Environmental Defects. If (i) Buyer notifies Seller on or before the Defect Date of the existence of any environmental conditions on or underlying the Assets, or any portion thereof, that (A) constitutes a violation of Environmental Laws, or (B) poses a material risk of injury to human health or the environment, and (ii) the aggregate remediation costs of all such Environmental Defects for Properties when combined with all asserted Title Defects, exceeds the Defect Threshold, then the following shall occur:
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement Haywood Area Properties (Petroquest Energy Inc), Purchase and Sale Agreement (Petroquest Energy Inc)
Environmental Defects. If (i) Buyer notifies Seller on or before the Defect Date of the existence of any environmental conditions on or underlying the Assets, or any portion thereof, that (A) constitutes a violation of Environmental Laws, or (B) poses a material risk of injury to human health or the environment, and (ii) the aggregate remediation costs of all such Environmental Defects for Properties Defects, when combined with all asserted Title Defects, exceeds the Defect Threshold, then the following shall occur:
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Petroquest Energy Inc), Purchase and Sale Agreement (Petroquest Energy Inc)
