Document:

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                                  EXHIBIT 10.2

                           Form of Advisory Agreement

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                           FORM OF ADVISORY AGREEMENT

         THIS ADVISORY AGREEMENT,  dated as of __________,  2002, is between CNL
HOSPITALITY  PROPERTIES,  INC., a  corporation  organized  under the laws of the
State of Maryland  (the  "Company")  and CNL  HOSPITALITY  CORP.,  a corporation
organized under the laws of the State of Florida (the "Advisor").

                               W I T N E S S E T H

         WHEREAS, the Company filed with the Securities and Exchange Commission
a Registration Statement (No. 333-9943) on Form S-11 covering 16,500,000 of its
common shares ("Shares"), par value $.01, to be offered to the public ("Initial
Offering");

         WHEREAS, the Company filed with the Securities and Exchange Commission
a Registration Statement (No. 333-67787) on Form S-11 covering 27,500,000 of its
common shares ("1999 Offering"), par value $.01, to be offered to the public;

         WHEREAS, the Company filed with the Securities and Exchange Commission
a Registration Statement (No. 333-89691) on Form S-11 covering 45,000,000 of its
common shares (the "2000 Offering"), par value $.01, to be offered to the
public;

         WHEREAS, the Company filed with the Securities and Exchange Commission
a Registration Statement (No. 333-67124) on Form S-11 covering 45,000,000 of its
common shares (the "2002 Offering"), par value $.01, to be offered to the
public.

         WHEREAS, the Company filed with the Securities and Exchange Commission
a Registration Statement (No. 333-98047) on Form S-11 covering 175,000,000 of
its common shares (the "2003 Offering"), par value $.01, to be offered to the
public, and the Company may subsequently issue securities other than such Shares
("Securities") or otherwise raise additional capital;

         WHEREAS, the Initial Offering was terminated on June 17, 1999 and the
1999 Offering of 27,500,000 Shares commenced;

         WHEREAS, the 1999 Offering terminated on September 14, 2000 and the
2000 Offering of 45,000,0000 Shares commenced;

         WHEREAS, the 2000 Offering terminated on April 22, 2002 and the 2002
Offering of 45,000,000 Shares commenced;

         WHEREAS, the Company intends to commence the 2003 Offering of
175,000,000 Shares at such time that the 2002 Offering of 45,000,000 Shares is
terminated;

         WHEREAS, the Company is currently qualified as a REIT (as defined
below), and intends to continue to invest its funds in investments permitted by
the terms of the Registration Statement and Sections 856 through 860 of the Code
(as defined below);

         WHEREAS, the Company desires to avail itself of the experience, sources
of information, advice, assistance and certain facilities available to the
Advisor and to have the Advisor undertake the duties and responsibilities
hereinafter set forth, on behalf of, and subject to the supervision, of the
Board of Directors of the Company all as provided herein; and

         WHEREAS, the Advisor is willing to undertake to render such services,
subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth;

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

         (1) Definitions. As used in this Advisory Agreement (the "Agreement"),
the following terms have the definitions hereinafter indicated:

         Acquisition Expenses. Any and all expenses incurred by the Company, the
Advisor, or any Affiliate of either in connection with the selection or
acquisition of any Property or the making of any Mortgage Loan, whether or not
acquired, including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on
property not acquired, accounting fees and expenses, and title insurance.

         Acquisition Fees. Any and all fees and commissions, exclusive of
Acquisition Expenses, paid by any person or entity to any other person or entity
(including any fees or commissions paid by or to any Affiliate of the Company or
the Advisor) in connection with making or investing in Mortgage Loans or the
purchase, development or construction of a Property, including, without
limitation, real estate commissions, acquisition fees, finder's fees, selection
fees, development fees, construction fees, nonrecurring management fees,
consulting fees, loan fees, points, or any other fees or commissions of a
similar nature. Excluded shall be development fees and construction fees paid to
any person or entity not affiliated with the Advisor in connection with the
actual development and construction of any Property.

         Advisor.  CNL Hospitality Corp., a Florida  corporation,  any successor
advisor to the Company,  or any person or entity to which CNL Hospitality  Corp.
or any successor advisor subcontracts substantially all of its functions.

         Affiliate or Affiliated. As to any individual, corporation,
partnership, trust or other association (other than the Excess Shares Trust),
(i) any Person or entity directly or indirectly through one or more
intermediaries controlling, controlled by, or under common control with another
person or entity; (ii) any Person or entity, directly or indirectly owning or
controlling ten percent (10%) or more of the outstanding voting securities of
another Person or entity; (iii) any officer, director, partner, or trustee of
such Person or entity; (iv) any Person ten percent (10%) or more of whose
outstanding voting securities are directly or indirectly owned, controlled, or
held, with power to vote, by such other Person; and (v) if such other Person or
entity is an officer, director, partner, or trustee of a Person or entity, the
Person or entity for which such Person or entity acts in any such capacity.

         Appraised Value. Value according to an appraisal made by an Independent
Appraiser.

         Articles of Incorporation. The Articles of Incorporation of the Company
under Title 2 of the Corporations and Associations Article of the Annotated Code
of Maryland, as amended from time to time.

         Asset Management Fee. The fee payable to the Advisor for day-to-day
professional management services in connection with the Company and its
investments in Properties and Mortgage Loans pursuant to this Agreement.

         Assets.  Properties and Mortgage Loans, collectively.

         Average Invested Assets. For a specified period, the average of the
aggregate book value of the assets of the Company invested, directly or
indirectly, in equity interests in and loans secured by real estate before
reserves for depreciation or bad debts or other similar non-cash reserves,
computed by taking the average of such values at the end of each month during
such period.

         Board of Directors or Board. The persons holding such office, as of any
particular time, under the Articles of Incorporation of the Company, whether
they be the Directors named therein or additional or successor Directors.

         Bylaws. The bylaws of the Company,  as the same are in effect from time
to time.

         Cause. With respect to the termination of this Agreement, fraud,
criminal conduct, willful misconduct or willful or negligent breach of fiduciary
duty by the Advisor, breach of this Agreement, a default by the Sponsor under
the guarantee by the Sponsor to the Company or the bankruptcy of the Sponsor.

         Change of Control. A change of control of the Company of such a nature
that would be required to be reported in response to the disclosure requirements
of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act
of 1934, as amended, as enacted and in force on the date hereof (the "Exchange
Act"), whether or not the Company is then subject to such reporting
requirements; provided, however, that, without limitation, a change of control
shall be deemed to have occurred if: (i) any "person" (within the meaning of
Section 13(d) of the Exchange Act) is or becomes the "beneficial owner" (as that
term is defined in Rule 13d-3, as enacted and in force on the date hereof, under
the Exchange Act) of securities of the Company representing 8.5% or more of the
combined voting power of the Company's securities then outstanding; (ii) there
occurs a merger, consolidation or other reorganization of the Company which is
not approved by the Board of Directors of the Company; (iii) there occurs a
sale, exchange, transfer or other disposition of substantially all of the assets
of the Company to another entity, which disposition is not approved by the Board
of Directors of the Company; or (iv) there occurs a contested proxy solicitation
of the Stockholders of the Company that results in the contesting party electing
candidates to a majority of the Board of Directors' positions next up for
election.

         Code. Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Code shall mean
such provision as in effect from time to time, as the same may be amended, and
any successor provision thereto, as interpreted by any applicable regulations as
in effect from time to time.

         Company.  CNL  Hospitality  Properties,  Inc., a corporation  organized
under the laws of the State of Maryland.

         Company Property. Any and all property, real, personal or otherwise,
tangible or intangible, including Mortgage Loans, which is transferred or
conveyed to the Company (including all rents, income, profits and gains
therefrom), and which is owned or held by, or for the account of, the Company.

         Competitive Real Estate Commission. A real estate or brokerage
commission for the purchase or sale of property, which is reasonable, customary,
and competitive in light of the size, type, and location of the property. The
total of all real estate commissions paid by the Company to all Persons
(including the Subordinated Disposition Fee payable to the Advisor) in
connection with any Sale of one or more of the Company's Properties shall not
exceed the lesser of (i) a Competitive Real Estate Commission or (ii) six
percent of the gross sales price of the Property or Properties.

         Contract Purchase Price. The amount actually paid or allocated (as of
the date of purchase) to the purchase, development, construction or improvement
of property, exclusive of Acquisition Fees and Acquisition Expenses.

         Contract Sales Price. The total  consideration  received by the Company
for the sale of Company Property.

         Director.  A member of the Board of Directors of the Company.

         Distributions. Any distributions of money or other property by the
Company to owners of Equity Shares including distributions that may constitute a
return of capital for federal income tax purposes.

         Equipment.  The furniture, fixtures and equipment used at Hotel Chains.

         Equity Interest. The stock of or other interests in, or warrants or
other rights to purchase the stock of or other interests in, any entity that has
borrowed money from the Company or that is a tenant of the Company or that is a
parent or controlling Person of any such borrower or tenant.

         Equity  Shares.  Transferable  shares  of  beneficial  interest  of the
Company of any class or series, including common shares or preferred shares.

         Good Reason. With respect to the termination of this Agreement, (i) any
failure to obtain a satisfactory agreement from any successor to the Company to
assume and agree to perform the Company's obligations under this Agreement; or
(ii) any material breach of this Agreement of any nature whatsoever by the
Company.

         Gross Proceeds. The aggregate purchase price of all Shares sold for the
account of the Company through the 2003 Offering without deduction for Selling
Commissions, volume discounts, the marketing support fee, due diligence expense
reimbursements or Offering Expenses. For the purpose of computing Gross
Proceeds, the purchase price of any Share for which reduced Selling Commissions
are paid to the Managing Dealer or a Soliciting Dealer (where net proceeds to
the Company are not reduced) shall be deemed to be $10.00.

         Hotel Chains. The national and regional hotel chains, primarily limited
service, extended stay and full service chains, to be selected by the Advisor,
and who themselves or their franchisees will either (i) lease Properties
purchased by the Company, or (ii) become borrowers under Mortgage Loans.

         Independent   Appraiser.  A  qualified  appraiser  of  real  estate  as
determined by the Board. Membership in a nationally recognized appraisal society
such as the  American  Institute  of Real Estate  Appraisers  ("M.A.I.")  or the
Society of Real Estate Appraisers  ("S.R.E.A.") shall be conclusive  evidence of
such qualification.

         Independent Director. A Director who is not and within the last two
years has not been directly or indirectly associated with the Advisor by virtue
of (i) ownership of an interest in the Advisor or its Affiliates, (ii)
employment by the Advisor or its Affiliates, (iii) service as an officer or
director of the Advisor or its Affiliates, (iv) performance of services, other
than as a Director, for the Company, (v) service as a director or trustee of
more than three real estate investment trusts advised by the Advisor, or (vi)
maintenance of a material business or professional relationship with the Advisor
or any of its Affiliates. A business or professional relationship is considered
material if the gross revenue derived by the Director from the Advisor and
Affiliates exceeds 5% of either the Director's annual gross revenue during
either of the last two years or the Director's net worth on a fair market value
basis. An indirect relationship shall include circumstances in which a
Director's spouse, parents, children, siblings, mothers- or fathers-in-law,
sons- or daughters-in-law, or brothers- or sisters-in-law is or has been
associated with the Advisor, any of its Affiliates, or the Company.

         Independent Expert. A person or entity with no material current or
prior business or personal relationship with the Advisor or the Directors and
who is engaged to a substantial extent in the business of rendering opinions
regarding the value of assets of the type held by the Company.

         Initial  Offering.  The initial  public  offering  of up to  16,500,000
Shares that was completed on June 17, 1999.

         Invested Capital. The amount calculated by multiplying the total number
of Shares purchased by stockholders by the issue price, reduced by the portion
of any Distribution that is attributable to Net Sales Proceeds and by any
amounts paid by the Company to repurchase Shares pursuant to the Company's plan
for redemption of Shares.

         Joint Ventures.  The joint venture or general partnership  arrangements
in which the Company is a co-venturer or general  partner which are  established
to acquire Properties.

         Line of Credit. One or more lines of credit in an aggregate amount up
to $200,000,000, the proceeds of which will be used to acquire Properties and
make Mortgage Loans.

         Listing.  The  listing  of the  Shares  of the  Company  on a  national
securities exchange or over-the-counter market.

         Managing Dealer. CNL Securities Corp., an Affiliate of the Advisor,  or
such entity selected by the Board of Directors to act as the managing dealer for
the 2003 Offering.  CNL Securities Corp. is a member of the National Association
of Securities Dealers, Inc.

         Mortgage Loans. In connection with mortgage financing provided by the
Company, the notes or other evidence of indebtedness or obligations, which are
secured or collateralized by real estate, owned by the borrower.

         Net Income. For any period, the total revenues applicable to such
period, less the total expenses applicable to such period excluding additions to
reserves for depreciation, bad debts or other similar non-cash reserves;
provided, however, Net Income for purposes of calculating total allowable
Operating Expenses (as defined herein) shall exclude the gain from the sale of
the Company's assets.

         Net Sales Proceeds. In the case of a transaction described in clause
(i)(A) of the definition of Sale, the proceeds of any such transaction less the
amount of all real estate commissions and closing costs paid by the Company. In
the case of a transaction described in clause (i)(B) of such definition, Net
Sales Proceeds means the proceeds of any such transaction less the amount of any
legal and other selling expenses incurred in connection with such transaction.
In the case of a transaction described in clause (i)(C) of such definition, Net
Sales Proceeds means the proceeds of any such transaction actually distributed
to the Company from the Joint Venture. In the case of a transaction or series of
transactions described in clause (i)(D) of the definition of Sale, Net Sales
Proceeds means the proceeds of any such transaction less the amount of all
commissions and closing costs paid by the Company. In the case of a transaction
described in clause (ii) of the definition of Sale, Net Sales Proceeds means the
proceeds of such transaction or series of transactions less all amounts
generated thereby and reinvested in one or more Properties within 180 days
thereafter and less the amount of any real estate commissions, closing costs,
and legal and other selling expenses incurred by or allocated to the Company in
connection with such transaction or series of transactions. Net Sales Proceeds
shall also include, in the case of any lease of a Property consisting of a
building only, any Mortgage Loan, any amounts from tenants, borrowers or lessees
that the Company determines, in its discretion, to be economically equivalent to
proceeds of a Sale. Net Sales Proceeds shall not include, as determined by the
Company in its sole discretion, any amounts reinvested in one or more Properties
or Mortgage Loans, to repay outstanding indebtedness, or to establish reserves.

         1999 Offering. The 1999 public offering of 27,500,000 Shares that
commenced upon completion of the Initial Offering and was completed on September
14, 2000.

         Offering Expenses. Any and all costs and expenses, other than Selling
Commissions, the marketing support fee, due diligence expense reimbursements and
the Soliciting Dealer Servicing Fee incurred by the Company, the Advisor or any
Affiliate of either in connection with the qualification and registration of the
Company and the marketing and distribution of Shares, including, without
limitation, the following: legal, accounting and escrow fees; printing,
amending, supplementing, mailing and distributing costs; filing, registration
and qualification fees and taxes; telegraph and telephone costs; and all
advertising and marketing expenses, including the costs related to investor and
broker-dealer sales meetings.

         Operating Expenses. All costs and expenses incurred by the Company, as
determined under generally accepted accounting principles, which in any way are
related to the operation of the Company or to Company business, including (a)
advisory fees, (b) the Soliciting Dealer Servicing Fee, (c) the Asset Management
Fee, (d) the Performance Fee and (e) the Subordinated Incentive Fee, but
excluding (i) the expenses of raising capital such as Offering Expenses, legal,
audit, accounting, underwriting, brokerage, listing, registration, and other
fees, printing and other such expenses and tax incurred in connection with the
issuance, distribution, transfer, registration and Listing of the Shares, (ii)
interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation,
amortization and bad loan reserves, (v) the Advisor's subordinated 10% share of
Net Sales Proceeds, and (vi) Acquisition Fees and Acquisition Expenses, real
estate commissions on the sale of property, and other expenses connected with
the acquisition, and ownership of real estate interests, mortgage loans or other
property (such as the costs of foreclosure, insurance premiums, legal services,
maintenance, repair and improvement of property).

