Common use of Environmental Monitoring Clause in Contracts

Environmental Monitoring. Borrower shall give prompt written notices to Lender of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (b) all claims made or threatened by any third party against Borrower or the Security Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all attorneys’ fees and disbursements incurred by Lender in connection therewith. Upon Lender’s written request, at any time after the occurrence of or during the continuance of an Event of Default or at such other time Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower shall provide at Borrower’s sole expense, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property, and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower fails to provide such inspection or audit within sixty (60) days after such request Lender may, upon not less than ten (10) days prior written notice to Borrower, order same, and Borrower hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s expense upon request of Lender. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by contractors approved in advance by Lender, and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower including, without limitation, Lender’s reasonable attorneys’ fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Mortgage, Security Agreement and Fixture Financing Statement (Prime Group Realty Trust)

Environmental Monitoring. Borrower shall give prompt written notices to Lender of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (b) all claims made or threatened by any third party against Borrower or the Security Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all attorneys’ fees and disbursements incurred by Lender in connection therewith. Upon Lender’s written request, at any time after the occurrence of or during the continuance of an Event of Default or at such other time Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower shall provide at Borrower’s sole expense, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property, and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower fails to provide such inspection or audit within sixty (60) days after such request Lender may, upon not less than ten (10) days prior written notice to AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers Borrower, order same, and Borrower hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s expense upon request of Lender. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by contractors approved in advance by Lender, and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower including, without limitation, Lender’s reasonable attorneys’ fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Mortgage, Security Agreement and Fixture Financing Statement (Prime Group Realty Trust)

Environmental Monitoring. Borrower shall give prompt written notices notice to Lender of: of (ai) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security any Property, (bii) all claims made or threatened by any third party against Borrower or the Security any Property relating to any loss or injury resulting from any Hazardous Substance or AsbestosSubstance, and (ciii) Borrower’s 's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security any Property that could cause the Security such Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys' fees and disbursements incurred by Lender in connection therewith. Upon Lender’s written request, at any time after the occurrence of or during the continuance of an Event of Default or at such other time if Lender has determined (reason to suspect the presence of Hazardous Substances on, in the exercise of its good faith judgment but in no event more than one (1) time in or near any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, upon Lender's request, Borrower shall provide at Borrower’s sole expense, (i) an inspection or audit of the Security any Property prepared by a licensed hydrogeologist or hydrogeologist, licensed environmental engineer reasonably or qualified environmental consulting firm approved by Lender indicating the presence or absence of Hazardous Substances on, in or near such Property. The cost and expense of such audit or inspection shall be paid by Borrower not more frequently than once every five calendar years after the Security Propertyoccurrence of a Securitization, and (ii) unless Lender, in its good faith judgment, determines that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property prepared by a duly qualified engineering such Property, in which case such inspections or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Propertyaudits shall be at Borrower's sole expense. If Borrower fails to provide any such inspection or audit within sixty (60) 45 days after such request request, Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and Borrower hereby grants to Lender and its employees and agents access to the Security each Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest RateRate until paid. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s its expense upon request of Lender. In the event that any investigation, site monitoring, containment containment, cleanup, removal, restoration, restoration or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “"Remedial Work"), Borrower shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) 30 days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). Thereafter, Borrower shall diligently prosecute to completion all such Remedial Work. All Remedial Work shall be performed by contractors approved in advance by Lender, and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower includingBorrower, without limitation, including Lender’s 's reasonable attorneys' fees and disbursements incurred in connection with the monitoring or review of such Remedial Work. In the event Borrower shall fail to timely commence, will not install or cause permit to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rateinstalled on any Property any underground storage tank.

Appears in 1 contract

Sources: Loan Agreement (Fac Realty Trust Inc)

