OF PARTIES

     This Agreement is intended solely for the benefit of County and Company and
     is not intended to benefit, either directly or indirectly, any third party
     or member(s) of the public at large, except for those provisions of this
     Agreement specifically applicable to and for the benefit of a Lender. Any
     work done or inspection of the Premises by County is solely for the benefit
     of County and Company.

2.9  LIENS

     Company shall prepare for County, in a manner required by law, a Notice of
     Non-Responsibility. Company shall post in a conspicuous location on the
     Premises a Notice of Non-Responsibility for the benefit of County. Company
     will cause to be removed any and all liens of any nature including, but not
     limited to, tax liens and liens arising out of or because of any
     construction or installation performed by or on behalf of Company or any of
     its contractors or subcontractors upon Company's leased Premises or arising
     out of or because of the performance of any work or labor to it or them at
     the Premises or the furnishing of any materials to it or them for use at
     the Premises. Should any such lien be made or filed, Company will bond
     against or discharge the same within thirty (30) days after written request
     by CDR. The cost of bonding against or discharging any Liens relating to
     construction or installation of Commercial Facilities shall be a Project
     Cost.

     Should Company or any Sublessee cause any improvements to the Premises,
     Company shall cause any contract with any contractor, designer, or other
     person providing work, labor, or materials to the Premises to include the
     following clause:

          Contractor agrees on behalf of itself, its subcontractors, suppliers
          and consultants and their employees that there is no legal right to
          file a lien upon County-owned

                                      -27-

<PAGE>

          property and will not file a mechanic's lien or otherwise assert any
          claim against County's real estate or any County's leasehold interest
          on account of any work done, labor performed or materials furnished
          under this contract. Contractor agrees to indemnify, defend and hold
          the County and Company harmless from any liens filed upon the County's
          property and County's leasehold interest and shall promptly take all
          necessary legal action to ensure the removal of any such lien at
          Contractor's sole cost.

2.10 TAXES, LICENSES AND PERMITS

     Company will promptly, as a Project Cost, pay all taxes, excises, license
     fees and permit fees of whatever nature applicable to its operation and
     lease of Premises hereunder, including any real property taxes. Company
     shall not be responsible for any of County's franchise, inheritance, income
     or other tax levied on County or County's right to receive income from the
     Premises. Company may elect, however, at its own cost and expense to
     contest any such tax, excise, levy or assessment. Company will keep current
     municipal, state or local licenses or permits required for the conduct of
     its business.

2.11 INDEMNITY

     Company agrees to indemnify and hold County forever harmless from and
     against all liability, loss, demand, judgments or other expense (including,
     but not limited to, defense costs, expenses and reasonable attorney fees)
     imposed upon County by reason of injuries or death of persons (including
     wrongful death) and damages to property caused during and because of
     Company's use or occupancy of Airport property or the leased Premises or
     any actions or non-actions of Company, its officers, employees, agents, or
     other representatives, including movement of vehicles, provided, however,
     that such indemnity will not apply as to any negligent act or omission of
     County, its employees, agents or representatives.

2.12 INSURANCE AND BONDS

     2.12.1 Bonds

          2.12.1.1 County shall waive the requirement for Company's general
               contractor to furnish Bonds unless County provides reasonable
               evidence that such. general contractor(s) does not possess the
               financial ability or experience/reputation to complete the
               faithful performance of the construction of the tenant
               improvements or installation of equipment. Otherwise, Company
               will require its general contractor to furnish Bonds covering the
               faithful performance of the construction of the tenant
               improvements or installation of equipment, payment of all
               obligations arising thereunder to take effect upon completion of
               the project, in such a form and amount as CDR may approve. Bonds
               may be secured through the Contractor's usual sources provided
               the Surety is authorized and licensed to do business in the State
               of Nevada.

                                      -28-

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               Company will be allowed to name any Lender as an additional
               obligee under any such bond.

          2.12.1.2 If required by Section 2.12.1.1 above, prior to execution of
               a construction contract, and not later than ten (10) calendar
               days after notification of award, Company will require its
               contractor to furnish the following Bonds to CDR:

               a.   Labor and Material Payment Bond in the amount of one hundred
                    percent (100%) of the contract price.

               b.   Payment and Performance Bond in the amount of one hundred
                    percent (100%) of the contract price.

               CDR may waive or modify the requirements of this Section 2.12.1
               upon written request by Company.

          2.12.1.3 The Bonds referred to in Section 2.12.1.1 and 2.12.1.2 above
               will be written on the Payment and Performance Bond and Labor and
               Material Payment Bond forms approved by CDR.

          2.12.1.4 Company will require its contractor to require the
               attorney-in-fact who executes the required Bonds on behalf of the
               Surety to affix thereto a certified and current copy of his power
               of attorney.

          2.12.1.5 Any Labor and Material Payment Bond, Performance Bond, or
               Guaranty Bond prepared by a licensed nonresident agent must be
               countersigned by a resident agent as per the provisions of N.R.S.
               680A.300.

     2.12.2 Insurance

          2.12.2.1 Prior to the commencement of any improvement or equipment
               installation on or about the Premises, Company will require that
               its construction contractor procure and maintain insurance for
               such construction and installation protecting both Company and
               County as well as the construction contractor. Such insurance
               will provide coverage and limits as are determined customary in
               the industry by CDR and Company. Such insurance will include, but
               is not limited to:

               -    General Liability on an "occurrence" basis only

               -    Automobile Liability

               -    Builder's Risk equal to the maximum probable loss covering
                    the project and all materials and equipment.

                                      -29-

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          2.12.2.2 Company's (or its Contractor's) insurance will be primary as
               respects County' and Company, their officers, employees and
               volunteers acting as agents of County (hereinafter referred to as
               "volunteers"). Any other coverage available to County, its
               officers, employees and volunteers will be excess over the
               insurance required by the contract and shall not contribute with
               in

          2.12.2.3 Company will maintain worker's compensation in the amounts
               and form as required by the Nevada Industrial Insurance Act and
               the Nevada Occupational Diseases Act. Certificates evidencing the
               valid, effective' insurance policies will be provided to and kept
               on file with CDR.

          2.12.2.4 Company will keep insured with responsible insurance
               underwriters any improvements constructed by it upon and within
               the leased Premises to the extent of not less than one hundred
               percent (100%) of the full replacement cost of such improvements
               using the "all risk" form of protection (or comparable coverage)
               as acceptable to CDR. Company will be responsible for insuring
               against any rental protection resulting in loss of income or
               extra expense to Company.

          2.12.2.5 Company will obtain and keep in full force and effect a
               policy(s) of general liability on an "occurrence" basis only and
               not "claims made." The coverage must be provided either on ISO
               Commercial General Liability form, an ISO Broad Form
               Comprehensive General Liability form, or equivalent, approved by
               CDR and Company. Any exceptions to coverage must be fully
               disclosed on the required Certificate. If other than these forms
               are submitted as evidence of compliance, complete copies of such
               policy forms will be. submitted to CDR within ten (10) days after
               notice to Company. Policies must include, but need not be limited
               to, coverages for bodily injury, property damage, personal
               injury, Broad Form property damage, premises and operations,
               severability of interest, products and completed operations,
               contractual and independent contractors, with no exclusions of
               coverage for liability resulting from the hazards of explosion,
               collapse, and underground property damage.

               Company will maintain limits of no less than One Million Dollars
               ($1,000,000) combined single limit per occurrence for bodily
               injury (including death), personal injury and property damage.

          2.12.2.6 Company will furnish Automobile Liability coverage for claims
               for damage because of bodily injury or death of any person, or
               property damage arising out of the ownership, maintenance or use
               of any motor vehicles whether owned, hired or non-owned.

                                      -30-

<PAGE>

               Company will maintain limits of no less than One Million Dollars
               ($1,000,000) combined single limit "per accident" for bodily
               injury and property damage.

          2.12.2.7 All required insurance coverage as stated in this Section
               2.12.2 will be evidenced by a current Certificate(s) of
               Insurance. Such Certificates will include, but will not be
               limited to, the following:

               2.12.2.7.1 All Certificates. for each insurance policy are to be
                    signed by a person authorized by that insurer and licensed
                    by the State of Nevada.

               2.12.2.7.2 Each insurance company's rating as shown in the latest
                    Best's Key Rating Guide will be fully disclosed and entered
                    on the required Certificates of Insurance. If the insurance
                    company providing the coverage has a Best rating of less
                    than A-NM, the adequacy of the insurance supplied by Company
                    (or its contractor), including the rating and financial
                    health of each insurance company providing coverage, is
                    subject to the approval by CDR. Such approval will not be
                    unreasonably withheld.

               2.12.2.7.3 Company (or its contractor) will furnish renewal
                    Certificates for the required insurance during the period of
                    coverage required by this Agreement_ Company (or its
                    contractor) will furnish renewal Certificates for the same
                    minimum coverages as required in this Agreement. If such
                    certificate(s) are not provided in a timely manner, CDR may
                    declare Company (or its contractor) in default of its
                    obligation under this paragraph, subject to the cure rights
                    contained in Sections 2.15.2 and 2.19 below.

               2.12.2.7.4 County, its officers, employees and volunteers must be
                    covered as additional insureds with respect to liability
                    arising out of the activities by or on behalf of the named
                    insured in connection with this Agreement. All property
                    insurance policies will contain a waiver of subrogation
                    clause in favor of Clark County.

               2.12.2.7.5 Each insurance policy supplied by Company (or its
                    contractor) must be endorsed to provide that the amount of
                    coverage afforded to County by the terms of this Agreement
                    will not be suspended, voided, canceled or reduced in
                    coverage or in limits except after thirty (30) days' prior
                    written notice by mail.

                                      -31-

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               2.12.2.7.6 Any deductible, as it relates to coverage provided
                    under this Agreement, will be fully disclosed on the
                    Certificates of Insurance. Any deductible provided will be
                    reasonable and customary for this type of risk.

               2.12.2.7.7 If aggregate limits are imposed on the insurance
                    coverage, then the amounts of such limits must be not less
                    than Two Million Dollars ($2,000,000) per occurrence or per
                    accident. All aggregates must be fully disclosed and the
                    amount entered on the required certificate of insurance.
                    Company's insurer must notify CDR of any erosion of the
                    aggregate limits. The "per occurrence" limits of insurance
                    required herein must be maintained in full, irrespective of
                    any erosion of aggregate. A modification of the aggregation
                    limitation may be permitted if it is deemed necessary and
                    approved by CDR and Company.

          2.12.2.8 If Company fails to maintain any of the insurance coverages
               required herein, then County will have the option to declare
               Company in breach, subject to the cure rights contained in
               Sections 2.15.2 and 2.19 below, or CDR may purchase replacement
               insurance or pay the premiums that are due on existing policies
               in order that the required coverages may be maintained. Company
               is responsible for any expenses paid by County to maintain such
               insurance and County may collect the same from Company.

          2.12.2.9 The insurance requirements specified herein do not relieve
               the Company (or its contractor) of its responsibility or limit
               the amount of its liability to the County or other persons and
               the Company is encouraged to purchase such additional insurance
               as it deems necessary.

          2.12.2.10 Company (or its contractor) is responsible for and must
               remedy all damage or loss to any property, including property of
               County, caused in whole or in part by Company or its contractor,
               any subcontractor or anyone employed, directed or supervised by
               Company. Company is responsible for initiating, maintaining, and
               supervising all safety precautions and programs in connection
               with this Agreement.

          2.12.2.11 The minimum insurance limits set forth in this Section
               2.12.2 are sufficient as of the anticipated Approval Date. It is
               understood that due to the effect of inflation and/or other
               factors, it may be necessary for County to raise the minimum
               insurance limits to protect its interests. Company hereby agrees
               to maintain such insurance limits as may be reasonably required
               by County under the terms of this Agreement; provided, however,
               that any increases

                                      -32-

<PAGE>

               in limits will not exceed the average increase within the
               insurance industry in the State of Nevada for comparable
               insurance coverage.

2.13 FIRE PROTECTION

     From time to time and as often as reasonably required by County, Company
     will conduct appropriate tests of any fire extinguishing apparatus located
     on the Premises. Company or its Sublessees will keep in proper functioning
     order all fire fighting equipment located on the Premises.

2.14 DAMAGE AND DESTRUCTION

     In the event of damage, destruction, or substantial loss which materially
     impairs Company's ability to operate or loss to any improvements
     constructed upon the Premises, by any cause, which damage, destruction or
     loss is not capable of being repaired within sixty (60) days, Company will
     have the option to terminate this Agreement- which option will be
     exercisable by written notice to County within ninety (90) days after the
     occurrence of such event. Any such termination by Company shall require the
     prior written consent of any Lender. In the event Company elects to
     terminate this Agreement based upon such damage, destruction, or
     substantial loss and Company or its employees or agents cause such damage,
     destruction or substantial loss to occur, Company will be liable for and
     will pay for all cleanup or demolition of the Premises necessary to make
     the Premises ready for repair, replacement, restoration or rebuilding which
     is not otherwise covered by insurance. In the event Company does not
     exercise such option, or in the event said damage, destruction or loss is
     capable of being repaired within sixty (60) days, then Company will
     promptly repair, replace, restore or rebuild said improvements.

2.15 TERMINATION BY COUNTY

     2.15.1 Default by Company

          Company will be considered in default as Lessee under this Agreement
          in the event of any one or more of the following occurrences:

          2.15.1.1 The liquidation under federal bankruptcy statutes which
               causes the discontinuance of the fulfillment of any required
               provision of this Agreement by Company.

          2.15.1.2 Company fails to pay the rental charges or other money
               payments required by this Agreement when the same are due and the
               continuance of such failure for a period of ten (10) days after
               written notice thereof from CDR to Company.

          2.15.1.3 Company voluntarily abandons any of the Premises leased or
               assigned to it or discontinues the conduct and operation of its
               business at the Premises.

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<PAGE>

          2.15.1.4 Company will be considered in default of this Agreement if
               Company fails to fulfill any of the other terms, covenants, or
               conditions set forth in this Agreement if such failure continues
               for a period of more than thirty (30) days unless cured as
               provided below.

     2.15.2 Cure

          Company will be considered in default of this Agreement if Company
          fails to fulfill any of the terms, covenants, or conditions set forth
          in this Agreement if such failure continues for a period of more than
          thirty (30) days (except failure to pay rental charges as described in
          2.15.1.2 above) after delivery by CDR of a written notice of such
          breach or default, except if the fulfillment of its obligation
          requires activity over a period of time, and Company will have
          commenced in good faith to perform whatever may be required for
          fulfillment within ten (10) days after receipt of notice and continues
          such performance without interruption except for causes beyond its
          control.

     2.15.3 Termination For Default By Company

          Subject to the lender protection provisions of Section 2.19 (entitled
          FINANCING) below, if default is made by Company as described in
          Section 2.15.1 or 2.15.2 hereinabove, and such default is not cured as
          provided in such sections, County may elect to terminate this
          Agreement with thirty (30) days' written notice to Company.

          2.15.3.1 If County elects to terminate this Agreement, it will in no
               way prejudice the right of action for rental arrearages owed by
               Company.

          2.15.3.2 In the event of any termination for default by Company,
               County will have the right to enter upon the Premises and take
               possession of same. Redelivery and disposal of improvements will
               be as described in Section 2.18 (entitled REDELIVERY AND DISPOSAL
               OF IMPROVEMENTS AT TERMINATION) of this Agreement.

2.16 TERMINATION BY COMPANY

     2.16.1 Default By County

          County will be considered in default as lessor under this Agreement if
          County fails to fulfill any of the terms, covenants or conditions set
          forth in this Agreement if such failure shall continue for a period of
          more than thirty (30) days after delivery by Company of a written
          notice of such breach or default.

     2.16.2 Cure

                                      -34-

<PAGE>

          County will not, however, be considered in breach of this Agreement if
          the fulfillment of its obligation requires activity over a period of
          time and County has commenced in good faith to perform whatever may be
          required for fulfillment within ten (10) days after receipt of notice
          and continues such performance without interruption except for causes
          beyond its control.

     2.16.3 Termination For Default By County

          If default is made by County as described in Section 2.16.1 above,
          Company may elect to terminate this Agreement with thirty (30) days'
          written notice to County.

          2.16.3.1 In the event of the termination for default by County,
               redelivery and disposal of improvements will be as described in
               Section 2.18 (entitled REDELIVERY AND DISPOSAL OF IMPROVEMENTS AT
               TERMINATION) of this Agreement.

          2.16.3.2 In the event of any termination for default by County, it
               will in no way prejudice the right of action for rental
               arrearages owed by Company.

          2.16.3.3 Company reserves the rights to any remedies it may have at
               law or in equity arising from County's breach of this Agreement.

2.17 WAIVERS AND ACCEPTANCE OF FEES

     2.17.1 No waiver of default by either party hereto of any of the terms,
          covenants or conditions hereof to be performed, kept or observed will
          be construed to be or act as a waiver of any subsequent default of any
          of the terms, covenants, conditions herein contained to be performed,
          kept and observed. Neither party hereto may waive any provisions
          regarding Lender's rights without such Lender's prior written consent.