         Performance Fee. The fee payable to the Advisor upon termination of
this Agreement under certain circumstances if certain performance standards have
been met and the Subordinated Incentive Fee has not been paid.

         Permanent  Financing.  The financing to acquire Assets, to pay a fee of
4.5%  of  any  Permanent   Financing  as  Acquisition  Fees,  and  to  refinance
outstanding amounts on the Line of Credit.

         Person. An individual, corporation, partnership, estate, trust
(including a trust qualified under Section 401(a) or 501(c)(17) of the Code), a
portion of a trust permanently set aside for or to be used exclusively for the
purposes described in Section 642(c) of the Code, association, private
foundation within the meaning of Section 509(a) of the Code, joint stock company
or other entity, or any government or any agency or political subdivision
thereof, and also includes a group as that term is used for purposes of Section
13(d)(3) of the Securities Exchange Act of 1934, as amended, but does not
include (i) an underwriter that participates in a public offering of Equity
Shares for a period of sixty (60) days following the initial purchase by such
underwriter of such Equity Shares in such public offering, or (ii) CNL
Hospitality Corp., during the period ending December 31, 1997, provided that the
foregoing exclusions shall apply only if the ownership of such Equity Shares by
an underwriter or CNL Hospitality Corp. would not cause the Company to fail to
qualify as a REIT by reason of being "closely held" within the meaning of
Section 856(a) of the Code or otherwise cause the Company to fail to qualify as
a REIT.

         Property or Properties. (i) The real properties, including the
buildings located thereon, or (ii) the real properties only, or (iii) the
buildings only, which are acquired by the Company, either directly or through
joint venture arrangements or other partnerships.

         Prospectus. "Prospectus" means the same as that term as defined in
Section 2(10) of the Securities Act of 1933, including a preliminary Prospectus,
an offering circular as described in Rule 256 of the General Rules and
Regulations under the Securities Act of 1933 or, in the case of an intrastate
offering, any document by whatever name known, utilized for the purpose of
offering and selling securities to the public.

         Real Estate Asset Value. The amount actually paid or allocated to the
purchase, development, construction or improvement of a Property, exclusive of
Acquisition Fees and Acquisition Expenses.

         Registration  Statement.  The Registration Statement (No. 333-98047) on
Form S-11 registering the Shares to be sold in the 2003 Offering.

         REIT. A "real estate  investment  trust" under Sections 856 through 860
of the Code.

         Sale or Sales. (i) Any transaction or series of transactions whereby:
(A) the Company sells, grants, transfers, conveys, or relinquishes its ownership
of any Property or portion thereof, including the lease of any Property
consisting of the building only, and including any event with respect to any
Property which gives rise to a significant amount of insurance proceeds or
condemnation awards; (B) the Company sells, grants, transfers, conveys, or
relinquishes its ownership of all or substantially all of the interest of the
Company in any Joint Venture in which it is a co-venturer or partner; (C) any
Joint Venture in which the Company as a co-venturer or partner sells, grants,
transfers, conveys, or relinquishes its ownership of any Property or portion
thereof, including any event with respect to any Property which gives rise to
insurance claims or condemnation awards; or (D) the Company sells, grants,
conveys or relinquishes its interest in any Mortgage Loan or portion thereof,
including any event with respect to any Mortgage Loan which gives rise to a
significant amount of insurance proceeds or similar awards, but (ii) not
including any transaction or series of transactions specified in clause (i)(A),
(i)(B), or (i)(C) above in which the proceeds of such transaction or series of
transactions are reinvested in one or more Properties within 180 days
thereafter.

         Securities. Any Equity Shares, Excess Shares, as such term is defined
in the Company's Articles of Incorporation, any other stock, shares or other
evidences of equity or beneficial or other interests, voting trust certificates,
bonds, debentures, notes or other evidences of indebtedness, secured or
unsecured, convertible, subordinated or otherwise, or in general any instruments
commonly known as "securities" or any certificates of interest, shares or
participations in, temporary or interim certificates for, receipts for,
guarantees of, or warrants, options or rights to subscribe to, purchase or
acquire, any of the foregoing.

         Shares.  The common shares of the Company.

         Soliciting Dealers. Broker-dealers who are members of the National
Association of Securities Dealers, Inc., or that are exempt from broker-dealer
registration, and who, in either case, have executed participating broker or
other agreements with the Managing Dealer to sell Shares.

         Soliciting  Dealer  Servicing  Fee.  An annual fee of .20% of  Invested
Capital  (calculated  using Shares sold only in the Initial  Offering,  the 2000
Offering and the 2002  Offering) on December 31 of each year,  commencing in the
year  following  the year in which the  Initial  Offering  terminated,  the 2000
Offering terminates or the 2002 Offering terminates,  as applicable,  payable to
the Managing  Dealer,  which in turn may reallow all or a portion of such fee to
the  Soliciting  Dealers  whose  clients  hold Shares  purchased  in the Initial
Offering, the 2000 Offering or the 2002 Offering, as applicable, on such date.

         Sponsor. Any Person directly or indirectly instrumental in organizing,
wholly or in part, the Company or any Person whom will control, manage or
participate in the management of the Company, and any Affiliate of such Person.
Not included is any Person whose only relationship with the Company is that of
an independent property manager of Company assets, and whose only compensation
is as such. Sponsor does not include independent third parties such as
attorneys, accountants, and underwriters whose only compensation is for
professional services. A Person may also be deemed a Sponsor of the Company by:

         a.  taking the  initiative,  directly  or  indirectly,  in  founding or
organizing  the  business  or  enterprise  of the  Company,  either  alone or in
conjunction with one or more other Persons;

         b. receiving a material participation in the Company in connection with
the founding or organizing of the business of the Company,  in  consideration of
services or property, or both services and property;

         c. having a substantial  number of relationships  and contacts with the
Company;

         d. possessing significant rights to control Company properties;

         e. receiving fees for providing  services to the Company which are paid
on a basis that is not customary in the industry; or

         f. providing  goods or services to the Company on a basis which was not
negotiated at arms length with the Company.

         Stockholders.  The registered holders of the Company's Equity Shares.

         Stockholders' 8% Return. As of each date, an aggregate amount equal to
an 8% cumulative, noncompounded, annual return on Invested Capital.

         Subordinated  Disposition  Fee.  The  Subordinated  Disposition  Fee as
defined in Paragraph 9(c).

         Subordinated  Incentive  Fee.  The fee  payable  to the  Advisor  under
certain circumstances if the Shares are listed on a national securities exchange
or over-the-counter market.

         Termination Date.  The date of termination of the Agreement.

         Total Proceeds. The Gross Proceeds plus loan proceeds from Permanent
Financing, and, with regard to Gross Proceeds received in the 2002 Offering,
amounts outstanding on the Line of Credit that are used to acquire Properties.

         Total Property Cost. With regard to any Company Property, an amount
equal to the sum of the Real Estate Asset Value of such Property plus the
Acquisition Fees paid in connection with such Property.

         2%/25% Guidelines. The requirement pursuant to the guidelines of the
North American Securities Administrators Association, Inc. that, in any 12 month
period, total Operating Expenses not exceed the greater of 2% of the Company's
Average Invested Assets during such 12 month period or 25% of the Company's Net
Income over the same 12 month period.

         2000 Offering. The 2000 public offering of 45,000,000 Shares that
commenced upon completion of the 1999 Offering.

         2002 Offering. The 2002 public offering of 45,000,000 Shares that
commenced upon completion of the 2000 Offering.

         2003 Offering. The 2003 public offering of 175,000,000 Shares that will
commence upon completion of the 2002 Offering.

         Valuation.  An  estimate  of  value of the  assets  of the  Company  as
determined by an Independent Expert.

         (2) Appointment. The Company hereby appoints the Advisor to serve as
its advisor on the terms and conditions set forth in this Agreement, and the
Advisor hereby accepts such appointment.

         (3) Duties of the Advisor. The Advisor undertakes to use its best
efforts to present to the Company potential investment opportunities and to
provide a continuing and suitable investment program consistent with the
investment objectives and policies of the Company as determined and adopted from
time to time by the Directors. In performance of this undertaking, subject to
the supervision of the Directors and consistent with the provisions of the
Registration Statement, Articles of Incorporation and Bylaws of the Company, the
Advisor shall, either directly or by engaging an Affiliate:

              (a) serve as the Company's investment and financial advisor and
provide research and economic and statistical data in connection with the
Company's assets and investment policies;

              (b)  provide the daily  management  of the Company and perform and
supervise  the various  administrative  functions  reasonably  necessary for the
management of the Company;

              (c) investigate, select, and, on behalf of the Company, engage and
conduct  business with such Persons as the Advisor deems necessary to the proper
performance  of  its  obligations  hereunder,   including  but  not  limited  to
consultants,   accountants,   correspondents,   lenders,   technical   advisors,
attorneys,  brokers,   underwriters,   corporate  fiduciaries,   escrow  agents,
depositaries,  custodians,  agents for collection,  insurers,  insurance agents,
banks, builders, developers, property owners, mortgagors, and any and all agents
for any of the  foregoing,  including  Affiliates  of the  Advisor,  and Persons
acting in any other  capacity  deemed by the Advisor  necessary or desirable for
the performance of any of the foregoing  services,  including but not limited to
entering into contracts in the name of the Company with any of the foregoing;

              (d) consult with the officers and Directors of the Company and
assist the Directors in the formulation and implementation of the Company's
financial policies, and, as necessary, furnish the Directors with advice and
recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any
borrowings proposed to be undertaken by the Company;

              (e) subject to the provisions of Paragraphs 3(g) and 4 hereof, (i)
locate, analyze and select potential investments in Properties and Mortgage
Loans, (ii) structure and negotiate the terms and conditions of transactions
pursuant to which investment in Properties and Mortgage Loans will be made by
the Company; (iii) make investments in Properties and Mortgage Loans on behalf
of the Company in compliance with the investment objectives and policies of the
Company; (iv) arrange for financing and refinancing and make other changes in
the asset or capital structure of, and dispose of, reinvest the proceeds from
the sale of, or otherwise deal with the investments in, Property and Mortgage
Loans; and (v) enter into leases and service contracts for Company Property and,
to the extent necessary, perform all other operational functions for the
maintenance and administration of such Company Property;

              (f)  provide  the  Directors  with  periodic   reports   regarding
prospective investments in Properties and Mortgage Loans;

              (g)  obtain  the prior  approval  of the  Directors  (including  a
majority of all Independent Directors) for any and all investments in Properties
and Mortgage Loans;

              (h) negotiate on behalf of the Company with banks or lenders for
loans to be made to the Company and negotiate on behalf of the Company with
investment banking firms and broker-dealers or negotiate private sales of Shares
and Securities or obtain loans for the Company, but in no event in such a way so
that the Advisor shall be acting as broker-dealer or underwriter; and provided,
further, that any fees and costs payable to third parties incurred by the
Advisor in connection with the foregoing shall be the responsibility of the
Company;

              (i) obtain reports (which may be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company in Properties and/or Mortgage Loans;

              (j) from time to time, or at any time reasonably requested by the
Directors, make reports to the Directors of its performance of services to the
Company under this Agreement;

              (k) provide the Company with all necessary cash management
services;

              (l) do all things  necessary  to assure its  ability to render the
services described in this Agreement;

              (m) deliver to or maintain on behalf of the Company  copies of all
appraisals  obtained  in  connection  with the  investments  in  Properties  and
Mortgage Loans;

              (n) notify the Board of all proposed material  transactions before
they are completed; and

         (4) Authority of Advisor.

              (a) Pursuant to the terms of this Agreement (including the
restrictions included in this Paragraph 4 and in Paragraph 7), and subject to
the continuing and exclusive authority of the Directors over the management of
the Company, the Directors hereby delegate to the Advisor the authority to (1)
locate, analyze and select investment opportunities, (2) structure the terms and
conditions of transactions pursuant to which investments will be made or
acquired for the Company, (3) acquire Properties and make Mortgage Loans in
compliance with the investment objectives and policies of the Company, (4)
arrange for financing or refinancing Property and Mortgage Loans, (5) enter into
leases and service contracts for the Company's Property, and perform other
property management services, (6) oversee non-affiliated property managers and
other non-affiliated Persons who perform services for the Company; and (7)
undertake accounting and other record-keeping functions at the Property level.

              (b) Notwithstanding the foregoing, any investment in Properties or
Mortgage Loans; including any acquisition of Property by the Company (as well as
any financing acquired by the Company in connection with such acquisition) will
require the prior approval of the Directors (including a majority of the
Independent Directors).

              (c) If a transaction requires approval by the Independent
Directors, the Advisor will deliver to the Independent Directors all documents
required by them to properly evaluate the proposed investment in the Property or
Mortgage Loan. The prior approval of a majority of the Independent Directors and
a majority of the Directors not otherwise interested in the transaction will be
required for each transaction with the Advisor or its Affiliates.

         The Directors may, at any time upon the giving of notice to the
Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to
the extent the Directors so modify or revoke the authority contained herein, the
Advisor shall henceforth submit to the Directors for prior approval such
proposed transactions involving investments in Property as thereafter require
prior approval, provided, however, that such modification or revocation shall be
effective upon receipt by the Advisor and shall not be applicable to investment
transactions to which the Advisor has committed the Company prior to the date of
receipt by the Advisor of such notification.

         (5) Bank Accounts. The Advisor may establish and maintain one or more
bank accounts in its own name for the account of the Company or in the name of
the Company and may collect and deposit into any such account or accounts, and
disburse from any such account or accounts, any money on behalf of the Company,
under such terms and conditions as the Directors may approve, provided that no
funds shall be commingled with the funds of the Advisor; and the Advisor shall
from time to time render appropriate accountings of such collections and
payments to the Directors and to the auditors of the Company.

         (6) Records; Access. The Advisor shall maintain appropriate records of
all its activities hereunder and make such records available for inspection by
the Directors and by counsel, auditors and authorized agents of the Company, at
any time or from time to time during normal business hours. The Advisor shall at
all reasonable times have access to the books and records of the Company.

         (7) Limitations on Activities. Anything else in this Agreement to the
contrary notwithstanding, the Advisor shall refrain from taking any action
which, in its sole judgment made in good faith, would (a) adversely affect the
status of the Company as a REIT, (b) subject the Company to regulation under the
Investment Company Act of 1940, or (c) violate any law, rule, regulation or
statement of policy of any governmental body or agency having jurisdiction over
the Company, its Equity Shares or its Securities, or otherwise not be permitted
by the Articles of Incorporation or Bylaws of the Company, except if such action
shall be ordered by the Directors, in which case the Advisor shall notify
promptly the Directors of the Advisor's judgment of the potential impact of such
action and shall refrain from taking such action until it receives further
clarification or instructions from the Directors. In such event the Advisor
shall have no liability for acting in accordance with the specific instructions
of the Directors so given. Notwithstanding the foregoing, the Advisor, its
directors, officers, employees and stockholders, and stockholders, directors and
officers of the Advisor's Affiliates shall not be liable to the Company or to
the Directors or Stockholders for any act or omission by the Advisor, its
directors, officers or employees, or stockholders, directors or officers of the
Advisor's Affiliates except as provided in Paragraphs 20 and 21 of this
Agreement.

         (8) Relationship with Directors. Directors, officers and employees of
the Advisor or an Affiliate of the Advisor or any corporate parents of an
Affiliate, or directors, officers or stockholders of any director, officer or
corporate parent of an Affiliate may serve as a Director and as officers of the
Company, except that no director, officer or employee of the Advisor or its
Affiliates who also is a Director or officer of the Company shall receive any
compensation from the Company for serving as a Director or officer other than
reasonable reimbursement for travel and related expenses incurred in attending
meetings of the Directors.

         (9) Fees.

              (a) Asset Management Fee. The Company shall pay to the Advisor as
compensation for the advisory services rendered to the Company under Paragraph 3
above a monthly fee in an amount equal to one-twelfth of .60% of the Company's
Real Estate Asset Value and the outstanding principal amount of the Mortgage
Loans (the "Asset Management Fee"), as of the end of the preceding month.
Specifically, Real Estate Asset Value equals the amount invested in the
Properties wholly owned by the Company, determined on the basis of cost, plus,
in the case of Properties owned by any Joint Venture or partnership in which the
Company is a co-venturer or partner, the portion of the cost of such Properties
paid by the Company, exclusive of Acquisition Fees and Expenses. The Asset
Management Fee shall be payable monthly on the last day of such month, or the
first business day following the last day of such month. The Asset Management
Fee, which will not exceed fees, which are competitive for similar services in
the same geographic area, may or may not be taken, in whole or in part as to any
year, in the sole discretion of the Advisor. All or any portion of the Asset
Management Fee not taken as to any fiscal year shall be deferred without
interest and may be taken in such other fiscal year, as the Advisor shall
determine.

