Operations and Maintenance Plan. If required by ▇▇▇▇▇▇, Borrower shall within thirty (30) days of the date hereof deliver to Lender an operation and maintenance plan (the "O&M Plan") with respect to the maintenance or removal of any asbestos, lead based paint, hazardous and toxic wastes and substances, PCB's and storage tanks on the Property, which O&M Plan shall appoint an "Program Manager" in charge of managing all asbestos-related activities on the Property. Borrower shall (i) diligently perform and observe all of the terms, covenants and conditions of the O&M Plan on the part of Borrower to be performed and observed to the end that all things shall be done which are necessary to keep unimpaired the rights of Borrower under the O&M Plan and (ii) promptly notify Lender of the giving of any notice to Borrower of any default by the Program Manager in the performance or observance of any of the terms, covenants or conditions of the O&M Plan on the part of the Program Manager to be performed and observed and deliver to Lender a true copy of each such notice. Lender shall have the right to approve any O&M Plan which may affect the Property. ▇▇▇▇▇▇'s requirement that Borrower develop and comply with the O&M Plan shall not be deemed to constitute a waiver or a modification of any of Borrower's covenants and agreements with respect to paragraphs 34 or 35 hereof.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P), Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P)