     2.17.2 No acceptance of fees or other money payments in whole or in part
          for any period or periods during or after default of any of the terms,
          conditions or covenants to be performed, kept or observed by Company
          will be deemed a waiver on the part of County of its right to
          terminate this Agreement on account of such default.

     2.17.3 Subject to the cure rights contained in Section 2.15.2 above and in
          Section 2.19 below, no acceptance of fees or other money payments in
          whole or in part for any period or periods during or after default of
          any of the terms, conditions or covenants to be performed, kept or
          observed by County will be deemed a waiver on the part of Company of
          its right to terminate this Agreement on account of such default

2.18 REDELIVERY AND DISPOSAL OF IMPROVEMENTS AT TERMINATION

     2.18.1 Company covenants that at the termination of this Agreement,
          howsoever caused, it will quit and surrender such leased Premises in
          good repair and condition,

                                      -35-

<PAGE>

          excepting reasonable wear and tear, acts of God, the public enemy or
          the action of the elements.

     2.18.2 Upon termination of this Agreement howsoever caused, County will
          require Company to remove from the leased Premises, within thirty
          (30) days of termination, all equipment, trade fixtures and personal
          property belonging to Company.

          For purposes of this Section 2.18.2, the words "equipment, trade
          fixtures and personal property" will include, but not be limited to,
          signs (electrical or otherwise) used to advertise or identify
          Company's business, all equipment used in connection with the conduct
          of its business whether or not such equipment is attached to the
          Premises; any other mechanical device; and all other miscellaneous
          equipment, furnishings and fixtures installed on or placed on or about
          the leased Premises and used in connection with Company's business
          thereon.

     2.18.3 Upon termination of this Agreement, howsoever caused, County will
          have option to require either of the following by giving written
          notice prior to the date of termination:

          2.18.3.1 Company will, commencing within thirty (30) days following
               the termination date, remove all or part (as determined by CDR)
               of the permanent improvements made to or placed upon the Premises
               by Company. Company agrees that it will use due diligence in
               completing the removal as may be required herein.

          2.18.3.2 Company will leave in place all or part, as determined by
               CDR, of the permanent improvements whereupon title and ownership
               will pass from Company and vest in County without any further
               consideration required from County. Company agrees that it will
               immediately provide any transfers of title to County as may be
               required.

          2.18.3.3 If no written notice is received by Company from County prior
               to termination of this Agreement pursuant to this Section 2.18.3,
               Section 2.18.3.2 above will apply.

          For purposes of this Section 2.18:3, the words "permanent
          improvements" means all property of Company upon the Premises which
          will include, but not be limited to, paving, buildings, structures and
          related appurtenances, wall coverings, carpeting, draperies and light
          fixtures.

2.19 FINANCING

     2.19.1 Notwithstanding anything to the contrary contained in this
          Agreement, Company will have the right at any time during the term
          hereof to execute and deliver to any or all of its Lenders any
          documents which will operate as collateral security for

                                      -36-

<PAGE>

          any Loan or Loans made, even if such document or documents result in a
          form or type of conveyance or assignment of the leasehold interest
          demised hereunder. It is hereby agreed that Company or any such
          Lenders) will have the right to immediately record such document or
          document(s) with an appropriate public official or officials. Company
          agrees that copies of all such documents of conveyance or assignment
          as contained in this Section 2.19 will be provided to CDR forthwith.
          Any financing arrangement which hypothecates any interest of Company
          in or under this Agreement or any conveyance or-assignment to be made
          by Company of any interest in or under this Agreement must have the
          prior written approval of CDR which consent shall not be unreasonably
          withheld or delayed. Notwithstanding the foregoing, Company will have
          the right to refinance the outstanding principal balance of any
          previously approved Loan with any institutional lender at prevailing
          market interest rates without County's consent, provided, in the case
          of an existing term loan, such refinancing does not exceed the
          remaining original amortization period of the previously approved
          Loan. Such approval or consent of the initial or subsequent
          assignments to. a Lender or purchaser will be in accordance with
          Section 2.1 (entitled ASSIGNMENT) of this Agreement. Any Lender which
          will succeed to Company's interest hereunder will so succeed subject
          to all the terms and conditions of this Agreement

     2.19.2 County will deliver to any such Lender written notice of any default
          of Company under the terms of this Agreement and said notice will
          specify the nature of the default Before terminating this Agreement,
          County will allow such Lender to cure or commence to cure any default
          of Company in accordance with Sections 2.15.2 above and this Section
          2.19. The time period to cure any default of Company will commence
          when said notice is delivered to Lender. Lender and any person
          designated by Lender shall have and are hereby granted the right to
          enter upon the Premises at any time and from time to time for the
          purpose of taking any cure action as described herein. In the event
          Company fails to timely cure a default after receipt of written notice
          and expiration of any applicable cure period, County agrees to provide
          any Lender with a second written notice and provide such Lender with
          an additional thirty (30) day cure period. County will not have the
          right to exercise any remedies under this Agreement so long as Lender
          is diligently prosecuting to complete a cure of any default. If such
          default is of a nature which is incapable of being cured by Lender,
          County agrees not to exercise its remedies arising from such default
          if (a) Lender notifies County in writing within such thirty (30) day
          cure period that Lender intends to foreclose its mortgage and Lender
          commences and diligently pursues such foreclosure; and (b) Lender
          makes all payments due by Company under this Agreement through the
          date of foreclosure, to the extent the amount of such payments can be
          ascertained by-Len

     2.19.3 Any default by Company in the payment of money as required under the
          terms of this Agreement may be cured by Lender in accordance with the
          terms of Sections 2.15.2 of this Agreement (and subject to the
          notification and cure provisions of this Section 2.19), and County
          will accept any such payment or cure from such Lender during the term
          of Lender's Loan to Company.

                                      -37-

<PAGE>

          2.19.3.1 Should Company default under the terms of this Agreement and
               should the default be such that it cannot be cured by the payment
               of money, County will accept payments of rent from such Lender
               and this Agreement will not terminate, but will remain in full
               force and effect, pending Lender's cure of such default within
               the time periods described herein or resort to foreclosure or
               sale proceedings under its deed of trust or other security
               instruments.

     2.19.4 Notwithstanding the provisions of Section 2.19.3:1 above, should
          Company default under the terms of this Agreement and should the
          default be such that it cannot be cured by the payment of money and
          the default (in the sole judgment of County's Designated
          Representative) affects the security or safety of the Premises and if
          Company's Lender does not wish this Agreement to terminate, then upon
          written notice from County such Lender will have the option to cure
          immediately or to commence to cure the default in accordance with
          Section 2.15.2 of this Agreement. However, if the nature of the
          default requires action before the cure time specified in Section
          2.15.2 above, the County's Designated Representative may elect to cure
          the default County will then present for payment to Company and Lender
          a detailed and itemized invoice of County's reasonable expenses
          incurred in curing the default.

     2.19.5 Subject to the rights of a Lender as otherwise set forth in this
          Section 2.19 (including, without limitation, those contained in
          Section 2.19.13 below), and notwithstanding any other provisions of
          this Agreement, provided that either Company or Lender pays the full
          amount of the invoice described in Section 2.19.4 above within thirty
          (30) days following receipt, this Agreement will not terminate sooner
          than one (1) year from the date of County's notice of default to
          Company and Lender, pending such Lender's resort to any foreclosure or
          sale proceedings under its deed of trust or other security instrument.

     2.19.6 If any default has been cured by a Lender or Assignee, County agrees
          that upon completion of any foreclosure proceedings or sale under the
          deed of trust or other security securing the Loan, or upon delivery of
          a deed in lieu of foreclosure, Lender or Assignee at such sale or any
          heir, successor, or Assignee subsequent to such sale will be
          recognized by County as the lessee under the terms of this Agreement
          for all purposes for the remaining term hereof, subject to County's
          approval of such Assignee, to the extent such approval is required in
          Section 2.19.11.1 below. The leasehold interest of Lender or such
          Assignee will not be adversely affected or terminated by reason of any
          non-monetary default occurring prior to the completion of such
          proceedings or sale, provided such default has been promptly remedied,
          or if such default requires possession to cure, provided such Lender
          promptly commences to cure upon taking possession of the Premises.

     2.19.7 Such Lender will not become personally liable under the terms and
          obligations of this Agreement unless and until it assumes the
          obligations and is recognized by County as lessee under this Agreement
          and will be liable only so long as such

                                      -38-

<PAGE>

          Lender maintains ownership of the leasehold interest or estate and
          recourse to such Lender shall be limited solely to Lender's interest
          in the Premises.

     2.19.8 Within thirty (30) days after a written request by Company or any
          Lender (but not more than once in any calendar year, except in case of
          a proposed financing or refinancing), County, through its Designated
          Representative, will execute, acknowledge and deliver to Company or
          such person or entity as Company designates, a certificate stating:

          a.   that this Agreement is the only agreement between County and
               Company concerning the teased Premises and is unmodified and in
               full force and effect in accordance with the terms (or if there
               have been modifications, that this Agreement is in force and
               effect as modified, and identifying the modification agreements,
               or if this Agreement is not in full force and effect, that it is
               not);

          b.   the commencement and expiration dates of this Agreement and the
               date to which rental has been paid to County under this
               Agreement;

          c.   whether or not there is an existing default by Company in the
               payment of rental or any other sum of money under this Agreement,
               and whether or not there is any other existing default by either
               party under this Agreement with respect to which a notice of
               default has been served, and if there is such a default
               specifying its nature and extent;

          d.   whether or not there are any set-offs, defenses or counterclaims
               against enforcement of the obligations to be performed by County
               under this Agreement; and

          e.   such other information that a Lender or Assignee may reasonably
               require.

     2.19.9 The bankruptcy or insolvency of Company will not operate or permit
          County to terminate this Agreement as long as all rent or other
          monetary payments required to be paid by Company continue and other
          required obligations are performed in accordance with the terms of
          this Agreement. In the event that County or Company terminates this
          Agreement, whether as a result of the rejection of this Agreement
          pursuant to the federal Bankruptcy Code or otherwise, then, provided
          that Lender has cured any monetary defaults under this Agreement, and
          provided further that County has not elected to assume any approved
          financing, as provided in Section 2.19.11 below, Lender shall have the
          right within thirty (30) days after termination of this Agreement to
          request and County shall execute a new lease covering the Premises for
          the remaining term under same terms and conditions as set forth
          herein.

          2.19.9.1 The rejection of this Agreement by a trustee-in-bankruptcy of
               County shall not affect or impair the lien of any mortgage or
               deed of trust in favor of Lender or Lender's rights with respect
               to this Agreement. In addition to the leasehold estate created
               hereunder in

                                      -39-

<PAGE>

               favor of Company and all other interest specified in any mortgage
               or deed of trust in favor of Lender, the lien of such mortgage or
               deed of trust shall attach to, and shall encumber Company's right
               to use and possession of the Premises if a trustee-in-bankruptcy
               of. County rejects this Agreement This Agreement shall not be
               treated as terminated by reason of County's rejection of this
               Agreement pursuant to Subsection 365(h)(I) of the federal
               Bankruptcy Code without Lender's prior written consent, and any
               such purported termination without Lender's prior written consent
               shall be null and void and of no force and effect.

     2.19.10 To the extent any of the other terms of this Agreement are
          inconsistent with the terms of this Section 2.19, this Section 2.19
          will control.

     2.19.11 Any uncured material default by Company under any approved
          financing will be deemed a default under this Agreement. Such default,
          however, will be deemed and treated by County as a default not curable
          by Lender in accordance with Section 2.19.2 of this Agreement. In the
          event of any default by Company under any approved financing, County
          reserves the right to assume the financing obligations of Company
          under the Loan before Lender resorts to any foreclosure or sale
          proceedings under its deed of trust or other security instrument.

          2.19.11.1 Following any foreclosure, deed in lieu of foreclosure, or
               other transfer in full. or partial satisfaction of Lender's Loan
               (a "Foreclosure Transfer"), County shall recognize Lender or any
               Lender Affiliate (defined below) designated by Lender as an
               Assignee ("Permitted Assignee")_ Such Permitted Assignee shall be
               the ground lessee under this Agreement without further consent or
               approval by County. In the event of a proposed assignment to an
               Assignee other than a Permitted Assignee, whether in connection
               with a Foreclosure Transfer or any subsequent assignment of the
               leasehold interest evidenced by this Agreement made by Lender or
               its Permitted Assignee (who shall have obtained such interest
               through a Foreclosure Transfer), County shall have the right to
               reasonably approve such Assignee as provided in Section 2.1.1
               above. As used in this Section 2.19.11.1, "Lender Affiliate"
               means a corporation, limited liability company or other entity
               which controls, is owned or controlled by, or is under common
               ownership or control with such Lender and such Lender has a net
               worth of at least Twenty Million Dollars ($20,000,000).

          2.19.11.2 In the event Lender gives County forty-five (45) days notice
               of a default by Company under any approved Loan and County
               declines the right to assume the financing obligations of Company
               under the Loan, the parties agree that Lender or any Lender
               Affiliate will be permitted to consider the total unpaid balance
               of

                                      -40-

<PAGE>

               the existing Loan on the date of either (a) Lender's assumption
               of the lease or assignment to a Lender Affiliate through
               foreclosure sale, or (b) if through a deed or assignment in lieu
               of foreclosure, on the date of the recording of such deed, as an
               equity contribution to be repaid from all available Net Revenue
               with interest at the same rate set forth in Section 1.7.1.2 above
               (11% per annum) until such time as the total unpaid balance of
               such Loan is fully recovered by such Lender or Lender Affiliate.
               Any subsequent third-party Assignee of any such Lender's or
               Lender Affiliate's ground leasehold interest in the Premises will
               be permitted to consider its initial acquisition price (net of
               any debt secured by the ground leasehold interest in the
               Premises) as an equity contribution to be repaid from all
               available Net Revenue with interest at a rate equal to an
               interest rate typical for comparable loans in this market until
               such time as such Assignee's total acquisition price is fully
               recovered. Notwithstanding the above, if any Lender or Lender
               Affiliate or any third-party Assignee makes an equity
               contribution to the Project, then such equity contribution will
               be entitled to receive the same repayment priority from Net
               Revenue with interest at the same rate provided to those equity
               contributions described in Section 1.7. 12 above.

          2.19.11.3 Subject to County's right to assume the financing
               obligations of Company under the Loan, before Lender resorts to
               any foreclosure or sale under this Section, in the event of a
               default under Lender's mortgage or deed of trust, Lender or
               Lender Affiliate shall have the right, after giving notice to
               County, to oust Company and take possession of the Premises in
               accordance with the terms of Lender's mortgage or deed of trust.
               Such ouster shall not constitute a termination of this Agreement,
               but shall be deemed an exercise of the assignment of this
               Agreement to Lender, which assignment shall not require any
               further consent or approval by County.

          2.19.11.4 Notwithstanding the above provisions of this Section 2.19.
               (entitled FINANCING) to the contrary, the following shall apply:
               (1) In the event any Lender forecloses and either a purchaser at
               the foreclosure sale or a subsequent assignee of such Lender
               acquires the leasehold estate under this Agreement, then, subject
               to any right by County to approve such purchaser or Assignee as
               provided in this Agreement, such purchaser or Assignee shall pay
               the same rental amount that would have been payable by Lender;
               (2) any Lender shall have the right to commence, but not complete
               foreclosure during the forty-five. (45)-day period available to
               County to notify Lender that County shall assume the Loan (as
               provided in Section 2.19.11.2 above); and (3) if County assumes
               the Loan, County shall not take or permit any action to terminate
               this Lease or merge the ground leasehold estate into the fee
               estate

                                      -41-

<PAGE>

               prior to payment of all obligations owing in connection with the
               Loan. For purposes of this Section, "ground leasehold estate"
               shall mean the leasehold estate granted to Company by County
               pursuant to this Agreement

     2.19.12 Any mortgage, lien, encumbrance or deed of trust placed by County
          on the fee title to the Premises shall be subordinate to this
          Agreement (and any replacement to or amendment of this Agreement), any
          mortgage or deed of trust encumbering the leasehold estate in favor of
          Lender, and all Subleases, whenever arising. County shall obligate the
          holder of any such fee mortgage, encumbrance, or deed of trust to
          execute and acknowledge any documentation requested by Company or any
          Lender to confirm such subordination.

     2.19.13 In connection with Lender's cure rights in this Section 2.19, any
          Lender shall be allowed sufficient time necessary to complete any
          foreclosure action, including delays due to official restraint
          (including by law, process or injunction issued by a court), so long
          as such Lender is making payments required by this Agreement which can
          be reasonably determined prior to acquiring the Company's interest
          under this Agreement. Lender shall have the right to terminate
          foreclosure proceedings at any time if Company has cured all defaults
          under any Loan from Lender.

     2.19.14 So long as the mortgage or deed of trust in favor of a Lender is in
          effect, there shall be no merger of the leasehold estate created by
          this Agreement into the fee simple estate in the Premises without the
          prior written consent of such Lender.