              (b) Acquisition Fees. The Company shall pay the Advisor a fee in
the amount of 4.5% of Total Proceeds as Acquisition Fees. Acquisition Fees shall
be reduced to the extent that, and, if necessary to limit, the total
compensation paid to all persons involved in the acquisition of any Property to
the amount customarily charged in arm's-length transactions by other persons or
entities rendering similar services as an ongoing public activity in the same
geographical location and for comparable types of Properties and to the extent
that other acquisition fees, finder's fees, real estate commissions, or other
similar fees or commissions are paid by any person in connection with the
transaction. The total of all Acquisition Fees and any Acquisition Expenses
shall be limited in accordance with the Articles of Incorporation. In addition,
no Acquisition Fees will be paid on loan proceeds from the Line of Credit until
such time as all net offering proceeds (Gross Proceeds less Selling Commissions,
Offering Expenses, the marketing support fee and due diligence reimbursements)
of the 2002 Offering have been invested by the Company.

              (c) Subordinated Disposition Fee. If the Advisor or an Affiliate
provides a substantial amount of the services (as determined by a majority of
the Independent Directors) in connection with the Sale of one or more
Properties, the Advisor or an Affiliate shall receive a Subordinated Disposition
Fee equal to the lesser of (i) one-half of a Competitive Real Estate Commission
or (ii) 3% of the sales price of such Property or Properties. The Subordinated
Disposition Fee will be paid only if Stockholders have received total
Distributions in an amount equal to the sum of their aggregate Invested Capital
and their aggregate Stockholders' 8% Return. To the extent that Subordinated
Disposition Fees are not paid by the Company on a current basis due to the
foregoing limitation, the unpaid fees will be accrued and paid at such time as
the subordination conditions have been satisfied. The Subordinated Disposition
Fee may be paid in addition to real estate commissions paid to non-Affiliates,
provided that the total real estate commissions paid to all Persons by the
Company shall not exceed an amount equal to the lesser of (i) 6% of the Contract
Sales Price of a Property or (ii) the Competitive Real Estate Commission. In the
event this Agreement is terminated prior to such time as the Stockholders have
received total Distributions in an amount equal to 100% of Invested Capital plus
an amount sufficient to pay the Stockholders' 8% Return through the Termination
Date, an appraisal of the Properties then owned by the Company shall be made and
the Subordinated Disposition Fee on Properties previously sold will be deemed
earned if the Appraised Value of the Properties then owned by the Company plus
total Distributions received prior to the Termination Date equals 100% of
Invested Capital plus an amount sufficient to pay the Stockholders' 8% Return
through the Termination Date. Upon Listing, if the Advisor has accrued but not
been paid such Subordinated Disposition Fee, then for purposes of determining
whether the subordination conditions have been satisfied, Stockholders will be
deemed to have received a Distribution in the amount equal to the product of the
total number of Shares outstanding and the average closing price of the Shares
over a period, beginning 180 days after Listing, of 30 days during which the
Shares are traded.

              (d) Subordinated Share of Net Sales Proceeds. The Subordinated
Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal
to 10% of Net Sales Proceeds from Sales of assets of the Company after the
Stockholders have received Distributions equal to the sum of the Stockholders'
8% Return and 100% of Invested Capital. Following Listing, no Subordinated Share
of Net Sales Proceeds will be paid to the Advisor.

              (e) Subordinated Incentive Fee. Upon Listing, the Advisor shall be
paid the Subordinated Incentive Fee in an amount equal to 10% of the amount by
which (i) the market value of the Company, measured by taking the average
closing price or average of bid and asked price, as the case may be, over a
period of 30 days during which the Shares are traded, with such period beginning
180 days after Listing (the "Market Value"), plus the total Distributions paid
to Stockholders from the Company's inception until the date of Listing, exceeds
(ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions
required to be paid to the Stockholders in order to pay the Stockholders' 8%
Return from inception through the date the Market Value is determined. The
Company shall have the option to pay such fee in the form of cash, Securities, a
promissory note or any combination of the foregoing. The Subordinated Incentive
Fee will be reduced by the amount of any prior payment to the Advisor of a
deferred, subordinated share of Net Sales Proceeds from Sales of assets of the
Company.

              (f) Loans from Affiliates. If any loans are made to the Company by
an Affiliate of the Advisor, the maximum amount of interest that may be charged
by such Affiliate shall be the lesser of (i) 1% above the prime rate of interest
charged from time to time by The Bank of New York and (ii) the rate that would
be charged to the Company by unrelated lending institutions on comparable loans
for the same purpose. The terms of any such loans shall be no less favorable
than the terms available between non-Affiliated Persons for similar commercial
loans.

              (g) Changes to Fee Structure. In the event of Listing, the Company
and the Advisor shall negotiate in good faith to establish a fee structure
appropriate for a perpetual-life entity. A majority of the Independent Directors
must approve the new fee structure negotiated with the Advisor. In negotiating a
new fee structure, the Independent Directors shall consider all of the factors
they deem relevant, including, but not limited to: (i) the amount of the
advisory fee in relation to the asset value, composition and profitability of
the Company's portfolio; (ii) the success of the Advisor in generating
opportunities that meet the investment objectives of the Company; (iii) the
rates charged to other REITs and to investors other than REITs by Advisors
performing the same or similar services; (iv) additional revenues realized by
the Advisor and its Affiliates through their relationship with the Company,
including loan administration, underwriting or broker commissions, servicing,
engineering, inspection and other fees, whether paid by the REIT or by others
with whom the REIT does business; (v) the quality and extent of service and
advice furnished by the Advisor; (vi) the performance of the investment
portfolio of the REIT, including income, conversion or appreciation of capital,
and number and frequency of problem investments; and (vii) the quality of the
Property and Mortgage Loan portfolio of the Company in relationship to the
investments generated by the Advisor for its own account. The new fee structure
can be no more favorable to the Advisor than the current fee structure.

         (10) Expenses.

              (a) In addition to the compensation paid to the Advisor pursuant
to Paragraph 9 hereof, the Company shall pay directly or reimburse the Advisor
for all of the expenses paid or incurred by the Advisor in connection with the
services it provides to the Company pursuant to this Agreement, including, but
not limited to:

                  (i) the Company's Offering Expenses;

                  (ii) Acquisition Expenses incurred in connection with the
selection and acquisition of Properties for goods and services provided by the
Advisor at the lesser of the actual cost or 90% of the competitive rate charged
by unaffiliated persons providing similar goods and services in the same
geographic location;

                  (iii) the actual cost of goods and services used by the
Company and obtained from entities not affiliated with the Advisor, other than
Acquisition Expenses, including brokerage fees paid in connection with the
purchase and sale of securities;

                  (iv)  interest and other costs for borrowed  money,  including
discounts, points and other similar fees;

                  (v) taxes and  assessments  on income or Property and taxes as
an expense of doing business;

                  (vi) costs  associated  with insurance  required in connection
with the business of the Company or by the Directors;

                  (vii) expenses of managing and operating  Properties  owned by
the Company,  whether payable to an Affiliate of the Company or a non-affiliated
Person;

                  (viii)  all  expenses  in  connection  with  payments  to  the
Directors and meetings of the Directors and Stockholders;

                  (ix) expenses associated with Listing or with the issuance and
distribution of Shares and Securities, such as selling commissions and fees,
advertising expenses, taxes, legal and accounting fees, Listing and registration
fees, and other Offering Expenses;

                  (x) expenses  connected with payments of Distributions in cash
or otherwise made or caused to be made by the Directors to the Stockholders;

                  (xi) expenses of organizing,  revising, amending,  converting,
modifying, or terminating the Company or the Articles of Incorporation;

                  (xii) expenses of maintaining communications with
Stockholders, including the cost of preparation, printing, and mailing annual
reports and other Stockholder reports, proxy statements and other reports
required by governmental entities;

                  (xiii) expenses related to negotiating and servicing  Mortgage
Loans;

                  (xiv) administrative service expenses (including personnel
costs; provided, however, that no reimbursement shall be made for costs of
personnel to the extent that such personnel perform services in transactions for
which the Advisor receives a separate fee at the lesser of actual cost or 90% of
the competitive rate charged by unaffiliated persons providing similar goods and
services in the same geographic location); and

                  (xv) audit, accounting and legal fees.

              (b) Expenses incurred by the Advisor on behalf of the Company and
payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly
to the Advisor. The Advisor shall prepare a statement documenting the expenses
of the Company during each quarter, and shall deliver such statement to the
Company within 45 days after the end of each quarter.

         (11) Other Services. Should the Directors request that the Advisor or
any director, officer or employee thereof render services for the Company other
than set forth in Paragraph 3, such services shall be separately compensated at
such rates and in such amounts as are agreed by the Advisor and the Independent
Directors of the Company, subject to the limitations contained in the Articles
of Incorporation, and shall not be deemed to be services pursuant to the terms
of this Agreement.

         (12) Fidelity Bond. The Advisor shall maintain a fidelity bond for the
benefit of the Company which bond shall insure the Company from losses of up to
$10 million per occurrence and shall be of the type customarily purchased by
entities performing services similar to those provided to the Company by the
Advisor.

         (13) Reimbursement to the Advisor. The Company shall not reimburse the
Advisor at the end of any fiscal quarter for Operating Expenses that, in the
four consecutive fiscal quarters then ended (the "Expense Year") exceed the
greater of 2% of Average Invested Assets or 25% of Net Income (the "2%/25%
Guidelines") for such year. Within 60 days after the end of any fiscal quarter
of the Company for which total Operating Expenses for the Expense Year exceed
the 2%/25% Guidelines, the Advisor shall reimburse the Company the amount by
which the total Operating Expenses paid or incurred by the Company exceed the
2%/25% Guidelines. The Company will not reimburse the Advisor or its Affiliates
for services for which the Advisor or its Affiliates are entitled to
compensation in the form of a separate fee. All figures used in the foregoing
computation shall be determined in accordance with generally accepted accounting
principles applied on a consistent basis.

         (14) Other Activities of the Advisor. Nothing herein contained shall
prevent the Advisor from engaging in other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and
the management of other programs advised, sponsored or organized by the Advisor
or its Affiliates; nor shall this Agreement limit or restrict the right of any
director, officer, employee, or stockholder of the Advisor or its Affiliates to
engage in any other business or to render services of any kind to any other
partnership, corporation, firm, individual, trust or association. The Advisor
may, with respect to any investment in which the Company is a participant, also
render advice and service to each and every other participant therein. The
Advisor shall report to the Directors the existence of any condition or
circumstance, existing or anticipated, of which it has knowledge, which creates
or could create a conflict of interest between the Advisor's obligations to the
Company and its obligations to or its interest in any other partnership,
corporation, firm, individual, trust or association. The Advisor or its
Affiliates shall promptly disclose to the Directors knowledge of such condition
or circumstance. If the Sponsor, Advisor, Director or Affiliates thereof have
sponsored other investment programs with similar investment objectives which
have investment funds available at the same time as the Company, it shall be the
duty of the Directors (including the Independent Directors) to adopt the method
set forth in the Registration Statement or another reasonable method by which
properties are to be allocated to the competing investment entities and to use
their best efforts to apply such method fairly to the Company.

         The Advisor shall be required to use its best efforts to present a
continuing and suitable investment program to the Company which is consistent
with the investment policies and objectives of the Company, but neither the
Advisor nor any Affiliate of the Advisor shall be obligated generally to present
any particular investment opportunity to the Company even if the opportunity is
of character which, if presented to the Company, could be taken by the Company.
The Advisor or its Affiliates may make such an investment in a property only
after (i) such investment has been offered to the Company and all public
partnerships and other investment entities affiliated with the Company with
funds available for such investment and (ii) such investment is found to be
unsuitable for investment by the Company, such partnerships and investment
entities.

         In the event that the Advisor or its Affiliates is presented with a
potential investment which might be made by the Company and by another
investment entity which the Advisor or its Affiliates advises or manages, the
Advisor and its Affiliates shall consider the investment portfolio of each
entity, cash flow of each entity, the effect of the acquisition on the
diversification of each entity's portfolio, rental payments during any renewal
period, the estimated income tax effects of the purchase on each entity, the
policies of each entity relating to leverage, the funds of each entity available
for investment and the length of time such funds have been available for
investment. In the event that an investment opportunity becomes available which
is suitable for both the Company and a public or private entity which the
Advisor or its Affiliates are Affiliated, then the entity which has had the
longest period of time elapse since it was offered an investment opportunity
will first be offered the investment opportunity.

         (15) Relationship of Advisor and Company. The Company and the Advisor
are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers or
impose any liability as such on either of them.

         (16) Term; Termination of Agreement. This Agreement shall continue in
force until ___________, 2004, subject to an unlimited number of successive
one-year renewals upon mutual consent of the parties. It is the duty of the
Directors to evaluate the performance of the Advisor annually before renewing
the Agreement, and each such agreement shall have a term of no more than one
year.

         (17) Termination by Either Party. This Agreement may be terminated upon
60 days written notice without Cause or penalty, by either party (by a majority
of the Independent Directors of the Company or a majority of the Board of
Directors of the Advisor, as the case may be).

         (18) Assignment to an Affiliate. This Agreement may be assigned by the
Advisor to an Affiliate with the approval of a majority of the Directors
(including a majority of the Independent Directors). The Advisor may assign any
rights to receive fees or other payments under this Agreement without obtaining
the approval of the Directors. This Agreement shall not be assigned by the
Company without the consent of the Advisor, except in the case of an assignment
by the Company to a corporation or other organization which is a successor to
all of the assets, rights and obligations of the Company, in which case such
successor organization shall be bound hereunder and by the terms of said
assignment in the same manner as the Company is bound by this Agreement.

         (19)  Payments to and Duties of Advisor Upon  Termination.  Payments to
the  Advisor  pursuant  to this  Paragraph  (19)  shall be subject to the 2%/25%
Guidelines to the extent applicable.

              (a) After the Termination Date, the Advisor shall not be entitled
to compensation for further services hereunder except it shall be entitled to
receive from the Company within 30 days after the effective date of such
termination all unpaid reimbursements of expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Agreement.

              (b) Upon termination, the Advisor shall be entitled to payment of
the Performance Fee if performance standards satisfactory to a majority of the
Board of Directors, including a majority of the Independent Directors, when
compared to (a) the performance of the Advisor in comparison with its
performance for other entities, and (b) the performance of other advisors for
similar entities, have been met. If Listing has not occurred, the Performance
Fee, if any, shall equal 10% of the amount, if any, by which (i) the appraised
value of the assets of the Company on the Termination Date, less the amount of
all indebtedness secured by such assets, plus the total Distributions paid to
stockholders from the Company's inception through the Termination Date, exceeds
(ii) Invested Capital plus an amount equal to the Stockholders' 8% Return from
inception through the Termination Date. The Advisor shall be entitled to receive
all accrued but unpaid compensation and expense reimbursements in cash within 30
days of the Termination Date. All other amounts payable to the Advisor in the
event of a termination shall be evidenced by a promissory note and shall be
payable from time to time.

              (c) The  Performance  Fee  shall  be paid  in 12  equal  quarterly
installments without interest on the unpaid balance, provided,  however, that no
payment will be made in any quarter in which such payment would  jeopardize  the
Company's  REIT  status,  in which  case any such  payment or  payments  will be
delayed  until the next  quarter  in which  payment  would not  jeopardize  REIT
status.  Notwithstanding the preceding sentence, any amounts which may be deemed
payable at the date the obligation to pay the  Performance Fee is incurred which
relate to the  appreciation  of the  Company's  assets  shall be an amount which
provides compensation to the Advisor only for that portion of the holding period
for the  respective  assets  during which the Advisor  provided  services to the
Company.

