Environmental Use Restrictions. The Phase I environmental site assessment identified prior on-site gasoline station and auto repair facility uses as “historical recognized environmental conditions”, and, following the imposition of restrictions prohibiting the use of the property for residential purposes or groundwater’s being used as potable water, as “controlled recognized environmental conditions”. Upon reviewing applicable regulatory reports associated with releases in 1996 and 2003, as well as subsequent remediation and closure, the Phase I environmental consultant did not recommend further investigation.
Environmental Use Restrictions. The property had previously been used as an automobile service station, and subsurface investigation of soil and groundwater in 2003 identified lead contaminants above the state regulatory authority’s risk-based screening levels for non-drinking water. The consultant’s exposure assessment report indicated that the potential for lead from groundwater to negatively impact on-site and off-site was negligible, however, and, in conjunction with the landowner’s entering a Xxxxxxxxxx Agreement in April 2004, the state environmental authorities issued a no further action letter in May 2004. The Xxxxxxxxxx Agreement restricts the property from being used for residential, daycare or outdoor playground uses, and restricts groundwater usage. Based on the use restrictions, the no further action letter and the site’s use for commercial purposes, the Phase I environmental site assessment characterized the known residual contamination as a controlled recognized environmental condition, and recommended continued implementation of the use restrictions currently in-place.
Environmental Use Restrictions. (A) As to the constituent property identified as Creekside Marketplace in Hellertown, PA, having an allocated loan amount of $13,500,000 (13.9% of original principal balance), the Phase I environmental site assessment identified a controlled recognized environmental condition (CREC) related to prior agricultural uses that resulted in elevated levels of arsenic and the pesticide dieldrin with the surface soils exceeding state action levels. Remediation activities were performed in 1998, and subsequent sampling indicated that soil results were within non-residential standards. Deed restrictions limit the property to non-residential uses. (B) As to the constituent property identified as Xxxxx Town Center in Bloomsburg, PA, having an allocated loan amount of $13,800,000 (14.2% of original principal balance), the Phase I environmental site assessment identified a controlled recognized environmental condition (CREC) related to a prior plant nursery use that resulted in residual pesticides in shallow soils. Remediation was conducted in conjunction with the subject retail development of the site. Deed restrictions limit the property to non-residential uses, and prohibit the use of groundwater unless it is subject to required testing and treatment.
Environmental Use Restrictions. The mortgaged property is adjacent to an area associated with historical industrial activities, and is included within a Corrective Measures Implementation Program Plan (CIMPP) entered into between Honeywell, Inc. and federal and state environmental authorities following an April 1989 Consent Decree between the parties. The CIMPP addressed chromium contamination issues, and No Further Requirements Determinations were issued in 2007 and 2015 that imposed ongoing environmental use restrictions affecting the mortgaged property, including: (A) a prohibition against any groundwater usage; (B) prior notice of any construction, including a safety plan for dealing with contaminated soil and/or groundwater; (C) characterization of all excavated materials prior to disposal; and (D) the owner’s and any lessee’s complying with the Agreement and Covenant Not to Xxx (requiring the property owner to perform certain actions and permit federal and state environmental authorities to access the property) and the obligations of the owner as part of the Consent Decree (such obligations currently having been assumed by Honeywell Corporation).
Environmental Use Restrictions. The Phase I environmental site assessment (ESA) prepared in connection with loan origination identified a controlled recognized environmental condition (CREC) related to previous quarry/ landfill and light industrial uses and underground storage tanks at the mortgaged property, and associated remedial and monitoring activities under the Pennsylvania Land Recycling Program to address a plume of dissolved-phase solvents (PCE and TCE) in groundwater. A Post-Closure Care Plan was submitted on October 16, 2002 as part of the regulatory closure process, and includes deed restrictions prohibiting the use of groundwater for domestic or agricultural purposes.