     2.19.15 Any Lender shall have the right to participate in any settlement or
          adjustment of losses under insurance policies maintained by Company
          under this Agreement. Such Lender shall be named as a loss payee or
          additional insured, as applicable, in accordance with any Loan
          documents executed by Company, under the insurance policies required
          under this Agreement. In the event any proceeds of such insurance
          policies are to be distributed, County and Lender agree to be bound by
          the provisions of the Loan documents executed by Company in favor of
          Lender and approved by CDR concerning distribution of insurance
          proceeds.

     2.19.16 Whenever in this Agreement, Company shall have the right to request
          any information, statements, documents, or anything else whatsoever
          from County, Lender shall have the right to request the same from
          County, and such information, statements, documents and other
          requested material shall thereafter be given to Lender as if Lender
          had requested the same. In addition, County shall furnish Lender with
          copies of all notices of default and notices of intent served on
          Company under this Agreement concurrently with any delivery to
          Company. Such notices shall not be deemed delivered to Company until
          they are delivered to Lender.

                                      -42-

<PAGE>

     2.19.17 In the event Lender succeeds. to title to Company's leasehold
          estate through foreclosure or otherwise, all Subleases of the Premises
          shall run directly to Lender and all such Sublessees shall attorn and
          be permitted to attorn to Lender as the successor sublessor and
          perform their obligations to Lender as successor to Company under this
          Agreement as if the Sublease were executed directly between Lender and
          the Sublessee. Provided County has elected not to assume the financing
          obligations of Company under the Loan as provided in Section 2.19.11
          of this Agreement, County hereby agrees to subordinate County's own
          attornment rights with respect to any such Sublessee contained in this
          Agreement to the attornment rights of Lender.

     2.19.18 County agrees to notify Lender and Company of any assignment,
          transfer, conveyance or sale of County's interest in this Agreement
          and/or the fee interest in the Premises and will furnish Lender and
          Company with the name and address of such assignee, transferee,
          grantee or buyer.

     2.19.19 Lender shall have the right to participate in any arbitration
          proceedings in connection with any matter under this Agreement
          materially affecting Lender's interest. Notwithstanding the foregoing,
          Lender shall not have the right to participate in any arbitration
          related to a proposed annual operating budget (as provided in Section
          1.6 above).

2.20 RECOVERY OF PREMISES

     2.20.1 County may, in its unlimited discretion, at any time during the term
          of this Agreement or any extensions thereof, recover all or any part
          of the Premises for other Airport or public uses (except for
          commercial facilities purposes). Prior to the exercise of this power
          of recovery, County agrees to give Company one (I) year's prior
          written notice of its intention to exercise this power.

          2.20.1.1 In the event of such recovery of the Premises by County (or
               other condemnation or recovery of all or substantially all of the
               Premises) during the first thirty (30) years of this Agreement,
               County will pay to Company an amount equal to the greater of
               either (i) all amounts outstanding under any Loan or under Loan
               documents approved by County pursuant to Section 2.19 above,- or
               (ii) the sum of all unreimbursed equity contribution and related
               interest due to Company plus fifty percent (50%) of the value of
               the improvements (excluding land, Company unreimbursed equity,
               the existing approved Loan balance, if any, and any amounts paid
               by County pursuant to Section. 2.20.1.1.1 below) as determined by
               a competent real estate appraiser acceptable to Company and CDR.

               2.20.1.1.1 Upon notice from Company, or, in the event of a total
                    recovery, upon notice from Company's Lender, County will pay
                    to Company's Lender all sums due to Lender under the
                    approved Loan documents evidencing and

                                      -43-

<PAGE>

                    securing the Loan secured by the improvements on the
                    Premises. Notwithstanding and in replacement of the
                    foregoing, if Lender or approved Assignee of Lender has
                    succeeded to the interest of Company, and the outstanding
                    Loan has been repaid, County shall pay Lender the amount
                    which was due Lender on the date of foreclosure or transfer
                    of title (or to such approved Assignee the amount Assignee
                    paid Lender to assume this Agreement), and an amount equal
                    to any costs incurred by Lender or such Assignee to cure
                    Company's defaults under this Agreement or to otherwise
                    comply with Company's obligations under this Agreement, less
                    any amount of equity contributions or accrued interest (in
                    accordance with Section 2.19.11.2 above) that has previously
                    been repaid from Total Revenue.

          2.20.1.2 In the event of such recovery of the Premises by County (or
               any other condemnation or recovery of all or substantially all of
               the Premises) during the last twenty (20) years of this
               Agreement, County will pay to Company fifty percent (50%) of the
               residual leasehold value of the improvements on the Premises
               based on the remaining term of this Agreement, minus any
               outstanding Loan balance. Such leasehold value shall exclude the
               value of the land after deducting any amounts paid by County
               pursuant to Section 2.20.1.2.1 below. The residual leasehold
               value will be as determined by. a competent real estate
               appraiser acceptable to Company and CDR.

               2.20.1.2.1 Upon notice from Company or, in the event of a total
                    recovery, upon notice from Company's Lender, County will pay
                    to Company's Lender all sums due to Lender under the
                    approved Loan documents evidencing and securing the Loan,
                    and any subsequent financing that has been approved by CDR
                    secured by the improvements on the Premises. Notwithstanding
                    the foregoing, if Lender or approved Assignee of Lender has
                    succeeded to the interest of Company, and the outstanding
                    Loan has been repaid, County shall pay Lender the amount
                    which was due Lender on the date of foreclosure or transfer
                    of title (or to such approved Assignee the amount Assignee
                    paid Lender to assume this Agreement), and an amount equal
                    to any costs incurred by Lender or such Assignee to cure
                    Company's defaults under this Agreement or to otherwise
                    comply with Company's obligations under this Agreement, less
                    any amount or equity contributions or accrued interest (in
                    accordance with Section 2.19.11.2 above) that has previously
                    been repaid from Total Revenue to Lender or its assigns.

                                      -44-

<PAGE>

          2.20.1.3 County will have no obligation for any encumbrance of the
               improvements, which has not received County written approval' as
               defined in Section 2.19 (entitled FINANCING) above.

          2.20.1.4 In the event of any partial condemnation or recovery by any
               agency other than County, or in the event of any such
               condemnation or recovery, Company will be entitled to file an
               action to receive condemnation proceeds for recovery of its
               leasehold improvements and its leasehold interest.

          2.20.1.5 In the event of a partial condemnation or recovery by another
               agency, this Agreement shall remain in full force and effect as
               to the portion of the Premises remaining.

                    On a partial recovery, all sums, including damages and
                    interest, awarded for the fee or the leasehold or both shall
                    (i) be delivered to County and Company (or to any Lender),
                    respectively, if such award has been apportioned between
                    County and Company by such condemning authority, or (ii) be
                    deposited promptly with an escrow agent selected by Company
                    in the reasonable exercise of its discretion if there is
                    only a single award, to be distributed and disbursed as
                    follows:

                    a.   First, to taxes constituting a superior lien on the
                         portion of the Premises taken;

                    b.   Second, to County an amount equal to the then present
                         value of County's interest in the income stream from
                         rental payments attributable to the portion of the
                         Premises being taken, measured by the diminution in
                         rental payments, plus an amount equal to the then
                         present value of the reversionary interest of County at
                         the expiration of this Agreement in that portion of the
                         real property underlying the Premises that is taken in
                         such partial recovery; and

                    c.   Third, subject to the rights of any Lender of record,
                         the balance of the award to Company.

                    Sums being held by an approved escrow agent pending
                    disbursement shall be deposited in one or more federally
                    insured interest-bearing account(s) and, upon disbursement,
                    each party having aright to any of the sums being disbursed
                    shall be entitled to receive the interest attributable to
                    its share of said sums.

                                      -45-

<PAGE>

          2.20.1.6 Notwithstanding any language to the contrary in this Section
               2.20, in the event of partial taking of the Premises by
               condemnation, if, in the opinion of County, Company, and Lender,
               the remainder of the Premises are suitable for continued
               operation, this Lease shall not terminate in regard to the
               portion not taken. In the event of a partial or total taking of
               the Premises by condemnation, County and Company agree (a) to be
               bound by the provisions of the Loan documents executed by Company
               in favor of Lender concerning condemnation process and proceeds,
               including the right of Lender to recover from such condemnation
               proceeds an amount up to the then unpaid balance of its Loan, and
               (b) that Lender shall have the right to participate in any
               condemnation proceedings as set forth in this Section 2.20 or as
               otherwise provided by law.

                                   ARTICLE III

3.1  MAINTENANCE AND OPERATION NONDISCRIMINATION COMPLIANCE

     Company, for itself, its heirs, personal representatives, successors in
     interest, and assigns, as a part of the consideration hereof, does hereby
     covenant and agree as a covenant running with the land that in the event
     facilities are constructed, maintained, or otherwise operated on the said
     property described in this Agreement for a purpose for which a U.S.
     Department of Transportation program or activity is extended or for_
     another purpose involving the provision of similar services or benefits,
     Company will maintain and operate such facilities and services in
     compliance with all other requirements imposed pursuant to 49 CFR Part 21,
     Nondiscrimination in Federally Assisted Programs of the Department of
     Transportation and as said Regulation may be amended.

3.2  NONDISCRIMINATION IN PARTICIPATION, CONSTRUCTION AND USE OF PREMISES

     Company, for itself, its personal representatives, successors in interest
     and assigns and as a part of the consideration hereof, does hereby covenant
     and agree as a covenant running with the land that:

     3.2.1 No person on the grounds of race, color, or national origin will be
          excluded from participation in, denied the. benefits of, or be
          otherwise subjected to discrimination in the use of said facilities.

     3.2.2 That in the construction of any improvements on, over, or under such
          land and the furnishing of services thereon, no person on the grounds
          of race, color or national origin will be excluded from participation
          in, denied the benefits of, or otherwise be subject to discrimination.

     3.2.3 That Company will use the Premises in compliance with all other
          requirements imposed by or pursuant to 49 CFR. Part 21,
          Nondiscrimination in Federally Assisted Programs of the Department of
          Transportation and as said Regulations may be amended.

                                      -46-

<PAGE>

3.3  TERMINATION RIGHTS FOR BREACH OF SECTIONS 3.1 AND 3.2 ABOVE

     In the event of breach of any of the nondiscrimination covenants described
     in Sections 3.1 and 3.2 above, County will have the right to terminate this
     Agreement and to reenter and repossess this land and the facilities
     thereon, and hold the same as if this Agreement had never been made or
     issued. This provision, however, does not become effective until the
     procedures of 49 CFR Part 21 are followed and completed including
     expiration of appeal rights. Promptly upon the receipt of any complaint or
     other notice alleging violation of the covenants in Sections 3.1 and 3.2
     above, County will notify Company and will provide Company the opportunity
     to defend the same. Unless disapproved by the U.S. Department of
     Transportation, any such termination and reentry rights shall not be
     exercised by County so long as the current Lender elects to exercise its
     rights and remedies and acquire Company's interest under this Agreement
     Such Lender will not be required to cure any breach by Company of any
     covenants in Sections 3.1 through 3.5 of this Agreement, provided, however,
     such Lender shall be obligated to comply with such Sections upon any
     acquisition of Company's interest under this Agreement.

3.4  NONDISCRIMINATION IN FURNISHING ACCOMMODATIONS AND/OR SERVICES

     Company will furnish its accommodations and/or services on a fair, equal
     and not unjustly discriminatory basis to all users thereof and it will
     charge fair, reasonable and not unjustly discriminatory prices for each
     unit or service; provided that Company may be allowed to make reasonable
     and nondiscriminatory discounts, rebates or other similar type of price
     reductions to volume purchasers.

3.5  RIGHTS FOR NONCOMPLIANCE WITH SECTION 3.4

     Noncompliance with Section 3.4 above will constitute a material breach of
     this Agreement and in the event of such noncompliance, County will have the
     right to terminate this Agreement and the estate hereby created without
     liability therefor or at the election of County or the United States of
     America either or both said Governments will have the right to judicially
     enforce the provision. Unless disapproved by the U.S. Department of
     Transportation, any such termination and reentry rights shall not be
     exercised by County so long as the current Lender elects to exercise its
     rights and remedies and acquire the Company's interest under this
     Agreement. Such Lender will not be required to cure any breach by Company
     of any covenants in Section 3.4 above, provided, however, such Lender shall
     be obligated to comply with such Sections upon any acquisition of Company's
     interest under this Agreement.

3.6  COMPANY'S OBLIGATION 49 CFR PART 26, SUBPART F

     3.6.1 This Agreement is subject to the requirements of the U.S. Department
          of Transportation's regulations, 49 C H Part 26, Subpart F. Company
          agrees that it will not discriminate against any business owner
          because of the owner's race, color, national origin or sex in
          connection with the award or performance of any agreement covered by
          49 CFR Part 26, Subpart F.

                                      -47-

<PAGE>

     3.6.2 Company agrees to include the language in Sections 3.1 through 3.6.1
          above in any subsequent Sublease, professional services and/or
          construction agreements that it enters and cause those businesses to
          similarly include the statements in further agreements; provided
          however, that the foregoing is neither intended to nor shall require
          any Sublessee to include any such provisions in any contracts or
          agreements relative to the operations of its business. Such inclusion
          may be made by way of reference to such sections (as opposed to
          restatement of such sections in any such agreement).

3.7  SUBAGREEMENT NONDISCRIMINATION COMPLIANCE

     Company hereby assures it will include Sections 3.1 through 3.6.1 above in
     all Subleases and cause Sublessees to similarly include such sections in
     further Subleases; provided however, that the foregoing is neither intended
     to nor shall require any Sublessee to include any such provisions in any
     contracts or agreements relative to the operations of its business. Such
     inclusion may be made by way of reference to such sections (as opposed to
     restatement of such sections in any such Sublease).

3.8  COMPANY OBLIGATION

     Company hereby assures that no person shall be excluded from participation
     in, denied the benefits of or otherwise be discriminated against in
     connection with the award and performance of any contract, including
     leases, covered by 49 CFR Part 26 on the grounds of race, color, national
     origin or sex.

3.9  APPENDIX 9, GENERAL CIVIL RIGHTS PROVISION

     Company assures that it will comply with pertinent statutes, Executive
     Orders and such rules as are promulgated to assure that no person shall, on
     the grounds of race, creed, color, national origin, sex, age or handicap be
     excluded from participating in any activity conducted with or benefiting
     from Federal assistance. This provision obligates Company or its transferee
     for the period during which Federal assistance is extended to the Airport
     program, except where Federal assistance is to provide, or is in the form
     of, personal property or real property or interest therein or structures or
     improvements thereon. In these cases, this provision obligates the party or
     any transferee for the longer of the following periods: (a) the period
     during which the property is used by the sponsor or any transferee for a
     purpose for which Federal assistance is extended, or for another purpose
     involving the provision of similar services or benefits; or (b) the period
     during which the Airport sponsor or any transferee retains ownership or
     possession of the property. In the case of contractors, this provision
     binds the contractors from the bid solicitation period through the
     completion of the contract Compliance with the Americans With Disabilities
     Act, 42 U.S.C. Section 12101, et seq., as amended, by Company, shall be
     considered compliance with Company's duty to assure that no person shall,
     on the grounds of handicap be excluded from participating in any activity
     conducted with or benefiting from Federal assistance.

3.10 AFFIRMATIVE ACTION EMPLOYMENT PROGRAMS

                                      -48-

<PAGE>

     3.10.1 Company assures that it will undertake an Affirmative Action Program
          as required by 14 C.1-R. Part 152, Subpart E, to ensure that no person
          shall on the grounds of race, creed, color, national origin, or sex,
          be excluded from participating in any employment activities covered in
          14 CFR Part 152, Subpart E. Company assures that no person will be
          excluded on these grounds from participating in or receiving the
          services or benefits of any program or activity covered by this
          subpart. Company assures that it will require that its covered
          sub-organizations provide assurances to Company that they similarly
          will undertake Affirmative Action Programs and that they will require
          assurances from their sub-organizations, as required by 14 CFR Part
          152, Subpart E to the same effect.

     3.10.2 Company agrees to comply with any affirmative action plan or steps
          for equal employment opportunity required by 14 CFR Part 152, Subpart
          E, as part of the Affirmative Action Program, and by any Federal,
          State, or local agency or court, including those resulting from a
          conciliation agreement, a consent decree, court order or similar
          mechanism. Company agrees that State or local affirmative action plans
          will be used in lieu of any affirmative action plan or steps required
          by 14 CFR Part 152, Subpart E, only when they fully meet the standards
          set forth in 14 CFR, Subpart 152.409. Company agrees to obtain a
          similar assurance from its covered organizations, and to cause them
          to require a similar assurance of their covered sub-organizations, as
          required by 14 CFR Part 152, Subpart E.

     3.10.3 In the event Company employs fifty (50) or more employees on the
          Airport, it agrees to prepare and keep on file for review by the FAA
          Office of Civil Rights, an affirmative action plan developed in
          accordance with standards in 14 CFR, Subpart 152.409. Such program
          will be updated on an annual basis. Should Company employ less than
          fifty (50) employees on the Airport, it will annually send written
          correspondence confirming the exemption.

