Site Visits, Observations and Testing. The Indemnified Parties and their agents and representatives shall have the right at any reasonable time to enter and visit any Funded Project for the purposes of observing the Funded Project, taking and removing soil or groundwater samples, and conducting tests on any part of the Funded Project. The Indemnified Parties have no duty, however, to visit or observe the any Funded Project or to conduct tests, and no site visit, observation or testing by any Indemnified Party shall impose any liability on any Indemnified Party. In no event shall any site visit, observation or testing by any Indemnified Party be a representation that Hazardous Substances are or are not present in, on or under any Funded Project, or that there has been or shall be compliance with any law, regulation or ordinance pertaining to Hazardous Substances or any other applicable governmental law. Neither the Company, its Subsidiaries nor any other party is entitled to rely on any site visit, observation or testing by any Indemnified Party. The Indemnified Parties owe no duty of care to protect the Company or any other party against, or to inform the Company, its Subsidiaries or any other party of, any Hazardous Substances or any other adverse condition affecting any Funded Project. Any Indemnified Party shall give the Company reasonable notice before entering any Funded Project. The Indemnified Party shall make reasonable efforts to avoid interfering with the Company's or any tenant's use of any Funded Project in exercising any rights provided for in this Section. Each Indemnified Party will use reasonable business practices in conducting its site visits, observations and testing.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Apartment Investment & Management Co), Credit Agreement (Apartment Investment & Management Co)
Site Visits, Observations and Testing. The Indemnified Parties Lender and their its agents and representatives shall have the right at any reasonable time to enter and visit any Funded Project the Property for the purposes of observing the Funded ProjectProperty, taking and removing soil or groundwater samples, and conducting tests on any part of the Funded ProjectProperty. The Indemnified Parties have Lender is under no duty, however, to visit or observe the any Funded Project Property or to conduct tests, and no any such acts by Lender shall be solely for the purposes of verifying Obligor’s compliance with this Agreement and protecting Lender’s security. No site visit, observation or testing by Lender shall result in a waiver of any Indemnified Party shall default of Obligor or impose any liability on any Indemnified PartyLender. In no event shall any site visit, observation or testing by any Indemnified Party Lender be a representation that Hazardous Substances are or are not present in, on or under any Funded Projectthe Property, or that there has been or shall be compliance with any law, regulation or ordinance pertaining to Hazardous Substances or any other applicable governmental lawlaw or regulation. Neither the Company, its Subsidiaries Obligor nor any other party is entitled to rely on any site visit, observation or testing by any Indemnified PartyLender. The Indemnified Parties owe Lender owes no duty of care to protect the Company Obligor or any other party against, or to inform the Company, its Subsidiaries Obligor or any other party of, any Hazardous Substances or any other adverse condition affecting the Property. Lender shall not be obligated to disclose to Obligor or any Funded Projectother party any report or findings made as a result of, or in connection with, any site visit, observation or testing by Lender. Any Indemnified Party In each instance, Lender shall give the Company reasonable notice before entering the Property or any Funded Projectplace Lender is permitted to enter under this Section. The Indemnified Party Lender shall make reasonable efforts to avoid interfering with the Company's or any tenant's use of any Funded Project the Property in exercising any rights provided for in this Section. Each Indemnified Party will use reasonable business practices in conducting its site visits, observations and testing.