Environmental Monitoring. (a) Borrower shall give prompt written notices notice to Lender of: of (ai) any proceeding or inquiry by any party (including any Governmental Authority), upon Borrower’s receipt of notice thereof, with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (bii) all claims made or threatened in writing by any third party (including any Governmental Authority), upon Borrower’s receipt of written notice thereof, against Borrower or the Security Property or any party occupying the Property relating to any loss or injury resulting from any Hazardous Substance or AsbestosSubstance, and (ciii) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal or administrative proceedings or other actions initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys’ fees and disbursements incurred by Lender in connection therewith. . (b) Upon Lender’s written request, at any time after the occurrence of or during the continuance of but not more than once per calendar year unless an Event of Default exists or at such other time Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) determines that reasonable cause exists for the performance of an such environmental inspection or audit of the Security Propertyaudit, Borrower shall provide at Borrower’s sole expense, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or hydrogeologist, licensed environmental engineer reasonably or qualified environmental consulting firm approved by Lender indicating assessing the presence or absence of Hazardous Substances on, in or near the Security Property, and (ii) an if Lender in its good faith judgment determines that reasonable cause exists for the performance of such environmental inspection or audit, then the cost and expense of such audit of the Security Property prepared or inspection shall be paid by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security PropertyBorrower. Such inspections and audit may include soil borings and ground water monitoring. If Borrower fails to provide any such inspection or audit within sixty thirty (6030) days after such request request, Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and Borrower hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. . (c) If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, whether such Hazardous Substance existed prior to the ownership of the Property by Borrower, or presently exists or is reasonably suspected of existing, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s its expense upon request of Lender. In the event that If any investigation, site monitoring, containment containment, cleanup, removal, restoration, restoration or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower shall commence all such Remedial Work within thirty (30) days after written demand by Lender and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law)Legal Requirements. All Remedial Work shall be performed by licensed contractors reasonably approved in advance by Lender, Lender and under the supervision of a consulting engineer reasonably approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower includingBorrower, without limitation, including Lender’s reasonable attorneys’ fees and disbursements incurred in connection with the monitoring or review of such Remedial Work. In the event If Borrower shall fail to does not timely commence, or cause to be commenced, or fail to commence and diligently prosecute to completion, such completion the Remedial Work, Lender may, may (but shall not be required obligated to, ) cause such Remedial Work to be performedperformed at Borrower’s expense. Notwithstanding the foregoing, Borrower shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time period would result in Borrower or such Remedial Work violating any Environmental Law, or (z) if Borrower, at its expense and after prior written notice to Lender, is contesting by appropriate legal, administrative or other proceedings, conducted in good faith and with due diligence, the need to perform Remedial Work. Borrower shall have the right to contest the need to perform such Remedial Work, provided that, (1) Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Property nor any part thereof or interest therein will be sold, forfeited or lost if Borrower fails to promptly perform the Remedial Work being contested, and all costs and expenses thereofif Borrower fails to prevail in such contest, Borrower would thereafter have the opportunity to perform such Remedial Work, (3) Lender would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Borrower has not furnished additional security as provided in clause (4) below, or incurred to any risk of criminal liability, and neither the Property nor any interest therein would be subject to the imposition of any Lien for which Borrower has not furnished additional security as provided in connection therewithclause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrower shall have furnished to Lender additional security in respect of the Remedial Work being contested and the loss or damage that may result from Borrower’s failure to prevail in such contest in such amount as may be added reasonably requested by Lender but in no event less than one hundred twenty–five percent (125%) of the cost of such Remedial Work as estimated by Lender or Lender’s Consultant and any loss or damage that may result from Borrower’s failure to prevail in such contest. (d) Borrower shall not install or permit to be installed on the Debt and shall bear interest thereafter until paid at the Default Interest RateProperty any underground storage tank.

Appears in 1 contract

Sources: Loan Agreement (Presidential Realty Corp/De/)

Environmental Monitoring. Borrower Indemnitor shall give prompt written notices to Lender of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance Substances or Asbestos on, under, from or about the Security Property, (b) all claims made or threatened by any third party against Borrower Indemnitor or the Security Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s Indemnitor's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Indemnitor shall permit Lender to join and participate in, as a party if it so elects, any legal proceedings or actions action initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower Indemnitor shall pay all attorneys' fees and disbursements incurred by Lender in connection therewith. Upon Lender’s written 's request, at any time Indemnitor shall provide (i) an inspection or audit of the Property prepared by a licensed hydrogeologist or licensed environmental engineer approved by Lender indicating the presence or absence of Hazardous Substances in, or near die Property; and (ii) an inspection or audit of the Property prepared by a duly qualified engineering or consulting firm approved by Lender, indicating the presence or absence of Asbestos on the Property. The cost and expense of such audit or inspection shall be paid by Indemnitor not more frequently than once every five (5) calendar years after the occurrence of or during the continuance of an Event of Default or at such other time Lender has determined (a Secondary Market Transaction unless Lender, in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) judgment, determines that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower then such inspections or audits described in the preceding sentence shall provide be at Borrower’s Indemnitor's sole expense, (i) an . If Indemnitor fails to provide any inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property, and required pursuant to this Paragraph 3.2 within thirty (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower fails to provide such inspection or audit within sixty (6030) days after such request request, Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and Borrower Indemnitor hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection those inspections or audit. The audits, unless paid by Indemnitee, the cost of such inspection inspections or audit may audits shall be added to the Debt principal balance of the sums due under the Note and the Security Deed and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one Rate (1) time as defined in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expenseNote). In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower Indemnitor shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s Indemnitor's expense upon request of Lender. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, Within thirty (30) days after written demand by Lender (or other work such shorter period of any kind is reasonably necessary or desirable time as may be required under an applicable Environmental Law (the “Remedial Work”law), Borrower Indemnitor shall commence and thereafter diligently prosecute to completion all such any Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law)Work. All Remedial Work shall be performed by contractors approved in advance by Lender, and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower Indemnitor including, without limitation, Lender’s 's reasonable attorneys' fees and disbursements costs incurred in connection with monitoring or review of such Remedial Work. In the event Borrower Indemnitor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to shall become part of the Debt and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Environmental and Hazardous Substance Indemnification Agreement (Inland Diversified Real Estate Trust, Inc.)

