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Borrower pursuant to Section 17 shall be deemed to satisfy the notice and opportunity to take corrective
<br />action provisions of this Section 19.
<br />20. Hazardous Substances. As used in this Section 20: (a) "Hazardous Substances" are those
<br />substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and
<br />the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic
<br />pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and
<br />radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the
<br />Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup"
<br />includes any response action, remedial action, or removal action, as defined in Environmental Law; and
<br />(d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an
<br />Environmental Cleanup.
<br />Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
<br />Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not
<br />do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental
<br />Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a
<br />Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding
<br />two sentences shall not apply to the presence, use, or storage on the Property of small quantities of
<br />Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
<br />maintenance of the Property (including, but not limited to, hazardous substances in consumer products).
<br />Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or
<br />other action by any governmental or regulatory agency or private party involving the Property and any
<br />Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any
<br />Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of
<br />release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a
<br />Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified
<br />by any governmental or regulatory authority, or any private party, that any removal or other remediation of
<br />any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary
<br />remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on
<br />Lender for an Environmental Cleanup.
<br />21. Funding Fee. A fee equal to one -half of one percent of the balance of this loan as of the date of
<br />transfer of the Property shall be payable at the time of transfer to the loan holder or its authorized agent,
<br />as trustee for the Department of Veterans Affairs. If the assumer fails to pay this fee at the time of
<br />transfer, the fee shall constitute an additional debt to that already secured by this instrument, shall bear
<br />interest at the rate herein provided, and, at the option of the payee of the indebtedness hereby secured or
<br />any transferee thereof, shall be immediately due and payable. This fee is automatically waived if the
<br />assumer is exempt under the provisions of 38 U.S.C. 3729(c). (Note: The funding fee for loans assumed
<br />between 12/13/02 and 9/30/03 will be 1 percent.)
<br />22. Processing Charge. Upon application for approval to allow assumption of this loan, a
<br />processing fee may be charged by the loan holder or its authorized agent for determining the
<br />creditworthiness of the assumer and subsequently revising the holder's ownership records when an
<br />approved transfer is completed. The amount of this charge shall not exceed the maximum established by
<br />the Department of Veterans Affairs for a loan to which Section 3714 of Chapter 37, Title 38, United States
<br />Code applies.
<br />23. Indemnity Liability. If this obligation is assumed, then the assumer hereby agrees to assume
<br />all of the obligations of the veteran under the terms of the instruments creating and securing the loan. The
<br />assumer further agrees to indemnify the Department of Veterans Affairs to the extent of any claim
<br />payment arising from the guaranty or insurance of the indebtedness created by this instrument.
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