Appears in 1 contract
Site Visits, Observations and Testing. The Indemnified Parties and their agents and representatives shall have the right at any reasonable time to enter enter, upon prior written notice and, if any such entry would subject Indemnitor to any laws requiring prior notice to lessees or other occupants of said Property, in a manner that would reasonably enable Indemnitor to provide such notice in conformance with any such law, and visit any Funded Project the Property for the purposes of observing the Funded ProjectProperty, and if the Indemnified Parties reasonably believe that the Property may violate applicable Environmental Laws, for the purposes of taking and removing soil or groundwater samples, and conducting tests on any part of the Funded ProjectProperty. The Indemnified Parties have no duty, however, to visit or observe the any Funded Project Property or to conduct tests, and no site visit, observation or testing by any Indemnified Party shall impose any liability on any Indemnified Party. In no event shall any site visit, observation or testing by any Indemnified Party be a representation that Hazardous Substances Materials are or are not present in, on or under any Funded Projectthe Property, or that there has been or shall be compliance with any law, regulation or ordinance pertaining to Hazardous Substances Materials or any other applicable governmental law. Neither the Company, its Subsidiaries Indemnitor nor any other party is entitled to rely on any site visit, observation or testing by any Indemnified Party. The Indemnified Parties owe no duty of care to protect the Company Indemnitor or any other party against, or to inform the Company, its Subsidiaries Indemnitor or any other party of, any Hazardous Substances Materials or any other adverse condition affecting any Funded Projectthe Property. Any Indemnified Party shall give the Company Indemnitor reasonable notice before entering any Funded Projectthe Property. The Indemnified Party shall make reasonable efforts to avoid interfering with the Company's or any tenant's third party’s use of any Funded Project the Property in exercising any rights provided for in this Section. Each Indemnified Party will use reasonable business practices in conducting its site visits, observations and testing.
Appears in 1 contract
Samples: Credit Agreement (American Realty Capital Trust, Inc.)
Site Visits, Observations and Testing. The Indemnified Parties and their agents and representatives shall have the right at any reasonable time to enter enter, upon prior written notice and, if any such entry would subject Indemnitor to any laws requiring prior notice to tenants or other occupants of said Property, in a manner that would reasonably enable Indemnitor to provide such notice in conformance with any such law, and visit any Funded Project the Property for the purposes of observing the Funded ProjectProperty, taking and removing soil or groundwater samples, and conducting tests on any part of the Funded ProjectProperty. The Indemnified Parties have no duty, however, to visit or observe the any Funded Project Property or to conduct tests, and no site visit, observation or testing by any Indemnified Party shall impose any liability on any Indemnified Party. In no event shall any site visit, observation or testing by any Indemnified Party be a representation that Hazardous Substances are or are not present in, on or under any Funded Projectthe Property, or that there has been or shall be compliance with any law, regulation or ordinance pertaining to Hazardous Substances or any other applicable governmental law. Neither the Company, its Subsidiaries Indemnitor nor any other party is entitled to rely on any site visit, observation or testing by any Indemnified Party. The Indemnified Parties owe no duty of care to protect the Company Indemnitor or any other party against, or to inform the Company, its Subsidiaries Indemnitor or any other party of, any Hazardous Substances or any other adverse condition affecting any Funded Projectthe Property. Any Indemnified Party shall give the Company Indemnitor reasonable notice before entering any Funded Projectthe Property. The Indemnified Party shall make reasonable efforts to avoid interfering with the Company's or any tenantthird party's use of any Funded Project the Property in exercising any rights provided for in this Section. Each Indemnified Party will use reasonable business practices in conducting its site visits, observations and testing.
Appears in 1 contract
Samples: Credit Agreement (Apartment Investment & Management Co)
Site Visits, Observations and Testing. (a) The Bank, its parent, subsidiary and any affiliated companies, any assignees of any of the Bank's interest in the Loan or the Security Instruments, any owners of participation or other interests in the Loan or the Security Instruments, any purchasers of the Property at any foreclosure sale or from the Bank or any of its affiliates, and the officers, directors, employees and agents of each of them (each individually, an "Indemnified Parties Party," and their agents and representatives shall all collectively, the "Indemnified Parties"), have the right at any reasonable time to enter and visit any Funded Project the Property for the purposes of observing the Funded ProjectProperty, taking and removing soil or groundwater samples, samples and conducting tests on any part of the Funded ProjectProperty. The Indemnified Parties have no duty, however, to visit or observe the any Funded Project Property or to conduct tests, and no site visit, observation or testing by any Indemnified Party shall impose imposes any liability on any Indemnified Party. In no event shall will any site visit, observation or testing by any Indemnified Party be a representation that Hazardous Substances are or are not present in, on or under any Funded Projectthe Property, or that there has been or shall will be compliance with any law, regulation or ordinance pertaining to Hazardous Substances or any other applicable governmental law. Neither the Company, its Subsidiaries Borrower nor any other party is entitled to rely on any site visit, observation or testing by any Indemnified Party. The Indemnified Parties owe no duty of care to protect the Company Borrower or any other party against, against or to inform the Company, its Subsidiaries Borrower or any other party of, of any Hazardous Substances or any other adverse condition affecting any Funded Projectthe Property. Any Indemnified Party shall will give the Company Borrower reasonable notice before entering any Funded Projectthe Property. The Indemnified Party shall will make reasonable efforts to avoid interfering with the Company's or any tenantBorrower's use of any Funded Project the Property in exercising any rights provided for in this Section. Each .
