WORK PLANS - Laserfiche WebLink

Home Browse Search

condition of the Property, including without limitation all other environmental. soil and geotechnical reports and all correspondence with the County, State or other governmental body concerning the Environmental Condition, 3.5. In the event the remediation of the Existing Environmental Condition has not been completed and approved by the County and/or the State prior to Closing, Seller shall,at Closing, deposit in escrow with Escrow Holder Forty Thousand Dollars($40,000)to complete the remediation of the Existing Environmental Condition (the "Escrow Funds"). The Escrowed Funds shall be held pursuant to Escrow Holders standard form of strict joint order escrow agreement, in form and substance reasonably acceptable to Seller and Buyer, with such,additional or special provisions therein as are required to conform with the requirements hereof. Seller shall, after Closing and until the end of the Escrow Term,as that term is defined below, complete the remediation of the Existing Environmental Condition to the extent required by the State and/or the County (the "Work"). Seller will manage the Work and select the contractors and consultants to perform the Work;provided that, prior to entering into any agreement withcontractors or consultants for the Work, Seller will obtain the prior written approval of Buyer, which will not be unreasonably withheld. The Escrow Funds are to be used to pay for the cost of the Work. Within three(3) business days after the expiration of Buyer's objection period described in(b)below, and provided no timely objection has been received by Escrow Holder,disbursements of Escrow Funds shall be made to Seller(or as Seller otherwise directs) for actual costs and expenses incurred by Seller in connection with Work, including, without limitation, costs and expenses for permits, labor, materials, architectural, engineering and legal services. Disbursements skull be made not more frequently than once per month. All disbursements of Escrow Funds shall be(a) conditioned upon the presentation by Seller to the Escrow Holder and Buyer of paid or unpaid invoices for the costs and expenses along with the conditional lien releases for which Seller seeks payment or reimbursement and (b) subject to the prior written consent of Buyer(or its designated agent), which consent shall not be unreasonably withheld, conditioned or delayed (it being understood that Buyer shall be deemed to have consented to such disbursement if Buyer has not objected to the same within five(5) business days after Buyer's receipt of SeIler's request for disbursement). The escrow 515303/Cr2 4