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8 <br /> 4. Condition of Premises. Lessor agrees to deliver the Premises to Lessee in its present <br /> condition. Except as otherwise expressly provided herein, Lessee acknowledges that the <br /> Premises is being delivered "as is", that Lessee has performed preliminary investigations and <br /> reviews and has concluded on its own judgment that the Premises are suitable for the purposes <br /> intended, without any representations or warranties of any kind (including, without limitation, <br /> any express or implied warranties of merchantability, fitness or habitability) from Lessor or any <br /> agent of Lessor. Lessees's entry into possession shall constitute conclusive evidence that as of <br /> the date thereof the Premises were in good order and satisfactory condition. Lessee further <br /> acknowledges that this Lease is subordinate to all existing easements and rights of way <br /> encumbering the Premises, including any easements benefiting adjacent land owned by Lessor. <br /> 5. Use of Premises and Leasehold Improvements. The Premises shall be used by Lessee for <br /> the construction, maintenance and operation of a public community and recreation facility <br /> together with other accessories and appurtenances related thereto, as said facility is more <br /> particularly described in Exhibit B attached hereto and incorporated herein by this reference <br /> (said facility and all fixtures, accessories and appurtenances constructed or installed on the <br /> Premises in connection therewith are collectively referred to herein as the "Leasehold <br /> Improvements"). If Lessee ceases to use the Premises for the purposes herein described or <br /> makes other uses of the Premises without the express written consent of Lessor, Lessor may <br /> terminate this Lease and reenter and take possession of the Premises. <br /> 6. Construction of Leasehold Improvements. The Premises shall be developed and the <br /> Leasehold Improvements shall be constructed by Lessee, at its sole cost and expense, in <br /> compliance with all the applicable governmental laws and regulations. Construction of the <br /> Leasehold Improvements shall be deemed to have commenced when Lessee begins site grading <br /> or site preparation. All such Leasehold Improvements shall be and remain the property of <br /> Lessee. <br /> 7. Maintenance and Repair. During the Term, Lessee, at its sole cost and expense, shall <br /> maintain in thorough repair and in good and safe condition the Premises and the Leasehold <br /> Improvements. Lessee's maintenance obligations shall include, without limitation, such <br /> stormwater system(s) on the Premises as may be required by local or state ordinances and <br /> regulations. <br /> 8. Utilities. Lessee shall be responsible for all charges, fees and expenses associated with <br /> the provision of utilities necessary for its construction and use of the Leasehold Improvements <br /> and for its occupancy and possession of the Premises. <br /> 9. Insurance and Liability. <br /> 9.1 Lessee Insurance. Lessee shall obtain adequate insurance coverage in accordance <br /> with all applicable laws for (i) general liability, (ii) automobile liability, and (iv) fire and <br /> extended coverage with regard to the Lessee's operations on or about Premises and the <br /> Leasehold Improvements located thereon. Lessee shall require any of its contractors or agents <br /> entering the Premises to obtain and keep in place with well rated insurers, authorized to do <br /> business in the State of North Carolina, adequate insurance coverage, as applicable, for (i) <br /> statutory workers' compensation including, employers' liability, (ii) comprehensive general <br />