(b) The Borrower must pay all costs and expenses incurred by an Indemnified Party will use in connection with any inspection or testing conducted due to any regulatory requirement, or a reasonable business practices in conducting its site visitsbelief by the Bank of any violation of any Environmental Laws, observations and testing.or if the Borrower has notified the Bank under Section 10.4
Appears in 1 contract
Samples: Loan Agreement (Newmark Homes Corp)
Site Visits, Observations and Testing. (a) The Indemnified Parties and their agents and representatives shall have the right at any reasonable time to enter and visit any Funded Project the Property for the purposes of observing the Funded ProjectProperty, taking taking, and removing soil or groundwater samples, and conducting tests on any part of the Funded ProjectProperty. The Indemnified Parties have no duty, however, to visit or observe the any Funded Project Property or to conduct tests, and no site visit, observation observation, or testing by any Indemnified Party shall impose imposes any liability on any Indemnified Party. In no event shall will any site visit, observation observation, or testing by any Indemnified Party be a representation that Hazardous Substances are or are not present in, on on, or under any Funded Projectthe Property, or that there has been or shall will be compliance with any law, regulation regulation, or ordinance pertaining to Hazardous Substances or any other applicable governmental lawrequirement. Neither the Company, its Subsidiaries Borrower nor any other party is entitled to rely on any site visit, observation observation, or testing by any Indemnified Party. The Indemnified Parties owe no duty of care to protect the Company Borrower or any other party against, against or to inform the Company, its Subsidiaries Borrower or any other party of, of any Hazardous Substances or any other adverse condition affecting any Funded Projectthe Property. Any Indemnified Party shall will give the Company Borrower reasonable notice before entering any Funded Projectthe Property. The Indemnified Party shall will make reasonable efforts to avoid interfering with the Company's or any tenant's Borrower’s use of any Funded Project the Property in exercising any rights provided for in this Section.
(b) Without limiting the generality of the foregoing, Borrower agrees that the Indemnified Parties have the same right, power, and authority to enter and inspect the Property as a secured lender would have under applicable law and the right to appoint a receiver to enforce this right to enter and inspect the Property to the extent such authority is available under applicable law. Each Borrower shall pay all costs and expenses incurred by an Indemnified Party in connection with any inspection or testing conducted in accordance with this Section. The results of all investigations conducted and/or reports prepared by or for any Indemnified Party shall at all times remain the property of the Indemnified Party and under no circumstances will any indemnified Party have any obligation whatsoever to disclose or otherwise make available to Borrower or any other party the results or any other information obtained by any of them in connection with the investigations and reports. Notwithstanding the foregoing, the Indemnified Parties hereby reserve the right, and Borrower hereby expressly authorizes any Indemnified Party, to make available to any party (including any governmental agency or authority and any prospective bidder at any foreclosure sale of the Property) any and all environmental reports, whether prepared by any Indemnified Party or prepared by Borrower and provided to any Indemnified Party that any Indemnified Party may have with respect to the Property. Borrower consents to the Indemnified Parties’ notifying any party (either as part of a notice of sale or otherwise) of the availability of any or all of the environmental reports and the information contained therein. Borrower acknowledges that the Indemnified Parties cannot control or otherwise assure the truthfulness or accuracy of any environmental report and that the release of any environmental report, or any information contained therein, to prospective bidders at any foreclosure sale of the Property may have a material and adverse effect upon the amount that a party may bid at such sale. Borrower agrees that the Indemnified Parties have no liability whatsoever as a result of delivering any or all of the environmental reports or any information contained therein to any third party, and Borrower hereby releases and forever discharges the Indemnified Parties from any and all claims, damages, or causes of action, arising out of, connected with, or incidental to any environmental report or the delivery thereof. The right of entry and inspection granted pursuant to this Section shall include all rights made available to a secured lender under applicable law, and the right to appoint a receiver to enforce such right of entry and inspection pursuant to this Section shall include the authority given to a secured lender under applicable law.
