Common use of HAZARDOUS MATERIALS REMEDIATION RESERVE Clause in Contracts

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall deposit with Lock Box Account Bank, an amount equal to **[$___________]** (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) months after the Closing, the Borrowers shall, subject to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers for such Environmental Work, provided that the Borrowers deliver to Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall reserve from the proceeds of the Loan and shall deposit with Lock Box Account Bank, an amount equal to **[$___________]** 1,039,688.00 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) months after the Closing, the Borrowers shall, subject to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers for such Environmental Work, provided that the Borrowers deliver to Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall deposit with Lock Box Account Bank, an amount equal to **[$___________]** 1,237.50 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) months after the Closing, the Borrowers shall, subject to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers for such Environmental Work, provided that the Borrowers deliver to Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall deposit with Lock Box Account Bank, an amount equal to **[$___________]** 21,368.75 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) months after the Closing, the Borrowers shall, subject to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers for such Environmental Work, provided that the Borrowers deliver to Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall reserve from the proceeds of the Loan and shall deposit with Lock Box Account BankLender (or such agent of Lender as Lender may designate in writing from time to time), an amount equal to **[$___________]** 8,125 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVEHazardous Materials Remediation Reserve") for certain work related to Hazardous Materials on the at certain Properties as indicated in the Environmental Reports or the property condition reports for the such Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 Schedule 6.5 (the "ENVIRONMENTAL WORKEnvironmental Work"). Prior to the earlier of Within six (x) the date required by any applicable Governmental Authority or (y) nine (96) months after the Closing, the Borrowers shall, subject to Force Majeure, shall complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or and other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction Upon written application of the applicable conditions of Section 6.7any Borrower, the Borrowers such Borrower shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers such Borrower for such Environmental Work, provided that (i) no Event of Default has occurred and is continuing, (ii) such Borrower shall provide to Lender such documentation and certifications as Lender may reasonably request to substantiate the Borrowers deliver requirement for and entitlement to such disbursement, (iii) such Borrower shall provide Lender with all invoices, receipts, lien waivers and other documentation of lawful and workmanlike progress or completion, lien-free status, and availability of sufficient funds, all as may be reasonably requested by Lender, and (iv) such Borrower shall provide Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation such Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the such Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, complete to Lender's reasonable satisfaction and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall deposit with Lock Box Account Bank, an amount equal to **[$___________]** 3,993.75 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) months after the Closing, the Borrowers shall, subject to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers for such Environmental Work, provided that the Borrowers deliver to Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall deposit with Lock Box Account Bank, an amount equal to **[$___________]** 1,612.50 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) months after the Closing, the Borrowers shall, subject to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers for such Environmental Work, provided that the Borrowers deliver to Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, Borrower shall reserve from the Borrowers proceeds of the Loan and shall deposit with Lock Box Account BankLender (or such agent of Lender as Lender may designate in writing from time to time), an amount equal to **[$___________]** 2,500 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVEHazardous Materials Remediation Reserve") for certain work related to Hazardous Materials on the Properties Property as indicated in the Environmental Reports Report for the Properties Property prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 Schedule 6.5 (the "ENVIRONMENTAL WORKEnvironmental Work"). Prior to the earlier of Within six (x) the date required by any applicable Governmental Authority or (y) nine (96) months after the Closing, the Borrowers shall, subject to Force Majeure, Borrower shall complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or and other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers Borrower solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers Borrower for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction Upon written application of the applicable conditions of Section 6.7Borrower, the Borrowers Borrower shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers Borrower for such Environmental Work, provided that (i) no Event of Default has occurred and is continuing, (ii) Borrower shall provide to Lender such documentation and certifications as Lender may reasonably request to substantiate the Borrowers deliver requirement for and entitlement to such disbursement, (iii) Borrower shall provide Lender with all invoices, receipts, lien waivers and other documentation of lawful and workmanlike progress or completion, lien-free status, and availability of sufficient funds, all as may be reasonably requested by Lender, and (iv) Borrower shall provide Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation such Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers Borrower shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, complete to Lender's reasonable satisfaction and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, the Borrowers shall deposit with Lock Box Account Bank, an amount equal to **[$___________]** (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) months after the Closing, the Borrowers shall, subject to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers for such Environmental Work, provided that the Borrowers deliver to Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, and is paid for, in accordance with the terms hereof......................... 74

