47-37-09. Amendment or termination by consent

47-37-09. Amendment or termination by consent

1. An environmental covenant may be amended or terminated by consent only if the

amendment or termination is signed by:

a. The agency;

b. Unless waived by the agency, the current owner of the fee simple of the real

property subject to the covenant;

c. Each person that originally signed the covenant, unless the person waived in a

signed record the right to consent or a court finds the person no longer exists or

cannot be located or identified with the exercise of reasonable diligence; and

d. Except as otherwise provided in subdivision b of subsection 4, the holder.

2. If an interest in real property is subject to an environmental covenant, the interest is

not affected by an amendment of the covenant unless the current owner of the interest

consents to the amendment or has waived in a signed record the right to consent to

amendments.

3. Except for an assignment undertaken pursuant to a governmental reorganization,

assignment of an environmental covenant to a new holder is an amendment.

4. Except as otherwise provided in an environmental covenant:

a. A holder may not assign its interest without consent of the other parties;

b. A holder may be removed and replaced by agreement of the other parties

specified in subsection 1; and

c. A court of competent jurisdiction may fill a vacancy in the position of holder.