(c) Notwithstanding anything herein to the contrary, upon Borrower’s request, Bank shall provide Borrower with a copy of any environmental report provided to or prepared for Bank pursuant to this Section subject to the terms and conditions of the release of such environmental report contained herein; provided, however, that Bank shall not be required to provide Borrower with a copy of, or otherwise release, any environmental report if such release (i) is prohibited by any agreement with the preparer of the report or any third party, or (ii) is otherwise prohibited by any applicable law or regulations. Neither Borrower nor any third party may rely on any environmental report released to Borrower for any purpose whatsoever. Borrower understands and acknowledges that all such environmental reports were prepared for Bank’s (and/or another Indemnified Party’s) sole use and benefit, and that by providing any such environmental report, Bank makes no representation or warranties with respect to the content, completeness, or accuracy of any such environmental report, any of its contents, or any other matter. Borrower indemnifies, defends, and holds the Bank harmless for, from, and against any and all actual or threatened liabilities, claims, actions, causes of action, judgments, orders, damages (including foreseeable and unforeseeable consequential damages), costs, expenses, fines, penalties and losses (including sums paid in settlement of claims and all reasonable business practices consultant, expert and legal fees and expenses of Bank’s counsel), directly or indirectly arising out of or resulting from Borrower’s use of any environmental report provided under this Section or arising from any conditions on, in, or, around the Property not disclosed in conducting any environmental report, but that might or should have been discovered by the inspection and review upon which the environmental report is based. Borrower agrees to maintain any environmental report provided to Borrower by Bank under this Section and the information it contains as confidential and agrees not to disclose the same to any person or entity without Bank’s prior written consent in its site visits, observations sole and testingabsolute discretion.
Appears in 1 contract
Site Visits, Observations and Testing. The Indemnified Parties Lender and their its agents and representatives shall have the right at any reasonable time to enter and visit any Funded Project the Property for the purposes of observing the Funded ProjectLand, taking and removing soil soils or groundwater samples, and conducting tests on any part of the Funded ProjectProperty. The Indemnified Parties have Lender is under no duty, however, to visit or observe the any Funded Project Land or to conduct tests, and no any such acts by Lender shall be solely for the purpose of protecting Lender’s security and preserving Lender’s rights under the Loan Documents. No site visit, observation or testing by Lender shall result in a waiver of any Indemnified Party shall default of Borrower or impose any liability on any Indemnified PartyLender. In no event shall any site visit, observation or testing by any Indemnified Party Lender be a representation that Hazardous Substances are or are not present in, on or under any Funded Projectthe Property, or that there has been or shall be compliance with any law, regulation or ordinance pertaining to Hazardous Substances or any other applicable governmental law. Neither the Company, its Subsidiaries Borrower nor any other party is entitled to rely on any site visit, observation or testing by any Indemnified PartyLender. The Indemnified Parties owe Lender owes no duty of care to protect the Company Borrower or any other party against, or to inform the Company, its Subsidiaries Borrower or any other party of, any Hazardous Substances or any other adverse condition affecting the Property. Lender shall not be obligated to disclose to Borrower or any Funded Projectother party any report or findings made as the result of, or in connection with, any site visit, observation or testing by Lender. Any Indemnified Party In each instance, Lender shall give the Company Borrower reasonable notice before entering any Funded Projectthe Property. The Indemnified Party Lender shall make reasonable efforts to avoid interfering with the Company's or any tenant's Borrower’s use of any Funded Project the Property in exercising any rights provided for in this SectionParagraph 8.5, and shall cooperate as reasonably requested by Borrower to avoid delay in construction of the Improvements. Each Indemnified Party will use reasonable business practices To the extent any such delay cannot be avoided, the Completion Date shall be extended as Lender deems reasonably appropriate in conducting its site visits, observations and testingview of all the circumstances.
Appears in 1 contract
Samples: Construction Loan Agreement (Neurocrine Biosciences Inc)