IN RESPONSE TO THE RELEASE OR THREATENED RELEASE OF HAZARDOUS SUBSTANCES AT OR FROM THE SITE, U.S. EPA UNDERTOOK RESPONSE ACTIONS IN CONNECTION WITH THE SITE. AMONG OTHER THINGS, U.S. EPA HAS REQUIRED AND OVERSEEN SITE ASSESSMENT ACTIVITIES AND TREATMENT OF CONTAMINATED SOILS THROUGH ELECTRICAL RESISTIVE HEATING AND SOIL VAPOR EXTRACTION. IN PERFORMING RESPONSE ACTIONS, U.S. EPA HAS INCURRED RESPONSE COSTS AT OR IN CONNECTION WITH THE SITE. U.S. EPA ALLEGES THAT SETTLING PARTIES ARE RESPONSIBLE PARTIES PURSUANT TO SECTION 107(A) OF CERCLA, AND ARE JOINTLY AND SEVERALLY LIABLE FOR RESPONSE COSTS INCURRED OR TO BE INCURRED AT OR IN CONNECTION WITH THE SITE. WITHIN 5 BUSINESS DAYS AFTER SETTLING PART RECEIVE NOTICE FROM U.S. EPA THAT THIS AGREEMENT HAS BEEN SIGNED BY U.S. EPA AND APPROVED BY THE ATTORNEY GENERAL OR |HIS/HER DESIGNEE, SETTLING PARTIES SHALL DEPOSIT $775,000.00 INTO AN ESCROW ACCOUNT IN A FEDERALLY-CHARTERED BANK. IF SETTLING PARTY FAILS TO MAKE ANY PAYMENT BY THE REQUIRED DUE DATE, INTEREST SHALL CONTINUE TO ACCRUE ON THE UNPAID BALANCE THROUGH THE DATE OF PAYMENT. IF ANY AMOUNTS DUE TO U.S. EPA ARE NOT PAID BY THE REQUIRED DATE, SETTLING PARTIES SHALL BE IN VIOLATION OF THIS AGREEMENT AND SHALL PAY TO U.S. EPA, AS A STIPULATED PENALTY, IN ADDITION TO THE INTEREST, $500.00 PER VIOLATION DAY THAT SUCH PAYMENT IS LATE.