Common use of Supplemental Environmental Provisions Clause in Contracts

Supplemental Environmental Provisions. In the event that any ------------------------------------- portion of the Property is determined to be "environmentally impaired" (as "environmentally impaired" is defined in California Code of Civil Procedure Section 726.5(e)(3)) or to be an "affected parcel" (as "affected parcel" is defined in California Code of Civil Procedure Section 726.5(e)(1)), then, without otherwise limiting or in any way affecting Lender's or Trustee's rights and remedies under this Security Instrument, Lender may elect to exercise its right under California Code of Civil Procedure Section 726.5(a) to (i) waive its lien on such environmentally impaired or affected portion of the Property, and (ii) exercise the rights and remedies of an unsecured creditor, including reduction of its claim against Borrower to judgment and any other rights and remedies permitted by law. For purposes of determining Lender's right to proceed as an unsecured creditor under California Code of Civil Procedure Section 726.5(a), Borrower shall be deemed to have willfully permitted or acquiesced in a release or threatened release of hazardous materials, within the meaning of California Code of Civil Procedure Section 726.5(d)(1), if (i) the release or threatened release of Hazardous Substances was knowingly or negligently caused or contributed to by any lessee, occupant or user of any portion of the Property and (ii) Borrower had prior knowledge of the activity by such lessee, occupant or user which caused or contributed to the release or threatened release but failed to take commercially reasonable action to prevent such release or threatened release.

Supplemental Environmental Provisions. In the event that any ------------------------------------- portion of the Property is determined to be "“environmentally impaired" ” (as "“environmentally impaired" ” is defined in California Code of Civil Procedure Section 726.5(e)(3)) or to be an "“affected parcel" ” (as "“affected parcel" ” is defined in California Code of Civil Procedure Section 726.5(e)(1)), then, without otherwise limiting or in any way affecting Agent’s, any Lender's ’s or Trustee's ’s rights and remedies under this Security Instrument, Lender Agent may elect to exercise its right under California Code of Civil Procedure Section 726.5(a) to (i) waive its lien on such environmentally impaired or affected portion of the Property, and (ii) exercise the rights and remedies of an unsecured creditor, including reduction of its claim against Individual Borrower to judgment and any other rights and remedies permitted by law. For purposes of determining Lender's Agent’s right to proceed as an unsecured creditor under California Code of Civil Procedure Section 726.5(a), Individual Borrower shall be deemed to have willfully permitted or acquiesced in a release or threatened release of hazardous materials, within the meaning of California Code of Civil Procedure Section 726.5(d)(1), if (i) the release or threatened release of Hazardous Substances hazardous materials was knowingly or negligently caused or contributed to by any lessee, occupant or user of any portion of the Property and (ii) Individual Borrower had prior knowledge knew or should have known of the activity by such lessee, occupant or user which caused or contributed to the release or threatened release but failed release. Agent shall have the right under Article VII of this Security Instrument to take commercially reasonable action allocate amounts recovered on the Debt first to prevent such release or threatened releasethose portions thereof other than damages and other amounts recoverable under California Code of Civil Procedure Section 736, and thereafter to damages and other amounts recoverable under said Article.

Supplemental Environmental Provisions. In the event that any ------------------------------------- portion of the Property is determined to be "“environmentally impaired" ” (as "“environmentally impaired" ” is defined in California Code of Civil Procedure Section 726.5(e)(3)) or to be an "“affected parcel" ” (as "“affected parcel" ” is defined in California Code of Civil Procedure Section 726.5(e)(1)), then, without otherwise limiting or in any way affecting Beneficiary’s, Lender's ’s or Trustee's ’s rights and remedies under this Security Instrument, Beneficiary or Lender may elect to exercise its right under California Code of Civil Procedure Section 726.5(a) to (i) waive its lien on such environmentally impaired or affected portion of the Property, and (ii) exercise the rights and remedies of an unsecured creditor, including reduction of its claim against Borrower to judgment and any other rights and remedies permitted by law. For purposes of determining Beneficiary’s or Lender's ’s right to proceed as an unsecured creditor under California Code of Civil Procedure Section 726.5(a), Borrower shall be deemed to have willfully permitted or acquiesced in a release or threatened release of hazardous materials, within the meaning of California Code of Civil Procedure Section 726.5(d)(1), if (i) the release or threatened release of Hazardous Substances hazardous materials was knowingly or negligently caused or contributed to by any lessee, occupant or user of any portion of the Property and (ii) Borrower had prior knowledge knew or should have known of the activity by such lessee, occupant or user which caused or contributed to the release or threatened release but failed release. Beneficiary and Lender shall have the right to take commercially reasonable action allocate amounts recovered on the Debt first to prevent such release or threatened releasethose portions thereof other than damages and other amounts recoverable under California Code of Civil Procedure Section 736, and thereafter to damages and other amounts recoverable hereunder.

Supplemental Environmental Provisions. In the event that any ------------------------------------- portion of the Property Collateral is determined to be "“environmentally impaired" ” (as "“environmentally impaired" ” is defined in California Code of Civil Procedure Section 726.5(e)(3)) or to be an "“affected parcel" ” (as "“affected parcel" ” is defined in California Code of Civil Procedure Section 726.5(e)(1)), then, without otherwise limiting or in any way affecting Lender's Beneficiary’s or Trustee's ’s rights and remedies under this Security InstrumentDeed of Trust, Lender Beneficiary may elect to exercise its right under California Code of Civil Procedure Section 726.5(a) to (i) waive its lien on such environmentally impaired or affected portion of the PropertyCollateral, and (ii) exercise the rights and remedies of an unsecured creditor, including reduction of its claim against Borrower Grantor to judgment and any other rights and remedies permitted by law. For purposes of determining Lender's Beneficiary’s right to proceed as an unsecured creditor under California Code of Civil Procedure Section 726.5(a), Borrower Grantor shall be deemed to have willfully permitted or acquiesced in a release or threatened release of hazardous materials, within the meaning of California Code of Civil Procedure Section 726.5(d)(1), if (i) the release or threatened release of Hazardous Substances hazardous materials was knowingly or negligently caused or contributed to by any lessee, occupant or user of any portion of the Property Collateral and (ii) Borrower had prior knowledge Grantor knew or should have known of the activity by such lessee, occupant or user which caused or contributed to the release or threatened release but failed release. Beneficiary shall have the right under this Deed of Trust to take commercially reasonable action allocate amounts recovered on the Liabilities first to prevent such release or threatened releasethose portions thereof other than damages and other amounts recoverable under California Code of Civil Procedure Section 736, and thereafter to damages and other amounts recoverable under said Section.