Common use of Property Material Adverse Effect Clause in Contracts

Property Material Adverse Effect. In the event the Mortgagor fails to comply with the covenants in the preceding sentence, the Mortgagee may, in addition to any other remedies set forth herein, as agent for and at the Mortgagor's sole cost and expense, cause any necessary investigation, remediation, removal or response action relating to Hazardous Materials to be taken and the Mortgagor shall provide to the Mortgagee and its agents and employees access to the Mortgaged Property for such purpose. Any costs or expenses incurred by the Mortgagee for such purpose shall be immediately due and payable by the Mortgagor and shall bear interest at the Default Rate. If, at any time that the Secured Obligations are outstanding, the Mortgagee has a reasonable basis to conclude that the Mortgagor has failed to comply with the covenants in this Section 4.7, or has breached the representations and warranties in Section 3.7 hereof, the Mortgagee shall have the right, but not the obligation, at the sole cost and expense of the Mortgagor, to conduct an environmental assessment of the Mortgaged Property by such Persons or firms appointed by the Mortgagee, and the Mortgagor shall cooperate in all respects in the conduct of such environmental assessment, including, without limitation, by providing reasonable access to the Mortgaged Property and to all Records relating thereto. To the extent that any environmental assessment identifies conditions which materially violate, or would reasonably be expected to give rise to material liability or material obligations under, Environmental Laws, or such violation, liability, or obligation would reasonably be expected to have a Property Material Adverse Effect, the Mortgagor agrees to expeditiously correct any such violation or respond to conditions giving rise to such liability or obligations in a manner which complies in all material respects with the Environmental Laws and mitigates associated material health and environmental risks. Mortgagor shall indemnify and hold the Mortgagee and each Holder harmless from and against all loss, cost, damage (including, without limitation, consequential damages) or expense (including, without limitation, reasonable attorneys' and consultants' fees and disbursements and the allocated costs of staff counsel) that the Mortgagee or the Holders may sustain by reason of the assertion against the Mortgagee or the Holders by any party of any claim relating to such Hazardous Materials on, under, or from the Mortgaged Property or actions taken with respect thereto as authorized hereunder except to the extent such claim arises from the gross negligence or willful misconduct of the Mortgagee or the Holders or is based upon acts or omissions subsequent to the Mortgagee's of the Holders' (or either of their agents' or designees') taking of possession and control of the Mortgaged Property. The foregoing indemnification shall survive repayment of all Secured Obligations and any release or assignment hereof; and

Property Material Adverse Effect. In the event the Mortgagor fails to comply with the covenants in the preceding sentence, the Mortgagee may, in addition to any other remedies set forth herein, as agent for and at the Mortgagor's sole cost and expense, cause any necessary investigation, remediation, removal or response action relating to Hazardous Materials to be taken and the Mortgagor shall provide to the Mortgagee and its agents and employees access to the Mortgaged Property Leased Premises for such purpose. Any costs or expenses incurred by the Mortgagee for such purpose shall be immediately due and payable by the Mortgagor and shall bear interest at the Default Rate. If, at any time that the Secured Obligations are outstanding, the Mortgagee has a reasonable basis to conclude that the Mortgagor has failed to comply with the covenants in this Section 4.7, or has breached the representations and warranties in Section 3.7 hereof, the Mortgagee shall have the right, but not the obligation, at the sole cost and expense of the Mortgagor, to conduct an environmental assessment of the Mortgaged Property Leased Premises by such Persons or firms appointed by the Mortgagee, and the Mortgagor shall cooperate in all respects in the conduct of such environmental assessment, including, without limitation, by providing reasonable access to the Mortgaged Property Leased Premises and to all Records relating thereto. To the extent that any environmental assessment identifies conditions which materially violate, or would reasonably be expected to give rise to material liability or material obligations under, Environmental Laws, or such violation, liability, or obligation would reasonably be expected to have a Property Material Adverse Effect, the Mortgagor agrees to expeditiously correct any such violation or respond to conditions giving rise to such liability or obligations in a manner which complies in all material respects with the Environmental Laws and mitigates associated material health and environmental risks. Mortgagor shall indemnify and hold the Mortgagee and each Holder harmless from and against all loss, cost, damage (including, without limitation, consequential damages) or expense (including, without limitation, reasonable attorneys' and consultants' fees and disbursements and the allocated costs of staff counsel) that the Mortgagee or the Holders may sustain by reason of the assertion against the Mortgagee or the Holders by any party of any claim relating to such Hazardous Materials on, under, or from the Mortgaged Property Leased Premises or actions taken with respect thereto as authorized hereunder except to the extent such claim arises from the gross negligence or willful misconduct of the Mortgagee or the Holders or is based upon acts or omissions subsequent to the Mortgagee's of or the Holders' (or either of their agents' or designees') taking of possession and control of the Mortgaged Property. The foregoing indemnification shall survive repayment of all Secured Obligations and any release or assignment hereof; and

