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1.4 Purpose and Objectives <br />The purpose of the Phase I ESA was to provide information about the general environmental; <br />character of the Property and to satisfy one requirement to qualify for the "innocent landowner, <br />contiguous property owner or bona fide prospective purchaser" limitations on Comprehensive <br />Environmental Response, Compensation, and Liability Act (CERCLA) liability, in accordance with 42 <br />USC §9601(35) (B), if the need should arise. That requirement includes conducting all appropriate <br />inquiries into the previous ownership and uses of the property consistent with good commercial <br />and customary practice as defined at 42 U.S.C. §9601(35)(B). This Phase I ESA has been conducted <br />following guidelines established by the ASTM "Standard Practice for Environmental Site <br />Assessments: Phase I Environmental Site Assessment Process," Standard E 1527-21. <br />The objectives of this Phase I ESA were to provide a review of a broad base of historical sources, <br />government records and regional information; observe physical conditions at the Property and <br />adjacent properties; provide an evaluation of potential sources and receptors of contaminants (if <br />present); conduct interviews with knowledgeable persons; and to evaluate user-provided <br />information.Specifically, this Assessment attempted to identify RECs, as defined in CERCLA Section <br />101(14) §312.1(c).The term REC as defined by ASTM means the presence or likely presence of any <br />hazardous substances or petroleum products in, on, or at a property: (1) due to any release to the <br />environment; (2) under conditions indicative of a release to the environment; or (3) under conditions <br />that pose a material threat of a future release to the environment.De minimis conditions are not <br />considered RECs. <br />1.5 User Reliance <br />This report may be distributed and relied upon by Capstone Homes and their successors and/or <br />assigns.Reliance on the information and conclusions in this report by any other entity is not <br />authorized without the written consent of Carlson McCain. <br />Phase I Environmental Site Assessment <br />16330 US Highway 10 NW, Elk River, Minnesota September 4, 2024 <br />Carlson McCain, Inc.Page 2