|
20140040
<br />substances stored, used or sold by Borrower, Lessee or other tenants of the Mortgaged
<br />Property in the ordinary course of their respective business and in compliance with all
<br />Environmental Laws) and to do all things Lender shall deem necessary to bring the
<br />Mortgaged Property in conformance with applicable Environmental Laws. Borrower
<br />covenants and agrees, at Borrower's sole cost and expense, to indemnify, defend (at
<br />trial and appellate levels, and with attorneys, consultants and experts selected by
<br />Borrower and acceptable to Lender), and hold Lender harmless for, from and against
<br />any and all liens, damages, losses, liabilities, obligations, settlement payments,
<br />penalties, assessments, citations, directives, claims, litigation, demands, defenses,
<br />judgments, suits, proceedings, costs, disbursements or expenses of any kind or of any
<br />nature whatsoever (including, without limitation, reasonable attorneys', consultants'
<br />and experts' fees and disbursements actually incurred in investigating, defending,
<br />settling or prosecuting any claim, litigation or proceeding) (collectively, "Costs ")
<br />which may at any time be imposed upon, incurred by or asserted or awarded against
<br />Lender or the Mortgaged Property, and arising directly or indirectly from or out of: (i)
<br />the presence, release or threat of release of any Hazardous Substances (except those
<br />substances stored, used or sold by Borrower, Lessee or other tenants of the Mortgaged
<br />Property in the ordinary course of their respective businesses and in compliance with
<br />applicable Environmental Laws) on, in, under or affecting all or any portion of the
<br />Mortgaged Property or any surrounding areas caused by Borrower or its agents; (ii) the
<br />violation of any applicable Environmental Laws relating to or affecting the Mortgaged
<br />Property; (iii) the failure by Borrower or its agents to comply fully with the terms and
<br />conditions of this paragraph 32; (iv) the breach of any representation or warranty
<br />contained in this paragraph 32; or (v) the enforcement of this paragraph 32, including,
<br />without limitation, the cost of assessment, containment and/or removal of any and all
<br />Hazardous Substances (except those substances stored, used or sold by Borrower,
<br />Lessee or other tenants of the Mortgaged Property in the ordinary course of their
<br />respective businesses and in compliance with applicable Environmental Laws) from all
<br />or any portion of the Mortgaged Property or any surrounding areas, the cost of any
<br />actions taken in response to the presence, release or threat of release of any Hazardous
<br />Substances (except those substances stored, used or sold by Borrower, Lessee or other
<br />tenants of the Mortgaged Property in the ordinary course of their respective businesses
<br />and in compliance with applicable Environmental Laws) on, in, under or affecting any
<br />portion of the Mortgaged Property or any surrounding areas to prevent or minimize
<br />such release or threat of release so that it does not migrate or otherwise cause or
<br />threaten danger to present or future public health, safety, welfare or the environment,
<br />and costs incurred to comply with the applicable Environmental Laws in connection
<br />with all or any portion of the Mortgaged Property or any surrounding areas. Lender's
<br />rights under this paragraph shall survive payment in full of the indebtedness secured
<br />hereby and shall be in addition to all other rights of Lender under this Security
<br />Instrument, the Note and the other Loan Documents. Lender acknowledges that the
<br />Remedial Work (as defined in the Lease) required of Lessee under the Lease, if any,
<br />shall be limited to achieving clean -up standards applicable to commercial use of the
<br />Mortgaged Property as and to the extent provided in the Lease ( "Commercial
<br />Closure "), and agrees that satisfaction of the standards set forth in the Lease shall
<br />constitute compliance with any action to clean -up the Mortgaged Property required
<br />- 55 -
<br />
|