Site Visits, Observations and Testing. The Agent and its representatives will have the right at any commercially reasonable time, and upon reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other Lease, to enter and visit the Real Estate of any Obligor constituting Collateral for the purposes of observing such Real Estate and taking and removing soil or groundwater samples on any part of such Real Estate (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing and testing shall be conducted in accordance with the terms of the Ground Lease with respect to such Real Estate and in observation of the rights of any Tenant. The Agent is under no duty, however, to visit or observe such Real Estate or to conduct tests, and any such acts by the Agent will be solely for the purposes of protecting the Agent’s Liens and preserving the Agent and the Lenders’ rights and remedies under this Agreement. No site visit, observation, or testing by the Agent and the Lenders will result in a waiver of any Default or Event of Default or impose any liability on the Agent or the Lenders other than for damages incurred as a result of the gross negligence, willful misconduct, bad faith or breach of the Loan Documents by the Agent or any Lender. In each instance, the Agent will give such Obligor reasonable notice before entering such Real Estate or any other place the Agent is permitted to enter under this Section 6.10. The Agent will make reasonable efforts to avoid interfering with any use of such Real Estate or any other property in exercising any rights provided hereunder. The Agent agrees to indemnify, defend and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained to perform the taking and removing soil or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling the environmental professional has been retained to conduct.
Appears in 2 contracts
Samples: And Guaranty Agreement (General Growth Properties Inc), And Guaranty Agreement (General Growth Properties Inc)
Site Visits, Observations and Testing. The Agent Bank and its agents and representatives will have the right at any commercially reasonable time, and upon after giving reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other LeaseBorrower, to enter and visit the Real Estate of Mortgaged Property and any Obligor constituting Collateral other locations where any personal property collateral securing this Agreement is located, for the purposes of observing such Real Estate the Mortgaged Property and the personal property collateral, taking and removing soil or groundwater samples environmental samples, and conducting tests on any part of the Mortgaged Property. The Borrower shall reimburse the Bank on demand for the costs of any such Real Estate environmental investigation and testing; provided, however, that the Borrower shall not be required to reimburse the Bank for such testing more than once in any 12-month period unless: (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence an Event of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate Default has occurred, or (b) at the Bank has a reasonable belief that there has been a material adverse change on the Mortgaged Property as a result of a violation of any time applicable Environmental Law, or due to the presence of any hazardous substance on the Mortgaged Property. The Bank will make reasonable efforts during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligorany site visit, such observing and observation or testing shall be conducted in accordance pursuant to this paragraph to avoid interfering with the terms Borrower's use of the Ground Lease with respect to such Real Estate Mortgaged Property and in observation of the rights of any Tenantpersonal property collateral. The Agent Bank is under no duty, however, to visit or observe such Real Estate the Mortgaged Property or the personal property collateral or to conduct tests, and any such acts by the Agent Bank will be solely for the purposes of protecting the Agent’s Liens Bank's security and preserving the Agent and the Lenders’ Bank's rights and remedies under this Agreement. No site visit, observation, observation or testing by the Agent and the Lenders or any report or findings made as a result thereof ("Environmental Report") (i) will result in a waiver of any Default or Event of Default or of the Borrower; (ii) impose any liability on the Agent Bank; or (iii) be a representation or warranty of any kind regarding the Mortgaged Property or the Lenders other than for damages incurred as a result of personal property collateral (including its condition or value or compliance with any laws) or the gross negligence, willful misconduct, bad faith Environmental Report (including its accuracy or breach of the Loan Documents by the Agent or any Lendercompleteness). In each instancethe event the Bank has a duty or obligation under applicable laws, regulations or other requirements to disclose an Environmental Report to the Agent will give such Obligor reasonable notice before entering such Real Estate Borrower or any other place party, the Agent is permitted Borrower authorizes the Bank to enter under this Section 6.10make such a disclosure. The Agent will make reasonable efforts Bank may also disclose an Environmental Report to avoid interfering with any use of such Real Estate or regulatory authority, and to any other property parties as necessary or appropriate in exercising any rights provided hereunderthe Bank's judgment. The Agent agrees to indemnify, defend Borrower further understands and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained Environmental Report or other information regarding a site visit, observation or testing that is disclosed to perform the taking Borrower by the Bank or its agents and removing soil representatives is to be evaluated (including any reporting or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels other disclosure obligations of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling Borrower) by the environmental professional has been retained to conductBorrower without advice or assistance from the Bank.
