East Chicago Site Sample Clauses

East Chicago Site. In the course of its due diligence, Seller, by and through its consultant, Heritage, discovered contamination related to the presence of elevated levels of TPH and the presence of an underground storage tank ("UST"), among other issues. Groundwater monitoring, due to the presence of elevated levels of petroleum products, is required to be conducted at the East Chicago Site for one additional quarter. In addition, IDEM has not approved the remedial action plan submitted by Heritage to address the elevated levels of TPH in the soils within two areas of the site. Seller agreed in the May 4, 2004 Letter of Intent, by and between the Parties, to fund an escrow account with up to one hundred sixty four thousand dollars ($164,000.00)(less amounts spent by Seller after May 4, 2004 and prior to Closing in connection with said remediation at the East Chicago Site which amounts shall be subject to Buyer's review and approval of detailed invoices from Seller's environmental consultant) to fund Buyer's remediation of the East Chicago Site and Buyer's reasonable costs and expenses associated with obtaining a Certificate of Completion issued by IDEM and Covenant Not to Sue issued by the Governxx of Indiana for the East Chicago Site. During the course of its due diligence, Buyer identified free product at the East Chicago Site, as well as TPH levels in excess of fifty thousand parts per million (50,000 ppm). Buyer also identified the presence of PCBs, chlorinated solvents, and chromium within the site soils. Further, Buyer detected chrome in ground water beneath the Electro Coating Technologies tenant space. Seller has agreed to fund an escrow account with one million two hundred fifty thousand dollars ($1,250,000.00) to fund Buyer's remediation of the East Chicago Site to the extent required in order for Buyer to obtain a Certificate of Completion issued by IDEM and Covenant Not to Sue issued by the Governor of Indixxx.
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