Property Material Adverse Effect. In the event the Mortgagor fails to comply with the covenants in the preceding sentence, the Mortgagee may, in addition to any other remedies set forth herein, as agent for and at the Mortgagor's sole cost and expense, cause any necessary investigation, remediation, removal or response action relating to Hazardous Materials to be taken and the Mortgagor shall provide to the Mortgagee and its agents and employees access to the Mortgaged Property Leased Premises for such purpose. Any costs or expenses incurred by the Mortgagee for such purpose shall be immediately due and payable by the Mortgagor and shall bear interest at the Default Rate. If, at any time that the Secured Obligations are outstanding, the Mortgagee has a reasonable basis to conclude that the Mortgagor has failed to comply with the covenants in this Section 4.7, or has breached the representations and warranties in Section 3.7 hereof, the Mortgagee shall have the right, but not the obligation, at the sole cost and expense of the Mortgagor, to conduct an environmental assessment of the Mortgaged Property Leased Premises by such Persons or firms appointed by the Mortgagee, and the Mortgagor shall cooperate in all respects in the conduct of such environmental assessment, including, without limitation, by providing reasonable access to the Mortgaged Property Leased Premises and to all Records relating thereto. To the extent that any environmental assessment identifies conditions which materially violate, or would reasonably be expected to give rise to material liability or material obligations under, Environmental Laws, or such violation, liability, or obligation would reasonably be expected to have a Property Material Adverse Effect, the Mortgagor agrees to expeditiously correct any such violation or respond to conditions giving rise to such liability or obligations in a manner which complies in all material respects with the Environmental Laws and mitigates associated material health and environmental risks. Mortgagor shall indemnify and hold the Mortgagee and each Holder harmless from and against all loss, cost, damage (including, without limitation, consequential damages) or expense (including, without limitation, reasonable attorneys' and consultants' fees and disbursements and the allocated costs of staff counsel) that the Mortgagee or the Holders may sustain by reason of the assertion against the Mortgagee or the Holders by any party of any claim relating to such Hazardous Materials on, under, or from the Mortgaged Property Leased Premises or actions taken with respect thereto as authorized hereunder except to the extent such claim arises from the gross negligence or willful misconduct of the Mortgagee or the Holders or is based upon acts or omissions subsequent to the Mortgagee's of the or Holders' (or either of their agents' agent's or designees') taking of possession and control of the Mortgaged Property. The foregoing indemnification shall survive repayment of all Secured Obligations and any release or assignment hereof; and

Property Material Adverse Effect. In the event the Mortgagor fails to comply with the covenants in the preceding sentence, the Mortgagee may, in addition to any other remedies set forth herein, as agent for and at the Mortgagor's sole cost and expense, cause any necessary investigation, remediation, removal or response action relating to Hazardous Materials to be taken and the Mortgagor shall provide to the Mortgagee and its agents and employees access to the Mortgaged Property for such purpose. Any costs or expenses incurred by the Mortgagee for such purpose shall be immediately due and payable by the Mortgagor and shall bear interest at the Default Rate. If, at any time that the Secured Obligations are outstanding, the Mortgagee has a reasonable basis to conclude that the Mortgagor has failed to comply with the covenants in this Section 4.7, or has breached the representations and warranties in Section 3.7 hereof, the Mortgagee shall have the right, but not the obligation, at the sole cost and expense of the Mortgagor, to conduct an environmental assessment of the Mortgaged Property by such Persons or firms appointed by the Mortgagee, and the Mortgagor shall cooperate in all respects in the conduct of such environmental assessment, including, without limitation, by providing reasonable access to the Mortgaged Property and to all Records relating thereto. To the extent that any environmental assessment identifies conditions which materially violate, or would reasonably be expected to give rise to material liability or material obligations under, Environmental Laws, or such violation, liability, or obligation would reasonably be expected to have a Property Material Adverse Effect, the Mortgagor agrees to expeditiously correct any such violation or respond to conditions giving rise to such liability or obligations in a manner which complies in all material respects with the Environmental Laws and mitigates associated material health and environmental risks. Mortgagor shall indemnify and hold the Mortgagee and each Holder harmless from and against all loss, cost, damage (including, without limitation, consequential damages) or expense (including, without limitation, reasonable attorneys' and consultants' fees and disbursements and the allocated costs of staff counsel) that the Mortgagee or the Holders may sustain by reason of the assertion against the Mortgagee or the Holders by any party of any claim relating to such Hazardous Materials on, under, or from the Mortgaged Property or actions taken with respect thereto as authorized hereunder except to the extent such claim arises from the gross negligence or willful misconduct of the Mortgagee or the Holders or is based upon acts the act or omissions subsequent to the Mortgagee's of the or Holders' (or either of their agents' agent's or designees') taking of possession and control of the Mortgaged Property. The foregoing indemnification shall survive repayment of all Secured Obligations and any release or assignment hereof; and