Environmental Phase I. Recipient shall have received a Phase I environmental site assessment with respect to each of the 8800 Land and Improvements and the 8833 Land and Improvements (the “Phase I Reports”). If the Phase I Reports show (i) any environmental condition which is required by law to be remediated that costs $750,000.00 or more to remedy or (ii) environmental conditions which are required by law to be remediated that cost, in the aggregate, $2,500,000.00 or more to remedy (the “Phase I Report Objection”), as estimated by the company providing the Phase I Reports or any other third-party report, Contributor shall within ten (10) days after receipt of notice thereof from Recipient notify Recipient that Contributor (a) will cause or (b) elects not to cause, to cure the Phase I Report Objections (for which Contributor may adjourn the Closing for 180 days). Contributor’s failure to notify Recipient within such ten (10) day period as to any Phase I Report Objection shall be deemed an election by Contributor not to cure such Phase I Report Objection. If Contributor notifies or is deemed to have notified Recipient that Contributor shall not cause the Phase I Objection to be cured or if Contributor elects to cure such Phase I Report Objection but fails to complete such cure within 180 days of receipt of Recipient’s Phase I Report Objection Notice, Recipient shall have the right exercisable within ten (10) days following receipt or deemed receipt of Contributor’s notice of its election not to cure or such 180 day period, as applicable, either to (x) terminate this Agreement, in which event Contributor shall pay to Recipient the cost paid by Recipient for the Phase I Reports, title search, survey and property condition report, and neither party shall thereafter have any further rights or obligations under this Agreement, except for those rights or obligations that expressly survive or (y) waive such Phase I Report Objection and proceed to Closing without any abatement or reduction in the Consideration on account of such Phase I Report Objection. The provisions of this Section 6.2.5 shall survive the Closing.
Environmental Phase I. Prior to the Closing, the Company, at the Company’s expense, shall provide to the Authority an environmental site assessment report (the “Phase I Report”) that summarizes the results of an environmental site assessment (the “Phase I Assessment”) of the Site. The Phase I Assessment shall be conducted by an environmental engineering or consulting firm reasonably acceptable to the Authority and shall be dated (or reaffirmed) and provided to the Authority less than 180 days prior to the Closing. In addition, the Phase I Report and the Phase I Assessment shall comply with ASTM International Designation E1527-21, “Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process,” as the same may be amended, modified or supplemented from time to time. The Phase I Report shall expressly authorize reliance on its contents, including its conclusions and any recommendations for further assessment, by both the Company and the Authority. If the Phase I Report contains a recommendation for further assessment, the Company shall, at its own expense, commission such further assessment prior to the Closing (the “Phase II Assessment”). Any Phase II Assessment shall be performed by an environmental engineering or consulting firm reasonably acceptable to the Authority and shall be dated (or reaffirmed) and provided to the Authority less than 90 days prior to the Closing. In addition, the Phase II Assessment shall comply with ASTM International Designation E1903-11, “Standard Practice for Environmental Site Assessments: Phase II Environmental Site Assessment Process,” as the same may be amended, modified or supplemented from time to time prior to the Closing. Any report prepared to summarize the results of such Phase II Assessment shall expressly authorize both the Company and the Authority to equally rely on its contents, including its conclusions. The Authority’s reasonable satisfaction with the Phase I Assessment and any Phase II Assessment conducted pursuant to this Section 1.5.1 shall be Closing Conditions in favor of the Authority.
Environmental Phase I. The Company has caused or will cause, at its own expense, a Phase I environmental site assessment to be made upon the Site, and will provide the same to the Authority within sixty (60) days of the Effective Date of this Agreement. Upon receipt of such Phase I environmental assessment, the Authority shall provide the Company with a written statement of its material objections, if any, with respect to any new matter disclosed in said updated assessment within ten (10) days of receipt of the same. The Company shall have thirty (30) days to redress any such objections, if the Company chooses to so remedy any objections, or if the Company fails to satisfy such objections, then, at the option of the Authority, evidenced by written notice to the Company, the Authority may, as its sole and exclusive remedy, terminate this Agreement as provided in Section 5.4, below. The Authority’s and the Company’s satisfaction with a Phase I environmental assessment conducted pursuant to this paragraph shall be a Closing Condition in favor of the Authority and the Company.
Environmental Phase I. The "Phase I" environmental report on Seller's premises (which Purchaser in its discretion may procure prior to Closing) does not require, in Purchaser's reasonable discretion, any material repairs to any of Seller's premises or will not cause or require the interruption of the use of Seller's premises, interfere with the carrying out of the business in the regular course, or otherwise present material liabilities or other legal risks.
