200111898 - Laserfiche WebLink

Browse

- 11 - 200111898 (b) Notification of Notices and Orders. The Trustor shall notify the Beneficiary promptly of any notice or order that the Trustor receives from any agency or instrumentality of the Federal, or any state or local, government with respect to the Trustor's compliance with any laws or regulations (including Environmental Laws) applicable to the Trust Estate and promptly take any and all actions necessary to bring its operations at the Properties into compliance with such laws or regulations (and shall fully comply with the requirements of such laws or regulations that at any time are applicable to its operations at the Properties) all to the extent required under the applicable provisions of the Credit Agreement; provided, that to the extent not inconsistent with the provisions of Section 5.03 of the Credit Agreement, the Trustor at its expense may, after prior notice to the Beneficiary, contest by appropriate legal, administrative or other proceedings conducted in good faith and with due diligence, the validity or application, in whole or in part, of any such laws or regulations so long as (i) neither the Trust Estate nor any part thereof or any interest therein, will be sold, forfeited or lost if the Trustor pays the amount or satisfies the condition being contested, and the Trustor would have the opportunity to do so, in the event of the Trustor's failure to prevail in the contest, and (ii) none of the Beneficiary the Trustee nor any of the Lenders or the Swingline Lenders would, by virtue of such permitted contest, be exposed to any risk of any civil liability for which the Trustor has not set aside on its books adequate reserves with respect thereto as required by Section 5.03 of the Credit Agreement, or to any risk of criminal liability, and neither the Trust Estate nor any interest therein would be subject to the imposition of any Lien for which the Trustor has not set aside on its books adequate reserves with respect thereto as required by Section 5.03 of the Credit Agreement as a result of the failure to comply with such law or of such proceeding. (c) Right to Cure Non - Compliance with Environmental Laws. The Beneficiary, at its election and in its sole discretion may, without obligation to do so, and upon notice to the Trustor (except in an emergency), cure any failure on the part of the Trustor to comply with any Environmental Laws applicable to the Trust Estate, and without limitation, may take any of the following actions: (i) arrange for the prevention of any Release or threat of Release of Hazardous Materials at any of the Properties, and pay any costs associated with such prevention; (ii) arrange for the removal or remediation of Hazardous Materials that may be Released or result from a Release at any of the Properties, and pay any costs associated wadi such removal and/or remediation; (iii) pay, on behalf of the Trustor, any costs, fines or penalties imposed on the Trustor by the Federal, or any state or local, government or any representative thereof in connection with such Release or threat of Release of Hazardous Materials; or Deed of Trust NY 1: #3303402v2