Common use of TANK TESTING Clause in Contracts

TANK TESTING. Seller, at Seller's expense, shall cause tightness tests of all underground tanks and lines at the Properties to be conducted within sixty (60) days prior to the Closing Date, or, upon mutual agreement of the Parties, thirty (30) days after the Closing Date, using a "precision" test, such as the Petro-Tite(RM), Tanknology Vacu Test(RM) or Leak Lokator(RM) tests, or an equivalent test. Upon completion of such tests, Seller shall furnish copies of the test results to Purchaser. Any untight fiberglass tanks or lines discovered pursuant to such tests may be repaired by Seller rather than replaced if (i) Seller would repair rather than replace such tanks or lines under Seller's normal procedures if ownership of the Property were remaining with Seller, (ii) such equipment was originally manufactured by either Owens-Corning or Xerxes, (iii) the repair is effected by the manuf▇▇▇▇▇▇▇ ▇▇ ▇▇s authorized contractors, and (iv) the manufacturer certifies and warrants the condition of the tanks and lines to be as tight as when new. In the event that Seller is unable to repair any fiber glass tanks or lines in accordance with the standards set forth above, Purchaser will receive at the Closing for such Property a credit toward the Purchase Price in the amount of $70,000.00 per tankfield, and Purchaser will be responsible for the installation of replacement tanks and lines on such Property, at Purchaser's expense.

TANK TESTING. Seller, at Seller's expense, shall cause tightness tests of all underground tanks and lines at the Properties Marketing Sites to be conducted within sixty (60) days prior to the Closing Date, or, upon mutual agreement of the Partiesparties, thirty (30) days after the Closing Date, using a "precision" test, such as the Petro-Tite(RMTite(R), Tanknology Vacu Test(RMTest(R) or Leak Lokator(RMLokator(R) tests, or an equivalent test. Upon completion of such tests, Seller shall furnish copies of the test results to Purchaser. Any untight fiberglass tanks or lines discovered pursuant to such tests may be repaired by Seller rather than replaced if (i) Seller would repair rather than replace such tanks or lines under Seller's normal procedures if ownership of the Property Marketing Site were remaining with Seller, (ii) such equipment was originally manufactured by either OwensOwen▇-Corning or ▇▇▇▇▇▇▇ ▇▇ Xerxes, (iii) the repair is effected by the manuf▇▇▇▇▇▇▇ ▇▇ ▇▇s manufacturer or its authorized contractors, and (iv) the manufacturer certifies and warrants the condition of the tanks and lines to be as tight as when new. In the event that Seller is unable to repair any fiber glass fiberglass tanks or lines in accordance with the standards set forth above, Purchaser will receive at the Closing for such Property Marketing Site a credit toward the Purchase Price in the amount of $70,000.00 70,000 per tankfield, or if after Closing a refund of $70,000 per tankfield, and Purchaser will be responsible for the installation of replacement tanks and lines on such PropertyMarketing Site, at Purchaser's expense.

TANK TESTING. Seller, at Seller's expense, shall cause tightness tests of all underground tanks and lines at the Properties to be conducted within sixty (60) days prior to the Closing Date, or, upon mutual agreement of the Parties, thirty (30) days after the Closing Date, using a "precision" test, test such as the Petro-Tite(RM), Tanknology Vacu Test(RM) or Leak Lokator(RM) tests, or an equivalent test. Upon completion of such tests, Seller shall furnish copies of the test results to Purchaser. Any untight fiberglass tanks or lines discovered pursuant to such tests may be repaired by Seller rather than replaced if (i) Seller would repair rather than replace such tanks or lines under Seller's normal procedures if ownership of the Property were remaining with Seller, (ii) such equipment was originally manufactured by either Owens▇▇▇▇▇-Corning ▇▇▇▇▇▇▇ or Xerxes, (iii) the repair is effected by the manuf▇▇▇▇▇▇▇ ▇▇ ▇▇s manufacturer or its authorized contractors, and (iv) the manufacturer certifies and warrants the condition of the tanks and lines to be as tight as when new. In the event that Seller is unable to repair any fiber glass tanks or lines in accordance with the standards set forth above, Purchaser will receive at the Closing for such Property a credit toward the Purchase Price in the amount of $70,000.00 per tankfield, and Purchaser will be responsible for the installation of replacement tanks and lines on such Property, at Purchaser's expense.