New or Updated Environmental Report Sample Clauses

New or Updated Environmental Report. Within thirty (30) days after the Commencement Date, Purchaser may obtain and deliver to Seller an updated or new Phase I and/or a Phase II environmental site assessment report for the Property (individually, Purchaser’s Environmental Report and collectively, “Purchaser’s Environmental Reports”). In the event Purchaser’s Environmental Reports reveals the presence of any Hazardous Substances affecting the Property that were not disclosed in any prior Phase I or Phase II environmental site assessment report obtained by Purchaser during the Inspection Period, if any, or in any environmental site assessment report delivered to Purchaser as part of Seller’s Disclosure Materials, and such Hazardous Substances are at levels which exceed the state or federal standards applicable to the Property and require environmental remediation, then Seller shall, within ten (IO) days after Seller’s receipt of Purchaser’s Environmental Reports, respond to Purchaser in writing that Seller either (i) agrees to undertake such actions specified in Purchaser’s Environmental Reports to remediate such conditions at no cost or expense to Purchaser (collectively, the “Remediation Actions”), or (ii) does not agree to undertake the Remediation Actions. In the event Seller elects option (ii) above, Purchaser shall have then have the option to either (a) proceed with Closing notwithstanding any required environmental condition and in such event the parties shall proceed with Closing, subject to the terms and conditions of this Agreement), or (b) terminate this Agreement whereupon Escrow Agent shall promptly refund to Purchaser the Exxxxxx Money, and upon such termination the parties shall have no further obligations or liability hereunder except for those which expressly survive termination. Purchaser shall provide Seller with written notice of Purchaser’s election, if any, within ten (IO) days after Purchaser’s receipt of Seller’s written response, failing which it shall be deemed that Purchaser has elected option (b) above. In the event Seller elects option (i) above, Seller shall have a period of thirty (30) days from the date of delivery of Seller’s response to Purchaser’s Environmental Reports (or such longer period of time as may be mutually agreed upon between Purchaser and Seller in writing) in which to perform the Remediation Actions. If Seller fully performs the Remediation Actions, as confirmed by Purchaser’s environmental consultant, Purchaser shall proceed toward Closing (subj...
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Related to New or Updated Environmental Report

  • Environmental Report Lender shall have received an Environmental Report (not more than six months old) with respect to the Property that discloses no material environmental contingencies with respect to the Property.

  • Environmental Reports Lender shall have received an environmental report in respect of the Property, in each case reasonably satisfactory to Lender.

  • Preparation of Environmental Reports At the request of the Administrative Agent from time to time if the Administrative Agent reasonably suspects the presence of any Hazardous Materials on any property of the Borrower or its Subsidiaries, provide to the Administrative Agent within sixty (60) days after such request, at the expense of the Borrower, an environmental site assessment report for any Specified Real Estate described in such request, prepared by a nationally recognized environmental consulting firm (or other environmental consulting firm reasonably acceptable to the Administrative Agent), indicating the presence or absence of Hazardous Materials and the estimated cost of any compliance, removal or remedial action in connection with any Hazardous Materials on such properties; without limiting the generality of the foregoing, if the Administrative Agent determines at any time that a material risk exists that any such report will not be provided within the time referred to above, the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and such Loan Party hereby grants and agrees to cause any Subsidiary that owns any property described in such request to grant at the time of such request to the Administrative Agent, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of tenants, to enter onto their respective properties to undertake such an assessment.

  • Environmental Assessment In connection with its surrender of the Premises, Tenant shall submit to Landlord, at least fifteen (15) days prior to the expiration date of this Lease (or in the event of an earlier termination of this Lease, as soon as reasonably possible following such termination), an environmental Assessment of the Premises by a competent and experienced environmental engineer or engineering firm reasonably satisfactory to Landlord (pursuant to a contract approved by Landlord and providing that Landlord can rely on the Environmental Assessment). If such Environmental Assessment reveals that remediation or Clean-up is required under any Environmental Laws that Tenant is responsible for under this Lease, Tenant shall submit a remediation plan prepared by a recognized environmental consultant and shall be responsible for all costs of remediation and Clean-up, as more particularly provided in Section 5.3, above.

  • Compliance with Environmental Laws; Environmental Reports (a) Comply, and cause all lessees and other persons occupying Real Property owned, operated or leased by any Company to comply, in all material respects with all Environmental Laws and Environmental Permits applicable to its operations and Real Property; obtain and renew all material Environmental Permits applicable to its operations and Real Property; and conduct all Responses required by, and in accordance with, Environmental Laws; provided that no Company shall be required to undertake any Response to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

  • Environmental Audit If required by the Administrative Agent, reports and other information in form, scope and substance satisfactory to the Administrative Agent and prepared by environmental consultants satisfactory to the Administrative Agent, concerning any environmental hazards or liabilities to which any Credit Party may be subject with respect to such Additional Mortgaged Property; and

  • Environmental Audits From time to time, as requested by Lender, at the sole expense of Borrower, Borrower shall provide Lender, or its designee, complete access to all of Borrower's facilities for the purpose of conducting an environmental audit of such facilities as Lender or its designees may deem necessary. Borrower agrees to cooperate with Lender with respect to any environmental audit conducted by Lender or its designee pursuant to this Section 5.10.

  • Environmental Assessments Foreclose on or take a deed or title to any commercial real estate without first conducting a Phase I environmental assessment of the property or foreclose on any commercial real estate if such environmental assessment indicates the presence of a Hazardous Substance in amounts which, if such foreclosure were to occur, would be material.

  • Environmental Site Assessment Lender shall have the right, at any time and from time to time, to undertake an environmental site assessment on the Property, including any testing that Lender may determine, in its sole discretion, is necessary or desirable to ascertain the environmental condition of the Property and the compliance of the Property with Requirements of Environmental Laws. Borrower shall cooperate fully with Lender and its consultants performing such assessments and tests. If Lender undertakes such assessments because Lender reasonably believes contamination has occurred, or if the assessment reveals contamination not previously known to Lender, the expense of such assessment shall be paid by the Borrower. Otherwise, any such assessment shall be at Lender's expense.

  • Environmental Inspection 11 ARTICLE XI................................................................... 12 11.1 Modifications.................................................. 12 ARTICLE XII.................................................................. 13 12.1

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