Environmental Acknowledgement. Purchaser acknowledges that naturally occurring radioactive material (“NORM”), asbestos, mercury, polychlorinated biphenyls, drilling fluids and chemicals, and produced waters and Hydrocarbons may be present in or on the Assets in quantities typical for oilfield or gas operations in the areas in which the Assets are located, and the presence of such materials in typical quantities shall not in and of itself constitute a breach of Seller’s representation made in Section 4.7, provided that such materials listed in this paragraph have been used and managed by Seller in compliance in all material respects with all applicable Environmental Laws.
Environmental Acknowledgement. Buyer acknowledges that the Properties have been used for exploration, development, production, handling, transporting and/or processing of oil and gas and that there may be petroleum, produced water, drilling fluids and chemicals, or other Hazardous Materials located on or under the Properties or associated with the premises in quantities typical for oilfield or gas operations in the areas in which the Properties are located. Some equipment and sites included in the Properties may contain naturally occurring radioactive material (“NORM”), asbestos, or other Hazardous Materials. NORM may affix or attach itself to the inside of xxxxx, materials, and equipment as scale, or in other forms; the xxxxx, materials, and equipment located on the Properties or included in the Properties may contain NORM, asbestos, or other Hazardous Materials; and NORM-containing material and other Hazardous Materials may have been buried or otherwise been disposed of on the Properties. Special procedures may be required for the remediation, removal, transportation, or disposal of NORM or other Hazardous Materials from the Properties. The mere presence of such materials on the Properties shall not, in and of itself, constitute a breach of the Xxxxx-Xxxx Parties’ representation made in Section 3.01(q), provided that such materials listed in this paragraph: (i) have been used and managed by the Xxxxx-Xxxx Parties in material compliance with all applicable Environmental Laws, and (ii) the presence of such materials does not form the basis for any material environmental liability or material obligation to cleanup, correct, xxxxx, or to take any response, remedial or corrective action under or pursuant to any Environmental Laws. Nothing contained in this Section 8.04(b) shall limit any remedies the parties may otherwise have pursuant to Article V of this Agreement or under this Article VIII.
