Phase I Site Assessments Sample Clauses

The Phase I Site Assessments clause requires an environmental evaluation of a property to identify potential or existing contamination liabilities before a transaction or development. Typically, this involves a review of records, a site inspection, and interviews with owners or occupants to assess the environmental condition of the site. The core function of this clause is to protect parties from unforeseen environmental risks and liabilities by ensuring due diligence is performed prior to property transfer or development.
Phase I Site Assessments. Perform or commission Phase I Site Assessments of the Real Property and such other studies, tests or reports of the Real Property and Leaseholds as Citadel or its lenders may reasonably require, and provide copies of the written reports for such assessments, studies, tests and reports to Citadel promptly upon such reports becoming available to Sellers. Such assessments, studies, tests and reports shall be performed by an environmental company reasonably acceptable to Citadel and its lenders. The cost and expense of all such assessments, studies, tests and reports shall be split equally between Sellers, on the one hand, and Citadel, on the other; provided, however, that the entire cost and expense of any required Phase II Site Assessment shall be borne by Sellers. If any of the assessments, studies, tests or reports indicate that any Real Property contains one or more conditions of Environmental Noncompliance, Sellers shall promptly commence remedial action to cure the conditions, and shall cure the conditions, prior to Closing; provided, however, that if the aggregate cost of such remedial action, as originally or thereafter estimated, together with the cost of any Phase II Site Assessments, exceeds $500,000, Sellers shall not be obligated to commence such remedial action to cure such conditions, and, if Sellers elect by written notice not to cure such conditions, Citadel shall be permitted, in its sole discretion, to terminate this Agreement (in which event the original Letter of Credit, Additional Letter of Credit and Escrow Amount (as applicable) shall be returned to Citadel and no party hereto shall have any further liability hereunder).
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Phase I Site Assessments. Perform or commission Phase I Site Assessments of the Real Property and provide copies of the written report for such assessments to Citadel promptly upon such reports becoming available to the Company. Such assessments shall be performed by an environmental company reasonably acceptable to Citadel and at Citadel's cost and expense. If the reports for the Phase I Site Assessments indicate that any Real Property contains one or more conditions of Environmental Noncompliance, the Company shall promptly commence remedial action to cure the conditions, and shall cure the conditions (at the Stockholder's cost and expense), prior to Closing.
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Phase I Site Assessments. Administrative Agent shall have received a Phase I Site Assessment for the real property located at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇.
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Phase I Site Assessments. Perform or commission Phase I Site Assessments of the Real Property and such other studies, tests or reports of the Real Property and Leaseholds as Citadel or its lenders may reasonably require, and provide copies of the written report for such assessments, studies, tests and reports to Citadel promptly upon such reports becoming available to Sellers. Such assessments, studies, tests and reports shall be performed by an environmental company reasonably acceptable to Citadel and its lenders. The cost and expense of all such assessments, studies, tests and reports shall be split equally between Sellers, on the one hand, and Citadel, on the other; provided, however, that the entire cost and expense of any required Phase II Site Assessment shall be borne by Sellers. If any of the assessments, studies, tests or reports (collectively, "Environmental Reports") indicate that any Real Property contains one or more conditions of Environmental Noncompliance, Sellers shall promptly commence such remedial action to cure the conditions as may be required by applicable Environmental Laws and as may be reasonably necessary to allow for the intended use of the Real Property in a manner that protects the public health and safety, and Sellers shall, unless otherwise agreed to by Citadel, complete such remedial action prior to Closing.
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Related to Phase I Site Assessments

  • Environmental Site Assessment Perform in accordance with the City Design Manual and other City requirements as designated in writing by the Director.

  • Environmental Assessments Foreclose on or take a deed or title to any commercial real estate without first conducting a Phase I environmental assessment of the property or foreclose on any commercial real estate if such environmental assessment indicates the presence of a Hazardous Substance in amounts which, if such foreclosure were to occur, would be material.

  • Phase I In Phase I, the project will be connected as a tap to the Transmission Owner’s 230kV transmission line MWP-2 via one 230kV circuit breaker in series with one of two ring bus breakers for stuck breaker protection (one in each direction) and a tie-line breaker, as shown on the one-line diagram labeled CL-E-IA-01 attached to this Appendix A as Figure 1. The changes to the existing MWP-2 line protection for this arrangement are described in Phase I System Upgrades in Section II of this Appendix A.

