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James J. Periconi, Esq. | April 26, 2008
In 2003, the New York Legislature passed the Brownfield Cleanup Program, ECL § 27-1401 et seq. The benefits of the Brownfield Cleanup Program (“BCP”) are many: the developer receives a liability release from the State following DEC oversight during the cleanup of the property. The most coveted benefit, however, is a tax credit of up [...]
James J. Periconi, Esq. | April 26, 2008
Post–closing covenants will be required for a borrower in a loan transaction, or a tenant in a lease transaction. 1. Borrower will be required to comply [in all material respects] with Environmental Requirements, to notify lender promptly in writing after knowledge in the event of any release which violates any applicable Environmental Requirement, of any [...]
James J. Periconi, Esq. | April 20, 2008
In a sale or loan transaction the most important pre–closing covenant is that the borrower or seller will maintain the property in compliance with all environmental laws and will re–affirm accuracy of the representations and warranties as of the closing date.
James J. Periconi, Esq. | April 16, 2008
Seldom is a knowledgeable buyer with experienced counsel willing to accept property “as is.” Nonetheless, if that is the agreed term of the transaction, then special care must be taken to make that provision effective. It will be construed against the seller.
James J. Periconi, Esq. | April 13, 2008
It may be appropriate to add specific representations on individual contaminants or areas of concern to buyer or lender. In addition to those listed, formaldehyde and radon may be of concern to the buyer.
James J. Periconi, Esq. | April 10, 2008
1. Disclosure of outstanding notices or basis for notices is important to a continuing business: “Seller has not received written or oral notification that any of its current or past operations or a by–product thereof is related to
James J. Periconi, Esq. | April 8, 2008
This most common of representations and warranties is most often abused. Buyer or tender may initially want a flat representation that there are not now and never have been any Hazardous Materials on the premises or any operations that generate, use, treat, store, or dispose of Hazardous Materials. Difficulties that immediately arise include
James J. Periconi, Esq. | April 6, 2008
Although the possession of and compliance with all necessary permits is important information for a buyer expecting to continue a business or a lender depending on the viability of a business, representations regarding permits do not necessarily cover potential liabilities for remediation or third party damages.
James J. Periconi, Esq. | April 1, 2008
A typical provision states: “Except as set forth in schedule x.x and except for violations which would not have a Material Adverse Effect, seller is not and has not been in violation of any Environmental Requirements.
Conservation Buffer Sufficient to Defeat Petitioners’ Standing to Challenge Proposed Development Court Allows Town’s Trespass and Strict Liability Claims against Neighboring Company to Go Forward Under CERCLA, Responsible Parties Liable for Future Clean-Up Costs Revised Standards for Phase II Environmental Site Assessments So, You’re Interested in Purchasing a Contaminated Property (or a Parcel Next to a Contaminated Property): An Overview of Phase I Environmental Site Assessments How to Insure You Get the Landowner Liability Protections under Superfund Environmental Groups Denied Intervention in Suit Regarding RCRA Consent Decree James J. Periconi Named 2011 Environmental SuperLawyer DEC Did Not Act Outside of Its Authority in Promulgating Regulations that Required Cleanup of Contaminated Properties to “Pre-Disposal Conditions” under the State Inactive Hazardous Waste Disposal Site Act 