Environmental Monitoring. Borrower Trustor shall give prompt written notices to Lender Beneficiary of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance Materials of Environmental Concern (as defined in the Credit Agreement) or Asbestos on, under, from or about the Security Trust Property, (b) all claims made or threatened by any third party against Borrower Trustor or the Security Trust Property relating to any loss or injury resulting from any Hazardous Substance Materials of Environmental Concern or Asbestos, and (c) Borrower’s Trustor's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Trust Property that could cause the Security Trust Property to be subject to any investigation or cleanup pursuant to any -132- 140 Environmental Law. Borrower Trustor shall permit Lender Beneficiary to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Trust Property in connection with any Environmental Law or Hazardous SubstanceMaterials of Environmental Concern, and Borrower Trustor shall pay all reasonable attorneys' fees and disbursements incurred by Lender Beneficiary in connection therewith. Upon Lender’s written request, at At any time after the occurrence and from time to time while this Deed of or Trust is in effect and only during the continuance of an Event of Default Default, Trustor shall provide (i) an inspection or at audit of the Trust Property prepared by a licensed hydrogeologist or licensed environmental engineer approved by Beneficiary indicating the presence or absence of Materials of Environmental Concerns on, in or near the Trust Property, and (ii) an inspection or audit of the Trust Property prepared by a duly qualified engineering or consulting firm approved by Beneficiary, indicating the presence or absence of Asbestos on the Trust Property. The cost and expense of such other time Lender has determined audit or inspection shall be paid by Trustor not more frequently than once every five (5) calendar years after the occurrence of a Secondary Market Transaction unless Beneficiary, in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) judgment, determines that reasonable cause exists for the performance of an environmental inspection or audit of the Security Trust Property, Borrower then such inspections or audits described in the preceding sentence shall provide be at Borrower’s Trustor's sole expense, (i) an . If Trustor fails to provide any inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property, and required pursuant to this Paragraph 9 within thirty (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower fails to provide such inspection or audit within sixty (6030) days after such request Lender mayrequest, upon not less than ten (10) days prior written notice to Borrower, Beneficiary may order same, and Borrower Trustor hereby grants to Lender Beneficiary and its employees and agents access to the Security Trust Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt Secured Obligations and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous SubstanceMaterials of Environmental Concern, Borrower Trustor shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s Trustor's expense upon request of LenderBeneficiary. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the "Remedial Work"), Borrower Trustor shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety thirty (9030) days after written demand by Lender Beneficiary for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by contractors approved in advance by LenderBeneficiary, and under the supervision of a consulting engineer approved by LenderBeneficiary. All costs and expenses of such Remedial Work shall be paid by Borrower Trustor including, without limitation, Lender’s Beneficiary's reasonable attorneys' fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower Trustor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender Beneficiary may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt Secured Obligations and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Credit Agreement (Denali Inc)

Environmental Monitoring. With respect to each Mortgaged Property, Borrower shall (or shall cause an Other Mortgagor which owns or is in possession of such Property to) give prompt written notices to Lender of: of (ai) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (bii) all claims made or threatened by any third party against Borrower or the Security Property relating to any loss or injury resulting from any Hazardous Substance or AsbestosSubstance, and (ciii) Borrower’s 's (or such Other Mortgagor's) discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys' fees and disbursements incurred by Lender in connection therewith. Upon Lender’s written 's request, at any time after the occurrence of or during the continuance of an Event of Default or at such other and from time Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Propertyto time, Borrower shall provide at Borrower’s sole expense, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or hydrogeologist, licensed environmental engineer reasonably or qualified environmental consulting firm approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property. The cost and expense of such audit or inspection shall be paid by Borrower not more frequently than once during the Term, and (ii) unless Lender, in its reasonable good faith judgment, determines that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property prepared by a duly qualified engineering Property, in which case such inspections or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Propertyaudits shall be at Borrower's sole expense. If Borrower fails to provide any such inspection or audit within sixty thirty (6030) days after such request request, Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and Borrower (for itself and the Other Mortgagor, if applicable) hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest RateRate until paid. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s its expense upon request of Lender. In the event that any investigation, site monitoring, containment containment, cleanup, removal, restoration, restoration or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by contractors approved in advance by Lender, and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower including, without limitation, Lender’s reasonable attorneys’ fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate.applicable

Appears in 1 contract

Sources: Loan Agreement (United Investors Realty Trust)

Environmental Monitoring. Borrower Mortgagor shall give prompt written notices to Lender Mortgagee of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Mortgaged Property, (b) all claims made or threatened by any third party against Borrower Mortgagor or the Security Mortgaged Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s Mortgagor's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Mortgaged Property that could cause the Security Mortgaged Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Mortgagor shall permit Lender Mortgagee to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Mortgaged Property in connection with any Environmental Law or Hazardous Substance, and Borrower Mortgagor shall pay all attorneys' fees and disbursements incurred by Lender Mortgagee in connection therewith. Upon Lender’s written Mortgagee's request, at any time after the occurrence of or during the continuance of an Event of Default or at such other and from time Lender to time while this Mortgage is in effect but not more frequently than once per calendar year, unless Mortgagee has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Defaultjudgment) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Mortgaged Property, Borrower Mortgagor shall provide at Borrower’s Mortgagor's sole expense, (i) an inspection or audit of the Security Mortgaged Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender Mortgagee indicating the presence or absence of Hazardous Substances on, in or near the Security Mortgaged Property, and (ii) an inspection or audit of the Security Mortgaged Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lenderapproved by Mortgagee, indicating the presence or absence of Asbestos on the Security Mortgaged Property; provided, however, any such inspection or audit requested by Mortgagee, during the Term, in excess of one (1) inspection during each five (5) year period commencing upon the date hereof, shall be performed at Mortgagee's expense unless an Event of Default exists or Mortgagee has determined (in the exercise of its good faith and judgment) that reasonable cause exists for the performance of an environmental inspection or audit. If Borrower Mortgagor fails to provide such inspection or audit within sixty thirty (6030) days after such request Lender may, upon not less than ten (10) days prior written notice to Borrower, Mortgagee may order same, and Borrower Mortgagor hereby grants to Lender Mortgagee and its employees and agents access to the Security Mortgaged Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower Mortgagor shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s Mortgagor's expense upon request of LenderMortgagee. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the "Remedial Work"), Borrower Mortgagor shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety thirty (9030) days after written demand by Lender Mortgagee for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). .) All Remedial Work shall be performed by contractors approved in advance by LenderMortgagee, and under the supervision of a consulting engineer approved by LenderMortgagee. All costs and expenses of such Remedial Work shall be paid by Borrower Mortgagor including, without limitation, Lender’s Mortgagee's reasonable attorneys' fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower Mortgagor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender Mortgagee may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (Cedar Income Fund LTD /Md/)

