6.C.(2) Draft Environmental Indemnity Agreement (700 S. Lafayette)

Home Browse Search

ENVIRONMENTAL TESTING AND REMOVAL AGREEMENT THIS ENVIRONMENTAL TESTING AND REMOVAL AGREEMNT ( "Agreement ") is made this _ day of March, 2009, by and among the City of South Bend (the "City "), the City of South Bend, Indiana, Department of Redevelopment acting by and through the City of South Bend, Indiana, Redevelopment Commission ( "South Bend Redevelopment ") and 3G Properties ( "3G "). WHEREAS, 3G is considering purchasing certain real property, which property was previously owned by South Bend Redevelopment, the legal description of which is more fully described in Exhibit A hereto (the "Site "); WHEREAS, the Site is subject to an Environmental Indemnity Agreement dated September 20, 1995 by and between South Bend Redevelopment and Design Packaging, Inc. and an Addendum to Environmental Indemnity Agreement dated even date herewith by and among the City, South Bend Redevelopment and 3G; a' WHEREAS, in order to induce 3G to purchase the Site, the City, South Bend Redevelopment and 3G desire to enter into this Agreement to provide that the City and South Bend Redevelopment perform, at the sole expense of the City and South Bend Redevelopment, certain environmental testing of the soil at the Site and to remove and dispose of same if such soil is in excess of agreed upon environmental criteria as set forth herein. NOW THEREFORE, for good and; valuable consideration, the receipt and sufficiency of which are hereby acknowledged; -the City, South Bend Redevelopment and 3G agree as follows: 1. The City and South Bend Redevelopment hereby agree that should 3G purchase the Site as evidenced from a deed transferring the Site from the present owner to 3G, the City and South Bend Redevelopment will perform a minimum of twenty (20) soil tests dispersed equidistant from one another in that area delineated and identified in Schedule 1, attached hereto and incorporated herein, (the "Testing Area ") 2. The City and South Bend Redevelopment shall conduct soil testing in accordance with the protocol and testing parameters set forth in Exhibit B. 3. Testing shall be conducted within ten (10) days of a closing whereby 3G purchases the Site from its present owner. 4. 3G shall have the right, but not the obligation, to obtain split samples from the City and South Bend Redevelopment's environmental consultant. In any event, the City and South Bend shall provide a copy of all soil testing reports, including without limitation all narrative reports, boring logs,