TAKING ANY ACTION NECESSARY TO CLEAN
AND DISINFECT ANY PORTIONS OF THE PROPERTY AFFECTED BY TOXIC MOLD, INCLUDING
PROVIDING ANY NECESSARY MOISTURE CONTROL SYSTEMS AT THE PROPERTY), AND (III)
PROVIDE EVIDENCE REASONABLY SATISFACTORY TO LENDER OF THE FOREGOING.
BORROWER
SHALL PERMIT LENDER TO JOIN AND PARTICIPATE IN, AS A PARTY IF IT SO ELECTS, ANY
LEGAL OR ADMINISTRATIVE PROCEEDINGS OR OTHER ACTIONS INITIATED WITH RESPECT TO
THE PROPERTY IN CONNECTION WITH ANY ENVIRONMENTAL LAW OR 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 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
51
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 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