A loan to the gas station can only be made when the requirements of the environmental investigation are fully met. SOPs contain specific environmental study requirements for loans to gas stations listed in Appendix 5 of SOP 50 10 5 (H). The study of the environment for all loans to petrol stations must begin with a Phase I ESA, which must be conducted by an independent “environmental expert” (generally” a person with sufficient specific training, training and experience, necessary for professional evaluation, in order to develop opinions and conclusions on conditions that indicate releases or threats of dissemination in , on or on a property” (see 40 CFR 312.10 a) for the full definition).) Phase I must include an analysis of all documents relevant not only to the subject`s property, but also to adjacent properties. The environmental investigation must also determine whether the service station meets all of the state`s fuel and equipment testing requirements. If the environmental expert recommends further study (for example. B phase II), such a study must be conducted. Also note that if a fuel supplier, an oil company or another party, such as the seller. B, has the right to be compensated by subsequent owners of the property, that party must execute either the form of the SBA environmental compensation agreement or another document in which it waives and releases any claim against SBA and Lender, including the right of exemption. , which must be recorded in the property data. If the results of the environmental survey are that the property is contaminated and the lender wishes to continue the loan, the lender must comply with the requirements contained in the sections of the SOP entitled “Approval and payment of credits in case of contamination or remediation of the land” (see SOP 50 10 5 (H), Section III – Environmental Policy and Procedure ( paragraph G, page 179). These include making a recommendation to the SBA, which contains a debate on issues such as the nature and extent of contamination, the recommended status and method of remediation, the value of safeguards and mitigating factors. Where the results of the environmental investigation have the effect of contaminating the property and providing the loan for the purchase of the gas station, the form of the environmental compensation agreement (in Appendix 6 of SOP 50 10 5 (H) of the SBA must be signed in most cases.
If the results of the environmental investigation indicate that the property is not contaminated, lenders submitting loans as part of general treatment must submit the SBA investigation with recommendations and obtain the approval of the SBa. Lenders processing PLP, 7 (a) Small Loans, SBA Express and Export Express loans must not submit environmental survey reports to the SBA, but keep a copy of a report in the credit file.
Monday, April 12th, 2021
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