This environmental action involves the interpretation of the scope of an indemnity agreement involving the costs of environmental testing on property contaminated with percholorethylene (PCE) in a real property transaction.
Cadlerocks entered into a loan in the principal amount of $1,925,000. The note was secured by a mortgage, along with a separate Environmental Indemnity Agreement. Cadlerocks failed to make the payment on the balloon balance due on the note and defaulted on the note causing the Trust to commence foreclosure proceedings.
The original lender conducted …
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