|
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an
<br />individual litigant or the member of a class) that arises from the other parry's actions pursuant to this Security
<br />Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this
<br />Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in
<br />compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a
<br />reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period
<br />which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes
<br />of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and
<br />the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and
<br />opportunity to take corrective action 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.
<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 do, nor allow
<br />anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which
<br />creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance,
<br />creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to
<br />the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally
<br />recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not
<br />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 Hazardous
<br />Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition,
<br />including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous
<br />Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely
<br />affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or
<br />any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is
<br />necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
<br />Nothing herein shall create any obligation on Lender for an Environmental Cleanup.
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />22. Acceleration; Remedies. Lenders shall give notice by certified mail to the address of the Property
<br />or another address designated by Borrower prior to acceleration following Borrower's breach of any covenant
<br />or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable
<br />Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default;
<br />(c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be
<br />cured; and (d) that failure to cure the default on or before the date specified in the notice may result in
<br />acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further
<br />inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the
<br />non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured
<br />on or before the date specified in the notice, Lender at its option may require immediate payment in full of all
<br />sums secured by this Security Instrument without further demand and may invoke the power of sale and any
<br />other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in
<br />pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees.
<br />If Lender invokes the power of sale, Lender shall cause a copy of a notice of sale to be served upon
<br />any person in possession of the Property. Leader shall publish a notice of sale, and the Property shall be sold
<br />at public auction in the manner prescribed by Applicable Law. Lender or its designee may purchase the
<br />Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the
<br />sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security
<br />Instrument; and (c) any excess to the person or persons legally entitled to it.
<br />23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall discharge this
<br />Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this
<br />
|