Oklahoma § 60-49.20 - Amendment or termination by consent

§ 60-49.20. Amendment or termination by consent

AMENDMENT OR TERMINATION BY CONSENT.

A. An environmental covenant may be amended or terminated by

consent only if the amendment or termination is signed by:

1. The agency;

2. 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 paragraph 2 of subsection D

of this section, the holder.

Oklahoma Statutes - Title 60. Property

B. 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.

C. Except for an assignment undertaken pursuant to 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; and

2. A holder may be removed and replaced by agreement of the

other parties specified in subsection A of this section.

E. A court of competent jurisdiction may fill a vacancy in the

position of holder.

Added by Laws 2006, c. 182, § 10, eff. Jan. 1, 2007.