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55 <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 />