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Part of Minutes of the University of Kentucky Board of Trustees

FCR 11 Office of the President April 30, 2002 Members, Board of Trustees: COLDSTREAM RESEARCH CAMPUS GROUND LEASE FIRST ALLIANCE CORPORATION Recommendation: that the Administration be authorized to execute a ground lease between the University of Kentucky and approximately one acre on Lot 21 of the Coldstream Research Campus for the purpose of developing a 16,500 square foot commercial building to house First Alliance Corporation. Background: First Alliance Corporation was organized on February 16, 1993 for the purpose of forming, owning and managing life insurance companies. KEY TERMS OF GROUND LEASE Lessor - University of Kentucky Lessee - First Alliance Corporation TERM OF GROUND LEASE Not to exceed 75 years SIZE OF PARCEL Lot 21, approximately 1 acre; as shown Research Campus Development Plan. on the Coldstream GROUND RENT Until the last day of the calendar month in which commencement of construction of the improvements has occurred, the annual rent to be paid by the lessee shall be at the rate of $300.00 per month. After commencement of construction of the improvements has occurred, Lessee will pay Lessor monthly at the rate of $1,500 per acre per year (annual lease payment $18,000) (Value per acre $200,000 times 1 = $200,000 x 9%=$18,000). Rent increases or decreases by 25% of the Consumer Price Index every five years. PARTIES