Common use of Environmental Defect Notice Clause in Contracts

Environmental Defect Notice. Buyer may conduct an environmental review of Seller's Oil and Gas Interests and give Seller a written notice of Environmental Defects ("Environmental Defect Notice"). As a condition precedent to the effectiveness of such notice, an Environmental Defect Notice must be received on or before January 19, 1998 at 5:00 p.m. Central Time and shall state with reasonable particularity the name of the affected Oil and Gas Interest, the condition in, on or under the Oil and Gas Interest that causes the Environmental Defect, substantiation for the Environmental Defect, and the estimated cost to remediate the Oil and Gas Interest. If Buyer fails to timely deliver a valid Environmental Defect Notice with respect to an Oil and Gas Interest, Buyer shall be deemed to have accepted the environmental condition in, on and under that Oil and Gas Interest and shall be deemed to have waived its right to claim an Environmental Defect with respect to that Oil and Gas Interest, except in the event of the breach of a representation or warranty of Seller hereunder.