Common use of Phase I Assessments Clause in Contracts

Phase I Assessments. If the Phase I assessments described in Section 4(n) above prescribe further testing or indicate that the Real Estate is not in compliance with Environmental Laws or that certain conditions must be remedied, Seller shall bear the cost of such further testing or remedial measures up to Fifty Thousand Dollars ($50,000). In the event the cost of further testing or remedial measures exceeds Fifty Thousand Dollars, either (i) Seller shall agree to bear such excess cost and shall complete the testing and remedial measures to the satisfaction of Buyers, or (ii) if the Seller declines to bear such expense, Buyer shall have the right to terminate the Agreement without penalty under Section 9(a)(vii) below.