              (d) If Listing occurs, the Performance Fee, if any, payable
thereafter will be as negotiated between the Company and the Advisor. The
Advisor shall not be entitled to payment of the Performance Fee in the event
this Agreement is terminated because of failure of the Company and the Advisor
to establish, pursuant to Paragraph 9(g) hereof, a fee structure appropriate for
a perpetual-life entity at such time, if any, as Listing occurs.

              (e) The Advisor shall promptly upon termination:

                  (i) pay over to the Company all money collected and held for
the account of the Company pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for its expenses to which it is then
entitled;

                  (ii) deliver to the Directors a full accounting, including a
statement showing all payments collected by it and a statement of all money held
by it, covering the period following the date of the last accounting furnished
to the Directors;

                  (iii)  deliver  to  the   Directors   all  assets,   including
Properties and Mortgage Loans,  and documents of the Company then in the custody
of the Advisor; and

                  (iv)   cooperate  with  the  Company  to  provide  an  orderly
management transition.

         (20) Indemnification by the Company. The Company shall indemnify and
hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from all liability, claims, damages
or losses arising in the performance of their duties hereunder, and related
expenses, including reasonable attorneys' fees, to the extent such liability,
claims, damages or losses and related expenses are not fully reimbursed by
insurance, subject to any limitations imposed by the laws of the State of
Maryland or the Articles of Incorporation of the Company. Notwithstanding the
foregoing, the Advisor shall not be entitled to indemnification or be held
harmless pursuant to this Paragraph 20 for any activity for which the Advisor
shall be required to indemnify or hold harmless the Company pursuant to
Paragraph 21. Any indemnification of the Advisor may be made only out of the net
assets of the Company and not from Stockholders.

         (21) Indemnification by Advisor. The Advisor shall indemnify and hold
harmless the Company from contract or other liability, claims, damages, taxes or
losses and related expenses including attorneys' fees, to the extent that such
liability, claims, damages, taxes or losses and related expenses are not fully
reimbursed by insurance and are incurred by reason of the Advisor's bad faith,
fraud, willful misfeasance, misconduct,

<PAGE>

negligence or reckless disregard of its duties, but the Advisor shall not be
held responsible for any action of the Board of Directors in following or
declining to follow any advice or recommendation given by the Advisor.

         (22) Notices. Any notice, report or other communication required or
permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is required by the Articles of
Incorporation, the Bylaws, or accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein:

To the Directors and to the Company:

                      CNL Hospitality Properties, Inc.
                      450 South Orange Avenue
                      Orlando, Florida 32801

To the Advisor:       CNL Hospitality Corp.
                      450 South Orange Avenue
                      Orlando, Florida 32801

Either party may at any time give notice in writing to the other party of a
change in its address for the purposes of this Paragraph 22.

         (23) Modification. This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in
writing signed by both parties hereto, or their respective successors or
assignees.

         (24) Severability. The provisions of this Agreement are independent of
and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or
others of them may be invalid or unenforceable in whole or in part.

         (25) Construction. The provisions of this Agreement shall be construed
and interpreted in accordance with the laws of the State of Florida.

         (26) Entire Agreement. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or
amended other than by an agreement in writing.

<PAGE>

         (27) Indulgences, Not Waivers. Neither the failure nor any delay on the
part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted such waiver.

         (28) Gender. Words used herein regardless of the number and gender
specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the
context requires.

         (29) Titles Not to Affect Interpretation. The titles of paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

         (30) Execution in Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall
together constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the
signatories.

         (31) Name. CNL Hospitality Corp. has a proprietary interest in the name
"CNL." Accordingly, and in recognition of this right, if at any time the Company
ceases to retain CNL Hospitality Corp. or an Affiliate thereof to perform the
services of Advisor, the Directors of the Company will, promptly after receipt
of written request from CNL Hospitality Corp., cease to conduct business under
or use the name "CNL" or any diminutive thereof and the Company shall use its
best efforts to change the name of the Company to a name that does not contain
the name "CNL" or any other word or words that might, in the sole discretion of
the Advisor, be susceptible of indication of some form of relationship between
the Company and the Advisor or any Affiliate thereof. Consistent with the
foregoing, it is specifically recognized that the Advisor or one or more of its
Affiliates has in the past and may in the future organize, sponsor or otherwise
permit to exist other investment vehicles (including vehicles for investment in
real estate) and financial and service organizations having "CNL" as a part of
their name, all without the need for any consent (and without the right to
object thereto) by the Company or its Directors.

         (32) Initial Investment. The Advisor has contributed to the Company
$200,000 in exchange for 20,000 Equity Shares (the "Initial Investment"). The
Advisor may not sell these shares while the Advisory Agreement is in effect,
although the Advisor may transfer such shares to Affiliates. The restrictions
included above shall not apply to any Equity Shares, other than the Equity
Shares acquired through the Initial Investment, acquired by the Advisor or its
Affiliates. The Advisor shall not vote any Equity Shares it now owns, or
hereafter acquires, in any vote for the removal of Directors or any vote
regarding the approval or termination of any contract with the Advisor or any of
its Affiliates.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date and year first above written.

                    CNL HOSPITALITY PROPERTIES, INC.

                    By:
                          ---------------------------------------------
                           Name: James M. Seneff, Jr.
                           Its:  Chairman of the Board and
                                 Chief Executive Officer

                    CNL HOSPITALITY CORP.

                    By:
                          ---------------------------------------------
                           Name:    Thomas J. Hutchison III
                           Its:     President<PAGE>
                                  EXHIBIT 10.7

                Form of Lease Agreement including Rent Addendum,
                  Construction Addendum and Memorandum of Lease

<PAGE>

_________ #(Site Number)/(City), (County) County, (State)

                                 LEASE AGREEMENT

         THIS LEASE AGREEMENT is made and entered into as of (Closing Date), by
and between:

                  (i) CNL __________, a (State of Registration) (Landlord Entity
                  Type) with  principal  office and place of  business at 400 E.
                  South Street, Suite 500, Orlando,  Florida 32801 ("Landlord"),
                  and

                  (ii) (TENANT NAME), a (State of Incorporation) (Tenant Entity
                  Type), with a mailing address of (Tenant Street Address),
                  (Tenant Street Address), (Tenant City), (Tenant State) (Tenant
                  Zip) ("Tenant").

                                   WITNESSETH:

         Landlord leases to Tenant, for the purpose of [[developing,
constructing and]] operating a _________ Restaurant and for no other use or
purpose whatsoever [[and subject to the terms and conditions of the Construction
Addendum attached hereto]], and Tenant rents from Landlord the following
described premises, (hereinafter "Premises") located at (Site Address), (City),
(County) County, (State) and being more particularly described in Exhibit "A"
attached hereto and made a part hereof, together with all rights and privileges
in and about the Premises as may be necessary or convenient to Tenant's
business, inclusive of all easements benefitting the real property described in
Exhibit "A". Premises shall include all improvements and structures whether now
existing or hereafter constructed thereon.

         The following additional stipulations are hereby declared to be
covenants of this Lease and shall, unless otherwise expressly stated, be
applicable at all times throughout the term of this Lease and any extension or
renewal thereof:

1.       DEFINITIONS

         For purposes of this Lease, the following terms are hereby defined to
mean:

         "Effective Date" shall mean the first date set forth at the beginning
of this Lease.

         "Landlord" shall mean CNL __________, a (State of Registration)
         (Landlord Entity Type), its successors and assigns.

         "Lease" shall include this Lease Agreement and all amendments hereto,
         if any, entered into from time to time hereafter.

         "Lease Year" shall mean a fiscal period beginning on the Effective Date
         (and each anniversary thereof) and expiring twelve (12) months
         thereafter.

         "Rent" shall mean the Rent payable under this Lease as set forth in the
         Rent Addendum attached hereto and incorporated herein, and shall
         include [[Interim Rent]], Annual Rent and Percentage Rent (all as
         defined in the Rent Addendum).

2.       TERM AND RENT

         (a) Term. The term of this Lease shall begin on the Effective Date and
shall expire on a date ________ (__) years thereafter unless previously
terminated or renewed or extended as provided herein.

         (b)  Rent.  Rent  shall  be due and  payable  as  provided  in the Rent
Addendum attached hereto and incorporated herein.

3.       ALTERATIONS AND IMPROVEMENTS,  INVESTMENT TAX CREDIT, MECHANIC'S LIENS,
         LANDLORD'S DISCLAIMER

         (a) Tenant shall be permitted to install, use on and about, and remove
from the Premises at any time and from time to time all trade fixtures and other
personal property (exclusive of lighting, electrical, heating and air
conditioning improvements) which are not a component of the building located or
to be located on the Premises (hereinafter referred to as the "Tenant's
Property"), all of which at all times shall remain the property of Tenant with
the right of removal (subject to paragraph (d) below) at the expiration of this
Lease. Trade fixtures shall include: (1) removable decor items and office
equipment; (2) building lettering, signs, sign posts and sign standards; (3)
unattached food and customer service equipment; and (4) food and customer
service equipment attached to the building by bolts and screws and/or by utility
connections, including without limitation, walk-in refrigerators and freezers,
remote refrigeration systems, exhaust systems and hoods. Tenant shall also have
the right, at its option and expense, to redecorate or otherwise remodel the
Premises upon any termination hereof or upon subletting or assignment in such
manner as will, without reducing the fair market value thereof, avoid the
appearance of the ________ Restaurant operated under this Lease; provided,
however, Tenant shall not impair the structural condition of the Premises or
reduce the size thereof. Tenant shall have the right to make any additions,
alterations, changes and improvements, structural and nonstructural, including
but not limited to construction of additional buildings and additions to the
then existing buildings, as Tenant shall desire; provided, however, (i) Tenant
shall submit plans of all structural changes to Landlord at least thirty (30)
days in advance of the proposed construction date, (ii) Tenant shall provide
Landlord with evidence of Tenant's financial ability to pay for such changes,
(iii) if the cost of structural changes exceeds TEN THOUSAND AND NO/100 DOLLARS
($10,000.00), Tenant shall post payment and performance bonds for such work
naming Landlord and Tenant as dual obligees, (iv) all such construction shall be
completed in a workmanlike manner and in full compliance with all building laws
and ordinances applicable thereto, at Tenant's expense, and (v) such additions,
alterations, changes and improvements shall not reduce the fair market value of
the Premises. All such additions, alterations, changes and improvements shall be
deemed to be a part of the Premises.

         (b) Landlord hereby grants Tenant the right and privilege of applying
for and receiving all investment tax credits, if any, under the Internal Revenue
Code which may be available with respect to the building and other improvements
to be constructed. To this end, Landlord agrees to execute all such further
documents and supply such additional information as may be required to make such
election effective.

         (c) Tenant shall not do or suffer anything to be done whereby the
Premises, or any part thereof, may be encumbered by a mechanic's lien or similar
lien, and, if, whenever and as often as any mechanic's lien or similar lien is
filed against the Premises, or any part thereof, purporting to be for or on
account of any labor done, materials or services furnished in connection with
any work in or about the Premises, done by, for or under the authority of
Tenant, or anyone claiming by, through or under Tenant, Tenant shall discharge
the same of record within ten (10) days after service upon Tenant of notice of
the filing thereof; provided, however, Tenant shall have the right to remove the
lien by bonding same in accordance with applicable law and to contest any such
lien; provided further that Tenant shall diligently prosecute any such contest,
at all times effectively staying or preventing any official or judicial sale of
the Premises under execution or otherwise, and, if unsuccessful, satisfy any
final judgment against Tenant adjudging or enforcing such lien or, if
successful, procuring record satisfaction or release thereof.

         (d) All of Tenant's Property placed in or upon the Premises by Tenant
shall remain the property of Tenant with the right to remove the same at any
time during the term of this Lease. Landlord, if requested by Tenant, agrees to
execute such documentation subordinating its lien rights (vis a vis any
equipment lender or landlord) to Tenant's personalty and to all rights of levy
for distraint for rent against same as shall be reasonably required by any
equipment lender or lessor of Tenant; provided any damage caused by, or
resulting from the removal of any trade fixtures, equipment or other personal
property shall be promptly repaired by Tenant or the party entitled to remove
same.

4.       DESTRUCTION OF PREMISES; INSURANCE

         (a) If the Premises are damaged or destroyed by fire, flood, tornado or
other element, or by any other casualty and such damage or destruction does not
occur within the last twenty-four (24) months of the original or of any extended
or renewed term of this Lease, this Lease shall continue in full force and
effect and Tenant shall, as promptly as possible, restore, repair or rebuild the
Premises to substantially the same condition as it existed before the damage or
destruction. Tenant shall for this purpose use all, or such part as may be
necessary, of the insurance proceeds received from insurance policies carried on
the Premises under the provision of subparagraph 4(b) hereinbelow. If such
insurance proceeds are not sufficient to pay such costs, Tenant shall pay such
deficit. Should the Premises be damaged or destroyed by any of the foregoing
described casualties within the last twenty-four (24) months of the original
term or of any extended or renewed term of this Lease, to the extent that they
are untenantable or unsuitable, in Tenant's opinion for continued use in the
normal conduct of Tenant's business, Tenant shall have the right, exercisable by
written notice to Landlord given within thirty (30) days after the date of such
damage or destruction, of terminating this Lease effective upon the date of such
damage or destruction. If Tenant terminates this Lease as thus provided Landlord
shall be entitled to all of the insurance proceeds on the Premises, but not to
the proceeds of insurance carried by Tenant on Tenant's Property; provided,
however, Tenant shall not have the right to terminate this Lease unless (i) the
damage or destruction of the Premises was caused by a peril which was insured
against by the provisions of subparagraph 4(b) of this Lease; (ii) at the time
of such damage and destruction the said insurance policies to be carried by
Tenant were in the amount of the full replacement cost of such improvements
(without deduction or co-insurance) and in full force and effect; and (iii) the
insurer has confirmed coverage and its obligation to pay. If Tenant defaults in
its obligation to carry insurance in the amount required under subparagraph
4(b), then Tenant shall be obligated to pay toward said reconstruction or to
Landlord, if this Lease is cancelled but prior thereto, the difference between
the amount actually carried and the amount required to be carried under this
paragraph.

         (b) Tenant, at its expense and as additional rent hereunder, shall
throughout the term of this Lease and any extension or renewal thereof, keep the
Premises insured with "all risk" coverage, including builder's risk if
applicable, ("all risk" as such term is used in the insurance industry) for the
full replacement value, with any deductible to be approved by Landlord (and
without any co-insurance provision (Agreed Value endorsement)). If Tenant serves
alcoholic beverages, or if the Premises are located in a flood or earthquake
zone, then additional coverage shall be obtained by Tenant in amounts and in
forms acceptable to Landlord. Tenant shall provide Landlord with copies of such
policies or certificates of such coverage, and the policy or policies shall name
Landlord and any mortgagee designated by Landlord as an additional insured (or,
if elected by Landlord, loss payee) and shall provide that all losses shall be
payable as herein provided. All such policies of insurance shall provide that
the amount thereof shall not be reduced and that none of the provisions,
agreements or covenants contained therein shall be modified or cancelled by the
insuring company or companies without thirty (30) days prior written notice
being given to Landlord; and that all insurance proceeds shall be paid by check
payable to Landlord. Such policy or policies of insurance may also cover loss or
damage to Tenant's Property, and the insurance proceeds applicable to Tenant's
Property shall not be paid to Landlord or any mortgagee but shall accrue and be
payable solely to Tenant. In the event of a casualty, Tenant shall be
responsible for any deficiency between the replacement cost of the Premises and
the amount actually paid by the insurance company.

         (c) Tenant shall maintain, at its own expense and as additional Rent,
public liability insurance covering the Premises, for the joint benefit of and
insuring Tenant and Landlord, with coverage of not less than $2,000,000.00 per
occurrence, with any deductible to be approved by Landlord, and with a general
aggregate limit of not less than $__0,000,000.00. Landlord (and if Landlord is
either a general or limited partnership, all general partners) shall be named as
an additional insured (or, if elected by Landlord, loss payee). All such
policies of insurance shall provide that the amount thereof shall not be reduced
and that none of the provisions, agreements or covenants contained therein shall
be modified or cancelled by the insuring company or companies without thirty
(30) days prior written notice being given to all parties to this Lease. A copy
of the policy or certificate of such insurance shall be delivered to Landlord
and shall be issued by a company or companies licensed to do business in the
state where the Premises are located.

