Common use of Environmental Problems Clause in Contracts

Environmental Problems. If Servicer hereafter becomes aware that a Property is an Environmental Problem Property, Servicer will notify Owner of the existence of the Environmental Problem Property. Additionally, Servicer shall set forth in such notice a description of such problem, an estimate of how long the problem has existed (if known to Servicer), a recommendation to Owner relating to the proposed action regarding the Environmental Problem Property, and Servicer shall carry out the recommendation set forth in such notice unless otherwise directed by Owner in writing within five (5) days after Owner's, receipt (or deemed receipt) of such notice in accordance with the terms and provisions of Section 11.3 below. Notwithstanding the foregoing, Servicer shall obtain Owner's written consent to any expenditures proposed to remediate Environmental Problem Properties or to defend any claims associated with Environmental Problem Properties if such expenses, in the aggregate, are expected to exceed $10,000. If Servicer has reason to believe that a Property is an Environmental Problem Property (e.g., Servicer obtains a broker's price opinion which reveals the potential for such problem), Servicer will not accept a deed-in-lieu of foreclosure upon any such Property without first obtaining a preliminary environmental investigation for the Property satisfactory to Owner.