Exhibit 10.77

EXECUTION COPY

LEASE

THIS DOCUMENT SECURES FUTURE ADVANCES

Dated as of September 26, 2001

between

ADOBE SYSTEMS INCORPORATED as the Lessee,

and

SELCO SERVICE CORPORATION

(Doing Business in California as OHIO SELCO SERVICE CORPORATION)
as the Lessor.

Lease Financing of Office Tower
Located in City of San Jose, Santa Clara County, California
for Adobe Systems Incorporated

        This Lease is subject to a lien in favor of the Administrative Agent on behalf of the Secured Parties. This Lease has been executed in several counterparts. To the extent, if any, that this Lease constitutes chattel paper (as such term is defined in the Uniform Commercial Code as in effect in any applicable jurisdiction), no lien on this Lease may be created through the transfer or possession of any counterpart other than the original counterpart containing the receipt therefor executed by the Administrative Agent, on or following the signature page hereof.

This counterpart is [not] the original counterpart.

TABLE OF CONTENTS

i

ii

iii

iv

LEASE

THIS DOCUMENT SECURES FUTURE ADVANCES

        THIS LEASE (this "Lease"), dated as of September 26, 2001, between ADOBE SYSTEMS INCORPORATED, a Delaware corporation, as Lessee (together with its permitted successors and assigns, the "Lessee"), and SELCO SERVICE CORPORATION, an Ohio corporation doing business in California as Ohio SELCO SERVICE CORPORATION, as Lessor (in such capacity, the "Lessor").

WITNESSETH:

        WHEREAS, pursuant to the Participation Agreement dated as of the date hereof (as amended, modified, restated or supplemented from time to time, the "Participation Agreement"), among the Lessee, as Lessee and as Construction Agent, the Lessor, the Note Purchaser described therein, and KeyBank National Association, as Administrative Agent for the Participants, the Note Purchaser and the Lessor have agreed to finance the construction of the Improvements on the Land;

        WHEREAS, on the Closing Date the Lessor will enter into the Ground Lease with the Ground Lessor, pursuant to which the Ground Lessor shall lease to the Lessor all of the Ground Lessor's right, title and interest in the Land;

        WHEREAS, the Construction Agent will cause the Construction of the Improvements on the Land, which as constructed will be the property of the Lessor and will become part of the Property;

        WHEREAS, the Lessor desires to lease to the Lessee, and the Lessee desires to lease from the Lessor, the Property; and

        WHEREAS, the Property will be subject to the terms of this Lease;

        NOW, THEREFORE, in consideration of the foregoing, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

        SECTION 1.1    Definitions; Interpretation.    Capitalized terms used but not otherwise defined in this Lease have the respective meanings specified in Appendix A to the Participation Agreement, and the rules of interpretation set forth in such Appendix A shall apply to this Lease.

ARTICLE II

LEASE

        SECTION 2.1    Acceptance and Lease of Property.    Subject to the conditions set forth in the Participation Agreement, including without limitation the satisfaction or waiver of the conditions set forth in Article VI thereof, the Lessor hereby covenants and agrees to acquire and to accept pursuant to the terms of the Participation Agreement (a) delivery on the Closing Date of a leasehold interest in the Land and (b) delivery on each other Funding Date of the Improvements purchased with the Advance made on such Funding Date. The Lessor agrees that it shall, commencing on the first day of the Lease Term, demise and lease to the Lessee hereunder for the Lease Term the Lessor's interest in the Property, and the Lessee hereby agrees, expressly for the direct benefit of the Lessor, to lease from the Lessor for the Lease Term, the Lessor's interest in the Property.

        SECTION 2.2    Acceptance Procedure.    The Lessee hereby agrees that the execution and delivery by it of this Lease shall, without further act, constitute the acceptance by the Lessee of the Property for all purposes of this Lease and the other Operative Documents on the terms set forth herein and therein, and that the Property, including all Improvements constructed or installed on the Property from time to time

pursuant to this Lease, shall be deemed to be included in the leasehold estate of this Lease and shall be subject to the terms and conditions of this Lease as of the first day of the Lease Term.

        SECTION 2.3    Lease Term.    This Lease shall be in full force and effect on the Documentation Date, and the Lease Term shall consist of the Construction Period and the Basic Lease Term. Unless otherwise specified in the Memorandum of Lease, the Basic Lease Term (the "Basic Lease Term") of this Lease shall begin on (and include) the Completion Date for the Property and shall end on (and include) the Expiration Date. In the event the Basic Lease Term commences on any day other than the day following the last day of the then effective Basic Rent Period, the Lessee shall pay any Break Costs associated with the early termination of the Basic Rent Period.

        SECTION 2.4    Title.    The Property is leased to the Lessee without any representation or warranty, express or implied, by the Lessor and subject to the rights of parties in possession, the existing state of title (including, without limitation, all Liens other than Lessor Liens) and all Applicable Law. The Lessee shall in no event have any recourse against the Lessor for any defect in or exception to title to the Property other than resulting from Lessor Liens attributable to the Lessor.

ARTICLE III

PAYMENT OF RENT

        SECTION 3.1    Rent.    

        (a)  During the Lease Term, the Lessee shall pay Basic Rent for the Property to the Lessor on each Rent Payment Date, on any date on which accrued Basic Rent is required to be paid pursuant to the Construction Agency Agreement, on the date required under Section 20.1(m) in connection with the Lessee's exercise of the Remarketing Option and on any date on which this Lease shall terminate with respect to the Property.

        (b)  Neither the Lessee's inability or failure to take possession of all or any portion of the Property when delivered by the Lessor, nor the inability or failure of the Lessor to deliver all or any portion of the Property to the Lessee on the Closing Date or thereafter, whether or not attributable to any act or omission of the Lessee or any act or omission of the Lessor, shall delay or otherwise affect the Lessee's obligation to pay Rent for the Property in accordance with the terms of this Lease.

        SECTION 3.2    Payment of Rent.    Rent shall be paid absolutely net to each Person entitled thereto, so that this Lease shall yield to such Person the full amount thereof, without setoff, deduction or reduction.

        SECTION 3.3    Supplemental Rent.    The Lessee shall pay to the Lessor or any other Person entitled thereto any and all Supplemental Rent promptly as the same shall become due and payable, and if the Lessee fails to pay any Supplemental Rent, the Lessor and such other Persons shall have all rights, powers and remedies provided for herein or by law or equity or otherwise. The Lessee shall pay to the Lessor, as Supplemental Rent, among other things, (a) all rent, taxes, insurance and any other amounts payable by the Lessor as tenant under the Ground Lease, (b) on demand, to the extent permitted by Applicable Law, interest at the Default Rate (or if no rate is applicable, at a rate per annum equal to the Base Rate plus a margin of 2% per annum) on any installment of Basic Rent not paid when due for the period for which the same shall be overdue and on any payment of Supplemental Rent not paid when due or demanded by the Lessor for the period from the due date or the date of any such demand, as the case may be, until the same shall be paid and (c) on the Completion Date, an amount (to the extent not previously paid by the Lessee) equal to the aggregate amount of Cost Overrun Advances (if any) together with accrued interest and Yield thereon. The expiration or other termination of the Lessee's obligations to pay Basic Rent hereunder shall not limit or modify the obligations of the Lessee with respect to Supplemental Rent. Unless expressly provided otherwise in this Lease, in the event of any failure on the part of the Lessee to pay and discharge any Supplemental Rent as and when due, the Lessee shall also promptly pay and discharge any fine,

2

penalty, interest or cost which may be assessed or added under any agreement to which Lessee is a party or which is authorized in writing by the Lessee with a third party for nonpayment or late payment of such Supplemental Rent, all of which shall also constitute Supplemental Rent.

