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2000M76
<br />22. HAZARDOUS WASTE. Borrower has furnished to Lender a Phase I
<br />Environmental Site Assessment Report dated October 2, 2000, prepared by SECOR
<br />International, Inc., and an Environmental Questionnaire dated September 5, 2000 (collectively,
<br />the "Report"). Except as disclosed to Lender in the Report, Borrower has received no
<br />notification of any kind suggesting that the Property or any adjacent property is or may be
<br />contaminated with any hazardous waste or materials or is or may be required to be cleaned up in
<br />accordance with any applicable law or regulation; and Borrower further represents and warrants
<br />that, except as previously disclosed to Lender in writing, to the best of its knowledge as of the
<br />date hereof, there are no hazardous waste or materials located in, on or under the Property or any
<br />adjacent property, or incorporated in any Improvements, nor has the Property or any adjacent
<br />property ever been used as a landfill or a waste disposal site, or a manufacturing, handling,
<br />storage, distribution or disposal facility for hazardous waste or materials, except for reasonable
<br />quantities of ordinary office supplies, cleaning supplies, insecticides, pesticides, and paint used
<br />in the normal operation and maintenance of the Property, provided that the same are used, stored,
<br />handled, and disposed of in accordance with applicable laws. Borrower further represents and
<br />warrants that its use of the Real Property has not resulted and will not result in the disposal or
<br />release of any hazardous waste or materials on or to any portion of the Real Property in violation
<br />of any applicable laws, Lender acknowledging that Borrower may continue to utilize commercial
<br />chemicals customarily used in operations of the type currently conducted by Borrower at the
<br />Real Property all of which chemical compounds have been and will be used in strict accordance
<br />with applicable laws, regulations and the terms of this Instrument and the related documents. As
<br />used herein, the term "hazardous waste or materials" includes any substance or material defined
<br />in or designated as hazardous or toxic wastes, hazardous or toxic material, a hazardous, toxic or
<br />radioactive substance, or other similar term, by any federal, state or local statute, regulation or
<br />ordinance now or hereafter in effect. Borrower shall promptly comply with all statutes,
<br />regulations and ordinances, and with all orders, decrees or judgments of governmental authorities
<br />or courts having jurisdiction, relating to the use, collection, treatment, disposal, storage, control,
<br />removal or cleanup of hazardous waste or materials in, on or under the Property or any adjacent
<br />property, or incorporated in any Improvements, at Borrower's expense. In the event that Lender
<br />at any time has reason to believe that the Property is not free of all hazardous waste or materials
<br />or that Borrower has violated any applicable environmental law with respect to the Property,
<br />then immediately, upon request by Lender, Borrower shall promptly order, diligently pursue
<br />obtaining and furnish to Lender, at Borrower's sole cost and expense, an environmental audit and
<br />inspection of the Property from an expert satisfactory to Lender. In the event that Borrower fails
<br />to immediately obtain such audit or inspection, Lender or its agents may perform or obtain such
<br />audit or inspection at Borrower's sole cost and expense. Lender may, but is not obligated to,
<br />enter upon the Property and take such actions and incur such costs and expenses to effect such
<br />compliance as it deems advisable to protect its interest in the Property; and whether or not
<br />Borrower has actual knowledge of the existence of hazardous waste or materials on the Property
<br />or any adjacent property as of the date hereof, Borrower shall reimburse Lender as provided in
<br />Section 23 below for the full amount of all costs and expenses incurred by Lender prior to
<br />Lender acquiring title to the Property through foreclosure or acceptance of a deed in lieu of
<br />foreclosure, in connection with such compliance activities. Neither this provision nor any of the
<br />other Loan Documents shall operate to put Lender in the position of an owner of the Property
<br />prior to any acquisition of the Property by Lender. The rights granted to Lender herein and in
<br />the other Loan Documents are granted solely for the protection of Lender's lien and security
<br />16
<br />01- 288814.04
<br />Grand Island, NE
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