A Phase I assessment includes a site inspection, a review of information about site geology and hydrogeology, and a review of past activities conducted on the site based on information received from regulatory agencies and the real property records. A Phase I assessment will reveal whether the Bank needs to have more extensive assessments made of the property (so-called “Phase II and Phase III assessments”). Under the ASTM standard and EPA regulations, a Phase I report completed less than 180 days prior to the date of acquisition is presumed valid, while a report dated between 180 days and one year prior to acquisition must be updated prior to closing. A Phase I prepared more than a year before the acquisition is no longer presumed valid.