ࡱ> {e  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz|}~Root Entryb.@pH PerfectOffice_MAIN&oPerfectOffice_OBJECTS,pHpHSummaryInformation(| !"#$%&()*+,-.Oh+'Oh+'0L    Dale Whitman16$C:\COREL\SUITE8\PROGRAMS\PRWIN8.EXE Original Slide Show 81%48.TMP-!3'XXXX,,,,519RWPClXX81%X0e3'XXXXKKKK9"`0b$`0b$W` 6Times New Roman Regular +MMffW` 6Times New Roman RegularWPCo ~ #%t|6}|B"XXXX'33' >i%Ns \ v n};QnTg!*#TWPC '   '2  I  .3  CERCLAandLenders,"  ,2  I  .3  CERCLALiability:(STRICT!)..2  A  .3  presentowners&operators..2  A  .3  priorowners&operators..2  A  .3  generators..2  A  .3  transporters..2  A  .3  Liableforcleanupbygovtorprivateparties,otherdamages( (2  I  .3  MortgagelendershaveCERCLArisksintwosituations.....2  A  .3  1.0h..Whileholdingthemortgage(preforeclosure)..2  A  .3  2.0h..Whileholdingtitletothelandafterforeclosure#   #2  I  .3  Isthelenderliableforclean-upofcontaminationwhileholdingthemortgage?..2  A  .3  Isthelenderan operator?....2  1  .3  FleetFactors:Yes,ifpossessingthepowertoinfluencedisposaldecisions...2  A  .3  Exemptionsavailabletolenders:....2  1  .3  Securityinterestexemption....2  1  .3  Innocentlandownerexemption# #2  I  .3  Isthelenderliableforclean-upofcontaminationoccurringaftertakingtitleinforeclosure?..2  A  .3  Arguably,the securityinterestexemptionisnotapplicable...2  A  .3  The Innocentlandownerexemptionisdifficultqualifyfor.(  (2  I  .3  Innocentlandownerexemption: ..2  A  .3  Noknowledgeorreasontoknowofcontamination...2  A  .3  Made allappropriateinquiryconsistentwithgoodcommercialorcustomarypractice.( (2  I  .3  Additionaldevelopments:..2  A  .3  EPAregulation(1992)..2  A  .3  Kelleyv.EPA(1994)heldEPAreg.unconstitutional...2  A  .3  CongressadoptedtheEPAregsapproachinthe AssetConservation,LenderLiability,andDepositInsuranceProtectionActof1996."# #2  I  .3  AssetConservation,LenderLiability,andDepositInsuranceProtectionActof1996..2  A  .3  EnactedbyCongress,sonoquestionofitsauthority..2  A  .3  Tracksthe1992EPAregulationclosely(andratifiesit)..2  A  .3  Designedtohelplenders,"  ,2  I  .3  Beforegettingtitle,lendersmustnotexercisedecision-makingcontrolover:..2  A  .3  Handlingordisposalofhazardoussubstances,or.....2  A  .3  Overalloperationormanagement.....2  1  .3  Wheredoesthis̀leave FleetFactors?( (2  I  .3  Whatcanlendersdobeforeforeclosure?..2  A  .3  Getenvironmentalauditbeforemakingloan..2  A  .3  Requireborrowertocleanupsite..2  A  .3  Requirewarranties&reps...2  A  .3  Monitorthesite..2  A  .3  Requirecompliancewithlaw..2  A  .3  Negotiatework-outs,"   ,2  I  .3  Aftergettingtitle,lendermaynotholdthepropertyasaninvestment!..2  A  .3  Mustsellthepropertyatearliestpracticabletime:....2  1  .3  onlyoncommerciallyreasonableterms....2  1  .3  consideringmarketconditions....2  1  .3  consideringlegalrequirements'   '2  I  .3  Whileholdingtitle,lendermay.....2  A  .3  operatethefacilitytoprotectitsvalue..2  A  .3  shipproducts..2  A  .3  sellthebusinessoritsassets..2  A  .3  cleanupthesite'    '2  I  .3  Dothelenderexemptionsmeanthatthelenderwhoforecloseswonthavetocleanupthecontamination?..2  A  .3  No!Asapracticalmatter,thepropertymaybeunmarketableuntilcleanedup.( (2  I  .3  Statelegislation..2  A  .3  Manystateshave littleCERCLAstatutes...2  A  .3  About15stateshaveadoptedstate-lawlenderexemptionssimilartothoseinfederallaw...2  A  .3  Severalstateshave super-lienprovisions.'  '2  I  .3  Isa super-lienjustified?..2  A  .3  Isitsoundpublicpolicy?..2  A  .3  Canlendersprotectagainstsuper-liensbyescrowing(astheydoforpropertytaxes)?##2  I  .3  Dothestatestatutes......2  A  .3  ContainprotectionsforlenderssimilartoCERCLA?..2  A  .3  Precludecommon-lawliabilityforlenders?..2  A  .3  Whatcommonlawtheoriescouldmakelendersliable?#"##2  I  .3  Edwardsv.FirstNat`lBank..2  A  .3  Bankforeclosedoncontaminatedland..2  A  .3  RemovedleakingUSTs..2  A  .3  AbandonedtheUSTswithin180days(qualifyingforMd.statutoryexemption)..2  A  .3  Bankcanstillliableforcommonlawclaims(nuisance,trespass,negligence,andstrictliabilityintort)# !