R2002-217 AUTHORIZING EXECUTION OF AGREEMENT

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(c) If the Phase II environmental assessment performed by the CITY discloses the presence of hazardous materials (other than asbestos) on the Premises in levels greater than permitted by applicable State and Federal environmental laws for the use of the Premises for commercial development, or if any archeological survey of the Premises performed and paid for by the CITY reveals conditions that would hinder or prevent such development, then: (i) the CITY may, at its sole discretion and by written notice to the BOARD within thirty (30) days after completion of the Phase II Assessment or archeological survey, decline to accept conveyance of the Premises, or (ii) the CITY may within thirty (30) days after completion of the Phase II Assessment or the archeological survey, as the case may be, make a demand upon the BOARD to remove the levels of hazardous materials present with exceed State and Federal environmental laws or to remediate such archeological conditions in a manner consistent within commercial development and applicable law; and the BOARD in its sole discretion may either meet the CITY'S demand or choose to terminate this Agreement by written notice to the CITY within forty five (45) days of receiving the CITY'S demand. Otherwise, Settlement shall occur as set out herein. If the BOARD agrees, by written notice to the CITY, to so remove or remediate any such hazardous or archeological materials or conditions, the date for settlement shall be adjusted so as reasonably to allow any such removal or remediation to occur. The removal or remediation of such hazardous or archeological materials or conditions to levels acceptable for the commercial development of the Premises, as certified by a qualified person or firm satisfactory to the BOARD and the CITY not less than thirty (30) days prior to such new settlement date, shall fully satisfy any BOARD duty or obligation hereunder with regard to hazardous or archeological materials or conditions on the Premises. (d) "Hazardous materials", for the purposes hereof, shall mean any flammable explosives, radioactive materials, hazardous materials, hazardous wastes, hazardous or toxic substances, or related mate�ials defined in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, (42 U.S.C. 9601 et seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. 1801 et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. 9601 et seq.), and in the regulations adopted and publications promulgated thereto, or any other federat, state or local environmental law, ordinance, rule or regulation, with the understanding that for purposes of this Agreement asbestos shall not be included within the definition of hazardous materials. 5. (a) At Settlement, which shall occur on January 5, 2004, at such place as is mutually agreeable to the parties hereto, the BOARD shall deliver to the CITY a Special Warranty Deed to the Premises, subject only to those matters to which the title may be subject as provided in Section 3 hereof, and conveying the benefits of all easements of record prior to the execution of this Agreement, if any, in such form and together with such documentation as shall be required for recording said deed. The BOARD shall also furnish the CITY, at Settlement, all documentation necessary to protect the CITY from mechanic's liens. The BOARD shall prepare the real estate transfer declaration form. The CITY shall pay for the cost of recording