LEASE

THIS LEASE made and entered into the 9th day of June, 1996, by and between Par III Associates, by Barry Davidson, Receiver, ("Lessor"), and Coldwater Creek Inc., a Delaware Corporation ("Lessee").

In consideration for the mutual covenants, conditions and restrictions contained herein, and in consideration for the payment of the rental in the amounts and at the times as hereinafter specified, the parties hereto agree as follows:

1. DESCRIPTION OF PREMISES. Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, a portion of the office structure located at 1201 Ironwood Drive, Coeur d'Alene, Idaho, consisting of the intermediate entry level floor and next lower level floor, and more particularly described on Exhibit "A-1" and "A-2" attached hereto and by this reference incorporated herein.

Specifically, this Lease shall apply to those premises referred to as the intermediate entry level floor and next lower level floor of the office structure, set forth on the site plan attached hereto as Exhibit "A-2" and by this reference incorporated herein, consisting of approximately 24,480 square feet, more or less. The parking area for the demised premises shall be located on the parking lot to the west of the leased facility. Lessee agrees to allow Lessor access to the existing warehouse building located on the Western Parking Lot and to the portions of the office structure not leased hereunder. The warehouse, together with the code required number of parking spaces adjacent thereto are specifically reserved from this lease. So long as no other tenant (s) occupy the office structure, the Lessee has the right to use portions of the Eastern Parking Lot, with the written permission of the Lessor. At such time as Lessee needs additional parking for its on-site employees, Lessee may use for employee parking the gravel area north and east of the office structure.

Floors one and four of the office structure are not included in the demised premises. In the event Lessor leases space on floors one and four to a party other than Lessee, Lessor shall install sufficient barriers to maintain private access and security to Lesses's demised premises.

2. TERM. The term of this Lease shall be for a period of 24 months, commencing on the 1st day of July, 1996, and ending at midnight, the 30th day of June, 1998, unless sooner renewed, or terminated, as provided for herein.

3. BASE RENT.

(a) Lessee agrees to pay monthly installments of $13,666.67 as Base Rent, and a minimum of $4,000.00 per month as Additional Rent, for the demised premises, subject to adjustment as hereafter provided. The first payment will be due on or before the 1st day of July 1996, and the remaining payments on the 1st day of each succeeding month thereafter, until the expiration of this Lease. In the event that the Lessee shall take possession prior to the first of the month at which the Lease Term commences, rent for the partial month shall be prorated on a daily basis. Each monthly installment shall be paid to Lessor in advance, on or before the 1st day of the month for which said installment is due, at the address set forth herein or at such other place as shall be designated in writing by Lessor. After the 5th day of each month there shall be a late fee assessed and payable of 1% of the Base Rent for each day the rent is not received.

(b) Lessee shall pay as Additional Rent, in addition to the Base Rent herein reserved, any taxes, assessments, utility charges, common area expenses, maintenance, management fees or insurance premiums of other operating expenses as hereinafter provided in paragraphs 8, 9, 10, 11 and 12. The minimum Additional Rent is $4,000.00 per month.

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