|
200408515
<br />17. Notice of Grievance. Neither Borrower nor Lender may commence, join, or be joined to any
<br />judicial action (as either an individual litigant or the member of a class) that arises from the other party's
<br />actions pursuant to this Security Instrument or that alleges that the other party has breached any provision
<br />of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified
<br />the other party of such alleged breach and afforded the other party hereto a reasonable period after the
<br />giving of such notice to take corrective action. If Applicable Law provides a time period that must elapse
<br />before certain action can be taken, that time period will be deemed to be reasonable for purposes of this
<br />Section. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 19 and
<br />the notice of acceleration given to Borrower pursuant to Section 15 shall be deemed to satisfy the notice
<br />and opportunity to take corrective action provisions of this Section 17.
<br />18. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage,
<br />or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone
<br />else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding
<br />two sentences shall not apply to the presence, use, or storage on the Property of Hazardous Substances in
<br />quantities that are generally recognized to be appropriate to normal residential uses and to maintenance of
<br />the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand,
<br />lawsuit or other action by any governmental or regulatory agency or private party involving the Property
<br />and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If
<br />Borrower learns or is notified by any government or regulatory authority, that any removal or other
<br />remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take
<br />all necessary remedial actions in accordance with Environmental Law.
<br />Borrower shall promptly give Lender written notice of 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. Borrower shall
<br />promptly give Lender written notice of any Environmental Condition, including but not limited to, any
<br />spilling, leaking, discharge, release or threat of release of any Hazardous Substance. Borrower shall
<br />promptly give Lender written notice of any condition caused by the presence, use or release of a
<br />Hazardous Substance that adversely affects the value of the Property. If Borrower learns, or is notified by
<br />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 />As used in this Security Instrument, "Hazardous Substances" are those substances defined as toxic or
<br />hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline,
<br />kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents,
<br />materials containing asbestos or formaldehyde, and radioactive materials. As used in this Security
<br />Instrument, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is
<br />located that relate to health, safety or environmental protection. As used in this Security Instrument,
<br />"Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in
<br />Environmental Law.
<br />19. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior
<br />to acceleration under Section 15 unless Applicable Law provides otherwise). The notice shall specify:
<br />(a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the
<br />date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure
<br />the default on or before the date specified in the notice may result in acceleration of the sums secured
<br />by this Security Instrument and sale of the Property. The notice shall further inform Borrower of
<br />the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the
<br />non - existence of a default or any other defense Borrower may have to acceleration and sale (if such
<br />Borrower Initials ,,� .
<br />GMD Nebraska Junior Lien DOT - HC Form 33703.3 05/17/02 (page 10 of 13 pages)
<br />
|