Environmental Protection and Remediation. Borrower covenants and agrees that: (i) Borrower will not release any Polluting Substance in, on, over or under the Property or on any properties adjacent to the Property, (ii) Borrower will not become involved, and will not permit any tenant or occupant of the Property to become involved, in operations at the Property involving unlawful use of Polluting Substances, (iii) Borrower, at its sole cost and expense, will comply strictly and in all respects with the requirements of all Environmental Laws, (iv) Borrower will notify Lender promptly in the event of the presence or release of any Polluting Substance at or affecting the Property and give to Lender a copy of any warning letters or notice of violations of any Environmental Law received by Borrower, (v) in the event any Polluting Substance is found at the Property in violation of any Environmental Law, Borrower will immediately contain and remove the same in compliance with all Environmental Laws and pay immediately when due the cost of removal of such Polluting Substance, (vi) Borrower will keep the Property free and clear of any lien imposed pursuant to any Environmental Law and (vii) Borrower will include in all future leases of any portion of the Property provisions requiring compliance with all Environmental Laws and reporting of information regarding such compliance to Borrower and Lender. Xxxxxxxx agrees to permit Xxxxxx, at its election and in its reasonable discretion but with notice to Xxxxxxxx, at any time and from time to time, if Xxxxxx has reason to suspect the presence of a Polluting Substance, to cause one or more environmental site assessments of the Property to be undertaken. An environmental site assessment may include a detailed visual inspection of the Property, including, without limitation, all storage areas, storage tanks, drains, dry xxxxx, and leaching areas, as well as the taking of samples of soil, surface water, and ground water and such other investigation or analysis as is necessary or appropriate for a complete assessment of the compliance of the Property and the use and operation thereof with all Environmental Laws.
Environmental Protection and Remediation. USD 1-12m (EUR 0.76-9m) has been estimated to be the cost of the protection of sites with hazardous substances and the encouragement of xxxxxxxxxx redevelopment (City of New York, 2013).
Environmental Protection and Remediation. (a) Borrower covenants and agrees that: (i) Borrower will not release any Polluting Substance on the Property or on any properties adjacent to the Property; (ii) Borrower will not become involved, and will not permit any tenant or occupant of the Property to become involved, in operations at the Property involving unlawful use of Polluting Substances; (iii) Borrower, at its sole cost and expense, will comply strictly and in all respects with the requirements of all Environmental Laws; (iv) Borrower will notify Green Bank promptly in the event of the presence or release of any Polluting Substance at or affecting the Property and give to Green Bank a copy of any notice of violations of any Environmental Law received by Borrower;
Environmental Protection and Remediation. (a) Borrower covenants and agrees that: (i) Borrower will not release any Polluting Substance in, on, over or under the Property or on any properties adjacent to the Property, (ii) Borrower will not become involved, and will not permit any tenant or occupant of the Property to become involved, in operations at the Property involving unlawful use of Polluting Substances, (iii) Borrower, at its sole cost and expense, will comply strictly and in all respects with the requirements of all Environmental Laws, (iv) Borrower will notify Lender promptly in the event of the presence or release of any Polluting Substance at or affecting the Property and give to Lender a copy of any warning letters or notice of violations of any Environmental Law received by Borrower, (v) in the event any Polluting Substance is found at the Property in violation of any Environmental Law, Borrower will immediately contain and remove the same in compliance with all Environmental Laws and pay immediately when due the cost of removal of such Polluting Substance, (vi) Borrower will keep the Property free and clear of any lien imposed pursuant to any Environmental Law and (vii) Borrower will include in all future leases of any portion of the Property provisions requiring compliance with all Environmental Laws and reporting of information regarding such compliance to Borrower and Lender.
