Document:

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                          STANDARD FORM OF OFFICE LEASE
                     THE REAL ESTATE BOARD OF NEW YORK, INC.

                                                                          3/1/90

AGREEMENT OF LEASE, made as of this 25th day of March 1999, between FIFTY BROAD
STREET, INC. AND FIFTY NEW STREET, INC., New York corporations having their
principal places of business c/o Cushman & Wakefield, Inc., 100 Wall Street, New
York, New York 10005 party of the first part, hereinafter referred to as OWNER,
and Axiom Communications Group, Inc., a New York corporation party of the second
part, hereinafter referred to as TENANT,

WITNESSETH: Owner hereby leases to Tenant and Tenant hereby hires from Owner

Room 520 in the building known as 50 Broad Street in the Borough of Manhattan,
City of New York, for the term of (or until such term shall sooner cease and
expire as hereinafter provided) to commence on the First day of May nineteen
hundred and ninety nine (1999) and to end on the thirtieth day of April two
thousand and two (2002) both dates inclusive, at an annual rate of fifty six
thousand, two hundred and fifty and no cents ($56,250.00).

which Tenant agrees to pay in lawful money of the United States which shall be
legal tender in payment of all debts and dues, public and private, at the time
of payment, in equal monthly installments in advance on the first day of each
month during said term, at the office of Owner or such other place as Owner may
designate, without any set off or deduction whatsoever, except that Tenant shall
pay the first monthly installment(s) on the execution hereof (unless this lease
be a renewal).

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

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

        RENT OCCUPANCY

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

        2.   Tenant shall use and occupy demised premises for executive offices
             for Tenant's use and for no other purpose.

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        TENANT ALTERATIONS:

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

        MAINTENANCE AND REPAIRS

        4.   Tenant shall, throughout the term of this lease, take good care of
             the demised premises and the fixtures and appurtenances therein.
             Tenant shall be responsible for all damage or injury to the demise
             premises or any other part of the building and the systems and
             equipment thereof, whether requiring structural or nonstructural
             repairs caused by or resulting from carelessness, omission, neglect
             or improper conduct of Tenant, Tenant's subtenants, agents,
             employees, invitees or licensees, or approvals and certificates to
             Owner and Tenants agrees to carry and will cause Tenant's
             contractors and sub-contractors to carry such workman's
             compensation, general liability, personal and property damage
             insurance as Owner may require which arise out of any work, labor,
             service or equipment done for or supplied to Tenant or any
             subtenant or arising out of the installation, use or operation of
             the property or equipment of Tenant or any subtenant. Tenant shall
             also repair all damage to the building and the demised premises
             caused by the moving of Tenant's fixtures, furniture and equipment.
             Tenant shall promptly make, at Tenant's expense, all repairs in and
             to the demised premises for which Tenant is responsible, using only
             the contractor for the trade or trades in question, selected from a
             list of at least two contractors per trade submitted by Owner. Any
             other repairs in or to the building or the facilities and systems
             thereof for which Tenant is responsible shall be performed by Owner
             at Tenant's expense. Owner shall maintain in good working order and
             repair the

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             exterior and the structural portions of the building, including the
             structural portions of its demised premises, and the public
             portions of the building interior and the building plumbing,
             electrical, heating and ventilating systems (to the extent such
             systems presently exist) serving the demised premises. Tenant
             agrees to give prompt notice of any defective condition in the
             premises for which Owner may be responsible hereunder. There shall
             be no allowance to Tenant for diminution of rental value and no
             liability on the part of Owner by reason of inconvenience,
             annoyance or injury to business arising from Owner or others making
             repairs, alterations, additions or improvements in or to any
             portion of the building or the demised premises or in and to the
             fixtures, appurtenances or equipment thereof. It is specifically
             agreed that Tenant shall not be entitled to any setoff or reduction
             of rent by reason of any failure of Owner to comply with the
             covenants of this or any other article of this Lease. Tenant agrees
             that Tenant's sole remedy at law in such instance will be by way of
             an action for damages for breach of contract. The provisions of
             this Article 4 shall not apply in the case of fire or other
             casualty which are dealt with in Article 9 hereof.

        WINDOW CLEANING:

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

        REQUIREMENT OF LAW, FIRE INSURANCE, FLOOR LOADS:

        6.   Prior to the commencement of the lease term, if Tenant is then in
             possession, and all times thereafter, Tenant, at Tenant's sole cost
             and expense, shall promptly comply with all present and future
             laws, orders and regulations of all state, federal, municipal and
             local governments, departments, commissions and boards and any
             direction of any public officer pursuant to law, and all orders,
             rules and regulations of the New York Board of Fire Underwriters,
             Insurance Services Office, or any similar body which shall impose
             any violation, order or duty upon Owner or Tenant with respect to
             the demised premises, whether or not arising out of Tenant's use or
             manner of use thereof, (including Tenant's permitted use) or, with
             respect to the building if arising out of Tenant's use or manner of
             use of the premises or the building (including the use permitted
             under the lease). Nothing herein shall require Tenant to make
             structural repairs or alterations unless Tenant has, by its manner
             of use of the demised premises or method of operation therein,
             violated any such laws, ordinances, orders, rules, regulations or
             requirements with respect thereto. Tenant may, after securing Owner
             to Owner's satisfaction against all damages, interest, penalties
             and expenses, including, but not limited to, reasonable attorney's
             fees, by cash deposit or by surety bond in an amount and in a
             company satisfactory to Owner, contest and appeal any such laws,
             ordinances, orders, rules, regulations or requirements provided
             same is done with all reasonable promptness and provided such
             appeal shall not subject Owner to prosecution for a criminal
             offense or constitute a default under any lease or mortgage under
             which Owner may be obligated, or cause the demised premises or any
             part thereof to be condemned or vacated. Tenant shall not do or
             permit any act or thing to be done in or to the premises which is
             contrary to law, or which will invalidate or be in conflict with
             public liability, fire or other policies of insurance at any time
             carried by or for the benefit of Owner with respect to the demised
             premises or the building of which the demised premises form a part,
             or which shall or might subject Owner to any liability or
             responsibility to any person or for property damage. Tenant shall
             not keep anything in the demise premises except as now or hereafter
             permitted by the Fire Department, Board of Fire Underwriters, Fire
             Insurance Rating Organization or other authority having
             jurisdiction, and then only in such manner and such quantity so as
             not to increase the rate for fire insurance applicable to the
             building, nor use the premises in a manner which will increase the
             insurance rate for the building or any property located therein
             over that in effect prior to the commencement of Tenant's
             occupancy. Tenant shall pay all costs, expenses, fines, penalties,
             or damages, which may be imposed upon Owner by reason of Tenant's

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             failure to comply with the provisions of this article and if by
             reason of such failure the fire insurance rate shall, at the
             beginning of this lease or at any time thereafter, be higher than
             it otherwise would be, then Tenant shall reimburse Owner, as
             additional rent hereunder, for that portion of all fire insurance
             premiums thereafter paid by Owner which shall have been charged
             because of such failure by Tenant. In any action or proceeding
             wherein Owner and Tenant are parties, a schedule or "make-up" of
             rate for the building or demised premises issued by the New York
             Fire Insurance Exchange, or other body making fire insurance rates
             applicable to said premises shall be conclusive evidence of the
             facts therein stated and of the several items and charges in the
             fire insurance rates then applicable to said premises. Tenant shall
             not place a load upon any floor of the demised premises exceeding
             the floor load per square foot area which is designed to carry and
             which is allowed by law. Owner reserves the right to prescribe the
             weight and position of all safes, business machines and mechanical
             equipment. Such installations shall be placed and maintained by
             Tenant, at Tenant's expense, in settings sufficient, in Owner's
             judgement, to absorb and prevent vibration, noise and annoyance.