  • Environmental Assessment Buyer shall have the right for a period commencing upon execution of this Agreement by both parties and ending on November 28, 2012, to conduct an environmental assessment of the Assets, at Buyer’s sole risk, liability and expense. Seller shall make available to Buyer, during the environmental assessment period described above, Seller’s historical files regarding prior operations on the Assets, and provide Buyer and its representatives with reasonable access to the Assets to conduct the environmental assessment. Buyer shall provide Seller three (3) days prior written notice of a desired date(s) for such assessment and Seller shall have the right to be present during any assessment and, if any testing is conducted pursuant to Seller’s express prior written consent, Seller may require splitting of all samples. Notwithstanding any other provision of this Agreement to the contrary, Buyer shall not have the right to drill any test, monitor or other ▇▇▇▇▇ or to extract samples of any air, soil, water or other substance from the Assets without Seller’s express prior written consent. If Buyer proposes a reasonable request to drill a test well or extract a sample pursuant to a systematic and customary procedure for the assessment of the environmental condition of the Assets and Seller refuses to grant its consent to such a well or sampling, then Buyer shall have the right, for a period of seventy-two (72) hours following notification of Seller’s refusal to consent, to deliver written notice to Seller of Buyer’s election to exclude from this transaction the portion of the Assets affected by such proposed test well or sample, and the Purchase Price shall be adjusted accordingly by the Allocated Value of such portion of the Assets so excluded. Under no circumstances whatsoever shall Seller ever be obligated to grant its consent to any such test ▇▇▇▇▇ or sampling proposed by Buyer, and Buyer’s sole and exclusive remedy for any refusal by Seller to grant its consent shall be the limited right contained in the preceding sentence to exclude the affected Assets from the transactions contemplated by this Agreement. If Buyer fails to exercise the right to exclude such Assets by written notice to Seller delivered prior to the expiration of the seventy-two hour period described above, then Buyer shall be conclusively deemed to have waived such right and shall be obligated to purchase the affected Assets without conducting such testing or sampling or any adjustment of the Purchase Price unless otherwise provided in this Agreement.

  • Phase II A small portion of the work for the Phase II modifications to the Plattsburgh Substation will be performed by Transmission Owner, and the remainder will be performed by Clinton and ▇▇▇▇▇▇▇▇▇. A detailed definition of the specific scope for Transmission Owner and Clinton and ▇▇▇▇▇▇▇▇▇ including interface points shall be defined during the design phase and, as such documents become available, copies will be delivered to the NYISO, Transmission Owner, Noble Altona Windpark, LLC and Marble River, LLC. The full scope includes the installation of wave traps, CCVT’s and modifications and/or additions to relaying on the MWP-1 and MWP- 2 lines. These lines will be reconfigured at the completion of Phase II to connect to ▇▇▇▇▇ and ▇▇▇▇▇▇▇ Substations on MWP-1 and the ▇▇▇▇ Substation on MWP-2. Clinton and ▇▇▇▇▇▇▇▇▇ will design the upgrades and purchase the materials based on the outline specification that was prepared and issued by Transmission Owner. The work to be performed by Clinton and ▇▇▇▇▇▇▇▇▇ will include both the materials for the exterior and interior installations and items for Transmission Owner installation inside the control building in existing relay panels and communication racks. In addition, Clinton and ▇▇▇▇▇▇▇▇▇ will be responsible for the exterior and interior construction work and will provide construction management services in coordination with Transmission Owner. The civil design for the foundations and the electrical design for the cable runs to the control room will be designed by, as approved by Transmission Owner, and installed under the supervision and control of Clinton and ▇▇▇▇▇▇▇▇▇. The equipment will be selected and procured in accordance with the specifications developed during the detailed engineering phase, copies of which shall be furnished to the NYISO, Transmission Owner, Noble Altona Windpark, LLC and Marble River, LLC. The construction of the foundations, structures, wave traps, CCTV and cable runs into the control building to the termination cabinets will be completed by Clinton and ▇▇▇▇▇▇▇▇▇. The work at the Plattsburgh Substation will be installed under Transmission Owner’s CPP-1. Transmission Owner will provide Protection and Controls Engineering, install and terminate wiring from the termination cabinets to the control panels and relays, install relays and equipment in the existing panels, and will commission such work inside the 230kV control building. Transmission Owner will develop the communications protocols and data flow over the circuits.