     3.10.4 This Section 3.10 is not intended to apply to any Sublessee of
          Company.

3.11 AIRPORT MAINTENANCE, REPAIR, DEVELOPMENT AND EXPANSION

     County reserves the right to further develop or improve the landing area or
     any other area, building or other improvement within the present or future
     boundaries of the Airport as it sees fit in its sole judgment regardless of
     the desires or view of Company and without interference or hindrance by
     Company. Further, County retains the absolute right to maintain, repair,
     develop and expand the terminal building, any other Airport facility,
     Airport improvement or Airport property free from any and all liability to
     Company for loss of business or damage of any nature whatsoever as may be
     occasioned during or because of the performance of such maintenance,
     repair, development or expansion.

3.12 MAINTENANCE, REPAIR, DIRECTION AND CONTROL

     County reserves the right, but is not obligated to exercise the right, to
     maintain and keep in repair the landing area of the Airport and all
     publicly owned facilities of the Airport, together with the right to direct
     and control all activities of Company in this regard. These

                                      -49-

<PAGE>

     areas will include, but are not limited to, those areas which are not
     necessary to serve the aeronautical users of the Airport, except that
     County will not be obligated to maintain and keep in repair such areas of
     the Airport as may be leased to or under the control of Airport tenants
     whether such area serves aeronautical users or otherwise.

3.13 AGREEMENTS WITH THE UNITED STATES OF AMERICA

     This Agreement will be subject and subordinate to the provisions and
     requirements of any existing or future agreement between County and the
     United States of America relative to the development, operation or
     maintenance of the Airport. Notwithstanding the foregoing, County agrees
     that no existing agreements between County and the United States of America
     relating to the same (i) currently prohibit or materially affect the use
     and/or operation of the Premises as contemplated under this Agreement, or
     (ii) defeat the lien of the mortgage or deed of trust in favor of a Lender
     and/or the leasehold estate in favor of Company created by this Agreement.
     Should any future agreements between County and the United States of
     America materially impair the use of the Premises or Lender's interest
     therein, such agreements shall be considered an action to recover the
     Premises under Section 220 above.

3.14 OPERATION OF AIRPORT BY THE UNITED STATES OF AMERICA

     This Agreement and all the provisions hereof will be subject to whatever
     right the United States of America now has or in the future may have or
     acquire, affecting the control, operation, regulation and taking over of
     the Airport or the exclusive or nonexclusive use of the Airport by the
     United States during the time of war or national emergency.

3.15 PART 77 OF FEDERAL AVIATION REGULATIONS

     Company agrees to comply with the notification and review requirements
     covered in Part 77 of the Federal Aviation Regulations in the event future
     construction of a building is planned for the Premises, or in the event of
     any planned modification or alteration of any present or future building or
     structure situated on the Premises.

3.16 NONEXCLUSIVE

     It is understood and agreed that nothing herein contained will be construed
     to grant or authorize the granting of an exclusive right within the meaning
     of 49 U.S.C. Section 40103(e) (formerly known as Section 308 of the Federal
     Aviation Act of 1958 (49 U.S. C. Section 1349a)).

3.17 AIRSPACE

     There is hereby reserved to County, its successors and assigns, for the use
     and benefit of the public, a right of flight for the passage of Aircraft in
     the airspace above the surface of the Premises herein leased. This public
     right of flight will include the right to cause or allow in said airspace,
     any noise inherent in the operation of any Aircraft used for navigation or
     flight through the said airspace or landing at, taking off from or
     operation

                                      -50-

<PAGE>

     on the Airport. No liability on the part of County will result from the
     exercise of this right.

3.18 AIRPORT OBSTRUCTIONS

     Company by accepting this Agreement expressly agrees for itself, its
     successors and assigns, that it will not erect nor permit the erection of
     any structure or object nor permit the growth of any tree on the land
     leased hereunder which will exceed such maximum height as may be stipulated
     by County. It is understood and agreed that applicable laws, codes,
     regulations or agreements concerning height restrictions will govern the
     maximum height to be stipulated by County. In the event the aforesaid
     covenants are breached, County reserves the right to enter upon the land
     leased hereunder and to remove the offending structure or object and cut
     down the offending tree all of which will be at the expense of Company and
     without liability to County.

3.19 AIRPORT HAZARDS

     Company by accepting this Agreement agrees for. itself, its successors and
     assigns, that it will not make use of the Premises in any manner which
     might interfere with the landing and taking off of Aircraft from the
     Airport or otherwise constitute a hazard or obstruction. In the event the
     aforesaid covenant is breached, County reserves the right to enter upon the
     Premises hereby leased and cause the abatement of such interference at the
     expense of Company and without liability of any kind.

3.20 AIRPORT RULES AND REGULATIONS AND AIRPORT OPERATING DIRECTIVES

     County, through its Designated Representative, will have the right to
     adopt, amend and enforce reasonable rules and regulations and operating
     directives with respect to use of and the conduct and operation of the
     Airport, its terminal buildings or any improvements within the present or
     future boundaries of the Airport which Company agrees to observe and obey.

3.21 COMPLIANCE WITH PUBLIC AUTHORITIES

     3.21.1 Company will not use or permit the use of the demised Premises or
          any other portion of the Airport for any purpose or use other than
          authorized by this Agreement or as may be authorized by other,
          separate; written agreement with County.

     3.21.2 Company, its employees, representatives or agents will comply with
          all present or future laws, rules and regulations and amendments or
          supplements thereto governing or related to the use of the Airport or
          the demised Premises as may from time to time be promulgated by
          Federal, State or local governments and their authorized agencies.

3.22 ENVIRONMENTAL POLICY

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<PAGE>

     3.22.1 Violation Of Environmental Laws

          Company will not cause or permit any hazardous material to be used,
          generated, manufactured, produced, stored; brought upon, transported
          to or from, or otherwise released on, under or about the Premises or
          transported to and from the Premises by Company, its Sublessees, their
          agents, employees, contractors, invitees, or a third party in
          violation of the Environmental Laws as defined in Section 1.1
          (entitled DEFINITIONS) above.

          3.22.1.1 CDR will have access to the Premises to inspect same to
               insure that Company is using the Premises in accordance with
               environmental requirements.

          3.22.1.2 3Company, at CDR's reasonable request, at Company's expense,
               will conduct such testing and analysis as necessary to ascertain
               whether Company is using the Premises in compliance with
               environmental requirements_ Any such tests will be conducted by
               qualified independent experts chosen by Company and subject to
               CDR's reasonable written approval. Copies of such reports from
               any such testing will be provided to CDR.

          3.22.1.3 Company will provide copies of all notices, reports, claims,
               demands or actions concerning any' environmental concern or
               release or threatened release of hazardous materials or special
               wastes to the environment.

     3.22.2 Contamination Of Premises

          If the presence of any Hazardous Material on, under or about - the
          Premises caused or permitted by Company results in any contamination
          of the Premises, in violation of an Environmental Law, Company will
          promptly take all actions, at its sole cost and expense, as are
          necessary to return the Premises to the condition existing prior to
          the introduction of any such Hazardous Material to the Premises.
          Company will take all steps necessary to remedy and remove any such
          hazardous materials and special wastes and any other environmental
          contamination as is presently or subsequently discovered on or under
          the Premises as are necessary to protect the public health and safety
          and the environment from actual or potential harm and to bring the
          Premises into compliance with all environmental requirements;
          provided, however, County will be solely responsible for any
          environmental condition existing on or about the Premises prior to the
          Approval Date or any environmental conditions caused by County during
          the term or arising in any way and at any time from the Airport, Such
          procedures are subject to:

          3.22.2.1 Prior written approval of CDR, which approval will not be
               unreasonably withheld. Company will submit to CDR a written plan
               for completing all remediation work. CDR retains the right to

                                      -52-

<PAGE>

               review and inspect all such work at any time using consultants
               and/or representatives of his/her choice.

          3.22.2.2 Such actions of remediation by Company will not potentially
               have any material adverse long-term effect on the Premises in the
               reasonable judgment of CDR.

     3.22.3 Compliance With All Governmental Authorities

          Company will promptly make all submission to, provide all information
          to, and comply with all requirements of the appropriate governmental
          authority under. all Environmental Laws as defined in Section 1.1
          (entitled DEFINITIONS) of this Agreement.

          3.22.3.1 Should the Government determine that a site characterization,
               site assessment, and/or cleanup plan be prepared or that a
               cleanup should be undertaken because of any spills or discharges
               of hazardous materials at the Premises which occur during the
               term of this Agreement then. Company shall prepare and submit
               required plans and financial assurances, and carry out the
               approved plans. Company will promptly provide all information
               requested by CDR to determine the applicability of the
               Environmental Laws to the Premises, or to respond to any
               governmental investigation or to respond to any claim of
               liability by third parties which is related to environmental
               contamination.

          3.22.3.2 Company's obligations and liabilities under this provision
               will continue so long as County bears any responsibility under
               the Environmental Laws for any action that occurred on the
               Premises during the term of this Agreement.

          3.22.3.3 This indemnification of County by Company includes, without
               limitation, costs incurred in connection with any investigation
               of site conditions or any cleanup, remedial, removal,
               restoration, any fines or penalties issued to Company, or any
               other work required by any Federal, State or local governmental
               agency or political subdivision because of hazardous material
               located on the Premises or present in the soil or ground water
               on, under or about the Premises.

          3.22.3.4 The parties agree that County's right to enforce Company's
               promise to indemnify is not an adequate remedy at law for
               Company's violation of any provision of this Agreement. County
               will also have the rights set forth in Section 3.22.4 (entitled
               County's Termination Rights for Violation of Environmental Laws),
               or Section 2.15 (entitled TERMINATION BY COUNTY)

                                      -53-

<PAGE>

               of this Agreement, in addition to all other rights and remedies
               provided by law or otherwise provided in this Agreement.

     3.22.4 County's Termination Rights for Violation of Environmental Laws

          3.22.4.1 Company's failure or its Sublessees, their agents, employees,
               contractors, invitees, or the failure of a third party to comply
               with any of the remediation requirements of this Agreement or
               applicable Environmental Laws will constitute a material default
               under this Agreement and will permit County to pursue the
               following remedies, in addition to all other rights and remedies
               provided by law or otherwise provided in this Agreement, to which
               County may resort cumulatively, or singularly, in the
               alternative:

          3.22.4.1.1 County may, at County's election, keep this Agreement in
               effect and enforce all of its rights and remedies under this
               Agreement, including (i) the right to recover rent and other sums
               as they become due by the appropriate legal action and/or (ii)
               the right, upon ten (10) days' written notice to Company, to make
               payments required of Company or perform Company's obligations
               and, be reimbursed by Company for the cost thereof, unless such
               payment is made or obligation performed by Company within such
               ten (10) day period.

          3.22.4.1.2 County may, at County's election, subject to Lender's right
               to cure as provided in Section 2.19 (entitled FINANCING) above,
               terminate this Agreement upon written notice to Company as
               provided in Section 2.15 (entitled TERMINATION BY COUNTY) above.
               If this Agreement is terminated under this provision, Company
               waives all rights against County, including, but not limited to,
               breach of contract, costs of design, installation or construction
               of improvements and/or interruption of business.

          3.22.4.1.3 Notwithstanding any other provision in this Agreement to
               the contrary, County' will have the right of "self-help" or
               similar remedy in order to minimize any damages, expenses,
               penalties and related fees or costs, arising from or related to a
               violation of Environmental Law on, under or' about the Premises.

3.23 AMERICANS. WITH DISABILITIES ACT

     Company will throughout the term of this Agreement be in compliance with
     all applicable provisions of the Americans With Disabilities Act, 42 U.S.C.
     Section 12101, et seq.

                                      -54-

<PAGE>

                                   ARTICLE IV

4.1  FORCE MAJEURE

     Neither County nor Company will be deemed to be in breach of this Agreement
     by reason of failure to perform any of its obligations hereunder if, while
     and to the extent that such failure is due to strikes, boycotts,
     labor-disputes, embargoes, shortages of materials, acts of God, acts of the
     public enemy, acts of governmental authority, unusual weather conditions,
     floods, riots, rebellion or sabotage. However, the provisions of this
     Section will not apply to failure by Company to pay rents, fees or any
     other money payments required under other provisions, covenants or
     agreements contained in this Agreement.

4.2  QUIET ENJOYMENT

     County agrees that, on payment of the rentals and fees and performance of
     the covenants, conditions and agreements on the part of Company to be
     performed hereunder, Company will have the right to peaceably occupy and
     enjoy the Premises.

4.3  NONLIABILITY OF INDIVIDUALS

     No officer, member, manager, agent or employee of either party to this
     Agreement will be charged personally or held contractually liable by or to
     the other party under any term or provision of this Agreement or because of
     any breach thereof, or because of its or their execution or attempted
     execution.

4.4  NOTICES

     Any notice or communication to be given under the terms of this Agreement
     ("Notice") shall be in writing and shall be personally delivered or sent by
     facsimile, overnight delivery, by nationally-recognized courier, or
     registered or certified mail, return receipt requested.

     Notices shall be addressed as follows:

     If to County:    Clark County, Nevada
                      Department of Real Property Management
                      Airport Lands Unit
                      500 South Grand Central Parkway, 4th Floor
                      P.O. Box 551825
                      Las Vegas, Nevada 89155-1825
                      FAX: (702) 261-5050

     If to Company:   Beltway Business Park Warehouse No. 2, LLC
                      c/o Majestic Realty Co.
                      4155 W. Russell Road, Suite C
                      Las Vegas, Nevada 89118
                      Attn: Rodman C. Martin

                                      -55-

<PAGE>

                      FAX: (702) 896-4838

                      with a copy to:

                      Beltway Business Park Office Warehouse No. 2, LLC
                      c/o Majestic Realty Co.
                      13191 Crossroads Parkway North, Sixth Floor
                      City of Industry, California 91746
                      Attn: Edward P. Rosh, Jr.
                      FAX: (562) 692-1553

                      and

                      Beltway Business Park Warehouse No. 2, LLC
                      c/o Thomas & Mack Co.
                      2300 W. Sahara Ave., Suite 530
                      Las Vegas, Nevada 89102
                      Attn: Thomas A. Thomas
                      FAX: (702) 920-2826

4.5  HEADINGS, TITLES OR CAPTIONS

     Article, section or paragraph headings, titles or captions are inserted
     only as a matter of convenience, and for reference, and in no way define,
     limit or describe the scope or extent of any provision of this Agreement.

4.6  INVALID PROVISIONS

     It is expressly understood and agreed by and between the parties hereto
     that in the event any covenant, condition or provision herein contained is
     held to be invalid by any court of competent jurisdiction, the invalidity
     of such covenant, condition or provision will in no way affect any other
     covenant, condition or provision herein contained; provided, however, that
     the invalidity of any such covenant, condition or provision does not
     materially prejudice either County or Company in their respective rights
     and obligations contained in the valid covenants, conditions or provisions
     of this Agreement.

     Should any portion of this Agreement be determined by any court of
     competent jurisdiction to be in violation of the SNPLMA it is expressly
     agreed that Company and County will negotiate in good faith to modify such
     terms or portions of this Agreement in order to comply with such Act.
     County and Company agree that they will negotiate in good faith to resolve
     any issue regarding compliance with the Act for a period of one hundred
     eighty (180) days. If the parties cannot agree on a resolution during such
     period, either party may terminate this Agreement with ninety (90) days
     written notice to the other party. Notwithstanding the above to the
     contrary, no such termination shall be effective without the prior written
     consent of all current Lenders.

4.7  STATE OF NEVADA LAW

                                      -56-

<PAGE>

     This Agreement will be interpreted under and governed by the laws of the
     State of Nevada.

4.8  CONSENT TO AMENDMENTS

     In the event that the FAA or its successors require modifications or
     changes in this Agreement as a condition precedent to the granting of funds
     for the improvement of the Airport, or otherwise, Company agrees to consent
     to such amendments, modifications, revisions, supplements, or deletions-of
     any of the terms, conditions, or requirements of this Agreement as may be
     reasonably required. Any expenses resulting from such amendments,
     modifications, revisions, supplements or deletions, shall be born solely by
     Company.

4.9  ADVERSE TENANCY

     Any unauthorized holding over by Company for more than one hundred eighty
     (180) days after the termination of this Agreement or the expiration of its
     terms without the written consent of County, except for the period
     authorized for removal of Company's property upon the expiration or
     termination hereof, shall entitle County to collect from Company as
     liquidated damages for such holding over, one hundred twenty five percent
     (125%) of the then rent. County may perfect a lien on the property of
     Company as security for the payment of any damages or unpaid rentals, fees,
     and/or revenues and shall be entitled to collect the same by foreclosure of
     such lien and sale of such property. Any such lien shall be subordinate to
     the lien of a Lender. Nothing herein shall limit County's rights to seek
     immediate eviction.

4.10 DISPUTES

     Any and all disputes arising under this Agreement, which cannot be
     administratively resolved, shall be determined according to the laws of the
     State of Nevada, and Company agrees that the venue of any such dispute,
     shall be in Clark County, Nevada. Company agrees as a condition of this
     Agreement that notwithstanding the existence of any dispute between the
     parties, insofar as is possible under the terms of this Agreement, each
     party shall continue to perform the obligations required of it during the
     continuation of any such dispute, unless enjoined or prohibited by a court
     of competent jurisdiction.

