Examples of Bona fide prospective purchaser in a sentence
References to the administrator, appearing therein, shall be interpreted as referring to the2 director of the department of environmental management.3 (b) "Bona fide prospective purchaser" means a purchaser of a site person who intends to 4 purchase a contaminated property, who had has documented the intent to purchase the property in 5 writing, and who has offered to pay fair market value for the property in the contaminated state.
Bona fide prospective purchaser A sells the property to bona fide prospective purchaser B at a reduced value of $750,000, reflecting EPA’s lien encumbrance.Bona fide prospective purchaser B purchased at the reduced purchase price reflecting EPA’s existing CERCLA § 107(r) lien.
Specifically, the Brownfields Amendment clarifies certain cri- teria a party must prove to qualify as an “inno- cent landowner,” and provides protection from CERCLA liability to “bona fide prospective pur- chasers” and “contiguous property owners.” Bona fide prospective purchaser status is available to landowners who purchase contaminated property and know at the time of purchase that the prop- erty is contaminated.
Borrowers and subgrantees must assert:• Bona fide prospective purchaser (BFPP),• Contiguous property owners (CPO), or• Innocent landowners (ILO) have performed “all appropriate inquiry” as found in CERCLA 101 (35)(B), on or before acquiring the property and are not liable for cleanup cost.• Proof that they performed "all appropriate inquiry" into the property prior to obtaining it and meet all other CERCLA liability exemptions/defense requirements.
Bona fide prospective purchaser Any person that does not qualify as a person described in this paragraph because the person had, or had reason to have, knowledge specified in subparagraph (A)(viii) at the time of acquisition of the real property may qualify as a bona fide prospective purchaser under section 9601(40) of this title if the person is otherwise described in that section.