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of the Exchange Parcels, with regard to the existence, generation,
<br />processing, storing, disposal, release, or discharge of any Hazardous
<br />Substances, from, on, under, about, or in the vicinity of the Exchange
<br />Parcel, and Environmental Laws relating to Hazardous Substances
<br />affecting the Exchange Parcels, and relating to the existence of any
<br />wetlands or threatened, endangered, or protected species or habitats or
<br />items of archeological significance on or near the Exchange Parcels,
<br />which investigation is commonly referred to as a "Category I", "Phase I",
<br />or "Level I" environmental audit, ("Phase I"), and such further
<br />investigations and/or reports as the acquiring Party may require due to the
<br />results obtained in the Phase I, (collectively, the "Environmental
<br />Reports").
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<br />(2)
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<br />Termination. In the event the acquiring Party is not satisfied with the
<br />results of such investigation(s) and report(s), or if there is an adverse
<br />change in the condition of the Exchange Parcels before Closing, the
<br />acquiring Party may terminate this Contract pursuant to Section 14 of this
<br />Contract.
<br />
<br />(3)
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<br />Contingency. Each Party's obligation to close hereunder is expressly
<br />contingent upon the acquiring Party's satisfaction, in its sole discretion,
<br />with the results of the environmental investigation, and upon there having
<br />been no adverse change in the condition of the Exchange Parcels or the
<br />property in the vicinity of the Exchange Parcels as such condition was
<br />reflected in such investigation.
<br />
<br />(4)
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<br />Hazardous Substances and Environmental Laws. As used in this
<br />Contract, "Hazardous Substance," shall mean and include all hazardous
<br />or toxic substances, wastes or materials, any pollutants or contaminates
<br />(including, without limitation, asbestos and raw materials which include
<br />hazardous constituents, radon and urea formaldehyde), and any other
<br />similar substances, or materials which are included or regulated by any
<br />local, state, or Federal law, rule or regulation pertaining to environmental
<br />regulation, contamination, clean-up or disclosure, including, without
<br />limitation, the Comprehensive Environmental Response Compensation
<br />and Liability Act of 1980, the Superfund Amendments and
<br />Reauthorization Act of 1986, the Resource Conservation and Reco.very
<br />Act, the Toxic Substances Control Act and the Federal Insecticide,
<br />Fungicide and Rodenticide Act, as amended, (collectively,
<br />"Environmental Laws").
<br />
<br /> c. Right to Enter Property. Each acquiring Party and its employees and agents
<br />shall have the right and permission from and after the date hereof to enter upon the Exchange
<br />Parcels to be acquired, at all reasonable times and from time to time, for the purpose of making
<br />all soil, drainage, utilities, traffic, and other tests and investigations desired in connection with its
<br />evaluation of the Exchange Parcels and in connection with the engineering, feasibility and
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<br />2174122vl 5
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