        SECTION 3.4    Method of Payment.    Each payment of Rent payable by the Lessee to the Lessor under this Lease or any other Operative Document shall be made by the Lessee to the Administrative Agent as assignee of the Lessor under the Assignment of Lease, Rent and CAA (or, if all Loans and all other amounts owing to the Lenders under the Operative Documents have been paid in full and all Commitments of the Lenders have been permanently terminated, to the Lessor) prior to 2:00 P.M. (New York time), to the Account in immediately available funds consisting of lawful currency of the United States of America on the date when such payment shall be due. Payments received after 2:00 P.M. (New York time), on the date due shall for the purpose of Section 16.1 hereof be deemed received on such day; provided, however, that for the purposes of the second sentence of Section 3.3 hereof, such payments shall be deemed received on the next succeeding Business Day and subject to interest at the Default Rate as provided in such Section 3.3.

ARTICLE IV

QUIET ENJOYMENT; RIGHT TO INSPECT

        SECTION 4.1    Quiet Enjoyment.    Subject to Sections 2.4 and 4.2, and subject to the rights of the Lessor contained in Article XVI hereof and Article V of the Construction Agency Agreement and the other terms of the Operative Documents to which the Lessee or the Construction Agent is a party, the Lessee shall peaceably and quietly have, hold and enjoy the Property for the Lease Term, free of any claim or other action by the Lessor or anyone claiming by, through or under the Lessor (other than the Lessee) with respect to any matters arising from and after the applicable Completion Date. Such right of quiet enjoyment is independent of, and shall not affect the Lessor's rights otherwise to initiate legal action to enforce the obligations of the Lessee under this Lease.

        SECTION 4.2    Right to Inspect.    During the Lease Term, the Lessee shall upon reasonable advance written notice from the Lessor (except that no advance notice will be required after the occurrence and during the continuance of a Lease Event of Default, CAA Event of Default or Unwind Event), permit the Lessor, the Lenders, the Administrative Agent and their respective authorized representatives to inspect the Property during normal business hours, provided, that such inspections shall not unreasonably interfere with the Lessee's business operations at the Property.

ARTICLE V

NET LEASE, ETC

        SECTION 5.1    Net Lease.    This Lease shall constitute a net lease. Any present or future law to the contrary notwithstanding, this Lease shall not terminate, nor shall the Lessee be entitled to any abatement, suspension, deferment, reduction, setoff, counterclaim, or defense with respect to the Rent, nor shall the obligations of the Lessee hereunder be affected (except as expressly herein permitted and by performance of the obligations in connection therewith) by reason of: (a) any defect in the condition, merchantability, design, construction, quality or fitness for use of the Property or any part thereof, or the failure of the Property to comply with all Applicable Law, including any inability to occupy or use the Property or any part thereof by reason of such non-compliance; (b) any damage to, removal, abandonment, salvage, loss, contamination of or Release from, scrapping or destruction of or any requisition or taking of the Property or any part thereof, (c) any restriction, prevention or curtailment of or interference with the construction on or any use of the Property or any part thereof including eviction; (d) any defect in title to or rights to the Property or any Lien on such title or rights or on the Property (other than Lessor Liens); (e) any change, waiver, extension, indulgence or other action or omission or breach in respect of any obligation or liability of or by the Administrative Agent or any Participant; (f) any bankruptcy, insolvency,

3

reorganization, composition, adjustment, dissolution, liquidation or other like proceedings relating to any Obligor, any Participant or any other Person, or any action taken with respect to this Lease by any trustee or receiver of any Obligor, any Participant or any other Person, or by any court, in any such proceeding; (g) any claim that the Lessee has or might have against any Person, including without limitation any Participant or any vendor, manufacturer, contractor of or for the Property; (h) any failure on the part of the Lessor to perform or comply with any of the terms of this Lease (other than performance by the Lessor of its obligations set forth in Section 2.1 hereof), of any other Operative Document or of any other agreement; (i) any invalidity or unenforceability or illegality or disaffirmance of this Lease against or by the Lessee or any provision hereof or any of the other Operative Documents or any provision of any thereof, (j) the impossibility or illegality of performance by the Lessee, the Lessor or both; (k) any action by any court, administrative agency or other Governmental Authority; or (l) any other cause or circumstances whether similar or dissimilar to the foregoing and whether or not the Lessee shall have notice or knowledge of any of the foregoing. The Lessee's agreement in the preceding sentence shall not affect any claim, action or right the Lessee may have against the Lessor or any other Participant. The parties intend that the obligations of the Lessee hereunder shall be covenants and agreements that are separate and independent from any obligations of the Lessor hereunder or under any other Operative Documents and the obligations of the Lessee shall continue unaffected unless such obligations shall have been modified or terminated in accordance with an express provision of this Lease.

        SECTION 5.2    No Termination or Abatement.    The Lessee shall remain obligated under this Lease in accordance with its terms and shall not take any action to terminate, rescind or avoid this Lease (except as provided herein), notwithstanding any action for bankruptcy, insolvency, reorganization, liquidation, dissolution, or other proceeding affecting the Lessor or any Participant, or any action with respect to this Lease which may be taken by any trustee, receiver or liquidator of the Lessor or any Participant or by any court with respect to the Lessor or any Participant. The Lessee hereby waives all right to terminate or surrender this Lease (except as provided herein) or except as a consequence of a reduction in the Property Cost as a result of Casualty or Condemnation proceeds pursuant to the terms of Section 14.3(a) of this Lease, or as a result of a purchase of any or all of the Property pursuant to Section 18.1 of this Lease, to avail itself of any abatement, suspension, deferment, reduction, setoff, counterclaim or defense with respect to the Property Cost. The Lessee shall remain obligated under this Lease in accordance with its terms and the Lessee hereby waives any and all rights now or hereafter conferred by statute or otherwise to modify or to avoid strict compliance with its obligations under this Lease and the Operative Documents. Notwithstanding any such statute or otherwise, the Lessee shall be bound by all of the terms and conditions contained in this Lease.

ARTICLE VI

ASSIGNMENT AND SUBLEASING BY LESSEE

        SECTION 6.1    General.    THE LESSEE SHALL NOT, WITHOUT THE PRIOR WRITTEN CONSENT OF THE ADMINISTRATIVE AGENT AND EACH PARTICIPANT (SUCH CONSENTS TO BE GIVEN OR WITHHELD IN THE SOLE DISCRETION OF THE ADMINISTRATIVE AGENT AND EACH PARTICIPANT), TRANSFER, ASSIGN OR ENCUMBER THIS LEASE OR ANY OF ITS RIGHTS OR OBLIGATIONS HEREUNDER OR SUBLEASE THE PROPERTY OR ANY PART THEREOF EXCEPT AS PERMITTED BY SECTION 6.2, AND ANY SUCH TRANSFER, ASSIGNMENT, ENCUMBRANCE OR SUBLEASE THAT IS NOT PERMITTED BY SECTION 6.2 AND MADE WITHOUT SUCH WRITTEN CONSENTS THERETO SHALL BE NULL AND VOID.

