1704.01

Environmental Site Assessment

Requirements

A Phase I Environmental Site Assessment Phase I Environmental Site AssessmentEnvironmental Site Assessment conducted per the current ASTM E-1527 standard and the resulting report. is not required if:

  • an Environmental Professional performs an environmental database review and identifies no
    • potential environmental concerns (as defined in ASTM ASTMAmerican Society for Testing Materials E1528 - Standard Practice for Limited Environmental Due Diligence: Transaction Screen), or 
    • adverse conditions requiring further due diligence; 
  • the Borrower BorrowerPerson who is the obligor per the Note. enters into an Environmental Indemnity Agreement ( Form 6085 ); and
  • you confirm that the Borrower BorrowerPerson who is the obligor per the Note. is appropriately implementing any existing O&M Plans O&M PlansRequired plan for remediating a Recognized Environmental Condition or Business Enivronmental Risk as described in Environmental Due Diligence Requirements (Form 4251). for the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). .