Appears in 1 contract
Site Visits, Observations and Testing. The Agent Lender and its agents and representatives will have the right at any commercially reasonable time, and upon reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other Lease, time to enter and visit the Real Estate Premises and any other place where any property of any Obligor constituting Collateral the Borrowers is located for the purposes of observing such Real Estate and the Premises, taking and removing soil or groundwater samples samples, and conducting tests on any part of such Real Estate (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing and testing shall be conducted in accordance with the terms of the Ground Lease with respect to such Real Estate and in observation of the rights of any TenantPremises. The Agent Lender is under no duty, however, to visit or observe such Real Estate the Premises or to conduct tests, and any such acts by the Agent Lender will be solely for the purposes of protecting the Agent’s Liens Lender's security and preserving the Agent and the Lenders’ Lender's rights and remedies under this Agreement. No site visit, observation, observation or testing by the Agent and the Lenders Lender will result in a waiver of any Default or Event default of Default the Borrowers or impose any liability on the Agent Lender. In no event will any site visit, observation or testing by the Lenders Lender be a representation that hazardous substances are or are not present in, on or under the Premises, or that there has been or will be compliance with any law, regulation or ordinance pertaining to hazardous substances or any other than for damages incurred applicable governmental law. Neither the Borrowers nor any other party is entitled to rely on any site visit, observation or testing by the Lender. The Lender owes no duty of care to protect the Borrowers or any other party against, or to inform the Borrowers or any other party of, any hazardous substances or any other adverse condition affecting the Premises. The Lender may in its discretion disclose to the Borrowers or any other party any report or findings made as a result of, or in connection with, any site visit, observation or testing by the Lender. The Borrowers understand and agree that the Lender makes no warranty or representation to the Borrowers or any other party regarding the truth, accuracy or completeness of any such report or findings that may be disclosed. The Borrowers also understand that depending on the results of any site visit, observation or testing by the Lender and disclosed to the Borrowers, the Borrowers may have a legal obligation to notify one or more environmental agencies of the gross negligenceresults, willful misconductthat such reporting requirements are site-specific, bad faith or breach of the Loan Documents and are to be evaluated by the Agent Borrowers without advice or any assistance from the Lender. In each instance, the Agent Lender will give such Obligor the relevant Borrower reasonable notice before entering such Real Estate or any other place the Agent is permitted to enter under this Section 6.10. The Agent will make reasonable efforts to avoid interfering with any use of such Real Estate or any other property in exercising any rights provided hereunder. The Agent agrees to indemnify, defend and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained to perform the taking and removing soil or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling the environmental professional has been retained to conduct.Premises
Appears in 1 contract
Samples: Loan and Security Agreement (California Microwave Inc)
Site Visits, Observations and Testing. The Agent Agent, the Lenders and its their representatives will have the right at any commercially reasonable time, and upon reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other Lease, to enter and visit the Real Estate Properties of any Obligor constituting or containing Collateral for the purposes of observing or inspecting such Real Estate and taking and removing soil or groundwater samples on any part of such Real Estate (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing and testing shall be conducted in accordance with the terms of the Ground Lease with respect to such Real Estate and in observation of the rights of any TenantCollateral. The Agent is under no duty, however, to visit or observe such Real Estate or to conduct tests, and any such acts by the Agent will be solely for the purposes of protecting the Agent’s Liens and preserving the Agent and the LendersInitial Lender may examine, audit and make copies of any and all of the Obligors’ rights books and remedies under this Agreementrecords and the Collateral and discuss the Obligors’ affairs with executive officers or Managers of any Obligor (including a weekly management briefing with the Initial Lender, if requested). No site visit, observation, or testing inspection by the Agent and the Lenders Initial Lender will result in a waiver of any Default or Event of Default or impose any liability on the Agent Agent, L/C Issuer or the Lenders other than for damages incurred as a result of the gross negligence, willful misconduct, bad faith or breach of the Loan Documents by the Agent Agent, L/C Issuer or any Lender. In each instanceLender as determined by a final, the Agent will give such Obligor reasonable notice before entering such Real Estate or any other place the Agent is permitted to enter under this Section 6.10non-appealable order of a court of competent jurisdiction. The Agent will make reasonable efforts to avoid interfering with any use of such Real Estate Properties or any other property in exercising any rights provided hereunder. The Agent agrees Lenders agree to indemnify, defend and hold harmless harmless, pro rata, such Obligor from any loss or liability arising from damages caused to Real Estate the Properties or any personal property by Agentthe Lender’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained to perform the taking and removing soil or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling the environmental professional has been retained to conducthereunder.
