2/7/11 - SETTLEMENT AGMT FOR RECOVERY OF RESPONSE COSTS BASED ON ABILITY TO PAY. SETTLING PARTY: LEON DENNIS. THE SETTLING PARTY SHALL MAKE PAYMENTS TO THE EPA HAZARDOUS SUBSTANCE SUPERFUND IN REIMBURSEMENT OF PAST RESPONSE COSTS UPON THE FOLLOWING TERMS AND CONDITIONS:
A. THE SETTLING PARTY SHALL UNDERTAKE BEST EFFORTS TO SELL THE SITE PROPERTY AT FAIR MARKET VALUE.
B. THE APPRAISED FAIR MARKET VALUE OF THE SITE PROPERTY AS OF FEB 22, 2010 IS $75,200.
C. WITHIN 30 DAYS, SETTLING PARTY SHALL SUBMIT TO EPA INFO DOCUMENTING HIS BEST EFFORTS TO SELL THE SITE PROPERTY. THE SETTLING PARTY SHALL THEREAFTER SUBMIT AN UPDATE DOCUMENTING HIS CONTINUING BEST EFFORTS TO SELL THE SITE PROPERTY EVERY 3 MONTHS, WITH THE FIRST UPDATE DUE 4 MONTHS FROM THE EFFECTIVE DATE OF THIS SETTLEMENT AGMT.
D. THE SETTLING PARTY SHALL NOTIFY EPA IN WRITING WITHIN 3 BUSINESS DAYS OF RECEIPT OF ANY OFFERS TO PURCHASE THE SITE PROPERTY. THE SETTLING PARTY SHALL AT THAT TIME PROVIDE EPA IWTH A COPY OF THE OFFER, INCLUDING THE IDENTITY OF THE PROSPECTIVE PURCHASER, THE TERMS OF THE OFFER TO PURCHASE THE SITE PROPERTY, AND THE CONSIDERATION TO BE PAID. IF THE AMOUNT OF THE OFFER IS EQUAL TO OR GREATER THAN THE APPRAISED FAIR MARKET VALUE, IF THE OFFER INCLUDES AN EPA-APPROVED AGMT BY THE PROSPECTIVE PURCHASER TO EXECUTE AND RECORD PROPRIETY CONTROLS AND IF THE OFFER DOES NOT CONTIAN UNREASONABLE CONTINGENCIES OR TERMS, THEN THE SETTLING PARTY SHALL SELL THE SITE PROPERTY. IF THE AMOUNT OF THE O