Posted By James J. Periconi, Esq. on 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 or subject to any investigation by any Governmental Authority evaluating whether any remedial action is needed to respond to a release or a threatened release of a contaminant.
2. A variation: “With respect to property currently or formerly owned or operated by seller, seller is not subject to any outstanding written notice or order of, or agreement with, any Governmental Authority or other person in respect to which seller (i) may be required to take any remedial action [which individually or in the aggregate is likely to have a Material Adverse Effect on seller], or (ii) may be required to incur any Environmental Damages arising from the release or threatened of a contaminant into the environment.”