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2. TERM <br />2.1 Initial Term. The term of this Lease shall be twenty (20) years, <br />commencingJune 1, 1997(hereinafter referred to as the "Lease Commencement <br />Date"), and ending on June 1, 2017 unless extended or sooner terminated as provided <br />for in this Lease. <br />2.2 Extension. No later than ninety (90) days prior to the termination of the <br />initial term of this Lease, the parties shall commence negotiations in good faith to <br />extend the term of the Lease for an additional ten (10), year period, or such other <br />term as agreed upon by the parties, by written agreement. The parties agree that any <br />such extension may provide for an annual payment of rent equal to ten percent <br />(10%) of the land value of the Premises, which value shall reflect the unique value of <br />the .Premises as the site of a reader board sign for retail purposes. Such land value <br />shall be determined by an appraiser who is a Member of the Appraisal Institute <br />(MAI), or economic consultant, and such appraiser or consultant shall be selected <br />upon the mutual agreement of Landlord and Tenant. <br />3. RENT <br />3.1 Rent. For the first twenty (20) years of this Lease, Tenant shall not be <br />required to pay any rent to Landlord. <br />3.2 Taxes and Assessments. <br />3.2.1 Obligation to PaT. To the extent applicable, Tenant is fully <br />responsible for and agrees to pay, all real and personal property taxes (including any <br />tax levied on a possessory interest, as defined in California Revenue and Taxation <br />Code Section 10-7 or successor statute, if applicable) levied on or assessed by any <br />governmental agency against Tenant's interest in personal property located on or in <br />the land or improvements. <br />4. USES, PURPOSES <br />4.1 Use of Premises. Tenant shall use and permit the use of the Premises only <br />for the construction, maintenance, and operation of a reader board sign for <br />advertising Tenant's adjacent automobile dealerships. Such reader board sign may <br />also be used by other automobile dealerships located on Marina Boulevard, upon the <br />reasonable approval of Tenant and subject to: (i) payment by each such dealership of <br />Automall Read Board Sign - Ground Lease <br />Final 5/07/97 Page 2 of 22 <br />