ENVIRONMENTAL CONDITION PRECEDENT Clause Samples
The Environmental Condition Precedent clause establishes that certain environmental standards or requirements must be satisfied before a contract or transaction can proceed. Typically, this involves obtaining environmental assessments, clearances, or certifications to confirm that the property or project complies with applicable environmental laws and regulations. For example, a real estate sale may not close until a Phase I Environmental Site Assessment confirms the absence of contamination. This clause serves to protect parties from unforeseen environmental liabilities and ensures that all legal and regulatory environmental obligations are met before finalizing the agreement.
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ENVIRONMENTAL CONDITION PRECEDENT. Prior to the Effective Date, Shurgard has provided to the LLC with respect to each Property copies of all of the existing documents and information relating to the environmental condition of such Properties in Shurgard's possession or reasonably obtainable by Shurgard, a list of which is attached as Schedule 3.4(a). The members of the LLC have reviewed such information and, except as set forth as Disapproved Matters on Schedule 3.4(b) attached hereto, the LLC hereby waives its contingencies regarding the environmental condition of the Properties. Shurgard has previously delivered to the LLC a Phase I environmental site assessment (each an "ESA") prepared by an environmental consultant reasonably acceptable to the LLC and any other documents and information relating to the environmental condition of such Property(ies) in Shurgard's possession or reasonably obtainable by Shurgard or reasonably requested by the LLC (the "Supplemental Environmental Information"). Except as otherwise set forth in the Disclosure Schedule (defined below), any ESAs which are approved by the lender or lenders under the Credit Facility obtained by the LLC shall be deemed approved by Chase without necessity for further review.