Appears in 1 contract
Samples: Dip Credit Agreement
Site Visits, Observations and Testing. The Agent and its representatives will have the right at any commercially reasonable time, and upon reasonable advance notice to the applicable Obligor Debtor and subject to the terms and conditions of any applicable Ground Lease or other Lease, to enter and visit the Real Estate of any Obligor Debtor constituting Collateral for the purposes of observing such Real Estate and taking and removing soil or groundwater samples on any part of such Real Estate (a) upon prior consultation with such Obligor Debtor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a ObligorDebtor, such observing and testing shall be conducted in accordance with the terms of the Ground Lease with respect to such Real Estate and in observation of the rights of any Tenant. The Agent is under no duty, however, to visit or observe such Real Estate or to conduct tests, and any such acts by the Agent will be solely for the purposes of protecting the Agent’s Liens and preserving the Agent and the Lenders’ rights and remedies under this Agreement. No site visit, observation, or testing by the Agent and the Lenders will result in a waiver of any Default or Event of Default or impose any liability on the Agent or the Lenders other than for damages incurred as a result of the gross negligence, willful misconduct, bad faith or breach of the Loan Documents by the Agent or any Lender. In each instance, the Agent will give such Obligor Debtor reasonable notice before entering such Real Estate or any other place the Agent is permitted to enter under this Section 6.10. The Agent will make reasonable efforts to avoid interfering with any use of such Real Estate or any other property in exercising any rights provided hereunder. The Agent agrees to indemnify, defend and hold harmless such Obligor Debtor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained to perform the taking and removing soil or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels of insurance naming Borrowers and any other relevant Obligor Debtor as an additional insured for the environmental sampling the environmental professional has been retained to conduct.
Appears in 1 contract
Samples: Security and Guaranty Agreement (Pershing Square Capital Management, L.P.)
Site Visits, Observations and Testing. The Agent Lender and its agents and representatives will have the right at any commercially reasonable time, time and upon reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other Lease, to enter and visit the Real Estate Premises and any other place where any property of any Obligor constituting Collateral the Borrower is located for the purposes of observing such Real Estate and the Premises, taking and removing soil or groundwater samples samples, and conducting tests on any part of such Real Estate (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing and testing shall be conducted in accordance with the terms of the Ground Lease with respect to such Real Estate and in observation of the rights of any TenantPremises. The Agent Lender is under no duty, however, to visit or observe such Real Estate the Premises or to conduct tests, and any such acts by the Agent Lender will be solely for the purposes of protecting the Agent’s Liens Lender's security and preserving the Agent and the Lenders’ Lender's rights and remedies under this Agreement. No site visit, observation, observation or testing by the Agent and the Lenders Lender will result in a waiver of any Default or Event default of Default the Borrower or impose any liability on the Agent Lender. In no event will any site visit, observation or testing by the Lenders Lender be a representation that hazardous substances are or are not present in, on or under the Premises, or that there has been or will be compliance with any law, regulation or ordinance pertaining to hazardous substances or any other than for damages incurred applicable governmental law. Neither the Borrower nor any other party is entitled to rely on any site visit, observation or testing by the Lender. The Lender owes no duty of care to protect the Borrower or any other party against, or to inform the Borrower or any other party of, any hazardous substances or any other adverse condition affecting the Premises. The Lender may in its discretion disclose to the Borrower or any other party any report or findings made as a result of, or in connection with, any site visit, observation or testing by the Lender. The Borrower understands and agrees that the Lender makes no warranty or representation to the Borrower or any other party regarding the truth, accuracy or completeness of any such report or findings that may be disclosed. The Borrower also understands that depending on the results of any site visit, observation or testing by the Lender and disclosed to the Borrower, the Borrower may have a legal obligation to notify one or more environmental agencies of the gross negligenceresults, willful misconductthat such reporting requirements are site specific, bad faith or breach of the Loan Documents and are to be evaluated by the Agent Borrower without advice or any assistance from the Lender. In each instance, the Agent Lender will give such Obligor the Borrower reasonable notice before entering such Real Estate the Premises or any other place the Agent Lender is permitted to enter under this Section 6.106.18. The Agent Lender will make reasonable efforts to avoid interfering with any the Borrower's use of such Real Estate the Premises or any other property in exercising any rights provided hereunder. The Agent agrees to indemnify, defend and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained to perform the taking and removing soil or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling the environmental professional has been retained to conduct.
