Environmental Remediation Work definition
Examples of Environmental Remediation Work in a sentence
Borrower shall, at its sole risk and under its name, cause the Environmental Remediation Work to be completed in accordance with any recommendations set forth in Exhibit 5.22 attached hereto, and in any event, so as to cause the Property to comply in all material respects with all applicable Environmental Laws and to have the full use and benefit of the Property as contemplated by the Loan Documents.
Notwithstanding anything to the contrary set forth herein, the City shall not have the right to exercise the Right of Reversion if the exercise of same Right arises from an unanticipated Environmental Condition and/or New Environmental Condition with respect to the Property which is not accounted for in the RAP, the estimated cost of remediation of which exceeds fifteen (15%) percent of the original estimated cost of the Environmental Remediation Work contemplated by the RAP.
In addition to such balance, the Borrower will deposit in the Capital Expenditure and FF&E Reserve Account on the Closing Date (i) $1,992,000 for Deferred Maintenance Work, (ii) $117,000 for ADA Compliance Work and (iii) $206,000 for Environmental Remediation Work (collectively, the "Work").
Each such request shall (i) specify the [Required Repairs, the Replacements, the Tenant Improvements, the Leasing Commissions, the Leasing Costs, the Environmental Remediation Work or Real Property Taxes and Insurance Premiums][specify applicable Reserves] for which such disbursement is requested, and (ii) be accompanied by a certification and draw request in the form attached hereto as Exhibit 5.24, or as Lender shall otherwise specify.
Borrower hereby grants to Lender an irrevocable power-of-attorney, coupled with an interest, to perform upon the occurrence and during the continuance of an Event of Default any of the Environmental Remediation Work as required above and to apply the amounts on deposit in the Environmental Remediation Reserve Account to the costs associated therewith, all as Lender may determine in its sole discretion but without obligation to do so.
In addition, to the Identified ----------------------------------------- Environmental Remediation Work, in the event STI pursues a CNS for the Real Property.
Upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may withdraw all Environmental Remediation Reserve Funds from the Environmental Remediation Reserve Account and Lender may apply such funds either to completion of the Environmental Remediation Work or toward reduction of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.
Borrower hereby grants to Administrative Agent an irrevocable power-of-attorney, coupled with an interest, to perform upon the occurrence and during the continuance of an Event of Default any of the Environmental Remediation Work as required above and to apply the amounts on deposit in the Environmental Remediation Reserve Account to the costs associated therewith, all as Administrative Agent may determine in its sole discretion but without obligation to do so.
Each such request shall (i) specify the [Required Repairs, the Replacements, the Tenant Improvements, the Leasing Commissions, the Leasing Costs, the Environmental Remediation Work or Real Property Taxes and Insurance Premiums][specify applicable Reserves] for which such disbursement is requested, and (ii) be accompanied by a certification and draw request in the form attached hereto as Exhibit 5.24, or as Administrative Agent shall otherwise specify.
Borrower shall cause the Environmental Remediation Work to be completed within the time frame set forth in Exhibit 5.22 attached hereto (or if not set forth therein, Borrower shall perform the Environmental Remediation Work diligently and continuously, and complete same within the time frame required by Applicable Laws), in a good and workmanlike manner, in accordance with all applicable Environmental Laws and in a manner otherwise reasonably satisfactory to Administrative Agent.