Common use of Environmental Defect Amount Clause in Contracts

Environmental Defect Amount. If Seller elects the option set forth in --------------------------- Section 5.5(b)(ii) with respect to one or more Environmental Defects, then as Buyer's sole and exclusive remedy with respect to such Environmental Defects, Buyer shall be entitled to reduce the Purchase Price by the amount (the "Environmental Defect Amount"), if any, by which the Remediation Amount with respect to the Environmental Conditions giving rise to such Environmental Defects exceeds that part, if any, of $500,000 (the "Environmental Defect Deductible") which Seller elects to apply as an offset or deduction against such Remediation Amount. Seller may also apply any part of the Environmental Defect Deductible to the cost of any Remediation undertaken by Seller pursuant to the option set forth in Section 5.5(b)(i). Any Remediation costs to which Seller elects to apply the Environmental Defect Deductible shall be borne by the Buyer. Seller shall have the right from time to time upon written notice to Buyer to reallocate and change its application of the Environmental Defect Deductible, except to the extent of Remediation costs already incurred or contracted for by Buyer based on Seller's previous application thereof. It is expressly understood and agreed that the Environmental Defect Deductible represents an aggregate deductible for Environmental Defects which may be apportioned as provided in this Section 5.5(c) rather than as a separate deductible for each individual Environmental Claim.

Environmental Defect Amount. If Seller elects the option set forth in --------------------------- Section 5.5(b)(ii6.2(b)(iii) with respect to one or more Environmental Defects, then as Buyer's ’s sole and exclusive remedy with respect to such Environmental Defects, Buyer shall be entitled to reduce the Purchase Price by the amount (the "“Environmental Defect Amount"”), if any, by which (i) the aggregate amount of the sum of (A) all Remediation Amount Amounts with respect to the Environmental Conditions giving rise to such Environmental Defects plus (B) all Title Defect Amounts with respect to all Title Defect Properties exceeds that part, if any, of $500,000 (ii) the Defect Deductible (the "Environmental Defect Deductible"reduction to the Purchase Price in this Section 6.2(c) which Seller elects shall be in conjunction with the reduction to apply as an offset or deduction against such Remediation Amountthe Purchase Price in Section 7.2(d) and Buyer shall not be entitled to duplicative reductions to the Purchase Price under either section). Seller may also apply any part of the Environmental Defect Deductible to the cost of any Remediation undertaken by Seller pursuant to the option set forth in Section 5.5(b)(i6.2(b)(ii). Any Remediation costs to which Seller elects to apply the Environmental Defect Deductible shall be borne under Section 6.2(b)(ii) by the Buyer. Seller shall have the right from time to time upon by written notice to Buyer to reallocate and change its application of the Environmental Defect Deductible, except to the extent of Remediation costs already incurred or contracted for by Buyer based on Seller's ’s previous application thereof. It is expressly understood and agreed that the Environmental Defect Deductible represents an aggregate deductible for Environmental Defects and Title Defects which may be apportioned as provided in this Section 5.5(c6.2(c) rather than as a separate deductible for each individual Environmental ClaimDefect.