|
202500253
<br />giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before
<br />certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The
<br />notice of acceleration and opportunity to cure given to Buyer pursuant to Section 22 and the notice of acceleration
<br />given to Buyer pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action
<br />provisions of this Section 20.
<br />21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances
<br />defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances:
<br />gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents,
<br />materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal
<br />laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental
<br />protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as
<br />defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute
<br />to, or otherwise trigger an Environmental Cleanup. Buyer shall not cause or permit the presence, use, disposal,
<br />storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the
<br />Property.
<br />Buyer shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of
<br />any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or
<br />release of a 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 Hazardous
<br />Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the
<br />Property (including, but not limited to, hazardous substances in consumer products).
<br />Buyer shall promptly give Seller written notice of (a) any investigation, claim, demand, lawsuit or other
<br />action by any governmental or regulatory agency or private party involving the Property and any Hazardous
<br />Substance or Environmental Law of which Buyer has actual knowledge, (b) any Environmental Condition, including
<br />but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c)
<br />any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of
<br />the Property. If Buyer learns, or is notified by any governmental or regulatory authority, or any private party, that
<br />any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Buyer shall
<br />promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create
<br />any obligation on Seller for an Environmental Cleanup.
<br />22. Acceleration; Remedies. Seller shall give notice to Buyer prior to acceleration following Buyer's
<br />breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section
<br />18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required
<br />to cure the default; (c) a date, not less than 30 days from the date the notice is given to Buyer, by which the
<br />default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may
<br />result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice
<br />shall further inform Buyer of the right to reinstate after acceleration and the right to bring a court action to
<br />assert the non-existence of a default or any other defense of Buyer to acceleration and sale. If the default is
<br />not cured on or before the date specified in the notice, Seller at its option may require immediate payment in
<br />full of all sums secured by this Security Instrument without further demand and may invoke the power of
<br />sale and any other remedies permitted by Applicable Law. Seller shall be entitled to collect all expenses
<br />incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable
<br />attorneys' fees and costs of title evidence.
<br />If Seller invokes the power of sale, Seller shall execute or cause Trustee to execute a written notice of the
<br />occurrence of an event of default and of Seller's election to cause the Property to be sold. Trustee shall cause this
<br />notice to be recorded in each county in which any part of the Property is located. Seller or Trustee shall mail copies
<br />of the notice as prescribed by Applicable Law to Buyer and to the other persons prescribed by Applicable Law.
<br />Trustee shall give public notice of sale to the persons and in the manner prescribed by Applicable Law. After the
<br />time required by Applicable Law, Trustee, without demand on Buyer, shall sell the Property at public auction to the
<br />highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and
<br />in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public
<br />announcement at the time and place of any previously scheduled sale. Seller or its designee may purchase the
<br />Property at any sale.
<br />
|