Common use of Environmental Study Clause in Contracts

Environmental Study. Seller has provided Purchaser with copies of any Phase I environmental site assessments or Phase II environmental reports, or any similar reports, for the Real Property or Leased Property possessed by Seller. Within thirty (30) days after the date of this Agreement, the Purchaser may, at the Purchaser’s sole cost and expense, obtain a completed Phase I environmental site assessment (“Phase I”) of any and all Real Property or Leased Property conducted by an independent environmental investigation and testing firm selected by the Purchaser and reasonably acceptable to the Seller. In the event the Phase I discloses any potential environmental condition that in the reasonable belief of the Purchaser warrants further review or investigation, the Purchaser shall give notice of the same to the Seller within such thirty (30) day period with respect to the specific Real Property or Leased Property involved. The Purchaser shall purchase, or assume the lease for, any and all Real Property or Leased Property, as the case may be, for which specific notice is not provided within such thirty (30) day period. Upon giving the notice required hereby, the Purchaser may, within an additional forty-five (45) day period obtain a completed Phase II environmental report (“Phase II”) by the same environmental investigation and testing firm that prepared the Phase I report; provided, however, that all testing and sampling conducted by such firm shall be agreed upon in advance by both the Purchaser and the Seller. All costs and expenses associated with the Phase II testing and report shall be divided equally between the Purchaser and the Seller. The Purchaser shall purchase, or assume the Lease of, any and all Real Property or Leased Property, as the case may be, for which (a) the Phase I or Phase II report reveals potential levels of environmental contaminants not in excess of federal or state action limits, or (b) the Purchaser shall have been provided confirmation from governmental authorities with applicable jurisdiction that no action is required. If the Phase II report reveals levels of environmental contaminants in excess of federal or state action limits on any Real Property, the Purchaser may purchase such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. In the event that the Purchaser and the Seller fail to reach such agreement within seventy-five (75) days following the date of this Agreement, the Purchaser shall lease any such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. The Purchaser and its employees, agents and representatives shall hold the contents of all Phase I or Phase II reports confidential and disclose the contents thereof only with the prior written consent of the Seller or as may be required under applicable law. The Purchaser shall provide copies of the Phase I and Phase II reports, if any, obtained by Purchaser to the Seller within the time periods required above for obtaining the same.

Environmental Study. Seller has provided Purchaser with copies of any Phase I environmental site assessments or Phase II environmental reports, or any similar reports, for the Real Property or Leased Property possessed by Seller. Within thirty (30) days after the date of this Agreement, the Purchaser may, at the Purchaser’s sole cost and expense, obtain a completed Phase I environmental site assessment (“Phase I”) of any and all Real Property or Leased Property conducted by an independent environmental investigation and testing firm selected by the Purchaser and reasonably acceptable to the Seller. In the event the Phase I discloses any potential environmental condition that in the reasonable belief of the Purchaser warrants further review or investigation, the Purchaser shall give notice of the same to the Seller within such thirty (30) day period with respect to the specific Real Property or Leased Property involved. The Purchaser shall purchase, or assume the lease for, any and all Real Property or Leased Property, as the case may be, for which specific notice is not provided within such thirty (30) day period. Upon giving the notice required hereby, the Purchaser may, within an additional forty-five (45) day period obtain a completed Phase II environmental report (“Phase II”) by the same environmental investigation and testing firm that prepared the Phase I report; provided, however, that all testing and sampling conducted by such firm shall be agreed upon in advance by both the Purchaser and the Seller. All costs and expenses associated with the Phase II testing and report shall be divided equally between the Purchaser and the Seller. The Purchaser shall purchase, or assume the Lease of, any and all Real Property or Leased Property, as the case may be, for which (a) the Phase I or Phase II report reveals potential levels of environmental contaminants not in excess of federal or state action limits, or (b) the Purchaser shall have been provided confirmation from governmental authorities with applicable jurisdiction that no action is required. If the Phase II report reveals levels of environmental contaminants in excess of federal or state action limits on any Real Property, the Purchaser may purchase