4.11 AGENT FOR SERVICE OF PROCESS

     The parties hereto expressly understand and agree that if Company is not a
     resident of the State of Nevada, or is an association or partnership
     without a member or partner resident of said State, or is a foreign
     corporation, and then in any such event Company does designate its State of
     Nevada registered agent as its agent for the purpose of service of process
     in any court action between it and County arising out of or based upon this
     Agreement, and the service shall be made as provided by the laws of the
     State of Nevada by serving also Company's registered agent. The parties
     hereto expressly agree, covenant, and stipulate that Company shall also
     personally be served with such process out of this State by the registered
     mailing of such complaint and process to Company at the address set forth
     herein. Any such service out of this State shall constitute valid

                                      -57-

<PAGE>

     service upon Company as of the date of receipt thereof. The parties hereto
     further expressly agree that Company is amenable to and hereby agrees to
     the process so served, submits to the jurisdiction, waives any and all
     obligations and protests thereto, any laws to the contrary notwithstanding.

4.12 GENDER

     Words of any gender used in this Agreement shall be held and construed to
     include any other gender, and words in the singular number shall be held to
     include the plural, unless the context otherwise requires.

4.13 ENTIRE AGREEMENT

     4.13.1 This document represents the entire agreement between the parties
          hereto and will not be modified or canceled by mutual agreement or in
          any manner except by instrument in writing, executed by the parties or
          their respective successors in interest, and supersedes all prior oral
          or written agreements and understandings with respect to the subject
          matter hereof. The parties further understand and agree that the-
          other party and its agents have made no representations or promises
          with respect to this Agreement or the making or entry into this
          Agreement, except as in this Agreement expressly set forth, and that
          no claim or liability for cause for termination shall be asserted by
          either party. against the other, and such party shall not be liable by
          reason of, the making of any representations or promises not expressly
          stated in this Agreement, any other written or oral agreement with the
          other party being expressly waived.

     4.13.2 The individuals executing this Agreement personally warrant that
          they have full authority to execute this Agreement on behalf of the
          entity for whom they are acting herein.

     4.13.3 The parties hereto acknowledge that they have thoroughly read this
          Agreement, including any exhibits or attachments hereto, and have
          sought and received whatever competent advice and counsel was
          necessary for them to form a full and complete understanding of all
          rights and obligations herein.

4.14 SUCCESSORS AND ASSIGNS

     This Agreement shall be binding upon and shall inure to the benefit of the
     parties hereto and their respective heirs, personal representatives,
     successors, or assigns, as the case may be.

4.15 COUNTERPARTS

     This Agreement may be executed in any number of counterparts, each of which
     when so executed shall constitute in the aggregate but one and the same
     document.

4.16 SUSPENSION AND ABATEMENT

                                      -58-

<PAGE>

     In the event that County's operation of the Airport or Company's operation
     from the Premises should be restricted substantially by action of the
     federal government or agency thereof or by any judicial or legislative
     body, then either party hereto will have the right, upon written notice to
     the other, to a suspension of this Agreement and an abatement of an
     equitable proportion of the payments to become. due hereunder, from the
     time of such notice until such restrictions will have been remedied and
     normal operations restored.

4.17 INDEPENDENT CONTRACTOR

     Company is deemed to be an independent contractor for all purposes
     regarding its operations at the Premises, and no agency, express or
     implied, exists.

4.18 FURTHER ASSURANCES

     Each party to this Agreement shall perform any and all acts and execute and
     deliver any and all documents as may be necessary and proper under the
     circumstances in order to accomplish the intents and purposes of this
     Agreement and to carry out its provisions.

             (Intentionally left blank -- signature page to follow)

                                      -59-

<PAGE>

     IN WITNESS WHEREOF, County and Company have executed these presents as of
the day and year first above written.

ATTEST:                                 COUNTY:

COUNTY CLERK                            COUNTY OF CLARK, a political subdivision
                                        of the State of Nevada

By:                                     By: /s/ Sandra M. Norskog
    ---------------------------------       ------------------------------------
Its: Deputy Clerk                       Name: Sandra M. Norskog
                                        Its: Director of Real Property Mgt.

APPROVED AS TO FORM:
David Rogers, District Attorney

                                        COMPANY:

By: /s/ Holly Gordon                    BELTWAY BUSINESS PARK WAREHOUSE
    ---------------------------------   NO. 2, LLC, a Nevada limited liability
    Holly Gordon                        company
    Deputy District Attorney

                                        By: MAJESTIC BELTWAY WAREHOUSE
                                            BUILDINGS, LLC, a Delaware limited
                                            liability company, its Manager

                                        By: MAJESTIC REALTY CO.,
                                            a California corporation,
                                            Manager's Agent

                                        By: /s/ Edward P. Roski, JR.
                                            ------------------------------------
                                        Name: Edward P. Roski, JR.
                                        Its: Chairman and Chief Executive
                                             Officer

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Its:
                                             -----------------------------------

                                        By: THOMAS & MACK BELTWAY, L.L.C.,
                                            a Nevada limited liability company,
                                            its Manager

                                        By: /s/ Thomas A. Thomas
                                            ------------------------------------
                                        Name: Thomas A. Thomas
                                        Its: Manager

                                      -60-
<PAGE>

                                    EXHIBIT J

                     TENANT'S LIMITED RESTORATION OBLIGATION

      All buildings and other above-ground improvements located on the
Additional Land, but excluding perimeter walls (other than those which front a
public roadway, which must be removed by Tenant if so requested in writing by
Landlord), underground utility lines and facilities, paving, curbs, gutters, and
other roadway and driveway improvements, sidewalks, landscaping, surface water
drainage facilities, parking bumpers, and other similar improvements.

                                                               7155 Lindell Road
                                                               Las Vegas, Nevada
                                                            Nevada Power Company

                                      J-1<PAGE>

                                                                   Exhibit 10(B)

================================================================================

                               FINANCING AGREEMENT

                          Dated as of November 1, 2006

                                 By and Between

                             HUMBOLDT COUNTY, NEVADA

                                       and

                          SIERRA PACIFIC POWER COMPANY

                                   RELATING TO
                    POLLUTION CONTROL REFUNDING REVENUE BONDS
                     (SIERRA PACIFIC POWER COMPANY PROJECT)
                                   SERIES 2006

================================================================================

     The amounts payable to the Issuer (except for amounts payable to, and
certain rights and privileges of, the Issuer under Sections 4.2(e), 4.2(g), 5.3
and 6.4 hereof and any rights of the Issuer to receive any notices,
certificates, requests, requisitions or communications hereunder) and certain
other rights of the Issuer under this Financing Agreement have been pledged and
assigned under the Indenture of Trust dated as of November 1, 2006, between the
Issuer and The Bank of New York, as Trustee.

<PAGE>

                               FINANCING AGREEMENT

                                   ----------

                                TABLE OF CONTENTS

             (This Table of Contents is not a part of this Agreement
                   and is only for convenience of reference).

<TABLE>
<CAPTION>
SECTION                                   HEADING                           PAGE
-------                                   -------                           ----
<S>              <C>                                                        <C>
ARTICLE I        DEFINITIONS.............................................     1

ARTICLE II       REPRESENTATIONS.........................................     5
   Section 2.1.  Representations and Covenants by the Issuer.............     5
   Section 2.2.  Representations by the Company..........................     6

ARTICLE  III     ISSUANCE OF THE BONDS...................................     6
   Section 3.1.  Agreement to Issue Bonds; Application of Bond Proceeds..     6
   Section 3.2.  Deposit of Additional Funds by Company; Redemption of
                    Prior Bonds..........................................     7
   Section 3.3.  Investment of Moneys in the Bond Fund and the Prior
                    Bonds Redemption Fund................................     7
   Section 3.4.  Tax Exempt Status of Bonds..............................     8

ARTICLE IV       LOAN AND PROVISIONS FOR REPAYMENT.......................     8
   Section 4.1.  Loan of Bond Proceeds...................................     8
   Section 4.2.  Loan Repayments and Other Amounts Payable...............     8
   Section 4.3.  No Defense or Set-Off...................................    10
   Section 4.4.  Payments Pledged and Assigned...........................    10
   Section 4.5.  Payment of the Bonds and Other Amounts..................    11

ARTICLE V        SPECIAL COVENANTS AND AGREEMENTS........................    11
   Section 5.1.  Company to Maintain its Corporate Existence; Conditions
                    Under Which Exceptions Permitted.....................    11
   Section 5.2.  Annual Statement........................................    12
   Section 5.3.  Maintenance and Repair; Insurance; Taxes; Disposition...    12
   Section 5.4.  Recordation and Other Instruments.......................    13
   Section 5.5.  No Warranty by the Issuer...............................    13
   Section 5.6.  Agreement as to Ownership of the Project................    13
   Section 5.7.  Company to Furnish Notice of Rate Period Adjustments;
                    Liquidity Facility Requirements; Auction Rate Period
                    Provisions...........................................    13

   Section 5.8.  Information Reporting, Etc..............................    14
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<S>              <C>                                                        <C>
   Section 5.9.  Limited Liability of Issuer.............................    14
   Section 5.10. Inspection of Project...................................    15
   Section 5.11. Indenture Covenants.....................................    15

ARTICLE VI       EVENTS OF DEFAULT AND REMEDIES..........................    15
   Section 6.1.  Events of Default Defined...............................    15
   Section 6.2.  Remedies on Default.....................................    17
   Section 6.3.  No Remedy Exclusive.....................................    17
   Section 6.4.  Agreement to Pay Fees and Expenses of Counsel...........    18
   Section 6.5.  No Additional Waiver Implied by One Waiver; Consents to
                    Waivers..............................................    18

ARTICLE VII      OPTIONS AND OBLIGATIONS OF COMPANY; PREPAYMENTS;
                    REDEMPTION OF BONDS..................................    18
   Section 7.1.  Option to Prepay........................................    18
   Section 7.2.  Obligation to Prepay....................................    19
   Section 7.3.  Notice of Prepayment....................................    19

ARTICLE VIII     MISCELLANEOUS...........................................    19
   Section 8.1.  Notices.................................................    19
   Section 8.2.  Assignments.............................................    20
   Section 8.3.  Severability............................................    20
   Section 8.4.  Execution of Counterparts...............................    20
   Section 8.5.  Amounts Remaining in Bond Fund..........................    20
   Section 8.6.  Amendments, Changes and Modifications...................    20
   Section 8.7.  Governing Law...........................................    21
   Section 8.8.  Authorized Issuer and Company Representatives...........    21
   Section 8.9.  Term of the Agreement...................................    21
   Section 8.10. Cancellation at Expiration of Term......................    21
   Section 8.11. Bond Insurance..........................................    21

Signature................................................................    22
</TABLE>

                                      -ii-
<PAGE>

     THIS FINANCING AGREEMENT made and entered into as of November 1, 2006, by
and between HUMBOLDT COUNTY, NEVADA, a political subdivision of the State of
Nevada, party of the first part (hereinafter referred to as the "Issuer"), and
SIERRA PACIFIC POWER COMPANY, a corporation duly organized and existing under
the laws of the State of Nevada, party of the second part (hereinafter referred
to as the "Company"),

                                   WITNESSETH:

     In consideration of the respective representations and agreements
hereinafter contained, the parties hereto agree as follows (provided, that in
the performance of the agreements of the Issuer herein contained, any obligation
it may thereby incur shall not constitute or give rise to a pecuniary liability
or a charge upon its general credit or against its taxing powers but shall be
payable solely out of the Revenues (as hereinafter defined) derived from this
Financing Agreement and the Bonds, as hereinafter defined):

                                    ARTICLE I

                                   DEFINITIONS

     The following terms shall have the meanings specified in this Article
unless the context clearly requires otherwise. The singular shall include the
plural and the masculine shall include the feminine.

     "Act" means the County Economic Development Revenue Bond Law, as amended,
contained in Sections 244A.669 to 244A.763, inclusive, of the Nevada Revised
Statutes.

     "Administrative Expenses" means the reasonable and necessary expenses
(including the reasonable value of employee services and fees of Counsel)
incurred by the Issuer in connection with the Bonds, this Agreement, the
Indenture and any transaction or event contemplated by this Agreement or the
Indenture.

     "Agreement" means this Financing Agreement by and between the Issuer and
the Company, as from time to time amended and supplemented.

     "Auction Agent" means the auction agent appointed in accordance with the
provisions of the Indenture.

     "Authorized Company Representative" means any person who, at the time,
shall have been designated to act on behalf of the Company by a written
certificate furnished to the Issuer, the Remarketing Agent and the Trustee
containing the specimen signature of such person and signed on behalf of the
Company by any officer of the Company. Such certificate may designate an
alternate or alternates.

<PAGE>

     "Authorized Issuer Representative" means any person at the time designated
to act on behalf of the Issuer by a written certificate furnished to the Company
and the Trustee containing the specimen signature of such person and signed on
behalf of the Issuer by its Chairman. Such certificate may designate an
alternate or alternates.

     "Bankruptcy Code" means the United States Bankruptcy Reform Act of 1978, as
amended from time to time, or any substitute or replacement legislation.

     "Bond" or "Bonds" means the Issuer's bonds identified in Section 2.02 of
the Indenture.

     "Bond Counsel" means the Counsel who renders the opinion as to the
tax-exempt status of interest on the Bonds or other nationally recognized
municipal bond counsel mutually acceptable to the Issuer and the Company.

     "Bond Fund" means the fund created by Section 6.02 of the Indenture.

     "Code" means the United States Internal Revenue Code of 1986, as amended,
and regulations promulgated or proposed thereunder and, to the extent applicable
to the Bonds or the Prior Bonds, the 1954 Code.

     "Company" means Sierra Pacific Power Company, a Nevada corporation, and its
successors and assigns and any surviving, resulting or transferee corporation as
permitted in Section 5.1 hereof.

     "Counsel" means an attorney at law or a firm of attorneys (who may be an
employee of or counsel to the Issuer or the Company or the Trustee) duly
admitted to the practice of law before the highest court of any state of the
United States of America or of the District of Columbia.

     "Delivery Agreement" means the Delivery Agreement dated the Dated Date,
between the Company and the Trustee, as amended, supplemented or restated from
time to time, pursuant to which the Company will issue to the Trustee the G&R
Notes at the time of the initial authentication and delivery of the Bonds.

     "Extraordinary Services" and "Extraordinary Expenses" means all services
rendered and all expenses (including fees and expenses of Counsel) incurred
under the Indenture and the Tax Agreement other than Ordinary Services and
Ordinary Expenses.

     "Force Majeure" means acts of God, strikes, lockouts or other industrial
disturbances; acts of public enemies; orders or restraints of any kind of the
governments of the United States or of the State, or any of their departments,
agencies or officials, or any civil or military authority; insurrections; riots;
landslides; lightning; earthquakes; fires; tornadoes; volcanoes; storms;
droughts; floods; explosions, breakage, or malfunction or accident to machinery,
transmission lines, pipes or canals, even if resulting from negligence; civil
disturbances; or any other cause not reasonably within the control of the
Company.

                                       -2-

<PAGE>

     "G&R Indenture" means the General and Refunding Mortgage Indenture dated as
of May 1, 2001 between the Company and the G&R Trustee, as amended and
supplemented.

     "G&R Notes" means the Company's $49,750,000 General and Refunding Mortgage
Note, Series N, No. N-1, due October 1, 2029.

     "G&R Trustee" means The Bank of New York, as trustee under the G&R
Indenture or any successor trustee.

     "Governing Body" means the Board of County Commissioners of the Issuer.

     "Hereof," "herein," "hereunder" and other words of similar import refer to
this Agreement as a whole.

     "Indenture" means the Indenture of Trust relating to this Agreement between
the Issuer and The Bank of New York, as Trustee, of even date herewith, pursuant
to which the Bonds are authorized to be issued, including any indentures
supplemental thereto or amendatory thereof.

     "Issuer" means Humboldt County, Nevada, and any successor body to the
duties or functions of the Issuer.

     "1954 Code" means the Internal Revenue Code of 1954, as amended, and the
applicable regulations thereunder.

     "Ordinary Services" and "Ordinary Expenses" means those services normally
rendered and those expenses including fees and expenses of Counsel, normally
incurred by a trustee or paying agent under instruments similar to the Indenture
and the Tax Agreement.

     "Owner" or "owner of Bonds" means the Person or Persons in whose name or
names a Bond shall be registered on books of the Issuer kept by the Registrar
for that purpose in accordance with the terms of the Indenture.

     "Person" means natural persons, firms, partnerships, associations,
corporations, trusts and public bodies.

     "Prior Bonds" means the Series 1987 Bonds and the Series 1992 Bonds.

     "Prior Bond Funds" means the Series 1987 Bond Fund and the Series 1992 Bond
Fund.

     "Prior Indentures" means the Series 1987 Indenture and the Series 1992
Indenture.

     "Prior Trustees" means the Series 1987 Trustee and the Series 1992 Trustee.

     "Project" means the Project as defined in the Project Certificate.

                                       -3-

<PAGE>

     "Project Certificate" means the Company's Project and Refunding
Certificate, delivered concurrently with the issuance of the Bonds, with respect
to certain facts which are within the knowledge of the Company and certain
reasonable assumptions of the Company, to enable Chapman and Cutler LLP, as Bond
Counsel, to determine that interest on the Bonds is not includable in the gross
income of the Owners of the Bonds for federal income tax purposes.

