Common use of Remedies for Environmental Defects Clause in Contracts

Remedies for Environmental Defects. Seller shall have the option, but not the obligation, to attempt to cure any Environmental Defect prior to the Cure End Date. In the event that any Environmental Defect is not cured on or before the Cure End Date, then subject to Section 5.05, Seller may, at its sole election for each Environmental Defect: (a) subject to Section 5.05, adjust the Purchase Price downward by the Lowest Cost Response to cure such Environmental Defect (such adjustment being herein referred to as the “Environmental Defect Amount”), provided if Seller and Buyer are unable to agree on the Environmental Defect Amount prior to the Closing such amount will be determined pursuant to Section 5.06; or (b) Seller may retain the Environmental Defect Property and reduce the Purchase Price by an amount equal to the Allocated Value (or portion thereof allocable thereto) of each Environmental Defect Property, in which event the Parties shall proceed to the Closing, the Environmental Defect Property shall be retained by Seller and Buyer shall pay to Seller the Purchase Price as so adjusted.