Environmental Site Assessment

Environmental Site Assessment. Prior to closing, the Buyer may, at Buyer's sole cost and expense, commission a Phase I Environmental Site Assessment (ESA) of the property in accordance with ASTM Standard E1527-21, "Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process." The Phase I ESA shall include, at a minimum: (a) review of historical records, aerial photographs, topographic maps, fire insurance maps, and regulatory databases to identify recognized environmental conditions (RECs); (b) a site reconnaissance to observe current and past uses of the property and adjoining properties; (c) interviews with current and past owners, operators, and occupants of the property, and with local government officials; and (d) evaluation of all findings to identify the presence or likely presence of any hazardous substances or petroleum products under conditions that indicate an existing release, a past release, or a material threat of a release. If the Phase I ESA identifies any RECs, the Buyer may, at Buyer's option: (i) proceed with the transaction; (ii) commission a Phase II ESA involving sampling and laboratory analysis; or (iii) terminate this Agreement and receive a full refund of the earnest money deposit. Seller shall provide reasonable access to the property for the purposes of conducting the ESA.