Environmental Use Restrictions. Phase I environmental site assessments obtained in connection with loan origination identified the following: (A) Dollar General (East Windsor, CT). The subject property was previously used for gas station/ automotive repair purposes, and contained underground storage tanks (“USTs”). While remediation activities, including soil excavation, has occurred on-site, residual contamination above remediation standards remains on-site. The property is subject to a Declaration of Environmental Land Use Restrictions, that, among other things, restricts exposure to inaccessible soils, imposes maintenance obligations as to existing paved surfaces, and prohibits demolition of the existing building. (B) Pick ‘n Save (Wauwatosa, WI). The subject property was previously used as an automobile dealership with service operations, and contained UST’s. Following conditional regulatory closure, the site was later redeveloped with contamination in-place subject to land use restrictions, and is considered a CREC. Land use restriction impose various ongoing obligations, including managing contaminated soils in connection with excavation or removal, maintaining pavement barriers over contaminated soil (and notifying the Wisconsin Department of Natural Resources of any changes), and ongoing operation and maintenance of a the existing sub-slab passive venting system. (C) Walgreens (Chicago, IL). The subject property is believed to have residual contamination above remediation standards as a result of releases from an adjacent gas station. The regulatory authority has issued a Groundwater Ordinance Notification and groundwater use restrictions for parcels in the vicinity of the gas station, including the subject property, which also prompts disclosure upon sale. The subject property is considered a CREC. (D) Walgreens (Galesburg, IL). The subject property was previously used as a gas station and auto repair facility, and on-site soil and groundwater contamination have previously been confirmed. Remediation activities have included soil and groundwater sampling, UST excavation and soil excavation removal. The Illinois EPA issued a no further action letter in 2002 that included engineering and institutional controls, including the property’s being used for commercial/ industrial uses only, an approved safety plan for any excavation or construction near known contaminated areas, continued maintenance of concrete and asphalt barriers over contaminated soils, and restrictions on groundwate...
Environmental Use Restrictions. (A) With respect to the Family Dollar - Columbus, OH Mortgaged Property, a controlled recognized environmental condition (CREC) was identified related to a prior on-site gas station with prior releases. The responsible party has been identified as BP Products North America, Inc. and regulatory closure was obtained on 12.17.2009. Prior to the regulatory closure, an environmental restrictive covenant (ERC) had been filed for the mortgaged property which prohibits the use and extraction of groundwater, restricts the mortgaged property to only nonresidential uses and prohibits basements on the mortgaged property. The recommendation is to continue compliance with the ERC. (B) With respect to the Walmart Neighborhood Market – Huntsville, AL Mortgaged Property, a controlled recognized environmental condition (CREC) related to a gasoline station and dry cleaner formerly located adjacent to the west of the mortgaged property. Several groundwater monitoring xxxxx were installed on the adjacent property and the southwestern portion of the mortgaged property which identified chlorinated solvents in the groundwater. The mortgaged property was accepted by the Alabama Department of Environmental Management (ADEM) into the state Xxxxxxxxxx Redevelopment and Voluntary Cleanup Program (VCP). On December 22, 2015, an environmental covenant (EC) was filed with the Madison County Judge of Probate which placed the following land use restrictions on the mortgaged property – (1) the use of groundwater for any purpose other than environmental monitoring is prohibited and (2) a vapor barrier must be installed underneath the slab of any building constructed on the mortgaged property. On January 7, 2016, the ADEM issued a Conditional Letter of Concurrence affording liability protection under the Land Recycling and Economic Redevelopment Act provided that the EC is complied with.