        SUBORDINATION:

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

        PROPERTY--LOSS, DAMAGE, REIMBURSEMENT, INDEMNITY:

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

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        DESTRUCTION, FIRE AND OTHER CASUALTY:

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

        EMINENT DOMAIN:

        10.  If the whole or any part of the demised premises shall be acquired
             or condemned by Eminent Domain for any public or quasi public use
             or purpose, then and in that event, the term of this lease shall
             cease and

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             terminate from the date of title vesting in such proceeding and
             Tenant shall have no claim for the waive of any unexpired term of
             said lease and assigns to Owner, Tenant's entire interest in any
             such award.

        ASSIGNMENT, MORTGAGE, ETC.:

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

        ELECTRIC CURRENT:

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

        ACCESS TO PREMISES:

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

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        VAULT, VAULT SPACE, AREA:

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

        OCCUPANCY:

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

        BANKRUPTCY:

        16.  (a) Anything elsewhere in this lease to the contrary
             notwithstanding, this lease may be cancelled by Owner by the
             sending of a written notice to Tenant within a reasonable time
             after the happening of any one or more of the following events: (1)
             the commencement of a case in bankruptcy or under the laws of any
             state naming Tenant as the debtor: or (2) the making by Tenant of
             an assignment or any other arrangement for the benefit of creditors
             under any state statute. Neither Tenant nor any person claiming
             through or under Tenant, or by reason of any statute or order of
             court, shall thereafter be entitled to possession of the premises
             demised but shall forthwith quit and surrender the premises. If
             this lease shall be assigned in accordance with its terms, the
             provisions of this Article 16 shall be applicable only to the party
             then owning Tenant's interest in this lease.

             (b) it is stipulated and agreed that in the event of the
             termination of this lease pursuant to (a) hereof, Owner shall
             forthwith, notwithstanding any other provisions of this lease to
             the contrary, be entitled to recover from Tenant as and for
             liquidated damages an amount equal to the difference between the
             rent reserved hereunder for the enexpired portion of the term
             demised and the fair and reasonable rental value of the demised
             premises for the same period. In the computation of such damages
             the difference between any installment of rent becoming due
             hereunder after the date of termination and the fair and reasonable
             rental value of the demised premises for the period for which such
             installment was payable shall be discounted to the date of
             termination at the rate of four percent (4%) per annum. If such
             premises or any part thereof, be relet by the Owner for the
             unexpired term of said lease, or any part thereof, before
             presentation of proof of such liquidated damages to any court,
             commission or tribunal, the amount of rent reserved upon such
             reletting shall be deemed to be the fair and reasonable rental
             value for the part or the whole of the premises so re-let during
             the term of the re-letting. Nothing herein contained shall limit or
             prejudice the right of the Owner to prove for and obtain as
             liquidated damages by reason of such termination, an amount equal
             to the maximum allowed by any statute or rule of law in effect at
             the time when, and governing the proceedings in which, such damages
             are to be proved, whether or not such amount be greater, equal to,
             or less than the amount of the difference referred to above.

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        DEFAULT:

        17.  If Tenant defaults in fulfilling any of the covenants of this lease
             other than the covenants for the payment of rent or additional
             rent; or if the demised premises become vacant or deserted: or if
             any execution or attachment shall be issued against Tenant or any
             of Tenant's property whereupon the demised premises shall be taken
             or occupied by someone other than Tenant: or if this lease be
             rejected under Section 235 of Title 11 of the U.S. Code
             (bankruptcy code): or if Tenant shall fail to move into or take
             possession of the premises within fifteen (15) days after the
             commencement of the term of this lease, then, in any one or more
             of such events, upon Owner serving a written five (5) days notice
             upon Tenant specifying the nature of said default and upon the
             expiration of said five (5) days. If Tenant shall have failed to
             comply with or remedy such default, or if the said default or
             omission complained of shall be of a nature that the same cannot
             be completely cured or remedied within said five (5) day period,
             and if Tenant shall not have diligently commenced curing such
             default within such five (5) day period, and shall not thereafter
             with reasonable diligence and in good faith, proceed to remedy or
             cure such default, then Owner may serve a written three (3) days'
             notice of cancellation of this lease upon Tenant, and upon the
             expiration of said three (3) days this lease and the term
             thereunder shall end and expire as full and completely as if the
             expiration of such three (3) day period were the day herein
             definitely fixed for the end and expiration of this lease and
             the term thereof and Tenant shall then quit and surrender the
             demised premises to Owner but Tenant shall remain liable as
             hereinafter provided.

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

        REMEDIES OF OWNER AND WAIVER OF REDEMPTION:

        18.  In case of any such default, re-entry, expiration and/or dispossess
             by summary proceedings or otherwise, (a) the rent shall become due
             thereupon and be paid up to the time of such re-entry, dispossess
             and/or expiration, (b) Owner may re-elect the premises or any part
             or parts thereof, either in the name of Owner or otherwise, for a
             term or terms, which may at Owner's option be less than or exceed
             the period which would otherwise have constituted the balance of
             the term of this lease and may grant concessions or free rent or
             charge a higher rental than that in this lease, and/or (c) Tenant
             or the legal representatives of Tenant shall also pay Owner as
             liquidated damages for the failure of Tenant to observe and perform
             said Tenant's covenants herein contained, any deficiency between
             the rent hereby reserved and/or covenanted to be paid and the net
             amount, if any, of the rents collected on account of the lease or
             leases of the demised premises for each month of the period which
             would otherwise have constituted the balance of the term of this
             lease. The failure of Owner to re-let the premises or any part or
             parts thereof shall not release or affect Tenant's liability for
             damages. In computing such liquidated damages there shall be added
             to the said deficiency such expenses as Owner may incur in
             connection with re-letting, such as legal expenses, attorneys'
             fees, brokerage, advertising and for keeping the demised premises
             in good order or for preparing the same for re-letting. Any such
             liquidated damages shall be paid in monthly installments by Tenant
             on the rent day specified in this lease and any suit brought to
             collect the amount of the deficiency for any month shall not
             prejudice in any way the rights of Owner to collect the

<PAGE>

             deficiency for any subsequent month by a similar proceeding. Owner,
             in putting the demised premises in good order or preparing the same
             for re-rental may, at Owner's option, make such alterations,
             repairs, replacements, and/or decorations in the demised premised
             as Owner. In Owner's sole judgement, considers advisable and
             necessary for the purpose of re-letting the demised premises; and
             the making of such alternations, repairs, replacements, and/or
             decorations shall not operate or be construed to release Tenant
             from liability hereunder as aforesaid. Owner shall in no event be
             liable in any way whatsoever for failure to re-let the demised
             premises, or in the event that the demised premises are re-let, for
             failure to collect the rent thereof under such re-letting, and in
             no event shall Tenant be entitled to receive any excess, if any, of
             such net rents collected over the sums payable by Tenant to Owner
             hereunder. In the event of a breach or threatened breach by Tenant
             of any of the covenants or provisions hereof, Owner shall have the
             right of injunction and the right to invoke any remedy, in law or
             in equity as if re-entry: summary proceedings and other remedies
             were not herein provided for. Mention in this lease of any
             particular remedy, shall not preclude Owner from any other remedy
             in law or in equity. Tenant hereby expressly waives any and all
             rights of redemption granted by or under any present or future laws
             in the event of Tenant being evicted or dispossessed for any cause,
             or in the event of Owner obtaining possession of demised premises,
             by reason of the violation by Tenant of any of the covenants and
             conditions of this lease, or otherwise.

