With scrutiny on lenders’ risk management policies intensifying, more and more community banks are writing their first policies or updating old ones. The OCC just raised the bar for the banks it regulates with the August release of expanded guidelines for environmental risk management that bring their policy requirements in line with those of the FDIC. What are the critical components that should be in every policy? What elements are common to most institution’s policies? How does your institution measure up to industry best practices? How is policy administered across organizations? Join us for this webinar as seasoned insiders selected from the ranks of a mid-sized bank and small community lender share their experiences in writing and updating environmental policies. Learn what these experts are doing to protect their institutions from environmental risk exposure, and the dangers that lenders face by not have adequate policies in place to protect them from financial and legal liability. Tuesday, October 29, 2013 2pm EST 75 minutes Presented by: Georgina Dannatt VP, Environmental Risk Manager Bank of the West Brian A. Ginter, VP & CCIM Appraisal/Environmental Group Burke & Herbert Bank Larry Schnapf, Attorney, Schnapf Law

1. LEARN FROM THE EXPERTS:
Critical Elements of Effective
Environmental Policies
Moderator:
Presenters:
Dianne P. Crocker, Principal Analyst, EDR Insight
Brian A. Ginter, VP & CCIM, Appraisal/Environmental Group,
Burke & Herbert Bank
Georgina Dannatt, VP, Environmental Risk Manager,
Bank of the West
Larry Schnapf, Attorney, Schnapf Law

2. “Is my policy too stringent?”

3. The Evolution of Environmental
Due Diligence
2013
The OCC updates its
environmental policy for the first
time in18 years, expanding
scope of environmental
requirements—more in line with
FDIC guidance…

6. Best Practices in Lenders’
Environmental Policies
1. Work with qualified environmental professionals.
2. Define a tiered approach to due diligence.
3. Pre-screen all commercial property loans.
4. Require AAI-compliant Phase I ESAs, esp. high-risk loans.
5. Monitor property throughout loan term.
6. Document due diligence consistently.
7. Protect against liability in the event of foreclosure.
8. Train internal staff.
9. Track regulatory changes.
10. Conduct annual policy reviews, update as necessary.

7. Today’s Speakers:
Brian A. Ginter, VP & CCIM, Appraisal/Environmental Group,
Burke & Herbert Bank
Georgina Dannatt, VP, Environmental Risk Manager,
Bank of the West
Larry Schnapf, Attorney, Schnapf Law

8. Critical Elements of Effective
Environmental Policies
Webinar Event!
Tuesday, October 29, 2013
With scrutiny on lenders’ risk management policies
intensifying, more and more community banks are
writing their first policies or updating old ones.
One Manager’s
Perspective

9. Primary Purpose (Setting the Stage):
Comment on unique perspective in building policy from the Ground -Up
What are the critical components that should be in every policy?
What elements are common to most institution’s policies?
How does your institution measure up to industry best practices?
How is policy administered across organizations?
*Discuss your unique perspective in building policy from the ground up; developing and
maintaining. “Everything comes down to risk and value”.
*Observation: Regulatory focus has shifted with more attention on environmental risk
management, today, than ever before. Challenge – Environmental Risk Tolerance is
subjective and unique to each institution. Providing guidance and clarity for regulatory
acceptability is the challenge.
*What are you looking for from Environmental Professionals? (recommendations)
*How are you addressing concerns about regulatory scrutiny? What are examiners
looking for? What do you consider the primary trip-ups?
*I really, like the Comptroller’s Handbook – Commercial Real Estate Lending
(8/2013) 18-point checklist. Redrafting our current policy to address these points.
EDR Webinar
9

10. Four Simple Questions and Five Topic Points in 15
minutes – Right…
When first requested to participate in this discussion four main questions and five
bullet topics were provided as my discussion points…
No Challenge, how difficult could it be?
Realization: Yes I know… everyone out there just smiled. Once I realized my basic
points turned into 12 pages of outline I knew I had to focus my thoughts.
Let’s Get Started
EDR Webinar
10

11. Unique Perspective:
I joined Burke & Herbert Bank four years ago, as a 28-year veteran appraiser,
developer, and investor. That meant keep it applicable and simple.
Environmental challenges always come back to two points: Value and Risk
Taking this approach there are five primary points that any environmental risk
program needs to address:
1. Identify the Risk (education) – you must to know what the issues are before
you can understand the risk. This not only requires proper selection of third
party vendor / service providers, it also requires education for your internal
personnel; all personnel – Institution Size Subjective.
*Direct Staffing – providing interpretation and recommendations
*Loan Officers – ability to understand what is being communicated and
more importantly, they need to understand that the presence of an
environmental issue does not need to kill the deal.
*Operations – at least at our bank the force that pulls it all together.
*Senior & Board Level Management – Even more than the loan officers;
understanding that issues do not automatically mean denial.
2. Determine if or what the Cost to Cure Is - the issues specific to the property
and/or external influences? Is there a Cost to Cure? Can the issue be cured?

