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.

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Phase I assessment has the meaning set forth in Section 5.02(x).

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

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.

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

• 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.

• Such environmental assessment shall be a so-called “Phase I” assessment or such other level of investigation which shall be the standard of diligence in the purchase or lease of similar property at the time, together with, at Tenant’s sole cost and expense, any additional investigation and report which would customarily follow any discovery contained in such initial Phase I assessment (including, but not limited to, any so-called “Phase II” report).

• ADOT to oversee for compliance HZM-1 A site-specific Phase I assessment will be performed prior to site acquisition for each property.

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 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 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 ▇▇▇▇▇▇ ▇▇▇ 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, (a)

Phase I assessment as described in and meeting the criteria of Chapter 5 of the Fannie Mae Multifamily Guide and th▇ ▇▇▇▇ ▇▇▇ndard for Environmental Site Assessments, each as amended from time to time.

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