Environmental Report. (a) Buyer may cause to be prepared and delivered at its expense within 60 days after the date of this Agreement, a Phase I environmental report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5. (b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation. (c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Mediacom LLC), Asset Purchase Agreement (Mediacom LLC)
Environmental Report. Prior to the end of the Inspection Period, Buyer will procure from a licensed, insured environmental consultant of its choice (asaid environmental consultant selected by Buyer hereinafter referred to as the “Environmental Consultant”) Buyer may cause to be prepared and delivered at its expense within 60 days after the date of this Agreement, a Phase I 1 environmental report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation audit (“Phase 1”) of the Phase I environmental reportProperty. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of the Phase 1 to Seller promptly following its receipt of same but in any event prior to the end of the Inspection Period. Buyer’s election to proceed with this transaction following the end of the Inspection Period shall be conclusive evidence that Buyer is satisfied with the Phase 1 and all environmental matters pertaining to the Premises. Notwithstanding the foregoing, due to the lengthy period of time between the expiration of the Inspection Period and Closing, Seller hereby agrees that Buyer may obtain from the Environmental Consultant an update to the Phase 1 prior to the Closing. In the event that such report updated Phase 1 evidences a discovery on the Property of hazardous substances in violation of environmental laws which (i) was not present during the Inspection Period or could not, with the exercise of reasonable diligence, have been discovered during the Inspection Period; and (ii) would materially and adversely affect Buyer, as reasonably determined by Buyer, Buyer shall have the right to object to said condition to Seller by providing written notice to Seller, specifying the exact nature and scope of the condition, within ten (10) days of discovery of said condition. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation have sixty (60) days from receipt of each said written notice to cure said material and adverse condition in accordance with applicable environmental laws (and the Closing may be extended up to such environmental condition(ssixty (60) day period to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; providednecessary), that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. failing which, Buyer shall give Seller notice confirming that Buyer has delivered have the right to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of Agreement, whereupon the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice Xxxxxxx Money Deposit shall be immediately returned to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate of no further force and effect, except for such terms and provisions which specifically survive expiration or termination of this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5provided herein.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (CNL Growth Properties, Inc.)
Environmental Report. Within sixty (a60) Buyer may cause days prior to be prepared and delivered at its expense within 60 days after the date of this Agreement, a Phase I environmental report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation expiration of the Phase I Lease Term or any extension of the Lease Term, if any, Tenant shall have the Demised Premises thoroughly inspected by an environmental reportconsultant reasonably acceptable to Landlord for purposes of determining whether the Demised Premises is free from all Hazardous Substances. Buyer Tenant shall deliver to Seller Landlord a copy of any such the environmental consultant's report within five Business Days thirty (30) days prior to the expiration of receipt of such report by Buyerthe Lease Term. If such environmental In the event the report discloses one the existence of any Hazardous Substances, with respect to which there is required any clean-up or more adverse environmental conditions which require any other form of remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law or other response (the collectively "Remediation") as a result of Hazardous Substances that are not identified in (i) the Phase I Environmental Site Assessment Report, prepared by AKT Environmental Consultants, Inc., dated December ____, 1996, or (ii) the Baseline Environmental Assessment, prepared by AKT Environmental Consultants, Inc., dated December ____, 1996, Tenant shall perform such immediately and deliver the Demised Premises with the conditions specified in the report "remediated", to the full satisfaction of Landlord. In the event the conditions specified in the report require Remediation which cannot be completed prior to the expiration of the Lease Term and Landlord cannot, prior to such completion, lease the Demised Premises to another party, Tenant shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with reimburse Landlord the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt greater of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete (1) the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days fair market rental value of the Remediation Notice; providedDemised Premises, that if within five Business Days after receipt by Seller or (2) the Annual Base Rent, as adjusted, for each day delivery of Buyer's notice the Demised Premises to Landlord in the required condition is delayed beyond the expiration of termination pursuant the Lease Term. The Tenant shall also deliver to Section 10. l(c)(vii), Seller gives notice the Landlord a letter of credit in an amount equal to Buyer that Seller agrees to bear all the costs of Remediation in excess plus either the fair market rental value of $200,000the Demised Premises or the Annual Base Rent, such termination shall be void ab initio and this Agreement shall be deemed not as adjusted, at least ten (10) days prior to have been terminatedthe expiration of the Lease Term. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day periodFor the purposes of the preceding sentence, (i) Buyer the costs of Remediation shall be deemed to have assumed all liabilities and obligations in connection with be that amount so determined by the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5environmental consultant.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 2 contracts
Samples: Real Property Put and Option Agreement (Ha Lo Industries Inc), Lease (Ha Lo Industries Inc)
Environmental Report. Prior to the Closing, the Company shall (ai) Buyer may provide to Purchaser a letter from the Nebraska Department of Environmental Quality ("DEQ") stating that no further investigation or remediation will be required by DEQ related to the two fuel oil underground storage tanks formerly located at KOLN-TV, Lincoln, Nebraska and noted in Section 4.7 of the Environmental Report related to KOLN-TV (the "Former USTs"), or (ii) cause, at its sole cost and expense, Xxxxxxxxxx Xxxxxx or such other environmental consultant as shall be reasonably acceptable to Purchaser (the "Environmental Consultant") to perform an investigation, consistent with applicable state regulations (the "Investigation"), of the area surrounding the Former USTs to determine if contamination from the Former USTs is present. In the event actionable levels of contamination related to the Former USTs are detected by such Investigation, the Stockholders may, at their sole discretion, elect to cause the Company to remediate the identified contamination in compliance with applicable state regulations (the "Remedial Action"). In the event the Stockholders do not make such election or the Remedial Action is not completed on or prior to the Closing Date, then the Purchase Price shall be reduced by the amount determined by the Environmental Consultant to be prepared reasonably necessary to complete the Remedial Action. The Company shall keep the Purchaser reasonably apprised of the status of any Investigation or Remedial Action by providing the Purchaser with Material documents and delivered at its expense information relating to the performance of the Investigation and Remedial Action. Prior to the Closing, the Company shall further cause Xxxxxxxxxx Xxxxxx or the Environmental Consultant to visually observe the towers located in Beaver Crossing and Heartwell, Nebraska and provide a letter report summarizing such observations to Purchaser and the Company. The Environmental Consultant's costs to conduct such visual observations shall be paid equally by the Stockholders and Purchaser. Such letter report shall state that no condition exists with respect to the assets currently owned, leased, operated, or controlled by the Company or any of the Subsidiaries that has resulted in, or would reasonably be expected to result in, any violation of an Environmental Law, any Environmental Claim, or in any Liability relating to an Environmental Matter. Such report shall include an estimate of the total cost of remedying any such condition reported therein. In the event such letter report indicates that such a condition exists, the Stockholders shall remedy such condition to Purchaser's reasonable satisfaction within 60 ninety (90) days after the date of this Agreement, a Phase I environmental report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation Stockholders' receipt of the Phase I environmental final draft of the letter report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall condition cannot be obligated remedied to spend more than $200,000 in connection with Purchaser's reasonable satisfaction within ninety (90) days, the Remediation. Buyer Purchase Price shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports be reduced by the amount determined by Xxxxxxxxxx Xxxxxx or the Environmental Consultant to be prepared pursuant reasonably necessary to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of remedy such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5condition.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Busse Broadcasting Corp), Stock Purchase Agreement (Gray Communications Systems Inc /Ga/)