such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. In the event that the Purchaser and the Seller fail to reach such agreement within seventy-five (75) 45 days following the date of this Agreement, at the Purchaser option of BT Financial, BT Financial shall lease cause a Phase I environmental assessment ("Phase I assessment") of each of HNBP's owned branch offices to be completed, at its sole cost and expense. If BT Financial should determine pursuant to the results of such Phase I assessment that (i) there has been any such storage, discharge, disposal, release, or emission of any Hazardous Substance in, on, or from any Owned Real Property on terms and conditions mutually agreeable to (ii) BT Financial reasonably believes that it could become responsible for the Purchaser remediation of such storage, discharge, disposal, release, or emission or become liable for monetary damages resulting therefrom, then BT Financial shall inform Huntington and the Seller. The Purchaser and its employees, agents and representatives shall hold the contents HNBP in writing with specificity within fifteen days of all Phase I or Phase II reports confidential and disclose the contents thereof only with the prior written consent of the Seller or as may be required under applicable law. The Purchaser shall provide copies BT Financial's receipt of the Phase I and Phase II reportsassessment. Upon receipt of such notice, if anythe costs to remedy the defects specified in such notice are reasonably expected to be less than $50,000 in the aggregate, obtained by Purchaser HNBP shall take all necessary actions to correct the defects specified in the notice. Upon completion of such corrective action to the Seller within satisfaction of BT Financial, or HNBP's proving to BT Financial that BT Financial would not be responsible for remediation or be liable for monetary damages (unless, in BT Financial's reasonable opinion, the time periods results of the Phase I assessment would materially adversely affect the marketability of said property), BT Financial shall remove any objection it may have with respect to that certain parcel of Owned Real Property and proceed promptly toward Closing. If the costs to remedy the specific defects set forth in such notice are reasonably expected to exceed $50,000 in the aggregate, then HNBP may, but shall not be required above for obtaining to, take all necessary actions to correct the samedefects specified in the notice, and if HNBP corrects such defect to the satisfaction of BT Financial, BT Financial shall remove any objection it may have with respect to that certain parcel of Owned Real Property and proceed promptly toward Closing, and, if HNBP elects not to correct such defect or if HNBP fails to correct such defect, BT Financial, in its sole discretion, may terminate this Agreement.

Environmental Study. Seller has provided Purchaser with copies of any Phase I environmental site assessments or Phase II environmental reports, or any similar reports, for the Real Property or Leased Property possessed by Seller. Within thirty (30) days after the date of this Agreement, the Purchaser may, at the Purchaser’s sole cost and expense, obtain a completed Phase I environmental site assessment (“Phase I”) of any and all the Real Property or Leased Property conducted by an independent environmental investigation and testing firm selected by the Purchaser and reasonably acceptable to the Seller. In the event the Phase I discloses any potential environmental condition that in the reasonable belief of the Purchaser warrants further review or investigation, the Purchaser shall give notice of the same to the Seller within such thirty (30) day period with respect to the specific Real Property or Leased Property involved. The Purchaser shall purchase, or assume purchase the lease for, any and all Real Property or Leased Property, as the case may be, for which if specific notice is not provided within such thirty (30) day period. Upon giving the notice required hereby, the Purchaser may, within an additional forty-five (45) day period obtain a completed Phase II environmental report (“Phase II”) by the same environmental investigation and testing firm that prepared the Phase I report; provided, however, that all testing and sampling conducted by such firm shall be agreed upon in advance by both the Purchaser and the Seller. All Purchaser shall pay the costs and expenses associated with of obtaining the Phase II testing and report shall be divided equally between the Purchaser and the Sellerenvironmental report. The Purchaser shall purchase, or assume purchase the Lease of, any and all Real Property or Leased Property, as the case may be, for which if (a) the Phase I or Phase II report reveals potential levels of environmental contaminants not in excess of federal or state action limits, or (b) the Purchaser shall have been provided confirmation from governmental authorities with applicable jurisdiction that no action is required. If the Phase II report reveals levels of environmental contaminants in excess of federal or state action limits on any Real Property, the Purchaser may purchase such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. In the event that the Purchaser and the Seller fail to reach such agreement within seventy-five (75) days following the date of this Agreement, the Purchaser shall lease any such Real Property on terms and conditions mutually agreeable have the right to terminate this Agreement without penalty or elect to proceed with the Purchaser and the Sellertransaction. The Purchaser and its employees, agents and representatives shall hold the contents of all Phase I or Phase II reports confidential and disclose the contents thereof only with the prior written consent of the Seller or as may be required under applicable law. The Purchaser shall provide copies of the Phase I and Phase II reports, if any, obtained by Purchaser to the Seller within the time periods required above for obtaining the same.applicable

