Alaska § 46.04.330 - Amendment or termination of environmental covenant by consent.

§ 46.04.330. Amendment or termination of environmental covenant by consent.

 (a) An environmental covenant may be amended or terminated if the amendment or termination is consented to and signed        (1) by the department;

 (2) unless waived by the department, by the current owner of the fee simple of the real property subject to the environmental covenant;

 (3) by each person that originally signed the environmental covenant, unless the person             (A) waived the right to consent to termination or modification in the environmental covenant or in another signed and acknowledged instrument recorded with the recording district;

 (B) fails to object to the amendment or termination within 60 days after a party to the covenant mails, by certified mail, return receipt requested, to the person's last known address, a notice requesting the person's consent to amendment or termination and the return receipt is signed by the person; or

 (C) cannot be found, as determined by a court, because the person no longer exists or cannot be located or identified with the exercise of reasonable diligence; and

 (4) except as otherwise provided in (d)(2) of this section, by the holder.

 (b) If an interest in real property is subject to an environmental covenant, the interest is not affected by an amendment of the environmental 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 under a governmental reorganization, assignment of an environmental covenant to a new holder is an amendment.

 (d) Except as otherwise provided in an environmental covenant,        (1) a holder may not assign its interest without consent of the other parties specified in (a) of this section;

 (2) a holder may be removed and replaced by agreement of the other parties specified in (a) of this section; and

 (3) a court of competent jurisdiction may fill a vacant holder position.