|
<br />"
<br />
<br />200707800
<br />
<br />Loan No: 801648
<br />
<br />HAZARDOUS SUBSTANCES AGREEMENT
<br />( ,
<br />(Continued)
<br />
<br />Page 3
<br />
<br />feasible, the offending provIsion shall be considered modified so that it becomes legal, valid and enforceable. If the offending
<br />provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality,
<br />invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other
<br />provision of this Agreement.
<br />
<br />Successors and Assigns. Subject to any limitations stated in this Agreement on transfer of Indemnitor's interest, this Agreement shall
<br />be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in
<br />a person other thi:ln Indemnitor. Lender, without notice to Indemnitor, may deal with Indemnitor's successors with reference to this
<br />Agreement and the Indebtedness by way of forbearance or extension without releasing Indemnitor from the obligations of this
<br />Agreement or liability under the Indebtedness,
<br />
<br />Time is of the Essence. Time is of the essence in the performance of this Agreement.
<br />
<br />Waive Jury. All parties to this Agreement hereby waIve the right to any jury trial in any action, proceeding, or counterclaim brought
<br />by any party Bgainst any other party.
<br />
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States af America.
<br />Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
<br />and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code;
<br />
<br />Agreement. The Word "Agreement" means this Hazardous Substances Agreement, as this Hazardous Substances Agreement may be
<br />amended or modified from time to time, together with all exhibits and schedules attached to this Hazardous Substances Agreement
<br />from time to time.
<br />
<br />Borrower. The word "Borrower" means Pallet Advisors, Inc. and includes all co-signers and co-makers signing the Note and all their
<br />successors and assigns.
<br />
<br />Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
<br />relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental
<br />Response, Compensation, and Liability Act of 19BO, as amended, 42 U.S.C. Section 9601. et seq. ("CERCLA"), the Superfund
<br />Amendments and Reauthorization Act of 1 986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transporta'tion Act, 49 U.S.C.
<br />Section 1 B01, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or
<br />federal laws, rules, or regulations adopted pursuant thereto.
<br />
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or
<br />physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
<br />when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The, words
<br />"Hazardous Subi'Jances" are us ad in their very broadest sensa and include without limitation any and all hazardous or toxic
<br />substances, materials or waste as defined by or listed under the Environmental Laws, The term "Hazardous Substances" also
<br />includes, without limitation, petroleum and petrolaum by-products or any fraction thereof and asbestos,
<br />
<br />Indebtedness. Tha word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
<br />or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note
<br />or Related Documents and any amounts expended or advanced by Lender to discharge Indemnitor's obligations or expenses Incurred
<br />by Lender to enforce Indemnitor's obligations under this Agreement, togather with interest on such amounts as provided in this
<br />Agreement.
<br />
<br />Lender. The word "Lender" means American National Bank, its succassors and assigns,
<br />
<br />Note. The word "Note" means tha Note executed by Pallet Advisors, Inc. in the principal amount of $952,000.00 dated March 27,
<br />2007, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note
<br />or credit agreement.
<br />
<br />Occupant. The word "Occupant" means individually and collectively all persons or entities occupying or utilizing the Property,
<br />whether as owner, tenant, operator or other occupant.
<br />
<br />Property. The word "Property" means all of Indemnitor's right, title and interest in and to all the Property as dascribed in the
<br />"Property Description" section of this Agreement.
<br />
<br />Real Proparty. The words "Real Property" maan the real property, interests and rights, as further described in this Agreement.
<br />
<br />Related Documants. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
<br />agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other
<br />instruments, agreements and documents, whether now or hereafter existing, executed in connection with tile Indebtedness.
<br />
<br />EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT, AND EACH AGREES
<br />TO ITS TERMS. NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS AGREEMENT EFFECTIVE. THIS AGREEMENT IS
<br />DATED MARCH 27, 2007.
<br />
<br />GRANTOR:
<br />
<br />
<br />GUARANTOR:
<br />
<br />
<br />LENDER:
<br />
<br />~~K ,
<br />X ~~
<br />
<br />",ho",,' S;,."
<br />
|