Periconi, LLC

Posts tagged "buyer"

What Is Required to Retain the Bona Fide Prospective Purchaser Exemption from CERCLA Liability?

Have you been in the market to buy property, but learned that the property was contaminated? There are steps that you can take to avoid opening yourself up to liability.

Sellers Beware: Unauthorized Petroleum Tank Repair Ruled a Breach of Environmental Warranty

Everyone's heard of the phrase, "Be careful what you wish for," but Sunoco, Inc. might be ready to coin a new phase, "Be careful what you warrant."

Soil Vapor Intrusion Concern Prompts EPA to Support Revision to Phase I Environmental Site Assessment Protocol

The health threats posed by physical contact with contaminated soil or groundwater are well known. But increasingly, state and federal regulators are recognizing that harmful vapors from such contamination can be drawn into nearby buildings and pose a threat to the occupants. Known as soil vapor intrusion, this threat can come from undiscovered contamination beneath a building, or even from the remnants of previously remediated soil or groundwater.

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 date.

Material Adverse Effect and Adverse Environment Condition

Material Adverse Effect: In a sale of any ongoing business, one way to address the difficulty of being absolute in the representations and warranties when in fact the parties are not concerned about the de minimis presence of hazardous materials or damages, is to define Material Adverse Effect. 

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