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7. Condition of Premises. (a) "AS IS" Rental. Lessor leases the Premises to Lessee on an "AS IS basis", and Lessee acknowledges that Lessor has made no representations of any kind in connection with soils, improvements, or physical conditions on the Premises, or bearing on the use of the Premises, whether express or implied. (b) Inspections. Lessee shall be solely responsible for conducting any inspections it may deem necessary or appropriate in detemdning whether to enter this Lease. Prior to the Effective Date, Lessee may examine and inspect all matters with respect to taxes, operating expenses, insurance costs, bonds, permissible uses, historical uses, zoning, covenants, conditions and restrictions and all other matters which in Lessee's judgment might bear upon the value and suitability of the Premises for Lessee's purposes or Lessee's willingness to enter into this Lease. Lessee acknowledges that Lessor has made no representations and warranties regarding these matters, whether express or implied, and that Lessee has relied on its own inspections and examinations in entering into this Lease. As of the Effective Date, Lessee shall be deemed fully satisfied with the results of all of the inspections and examinations contemplated in this Section 7 and Lessee be deemed to have accept the Premises "AS IS" with all faults. 8. Rent. In consideration for this Lease, Lessee shall maintain the Premises in a neat and clean condition satisfactory to the Lessor. Lessee shall be responsible for the maintenance, repair, landscaping and removal of debris from said Premises. 9. Security Deposit. No security deposit shall be required from Lessee. 10. Late Charges; Interest. (a) Late Charges. If any installment of Rent or other sum due from Lessee is not received by Lessor within ten (10) days of the date it is due, then Lessee shall pay to Lessor a late charge equal to six percent (6%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Lessor will incur by reason of late payment by Lessee which are impracticable to estimate. Acceptance by Lessor shall in no event constitute a waiver of Lessee's default or breach with respect to such overdue amount or prevent Lessor from exercising any other rights and remedies granted herein. (b) Interest. Any monetary obligation due Lessor hereunder, other than late charges, not received by Lessor within ten (10) days of the date it is due, shall bear interest from the date due at the then -3- 895092.2