pursuant to Section 365 of the Bankruptcy Code and (ii)
Lender covenants to cure or provide adequate assurance of future performance
under the Lease.
If Lender serves upon Borrower the notice described in the
preceding sentence, Borrower shall not seek to reject the Lease and shall comply
with the demand provided for in clause (i) of the preceding sentence within
thirty (30) days after the notice shall have been given, subject to the
performance by Lender of the covenant provided for in clause (ii) of the
preceding sentence.
ARTICLE VIII - ENVIRONMENTAL HAZARDS
SECTION 8.1
ENVIRONMENTAL REPRESENTATIONS AND WARRANTIES.
EXCEPT AS
OTHERWISE DISCLOSED BY THAT CERTAIN PHASE I ENVIRONMENTAL REPORT (OR PHASE II
ENVIRONMENTAL REPORT, IF REQUIRED) DELIVERED TO LENDER BY BORROWER IN CONNECTION
WITH THE ORIGINATION OF THE LOAN (SUCH REPORT IS REFERRED TO BELOW AS THE
"ENVIRONMENTAL REPORT"), TO BORROWER'S KNOWLEDGE (A) THERE ARE NO HAZARDOUS
SUBSTANCES (DEFINED BELOW) OR UNDERGROUND STORAGE TANKS IN, ON, OR UNDER THE
PROPERTY, EXCEPT THOSE THAT ARE (I) IN COMPLIANCE WITH ENVIRONMENTAL LAWS
(DEFINED BELOW) AND WITH PERMITS ISSUED PURSUANT THERETO (TO THE EXTENT SUCH
PERMITS ARE REQUIRED UNDER ENVIRONMENTAL LAW), (II) DE-MINIMIS AMOUNTS NECESSARY
TO OPERATE THE PROPERTY FOR THE PURPOSES SET FORTH IN THE LOAN AGREEMENT WHICH
WILL NOT RESULT IN AN ENVIRONMENTAL CONDITION IN, ON OR UNDER THE PROPERTY AND
WHICH ARE OTHERWISE PERMITTED UNDER AND USED IN COMPLIANCE WITH ENVIRONMENTAL
LAW AND (III) FULLY DISCLOSED TO LENDER IN WRITING PURSUANT THE ENVIRONMENTAL
REPORT; (B) THERE ARE NO PAST, PRESENT OR THREATENED RELEASES (DEFINED BELOW) OF
HAZARDOUS SUBSTANCES IN, ON, UNDER OR FROM THE PROPERTY WHICH HAS NOT BEEN FULLY
REMEDIATED IN ACCORDANCE WITH ENVIRONMENTAL LAW; (C) THERE IS NO THREAT OF ANY
RELEASE OF HAZARDOUS SUBSTANCES MIGRATING TO THE PROPERTY; (D) THERE IS NO PAST
OR PRESENT NON-COMPLIANCE WITH ENVIRONMENTAL LAWS, OR WITH PERMITS ISSUED
PURSUANT THERETO, IN CONNECTION WITH THE PROPERTY WHICH HAS NOT BEEN FULLY
REMEDIATED IN ACCORDANCE WITH ENVIRONMENTAL LAW; (E) BORROWER DOES NOT KNOW OF,
AND HAS NOT RECEIVED, ANY WRITTEN OR ORAL NOTICE OR OTHER COMMUNICATION FROM ANY
PERSON (INCLUDING BUT NOT LIMITED TO A GOVERNMENTAL AUTHORITY) RELATING TO
HAZARDOUS SUBSTANCES OR REMEDIATION (DEFINED BELOW) THEREOF, OF POSSIBLE
LIABILITY OF ANY PERSON PURSUANT TO ANY ENVIRONMENTAL LAW, OTHER ENVIRONMENTAL
CONDITIONS IN CONNECTION WITH THE PROPERTY, OR ANY ACTUAL OR POTENTIAL
ADMINISTRATIVE OR JUDICIAL PROCEEDINGS IN CONNECTION WITH ANY OF THE FOREGOING;
AND (F) BORROWER HAS TRUTHFULLY AND FULLY DISCLOSED TO LENDER, IN WRITING, ANY
AND ALL INFORMATION RELATING TO ENVIRONMENTAL CONDITIONS IN, ON, UNDER OR FROM
THE PROPERTY THAT IS KNOWN TO BORROWER AND HAS PROVIDED TO LENDER ALL
INFORMATION THAT IS CONTAINED IN BORROWER'S FILES AND RECORDS, INCLUDING, BUT
NOT LIMITED TO, ANY REPORTS RELATING TO HAZARDOUS SUBSTANCES IN, ON, UNDER OR
FROM THE PROPERTY AND/OR TO THE ENVIRONMENTAL CONDITION OF THE PROPERTY.
"Environmental Law" means any present and future federal, state and local laws,
statutes, ordinances, rules, regulations and the like, as well as common law,
relating to protection of human