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7.03. In entering into this Lease, Lessee understands that it will be solely responsible for the payment <br />of ad valorem taxes, if any, that are assessed against all or any portion of the Leased Premises, <br />the equipment, inventory, personal property, including but not limited to aircraft used for <br />commercial purposes. Lessee agrees to pay all such taxes and assessments when due and to <br />promptly pay any invoices for taxes and assessments forwarded to it by Lessor. <br />7.04. The Lessee shall also pay when due all sales, excise, income and other taxes levied upon its <br />business operations on the Leased Premises. <br />ARTICLE 8: INSURANCE AND INDEMNITY <br />8.01. Liability Insurance: The Lessee shall procure and maintain insurance in frill force at its expense <br />as set forth in the Minimum Standards, covering claims which arise out of or in connection with <br />the Lessee's use or maintenance of the Leased Premises. This insurance shall be written so that <br />the Lessor must be notified in writing at least thirty (30) days in advance of cancellation, <br />restrictive amendment or non - renewal. The Lessee shall file certificates of insurance with the <br />Lessor upon execution of this Lease and annually during the Lease term. All insurance required <br />under this paragraph shall be primary over any other insurance coverage the Lessor may have, <br />and shall be written with the Lessor and Airport Manager as an additional insured. In any event, <br />the Lessee is fully responsible for all losses arising out of, resulting from or connected with <br />operations under this Lease whether or not the losses are covered by insurance. The Lessor's <br />acceptance of insurance certificates that do not comply with these requirements will not release <br />the Lessee from compliance with these provisions. <br />8.02. Casualty Coverage: The Lessee shall maintain in full force and effect during the term of this <br />Lease a policy of insurance on the Texas Standard form of fire and extended coverage for all <br />contents, goods, stock, and any personal property which is or may be situated upon the Leased <br />Premises. <br />8.03. Indemnity and Hold Harmless <br />a. LESSEE AGREES TO HOLD HARMLESS, INDEMNIFY, AND DEFEND THE <br />LESSOR AND AIRPORT MANAGER AND THEIR OFFICERS, AGENTS, <br />OWNERS, AND EMPLOYEES FROM AND AGAINST ALL CLAIMS, SUITS, AND <br />ACTIONS BY THIRD PARTIES FOR LOSS OF LIFE, PERSONAL INJURY, OR <br />PROPERTY DAMAGE ARISING IN CONNECTION WITH THE USE OF LESSEE'S <br />PREMISES OR ANY AREAS OF THE AIRPORT BY LESSEE, ITS AGENTS, <br />CONTRACTORS, EMPLOYEES, SERVANTS, INVITEES, OR LICENSEES. <br />b. LESSEE SHALL USE THE AIRPORT AND USE, OCCUPY, AND STORE <br />PROPERTY ON ITS PREMISES AND ON ANY AREAS OF THE AIRPORT AT ITS <br />OWN RISK, AND LESSEE AGREES TO HOLD HARMLESS AND RELEASE <br />LESSOR AND AIRPORT MANAGER AND THEIR OFFICERS, AGENTS, <br />Page 9 of 20 <br />