Environmental Exposures and Lender Concerns

Use of Environmental Insurance ⚫ Former Refinery/Large Apartment Complex Large multi-family development in place for many years seeking refinancing Lender was requiring affiliates of borrower to sign environmental indemnity (request resisted) Compromise was procurement of targeted environmental insurance Development built many years ago on site of closed refinery (but no to-date problems) Similar example - valuable drug store with known TCE contamination Lender specific policies available 58

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