|
201202388
<br />C. Trustor will immediately notify Beneficiary if (1) a release or threatened release of Hazardous
<br />Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby
<br />property; or (2) there is a violation of any Environmental Law concerning the Property. In such an
<br />event, Trustor will take all necessary remedial action in accordance with Environmental Law.
<br />D. Trustor has no knowledge of or reason to believe there is any pending or threatened investigation,
<br />claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, unrier or
<br />about the Property; or (2) any violation by Trustor or any tenant of any Environmental Law.
<br />Trustor will immediately notify Beneficiary in writing as soon as Trustor has reason to believe
<br />there is any such pending or threatened investigation, claim, or proceeding. In such an event,
<br />Beneficiary has the right, but not the obligation, to participate in any such proceeding including
<br />the right to receive copies of any documents relating to such proceedings.
<br />E. Trustor and every tenant have been, are and shall remain in full compliance with any applicable
<br />Environmental Law.
<br />F. There are no underground storage tanks, private dumps or open wells located on or under the
<br />Property and no such tank, dump or well will be added unless Beneficiary first consents in writing.
<br />G. Trustor will regularly inspect the Property, monitor the activities and operations on the Properry,
<br />and confirm that all permits, licenses or approvals required by any applicable Environmental Law
<br />are obtained and complied with.
<br />H. Trustor will permit, or cause any tenant to permit, Beneficiary or Beneficiary's agent to enter and
<br />inspect the Properry and review all records at any reasonable time to determine (1) the existence,
<br />location and nature of any Hazardous Substance . on, under or about the Property; l2) the
<br />existence, location, nature, and magnitude of any Hazardous S�bstance that has been released
<br />on, under or about the Property; or (3) whether or not Trustor and any tenant are in compliance
<br />with applicable Environmental Law.
<br />I. Upon Beneficiary's request and at any time, Trustor agrees, at Trustor's expense, to engage a
<br />qualified environmental engineer to prepare an environmental audit of the Property and to submit
<br />the results of such audit to Beneficiary. The choice of the environmental engineer who will
<br />perform such audit is subject to Beneficiary's approval.
<br />J. Beneficiary has the right, but not the obligation, to pertorm any of Trustor's obligations under this
<br />section at Trustor's expense.
<br />K. As a consequence of any breach of any representation, warranty or promise made in this section,
<br />(1) Trustor will indemnify and hold Beneficiary and Beneficiary's successors or assigns harmless
<br />from and against all losses, claims, demands, liabilities, damages, cleanup, response and
<br />remediation costs, penalties and expenses, including without limitation all costs of litigation and
<br />attorneys' fees, which Beneficiary and Beneficiary's successors or assigns may sustain; and (2)
<br />at Beneficiary's discretion, Beneficiary may release this Qeed of Trust and in return Trustor will
<br />provide Beneficiary with collateral of at least equal value to the Property secured by this Deed of
<br />Trust without prejudice to any of Beneficiary's rights under this Deed of Trust.
<br />L. Notwithstanding any of the language contained in this Deed of Trust to the contrary, the terms of
<br />this section shall survive any foreclosure or satisfaction of this Deed of Trust regardless of any
<br />passage of title to Beneficiary or any disposition by Beneficiary of any or all of the Property. Any
<br />claims and defenses to the contrary are hereby waived.
<br />20. CONDEMNATION. Trustor will give Beneficiary prompt notice of any action, real or threatened, by
<br />private or public entities to purchase or take any or all of the Property, including any easements, through
<br />condemnation, eminent domain, or any other means. Trustor further agrees to notify Beneficiary of any
<br />proceedings instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other
<br />district relating to or binding upon the Property or any part of it. Trustor authorizes Beneficiary to
<br />intervene in Trustor's name in any of the above described actions or claims and to collect and receive all
<br />sums resulting from the action or claim. Trustor assigns to Beneficiary the proceeds of any award or
<br />claim for damages connected with a condemnation or other taking of all or any part of the Property.
<br />Such proceeds shall be considered paymQnts,and will .be applied as prnvided in this Deed of Trust. This
<br />assignment of proceeds is subject to the terms of any prior security agreement. � .
<br />21. INSURANCE. Trustor agrees to maintain insurance as follows:
<br />A. Trustor shall keep the Property insured against loss by fire, theft and other hazards and risks
<br />reasonably associated with the Property due to its type and location. Other hazards and risks may
<br />include, for example, coverage against loss due to floods or flooding. This insurance shall be
<br />maintained in the amounts and for the periods that Beneficiary requires. What Beneficiary requires
<br />Security InsVUment-Commercial/Agricultural-NE AGCO-RESI-NE 7!2/2011
<br />VMPOO Bankers SystemsT� VMP-C6961NE1 117071.00
<br />Wolters Kluwer Financial Services OO 1993, 2011 Page 7 of 11
<br />
|