So far, in the Environmental Law Blog, we've discussed what to do before you purchase a contaminated property (see here) and what to do after you've purchased a contaminated property (see here), but there is a step that often takes place...
Real Estate Transactions & Environmental Law
So, You’re Interested in Purchasing a Contaminated Property (or a Parcel Next to a Contaminated Property): An Overview of Phase I Environmental Site Assessments
We realized, while writing about the new "Continuing Obligations Standards" for contaminated properties (see here), that in order to give a comprehensive picture of what needs to be done if you're thinking about purchasing a contaminated property, we need to start at...
How to Insure You Get the Landowner Liability Protections under Superfund
New guidelines published in 2011 assist landowners in suring that they meet all the requirements - specifically the "continuing obligations" - to avail themselves of the landowner liability protections under the federal Superfund Act. Landowner liability...
New York Brownfields Law Update: Denial of eligibility decisions mostly upheld
In 2003, the New York Legislature passed the Brownfield Cleanup Program, ECL § 27-1401 et seq. The benefits of the Brownfield Cleanup Program ("BCP") are many: the developer receives a liability release from the State following DEC oversight during the cleanup of...
Borrower’s Covenants
Post-closing covenants will be required for a borrower in a loan transaction, or a tenant in a lease transaction. 1. Borrower will be required to comply [in all material respects] with Environmental Requirements, to notify lender promptly in writing after knowledge in...
Maintain Reps
In a sale or loan transaction the most important pre-closing covenant is that the borrower or seller will maintain the property in compliance with all environmental laws and will re-affirm accuracy of the representations and warranties as of the closing...
No Asbestos, PCBs, USTs
It may be appropriate to add specific representations on individual contaminants or areas of concern to buyer or lender. In addition to those listed, formaldehyde and radon may be of concern to the buyer.1. The representation may be: "There is not now at, on, or in...
No Notices or Knowledge of Basis
1. Disclosure of outstanding notices or basis for notices is important to a continuing business: "Seller has not received written or oral notification that any of its current or past operations or a by-product thereof is related to or subject to any investigation by...
No Hazardous Substances
This most common of representations and warranties is most often abused. Buyer or tender may initially want a flat representation that there are not now and never have been any Hazardous Materials on the premises or any operations that generate, use, treat, store, or...
All Required Permits
Although the possession of and compliance with all necessary permits is important information for a buyer expecting to continue a business or a lender depending on the viability of a business, representations regarding permits do not necessarily cover potential...