Environmental Monitoring. Borrower (1) Borrowers shall give prompt written notices notice to Lender of: of (ai) any proceeding or written inquiry by any party (including any Governmental Authority) with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security any Property, (bii) all claims made or threatened in writing by any third party (including any Governmental Authority) against any Borrower or the Security any Property or any party occupying any Property relating to any loss or injury resulting from any Hazardous Substance or AsbestosSubstance, and (ciii) any Borrower’s 's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security any Property that could cause the Security such Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Borrowers shall permit Lender to join and participate in, as a party if it so elects, any legal or administrative proceedings or other actions initiated with respect to the Security any Property in connection with any Environmental Law or Hazardous Substance, and Borrower Borrowers shall pay all reasonable attorneys' fees and disbursements incurred by Lender in connection therewith. . (2) Upon Lender’s written 's request, at any time and from time to time, Borrowers shall provide an inspection or audit of the Properties (or any of them) prepared by a licensed hydrogeologist, licensed environmental engineer or qualified environmental consulting firm approved by Lender assessing the presence or absence of Hazardous Substances on, in or near such Properties. The cost and expense of such audit or inspection shall be paid by Borrowers not more frequently than once every five calendar years after the occurrence of any Secondary Market Transaction, unless a Default or during the continuance of an Event of Default exists or at such other time Lender has determined (Lender, in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) judgment, determines that reasonable cause exists for the performance of an environmental inspection or audit of the Security Propertysuch Properties, Borrower in which cases such inspections or audits shall provide be at Borrower’s Borrowers' sole expense. Such inspections and audit may include, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances onwithout limitation, in or near the Security Property, soil bearings and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Propertyground water monitoring. If Borrower fails Borrowers fail to provide any such inspection or audit within sixty (60) 30 days after such request request, Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and each Borrower hereby grants to Lender and its employees and agents access to the Security its Property and a license to undertake such inspection or audit. The cost of such inspection or audit may shall be paid by Borrowers upon demand and if not paid, shall be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. Debt. (3) If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower whether such Hazardous Substance existed prior to the ownership of such Property by a Borrower, or presently exists or is reasonably suspected of existing, Borrowers shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s its expense upon request of Lender. In the event that any investigation, site monitoring, containment containment, cleanup, removal, restoration, restoration or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”"REMEDIAL WORK"), Borrower shall shall, within 30 days after written demand by Lender, commence and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or which amount of time shall not exceed any such shorter applicable period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by licensed contractors approved in advance by Lender, Lender and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower includingBorrowers, without limitation, including Lender’s 's reasonable attorneys' fees and disbursements incurred in connection with the monitoring or review of such Remedial Work. In the event Borrower shall fail to If Borrowers do not timely commence, or cause to be commenced, or fail to commence and diligently prosecute to completion, such completion the Remedial Work, Lender may, may (but shall not be required obligated to, ) cause such Remedial Work to be performed, and all . All costs and expenses thereof, (including reasonable attorneys' fees and disbursements) relating to or incurred by Lender in connection therewithwith monitoring, may reviewing or performing any Remedial Work in accordance herewith shall be paid by Borrowers upon demand from Lender and if not, shall be added to the Debt Debt. Notwithstanding the foregoing, Borrowers shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time period would result in a Borrower or such Remedial Work violating any Environmental Law, or (z) if a Borrower, at its expense and after prior written notice to Lender, is contesting by appropriate legal, administrative or other proceedings, conducted in good faith and with due diligence, the need to perform Remedial Work. A Borrower shall bear have the right to contest the need to perform such Remedial Work, provided that, (1) such Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Properties nor any of them nor any part thereof or interest therein will be sold, forfeited or lost if such Borrower fails to promptly perform the Remedial Work being contested, and if such Borrower fails to prevail in contest, such Borrower would thereafter until paid at have the Default Interest Rateopportunity to perform such Remedial Work, (3) Lender would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Borrowers have not furnished additional security as provided in clause (4) below, or to any risk of criminal liability, and neither the Properties nor any of them nor any interest therein would be subject to the imposition of any Lien for which Borrowers have not furnished additional security as provided in clause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrowers shall have furnished to Lender additional security in respect of the Remedial Work being contested and the loss or damage that may result from the applicable Borrower's failure to prevail in such contest in such amount as may be reasonably requested by Lender but in no event less than one hundred twenty-five percent (125%) of the cost of such Remedial Work as estimated by Lender or Lender's Consultant and any loss or damage that may result from the applicable Borrower's failure to prevail in such contest. (4) Borrower shall not install or permit to be installed on any Property any underground storage tank.