#2  I  .3  Whatprecautionsshould(do)lenderstakeagainstenvironmentalliability?..2  A  .3  ObtainatleastaPhaseIenviron-mentalreportbeforemakingtheloan...2  A  .3  Getrepsandwarrantiesfromborrower...2  A  .3  Getpersonalindemnificationfromprincipalsofborrower(evenifloanisnonrecourse). 2  I  .3  TheEndF`p"~2}H^"j=OBackground TitleBullet ChartTextOrg ChartData ChartCombinationWPCXX +MMffW` 6Times New Roman Regular +MMffW` 6Times New Roman Regular +MMffW` 6Times New Roman Regular +MMffW` 6Times New Roman Regular +MMff)?   4=2  I  .3  TitleofShow  `0b$+%MM1ff3 .t#`c&d9 Z6Times New Roman Regularc         @  Q Qc&d9 Z6Times New Roman Regularc      MM   @ff TitleofShow+%13"@0v0vW` 6Times New Roman Regular +W` 6Times New Roman Regular +W` 6Times New Roman Regular +W` 6Times New Roman Regular +W` 6Times New Roman Regular +W` 6Times New Roman Regular +)?   4@2  I  .3  SubtitleofShow  0v+3 @%.`c&d9 Z6Times New Roman Regularc        @  Q Qc&d9 Z6Times New Roman Regularc        @SubtitleofShowWPC"XX81%05#3'XXXXKKKK9"ل0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  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' @ 4 @ @ @ @ @ @ " dddddd$  1g1m$%ff'13 /c W0#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Additionaldevelopments:.+%/ @1 3 `0g1g1  WPCeXX81%XX81%63'XXXXKKKK9"5Z}0!}0!C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW xx&d9 Z6Times New Roman Regular +ffffW ~~&d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW RR&d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   5}0!+1`3 4:}.h!c&d9 Z6Times New Roman RegularcRRR        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @06..EPAregulation(1992)fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @06..Kelleyv.EPA(1994)heldEPAreg.unconstitutional.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @06..CongressadoptedtheEPAregsapproachinthe AssetConservation,LenderLiability,andDepositInsuranceProtectionActof1996."WPC]XX81%XX81%Є3'XXXXKKKK9 j"0m$0m$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  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' @ 4 @ @ @ @ @ @ " dddddd$  [V0k$%ff'13 Y+.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Whatcanlendersdobeforeforeclosure?.+%/ @1 3 `ZW0W0WPCyXX81%XX81%`3'XXXXKKKK9"_TF2F2C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   _F2+1`3 ^9F0c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..GetenvironmentalauditbeforemakingloanfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..RequireborrowertocleanupsitefO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Requirewarranties&reps.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..MonitorthesitefO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..RequirecompliancewithlawfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Negotiatework-outsWPC9XX81%XX81%g3'XXXXKKKK9"b#0k$ 0k$ b0k$%ff'13 `.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Aftergettingtitle,lendermaynotholdthepropertyasaninvestment!.+%/ @1 3 `a00WPCXX81%XX81%g3'XXXXKKKK9"fPK1K1C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   fK1+1`3 e9:0 o c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..Mustsellthepropertyatearliestpracticabletime:LO, \AZ"Arial RegularO     ff   @,..,        @    O, \AZ"Arial RegularO     ff   @0..onlyoncommerciallyreasonabletermsL,..,O, \AZ"Arial RegularO        @    O, \AZ"Arial RegularO     ff   @0..consideringmarketconditionsL,..,O, \AZ"Arial RegularO        @    O, \AZ"Arial RegularO     ff   @0..consideringlegalrequirementsWPCXX81%XX81%n3'XXXXKKKK9"i&V0k$ V0k$ iV0k$%ff'13 g+.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Whileholdingtitle,lendermay....+%/ @1 3 `hW0W0WPCXX81%XX81%3'XXXXKKKK9 j"Gd2Q$2Q$C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   2Q$.'1`3 C5@# c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO    O, \AZ"Arial RegularO        @0X..operatethefacilitytoprotectitsvaluefO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..shipproductsfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..sellthebusinessoritsassetsfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..cleanupthesiteWPChXX81%XX81%=3'XXXXKKKK9"8E0k$E0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  8E0k$%ff'13 6.