Common use of Foreclosures Clause in Contracts

Foreclosures. Foreclose upon or otherwise take title to or possession or control of any real property without first obtaining a phase one environmental report thereon which indicates that the property is free of pollutants, contaminants or hazardous or toxic waste materials, provided, however, that the Seller shall not be required to obtain such a report with respect to single family, non-agricultural residential property of one acre or less to be foreclosed upon unless it has or should have had reason to believe that such property might contain any such waste materials or otherwise might be contaminated.

Foreclosures. Foreclose upon or otherwise take title to or possession or control of any real property without first obtaining a phase one Phase I environmental report thereon which indicates that the property is free of pollutants, contaminants or hazardous or toxic waste materials, Hazardous Material; provided, however, that the Seller no such report shall not be required to obtain such a report be obtained with respect to single single-family, non-agricultural residential real property of one acre or less to be foreclosed upon unless it Vision Bancshares or the applicable Subsidiary of Vision Bancshares has or should have had reason to believe that such real property might may contain any such waste materials or otherwise might be contaminated.Hazardous Material;