Common use of Report Updates Clause in Contracts

Report Updates. Lender reserves the right at any time during the Term to conduct or require Indemnitor to conduct, at Indemnitor’s reasonable cost and expense, such environmental inspections, audits and tests (provided that testing may only be performed after reasonable notice to Borrower and Guarantor) of the Property as Lender shall deem reasonably necessary or advisable from time to time, utilizing a company reasonably acceptable to Lender; provided, however, that Indemnitor shall not be required to pay for such environmental inspections, audits and tests so long as: (a) no Event of Default exists under any Loan Document, (b) such inspection, audit or test is not required by applicable Environmental Laws and (c) Lender has no cause to believe, in Lender’s sole but good faith judgment, that there has been or there is threatened a Hazardous Substance Release on or from the Property or that Borrower or the Property is in violation of any applicable Environmental Law.