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201400490
<br />the event that the State of New Jersey, the United States or such other governmental authority
<br />may take steps to cause the Premises or the Improvements to be sold pursuant to the lien.
<br />5. Borrower shall not permit any part of the Premises or the Improvements to be
<br />used as an "industrial establishment" within the current meaning of ISRA. In the event that, in
<br />contravention of the foregoing, the Premises or any part thereof constitutes an "industrial
<br />establishment" within the current meaning of ISRA, Lender shall have the right to declare a
<br />default and exercise any of the rights and remedies available to it in the case of an Event of
<br />Default. In addition, if a closing of operations, transferring of ownership or operations or a
<br />change in ownership, as defined in ISRA, is planned by Borrower, or the user or operator of the
<br />industrial establishment, at the option of Lender, Borrower shall either (x) fully and promptly
<br />comply, or cause full and prompt compliance by such user or operator, with the provisions of
<br />ISRA to the satisfaction of Lender and DEP, or (y) provide Lender with a letter from DEP stating
<br />that ISRA does not apply to said closure, transfer or change in ownership. In order to so comply
<br />to the satisfaction of Lender, Borrower shall obtain from DEP a declaration by DEP as evidenced
<br />by the issuance of an unconditional no further action letter or a completed and approved remedial
<br />action work plan. (i) Receipt by Borrower of ISRA approval pursuant to a clean-up deferral,
<br />remediation already in progress waiver, an underground storage tank waiver or a minimal
<br />environmental concern determination shall not be deemed compliance with ISRA to the
<br />satisfaction of Lender under this provision. Borrower's remedial action work plan, negative
<br />declaration approval, as evidenced by a no further action letter or any other approval, shall not
<br />involve any engineering or institutional controls on, under or about the Premises or the
<br />Improvements or any part thereof including, without limitation, capping, deed notice, a notice of
<br />contamination recorded on the county records, any use or access restriction or the posting of
<br />signs, except as permitted under and in compliance with the terms of the Lease of the Premises.
<br />Borrower shall deliver to Lender copies of all correspondence, notices, submissions, preliminary
<br />assessments, site investigations, financial assurances, remedial action work plans, negative
<br />declarations and no further action letters that it sends to or receives from the DEP or any other
<br />relevant party including, but not limited to, its consultants and engineers in connection with
<br />ISRA compliance or proof of inapplicability as described below; (ii) Borrower's obligation to
<br />comply with, cause compliance with, or provide proof of the inapplicability of ISRA shall,
<br />notwithstanding its general applicability, also specifically apply to a closing of operations,
<br />transferring of ownership or operations or a change in ownership, as defined in ISRA, associated
<br />with any foreclosure action and sale of the Premises or the Improvements or any part thereof or a
<br />deed in lieu of a foreclosure; (iii) If Borrower believes that the Premises or the Improvements, or
<br />any relevant part thereof, does not constitute an industrial establishment within the meaning of
<br />ISRA, Borrower shall, at Least four weeks prior to the closing of operations, transferring of
<br />ownership or operations or a change in ownership, as defined in ISRA, deliver to Lender a letter
<br />from the DEP, stating that the contemplated closing of operations, transferring of ownership or
<br />operations or a change in ownership, as defined in ISRA, is not subject to ISRA; (iv) Any and all
<br />damages, costs and expenses incurred by Lender due to Borrower's failure to comply with the
<br />provisions of this paragraph 5, including but not limited to Lender's costs and expenses incurred
<br />in complying with ISRA, implementing any remedial action work plan in connection therewith,
<br />as well as reasonable attorneys' fees, DEP oversight fees and engineering fees in connection
<br />therewith, shall be added to and become a part of the Debt evidenced by the Note and secured by
<br />this Security Instrument; (v) However, nothing contained in this paragraph 5 shall be deemed to
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