         (d) Tenant shall maintain, at its own expense, rental value insurance
covering risk of loss due to the occurrence of any of the hazards insured
against under Tenants' "all risk" coverage insurance and providing coverage in
an amount sufficient to permit the payment of rents payable hereunder for a
period (in such case) of not less than six (6) months. All such policies of
insurance shall provide that Landlord is additional insured (or, if elected by
Landlord, loss payee); and that the amount thereof shall not be reduced and that
none of the provisions, agreements or covenants contained therein shall be
modified or cancelled by the insuring company or companies without thirty (30)
days prior written notice being given to all parties to this Lease. A copy of
the policy or certificate of such insurance shall be delivered to Landlord and
shall be issued by a company or companies licensed to do business in the state
where the Premises are located.

         (e) All insurance companies providing the coverage required under this
Paragraph 4 shall be selected by Tenant and shall be rated A minus (A-) or
better by Best's Insurance Rating Service, shall be licensed to write insurance
policies in the state in which the Premises is located, and shall be acceptable
to Landlord in Landlord's reasonable discretion.

5.       MAINTENANCE AND REPAIR

         (a) Tenant shall maintain the Premises and all buildings and
improvements thereon (interior and exterior, structural and otherwise) in good
order and repair and, subject to the provisions of paragraph 4(a) with respect
to damage within the last twenty-four (24) months of the Lease, and paragraph 6
herein, return the Premises and all buildings and improvements thereon at the
expiration of the term of this Lease or any extension thereof in as reasonably
as good condition as when received, ordinary wear and tear excepted.

         (b) Tenant agrees that Landlord shall have no obligation under this
Lease to make any repairs or replacements (including the replacement of obsolete
components) to the Premises or the buildings or improvements thereon, or any
alteration, addition, change, substitution or improvement thereof or thereto,
whether structural or otherwise. The terms "repair" and "replacement" include
the replacement of any portions of the Premises which have outlived their useful
life during the term of the Lease (or any extensions thereof). Landlord and
Tenant intend that the rent received by Landlord shall be free and clear of any
expense to Landlord for the construction, care, maintenance (including common
area maintenance charges and charges accruing under easements or other
agreements relating to the Premises), operation, repair, replacement,
alteration, addition, change, substitution and improvement of or to the Premises
and any building and improvement thereon. Upon the expiration or earlier
termination of this Lease, Tenant shall remain responsible for, and shall pay to
Landlord, any cost, charge or expense for which Tenant is otherwise responsible
for hereunder attributable to any period (prorated on a daily basis) prior to
the expiration or earlier termination of this Lease.

6.       CONDEMNATION

         (a) In the event that the whole or any material part of the building on
the Premises or such a material portion of the land (for purposes hereof,
"material" shall mean more than 20% of the building on the Premises or more than
40% of the land) shall be taken during the term of this Lease or any extension
or renewal thereof for any public or quasi-public use under any governmental
law, ordinance, regulation or by right of eminent domain, or shall be sold to
the condemning authority under threat of condemnation with the result that the
Premises cannot continue to be operated as the type of restaurant contemplated
herein, or if all reasonable access to the adjacent roadways from the existing
or comparable curb cuts shall be taken (any of such events being hereinafter
referred to as a "taking"), Tenant shall have the option of terminating this
Lease as of a date no earlier than the date of such taking, such termination
date to be specified in a notice of termination to be given by Tenant to
Landlord not fewer than fourteen (14) days prior to the date on which possession
of the Premises, or part thereof, must be surrendered to the condemning
authority or its designee.

         (b) In the event of any taking which does not give rise to an option to
terminate or in the event of a taking which does give rise to an option to
terminate and Tenant does not elect to terminate, Landlord shall make its award
available to Tenant and Tenant shall, to the extent of the award from such
taking (which word "award" shall mean the net proceeds after deducting expenses
of any settlement, or net purchase price under a sale in lieu of condemnation
but shall exclude the value of Landlord's reversionary interest), promptly
restore or repair the Premises and all improvements thereon (except the items
which Tenant is entitled to remove) to the same condition as existed immediately
prior to such taking insofar as is reasonably possible. If the estimated cost of
restoration or repair shall exceed the amount of Landlord's award, Tenant shall
deposit with Landlord the amount of such excess. The award and any excess shall
be held in trust by Landlord and used, to the extent required, for the purpose
of such restoration or repair. A just and proportionate part of the Rent payable
hereunder shall be abated from the date of such taking until ten (10) days after
Tenant has restored same and thereafter the Rent shall be reduced in proportion
to the reduction in the then rental value of the Premises after the taking in
comparison with the rental value prior to the taking. If the award shall exceed
the amount spent or to be spent promptly to effect such restoration, repair or
replacement, such excess shall unconditionally belong to Landlord and shall be
paid to Landlord.

         (c) In the event of any partial taking where this Lease is not
terminated, Tenant shall not be entitled (except for use in reconstruction) to
any part of the compensation or award given Landlord for the taking of the fee
of the Premises, but Tenant shall have the right to recover from the condemning
authority such compensation as is specifically awarded to Tenant (i) to
reimburse Tenant for any cost which Tenant may incur in removing Tenant's
Property from the Premises and (ii) for loss of Tenant's business.

         (d) If this Lease is terminated by reason of a taking then Landlord
shall be entitled to receive the entire award in any such condemnation or
eminent domain proceedings or purchase in lieu thereof and Tenant hereby assigns
to Landlord all of its right, title and interest in and to all and any part of
such award, provided, however, Tenant shall be entitled to receive any award
specifically made to reimburse Tenant.

7.       TAXES AND ASSESSMENTS

         Tenant shall pay prior to delinquency all taxes and assessments which
may be levied upon or assessed against the Premises and all taxes and
assessments of every kind and nature whatsoever arising in any way from the use,
occupancy or possession of the Premises or assessed against the improvements
situated thereon, together with all taxes levied upon or assessed against
Tenant's Property. To that end Landlord shall not be required to pay any taxes
or assessments whatsoever which relate to or may be assessed against this Lease,
the Rent and other amounts due hereunder, the Premises, improvements and
Tenant's Property. Provided, however, that any taxes or assessments which may be
levied or assessed against the Premises for a period ending after the
termination hereof shall be prorated between Landlord and Tenant as of such
date. Within thirty (30) days after Tenant receives the paid receipted tax
bills, Tenant shall furnish Landlord with copies of a paid receipt for such tax
bills. Upon demand by Landlord, Tenant shall deliver and pay over to Landlord
such additional sums as are necessary to satisfy any deficiency in the amount
necessary to pay the taxes before the same become due. Tenant may, at its
option, contest in good faith and by appropriate and timely legal proceedings
any such tax and assessment; provided, however, that Tenant shall indemnify and
hold harmless Landlord from any loss or damage resulting from any such contest,
and all expenses of same (including, without limitation, all attorneys' fees,
court and other costs) are paid solely by Tenant.

8.       COMPLIANCE, UTILITIES, SURRENDER

         (a) Tenant at its expense shall promptly comply with all governmental
requirements, whether or not compliance therewith shall require structural
changes in the Premises; will procure and maintain all permits, licenses and
other authorizations required for the use of the Premises or any part thereof
then being made and for the lawful and proper installation, operation and
maintenance of all equipment and appliances necessary or appropriate for the
operation and maintenance of the Premises, and shall comply with all easements,
restrictions, reservations and other instruments of record applicable to the
Premises. Tenant shall indemnify and save Landlord harmless from all expenses
and damages by reason of any notices, orders, violations or penalties filed
against or imposed upon the Premises, or against Landlord as owner thereof,
because of Tenant's failure to comply with this paragraph.

         (b) Tenant shall pay all charges for heat, water, gas, sewage,
electricity and other utilities used or consumed on the Premises and shall
contract for the same in its own name. Landlord shall not be liable for any
interruption or failure in the supply of any such utility service to the
Premises.

         (c) Tenant shall peacefully surrender possession of the Premises, the
buildings and other improvements thereon, to Landlord at the expiration, or
earlier termination, of the original term or any extended or renewed term of
this Lease.

9.       QUIET ENJOYMENT

         Landlord covenants and warrants that Landlord has full power and
authority to make this Lease, and that Tenant shall have and enjoy full, quiet
and peaceful possession of the Premises, their appurtenances and all rights and
privileges incidental thereto during the term hereof and any renewals or
extensions, subject to the provisions of this Lease and any easements,
restrictions, reservations and other instruments of record applicable to the
Premises and in existence at the time of the conveyance of the Premises to
Landlord by Tenant.

10.      OPTION TO RENEW

         Tenant shall have ___ (_) successive five (5) year options to extend
this Lease for up to an additional _____ (__) years upon the same terms,
covenants, conditions and rental as set forth herein provided that Tenant is not
in default hereunder at the commencement of such option period. Tenant may
exercise each such five (5) year option by giving written notice to Landlord not
less than six (6) months prior to the expiration of the then current term of
this Lease. Should Tenant fail to give Landlord such timely written notice
during the required period, all remaining rights of renewal shall automatically
expire.

11.      FIRST RIGHT OF REFUSAL TO PURCHASE; OPTION TO PURCHASE

         (a) So long as Tenant is not in default under this Lease, Tenant shall
have the right to purchase the Premises in accordance with the terms of this
paragraph. If Landlord receives and desires to accept a bona fide offer to
purchase (excluding any transfer to an affiliate of Landlord) the Premises
during the term of this Lease or any extension or renewal thereof, Landlord
shall serve a notice on Tenant stating the name of such offeror with a copy of
the terms and conditions of such offer attached and Tenant shall have the right
to purchase the Premises on the same terms and conditions set forth in
Landlord's notice, provided Tenant delivers written notice to Landlord of its
election to do so within twenty (20) days after receipt of such notice from
Landlord. If Tenant does not elect to exercise its right to purchase as
aforesaid, Landlord may sell the Premises, provided the sale is consummated with
the offeror and on the terms and conditions set forth in Landlord's notice to
Tenant. The foregoing preemptive right shall remain in existence notwithstanding
its non-exercise in respect to any sale and shall be binding upon Landlord's
successors in title.

         (b) Tenant  shall have the option to purchase  the Premises at any time
after the _____________ (__th) Lease Year, as follows:

                  (i) Tenant shall exercise its option hereunder by giving
written notice in writing to Landlord in accordance with the requirements of
paragraph 20 of this Lease. At the time of the exercise of the option, Tenant
shall also pay to Landlord (or if required by Landlord, to the qualified
intermediary described in Paragraph 19(b) of this Lease Agreement) a
non-refundable deposit of FIVE HUNDRED AND NO/100 DOLLARS ($500.00).

                  (ii) The purchase price to be paid by Tenant shall be the
greater of (A) the fair market value of the Premises as of the date of the
exercise of the option, as determined by an appraisal of an M.A.I. qualified
appraiser selected by Landlord, or (B) Landlord's cost for the Premises, plus
___________ percent (__%).

                  (iii) The closing pursuant to the option shall be held in the
office of Landlord's attorneys on or before a date which is thirty (30) days
after Landlord and Tenant have received the above mentioned appraisal from the
appraiser, or at such other place as shall be acceptable to Landlord.

                  (iv) Tenant shall receive a credit for the deposit required
under (i) above and the balance of the purchase price shall be paid at closing
in cash, by cashier's check on cleared local funds or by wire transfer to
Landlord's account.

                  (v) All  expenses of closing  shall be paid  equally by Tenant
and Landlord.

                  (vi) The option granted to Tenant pursuant to this
subparagraph (b) shall terminate and become null and void (A) in the event
Tenant shall purport to exercise said option at a time when Tenant shall then be
in default under any term or condition of this Lease, or (B) in the event
Tenant's right of first refusal becomes operative, Tenant fails to exercise such
right of first refusal, and the offer triggering such right of first refusal
closes.

         (c) Tenant's rights and options granted in (a) and (b) above shall be
subject and subordinate to any rights or options currently of record or those
existing under Tenant's franchise agreement, if any.

12.      NONCOMPETE

         Tenant shall not own an interest in, or operate, another __________
Restaurant within a _________ (__) mile radius of the Premises. Violation of
this covenant shall constitute a default hereunder and, because the parties
agree that damages would not be an adequate remedy, Tenant hereby agrees that
Landlord shall be entitled to equitable relief, including injunctive relief and
specific performance in addition to any remedy available at law.

13.      DEFAULT

         (a) If any one or more of the  following  events  occur,  said event or
events shall hereby be classified as a "Default":

                  (i) If Tenant fails to pay Interim Rent (if applicable),
Annual Rent, Percentage Rent, any additional rent, or any other charges required
hereunder or under any other lease with Landlord or an affiliate of Landlord
when same shall become due and payable, and such failure continues for ten (10)
days after written notice from Landlord.

                  (ii) If Tenant shall fail to perform or observe any term,
condition, covenant, agreement, or obligation of this Lease or any other lease
with Landlord or an affiliate of Landlord, and such failure continues for
fifteen (15) days after written notice from Landlord (except that such fifteen
(15) day period shall be automatically extended for such additional period of
time as is reasonably necessary to cure such Default, if such Default cannot be
cured within such period, provided Tenant is in the process of diligently curing
the same).

                  (iii) If any default or event of default shall occur and
remain uncured under that certain Franchise Agreement (the "Franchise
Agreement") between Tenant and _________________ following any cure period
applicable thereto and established in the Franchise Agreement, or if such
Franchise Agreement is terminated for any reason. Notwithstanding the foregoing,
Tenant shall have the right to engage in good faith disputes with the franchisor
under the Franchise Agreement without such dispute constituting a default under
this Lease, provided that such dispute shall not prevent Tenant from performing
its obligation to continuously operate a _______ Restaurant at the Premises.

                  (iv) If Tenant fails to continuously operate its business
within the Premises except for temporary periods of closure caused by casualty,
or temporary and reasonable periods of remodeling not to exceed ninety (90) days
in any Lease Year without first obtaining Landlord's written approval.

                  (v) If Tenant shall make an assignment for the benefit of
creditors or file a petition, in any federal or state court, in bankruptcy,
reorganization, composition, or make an application in any such proceedings for
the appointment of a trustee or receiver for all or any portion of its property.

                  (vi) If any petition shall be filed under federal or state law
against Tenant in any bankruptcy, reorganization, or insolvency proceedings, and
said proceedings shall not be dismissed or vacated within thirty (30) days after
such petition is filed.

                  (vii) If a receiver or trustee shall be appointed under
federal or state law for Tenant, or any guarantor of Tenant's obligations
hereunder, for all or any portion of the property of either of them, and such
receivership or trusteeship shall not be set aside within thirty (30) days after
such appointment.

         (b) Upon the happening of any one or more of the aforementioned
Defaults which are not cured within the cure period applicable thereto, if any,
Landlord shall have the right, in addition to any other rights and remedies, to
terminate this Lease by giving written notice of same to Tenant. Upon such
notice, this Lease shall cease and expire, and Tenant shall surrender the
Premises to Landlord. Notwithstanding such termination, Tenant's liability and
obligation under all provisions of this Lease, including the obligation to pay
Rent and any and all other amounts due hereunder shall survive and continue. In
addition, in the event of Tenant's Default under this Lease, Landlord may, by
notice to Tenant, accelerate the monthly installments due hereunder for the
remaining term of this Lease, in which event such amount, together with any sums
then in arrears, shall immediately be due and payable to Landlord. Tenant hereby
expressly agrees that its occupation of the Premises after default constitutes
forcible detainer (or equivalent) as is defined by the law in force in the
jurisdiction in which the Premises are located.

         (c) If this Lease shall terminate as provided hereinabove, Landlord may
re-enter the Premises and remove Tenant, its agents and sub-tenants, together
with all or any of Tenant's Property, by suitable action at law, or by force.
Tenant waives any right to the service of any notice of Landlord's intention to
re-enter and Landlord shall not be liable in any way in connection with any
action it takes pursuant to this paragraph. Notwithstanding such re-entry or
removal, Tenant's liability under the provision of this Lease shall survive and
continue.

