3. TERM: The term of this lease shall be for ten (10)years and -0- months, and shall commence on the 1st day of January, 1997, and end on the 31st day of December, 2006, inclusive. The Lessors acceptance of rent for a period after the end of the term hereof shall not extend the term, but shall simply evidence a month to month tenancy. The term of this lease may be extended for two (2)five (5) year periods at market rate by Lessee giving Lessor a ninety (90)day written notice.
1.2 HOLDOVER BY TENANT If Tenant remains in possession of the Leased Premises after the expiration of this Lease and without the execution of a new lease, Tenant shall be deemed to be occupying the Leased Premises as a Tenant from month to month, subject to all conditions, provisions and obligations of this Lease insofar as the same are applicable to a month to month tenancy. Such month-to-month tenancy shall be terminable by either by not less than thirty (30)days written notice prior to the end of a Lease month. The Rent for the holdover period shall be an amount equal to one and a half (1 1/4) the amount of the Annual Fixed Rent for the last Lease month of the Lease Term, prorated on a daily basis for each day that Tenant remains in possession. Furthermore, any remaining Tenant made alterations or remaining trade fixtures belonging to Tenant shall not constitute a holdover by Tenant.
Should Tenant continue in possession of the premises after expiration or any other termination of the term and without LJMG’s written consent, such possession shall be under the provisions of this Lease, except that such occupancy shall be a tenancy from month to month at a rent in an amount equal to 150% of the last monthly rent, plus all other charges payable hereunder, shall continue at such rate until possession is surrendered, and shall be governed by all other terms herein applicable to a month to month tenancy. LJMG shall be entitled to exercise all remedies available to LJMG on account of such continued possession, and Tenant's obligation to pay rent and all other charges payable hereunder shall be in addition, and without prejudice, to such remedies.
22. Surrender - The LESSEE shall, on the expiration of the term or earlier termination of this Lease, remove all of its personal property and effects from the Leased Premises and surrender the same, together with all additions, alterations, and improvements made by the LESSEE, to the LESSOR in good tenantable condition, ordinary wear and tear and damage by fire or other casualty not occurring as a result of the LESSEE’S negligence only excepted. If the LESSOR shall so elect, any personal property belonging to the LESSEE not removed from the Leased Premises shall be deemed abandoned and become the property of the LESSOR without the necessity of any payment to the LESSEE. If the LESSEE leaves any property at the Premises after the end of the Term or after the rightful termination of this Lease, then all such property is considered abandoned. The Landlord may store, use, sell, or dispose of the abandoned property. The LESSEE shall pay 125% of all reasonable expenses related to disposal of the abandoned property as Additional Rent. In the event the LESSEE remains in possession of the leased premises after expiration of the tenancy created hereunder, and without execution of a new lease, the LESSEE, at the option of the Lessor shall be deemed to be Holding Over, as a LESSEE from month to month, at twice the latest base Rent and Additional Rent, and subject to all other conditions, provisions and obligations of the lease insofar as the same are applicable to a month to month tenancy. Notwithstanding the foregoing, LESSEE will refrain from moving the Collateral from the Leased Premises without LESSOR’S prior written consent and will advise LESSOR as to the location of all other Collateral in its possession.