        SECTION 6.2    Subletting.    During the Basic Lease Term, the Lessee may sublease the Property or any portion thereof to any Person upon no less than five (5) days prior written notice to (a) the Administrative Agent and the Lessor and (b) unless (x) the Note Purchaser shall have made a complete assignment under the Asset Purchase Agreement or (y) all of the Conduit Loans shall have been repaid in full (whether through a refinancing under Section 11.4 of the Participation Agreement or otherwise), the

4

Conduit Agent; provided, however, that: (a) no sublease or other relinquishment of possession of the Property shall in any way discharge or diminish any of the obligations of the Lessee to the Lessor and the other Participants under this Lease and the other Operative Documents and the Lessee shall remain directly and primarily liable under this Lease and the other Operative Documents to which it is a party; (b) any sublease of the Property shall expressly be made subject to and subordinated to this Lease and to the rights of the Lessor hereunder; (c) each sublease shall expressly provide for the immediate surrender of the Property to the Lessor after notice from the Lessor to such sublessee of the occurrence of a Lease Event of Default and a request for such surrender; and (d) all such subleases shall expressly provide for automatic termination at or prior to the earlier of (i) the Expiration Date and (ii) the occurrence of a Lease Event of Default unless the Lessee shall have exercised its Purchase Option and purchased the Property pursuant to Section 18.1.

ARTICLE VII

LESSEE ACKNOWLEDGMENTS

        SECTION 7.1    Condition of the Property.    THE LESSEE ACKNOWLEDGES AND AGREES THAT ALTHOUGH THE LESSOR WILL OWN AND HOLD LEASEHOLD TITLE TO THE IMPROVEMENTS, THE LESSEE AND THE CONSTRUCTION AGENT ARE SOLELY RESPONSIBLE UNDER THE TERMS OF THE CONSTRUCTION AGENCY AGREEMENT FOR THE DESIGN, DEVELOPMENT, BUDGETING AND CONSTRUCTION OF THE IMPROVEMENTS AND ANY ALTERATIONS OR MODIFICATIONS. THE LESSEE FURTHER ACKNOWLEDGES AND AGREES THAT IT IS LEASING THE LAND AND THE IMPROVEMENTS CONSTRUCTED THEREON "AS IS" WITHOUT REPRESENTATION, WARRANTY OR COVENANT (EXPRESS OR IMPLIED) BY THE ADMINISTRATIVE AGENT OR ANY PARTICIPANT AND IN EACH CASE SUBJECT TO (A) THE EXISTING STATE OF TITLE (EXCLUDING LESSOR LIENS), (B) THE RIGHTS OF ANY PARTIES IN POSSESSION THEREOF, (C) ANY STATE OF FACTS WHICH AN ACCURATE SURVEY OR PHYSICAL INSPECTION MIGHT SHOW, AND (D) VIOLATIONS OF APPLICABLE LAW WHICH MAY EXIST ON THE DATE HEREOF, ON THE CLOSING DATE OR ON THE COMPLETION DATE. NEITHER THE ADMINISTRATIVE AGENT NOR ANY PARTICIPANT HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY REPRESENTATION, WARRANTY OR COVENANT (EXPRESS OR IMPLIED) OR SHALL BE DEEMED TO HAVE ANY LIABILITY WHATSOEVER AS TO THE TITLE (OTHER THAN FOR LESSOR LIENS ATTRIBUTABLE TO THE ADMINISTRATIVE AGENT OR SUCH PARTICIPANT, AS THE CASE MAY BE), VALUE, HABITABILITY, USE, CONDITION, DESIGN, OPERATION, OR FITNESS FOR USE OF THE PROPERTY (OR ANY PART THEREOF), OR ANY OTHER REPRESENTATION, WARRANTY OR COVENANT (EXCEPT SECTION 4.1 HEREOF) WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY (OR ANY PART THEREOF) AND NEITHER THE LESSOR NOR ANY OTHER PARTICIPANT SHALL BE LIABLE FOR ANY LATENT, HIDDEN, OR PATENT DEFECT THEREIN (OTHER THAN FOR LESSOR LIENS ATTRIBUTABLE TO THE LESSOR OR SUCH OTHER PARTICIPANT) OR THE FAILURE OF THE PROPERTY, OR ANY PART THEREOF, TO COMPLY WITH ANY APPLICABLE LAW.

        SECTION 7.2    Enforcement of Warranties; No Obligation of Lessor to Repair, etc.    The Lessor hereby appoints the Lessee as the Lessor's attorney-in-fact, with full authority in the place and stead of the Lessor, to take such actions from time to time during the Lease Term so long as no CAA Default, Unwind Event or Lease Event of Default shall have occurred and be continuing, at the Lessee's sole cost and expense, as are necessary or desirable to enforce any warranty or guaranty of any Person relating to the Property. The Lessor shall under no circumstances be required to build any improvements on the Property, make any repairs, replacements, alterations or renewals of any nature or description to the Property, make any expenditure whatsoever in connection with this Lease (other than for Advances made in accordance with

5

and pursuant to the terms of the Participation Agreement and the Construction Agency Agreement) or maintain the Property in any way. The Lessee waives any right to (a) require the Lessor to maintain, repair, or rebuild all or any part of the Property or (b) make repairs at the expense of the Lessor pursuant to any Applicable Law, Insurance Requirement, contract, agreement, or covenant, condition or restriction in effect at any time during the Lease Term.

        SECTION 7.3    No Liability of Participants, etc.    Nothing contained in this Lease shall be construed as constituting the consent or request of the Lessor, any other Participant, Affected Party, Indemnitee or other Person, expressed or implied, to or for the performance by any contractor, mechanic, laborer, materialman, supplier or vendor of any labor or services or for the furnishing of any materials for any construction, alteration, addition, repair or demolition of or to the Property or any part thereof. NOTICE IS HEREBY GIVEN THAT NEITHER THE ADMINISTRATIVE AGENT NOR ANY PARTICIPANT IS OR SHALL BE LIABLE FOR ANY LABOR, SERVICES OR MATERIALS FURNISHED OR TO BE FURNISHED TO THE LESSEE OR THE CONSTRUCTION AGENT, OR TO ANYONE HOLDING ANY INTEREST IN THE PROPERTY OR ANY PART THEREOF THROUGH OR UNDER THE LESSEE OR THE CONSTRUCTION AGENT, AND THAT NO MECHANIC'S OR OTHER LIENS FOR ANY SUCH LABOR, SERVICES OR MATERIALS SHALL ATTACH TO OR AFFECT THE INTEREST OF THE LESSOR OR ANY LENDER IN AND TO THE PROPERTY.

ARTICLE VIII

POSSESSION AND USE OF THE PROPERTY, ETC.

        SECTION 8.1    Utility Charges.    The Lessee shall pay or cause to be paid all charges for electricity, power, gas, oil, water, telephone, sanitary sewer service and all other rents and utilities used in or on the Property during the Basic Lease Term. The Lessee shall be entitled to receive any credit or refund with respect to any utility charge paid by the Lessee and the amount of any credit or refund received by the Lessor on account of any utility charges paid by the Lessee, net of the costs and expenses reasonably incurred by the Lessor in obtaining such credit or refund, shall be promptly paid over to the Lessee.

