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condition on or under the Property or on or under any real property adjoining or in
<br />the vicinity of the Property which could subject Borrower, Lender or the Property
<br />to a claim under any Environmental Regulations. Any such notice shall include
<br />copies of any written materials received by Borrower.
<br />(d)Any investigation or any remedial or corrective action taken with respect to the
<br />Property shall be done under the supervision of a qualified consultant, engineer or
<br />scientist acceptable to Lender who shall, at Borrower’s cost and at the completion
<br />of such investigation or action, provide a written report of such investigation or
<br />action to Lender. Borrower shall also provide Lender with a copy of any interim
<br />reports prepared in connection with any such investigation or action.
<br />(e)If the Property has, or is suspected to have, asbestos or asbestos containing
<br />materials (“ACM”) which, due to its condition or location or due to any planned
<br />building renovationor demolition, is recommended to be abated by repair,
<br />encapsulation, removal or other action, Borrower shall promptly carry out the
<br />recommended abatement action. If the recommended abatement includes removal
<br />of ACM, Borrower shall cause the same to be removed and disposed of offsite by
<br />a licensed and experienced asbestos removal contractor, all in accordance with
<br />Environmental Regulations. Upon completion of the recommended abatement
<br />action, Borrower shall deliver to Lender a certificate, signed by an officer of
<br />Borrower and the consultant overseeing the abatement action, certifying to Lender
<br />that the work has beencompleted in compliance with all applicable laws,
<br />ordinances, codes and regulations (including without limitation those regarding
<br />notification, removal and disposal) and that no airborne fibers beyond permissible
<br />exposure limits remain on site.
<br />(f)After an Event of Default (as defined in the LoanAgreement between the
<br />Borrower and the Lender dated an even date herewith), Lender shall have the
<br />right, after ten(10) days’ prior written notice to Borrower, to have an
<br />environmental review, audit, assessment, testing program and/or report with
<br />respect to the Property performed or prepared by an environmental engineering
<br />firm selected by Lender. Borrower shall provide reasonable access to the
<br />Property to such environmental engineering firm during normal business hours to
<br />conduct such review. Borrower shall reimburse Lender for the cost incurred for
<br />each such action within ten(10) days following demand therefor by Lender.
<br />4.Indemnity.The Borrowershall indemnify Lender, any participant of Lender, its
<br />and their directors, officers, employees, agents, contractors, licensees, invitees, and the
<br />respective heirs, legal representatives, successors and assigns of all such persons and parties
<br />(hereinafter collectively referred to as “Indemnified Parties”) against, shall hold the Indemnified
<br />Parties harmless from, and shall reimburse the Indemnified Parties for, any and all loss, damage,
<br />liability, cost and expense directly or indirectly incurred by the Indemnified Parties, including
<br />reasonable attorneys’ and consultants’ fees, resulting from: (a)the presence or discovery of any
<br />Hazardous Substance in, upon, under or over, or emanating from, the Property, whether or not
<br />the Borroweris responsible therefor, and whether or not it was placed, located, deposited or
<br />released by the Borrower,or(b)any violation of any Environmental Regulation, or both (a) and
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<br />477339v4 MJM EL185-40
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