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<br />. , <br /> <br />, <br /> <br />, <br /> <br />III. <br /> <br />THE PROPERTY IS HEREBY LEASED "AS IS", "WHERE IS" AND WITH ALL <br />FAULTS AND CITY MAKES NO REPRESENTATIONS OR WARRANTY WHATSOEVER <br />WHETHER EXPRESSED, IMPLIED OR STATUTORY WITH RESPECT TO THE <br />PROPERTY, THE AVAILABILITY OF UTILITIES, ACCESS OF THE PROPERTY TO <br />PUBLIC ROADS, APPLIANCES OR THE CONDITION, ADEQUACY OR SUITABILITY <br />OF THE PROPERTY FOR PURPOSES. LESSEE AGREES THAT LESSEE IS NOT <br />RELYING ON ANY WARRANTY OR REPRESENTATIONS OF CITY OR ANY AGENT, <br />EMPLOYEE, REPRESENTATIVE, DIRECTOR OR OFFICER OF CITY, AND THAT <br />LESSEE IS LEASING THE PROPERTY liAS IS", "WHERE IS" SUBJECT TO ALL <br />FAULTS AND WITHOUT ANY EXPRESSED OR IMPLIED WARRANTIES OF ANY KIND, <br />INCLUDING BUT NOT LIMITED TO, MATERIALS, WORKMANSHIP, GOOD AND <br />WORKMANLIKE CONSTRUCTION, DESIGN, CONDITION, HABITABILITY, <br />TENANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY <br />OR THE ENVIRONMENTAL CONDITION OF THE PROPERTY AND THE PRESENCE OF <br />OR CONTAMINATION BY HAZARDOUS MATERIALS AND CITY HEREBY DISCLAIMS <br />ANY SUCH WARRANTY. LESSEE HAS DETERMINED ON LESSEE'S BEHALF (I) <br />THE PHYSICAL CONDITION OF THE PROPERTY AND THAT THERE IS NO DEFECT <br />OR CONDITION WHICH IS UNACCEPTABLE TO LESSEE, (II) WHETHER ANY <br />PORTION OF THE PROPERTY LIES IN ANY FLOOD PLAIN, FLOOD WAY OR <br />SPECIAL FLOOD HAZARD AREA, (III) WHETHER ANY GEOLOGICAL FAULT OR <br />UNSATISFACTORY SOIL CONDITION EXISTS ON ANY PORTION OF THE <br />PROPERTY, AND (IV) THAT ALL ENVIRONMENTAL CONDITIONS RELATING TO <br />THE PROPERTY ARE ACCEPTABLE TO LESSEE. <br /> <br />IV. <br /> <br />Lessee acknowledges its understanding of applicable state and <br />federal regulations concerning the abandonment and removal of <br />UST's, and Lessee hereby agrees, obligates and binds itself to <br />City, to accept full responsibility for the remediation of all <br />environmental matters on the leased premises, including but not <br />limited to the five (5) UST's on the leased premises, and <br />surrounding area, and to promptly correct and remediate any <br />violations of state or federal environmental regulations concerning <br />the leased premises, including but not limited to the five (5) <br />UST's, and any hazardous material, on the leased premises. <br /> <br />Lessee agrees to save and hold harmless City from any loss, <br />claim, or liability, arising out of Lessee's failure to remediate <br />any environmental matters on the leased premises in accordance with <br />state and federal regulations. <br /> <br />V. <br /> <br />Bayport fully and finally releases City from any loss, claim <br />or liability, under the terms and prov~sions of the Lease, and <br />arising out of its operations at the City'S Municipal Airport, and <br />Bayport agrees to save and hold harmless City from any loss, claim, <br />or liability therefor. <br /> <br />2 <br />