Appears in 1 contract

Sources: Loan Agreement (Acadia Realty Trust)

Environmental Monitoring. Borrower shall give prompt written notices to Lender of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (b) all claims made or threatened by any third party against Borrower or the Security Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Trustor shall permit Lender Beneficiary to join ------------------------ and participate in, as a party if it so elects, any legal proceedings or actions action initiated with respect to the Security Property in connection with any Environmental Hazardous Substance Law or Hazardous Substance, and Borrower Trustor shall pay all attorneys' fees and disbursements incurred by Lender Beneficiary in connection therewith. Upon Lender’s written Beneficiary's request, at any time after the occurrence and from time to time while this Deed of or during the continuance of an Event of Default or at such other time Lender Trust is in effect, but not more frequently than once per calendar year, unless Beneficiary has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Defaultjudgment) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower Trustor shall provide at Borrower’s Trustor's sole expense, (i) expense an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender Beneficiary indicating the presence or absence of Hazardous Substances onin, in or near the Security Property, and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower Trustor fails to provide such inspection inspections or audit audits within sixty thirty (6030) days after such request Lender mayrequest, upon not less than ten (10) days prior written notice to Borrower, Beneficiary may order same, and Borrower Trustor hereby grants to Lender Beneficiary and its employees and agents access to the Security Property and a license to undertake such inspection those inspections or auditaudits. The cost of such inspection inspections or audit may audits shall be added to the Debt principal balance of the sums due under the Note and the Deed of Trust and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one Rate (1) time as defined in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expenseNote). In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower Trustor shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s Trustor's expense upon request of LenderBeneficiary. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower Trustor shall commence and thereafter diligently prosecute to completion all such Remedial Work any remedial work within ninety thirty (9030) days after written demand by Lender Beneficiary for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work remedial work shall be performed by contractors approved in advance by LenderBeneficiary, and under the supervision of a consulting engineer approved by LenderBeneficiary. All costs and expenses of such Remedial Work remedial work shall be paid by Borrower Trustor including, without limitation, Lender’s Beneficiary's reasonable attorneys' fees and disbursements costs incurred in connection with monitoring or review of such Remedial Workremedial work. In the event Borrower Trustor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Workremedial work, Lender Beneficiary may, but shall not be required to, cause such Remedial Work remedial work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to shall become part of the Debt Indebtedness and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Deed of Trust (G&l Realty Corp)

Environmental Monitoring. Borrower (a) Borrowers shall give prompt written notices notice to Lender of: of (ai) any proceeding or inquiry by any party (including any Governmental Authority) with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security any Property, (bii) all claims made or threatened by any third party (including any Governmental Authority) against any Borrower or the Security any Property or any party occupying any Property relating to any loss or injury resulting from any Hazardous Substance or AsbestosSubstance, and (ciii) any Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security any Property that could cause the Security such Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Borrowers shall permit Lender to join and participate in, as a party if it so elects, any legal or administrative proceedings or other actions initiated with respect to the Security any Property in connection with any Environmental Law or Hazardous Substance, and Borrower Borrowers shall pay all reasonable attorneys’ fees and disbursements incurred by Lender in connection therewith. . (b) Upon Lender’s written request, at any time after the occurrence of or during the continuance of an Event of Default or at such other and from time Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Propertyto time, Borrower Borrowers shall provide at Borrower’s sole expense, (i) an inspection or audit of the Security Property one or more Properties designated by Lender prepared by a licensed hydrogeologist or hydrogeologist, licensed environmental engineer reasonably or qualified environmental consulting firm approved by Lender indicating assessing the presence or absence of Hazardous Substances on, in or near the Security Propertysuch Property or Properties, and (ii) an if Lender in its good faith judgment determines that reasonable cause exists for the performance of such environmental inspection or audit, then the cost and expense of such audit of the Security Property prepared or inspection shall be paid by a duly qualified engineering or consulting firm reasonably accepted to Borrowers (otherwise, such cost and expense shall be paid by Lender, indicating the presence or absence of Asbestos on the Security Property). Such inspections and audit may include soil bearings and ground water monitoring. If Borrower fails Borrowers fail to provide any such inspection or audit within sixty (60) 60 days after such request request, Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and Borrower Borrowers hereby grants grant to Lender and its employees and agents access to the Security Property Properties and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. . (c) If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower whether such Hazardous Substance existed prior to the ownership of the applicable Property by any Borrower, or presently exists or is reasonably suspected of existing, Borrowers shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s their expense upon request of Lender. In the event that If any investigation, site monitoring, containment containment, cleanup, removal, restoration, restoration or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower Borrowers shall commence all such Remedial Work within 30 days after written demand by Lender and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by licensed contractors approved in advance by Lender, Lender and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower includingBorrowers, without limitation, including Lender’s reasonable attorneys’ fees and disbursements incurred in connection with the monitoring or review of such Remedial Work. In the event Borrower shall fail to If Borrowers do not timely commence, or cause to be commenced, or fail to commence and diligently prosecute to completion, such completion the Remedial Work, Lender may, may (but shall not be required obligated to, ) cause such Remedial Work to be performedperformed at Borrowers’ expense. Notwithstanding the foregoing, Borrowers shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time period would result in any Borrower or such Remedial Work violating any Environmental Law, or (z) if Borrowers, at their expense and after prior written notice to Lender, are contesting by appropriate legal, administrative or other proceedings, conducted in good faith and with due diligence, the need to perform Remedial Work. Borrowers shall have the right to contest the need to perform such Remedial Work, provided that, (1) Borrowers are permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither any Property nor any part thereof or interest therein will be sold, forfeited or lost if a Borrower fails to promptly perform the Remedial Work being contested, and all costs and expenses thereofif such Borrower fails to prevail in contest such Borrower would thereafter have the opportunity to perform such Remedial Work, (3) Lender would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Borrowers have not furnished additional security as provided in clause (4) below, or incurred to any risk of criminal liability, and neither any Property nor any interest therein would be subject to the imposition of any Lien for which Borrowers have not furnished additional security as provided in connection therewithclause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrowers shall have furnished to Lender additional security in respect of the Remedial Work being contested and the loss or damage that may result from Borrowers’ failure to prevail in such contest in such amount as may be added reasonably requested by Lender but in no event less than one hundred twenty-five percent (125%) of the cost of such Remedial Work as estimated by Lender or Lender’s Consultant and any loss or damage that may result from Borrowers’ failure to the Debt and prevail in such contest. (d) No Borrower shall bear interest thereafter until paid at the Default Interest Rateinstall or permit to be installed on any Property any underground storage tank.