     "Rebate Fund" means the Rebate Fund, if any, created and established
pursuant to the Tax Agreement.

     "Regulated Utility Company" means a corporation (or a limited liability
company) engaged in the distribution of electricity, gas and/or water and which
is regulated by the public utility commission where its primary distribution
business is located.

     "Remarketing Agent" means the remarketing agent, if any, appointed in
accordance with Section 4.08 of the Indenture and any permitted successor
thereto.

     "Reorganization" means any reorganization, consolidation or merger of the
Company or its affiliates, or any transfer or lease of a substantial portion of
the assets of the Company or its affiliates, as a result of which the obligor
under the Agreement or the obligor on the G&R Notes ceases to be a Regulated
Utility Company.

     "Series 1987 Bond Fund" means the fund established pursuant to Section 502
of the Series 1987 Indenture.

     "Series 1987 Bonds" means the Issuer's Variable Rate Demand Pollution
Control Refunding Revenue Bonds (Sierra Pacific Power Company Project) Series
1987, currently outstanding in the aggregate principal amount of $39,500,000.

     "Series 1987 Indenture" means the Indenture of Trust dated March 1, 1987
between the Issuer and the Series 1987 Trustee, as trustee, pursuant to which
the Series 1987 Bonds were issued.

     "Series 1987 Trustee" means The Bank of New York Trust Company, N.A., as
current trustee under the Series 1987 Indenture.

     "Series 1992 Bond Fund" means the fund established pursuant to Section 5.02
of the Series 1992 Indenture.

     "Series 1992 Bonds" means the Issuer's Pollution Control Refunding Revenue
Bonds (Sierra Pacific Power Company Project) Series 1992A, currently outstanding
in the aggregate principal amount of $10,250,000.

     "Series 1992 Indenture" means the Indenture of Trust dated July 1, 1992
between the Issuer and the Series 1992 Trustee, as trustee, pursuant to which
the Series 1992 Bonds were issued.

                                       -4-

<PAGE>

     "Series 1992 Trustee" means The Bank of New York, as current trustee under
the Series 1992 Indenture.

     "State" means the State of Nevada.

     "Tax Agreement" means the Tax Exemption Certificate and Agreement with
respect to the Bonds, dated the date of delivery of the Bonds, among the
Company, the Issuer and the Trustee, as from time to time amended and
supplemented.

     "Trust Estate" means the property conveyed to the Trustee pursuant to the
Granting Clauses of the Indenture.

     "Trustee" means The Bank of New York, as Trustee under the Indenture, and
any successor Trustee appointed pursuant to Section 10.06 or 10.09 of the
Indenture at the time serving as Trustee thereunder, and any separate or
co-trustee serving as such thereunder.

     All other terms used herein which are defined in the Indenture shall have
the same meanings assigned them in the Indenture unless the context otherwise
requires.

                                   ARTICLE II

                                 REPRESENTATIONS

     SECTION 2.1. REPRESENTATIONS AND COVENANTS BY THE ISSUER. The Issuer makes
the following representations and covenants as the basis for the undertakings on
its part herein contained:

          (a) The Issuer is a duly organized and existing political subdivision
     of the State of Nevada. Under the provisions of the Act, the Issuer is
     authorized to enter into the transactions contemplated by this Agreement,
     the Indenture and the Tax Agreement and to carry out its obligations
     hereunder and thereunder. The Issuer has duly authorized the execution and
     delivery of this Agreement, the Indenture and the Tax Agreement.

          (b) The Bonds are to be issued under and secured by the Indenture,
     pursuant to which certain of the Issuer's interests in this Agreement and
     the Revenues derived by the Issuer pursuant to this Agreement will be
     pledged and assigned as security for payment of the principal of, premium,
     if any, and interest on, the Bonds.

          (c) The Governing Body of the Issuer has found that the issuance of
     the Bonds will further the public purposes of the Act.

          (d) The Issuer has not assigned and will not assign any of its
     interests in this Agreement other than pursuant to the Indenture.

          (e) No member of the Governing Body of the Issuer, nor any other
     officer of the Issuer, has any interest, financial (other than ownership of
     less than one-tenth of one

                                       -5-

<PAGE>

     percent (.1%) of the publicly traded securities issued by the Company or
     its affiliated corporations), employment or other, in the Company or in the
     transactions contemplated hereby.

     SECTION 2.2. REPRESENTATIONS BY THE COMPANY. The Company makes the
following representations as the basis for the undertakings on its part herein
contained:

          (a) The Company is a corporation duly incorporated under the laws of
     the State and is in good standing in the State, is qualified to do business
     as a foreign corporation in all other states and jurisdictions wherein the
     nature of the business transacted by the Company or the nature of the
     property owned or leased by it makes such licensing or qualification
     necessary, and has the power to enter into and by proper corporate action
     has been duly authorized to execute and deliver this Agreement and the Tax
     Agreement.

          (b) Neither the execution and delivery of this Agreement or the Tax
     Agreement, the consummation of the transactions contemplated hereby and
     thereby, nor the fulfillment of or compliance with the terms and conditions
     of this Agreement and the Tax Agreement, conflicts with or results in a
     breach of any of the terms, conditions or provisions of any corporate
     restriction or any agreement or instrument to which the Company is now a
     party or by which it is bound, or constitutes a default under any of the
     foregoing, or results in the creation or imposition of any lien, charge or
     encumbrance whatsoever upon any of the property or assets of the Company
     under the terms of any instrument or agreement other than the Indenture.

          (c) The statements, information and descriptions contained in the
     Project Certificate and the Tax Agreement, as of the date hereof and at the
     time of the delivery of the Bonds to the Underwriter, are and will be true,
     correct and complete, do not and will not contain any untrue statement or
     misleading statement of a material fact, and do not and will not omit to
     state a material fact required to be stated therein or necessary to make
     the statements, information and descriptions contained therein, in the
     light of the circumstances under which they were made, not misleading.

                                  ARTICLE III

                              ISSUANCE OF THE BONDS

     SECTION 3.1. AGREEMENT TO ISSUE BONDS; APPLICATION OF BOND PROCEEDS. In
order to provide funds to lend to the Company to refund the Prior Bonds as
provided in Section 4.1 hereof, the Issuer agrees that it will issue under the
Indenture, sell and cause to be delivered to the Underwriter, its Bonds in the
aggregate principal amount of $49,750,000, bearing interest and maturing as set
forth in the Indenture. The Issuer will thereupon deposit the proceeds received
from the sale of the Bonds as follows: (1) in the Bond Fund, a sum equal to the
accrued interest, if any, paid by the Underwriter; and (2) $49,750,000 in the
Prior Bonds Redemption Fund to be remitted by the Trustee to the Prior Trustees
for deposit in the Prior Bond Funds to be used to pay to the owners thereof the
principal of the Prior Bonds upon redemption thereof.

                                       -6-
<PAGE>

     SECTION 3.2. DEPOSIT OF ADDITIONAL FUNDS BY COMPANY; REDEMPTION OF PRIOR
BONDS. The Company covenants that such additional amounts as may be required to
redeem the Prior Bonds in accordance with Section 3.1 hereof will be timely
deposited with the Prior Trustee pursuant to the Prior Indentures for such
purpose. Income derived from the investment of the proceeds of the Bonds
deposited in the two accounts of the Prior Bonds Redemption Fund will be used,
to the extent available, to satisfy the obligations of the Company specified in
this Section 3.2. The Company covenants that it will cause the Prior Bonds to be
redeemed within 90 days after the issuance and delivery of the Bonds.

     SECTION 3.3. INVESTMENT OF MONEYS IN THE BOND FUND AND THE PRIOR BONDS
REDEMPTION FUND. Except as otherwise herein provided, any moneys held as a part
of the Bond Fund and the Prior Bonds Redemption Fund shall be invested or
reinvested by the Trustee at the specific written direction of an Authorized
Company Representative as to specific investments, to the extent permitted by
law, in:

          (a) bonds or other obligations of the United States of America;

          (b) bonds or other obligations, the payment of the principal of and
     interest on which is unconditionally guaranteed by the United States of
     America;

          (c) obligations issued or guaranteed as to principal and interest by
     any agency or person controlled or supervised by and acting as an
     instrumentality of the United States of America pursuant to authority
     granted by the Congress of the United States of America;

          (d) obligations issued or guaranteed by any state of the United States
     of America, or any political subdivision of any such state, or in funds
     consisting of such obligations to the extent described in Section
     1.148-8(e)(3)(iii) of the 1992 Treasury Regulations;

          (e) prime commercial paper;

          (f) prime finance company paper;

          (g) bankers' acceptances drawn on and accepted by commercial banks;

          (h) repurchase agreements fully secured by obligations issued or
     guaranteed as to principal and interest by the United States of America or
     by any person controlled or supervised by and acting as an instrumentality
     of the United States of America pursuant to authority granted by the
     Congress of the United States of America;

          (i) certificates of deposit issued by commercial banks, including
     banks domiciled outside of the United States of America; and

                                       -7-

<PAGE>

          (j) units of taxable government money market portfolios composed of
     obligations guaranteed as to principal and interest by the United States of
     America or repurchase agreements fully collateralized by such obligations.

     The investments so purchased shall be held by the Trustee and shall be
deemed at all times a part of the fund and the accounts therein, if any, for
which they were made and the interest accruing thereon and any profit realized
therefrom shall be credited to such fund and the accounts therein, if any,
subject to the provisions of the Tax Agreement. The Company agrees that to the
extent any moneys in the Bond Fund represent moneys held for the payment of
particular Bonds, or to the extent that any moneys are held for the payment of
the purchase price of Bonds pursuant to Article IV of the Indenture, such moneys
shall not be invested.

     SECTION 3.4. TAX EXEMPT STATUS OF BONDS. The Company covenants and agrees
that it has not taken or permitted and will not take or permit any action which
results in interest paid on the Bonds being included in gross income of the
holders or beneficial owners of the Bonds for purposes of federal income
taxation (other than a holder or beneficial owner who is a "substantial user" of
the Project or a "related person" within the meaning of Section 103(b)(13) of
the 1954 Code). The Company covenants that none of the proceeds of the Bonds or
the payments to be made under this Agreement, or any other funds which may be
deemed to be proceeds of the Bonds pursuant to Section 148(a) of the Code, will
be invested or used in such a way, and that no actions will be taken or not
taken, as to cause the Bonds to be treated as "arbitrage bonds" within the
meaning of Section 148(a) of the Code. Without limiting the generality of the
foregoing, the Company covenants and agrees that it will comply with the
provisions of the Tax Agreement and the Project Certificate.

                                   ARTICLE IV

                        LOAN AND PROVISIONS FOR REPAYMENT

     SECTION 4.1. LOAN OF BOND PROCEEDS. (a) The Issuer agrees, upon the terms
and conditions in this Agreement, to lend to the Company the proceeds (exclusive
of accrued interest, if any) received by the Issuer from the sale of the Bonds
in order to refund the Prior Bonds, and the Company agrees to apply the gross
proceeds of such loan to the refunding of the Prior Bonds as set forth in
Sections 3.1 and 3.2 hereof.

          (b) The Issuer and the Company expressly reserve the right to enter
     into, to the extent permitted by law, an agreement or agreements other than
     this Agreement, with respect to the issuance by the Issuer, under an
     indenture or indentures other than the Indenture, of obligations to provide
     additional funds to refund all or any principal amount of the Bonds.

     SECTION 4.2. LOAN REPAYMENTS AND OTHER AMOUNTS PAYABLE. (a) On each date
provided in or pursuant to the Indenture for the payment (whether at maturity or
upon redemption or acceleration) of principal of, and premium, if any, and
interest on, the Bonds, until the principal of, and premium, if any, and
interest on, the Bonds shall have been fully paid or provision for the payment
thereof shall have been made in accordance with the Indenture, the Company shall
pay to the Trustee in immediately available funds, for deposit in the Bond Fund,

                                       -8-

<PAGE>

as a repayment installment of the loan of the proceeds of the Bonds pursuant to
Section 4.1(a) hereof, a sum equal to the amount payable on such date (whether
at maturity or upon redemption or acceleration) as principal of, and premium, if
any, and interest on, the Bonds as provided in the Indenture; provided, however,
that the obligation of the Company to make any such repayment installment shall
be reduced by the amount of any moneys then on deposit in the Bond Fund and
available for such payment; and provided further, that the obligation of the
Company to make any such payment shall be deemed to be satisfied and discharged
to the extent provided for under a liquidity facility (if applicable) or under
the G&R Notes.

          (b) The Company shall pay to the Trustee amounts equal to the amounts
     to be paid by the Trustee for the purchase of Bonds pursuant to Article IV
     of the Indenture. Such amounts shall be paid by the Company to the Trustee
     in immediately available funds on the date such payments pursuant to
     Section 4.05 of the Indenture are to be made; provided, however, that the
     obligation of the Company to make any such payment shall be deemed to be
     satisfied and discharged to the extent moneys are available from the source
     described in clause (i) of Section 4.05(a) of the Indenture and to the
     extent moneys are available under any liquidity facility (if applicable).

          (c) The Company agrees to pay to the Trustee (i) the fees of the
     Trustee for the Ordinary Services rendered by it and an amount equal to the
     Ordinary Expenses incurred by it under the Indenture and the Tax Agreement,
     as and when the same become due, and (ii) the reasonable fees, charges and
     expenses of the Trustee for reasonable Extraordinary Services and
     Extraordinary Expenses, as and when the same become due, incurred under the
     Indenture and the Tax Agreement. The Company agrees that the Trustee, its
     officers, agents, servants and employees, shall not be liable for, and
     agrees that it will at all times indemnify and hold harmless the Trustee,
     its officers, agents, servants and employees against, and pay all expenses
     of the Trustee, its officers, agents, servants and employees, relating to
     any lawsuit, proceeding or claim and resulting from any action or omission
     taken or made by or on behalf of the Trustee, its officers, agents,
     servants and employees pursuant to this Agreement, the Indenture or the Tax
     Agreement, that may be occasioned by any cause (other than the negligence
     or willful misconduct of the Trustee, its officers, agents, servants and
     employees). In case any action shall be brought against the Trustee in
     respect of which indemnity may be sought against the Company, the Trustee
     shall promptly notify the Company in writing and the Company shall be
     entitled to assume control of the defense thereof, including the employment
     of Counsel reasonably satisfactory to the Trustee and the payment of all
     expenses. The Trustee shall have the right to employ separate Counsel in
     any such action and participate in the defense thereof, but the fees and
     expenses of such Counsel shall be paid by the Trustee unless (i) the
     employment of such Counsel has been authorized by the Company, (ii) the
     Trustee has determined (which determination may be based upon an opinion of
     counsel delivered to the Trustee and furnished to the Company) that there
     may be a conflict of interest of such Counsel retained by the Company
     between the Company and the Trustee in the conduct of such defense, (iii)
     the Company ceases or terminates the employment of such Counsel retained by
     the Company or (iv) such Counsel retained by the Company withdraws with
     respect to such defense. The Company shall not be liable for any settlement
     of any such action without its consent, but if any such action is settled
     with the consent of the Company or if there be final judgment for the
     plaintiff in any such action, the Company agrees to indemnify and hold
     harmless the Trustee from and against any loss or

                                      -9-

<PAGE>

     liability by reason of such settlement or final judgment. The Company
     agrees that the indemnification provided herein shall survive the
     termination of this Agreement or the Indenture or the resignation of the
     Trustee. For purposes of this Section 4.2(c), the Trustee is deemed a third
     party beneficiary of this Agreement.

          (d) The Company agrees to pay all costs incurred in connection with
     the issuance of the Bonds from sources other than Bond proceeds and the
     Issuer shall have no obligation with respect to such costs.

          (e) The Company agrees to indemnify and hold harmless the Issuer and
     any member, officer, official or employee of the Issuer against any and all
     losses, costs, charges, expenses, judgments and liabilities created by or
     arising out of this Agreement, the Indenture, the Remarketing Agreement,
     the Auction Agreement, the Bond Purchase Agreement, any Broker-Dealer
     Agreement or the Tax Agreement or otherwise incurred in connection with the
     issuance of the Bonds. The Issuer may submit to the Company periodic
     statements, not more frequently than monthly, for its Administrative
     Expenses and the Company shall make payment to the Issuer of the full
     amount of each such statement within 30 days after the Company receives
     such statement.

          (f) The Company agrees to pay (i) to the Remarketing Agent the
     reasonable fees, charges and expenses of such Remarketing Agent and (ii) to
     the Auction Agent the reasonable fees, charges and expenses of such Auction
     Agent, and the Issuer shall have no obligation or liability with respect to
     the payment of any such fees, charges or expenses.