Environmental Report. Prior to the Closing, the Company shall (ai) Buyer may provide to Purchaser a letter from the Nebraska Department of Environmental Quality ("DEQ") stating that no further investigation or remediation will be required by DEQ related to the two fuel oil underground storage tanks formerly located at KOLN-TV, Lincoln, Nebraska and noted in Section 4.7 of the Environmental Report related to KOLN-TV (the "Former USTs"), or (ii) cause, at its sole cost and expense, Montgomery Watson or such other xxxxxxxxxnxxx xxnsultant as shall be reasonably acceptable to Purchaser (the "Environmental Consultant") to perform an investigation, consistent with applicable state regulations (the "Investigation"), of the area surrounding the Former USTs to determine if contamination from the Former USTs is present. In the event actionable levels of contamination related to the Former USTs are detected by such Investigation, the Stockholders may, at their sole discretion, elect to cause the Company to remediate the identified contamination in compliance with applicable state regulations (the "Remedial Action"). In the event the Stockholders do not make such election or the Remedial Action is not completed on or prior to the Closing Date, then the Purchase Price shall be reduced by the amount determined by the Environmental Consultant to be prepared reasonably necessary to complete the Remedial Action. The Company shall keep the Purchaser reasonably apprised of the status of any Investigation or Remedial Action by providing the Purchaser with Material documents and delivered at its expense information relating to the performance of the Investigation and Remedial Action. Prior to the Closing, the Company shall further cause Montgomery Watson or the Enviroxxxxxxx Xxnxxxxxxt to visually observe the towers located in Beaver Crossing and Heartwell, Nebraska and provide a letter report summarizing such observations to Purchaser and the Company. The Environmental Consultant's costs to conduct such visual observations shall be paid equally by the Stockholders and Purchaser. Such letter report shall state that no condition exists with respect to the assets currently owned, leased, operated, or controlled by the Company or any of the Subsidiaries that has resulted in, or would reasonably be expected to result in, any violation of an Environmental Law, any Environmental Claim, or in any Liability relating to an Environmental Matter. Such report shall include an estimate of the total cost of remedying any such condition reported therein. In the event such letter report indicates that such a condition exists, the Stockholders shall remedy such condition to Purchaser's reasonable satisfaction within 60 ninety (90) days after the date of this Agreement, a Phase I environmental report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation Stockholders' receipt of the Phase I environmental final draft of the letter report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall condition cannot be obligated remedied to spend more than $200,000 in connection with Purchaser's reasonable satisfaction within ninety (90) days, the Remediation. Buyer Purchase Price shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports be reduced by the amount determined by Montgomery Watson or the Enviroxxxxxxx Xxnxxxxxxt to be prepared pursuant reasonably necessary to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of remedy such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5condition.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 1 contract
Environmental Report. (a) Buyer may cause to be prepared and delivered at its expense within 60 days after the date of this Agreement, a Phase I environmental report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii10.1(c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii10.1(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such 35 termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii10.1(c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 1 contract
Samples: Asset Purchase Agreement (American Cable Tv Investors 5 LTD)
Environmental Report. (a) Buyer may cause Unless the Lessee has exercised its option to be prepared purchase the Facility and delivered at its expense within 60 days after the date of this Agreement, a Phase I environmental report for the Real Property. Seller shall cooperate with Buyer has paid all amounts due and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred owing in connection therewith; provided, that Seller shall not be obligated to spend less than 90 days and not more than $200,000 in connection with 180 days prior to the Remediation. Buyer last day of the Term (or the date on which the Facility is otherwise returned to the Owner Trustee or the Indenture Trustee, as the case may be), the Lessee shall give Seller notice confirming that Buyer has delivered provide to Seller all environmental reports to be prepared pursuant to this Section 7.5the Owner Trustee the Owner Participant, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less Indenture Trustee (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less event that the aggregate of all amounts Secured Indebtedness has not been fully paid and satisfied) an inspection report prepared by Seller to third parties in connection with a reputable environmental consulting firm selected by the Remediation Owner Trustee and (iii) after the Closing Date Seller shall have no obligation or liability with respect reasonably satisfactory to the Remediation Owner Participant or otherwise the Indenture Trustee, as the case may be, certifying whether or not the Site and the Facility are in connection compliance with any condition referred to CERCLA, RCRA and in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, all material respects with all other then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) existing Environmental Laws. In the event that Seller assumes full responsibility such report indicates that the Site or the Facility is not in compliance with all then existing Environmental Laws or that Remedial Action could be required at the Leased Property, the Owner Trustee or the Indenture Trustee, as the case may be, may elect either (A) to deem that the Leased Property is not returned until the earlier of (1) the date on which the Site and the Facility are in compliance with all then existing Environmental Laws and (2) one year after the last day of the Term, in which case the Lessee shall continue to be obligated under all the terms and conditions of this Lease (including without limitation the provisions relating to insurance, indemnification and risk of loss), except that the Lessee shall not be required to pay Periodic Rent and Periodic Site Rent after the expiration of the Basic Term or any Renewal Term, as the case may be, but the Lessee shall pay to the Owner Trustee or the Indenture Trustee, as the case may be, as liquidated damages, and not as a penalty, for the Remediation failure of the Lessee to return the Leased Property to the Owner Trustee or the Indenture Trustee, as the case may be, at the expiration of the Term as required by the provisions of this Section 16, an amount equal to 120% of the daily equivalent of (y) the arithmetic average of the Periodic Rent during the Basic Term, or (z) if the failure to return occurs after a Renewal Term, the arithmetic average of the Periodic Rent during such Renewal Term, or (B) to terminate this Lease, in which case the Lessee shall pay to the Owner Trustee or the Indenture Trustee, as the case may be, the Termination Value for the Facility and title to this Facility shall vest in the Lessee upon such Remediation payment. If the Owner Trustee or the Indenture Trustee, as the case may be, elects the option specified in clause (A) above and the Facility has not been completed prior properly repaired one year after the last day of the Term, the Lessee shall pay to the ClosingOwner Trustee or the Indenture Trustee, then from and after as the Closing and until Seller and Buyer shall have agreed that Remediation has been completedcase may be, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order Termination Value for the Remediation to be completedFacility.
