Common use of Environmental Contingency Clause in Contracts

Environmental Contingency. Buyer intends to conduct additional environmental assessment of the Property to determine the extent, if any, of environmental contamination on the Property. Buyer shall only conduct additional environmental assessment in accordance with a supplemental written investigation plan prepared by Buyer (the “Supplemental Testing Plan”) and approved in writing by Seller (such Supplemental Testing Plan to be submitted to Seller for approval no later than thirty (30) days after the Agreement Date); provided, that any approval of any testing plan shall not be deemed an endorsement, warranty or representation by Seller of the suitability or completeness of Buyer’s investigation plan; and, provided further, that that any Report(s), including any additional Phase II environmental assessment, shall be of a scope necessary to characterize the environmental conditions of the entire Property. The initial approved Phase II testing plan is attached hereto as Exhibit G. Neither Buyer nor its consultants shall submit any data, sampling results, or reports to the Washington Department of Ecology or any other party prior to Closing without Seller’s prior written consent. If Buyer determines (in Buyer's sole and absolute discretion) that Buyer is satisfied with its environmental assessment, then Buyer shall, prior to expiration of the Contingency Period, deliver a Notice to Seller waiving the contingency under this subsection 4.01(c). If Buyer fails to deliver to Seller such Notice of satisfaction prior to expiration of the Contingency Period, then the contingency under this subsection 4.01(c) shall be conclusively deemed not satisfied, this Agreement shall automatically terminate and the ▇▇▇▇▇▇▇ Money Note shall be promptly returned to Buyer and neither Buyer or nor Seller shall have any further obligation under this Agreement; provided further, if (i) Buyer fails to timely deliver a Notice of satisfaction of the contingency under this subsection and (ii) Seller has refused to approve the Supplemental Testing Plan timely submitted in writing to Seller for approval, the Contract Fee shall also promptly be returned to Buyer.

Environmental Contingency. Buyer intends to conduct additional environmental assessment If during the course of the Borough’s due diligence inspection of the Property pursuant to determine Section 9, the extent, if any, Borough discovers the presence of environmental contamination hazards on or released from the Property in any quantity or concentration exceeding the limits allowed by applicable law, or that are deemed undesirable by the Borough, the Borough will have the right to give notice to Sellers, accompanied by a copy or copies of the Third-Party Report(s) disclosing and confirming the presence of such hazardous materials. The notice and accompanying Third-Party Report must be given no later than 60 days from receipt of said report. The notice under this section must state: (i) that the Borough is terminating this Agreement due to the presence of such hazardous materials on or adversely affecting the Property; OR (ii) provide Sellers 30 days from notice to provide a mitigation plan outlining steps taken by seller to remedy said hazards to the Borough’s satisfaction at Sellers’ expense. Following the notice and report described in this Section, the Parties may negotiate other resolutions as may be agreeable to the Parties in writing to be included as a part of this Agreement. In the event the Parties cannot agree in writing on a resolution to remedy any environmental concerns within 90 days of the notice, this Agreement will automatically terminate. It is expressly understood that, by execution of this Agreement, Sellers hereby indemnify the Borough for any and all CERCLA-related claims, liabilities or matters, unless otherwise provided for in this Agreement. Said indemnification will survive closing and termination of this Agreement. Upon successful close of escrow said indemnification will continue for a period DocuSign Envelope ID: 431CC539-007E-4CD6-A488-98348DBEFC14 of not less than 12 months, from the date of closing unless otherwise provided for in this Agreement. If this Agreement is terminated pursuant to any report detailing environmental conditions that may or may not exist on the Property, such report(s) will remain confidential and proprietary. Buyer shall only conduct additional environmental assessment in accordance with a supplemental written investigation plan prepared by Buyer (the “Supplemental Testing Plan”The report(s) will be marked as confidential and approved in writing by Seller (such Supplemental Testing Plan to be submitted to Seller for approval no later than thirty (30) days after the Agreement Date); provided, that any approval of any testing plan shall will not be deemed an endorsementreleased to a private individual, warranty entity, or representation by Seller non-profit without express agreement of the suitability or completeness of Buyer’s investigation plan; andParties hereto. Notwithstanding, provided further, that that any Report(s), including any additional Phase II environmental assessment, shall the report will be of released pursuant to a scope necessary to characterize the environmental conditions of the entire Property. The initial approved Phase II testing plan is attached hereto as Exhibit G. Neither Buyer nor its consultants shall submit any data, sampling results, or reports valid court order and may be released to the Washington Department State of Ecology or any other party prior to Closing without Seller’s prior written consent. If Buyer determines (in Buyer's sole and absolute discretion) that Buyer is satisfied with its environmental assessment, then Buyer shall, prior to expiration of the Contingency Period, deliver a Notice to Seller waiving the contingency under this subsection 4.01(c). If Buyer fails to deliver to Seller such Notice of satisfaction prior to expiration of the Contingency Period, then the contingency under this subsection 4.01(c) shall be conclusively deemed not satisfied, this Agreement shall automatically terminate and the ▇▇▇▇▇▇▇ Money Note shall be promptly returned to Buyer and neither Buyer or nor Seller shall have any further obligation under this Agreement; provided further, if (i) Buyer fails to timely deliver a Notice of satisfaction of the contingency under this subsection and (ii) Seller has refused to approve the Supplemental Testing Plan timely submitted in writing to Seller for approval, the Contract Fee shall also promptly be returned to BuyerAlaska upon request.