|
<br />200701264
<br />
<br />16. ENVIRONMENTAL lAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental
<br />law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act
<br />(CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders,
<br />attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a
<br />hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste,
<br />pollutant or contaminant which has characteristics which render the substance dangerous or potentially
<br />dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any
<br />substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or
<br />"regulated substance" under any Environmental law.
<br />Grantor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to lender, no Hazardous Substance has been,
<br />is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or
<br />about the Property, except in the ordinary course of business and in strict compliance with all applicable
<br />Environmental law.
<br />B. Except as previously disclosed and acknowledged in writing to lender, Grantor has not and will not cause,
<br />contribute to, or permit the release of any Hazardous Substance on the Property.
<br />C. Grantor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance
<br />occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there
<br />is a violation of any Environmental law concerning the Property. In such an event, Grantor will take all
<br />necessary remedial action in accordance with Environmental Law.
<br />D. Except as previously disclosed and acknowledged in writing to lender, Grantor has no knowledge of or
<br />reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to
<br />(1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Grantor or any
<br />tenant of any Environmental Law. Grantor will immediately notify Lender in writing as soon as Grantor has
<br />reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an
<br />event, lender has the right, but not the obligation, to participate in any such proceeding including the right to
<br />receive copies of any documents relating to such proceedings.
<br />E. Except as previously disclosed and acknowledged in writing to lender, Grantor and every tenant have
<br />been, are and will remain in full compliance with any applicable Environmental law.
<br />F. Except as previously disclosed and acknowledged in writing to Lender, there are no underground storage
<br />tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be
<br />added unless Lender first consents in writing.
<br />G. Grantor will regularly inspect the Property, monitor the activities and operations on the Property, and
<br />confirm that all permits, licenses or approvals required by any applicable Environmental law are obtained and
<br />complied with.
<br />H. Grantor will permit, or cause any tenant to permit, Lender or lender's agent to enter and inspect the
<br />Property and review all records at any reasonable time to determine (1) the existence, location and nature of
<br />any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude
<br />of any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not
<br />Grantor and any tenant are in compliance with applicable Environmental law.
<br />I. Upon Lender's request and at any time, Grantor agrees, at Grantor's expense, to engage a qualified
<br />environmental engineer to prepare an environmental audit of the Property and to submit the results of such
<br />audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's
<br />approval.
<br />J. Lender has the right, but not the obligation, to perform any of Grantor's obligations under this section at
<br />Grantor's expense.
<br />K. As a consequence of any breach of any representation, warranty or promise made in this section, (1)
<br />Grantor will indemnify and hold Lender and lender's successors or assigns harmless from and against all
<br />losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and
<br />expenses, including without limitation all costs of litigation and attorneys' fees, which Lender and Lender's
<br />successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Security
<br />Instrument and in return Grantor will provide lender with collateral of at least equal value to the Property
<br />without prejudice to any of Lender's rights under this Security Instrument.
<br />L. Notwithstanding any of the language contained in this Security Instrument to the contrary, the terms of
<br />this section will survive any foreclosure or satisfaction of this Security Instrument regardless of any passage
<br />of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the
<br />contrary are hereby waived.
<br />17. CONDEMNATION. Grantor will give Lender prompt notice of any pending or threatened action by private or
<br />public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any
<br />other means. Grantor authorizes Lender to intervene in Grantor's name in any of the above described actions or
<br />claims. Grantor assigns to Lender the proceeds of any award or claim for damages connected with a
<br />condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and
<br />will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of
<br />any prior mortgage, deed of trust, security agreement or other lien document.
<br />18. INSURANCE. Grantor agrees to keep the Property insured against the risks reasonably associated with the
<br />Property. Grantor will maintain this insurance in the amounts Lender requires. This insurance will last until the
<br />Property is released from this Security Instrument. What lender requires pursuant to the preceding two
<br />sentences can change during the term of the Secured Debts. Grantor may choose the insurance company,
<br />subject to lender's approval, which will not be unreasonably withheld.
<br />All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee
<br />clause." If required by lender, Grantor agrees to maintain comprehensive general liability insurance and rental
<br />loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive
<br />general liability insurance must name Lender as an additional insured. The rental loss or business interruption
<br />insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow
<br />account deposits (if agreed to separately in writing).
<br />
<br />Oscar DErives
<br />Nebraska Deed Of Trust
<br />NE/4XX2S4240000059000055S6014020707Y
<br />
<br />@1996 Sankers Systems, Inc., St. Cloud, MN ~
<br />
<br />Initials
<br />Page 4
<br />
|