Appears in 1 contract
Environmental Report. Not less than 90 days and not more than 180 days prior to the last day of the Term (a) Buyer may cause to be prepared and delivered at its expense within 60 days after or the date of this Agreementon which the Facility is otherwise returned to the Owner-Trustee), the Lessee shall provide to the Owner-Trustee an inspection report prepared by a Phase I reputable environmental report for consulting firm selected by the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer Owner-Trustee certifying whether or its representatives to inspect such property not the Site and the related environmental records Facility are in the possession of Seller, as necessary for the preparation of the Phase I environmental reportcompliance with CERCLA and in all material respects with all other then existing Environmental Laws. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility such report indicates that the Site or the Facility is not in compliance with all then existing Environmental Laws, the Owner-Trustee may elect either (A) to deem that the Leased Property is not returned until the earlier of (1) the date on which the Site and the Facility are in compliance with all then existing Environmental Laws and (2) one year after the last day of the Term, in which case the Lessee shall continue to be obligated under all the terms and conditions of this Lease (including without limitation the provisions relating to insurance, indemnification and risk of loss), except that, other than set forth in Section 16(e) below, the Lessee shall not be required to pay Periodic Rent and Periodic Site Rent after the expiration of the Basic Term or any Renewal Term, as the case may be, but the Lessee shall pay to the Owner-Trustee as liquidated damages, and not as a penalty, for the Remediation failure of the Lessee to return the Leased Property to the Owner-Trustee at the expiration of the Term as required by the provisions of this Section 16, an amount equal to 120% of the daily equivalent of (y) the arithmetic average of the Periodic Rent during the Basic Term, or (z) if the failure to return occurs after a Renewal Term, the arithmetic average of the Periodic Rent during such Renewal Term, or (B) to terminate this Lease, in which case the Lessee shall pay to the Owner-Trustee the Termination Value for the Facility and title to this Facility shall vest in the Lessee upon such Remediation payment. If the Owner-Trustee elects the option specified in clause (A) above and the Facility has not been completed prior properly repaired one year after the last day of the Term, the Lessee shall pay to the Closing, then from and after Owner-Trustee the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order Termination Value for the Remediation to be completedFacility.
Appears in 1 contract
Environmental Report. (a) Buyer may cause to be prepared and delivered obtaining, at its expense within 60 days after the date Buyer’s cost, a written report from an environmental consultant of this Agreement, Buyer’s choosing comprised of a Phase I environmental report site assessment performed according to and stating the opinions as provided in the Standard Practice for the Real Property. Seller shall cooperate with Buyer Environmental Site Assessments and permit access to such Real Property during normal business hours further analyses, assessments and reports as required in order for to confirm that there are no recognized environmental conditions affecting the Property, and that the soils, groundwater and surface waters on, in, or under the Property do not contain any hazardous substances. Buyer or its representatives to inspect such property and the related environmental records may (but is not obligated to) conduct Phase II investigations if necessary as a result of matters disclosed in the possession of Seller, as necessary for the preparation of the Phase I environmental reportsite assessment, including but not limited to, the right to perform soil borings on the Property. Buyer agrees to restore, or have its contractors and other agents restore, any land affected by any borings on the Property and after Buyer’s investigation of the Property is complete. Buyer and Seller agree that Buyer’s obligation to restore the Property shall deliver be limited to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyerreturning the land affected to the grade existing before the investigations and borings were conducted. If such the Phase I environmental assessment report or any subsequent investigations discloses one (i) any actual or more adverse potential recognized environmental conditions condition which require remediation Buyer is unwilling to accept and/or (ii) that there are or may be any hazardous substances located on, in, or under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) the Property which Buyer is unwilling to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Noticeaccept, then Buyer may terminate this Agreement pursuant provide Seller written notification of its objection to Section 10.1 (c)(vii) by notice to Seller given within five Business Days the environmental condition of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10Property. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Buyer notifies Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior of an objection to the Closingenvironmental condition of the Property, Seller shall be granted a reasonable period, not exceeding thirty (30) days, in which to remove Buyer's objections and, subject to the other limitations and contingencies set forth in this Agreement, the closing date shall be extended as necessary for this purpose. If Seller is unable, after using reasonable diligence, to remove Buyer's objections within such thirty (30) day period, then from and after the Closing and until Buyer may provide Seller and Buyer written notification of its intent to terminate within thirty (30) days thereafter or this contingency shall have agreed that Remediation has been completed, Buyer be deemed waived. The time for closing shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completedextended accordingly.
Appears in 1 contract
Samples: Purchase Agreement
Environmental Report. (a) Buyer may cause to be prepared and delivered obtaining, at its expense within 60 days after the date Buyer’s cost, a written report from an environmental consultant of this Agreement, Buyer’s choosing comprised of a Phase I environmental report site assessment performed according to and stating the opinions as provided in the Standard Practice for the Real Property. Seller shall cooperate with Buyer Environmental Site Assessments and permit access to such Real Property during normal business hours further analyses, assessments and reports as required in order for to confirm that there are no recognized environmental conditions affecting the Property, and that the soils, groundwater and surface waters on, in, or under the Property do not contain any hazardous substances. Buyer or its representatives to inspect such property and the related environmental records may (but is not obligated to) conduct Phase II investigations if necessary as a result of matters disclosed in the possession of Seller, as necessary for the preparation of the Phase I environmental reportsite assessment, including but not limited to, the right to perform soil borings on the Property. Buyer shall deliver agrees to restore, or have its contractors and other agents restore, any land affected by any borings on the Property and after Buyer’s investigation of the Property is complete. Buyer and Seller a copy of any such environmental report within five Business Days of receipt of such report by agree that Buyer’s obligation to restore the Property will be limited to returning the land affected to the grade existing before the investigations and borings were conducted. If such the Phase I environmental assessment report or any subsequent investigations discloses one (i) any actual or more adverse potential recognized environmental conditions condition which require remediation Buyer is unwilling to accept and/or (ii) that there are or may be any hazardous substances located on, in, or under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) the Property which Buyer is unwilling to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Noticeaccept, then Buyer may terminate this Agreement pursuant provide Seller written notification of its objection to Section 10.1 (c)(vii) by notice to Seller given within five Business Days the environmental condition of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10Property. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Buyer notifies Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior of an objection to the Closingenvironmental condition of the Property, Seller will be granted a reasonable period, not exceeding thirty (30) days, in which to remove Buyer's objections and, subject to the other limitations and contingencies set forth in this Agreement, the closing date will be extended as necessary for this purpose. If Seller is unable, after using reasonable diligence, to remove Buyer's objections within such thirty (30) day period, then Buyer may provide Seller written notification of its intent to terminate within thirty (30) days thereafter or this contingency will be deemed waived. The time for closing will be extended accordingly. Seller has previously conducted environmental work on the Property and a copy of the closure letter can be obtained from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completedMinnesota Department of Agriculture.
