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 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.