        FEES AND EXPENSE

        19.  If Tenant shall default in the observance or performance of any
             term or covenant on Tenant's part to be observed or performed under
             or by virtue of any of the terms or provisions in any article of
             this lease, then, unless otherwise provided elsewhere in this
             lease, Owner may immediately or at any time thereafter and without
             notice perform the obligation of Tenant thereunder. If Owner, in
             connection with the foregoing or I connection with any default by
             Tenant in the covenant to pay rent hereunder, makes any
             expenditures or incurs any obligations for the payment of money,
             including but not limited to attorney's fees, in instituting,
             prosecuting or defending any action or proceeding, then Tenant will
             reimburse Owner for such sums so paid or obligations incurred with
             interest and costs. The foregoing expenses incurred by reason of
             Tenant's default shall be deemed to be additional rent hereunder
             and shall be paid by Tenant to Owner within five (5) days of
             rendition of any bill or statement to Tenant therefor. If Tenant's
             lease term shall have expired at the time of making of such
             expenditures or incurring of such obligations, such sums shall be
             recoverable by Owner as damages.

        BUILDING ALTERATIONS AND MANAGEMENT:

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

        NO REPRESENTATIONS BY OWNER:

        21.  Neither Owner nor Owner's agents have made any representations or
             promises with respect to the physical condition of the building,
             the land upon which it is erected or the demised premises, the
             rents, leases,

<PAGE>

             expenses of operation or any other matter or thing affecting or
             related to the premises except as herein expressly set forth and no
             rights, easements or licenses are acquired by Tenant by implication
             or otherwise except as expressly set forth in the provisions of
             this lease. Tenant has inspected the building and the demised
             premises and is thoroughly acquainted with their condition and
             agrees to take the same "as is" and acknowledges that the taking of
             possession of the demised premises by Tenant shall be conclusive
             evidence that the said premises and the building of which the same
             form a part were in good and satisfactory condition at the time
             such possession was so taken, except as to latent defects. All
             understandings and agreements hereto made between the parties
             hereto are merged in this contract, which alone fully and
             completely expresses the agreement between Owner and Tenant and any
             executory agreement hereafter made shall be ineffective to change,
             modify, discharge or effect an abandonment of it in whole or in
             part, unless such executory agreement is in writing and signed by
             the party against whom enforcement of the change, modification,
             discharge or abandonment is sought.

        END OF TERM

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

        QUIET ENJOYMENT

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

        FAILURE TO GIVE POSSESSION

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

<PAGE>

        NO WAIVER

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

        WAIVER OF TRIAL BY JURY:

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

        INABILITY TO PERFORM

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

        BILLS AND NOTICES

        28.  Except as otherwise in this lease provided, a bill, statement,
             notice or communication which Owner may desire or be required to
             give to Tenant, shall be deemed sufficiently given or rendered if,
             in writing, delivered to Tenant personally or sent by registered or
             certified mail addressed to Tenant at the building of which the
             demised premises form a part or at the last known residence address
             or business address of

<PAGE>

             Tenant or left at any of the aforesaid premises addressed to
             Tenant, and the time of the rendition of such bill or statement and
             of the giving of such notice or communication shall be deemed to be
             the time when the same is delivered to Tenant, mailed or left at
             the premises as herein provided. Any notice by Tenant to Owner must
             be served by registered or certified mail addressed to Owner at the
             address first hereinabove given or at such other address as Owner
             shall designate by written notice.

        SERVICES PROVIDED BY OWNERS

        29.  As long as Tenant is not in default under any of the covenants of
             this lease, Owner shall provide; (a) necessary elevator facilities
             on business days from 8 a.m. to 6 p.m. and on Saturdays from 8 a.m.
             to 1 p.m. and have one elevator subject to call at all other times;
             (b) heat to the demised premises when and as required by law, on
             business days from 8 a.m. to 6 p.m. and on Saturdays from 8 a.m. to
             1 p.m.; (c) water for ordinary lavatory purposes, but if Tenant
             uses or consumes water for any other purposes or in unusual
             quantities (of which fact Owner shall be the sole judge). Owner may
             install a water meter at Tenant's expense which Tenant shall
             thereafter maintain at Tenant's expense in good working order and
             repair to register such water consumption and Tenant shall pay for
             water consumed as shown on said meter as additional rent as and
             when bills are rendered; (d) cleaning service for the demised
             premises on business days at Owner's expense provided that the same
             are kept in order by Tenant. If, however, said premises are to be
             kept clean by Tenant, it shall be done at Tenant's sole expense, in
             a manner satisfactory to Owner and no one other than persons
             approved by Owner shall be permitted to enter said premises or the
             building of which they are a part for such purpose. Tenant shall
             pay Owner the cost of removal of any of Tenant's refuse and rubbish
             from the building; (e) If the demised premises are serviced by
             Owner's air conditioning/cooling and ventilating system, air
             conditioning/cooling will be furnished to tenant from May 15th
             through September 30th on business days (Mondays through Fridays,
             holidays excepted) from 8 a.m. to 6 p.m., and ventilation will be
             furnished on business days during the aforesaid hours except when
             air conditioning/cooling is being furnished as aforesaid. If Tenant
             requires air conditioning/cooling or ventilation for more extended
             hours or on Saturdays, Sundays or on holidays, as defined under
             Owner's contract with Operating Engineers Local 94-94A, Owner will
             furnish the same at Tenant's expense. RIDER to be added in respect
             to rates and conditions for such additional service; (f) Owner
             reserves the right to stop services of the heating, elevators,
             plumbing, air-conditioning, power systems or cleaning or other
             services, if any, when necessary by reason of accident or for
             repairs, alterations, replacements or improvements necessary or
             desirable in the judgement of Owner for as long as may be
             reasonably required by reason thereof. If the building of which the
             demised premises are a part supplies manually operated elevator
             service. Owner at any time may substitute automatic-control
             elevator service and upon ten days' written notice to Tenant,
             proceed with alterations necessary therefor without in any wise
             affecting this lease or the obligation of Tenant hereunder. The
             same shall be done with a minimum of inconvenience to Tenant and
             Owner shall pursue the alteration with due diligence.