Environmental Study. Seller has provided Purchaser with copies of any Phase I environmental site assessments or Phase II environmental reports, or any similar reports, for the Real Property or Leased Property possessed by Seller. Within thirty (30) days after the date of this Agreement, the Purchaser may, at the Purchaser’s 's sole cost and expense, obtain a completed Phase I environmental site assessment (“"Phase I”") of any and all Real Property or Leased Property conducted by an independent environmental investigation and testing firm selected by the Purchaser and reasonably acceptable to the Seller. In the event the Phase I discloses any potential environmental condition that in the reasonable belief of the Purchaser warrants further review or investigation, the Purchaser shall give notice of the same to the Seller within such thirty (30) day period with respect to the specific Real Property or Leased Property involved. The Purchaser shall purchase, or assume the lease for, any and all Real Property or Leased Property, as the case may be, for which specific notice is not provided within such thirty (30) day period. Upon giving the notice required hereby, the Purchaser may, within an additional forty-forty- five (45) day period obtain a completed Phase II environmental report (“"Phase II”") by the same environmental investigation and testing firm that prepared the Phase I report; provided, however, that all testing and sampling conducted by such firm shall be agreed upon in advance by both the Purchaser and the Seller. All costs and expenses associated with the Phase II testing and report shall be divided equally between the Purchaser and the Seller. The Purchaser shall purchase, or assume the Lease of, any and all Real Property or Leased Property, as the case may be, for which (a) the Phase I or Phase II report reveals potential levels of environmental contaminants not in excess of federal or state action limits, or (b) the Purchaser shall have been provided confirmation from governmental authorities with applicable jurisdiction that no action is required. If the Phase II report reveals levels of environmental contaminants in excess of federal or state action limits on any Real Property, the Purchaser may purchase such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. In the event that the Purchaser and the Seller fail to reach such agreement within seventy-five (75) days following the date of this Agreement, the Purchaser shall lease any such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. The Purchaser and its employees, agents and representatives shall hold the contents of all Phase I or Phase II reports confidential and disclose the contents thereof only with the prior written consent of the Seller or as may be required under applicable law. The Purchaser shall provide copies of the Phase I and Phase II reports, if any, obtained by Purchaser to the Seller within the time periods required above for obtaining the same.

Environmental Study. Seller has provided Purchaser with copies of any Phase I environmental site assessments or Phase II environmental reports, or any similar reports, for the Real Property or Leased Property possessed by Seller. Within thirty (30) days after the date of this Agreement, the Purchaser may, at the Purchaser’s sole cost and expense, obtain a completed Phase I environmental site assessment report (“Phase I”) of any and all Real Property or and Leased Property Property, conducted by an independent independent, nationally recognized environmental investigation and testing firm selected by the Purchaser and reasonably acceptable to the approved by Seller. In the event the Phase I discloses any potential environmental condition that in the reasonable belief of the Purchaser warrants further review or investigation, the Purchaser shall give notice of the same to the Seller within such thirty (30) day period with respect to the specific Real Property or Leased Property involvedProperty. The Purchaser shall purchaseshall, or assume the lease forsubject to other terms and conditions of this Agreement, purchase any and all Real Property or and assume Seller’s rights as lessee under the Leased Property, as the case may be, Property for which specific notice is not provided within such thirty (30) day period. Upon giving the notice required herebynotice, the Purchaser may, within an additional forty-five fifteen (4515) day period period, at one-half of the cost and expense to Purchaser and one-half