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<br /> <br />BARR ENGINEERING CO. Page 5 <br /> <br />3.0 Findings and Opinions <br />This section summarizes observations regarding the presence of hazardous substances or petroleum <br />products on the Property (findings) and discusses the basis for concluding if a finding is or is not a <br />recognized environmental condition. <br />3.1 Definitions <br />Finding – For the purpose of this Assessment, a finding is an observation regarding the presence of <br />hazardous substances or petroleum products on the Property which may be considered a recognized <br />environmental condition, a historical recognized environmental condition, or de minimis condition. <br />Recognized environmental condition (REC) - A REC is defined by the Practice as “the presence or likely <br />presence of any hazardous substances or petroleum products in, on, or at a property: (1) due to release to <br />the environment; (2) under conditions indicative of a release to the environment; or (3) under conditions <br />that pose a material threat of a future release to the environment. De minims conditions are not <br />recognized environmental conditions.” <br />Historical recognized environmental condition (HREC) - An HREC is defined by the Practice as “a past <br />release of any hazardous substances or petroleum products that has occurred in connection with the <br />property and has been addressed to the satisfaction of the applicable regulatory authority or meeting <br />unrestricted use criteria established by a regulatory authority, without subjecting the property to any <br />required controls (for example, property use restrictions, activity and use limitations, institutional controls, <br />or engineering controls). Before calling the past release a historical recognized environmental condition, <br />the environmental professional must determine whether the past release is a recognized environmental <br />condition at the time the Phase I Environmental Site Assessment is conducted (for example, if there has <br />been a change in the regulatory criteria). If the EP considers the past release to be a recognized <br />environmental condition at the time the Phase I ESA is conducted, the condition shall be included in the <br />conclusions section of the report as a recognized environmental condition.” <br />Controlled recognized environmental condition (CREC) – A CREC is defined by the Practice as “a recognized <br />environmental condition resulting from a past release of hazardous substances or petroleum products <br />that has been addressed to the satisfaction of the applicable regulatory authority (for example, as <br />evidenced by the issuance of a no further action letter or equivalent, or meeting risk-based criteria <br />established by regulatory authority), with hazardous substances or petroleum products allowed to remain <br />in place subject to the implementation of required controls (for example, property use restrictions, activity <br />and use limitations, institutional controls, or engineering controls). A condition considered by the <br />environmental professional to be a controlled recognized environmental condition shall be listed in the <br />findings section of the Phase I Environmental Site Assessment report, and as a recognized environmental <br />condition in the conclusions section of the Phase I Environmental Site Assessment report.” <br />De minimis conditions – As defined by the Practice, conditions determined to be “de minimis” generally do <br />not present a threat to human health or the environment and generally would not be subject of an