        SECTION 8.2    Possession, Use and Operation of the Property.    After the Completion Date for the Property, the Property shall be used, operated and maintained as a first class office building and in a manner consistent with this Lease and the standards applied by the Lessee for other office building similar to the Property owned or leased by the Lessee and its Affiliates. The Lessee shall pay, or cause to be paid, all charges and costs required in connection with the use of the Property as contemplated by this Lease. The Lessee shall not commit or permit any waste or abandonment of the Property or any part thereof.

        SECTION 8.3    Compliance with Applicable Laws and Insurance Requirements; Necessary Permits, etc.    Subject to the terms of Article XII relating to permitted contests, the Lessee, at its sole cost and expense, shall:

        (a)  comply in all material respects with all Applicable Law (including all Environmental Laws) relating to the Property, including the use, construction, operation, maintenance, repair and restoration thereof and the remarketing thereof pursuant to Article XX, whether or not compliance therewith shall require structural or extraordinary changes in the Improvements or interfere with the use and enjoyment of the Property,

        (b)  comply in all material respects with all Insurance Requirements (provided that during the Construction Period, the Lessee and Construction Agent shall be required to comply in all respects with all Insurance Requirements), and

        (c)  procure, maintain and comply in all material respects with all Necessary Permits, and notify the Lessor within ten (10) days of an officer of the Lessee having knowledge of any actual or pending termination or revocation of any Necessary Permit.

6

        SECTION 8.4    Non-discrimination Required by Ground Lease.    The Lessee herein covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through it, and this Lease is made and accepted upon and subject to the following conditions:

"That there shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, age, handicap, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased, nor shall the Lessee itself, or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the premises herein leased."

ARTICLE IX

MAINTENANCE AND REPAIR

        SECTION 9.1    Maintenance and Repair.    From and after the Completion Date, the Lessee, at its sole cost and expense, shall maintain the Property in good condition (ordinary wear and tear excepted) and make all necessary repairs thereto, of every kind and nature whatsoever, whether interior or exterior, ordinary or extraordinary, structural or nonstructural or foreseen or unforeseen, in each case as required by all Applicable Law and Insurance Requirements and in no event less than the standards applied by the Lessee in the operation and maintenance of facilities similar to the Property owned or leased by the Lessee or its Affiliates.

ARTICLE X

MODIFICATIONS, ETC

        SECTION 10.1    Modifications.    During the Basic Lease Term, the Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to the Property or any part thereof and substitutions and replacements therefor (collectively, "Modifications"); provided, however, that:

        (a)  except for any Modification required to be made pursuant to any Applicable Law (a "Required Modification"), no Modification shall materially adversely affect the Fair Market Sales Value, residual value, utility or remaining useful life of the Property;

        (b)  such Modifications shall be (and shall be done in a manner) consistent in all material respects with the Plans and Specifications for the Property; and

        (c)  such Modifications shall comply with Articles VIII and IX.

        All Modifications shall remain part of the realty and title thereto shall immediately vest in the Lessor and be subject to the this Lease; provided, however, that Modifications that (i) are not Required Modifications, (ii) were not financed by the Participants and (iii) can be removed without causing (A) material damage to the Property, (B) any diminution in the Fair Market Sales Value of the Property and (C) any diminution in the remaining useful life of the Property, shall be the property of the Lessee or other third party and may be removed by the Lessee during the Basic Lease Term and shall not be subject to this Lease. The Lessee may place upon the Property any trade fixtures, machinery, equipment, inventory or other property belonging to the Lessee or third parties and may remove the same, subject, however, to the terms of Section 9.1; provided, however, that such trade fixtures, machinery, equipment, inventory or other property can be removed without causing damage to the Property, any diminution in the Fair Market Sales Value of the Property or any diminution in the remaining useful life of the Property; provided, further, however, that the Lessee shall keep and maintain at the Property and shall not remove from the Property any Equipment financed or otherwise paid for by the Participants to the Participation Agreement.

7

ARTICLE XI

DISCHARGE OF LIENS; CONDITION UPON RETURN

        SECTION 11.1    Lessee's Obligation to Discharge Liens.    The Lessee agrees that except as otherwise provided herein and subject to the terms of Article XII relating to permitted contests, the Lessee shall not directly or indirectly create or allow to remain, and shall promptly discharge at its sole cost and expense, any Lien (other than any Permitted Property Lien), defect, attachment, levy, title retention agreement or claim upon the Property or any Lien, attachment, levy or claim with respect to the Rent or with respect to any amounts held by any Participant pursuant to the Operative Documents, other than Permitted Property Liens.

        SECTION 11.2    Condition Upon Return to Lessor.    The Lessee shall, upon the expiration or earlier termination of this Lease (other than as a result of the Lessee's purchase of the Property from the Lessor as provided herein), vacate and surrender the Property to the Lessor in its then-current, "AS IS" condition, without any express or implied warranty subject to the Lessee's obligations under Sections 8.3, Article IX, 10.1, 11.1, 14.3, 14.4 and Article XX. Title to all improvements, furnishings, furniture, fixtures and any personal property of the Lessee which were not funded by the Lessor and the Lenders pursuant to the Participation Agreement, located on or about the Property whether or not affixed to the realty, shall, subject to the following sentence, be and remain the property of the Lessee throughout the Basic Lease Term, and at any time during the Basic Lease Term, may be removed by the Lessee or, at the Lessee's election surrendered with the Property, in which event title to such surrendered property shall, if the Lessor so elects, be deemed transferred to the Lessor. Notwithstanding the foregoing, any fixture constituting part of the Property which is required by Applicable Law or which cannot be removed without causing (a) material damage to the Property, (b) any diminution in the Fair Market Sales Value of the Property or (c) any diminution in the remaining useful life of the Property, shall at all times remain part of the Property.

ARTICLE XII

PERMITTED CONTESTS; GRANTS AND RELEASES OF EASEMENTS

        SECTION 12.1    Permitted Contests in Respect of Applicable Law Other Than Impositions.    Except to the extent otherwise provided in Section 13.5(b) of the Participation Agreement regarding Taxes and other Impositions, if, to the extent and for so long as (a) a test, challenge, appeal or proceeding for review of any Applicable Law relating to the Property shall be prosecuted diligently and in good faith in appropriate proceedings by the Lessee or (b) compliance with such Applicable Law shall have been excused or exempted by a valid nonconforming use, variance permit, waiver, extension or forbearance, the Lessee shall not be required to comply with such Applicable Law relating to the Property but only if and so long as any such test, challenge, appeal, proceeding, waiver, extension, forbearance or noncompliance shall not, in the reasonable opinion of the Lessor, the Note Purchaser and the Administrative Agent, involve (i) any risk of criminal liability being imposed on any Indemnitee or (ii) any substantial risk of (A) foreclosure, forfeiture or loss of the Property or any material part thereof, (B) the nonpayment of Rent or (C) the sale of, or the creation of any Lien (other than a Permitted Property Lien) on, any part of the Property, (D) civil liability being imposed on any Indemnitee or the Property, or (E) enjoinment of, or interference with, the use, possession or disposition of the Property in any material respect. The Lessor, at the Lessee's sole cost and expense, shall execute and deliver to the Lessee such authorizations and other documents as may reasonably be required in connection with any such permitted contest.

