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Conditions, Agency may, within thirty (30) days of such written objection, elect in writing to <br />either remediate the Environmental Condition to the extent required to satisfy Developer's <br />objection or terminate this Agreement as to the applicable portion of the Site (but not as to any <br />other Phase of the Site which has Closed prior to such termination), in which case Developer <br />shall reconvey the applicable portion of the Site to the Agency and neither party shall have any <br />rights or obligations with respect to the other in connection with such portion of the Site. <br />Notwithstanding the foregoing, the termination of this Agreement pursuant to this Section 206.4 <br />with respect to any Phase will not result in the termination of the Agreement with respect to any <br />other portion of the Site already Conveyed to the Developer. <br />The Developer acknowledges that it is aware of and familiar with the provisions <br />of Section 1542 of the California Civil Code which provides as follows: <br />"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS <br />WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT <br />TO EXIST IN HIS FAVOR AT THE TIMB OF EXECUTING <br />THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE <br />MATERIALLY AFFECTED HIS SETTLEMENT WITH THE <br />DEBTOR." <br />Upon the effectiveness of the release set forth in this Section 206.4, the Developer <br />waives and relinquishes all rights and benefits which it may have under Section 1542 of the <br />California Civil Code. <br />206.5 Developer Precautions After Closing. Upon the Closing of any Phase, <br />the Developer shall take all reasonable precautions to prevent the release into the environment of <br />any Hazardous Materials in violation of law which are located in, on or under the portion of the <br />Site associated with such Phase. Such precautions shall include compliance with all <br />Governmental Requirements with respect to Hazardous Materials. In addition, the Developer <br />shall install and utilize such equipment and implement and adhere to such procedures as are <br />consistent with commercially reasonable standards as respects the disclosure, storage, use, <br />removal and disposal of Hazardous Materials. <br />206.6 Required Disclosures After Closing. After the Closing of any Phase, the <br />Developer shall notify the Agency, and provide to the Agency a copy or copies, of all <br />environmental permits, disclosures, applications, entitlements or inquiries relating to the portion <br />of the Site included within such Phase, including notices of violation, notices to comply, <br />citations, inquiries, clean-up or abatement orders, cease and desist orders, reports filed pursuant <br />to self-reporting requirements and reports filed or applications made pursuant to any <br />Governmental Requirement relating to Hazardous Materials and underground tanks. After the <br />Closing with respect to any Phase, the Developer shall report to the Agency, as soon as possible <br />after each incident, any unusual or potentially important incidents with respect to the <br />Environmental Condition of the portion of the Site included within such Phase. <br />After the Closing of any Phase, the event of a release of any Hazardous Materials <br />into the environment in violation of law on such Phase, the Developer shall, as soon as possible <br />after the release, furnish to the Agency a copy of any and all reports relating thereto and copies <br />26 <br />DOCSOCI1400673v 14/200272-0001