(1) If the lessee continues to use the object leased, or takes profits therefrom after the expiration of the period of the lease, and the lessor fails to raise any objection thereto within a reasonable period, it shall be deemed to have created a new lease on the same terms and conditions as those of the previous one; provided, either party may give notice to the other party to rescind the lease for the future in accordance with the provisions of Article 635.
(2) In the case of paragraph (1), the security for the previous lease furnished by a third person shall be extinguished by expiration of the period.