PROMPTLY NOTIFY LENDER IF BORROWER SHALL BECOME
AWARE OF THE POSSIBLE EXISTENCE OF ANY HAZARDOUS MATERIALS ON A PROJECT IN
VIOLATION OF ENVIRONMENTAL STATUTES OR THIS AGREEMENT OR IF BORROWER SHALL
BECOME AWARE THAT THE PROJECT IS OR MAY BE IN DIRECT OR INDIRECT VIOLATION, IN
ANY MATERIAL RESPECT, OF ANY ENVIRONMENTAL STATUTES. FURTHER, PROMPTLY (BUT IN
ANY EVENT WITHIN FIVE (5) BUSINESS DAYS) AFTER RECEIPT OF THE SAME, BORROWER
SHALL DELIVER TO LENDER COPIES OF ANY AND ALL ORDERS, NOTICES, PERMITS,
APPLICATIONS, REPORTS, AND OTHER COMMUNICATIONS, DOCUMENTS AND INSTRUMENTS
PERTAINING TO THE ACTUAL, ALLEGED OR POTENTIAL PRESENCE OR EXISTENCE OF ANY
HAZARDOUS MATERIALS AT, ON, ABOUT, UNDER, WITHIN OR IN CONNECTION WITH THE
PROJECT IN VIOLATION OF THIS AGREEMENT OR ANY ENVIRONMENTAL STATUTES. BORROWER
SHALL, PROMPTLY AND WHEN AND AS REQUIRED PURSUANT TO ENVIRONMENTAL STATUTES OR
AS REASONABLY REQUIRED BY LENDER, AT BORROWER'S SOLE COST AND EXPENSE, TAKE ALL
ACTIONS AS SHALL BE REASONABLY NECESSARY OR ADVISABLE FOR THE CLEAN UP OF ANY
AND ALL PORTIONS OF THE PROJECT OR OTHER AFFECTED PROPERTY TO WHICH HAZARDOUS
MATERIALS EMANATING FROM THE PROJECT HAVE MIGRATED (UNLESS ARISING (Y) DIRECTLY
FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF LENDER OR ANY AGENTS,
CONTRACTORS OR INVITEES OF LENDER OR (Z) FROM HAZARDOUS SUBSTANCES WHICH ARE
INITIALLY PLACED IN, ON OR UNDER (OR
97
INTRODUCED IN, ON OR UNDER) THE PROPERTY, BY ANY PARTIES OTHER THAN BORROWER,
ITS AFFILIATES AND/OR THEIR RESPECTIVE AGENTS OR CONTRACTORS AFTER THE
FORECLOSURE, DEED-IN-LIEU OR OTHER TAKING OF TITLE BY LENDER, ITS SUCCESSORS OR
ASSIGNS), INCLUDING, WITHOUT LIMITATION, ALL INVESTIGATIVE, MONITORING, REMOVAL,
CONTAINMENT AND REMEDIAL ACTIONS IN ACCORDANCE WITH ALL APPLICABLE ENVIRONMENTAL
STATUTES (AND IN ALL EVENTS IN A MANNER REASONABLY SATISFACTORY TO LENDER), AND
SHALL FURTHER PAY OR CAUSE TO BE PAID, AT NO EXPENSE TO LENDER, ALL CLEAN UP,
ADMINISTRATIVE AND ENFORCEMENT COSTS OF APPLICABLE GOVERNMENTAL AGENCIES WHICH
MAY BE ASSERTED AGAINST THE PROJECT. IN THE EVENT BORROWER FAILS TO DO SO OR
COMMENCE DOING SAME AFTER THIRTY (30) DAYS NOTICE OF SUCH NECESSARY CLEAN-UP AND
TO DILIGENTLY PROSECUTE SAME TO COMPLETION, LENDER MAY, BUT SHALL NOT BE
OBLIGATED TO, CAUSE THE PROJECT OR OTHER AFFECTED PROPERTY TO WHICH HAZARDOUS
MATERIALS EMANATING FROM THE PROJECT HAVE MIGRATED TO BE CLEANED UP FROM ANY
SUCH HAZARDOUS MATERIALS OR OTHERWISE BROUGHT INTO CONFORMANCE WITH
ENVIRONMENTAL STATUTES AND ANY AND ALL REASONABLE COSTS AND EXPENSES INCURRED BY
LENDER IN CONNECTION THEREWITH, TOGETHER WITH DEFAULT RATE INTEREST THEREON FROM
THE DATE INCURRED BY LENDER UNTIL ACTUALLY PAID BY BORROWER, SHALL BE
IMMEDIATELY PAID BY BORROWER ON DEMAND AND SHALL BE SECURED BY THIS AGREEMENT
AND BY ALL OF THE OTHER LOAN DOCUMENTS SECURING ALL OR ANY PART OF THE
INDEBTEDNESS EVIDENCED BY THE NOTE. BORROWER HEREBY GRANTS TO LENDER AND ITS
AGENTS AND EMPLOYEES ACCESS TO THE PROJECT AND A LICENSE TO REMOVE ANY ITEMS
LENDER HAS REASONABLE GROUNDS TO BELIEVE TO BE HAZARDOUS MATERIALS IN VIOLATION
OF ANY ENVIRONMENTAL STATUTES OR THIS AGREEMENT AND TO DO ALL THINGS LENDER