         (d) In case of re-entry, repossession or termination of this Lease,
Tenant shall remain liable for Rent (with any Percentage Rent described in the
Rent Addendum to be paid at the rate paid during the prior Lease Year), any
additional rent and all other charges provided for in this Lease for the
otherwise remaining term of this Lease, and any and all expenses which Landlord
may have incurred in re-entering the Premises including, but not limited to,
allocable overhead, alterations to the building, leasing, construction,
architectural, legal and accounting fees. In addition, Tenant shall pay to
Landlord any and all attorneys' fees, legal costs and expenses incurred with
respect to enforcement of the provisions hereof. Landlord shall have the right,
but not the obligation, to relet the whole or part of the Premises upon terms
which Landlord, in its sole discretion, deems appropriate and Tenant shall be
responsible for all expenses incurred by Landlord in re-letting or attempting to
re-let and all rent collected for reletting shall be credited against all of
Tenant's obligations hereunder.

         (e) The rights and remedies of Landlord set forth herein shall be in
addition to any other right and remedy now or hereinafter provided by law, and
all such rights and remedies shall be cumulative. No action or inaction by
Landlord shall constitute a waiver of a Default, and no waiver of Default shall
be effective unless it is in writing, signed by Landlord.

14.      HOLDING OVER

         In the event Tenant remains in possession of the Premises after the
expiration of this Lease, without executing a new lease, Tenant shall occupy the
Premises as a tenant from month to month subject to all the terms hereof, but
such possession shall not limit Landlord's rights and remedies by reason thereof
nor constitute a holding over.

15.      WAIVER OF SUBROGATION

         Notwithstanding anything in this Lease to the contrary, other than
Tenant's obligations to repair, restore or rebuild described in paragraph 4
hereinabove, neither party shall be liable to the other for any damage or
destruction of the property of the other resulting from fire or other casualty
covered by insurance required of either party hereunder, whether or not such
loss, damage or destruction of property is caused by or results from the
negligence of such party (which term includes such party's officers, employees,
agents and invitees), and each party hereby expressly releases the other from
all total liability for or on account of any said loss, damage or destruction,
whether or not the party suffering the loss is insured against such loss, and if
insured whether fully or partially. Each party shall procure all endorsements of
insurance policies carried by it necessary to protect the other from any right
of subrogation and/or liability in the event of such loss.

16.      LIEN FOR RENTS

         As security for Tenant's payment of Rent and all other payments
required to be made by Tenant hereunder (including, by way of illustration only,
taxes, damage to the Premises, court costs, and attorneys' fees) Tenant hereby
grants to Landlord a lien upon all of Tenant's Property now or hereafter located
upon the Premises. The lien herein provided shall be subordinate to the lien of
any chattel mortgage, collateral assignment or security interest given by Tenant
to any seller of such property. If default is made by Tenant in the payment of
any sum which may become due hereunder and said sum is not paid within ten (10)
days after written notice is given by Landlord to Tenant for Tenant's default,
Landlord may enter upon the Premises and take possession of Tenant's Property,
or any part thereof, and may sell all or any part of Tenant's Property at public
or private sale in one or successive sales, with or without notice, to the
highest bidder for cash and on behalf of Tenant. Landlord may sell and convey
Tenant's Property, or any part thereof, to such bidder, delivering to such
bidder all of Tenant's title and interest in such property sold to him. The
proceeds of such sale shall be applied by Landlord toward the costs thereof and
then toward the payment of all sums when due by Tenant to Landlord hereunder.

17.      ASSIGNMENT AND SUBLETTING

         (a) The Tenant shall not have the right, without first obtaining
Landlord's prior written consent which will not be unreasonably withheld, to
assign or sublet any part or all of the Premises to any party for any purpose. A
change in ownership of the controlling interest of Tenant shall also constitute
an assignment subject to this subparagraph. Landlord, without being deemed
unreasonable, may withhold its consent to any proposed assignment or subletting
where (i) the financial capacity of such assignee or subtenant is materially
less than that of tenant or (ii) such assignee or subtenant does not intend to
operate a national or regionally recognized restaurant on the Premises or (iii)
even if such assignee or subtenant intends to operate a restaurant on the
Premises, the type of restaurant or the operating history of such assignee or
subtenant or the operating history of such type of restaurant reflects an
inability to generate Gross Sales and potential sales growth equal to or greater
than that of the Tenant. Even if such consent to assignment or subletting is
given by Landlord, such assignment or subletting shall not relieve Tenant of its
liability for the continued performance of all terms, covenants and conditions
of this Lease, including without limitation the payment of all rent, additional
rent and Percentage Rent and other charges thereunder. Likewise, as a condition
of any such assignment by Tenant, the assignee shall be required to execute and
deliver to Landlord, upon the effective date of such assignment, an agreement,
in recordable form, whereby such assignee assumes and agrees to discharge all
obligations of Tenant under this Lease.

         (b) In the event of the subletting or assignment of this Lease, any
monetary consideration obtained from an assignee or transferee upon such
subletting or assignment shall be paid to Landlord. In the event of the
subletting or assignment of this Lease, if Tenant derives funds or rental income
greater than what it is paying to Landlord under this Lease, the Annual Rent
provided for herein shall be increased to that amount received by Tenant from
sublessee or assignee of this Lease.

         (c) Prior to any assignment allowed hereunder, Tenant shall deliver to
Landlord (i) a copy of the assignment documents (including copies of any
recorded documents), and (ii) the name, address and telephone number of such
assignee and a designated contact person for such assignee, and (iii) a new
insurance policy and binder complying with the terms of this Lease and naming
such assignee as the tenant of the Premises. Notwithstanding anything herein to
the contrary, in the event of any assignment of this Lease or subletting of the
Premises, Tenant shall not be released from its obligations under this Lease
unless specifically released by virtue of a separate written instrument executed
by Landlord, which may be withheld in Landlord's sole discretion.

         (d) The Landlord shall have the right without limitation (subject to
paragraph 11 hereof) to sell, convey, transfer or assign its interest in the
Premises or its interest in this Lease, and upon such conveyance being completed
all covenants and obligations of Landlord under this Lease accruing thereafter
shall cease, but such covenants and obligations shall run with the land and
shall be binding upon the subsequent landlord or owners of the Premises or of
this Lease.

18.      SUBORDINATION, NON-DISTURBANCE, ATTORNMENT, ESTOPPEL CERTIFICATE.

         (a) Upon written request of the holder of any mortgage (which term
"mortgage" shall also include deeds of trust) now or hereafter relating to the
Premises, Tenant will subordinate its rights under this Lease to the lien
thereof and to all advances made or hereafter to be made upon the security
thereof, and Tenant shall execute, acknowledge and deliver an instrument in the
form customarily used by such encumbrance holder to effect such subordination;
provided, however, as a condition of all such subordinations, the holder of such
mortgage shall be first required to agree with Tenant that, notwithstanding the
foreclosure or other exercise of rights under any such first or other mortgage,
Tenant's possession and occupancy of the Premises and the improvements and its
leasehold estate shall not be disturbed or interfered with nor shall Tenant's
rights and obligations under this Lease be altered or adversely affected thereby
so long as Tenant is not in default hereunder.

         (b) Notwithstanding anything set out in subparagraph (a) above to the
contrary, in the event the holder of any such mortgage elects to have this Lease
be superior to its mortgage, then upon Tenant's being notified to that effect by
such encumbrance holder, this Lease shall be deemed prior to the lien of said
mortgage, whether this Lease is dated prior or subsequent to the date of said
mortgage, and Tenant shall execute, acknowledge and deliver an instrument, in
the form customarily used by such encumbrance holder, effecting such priority.

         (c) In the event proceedings are brought for the foreclosure of, or in
the event of the exercise of the power of sale under any mortgage made by
Landlord covering the Premises, or in the event of delivery of a deed in lieu of
foreclosure under such a mortgage Tenant will attorn to the purchaser upon any
such foreclosure or sale and recognize such purchaser as Landlord under this
Lease, and upon the request of the purchaser, Tenant shall execute, acknowledge
and deliver an instrument, in form and substance satisfactory to such purchaser,
evidencing such attornment.

         (d) Each party agrees, within seven (7) days after written request by
the other, to execute, acknowledge and deliver to and in favor of any proposed
mortgagee or purchaser of the Premises, an estoppel certificate, in the form
customarily used by such proposed mortgagee or purchaser, stating, among other
things (i) whether this Lease is in full force and effect, (ii) whether this
Lease has been modified or amended and, if so, identifying and describing any
such modification or amendment, (iii) the date to which rent and other charge
has been paid, and (iv) whether the party furnishing such certificate knows of
any default on the part of the other party or has any claim against such party
and, if so, specifying the nature of such default or claims.

         (e) Upon written demand by the holder of any mortgage covering the
Premises, Tenant shall forthwith execute, acknowledge and deliver an agreement
in favor of and in the form customarily used by such encumbrance holder, by the
terms of which Tenant will agree to give prompt written notice to such
encumbrance holder in the event of any casualty damage to the Premises or in the
event of any default on the part of Landlord under this Lease, and will agree to
allow such encumbrance holder a reasonable length of time after notice to cure
or cause the curing of such default before exercising Tenant's rights under this
Lease, or terminating or declaring a default under this Lease.

19.      COOPERATION

         (a) Landlord shall fully cooperate with Tenant throughout the term of
this Lease to secure or maintain proper zoning, building and other permits and
compliance with all applicable laws. Landlord shall execute any petitions,
requests, applications and the like as Tenant shall reasonably request in order
to obtain any permit, license, variances and approvals which, in the reasonable
judgment of Tenant, are necessary for the lawful construction and/or operation
of Tenants business on the Premises, provided, however, that Tenant shall
indemnify and save Landlord harmless from any and all expenses, costs, charges,
liabilities, losses, obligations, damages and claims of any type which may be
imposed upon, asserted against or incurred by Landlord by reason of same.

         (b) In the event that Tenant elects to purchase the Premises pursuant
to the terms and conditions of paragraph 11 hereof, Landlord shall have the
right, in Landlord's sole discretion, to enter into an exchange agreement (the
"Exchange Agreement") with a qualified intermediary (the "Intermediary") in
order to effectuate a like-kind exchange of the Premises for one or more other
properties (the "Replacement Property"). In that event, Landlord shall assign to
the Intermediary all of Landlord's right, title and interest in the written
contract for purchase and sale of the Premises entered into between Landlord and
Tenant as required by paragraph 11 hereof (the "Purchase Contract"), and any
deposit paid by Tenant in connection with the purchase of the Premises shall be
placed directly with the Intermediary, subject to the terms and conditions of
the Purchase Contract and the Exchange Agreement. Landlord and Tenant agree
that, at Landlord's option, Tenant shall cooperate with Landlord in effecting a
like-kind exchange of the Premises by Landlord pursuant to and in accordance
with the provisions of Section 1031 of the Internal Revenue Code of 1986, as
amended, and the Treasury Regulations promulgated thereunder, which cooperation
shall include, without limitation, Tenant's consent to Landlord's assignment of
its interest in the Purchase Contract to the Intermediary and Tenant receiving
or taking title to the Premises from the Intermediary or another third party
utilized in the transaction in order to facilitate the like-kind exchange on
behalf of Landlord.

20.      NOTICES

         All notices and other communications required or permitted to be given
hereunder shall be in writing and shall be delivered by a nationally recognized
overnight courier or mailed by registered or certified mail, postage prepaid,
return receipt requested, addressed as follows:

 If to Landlord:  CNL __________
                  400 East South Street
                  Suite 500
                  Orlando, Florida  32801

 with copy to:    DALE A. BURKET, ESQUIRE
                  Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
                  215 North Eola Drive
                  Post Office Box 2809
                  Orlando, Florida 32802

 If to Tenant:    (TENANT NAME), a (State of Incorporation) (Tenant Entity Type)
                  (Tenant Street Address)
                  (Tenant Street Address)
                  (Tenant City), (Tenant State) (Tenant Zip)

         Any party may change its address for notices by written notice in like
manner as provided in this paragraph and such change of address shall be
effective seven (7) days after the date notice of such change of address is
given. Notice for purposes of this Lease shall be deemed given when it shall
have been deposited in the mail by the party who is giving such notice with
sufficient postage prepaid.

21.      INDEMNIFICATION

         Tenant does hereby indemnify and exonerate Landlord against and from
all liabilities, losses, obligations, damages, penalties, claims, costs, charges
and expenses, including reasonable architects' and attorneys' fees, which may be
imposed upon or asserted against or incurred by Landlord by reason of any of the
following occurring:

         (a) any work or thing done in respect of construction  of, in or to the
Premises or any part of the  improvements  now or hereafter  constructed  on the
Premises;

         (b)  any  use,  possession,   occupation,   operation,  maintenance  or
management of the Premises or any part hereof;

         (c) any failure to, or to  properly,  use,  possess,  occupy,  operate,
maintain or manage the Premises or any part thereof;

         (d) the condition,  including environmental conditions, of the Premises
or any part thereof;

         (e)  any  negligence  on the  part  of  Tenant  or  any of its  agents,
contractors, servants, employees, licensees or invitees;

         (f) any accident,  injury or damage to any person or property occurring
in, on or about the Premises or any part thereof including any sidewalk adjacent
thereto; or

         (g) any failure on the part of Tenant to perform or comply with any of
the covenants, agreements, terms or conditions contained in this Lease on its
part to be performed or complied with.

22.      HOLD HARMLESS

         Tenant agrees to hold Landlord harmless against any and all claims,
damages, accidents and injuries to persons or property caused by or resulting
from or in connection with anything in or pertaining to or upon the Premises
during the term of this Lease or while Tenant is occupying the Premises, except
if such claim, damage, accident or injury shall be caused by the negligence of
Landlord or its agents. Landlord shall not be liable to Tenant, Tenant's
employees, agents, invitees, licensees or any other person whomsoever for any
injury to person or damage to property on or about the Premises caused by the
negligence or misconduct of Tenant, its agents, servants or employees or of any
other person entering the building under expressed or implied invitation by
Tenant or due to any other cause whatsoever, unless caused by the negligence or
neglect of Landlord, its employees or its authorized representatives.

23.      LANDLORD'S LIABILITIES

         The term "Landlord" as used in this Lease means the owner from time to
time of the Premises. Neither Landlord nor any partner, shareholder or
beneficiary thereof shall have any personal liability with respect to any of the
provisions of this Lease and if Landlord is in default with respect to its
obligations hereunder Tenant shall look solely to the equity of Landlord in the
Premises.

24.      SUCCESSORS

         The covenants, conditions and agreements contained in this Lease shall
bind and inure to the benefit of Landlord and Tenant and their respective heirs,
legal representatives, successors and assigns.

25.      ENTIRE AGREEMENT/MEMORANDUM OF LEASE

         This Lease contains the entire agreement between the parties hereto and
may not be modified in any manner other than in writing signed by the parties
hereto or their successors in interest. A memorandum of this Lease shall be
executed by the parties and shall be recorded in the official records of the
county where the Premises are located.

26.      GENDER

         Whenever the context hereof permits or requires, words in the singular
may be regarded as in the plural and vice-versa, and personal pronouns may be
read as masculine, feminine and neuter.

27.      BROKERAGE FEES

         It is understood and agreed that neither party has incurred any real
estate brokerage fees or commissions arising out of this Lease and each party
agrees to hold the other harmless from and against all such fees and commissions
incurred, and costs related thereto including legal fees, as a result of its own
conduct or alleged conduct.

28.      CAPTIONS

         The captions of this Lease are for convenience only, and do not in any
way define, limit, disclose, or amplify terms or provisions of this Lease or the
scope or intent thereof.

29.      LANDLORD'S RIGHT TO CURE

         In the event Tenant shall fail, refuse or neglect to perform, observe
or comply with any term, condition, covenant, agreement or obligation contained
in the Lease on its part to be performed or complied with, then Landlord may, at
its sole option, enter upon the Premises, if deemed necessary by Landlord in its
sole discretion, and/or do whatever may be deemed necessary by Landlord in its
sole discretion to cure such failure by Tenant. Tenant shall pay to Landlord
within five (5) days of Landlord's request, all costs incurred by Landlord in
connection with Landlord's curing of such failure by Tenant including, but not
limited to, reasonable attorney and paralegal fees whether or not judicial
proceedings are involved. In addition to the above costs, in the event Landlord
does not receive payment from Tenant when due hereunder, interest at the rate of
eighteen percent (18%) per annum or the highest rate allowable by law shall be
due and payable with respect to such payment from the due date thereof until
Landlord receives such payment.

