Common use of Presence of Hazardous Materials Clause in Contracts

Presence of Hazardous Materials. If Developer, in carrying out any environmental assessments as provided in the preceding Section 5.6 of this agreement, learns of the presence of Hazardous Materials, as that term is defined in the following Section 16.1.6 of this agreement, Developer, at its sole option, may either accept the Land AS IS, and assume the responsibility to remediate the Hazardous Materials to the extent necessary at Developer’s expense, or Developer may by written notice to the City given on or prior to the terminate this agreement, or, with the written consent of the City, amend this agreement to delete the contaminated areas. In the event any inspection or assessment indicates the presence of Hazardous Materials. Developer shall give the City prior written notice of any planned environmental assessments, including the scope of the assessment and the specific sites or locations to be investigated. Developer shall provide City with a copy of all environmental assessments of the Park performed by Xxxxxxxxx, or on its behalf. Unless a pre-existing Environmental Condition, as defined below, affecting the Land has been identified and documented, it shall be presumed that the Environmental Condition arose during the term of this agreement.

Presence of Hazardous Materials. If Developer, in carrying out any environmental assessments as provided in the preceding Section 5.6 of this agreement, learns of the presence of Hazardous Materials, as that term is defined in the following Section 16.1.6 of this agreement, Developer, at its sole option, may either accept the Land AS IS, and assume the responsibility to remediate the Hazardous Materials to the extent necessary at Developer’s expense, or Developer may by written notice to the City given on or prior to the terminate this agreement, or, with the written consent of the City, amend this agreement to delete the contaminated areas. In the event any inspection or assessment indicates the presence of Hazardous Materials. Developer shall give the City prior written notice of any planned environmental assessments, including the scope of the assessment and the specific sites or locations to be investigated. Developer shall provide City with a copy of all environmental assessments of the Park performed by XxxxxxxxxDeveloper, or on its behalf. Unless a pre-existing Environmental Condition, as defined below, affecting the Land has been identified and documented, it shall be presumed that the Environmental Condition arose during the term of this agreement.