Provides the financial institution a letter stating the investigation summarized in the report was conducted using that level of skill and care as would be used by competent professionals in the industry for similar projects and under similar circumstances, conforms with the guidelines set for the in ASTM Standard E 1527-00 or the current version of such standard, and constitutes all appropriate inquiry into the environmental condition of the property. Based solely upon our investigation and subject to the investigation limitations set forth in the report, we are of the opinion that there is no likelihood of recognized environmental condition or potential for significant environmental liabilities associated with the property and no further investigative work is recommended in order to evaluate the environmental condition of the property.
The term Recognized Environmental Conditions (RECs) is defined by the ASTM as the presence or likely presence of any hazardous substances or petroleum products on a property under conditions that indicate an existing release, a past release or a material threat of a release of any hazardous substances or petroleum products into structures on the property or into the ground, groundwater or surface water of the property. The term includes hazardous substances or petroleum products even under conditions in compliance with laws. The term is not intended to include de minimis conditions that generally do not present a material risk of harm to public health or the environment and that generally would not be the subject of an enforcement action if brought to the attention of appropriate governmental agencies. Conditions determined to be de minimis are not RECs.