        The Lessor will not be required to join in any proceedings pursuant to this Section 12.1 unless a provision of any Applicable Law requires that such proceedings be brought by or in the name of the Lessor; and in that event the Lessor will join in the proceedings or permit them or any part thereof to be brought in its name if and so long as (a) the Lessee has not elected the Remarketing Option, (b) no CAA Default or Lease Default shall have occurred and be continuing and (c) the Lessee pays all related

8

expenses of the Administrative Agent and the Indemnitees with respect to such proceedings and indemnifies the Administrative Agent and the Indemnitees with respect thereto

        SECTION 12.2    Grants and Releases of Easements; Lessor's Waivers.    Provided that no Lease Event of Default shall have occurred and be continuing, from time to time upon request of the Lessee and subject to the Lessee's prompt reimbursement of the Lessor's costs and expenses, the Lessor (as holder of record of a leasehold interest in the Property) shall execute such documents reasonably satisfactory in form (which have been prepared at Lessee's expense) to effect any of the actions set forth in clauses (a), (b), (c), (d), (e) and (f) of the following sentence, if in the Lessee's reasonable and good faith opinion such action by the Lessor is necessary or appropriate to effect such intended actions. Provided that (i) no Lease Event of Default shall have occurred and be continuing and (ii) that the same will not adversely affect the fair market sales value, performance, utility or remaining useful life of the Property; and subject to the provisions of Articles VII, IX and X and Section 8.3, the Lessor hereby consents in each instance to the following actions by the Lessee as the Lessor's agent, and the Lessor hereby appoints the Lessee the Lessor's attorney-in-fact, with full authority in the place and stead of the Lessor to take such action or actions from time to time during the Basic Lease Term, but at the Lessee's sole cost and expense: (a) the granting of easements, licenses, rights-of-way and other rights and privileges in the nature of easements reasonably necessary or desirable for the use, repair, operation or maintenance of the Property as herein provided; (b) the release of existing easements or other rights in the nature of easements which are for the benefit of the Property; (c) if required by applicable Governmental Authority in connection with the Construction, the dedication or transfer of unimproved portions of the Property for road, highway or other public purposes; (d) the execution of amendments to any covenants and restrictions; (e) the filing and processing of any and all permit applications, authorizations, entitlements, agreements with any government or regulatory agency or amendments thereof, or other documents reasonably required or beneficial for construction or Modification of the Improvements, or amendments to Permitted Property Liens or governmental permits or approvals affecting the Property; and (f) the execution and filing of tract or parcel maps subdividing the Land into lots or parcels or reconfiguring existing lots or parcels; provided, however, that in each case: (i) such grant, release, dedication, transfer or amendment is, in the Lessee's judgment, reasonably necessary or beneficial in connection with the use, maintenance, alteration or improvement of the Property, (ii) such grant, release, dedication, transfer or amendment will not cause the Property or any portion thereof to fail to comply with the provisions of this Lease or any other Operative Documents and all Applicable Law (including, without limitation, all applicable zoning, planning, building and subdivision ordinances, all applicable restrictive covenants and all applicable architectural approval requirements); (iii) any and all governmental consents or approvals required prior to (or as a consequence of) such grant, release, dedication, transfer, annexation or amendment have been obtained, and any and all filings required prior to (or as a consequence of) such action have been made; (iv) the Lessee shall remain obligated under this Lease and under any instrument executed by the Lessee consenting to the assignment of the Lessor's interests in this Lease as security for indebtedness, in each such case in accordance with their terms, as though such grant, release, dedication, transfer or amendment had not been effected; (v) the Lessee shall pay and perform any obligations of the Lessor under such grant, release, dedication, transfer or amendment and (vi) such grant, release, dedication, transfer or amendment will not materially adversely affect the Fair Market Sales Value, residual value, utility or remaining useful life of the Property. The Lessor acknowledges the Lessee's right to finance and to secure under the Uniform Commercial Code, inventory, furnishings, furniture, equipment, machinery, leasehold improvements and other personal property located at the Property other than Equipment, and the Lessor agrees to execute Lessor waiver forms and release of Lessor Liens in favor of any purchase money seller, lessor or lender which has financed or may finance in the future such items. Without limiting the effectiveness of the foregoing, provided, that no Lease Event of Default shall have occurred and be continuing, the Lessor shall, upon the request of the Lessee, and at the Lessee's sole cost and expense, execute and deliver any instruments necessary or appropriate to confirm any such grant, release, dedication, transfer, annexation or

9

amendment to any Person permitted under this Section 12.2 including landlord waivers with respect to any of the foregoing.

ARTICLE XIII

INSURANCE

        SECTION 13.1    Required Insurance.    During the Basic Lease Term, the Lessee shall, at its own expense, maintain insurance as set forth herein.

        (a)    Commercial General Liability Insurance.    During the Basic Lease Term, the Lessee shall procure and carry or cause to be procured and carried, at the Lessee's sole cost and expense, commercial general liability insurance (including for bodily injuries or death sustained by persons and damage to property) and such other public liability coverages as are ordinarily procured by the Lessee and its Affiliates with respect to similar facilities. The terms and amounts of such liability insurance shall be consistent with normal industry practice, but in any event not less than the scope and amount of coverage as are ordinarily procured by the Lessee and its Affiliates with respect to office buildings similar to the Property; provided, however, that such coverage shall be in an amount of at least $10,000,000 combined single limit per occurrence and in the aggregate, as applicable. In no event may the coverage described in this clause (a) be provided on claims-made (as opposed to an occurrence) coverage form.

        (b)    Property Insurance.    During the Basic Lease Term, the Lessee shall obtain, and keep in full force and effect, a policy or policies of property insurance insuring the Property for the full replacement cost thereof (without depreciation) against physical damage to the Improvements caused by perils now or hereafter defined in an "all risks" insurance policy, including but not limited to fire, lightning, windstorm, hail, explosion, riot and civil commotion, vandalism and malicious mischief, and smoke, with coverage for flood and earthquake to the extent available on commercially reasonable terms for the Lessee. All such policies shall be in form and substance reasonably satisfactory to the Lessor.

        (c)    Worker's Compensation and Employers' Liability Insurance.    During the Basic Lease Term, the Lessee shall (i) maintain workers' compensation insurance as required by the State of California, and (ii) maintain employer's liability insurance with a $1,000,000 minimum limit per accident and a $1,000,000 minimum limit for excess liability.

        (d)    Automobile Liability Insurance.    During the Basic Lease Term, the Lessee shall maintain automobile liability insurance against claims for personal injury (including bodily injury and death) and property damage covering all owned, leased, non-owned and hired vehicles, including loading and unloading, with a $1,000,000 minimum limit per occurrence.

        SECTION 13.2    Deductibles; Insurance Providers; Coverage and Endorsements; Confirmation of Insurance, etc    

        (a)    Deductibles.    The insurance required to be obtained by the Lessee under this Article XIII may be subject to such reasonable deductible amounts as is consistent with the Lessee's or its Affiliates practice for other properties similar to the Property owned or leased by the Lessee or the Affiliates of the Lessee, and may be carried under blanket policies maintained by or on behalf of the Lessee so long as such policies otherwise comply with the provisions of this Article XIII; provided, however, that no deductible under any policy required hereunder shall, without the consent of the Lessor and the Required Lenders, exceed (i) $100,000 per occurrence for property insurance (other than coverage for earthquake and flood) or (ii) $100,000 for commercial general liability insurance.

