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Tinto its name on the day that Escrow closes. 11. Fees and Costs. Buyer and Seller.each ,`fee and (ii) all costs and expenses that Escrow Holder i ;icost or expense is otherwise allocated under this Agre ;j pay state and local real estate transfer taxes and sales N Deed; and the premium for the Title Policy. Seller steal ',obtains in accordance with Section 9.2. 12. Environmental Matters. 12.1 Seller's Corrective Action Obliaa iperform corrective action (which may include natural at E�Contamination, to the extent required by the Agency fo ,Action") and subject to Buyer's compliance with the pry Ii Declaration. The term "Pre -Closing Contamination" me the soil or groundwater during ARCO gasoline station c by Seller and its affiliates before Escrow closes. The N ,, regulatory agency that has jurisdiction over a release o :, groundwater occurring on or about the Real Estate. & ;determine the Corrective Action schedule, technique, r contest and appeal any decision of the Agency. 12.2 Baseline Data. For purposes of the Contamination concentration levels (the "Contamin areas (the "Contamination Areas") comprising the Base €3 Contamination. The term "Contamination" means Haz; !? groundwater. The term "Baseline Data" means (i) the + !'Areas disclosed in the Environmental Report (as define ,5 higher Contamination Levels or larger Contamination p li obtained by Buyer during the Inspection Period (as def !; decreased to any lower Contamination Levels or small � Qualified Report obtained by Seller after Escrow close ,!subsurface investigation report concerning the soil or c I that has been prepared and certified by a geologist or I ,-the state in which the Real Estate is located and who is 12.3 Environmental Reports. Buyer a Buyer a copy of the environmental report dated August Action that was prepared by SECOR International Inco i Buyer understands that all reports filed by Seller w Real Estate are available at the Agency's offices fo !�* including the Environmental Report prepare( SECOR's Report concerning Soil Analytical Dai samples taken on April 13-,-1999 6 Q:Veladminl osephl aftsl 44931resa09.doc 06/08/99 Buyer s shall pay one-half of (i) Escrow Holder's icurs on the parties' behalf, unless the ment. Buyer and Seller shall equally taxes, if any; the recording fee for the pay_for any endorsements that Seller ons. Seller shall assess, monitor, and enuation) on any Pre -Closing.. gasoline station use (the "Corrective jisions of the Environmental ans Hazardous Materials released into perations conducted on the Real Estate rm "Agency" means the environmental Hazardous Materials into the soil or Iler will have sole discretion to ethod, and design; and Seller may ection 12.1, only Contamination within tion Levels") and the Contamination ine Data will be considered Pre -Closing rdous Materials present in the soil or ontamination Levels and Contamination J in Section 12.3), (ii) increased to any eas disclosed in any Qualified Report led in Section 12.10(a)), and (iii) r Contamination Areas disclosed in any The term "Qualified Report" means a oundwater at or under the Real Estate rofessional engineer who is licensed by not affiliated with Buyer or Seller. cknowledges that Seller has delivered to _ 24, 199 , concerning the Corrective w f 5�0 ` U "porated*(the "Environmental Report"). �V ith the Agency with respect to the - Buyer's review. I by SECOR on March 11, 1994, and :a, Waste Oil UST and Piping, for 7:57 AM // -- ;4�K `telnitials r