Phase I Report

Example Definitions of "Phase I Report"
Phase I Report. Shall mean a Phase I Environmental Site Assessment: (i) certified to Buyer, NNN REIT, Inc., NNN REIT, LP, and their respective affiliates, subsidiaries, designees, successors and assigns, (ii) prepared by a licensed environmental consulting firm acceptable to Buyer that shall carry professional liability insurance in such amounts acceptable to Buyer, and (iii) prepared in accordance with Buyer's standard requirements and constituting an "all appropriate inquiry" as defined in 40 CFR Part 312... (the "All Appropriate Inquiry Rule") that is consistent with good commercial and customary practice by implementing the American Society for Testing and Materials ("ASTM"), Standard Practice for Environmental Site Assessments: Phase I ESA Process (the "Phase I Standard"), as updated and amended from time to time (currently, "ASTM E 1527-21"), and (iv) conducted no more than one hundred eighty (180) days prior to each Closing Date such that the assessment meets the requirements of the Phase I Standard. The Phase I Standard shall be met if the components of the inquiries made in the assessment were conducted or updated within one hundred eighty (180) days of and prior to each Closing Date in accordance with Section 4.6 of the ASTM E 1527-21 standard. View More
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