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201400400
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Last modified
8/19/2014 2:25:24 PM
Creation date
1/23/2014 3:16:30 PM
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DEEDS
Inst Number
201400400
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(e) <br />201400400 <br />or (z) any Costs to the extent arising out of the willful misconduct or gross negligence <br />of Lender. <br />(d) Upon Lender's request, and subject to the terms of the Lease, at any time after the <br />occurrence and during the continuation of an Event of Default hereunder or at such <br />other time as Lender has reasonable grounds to believe that Hazardous Substances <br />(except those substances stored, used or sold by Borrower, Lessee or other tenants of <br />the Mortgaged Property in the ordinary course of their respective businesses and in <br />compliance with all applicable Environmental Laws) are or have been released, stored <br />or disposed of on or around the Mortgaged Property in violation of applicable <br />Environmental Laws or that the Mortgaged Property may be in violation of the <br />applicable Environmental Laws, Borrower shall provide, at Borrower's sole cost and <br />expense, an inspection or audit of the Mortgaged Property prepared by a <br />hydrogeologist or environmental engineer or other appropriate consultant approved by <br />Lender indicating the presence or absence of Hazardous Substances on the Mortgaged <br />Property (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) or an inspection or audit of <br />the Improvements prepared by an engineering or consulting firm reasonably approved <br />by Lender indicating the presence or absence of friable asbestos or substances <br />containing asbestos on the Mortgaged Property. If Borrower fails to provide such <br />inspection or audit within forty-five (45) days after such request, Lender may order the <br />same, and Borrower hereby grants to Lender and its employees and agents access to <br />the Mortgaged Property, subject to the rights of Lessee under the Lease, and a license <br />to undertake such inspection or audit. The cost of such inspection or audit, together <br />with interest thereon at the Default Rate from the date incurred by Lender until actually <br />paid by Borrower, shall be immediately paid by Borrower on demand and shall be <br />secured by this Security Instrument and by all of the other Loan Documents securing <br />all or any part of the indebtedness evidenced by the Note. <br />Without limiting the foregoing, where recommended by the Environmental Report <br />and/or a "Phase I" or "Phase II" assessment obtained by Lessee and where the <br />particular conditions at the Mortgaged Property which formed the basis for such <br />recommendation still exist, Borrower shall establish and comply, or shall cause Lessee <br />to establish and comply, with an operations and maintenance program relative to the <br />Mortgaged Property, in form and substance reasonably acceptable to Lender, prepared <br />by an environmental consultant reasonably acceptable to Lender, which program shall <br />address any Hazardous Substances (including, without limitation, asbestos containing <br />material or lead based paint) that may now or in the future be detected on the <br />Mortgaged Property to the extent required by Environmental Laws. Without limiting <br />the generality of the preceding sentence, Lender may require (i) periodic notices or <br />reports to Lender in form, substance and at such intervals as Lender may specify to <br />address matters raised in the Environmental Report and/or a "Phase I" or "Phase II" <br />assessment, (ii) an amendment to such operations and maintenance program to address . <br />changing circumstances, laws or other matters, (iii) where reasonable cause therefor is <br />present as determined by Lender, at Borrower's sole expense, supplemental <br />examination of the Mortgaged Property by consultants reasonably specified by Lender <br />- 57 - <br />
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