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<br />OPTION TO EXTEND TERM <br /> <br />I <br /> <br /># 1.02. Sublessee has the right to extend this sublease <br />beyond the expiration date provided in # 1.01. on the following <br />terms and conditions: <br /> <br />a. Should Sublessee fully and faithfully perform the terms <br />and conditions of this sublease, Sublessee may extend the term of <br />this lease for a period of five years, with the extended term to <br />begin on the day following the expiration date of the sublease term <br />specified in # 1.01. Provided, however, that if at the date of the <br />expiration of the original term, Sublessee is in default beyond any <br />grace period provided in this sublease in the performance of any of <br />the terms or provisions of this sublease, the remaining option <br />shall be null and void. All the terms, covenants, and provisions <br />of this sublease shall apply to all extended sublease terms. The <br />waiver of Sublessor of any breach of a term, covenant, or condition <br />of this sublease shall not be deemed to be a waiver for the purpose <br />of Sublessee's right to extend the term of this sublease under this <br />paragraph provided Sublessor has given notice of any breach as <br />required by the terms of the sublease. <br /> <br />b. Sublessee may exercise the option to extend this sublease <br />by giving to Sublessor notice of its intention to do so not earlier <br />than August 12, 2000 and not later than November 12, 2000 prior to <br />the expiration of the sublease term. To constitute effective <br />notice of an intention to exercise the option under this sublease, <br />the notice must be sent by certified or registered mail to <br />Sublessor at the address provided in # 13.01. of this sublease and <br />must be postmarked no later than the latest date provided in this <br />section for Sublessee I s exercise of the option. Any notice to <br />exercise the option by Sublessee is subject to the provisions of # <br />1.02. (a) above. <br /> <br />HOLDOVER <br /> <br /># 1.03. If Sublessee holds over and continues in possession <br />of the subleased premises after expiration of the terms of this <br />sublease or any extension of that term, other than provided in # <br />1.02., Sublessee will be deemed to be occupying the premises on the <br />basis of a month-to-month tenancy, subject to all of the terms and <br />conditions of this sublease. <br /> <br />ARTICLE 2. RENT <br />Consideration <br /> <br />I <br /> <br /># 2.01. Sublessee agrees to make improvement on the subleased <br />premises to the extend of ten per cent (10%) of its annual gross <br />receipts. Sublessee agrees and covenants that it will expend <br />during each year for such purpose ten per cent (10%) of its total <br />gross receipts for the five year term of this sublease. However, <br />in the event Sublessee expends in excess of ten per cent (10%) <br />during anyone year hereof for such purpose, such excess may be <br />credited on the total amount to be expended by Sublessee hereunder. <br />2 <br />