        CAPTIONS

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

        DEFINITIONS

        31.  The term "office", or "offices", wherever used in this lease, shall
             not be construed to mean premises used as a store or stores, for
             the sale or display, at any time of goods, wares or merchandise, of
             any kind, or as a restaurant, shop, booth, bootblack or other
             stand, barber shop, or for other similar purposes or for
             manufacturing. The term "Owner" means a landlord or lessor, and as
             used in this lease means only the owner, or the mortgagee in
             possession, for the time being of the land and building (or the
             owner of a lease

<PAGE>

             of the building or of the land and the building) of which the
             demised premises form a part, so that in the event of any sale or
             sales of said land and building or of said lease, or in the event
             of a lease of said building, or of the land and building, the said
             Owner shall be and hereby is entirely freed and relieved of all
             covenants and obligation of Owner hereunder, and it shall be deemed
             and construed without further agreement between the parties or
             their successors in interest, or between the parties and the
             purchaser, at any such sale, or the said lessee of the building, or
             of the land and building, that the purchaser or the lessee of the
             building has assumed and agreed to carry out any and all covenants
             and obligations of Owner, hereunder. The words "re-enter" and
             "re-entry" as used in this lease are not restricted to their
             technical legal meaning. The term "business days" as used in this
             lease shall exclude Saturdays (except such portion thereof as is
             covered by specific hours in Article 29 hereof). Sundays and all
             days observed by the State or Federal Government as legal holidays
             and those designated as holidays by the applicable building service
             union employees service contract or by the applicable Operating
             Engineers contract with respect to HVAC service.

        ADJACENT EXCAVATION--SHARING

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

        RULES AND REGULATIONS

        33.  Tenant and Tenant's servants, employees, agents, visitors, and
             licenses shall observe faithfully, and comply strictly with, the
             Rules and Regulations and such other and further reasonable Rules
             and Regulations as Owner and Owner's agents may from time to time
             adopt. Notice of any additional rules or regulations shall be given
             in such manner as Owner may elect. In case Tenant disputes the
             reasonableness of any additional Rule or Regulation hereafter made
             or adopted by Owner or Owner's agents, the parties hereto agree to
             submit the question of the reasonableness of such Rule or
             Regulation for decision to the New York office of the American
             Arbitration Association, whose determination shall be final and
             conclusive upon the parties hereto. The right to dispute the
             reasonableness of any additional Rule or Regulation upon Tenant's
             part shall be deemed waived unless the same shall be asserted by
             service of a notice, in writing upon Owner within (10) days after
             the giving of notice thereof. Nothing in this lease contained shall
             be construed to impose upon Owner any duty or obligation to enforce
             the Rules and Regulations or terms, covenants or conditions in any
             other lease, as against any other tenant and Owner shall not be
             liable to Tenant for violation of the same by any other tenant, its
             servants, employees, agents, visitors or licensees.

        SECURITY

        34.  Tenant has deposited with Owner the sum of $4,687.50 as security
             for the faithful performance and observance by Tenant of the terms,
             provisions and conditions of this lease; it is agreed that in the
             event Tenant defaults in respect of any of the terms, provisions
             and conditions of this lease, including, but not limited to, the
             payment of rent and additional rent, Owner may use, apply or retain
             the whole or any part of the security so deposited to the extent
             required for the payment of any rent and additional rent or any
             other sum as to which Tenant is in default or for any sum which
             Owner may expend or may be required to expend by reason of Tenant's
             default in respect of any of the terms, covenants and conditions of
             this lease, including but not limited to, any damages or deficiency
             in the re-letting of the premises, whether such damages or
             deficiency accrued before or after summary proceedings or other
             re-entry by Owner. In the event that Tenant shall fully and
             faithfully comply with all terms, provisions, convenants,

<PAGE>

             conditions of this lease, the security shall be returned to Tenant
             after the date fixed as the end of the Lease and after delivery of
             entire possession of the demised premises to Owner. In the event of
             a sale of the land and building or leasing of the building, of
             which the demised premises form a part, Owner shall have the right
             to transfer the security to the vendee or lessee and Owner shall
             thereupon be released by Tenant from all liability for the return
             of such security; and Tenant agrees to look to the new Owner solely
             for the return of said security; and it is agreed that the
             provisions hereof shall apply to every transfer or assignment made
             of the security to a new Owner. Tenant further covenants that it
             will not assign or encumber or attempt to assign or encumber the
             monies deposited herein as security and that neither Owner nor its
             successors or assigns shall be bound by any such assignments,
             encumbrance, attempted assignment or attempted encumbrance.

<PAGE>

        ESTOPPEL CERTIFICATE

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

        SUCCESSORS AND ASSIGNS:

        36.  The covenants, conditions and agreements contained in this lease
             shall bind and inure to the benefit of Owner and Tenant and their
             respective heirs, distributees, executors, administrators,
             successors, and except as otherwise provided in this lease, their
             assigns.

Articles 37 through 42 inclusive are attached hereto and form a part hereof.

In Witness Whereof, Owner and Tenant have respectively signed and sealed this
lease as of the day and year first above written. THIS AGREEMENT IS BEING
FORWARDED FOR YOUR APPROVAL AND EXECUTION ON THE UNDERSTANDING THAT IT SHALL NOT
BECOME EFFECTIVE UNTIL IT IS ACCEPTED BY THE LANDLORD AND ITS COUNSEL AND
EXECUTED BY THE LANDLORD.
                                            FIFTY BROAD STREET, INC. AND
                                            FIFTY NEW STREET, INC.

                                            /s/ Alexander
-----------------------------               -----------------------------
          Secretary                                   President

                                            AXIOM COMMUNICATIONS GROUP, INC.
Witness for Tenant:
                                            /s/ Ch. Baudenheuer
-----------------------------               -----------------------------
          Secretary                                   President
                                ACKNOWLEDGEMENTS

CORPORATE OWNER
STATE OF NEW YORK,
County of

               On this       day of                    , 19         , before me
personally came
to me known, who being by me duly sworn, did depose and say that

<PAGE>

he resides in
that he is the                                   of

the corporation described in which executed the foregoing instrument, as OWNER;
that he knows the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order of the Board
of Directors of said corporation, and the he signed his name thereto by like
order.

                      -------------------------------------------
CORPORATE TENANT
STATE OF NEW YORK,
County of

               On this 14th day of April, 1999, before me personally came
Christian Bardenheuer to me known, who being by me duly sworn, did depose and
say that he resides in NY that he is the President of Axiom Communications

the corporation described in which executed the foregoing instrument, as TENANT;
that he knows the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order of the Board
of Directors of said corporation, and the he signed his name thereto by like
order.

                                /S/Teresa Panetta
                      -------------------------------------------

         TERESA PANETTA
Notary Public, State of New York
          No. 4838623
 Qualified in New York County
Commission Expires Oct. 31, 1999

INDIVIDUAL TENANT
STATE OF NEW YORK
County of

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

                      -------------------------------------------

INDIVIDUAL TENANT
STATE OF NEW YORK
 County of

               On this       day of                    , 19         , before me

<PAGE>

personally came
to me known, and known to me to be the individual described in and who, as
TENANT, executed the foregoing instrument and acknowledged to me that he
executed the same.

                      -------------------------------------------<PAGE>

                          STANDARD FORM OF OFFICE LEASE
                     THE REAL ESTATE BOARD OF NEW YORK, INC.