12. Unique Perspective:
3. What Is The Effect On Value - How is the effect going to be addressed?
Who is going to address it? Appraiser? Curtailment/Escrows? Environmental
Insurance? Mitigation/Clean-Up? Risk Level Underwriting?
4. Residual Risk? - Whether (2) above, is feasible or not, is there remaining or
residual risk associated with the property (remaining stigma, off site
issues, long-term clean up)?
5. What Is The Effect On Value - Back to (3). If there is residual risk, there is
a value concern. How are you going to address it?
Development of our risk management program started from these
points. It is these points that get to the hart of the risk and, in the
end, establish safe and sound risk management practice.

13. Policy Building Points:
Policy Building Points – in the beginning, and currently, I consider the most
relative and significant points to be:
The purpose of having a proper environmental risk management program is
not, simply, to satisfy regulatory compliance; the real goal of any
environmental risk program is KNOWING. Knowing what risks are present,
knowing who will address those risks, knowing how to mitigate those risks,
and finally, just knowing what needs to be done. Knowing is what will
protect the Bank and in the end the Customer.
From a Regulatory position, the focus is not just having a policy, it is also
having an implementation procedure in place; identifying responsible parties
throughout the process; oversight of the process; and being able to document
that process.
I can attest to, and believe many of the listeners today will agree, there
is increased attention on environmental risk management. What I found
lacking (typical) was a defined, clear, and concise structure or guide on
what is required and/or expected on the regulatory side. This is not a
criticism, but an observation. It is difficult to provide clarity on a topic
that is subjective by its very application – Tolerance Levels Vary.
Comes down to KNOWING & DOCUMENTING.

14. Policy Building Points:
Notwithstanding who our regulators are, I am currently reworking our
policy utilizing the updated OCC Handbook outline for, “…effective
environmental risk management program…”. This 18-point outline
identifies the questions and elements to be addressed in developing an
effective program. (Shown on later slides)
Note: your environmental risk management program must not only
address new mortgage lending, but must also address REO, OREO, and
have a system to monitor existing credits.
Note: Needed - A specific part of a proper risk management program is
a risk matrix. Typically, a risk matrix is segregated by property type
and loan amount. This matrix is risk-tolerance specific, by
institution, and will identify escalation points for increased
environmental due diligence.

15. Challenge:
Challenge: The question was posed; what are you looking for from EPs? Good
Question. I think I am speaking more to the smaller community bank sized
institutions when I say, typically, we do not have full environmental departments
or environmental engineers on staff. Many times, it’s just a sub-note to someone’s
job description; this is OK. With a properly written policy and access to vetted
third party service providers, there should be no difference in lending or
regulatory risk between those BIG BANKS and us.
Remember it comes down to KNOWING. Whether the initial due diligence
started with a simple questionnaire, a loan officer field inspection, or a full Phase I
& II with lead/radon/asbestos testing, vapor intrusion, and other studies it’s better
to know. If there is no one on staff with the expertise to determine the scope of
risk there are many service providers that can provide the expertise on a case by
case basis. I am not advising full studies on every credit; define your risk
tolerances and develop a Matrix.
Specifically, when I am requesting Phase I or II reports I want to know as much as
I can. This is not only specific RECs & VECs but, also any other observations, by
my expert (chemical storage, transformers, hydraulic systems, ect.), even if there
is no immediate risk. Additionally, I want commentary and recommendations
associated with any risks.

16. Challenge:
Challenge: The Risk Program must be written to EVERYONE…
•First and Foremost – Developed for the safe & sound operation of the
institution.
•Satisfaction of the Regulators
•Satisfaction of Senior Management & Board Members
•Satisfaction of the other supporting departments within the institution
•Last but not least – Satisfaction of the Lending Staff (they will never be
happy)
Challenge: Having a Risk Management Program that is comprehensive yet
provides the flexibility (with documentation) for exceptions. No two
situations are the same. Know & Document.

