QUALIFICATION OF THE THEN CURRENT RATINGS ASSIGNED IN CONNECTION
WITH ANY SECURITIZATION.
SUCH SECURITY SHALL BE IN AN AMOUNT EQUAL TO THE
EXCESS OF THE TOTAL UNPAID AMOUNTS WITH RESPECT TO ALTERATIONS TO THE
IMPROVEMENTS ON THE PROPERTY (OTHER THAN SUCH AMOUNTS TO BE PAID OR REIMBURSED
BY TENANTS UNDER THE LEASES) OVER THE THRESHOLD AMOUNT AND, IF CASH, U.S.
OBLIGATIONS OR OTHER SECURITIES, MAY BE APPLIED FROM TIME TO TIME, AT THE OPTION
OF BORROWER, TO PAY FOR SUCH ALTERATIONS.
AT THE OPTION OF LENDER, FOLLOWING
THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, LENDER MAY
TERMINATE ANY OF THE ALTERATIONS AND USE THE DEPOSIT TO RESTORE THE PROPERTY TO
THE EXTENT NECESSARY TO PREVENT ANY MATERIAL ADVERSE EFFECT ON THE VALUE OF THE
PROPERTY.
5.1.22
TENANT DIRECTION LETTERS.
BORROWER SHALL DELIVER TENANT DIRECTION
LETTERS FOR EACH TENANT OCCUPYING ANY PORTION OF THE PROPERTY PURSUANT TO A
LEASE EXECUTED AFTER THE DATE HEREOF, OR PURSUANT TO AN ASSIGNMENT OF AN
EXISTING LEASE.
52
5.1.23
ENVIRONMENTAL COVENANTS.
BORROWER COVENANTS AND AGREES THAT:
(A)
ALL USES AND OPERATIONS ON OR OF THE PROPERTY, WHETHER BY BORROWER OR ANY OTHER
PERSON OR ENTITY, SHALL BE IN COMPLIANCE WITH ALL APPLICABLE ENVIRONMENTAL LAWS
AND PERMITS ISSUED PURSUANT THERETO; (B) THERE SHALL BE NO RELEASES OF HAZARDOUS
SUBSTANCES IN, ON, UNDER OR FROM THE PROPERTY; (C) THERE SHALL BE NO HAZARDOUS
SUBSTANCES IN, ON, OR UNDER THE PROPERTY, EXCEPT THOSE THAT ARE BOTH (I) IN
COMPLIANCE WITH ALL APPLICABLE ENVIRONMENTAL LAWS AND WITH PERMITS ISSUED
PURSUANT THERETO AND (II) FULLY DISCLOSED TO LENDER IN WRITING; (D) BORROWER
SHALL KEEP (OR SHALL CAUSE TENANTS TO KEEP) THE PROPERTY FREE AND CLEAR OF ALL
ENVIRONMENTAL LIENS; (E) BORROWER SHALL, AT ITS SOLE COST AND EXPENSE, FULLY AND
EXPEDITIOUSLY COOPERATE IN ALL ACTIVITIES PURSUANT TO SECTION 8.3 OF THE
MORTGAGE, INCLUDING BUT NOT LIMITED TO PROVIDING ALL RELEVANT INFORMATION AND
MAKING KNOWLEDGEABLE PERSONS AVAILABLE FOR INTERVIEWS; (F) BORROWER SHALL, AT
ITS SOLE COST AND EXPENSE, PERFORM ANY ENVIRONMENTAL SITE ASSESSMENT OR OTHER
INVESTIGATION OF ENVIRONMENTAL CONDITIONS IN CONNECTION WITH THE PROPERTY,
PURSUANT TO ANY REASONABLE WRITTEN REQUEST OF LENDER WHICH REQUESTS SHALL NOT BE
MORE FREQUENT THAN ONCE PER YEAR UNLESS LENDER HAS A REASONABLE BASIS FOR AN
ADDITIONAL REQUEST (INCLUDING BUT NOT LIMITED TO SAMPLING, TESTING AND ANALYSIS
OF SOIL, WATER, AIR, BUILDING MATERIALS, AND OTHER MATERIALS AND SUBSTANCES
WHETHER SOLID, LIQUID OR GAS), AND SHARE WITH LENDER THE REPORTS AND OTHER
RESULTS THEREOF, AND LENDER AND OTHER INDEMNIFIED PARTIES SHALL BE ENTITLED TO
RELY ON SUCH REPORTS AND OTHER RESULTS THEREOF; (G) BORROWER, AT ITS SOLE COST
AND EXPENSE, SHALL COMPLY (OR SHALL CAUSE TENANTS TO COMPLY) WITH ALL REASONABLE
WRITTEN REQUESTS OF LENDER TO (I) EFFECTUATE REMEDIATION OF ANY CONDITION
(INCLUDING BUT NOT LIMITED TO A RELEASE OF A HAZARDOUS SUBSTANCE) IN, ON, UNDER
OR FROM THE PROPERTY; (II) COMPLY WITH ANY ENVIRONMENTAL LAW; (III) COMPLY WITH
ANY DIRECTIVE FROM ANY GOVERNMENTAL AUTHORITY; AND (IV) TAKE ANY OTHER
REASONABLE ACTION