[§508C-10]  Amendment or termination by
consent.  (a)  An environmental covenant may be amended or terminated by
consent; provided that the amendment or termination is signed by:



(1)  The agency;



(2)  Unless waived by the agency, the current owner of
the fee simple of the real property subject to the covenant;



(3)  Each person that originally signed the covenant,
unless the person waived in a signed record the right to consent or a court
finds that the person no longer exists or cannot be located or identified with
the exercise of reasonable diligence; and



(4)  Except as otherwise provided in subsection
(d)(2), the holder.



(b)  If an interest in real property is subject
to an environmental covenant, the interest shall not be 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.



(c)  Except for an assignment undertaken
pursuant to a governmental reorganization, assignment of an environmental
covenant to a new holder shall be considered an amendment.



(d)  Except as otherwise provided in an
environmental covenant:



(1)  A holder may not assign the holder's interest
without consent of the other parties specified in subsection (a); and



(2)  A holder may be removed and replaced by agreement
of the other parties specified in subsection (a).



(e)  A court of competent jurisdiction may fill
a vacancy in the position of a holder. [L 2006, c 279, pt of §2]