Common use of Cure Violations of Environmental Laws Clause in Contracts

Cure Violations of Environmental Laws. If Grantor fails to comply with the requirements of any Environmental Laws applicable to the Mortgaged Property, Beneficiary shall have the right (but not the obligation) prior or subsequent to an Event of Default, to give such notices or cause such work to be performed at, upon, under or within the Land, or to take any and all other actions as Beneficiary deems necessary, to cure said failure of compliance. However, except in the case of an emergency or other circumstances which, in Beneficiary's reasonable judgment, require quicker action, or except if any Event of Default then remains uncured under the Loan Documents, Beneficiary will not undertake any such work or other actions without first giving Grantor written notice of Grantor's failure to comply and ten (10) days after such notice (or such longer period of time as is reasonably necessary to cure such non-compliance if such non-compliance is curable but cannot be cured within such ten (10) day period, and Grantor promptly commences and diligently pursues the curing of such non-compliance) to cure such non-compliance. All reasonable amounts paid or incurred by Beneficiary in the exercise of any such rights shall be paid by Grantor to Beneficiary within ten (10) days after notice to Grantor from Beneficiary itemizing the amounts incurred to the effective date of such notice, with interest thereon commencing ten (10) days after the effective date of such notice at the default or post-maturity rate of interest provided for in the Loan Documents. Until such amounts shall be paid by Grantor, they shall be added to and become a part of the Indebtedness secured hereby.