Phase I Environmental Study Clause Samples
A Phase I Environmental Study clause requires that a property undergo an initial environmental assessment to identify potential contamination or environmental hazards before a transaction proceeds. Typically, this involves hiring a qualified environmental professional to review records, inspect the site, and interview relevant parties to determine if further investigation is needed. The core function of this clause is to protect buyers and lenders from unforeseen environmental liabilities and to ensure informed decision-making regarding the property's condition.
Phase I Environmental Study. Buyer may, at Buyer’s expense, perform a Phase I Environmental Study as part of Buyer’s due diligence. Buyer may terminate this Agreement based upon the results of the study, the right to terminate being in the sole and subjective discretion of the Buyer. If Buyer elects to terminate this Agreement due to the results of the Phase I Environmental study, Buyer shall provide written notice of the termination to Seller no later than two (2) weeks after Buyer’s receipt of the study. In the event Buyer terminates this Agreement, the termination shall be effective as of the date written notice is mailed to Seller, not upon the date of receipt of such written notice.
Phase I Environmental Study. The Phase I Environmental Study on the Miami Project shall have been completed and the Purchaser shall have received such study and shall, in its sole and absolute judgment, be satisfied with the results thereof.
Phase I Environmental Study of the Property prepared by a registered professional engineer with such study being certified to Lahaina. Shareholder or Seller/Property or Retained Supporting Services Shares Condition of Release Documents -------- ------ -------------------- --------- Mart▇▇/▇▇▇t 17 N/A (Cash a. General Warranty Deed in favor of Accent, executed by Lymo▇ ▇▇▇h ▇▇▇▇▇▇. Purchase)
Phase I Environmental Study of the Property prepared by a registered professional engineer with such study being certified to Lahaina. Shareholder or Seller/Property or Retained Supporting Services Shares Condition of Release Documents -------- ------ -------------------- --------- Demeraus/Family 600,000 See Section ____ of the Shareholders' Agreement. In addition the following Entertainment Centers conditions must be satisfied: (no intention to operate the a. General Warranty Deed in favor of Accent, for the Roswell, Georgia and entertainment Cocoa Beach, Florida facilities and an assignment of the lease for the facilities long-term, Pensacola, Florida facility. but rather to sell for land value) b. Title insurance policy issued by a national title insurance company in favor of Accent, insuring title to (i) the Property and (ii) all necessary and appropriate appurtenant easements related thereto, subject only to those exceptions and encumbrances agreed to by Lahaina. Such policy shall have all endorsements that may be obtained for no additional cost.
Phase I Environmental Study of the Property prepared by a registered professional engineer with such study being certified to Lahaina. Shareholder or Seller/Property or Retained Supporting Services Shares Condition of Release Documents -------- ------ -------------------- --------- Youn▇▇▇▇▇▇/▇▇▇t 17 N/A (Cash a. General Warranty Deed in favor of Accent, executed by Emor▇ ▇▇▇▇▇▇▇▇. Purchase) b. Title insurance policy issued by a national title insurance company in favor of Accent, insuring title to (i) the Property and (ii) all necessary and appropriate appurtenant easements related thereto, subject only to those exceptions and encumbrances agreed to by Lahaina. Such policy shall have all endorsements that may be obtained for no additional cost.
Phase I Environmental Study. The City shall, not less than 15 days prior to the Date of Closing, deliver to the Purchaser a Phase I Environmental Study report showing that no material environmental concerns have been identified to the reasonable satisfaction of Purchaser on the Development Site.
Phase I Environmental Study. Buyer will have received a Phase I Environmental Report with respect to Seller's premises satisfactory to Buyer in its sole discretion.
Phase I Environmental Study. Principals jointly and severally agree to pay for the Phase I Environmental Study.