30.      COMMITMENT LETTER

         That certain commitment letter dated ______________, 199_ is hereby
incorporated herein by reference and the terms and conditions thereof shall
survive closing with respect to the transaction contemplated by this Lease. In
the event any terms of the commitment letter are inconsistent with the terms
contained in this Lease, the terms of this Lease shall control.

31.      NOT A SECURITY ARRANGEMENT

         The parties hereto agree and acknowledge that this transaction is not
intended as a security arrangement or financing secured by real property, but
shall be construed for all purposes as a true lease.

32.      NET LEASE

         It is the intention of the parties hereto that this Lease is and shall
be treated as a triple net lease. Any present or future law to the contrary
notwithstanding, this Lease shall not terminate (except as expressly provided in
paragraph 4(a)) nor shall Tenant be entitled to any abatement, suspension,
deferment, reduction (except as expressly provided in paragraph 6(b) hereof),
setoff, counterclaim, or defense with respect to the rent, nor shall the
obligations of Tenant hereunder be affected by reason of: any damage to or
destruction of the Premises or any part thereof; any taking of any Premises or
any part thereof or interest therein by Condemnation or otherwise (except as
expressly provided in paragraph 6(b) hereof); any prohibition, limitation,
restriction or prevention of Tenant's use, occupancy or enjoyment of the
Premises or any part thereof, or any interference with such use, occupancy or
enjoyment by any person or for any other reason; any title defect or encumbrance
or any matter affecting title to the Premises or any part thereof; any eviction
by paramount title or otherwise; any default by Landlord hereunder; any
proceeding relating to Landlord; the impossibility or illegality of performance
by Landlord, Tenant or both; any action of governmental authority; any breach of
warranty or misrepresentation; any defect in the condition, quality or fitness
for use of the Premises or any part thereof; or any other cause whether similar
or dissimilar to the foregoing and whether or not Tenant shall have notice or
knowledge of any of the foregoing. The parties intend that the obligations of
Tenant hereunder shall be separate and independent covenants and agreements and
shall continue unaffected unless such obligations shall have been modified or
terminated in accordance with an express provision of this Lease.

33.      WAIVER

         No waiver by Landlord of any provision hereof shall be deemed a wavier
of any other provision hereof or of any subsequent breach by Tenant of the same
or any other provision. Landlords's consent to, or approval of, any act shall
not be deemed to render unnecessary the obtaining of Landlord's consent to or
approval of any subsequent act by Tenant. The acceptance of rent hereunder by
Landlord shall not be a waiver of any preceding breach by Tenant of any
provision hereof, other than the failure of Tenant to pay the particular rent so
accepted, regardless of Landlord's knowledge of such preceding breach at the
time of acceptance of such rent.

34.      TIME OF THE ESSENCE

         Landlord and Tenant agree that time shall be of the essence of all
terms and provisions of this Lease.

35.      GOVERNING LAW

         This Lease shall be construed in accordance with the laws of the state
in which the Premises is located.

                            [Signatures on Next Page]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Lease Agreement
to be executed the day and date first above written.

Signed, Sealed and Delivered
in the presence of:                                    "LANDLORD"

                                                CNL__________________ , a
                                                __________________ corporation

                                                By:
_______________________
Name:__________________

Name:__________________
_______________________

STATE OF FLORIDA
COUNTY OF ORANGE

         The foregoing instrument was acknowledged before me this ____ day of
_______________, 1997 by ____________________, as ______________________ of CNL
_____________________, a ____________________, on behalf of the
_______________________. He is personally known to me and did not take an oath.

                                      ______________________________

                                      Notary Signature
                                      ______________________________

                                      Printed Name
                                      Notary Public, State of Florida
                                      Commission Number:__________________
                                      My Commission Number:

<PAGE>

                                              "TENANT"

                           (TENANT  NAME),  a (State of  Incorporation)  (Tenant
                           Entity Type)

                            By:
Name:                       Name:
                            As Its:

Name:

STATE OF ______________
COUNTY OF ____________

         The    foregoing    was   executed    before   me   on   ,   1997,   by
_______________________________      as      ____________________________     of
__________________________________,  a __________ corporation,  on behalf of the
corporation.    He/She    is    personally    known    to   me    or    produced
____________________________________________
__________________________________________ as identification and did not take an
oath.

                  (NOTARY SEAL)               Notary Public, State of
                                              Printed Name:
                                              Notary Commission No.
                                              My Commission Expires:

Exhibit "A" - Legal Description

<PAGE>

                                   Exhibit "A"
                        Legal Description of the Premises

<PAGE>

                                  RENT ADDENDUM
                                       to
                                 LEASE AGREEMENT

         THIS RENT ADDENDUM dated (Closing Date), by and between CNL __________,
a (State of Registration) (Landlord Entity Type) as "Landlord", and (TENANT
NAME),a (State of Incorporation) (Tenant Entity Type), as "Tenant", for
(RESTAURANT NAME) (Site Number), (City), (County) County, (State), is attached
to and made a part of that certain Lease Agreement by and between Landlord and
Tenant of even date herewith (the "Lease"). Notwithstanding any other provision
to the contrary which may be contained in said Lease, it is specifically agreed
by and between Landlord and Tenant as follows:

         (a)      Commencement of Rent.
                  --------------------

         On the date hereof, Landlord has simultaneously entered into the Lease
with Tenant pursuant to which Tenant has agreed to lease from Landlord the
Premises and all improvements now or hereafter constructed thereon. Payment of
Interim Rent (if applicable), Annual Rent and Percentage Rent shall commence as
of the Effective Date as provided herein, notwithstanding that the improvements
may not be constructed or complete at that time.

         (b)      Interim Rent.
                  ------------

         The terms and provisions of this paragraph (b) shall apply only if a
Construction Addendum is attached to and incorporated in the Lease. From and
after the Effective Date until Annual Rent shall first become due and payable
pursuant to subparagraph (c) below, Interim Rent shall be due and payable in
advance monthly installments on the first day of each month. For purposes of
this Lease, the term "Interim Rent" shall mean an amount equal to the product of
(i) ___________ percent (_____%) per annum, multiplied by (ii) the amount
theretofore funded by Landlord under the terms of the Construction Addendum.
Interim Rent for partial months shall be prorated on a per diem basis.

[[INSERT FOLLOWING VERSION OF PARAGRAPH (c) FOR CONSTRUCTION SITES]]

         (c)      Annual Rent
                  -----------

                  (i) Definitions. Capitalized terms used in the Lease and the
Construction Addendum shall have the same meaning in this Rent Addendum unless
otherwise defined. In addition to those terms defined elsewhere in this Rent
Addendum, as used herein the following terms shall have the meaning indicated:

         "Construction Period" shall mean the period beginning on the Effective
Date and ending on the earliest of (i) ____________ (___) days after the
Effective Date; (ii) the date a certificate of occupancy for the Premises is
issued; (iii) the date the restaurant opens for business on the Premises; and
(iv) the date Tenant receives from Landlord its final funding of the
construction costs for the Project under this Construction Addendum.

         "Annual Rent Commencement Date" shall mean the last day of the
Construction Period.

         "Total Cost" shall mean the sum of (i) the purchase price paid by
Landlord for the land comprising a portion of the Premises, plus (ii) all
approved closing costs paid by Landlord, plus (iii) all actual "hard"
construction costs and approved "soft" costs incurred by Tenant and funded by
Landlord during the Construction Period pursuant to the terms and conditions of
the Construction Addendum.

                  (ii) Initial Annual Rent. Beginning on the Annual Rent
Commencement Date, Tenant covenants and agrees to pay to Landlord Annual Rent in
an annual amount equal to ______________ percent (______%) multiplied by the
Total Cost, payable to Landlord in equal monthly installments in advance, on the
first (1st) day of each month. Landlord and Tenant agree that prior to the
Annual Rent Commencement Date they will endeavor to establish the Total Cost so
that rent payable on the Annual Rent Commencement Date will be known prior to
such date. However, if the exact amount of the Total Cost shall not have been
finally ascertained prior to the Annual Rent Commencement Date, Tenant shall as
of the Annual Rent Commencement Date pay Landlord rent based on an annual rent
under the Lease determined by multiplying ___________ percent (____%) times
$__________________________ (the Funding Limitation set forth in the
Construction Addendum), and if, when the exact amount of the Total Cost shall
have been ascertained (the "Final Disbursement Date"), such Total Cost is more
or less than $_________________, Landlord or Tenant, as the case may be, shall
promptly refund or remit to the other an amount equal to the excess rent paid or
the underpayment of rent due. On the Final Disbursement Date, Landlord shall
mail to Tenant a statement setting forth a schedule of funds disbursed by
Landlord to Tenant under the Construction Addendum; shall compute the Annual
Rent payable hereunder; and shall state the excess rent paid or underpayment of
rent due. The Annual Rent set forth in such statement shall constitute the
Annual Rent due hereunder.

                  (ii) Increases in Annual Rent. Commencing at the end of the
fifth (5th) Lease Year after the Effective Date, and on each fifth (5th)
anniversary of such date thereafter during the term of this Lease (and any
extension thereof), Annual Rent shall be increased by an amount equal to _____
percent (__%) of the Annual Rent payable during the immediately preceding Lease
Year.

                  (iii) Partial Months. If the date on which Annual Rent shall
first be due and payable shall fall on a day other than the first day of a
calendar month, then rent for the partial rental month shall be prorated on a
per diem basis on the first Annual Rent payment and shall be paid by Tenant to
Landlord for such month.

[[INSERT FOLLOWING VERSION OF PARAGRAPH (c) FOR EXISTING STORES/NO  CONSTRUCTION
ADDENDUM]]

         (c)      Annual Rent
                  -----------

                  (i) Beginning on the Effective Date, Tenant covenants and
agrees to pay to Landlord Annual Rent in the annual amount of
_________________________________________, payable to Landlord in equal monthly
installments in the amount of ___________________________________ AND
___/DOLLARS ($ ) monthly in advance, on the first (1st) day of each month.

                  (ii) Increases in Annual Rent. Commencing at the end of the
fifth (5th) Lease Year after the Effective Date, and on each fifth (5th)
anniversary of such date thereafter during the term of this Lease (and any
extension thereof), Annual Rent shall be increased by an amount equal to _______
percent (__%) of the Annual Rent payable during the immediately preceding Lease
Year.

                  (iii) Partial Months. If the date on which Annual Rent shall
be first due and payable shall fall on a day other than the first day of a
calendar month, then rent for the partial rental month shall be prorated on a
per diem basis on the first Annual Rent payment and shall be paid by Tenant to
Landlord for such month.

         (d)      Percentage Rent.
                  ---------------

         In addition to the Interim Rent and Annual Rent set forth above, Tenant
shall pay, as additional Rent, percentage rent ("Percentage Rent") as follows:
Within thirty (30) calendar days after the expiration of each Lease Year, Tenant
shall pay, in one lump sum, an amount equal to (i) ___ percent (__%) multiplied
by Tenant's Gross Sales (as hereinafter defined) for the Lease Year then ended,
minus (ii) the Annual Rent payable for such Lease Year. At such time, Tenant
shall also furnish Landlord a sworn statement showing the Gross Sales made by
Tenant during such Lease Year then ended.

                  (i) Inspection of Records. Landlord or its duly authorized
representatives may on regular business days within reasonable office hours,
inspect Tenant's records of Gross Sales and deductions made in the Premises,
either at the Premises or elsewhere as reasonably designated by Tenant, provided
such inspection is commenced within thirty-six (36) months after a statement of
Gross Sales is furnished to Landlord by Tenant or should have been delivered and
is limited to the period covered by such statement. Any claim by Landlord for
revision of any statement of Gross Sales or for additional Percentage Rent must
be made in writing to Tenant within thirty-six (36) months after the date such
statement of Gross Sales is mailed to Landlord, or within thirty (30) days
following completion of its inspection, otherwise it shall be deemed waived by
Landlord.

                  (ii) Reporting Errors. If Landlord inspects Tenant's records
as permitted by this Rent Addendum and if such inspection shows an error(s) in
the statements submitted by Tenant which results in an understatement of Gross
Sales by more than three percent (3%), then in addition to paying the Percentage
Rent due, Tenant shall pay Landlord the reasonable cost of such inspection. In
the event such inspection shows an overstatement of Gross Sales, then Landlord
shall refund such overpayment to Tenant.

                  (iii) Sales and Other Financial Reports. In addition to the
above annual sworn statement of Gross Sales, Tenant shall provide Landlord with
(i) monthly reports of its sales at the Premises within five (5) days following
the last day of each month, together with a copy of all reports submitted to its
franchisor, (ii) quarterly sales tax reports for sales at the Premises, and
(iii) Tenant and each guarantor shall provide unaudited year end financial
statements including operating statements and balance sheets and federal income
tax returns within ten (10) days after they are generated for Tenant or such
guarantor. Further, Tenant hereby authorizes its franchisor to release to
Landlord any and all inspection reports issued by franchisor to Tenant relating
to the Premises.

                  (iv) Gross Sales/Sales Tax Defined. As used in this Rent
Addendum, the term "Gross Sales" shall mean the gross amount charged for all
sales or services made from the Premises by Tenant, for cash or credit, paid or
unpaid, less any sales taxes, returns, exchanges, allowances, discounts,
employee meals, and excluding sales of Tenant's Property or Tenant's leasehold
interest. Gross Sales shall include, without limitation, gross Rents or other
amounts received by Tenant from the licensees or concessionaires owning and
operating coin operated machines and devices, such as cigarette machines, but
not the amount taken in by such machines or devices. The term "sales tax" shall
mean taxes which by law (1) are not imposed on Tenant or any other party prior
to sale at retail by Tenant, but (2) are imposed on purchasers from Tenant at
retail and collectible by Tenant from such purchasers.

         (e)      Sales/Use Tax.
                  -------------

         Tenant shall also pay to Landlord any sales and use tax imposed on any
Rents payable hereunder from time to time by state law or any other governmental
entity, which sums are due monthly as to monthly rent payments and annually as
to Percentage Rent on the due date of the rent payment under this Lease.

         (f)      Late Charges.
                  ------------

         In the event any installment of rent due hereunder (including Interim
Rent, Annual Rent and Percentage Rent) is not received by Landlord within ten
(10) days of its respective due date, there shall be an automatic late charge
due to Landlord from Tenant in the amount of five percent (5%) of such
delinquent installment of rent. All such late charges due hereunder shall be
deemed additional Rent, and are not penalties but rather are charges
attributable to administrative and collection costs arising out of such
delinquency. In addition to such late charge, in the event Landlord does not
receive Rent when due hereunder, interest at the rate of the maximum rate
allowable by law shall be due and payable with respect to such payment from the
due date thereof until Landlord receives such payment.

         (g)      Payments of Rents.
                  -----------------

         Except as provided in the following sentence, all Rent payments shall
be made by check payable to the order of Landlord and shall be sent to 400 East
South Street, Suite 500, Orlando, Florida 32801, or to such other place or
places as Landlord or its successors or assigns, respectively, may from time to
time designate in writing. In the event Tenant is late in the payment of
Interim, Annual or Percentage Rent on three (3) or more occasions, and if
Landlord shall so request, Tenant shall establish arrangements whereby Rent is
transferred by wire or other means directly from Tenant's bank account to such
account as Landlord may designate.

         (h)      No Abatement.
                  ------------

         Unless otherwise stated in the Lease, no abatement, offset, diminution
or reduction (a) of Rent, charges or other compensation, or (b) of Tenant's
other obligations under this Lease shall be allowed to Tenant or any person
claiming under Tenant, under any circumstances or for any reason whatsoever.

Initialed for Identification:               ______________________________

______________________________
By Landlord                                 By Tenant

<PAGE>

                              CONSTRUCTION ADDENDUM
                              ---------------------

         THIS CONSTRUCTION ADDENDUM, executed as of (Closing Date), by and
between CNL __________, a (State of Registration) (Landlord Entity Type) with
principal office and place of business at 400 E. South Street, Suite 500,
Orlando, Florida 32801 ("Landlord"), and (TENANT NAME), a (State of
Incorporation) (Tenant Entity Type), with a mailing address of (Tenant Street
Address), (Tenant Street Address), (Tenant City), (Tenant State) (Tenant Zip)
("Tenant").

