Common use of Lender Cure Rights Clause in Contracts

Lender Cure Rights. If there is a release of Hazardous Materials affecting any Project, whether or not the release originates or emanates from such Project or any contiguous real estate, or if Borrower shall fail to comply with any Environmental Laws, Lender may at its election, but without the obligation to do so, upon three (3) Business Days’ notice to Borrower (provided the delay caused by the giving of notice shall not, in Lender’s sole opinion, cause substantial damage such Project), take any and all actions as Lender shall deem necessary or advisable in order to remedy the release of Hazardous Materials or cure said failure of compliance, and any amounts paid by Lender as a result thereof, together with interest thereon at the Default Rate from the date of payment by Lender, shall be immediately due and payable by Borrower to Lender and until paid shall be added to and become part of the Loan and shall have the benefit of the lien created by the Loan Documents.

Lender Cure Rights. If there is a release of Hazardous Materials affecting any the Project, whether or not the release originates or emanates from such the Project or any contiguous real estate, or if Borrower shall fail to comply with any Environmental Laws, Lender may at its election, but without the obligation to do so, upon three (3) Business Days’ ' notice to Borrower (provided the delay caused by the giving of notice shall not, in Lender’s 's sole opinion, cause substantial damage such to the Project), take any and all actions as Lender shall deem necessary or advisable in order to remedy the release of Hazardous Materials or cure said failure of compliance, and any amounts paid by Lender as a result thereof, together with interest thereon at the Default Rate from the date of payment by Lender, shall be immediately due and payable by Borrower to Lender and until paid shall be added to and become part of the Loan and shall have the benefit of the lien created by the Loan Documents.