Phase I Environmental Site Assessment Report. A Phase I environmental site assessment report (“Phase I”) in accordance with ASTM guidelines to be prepared by Xxxxx Engineering Associates, Inc. for each of the Properties; provided that the Phase I be dated no earlier than six (6) months prior to the Closing Date (as defined in Section 8), and further provided that written evidence of Buyer’s ability to rely on the Phase I be contemporaneously delivered to Buyer. If no written disapproval of the Phase I for a particular Property is received from Buyer on or before ten (10) days after delivery of same, the Phase I shall be deemed approved by Buyer.
Phase I Environmental Site Assessment Report. As soon as reasonably possible after execution of this Agreement, Seller shall cause a Phase I Environmental Site Assessment Report (the "Phase I") to be prepared for the Property in accordance with ASTM guidelines and certified to Buyer by an environmental consultant approved by Buyer.
Phase I Environmental Site Assessment Report. A PIERS Phase I Environmental Site Assessment Report will provide the documentation necessary to help protect both sellers and buyers of the Property from environmental liabilities. It will also provide the environmental disclosure documentation required by nearly all financial institutions that might finance the property. The requirements for completing this Phase I ESA are based upon the American Society for Testing and Materials (ASTM) standards, specifically, designation E 1527-05, Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process. These are the accepted current standards used to comply with the EPA’s Final Rule designating Standards and Practices for All Appropriate Inquires (Title 40 CFR Part 312). ASTM Standard Designation E1527-05 has become the practicing standard accepted by most banking and financial institutions as legally defensible due diligence for property sales. Short of these standards, a Phase I may not afford the legal protection necessary under current Federal, State and local environmental laws. Based on current ASTM standards, the following services will be performed to meet environmental disclosure requirements for the subject site: 1) Site and Immediate Area Inspection a) A visual reconnaissance and inspection of the site will be performed by a professionally trained assessor (REA and/or CEG) in order to assess and evaluate areas of concern that could potentially impact the subsurface environment. Documentary photographs will be taken and included in the report. b) A visual reconnaissance of adjoining and surrounding properties in the immediate vicinity will be performed in order to locate any potential generators of hazardous materials and assess potential subsurface environmental impacts to the subject site. 2)
Phase I Environmental Site Assessment Report. Buyer must have received a Phase I Environmental Site Assessment Report with respect to the Owned Real Property (which report must cover mold, asbestos, radon and lead-based paint as well as environmental matters customarily addressed in a Phase I Environmental Site Assessment Report), which report must be acceptable to Buyer in its sole discretion.
Phase I Environmental Site Assessment Report. Produce Center and DOA Facility (May 2001), prepared by Kimura International, Inc. (available in hard copy)
Phase I Environmental Site Assessment Report. Prior to execution -------------------------------------------- of this Agreement, Seller has caused a Phase I environmental site assessment report ("Phase I") to be prepared for each of the Properties by an environmental consultant in accordance with ASTM guidelines. The Phase I shall be deemed approved by Buyer as of the Closing.
Phase I Environmental Site Assessment Report. At least ten (10) days prior to Closing, Borrower, at Borrower's expense, must provide Lender a satisfactory Phase I Environmental Site Assessment Report performed by an environmental consulting firm previously approved by the Lender. The Environmental Site Assessment shall conform to the Lender's attached specifications, at a minimum, and shall otherwise be acceptable to the Lender in scope, form, and content. In the event Lender otherwise requires further investigation(s) as a result of findings of the Phase I Environmental Site Assessment Report, then such investigation(s)) shall be conducted at Borrower's sole cost and expense by an environmental consulting firm approved by the Lender. This Commitment is contingent upon the Lender's receipt and approval of the Phase I Environmental Site Assessment Report and any subsequent findings, test results, consultant recommendations and/or reports generated as a result of such further investigation(s). In lieu of obtaining the Phase I Report, Borrower may satisfy this condition by completing the questionnaire attached hereto as Exhibit D regarding the environmental condition of the Property. The Property has been determined to qualify for Lender's Collateral Protection and Liability Program, and Borrower shall pay an environmental assessment fee to Lender in the approximate amount of $1,400, which fee shall be due and payable at Closing. At Closing, Borrower and Xxxxxxxxx shall execute an Affidavit and Indemnity Regarding Hazardous or Toxic Materials in favor of Xxxxxx.
Phase I Environmental Site Assessment Report. Purchaser, at its cost and expense, shall have received a Phase I environmental site assessment (herein a “Phase I”) satisfactory to Purchaser, in its sole and absolute discretion, prepared by an environmental consultant approved by Purchaser in accordance with ASTM Standard E 1527-05 (or such other standard as may be approved by Purchaser) (including findings, conclusions and consultant’s recommendations).
Phase I Environmental Site Assessment Report. The Class A Equity Investors shall have received a copy of the Phase I Environmental Site Assessment Report (including reasonably acceptable reliance provisions or a separate reliance letter addressed to the Class A Equity Investors) with respect to the Project, in form and substance reasonably satisfactory to the Class A Equity Investors.
Phase I Environmental Site Assessment Report. (i) If less than one year has elapsed since the date of the site visit, records review, lien search, environmental professional’s declaration, and owner/operator interviews performed for the Phase I Environmental Site Assessment Report delivered pursuant to Section 5.1(q) and either (x) more than 180 days have elapsed since the date of the site visit, records review, lien search, environmental professional’s declaration, and owner/operator interviews performed for the Phase I Environmental Site Assessment Report delivered pursuant to Section 5.1(q) or (y) to the Knowledge of the Class B Equity Investor, there have been changes to the Project that would materially impact the conclusions set forth in the Phase I Environmental Site Assessment Report delivered pursuant to Section 5.1(q), the Class A Equity Investors shall have received a copy of a bring-down of the applicable sections of the Phase I Environmental Site Assessment Report delivered pursuant to Section 5.1(q); or (ii) if one year or more has elapsed since the date of the site visit, records review, lien search, environmental professional’s declaration, and owner/operator interviews performed for the Phase I Environmental Site Assessment Report delivered pursuant to Section 5.1(q), the Class A Equity Investors shall have received a new Phase I Environmental Site Assessment, in each case, including reasonably acceptable reliance provisions or a separate reliance letter addressed to the Class A Equity Investors and in form and substance reasonably satisfactory to the Class A Equity Investors.
