6.C.(6) - Laserfiche WebLink

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Before the indemnity may be terminated for non - compiiance, the Board shall notify Union Station in writing of the non-compliance and Union Station, its successor or assigns, shall have 30 days from the date of notice to cure said non- compliance (the "Cure Period ") or, in the alternative, to reach agreement with the Board on a plan to cure the default, which agreement will not be unreasonably withheld. The Indemnity cannot be terminated for non - compliance until the 10 year time period set forth in the Development Agreement for completion of the original obligations of Union Station, its successors or assigns, has expired by its terms, provided, however, that Union Station has complied with the requirements set forth in Section 2.2 of the Development Agreement. 7, Remediation. Subject to the terms of this Agreement, the Board agrees to promptly perform the environmental investigations and corrective actions necessary to remediate the Hazardous Materials at the Property preexisting the date of Closing as defined in the Purchase Agreement (including, but not limited to, the Existing Environmental Conditions) to the extent required by the IDEM and any other governmental authorities with jurisdiction over the Hazardous Materials and contamination at the Property to commercial /industrial standards. The Parties agree that the Board will undertake a study to ascertain whether it is reasonably feasible to remediate to residential standards. The Board shall have 6 months from the date it receives access to the Property in which to determine whether remediating to residential standards will result in an incremental cost of more than $250,000 over the cost to remediate to commercial/industrial standards under Indiana law, it being understood that the Board shall have an obligation to remediate to residential standards if such incremental cost is $250,000 or less, but shall have no obligation to remediate if such cost is more than $250,000. As used herein, "Remediation" means (i) performing environmental property assessment activities (which may include taking soil borings and the installation, sampling and maintaining of groundwater monitoring wells and/or other monitoring points and related activities) on the Property to complete an assessment of the Property as required by IDEM or other governmental authorities; (ii) performing corrective action to diligently remediate such Hazardous Materials consistent with the rules, regulations and requirements of IDEM or other governmental authorities. If such remediation requires the installation, maintenance and operation of any remediation structures that will materially interfere with the interior operations of buildings on the Property, the size and location of such structures shall be approved by Union Station prior to any installation, provided that such approval shall not be unreasonably withheld and shall not prevent compliance with any requirements imposed by IDEM or other governmental authorities. Any remediation shall be considered complete upon the issuance of a letter from IDEM or other governmental authority stating that no further action, or the equivalent, is necessary concerning the Property (an "NFA Letter"). Upon termination of the remediation, the Board shall decommission any remaining monitoring points and other corrective action equipment and restore the surface of the Property affected by the decommissioning to substantially the same condition which existed prior to such decommissioning in accordance with the rules and regulations of IDEM or other applicable government authority.