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2.04

Overholdin~

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If the Tenant remains in occupation ofthe Demised Premises after the expiration

of the Term hereby granted without a written agreement to the contrary, it shall not be deemed

to be a tenant from year to year, but shall be a monthly tenant at a rental equivalent to market

rent, as agreed by the parties or fixed by arbitration, payable in advance, and all the terms and

conditions hereof,so far as applicable, shall apply to such monthly tenancy. The acceptance by

the Landlord of arrears of rent or compensation for use or occupation of the Demised Premises

after notice oftermination of this lease has been given shall not operate as a waiver of the notice

or as a reinstatement of the lease or as a creation of a new lease unless the parties so agree.

ARTICLE III -RENT

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3.01

Fixed Rent

The Tenant covenants to pay to the Landlord Fixed Rent in the amount set out in

Schedule B,

ARTICLE IV -GENERAL COVENANTS

4.01

Covenants of Tenant

The Tenant covenants with the Landlord:

(a)

to pay Rent

(b)

on.or before October 30, 2001 to remove, relocate and replace the existing fence

line to the west of the Demised Premises between the waterfront and Guise

Street, to a position along the western boundary of the Lands as shown on

Schedule "A", and

(c)

to observe and perform all the covenants and obligations ofthe Tenant under this

lease.

Covenants of Landlord

4.02

The Landlord covenants with the Tenant:

(a)

for quiet enjoyment of the Lands; and

(b)

to observe and perform all the covenants and obligations of the Landlord under

this lease.

ARTICLE V - TAXES AND CHARGES

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5.01

Net Lease

It is the intention of the parties hereto that this lease be, subject to as expressly

provided for herein, net and carefree to the Landlord. The Tenant covenants with the Landlord

to be responsible for and to pay all costs, charges, expenses and outlays of every kind relating

to or affecting the Demised Premises. Any payments not made by the Tenant may be paid by the

Landlord and will thereafter be collectible as rent forthwith upon notice by the Landlord to the

McCarthy Tetrault TDO-RED #8106942 Iv. 8