1804.03

Environmental Site Assessment

Requirements

A Phase I Environmental Site AssessmentPhase I Environmental Site AssessmentEnvironmental report and site assessment performed according to the process described in current ASTM E 1527, including any report summarizing the conclusions of the assessment. is not required if:

  • an Environmental Professional performs an environmental database review and identifies no
    • potential environmental concerns (as defined in ASTMASTMAmerican Society for Testing Materials E1528 - Standard Practice for Limited Environmental Due Diligence: Transaction Screen), or 
    • adverse conditions requiring further due diligence; 
  • the BorrowerBorrowerPerson who is the obligor per the Note. enters into an Environmental Indemnity Agreement (Form 6085); and
  • you confirm that the BorrowerBorrowerPerson who is the obligor per the Note. is appropriately implementing any existing O&M PlansO&M PlansWritten plan, document, or agreement containing ongoing operating, maintenance, or monitoring actions for the Property or its Improvements. for the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). .