        (b)    Insurance Providers.    All insurance required to be carried pursuant to the requirements of this Article XIII shall be written by reputable insurance companies authorized to do business in the

10

State of California that are financially sound and solvent and otherwise reasonably appropriate considering the amount and type of insurance being provided by such companies. Any insurance company selected by the Lessee which is rated in Best's Insurance Guide or any successor thereto (or if there be none, an organization having a similar national reputation) shall have a general policyholder rating of "A-" and a financial rating of at least "IX" or, if not rated in Best's Insurance Guide, an S&P rating of BBB or better, or be otherwise reasonably acceptable to the Lessor and the Administrative Agent.

        (c)    Endorsements.    All insurance required to be carried or arranged for by the Lessee pursuant to the requirements of Section 13.1 shall provide in the policy or by special endorsement that:

          (i)  in the case of insurance required by Section 13.1(a) or 13.1(d), the Administrative Agent and each Participant are included as additional insureds;

        (ii)  in the case of insurance required by Section 13.1(b), the Lessor is named as loss payee, each Participant is named as its interest may appear, and such insurance shall include a standard form mortgagee endorsement in favor of the Administrative Agent on behalf of the Lenders;

        (iii)  the insurer thereunder waives all rights of subrogation against the Administrative Agent and each Participant;

        (iv)  such insurance shall be primary and shall apply to any loss or claim before any contribution of any other insurance carried by or on behalf of the Lessor;

        (v)  the respective interests of the Administrative Agent and the Participants shall not be invalidated or reduced by any act or omission (including breach or violation of any warranty, declaration or condition contained in such policies by the Lessee, the Construction Agent or any other Person) or negligence of the Lessee or the Construction Agent or any other Person;

        (vi)  if the insurers cancel such insurance for any reason whatsoever or any materially adverse change is made in policy terms or conditions, such cancellation or change shall not be effective as to the Administrative Agent and the Participants for thirty (30) days after receipt by the Lessor, the Administrative Agent and the Participants of written notice from such insurers of such cancellation or change; and if such insurance is allowed to lapse for nonpayment of premium, such lapse shall not be effective as to the Administrative Agent and the Participants for ten (10) days after receipt by the Lessor, the Administrative Agent and the Participants of written notice from such insurers of such lapse; and

      (vii)  with respect to all liability insurance, in as much as the policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the exception of the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, and such policies shall be endorsed to provide a severability of interest or cross liability clause.

        (d)    Additional Insurance.    Any additional insurance obtained by the Lessee or the Lessor shall provide that it shall not limit the insurance described in Sections 13.1(a), 13.1(b) or 13(d) or increase the amount of any premium payable with respect to any such insurance. The proceeds of any additional insurance will be for the account of the party maintaining such additional insurance.

        (e)    Payment of Premiums.    The Lessee shall pay or cause to be paid all premiums for the insurance required hereunder. The Lessee shall renew or replace, or cause to be renewed or replaced, each insurance policy required hereunder prior to the expiration date thereof.

11

        (f)    Confirmation of Insurance.    On the Completion Date and promptly (but in any event within thirty (30) days) after (i) the renewal of each insurance policy required hereunder, (ii) the issuance of any additional policies or amendments or supplements to any of such policies or (iii) the issuance of any such insurance the Lessee shall provide the Lessor certificates of insurance evidencing the existence of all insurance then required to be maintained by the Lessee pursuant to this Article XIII. In addition, the Lessee shall provide the Lessor with written notice thirty (30) days prior to the expiration of any insurance policy required to be maintained pursuant to the terms of this Lease.

ARTICLE XIV

RISK OF LOSS; CASUALTY AND CONDEMNATION; ENVIRONMENTAL MATTERS

        SECTION 14.1    Risk of Loss.    

        (a)    Construction Period.    Subject to the provisions of this Article XIV, during the Construction Period, to the extent arising as a result of any Lessee Party's actions or failures to act, the risk of loss of or decrease in the enjoyment and beneficial use of the Property as a result of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise is assumed by the Lessee. In addition, during the Construction Period, so long as no CAA Default or Lease Default shall have occurred, and to the extent not arising as a result of a Full Recourse Event, the risk of loss of or decrease in the enjoyment and beneficial use of the Property arising solely as a result of (i) an Unwind Event (the occurrence of which shall have been finally determined and not subject to appeal) or (ii) an Event of Loss, shall be borne by the Lessor; provided, however, that (A) in the case of any Unwind Event, the Lessor shall be entitled to receive the Construction Recourse Amount from the Lessee and (B) in either case, the Lessor shall be entitled to receive all amounts recoverable from the Property (including through any reletting and/or sale of the Property or any part thereof) and all awards, compensation and insurance proceeds payable in connection with any Casualty, Condemnation or Force Majeure Event affecting the Property. Notwithstanding the foregoing, if the Lessee chooses to exercise the Purchase Option after the occurrence of such an Unwind Event or Event of Loss, the Lessor shall be entitled to receive the full Purchase Price from the Lessee pursuant to Section 6.1 or 6.2 (as applicable) of the Construction Agency Agreement.

        (b)    Basic Lease Term.    During the Basic Lease Term, and under all circumstances during the entire Lease Term upon the occurrence and continuance of a Lease Default or to the extent arising as a result of a Full Recourse Event, the risk of loss of or decrease in the enjoyment and beneficial use of the Property as a result of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or other acts of God, taking, destruction, confiscation, requisition or commandeering, partial or complete, of or to the Property and/or any part thereof, however caused or occasioned, shall be borne by the Lessee until the Property has been returned to the Lessor in accordance with the provisions of this Lease or has been purchased by the Lessee or another Person in accordance with the provisions of this Lease. The Lessee agrees that no occurrence specified in the preceding sentence shall impair, in whole or in part, any obligation of the Lessee under this Lease, including the obligation to pay Basic Rent and Supplemental Rent.

        (c)    Participants Not Accountable to Lessee.    None of the Administrative Agent, any Participant or their respective agents, employees or contractors shall in any event be answerable or accountable to the Lessee for any loss of or decrease in the enjoyment or beneficial use of the Property, except for loss or damages arising from the gross negligence or willful misconduct of the Administrative Agent or such Participant, as the case may be.

        SECTION 14.2    Casualty and Condemnation during Construction Period.    If all or a portion of the Property is damaged or destroyed in whole or in part by a Casualty during the Construction Period or if the use, access, occupancy, easement rights or title to the Property or any part thereof, is the subject of a Condemnation during the Construction Period, then the Lessee shall comply with its obligations under Article III of the Construction Agency Agreement, and all awards, compensation, insurance payments or

12

other amounts payable on account of any such Casualty or Condemnation shall be paid in accordance with, and subject to the provisions of, Article III of the Construction Agency Agreement.

        SECTION 14.3    Casualty or Condemnation during Basic Lease Term.    

