Phase II Work Clause Samples

Phase II Work. Within 5 Business Days of receipt of a final written Phase I Assessment, Purchaser shall notify Company whether it plans to conduct a Phase II environmental assessment (a “Phase II Assessment”) of the Investigated Property, which may include the procurement and analysis of samples of soil, groundwater, surface water, air, or any other environmental medium. All Phase II Assessments shall be at Purchaser’s sole expense. Purchaser shall furnish a copy of a proposed written scope of work for the Phase II Assessment to Company within 10 Business Days of receipt of the final written Phase I Assessment. Purchaser and Company shall use commercially reasonable efforts to agree upon the work plan prior to commencing the Phase II Assessment. The Phase II Assessment may be conducted in more than one phase, provided that all phases shall be completed by the earlier of (a) 25 Business Days after the parties agree upon the work plan, and (b) 10 Business Days prior to the Closing. Purchaser shall provide Company with a copy of its final written Phase II Assessment for the Investigated Property.

Phase II Work. Within 5 Business Days of receipt of a final written Phase I Assessment or similar investigation, Purchaser shall notify Company whether it plans to conduct a Phase II environmental assessment (a "Phase II Assessment") of the Investigated Property, which may include the procurement and analysis of samples of soil, groundwater, surface water, air, or any other environmental medium. All Phase II Assessments shall be at Purchaser's sole expense. Purchaser shall furnish a copy of the written scope of work for the Phase II Assessment to Company. Purchaser and Company shall use commercially reasonable efforts to agree upon the work plan prior to commencing the Phase II Assessment. The Phase II Assessment may be conducted in more than one phase, provided that all phases shall be completed by the earlier of (a) 25 Business Days after the parties agree upon the work plan, and (b) 15 Business Days prior to the Closing Date. Purchaser shall provide Company with a copy of its final written Phase II Assessment for the Investigated Property for which a Phase II Assessment is obtained.

Phase II Work. Work to commence the Phase II conversion shall commence no later than January 1, 2028 (“Phase II Commencement Date”) and shall be completed no later than January 1, 2030 (“Phase II Completion Date”). If the Phase II work is not commenced by the Phase II Commencement Date or the work completed and certificates of occupancy obtained for the 48 non-Homekey units by the Phase II Completion Date, then County has the right, but not the obligation, to terminate the Lease in whole or in part in the County’s sole discretion. During the entire Term of this Lease, and irrespective of whether Phase II work has been commenced or completed, Tenant shall always remain fully responsible for the entire Premises, whether or not the entire Premises is utilized by Tenant for the uses authorized under this Lease.