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"Foreclosure Transfer" means any transfer of title to all or any interest in or partl�l
<br /> of the property subject to this Agreement, whether by judicial or nonjudicial foreclosure,,,
<br /> by deed in lieu of foreclosure or otherwise.
<br /> "Hazardous Substance" means any substance that is at any time defined orl
<br /> listed in, or otherwise classified pursuant to, any applicable laws or regulations,l
<br /> including, without limitation, the Environmental Laws, as a "hazardous substance,"
<br /> "hazardous material " "hazardous waste " "infectious waste " "toxic substance " "toxic
<br /> , , , ,
<br /> pollutant" or any other formulation intended to define, list or classify substances by,
<br /> reason of deleterious properties such as ignitability, corrosivity, reactivity,!,
<br /> carcinogenicity, toxicity, reproductive toxicity or `BP toxicity," including, without',
<br /> limitation, asbestos, polychlorinated biphenyls and also including petroleum products,,
<br /> by-products and wastes, ar by-products associated with the extraction, refining or use of�l
<br /> petroleum or petroleum products, whether or not so listed or classified in such laws or'�,
<br /> regulations. I
<br />� "Hazardous Substance Activity" means any actual, proposed or threatened�l�
<br /> storage, holding, existence, use, release, emission, discharge, generation, processing,''
<br /> abatement, removal, cleanup or detoxification, disposition, handling or transportation of
<br /> any Hazardous Substance from, under, into or on or in respect of the property subject tol
<br /> this Agreement or the surrounding property, or any other activity or occurrence that�'I
<br /> causes or would cause such event to exist. ',
<br /> ��Transfer Environmental Losses" means any and all losses, liabilities,'I
<br /> damages, demands, claims, actions, judgments, causes of action, defects in title,'�I
<br /> assessments, penalties, costs and expenses (including, without limitation, the reasonablel
<br /> fees and disbursements of outside legal counsel and accountants and the reasonable�
<br /> charges of in-house legal counsel and accountants), and all foreseeable and unforeseeable
<br /> consequential damages, suffered or incurred, following a Foreclosure Transfer or a�l
<br /> Repayment Transfer, by any secured party in respect hereof arising out of or as a resultl
<br /> of: (i) the occurrence, prior to a Foreclosure Transfer or a Repayment Transfer, of anyli
<br /> event or activity which results in any Hazardous Substance Activity; (ii) any violation,
<br /> prior to a Fareclosure Transfer or a Repayment Transfer, of any applicable!�
<br /> Environmental Laws relating to the premises or to the ownership, use, occupancy or
<br /> operation thereof, or any violation of such Environmental Laws arising from any matters
<br /> existing prior to a Foreclosure Transfer or a Repayment Transfer; (iii) any investigation,
<br /> inquiry, order (whether voluntary of involuntary), hearing, action or other proceeding by
<br /> or before any governmental agency in connection with any Hazardous Substance Activity
<br /> occurring or allegedly occurring prior to a Foreclosure Transfer or a Repayment Transfer;
<br /> (iv) any loss of value of the property subject to this Agreement directly or indirectlyl
<br /> arising as a result of any Hazardous Substance Activity occurring or allegedly occurring I
<br /> prior to a Foreclosure Transfer or a Repayment Transfer; (v) the imposition or recording I,
<br /> of a lien or deed notice or restriction on the property subject to this Agreement; or (vi)I,,
<br /> any claim, demand ar cause of action, or any action or other proceeding, whetherl
<br /> meritorious or not, brought ar asserted against the Municipality, which directly or I,
<br /> 8 I
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