REQUESTED BY LENDER, ALL REMEDIAL WORK UNDER CLAUSE
(I) ABOVE SHALL BE PERFORMED BY CONTRACTORS, AND, IF THE WORK IS REASONABLY
ANTICIPATED TO COST IN EXCESS OF $75,000, UNDER THE SUPERVISION OF A CONSULTING
ENGINEER, EACH APPROVED IN ADVANCE BY LENDER WHICH APPROVAL SHALL NOT BE
UNREASONABLY WITHHELD OR DELAYED. BORROWER SHALL PAY ALL COSTS AND EXPENSES
REASONABLY INCURRED IN CONNECTION WITH 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), UPON 10 DAYS PRIOR WRITTEN NOTICE TO
BORROWER OF ITS INTENTION TO DO SO, CAUSE SUCH REMEDIAL WORK TO BE PERFORMED.
BORROWER SHALL PAY OR REIMBURSE LENDER ON DEMAND FOR ALL EXPENSES (INCLUDING
REASONABLE ATTORNEYS' FEES AND DISBURSEMENTS, BUT EXCLUDING INTERNAL OVERHEAD,
ADMINISTRATIVE AND SIMILAR COSTS OF LENDER) REASONABLY RELATING TO OR INCURRED
BY LENDER IN CONNECTION WITH MONITORING, REVIEWING OR PERFORMING ANY REMEDIAL
WORK IN ACCORDANCE HEREWITH.
(III)
BORROWER SHALL NOT COMMENCE ANY REMEDIAL WORK UNDER CLAUSE
(I) ABOVE, NOR ENTER INTO ANY SETTLEMENT AGREEMENT, CONSENT DECREE OR OTHER
COMPROMISE RELATING TO ANY HAZARDOUS SUBSTANCES OR ENVIRONMENTAL LAWS WITHOUT
PROVIDING NOTICE TO LENDER AS PROVIDED IN SECTION 5.1(F). NOTWITHSTANDING THE
FOREGOING, IF THE PRESENCE OR THREATENED PRESENCE OF HAZARDOUS SUBSTANCES ON,
UNDER, ABOUT OR EMANATING FROM THE MORTGAGED PROPERTY POSES AN IMMEDIATE THREAT
TO THE HEALTH, SAFETY OR WELFARE OF ANY PERSON OR THE ENVIRONMENT, OR IS OF SUCH
A NATURE THAT AN IMMEDIATE RESPONSE IS NECESSARY OR REQUIRED UNDER APPLICABLE
ENVIRONMENTAL LAW, BORROWER MAY COMPLETE ALL NECESSARY REMEDIAL WORK. IN SUCH
EVENTS, BORROWER SHALL NOTIFY LENDER AS SOON AS PRACTICABLE AND, IN ANY EVENT,
WITHIN THREE (3) BUSINESS DAYS, OF ANY ACTION TAKEN.
(IV)
IN THE EVENT THE ENVIRONMENTAL REPORT RECOMMENDS THE DEVELOPMENT
OF AN OPERATION AND MAINTENANCE PROGRAM FOR ANY RECOGNIZED ENVIRONMENTAL
CONDITION AT A MORTGAGED PROPERTY (INCLUDING, WITHOUT LIMITATION, UNDERGROUND
STORAGE TANKS ASBESTOS AND ASBESTOS CONTAINING MATERIALS, LEAD-BASED PAINTS AND
LEAD IN WATER SUPPLIES) ("O & M PROGRAM"), BORROWER SHALL DEVELOP AN O & M
PROGRAM, AS APPROVED BY LENDER, IN LENDER'S SOLE DISCRETION, AND SHALL, DURING
THE TERM OF THE LOAN, INCLUDING ANY EXTENSION OR RENEWAL THEREOF, COMPLY IN ALL
RESPECTS WITH THE TERMS AND CONDITIONS OF THE O & M PROGRAM.
(E)
ENVIRONMENTAL MATTERS; INSPECTION.
(I)
BORROWER SHALL NOT KNOWINGLY PERMIT ANY HAZARDOUS SUBSTANCES TO
BE PRESENT ON OR UNDER OR TO EMANATE FROM THE MORTGAGED PROPERTY, OR MIGRATE
FROM ADJOINING PROPERTY ONTO OR INTO THE MORTGAGED PROPERTY, EXCEPT UNDER
CONDITIONS PERMITTED BY APPLICABLE ENVIRONMENTAL LAWS AND, IN THE EVENT THAT
SUCH HAZARDOUS SUBSTANCES ARE PRESENT ON, UNDER OR EMANATE FROM THE MORTGAGED
PROPERTY, OR MIGRATE ONTO OR INTO THE MORTGAGED PROPERTY, BORROWER SHALL CAUSE
THE REMOVAL OR REMEDIATION OF SUCH HAZARDOUS SUBSTANCES, IN ACCORDANCE WITH THIS
AGREEMENT AND AS REQUIRED BY ENVIRONMENTAL LAWS (INCLUDING, WHERE APPLICABLE,
THE NATIONAL CONTINGENCY PLAN PROMULGATED PURSUANT TO THE CERCLA), EITHER ON ITS
OWN BEHALF OR BY CAUSING A TENANT OR OTHER PARTY LEGALLY RESPONSIBLE THEREFOR TO
PERFORM SUCH
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