                                                                          3/1/90

AGREEMENT OF LEASE, made as of this 25th day of March 1999, between FIFTY BROAD
STREET, INC. AND FIFTY NEW STREET, INC., New York corporations having their
principal places of business c/o Cushman & Wakefield, Inc., 100 Wall Street, New
York, New York 10005 party of the first part, hereinafter referred to as OWNER,
and Axiom Communications Group, Inc., a New York corporation party of the second
part, hereinafter referred to as TENANT,

WITNESSETH: Owner hereby leases to Tenant and Tenant hereby hires from Owner
Room 501 in the building known as 50 Broad Street in the Borough of Manhattan,
City of New York, for the term of (or until such term shall sooner cease and
expire as hereinafter provided) to commence on the First day of April nineteen
hundred and ninety nine (1999) and to end on the thirtieth day of April two
thousand and two (2002) both dates inclusive, at an annual rate of thirty two
thousand two hundred eighty seven dollars and 50/cents $32,287.50

which Tenant agrees to pay in lawful money of the United States which shall be
legal tender in payment of all debts and dues, public and private, at the time
of payment, in equal monthly installments in advance on the first day of each
month during said term, at the office of Owner or such other place as Owner may
designate, without any set off or deduction whatsoever, except that Tenant shall
pay the first monthly installment(s) on the execution hereof (unless this lease
be a renewal).

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

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

        RENT OCCUPANCY

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

        2.   Tenant shall use and occupy demised premises for executive offices
             for Tenant's use and for no other purpose.

<PAGE>

        TENANT ALTERATIONS:

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

        MAINTENANCE AND REPAIRS

        4.   Tenant shall, throughout the term of this lease, take good care of
             the demised premises and the fixtures and appurtenances therein.
             Tenant shall be responsible for all damage or injury to the demise
             premises or any other part of the building and the systems and
             equipment thereof, whether requiring structural or nonstructural
             repairs caused by or resulting from carelessness, omission, neglect
             or improper conduct of Tenant, Tenant's subtenants, agents,
             employees, invitees or licensees, or approvals and certificates to
             Owner and Tenants agrees to carry and will cause Tenant's
             contractors and sub-contractors to carry such workman's
             compensation, general liability, personal and property damage
             insurance as Owner may require which arise out of any work, labor,
             service or equipment done for or supplied to Tenant or any
             subtenant or arising out of the installation, use or operation of
             the property or equipment of Tenant or any subtenant. Tenant shall
             also repair all damage to the building and the demised premises
             caused by the moving of Tenant's fixtures, furniture and equipment.
             Tenant shall promptly make, at Tenant's expense, all repairs in and
             to the demised premises for which Tenant is responsible, using only
             the contractor for the trade or trades in question, selected from a
             list of at least two contractors per trade submitted by Owner. Any
             other repairs in or to the building or the facilities and systems
             thereof for which Tenant is responsible shall be performed by Owner
             at Tenant's expense. Owner shall maintain in good working order and
             repair the

<PAGE>

             exterior and the structural portions of the building, including the
             structural portions of its demised premises, and the public
             portions of the building interior and the building plumbing,
             electrical, heating and ventilating systems (to the extent such
             systems presently exist) serving the demised premises. Tenant
             agrees to give prompt notice of any defective condition in the
             premises for which Owner may be responsible hereunder. There shall
             be no allowance to Tenant for diminution of rental value and no
             liability on the part of Owner by reason of inconvenience,
             annoyance or injury to business arising from Owner or others making
             repairs, alterations, additions or improvements in or to any
             portion of the building or the demised premises or in and to the
             fixtures, appurtenances or equipment thereof. It is specifically
             agreed that Tenant shall not be entitled to any setoff or reduction
             of rent by reason of any failure of Owner to comply with the
             covenants of this or any other article of this Lease. Tenant agrees
             that Tenant's sole remedy at law in such instance will be by way of
             an action for damages for breach of contract. The provisions of
             this Article 4 shall not apply in the case of fire or other
             casualty which are dealt with in Article 9 hereof.

        WINDOW CLEANING:

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

        REQUIREMENT OF LAW, FIRE INSURANCE, FLOOR LOADS:

        6.   Prior to the commencement of the lease term, if Tenant is then in
             possession, and all times thereafter, Tenant, at Tenant's sole cost
             and expense, shall promptly comply with all present and future
             laws, orders and regulations of all state, federal, municipal and
             local governments, departments, commissions and boards and any
             direction of any public officer pursuant to law, and all orders,
             rules and regulations of the New York Board of Fire Underwriters,
             Insurance Services Office, or any similar body which shall impose
             any violation, order or duty upon Owner or Tenant with respect to
             the demised premises, whether or not arising out of Tenant's use or
             manner of use thereof, (including Tenant's permitted use) or, with
             respect to the building if arising out of Tenant's use or manner of
             use of the premises or the building (including the use permitted
             under the lease). Nothing herein shall require Tenant to make
             structural repairs or alterations unless Tenant has, by its manner
             of use of the demised premises or method of operation therein,
             violated any such laws, ordinances, orders, rules, regulations or
             requirements with respect thereto. Tenant may, after securing Owner
             to Owner's satisfaction against all damages, interest, penalties
             and expenses, including, but not limited to, reasonable attorney's
             fees, by cash deposit or by surety bond in an amount and in a
             company satisfactory to Owner, contest and appeal any such laws,
             ordinances, orders, rules, regulations or requirements provided
             same is done with all reasonable promptness and provided such
             appeal shall not subject Owner to prosecution for a criminal
             offense or constitute a default under any lease or mortgage under
             which Owner may be obligated, or cause the demised premises or any
             part thereof to be condemned or vacated. Tenant shall not do or
             permit any act or thing to be done in or to the premises which is
             contrary to law, or which will invalidate or be in conflict with
             public liability, fire or other policies of insurance at any time
             carried by or for the benefit of Owner with respect to the demised
             premises or the building of which the demised premises form a part,
             or which shall or might subject Owner to any liability or
             responsibility to any person or for property damage. Tenant shall
             not keep anything in the demise premises except as now or hereafter
             permitted by the Fire Department, Board of Fire Underwriters, Fire
             Insurance Rating Organization or other authority having
             jurisdiction, and then only in such manner and such quantity so as
             not to increase the rate for fire insurance applicable to the
             building, nor use the premises in a manner which will increase the
             insurance rate for the building or any property located therein
             over that in effect prior to the commencement of Tenant's
             occupancy. Tenant shall pay all costs, expenses, fines, penalties,
             or damages, which may be imposed upon Owner by reason of Tenant's

<PAGE>

             failure to comply with the provisions of this article and if by
             reason of such failure the fire insurance rate shall, at the
             beginning of this lease or at any time thereafter, be higher than
             it otherwise would be, then Tenant shall reimburse Owner, as
             additional rent hereunder, for that portion of all fire insurance
             premiums thereafter paid by Owner which shall have been charged
             because of such failure by Tenant. In any action or proceeding
             wherein Owner and Tenant are parties, a schedule or "make-up" of
             rate for the building or demised premises issued by the New York
             Fire Insurance Exchange, or other body making fire insurance rates
             applicable to said premises shall be conclusive evidence of the
             facts therein stated and of the several items and charges in the
             fire insurance rates then applicable to said premises. Tenant shall
             not place a load upon any floor of the demised premises exceeding
             the floor load per square foot area which is designed to carry and
             which is allowed by law. Owner reserves the right to prescribe the
             weight and position of all safes, business machines and mechanical
             equipment. Such installations shall be placed and maintained by
             Tenant, at Tenant's expense, in settings sufficient, in Owner's
             judgement, to absorb and prevent vibration, noise and annoyance.

