Definition of Controlled Recognized Environmental Condition


Controlled Recognized Environmental Condition means a Recognized Environmental Condition resulting from a past Release of Hazardous Materials or petroleum products that has been addressed to the satisfaction of the applicable Governmental Authority (for example, as evidenced by the issuance of a no further action letter or equivalent, or meeting risk-based criteria established by the applicable Governmental Authority), with Hazardous Materials or petroleum products allowed to remain in place subject to the implementation of required controls (for example, property use restrictions, activity and use limitations, institutional controls or engineering controls).

Examples of Controlled Recognized Environmental Condition in a sentence

The Environmental Report did not identify any Recognized Environmental Conditions or Controlled Recognized Environmental Condition during the course of its assessment.
Purchaser shall have obtained at its expense copies of the Phase I Reports, satisfactory to Purchaser, for the bases located on Schedule 7.3(p), and such Phase I Reports will not identify the presence of any Recognized Environmental Condition, Historical Recognized Environmental Condition or Controlled Recognized Environmental Condition at any of the bases located on Schedule 7.3(p) or neighboring properties in the vicinity of the bases located on Schedule 7.3(p).