Release of Owner's Liability: As a further consideration for the use and occupancy of the space and premises, Occupant agrees that Owner, his agents, employees, and assigns shall not be liable to Occupant, his agents, guests, licensees or invitees for any loss or damage, injury or death caused to them or to their property, as the result of the use and occupancy of the space and premises. It is further agreed that any stored property is placed in this space at Occupant's sole risk, and Owner and Owner's agents, employees, and assigns shall have no responsibility or liability for any loss or damage to said property from any cause whatsoever, including the active or passive acts, omissions or negligence of Owner or Owner's agents, employees or assigns. Occupant acknowledges that Owner does not warrant or represent that stored property will be safely kept, nor that it will be secure against theft, nor that the premises and space are secure against hazards caused by rodents, insects, water, fire or the elements of weather or earthquake. It is agreed that this release of Owner's liability is a bargained for condition of the rent set forth herein, and that were Owner not released from liability set forth herein, a much higher rent would have to be agreed upon. Insurance: Owner does not provide insurance covering Occupants stored property. Occupant agrees to maintain at his expense a policy of fire and extended coverage insurance with theft, vandalism, and malicious mischief endorsement for the full replacement value of his stored property. This insurance is for the benefit of both Occupant and Owner. Occupant expressly agrees that the carrier of such insurance shall not be subrogated to any claim of Occupant against Owner, or Owner's agents or employees. Occupant agrees to indemnify and hold harmless Owner from any expense, costs or damage incurred by reason of any claim or action based in whole or in part upon such subrogation, including all attorneys' fees incurred by Owner in connection with such claim or action. To the extent Occupant does not maintain the required insurance coverage, Occupant shall be deemed to have "self-insured". To the extent that Occupant has "self-insured", Occupant shall bear all risk of loss or damage and hereby releases Owner, Owner's agents and representatives from any and all claims for damage or loss to the personal property stored on the "premises" that are caused by or result from perils that are or would be covered under the required insurance.