        SUBORDINATION:

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

        PROPERTY--LOSS, DAMAGE, REIMBURSEMENT, INDEMNITY:

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

<PAGE>

        DESTRUCTION, FIRE AND OTHER CASUALTY:

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

        EMINENT DOMAIN:

        10.  If the whole or any part of the demised premises shall be acquired
             or condemned by Eminent Domain for any public or quasi public use
             or purpose, then and in that event, the term of this lease shall
             cease and

<PAGE>

             terminate from the date of title vesting in such proceeding and
             Tenant shall have no claim for the waive of any unexpired term of
             said lease and assigns to Owner, Tenant's entire interest in any
             such award.

        ASSIGNMENT, MORTGAGE, ETC.:

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

        ELECTRIC CURRENT:

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

        ACCESS TO PREMISES:

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

<PAGE>

        VAULT, VAULT SPACE, AREA:

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

        OCCUPANCY:

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

        BANKRUPTCY:

        16.  (a) Anything elsewhere in this lease to the contrary
             notwithstanding, this lease may be cancelled by Owner by the
             sending of a written notice to Tenant within a reasonable time
             after the happening of any one or more of the following events: (1)
             the commencement of a case in bankruptcy or under the laws of any
             state naming Tenant as the debtor: or (2) the making by Tenant of
             an assignment or any other arrangement for the benefit of creditors
             under any state statute. Neither Tenant nor any person claiming
             through or under Tenant, or by reason of any statute or order of
             court, shall thereafter be entitled to possession of the premises
             demised but shall forthwith quit and surrender the premises. If
             this lease shall be assigned in accordance with its terms, the
             provisions of this Article 16 shall be applicable only to the party
             then owning Tenant's interest in this lease.

             (b) it is stipulated and agreed that in the event of the
             termination of this lease pursuant to (a) hereof, Owner shall
             forthwith, notwithstanding any other provisions of this lease to
             the contrary, be entitled to recover from Tenant as and for
             liquidated damages an amount equal to the difference between the
             rent reserved hereunder for the enexpired portion of the term
             demised and the fair and reasonable rental value of the demised
             premises for the same period. In the computation of such damages
             the difference between any installment of rent becoming due
             hereunder after the date of termination and the fair and reasonable
             rental value of the demised premises for the period for which such
             installment was payable shall be discounted to the date of
             termination at the rate of four percent (4%) per annum. If such
             premises or any part thereof, be relet by the Owner for the
             unexpired term of said lease, or any part thereof, before
             presentation of proof of such liquidated damages to any court,
             commission or tribunal, the amount of rent reserved upon such
             reletting shall be deemed to be the fair and reasonable rental
             value for the part or the whole of the premises so re-let during
             the term of the re-letting. Nothing herein contained shall limit or
             prejudice the right of the Owner to prove for and obtain as
             liquidated damages by reason of such termination, an amount equal
             to the maximum allowed by any statute or rule of law in effect at
             the time when, and governing the proceedings in which, such damages
             are to be proved, whether or not such amount be greater, equal to,
             or less than the amount of the difference referred to above.

<PAGE>

        DEFAULT:

        17.  If Tenant defaults in fulfilling any of the covenants of this lease
             other than the covenants for the payment of rent or additional
             rent; or if the demised premises become vacant or deserted: or if
             any execution or attachment shall be issued against Tenant or any
             of Tenant's property whereupon the demised premises shall be taken
             or occupied by someone other than Tenant: or if this lease be
             rejected under ss.235 of Title 11 of the U.S. Code (bankruptcy
             code): or if Tenant shall fail to move into or take possession of
             the premises within fifteen (15) days after the commencement of the
             term of this lease, then, in any one or more of such events, upon
             Owner serving a written five (5) days notice upon Tenant specifying
             the nature of said default and upon the expiration of said five (5)
             days. If Tenant shall have failed to comply with or remedy such
             default, or if the said default or omission complained of shall be
             of a nature that the same cannot be completely cured or remedied
             within said five (5) day period, and if Tenant shall not have
             diligently commenced curing such default within such five (5) day
             period, and shall not thereafter with reasonable diligence and in
             good faith, proceed to remedy or cure such default, then Owner may
             serve a written three (3) days' notice of cancellation of this
             lease upon Tenant, and upon the expiration of said three (3) days
             this lease and the term thereunder shall end and expire as fully
             and completely as if the expiration of such three (3) day period
             were the day herein definitely fixed for the end and expiration of
             this lease and the term thereof and Tenant shall then quit and
             surrender the demised premises to Owner but Tenant shall remain
             liable as hereinafter provided.

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

        REMEDIES OF OWNER AND WAIVER OF REDEMPTION:

        18.  In case of any such default, re-entry, expiration and/or dispossess
             by summary proceedings or otherwise, (a) the rent shall become due
             thereupon and be paid up to the time of such re-entry, dispossess
             and/or expiration, (b) Owner may re-elect the premises or any part
             or parts thereof, either in the name of Owner or otherwise, for a
             term or terms, which may at Owner's option be less than or exceed
             the period which would otherwise have constituted the balance of
             the term of this lease and may grant concessions or free rent or
             charge a higher rental than that in this lease, and/or (c) Tenant
             or the legal representatives of Tenant shall also pay Owner as
             liquidated damages for the failure of Tenant to observe and perform
             said Tenant's covenants herein contained, any deficiency between
             the rent hereby reserved and/or covenanted to be paid and the net
             amount, if any, of the rents collected on account of the lease or
             leases of the demised premises for each month of the period which
             would otherwise have constituted the balance of the term of this
             lease. The failure of Owner to re-let the premises or any part or
             parts thereof shall not release or affect Tenant's liability for
             damages. In computing such liquidated damages there shall be added
             to the said deficiency such expenses as Owner may incur in
             connection with re-letting, such as legal expenses, attorneys'
             fees, brokerage, advertising and for keeping the demised premises
             in good order or for preparing the same for re-letting. Any such
             liquidated damages shall be paid in monthly installments by Tenant
             on the rent day specified in this lease and any suit brought to
             collect the amount of the deficiency for any month shall not
             prejudice in any way the rights of Owner to collect the

<PAGE>

             deficiency for any subsequent month by a similar proceeding. Owner,
             in putting the demised premises in good order or preparing the same
             for re-rental may, at Owner's option, make such alterations,
             repairs, replacements, and/or decorations in the demised premised
             as Owner. In Owner's sole judgement, considers advisable and
             necessary for the purpose of re-letting the demised premises; and
             the making of such alternations, repairs, replacements, and/or
             decorations shall not operate or be construed to release Tenant
             from liability hereunder as aforesaid. Owner shall in no event be
             liable in any way whatsoever for failure to re-let the demised
             premises, or in the event that the demised premises are re-let, for
             failure to collect the rent thereof under such re-letting, and in
             no event shall Tenant be entitled to receive any excess, if any, of
             such net rents collected over the sums payable by Tenant to Owner
             hereunder. In the event of a breach or threatened breach by Tenant
             of any of the covenants or provisions hereof, Owner shall have the
             right of injunction and the right to invoke any remedy, in law or
             in equity as if re-entry: summary proceedings and other remedies
             were not herein provided for. Mention in this lease of any
             particular remedy, shall not preclude Owner from any other remedy
             in law or in equity. Tenant hereby expressly waives any and all
             rights of redemption granted by or under any present or future laws
             in the event of Tenant being evicted or dispossessed for any cause,
             or in the event of Owner obtaining possession of demised premises,
             by reason of the violation by Tenant of any of the covenants and
             conditions of this lease, or otherwise.

