Valid Environmental Objection definition
Valid Environmental Objection means an objection raised by Purchaser with respect to a Property because (a) an Environmental Report discloses the existence of a “recognized environmental condition” (as such term is used in ASTM E1527-13), (b) an Environmental Report recommends undertaking a Phase II environmental report, (c) the historical use of a Property (according to any information obtained by Purchaser during its due diligence) was a dry cleaning facility, fingernail salon, gas station or oil change facility, (d) an Environmental Report discloses the existence of a Release of a Hazardous Material onto such Property, (e) any report obtained by Purchaser during its due diligence indicates that the Property may have contained a UST and the Purchaser’s environmental engineer is unable to (A) confirm to Purchaser that no further investigation is required and/or (B) is unable to confirm that all USTs have been removed, and all remediation (if required) was previously undertaken, in compliance with all Legal Requirements.
Valid Environmental Objection has the meaning set forth on Schedule 1.