17. Comptroller’s Handbook – Commercial Real Estate Lending
(8/2013)
EDR Webinar
17

18. Comptroller’s Handbook – Commercial
Real Estate Lending
EDR Webinar
18

19. Exit Summary:
In Summary –
As with any Policy:
• Written
• Implementation Procedure
• Over-Site
• Documentation Process (document everything!)
Thoughts:
• any policy must be considered a living document - if and when new
information becomes available amend the policy.
• It is all about knowing; and when you know, document it.
Get a theme here… Know and Document!!!
That concludes my portion; I would like to turn this webinar over to Georgina
Dannatt with Bank of the West, who will clear up any confusion I may have
caused… . Q & A at the end of the program.

20. Managing Environmental Risk
Georgina Dannatt, CHMM, REPA
VP, Environmental Risk Manager
Bank of the West
October 29, 2013

21. Why have an Environmental Risk Program?
With few perceived losses and protections of the Secured Credit
Exemption (1996 Asset Conservation Act), many banks moved credit risk
management focus away from environmental
• More appetite for risk as banks grew larger & more competition
for desirable properties
• Lenders moved risk thresholds up to adjust for increased
property valuations
But…
• Banks are required to have a environmental program
• Regulators increased the emphasis on risk management and
proactive procedures to minimize liability due to a perceived overconcentration of Commercial Real Estate risk
• Today’s properties can be inherently riskier- even “low risk” sites
may not really be low risk
• Market pressure for in-fill redevelopment, usually there was a
previous use
• Known contaminated sites and Brownfields
• Economic conditions may increase likelihood of foreclosure

22. Purpose of an Environmental
Risk Management Program
•
•
•
•
Satisfy Bank credit and sound lending practices
Satisfy regulatory requirements (Fed, OCC, FDIC, OTS, NCUA)
Understand and consider environmental concerns
Identify environmental conditions or liabilities which
could:
◦ Impact the borrower’s ability to repay the debt
◦ Impair Bank’s ability to recover funds in the event
of default
• Qualify for CERCLA liability protection (2002 Brownfield Amendments)
• Know what is in your portfolio / preplan exit strategy

23. Environmental Risks in Lending
• Impacts on Borrower
– Financial obligations for contamination cleanup, fines/penalties,
loss of permits could disrupt cash flow/ debt servicing
– Remedial action can result in access issues, business
interruption, installation of remedial systems or demolition,
health risks
– Deed Restrictions and Activity/Use Limitations may affect site
use, redevelopment, and construction plans
– Reduced collateral value- cost to cure contamination, stigma
– Construction delays
– Increased marketing time
– Inability to refinance
– Legal claims (3rd party lawsuits, OSHA, unions)
– Legacy risks (responsibility for past waste disposal/ releases)

24. Environmental Risks in Lending (cont.)
• Bank Foreclosure
– Bank may have to incur cost of investigation, decommissioning, waste
removal
– Unable to foreclose
– Must discount price in order to sell
– Indemnify purchaser
– Secured creditor exemption may say the bank does not have to do new
cleanup, but the reality is remedial work is often necessary in order to resell
– Bank not exempt from all environmental laws- Clean Water Act (esp.
stormwater), Clean Air Act, RCRA (chemical and haz waste
storage/disposal), OSHA, others
• Direct Bank liability can occur
– Participation in management of operations voids CERCLA exemption
– Need to fulfill Continuing Obligations- taking steps to properly contain or
stabilize release after foreclosure, or maintain ongoing cleanup activities
– In some states, must notify if contamination could pose an imminent risk
to public health

25. Lender Perspective
• The existence of past or present contamination does not
necessarily make a property unacceptable as collateral.
• Environmental risks must be fully understood and considered
in underwriting transactions- “eyes wide open”
• The fact that the borrower, their environmental
consultant, and/or an environmental oversight agency has
concluded a risk is acceptable doesn’t necessarily make it
acceptable to the lender.
• Bank reviews are done for the bank’s use only. Borrowers
and other lenders should not rely upon the results.

26. Environmental Policy
FDIC Requirements (FDIC Financial Institution Letter FIL-98-2006)
•
•
•
•
•
•
Establish an Environmental Risk Program
Designate a Senior Officer knowledgeable in environmental
matters to be responsible for the program implementation
Provide staff training
Require an environmental review or analysis during the
application process
Include loan documentation standards
Establish environmental risk safeguards in loan workout and
foreclosure situations.
OCC and other agencies have similar guidance. All guidance is
flexible so each bank can tailor to meet their situation.