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Dothelenderexemptionsmeanthatthelenderwhoforecloseswonthavetocleanupthecontamination?.+%/ @1 3 `7F0F0WPCXX81%XX81%3'XXXXKK?K?9"K+((C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   (-.)*+%'1`53 ;'(c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO    O, \AZ"Arial RegularO        @0X..No!Asapracticalmatter,thepropertymaybeunmarketableuntilcleanedup.WPCNXX81%XX81%63'XXXXKKKK9"10k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  10k$%ff'13 /.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Isthelenderliableforclean-upofcontaminationwhileholdingthemortgage?.+%/ @1 3 `000WPCXX81%XX81%63'XXXXKKKK9"5dT0T0C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" eddddd$   5T0+1`3 4;T/c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @O, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Isthelenderan operator?LO, \AZ"Arial RegularO     ff   @,..,        @    O, \AZ"Arial RegularO     ff   @0..FleetFactors:Yes,ifpossessingthepowertoinfluencedisposaldecisions.fO, \AZ"Arial RegularO        @O, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Exemptionsavailabletolenders:LO, \AZ"Arial RegularO     ff   @,..,        @    O, \AZ"Arial RegularO     ff   @0..SecurityinterestexemptionL,..,O, \AZ"Arial RegularO        @    O, \AZ"Arial RegularO     ff   @0..InnocentlandownerexemptionWPC+XX81%XX81%D3'XXXXKKKK9"?`V0k$V0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  ?V0k$%ff'13 =+.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` `  Innocentlandownerexemption: .+%/ @1 3 `>W0W0WPC XX81%XX81%D3'XXXXKKKK9"C(00C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   C0+1`3 B@. {c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..Noknowledgeorreasontoknowofcontamination.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Made allappropriateinquiryconsistentwithgoodcommercialorcustomarypractice.WPCeXX81%XX81%/3'XXXXKKKK9"*B0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  *0k$%ff'13 (.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Isthelenderliableforclean-upofcontaminationoccurringaftertakingtitleinforeclosure?.+%/ @1 3 `)0055WPC XX81%XX81%/3'XXXXKKKK9".&V 0 0C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   . 0+1`3 -@ . vc&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..Arguably,the securityinterestexemptionisnotapplicable.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..The Innocentlandownerexemptionisdifficultqualifyfor.WPCWXX81%XX81%R3'XXXXKKKK9"M0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  M0k$%ff'13 K.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` AssetConservation,LenderLiability,andDepositInsuranceProtectionActof1996.+%/ @1 3 `L00??WPCXX81%XX81%R3'XXXXKKKK9"Qv_ 0_ 0C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   Q_ 0+1`3 P@_ . c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..EnactedbyCongress,sonoquestionofitsauthorityfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Tracksthe1992EPAregulationclosely(andratifiesit)fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..DesignedtohelplendersWPC      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdfghijklmnopqrstuvwxyz{|}~XX81%XX81%|3'XXXXKKKK9"w0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  w0k$%ff'13 uq .#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Statelegislation.+%/ @1 3 `v00% % WPC?XX81%XX81%|3'XXXXKKKK9"{J0J0C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   {J0+1`3 z@J. c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..Manystateshave littleCERCLAstatutes.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..About15stateshaveadoptedstate-lawlenderexemptionssimilartothoseinfederallaw.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Severalstateshave super-lienprovisions.WPCnXX81%XX81%3'XXXX,,,,9j"[90b$z90b$O 9 }AZ.Arial Black Regular +MMO 9 }AZ.Arial Black Regular +MMO 9 }AZ.Arial Black Regular +MMO 9 }AZ.Arial Black Regular +MMO 9 }AZ.Arial Black Regular +MMO 9 }AZ.Arial Black Regular +MM)?   4 @ @ @ @ @ @ " dddddd$   90b$-.)