Appears in 1 contract

Sources: Loan Agreement (Supertel Hospitality Inc)

Environmental Monitoring. Borrower shall give prompt written notices to Lender of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (b) all claims made or threatened by any third party against Borrower or the Security Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s 's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all attorneys' fees and disbursements incurred by Lender in connection therewith. Upon Lender’s 's written request, at any time after the occurrence of or during the continuance of an Event of Default or at such other time Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower shall MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 53 provide at Borrower’s 's sole expense, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property, and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower fails to provide such inspection or audit within sixty (60) days after such request Lender may, upon not less than ten (10) days prior written notice to Borrower, order same, and Borrower hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s 's sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s 's expense upon request of Lender. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the "Remedial Work"), Borrower shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by contractors approved in advance by Lender, and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower including, without limitation, Lender’s 's reasonable attorneys' fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Mortgage, Security Agreement and Fixture Financing Statement (Prime Group Realty Trust)

Environmental Monitoring. Borrower shall give prompt written notices to Lender of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (b) all claims made or threatened by any third party against Borrower or the Security Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Trustor shall permit Lender Beneficiary to join ------------------------ and participate in, as a party if it so elects, any legal proceedings or actions action initiated with respect to the Security Property in connection with any Environmental Substance Law or Hazardous Substance, and Borrower Trustor shall pay all attorneys' fees and disbursements incurred by Lender Beneficiary in connection therewith. Upon Lender’s written Beneficiary's request, at any time after the occurrence and from time to time while this Deed of or during the continuance of an Event of Default or at such other time Lender Trust is in effect, but not more frequently than once per calendar year, unless Beneficiary has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Defaultjudgment) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower Trustor shall provide at Borrower’s Trustor's sole expense, (i) expense an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender Beneficiary indicating the presence or absence of Hazardous Substances onin, in or near the Security Property, and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower Trustor fails to provide such inspection inspections or audit audits within sixty thirty (6030) days after such request Lender mayrequest, upon not less than ten (10) days prior written notice to Borrower, Beneficiary may order same, and Borrower Trustor hereby grants to Lender Beneficiary and its employees and agents access to the Security Property and a license to undertake such inspection those inspections or auditaudits. The cost of such inspection inspections or audit may audits shall be added to the Debt principal balance of the sums due under the Note and the Deed of Trust and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one Rate (1) time as defined in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expenseNote). In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower Trustor shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s Trustor's expense upon request of LenderBeneficiary. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower Trustor shall commence and thereafter diligently prosecute to completion all such Remedial Work any remedial work within ninety thirty (9030) days after written demand by Lender Beneficiary for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work remedial work shall be performed by contractors approved in advance by LenderBeneficiary, and under the supervision of a consulting engineer approved by LenderBeneficiary. All costs and expenses of such Remedial Work remedial work shall be paid by Borrower Trustor including, without limitation, Lender’s Beneficiary's reasonable attorneys' fees and disbursements costs incurred in connection with monitoring or review of such Remedial Workremedial work. In the event Borrower Trustor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Workremedial work, Lender Beneficiary may, but shall not be required to, cause such Remedial Work remedial work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to shall become part of the Debt Indebtedness and shall bear interest thereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Deed of Trust, Security Agreement, and Fixture Filing With Assignment of Rents and Agreements (G&l Realty Corp)

Environmental Monitoring. Borrower Mortgagor shall give prompt written notices to Lender Mortgagee of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Mortgaged Property, (b) all claims made or threatened by any third party against Borrower Mortgagor or the Security Mortgaged Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s Mortgagor's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Mortgaged Property that could cause the Security Mortgaged Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Mortgagor shall permit Lender Mortgagee to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Mortgaged Property in connection with any Environmental Law or Hazardous Substance, and Borrower Mortgagor shall pay all attorneys' fees and disbursements incurred by Lender Mortgagee in connection therewith. Upon Lender’s written Mortgagee's request, at any time after the occurrence of or during the continuance of an Event of Default or at such other and from time Lender to time while this Mortgage is in effect but not more frequently than once per calendar year, unless Mortgagee has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Defaultjudgment) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Mortgaged Property, Borrower Mortgagor shall provide at Borrower’s Mortgagor's sole expense, (i) an inspection or audit of the Security Mortgaged Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender Mortgagee indicating the presence or absence of Hazardous Substances on, in or near the Security Mortgaged Property, and (ii) an inspection or audit of the Security Mortgaged Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lenderapproved by Mortgagee, indicating the presence or absence of Asbestos on the Security Mortgaged Property; provided, however, any such inspection or audit requested by Mortgagee, during the Term, in excess of one (1) inspection during each five (5) year period commencing upon the date hereof, shall be performed at Mortgagee's expense unless an Event of Default exists or Mortgagee has determined (in the exercise of its good faith and judgment) that reasonable cause exists for the performance of an environmental inspection or audit. If Borrower Mortgagor fails to provide such inspection or audit within sixty thirty (6030) days after such request Lender may, upon not less than ten (10) days prior written notice to Borrower, Mortgagee may order same, and Borrower Mortgagor hereby grants to Lender Mortgagee and its employees and agents access to the Security Mortgaged Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower Mortgagor shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s Mortgagor's expense upon request of LenderMortgagee. In the event that any investigation, site monitoring, containment cleanup, removal, removal restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”"REMEDIAL WORK"), Borrower Mortgagor shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety thirty (9030) days after written demand by Lender Mortgagee for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). .) All Remedial Work shall be performed by contractors approved in advance by LenderMortgagee, and under the supervision of a consulting engineer approved by LenderMortgagee. All costs and expenses of such Remedial Work shall be paid by Borrower be Mortgagor including, without limitation, Lender’s Mortgagee's reasonable attorneys' fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower Mortgagor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender Mortgagee may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may be added to the Debt and shall bear interest thereafter hereafter until paid at the Default Interest Rate.