Environmental Use Restrictions. Phase I environmental site assessments obtained in connection with loan origination identified the following: (A) Dollar General (East Windsor, CT). The subject property was previously used for gas station/ automotive repair purposes, and contained underground storage tanks (UST’s). While remediation activities, including soil excavation, has occurred on-site, residual contamination above remediation standards remains on-site. The property is subject to a Declaration of Environmental Land Use Restrictions, that, among other things, restricts exposure to inaccessible soils, imposes maintenance obligations as to existing paved surfaces, and prohibits demolition of the existing building. (B) Pick ‘n Save (Wauwatosa, WI). The subject property was previously used as an automobile dealership with service operations, and contained UST’s. Following conditional regulatory closure, the site was later redeveloped with contamination in-place subject to land use restrictions, and is considered a CREC. Land use restriction impose various ongoing obligations, including managing
Environmental Use Restrictions. Phase I environmental site assessment identified a recognized environmental condition related to surrounding area’s inclusion within a 60 acre facility that was used historically for semiconductor and electronics manufacturing. Industrial activities resulted in subsurface soil and groundwater contamination with various petroleum hydrocarbons, chlorinated solvents and metals. Ongoing remedial activities are being performed by various responsible parties pursuant to U.S. Environmental Protection Agency (EPA) Superfund Record of Decision and Regional Water Quality Control Board (RWQCB) Cleanup Order issued by the agencies in September 1991. Post-remediation groundwater monitoring is currently being performed by Advanced Micro Devices and Texas Instruments. In addition, the previous owner of the mortgaged property (TWC Storage) damaged a transformer while demolishing on-site structures in 2005, resulting in soil and groundwater contamination. In April 2012, the RWQCB approved a no further action work plan and addendum for the 2005 release, which approved cessation of active remediation on-site, but required some additional groundwater monitoring. TWC Storage has been performing remedial investigations and cleanup actions under RWQCB supervision, including ongoing monitoring. Following completion of soil excavation, groundwater treatment and soil vapor extraction activities, the subsequent redevelopment of the site with its present improvements included construction of a vapor barrier and vapor mitigation system. The borrower has no groundwater monitoring obligations according to the RWQCB. Based on the identification of responsible parties that are continuing to meet their remedial obligations, the implementation of an institutional control (groundwater use deed restriction) and the presence of an engineering control (the vapor mitigation system), the Phase I environmental site assessment recommended no further action for the groundwater contamination REC other than continued implementation of institutional/engineering controls; and, regarding vapor mitigation, the continued implementation of the vapor mitigation system installed by the borrower in September 2014. The loan documents provide for personal liability to the borrower and guarantors (Xxxxx X. Xxxxxxxxx and the Xxxxxxxxx Living Trust) for failure to comply with the related environmental requirements. The guarantors’ stated net worth as of December 31, 2014 was approximately $347.9 million.
Environmental Use Restrictions. The Phase I environmental site assessment (ESA) obtained in connection with the loan identified a controlled recognized environmental condition (CREC) related to the 0000 Xxxxxx Xxxx property’s inclusion within the U.S. EPA North Penn Area 7 Superfund site. The Area 7 site is one of 12 Superfund sites identified in the region contributing to area-wide groundwater contamination. The site covers 650 acres and includes five industrial facilities that use or previously used solvents. Industrial process wastes contaminated groundwater and soil at the site. EPA added the site to the Superfund program’s National Priorities List (NPL) in 1989. Cleanup activities performed by individual facilities include soil removal, soil treatment and pumping of contaminated xxxxx. The PRPs (including Ford Motor Co.) have completed a soils investigation, and are currently developing soil remedial alternatives for the source area properties. EPA completed a site-wide groundwater investigation in 2011, and continues to conduct groundwater studies to develop a groundwater cleanup plan. A vapor intrusion study was completed by EPA and no unacceptable risk level was found. Based on the identification of unrelated responsible parties (primarily Ford Motor Co.) and the EPA’s determination of no vapor risk, the Phase I ESA consultant recommended no further action other than ongoing compliance with due care requirements, including limiting the 0000 Xxxxxx Xxxx property to commercial and industrial uses, prohibiting the extraction or use of groundwater, providing access to regulatory authorities for any response actions and providing notice prior to alteration or demolition of on-site buildings.
