|
Page 6 of 16
<br />be payable upon notice from the City to Trustor requesting payment thereof, and will bear interest
<br />from the date of disbursement at the lesser of (i) ten percent (10%); or (ii) the highest rate
<br />permissible under applicable law. Nothing contained in this paragraph will require City to incur
<br />any expense or take any action hereunder.
<br />
<br />Section 2.9 Inspection. At any and all reasonable times upon forty-eight (48) hours'
<br />prior written notice, the Beneficiary and its duly authorized agents, attorneys, experts, engineers,
<br />accountants and representatives, may inspect the Security without payment of charges or fees, to
<br />inspect the Security, provided, however, that any such inspection shall not unreasonably disturb
<br />any tenants or other occupants of the Property.
<br />
<br />Section 2.10 Hazardous Substances. Trustor shall not cause or permit the presence, use,
<br />disposal, storage, or release of any Hazardous Substances in, on, under, about, or from the
<br />Property. Trustor shall not do, nor allow anyone else to do, anything affecting the Property that is
<br />in violation of any Environmental Law. The preceding two sentences shall not apply to the
<br />presence, use, or storage on the Property of small quantities of Hazardous Substances that are
<br />generally recognized to be appropriate to construction and normal residential uses and to
<br />maintenance of the Property when used and disposed of in accordance with Environmental Law.
<br />
<br />(a) “Hazardous Substances” means any substance defined as toxic or hazardous
<br />substances or hazardous waste or regulated under any Environmental Law, and the following
<br />substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and
<br />herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive
<br />materials.
<br />(b) “Environmental Law” means all federal, state or local statutes, ordinances,
<br />regulations, orders, decrees and judgments that relate to health, safety or environmental protection
<br />including without limitation the regulation of the use, disposal, manufacture, or release of
<br />Hazardous Substances.
<br />(c) Trustor shall promptly give City written notice of any investigation, claim, demand,
<br />lawsuit or other action by any governmental or regulatory agency or private party involving the
<br />Property and any Hazardous Substance or Environmental Law of which Trustor has actual
<br />knowledge. If Trustor learns, or is notified by any governmental or regulatory authority, that any
<br />removal or other remediation of any Hazardous Substance affecting the Property is necessary,
<br />Trustor shall promptly take all necessary remedial actions in accordance with Environmental Law.
<br />Section 2.11 Nonliability for Negligence, Loss, or Damage; No Joint Venture. Trustor
<br />acknowledges, understands and agrees that the relationship between Trustor and City is solely that
<br />of a grantor and recipient, and that City does not undertake or assume any responsibility for or
<br />duty to Trustor to select, review, inspect, supervise, pass judgment on, or inform Trustor of the
<br />quality, adequacy or suitability of the Security or any other matter. City owes no duty of care to
<br />protect Trustor against negligent, faulty, inadequate or defective building or construction or any
<br />condition of the Security and Trustor agrees that neither Trustor, or Trustor’s heirs, successors or
<br />assigns shall ever claim, have or assert any right or action against City for any loss, damage or
<br />other matter arising out of or resulting from any condition of the Security and will hold City
<br />harmless from any liability, loss or damage for these things. Nothing contained herein or the
<br />ATTY/RESO.0024/PC RESO 901 EL CAMINO
<br />REV: 04-11-25 VR
|