Appears in 1 contract

Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (Wellington Properties Trust)

Environmental Monitoring. (a) Borrower shall give prompt written notices notice to Lender of: of (ai) any proceeding or inquiry by any party (including any Governmental Authority) with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Property, (bii) all claims made or threatened by any third party (including any Governmental Authority) against Borrower or the Security Property or any party occupying the Property relating to any loss or injury resulting from any Hazardous Substance or AsbestosSubstance, and (ciii) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Property that could cause the Security Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal or administrative proceedings or other actions initiated with respect to the Security Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys’ fees and disbursements incurred by Lender in connection therewith. . (b) Upon Lender’s written commercially reasonable request, at any time after Borrower shall provide an inspection or audit of the occurrence Property prepared by a licensed hydro geologist, licensed environmental engineer or qualified environmental consulting firm approved by Lender assessing the presence or absence of Hazardous Substances on, in or during near the continuance Property. The cost and expense of such audit or inspection shall be paid by Borrower not more frequently than once every five calendar years, unless a Default or an Event of Default exists or at such other time Lender has determined (Lender, in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) judgment, determines that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower in which cases such inspections or audits shall provide be at Borrower’s sole expense. Such inspections and audit may include, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property, soil bearings and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Propertyground water monitoring. If Borrower fails to provide any such inspection or audit within sixty thirty (6030) days after such request request, Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and Borrower hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. . (c) If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, whether such Hazardous Substance existed prior to the ownership of the Property by Borrower, or presently exists or is reasonably suspected of existing, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s its expense upon request of Lender. In the event that If any investigation, site monitoring, containment containment, cleanup, removal, restoration, restoration or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”), Borrower shall commence all such Remedial Work within thirty (30) days after written demand by Lender and thereafter diligently prosecute to completion all such Remedial Work within ninety (90) days after written demand by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by licensed contractors approved in advance by Lender, Lender and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower includingBorrower, without limitation, including Lender’s reasonable attorneys’ fees and disbursements incurred in connection with the monitoring or review of such Remedial Work. In the event If Borrower shall fail to does not timely commence, or cause to be commenced, or fail to commence and diligently prosecute to completion, such completion the Remedial Work, Lender may, may (but shall not be required obligated to, ) cause such Remedial Work to be performedperformed at Borrower’s expense. Notwithstanding the foregoing, Borrower shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time period would result in Borrower or such Remedial Work violating any Environmental Law, or (z) if Borrower, at its expense and after prior written notice to Lender, is contesting by appropriate legal, administrative or other proceedings, conducted in good faith and with due diligence, the need to perform Remedial Work. Borrower shall have the right to contest the need to perform such Remedial Work, provided that, (1) Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Property nor any part thereof or interest therein will be sold, forfeited or lost if Borrower fails to promptly perform the Remedial Work being contested, and all costs and expenses thereofif Borrower fails to prevail in contest, Borrower would thereafter have the opportunity to perform such Remedial Work, (3) Lender would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Borrower has not furnished additional security as provided in clause (4) below, or incurred to any risk of criminal liability, and neither the Property nor any interest therein would be subject to the imposition of any Lien for which Borrower has not furnished additional security as provided in connection therewithclause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrower shall have furnished to Lender additional security in respect of the Remedial Work being contested and the loss or damage that may result from Borrower’s failure to prevail in such contest in such amount as may be added reasonably requested by Lender but in no event less than one hundred twenty-five percent (125%) of the cost of such Remedial Work as estimated by Lender or Lender’s Consultant and any loss or damage that may result from Borrower’s failure to prevail in such contest. (d) Borrower shall not install or permit to be installed on the Debt and shall bear interest thereafter until paid at the Default Interest RateProperty any underground storage tank.

Appears in 1 contract

Sources: Loan Agreement (TNP Strategic Retail Trust, Inc.)

