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The Seller shall have the right to review and approve of all contracts entered into by the Buyer for any Phase II or subsequent Assessments and clean up of any contamination located on the Property, including the approvals of the costs (if cost will be reimbursed by Seller) of such Environmental Assessment(s) and any clean up or remediation efforts . The Seller will be provided a copy of any Assessment Report(s) within five (5) days of completion. If the Phase II Environmental Assessment reveals any toxic or hazardous substances or wastes on or contaminating the Property above levels which exceed the allowable levels as set forth in current Environmental Laws as defined by this Agreement, Buyer shall notify Seller, in writing, within ten ( 10) days of such discovery. Such notice shall contain copies of any and all reports contained in the Environmental Assessment(s). Seller, at his option , may clean up said toxic or hazardous substances or wastes as required by Environmental Law, prior to the closing hereunder, or Buyer, at its option , may waive such cleanup and proceed to close accepting the Property as it then is and without set-off or reduction in the value of the exchange; or Seller or Buyer may terminate this Agreement whereupon Buyer and Seller shall be released as to one another of all further obligations under this Agreement. The elections in this Agreement are contract rights and in no way absolve Seller of its legal obligation to clean up said substance if required by Environmental Law . The Closing hereunder shall be extended if necessary so as to afford Seller a reasonable amount of time from the receipt of Buyer's written notice as aforesaid to submit a plan to Buyer to accomplish said cleanup and complete the necessary remediation activities on the Property. (D) The costs of the Phase I Environmental Site Assessment for Parcel 1 shall be paid by the District . The costs of the Phase II Environmental Assessments shall be paid by the ordering party. The cost of any Phase III Assessment or remediation shall be paid by the ordering party. (E) In the event the Seller elects to proceed with the remediation of any hazardous material or substance contamination, the Buyer shall take all steps necessary to further define the nature of the materials , any risks resulting therefrom and possible remedial measures. Governmental agencies shall be notified as may be appropriate and in any event, such agencies shall be notified immediately of any imminent hazard. Once approved by the Buyer, Seller shall contract to commence and diligently pursue any assessment, clean up and monitoring of the Property necessary to bring the Property into full compliance with all applicable federal, state or local laws, rules, regulations and ordinances . (F) Provided, however, in the event the District and/or Corrigan elect to accept Parcels 1 and/or 2 based on pre-existing environmental information, then the provisions of Paragraph 8(A through E) above shall be waived in writing by the pasty making such election and closing on the exchange will proceed as otherwise set forth herein. 7 449