        (a)  Subject to the provisions of this Article XIV, if all or a portion of the Property is damaged or destroyed in whole or in part by a Casualty during the Basic Lease Term or if the use, access, occupancy, easement rights or title to the Property or any part thereof, is the subject of a Condemnation during the Basic Lease Term, then

          (i)  in the case of a Casualty affecting the Property that is not an Event of Loss, any insurance proceeds payable with respect to such Casualty shall be paid directly to the Lessee (or if received by the Lessor, shall be paid over to the Lessee) for the sole purpose of reconstruction, refurbishment and repair of the Property; provided, however, that in the event that either (A) such reconstruction, refurbishment or repair cannot be completed prior to the end of the Basic Lease Term or (B) the Lessee shall elect not to use such proceeds for the reconstruction, refurbishment or repair of the Property, then all such insurance proceeds payable with respect to such Casualty shall be paid to the Lessor to be applied towards the payment of the Property Cost in accordance with Section 7.2 of the Participation Agreement,

        (ii)  in the case of a Condemnation of any part of the Property that is not an Event of Loss, any award or compensation relating thereto shall be paid to the Lessee for the sole purpose of restoration of the Property; provided, however, that if such restoration cannot be completed prior to the end of the Basic Lease Term, then such award or compensation shall be paid to the Lessor to be applied towards the payment of the Property Cost in accordance with Section 7.2 of the Participation Agreement, and

        (iii)  in the case of any Casualty or Condemnation that is an Event of Loss, such award or compensation shall be paid to the Lessor to be applied toward the payment of the Property Cost on the Termination Date in accordance with Article XV;

        provided, however, that, in each case, if a Lease Event of Default shall have occurred and be continuing, such award, compensation or insurance proceeds shall be paid directly to the Lessor or, if received by the Lessee, shall be held in trust for the Lessor and the Lenders, and shall be paid by the Lessee to the Account to be distributed in accordance with Article VII of the Participation Agreement. At any time that a Lease Event of Default shall have occurred and be continuing, all amounts held by the Lessor, the Administrative Agent, or the Lenders on account of any award, compensation or insurance proceeds either paid directly to the Lessor, any Lender or the Administrative Agent or turned over to the Lessor, any Lender or the Administrative Agent shall at the option of the Lessor either be (i) paid to the Lessee for the repair of damage caused by such Casualty or Condemnation in accordance with clause (d) of this Section 14.3, or (ii) applied to the repayment of the Property Cost on the Termination Date in accordance with Article XV.

        (b)  The Lessee may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any such Casualty or Condemnation and shall pay all expenses thereof. At the Lessee's reasonable request, and at the Lessee's sole cost and expense, the Lessor and the Administrative Agent shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The Lessor and the Lessee agree that this Lease shall control the rights of the Lessor and the Lessee in and to any such award, compensation or insurance payment.

        (c)  If the Lessor or the Lessee shall receive notice of a Casualty or of an actual, pending or threatened Condemnation of the Property or any interest therein, the Lessor or the Lessee, as the case may be, shall give notice thereof to the other and to the Administrative Agent promptly after the receipt of such notice.

13

        (d)  If pursuant to this Section 14.3 and Section 15.1, this Lease shall continue in full force and effect following a Casualty or Condemnation with respect to the Property, the Lessee shall, at its sole cost and expense (and, without limitation, if any award, compensation or insurance payment is not sufficient to restore the Property in accordance with this clause (d), the Lessee shall pay the shortfall), promptly and diligently repair any damage to the Property caused by such Casualty or Condemnation in conformity with the requirements of Sections 8.3 and 9.1, to restore the Property to substantially the same condition, operative value and useful life as existed immediately prior to such Casualty or Condemnation; provided, however, that, during the Construction Period, the Lessee shall not be required to expend its own funds for such purpose unless the applicable Casualty or Condemnation arose as a result of a Full Recourse Event. In such event, title to the Property shall remain with the Lessor subject to the terms of this Lease. Upon completion of such restoration, the Lessee shall furnish to the Lessor (which, in turn, shall furnish to the Administrative Agent) an architect's certificate of substantial completion and an Authorized Officer's Certificate confirming that such restoration has been completed pursuant to this Lease.

        (e)  In no event shall a Casualty or Condemnation affect the Lessee's obligations to pay Rent pursuant to Section 3.1 or to perform its obligations and pay any amounts due on the Expiration Date or pursuant to Articles XVIII and XIX.

        (f)    Any Excess Casualty/Condemnation Proceeds received by the Administrative Agent or any Participant in respect of a Casualty or Condemnation shall be turned over to the Lessee.

        (g)  The Lessee hereby agrees that its rights to terminate this Lease by reason of any Condemnation affecting all or any part of the Property are solely as set forth herein and in the other Operative Documents, and the Lessee hereby expressly waives any rights it may have under Section 1265.130 of the California Code of Civil Procedure, as in effect from time to time.

        SECTION 14.4    Environmental Matters.    Promptly upon any officer of Lessee obtaining knowledge of the existence (or the alleged existence) of an Environmental Violation with respect to the Property for which the cost of remediation or of steps to comply with applicable permits might reasonably be expected to exceed $1,000,000, the Lessee shall notify (a) the Lessor and the Administrative Agent and (b) unless (x) the Note Purchaser shall have made a complete assignment under the Asset Purchase Agreement or (y) all of the Conduit Loans shall have been repaid in full (whether through a refinancing under Section 11.4 of the Participation Agreement or otherwise), the Conduit Agent, in writing of such Environmental Violation, providing the details thereof as well as the remedial action which the Lessee is proposing. If the Lessor does not terminate this Lease pursuant to Section 15.1(b), the Lessee shall, at its sole cost and expense, promptly and diligently commence any response, clean up, remedial or other action required by Applicable Law to remove, clean up or remediate each Environmental Violation in accordance with the terms of Section 8.3. The Lessee shall, upon completion of remedial action by the Lessee for Environmental Violations described in the first sentence of Section 14.2, cause to be prepared by an environmental consultant reasonably acceptable to the Lessor a report describing such Environmental Violation and the actions taken by the Lessee (or its agents) in response to such Environmental Violation, and a statement by the consultant that such Environmental Violation has been remedied in compliance in all material respects with applicable Environmental Laws. Each Environmental Violation shall be remedied prior to the Expiration Date unless the Property has been purchased by the Lessee in accordance with Section 18.1. Nothing in this Article XIV shall reduce or limit the Lessee's obligations under Sections 13.1, 13.2 or 13.3 of the Participation Agreement.

        SECTION 14.5    Notice of Environmental Matters.    Promptly, but in any event within thirty (30) business Days from the date any officer of the Lessee obtains knowledge thereof pursuant to written notice from any Governmental Authority, the Lessee shall provide to the Lessor and the Administrative Agent and (b) unless (x) the Note Purchaser shall have made a complete assignment under the Asset Purchase Agreement or (y) all of the Conduit Loans shall have been repaid in full (whether through a refinancing under Section 11.4 of the Participation Agreement or otherwise), the Conduit Agent, written

14

notice of any pending or threatened claim, action or proceeding involving any Environmental Laws or any Release on or in connection with the Property. All such notices shall describe in reasonable detail the nature of the claim, action or proceeding and the Lessee's proposed response thereto. In addition, the Lessee shall provide to the Lessor, within thirty (30) business Days of receipt, copies of all material written communications with any Governmental Authority relating to any such Environmental Violation in connection with the Property. The Lessee shall also promptly provide such detailed reports of any such material environmental claims. In the event that the Lessor receives written notice of any pending or threatened claim, action or proceeding involving any Environmental Laws or any Release on or in connection with the Property, the Lessor shall promptly give notice thereof to the Lessee.

ARTICLE XV

TERMINATION OF LEASE

        SECTION 15.1    Partial Termination upon Certain Events.    If any of the following occurs during the Basic Lease Term with respect to the Property:

        (a)  an Event of Loss occurs; or

        (b)  an Environmental Violation with respect to the Property occurs or is discovered the cost of remediation of which would exceed $5,000,000;

        and the Lessor shall have given written notice (a "Termination Notice") to the Lessee that, as a consequence of such event this Lease is to be terminated, then the Lessee shall be obligated to purchase the Lessor's interest in the Property within thirty (30) days after the Lessee's receipt of the Termination Notice, by paying to the Lessor an amount equal to the Property Cost plus all accrued and unpaid Rent plus all other amounts then due and owing under the Operative Documents.