to Seller, obtain a completed Phase II environmental report (“Phase II”) by the same environmental investigation ). Purchaser shall, subject to other terms and testing firm that prepared the Phase I report; providedconditions of this Agreement, however, that all testing and sampling conducted by such firm shall be agreed upon in advance by both the Purchaser and the Seller. All costs and expenses associated with the Phase II testing and report shall be divided equally between the Purchaser and the Seller. The Purchaser shall purchase, or assume the Lease of, purchase any and all Real Property or and assume Seller’s rights as lessee under the Leased Property, as the case may be, Property for which (a) the Phase I or Phase II report reveals potential levels of environmental contaminants not in excess of federal or and state action limits, or (b) the Purchaser shall have been provided confirmation from governmental authorities with applicable jurisdiction that no action is required. If the Phase II report reveals levels of environmental contaminants in excess of federal or and state action limits on any Real Property or Leased Property, the Purchaser may purchase such said Real Property and assume Seller’s rights as lessee under the Leased Property on terms and conditions mutually agreeable to the Purchaser and the Seller. In the event that the Purchaser and the Seller fail to reach such agreement within seventy-five sixty (7560) days following of the date of this Agreement, the Purchaser shall may, in its sole discretion, lease any such Real Property or Leased Property on market terms and conditions mutually agreeable to the Purchaser and the Seller, but Purchaser shall not have any obligation to lease such Real Property or Leased Property. The Purchaser and its employees, agents and representatives shall hold the all contents of all any Phase I or Phase II reports confidential and disclose the contents thereof only with the prior written consent of the Seller or as may be required under applicable law. The Purchaser shall provide copies of the Phase I and Phase II reports, if any, obtained by Purchaser to the Seller within the time periods required above for obtaining the same.

Environmental Study. Seller has provided Purchaser with copies of any Phase I environmental site assessments or Phase II environmental reports, or any similar reports, for the Real Property or Leased Property possessed by Seller. Within thirty (30) days after the date of this Agreement, the Purchaser may, at the Purchaser’s 's sole cost and expense, obtain a completed Phase I environmental site assessment report (“"Phase I”") of any and all Real Property or Leased Property conducted by an independent environmental investigation and testing firm selected by the Purchaser and reasonably acceptable to the Seller. In the event the Phase I discloses any potential environmental condition that in the reasonable belief of the Purchaser warrants further review or investigation, the Purchaser shall give notice of the same to the Seller within such thirty (30) day period with respect to the specific Real Property or Leased Property involved. The Purchaser shall purchase, or assume the lease for, purchase any and all Real Property or Leased Property, as the case may be, for which specific notice is not provided within such thirty (30) day period. Upon giving the notice required hereby, the Purchaser may, within an additional forty-five fifteen (4515) day period obtain a completed Phase II environmental report (“"Phase II”") by the same environmental investigation and testing firm that prepared the Phase I report; provided, however, that all testing and sampling conducted by such firm shall be agreed upon in advance by both the Purchaser and the Seller. All costs and expenses associated with the Phase II testing and report shall be divided equally between the Purchaser and the Seller. The Purchaser shall purchase, or assume the Lease of, purchase any and all Real Property or Leased Property, as the case may be, for which (a) the Phase I or Phase II report reveals potential levels of environmental contaminants not in excess of federal or state action limits, or (b) the Purchaser shall have been provided confirmation from governmental authorities with applicable jurisdiction that no action is required. If the Phase II report reveals levels of environmental contaminants in excess of federal or state action limits on any Real Property, the Purchaser may purchase such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. In the event that the Purchaser and the Seller fail to reach such agreement within seventy-five sixty (7560) days following the date of this Agreement, the Purchaser shall lease any such Real Property on terms and conditions mutually agreeable to the Purchaser and the Seller. The Purchaser and its employees, agents and representatives shall hold the contents of all Phase I or Phase II reports confidential and disclose the contents thereof only with the prior written consent of the Seller or as may be required under applicable law. The Purchaser shall provide copies of the Phase I and Phase II reports, if any, obtained by Purchaser to the Seller within the time periods required above for obtaining the same.