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Borrower shall reserve from the proceeds of the Loan at Closing, the Borrowers and shall deposit with Lock Box Account BankLender (or such agent of Lender as Lender may designate in writing from time to time), an amount equal to **[$___________]** one hundred twenty-five percent (125%) of the cost as reasonably estimated by Lender of removal and/or remediation of Hazardous Materials on the Property and other repair related to the Property’s non-compliance with any Environmental Law as indicated in the Environmental Reports or the property condition reports for the Property prepared and delivered prior to the Closing (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVE") for certain work related to “Hazardous Materials on the Properties as indicated in the Environmental Reports for the Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE 6.6 (the "ENVIRONMENTAL WORK"Remediation Reserve”). Prior to the earlier of (x) the date required by any applicable Governmental Authority or (y) nine (9) Within six months after the Closing, the Borrowers shall, subject to Force Majeure, Borrower shall complete such Environmental Work remediation and other work as may be required by Lender, and shall provide to Lender such closure reports, no-further-action letters, or and other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers Borrower solely for performance of the Environmental Work environmental remediation performed in accordance with a plan for the Environmental Reportssame approved in writing in advance by Lender. Upon written application of Borrower, and shall not be used by the Borrowers for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction of the applicable conditions of Section 6.7, the Borrowers Borrower shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers Borrower for such Environmental Workrepairs, provided that (i) no Default or Event of Default has occurred and continues without cure, (ii) Borrower shall provide to Lender such documentation and certifications as Lender may reasonably request to substantiate the Borrowers deliver requirement for and entitlement to such disbursement, (iii) Borrower shall provide Lender with all invoices, receipts, lien waivers and other documentation of lawful and workmanlike progress or completion and lien-free status reasonably requested by Lender, (iv) Borrower shall provide Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation such Reserve shall be sufficient to pay for the remainder of such Environmental Workthe work for which the Reserve was established. Subject to the foregoing conditionssame conditions as are set forth in the preceding sentence, but also subject and provided that Borrower is not otherwise precluded from making distributions pursuant to the last paragraph of Section 11.4this Agreement, the Borrowers Borrower shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work remediation is complete, complete and is paid for, in accordance with the terms hereof.

HAZARDOUS MATERIALS REMEDIATION RESERVE. At Closing, Borrower shall --------------------------------------- reserve from the Borrowers proceeds of the Loan and shall deposit with Lock Box Account BankLender (or such agent of Lender as Lender may designate in writing from time to time), an amount equal to **[$___________]** 39,700 (said funds, together with any interest thereon and additions thereto, the "HAZARDOUS MATERIALS REMEDIATION RESERVEHazardous Materials Remediation Reserve") for certain work related --------------------------------------- to Hazardous Materials on the at certain Properties as indicated in the Environmental Reports or the property condition reports for the such Properties prepared and delivered prior to the Closing and as such work is more particularly described on SCHEDULE Schedule 6.6 (the "ENVIRONMENTAL WORKEnvironmental Work"). Prior to the earlier of Within six (x) the date required by any applicable Governmental Authority or (y) nine (96) months after the ------------ ------------------ Closing, the Borrowers shall, subject Borrower shall complete or cause Lessee to Force Majeure, complete such Environmental Work and shall provide to Lender such closure reports, no-further-action letters, or and other evidence of compliance with law as Lender may reasonably require. The funds contained in the Hazardous Materials Remediation Reserve shall be utilized by the Borrowers Borrower solely for performance of the Environmental Work in accordance with the Environmental Reports, and shall not be used by the Borrowers Borrower for purposes for which any other Reserve is established. Subject to the Borrowers' satisfaction Upon written application of the applicable conditions of Section 6.7Borrower, the Borrowers Borrower shall be entitled to draw upon the Hazardous Materials Remediation Reserve to pay for costs that have been incurred by the Borrowers Borrower or Lessee for such Environmental Work, provided that (i) no Event of Default has occurred and is continuing, (ii) Borrower or Lessee shall provide to Lender such documentation and certifications as Lender may reasonably request to substantiate the Borrowers deliver requirement for and entitlement to such disbursement, (iii) Borrower or Lessee shall provide Lender with all invoices, receipts, lien waivers and other documentation of lawful and workmanlike progress or completion, lien-free status, and availability of sufficient funds, all as may be reasonably requested by Lender, and (iv) Borrower or Lessee shall provide Lender such evidence as may be reasonably satisfactory to Lender that, after payment of such draw, the funds remaining in the Hazardous Materials Remediation such Reserve shall be sufficient to pay for the remainder of such Environmental Work. Subject to the foregoing conditions, but also subject to the last paragraph of Section 11.4, the Borrowers Borrower shall be entitled to draw any remaining balance in the Hazardous Materials Remediation Reserve when all such Environmental Work is complete, complete to Lender's reasonable satisfaction and is paid for, in accordance with the terms hereof.