          (g) In the event the Company shall fail to make any of the payments
     required by (a) or (b) of this Section 4.2, the payment so in default shall
     continue as an obligation of the Company until the amount in default shall
     have been fully paid and the Company will pay interest to the extent
     permitted by law, on any overdue amount at the rate of interest borne by
     the Bonds on the date on which such amount became due and payable until
     paid. In the event that the Company shall fail to make any of the payments
     required by (c), (d), (e) or (f) of this Section 4.2, the payment so in
     default shall continue as an obligation of the Company until the amount in
     default shall have been fully paid, and the Company agrees to pay the same
     with interest thereon to the extent permitted by law at a rate 1% above the
     rate of interest then charged by the Trustee on 90-day commercial loans to
     its prime commercial borrowers until paid.

     SECTION 4.3. NO DEFENSE OR SET-OFF. The obligation of the Company to make
the payments pursuant to this Agreement shall be absolute and unconditional
without defense or set-off by reason of any default by the Issuer under this
Agreement or under any other agreement between the Company and the Issuer or for
any other reason, it being the intention of the parties that the payments
required hereunder will be paid in full when due without any delay or diminution
whatsoever.

     SECTION 4.4. PAYMENTS PLEDGED AND ASSIGNED. It is understood and agreed
that all payments required to be made by the Company pursuant to Section 4.2
hereof (except payments made to the Trustee pursuant to Section 4.2(c) hereof,
to the Remarketing Agent and the Auction Agent pursuant to Section 4.2(f)
hereof, to the Issuer pursuant to Section 4.2(e) hereof and to any

                                      -10-

<PAGE>

or all the Issuer and the Trustee and the Remarketing Agent pursuant to Section
4.2(g) hereof) and certain rights of the Issuer hereunder are pledged and
assigned by the Indenture. The Company consents to such pledge and assignment.
The Issuer hereby directs the Company and the Company hereby agrees to pay or
cause to be paid to the Trustee all said amounts except payments to be made to
the Remarketing Agent and the Auction Agent pursuant to Section 4.2(f) hereof
and payments to be made to the Issuer pursuant to Sections 4.2(e) and (g)
hereof. The Project will not constitute any part of the security for the Bonds,
except to the extent that the Trustee as holder of G&R Notes has a lien on
property under the G&R Indenture.

     SECTION 4.5. PAYMENT OF THE BONDS AND OTHER AMOUNTS. The Bonds and interest
and premium, if any, thereon shall be payable solely from (i) payments made by
the Company to the Trustee under Section 4.2(a) hereof and (ii) other moneys on
deposit in the Bond Fund and available therefor.

     Payments of principal of, and premium, if any, or interest on, the Bonds
with moneys in the Bond Fund constituting proceeds from the sale of the Bonds or
earnings on investments made under the provisions of the Indenture shall be
credited against the obligation to pay required by Section 4.2(a) hereof.

     Whenever any Bonds are redeemable in whole or in part at the option of the
Company, the Trustee, on behalf of the Issuer, shall redeem the same upon the
request of the Company and such redemption (unless conditional) shall be made
from payments made by the Company to the Trustee under Section 4.2(a) hereof
equal to the redemption price of such Bonds.

     Whenever payment or provision therefor has been made in respect of the
principal of, or premium, if any, or interest on, all or any portion of the
Bonds in accordance with the Indenture (whether at maturity or upon redemption
or acceleration or upon provision for payment in accordance with Article VIII of
the Indenture), payments shall be deemed paid to the extent such payment or
provision therefor has been made and is considered to be a payment of principal
of, or premium, if any, or interest on, such Bonds. If such Bonds are thereby
deemed paid in full, the Trustee shall notify the Company and the Issuer that
such payment requirement has been satisfied. Subject to the foregoing, or unless
the Company is entitled to a credit under this Agreement or the Indenture, all
payments shall be in the full amount required by Section 4.2(a) hereof.

                                    ARTICLE V

                        SPECIAL COVENANTS AND AGREEMENTS

     SECTION 5.1. COMPANY TO MAINTAIN ITS CORPORATE EXISTENCE; CONDITIONS UNDER
WHICH EXCEPTIONS PERMITTED. The Company agrees that during the term of this
Agreement, it will maintain its corporate existence and its good standing in the
State, will not dissolve or otherwise dispose of all or substantially all of its
assets and will not consolidate with or merge into another corporation unless
the acquirer of its assets or the corporation with which it shall consolidate or
into which it shall merge shall (i) be a corporation organized under the laws of
one of the states of the United States of America, (ii) be qualified to do
business in the State, and

                                      -11-

<PAGE>

(iii) assume in writing all of the obligations of the Company under this
Agreement and the Tax Agreement. Any transfer of all or substantially all of the
Company's generation assets shall not be deemed to constitute a "disposition of
all or substantially all of the Company's assets" within the meaning of the
preceding paragraph. Any such transfer of the Company's generation assets shall
not relieve the Company of any of its obligations under this Agreement.

     The Company hereby agrees that so long as any of the Bonds are insured by a
Bond Insurance Policy issued by the Bond Insurer and the Bond Insurer shall not
have failed to comply with its payment obligations under such Policy, in the
event of a Reorganization, unless otherwise consented to by the Bond Insurer,
the obligations of the Company under, and in respect of, the Bonds, the G&R
Notes, the G&R Indenture and the Agreement shall be assumed by, and shall become
direct and primary obligations of, a Regulated Utility Company such that at all
times the obligor under this Agreement and the obligor on the G&R Notes is a
Regulated Utility Company. The Company shall deliver to the Bond Insurer a
certificate of the president, any vice president or the treasurer and an opinion
of counsel reasonably acceptable to the Bond Insurer stating in each case that
such Reorganization complies with the provisions of this paragraph.

     The Company need not comply with any of the provisions of this Section 5.1
if, at the time of such merger or consolidation, the Bonds will be defeased as
provided in Article VIII of the Indenture. The Company need not comply with the
provisions of the second paragraph of this Section 5.1 if the Bonds are redeemed
as provided in Section 3.01(B)(3) of the Indenture or if the Bond Insurance
Policy is terminated as described in Section 3.06 of the Indenture in connection
with a purchase of the Bonds by the Company in lieu of their redemption.

     SECTION 5.2. ANNUAL STATEMENT. The Company agrees to have an annual audit
made by its regular independent certified public accountants and to furnish the
Trustee (within 30 days after receipt by the Company) with a balance sheet and
statement of income and surplus showing the financial condition of the Company
and its consolidated subsidiaries, if any, at the close of each fiscal year and
the results of operations of the Company and its consolidated subsidiaries, if
any, for each fiscal year, accompanied by a report of said accountants that such
statements have been prepared in accordance with generally accepted accounting
principles. The Company's obligations under this Section 5.2 may be satisfied by
delivering a copy of the Company's Annual Report on Form 10-K to the Trustee
within 10 days after it is filed with the Securities and Exchange Commission.

     Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on officer's certificates).

     SECTION 5.3. MAINTENANCE AND REPAIR; INSURANCE; TAXES; DISPOSITION. For so
long as the Company shall own the Project, (i) the Company shall maintain or
cause to be maintained the Project in good repair and keep it properly insured
and shall promptly pay or cause to be paid all costs thereof, and (ii) the
Company shall promptly pay or cause to be paid all installments of

                                      -12-

<PAGE>

taxes, installments of special assessments, and all governmental, utility and
other charges with respect to the Project, when due. The Company may, at its own
expense and in its own name in good faith contest or appeal any such taxes,
assessments or other charges, or installments thereof, but shall not permit any
such taxes, assessments or other charges, or installments thereof, to remain
unpaid if such nonpayment shall subject the Project or any part thereof to loss
or forfeiture. The Company, subject to the provisions of Section 3.4 hereof, is
not required by this Agreement to operate, or cause to be operated, any portion
of the Project after the Company shall deem in its discretion that such
continued operation by the Company is not advisable, and in such event the
Company may sell, lease or retire all or any such portion of the Project.
Subject to the provisions of Section 3.4 hereof, the net proceeds from such
sale, lease or other disposition, if any, shall belong to, and may be used for
any lawful purpose by, the Company. Upon disposition of the Project in its
entirety by the Company in accordance with this Section 5.3, the Company shall
be discharged from its obligations to operate, maintain, repair and insure the
Project as set forth in this Section 5.3. Any such sale, lease or other
disposition shall comply with the requirements of the Tax Agreement. Under any
and all circumstances, the Issuer shall have no obligation whatsoever with
respect to the operation, maintenance, repair or insurance of the Project.

     SECTION 5.4. RECORDATION AND OTHER INSTRUMENTS. The Company shall cause
such security agreements, financing statements and all supplements thereto and
other instruments as may be required from time to time to be kept, to be
recorded and filed in such manner and in such places as may be required by law
in order to fully preserve, protect and perfect the security of the Owners of
the Bonds and the rights of the Trustee, and to perfect the security interest
created by the Indenture. The Company agrees to abide by the provisions of
Section 5.11 of the Indenture to the extent applicable to the Company.

     SECTION 5.5. NO WARRANTY BY THE ISSUER. The Issuer makes no warranty,
either express or implied, as to the Project or that it will be suitable for the
purposes of the Company or needs of the Company.

     SECTION 5.6. AGREEMENT AS TO OWNERSHIP OF THE PROJECT. The Issuer and the
Company agree that title to the Project shall not be in the Issuer, and that the
Issuer shall have no interest in the Project.

     SECTION 5.7. COMPANY TO FURNISH NOTICE OF RATE PERIOD ADJUSTMENTS;
LIQUIDITY FACILITY REQUIREMENTS; AUCTION RATE PERIOD PROVISIONS. The Company is
hereby granted the option to designate from time to time changes in Rate Periods
(and to rescind such changes) in the manner and to the extent set forth in
Section 2.03 of the Indenture. In the event the Company elects to exercise any
such option, the Company agrees that it shall cause notices of adjustments of
Rate Periods (or rescissions thereof) to be given to the Issuer, the Trustee and
the Remarketing Agent in accordance with Section 2.03(a), (b), (c), (d) or (e)
of the Indenture, and a copy of each such notice shall also be given at such
time to S&P and Moody's.

     The Company hereby agrees that, so long as the Bonds are insured by a Bond
Insurance Policy issued by the Bond Insurer and notwithstanding the provisions
of Section 2.03 of the Indenture, it shall not give notice of its intention to
adjust the Rate Period for the Bonds to a

                                      -13-

<PAGE>

Daily Rate Period, a Weekly Rate Period or a Flexible Rate Period until the
Company shall provide a liquidity facility reasonably acceptable to the Bond
Insurer from a liquidity facility provider reasonably acceptable to the Bond
Insurer in accordance with the Bond Insurer's liquidity facility requirements to
be effective on the related date of adjustment.

     If during any Auction Rate Period (i) consisting of Auction Periods of 35
days or less, the Bonds shall bear interest at the Maximum Interest Rate for a
period in excess of 180 days, or (ii) consisting of one Auction Period of 180
days or more, the Bonds shall bear interest at the Maximum Interest Rate for
such Period, the Company shall notify the Bond Insurer in writing of such event
and agrees to cooperate with the Bond Insurer to take all steps reasonably
necessary to adjust the Rate Period on the Bonds as soon as reasonably
practicable in accordance with the provisions of the Indenture to the Rate
Period which the Remarketing Agent advises the Company and the Bond Insurer will
be the lowest interest rate (taking into account all relevant costs) which would
enable the Remarketing Agent to sell all the Bonds on the date of such
adjustment at a price equal to 100% of the principal amount thereof (the "Lowest
Interest Rate Period"). If at such time the Company shall be in default under
the Agreement but the Bond Insurer shall not have failed to comply with its
payment obligations under the Bond Insurance Policy, the Bond Insurer may, in
its discretion, direct the Company to provide notice of the adjustment of the
Rate Period on the Bonds to the Lowest Interest Rate Period in accordance with
the provisions of Section 2.03 of the Indenture.

     SECTION 5.8. INFORMATION REPORTING, ETC. The Issuer covenants and agrees
that, upon the direction of the Company or Bond Counsel, it will mail or cause
to be mailed to the Secretary of the Treasury (or his designee as prescribed by
regulation, currently the Internal Revenue Service Center, Ogden, Utah) a
statement setting forth the information required by Section 149(e) of the Code,
which statement shall be in the form of the Information Return for Tax-Exempt
Private Activity Bond Issues (Form 8038) of the Internal Revenue Service (or any
successor form) and which shall be completed by the Company and Bond Counsel
based in part upon information supplied by the Company and Bond Counsel.

     SECTION 5.9. LIMITED LIABILITY OF ISSUER. Any obligation or liability of
the Issuer created by or arising out of this Agreement or otherwise incurred in
connection with the issuance of the Bonds (including without limitation any
liability created by or arising out of the representations, warranties or
covenants set forth herein or otherwise) shall not impose a debt or pecuniary
liability upon the Issuer or the State or any political subdivision thereof, or
a charge upon the general credit or taxing powers of any of the foregoing, but
shall be payable solely out of the Revenues or other amounts payable by the
Company to the Issuer hereunder or otherwise (including without limitation any
amounts derived from indemnifications given by the Company).

     Neither the issuance of the Bonds nor the delivery of this Agreement shall,
directly or indirectly or contingently, obligate the Issuer or the State or any
political subdivision thereof to levy any form of taxation therefor or to make
any appropriation for their payment. Nothing in the Bonds or in the Indenture or
this Agreement or the proceedings of the Issuer authorizing the Bonds or in the
Act or in any other related document shall be construed to authorize the Issuer
to create a debt of the Issuer or the State or any political subdivision thereof
within the meaning of

                                      -14-

<PAGE>

any constitutional or statutory provision of the State. The principal of, and
premium, if any, and interest on, the Bonds shall be payable solely from the
funds pledged for their payment in accordance with the Indenture and available
therefor under this Agreement. Neither the State nor any political subdivision
thereof shall in any event be liable for the payment of the principal of,
premium, if any, or interest on, the Bonds or for the performance of any pledge,
obligation or agreement of any kind whatsoever which may be undertaken by the
Issuer. No breach of any such pledge, obligation or agreement may impose any
pecuniary liability upon the Issuer or the State or any political subdivision
thereof, or any charge upon the general credit or against the taxing power of
the Issuer or the State or any political subdivision thereof.

     SECTION 5.10. INSPECTION OF PROJECT. The Company agrees that the Issuer and
the Trustee and their duly authorized representatives shall have the right at
all reasonable times to enter upon and examine and inspect the Project property
and shall also be permitted, at all reasonable times, to examine the books and
records of the Company insofar as they relate to the Project.

     SECTION 5.11. INDENTURE COVENANTS. The Company covenants to observe and
perform all of the obligations imposed on it under the Indenture.

                                   ARTICLE VI

                         EVENTS OF DEFAULT AND REMEDIES

     SECTION 6.1. EVENTS OF DEFAULT DEFINED. The following shall be "events of
default" under this Agreement and the terms "event of default" or "default"
shall mean, whenever they are used in this Agreement, any one or more of the
following events:

          (a) Failure by the Company to pay when due any amounts required to be
     paid under Section 4.2(a) hereof, which failure results in an event of
     default under subparagraph (a) or (b) of Section 9.01 of the Indenture; or

          (b) Failure by the Company to pay or cause to be paid any payment
     required to be paid under Section 4.2(b) hereof, which failure results in
     an event of default under subparagraph (c) of Section 9.01 of the
     Indenture; or

          (c) Failure by the Company to observe and perform any covenant,
     condition or agreement on its part to be observed or performed in this
     Agreement, other than as referred to in (a) and (b) above, for a period of
     90 days after written notice, specifying such failure and requesting that
     it be remedied and stating that such notice is a "Notice of Default"
     hereunder, given to the Company by the Trustee or to the Company and the
     Trustee by the Issuer, unless the Issuer and the Trustee shall agree in
     writing to an extension of such time prior to its expiration; provided,
     however, if the failure stated in the notice cannot be corrected within the
     applicable period, the Issuer and the Trustee will not unreasonably
     withhold their consent to an extension of such time if corrective action is
     instituted within the applicable period and diligently pursued until the
     failure is corrected and such corrective action or diligent pursuit is
     evidenced to the Trustee by a certificate of an Authorized Company
     Representative; or

                                      -15-

<PAGE>

          (d) A proceeding or case shall be commenced, without the application
     or consent of the Company, in any court of competent jurisdiction seeking
     (i) liquidation, reorganization, dissolution, winding-up or composition or
     adjustment of debts, (ii) the appointment of a trustee, receiver,
     custodian, liquidator or the like of the Company or of all or any
     substantial part of its assets, or (iii) similar relief under any law
     relating to bankruptcy, insolvency, reorganization, winding-up or
     composition or adjustment of debts, and such proceeding or cause shall
     continue undismissed, or an order, judgment, or decree approving or
     ordering any of the foregoing shall be entered and shall continue in effect
     for a period of 90 days; or an order for relief against the Company shall
     be entered against the Company in an involuntary case under the Bankruptcy
     Code (as now or hereafter in effect) or other applicable law; or

          (e) The Company shall admit in writing its inability to pay its debts
     generally as they become due or shall file a petition in voluntary
     bankruptcy or shall make any general assignment for the benefit of its
     creditors, or shall consent to the appointment of a receiver or trustee of
     all or substantially all of its property, or shall commence a voluntary
     case under the Bankruptcy Code (as now or hereafter in effect), or shall
     file in any court of competent jurisdiction a petition seeking to take
     advantage of any other law relating to bankruptcy, insolvency,
     reorganization, winding-up or composition or adjustment of debts, or shall
     fail to controvert in a timely or appropriate manner, or acquiesce in
     writing to, any petition filed against it in an involuntary case under such
     Bankruptcy Code or other applicable law; or

          (f) Dissolution or liquidation of the Company; provided that the term
     "dissolution or liquidation of the Company" shall not be construed to
     include the cessation of the corporate existence of the Company resulting
     either from a merger or consolidation of the Company into or with another
     corporation or a dissolution or liquidation of the Company following a
     transfer of all or substantially all of its assets as an entirety, under
     the conditions permitting such actions contained in Section 5.1 hereof; or

          (g) The occurrence of an "event of default" under the Indenture.