Appears in 1 contract
Samples: Purchase Agreement
Environmental Report. Within fifteen (a15) Buyer may cause to be prepared and delivered at its expense within 60 days after from the date of this Agreement, Seller and the Company, at the Company's expense, shall furnish to Purchaser a Phase I environmental study and report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation covering all of the Phase I Company Real Estate and prepared by an environmental report. Buyer shall deliver consulting firm mutually acceptable to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law and Purchaser (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation NoticeEnvironmental Report"). If Seller gives a Remediation Noticethe Environmental Report shows any environmental condition that is unacceptable to Purchaser, then Buyer may terminate this Agreement pursuant to Section 10.1 Purchaser shall, within ten (c)(vii10) by notice to Seller given within five Business Days days of its receipt of the Remediation Notice; providedEnvironmental Report, that if within five Business Days after receipt by notify Seller of Buyersuch condition(s) and the reasons for Purchaser's notice objections thereto ("Purchaser's Environmental Objections"). Upon expiration of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day ten-day notification period, (i) Buyer Purchaser shall be deemed to have assumed all liabilities accepted the form and obligations substance of the Environmental Report, except, however, those matters to which Purchaser has timely objected in connection accordance with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date preceding sentence. Seller shall have no obligation to bring any action or liability with respect proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of Purchaser's Environmental Objections. Within five days following receipt of Purchaser's Environmental Objections, Seller shall give notice to Purchaser of what actions, if any, that Seller proposes to take in order to cure Purchaser's Environmental Objections. If Seller is unable or unwilling to remedy Purchaser's Environmental Objections to the Remediation reasonable satisfaction of Purchaser, Purchaser may terminate this Agreement by notice in writing to Seller by the earliest to occur of (i) the Closing Date or (ii) five (5) business days following notice from Seller that it is unable or unwilling to remedy Purchaser's Environmental Objections, in which event, except as expressly provided otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludesAgreement, in its reasonable judgment, that the cost none of the Remediation will not exceed $200,000 parties hereto shall have any further rights or Seller obligations under this Agreement. If this Agreement is terminated for any reason, Purchaser agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have immediately return the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior Current Environmental Report to the ClosingCompany and to hold the contents thereof strictly confidential. Likewise, then from pending and after following Closing hereunder, Seller, shall hold the Closing Current Environmental Report strictly confidential and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access not disclose the same or its contents to any third party without the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completedprior written consent of Purchaser.
Appears in 1 contract
Environmental Report. (a) Buyer may cause to be prepared and delivered obtaining, at its expense within 60 days after the date Buyer’s cost, a written report from an environmental consultant of this Agreement, Buyer’s choosing comprised of a Phase I environmental report site assessment performed according to and stating the opinions as provided in the Standard Practice for the Real Property. Seller shall cooperate with Buyer Environmental Site Assessments and permit access to such Real Property during normal business hours further analyses, assessments and reports as required in order for to confirm that there are no recognized environmental conditions affecting the Property, and that the soils, groundwater and surface waters on, in, or under the Property do not contain any hazardous substances. Buyer or its representatives to inspect such property and the related environmental records may (but is not obligated to) conduct Phase II investigations if necessary as a result of matters disclosed in the possession of Seller, as necessary for the preparation of the Phase I environmental reportsite assessment, including but not limited to, the right to perform soil borings on the Property. Buyer agrees to restore, or have its contractors and other agents restore, any land affected by any borings on the Property and after Buyer’s investigation of the Property is complete. Buyer and Seller agree that Buyer’s obligation to restore the Property shall deliver be limited to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyerreturning the land affected to the grade existing before the investigations and borings were conducted. If such the Phase I environmental assessment report or any subsequent investigations discloses one (i) any actual or more adverse potential recognized environmental conditions condition which require remediation Buyer is unwilling to accept and/or (ii) that there are or may be any hazardous substances located on, in, or under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) the Property which Buyer is unwilling to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Noticeaccept, then Buyer may terminate this Agreement pursuant provide Seller written notification of its objection to Section 10.1 (c)(vii) by notice to Seller given within five Business Days the environmental condition of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10Property. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Buyer notifies Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior of an objection to the Closingenvironmental condition of the Property, Seller shall be granted a reasonable period, not exceeding thirty (30) days, in which to remove Buyer's objections and, subject to the other limitations and contingencies set forth in this Agreement, the closing date shall be extended as necessary for this purpose. If Seller is unable, after using reasonable diligence, to remove Buyer's objections within such thirty (30) day period, then from and after the Closing and until Buyer may provide Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access written notification of its intent to the Real Property to Seller and its representatives during normal business hours in order terminate within thirty (30) days thereafter or this contingency will be deemed waived. The time for the Remediation to closing will be completedextended accordingly.
Appears in 1 contract
Samples: Purchase Agreement
Environmental Report. Not less than 90 days and not more than 180 days prior to the last day of the Term (a) Buyer may cause to be prepared and delivered at its expense within 60 days after or the date of this Agreementon which the Facility is otherwise returned to the OwnerTrustee), the Lessee shall provide to the OwnerTrustee an inspection report prepared by a Phase I reputable environmental report for consulting firm selected by the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer OwnerTrustee certifying whether or its representatives to inspect such property not the Site and the related environmental records Facility are in the possession of Seller, as necessary for the preparation of the Phase I environmental reportcompliance with CERCLA and in all material respects with all other then existing Environmental Laws. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility such report indicates that the Site or the Facility is not in compliance with all then existing Environmental Laws, the OwnerTrustee may elect either (A) to deem that the Leased Property is not returned until the earlier of (1) the date on which the Site and the Facility are in compliance with all then existing Environmental Laws and (2) one year after the last day of the Term, in which case the Lessee shall continue to be obligated under all the terms and conditions of this Lease (including without limitation the provisions relating to insurance, indemnification and risk of loss), except that, other than set forth in Section 16(e) below, the Lessee shall not be required to pay Periodic Rent and Periodic Site Rent after the expiration of the Basic Term or any Renewal Term, as the case may be, but the Lessee shall pay to the OwnerTrustee as liquidated damages, and not as a penalty, for the Remediation failure of the Lessee to return the Leased Property to the OwnerTrustee at the expiration of the Term as required by the provisions of this Section 16, an amount equal to 120% of the daily equivalent of (y) the arithmetic average of the Periodic Rent during the Basic Term, or (z) if the failure to return occurs after a Renewal Term, the arithmetic average of the Periodic Rent during such Renewal Term, or (B) to terminate this Lease, in which case the Lessee shall pay to the OwnerTrustee the Termination Value for the Facility and title to this Facility shall vest in the Lessee upon such Remediation payment. If the OwnerTrustee elects the option specified in clause (A) above and the Facility has not been completed prior properly repaired one year after the last day of the Term, the Lessee shall pay to the Closing, then from and after OwnerTrustee the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order Termination Value for the Remediation to be completedFacility.
