OIL TANK. If the Premises is heated by oil, the oil tank shall be measured at the time the Tenant takes possession of the Premises; and the Tenant shall ensure that the tank has the same amount of oil in the tank upon surrendering the Premises. Failure to do so will result in the Tenant being charged for the cost of the oil shortfall at then current rates plus a 10% surcharge.
OIL TANK. Within ten (10) business days after the date hereof, the Company shall obtain a qualified contractor quote to convert the Company premises from oil heat to natural gas heat (the “Conversion Cost Estimate”) and provide such information to Buyer. Unless Buyer notifies Seller Representatives in writing that it prefers to convert the premises to natural gas, the Company shall use commercially reasonable efforts to restore the 6,000-gallon oil tank to operational condition. In the event (i) Buyer elects conversion to natural gas or (ii) such tank is not restored to operational condition prior to the Closing, an amount equal to the Conversion Cost Estimate shall be included as a current liability for purposes of the calculation of Working Capital as of the Closing and Buyer shall thereafter be responsible for the restoration of heat to the Company premises, including all costs relating thereto.
OIL TANK. If the Property is heated by oil, the oil company that shall be used is N/A
OIL TANK. If the Property is heated by oil, the oil tank shall be measured at the time the Tenant takes possession of the Property; and the Tenant shall ensure that the tank has the same amount of oil in the tank upon surrendering the property. Failure do so will result in the tenant being charged for the cost of the oil shortfall at then current rates plus a 10% labor surcharge.
OIL TANK. Easement Holder acknowledges an underground oil tank (“Oil Tank”) was installed on or about the One East Liberty Property, which Oil Tank was slurry filled and closed in 1994. To the extent, if any, the Oil Tank encroaches on or causes environmental contamination to the City Properties or other property owned by the City, Easement Holder agrees to hold the City harmless from any damage or liability that may result from the encroachment, if any, and will, at its sole cost and expense, perform any required environmental clean-up and defend any suits for damages which may be brought as a result thereof.
