9/30/04 - AGREEMENT FOR RECOVERY OF PAST RESPONSE COSTS ISSUED. THE SETTLING PARTIES SHALL MAKE PAYMENTS TO THE EPA HAZARDOUS SUBSTANCE SUPERFUND IN REIMBURSEMENT OF PAST RESPONSE COSTS UPON THE FOLLOWING TERMS AND CONDITIONS:
A. THE SETTLING PARTIES SHALL UNDERTAKE BEST EFFORTS TO SELL THE SITE PROPERTY.
B. WITHIN 30 DAYS OF THE EFFECTIVE DATE, THE SETTLING PARTIES SHALL SUBMIT TO EPA INFORMATION DOCUMENTING THEIR BEST EFFORTS TO SELL THE SITE PROPERTY. THE SETTLING PARTIES SHALL THEREAFTER SUBMIT AN UPDATE DOCUMENTING THEIR CONTINUING BEST EFFORTS TO SELL THE SITE PROPERTY EVERY 6 MONTHS, WITH THE FIRST UPDATE DUE SEVEN MONTHS FROM THE EFFECTIVE DATE OF THIS AGREEMENT.
C. THE SETTLING PARTIES SHALL NOTIFY EPA IN WRITING WITH 3 BUSINESS DAYS OF RECEIPT OF ANY WRITTEN OFFER TO PURCHASE THE SITE PROPERTY OR A PORTION THEREOF. THE SETTLING PARTIES SHALL AT THAT TIME PROVIDE EPA WITH A COPY OF THE OFFER. IF THE AMOUNT OF THE OFFER IS EQUAL TO OR GREATER THAN THE ACCEPTED APPRAISED VALUE, AND IF THE OFFER DOES NOT CONTAIN UNREASONABLE CONTINGENCIES OR TERMS, THEN THE SETTLING PARTIES SHALL SELL THE PROPERTY. IF THE AMOUNT OF THE OFFER IS BELOW THE APPRAISED VALUE, THE DECISION TO SELL THE SITE PROPERTY IS IN EPA'S SOLE DISCRETION.
D. THE SETTLING PARTIES SHALL PAY TO EPA THE NET PROCEEDS FROM THE SALE OF THE SITE PROPERTY UP TO THE TOTAL PAST RESPONSE COSTS, WITHIN 15 DAYS OF THE CLOSING DATE.
E. IF THE SITE PROPERTY IS NOT SOLD WITHIN 3 YRS OF THE EFFECTIVE DATE