Common use of Phase I Site Assessments Clause in Contracts

Phase I Site Assessments. Perform or commission Phase I Site Assessments of the Real Property and such other studies, tests or reports of the Real Property and Leaseholds as Citadel or its lenders may reasonably require, and provide copies of the written reports for such assessments, studies, tests and reports to Citadel promptly upon such reports becoming available to Sellers. Such assessments, studies, tests and reports shall be performed by an environmental company reasonably acceptable to Citadel and its lenders. The cost and expense of all such assessments, studies, tests and reports shall be split equally between Sellers, on the one hand, and Citadel, on the other; provided, however, that the entire cost and expense of any required Phase II Site Assessment shall be borne by Sellers. If any of the assessments, studies, tests or reports indicate that any Real Property contains one or more conditions of Environmental Noncompliance, Sellers shall promptly commence remedial action to cure the conditions, and shall cure the conditions, prior to Closing; provided, however, that if the aggregate cost of such remedial action, as originally or thereafter estimated, together with the cost of any Phase II Site Assessments, exceeds $500,000, Sellers shall not be obligated to commence such remedial action to cure such conditions, and, if Sellers elect by written notice not to cure such conditions, Citadel shall be permitted, in its sole discretion, to terminate this Agreement (in which event the original Letter of Credit, Additional Letter of Credit and Escrow Amount (as applicable) shall be returned to Citadel and no party hereto shall have any further liability hereunder).