This chainsaw appears to have a dark force tied to it, best not to lose the damn thing unlike Hank did with his chainsaw. The next room has a latter leading down to ground level. As you prepare to go down, the Mag Agent comes though the door and tries to grab you.
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Waffles checks Jazz's inventory for something useful before going down the elevator. He finds a first aid kit, man, what a moron. Still, it's not like you have to heal him right away or anything.