Appears in 1 contract
Environmental Report. Within forty-five (a45) Buyer may cause to be prepared and delivered at its expense within 60 days after from the date of this Agreement, Seller and the Company, at Seller's expense, shall furnish to Purchaser a Phase I environmental study and report for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation covering all of the Phase I Company Real Estate and prepared by an environmental report. Buyer shall deliver consulting firm mutually acceptable to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law and Purchaser (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation NoticeEnvironmental Report"). If Seller gives a Remediation Noticethe Environmental Report shows any environmental condition that is unacceptable to Purchaser, then Buyer may terminate this Agreement pursuant to Section 10.1 Purchaser shall, within ten (c)(vii10) by notice to Seller given within five Business Days days of its receipt of the Remediation Notice; providedEnvironmental Report, that if within five Business Days after receipt by notify Seller of Buyersuch condition(s) and the reasons for Purchaser's notice objections thereto ("Purchaser's Environmental Objections"). Upon expiration of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day ten-day notification period, (i) Buyer Purchaser shall be deemed to have assumed all liabilities accepted the form and obligations substance of the Environmental Report, except, however, those matters to which Purchaser has timely objected in connection accordance with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date preceding sentence. Seller shall have no obligation to bring any action or liability with respect proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of Purchaser's Environmental Objections. Within five days following receipt of Purchaser's Environmental Objections, Seller shall give notice to Purchaser of what actions, if any, that Seller proposes to take in order to cure Purchaser's Environmental Objections. If Seller is unable or unwilling to remedy Purchaser's Environmental Objections to the Remediation reasonable satisfaction of Purchaser, Purchaser may terminate this Agreement by notice in writing to Seller by the earliest to occur of (i) the Closing Date or (ii) five (5) business days following notice from Seller that it is unable or unwilling to remedy Purchaser's Environmental Objections, in which event, except as expressly provided otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludesAgreement, in its reasonable judgment, that the cost none of the Remediation will not exceed $200,000 parties hereto shall have any further rights or Seller obligations under this Agreement. If this Agreement is terminated for any reason, Purchaser agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have immediately return the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior Current Environmental Report to the ClosingCompany and to hold the contents thereof strictly confidential. Likewise, then from pending and after following Closing hereunder, Seller, shall hold the Closing Environmental Report strictly confidential and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access not disclose the same or its contents to any third party without the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completedprior written consent of Purchaser.
Appears in 1 contract
Environmental Report. (a) Buyer may cause In connection with a return pursuant to be prepared Section 5.2 and delivered at its expense within 60 Section 14.3, the Lessee shall provide to the Lessor and the Owner Participant, not later than 270 days after prior to the Expiration Date, or in connection with a return other than on the Expiration Date, not later than the date of this Agreementreturn, an inspection report prepared by a Phase I reputable environmental consulting firm (selected by the Owner Participant and reasonably acceptable to the Lessee) as to the environmental condition of Clover Unit 1 and the Clover Real Estate and the compliance or non-compliance with applicable environmental laws, in form, scope and substance reasonably satisfactory to the Owner Participant. The costs and expenses of preparing and providing such report shall be for the Real Property. Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation account of the Phase I environmental reportLessee. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt The provision of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with relieve the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt Lessee of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to environmental conditions, known or unknown, in respect of Clover Unit 1 and the Remediation Clover Real Estate, and the Lessee will take any and all actions necessary to ensure that Clover Unit 1 and the Clover Real Estate comply with all such environmental laws. If such report shall indicate that either Clover Unit 1 or otherwise the Clover Real Estate is not in connection compliance with any condition referred applicable environmental laws, the Lessee shall, within 90 days of the Lessor having received such inspection report, (a) provide the Owner Participant with a remediation plan approved by the applicable Governmental Entity designed to ensure that Clover Unit 1 and the Clover Real Estate will be brought into compliance with applicable environmental laws as promptly as is reasonably practical and without materially adversely affecting the continued operation of Clover Unit 1 and (b)
(i) place in any escrow funds in an amount corresponding to the Lessor's Percentage of the cost estimate of such remediation plan (as certified by the environmental consulting firm that prepared such report prepared and/or delivered pursuant or another expert reasonably satisfactory to the Owner Participant), which escrow shall provide for the payment of the costs of such plan as the same become due and payable or (ii) make other arrangements that are satisfactory to the Owner Participant, as determined in its sole discretion acting in good faith, for such purposes. The obligations of the Lessee set forth in this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that 5.3 shall survive the cost termination of this Equipment Operating Lease and the expiration of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the RemediationTerm.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 1 contract
Samples: Equipment Operating Lease Agreement (Old Dominion Electric Cooperative)
Environmental Report. (a) Buyer may cause to be prepared and delivered at its expense within 60 days after the date of this Agreement, a Phase I environmental report for the Real Property. The Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) 10 days after the Closing Date instruct Arcadis, or any comparable environmental surveyor (the "Surveyor"), to conduct an environmental survey of the Real Property in order to prepare an update of the environmental report from Heidemij dated 4 April 1997 (the "Updated Report"), the scope of which shall be reasonably acceptable to both the Seller and the Buyer. The Surveyor shall have no obligation or liability with respect make available copies of the Updated Report to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that and the cost Buyer. The costs of the Remediation will not exceed $200,000 or environmental survey and the Updated Report shall be shared equally between the Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have and the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) Buyer. In the event that Seller assumes full responsibility the Updated Report provides for the Remediation and such Remediation has not been completed prior advice to conduct a further environmental survey the Closing, then from and after the Closing and until Seller and the Buyer shall have agreed instruct the Surveyor to conduct such further survey and to prepare a further report thereon (the "Further Report"). In the event that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Updated Report or the Further Report indicates that any part of the Real Property may have been contaminated with any Hazardous Materials and the Buyer is required by the relevant governmental authority to clean-up the relevant part of the Real Property, then the Seller shall indemnify and its representatives during normal business hours keep the Buyer harmless on a continuing basis for all costs, expenses and damages incurred in order performing such cleaning-up (to the extent such cleaning-up is required under the "state of the art" as it stands at the time of the Closing). The Buyer shall ensure that the Seller will have the opportunity to participate in any discussions regarding the cleaning-up and will appeal against any requirement for cleaning up imposed by the Remediation governmental authority, if so required by the Seller, and the Seller shall be entitled to elect the Person(s) who will perform the cleaning-up, provided that such Person(s) is (are) a reputable cleaning company(ies). The Buyer and the Seller will keep each other fully informed about the status of the cleaning-up. The cleaning-up shall take place in the most cost efficient manner as feasible and shall not go any further than to the minimum level as required by Environmental Law, under the "state of the art" as it stands at the time of the Closing. This provision shall not preclude the Buyer from claiming any further amounts from the Seller to the extent the Buyer would be completedentitled thereto under Section 3.25.
