Environmental Defect. A Property shall be deemed to have an “Environmental Defect” if Buyer discovers that such Property is subject to a condition constituting a violation of Environmental Laws with respect to which the Lowest Cost Response is reasonably estimated to require expenditure in excess of $10,000.00.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Reef Global Energy VIII, L.P.), Purchase and Sale Agreement (Reef Global Energy VII, L.P.)