LSRP definition
Examples of LSRP in a sentence
The Company will obtain and maintain a “Remediation Funding Source,” as such term is defined under BCSRA, or other financial assurance in form and amount approvable by the LSRP and the NJDEP as required in furtherance of the Company’s obligations under this Section 6.19.
Mortgagor’s compliance with the Site Remediation Laws shall be at its own cost and expense, and shall include the payment for all NJDEP fees, interest, and penalties, and all costs and dollar amounts in any way related to posting financial assurances, effectuating the remediation and the direction, requirements, recommendations, and charges of the LSRP.
However, in no way shall Mortgagee be designated by Mortgagor as a “Responsible Party” in any such documents signed by the Mortgagor as prepared and/or issued by the LSRP and/or filed with the NJDEP under the Site Remediation Laws.
Seller shall not be responsible for any Hazardous Materials Released on, at, or under the Property after the Closing Date, or which are migrating onto the Property from the property of another, including without limitation any Environmental Conditions to the extent that such are determined by Seller’s LSRP to derive from an off-site source.
Prior to assuming such responsibility, Purchaser shall provide no less than thirty (30) days’ notice to Seller (the “Work Assumption Notice”) setting forth (a) the specific tasks that Purchaser believes remain to be accomplished in order to obtain the ▇▇▇ (the “Remaining Work”), (b) a proposed schedule to accomplish the Remaining Work, (c) a cost estimate for the Remaining Work; and (d) the identity of the environmental consulting firm and LSRP selected by Purchaser to undertake the Remaining Work.