        FEES AND EXPENSE

        19.  If Tenant shall default in the observance or performance of any
             term or covenant on Tenant's part to be observed or performed under
             or by virtue of any of the terms or provisions in any article of
             this lease, then, unless otherwise provided elsewhere in this
             lease, Owner may immediately or at any time thereafter and without
             notice perform the obligation of Tenant thereunder. If Owner, in
             connection with the foregoing or I connection with any default by
             Tenant in the covenant to pay rent hereunder, makes any
             expenditures or incurs any obligations for the payment of money,
             including but not limited to attorney's fees, in instituting,
             prosecuting or defending any action or proceeding, then Tenant will
             reimburse Owner for such sums so paid or obligations incurred with
             interest and costs. The foregoing expenses incurred by reason of
             Tenant's default shall be deemed to be additional rent hereunder
             and shall be paid by Tenant to Owner within five (5) days of
             rendition of any bill or statement to Tenant therefor. If Tenant's
             lease term shall have expired at the time of making of such
             expenditures or incurring of such obligations, such sums shall be
             recoverable by Owner as damages.

        BUILDING ALTERATIONS AND MANAGEMENT:

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

        NO REPRESENTATIONS BY OWNER:

        21.  Neither Owner nor Owner's agents have made any representations or
             promises with respect to the physical condition of the building,
             the land upon which it is erected or the demised premises, the
             rents, leases,

<PAGE>

             expenses of operation or any other matter or thing affecting
             or related to the premises except as herein expressly set
             forth and no rights, easements or licenses are acquired by Tenant
             by implication or otherwise except as expressly set forth in the
             provisions of this lease. Tenant has inspected the building and the
             demised premises and is thoroughly acquainted with their condition
             and agrees to take the same "as is" and acknowledges that the
             taking of possession of the demised premises by Tenant shall be
             conclusive evidence that the said premises and the building of
             which the same form a part were in good and satisfactory condition
             at the time such possession was so taken, except as to latent
             defects. All understandings and agreements hereto made between the
             parties hereto are merged in this contract, which alone fully and
             completely expresses the agreement between Owner and Tenant and any
             executory agreement hereafter made shall be ineffective to change,
             modify, discharge or effect an abandonment of it in whole or in
             part, unless such executory agreement is in writing and signed by
             the party against whom enforcement of the change, modification,
             discharge or abandonment is sought.

        END OF TERM

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

        QUIET ENJOYMENT

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

        FAILURE TO GIVE POSSESSION

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

<PAGE>

        NO WAIVER

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

        WAIVER OF TRIAL BY JURY:

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

        INABILITY TO PERFORM

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

        BILLS AND NOTICES

        28.  Except as otherwise in this lease provided, a bill, statement,
             notice or communication which Owner may desire or be required to
             give to Tenant, shall be deemed sufficiently given or rendered if,
             in writing, delivered to Tenant personally or sent by registered or
             certified mail addressed to Tenant at the building of which the
             demised premises form a part or at the last known residence address
             or business address of

<PAGE>

             Tenant or left at any of the aforesaid premises addressed to
             Tenant, and the time of the rendition of such bill or statement and
             of the giving of such notice or communication shall be deemed to be
             the time when the same is delivered to Tenant, mailed or left at
             the premises as herein provided. Any notice by Tenant to Owner must
             be served by registered or certified mail addressed to Owner at the
             address first hereinabove given or at such other address as Owner
             shall designate by written notice.

        SERVICES PROVIDED BY OWNERS

        29.  As long as Tenant is not in default under any of the covenants of
             this lease, Owner shall provide; (a) necessary elevator facilities
             on business days from 8 a.m. to 6 p.m. and on Saturdays from 8 a.m.
             to 1 p.m. and have one elevator subject to call at all other times;
             (b) heat to the demised premises when and as required by law, on
             business days from 8 a.m. to 6 p.m. and on Saturdays from 8 a.m. to
             1 p.m.; (c) water for ordinary lavatory purposes, but if Tenant
             uses or consumes water for any other purposes or in unusual
             quantities (of which fact Owner shall be the sole judge). Owner may
             install a water meter at Tenant's expense which Tenant shall
             thereafter maintain at Tenant's expense in good working order and
             repair to register such water consumption and Tenant shall pay for
             water consumed as shown on said meter as additional rent as and
             when bills are rendered; (d) cleaning service for the demised
             premises on business days at Owner's expense provided that the same
             are kept in order by Tenant. If, however, said premises are to be
             kept clean by Tenant, it shall be done at Tenant's sole expense, in
             a manner satisfactory to Owner and no one other than persons
             approved by Owner shall be permitted to enter said premises or the
             building of which they are a part for such purpose. Tenant shall
             pay Owner the cost of removal of any of Tenant's refuse and rubbish
             from the building; (e) If the demised premises are serviced by
             Owner's air conditioning/cooling and ventilating system, air
             conditioning/cooling will be furnished to tenant from May 15th
             through September 30th on business days (Mondays through Fridays,
             holidays excepted) from 8 a.m. to 6 p.m., and ventilation will be
             furnished on business days during the aforesaid hours except when
             air conditioning/cooling is being furnished as aforesaid. If Tenant
             requires air conditioning/cooling or ventilation for more extended
             hours or on Saturdays, Sundays or on holidays, as defined under
             Owner's contract with Operating Engineers Local 94-94A, Owner will
             furnish the same at Tenant's expense. RIDER to be added in respect
             to rates and conditions for such additional service; (f) Owner
             reserves the right to stop services of the heating, elevators,
             plumbing, air-conditioning, power systems or cleaning or other
             services, if any, when necessary by reason of accident or for
             repairs, alterations, replacements or improvements necessary or
             desirable in the judgement of Owner for as long as may be
             reasonably required by reason thereof. If the building of which the
             demised premises are a part supplies manually operated elevator
             service. Owner at any time may substitute automatic-control
             elevator service and upon ten days' written notice to Tenant,
             proceed with alterations necessary therefor without in any wise
             affecting this lease or the obligation of Tenant hereunder. The
             same shall be done with a minimum of inconvenience to Tenant and
             Owner shall pursue the alteration with due diligence.

