Common use of Environmental Problems Clause in Contracts

Environmental Problems. If the Servicer hereafter becomes ---------------------- aware that a Mortgaged Property is in violation of any environmental law, rule or regulation (an "Environmental Problem Property"), the Special Servicer will notify the Owner of the existence of the Environmental Problem Property. Additionally, the Special Servicer shall set forth in such notice a description of such problem, a recommendation to the Owner relating to the proposed action regarding the Environmental Problem Property and the Special Servicer shall carry out the recommendation set forth in such notice unless otherwise directed by the Owner in writing within five (5) Business Days after the Owner's receipt of such notice. If the Special Servicer has reason to believe that a Mortgaged Property is in violation of any environmental law, rule or regulation (e.g., the Special Servicer obtains a broker's price opinion which reveals the potential for such problem), the Special Servicer will not accept a deed-in-lieu of foreclosure upon any such Mortgaged Property without first obtaining a preliminary environmental investigation for the Mortgaged Property satisfactory to the Owner.