Appears in 1 contract
Samples: Loan and Security Agreement (Globespan Semiconductor Inc)
Site Visits, Observations and Testing. The Agent Bank and its agents and representatives will have the right at any commercially reasonable time, and upon after giving reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other LeaseBorrower, to enter and visit the Real Estate of Property and any Obligor constituting Collateral other locations where any personal property collateral securing this Agreement is located, for the purposes of observing such the Real Estate Property and the personal property collateral, and following the date on which the Bank believes in good faith that there is a violation of any of the foregoing in this Section 11.5 or an event of default has occurred and is continuing, for the purpose of taking and removing soil or groundwater environmental samples and conducting tests on any part of the Real Property. The Borrower shall reimburse the Bank on demand for the costs of any such Real Estate (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing environmental Investigation and testing shall be that is undertaken in good faith or following an event of default hereunder. The Bank will make reasonable efforts during any site Visit, observation or testing conducted in accordance pursuant this paragraph to avoid interfering with the terms Borrower’s use of the Ground Lease with respect to such Real Estate Property and in observation of the rights of any Tenantpersonal property collateral. The Agent Bank is under no duty, however, to visit or observe such the Real Estate Property or the personal property collateral or to conduct tests, and any such acts by the Agent Bank will be solely for the purposes of protecting the AgentBank’s Liens security and preserving the Agent and the Lenders’ Bank’s rights and remedies under this Agreement. No site visit, observation, observation or testing by the Agent and the Lenders or any report or findings made as a result thereof (“Environmental Report”) (i) will result in a waiver of any Default or Event default of Default or the Borrower, (ii) impose any liability on the Agent Bank; or (iii) be a representation or warranty of any kind regarding the Real Property or the Lenders other than for damages incurred as a result of personal property collateral (including its condition or value or compliance with any laws) or the gross negligence, willful misconduct, bad faith Environmental Report (including its accuracy or breach of the Loan Documents by the Agent or any Lendercompleteness). In each instancethe event the Bank has a duty or obligation under applicable laws, regulations or other requirements to disclose an Environmental Report to the Agent will give such Obligor reasonable notice before entering such Real Estate Borrower or any other place party, the Agent is permitted Borrower authorizes the Bank to enter under this Section 6.10make such a disclosure. The Agent will make reasonable efforts Bank may also disclose an Environmental Report to avoid interfering with any use of such Real Estate or regulatory authority, and to any other property parties as necessary or appropriate in exercising any rights provided hereunderthe Bank’s judgment. The Agent agrees to indemnify, defend Borrower further understands and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained Environmental Report or other information regarding a site visit, observation or testing that is disclosed to perform the taking Borrower by the Bank or its agents and removing soil representatives is to be evaluated (including any reporting or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels other disclosure obligations of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling Borrower) by the environmental professional has been retained to conductBorrower without advice or assistance from the Bank.
