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200305038
<br />required for any construction, reconstruction, repair, alteration, addition,
<br />improvement, maintenance, use and operation of the Property.
<br />(c) The Grantor shall promptly notify the Beneficiary of the receipt by
<br />the Grantor of any notice of default under any Legal Requirement, Insurance
<br />Requirement or Permit or of the receipt by the Grantor of any notice of any
<br />threatened or actual termination of any Permit or Insurance Policy and furnish to
<br />the Beneficiary a copy of such notice of default or termination.
<br />Section 2.05. Hazardous Substances And Asbestos. (a) Except in
<br />compliance with Legal Requirements, the Grantor has never caused or, to the best
<br />of its knowledge, permitted any Hazardous Substance to be placed, held, located
<br />or disposed of, on, under or at the Property and the Property has never been used
<br />by the Grantor, and to the best of its knowledge, by any prior owner as a dump
<br />site or storage (whether permanent or temporary) site for any Hazardous
<br />Substance.
<br />(b) The Grantor shall, subject to Section 2.09, (i) comply with any and
<br />all Legal Requirements with respect to the discharge and removal of Hazardous
<br />Substances, (ii) pay promptly when due the costs of any required removal of
<br />any such Hazardous Substances, (iii) keep the Property free of any Lien imposed
<br />pursuant to such Legal Requirements. In the event the Grantor fails to do so, after
<br />notice to the Grantor and the failure of the Grantor to diligently commence and
<br />pursue appropriate cure of such failure, the Beneficiary may cause the Property to
<br />be freed from the Hazardous Substances. The Grantor shall give the Beneficiary,
<br />its agents and its employees, upon notice and at reasonable times, access to the
<br />Property to remove any Hazardous Substance at the Property which is not in
<br />compliance herewith. The Grantor further agrees not to release or dispose of any
<br />Hazardous Substance at the Property, nor permit others to do the same, unless in
<br />compliance with all Legal Requirements. In addition, the Grantor agrees not to
<br />allow the manufacture, storage, transmission or presence of any Hazardous
<br />Substance on, over or upon the Property, except in compliance with any and all
<br />applicable Legal Requirements. The Beneficiary shall have the right at
<br />reasonable times and reasonable intervals, while an Event of Default has occurred
<br />and is continuing or upon reasonable cause to suspect that a breach of this Section
<br />2.05 may have occurred and following notice to the Grantor, to conduct at the
<br />Grantor's expense an environmental audit of the Property, and the Grantor shall
<br />cooperate in the conduct of such environmental audit. For purposes of this Deed
<br />of Trust, "Hazardous Substances" shall mean and include any toxic, radioactive,
<br />corrosive or otherwise hazardous substance, including petroleum, its derivatives,
<br />by- products and other hydrocarbons, or any substances having any constituent
<br />elements displaying any of the foregoing characteristics regulated or defined
<br />under any federal, state or local statute, law, judicial decision, ordinance, code,
<br />rule, regulation, order or decree, whether now or hereafter in effect, relating to the
<br />environment, the effect of the environment on human health or to emissions,
<br />discharges or releases of pollutants, contaminants, hazardous substances or wastes
<br />into the environment or otherwise relating to the manufacture, processing,
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<br />(NY) 04675 / 120 /REAUNEBRASKA/form.dot.NE.doc
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