Common use of LEGAL EFFECT OF SECTION Clause in Contracts

LEGAL EFFECT OF SECTION. Borrower and Lender agree that each provision in this Article (together with any indemnity applicable to a breach of any such provision) with respect to the environmental condition of the real property security is intended by Lender and Borrower to be an “environmental provision” for purposes of Nevada Revised Statutes Section 40.502, and as such it is expressly understood that Borrower’s duty to indemnify Lender hereunder shall survive: (i) any judicial or non-judicial foreclosure under the Deed of Trust, or transfer of the Property in lieu thereof; (ii) the release and reconveyance or cancellation of the Deed of Trust; and (iii) the satisfaction of all of Borrower’s obligations under the Loan Documents.

LEGAL EFFECT OF SECTION. Borrower and Lender agree that each provision in this Article (together with any indemnity applicable to a breach of any such provision) with respect to the environmental condition of the real property security is intended by Lender and Borrower to be an “environmental provision” for purposes of Nevada Revised Statutes California Code of Civil Procedure Section 40.502736, and as such it is expressly understood that Borrower’s duty to indemnify Lender hereunder shall survive: (i) any judicial or non-judicial foreclosure under the Deed of TrustMortgage, or transfer of the Property in lieu thereof; (ii) the release and reconveyance or cancellation of the Deed of TrustMortgage; and (iii) the satisfaction of all of Borrower’s obligations under the Loan Documents.