|
reasonably necessary to remediate the Hazardous Materials pursuant to Governmental
<br />Regulations, and generally accepted procedure to cause the Sites to be in compliance with the
<br />Environmental Laws is not more than Fifty Thousand Dollars ($50,000.00). If the amount
<br />necessary to remediate the Hazardous Materials is greater than Fifty Thousand Dollars
<br />($50,000.00) Agency agrees to pay any amount over and above such Fifty Thousand Dollar
<br />($50,000) limit in order to remediate any of the Sites.
<br />208.3 Agency Obligations. The Agency shall deliver the Sites in an "as is"
<br />condition, it being the responsibility of Developer to demolish and clear all above ground and
<br />underground structures, including without limitation, foundations, basements, abandoned utility
<br />lines and tanks and the like.
<br />208.4 No Further Warranties as to Sites. Except as otherwise provided
<br />herein, the physical condition, possession or title of the Sites shall be delivered from Agency to
<br />Developer in an "as-is" condition, with no wai~anty expressed or implied by Agency, including
<br />without limitation, the presence of Hazardous Materials or the condition of the soil, its geology,
<br />the presence of known or unknown seismic faults, or the suitability of the Sites for the
<br />development purposes intended hereunder.
<br />208.5 Developer Precautions after Closing. Upon the Closing, the Developer
<br />shall take all necessary precautions to prevent the release into the environment of any Hazardous
<br />Materials which are located in, on or under the Sites. Such precautions shall include compliance
<br />with all Governmental Requirements with respect to Hazardous materials. In addition, the
<br />Developer shall install and utilize such equipment and implement and adhere to such procedures
<br />as are consistent with commercially reasonable standards as respects the disclosure, storage, use,
<br />removal and disposal of Hazardous Materials.
<br />208.6 Required Disclosures After Closing. After the Closing of a Phase, the
<br />Developer shall notify the Agency, and provide to the Agency a copy or copies, of all
<br />environmental permits, disclosures, applications, entitlements or inquiries relating to the Sites in
<br />such Phase which have been conveyed to the Developer, including notices of violation, notices to
<br />comply, citations, inquiries, clean-up or abatement orders, cease and desist order, reports filed
<br />pursuant to self-reporting requirements and reports filed or applications made pursuant to any
<br />Governmental Requirement relating to Hazardous Materials and underground tanks. The
<br />Developer shall report to the Agency, as soon as possible after each incident, any unusual or
<br />potentially important incidents with respects to the environmental condition of the Sites.
<br />In the event of a release of any Hazardous Materials into the environment, the
<br />Developer shall, as soon as possible after the release, furnish to the Agency a copy of any and all
<br />reports relating thereto and copies of all correspondence with governmental agencies relating to
<br />the release. Upon request, the Developer shall furnish to the Agency a copy or copies of any and
<br />all other environmental entitlements or inquiries relating to or affecting the Sites including, but
<br />not limited to, all permit applications, permits and reports including, without limitation, those
<br />reports and other matters which maybe characterized as confidential.
<br />208.7 Developer Environmental Indemnity. Upon the Closing, Developer
<br />agrees to indemnify, defend and hold Agency harmless fiom and against any claim, action, suit,
<br />19 EXHIBIT 4
<br />
|