Environmental Monitoring. Borrower Mortgagor shall give prompt written notices to Lender Mortgagee of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Mortgaged Property, (b) all claims made or threatened by any third party against Borrower Mortgagor or the Security Mortgaged Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s Mortgagor's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Mortgaged Property that could cause the Security Mortgaged Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower Mortgagor shall permit Lender Mortgagee to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Mortgaged Property in connection with any Environmental Law Law, Hazardous Substance or Hazardous SubstanceAsbestos, and Borrower Mortgagor shall pay all attorneys' fees and disbursements incurred by Lender Mortgagee in connection therewith. Upon Lender’s written request, at any time after the occurrence of or during the continuance of an Event of Default or at such other time Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Default) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Property, Borrower shall provide at Borrower’s sole expense, (i) an inspection or audit of the Security Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Property, and (ii) an inspection or audit of the Security Property prepared by a duly qualified engineering or consulting firm reasonably accepted to Lender, indicating the presence or absence of Asbestos on the Security Property. If Borrower fails to provide such inspection or audit within sixty (60) days after such request Lender may, upon not less than ten (10) days prior written notice to Borrower, order same, and Borrower hereby grants to Lender and its employees and agents access to the Security Property and a license to undertake such inspection or audit. The cost of such inspection or audit may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expense. In the event that any environmental site assessment report prepared in connection with such inspection or audit for the Mortgaged Property recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower Mortgagor shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s Mortgagor's expense upon request of LenderMortgagee. In the event that any investigation, site monitoring, containment containment, cleanup, removal, restoration, restoration or other work of any kind is reasonably necessary or desirable under an any applicable Environmental Law (the "Remedial Work"), Borrower Mortgagor shall commence and thereafter diligently prosecute to completion all such Remedial Work within ninety thirty (9030) days after written demand by Lender Mortgagee for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law). All Remedial Work shall be performed by contractors approved in advance by LenderMortgagee, and under the supervision of a consulting engineer approved by LenderMortgagee. All costs and expenses of such Remedial Work shall be paid by Borrower Mortgagor including, without limitation, Lender’s Mortgagee's reasonable attorneys' fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower Mortgagor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender Mortgagee may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, may shall be added to the Debt and shall bear interest thereafter thereafter, until paid paid, at the Default Interest Rate.

Appears in 1 contract

Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (Ridgewood Properties Inc)

Environmental Monitoring. Borrower shall give prompt written notices to Lender of: (a) any proceeding or inquiry by any party with respect to the presence of any Hazardous Substance or Asbestos on, under, from or about the Security Trust Property, (b) all claims made or threatened by any third party against Borrower or the Security Trust Property relating to any loss or injury resulting from any Hazardous Substance or Asbestos, and (c) Borrower’s 's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Security Trust Property that could reasonably be expected to cause the Security Trust Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal proceedings or actions initiated with respect to the Security Trust Property in connection with any actual or alleged violation of Environmental Law or the presence of Hazardous SubstanceSubstance at the Trust Property, and Borrower shall pay all reasonable attorneys' fees and disbursements incurred by Lender in connection therewith. Upon Lender’s written 's request, at any time after the occurrence and from time to time while this Deed of or during the continuance of an Event of Default or at such other time Trust is in effect but not more frequently than once per calendar year, unless Lender has determined (in the exercise of its good faith judgment but in no event more than one (1) time in any consecutive twelve (12) month period absent the occurrence and continuance of an Event of Defaultjudgment) that reasonable cause exists for the performance of an environmental inspection or audit of the Security Trust Property, Borrower shall provide at Borrower’s 's sole expense, (i) an inspection or audit of the Security Trust Property prepared by a licensed hydrogeologist or licensed environmental engineer reasonably approved by Lender indicating the presence or absence of Hazardous Substances on, in or near the Security Trust Property, and (ii) an inspection or audit of the Security Trust Property prepared by a duly qualified engineering or consulting firm reasonably accepted to approved by Lender, indicating the presence or absence of Asbestos on the Security Trust Property; provided, however, any such inspection or audit requested by Lender, during the Term, in excess of one (1) inspection during each five (5) year period commencing upon the date hereof, shall be performed at Lender's expense unless an Event of Default exists or Lender has determined (in the exercise of its good faith and judgment) that reasonable cause exists for the performance of an environmental inspection or audit. If Borrower fails to provide such inspection or audit within sixty (60) days after such request Lender may, upon not less than ten (10) days prior written notice to Borrower, may order same, and Borrower hereby grants to Lender and its employees and agents access to the Security Trust Property and a license to undertake such inspection or auditaudit upon reasonable prior notice to Borrower and in a manner that does not unreasonably interfere with tenants or occupants thereof. The cost of such inspection or audit obtained by Lender upon Borrower's failure to do so shall bear interest from the date such costs are incurred by Lender until paid at the Default Rate and shall be. due and payable by Borrower to Lender within ten (10) days after demand, and if not so paid, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest Rate. If no Event of Default has occurred and is continuing and Lender requests any such inspection or audit more than one (1) time in any consecutive twelve (12) month period, Lender shall have the right to obtain such additional audit or inspection at Lender’s sole cost and expenseDebt. In the event that any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for Asbestos or any Hazardous Substance, Borrower shall cause such operations and maintenance plan to be prepared and implemented at Borrower’s 's expense upon request of Lender. In the event that any investigation, site monitoring, containment cleanup, removal, restoration, or other work of any kind is reasonably necessary or desirable under an applicable Environmental Law (the “Remedial Work”"REMEDIAL WORK"), Borrower shall promptly commence and thereafter diligently prosecute to completion all such Remedial Work, provided that in any event Borrower shall complete such Remedial Work within ninety (90) days after written demand the time required by Lender for performance thereof (or any such shorter period of time as AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 51 43412-20/Continental Towers may be required under applicable law)Environmental Law. All Remedial Work shall be performed by contractors approved in advance by Lender, and under the supervision of a consulting engineer approved by Lender. All costs and expenses of such Remedial Work shall be paid by Borrower including, without limitation, Lender’s 's reasonable attorneys' fees and disbursements incurred in connection with monitoring or review of such Remedial Work. In the event Borrower shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to completion, such Remedial Work, Lender may, but shall not be required to, cause such Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, shall bear interest from the date such costs are incurred by Lender until paid at the Default Rate and shall be due and payable by Borrower to Lender within ten (10) days after demand, and if not so paid, may be added to the Debt and shall bear interest thereafter until paid at the Default Interest RateDebt.

Appears in 1 contract

Sources: Deed of Trust (Maguire Properties Inc)