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(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 renovation or 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 been completed 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 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, to have an environmental
<br />review, audit, assessment, testing program and /or report with respect to the
<br />Property performed or prepared by an environmental engineering firm selected by
<br />Lender. Borrower shall provide reasonable access to the Property to such
<br />environmental engineering firm during normal business hours to conduct such
<br />review. Borrower shall reimburse Lender for the cost incurred for each such
<br />action within 10 days following demand therefor by Lender.
<br />4. Indemnity. The Borrower shall indemnify Lender, any participant of Lender, its
<br />and their directors, commissioners, officers, employees, agents, contractors, licensees, invitees,
<br />and the respective heirs, legal representatives, successors and assigns of all such persons and
<br />parties (hereinafter collectively referred to as "Indemnified Parties ") against, shall hold the
<br />Indemnified Parties harmless from, and shall reimburse the Indemnified Parties for, any and all
<br />loss, damage, liability, cost and expense directly or indirectly incurred by the Indemnified
<br />Parties, including reasonable attorneys' and consultants' fees, resulting from: (a) the presence or
<br />discovery of any Hazardous Substance in, upon, under or over, or emanating from, the Property,
<br />whether or not the Borrower is responsible therefor, and whether or not it was placed, located,
<br />deposited or released by the Borrower, or (b) any violation of any Environmental Regulation, or
<br />both (a) and (b). Borrower agrees that the Indemnified Parties shall have no responsibility for,
<br />and Borrower hereby releases the Indemnified Parties from responsibility for, damage or injury
<br />to human health, property, the environment or natural resources caused by Hazardous Substances
<br />and for abatement, clean-up, detoxification, removal or disposal of, or otherwise with respect to,
<br />Hazardous Substances. The indemnity contained in this Section 4 shall be deemed continuing
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<br />498528v1 JSB EL185 -51
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