2008-152 A - Laserfiche WebLink

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4.A. ENVIRONMpNT LS 3 ASS Local Local Government shall, at its sole cost and expense and at least 30 days prior to the Option Expiration Date, furnish an environmental site assessment of the Property which meets the standard of practice of the American Society of Testing Materials ("ASTM"). Local Government shall use the services of competent, professional consultants with expertise in the environmental site assessing process to determine the existence and extent, if any, of Hazardous Materials on the Property. The examination of hazardous materials contamination shall be performed to the standard of practice of the ASTM. For Phase I environmental site assessment, such standard of practice shall be the ASTM Practice B , 1527. If the Findings and Conclusions section of the assessment reports evidence of recognized environmental conditions, then a Phase II Environmental Site Assessment shall be performed to address any suspicions raised in the Phase I environmental site assessment and to confirm the presence of contaminants on site. For purposes of this Agreement "Hazardous Materials " shall mean any hazardous or toxic substance, material or waste of any kind or any other substance which is regulated by any Environmental Law (as hereinafter defined in paragraph 4 .13 .), The environmental site assessment shall be certified to Purchaser and the date of certification shall be within 90 days before the date of closing, 4.B. HAZARDOUS MATERIALS. In the event that the environmental site assessment provided for in paragraph 4.A. confirms the presence of Hazardous Materials on the Property, Purchaser, at its sole option, may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. Should Purchaser elect not to terminate this Agreement, Seller shalt, at his sole cost and expense and prior to the exercise of the option and closing, promptly commence and diligently pursue any assessment, clean up and monitoring of the Property necessary to bring the Property into full compliance with any and all applicable federal, state or local laws, statutes, ordinances, rules, regulations or other governmental restrictions regulating, relating to, or imposing liability or standards of conduct concerning Hazardous Materials ("Environmental Law"). However, should the estimated cost of clean up of Hazardous Materials exceed a sum which is equal to 1 % of the Total Purchase Price as stated in paragraph 3 .A., Seller may elect to terminate this Agreement and no party shall have any ftuther obligations under this Agreement. 5. SURVEY. Seller shall, at his sole cost and expense and not less than 35 da ys prior to the ion Expiration Date, deliver to Local Government and Acquiring Agency a current boundary survey0oftthe Property prepared by a professional land surveyor licensed by the State of Florida which meets the standards and requirements of Acquiring Agency ("Survey'). It is Seller's responsibility to ensure that the surveyor contacts the Acquiring Agency regarding these standards and requirements prior to the commencement of the Survey. The Survey shall be certified to Purchaser and the title insurer and the date of certification shall be within 90 days before the date of closing, unless this 90 day time period is waived by Purchaser and by the title insurer for purposes of deleting the standard exceptions for survey matters and easements or claims of easements not shown by the public records from the owner's title policy. If the Survey shows any encroachment on the Property or that improvements intended to be located on the Property encroach on the land of others, the same shall be treated as a title defect, 6. TITLE INSURANCE. Seller shall, at his sole cost and expense and at least 35 days prior to the Option Expiration Date, furnish tq Purchaser a marketable title insurance commitment, to be followed by an owner's marketable title insurance policy (ALTA Form "B ") from a title insurance company, approved by the Acquiring Agency, insuring marketable title of Local Government to the Property in the amount of the Total Purchase Price. Seller shall require that the title insurer delete the standard exceptions of such policy referring to: (a) all taxes, (b) unrecorded rights or claims of parties in possession, (c) survey matters, (d) unrecorded easements or claims of easements, and (e) unrecorded mechanics' liens. January 16 , 2008 Page 3 07-030 - FF7