NFR Letters Sample Clauses

NFR Letters. Inland shall submit applications to the Illinois Environmental Protection Agency (“IL EPA”) seeking “No Further Remediation” letters (“NFR Letters”) for the dry cleaner operations on the Properties known as Rxxxxxx Square and Cobbler Crossing. Inland, at its sole cost and expense, shall use its best efforts to diligently pursue the issuance of the NFR Letters and take all actions reasonably required by the IL EPA to cause the NFR Letters to be issued, provided that Inland shall not be obligated to incur more than (i) $100,000 from and after the date hereof in out-of-pocket costs in connection therewith for Rxxxxxx Square and (ii) $100,000 from and after the date hereof in out-of-pocket costs in connection therewith for Cobbler Crossing, which out-of-pocket costs shall include all costs and expenses incurred by Inland in connection with or in any way related to the application for and issuance of the NFR letter, including, but not limited to, all costs of remediation and all consulting, professional and third party fees and charges related thereto. Notwithstanding the foregoing, upon the earlier to occur of (i) Inland’s receipt of notice from the IL EPA that (A) it will not issue an NFR Letter with respect to either the Rxxxxxx Square or Cobbler Crossing Property, or (B) it will only issue an NFR Letter if remediation actions are taken and the cost of said actions (as estimated by reputable third party consultants not affiliated with Inland and acceptable to NYSTRS) with respect to either such Property would exceed $100,000; or (ii) the date which is two years after the Property Contribution Date for either such Properties if no NFR Letter has been issued by such date, then NYSTRS, at its election, may either (x) release Inland from any further obligation under this Section 6.6(a)(ii) with respect to such Property, or (y) cause the Company to make an In-kind Distribution of the Property in question to Inland, and a cash distribution to NYSTRS, in accordance with Section 10.13 of this Agreement. Notwithstanding anything to the contrary contained herein, if Inland has begun to take any remediation actions with respect to such Property required by the IL EPA for purposes of obtaining an NFR Letter on or before the date which is two years after the Property Contribution Date, and Inland is taking all reasonable actions necessary to cause such remediation to be pursued to completion, which actions shall include, if applicable, a waiver by Inland of the $100,000 ...
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NFR Letters. (i) Inland shall submit applications to the Illinois Environmental Protection Agency (“IL EPA”) seeking “No Further Remediation” letters (“NFR Letters”) for the dry cleaner operations on the Properties known as Xxxxxxx Square and Cobbler Crossing.
Sample 1

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