Common use of Environmental Defect Clause in Contracts

Environmental Defect. For purposes of this Paragraph an environmental defect is a toxic or hazardous substance at a level and condition found above those set as acceptable by the United States Environmental Protection Agency, the Illinois Environmental Protection Agency, the Illinois EmergencyManagement Agency or applicable local governmental agency. If the stated defect is any toxic or hazardous substance, then Seller, at Seller’s option and expense, may have the substance remediated, removed, or reduced to an acceptable level prior to Closing. ▇▇▇▇▇, at ▇▇▇▇▇’s option and expense, is responsible for re-inspection of the remediation and proof of re-inspection by the same inspector(s) as previously used or by similarly qualified inspector(s). Buyer, at ▇▇▇▇▇’s sole discretion, may accept theplan of remediation, terminate this Contract, or allow the Seller to escrow one and one half (1 ½) times the amount of the bid or written estimate, as determined by the Buyer, of such environmental repair(s)at Closing. In the event either Seller or Buyer elects to terminate the Contract due to an environmental defect as provided herein, the non-terminating Party shall be obligated to sign the document terminating this Contract, and the ▇▇▇▇▇▇▇ Money shall be refunded to Buyer. For Termination Procedure see Paragraph 37.