The foregoing provisions of Section 6.1(c) are subject to the following
limitations: If by reason of Force Majeure the Company is unable in whole or in
part to carry out its agreements on its part herein contained, other than the
obligations on the part of the Company contained in Article IV and Sections 5.3
and 6.4 hereof, the Company shall not be deemed in default during the
continuance of such inability. The Company agrees, however, to remedy with all
reasonable dispatch the cause or causes preventing the Company from carrying out
its agreements; provided that the settlement of strikes, lockouts and other
industrial disturbances shall be entirely within the discretion of the Company
and the Company shall not be required to make settlement of strikes, lockouts
and other industrial disturbances by acceding to the demands of the opposing
party or parties when such course is in the sole judgment of the Company
unfavorable to the Company.

                                      -16-

<PAGE>

     SECTION 6.2. REMEDIES ON DEFAULT. Whenever any event of default referred to
in Section 6.1 hereof shall have happened and be continuing, the Trustee, as
assignee of the Issuer:

          (a) shall, by notice in writing to the Company, declare the unpaid
     indebtedness under Section 4.2(a) hereof to be due and payable immediately,
     if concurrently with or prior to such notice the unpaid principal amount of
     the Bonds shall have been declared to be due and payable, and upon any such
     declaration the same (being an amount sufficient, together with other
     moneys available therefor in the Bond Fund, to pay the unpaid principal of,
     premium, if any, and interest accrued on, the Bonds) shall become and shall
     be immediately due and payable as liquidated damages; and

          (b) may take whatever action at law or in equity as may appear
     necessary or desirable to collect the payments and other amounts then due
     and thereafter to become due hereunder or to enforce performance and
     observance of any obligation, agreement or covenant of the Company under
     this Agreement.

     Any amounts collected pursuant to action taken under this Section 6.2 shall
be paid into the Bond Fund (unless otherwise provided in this Agreement) and
applied in accordance with the provisions of the Indenture. No action taken
pursuant to this Section 6.2 shall relieve the Company from the Company's
obligations pursuant to Section 4.2 hereof.

     No recourse shall be had for any claim based on this Agreement against any
officer, director or stockholder, past, present or future, of the Company as
such, either directly or through the Company, under any constitutional
provision, statute or rule of law, or by the enforcement of any assessment or by
any legal or equitable proceeding or otherwise.

     Nothing herein contained shall be construed to prevent the Issuer from
enforcing directly any of its rights under Sections 4.2(e), 4.2(g), 5.3 and 6.4
hereof.

     The Company shall promptly notify the Issuer of any action taken by the
Company under the grant of authority from the Issuer under the last paragraph of
Section 9.01 of the Indenture.

     SECTION 6.3. NO REMEDY EXCLUSIVE. No remedy herein conferred upon or
reserved to the Issuer is intended to be exclusive of any other available remedy
or remedies, but each and every such remedy shall be cumulative and shall be in
addition to every other remedy given under this Agreement or now or hereafter
existing at law or in equity or by statute. No delay or omission to exercise any
right or power accruing upon any default shall impair any such right or power or
shall be construed to be a waiver thereof, but any such right and power may be
exercised from time to time and as often as may be deemed expedient. In order to
entitle the Issuer or the Trustee to exercise any remedy reserved to it in this
Article, it shall not be necessary to give any notice, other than such notice as
may be herein expressly required. Subject to the provisions of the Indenture and
hereof, such rights and remedies as are given the Issuer hereunder shall also
extend to the Trustee. The Owners of the Bonds, subject to the provisions of the
Indenture, shall be entitled to the benefit of all covenants and agreements
herein contained.

                                      -17-

<PAGE>

     SECTION 6.4. AGREEMENT TO PAY FEES AND EXPENSES OF COUNSEL. In the event
the Company should default under any of the provisions of this Agreement and the
Issuer or the Trustee should employ Counsel or incur other expenses for the
collection of the indebtedness hereunder or the enforcement of performance or
observance of any obligation or agreement on the part of the Company herein
contained, the Company agrees that it will on written demand therefor pay to the
Trustee or the Issuer (or to the Counsel for either of such parties if directed
by such party), the reasonable fees and expenses of such Counsel and such other
expenses so incurred by or on behalf of the Issuer or the Trustee.

     SECTION 6.5. NO ADDITIONAL WAIVER IMPLIED BY ONE WAIVER; CONSENTS TO
WAIVERS. In the event any agreement contained in this Agreement should be
breached by either party and thereafter waived by the other party, such waiver
shall be limited to the particular breach so waived and shall not be deemed to
waive any other breach hereunder. No waiver shall be effective unless in writing
and signed by the party making the waiver. The Issuer shall have no power to
waive any default hereunder by the Company without the consent of the Trustee to
such waiver. The Trustee shall have the power to waive any default by the
Company hereunder, except a default under Section 3.4, 4.2(e), 4.2(g), 5.3 or
6.4 hereof, in so far as it pertains to the Issuer, without the prior written
concurrence of the Issuer. Notwithstanding the foregoing, if, after the
acceleration of the maturity of the outstanding Bonds by the Trustee pursuant to
Section 9.02 of the Indenture, (i) all arrears of principal of and interest on
the outstanding Bonds and interest on overdue principal and (to the extent
permitted by law) on overdue installments of interest at the rate of interest
borne by the Bonds on the date on which such principal or interest became due
and payable and the premium, if any, on all Bonds then Outstanding which have
become due and payable otherwise than by acceleration, and all other sums
payable under the Indenture, except the principal of and the interest on such
Bonds which by such acceleration shall have become due and payable, shall have
been paid, (ii) all other things shall have been performed in respect of which
there was a default, (iii) there shall have been paid the reasonable fees and
expenses of the Trustee and of the Owners of such Bonds, including reasonable
attorneys' fees paid or incurred and (iv) such event of default under the
Indenture shall be waived in accordance with Section 9.09 of the Indenture with
the consequence that such acceleration under Section 9.02 of the Indenture is
rescinded, then the Company's default hereunder shall be deemed to have been
waived and its consequences rescinded and no further action or consent by the
Trustee or the Issuer shall be required; provided that there has been furnished
an opinion of Bond Counsel to the effect that such waiver will not adversely
affect the exemption from federal income taxes of interest on the Bonds.

                                   ARTICLE VII

                      OPTIONS AND OBLIGATIONS OF COMPANY;
                        PREPAYMENTS; REDEMPTION OF BONDS

     SECTION 7.1. OPTION TO PREPAY. The Company shall have, and is hereby
granted, the option to prepay the payments due hereunder in whole or in part at
any time or from time to time (a) to provide for the redemption of Bonds
pursuant to the provisions of Section 3.01(A) of the Indenture or (b) to
provide for the defeasance of the Bonds pursuant to Article VIII of the
Indenture. In the event the Company elects to provide for the redemption of
Bonds as permitted

                                      -18-

<PAGE>

by this Section, the Company shall notify and instruct the Trustee in accordance
with Section 7.3 hereof to redeem all or any portion of the Bonds in advance of
maturity. If the Company so elects, any redemption of Bonds pursuant to Section
3.01(A) of the Indenture may be made conditional.

     SECTION 7.2. OBLIGATION TO PREPAY. The Company covenants and agrees that if
all or any part of the Bonds are unconditionally called for redemption in
accordance with the Indenture or become subject to mandatory redemption (except
as otherwise provided in Section 3.02 of the Indenture), it will prepay the
indebtedness hereunder in whole or in part in an amount sufficient to redeem
such Bonds on the date fixed for the redemption of such Bonds.

     SECTION 7.3. NOTICE OF PREPAYMENT. Upon the exercise of the option granted
to the Company in Section 7.1 hereof, or upon the Company having knowledge of
the occurrence of any event requiring mandatory redemption of the Bonds in
accordance with Section 3.01(B) of the Indenture, the Company shall give written
notice to the Issuer, the Remarketing Agent, the Auction Agent and the Trustee.
The notice shall provide for the date of the application of the prepayment made
by the Company hereunder to the retirement of the Bonds in whole or in part
pursuant to call for redemption and shall be given by the Company not less than
five Business Days prior to the date notice of such redemption must be given by
the Trustee to the Bondholders as provided in Section 3.02 of the Indenture or
such later date as is acceptable to the Trustee and the Issuer.

                                  ARTICLE VIII

                                 MISCELLANEOUS

     SECTION 8.1. NOTICES. (a) Except as otherwise provided herein, all notices,
certificates or other communications hereunder shall be sufficiently given if in
writing and shall be deemed given when mailed by first class mail, postage
prepaid, or by qualified overnight courier service, courier charges prepaid, or
by facsimile (receipt of which is orally confirmed) addressed as follows: if to
the Issuer, at 50 West Fifth Street, Room 203, Winnemucca Nevada 89445, or to
telecopy number (775) 623-6449, Attention: Comptroller; if to the Company, at
6100 Neil Road, Reno, Nevada 89520, or to telecopy number (702) 227-2250,
Attention: Treasurer; if to the Trustee, at 385 Rifle Camp Road, West Paterson,
New Jersey 07424, or to telecopy number (973) 357-7840, Attention: Corporate
Trust Services; if to the Remarketing Agent, at the address set forth in the
Remarketing Agreement, if any; and if to the Auction Agent, at the address set
forth in the Auction Agreement, if any. In case by reason of the suspension of
regular mail service, it shall be impracticable to give notice by first class
mail of any event to the Issuer, to the Company, to the Remarketing Agent, to
the Auction Agent when such notice is required to be given pursuant to any
provisions of this Agreement, then any manner of giving such notice as shall be
satisfactory to the Trustee shall be deemed to be sufficient giving of such
notice. The Issuer, the Company, the Trustee, the Remarketing Agent and the
Auction Agent may, by notice pursuant to this Section 8.1, designate any
different addresses to which subsequent notices, certificates or other
communications shall be sent.

                                      -19-

<PAGE>

          (b) The Trustee agrees to accept and act upon instructions or
     directions pursuant to this Agreement sent by unsecured e-mail, facsimile
     transmission or other similar unsecured electronic methods, provided,
     however, that (a) the Company and/or Issuer, subsequent to such
     transmission of written instructions, shall, upon request by the Trustee,
     provide the originally executed instructions or directions to the Trustee,
     (b) upon request by the Trustee, such originally executed instructions or
     directions shall be signed by a person as may be designated and authorized
     to sign for the Company and/or Issuer or in the name of the Company and/or
     Issuer, by an authorized representative of the Company and/or Issuer, and
     (c) upon the request by the Trustee, the Company and/or Issuer shall
     provide to the Trustee an incumbency certificate listing such designated
     persons, which incumbency certificate shall be amended whenever a person is
     to be added or deleted from the listing. If the Company and/or Issuer
     elects to give the Trustee e-mail or facsimile instructions (or
     instructions by a similar electronic method) and the Trustee elects to act
     upon such instructions, the Trustee's reasonable interpretation and
     understanding of such instructions shall be deemed controlling. The Trustee
     shall not be liable for any losses, costs or expenses arising directly or
     indirectly from the Trustee's reasonable reliance upon and compliance with
     such instructions notwithstanding that such instructions conflict or are
     inconsistent with a subsequent written instruction.

     SECTION 8.2. ASSIGNMENTS. This Agreement may not be assigned by either
party without consent of the other and the Trustee, except that the Issuer shall
assign to the Trustee its rights under this Agreement (except under Sections
4.2(e), 4.2(g), 5.3, and 6.4 hereof) as provided by Section 4.4 hereof, and the
Company may assign its rights under this Agreement to any transferee or any
surviving or resulting corporation as provided by Section 5.1 hereof.

     SECTION 8.3. SEVERABILITY. If any provision of this Agreement shall be held
or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the
same shall not affect any other provision or provisions herein contained or
render the same invalid, inoperative, or unenforceable to any extent whatever.

     SECTION 8.4. EXECUTION OF COUNTERPARTS. This Agreement may be
simultaneously executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument.

     SECTION 8.5. AMOUNTS REMAINING IN BOND FUND. It is agreed by the parties
hereto that after payment in full of (i) the Bonds (or provision for payment
thereof having been made in accordance with the provisions of the Indenture),
(ii) the fees, charges and expenses of the Trustee in accordance with the
Indenture, (iii) the Administrative Expenses, (iv) the fees and expenses of the
Remarketing Agent, the Auction Agent and the Issuer and (v) all other amounts
required to be paid under this Agreement and the Indenture, any amounts
remaining in the Bond Fund shall belong to and be paid to the Company by the
Trustee.

     SECTION 8.6. AMENDMENTS, CHANGES AND MODIFICATIONS. This Agreement may be
amended, changed, modified, altered or terminated only by written instrument
executed by the Issuer and the Company, and only if the written consent of the
Trustee thereto is obtained, and only in accordance with the provisions of
Article XII of the Indenture.

                                      -20-

<PAGE>

     SECTION 8.7. GOVERNING LAW. This Agreement shall be governed exclusively by
and construed in accordance with the applicable laws of the State.

     SECTION 8.8. AUTHORIZED ISSUER AND COMPANY REPRESENTATIVES. Whenever under
the provisions of this Agreement the approval of the Issuer or the Company is
required to take some action at the request of the other, such approval of such
request shall be given for the Issuer by the Authorized Issuer Representative
and for the Company by the Authorized Company Representative, and the other
party hereto and the Trustee shall be authorized to act on any such approval or
request and neither party hereto shall have any complaint against the other or
against the Trustee as a result of any such action taken.

     SECTION 8.9. TERM OF THE AGREEMENT. This Agreement shall be in full force
and effect from its date to and including such date as all of the Bonds issued
under the Indenture shall have been fully paid or retired (or provision for such
payment shall have been made as provided in the Indenture), provided that all
representations and certifications by the Company as to all matters affecting
the tax-exempt status of the Bonds and the covenants of the Company in Sections
4.2(c), 4.2(d), 4.2(e), 4.2(f) and 4.2(g) hereof shall survive the termination
of this Agreement.

     SECTION 8.10. CANCELLATION AT EXPIRATION OF TERM. At the acceleration,
termination or expiration of the term of this Agreement and following full
payment of the Bonds or provision for payment thereof and of all other fees and
charges having been made in accordance with the provisions of this Agreement and
the Indenture, the Issuer shall deliver to the Company any documents and take or
cause the Trustee to take such actions as may be necessary to effectuate the
cancellation and evidence the termination of this Agreement.

     SECTION 8.11. BOND INSURANCE. The payment of the principal of and interest
on the Bonds when due is to be insured under, and to the extent provided in, the
Bond Insurance Policy, including the endorsements thereto, to be issued by the
Bond Insurer, and the Issuer and the Company agree to be bound by the provisions
contained in Appendix C to the Indenture and the Company agrees to be bound by
the provisions contained in the Insurance Agreement. In the event of any
conflict between the provisions of Appendix C to the Indenture and the
provisions of this Agreement, the provisions of Appendix C shall govern and
control.

     All references in this Agreement to the Bond Insurer shall only apply so
long as a Bond Insurance Policy issued by the Bond Insurer is in effect for any
of the Bonds (and the Bond Insurer has not failed to comply with its payment
obligations under the Bond Insurance Policy).

                                      -21-

<PAGE>

     IN WITNESS WHEREOF, the Issuer and the Company have caused this Agreement
to be executed in their respective corporate names and their respective
corporate seals to be hereunto affixed and attested by their duly authorized
officers, all as of the date first above written.

                                        HUMBOLDT COUNTY, NEVADA

                                        By
                                           -------------------------------------
                                           Chairman
                                           Board of County Commissioners

(SEAL)

Attest:

-------------------------------------
County Clerk

                                        SIERRA PACIFIC POWER COMPANY

                                        By
                                           -------------------------------------
                                           Treasurer

(SEAL)

Attest:

-------------------------------------
Secretary

<PAGE>

     IN WITNESS WHEREOF, the Issuer and the Company have caused this Agreement
to be executed in their respective corporate names and their respective
corporate seals to be hereunto affixed and attested by their duly authorized
officers, all as of the date first above written.

                                        HUMBOLDT COUNTY, NEVADA

                                        By
                                           -------------------------------------
                                           Chairman
                                           Board of County Commissioners

(SEAL)

Attest:

-------------------------------------
County Clerk

                                        SIERRA PACIFIC POWER COMPANY

                                        By
                                           -------------------------------------
                                           Vice President, Finance and Risk,
                                           and Treasurer

(SEAL)

Attest:

-------------------------------------
Secretary

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