Environmental Restrictions. The Phase I environmental site assessment identified CRECs in connection with soil contamination, soil vapor and groundwater contamination from the prior operations of an off-site maintenance facility and six related underground storage tanks (since removed), located to the south of the mortgaged property. The borrower filed a Baseline Environmental Assessment (BEA) and Due Care Plan with the Michigan Department of Environmental Quality (MDEQ) that were approved in 2017. The Due Care Plan includes restrictions on any construction activities involving dewatering or excavation of soils, including requiring the use of clean fill material and disposal of excavated soils at an MDEQ-licensed landfill, as well as notice to affected construction workers of the potential for unacceptable exposure risks.
Appears in 2 contracts
Sources: Mortgage Loan Purchase Agreement, Mortgage Loan Purchase Agreement (Bank 2019-Bnk18)