                              PRELIMINARY STATEMENT

         Landlord has acquired the real property which constitutes a portion of
the Premises described in Exhibit "A" attached to the Lease Agreement and has
leased the same to Tenant under the terms of the Lease Agreement. Landlord
desires to construct or have constructed certain improvements on the Premises
and is entering into this Construction Addendum with Tenant for the purpose of
setting forth the terms and conditions under which Tenant shall serve as
developer in connection with the Project (as that term is defined hereinbelow).

         NOW, THEREFORE, it is agreed, by and between the parties hereto as
follows:

         1.  Definitions.  Capitalized  terms used in the Lease  Agreement shall
have the same meaning in this Construction Addendum unless otherwise defined. In
addition to those terms defined elsewhere in this Construction Addendum, as used
herein the following terms shall have the meaning indicated:

          "Project" shall mean construction of the building and all necessary
site improvements on the Premises for the initial use as a ___________
restaurant by Tenant who is Tenant under the Lease Agreement between Tenant and
Landlord of even date herewith (the "Lease Agreement"). Such building and
improvements shall be completed in accordance with the plans and specifications
approved by Landlord and Tenant prior to Landlord's acquisition of the Premises,
which approval shall not be unreasonably withheld, delayed or conditioned.

         "Construction Period" shall mean the period beginning on the Effective
Date and ending on the earliest of (i) _____________ (___) days after the
Effective Date; (ii) the date a certificate of occupancy for the Premises is
issued; (iii) the date the __________ restaurant opens for business on the
Premises; and (iv) the date Tenant receives from Landlord its final funding of
the construction costs for the Project under this Construction Addendum.

         2. Authorization, Independent Contractor. Landlord hereby engages
Tenant as an independent contractor and authorizes Tenant to enter upon the
Premises and to undertake responsibilities, duties, obligations, rights and
authority expressly herein set forth and, subject to the provisions hereof,
Tenant hereby accepts such appointment and agrees to perform and fully discharge
all of its duties, responsibilities and obligations herein set forth diligently,
promptly and in full compliance with the provisions hereof.

         3. Co-Tenant and Sub-Agents. Tenant may delegate the performance of any
of its responsibilities hereunder to one or more contractors, subcontractors,
consultants, co-developers or sub-agents; provided, however, that no such
delegation shall relieve Tenant of its duties, responsibilities and obligations
hereunder.

         4. Specific Duties and Obligations. Tenant shall be responsible for the
complete  development  and  construction  of the  Project  and  shall  deliver a
turn-key facility to Landlord. In that connection,  Tenant's duties, obligations
and responsibilities include, but shall not be limited to the following:

                  (a) Project Design. Procuring all necessary architectural and
engineering services related to the site work, design and engineering related to
the Project, any and all engineering and impact studies or reports related to
the development of the Project, and processing and obtaining all required
governmental approvals.

                  (b) Licenses and Permits. Obtaining all licenses, permits and
approvals required to prepare the site for development, to permit construction
of the Project and to operate it for its intended purposes. Such licenses,
permits and approvals shall include, but shall not be limited to, water
management district approvals, approvals required under any franchise agreement,
financing agreement or any instrument of record, building permits, certificates
of occupancy, and any other required governmental consents or approvals.

                  (c) General Contractor, Construction Contracts and Purchase
Orders. Negotiating all necessary construction contracts, for the benefit of
Landlord, relating to the development and construction of the Project. All
construction contracts and purchase orders for work, material or equipment shall
be entered into between Tenant and the contractors or vendors selected and shall
be satisfactory in form and substance to Landlord, Tenant, and legal counsel for
Landlord and Tenant, including a payment and performance bond from the general
contractor in the amount of the general construction contract. The general
construction contract and construction/trade cost breakdown shall be approved by
Landlord prior to Landlord's purchase of the property. The general construction
contract shall contain provisions for a ten percent (10%) retainage and
submission to Landlord of all underlying contracts with and invoices (required
only if a cost-plus contract) from materialmen and subcontractors. All change
orders to such contract must be approved in writing by Landlord. Tenant shall
cause its general contractor to submit (and the general construction contract
shall so provide) all subcontracts to Landlord prior to commencement of
construction.

                  (d) Construction Coordination. Coordinating all aspects of
construction of the Project to completion. Tenant shall monitor the progress of
construction and the compliance by all contractors with the provisions of their
construction contracts, through periodic on-site visits and inspections and
through written and other reports from the architect, contractors and other
construction supervisory personnel. Tenant shall keep Landlord advised from time
to time of the progress of construction. Tenant shall review and approve all
contractor and other payment requests made from time to time and shall review
all such requests to ensure compliance with the construction contract and the
terms hereof. Tenant shall determine which, if any, contractor or subcontractor
is in default under the provisions of its applicable contract or subcontract,
and what measures should be taken in connection therewith.

                  (e) Funding. Financing to be provided by Landlord hereunder
shall be limited to all actual "hard" construction costs of the Project together
with approved "soft" costs (to the extent set forth herein), exclusive of any
developer's fee. Landlord's funding shall be disbursed to Tenant monthly against
draw requests submitted by Tenant to Landlord. Each such draw request shall be
submitted on AIA Forms G-702 and G-703 (or other forms approved by Landlord),
shall be prepared in accordance with Landlord's instructions and shall be
received by Landlord no later than the twenty-fifth (25th) day of each month.
Each draw request shall be accompanied by all supporting documentation required
by Landlord (including partial lien waivers from the general contractor and all
subcontractors waiving all lien rights through the date of the last draw
request, and copies of invoices for "soft" costs which may be reimbursable). If
properly prepared and documented requests are received by the twenty-fifth
(25th) day of a month, Landlord shall pay proper amounts reflected in such
request by the tenth (10th) day of the following month. The funds to be advanced
by Landlord pursuant to this Construction Addendum shall at no time in the
aggregate exceed $________________ (the "Funding Limitation"), minus the
purchase price Landlord paid at closing for the acquisition of the Premises,
including Landlord's acquisition costs and closing costs. Tenant shall be solely
responsible for the full and timely payment of any and all costs of developing
the Project which exceed the Funding Limitation determined hereinabove. If, at
any time after the date hereof, there exists any unpaid costs in excess of the
Funding Limitation, then Landlord shall have the right to immediately stop
funding under this Construction Addendum until such time as Tenant has funded
such excess costs and has provided Landlord with evidence that such excess costs
have been paid in full by Tenant. Tenant shall obtain no construction financing
for the Project which is secured by a lien on the Project. Construction
financing shall not include equipment financing.

                  (f) General Construction Matters. Tenant shall commence
construction as soon as practicable after the date hereof and, after
commencement and subject to Paragraph 9 hereinbelow, shall diligently complete
the Project within __________ (___) days thereafter in a first-class,
workmanlike manner and in conformity with all applicable governmental laws,
ordinances, rules, orders, regulations and other requirements and in substantial
compliance with the plans and specifications approved by Landlord, Tenant's
franchisor and the final working drawings. Notwithstanding the foregoing,
Landlord agrees to consider reasonable written requests from Tenant for
extensions of time to complete the Project beyond the __________(___) day
period.

                  All of Tenant's records pertaining to the construction of the
Project shall be available for inspection and copying by Landlord and its agents
and employees during normal business hours. Following completion of the Project,
Tenant shall execute such documents and instruments as Landlord may request (in
form and substance reasonably satisfactory to Landlord and Tenant) to evidence
Landlord's ownership of and title to all improvements on the Premises
comprising, in the aggregate, the Project and shall assign to Landlord all
warranties relating to the work and/or materials performed at or incorporated
into the Project.

                  Tenant shall as part of the construction and development work
engage an inspecting architect or engineer suitable to Landlord to make monthly
inspections and to certify all draw requests to Landlord. Such certification
shall include a statement of work done if not reasonably ascertainable from the
draw request and shall be accompanied by color photographs in no less than 3
1/2" by 5" formats showing the construction work completed as of the inspection
date. Such photographs shall be taken from such vantage points as are required
to clearly show all work done and once vertical construction has commenced shall
show all elevations. The final draw request shall be accompanied by: (1) the
contractor's affidavit of completion and proof of payment of all subcontractors
and all materialmen; (2) an assignment of all manufacturer's warranties for any
material, equipment or workmanship installed as a part of the Project; (3) an
ALTA as-built survey of completed Project certified to Landlord and Tenant, and
any title company designated by Landlord; (4) Certificate(s) of Occupancy for
the Project issued by the appropriate regulatory agencies; and (5) a complete
certified final set of plans, specifications and working drawings for the
Project as completed. At the time such draw request is submitted to Landlord,
Landlord shall order or cause to be ordered an update search or endorsement to
its title insurance policy for the Premises, which must show no additional
matters of record through a then current date (except for matters which have
been previously accepted by Landlord).

         No approvals or inspections made, given or conducted by Landlord shall
relieve Tenant of any duties, responsibilities, obligations or liabilities
hereunder.

         5. Development Fee. Neither Tenant nor any affiliate shall receive a
development or construction supervision fee for its services hereunder. A
licensed general contractor shall be entitled to reasonable, normal and
customary overhead and profit in connection with the performance of its services
under a general construction contract. Said profit shall include reasonable,
normal and customary superintendent compensation.

         6. General. With respect to matters not specifically related to the
Premises or its development, this Construction Addendum shall be governed by the
laws of the state where the Premises is located. All captions and section
headings used herein are for convenience and ease of reference only and do not
constitute part of this instrument. The Preliminary Statement set forth at the
beginning of this Construction Addendum is hereby incorporated herein by
reference and is deemed to constitute an integral part of this instrument.

         7. Landlord's Right to Complete Construction on Tenant's Default.
Except for delays caused by events not within the control of Tenant, failure to
continuously prosecute to completion the construction of the Project within
____________ (___) days following the date hereof shall constitute a default by
Tenant hereunder. If, after ten (10) days notice to Tenant, any such default
shall not have been remedied, then Landlord may, if it elects to do so, either:
(a) take over construction of the Project and, at its option, complete such
construction or cause the same to be completed, or (b) terminate the Lease
Agreement and this Construction Addendum, in which case Tenant shall be required
to purchase the Premises from Landlord (subject to all liens, claims or
encumbrances not placed on the Premises by Landlord) at a price equal to
Landlord's purchase price of the Premises, plus all sums disbursed to Tenant
pursuant to this Construction Addendum, plus all Interim Rent due under the
Lease Agreement, plus all fees, costs and expenses paid by Landlord in
connection with its purchase of the Premises, plus interest on all such sums
accruing from the date of disbursement thereof at the rate of ten percent (10%)
per annum. Closing of such purchase and sale shall take place within thirty (30)
days following the date of Landlord's notice of default to Tenant.

         8. Force Majeure. The time for completion of the Project shall be
extended by the period of time, if any, that construction is delayed by virtue
of labor unrest, materials shortage, natural disaster, weather, Acts of God, and
other causes beyond the reasonable control of Tenant; provided, however, that no
such extension shall be permitted with respect to any delay unless written
notice of the delay specifying the cause of the delay and the expected time of
the delay is delivered to Landlord within fifteen (15) days after such delay is
encountered.

         9. Entire Agreement. This Construction Addendum and the Lease Agreement
of which this Construction Addendum is a part constitute the entire agreement of
Landlord and Tenant with respect to the development of the Premises, and
supersedes any prior or contemporaneous agreement with respect thereto. No
amendment or modification of this Construction Addendum shall be binding upon
the parties unless made in writing and signed by both Landlord and Tenant.

                         (Signatures begin on next page)

<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have caused this Construction
Addendum to be executed and sealed as of the date first above written.

Signed, Sealed and Delivered
in the presence of:                               "LANDLORD"

                                          CNL                        , a
                                          __________________ corporation

                                          By:
Name:

Name:

STATE OF FLORIDA
COUNTY OF ORANGE

         The foregoing instrument was acknowledged before me this ____ day of
_______________, 1997 by ____________________, as ______________________ of CNL
_____________________, a ____________________, on behalf of the
_______________________. He is personally known to me and did not take an oath.

                                           ____________________________________
                                           Notary Signature
                                           ____________________________________

                                           Printed Name
                                           Notary Public, State of Florida
                                           Commission Number:__________________
                                           My Commission Number:

<PAGE>

                                                 "TENANT"

                               (TENANT  NAME),  a (State of  Incorporation)
                               (Tenant Entity Type)

                               By:___________________________________
Name:                          Name:_________________________________
                               As Its:_______________________________

Name:

STATE OF ______________
COUNTY OF ____________

         The    foregoing    was    executed    before   me   on   ,   1997   by
_______________________________      as      ____________________________     of
__________________________________,  a __________ corporation,  on behalf of the
corporation.    He/She    is    personally    known    to   me    or    produced
____________________________________________
__________________________________________ as identification and did not take an
oath.

                  (NOTARY SEAL)         Notary Public, State of
                                                 Printed Name:
                                                 Notary Commission No.
                                                 My Commission Expires:

EXHIBITS ATTACHED

Exhibit "A" - Legal Description

<PAGE>

REQUESTED BY:

AFTER RECORDATION RETURN TO:
         Lowndes, Drosdick, et. al.
         Post Office Box 2809
         Orlando, Florida 32802
         Attention: Dale A. Burket, Esquire
         Phone: (407) 843-4600

RETURN BY:  MAIL (X)    PICK UP ( )

_________ #(Site Number)/(City), (County) County, (State)

                               MEMORANDUM OF LEASE

         This Memorandum of Lease is made as of (Closing Date), by and between
CNL __________, a (State of Registration) (Landlord Entity Type) with principal
office and place of business at 400 E. South Street, Suite 500, Orlando, Florida
32801 ("Landlord"), and (TENANT NAME), a (State of Incorporation) (Tenant Entity
Type), with a mailing address of (Tenant Street Address), (Tenant Street
Address), (Tenant City), (Tenant State) (Tenant Zip) ("Tenant").

         In consideration of ONE AND NO/100 DOLLARS ($1.00) and other valuable
consideration paid by Tenant to Landlord and the mutual covenants contained in
that certain Lease Agreement between the parties hereto dated on even date
herewith (hereinafter called the "Lease"), Landlord has leased and does hereby
lease to Tenant, and Tenant has hired and does hereby hire from landlord, upon
the terms and conditions set forth in said Lease, the real property more
particularly described in Exhibit "A" attached hereto and made a part hereof
(the "Premises").

         The term of the Lease is __________ (__) years commencing on the date
hereof and ending on _______ ___, 20__. Said Lease provides for options to renew
for _________ (__) five (5) year terms. Tenant shall not allow any mechanic's
lien or similar type of lien to be filed against the Premises. Tenant has the
first right of refusal to purchase the Premises and an option to purchase the
Premises during the term of the Lease and any renewals or extensions thereof
upon the terms and conditions set forth in the Lease.

                         (Signatures begin on next page)

<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have caused this Memorandum of
Lease to be executed and sealed as of the date first above written.

Signed, Sealed and Delivered
in the presence of:                                              "LANDLORD"

                                               CNL                        , a
                                               __________________ corporation

                                               By:
Name:

Name:

STATE OF FLORIDA
COUNTY OF ORANGE

         The foregoing instrument was acknowledged before me this ____ day of
_______________, 1997 by ____________________, as ______________________ of CNL
_____________________, a ____________________, on behalf of the
_______________________. He is personally known to me and did not take an oath.

                                             Notary Signature

                                             Printed Name
                                             Notary Public, State of Florida
                                             Commission Number:
                                             My Commission Number:

<PAGE>

                                                      "TENANT"

                                    (TENANT  NAME),  a (State of  Incorporation)
                                    (Tenant Entity Type)

                                    By:
Name:                               Name:
                                    As Its:

Name:

STATE OF ______________
COUNTY OF ____________

         The    foregoing    was    executed    before   me   on   ,   1997   by
_______________________________      as      ____________________________     of
__________________________________,  a __________ corporation,  on behalf of the
corporation.    He/She    is    personally    known    to   me    or    produced
____________________________________________
__________________________________________ as identification and did not take an
oath.

                  (NOTARY SEAL)             Notary Public, State of
                                                     Printed Name:
                                                     Notary Commission No.
                                                     My Commission Expires:

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