ISRA Letter of Non-Applicability Sample Clauses

ISRA Letter of Non-Applicability. Seller represents that the transfer of the Premises to Purchaser is not subject to the New Jersey Industrial Site Recovery Act, N.J.S.A. 13:1k-6, et. seq. (“ISRA”), and Seller shall cause to be delivered the necessary documentation to the New Jersey Department of Environmental Protection (“DEP”) in order to obtain a Letter of Non-Applicability from DEP, and shall deliver to Purchaser at the Closing a certified true copy of the Letter of Non-Applicability referencing the proposed transfer, together with the affidavit for a determination of non-applicability referenced in the letter, and any information, reports, studies and analysis submitted by Seller to DEP. In the event Seller is unable to obtain a Letter of Non-Applicability for the Premises by the Closing Date, the Closing Date shall be extended for up to sixty (60) days to allow Seller to obtain same. In the event Seller, after using commercially reasonable efforts, has been unable to obtain a Letter of Non-Applicability for the Premises by the expiration of the sixty (60) day extension period, either party shall have the right to terminate this Contract, in which event the Deposit shall be promptly disbursed to Purchaser, and nether party shall have any further rights or obligations hereunder (except for the indemnity obligations of Purchaser to Seller set forth in this Contract, which shall survive the termination of this Contract). Notwithstanding anything to the contrary, Purchaser may override Seller’s termination notice and elect to proceed immediately with the Closing at the end of the sixty (60) day period, without the Letter of Non-Applicability and without any reduction in the Purchase Price.
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Related to ISRA Letter of Non-Applicability

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  • LETTER OF AGREEMENT ARTICLE 26

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