Common use of Notice of Environmental Defects Clause in Contracts

Notice of Environmental Defects. If Buyer discovers any Environmental Defect, Buyer shall promptly notify Seller thereof prior to the expiration of the Environmental Examination Period. To be effective, such notice (an “Environmental Defect Notice”) shall be in writing and shall include (a) a description of each alleged Environmental Defect, (b) the Asset or portion thereof affected thereby (each “Environmental Defect Property”), (c) the value of such Environmental Defect Property (which shall be the Allocated Value thereof), (d) documentation sufficient to reasonably support such asserted Environmental Defect, and (e) the amount which Buyer reasonably believes to be the net present value (using a 10% discount rate) of the Lowest Cost Response to cure such alleged Environmental Defect and the computations and information upon which Buyer’s belief is based. Any matters that may otherwise constitute Environmental Defects but that are not specifically disclosed to Seller pursuant to an Environmental Defect Notice prior to the expiration of the Environmental Examination Period shall be deemed to have been waived by Buyer, on behalf of itself and its successors and assigns, for all purposes (including, without limitation, ARTICLE XII of this Agreement).

Notice of Environmental Defects. If Buyer discovers any Environmental Defect, Buyer shall promptly notify Seller thereof within 3 business days of such discovery and, in any event, prior to the expiration of the Environmental Examination Period. To be effective, such notice of an Environmental Defect (an “Environmental Defect Notice”) shall be in writing and shall include (a) a description of each the alleged Environmental DefectDefect(s) including the GPS coordinates of the Condition (when available), (b) the Asset or portion thereof Asset(s) affected thereby (each “Environmental Defect Property”), (c) documentation, including any physical measurements or, to the value of such extent permitted by Seller under section 5.01, lab analyses, or photographs sufficient to reasonably support the asserted Environmental Defect Property (which shall be the Allocated Value thereofDefect(s), (d) documentation sufficient to reasonably support such asserted Environmental Defect, and (e) the amount which Buyer reasonably believes to be the net present value (using a 10% discount rate) of the Lowest Cost Response to cure such the alleged Environmental Defect Defect(s) and the computations and information upon which Buyer’s belief is based, and (e) The Specific Environmental Regulation (and date promulgated) that has been violated. Any matters that may otherwise constitute Environmental Defects but that are not specifically disclosed to Seller pursuant to an Environmental Defect Notice prior to the expiration of the Environmental Examination Period shall be deemed to have been accepted and waived by Buyer, on behalf of itself and its successors and assigns, for all purposes (including, without limitation, ARTICLE XII of this Agreement).

Notice of Environmental Defects. If Buyer discovers any To assert a claim for an Environmental Defect, Buyer shall must promptly notify Seller thereof prior to the expiration of the Environmental Examination Period. To be effective, such notice (an “Environmental Defect Notice”) shall be in writing and shall include (a) a detailed description of each the alleged Environmental DefectDefect(s), (b) the Asset or portion thereof Assets affected thereby (each each, an “Environmental Defect Property”), (c) the value of such each Environmental Defect Property (which shall be the Allocated Value thereof), (d) documentation sufficient to reasonably support such the asserted Environmental DefectDefect(s), and (e) the amount which Buyer reasonably believes to be the net present value (using a 10% discount rate) of is the Lowest Cost Response to cure such the alleged Environmental Defect Defect(s) and the computations and information upon which Buyer’s belief is based. Any matters that may otherwise constitute Environmental Defects but that are not specifically disclosed to Seller pursuant to an Environmental Defect Notice prior to the expiration of the Environmental Examination Period shall be deemed to have been waived by Buyer, on behalf of itself and its successors and assigns, for all purposes (including, without limitation, ARTICLE XII of this Agreement).

Notice of Environmental Defects. If Buyer discovers any Environmental Defect, Buyer shall promptly notify Seller thereof within 3 business days of such discovery and, in any event, prior to the expiration of the Environmental Examination Period. To be effective, such notice of an Environmental Defect (an “"Environmental Defect Notice”") shall be in writing and shall include (a) a description of each the alleged Environmental DefectDefect(s) including the GPS coordinates of the Condition, (b) documentation, including any physical measurements or, to the Asset extent permitted by Seller under Section 5.01, lab analyses, or portion thereof affected thereby (each “photographs sufficient to reasonably support the asserted Environmental Defect Property”Defect(s), (c) the value of such Environmental Defect Property (which shall be the Allocated Value thereof), (d) documentation sufficient to reasonably support such asserted Environmental Defect, and (e) the amount which Buyer reasonably believes to be the net present value (using a 10% discount rate) of the Lowest Cost Response to cure such the alleged Environmental Defect Defect(s) and the computations and information upon which Buyer’s 's belief is based, and (d) the Specific Environmental Regulation (and date promulgated) that has been violated. Any matters that may otherwise constitute Environmental Defects but that are not specifically disclosed to Seller pursuant to an Environmental Defect Notice prior to the expiration of the Environmental Examination Period shall be deemed to have been waived by Buyer, on behalf of itself and its successors and assigns, for all purposes (including, without limitation, ARTICLE XII of this Agreement).

Notice of Environmental Defects. If Buyer discovers any Environmental Defect, Buyer shall promptly notify Seller thereof prior to the expiration of the Environmental Examination Period. To be effective, such notice (an “Environmental Defect Notice”) shall be in writing and shall include (a) a description of each the alleged Environmental DefectDefect(s), (b) the Asset or portion thereof Interests affected thereby (each “Environmental Defect Property”)thereby, (c) the value of such the Interests subject to the alleged Environmental Defect Property Defect(s) (which shall be the Allocated Value thereof, if specified, or based upon the Allocated Value of the affected Interests), (d) documentation sufficient to reasonably support such the asserted Environmental Defect, Defect(s) and (e) the amount which Buyer reasonably believes to be the net present value (using a 10% discount rate) of is the Lowest Cost Response to cure such the alleged Environmental Defect Defect(s) and the computations and information upon which Buyer’s belief is based. Any matters that may otherwise constitute Environmental Defects but that are not specifically disclosed to Seller pursuant to an Environmental Defect Notice in accordance with the foregoing prior to the expiration of the Environmental Examination Period shall be deemed to have been waived by Buyer, on behalf of itself and its successors and assigns, for all purposes (including, without limitation, ARTICLE XII of this Agreement).