27. Developing an Environmental Risk Policy
• Basic question is what kind of due diligence does the bank need?
• What is the purpose? And what will you do with the data?
• Banks design their own programs to fit their niche and risk
perspective
Considerations:
– Protect bank from issues during loan or upon foreclosure
– Bank’s appetite for risk – how much are you willing to lose?
(environmental risk is not related to the size of the loan)
– Front end assessment of risk vs. at back end when contemplating
foreclosure
– Competitive influences and regional/market factors
– In-house vs. Outsourced
– Recouping costs for due diligence
– Timing and hassle factors
– Bank regulator requirements/expectations

28. Developing an Environmental Risk Policy (cont’d)
• Support from Senior Management & willingness to enforce
• Identify transactions and collateral types subject to policy
• Develop a tiered due diligence matrix- less risky collateral and
lower value loans get less scrutiny; set de minimis levels
• Create screening approaches
• Define next steps for when an issue is identified
• Determine who has the authority to waive policy
• Educate bankers and credit staff
• Monitor portfolio
• Develop relationships with quality consultants and vendors
Goal: Identify environmental risks and factor into overall credit
analysis.
(Business and credit aspects may override environmental risks)

29. Create a Policy Matrix
Once the policy thresholds are set, create an easy to use
matrix
•
•
•
•
Reduces confusion by users
Defines collateral risk categories and loan threshold amounts
Conceptualizes bank’s financial risk tolerance stance
Be prepared for the matrix to flex
Typical Lender Environmental Due Diligence
• Environmental Questionnaire completed by borrower
• Tiered Due Diligence with screening level assessments for
smaller loans
Database, Desktop Review (=Database+Historicals), Site Visit, Transaction
Screen (TSA)
• Phase I Environmental Site Assessments for high risk properties
and for all loans at some selected Loan Amount
• Bank-ordered Phase I prior to any foreclosure, deed-in-lieu, or
other action to take ownership

30. Environmental Due Diligence Options
•Phase II (Performed by EP)
•Phase I ESA (Performed by EP)
•Transaction Screen Assessment (TSA) (Performed by EP)
•Desktop + Site Inspection (by Bank or EP)
•Desktop Review (Performed by Bank or EP)
•Database Report (Performed by Bank or EP)
•Environmental Questionnaire (completed by Borrower)
•Relationship Manager’s inquiry and/or Site Inspection
•None
More comprehensive as you move up
EP= Environmental Professional (consultant)
Many banks will choose to not to use all these assessment types
Phase II doesn’t supersede Phase I; the two serve different
purposes and are complimentary

31. Example Policy Matrix for Due
Diligence
-------------------------------- Loan Size -----------------------------------------------Collateral Risk
Type
<$500K
$500K - <
$1M
$1M - $2M
>$2M
New LoanLow Risk
Review EQ
EQ+Database
-orEQ+desktop
EQ+TSA
EQ+Phase I
New LoanHigh Risk
EQ+TSA -orPhase I
EQ+Phase I
EQ+Phase I
EQ+Phase I
New LoanLow or Med Risk
EQ+Review
Report
EQ+Rpt Rvw
+ either
Database
or Desktop
EQ+Rvw Rpt+
Desktop+Site
Inspect.
-orEQ+TSA
EQ+Ph I Update
-orEQ+new Phase I
RenewalLow Risk
Rvw EQ
EQ+Database
-orEQ+Desktop
EQ+Desktop or
EQ+Desktop+
Site Inspect.
EQ+Desktop+
Site Inspect.
-or- EQ+TSA
Renewal –
High Risk
EQ+Desktop
+
Site Inspect.
EQ+TSA
EQ+TSA for recent/
EQ+Ph I update for
older
EQ+Ph I update
-orEQ+new Phase I
Foreclosure
EQ+Phase I
EQ+Phase I
EQ+Phase I
EQ+Phase I
with Existing
Outdated Phase I
>12 mo. old

32. Typical Risk Ranking of Collateral
Low- office/hotel/multi-family/school/religious facility built after 1980 on
previously undeveloped land, raw land, crop land
Medium- older sites in urban areas, light industrial, small scale
chemical use, car wash, small auto repair, small medical/dental
labs, photographic lab, wineries, farms, agricultural product
packing, small above ground tanks
High- gas stations, underground tank sites, on-site dry cleaners
(chlorinated solvent use), plating shop, semiconductor/print circuit
board, older auto dealerships, large auto repair facilities, large-scale
chemical use, hazardous waste generator, junk yards, large car
wash, large trucking depot, landfill, tanneries, foundries, mining, large
dairies and feed lots, canneries, lumber treatment
Ranking applies to current, past, and future site uses.
List is not comprehensive. Each bank may define risks differently.

