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<br />regulatory actions instituted or threatened under any Environmental Regulations <br />affecting the Property, (iii) all claims made or threatened by any third party <br />against Borrower or Entity Guarantor or the Property relating to any Hazardous <br />Substance or a violation of any Environmental Regulations, (iv) discovery by <br />Borrower pr Entity Guarantor of any occurrence or condition on or under the <br />Property or on or under any real property adjoining or in the vicinity of the <br />Property which could subject Borrower, Entity Guarantor, 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 or Entity Guarantor. <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 and Entity Guarantor’s <br />cost and at the completion of such investigation or action, provide a written report <br />of such investigation or action to Lender. Borrower amd Entity Guarantor shall <br />also provide Lender with a copy of any interim reports prepared in connection <br />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 renovation or demolition, is recommended to be abated by repair, <br />encapsulation, removal or other action, Borrower and Entity Guarantor shall <br />promptly carry out the recommended abatement action. If the recommended <br />abatement includes removal of ACM, Borrower and Entity Guarantor shall cause <br />the same to be removed and disposed of offsite by a licensed and experienced <br />asbestos removal contractor, all in accordance with Environmental Regulations. <br />Upon completion of the recommended abatement action, Borrower and Entity <br />Guarantor shall deliver to Lender a certificate, signed by an officer of Borrower <br />and Entity Guarantor and the consultant overseeing the abatement action, <br />certifying to Lender that the work has been completed in compliance with all <br />applicable laws, ordinances, codes and regulations (including without limitation <br />those regarding notification, removal and disposal) and that no airborne fibers <br />beyond permissible exposure limits remain on site. <br />(f) After an Event of Default (as defined in the Loan Agreement between the <br />Borrower and the Lender dated an even date herewith), Lender shall have the <br />right, after 10 days’ prior written notice to Borrower Entity Guarantor, 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 and Entity Guarantor shall provide reasonable <br />access to the Property to such environmental engineering firm during normal <br />business hours to conduct such review. Borrower and Entity Guarantor shall <br />reimburse Lender for the cost incurred for each such action within 10 days <br />following demand therefor by Lender. <br />4. Indemnity. The Borrower and the Entity Guarantor shall indemnify Lender, any <br />participant of Lender, its and their directors, officers, employees, agents, contractors, licensees, <br />4 <br />487523v1 JSB EL185-45 <br />