Approval of Environmental Condition of the Site Clause Samples
Approval of Environmental Condition of the Site. Prior to the Closing, Participant shall approve or disapprove the environmental condition of the Site by written notice to the City. In the event that Participant disapproves the environmental condition of the Site, this Agreement shall be terminated as provided in Section 7.3(b) hereof prior to the Closing. In the event Participant disapproves the condition of the Site because it determines that environmental remediation is required to place the Site in a condition suitable for use as required hereunder any party to this Agreement may terminate this Agreement as provided herein prior to the Closing.
Approval of Environmental Condition of the Site. Prior to the Closing, and within the time set forth in the Schedule of Performance, Developer shall approve or disapprove the environmental condition of the Site by written notice to Authority. In the event that Developer disapproves the environmental condition of the Site, this Agreement shall be terminated as provided in Section 6.4 hereof prior to the Closing for Phase II. In the event Developer disapproves the condition of the Site or Improvements because it determines that environmental remediation is required to place the Site and/or Improvements in a condition suitable for use as required hereunder and subject to Developer’s termination right set forth in the immediately preceding sentence, Authority and Developer shall negotiate in good faith regarding the remediation of the Site and Improvements, and the allocation of the cost of performing such environmental remediation. If after such negotiation the parties are unable to reach agreement upon the remediation of the Site and Improvements, any party may terminate this Agreement as provided herein prior to the Closing.