33. 









ASTM E1527 & E1528
Develop a bank Scope of Work
Special requirements- SBA, Fannie Mae, Freddie Mac, HUD
Not all reports are equal
Reports should have a narrative and tell the property’s
story
Must answer questions and explain data gaps
Recognized Environmental Conditions (RECs) and
Business Environmental Risks (BERs)
The role of Agency File Reviews
Need to review from your bank's risk perspective
Approved consultants

34. Common Obstacles to Finance
•Information is not adequate to assess risks
•Project Feasibility – timing, accessibility
•Incomplete Assessment of Risks
•Unknowns
Mitigation of Environmental Risks
Correct environmental issues before closing
Correct after closing- holdback funds for cleanup (150%- 200%)
Reduce appraised value or loan amount
Include remediation costs in cash-flow
Underwrite as unsecured debt
Take additional collateral (due diligence will be needed for that property too)
Indemnification/ Funding commitments
Environmental Insurance
Combination of above

35. Making the World Safe
For Banks
Larry Schnapf
212-876-3189
Larry@schnapflaw.com

36. CERCLA Liability



Strict, Joint and Retroactive Liability
Four classes of Liable parties:
 Past and Current Owners
 Past and Current Operators
Defenses
 Third Party Defense (requires due care)
 Bona Fide Prospective Purchaser, Contiguous Property Owner, Innocent
Landowner
 all appropriate inquiry
 Post-acquisition “appropriate care”
 Secured Creditor Exemption


Indicia of ownership without participating in management of facility
Foreclose but take commercially reasonable steps to sell property

37. Other Sources of Liability

Resource Conservation and Recovery Act
(RCRA)


State Superfund and UST Laws




(UST) Secured Creditor Exemption
Many have secured creditor exemption
State Superlien Laws
Common Law
Disclosure

38. Leading Sources of
Environmental Contamination






Historic dry cleaners
Historic gas stations
Historic manufactured gas plants
Historic wood treatment
Former bombing ranges
Vapor intrusion from off-site sources

39. Know Your Bank and Loan
Disposition





Traditional Mortgage Lender
Asset-Based Lender
Loan Syndication
Securitization
Refinance vs. New Loan

40. Typical Bank Concerns

Credit RiskBorrower Ability to Pay Loan
 Value of Collateral


Direct Liability
Cleanup costs
 Toxic Torts


Reputational Risk

41. Recent Relevant Regulatory
Guidance


SBA SOP 50-57 [http://www.environmentallaw.net/2013/02/new-sba-sop-50-57-mayestablish-best-environmental-practices-forforeclosures/
OCC Revised CREL Handbook[http://www.environmentallaw.net/2013/09/more-prominent-role-forenvironmental-risk-management-in-revised-occhandbook/

42. Lender Environmental Risk
Management Program

Pre-Loan
ESA Scope of work
 List of acceptable consultants
 Identify transactions requiring Phase I ESAs
 Reliance Language and Consultant Insurance
 Review Process of ESAs
 Commitment Letters


43. Risk Management Cont’d
When is Phase II required
 Approval Process for Environmentally-Impaired
Loans
 Escrows and Insurance
 Communication With Borrower
 Standard Loan Covenants and Indemnity


44. Risk Management Cont’d

Loan Administration
Periodic Monitoring
 Permissible Oversight
 Disclosure for Securitization and Syndications


Workouts and Foreclosure
Heightened risk
 Reevaluate Environmental Issues
 Review Federal and State Requirements
 Security and Auctions


45. Bank SOW




ASTM
Non-ASTM Items
Acceptable Consultants
Reliance Language

46. Non-ASTM Issues






Asbestos
LIW
LBP Disclosure
Heating Oil Tanks
Septic Fields/Dry Wells
Mold

47. Loan Documentation



Loan Covenants to Perform Cleanup
Loan Guaranty
Loan Indemnity
Free-standing
 Survive Loan Payout


48. Other Risk Minimization Tools

Regulatory Approval









NFA, VCA or PPA
Extend to lender and successors
Confirms landowner defenses
Contribution Protection
Release of Lien
On-going Obligations
Serves basis for cost estimate
Know State Lender Liability Requirements
Remedial Action Plan (RAP)