        SECTION 15.2    Termination Procedures.    On the date of the payment by the Lessee of the Property Cost and other amounts required to be paid pursuant to Section 15.1 (such date, the "Termination Date"), this Lease shall terminate (except with respect to the provisions hereof that expressly survive termination of this Lease) and, concurrent with the Lessor's receipt of such payment, the Lessor shall transfer to the Lessee (or its designee) all of the Lessor's interest in the Property in accordance with the procedures set forth in Section 19.1.

        SECTION 15.3    Termination of Construction Agency Agreement.    If the Lessor shall have elected to terminate the Construction Agency Agreement in accordance with the provisions of Section 6.3 thereof and shall have concurrently delivered to the Lessee a Termination Notice with respect to this Lease, then, on the date specified in such written notice for such termination, this Lease shall terminate (except with respect to the provisions hereof that expressly survive termination of this Lease) and all rights of the Lessee and all obligations of the Lessor under this Lease with respect to the Property shall cease.

ARTICLE XVI

LEASE EVENTS OF DEFAULT

        SECTION 16.1    Lease Events of Default.    The occurrence of any one or more of the following events (whether such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a "Lease Event of Default":

        (a)    Non-Payment.    The Lessee shall (i) fail to pay when due any amount of Property Cost, Purchase Price, Construction Recourse Amount, or any amount due under Section 20.1(m) or any Maximum Recourse Amount (including without limitation, amounts due pursuant to Section 18.1 or 20.1(m)), (ii) fail to pay on the Expiration Date any Basic Rent, fees or other amounts payable on the Expiration Date, or (iii) fail to pay after the same becomes due, any other Basic Rent, fees or other amounts required under the terms of this Lease or any of the other Operative Documents (including

15

any Supplemental Rent other than Supplemental Rent referred to in clause (i) or (ii) of this Section 16.1(a)); or

        (b)    Specific Defaults.    The Lessee or any of its Subsidiaries shall fail to observe or perform any covenant, obligation, condition or agreement set forth in Section 9.2 or Section 9.3 of the Participation Agreement; or the Lessee shall fail to observe or perform any of its obligations under Section 6.4 of the Participation Agreement; or the Lessee shall fail to observe or perform any of its obligations under Article XX after giving notice of its election of the Remarketing Option; or any insurance required to be maintained pursuant to Article XIII of this Lease shall fail to be in full force and effect; or

        (c)    Other Defaults.    The Lessee or any of its Subsidiaries shall fail to observe or perform any other covenant, obligation, condition or agreement contained in this Lease or the other Operative Documents (other than those described in the foregoing clauses (a) and (b) of this Section 16.1, which defaults shall be subject to cure periods only as set forth in such clauses) and such failure shall continue for (a) in the case of any covenant, obligation, condition or agreement contained in this Lease, thirty (30) days and (b) in the case of any covenant, obligation, condition or agreement set forth in any other Operative Document, fifteen (15) Business Days, in each case after the earlier of (i) the Lessee's written acknowledgement of such failure and (ii) the Administrative Agent's or the Lessor's written notice to the Lessee of such failure; or

        (d)    Representations and Warranties.    Any written representation, warranty, certificate, information or other statement (financial or otherwise) made or furnished by the Lessee or any of its Subsidiaries to the Administrative Agent, the Lessor or any Lender in or in connection with this Lease or any of the other Operative Documents (excluding financial projections and analyst reports) shall be false, incorrect, incomplete or misleading in any material respect when made or furnished, or any financial projection furnished by the Lessee or any of its Subsidiaries shall not have been based upon reasonable assumptions or shall fail to represent, as of its date of presentation, the Lessee's and its Subsidiaries' reasonable estimates of the future performance of the Lessee and its Subsidiaries, and either:

          (i)  The Lessee has acknowledged that such representation, warranty, certificate, information or other statement was false, incorrect, incomplete or misleading in any material respect or the Administrative Agent, the Lessor or any Lender has delivered to the Lessee written notice to such effect and such representation, warranty, certificate, information or other statement cannot be remedied; or

        (ii)  Such representation, warranty, certificate, information or other statement continues to be false, incorrect, incomplete or misleading in any material respect thirty (30) days after the earlier of (A) the Lessee's written acknowledgement that such representation, warranty, certificate, information or other statement was false, incorrect, incomplete or misleading in any material respect and (B) the Administrative Agent's, the Lessor's or any Lender's written notice to the Lessee to such effect; or

        (e)    Cross-Default.    (i) The Lessee or any of its Subsidiaries shall fail to make any payment on account of any Indebtedness of such Person (other than the Obligations) when due (whether at scheduled maturity, by required prepayment, upon acceleration or otherwise) and such failure shall continue beyond any period of grace provided with respect thereto, if the amount of such Indebtedness exceeds $5,000,000 or the effect of such failure is to cause, or permit the holder or holders thereof to cause, Indebtedness of the Lessee and its Subsidiaries (other than the Obligations) in an aggregate amount exceeding $5,000,000 to become redeemable, due or otherwise payable (whether at scheduled maturity, by required prepayment, upon acceleration or otherwise) and/or to be secured by cash collateral or (ii) the Lessee or any of its Subsidiaries shall otherwise fail to observe or perform any agreement, term or condition contained in any agreement or instrument relating to any Indebtedness of such Person (other than the Obligations), or any other event shall occur or condition

16

shall exist, if the effect of such failure, event or condition is to cause, or permit the holder or holders thereof to cause, Indebtedness of the Lessee and its Subsidiaries (other than the Obligations) in an aggregate amount exceeding $5,000,000 to become redeemable, due or otherwise payable (whether at scheduled maturity, by required prepayment, upon acceleration or otherwise) and/or to be secured by cash collateral (provided, however, that the occurrence of any failure, event or condition described in this clause (ii) shall not constitute a Lease Event of Default if such failure, event or condition would not cause, or permit the holders of the relevant Indebtedness to cause, such Indebtedness to become redeemable, due or otherwise payable and/or to be secured by cash collateral but for the inclusion in the agreement or instrument governing such Indebtedness of a default provision substantially similar to Section 6.01(l) of Lessee's Credit Agreement (as in effect on the Documentation Date) specifying that the occurrence of any event having (or reasonably likely to have) a material adverse effect on the Lessee constitutes an event of default under such Indebtedness); or

        (f)    Insolvency, Voluntary Proceedings.    The Lessee or any of its Material Subsidiaries shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated in full or in part except as otherwise permitted by Section 9.2(d)(ii) of the Participation Agreement, (v) become insolvent (as such term may be defined or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose of effecting any of the foregoing; or

        (g)    Involuntary Proceedings.    Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Lessee or any of its Material Subsidiaries or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Lessee or any of its Material Subsidiaries or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement; or

        (h)    Judgments.    (i) One or more judgments, orders, decrees or arbitration awards requiring the Lessee and/or its Subsidiaries to pay an aggregate amount of $10,000,000 or more (exclusive of amounts covered by insurance issued by an insurer not an Affiliate of the Lessee and otherwise satisfying the requ