Historical Recognized Environmental Condition definition
Historical Recognized Environmental Condition has the meaning set forth in Section 5.17(b).
Historical Recognized Environmental Condition means a past Release of any Hazardous Materials or petroleum products that has occurred in connection with the property and has been addressed to the satisfaction of the applicable Governmental Authority or meeting unrestricted use criteria established by a Governmental Authority, without subjecting the property to any required controls (for example, property use restrictions, activity and use limitations or institutional controls).
Examples of Historical Recognized Environmental Condition in a sentence
Purchaser shall have obtained at its expense copies of the Phase I Reports, satisfactory to Purchaser, for the bases located on Schedule 7.3(p), and such Phase I Reports will not identify the presence of any Recognized Environmental Condition, Historical Recognized Environmental Condition or Controlled Recognized Environmental Condition at any of the bases located on Schedule 7.3(p) or neighboring properties in the vicinity of the bases located on Schedule 7.3(p).