Common use of Environmental Study Clause in Contracts

Environmental Study. Within forty-five (45) days after the execution of this Agreement, CBS shall obtain, at its expense, and present to Gayl▇▇▇, ▇ Phase I environmental report (the "Phase I Report") from a licensed environmental engineer or firm (which shall be reasonably acceptable to Gayl▇▇▇) ▇▇th respect to the Station's real property. If the Phase I Report discloses conditions which require, in the opinion of the environmental engineer or firm performing the assessment, further sampling or investigation, Gayl▇▇▇ ▇▇▇ the Limited Partnership shall grant CBS and its agents reasonable access to the Station's real property, and CBS shall cause such sampling or investigation to be performed at its expense and shall present the results and recommendations of the engineer or firm to Gayl▇▇▇ (▇▇e "Phase II Report"). Gayl▇▇▇ ▇▇▇ll be responsible for the prompt correction or remediation of any environmental, health or safety violations or conditions disclosed in the Phase I Report or the Phase II Report, to the extent required by applicable law or any relevant Governmental Entity, it being understood that the remediation may continue following the Closing. The studies contemplated by this Section 5.8 and the remediation efforts in response thereto shall not hinder or delay the Closing of the transactions contemplated by this Agreement.

Environmental Study. Within forty-five (45) days after the execution of this Agreement, CBS shall obtain, at its expense, and present to Gayl▇▇▇▇▇▇▇, ▇ a Phase I environmental report (the "Phase I Report") from a licensed environmental engineer or firm (which shall be reasonably acceptable to Gayl▇▇▇▇▇▇▇) ▇▇th with respect to the Station's real property. If the Phase I Report discloses conditions which require, in the opinion of the environmental engineer or firm performing the assessment, further sampling or investigation, Gayl▇▇▇▇▇▇▇ ▇▇▇ and the Limited Partnership shall grant CBS and its agents reasonable access to the Station's real property, and CBS shall cause such sampling or investigation to be performed at its expense and shall present the results and recommendations of the engineer or firm to Gayl▇▇▇▇▇▇▇ (▇▇e the "Phase II Report"). Gayl▇▇▇▇▇▇▇ ▇▇▇ll shall be responsible for the prompt correction or remediation of any environmental, health or safety violations or conditions disclosed in the Phase I Report or the Phase II Report, to the extent required by applicable law or any relevant Governmental Entity, it being understood that the remediation may continue following the Closing. The studies contemplated by this Section 5.8 and the remediation efforts in response thereto shall not hinder or delay the Closing of the transactions contemplated by this Agreement.