Environmental Condition of the Project Site Clause Samples

Environmental Condition of the Project Site. The Parties acknowledge and agree that: (i) Certain recognized environmental conditions exist on the Project Site (“Existing Environmental Conditions”). (ii) The Parties had contemplated that a broad no further remediation letter in a form acceptable to the Parties fully protecting the City and the Redeveloper from any responsibility for further remediation of the Project Site would be obtained by the City prior to the Closing, but the Parties have been advised by an environmental consultant engaged by the City, ELM, (“City’s Environmental Consultant”) that securing any no further remediation letter prior to the Closing is not possible. (iii) The City’s Environmental Consultant submitted to the Illinois Environmental Protection Agency (“IEPA”) on behalf of the City a Focused Site Investigation/Remediation Objectives Report/Remedial Action Plan (“RAP”) on January 28, 2014, which RAP the City provided to Redeveloper. (iv) The IEPA approved the RAP, subject to the terms and conditions of its letter dated February 19, 2014, which Approval Letter the City provided to the Redeveloper (the “Approval Letter”). (v) The Approval Letter included a draft no further remediation letter (the “Draft NFR Letter”). The parties expect that, upon completion of the work described in the RAP, IEPA will issue a no further remediation letter substantially in the form of the Draft NFR Letter, with the following revisions (the “Final NFR Letter”): I) The entire first paragraph of the Draft NFR Letter explaining that remedial actions may not be complete and the NFR letter does not release any person, among other things, may not be contained in the Final NFR Letter and any letter containing substantially such language shall not constitute a Final NFR Letter hereunder; II) The Final NFR will correctly identify and clearly approve the final completion report that ELM actually prepares once the required remedial action work is done; III) The as-built site configuration will be used for the final base map that forms a part of and is approved in the Final NFR Letter; IV) The legal description and PINS in the Final NFR will need to match the legal description and PINS for the entire Project Site being purchased herein; and V) To the extent that the Redeveloper requests so prior to the Final NFR Letter being issued by the IEPA, the parties will ask the IEPA to expressly identify by name in the Final NFR Letter as a party protected by the Final NFR Letter, the Redeveloper, any assignee of th...