Appears in 1 contract
Samples: Asset Purchase Agreement (Hunt Corp)
Environmental Report. At least 40 days before the FCC Order (a) Buyer or such longer period if necessary to avoid a delay of the Closing), Purchaser may cause to be prepared and delivered elect, at its expense within 60 days after the date of this Agreementexpense, to commission a Phase I environmental report review of the Transmitter Site, using environmental consultants reasonably acceptable to Seller. The Seller will provide access to the Transmitter Site for the Real Property. Seller shall environmental consultants and will reasonably cooperate with Buyer and permit access to such Real Property during normal business hours consultants in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental their report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of To the extent that such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(sreveals items affecting the Transmitter Site that cause the representations and warranties contained in Section 3.6(c) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less untrue (the "Remediation NoticeActivities"). If Seller gives , Purchaser will provide a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to the Seller given within five Business Days listing the Remediation Activities and Purchaser's estimate of the Remediation Notice; provided, that if within five Business Days after receipt costs to be borne by the Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as Activities. Upon receipt of such notice, the Seller will either (i) complete the Remediation Activities prior to the Closing Date, or (ii) Buyer shall receive a credit at authorize Purchaser to deduct the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the estimated cost of the Remediation will not exceed $200,000 or Seller agrees Activities from the purchase price and to bear any place such deducted funds in an escrow account (from which the actual costs of the Remediation in excess Activities shall be paid and any remaining funds after completion of $200,000the Remediation Activities, then Seller together with any interest earned on such escrowed funds, shall have the sole right be refunded to direct the RemediationSeller); provided, however, that if Buyer agrees to bear any costs of Remediation in excess Seller's liability under this Section 5.5 shall not exceed an aggregate of $200,0005.0 million. If Seller in good faith disputes the findings of the environmental consultants, then it shall cause to be prepared other findings from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for an independent environmental consultant disputing the Remediation Activities and such present them to Purchaser. If the parties cannot agree upon the Remediation has not been completed prior Activities, the issue will be presented to an independent environmental consultant mutually acceptable to the Closingparties (and whose fees and expenses will be borne equally by the parties), then from and after the Closing and until Seller and Buyer determination of such independent environmental consultant shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for be determinative of the Remediation to be completedActivities.
Appears in 1 contract
Samples: Asset Purchase Agreement (Hispanic Broadcasting Corp)
Environmental Report. Tenant shall have the right to obtain an environmental inspection report on the Demised Premises and surrounding property from a reputable environmental consulting firm selected by Tenant (athe "Consultant"). Tenant shall obtain the environmental inspection report within thirty (30) Buyer may cause to be prepared and delivered at its expense within 60 days after the date hereof. If the Consultant's report is unsatisfactory to Tenant because it indicates a reasonable basis to believe Hazardous Substances are present (or there is a threatened release of this Agreementsuch Hazardous Substances) on the Demised Premises or anywhere within a proximity thereto which would give Tenant a reasonable basis to believe such Hazardous Substances may spread to the Demised Premises and would require remediation, a Phase I environmental report for the Real Property. Seller Tenant shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy of any such environmental report notify Landlord within five Business Days ten (10) days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller and Landlord shall assume full responsibility for remediation of each such environmental condition(shave thirty (30) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days days after its receipt of such notice within which to advise Tenant as to whether Landlord will submit a proposal to Tenant of a plan to clean-up or remediate the Hazardous Substances at Landlord's sole expense, and if Seller concludesLandlord will submit such a plan, in its reasonable judgmenta copy thereof. If the Landlord's response is not acceptable to Tenant based on the recommendation of Tenant's environmental consultant, that it is or will be unable if the time period required to complete the Remediation for $200,000 clean-up or less (the "Remediation Notice"). If Seller gives a Remediation Noticeremediation is unacceptable to Tenant, then Buyer Tenant may terminate this Agreement pursuant Lease and recover any prepaid rent by giving Landlord written notice thereof within ten (10) days after Tenant's receipt of Landlord's response. Tenant shall have no obligation to Section 10.1 (c)(vii) by notice to Seller given within five Business Days commence construction of the Remediation Notice; providedBuilding or pay any rent unless and until any clean-up or remediation agreed to by Landlord is completed. In the absence of Tenant's delivery of the Consultant's report within thirty (30) days of the date of this Lease, that if within five Business Days after receipt by Seller or in the absence of BuyerTenant's notice of termination pursuant within ten (10) days after receipt of Landlord's response to Section 10. l(c)(vii)such report, Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer Tenant shall be deemed to have assumed all liabilities and obligations in connection with approved the Remediation as environmental condition of the Closing Date, (ii) Buyer shall receive a credit at Demised Premises and the Closing in the amount provisions of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.541 shall be of no further force and effect.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 1 contract
Samples: Lease Agreement (Peoples First Inc)
Environmental Report. It is a contingency upon Seller's obligations hereunder that two (a2) copies of Co-Tenancy Agreement in the form attached hereto duly executed by Buyer and Seller and dated on escrow closing date be delivered to the Seller on the closing date. Buyer may cause cancel this agreement for ANY REASON in its sole discretion by delivering a cancellation notice, return receipt requested, to Seller and escrow holder before the expiration of the Review Period. Such notice shall be prepared deemed effective only upon receipt by Seller. If this Agreement is not cancelled as set forth above, the First Payment shall be non-refundable unless Seller shall default hereunder. If Buyer cancels this Agreement as permitted under this Section, except for any escrow cancellation fees and delivered at its expense within 60 days after the date any liabilities under sections 15(a) of this Agreementagreement (which will survive), a Phase I environmental report for Buyer (after execution of such documents reasonably requested by Seller to evidence the Real Property. Seller termination hereof) shall cooperate with be returned its First Payment, and Buyer and permit access to such Real Property during normal business hours in order for Buyer will have absolutely no rights, claims or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy interest of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 type in connection with the RemediationProperty or this transaction, regardless of any alleged conduct by Seller or anyone else. Unless this Agreement is canceled by Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5the terms hereof, and if Buyer fails to make the Second Payment, Seller shall notify be entitled to retain the First Payment and Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or irrevocably will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed canceled this Agreement and relinquish all liabilities rights in and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to Property unless Buyer makes the Second Payment when required. If this Section 7.5Agreement is not canceled and the Second Payment is made when required, all of Buyer's conditions and contingencies will be deemed satisfied.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
