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6C7 Renaissance District PH II
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6C7 Renaissance District PH II
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EXHIBIT 2 <br />ENVIRONMENTAL AGREEMENT REGARDING IVY TOWER BUILDING <br />THIS ENVIRONMENTAL AGREEMENT REGARDING IVY TOWER BUILDING <br />(the "Agreement ") is made and entered into by and between South Bend Redevelopment <br />Commission (the "Commission ") and UNION STATION PROPERTIES, LP, a limited <br />partnership, existing under the laws of the State of Indiana ( "Union Station ") (collectively <br />"Parties "). <br />WHEREAS, Union Station is a party to a certain Contract for Purchase and Sale (the <br />"Purchase Agreement ") for the purchase by Union Station of certain property located at 600 <br />United Drive and 635 South Lafayette Boulevard, in South Bend, Indiana, consisting of three (3) <br />land parcels, two (2) of which have been developed with larger industrial facilities, and the third <br />parcel encompassing a thin tract of land located between the existing buildings and the adjacent <br />Penn Central Railroad property (collectively "Ivy Tower Building ", "Facility ", or "Property "); <br />and <br />WHEREAS, Union Station intends to adaptably reuse the Ivy Tower Building as part of <br />the Union Station Technology Center; and <br />WHEREAS, after the Purchase Agreement was executed, the Commission produced an <br />environmental site assessment for the Property indicating certain contamination is possible at <br />and/or under the Property in certain instances in excess of the Indiana Department of <br />Environmental Management's ( "IDEM ") industrial clean -up criteria; and <br />WHEREAS, Union Station will be taking steps to qualify as a Bona Fide Prospective <br />Purchaser (`BFPP ") under CERCLA and analogous Indiana laws and intends to apply for a <br />"comfort letter" from the Indiana Finance Authority's Brownfields Program (the " Brownfields <br />Program ") that details Union Station's liability protection for pre- existing contamination at the <br />Property and the "continuing obligations" Union Station must satisfy to maintain its BFPP <br />liability protections under CERCLA and analogous Indiana Laws (the "Comfort Letter "); and <br />NOW, THEREFORE, for and in good consideration of the sum of Ten Dollars ($10.00) <br />and other good and valuable consideration, the receipt and legal sufficiency of which is hereby <br />acknowledged, the parties hereto agree as follows: <br />1. Existing Environmental Conditions. Union Station acknowledges that there are <br />certain environmental defects on, at, or under the Property, which is in excess of the Indiana <br />Department of Environmental Management's ( "IDEM ") clean -up criteria or screening levels <br />( "Existing Environmental Conditions "), as described in the Phase II Environmental Site <br />Assessment dated March 23, 2012, Lead Based Paint Survey dated March 21, 2012, and <br />Asbestos Inspection Report dated March 21, 2012, all prepared by Wightman Petrie, Inc., <br />(collectively "WP Reports "), copies of which, together with all attachments and enclosures <br />referenced in the WP Reports are found on a disk which is attached hereto. A copy of the disk <br />containing the WP Reports has been provided to and reviewed by Union Station. <br />
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