Phase I assessment definition

Phase I assessment as described in, and meeting the criteria of, (i) Chapter 5 of the FNMA Multifamily Guide or any successor provisions covering the same subject matter in the case of a Specially Serviced Mortgage Loan as to which the related Mortgaged Property is multifamily property or (ii) the American Society for Testing and Materials in the case of Specially Serviced Mortgage Loan as to which the related Mortgaged Property is not multifamily property.

Phase I assessment conducted in accordance with ASTM Standard E 1527-93 or any successor thereto published by ASTM.

Phase I assessment has the meaning set forth in Section 5.01(w).

Examples of Phase I assessment in a sentence

• If the Phase I assessment recognizes environmental concerns or if the results are inconclusive, a Phase II environmental site assessment will be required.

• The results of the Phase I assessment must be included in the documents that must be provided to the responsible entity (or HUD) for the environmental review.

• A Phase I assessment is required whether the environmental review is completed under 24 CFR part 50 or 24 CFR part 58.

• For each additional wetland management category below that was not already discussed as part of the Phase I assessment, indicate if the approach is employed by the state or territory and if significant state- or territory-level changes (positive or negative) have occurred since the last assessment.

• The results of the Phase I assessment must be included in the documents that must be provided to HUD for the environmental review.

More Definitions of Phase I assessment

Phase I assessment as described in and meeting the criteria of Chapter 5 of the FNMA Multifamily Guide, as amended from time to time.

Phase I assessment or, in the case of certain Mortgage Loans having an initial principal balance under $1,000,000, a transaction screen, as described in, and meeting the criteria of the American Society for Testing and Materials.

Phase I assessment as described in and meeting the criteria of Chapter 5 of the Xxxxxx Xxx Multifamily Guide and the ASTM Standard for Environmental Site Assessments, each as amended from time to time.

Phase I assessment as described in, and meeting the criteria of, the American Society of Testing Materials Standard Sections 1527 99 or any successor thereto published by the American Society of Testing Materials.

Phase I assessment as described in, and meeting the criteria of, the American Society of Testing Materials Standard Sections 1527-99 or any successor thereto published by the American Society of Testing Materials.

Phase I assessment as described in and meeting the criteria of Chapter 5 of the Xxxxxx Xxx Multifamily Guide, Part II, as amended from time to time.

Phase I assessment has the meaning set forth in Section 3.16(a).