Common use of Seller’s Election with Respect to Environmental Defects Clause in Contracts

Seller’s Election with Respect to Environmental Defects. For any Environmental Defect asserted in an Environmental Defect Notice, Seller, in its sole discretion, shall have the option of (i) Remediating the Environmental Defect, (ii) contesting the existence of the Environmental Defect or the Environmental Defect Value, (iii) paying the Environmental Defect Value as an adjustment to the Purchase Price subject to the limitations set forth below, or (iv) excluding the affected Asset and reducing the Purchase Price by the Allocated Value thereof. Seller shall notify Buyer in writing of its election no more than five (5) days following its receipt of an Environmental Defect Notice, and Seller's failure to make an election shall be deemed an election under clause (iii) of the preceding sentence.

Seller’s Election with Respect to Environmental Defects. For any Environmental Defect asserted in an Environmental Defect Notice, Seller, in its sole discretion, shall have the option of (i) Remediating the Environmental Defect, (ii) contesting the existence of the Environmental Defect or the Environmental Defect Value, (iii) paying the Environmental Defect Value as an adjustment to the Purchase Price subject to the limitations set forth below, or (iv) excluding the affected Asset and reducing the Purchase Price by the Allocated Value thereof. Seller shall notify Buyer in writing of its election no more than five (5) days following its receipt of an Environmental Defect Notice, and Seller's ’s failure to make an election shall be deemed an election under clause (iii) of the preceding sentence.

Seller’s Election with Respect to Environmental Defects. For any Environmental Defect asserted in an Environmental Defect Notice, Seller, in its sole discretion, shall have the option of (i) Remediating the Environmental Defect, (ii) contesting the existence of the Environmental Defect or the Environmental Defect Value, (iii) paying the Environmental Defect Value as an adjustment to the Purchase Price subject to the limitations set forth below, or (iv) if the Environmental Defect Value exceeds seventy percent (70%) of the Allocated Value of the affected Asset, excluding the affected Asset and reducing the Purchase Price by the Allocated Value thereof. Seller shall notify Buyer in writing of its election no more than five (5) days following its receipt of an Environmental Defect Notice, and Seller's ’s failure to make an election shall be deemed an election under clause (iii) of the preceding sentence.