Enviromental Phase 1

[AJ Ard]

Looking at a hotel property to due a private loan. Phase 1 Study did not inspect units for radon, asbestos, etc. Underground storage tanks were discovered from 1980's. Owner has estimates to remove tanks from licensed contractor. Phase 1 recommended phase 2 be done. Trying to get feel for frequency of environmental studies done on commercial properties and if phase 2 done specifically for underground storage tanks would additional study need to be done on individual structures?

Would any lender not require phase 2 in similar situation?

What would be considered a clean environmental report on this property?

Also would be interested in any answer to lender liability for clean up if needed?