Common use of Environmental Problems Clause in Contracts

Environmental Problems. If the Servicer has actual knowledge that a Mortgaged Premises is being or has been used in violation of any environmental Requirements or that there has been a release of hazardous materials in, on, under or from such Mortgaged Premises other than in accordance with such Requirements (an "Environmental Problem Property"), the Servicer will notify Owner of the existence of the Environmental Problem Property. Additionally, the Servicer shall set forth in such notice a description of such problem, a recommendation to Owner relating to the proposed action regarding the Environmental Problem Property and the Servicer shall (i) carry out the recommendation set forth in such notice upon receiving Owner's approval, if any, of such recommendation, or (ii) if failure to act immediately would result in a material adverse effect upon Servicer, Owner and/or the Environmental Problem Property, Servicer may take such actions as may be necessary and/or advisable under Accepted Servicing Practices and/or applicable Requirements after giving Owner notice in accordance with the terms and provisions of Section 10.9 hereof. If Owner fails or refuses to respond to any such recommendation as set forth in the immediately preceding sentence, the Servicer shall have no liability to Owner therefor provided that the Servicer acts in a manner consistent with such sentence.