01-20-11 Regular Meeting and Public Hearing of the La Porte Planning and Zoning Commission

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bring the Property into compliance with all applicable Texas Commission on Environmental Quality (nTCEon) standards and all applicable federal, state and local regulations and laws pertaining to health or the environment, including, without limitation, 30 Tex. Admin. Code ~ 330, et. seq. as amended from time to time, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 as amended from time to time (nCERCLAn), the Resource Conservation and Recovery Act of 1976, as amended from time to time ("RCRAn), the Texas Water Code, as amended from time to time, and the Texas Solid Waste Disposal Act, as amended from time to time (collectively, the "Applicable Laws). Buyer will within nine (9) months after the date of this Agreement prepare and submit to TCEQ, with a copy to Harris County, a comprehensive plan (the "DevelopmentIRemediation Plan") describing the measures necessary to remediate the conditions and bring the Property in compliance with all Applicable Laws. The Development/Remediation Plan will establish a timetable to bring the Property into compliance within a reasonable period of time and will establish a date for substantial completion. A draft of the DevelopmentlRemediation Plan will be submitted to Harris County ten (10 ) business days before the final document is submitted to the TCEQ, and during such time Harris County may provide comments to Buyer. 2. Following submission of the Development/Remediation Plan to TCEQ, Buyer will use reasonable diligence and will otherwise take such action as may be reasonably practical in order to obtain TCEQ's approval of the Development/Remediation Plan. Harris County shall provide any comments it may have with respect to the Development/Remediation Plan to both Buyer and the TCEQ. Buyer will provide a copy of all correspondence with the TCEQ regarding the Deve1opmentlRemediation Plan to Harris County. Buyer will provide advance notice to Harris County of any meetings with TCEQ regarding the Development/Remediation Plan. The Development/Remediation Plan, as so submitted to TCEQ, may contain such modifications as specified by TCEQ for compliance with Applicable Laws or to address comments of Harris County, and if, as and when approved by TCEQ, such DevelopmentIRemediation Plan, as it may have been amended or modified, shall constitute the "Approved DevelopmentlRemediation Plan", 3. Buyer shall prepare an estimate of the cost of the improvements, together with all other related costs and expenses, professional fees and construction management fees, required to implement the Approved Development/Remediation Plan (the "Cost Estimate"). Buyer shall review and update the Cost Estimate on an annual basis to reflect the work completed and the work remaining in the implementation of the Approved Development/Remediation Plan. 4. Based on the initial Cost Estimate, Buyer will proceed with the work delineated in the Approved DevelopmentlRemediation Plan in an effort to cause the Property to be brought into compliance with the Applicable Laws. Buyer will diligently prosecute the work specified in the Approved Deve1opmentlRemediation Plan so as to bring the Property into compliance in accordance with the established timetable and will endeavor to achieve substantial completion on or before the date established for substantial completion as specified in the Approved Development/Remediation Plan. As used herein, "substantial completion" means when Buyer shall have delivered all of the following to Harris County: (a) if applicable, a report or certification from TCEQ acknowledging completion of the Approved Development/Remediation Plan, (b) if applicable, a certificate of occupancy from any local governmental authority which Environmental Agreement 2