*+%MM'153 9.X#[9 }AZ.Arial Black Regular[     MM   @  Q Q[9 }AZ.Arial Black Regular[ CERCLAandLendersWPC!XX81%XX81%3'XXXXKKKK9"~_D0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  ~0k$%ff'13 |q .#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Isa super-lienjustified?.+%/ @1 3 `}00% % WPC XX81%XX81%3'XXXXKKKK9"8 0 0C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$    0+1`3 @ . _c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..Isitsoundpublicpolicy?fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Canlendersprotectagainstsuper-liensbyescrowing(astheydoforpropertytaxes)?WPC7XX81%XX81%(3'XXXXKKKK9"#0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  #0k$%ff'13 !.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` MortgagelendershaveCERCLArisksintwosituations....+%/ @1 3 `"00WPCX XX81%XX81%(3'XXXXKKKK9"'U 0 0C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" eddddd$   ' 0+1`3 &@ . c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @O, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..1.0..Whileholdingthemortgage(preforeclosure)fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..2.0..WhileholdingtitletothelandafterforeclosureWPCXX81%XX81%3'XXXXKKKK9"(3J]0f$3J]0f$= 2r9AArial Bold +ff= 2r9AArial Bold +ff= 2r9AArial Bold +ff= 2r9AArial Bold +ff= 2r9AArial Bold +ff= 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  3J]0f$%ff'13 e.v#I2r9AArial BoldI     ff   @  Q QI2r9AArial BoldITheEnd.+%/ @1 3 `3K]0K]03WPCGXX81%XX81%3'XXXXKKKK9 j"e0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$   0k$-.)*+%ff'153 q .#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` CERCLALiability:(STRICT!).+%/ @1 3 `00% % WPCcXX81%XX81%3'XXXXKK?K?9 00C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   0.)*+%'1`53 @.  c&d9 Z6Times New Roman Regularc        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0X..presentowners&operatorsfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..priorowners&operatorsfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..generatorsfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..transportersfO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0X..Liableforcleanupbygovtorprivateparties,otherdamagesWPCXX81%XX81%/3'XXXXKKKK9"*0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  *0k$%ff'13 (g .#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Dothestatestatutes.....+%/ @1 3 `)00  WPCXX81%XX81%/3'XXXXKKKK9".I0I0C , \AZ"Arial Regular +C cc, \AZ"Arial Regular +ffW UU&d9 Z6Times New Roman Regular +ffffW oo&d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW 44&d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   .I0+1`3 -@I.c&d9 Z6Times New Roman Regularc444        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0"..ContainprotectionsforlenderssimilartoCERCLA?fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0"..Precludecommon-lawliabilityforlenders?fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0"..Whatcommonlawtheoriescouldmakelendersliable?WPCIXX81%XX81%63'XXXXKKKK9"10k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  10k$%ff'13 /.#I2r9AArial BoldI` ` `      ff   @  Q QI2r9AArial BoldI` ` ` Whatprecautionsshould(do)lenderstakeagainstenvironmentalliability?.+%/ @1 3 `000WPCIXX81%XX81%63'XXXXKKKK9"500C , \AZ"Arial Regular +C cc, \AZ"Arial Regular +ffW UU&d9 Z6Times New Roman Regular +ffffW oo&d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW 44&d9 Z6Times New Roman Regular +ffff9   4`MMMMMMMMMMMM @` @ @MM @MM @MM @MM fL" dddddd$   50+1`3 4@.%c&d9 Z6Times New Roman Regularc444        @`a aO, \AZ"Arial RegularO        @        @`    O, \AZ"Arial RegularO        @0"..ObtainatleastaPhaseIenviron-mentalreportbeforemakingtheloan.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0"..Getrepsandwarrantiesfromborrower.fO, \AZ"Arial RegularO        @`    O, \AZ"Arial RegularO        @0"..Getpersonalindemnificationfromprincipalsofborrower(evenifloanisnonrecourse).WPC4XX81%XX81%ބ3'XXXXKK?K?9"ل0k$0k$= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff= ` ` 2r9AArial Bold +ff)?  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