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ARTICLE III. TERM. 3.1. Initial Term. The "Commencement Date" shall commence on the earlier of. (i) that date which is six (6) months after the Delivery Date (as defined in Section 4.1); or (ii) the date on which Tenant opens its business in the Premises to the public, whichever is earlier. The Initial Term shall end on that date which is Three (3) Lease Years after the Commencement Date, unless earlier terminated in accordance with the provisions of this Lease (the "Termination Date" ). Tenant hereby covenants that within five (5) days after the Commencement Date, it shall execute the Commencement Certificate attached hereto as Exhibit E and made a part hereof, and deliver it to Landlord. 3.2. Extension Options. Provided that no Event of Default, as hereinafter defined, or any facts which with the giving of notice or passage of time, or both, would constitute an Event of Default, exists at the time of the exercise of any option to extend the Term hereof or exists at the end of the Initial Term, Tenant may renew this Lease and extend the Initial Term hereof for one (1) additional period of Three (3) years (such Three (3) year period being referred to as an "Extended Term "), on the same terms and provisions as provided in this Lease (except that the Modified Gross Rent due in such Extended Term shall be subject to negotiation), by delivering written notice of the exercise of such option to extend to Landlord not later than one hundred and eighty (180) days before the expiration of the Initial Term of this Lease. If Tenant fails to exercise its option to extend the Term hereof in the time periods set forth in this Section 3.2, all such option to extend shall immediately terminate and have no further force or effect, without further notice from Landlord. Any reference in this Lease to the "Term" shall mean the Initial Term as it may be extended pursuant to this Section 3.2. 3.3. Holding Over. If Tenant fails to surrender the Premises upon the expiration of the Term or earlier termination of the Lease (it being agreed that Tenant shall not be permitted to so hold over without Landlord's written consent), Tenant shall pay Landlord for each day of such holding over a sum equal to one hundred and twenty -five percent (125 %) of the Modified Gross Rent payable during the preceding Lease Year prorated for the number of days for such holding over, plus Tenant's Pro Rata Share of all other amounts which Tenant would have been required to pay hereunder had this Lease been in effect (the "Holdover Rent'). If Tenant holds over without Landlord's written consent for a period in excess of thirty (30) days without any action from Landlord to dispossess Tenant, Tenant shall be deemed to occupy the Premises on a tenancy from month -to -month at the Holdover Rent, and all other terms and provisions of this Lease shall be applicable to such period. At any time, either party may terminate such tenancy from month -to -month upon written notice delivered to the other party at least thirty (30) days in advance. Tenant hereby waives any and all notice to which Tenant may otherwise be entitled under the laws of the State of Indiana (the "State ") as a prerequisite to a suit against Tenant for unlawful detention or possession of the Premises. Tenant shall Indemnify, as hereinafter defined, Landlord from any Loss, as hereinafter defined, resulting from such hold over, including without limitation any liability incurred by Landlord to any succeeding tenant of the Premises. ARTICLE IV. 4.1. Landlord's Work. Landlord shall perform the work described in Exhibit D, attached hereto and made a part hereof (the "Landlord's Work") substantially in accordance with the plans and specifications for Landlord's Work, as such plans and specifications may be modified by Landlord as appropriate to complete Landlord's Work (the "Plans "). The "Delivery Date" shall be the date upon which Landlord's Work is substantially complete in accordance with the Plans, subject to delineated "punch -list' items that do not prevent Tenant from using the Premises for the purpose of. (a) conducting its normal business operations; or (b) completing Tenant's Work, as hereinafter defined. On the Delivery Date, Tenant shall have full occupancy of the Premises, subject to all of the terms and conditions of this Lease. Landlord shall correct any "punch -list' items within sixty (60) days after the Delivery Date. 4.2. Tenant's Work.