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-2— <br />Assumption of all Lease Obligations by Assignee <br />3. On the Effective Date of this Agreement, the Assignee hereby assumes each <br />and every obligation of the Assignor under the Lease as if the Assignee had <br />been an original party thereto. <br />Continued Obligation of Assignor <br />4. The Assignor acknowledges that pursuant to Paragraph 8 of the Lease, the <br />assumption of the obligations under the Lease by the Assignee does not relieve <br />the obligation of the Assignor to perform the Lease in every respect. <br />Conformance with Laws and Regulations <br />5. The Assignor and Assignee acknowledge and declare that this Agreement is <br />intended to be in conformance with all Airport Board, local, state and federal <br />laws, ordinances, rules, regulations and policies, and the Assignee will comply <br />with all laws, ordinances, rules, regulations and policies applicable to the use <br />and operation of the Airport property, facilities and operations as those laws, <br />ordinances, rules, regulations and policies now exist or may hereafter become <br />effective. <br />General <br />6. The covenants, agreements, terms and conditions contained in this Agreement <br />shall apply to and be binding upon Assignor and Assignee and their respective <br />heirs, executors, administrators, successor and assigns. <br />IN WITNESS WHEREOF the parties have entered into this Agreement as of the <br />date and year first above written. <br />CARRERA HANGARS LP, by its General <br />Partner, CARRERA PACIFIC CORPORATION <br />Per: <br />CARRERA HANGARS BOWERS FIELD LP, by <br />its General Partner, CARRERA PACIFIC <br />CORPO' <br />Per: <br />