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(B) In order further to induce the Municipality to enter into and accept its obligations and
<br /> undertakings hereunder and in consideration of the foregoing and for other good and valuable
<br /> consideration, the receipt and sufficiency of which are hereby aclrnowledged, to the extent lawful, the
<br /> Developer agrees, as follows:
<br /> (1) Definitions. As used in this Section, certain additional terms shall have the
<br /> meanings, as follows:
<br /> "Environmental Laws"means all applicable laws, governmental rules and regulations of
<br /> any federal, state, regional or local governmental agency, including, without limitation, all
<br /> applicable federal, state and local laws, rules and regulations pertaining to air and water quality,
<br /> hazardous waste, waste disposal and other environmental matters, including, but not limited to,
<br /> the Clean Air, Federal Water Pollution Control, Solid Waste Disposal, Resource Conservation
<br /> and Recovery, Comprehensive Environmental Response, Compensation and Liability, Illinois
<br /> Environmental Protection and Illinois Responsible Property Transfer Acts.
<br /> "Foreclosure Transfer" means any transfer of title to all or any interest in or part of the
<br /> properiy subject to this Agreement, whether by judicial or nonjudicial foreclosure, by deed in
<br /> lieu of foreclosure or otherwise.
<br /> "Hazardous Substance" means any substance that is at any time defined or listed in, or
<br /> otherwise classified pursuant to, any applicable laws or regulations, including, without
<br /> limitation, the Environmental Laws, as a "hazardous substance," "hazardous material,"
<br /> "hazardous waste," "infectious waste," "toxic substance," "toxic pollutanY' or any other
<br /> formulation intended to define, list or classify substances by reason of deleterious properties such
<br /> as ignitability, corrosivity, reactivity, carcinogenicity, toxicity, reproductive toxicity or "EP
<br /> toxicity," including, without limitation, asbestos, polychlorinated biphenyls and also including
<br /> petroleum products, by-products and wastes, or by-products associated with the extraction,
<br /> refining or use of petroleum or petroleum products, whether or not so listed or classified in such
<br /> laws or regulations.
<br /> "Hazardous Substance Activity" means any actual, proposed or threatened storage,
<br /> holding, existence, use, release, emission, discharge, generation, processing, abatement, removal,
<br /> cleanup or detoxification, disposition, handling or transportation of any Hazardous Substance
<br /> from, under, into or on or in respect of the property subject to this Agreement or the surrounding
<br /> property, or any other activity or occurrence that causes or would cause such event to exist.
<br /> "Transfer Environmental Losses" means any and all losses, liabilities, damages,
<br /> demands, claims, actions, judgments, causes of action, defects in title, assessments, penalties,
<br /> costs and expenses (including, without limitation, the reasonable fees and disbursements of
<br /> outside legal counsel and accountants and the reasonable charges of in-house legal counsel and
<br /> accountants), and all foreseeable and unforeseeable consequential damages, suffered or incurred,
<br /> following a Foreclosure Transfer or a Repayment Transfer, by any secured party in respect
<br /> hereof arising out of or as a result of: (i) the occurrence, prior to a Foreclosure Transfer or a
<br /> Repayment Transfer, of any event or activity which results in any Hazardous Substance Activity;
<br /> (ii) any violation, prior to a Foreclosure Transfer or a Repayment Transfer, of any applicable
<br /> Environmental Laws relating to the premises or to the ownership, use, occupancy or operation
<br /> thereof, or any violation of such Environmental Laws arising from any matters existing prior to a
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