rovisions of NRS 40.430. If a guarantor, surety or other obligor waives the provisions of NRS 40.430, an action for the enforcement of that person’s obligation to pay, satisfy or purchase all or part of an indebtedness or obligation secured by a mortgage or lien upon real property may be maintained separately and independently from: (a) An action on the debt; (b) The exercise of any power of sale; (c) Any action to foreclose or otherwise enforce a mortgage or lien and the indebtedness or obligations secured thereby; and (d) Any other proceeding against a mortgagor or grantor of a deed of trust. 3. If the obligee maintains an action to foreclose or otherwise enforce a mortgage or lien and the indebtedness or obligations secured thereby, the guarantor, surety or other obligor may assert any legal or equitable defenses provided pursuant to the provisions of NRS 40.451 to 40.462, inclusive. 4. The provisions of NRS 40.430 may not be waived by a guarantor, surety or other obligor if the mortgage or lien: (a) Secures an indebtedness for which the principal balance of the obligation was never greater than $500,000; (b) Secures an indebtedness to a seller of real property for which the obligation was originally extended to the seller for any portion of the purchase price; (c) Is secured by real property which is used primarily for the production of farm products as of the date the mortgage or lien upon the real property is created; or (d) Is secured by real property upon which: (1) The owner maintains his principal residence; (2) There is not more than one residential structure; and (3) Not more than four families reside. (Added to NRS by 1987, 1643; A 1989, 1001) ENVIRONMENTAL IMPAIRMENT OF REAL COLLATERAL OF SECURED LENDER NRS 40.501 Definitions. As used in NRS 40.501 to 40.512, inclusive, the words and terms defined in NRS 40.502 to 40.506, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1993, 153; A 1995, 510) NRS 40.502 “Environmental provision” defined. “Environmental provision” means any written representation, warranty, indemnity, promise or covenant relating to the existence, location, nature, use, generation, manufacture, storage, disposal, handling, or past, present, future or threatened release of any hazardous substance from, in, into or onto real collateral, or to past, present or future compliance with any law relating thereto, made by a debtor in conjunction with the making, renewal or modification of a loan, extension of credit, guaranty or other obligation involving the debtor, whether or not the representation, warranty, indemnity, promise or covenant is or was contained in or secured by the mortgage and whether or not the mortgage has been discharged, reconveyed or foreclosed upon. (Added to NRS by 1993, 153; A 1995, 510) NRS 40.503 “Environmentally impaired” defined. Real collateral is “environmentally impaired” if the estimated costs to clean up and remedy a past, present or threatened release of any hazardous substance from, in, into or onto it exceeds 10 percent of the total indebtedness owed to the secured lender secured by the collateral. (Added to NRS by 1993, 153; A 1995, 510) NRS 40.504 “Hazardous substance” defined. “Hazardous substance” means: 1. An element, compound, mixture, solution, material or substance whose use, possession, transportation, storage, release, discharge or disposal is regulated pursuant to chapter 444, 445A, 445B, 459, 477, 590 or 618 of NRS or the Uniform Fire Code (1988 edition); 2. An element, compound, mixture, solution, material or substance designated as a hazardous substance pursuant to 42 U.S.C. § 9602 and an element, compound, mixture, solution, material or substance described in 42 U.S.C. § 9601(14); 3. An element, compound, mixture, solution, material or substance listed as a hazardous waste in, or having the characteristics identified in, 42 U.S.C. § 6921 on January 1, 1993, except any waste for which regulation under the Resource Conservation and Recovery Act of 1976 (42 U.S.C. §§ 6901 et seq.) has been suspended by an act of Congress; and 4. Petroleum, including crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, synthetic oil, synthetic gas usable for fuel or any mixture thereof. (Added to NRS by 1993, 153; A 1995, 510) NRS 40.505 “Release” defined. “Release” means a spilling, leaking, pumping, pouring, emitting, emptying, discharging, ejecting, escaping, leaching, dumping or disposing of a hazardous substance into the environment, including continuing migration into or through the soil, surface water or groundwater. (Added to NRS by 1993, 153; A 1995, 510) NRS 40.506 “Secured lender” defined. “Secured lender” means the holder of an obligation secured by a mortgage. (Added to NRS by 1993, 154; A 1995, 510) NRS 40.507 Right of entry and inspection of real collateral. 1. A secured lender may enter and inspect real collateral for the purpose of determining the existence, location, nature and magnitude of any past, present or threatened release or presence of a hazardous substance from, in, into or onto it: (a) Upon reasonable belief of the existence of a past, present or threatened release or the presence of any hazardous substance from, in, into or onto it not previously disclosed in writing to him in conjunction with the making, renewal or modification of a loan, extension of credit, guaranty or other obligation involving the debtor; or (b) After the commencement of a trustee’s sale or judicial foreclosure proceedings against the real collateral. 2. A secured lender shall not abuse the right of entry and inspection or use it to harass the debtor or tenant of the property. Except in case of an emergency, when the debtor or tenant of the property has abandoned the premises, or if it is impracticable to do so, a secured lender shall give the debtor or tenant of the property reasonable notice of intent to enter, and enter only during the debtor’s or tenant’s normal business hours. Twenty-four hours’ notice is presumed to be reasonable in the absence of evidence to the contrary. 3. If a secured lender is refused the right of entry and inspection by the debtor or tenant of the property, or is otherwise unable to enter and inspect the property without a breach of the peace, he may, upon petition, obtain an order from a court of competent jurisdiction to exercise his rights under subsection 1. (Added to NRS by 1993, 154; A 1995, 510) NRS 40.508 Action by secured lender concerning environmental provision. A secured lender may bring a separate action for a breach of an environmental provision, to recover damages for the breach or for the enforcement of an environmental provision. (Added to NRS by 1993, 154; A 1995, 510) NRS 40.509 Limitation on amount of damages recoverable in action concerning environmental provision; recovery of interest. 1. Unless the environmental provision expressly permits a different or greater recovery or subsection 2 permits the addition of interest, the damages recoverable by a secured lender in an action pursuant to NRS 40.508 are limited to the sum of reimbursement or indemnification for: (a) If he acted pursuant to an order of any federal, state or local governmental agency relating to the cleaning up, remedying or other responsive action required by applicable law which is anticipated by the environmental provision, all amounts reasonably advanced in good faith by him in connection therewith; (b) If he did not act pursuant to such an order, those costs relating to a reasonable cleaning up, remedying or other responsive action concerning hazardous substances, performed in good faith, which is anticipated by the environmental provision; (c) All liabil

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