Appears in 1 contract
Samples: Holding Company Loan Agreement (Intermountain Community Bancorp)
Site Visits, Observations and Testing. The Agent Bank and its agents and ------------------------------------- representatives will have the right at any commercially reasonable time, and upon reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other Lease, time to enter and visit the Real Estate Borrower's or any of its subsidiaries' real property and any Obligor constituting Collateral other place where any property is located for the purposes of observing such Real Estate and real property, taking and removing soil or groundwater samples samples, and conducting tests on any part of such Real Estate (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing and testing shall be conducted in accordance with the terms of the Ground Lease with respect to such Real Estate and in observation of the rights of any Tenantreal property. The Agent Bank is under no duty, however, to visit or observe such Real Estate real property or to conduct tests, and any such acts by the Agent Bank will be solely for the purposes of protecting the Agent’s Liens Bank's security and preserving the Agent and the Lenders’ Bank's rights and remedies under this Agreement. No site visit, observation, observation or testing by the Agent and the Lenders Bank will result in a waiver of any Default or Event default of Default the Borrower or impose any liability on the Agent Bank. In no event will any site visit, observation or testing by the Lenders Bank be a representation that hazardous substances are or are not present in, on or under any real property, or that there has been or will be compliance with any law, regulation or ordinance pertaining to hazardous substances or any other than for damages incurred applicable governmental law. Neither the Borrower, its subsidiaries, nor any other party is entitled to rely on any site visit, observation or testing by the Bank. The Bank owes no duty of care to protect the Borrower, its subsidiaries, or any other party against, or to inform the Borrower, its subsidiaries, or any other party of, any hazardous substances or any other adverse condition affecting the real property. The Bank will disclose to the Borrower upon its request, any report or findings made as a result of the gross negligenceof, willful misconductor in connection with, bad faith any site visit, observation or breach of the Loan Documents testing by any third party engaged by the Agent Bank unless such reports or findings are protected by attorney client privilege. As provided above, the Borrower shall have no right to rely on any such report or finding and the Bank will not incur any liability to Borrower or any Lenderother party for an matter disclosed in such report or finding. In each instance, the Agent Bank will give the Borrower or such Obligor subsidiary reasonable notice before entering such Real Estate its real property or any other place the Agent Bank is permitted to enter under this Section 6.10Paragraph. The Agent Bank will make reasonable efforts to avoid interfering with any the Borrower's and its subsidiaries' use of such Real Estate their respective real property or any other property in exercising any rights provided hereunder. The Agent agrees to indemnify, defend and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by in this Section 6.10. The Agent agrees that any environmental professional retained to perform the taking and removing soil or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling the environmental professional has been retained to conductparagraph.
Appears in 1 contract
Site Visits, Observations and Testing. The Agent Lender and its agents and representatives will have the right at any commercially reasonable time, and upon after giving reasonable advance notice Notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other LeaseBorrower, to enter and visit the Real Estate of Property and any Obligor constituting Collateral other locations where any personal property collateral securing this Agreement is located, for the purposes of observing such the Real Estate Property and the personal property collateral, taking and removing soil or groundwater samples environmental samples, and conducting tests on any part of the Real Property. Borrower shall reimburse Lender on demand for the costs of any such Real Estate (a) upon prior consultation environmental investigation and testing. Lender will make reasonable efforts during any site visit, observation or testing conducted pursuant this paragraph to avoid interfering with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing and testing shall be conducted in accordance with the terms Borrower’s use of the Ground Lease with respect to such Real Estate Property and in observation of the rights of any Tenantpersonal property collateral. The Agent Lender is under no duty, however, to visit or observe such the Real Estate Property or the personal property collateral or to conduct tests, and any such acts by the Agent Lender will be solely for the purposes of protecting the AgentLender’s Liens security and preserving the Agent and the Lenders’ Lender’s rights and remedies under this Agreement. No site visit, observation, observation or testing by the Agent and the Lenders or any report or findings made as a result thereof (“Environmental Report”) (i) will result in a waiver of any Default or Event default of Default or Borrower; (ii) impose any liability on Lender; or (iii) be a representation or warranty of any kind regarding the Agent Real Property or the Lenders other than for damages incurred as a result of personal property collateral (including its condition or value or compliance with any Laws) or the gross negligence, willful misconduct, bad faith Environmental Report (including its accuracy or breach of the Loan Documents by the Agent or any Lendercompleteness). In each instancethe event Lender has a duty or obligation under applicable Laws, the Agent will give such Obligor reasonable notice before entering such Real Estate regulations or other requirements to disclose an Environmental Report to Borrower or any other place the Agent is permitted party, Borrower authorizes Lender to enter under this Section 6.10make such a disclosure. The Agent will make reasonable efforts Lender may also disclose an Environmental Report to avoid interfering with any use of such Real Estate or regulatory authority, and to any other property parties as necessary or appropriate in exercising any rights provided hereunderLender’s judgment. The Agent agrees to indemnify, defend Borrower further understands and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained Environmental Report or other information regarding a site visit, observation or testing that is disclosed to perform the taking Borrower by Lender or its agents and removing soil representatives is to be evaluated (including any reporting or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels other disclosure obligations of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling the environmental professional has been retained to conductBorrower) by Borrower without advice or assistance from Lender.