        CAPTIONS

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

        DEFINITIONS

        31.  The term "office", or "offices", wherever used in this lease, shall
             not be construed to mean premises used as a store or stores, for
             the sale or display, at any time of goods, wares or merchandise, of
             any kind, or as a restaurant, shop, booth, bootblack or other
             stand, barber shop, or for other similar purposes or for
             manufacturing. The term "Owner" means a landlord or lessor, and as
             used in this lease means only the owner, or the mortgagee in
             possession, for the time being of the land and building (or the
             owner of a lease

<PAGE>

             of the building or of the land and the building) of which the
             demised premises form a part, so that in the event of any sale or
             sales of said land and building or of said lease, or in the event
             of a lease of said building, or of the land and building, the said
             Owner shall be and hereby is entirely freed and relieved of all
             covenants and obligation of Owner hereunder, and it shall be deemed
             and construed without further agreement between the parties or
             their successors in interest, or between the parties and the
             purchaser, at any such sale, or the said lessee of the building, or
             of the land and building, that the purchaser or the lessee of the
             building has assumed and agreed to carry out any and all covenants
             and obligations of Owner, hereunder. The words "re-enter" and
             "re-entry" as used in this lease are not restricted to their
             technical legal meaning. The term "business days" as used in this
             lease shall exclude Saturdays (except such portion thereof as is
             covered by specific hours in Article 29 hereof). Sundays and all
             days observed by the State or Federal Government as legal holidays
             and those designated as holidays by the applicable building service
             union employees service contract or by the applicable Operating
             Engineers contract with respect to HVAC service.

        ADJACENT EXCAVATION--SHARING

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

        RULES AND REGULATIONS

        33.  Tenant and Tenant's servants, employees, agents, visitors, and
             licenses shall observe faithfully, and comply strictly with, the
             Rules and Regulations and such other and further reasonable Rules
             and Regulations as Owner and Owner's agents may from time to time
             adopt. Notice of any additional rules or regulations shall be given
             in such manner as Owner may elect. In case Tenant disputes the
             reasonableness of any additional Rule or Regulation hereafter made
             or adopted by Owner or Owner's agents, the parties hereto agree to
             submit the question of the reasonableness of such Rule or
             Regulation for decision to the New York office of the American
             Arbitration Association, whose determination shall be final and
             conclusive upon the parties hereto. The right to dispute the
             reasonableness of any additional Rule or Regulation upon Tenant's
             part shall be deemed waived unless the same shall be asserted by
             service of a notice, in writing upon Owner within (10) days after
             the giving of notice thereof. Nothing in this lease contained shall
             be construed to impose upon Owner any duty or obligation to enforce
             the Rules and Regulations or terms, covenants or conditions in any
             other lease, as against any other tenant and Owner shall not be
             liable to Tenant for violation of the same by any other tenant, its
             servants, employees, agents, visitors or licensees.

        SECURITY

        34.  Tenant has deposited with Owner the sum of $2,690.63 as security
             for the faithful performance and observance by Tenant of the terms,
             provisions and conditions of this lease; it is agreed that in the
             event Tenant defaults in respect of any of the terms, provisions
             and conditions of this lease, including, but not limited to, the
             payment of rent and additional rent, Owner may use, apply or retain
             the whole or any part of the security so deposited to the extent
             required for the payment of any rent and additional rent or any
             other sum as to which Tenant is in default or for any sum which
             Owner may expend or may be required to expend by reason of Tenant's
             default in respect of any of the terms, covenants and conditions of
             this lease, including but not limited to, any damages or deficiency
             in the re-letting of the premises, whether such damages or
             deficiency accrued before or after summary proceedings or other
             re-entry by Owner. In the event that Tenant shall fully and
             faithfully comply with all of the terms, provisions, covenants and

<PAGE>

             conditions of this lease, the security shall be returned to Tenant
             after the date fixed as the end of the Lease and after delivery of
             entire possession of the demised premises to Owner. In the event of
             a sale of the land and building or leasing of the building, of
             which the demised premises form a part, Owner shall have the right
             to transfer the security to the vendee or lessee and Owner shall
             thereupon be released by Tenant from all liability for the return
             of such security; and Tenant agrees to look to the new Owner solely
             for the return of said security; and it is agreed that the
             provisions hereof shall apply to every transfer or assignment made
             of the security to a new Owner. Tenant further covenants that it
             will not assign or encumber or attempt to assign or encumber the
             monies deposited herein as security and that neither Owner nor its
             successors or assigns shall be bound by any such assignments,
             encumbrance, attempted assignment or attempted encumbrance.

<PAGE>

        ESTOPPEL CERTIFICATE

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

        SUCCESSORS AND ASSIGNS:

        36.  The covenants, conditions and agreements contained in this lease
             shall bind and inure to the benefit of Owner and Tenant and their
             respective heirs, distributees, executors, administrators,
             successors, and except as otherwise provided in this lease, their
             assigns.

Articles 37 through 41 inclusive are attached hereto and form a part hereof.

In Witness Whereof, Owner and Tenant have respectively signed and sealed this
lease as of the day and year first above written. THIS AGREEMENT IS BEING
FORWARDED FOR YOUR APPROVAL AND EXECUTION ON THE UNDERSTANDING THAT IT SHALL NOT
BECOME EFFECTIVE UNTIL IT IS ACCEPTED BY THE LANDLORD AND ITS COUNSEL AND
EXECUTED BY THE LANDLORD.

                                            FIFTY BROAD STREET, INC. AND
                                            FIFTY NEW STREET, INC.

                                            /s/ Alexander
-----------------------------               -----------------------------
          Secretary                                   President

                                            AXIOM COMMUNICATIONS GROUP, INC.
Witness for Tenant:
                                            /S/ Ch. Baudenheuer
-----------------------------               -----------------------------
          Secretary                                   President

                                ACKNOWLEDGEMENTS

CORPORATE OWNER
STATE OF NEW YORK,
County of

               On this       day of                    , 19         , before me
personally came
to me known, who being by me duly sworn, did depose and say that

<PAGE>

he resides in
that he is the                                   of

the corporation described in which executed the foregoing instrument, as OWNER;
that he knows the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order of the Board
of Directors of said corporation, and the he signed his name thereto by like
order.

                   -------------------------------------------
CORPORATE TENANT
STATE OF NEW YORK,
County of

               On this 14th day of April, 1999, before me personally came
Christian Bardenheuer to me known, who being by me duly sworn, did depose and
say that he resides in NY that he is the President of Axiom Communications

the corporation described in which executed the foregoing instrument, as TENANT;
the he knows the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order of the Board
of Directors of said corporation, and the he signed his name thereto by like
order.

                                /S/Teresa Panetta
                   -------------------------------------------

         TERESA PANETTA
Notary Public, State of New York
          No. 4838623
 Qualified in New York County
Commission Expires Oct. 31, 1999

INDIVIDUAL TENANT
STATE OF NEW YORK
 County of

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

                   -------------------------------------------

INDIVIDUAL TENANT
STATE OF NEW YORK
   County of

               On this       day of                    , 19         , before me

<PAGE>

personally came
to me known, and known to me to be the individual described in and who, as
TENANT, executed the foregoing instrument and acknowledged to me that he
executed the same.

                   -------------------------------------------

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