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I I I -2- III. It is expressly agreed that Lessee will operate any activ- ities conducted upon the leased premises pursuant to this lease agreement under those rules and regulations of the Federal Aviation Administration (FAA) governing such activities. IV. It is agreed that Lessee will comply with all Texas Alcoholic Beverage Commission rules and regulations pertaining to activities conducted upon the leased premises pursuant to this lease agree- ment. V. As a condition precedent to the use of the property, Lessee agrees to indemnify and hold harmless City from all damages, claims, losses, demands, suits, judgments, costs and expenses arlslng out of the use of said property, and shall defend any litigation arising in connection with such use at its own expense whenever said damages, claims, losses, demands, suits, judgments, cost or expense lS caused in whole or in part by any negligent act or omission of Lessee, anyone directly or indirectly employed by Lessee or anyone for whose acts Lessee may be liable, regard- less of whether said damages, claims, losses, demands, suits, judgments, cost or expense lS caused in part by City. Lessee shall occupy said property at is own risk, and releases City, to the full extent permitted by law, from all claims of every kind resulting in loss of life, personal or bodily injury or property damage. VI. Lessee shall maintain at its own cost and expense that insur- ance coverage required by FAA rules and regulations for approved aerobatic competition. At a minimum, this coverage shall be in an amount of not less than $100,000.00 for bodily injury, personal lnJury or death to anyone person and $30Q,000.00 for any single occurrence of bodily injury or death and $100,000.00 for any single occurrence for injury or destruction of property. Said