- financial advising to the borrower to address loan defaults;
- enforcing the terms and conditions of the security interest;
- monitoring or inspecting the facility; and
- requiring a response action in connection with a release or threatened release of a hazardous substance.
- Conducting internal environmental screening to identify potential environmental liability at the property. We have developed questionnaires for types of properties.
- Conducting a property inspection to identify any obvious environmental issues.
- Conducting a Phase I Environmental Site Assessment via a qualified consultant, often with the advice of legal counsel.
- Keep a file proving safe harbor requirements compliance.
- Inspect the property regularly.
- Work regularly to sell or lease the property, using advertising and brokers if common.
AFTER DIVESTITURE OF PROPERTY:
- Prepare a file providing compliance with the CERCLA safe harbor provisions.