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8 <br />buildings, improvements, fixtures and equipment forming a part of the mortgaged <br />premises by reason of any Applicable Environmental Laws; (iv) that the Mortgagor has <br />taken all steps necessary to determine and has determined that no hazardous substances <br />or solid wastes have been disposed of or otherwise released on or to the mortgaged <br />premises; (v) that except as disclosed to Mortgagee the mortgaged premises do not <br />contain asbestos in any form, ureaformaldehyde foam insulation, PCB's or any other <br />chemical, material or substance exposure to which may or could pose a health hazard <br />whether or not the substance is prohibited, limited or regulated by any governmental <br />authority; (vi) that the use which the Mortgagor makes and intends to make of the <br />mortgaged premises will not result in the disposal or other release of any hazardous <br />substance or solid waste on or to the mortgaged premises; (vii) that there have not been <br />and are currently no underground storage tanks located on mortgaged premises; and (viii) <br />that there have not been and there are not any wells located on the mortgaged premises. <br />The terms "hazardous substance" and "release" shall have the meanings specified in <br />CERCLA and MERLA, and the terms "solid waste" and "disposal" (or "disposed") shall <br />have the meanings specified in RCRA; provided, in the event either CERCLA, SARA, <br />RCRA, MERLA or MPTRCA is amended so as to broaden the meaning of any term <br />defined thereby, such broader meaning shall apply subsequent to the effective date of <br />such amendment. <br /> <br /> 4. Protection of Security. To the extent Mortgagor fails to perform any of its <br />covenants or obligations hereunder, Mortgagee shall have the right, but not the duty and <br />without notice to Mortgagor, to expend such sums as may be deemed necessary or <br />expedient in the exercise of its sole discretion to perform such obligations and all amounts <br />so expended by Mortgagee pursuant to this provision shall be secured hereby, shall be <br />payable on demand of Mortgagee and shall bear interest at the highest rate provided for <br />in the Note. <br /> <br /> 5. Events of Default/Acceleration of Maturity. Mortgagor agrees that at the <br />option of the Mortgagee and in addition to Mortgagee's right to accelerate the maturity of <br />the indebtedness secured hereby as set forth above in the Statutory Covenants, the entire <br />remaining principal balance plus accrued interest shall become due and payable in full <br />upon the occurrence of any of the following (each of which is herein referred to as an <br />"Event of Default"): <br /> <br /> (a) The default by Mortgagor in the performance of any other covenants <br />or agreements contained herein or in the Note; or <br /> <br /> (b) The occurrence of an "Event of Default" under the terms of the Loan <br />Agreement, as the same may be hereafter amended, extended or modified; or <br /> <br /> (c) The Mortgagor shall, without prior written consent of Mortgagee, sell, <br />lease or transfer or agree to sell, lease or transfer all or any part of the mortgaged <br />premises or interest therein; or, the legal, beneficial or equitable ownership of <br />Mortgagor shall be changed by sale, lease, conveyance, transfer, assignment or <br />encumbrance.