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TO 4640138 P.IMDEC-21-1993 16:Sa FROM GEOLOGICAL TEQ�Il CS • <br /> C)eokF4aCTrrl'sni4s hu. <br /> Saddle city Chevron <br /> lob No.166.2 <br /> December 21,1993 <br /> Page 3 <br /> Altera lyr Approaches <br /> As I see this situation Mike, there is an approach that will bring satisfactory resolution <br /> to all parties involved. This is Approach One discussed below. There are two other <br /> approaches to this situation which are also discussed below, but are less than <br /> satisfactory on several accounts. <br /> Approach Otte.• 1pt.Mm Site Certification based on GroundwaterMonitoring <br /> This approach has the advantage of being a win- win situation to all parties. The basis <br /> of this approach is. <br /> 1) Annual or biannual groundwater monitoring of the existing wells. <br /> 2) The underground plumbing system and pumps would immediately upon <br /> transfer of ownership of the property,be replaced with upgraded equipment <br /> and bring the system into compliance with the State and County regulations. <br /> 3) A written agreement detailing a schedule for the replacement of the <br /> underground plumbing system,pump,underground tanks, and soil removal <br /> will be agreed upon and executed by all parties. <br /> 4) The County would provide an interim site certification Ietter upon execution <br /> of the agreement(item 3 above). <br /> The advantages for all parties involved are outlined below: <br /> • The County, will know that the site is being addressed, that the groundwater <br /> is being monitored, and that the underground plumbing system,pumps and <br /> tank system will be replaced in an acceptable time frame, the County could <br /> then provide an interim site certification letter. which would allow for the <br /> property transfer to proceed- <br /> • The lender liability situation would be resolved because there would be a <br /> plan of action accepted by the County which includes identifying the parties <br /> responsible for this work. <br /> • By obtaining a site certification letter, the buyer would be able to close their <br /> loan and be able to complete the property transfer and system upgrade. This <br /> approach would be the most expeditious way to complete the property <br /> transfer and allow for the overall project to move forward. <br /> • The transfer of ownership would not be delayed and the new owner could <br /> implement the underground plumbing system upgrade and replace the <br /> existing pumps which bring them into compliance with State and County <br /> regulations within a defined time frame. <br /> Mike, the buyer is planning to implement the upgrade work immediately upon taking <br /> title to the property. However,this cannot happen until the property transfer has taken <br /> place. To accomplish the transfer, the lender needs to feel confident that they are not <br /> 3 <br />