Matthew Jokajtys | April 30, 2013
EPA has just extended to tenants the Bona Fide Prospective Purchaser (“BFPP”) protection, by which Congress previously exempted certain prospective owners from harsh Superfund liability. Even where the landlord loses its BFPP protection, the new EPA enforcement guidance memo allows tenants to hold onto it, assuming the tenant can meet certain requirements. Traditionally, a tenant derived [...]
Matthew Jokajtys | December 12, 2012
A federal court in New York recently decided that the migration of subterranean contamination onto a neighboring property was not, by itself, a sufficient basis to hold a neighboring landowner jointly liable for remediation costs under the federal Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”).
Matthew Jokajtys | December 4, 2012
Congress enacted the Superfund Act, whose formal name is the Comprehensive Environmental Response, Compensation, and Liability Act, or CERCLA, in 1980 to promote the clean up (remediation) of properties, typically abandoned landfills or other sites, that had been contaminated by the disposal of hazardous materials. To further this goal, Congress cast a wide net and [...]
James J. Periconi, Esq. | May 15, 2012
In our series highlighting the tools of environmental due diligence in real estate transactions, we’ve covered the basics of (1) what is “environmental due diligence,” (2) what are the important environmental provisions you need in a purchase and sale contract, and (3) what environmental investigations and audits you need to undertake after signing the contract. [...]
James J. Periconi, Esq. | May 7, 2012
So now you’ve selected your property and have a proper purchase and sale agreement in place; what do you do next?
James J. Periconi, Esq. | April 18, 2012
In our first post in this blog series, we explained exactly what is meant by the term “environmental due diligence” in real estate transactions and discussed some of the “tools” of environmental due diligence. In this post, we’ll cover in detail one of those tools: the contract of sale for real property.
James J. Periconi, Esq. | April 10, 2012
This blog series is based on an article written by James J. Periconi and published in the Winter 2008 Bloomberg Corporate News Journal. Mr. Periconi also discusses the details and the nuances of environmental due diligence of commercial real estate transactions in his bi-monthly continuing legal education course. Although we’ve blogged about environmental due diligence [...]
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.