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(c) "Premises" shall mean Suite 600, One West Franklin <br />Building, 105 North Columbia Street, Chapel Hill, Orange County, <br />North Carolina, consisting of 491 square feet, more or less. <br />1.02 CONSTRUCTION. All other words and terms shall be <br />construed in accordance with their ordinary and accepted meanings, <br />or trade usages, if appropriate, unless the context otherwise <br />requires. <br />II. <br />LEASEHOLD <br />2.01 CONVEYANCE. Lessor hereby conveys, leases and demises, <br />and Lessee hereby accepts, a leasehold interest in the Premises, <br />subject to the terms, conditions and covenants set forth below. <br />2.02 TERM. The term of this Agreement shall include: <br />(a) original Term. Subject to the termination rights <br />reserved in paragraphs 2.04 (d) , 4.03 and 5. 02, the original term of <br />this Agreement shall be six (6) months in duration, commencing July <br />1, 1992 and ending December 31, 1992. <br />(b) Renewal Term. Subject to the termination rights reserved <br />in paragraphs 2.04(d), 4.03 and 5.02, and provided that Lessee <br />shall have timely paid all installments of Base Rents, and shall <br />have complied at all times with all the terms, conditions and <br />covenants contained in this Agreement, Lessee is hereby granted an <br />option to extend the term of this Agreement for an additional six <br />(6) months from January 1, 1993 to June 30, 1993 upon the same <br />terms and conditions as set forth herein. Lessee shall exercise <br />MM <br />