Quantifies Cleanup Costs
Shows Site Fully Characterized

49. Risk Minimization Tools, cont.



Escrow or Holdback
Brownfield Programs
UST and Dry Cleaner Funds







eligibility
Covered costs (cleanup, PD,TP)
deductible
assignment of rights
Indemnity
Insurance
Guaranteed Remediation Programs

50. Elements of Indemnity





Address pre-existing known and unknown
contamination
On-Site and Off-site generator liability
Current and former owned or operated locations
Predecessors, former subsidiaries or business
units
Bodily Injury and Property Damage

51. Insurance


Secured Creditor Insurance
PLL or Cost Cap Insurance

52. Branch Office


White Swan Cleaner Superfund Site (BOA)
In the Matter of Hamburg Mills Creek Superfund Site,
Docket No. CERC-03-2013-004[
http://www.environmentallaw.net/2012/10/pa-bank-agrees-to-reimburseepa-for-removal-costs-at-owned-property ];

53. Auction/Sale Disclosure Cases

Rhima v JPMorgan Chase Bank, [
http://www.environmental-law.net/2012/06/banknot-liable-for-failing-to-disclose-environmental-issuesat-foreclosure-sale ]

Lusk v First Century Bank, [
http://www.environmental-law.net/2012/05/banknot-liable-for-auction-sale-of-contaminated-property ]

54. Auction/Sale Cases Disclosure
Cont’d

Ritschel v. Spencer Savings Bank, SLA, [
http://www.environmentallaw.net/2011/10/state-appeals-court-affirmsdamage-award-against-bank-for-sale-ofcontaminated-property ] [sale of former branch
office property]

In re Southbridge Savings Bank,
[(http://lschnapf.blogspot.com/2011_06_01_ar
chive.html ] [disclosure of oil tank spill]

55. Foreclosure on Contaminated
Property



Forest Park National Bank & Trust v Ditchfield, [
http://www.environmentallaw.net/2012/07/foreclosing-lender-rcra-action-mayproceed ]
Buckbee-Mears Co. Superfund Site, [
http://www.environmental-law.net/2012/09/bankenters-into-settlement-with-epa-for-contaminated-nysite
In matter of Rehrig-United International Site[http://www.environmental-law.net/2013/02/bankagrees-to-reimburse-epa-for-post-foreclosure-removalaction-costs/ ]

56. Foreclosure Cont’d


In the Matter of Ultimate Industries
Site, (f/k/a State of Ohio v Estate of Roberts] [
http://www.environmentallaw.net/2012/10/ohio-bank-to-partiallyreimburse-epa-for-removal-costs-related-todefunct-borrower-facility ]
In re Marble Cliffs Crossing[http://www.environmentallaw.net/2013/05/methane-gas-an-apartmentcomplex-and-a-bankruptcy-filing/

57. Trustee Properties

In the Matter of Browning Lumber[http://www.environmentallaw.net/2012/09/trustee-bank-agrees-toremoval-action-settlement-with-epa/]

58. Bank Subsidiary

Tennessee v. Roane Holdings Ltd., 2011 U.S.
Dist. LEXIS 143703 (E.D.TN 12/14/11) [
http://www.environmentallaw.net/2012/03/acquisitions-bring-cercla-liability-tobanking-conglomerate ]

Morgan Stanley Services Corp. v
NJDEP, 2011 N.J.Super. Unpub. LEXIS 182 (App.
Div. 1/26/11)[
http://lschnapf.blogspot.com/2011/02/courtreverses-revocation-of-nfa-letter.html ]

59. Miscellaneous

Alfieri v. Bertorelli, 2011 Mich. App. LEXIS 1796 (Mich.Ct.
App. 10/18/11)[ http://www.environmentallaw.net/2011/11/state-court-reduces-damages-of-condopurchaser-because-it-failed-to-conduct-environmentalinvestigation/ ] [condo financing]
 Casale v Segal & Morel, 2011 N.J. Super. Unpub. LEXIS
1228 (App. Div. 5/12/11) [defective radon system]

Ridge Seneca Plaza v BP Products, et al, 2011
U.S. Dist. LEXIS 47288 (W.D.N.Y. 5/2/11) [
http://www.environmental-law.net/2011/10/ny-case-illustrateswhy-borrowers-should-not-simply-rely-on-lender-approval-ofphase-1 ][reliance on prior phase 1]

60. Q&A