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200505595
<br />shall notify Beneficiary promptly in the event of any spill or other release of any Hazardous
<br />Material at, in, on, under or about the Trust Property which is required to be reported to a
<br />Governmental Authority under any Environmental Requirement, will promptly forward to
<br />Beneficiary copies of any notices received by Grantor relating to alleged violations of any
<br />Environmental Requirement and will promptly pay when due any fine or assessment against
<br />Beneficiary, Grantor or the Trust Property relating to any Environmental Requirement. If at any
<br />time it is determined that the operation or use of the Trust Property violates any applicable
<br />Environmental Requirement or that there are Hazardous Materials located at, in, on, under or
<br />about the Trust Property which, under any Environmental Requirement, require special handling
<br />in collection, storage, treatment or disposal, or any other form of cleanup or corrective action,
<br />Grantor shall, within thirty (30) days after receipt of notice thereof from any Governmental
<br />Authority or from Beneficiary, take, at its sole cost and expense, such actions as may be
<br />necessary to fully comply in all respects with all Environmental Requirements; provided,
<br />however, that if such compliance cannot reasonably be completed within such thirty (30) day
<br />period, Grantor shall commence such necessary action within such thirty (30) day period and
<br />shall thereafter diligently and expeditiously proceed to fully comply in all respects and in a
<br />timely fashion with all Environmental Requirements. If Grantor fails to timely take, or to
<br />diligently and expeditiously proceed to complete in a timely fashion, any such action,
<br />Beneficiary may, in its sole and absolute discretion, make advances or payments towards the
<br />performance or satisfaction of the same, but shall in no event be under any obligation to do so.
<br />All sums so advanced or paid by Beneficiary (including, without limitation, counsel and
<br />consultant fees and expenses, investigation and laboratory fees and expenses, and fines or other
<br />penalty payments) and all sums advanced or paid in connection with any judicial or
<br />administrative investigation or proceeding relating thereto, will immediately, upon demand,
<br />become due and payable from Grantor and shall bear interest at the Default Rate (as defined in
<br />the Note) from the date any such sums are so advanced or paid by Beneficiary until the date any
<br />such sums are repaid by Grantor to Beneficiary. Grantor will execute and deliver, promptly
<br />upon request, such instruments as Beneficiary may deem useful or necessary to permit
<br />Beneficiary to take any such action, and such additional notes and mortgages, as Beneficiary
<br />may require to secure all sums so advanced or paid by Beneficiary. If a lien is filed against the
<br />Trust Property by any Governmental Authority resulting from the need to expend or the actual
<br />expending of monies arising from an action or omission, whether intentional or unintentional, of
<br />Grantor or for which Grantor is responsible, resulting in the releasing, spilling, leaking, leaching,
<br />pumping, emitting, pouring, emptying or dumping of any Hazardous Material into the waters or
<br />onto land located within or without the State where the Trust Property is located, then Grantor
<br />will, within thirty (30) days from the date that Grantor is first given notice that such lien has been
<br />placed against the Trust Property (or within such shorter period of time as may be specified by
<br />Beneficiary if such Governmental Authority has commenced steps to cause the Trust Property to
<br />be sold pursuant to such lien) either (a) pay the claim and remove the lien, or (b) furnish a cash
<br />deposit, bond, or such other security with respect thereto as is satisfactory in all respects to
<br />Beneficiary and is sufficient to effect a complete discharge of such lien on the Trust Property.
<br />Beneficiary may, at its option, at intervals of not less than one year, or more frequently if
<br />Beneficiary reasonably believes that a Hazardous Material or other environmental condition
<br />violates or threatens to violate any Environmental Requirement, cause an environmental audit of
<br />the Trust Property or portions thereof to be conducted to confirm Grantor's compliance with the
<br />CLT 83 7349v 1
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