Appears in 1 contract
Site Visits, Observations and Testing. The Agent and its representatives will have the right at any commercially reasonable time, and upon reasonable advance notice to the applicable Obligor and subject to the terms and conditions of any applicable Ground Lease or other Lease, time to enter and visit the Real Estate and any other place where any property of any Obligor constituting Collateral Borrower is located for the purposes of observing such the Real Estate and Estate, taking and removing soil or groundwater samples samples, and conducting tests on any part of such the Real Estate (a) upon prior consultation with such Obligor where the Agent reasonably believes there exists the presence of a Contaminant at concentrations exceeding those allowed by Environmental Laws that could reasonably be expected to materially and adversely affect the value of such Real Estate or (b) at any time during the existence of an Event of Default; provided that in the event such Real Estate is leased by a Obligor, such observing and testing shall be conducted in accordance with the terms of the Ground Lease with respect to such Real Estate and in observation of the rights of any TenantEstate. The Agent is under no duty, however, to visit or observe such the Real Estate or to conduct tests, and any such acts by the Agent will be solely for the purposes of protecting the Agent’s 's Liens and preserving the Agent Agent's and the Lenders’ ' rights and remedies under this Agreement. No site visit, observation, observation or testing by the Agent and or the Lenders will result in a waiver of any Default or Event of Default or impose any liability on the Agent or the Lenders. In no event will any site visit, observation, or testing by the Agent be a representation that hazardous substances are or are not present in, on, or under the Real Estate, or that there has been or will be compliance with any Environmental Law. Neither any Borrower nor any other party is entitled to rely on any site visit, observation, or testing by the Agent. The Agent and the Lenders owe no duty of care to protect the Borrowers or any other than for damages incurred party against, or to inform the Borrowers or any other party of, any hazardous substances or any other adverse condition affecting the Real Estate. The Agent will promptly disclose to the Parent upon its request, or to any other party as required by law, any report or findings made as a result of, or in connection with, any site visit, observation, or testing by the Agent. The Borrowers understand and agree that the Agent makes no warranty or representation to the Borrowers or any other party regarding the truth, accuracy, or completeness of any such report or findings that may be disclosed. The Borrowers also understand that depending on the gross negligenceresults of any site visit, willful misconductobservation, bad faith or breach of the Loan Documents testing by the Agent and disclosed to the Borrowers, the Borrowers may have a legal obligation to notify one or any Lendermore environmental agencies of the results, that such reporting requirements are site-specific, and are to be evaluated by the Borrowers without advice or assistance from the Agent. In each instance, the Agent will give such Obligor the Borrowers reasonable notice before entering such the Real Estate or any other place the Agent is permitted to enter under this Section 6.10SECTION 6.16. The Agent will make reasonable efforts to avoid interfering with any the Borrowers' use of such the Real Estate or any other property in exercising any rights provided hereunder. The Agent agrees to indemnify, defend and hold harmless such Obligor from any loss or liability arising from damages caused to Real Estate or any personal property by Agent’s representatives’ actions taken under the authority granted by this Section 6.10. The Agent agrees that any environmental professional retained to perform the taking and removing soil or groundwater samples under this Section 6.10 shall be reasonably qualified and possess reasonable levels of insurance naming Borrowers and any other relevant Obligor as an additional insured for the environmental sampling the environmental professional has been retained to conduct.
Appears in 1 contract