TO ANY SIMILAR OR REPLACEMENT STATUTE HEREAFTER ENACTED;
THAT IF THE LENDER ELECTS TO FORECLOSE BY POWER OF SALE, THE LENDER MAY CAUSE
THE PREMISES, OR ANY PART THEREOF, TO BE SOLD AT PUBLIC AUCTION; THAT NOTICE OF
SUCH SALE MUST BE PUBLISHED AS REQUIRED BY LAW AND THAT A NOTICE SPECIFIED BY
LAW MAY NOT BE REQUIRED TO BE SERVED UPON BORROWER.
BORROWER FURTHER
UNDERSTANDS THAT IN THE EVENT OF SUCH EVENT OF DEFAULT THE LENDER MAY ALSO ELECT
ITS RIGHTS UNDER THE UNIFORM COMMERCIAL CODE AND TAKE POSSESSION OF THE PERSONAL
PROPERTY (AS DEFINED IN
21
THIS MORTGAGE) AND DISPOSE OF THE SAME BY SALE OR OTHERWISE IN ONE OR MORE
PARCELS PROVIDED THAT AT LEAST TEN (10) DAYS' PRIOR NOTICE OF SUCH DISPOSITION
MUST BE GIVEN, ALL AS PROVIDED FOR BY THE UNIFORM COMMERCIAL CODE, AS HEREAFTER
AMENDED OR BY ANY SIMILAR OR REPLACEMENT STATUTE HEREAFTER ENACTED.
BORROWER
FURTHER UNDERSTANDS THAT UNDER THE CONSTITUTION OF THE UNITED STATES AND THE
CONSTITUTION OF THE STATE OF SOUTH DAKOTA IT MAY HAVE THE RIGHT TO NOTICE AND
HEARING BEFORE THE PREMISES MAY BE SOLD AND THAT THE PROCEDURE FOR FORECLOSURE
DESCRIBED ABOVE DOES NOT INSURE THAT NOTICE WILL BE GIVEN TO THE BORROWER AND
NEITHER SAID PROCEDURE FOR FORECLOSURE NOR THE UNIFORM COMMERCIAL CODE REQUIRES
ANY HEARING OR OTHER JUDICIAL PROCEEDING.
BORROWER HEREBY EXPRESSLY CONSENTS
AND AGREES
THAT THE PREMISES MAY BE FORECLOSED AND THAT THE PERSONAL PROPERTY
MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE WITHOUT NOTICE TO
BORROWER, ALL AS DESCRIBED ABOVE.
BORROWER ACKNOWLEDGES THAT IT IS REPRESENTED
BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS PARAGRAPH AND
BORROWER'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT
BORROWER UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE
EFFECT OF SUCH WAIVER.
8.
HAZARDOUS MATERIALS
8.1
DEFINITIONS.
AS USED HEREIN, THE FOLLOWING
DEFINITION SHALL APPLY:
(A)
"HAZARDOUS SUBSTANCE" SHALL MEAN ANY
HAZARDOUS OR TOXIC MATERIAL, SUBSTANCE OR WASTE, POLLUTANT OR CONTAMINANT WHICH
IS REGULATED UNDER ANY STATUTE, LAW, ORDINANCE, RATE OR REGULATION OF ANY LOCAL,
STATE, REGIONAL OR FEDERAL AUTHORITY HAVING JURISDICTION OVER THE PROPERTY OF
THE BORROWER, OR ITS USE, INCLUDING BUT NOT LIMITED TO ANY MATERIAL, SUBSTANCE
OR WASTE WHICH IS (A) DEFINED AS A HAZARDOUS SUBSTANCE UNDER ANY ENVIRONMENTAL
LAWS; (B) A PETROLEUM HYDROCARBON, INCLUDING CRUDE OIL OR ANY FRACTION THEREOF
AND ALL PETROLEUM PRODUCTS; (C) POLYCHLORINATED BIPHENYLS; (D) LEAD; (E) UREA
FORMALDEHYDE; (F) ASBESTOS; (G) FLAMMABLE EXPLOSIVES; (H) INFECTIOUS MATERIALS;
(I) RADIOACTIVE MATERIALS; OR (J) DEFINED OR REGULATED AS A HAZARDOUS SUBSTANCE
OR HAZARDOUS WASTE UNDER ANY RULES OR REGULATIONS PROMULGATED UNDER ANY OF THE
FOREGOING ENVIRONMENTAL LAWS.
(B)
"ENVIRONMENTAL LAWS" SHALL MEAN ANY
INTERNATIONAL, FEDERAL, STATE OR LOCAL STATUTE, LAW, REGULATION, ORDER, CONSENT,
DECREE, JUDGMENT, PERMIT, LICENSE, CODE, COVENANT, DEED RESTRICTION, COMMON LAW,
TREATY, CONVENTION, ORDINANCE OR OTHER REQUIREMENT RELATING TO PUBLIC HEALTH,
SAFETY OR THE ENVIRONMENT, INCLUDING, WITHOUT LIMITATION, THOSE RELATING TO
RELEASES, DISCHARGES OR EMISSIONS TO AIR, WATER, LAND OR GROUNDWATER, TO