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 [...]
Category: Brownfields Cleanup, Real Estate Transactions & Environmental Law |
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Tags: BCP, Brownfields, cleanup program, contamination, dec's soil cleanup objectives, Denial of eligibility, Department of Environmental Conversation, Governor Paterson, lighthouse pointe, New York
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 [...]
Category: Real Estate Transactions & Environmental Law |
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Tags: Adverse Environmental Condition, assessment, encumbrance, environmental requirements, governmental authority, hazardous materials, lien, loan transaction, post-closing covenants, property lien, security interest