SO ELECTS, ANY LEGAL OR
ADMINISTRATIVE PROCEEDINGS OR OTHER ACTIONS INITIATED WITH RESPECT TO THE
PROPERTY IN CONNECTION WITH ANY ENVIRONMENTAL LAW OR
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HAZARDOUS SUBSTANCE, AND BORROWER SHALL PAY ALL REASONABLE ATTORNEYS' FEES AND
DISBURSEMENTS INCURRED BY LENDER IN CONNECTION THEREWITH.
(B)
UPON LENDER'S REQUEST, AT ANY TIME AND FROM TIME TO TIME, BORROWER SHALL
PROVIDE AN INSPECTION OR AUDIT OF THE PROPERTY PREPARED BY A LICENSED
HYDROGEOLOGIST, LICENSED ENVIRONMENTAL ENGINEER OR QUALIFIED ENVIRONMENTAL
CONSULTING FIRM APPROVED BY LENDER ASSESSING THE PRESENCE OR ABSENCE OF
HAZARDOUS SUBSTANCES ON, IN OR NEAR THE PROPERTY, AND IF LENDER IN ITS GOOD
FAITH JUDGMENT DETERMINES THAT REASONABLE CAUSE EXISTS FOR THE PERFORMANCE OF
SUCH ENVIRONMENTAL INSPECTION OR AUDIT, THEN THE COST AND EXPENSE OF SUCH AUDIT
OR INSPECTION SHALL BE PAID BY BORROWER. SUCH INSPECTIONS AND AUDIT MAY INCLUDE
SOIL BORINGS AND GROUND WATER MONITORING. IF BORROWER FAILS TO PROVIDE ANY SUCH
INSPECTION OR AUDIT WITHIN THIRTY (30) DAYS AFTER SUCH REQUEST, LENDER MAY ORDER
SAME, AND BORROWER HEREBY GRANTS TO LENDER AND ITS EMPLOYEES AND AGENTS ACCESS
TO THE PROPERTY AND A LICENSE TO UNDERTAKE SUCH INSPECTION OR AUDIT.
(C)
IF ANY ENVIRONMENTAL SITE ASSESSMENT REPORT PREPARED IN CONNECTION WITH
SUCH INSPECTION OR AUDIT RECOMMENDS THAT AN OPERATIONS AND MAINTENANCE PLAN BE
IMPLEMENTED FOR ANY HAZARDOUS SUBSTANCE, WHETHER SUCH HAZARDOUS SUBSTANCE
EXISTED PRIOR TO THE OWNERSHIP OF THE PROPERTY BY BORROWER, OR PRESENTLY EXISTS
OR IS REASONABLY SUSPECTED OF EXISTING, BORROWER SHALL CAUSE SUCH OPERATIONS AND
MAINTENANCE PLAN TO BE PREPARED AND IMPLEMENTED AT ITS EXPENSE UPON REQUEST OF
LENDER, AND WITH RESPECT TO ANY TOXIC MOLD, BORROWER SHALL TAKE ALL ACTION
NECESSARY TO CLEAN AND DISINFECT ANY PORTIONS OF THE IMPROVEMENTS AFFECTED BY
TOXIC MOLD IN OR ABOUT THE IMPROVEMENTS, INCLUDING PROVIDING ANY NECESSARY
MOISTURE CONTROL SYSTEMS AT THE PROPERTY. IF ANY INVESTIGATION, SITE MONITORING,
CONTAINMENT, CLEANUP, REMOVAL, RESTORATION OR OTHER WORK OF ANY KIND IS
REASONABLY NECESSARY UNDER AN APPLICABLE ENVIRONMENTAL LAW ("REMEDIAL WORK"),
BORROWER SHALL COMMENCE ALL SUCH REMEDIAL WORK WITHIN THIRTY (30) DAYS AFTER
WRITTEN DEMAND BY LENDER AND THEREAFTER DILIGENTLY PROSECUTE TO COMPLETION ALL
SUCH REMEDIAL WORK WITHIN SUCH PERIOD OF TIME AS MAY BE REQUIRED UNDER
APPLICABLE LAW. ALL REMEDIAL WORK SHALL BE PERFORMED BY LICENSED CONTRACTORS
APPROVED IN ADVANCE BY LENDER AND UNDER THE SUPERVISION OF A CONSULTING ENGINEER
APPROVED BY LENDER. ALL COSTS OF SUCH REMEDIAL WORK SHALL BE PAID BY BORROWER,
INCLUDING LENDER'S REASONABLE ATTORNEYS' FEES AND DISBURSEMENTS INCURRED IN
CONNECTION WITH THE MONITORING OR REVIEW OF SUCH REMEDIAL WORK. IF BORROWER DOES
NOT TIMELY COMMENCE AND DILIGENTLY PROSECUTE TO COMPLETION THE REMEDIAL WORK,
LENDER MAY (BUT SHALL NOT BE OBLIGATED TO) CAUSE SUCH REMEDIAL WORK TO BE
PERFORMED AT BORROWER'S EXPENSE. NOTWITHSTANDING THE FOREGOING, BORROWER SHALL
NOT BE REQUIRED TO COMMENCE SUCH REMEDIAL WORK WITHIN THE ABOVE SPECIFIED TIME
PERIOD: (X) IF PREVENTED FROM DOING SO BY ANY GOVERNMENTAL AUTHORITY, (Y) IF
COMMENCING SUCH REMEDIAL WORK WITHIN SUCH TIME PERIOD WOULD RESULT IN BORROWER
OR SUCH REMEDIAL WORK VIOLATING ANY