Environmental Report. (a) Buyer may Landlord shall deliver or shall cause to be prepared and delivered at its expense within 60 days after the date to Tenant a copy of this Agreement, a Phase I Environmental Site Assessment certified to Landlord and Tenant ("REPORT") with respect to the Land, prepared by a qualified, nationally recognized third-party environmental report for consulting firm on or before the Real PropertyCommencement Date. Seller shall cooperate with Buyer and permit access Tenant agrees not to such Real Property during normal business hours in order for Buyer release the Report, or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy of it, or any such environmental report within five Business Days part of receipt it, or disclose any of such report by Buyerthe information contained in the Report to any third party (other than Tenant's counsel) without the express prior written consent of Landlord. If such environmental report discloses one or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) to the extent required by applicable Environmental Law (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller Such consent shall not be obligated unreasonably withheld as long as the proposed party to spend more than $200,000 whom the report is given executes a letter agreement containing covenants similar to this Section 29(d). Tenant releases Landlord for any inaccuracies, omissions, or errors contained in connection the Report. Tenant agrees that it will not rely on the Report and it will make whatever independent investigation it feels is necessary to investigate the environmental and other conditions of the Land. Tenant agrees that Landlord has no duty to correct any inaccuracies, errors, or omission in the Report, to supplement the Report with any additional information, or to provide Tenant with any information concerning the environmental conditions of the Land. Tenant agrees that Landlord considers the Report to be confidential proprietary information and Tenant agrees to maintain the confidentiality and security of the Report information in accordance with the Remediationhighest standards of confidentiality and security associated with the protection of "trade secrets." Landlord hereby expressly disclaims responsibility for the investigation of the Land by Tenant and further disclaims any responsibility for the contents of the Report. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared Tenant's obligations pursuant to this Section 7.529(e) shall survive the expiration or termination of this Lease. Landlord represents and warrants to Tenant that to Landlord's actual, and Seller current knowledge, there are no Hazardous Materials in, on or under the Project except as set forth in the Report. As used in the preceding sentence, the phrase "to Landlord's actual, current knowledge" shall notify Buyer within twenty Business Days after its receipt mean the actual (not constructive) knowledge of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days Andrew S. Lowe as of the Remediation Notice; provideddate hereof without any duty or obligation xx xxxxxx, xxxuire or make independent inquiry or investigation of any such representation, warranty or statement. Tenant acknowledges and agrees that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination Andrew S. Lowe shall not be void ab initio and this Agreement shall be deemed not to personally liable or have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations any personal lxxxxxxxx xxxxx or in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5Lease.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from and after the Closing and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completed.
Appears in 1 contract
Samples: Lease Agreement (Aviall Inc)
Environmental Report. (a) Buyer may cause to be prepared shall have received, at Buyer's option and delivered at its expense within 60 days after the date of this Agreementexpense, a Phase I environmental report site assessment (the "Environmental Report") of the Real Property performed by a nationally recognized environmental firm designated by Buyer and reasonably satisfactory to Sellers. If Buyer shall elect to receive an Environmental Report, such Environmental Report shall have been ordered by Buyer not later than fifteen (15) Business Days from the date hereof. Buyer shall promptly upon receipt provide Sellers with a copy of such Environmental Report. If prepared, the Environmental Report shall show no environmental condition on or affecting such Real Property or the CATV Business that (i) could reasonably be expected to materially impair the use or value of such Real Property for the continued operation of the CATV Systems as operated by Sellers on the Closing Date or subject Buyer to any material liability for fines, penalties, or cleanup or response costs if Buyer consummates this Agreement, or (ii) would cause a reasonable purchaser experienced in environmental matters to proceed with a Phase II environmental site assessment before proceeding with the transfer of the Real Property. Seller Notwithstanding the foregoing, this condition to Closing shall cooperate not be applicable (a) with Buyer and permit access respect to such any Real Property during normal business hours in order for Buyer or its representatives as to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. which Buyer shall deliver to Seller a copy of any such environmental report not have ordered an Environmental Report within five fifteen (15) Business Days of receipt of such report by Buyer. If such environmental report discloses one or more from the date hereof, (b) if at Sellers' expense, Sellers shall have cured all material adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) identified to Sellers by Buyer in writing to the extent required by applicable level that the appropriate governmental agency determines that no further action is required, or, when no governmental agency is involved in the remediation, to the level that Buyer's environmental consultant has certified to Sellers and Buyer that all requirements of Environmental Law have been satisfied (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated or provisions reasonably satisfactory to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(viimade for such cure) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from (c) if the subject parcel of Real Property is retained by Sellers and after replaced prior to Closing, at Sellers' cost, with another parcel of property of substantially equivalent utility, which replacement property shall be fully equipped and operational in all material respects as of the Closing or, (d) if Buyer and until Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access Sellers mutually agree in writing on adjustments to the Real Property Purchase Price, payment of insurance proceeds, limitations on the representations of Sellers and all other matters with respect to Seller and its representatives during normal business hours in order for the Remediation to be completedsuch material adverse environmental condition.
