Operations and Maintenance Plan. [LIMIT TO LANDINGS] Mortgagor shall, within forty-five (45) days from the date hereof deliver to Mortgagee an operation and maintenance plan (the "O&M Plan") with respect to the maintenance or removal of any asbestos, hazardous and toxic wastes and substances, PCB's and storage tanks on the Mortgaged Property, which O&M Plan appoints an "Asbestos Program Manager" in charge of managing all asbestos-related activities on the Mortgaged Property. Mortgagor shall (i) diligently perform and observe all of the terms, covenants and conditions of the O&M Plan on the part of Mortgagor to be performed and observed to the end that all things shall be done which are necessary to keep unimpaired the rights of Mortgagor under the O&M Plan and (ii) promptly notify Mortgagee of the giving of any notice to Mortgagor of any default by the Asbestos 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 Asbestos Program Manager to be performed and observed and deliver to Mortgagee a true copy of each such notice. Mortgagee shall have the right to approve any O&M Plan which may affect the Mortgaged Property.
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Sources: First Mortgage and Security Agreement (Century Properties Fund Xvi), First Mortgage and Security Agreement (Century Properties Fund Xii)