5305 50th Av
Andrew, AB T0B 0C0
Land For Sale · 1.23 AC

OFFERING PROCESS
The Vendor, Imperial Oil Limited (Imperial), will consider submission of EOI’s on Imperial’s standard form, a copy of which will be
provided to qualified Purchasers. Interested parties shall submit the EOI on terms wherein the Purchaser agrees to engage their own
environmental consultant to review and provide a remedial cost estimate, and including proposed site use post-closing, submitting an
EOI knowing the full extent of estimated remediation costs. It is expected that remediation costs will exceed tax assessed value of the
Property. Subject to review by the Vendor, and if terms are deemed acceptable for recommendation to senior management, the Vendor
will then instruct their counsel to prepare a formal OTP.
Alternatively, in certain circumstances the Vendor may consider and will need to complete additional site assessment work, and/ or
develop a suitable Risk Management Plan, which may be beneficial and to be adhered to by the Purchaser post-closing of a transaction;
depending on the site, these requirements may take up to 12 months from submission of an EOI/execution of OTP.
The Vendor may add to the OTP a Vendor’s Condition for such a RMP, to be waived upon completion/approval of the RMP; this RMP
approval will then commence the Purchaser’s Due Diligence Condition, relating to the then current site status and any constraints to be
imposed by the Vendor post-closing of the transaction. Any costs incurred by a Purchaser (environmental reviews, legal, etc) are borne
solely by the Purchaser and at the sole risk of the Purchaser. The Vendor will file a Restrictive Covenant upon closing, restricting future
petroleum uses on site