Appears in 1 contract
Samples: Asset Purchase Agreement (Frontiervision Capital Corp)
Environmental Report. (a) Buyer may cause to be prepared shall have received, at Buyer's option and delivered at its expense within 60 days after the date of this Agreementexpense, a Phase I environmental report site assessment (the "Environmental Report") of the Real Property performed by a nationally recognized environmental firm designated by Buyer and reasonably satisfactory to Seller. If Buyer shall elect to receive an Environmental Report, such Environmental Report shall have been arranged for by Buyer not later than 10 business days from the date hereof and true and complete copies of the final Environmental Report and all drafts thereof and correspondence relating thereto shall be delivered to Seller not later than 45 days from the date hereof and Buyer will confirm to Seller in writing not later than 45 days from the date hereof which, if any, terms in the Environmental Report are material adverse environmental conditions within the meaning of this Section 7.08. If prepared, the Environmental Report shall show no environmental condition on or affecting such Real Property that (i) could reasonably be expected to impair the use or value of such Real Property for the continued operation of the CATV Systems as operated by Seller on the Closing Date or subject Buyer to any liability for fines, penalties, or cleanup or response costs if Buyer consummates this Agreement, or (ii) would cause a reasonable purchaser experienced in environmental matters to perform further investigation or testing before proceeding with the transfer of the Real Property. Notwithstanding the foregoing, this condition to closing shall not be applicable (a) with respect to any Real Property as to which Buyer shall not have ordered an Environmental Report at least 10 business days from the date hereof, (b) if at Seller's expense, Seller shall cooperate with Buyer and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation of the Phase I environmental report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one or more have cured all material adverse environmental conditions which require remediation under applicable Environmental Law, identified to Seller shall assume full responsibility for remediation of each such environmental condition(s) by Buyer in writing not later than 45 days from the date hereof to the extent required by applicable level that the appropriate governmental agency determines that no further action is required, or, when no governmental agency is involved in the remediation, to the level that Seller's environmental consultant has certified to Seller and Buyer that all requirements of Environmental Law have been satisfied (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated or provisions reasonably satisfactory to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation Notice"). If Seller gives a Remediation Notice, then Buyer may terminate this Agreement pursuant to Section 10.1 (c)(vii) by notice to Seller given within five Business Days of the Remediation Notice; provided, that if within five Business Days after receipt by Seller of Buyer's notice of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(viimade for such cure) within such five Business Day period, (i) Buyer shall be deemed to have assumed all liabilities and obligations in connection with the Remediation as of the Closing Date, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller shall have no obligation or liability with respect to the Remediation or otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludes, in its reasonable judgment, that the cost of the Remediation will not exceed $200,000 or Seller agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior to the Closing, then from (c) if the subject parcel of Real Property is retained by Seller and after replaced prior to Closing, at Seller's cost, with another parcel of property of substantially equivalent utility, which replacement property shall be fully equipped and operational in all material respects as of the Closing or, (d) if Buyer and until Seller mutually agree in writing on adjustments to the Purchase Price, payment of insurance proceeds, limitations on the representations of Seller and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate all other matters with Seller and permit access respect to the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completedsuch material adverse environmental condition.
Appears in 1 contract
Samples: Asset Purchase Agreement (Frontiervision Holdings Capital Corp)
Environmental Report. Within fifteen (a15) Buyer may cause to be prepared and delivered at its expense within 60 days after from the date of this Agreement, a the Stock Sellers, the Company, and GSSWD, at their sole expense, shall furnish to Purchaser Phase I environmental report for the Real Property. Seller shall cooperate with Buyer studies and permit access to such Real Property during normal business hours in order for Buyer or its representatives to inspect such property and the related environmental records in the possession of Seller, as necessary for the preparation reports covering all of the Phase I Subject Real Estate and prepared by an environmental report. Buyer shall deliver to Seller a copy of any such environmental report within five Business Days of receipt of such report by Buyer. If such environmental report discloses one consulting firm or more adverse environmental conditions which require remediation under applicable Environmental Law, Seller shall assume full responsibility for remediation of each such environmental condition(s) firms mutually acceptable to the extent required by applicable Environmental Law Stock Sellers and Purchaser (the "Remediation") and shall bear all expenses incurred in connection therewith; provided, that Seller shall not be obligated to spend more than $200,000 in connection with the Remediation. Buyer shall give Seller notice confirming that Buyer has delivered to Seller all environmental reports to be prepared pursuant to this Section 7.5, and Seller shall notify Buyer within twenty Business Days after its receipt of such notice if Seller concludes, in its reasonable judgment, that it is or will be unable to complete the Remediation for $200,000 or less (the "Remediation NoticeEnvironmental Reports"). If Seller gives a Remediation Noticethe Environmental Reports show any environmental condition that is unacceptable to Purchaser, then Buyer may terminate this Agreement pursuant to Section 10.1 Purchaser shall, within ten (c)(vii10) by notice to Seller given within five Business Days days of its receipt of the Remediation Notice; providedEnvironmental Reports, that if within five Business Days after receipt by Seller notify the Stock Sellers of Buyersuch condition(s) and the reasons for Purchaser's notice objections thereto ("Purchaser's Environmental Objections"). Upon expiration of termination pursuant to Section 10. l(c)(vii), Seller gives notice to Buyer that Seller agrees to bear all costs of Remediation in excess of $200,000, such termination shall be void ab initio and this Agreement shall be deemed not to have been terminated. If Buyer does not terminate this Agreement pursuant to Section 10.1 (c)(vii) within such five Business Day ten-day notification period, (i) Buyer Purchaser shall be deemed to have assumed all liabilities accepted the form and obligations substance of the Environmental Reports, except, however, those matters to which Purchaser has timely objected in connection accordance with the Remediation as of preceding sentence. The Stock Sellers, the Closing DateCompany, (ii) Buyer shall receive a credit at the Closing in the amount of $200,000 less the aggregate of all amounts paid by Seller to third parties in connection with the Remediation and (iii) after the Closing Date Seller GSSWD shall have no obligation to bring any action or liability with respect proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of Purchaser's Environmental Objections. Within five days following receipt of Purchaser's Environmental Objections, the Stock Sellers, the Company, and GSSWD shall give notice to Purchaser of what actions, if any, they propose to take in order to cure Purchaser's Environmental Objections. If they are unable or unwilling to remedy Purchaser's Environmental Objections to the Remediation reasonable satisfaction of Purchaser, Purchaser may terminate this Agreement by notice in writing to the Stock Sellers by the earliest to occur of (i) the Closing Date or (ii) five (5) business days following notice from the Stock Sellers, the Company, and GSSWD that they are unable or unwilling to remedy Purchaser's Environmental Objections, in which event, except as expressly provided otherwise in connection with any condition referred to in any report prepared and/or delivered pursuant to this Section 7.5.
(b) If Seller concludesAgreement, in its reasonable judgment, that the cost none of the Remediation will not exceed $200,000 parties hereto shall have any further rights or Seller obligations under this Agreement. If this Agreement is terminated for any reason, Purchaser agrees to bear any costs of Remediation in excess of $200,000, then Seller shall have immediately return the sole right to direct the Remediation; provided, that if Buyer agrees to bear any costs of Remediation in excess of $200,000, then from and after the Closing Buyer may assume responsibility for overseeing the Remediation.
(c) In the event that Seller assumes full responsibility for the Remediation and such Remediation has not been completed prior Environmental Reports to the ClosingCompany and to hold the contents thereof strictly confidential. Likewise, then from pending and after following Closing hereunder, the Closing Stock Sellers, the Company, and until Seller GSSWD shall hold the Environmental Reports strictly confidential and Buyer shall have agreed that Remediation has been completed, Buyer shall cooperate with Seller and permit access not disclose the same or their contents to any third party without the Real Property to Seller and its representatives during normal business hours in order for the Remediation to be completedprior written consent of Purchaser.
Appears in 1 contract