10.1-1246 - Amendment or termination by consent. - Virginia Statutes

§ 10.1-1246. Amendment or termination by consent.

A. An environmental covenant may be amended or terminated by consent only ifthe amendment or termination is signed by:

1. The agency;

2. Unless waived by the agency, the current owner of the fee simple of thereal property subject to the covenant;

3. Each person that originally signed the covenant, unless the person waivedin a signed record the right to consent or a court finds that the person nolonger exists or cannot be located or identified with the exercise ofreasonable diligence; and

4. Except as otherwise provided in subdivision D 2, 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 covenant unless thecurrent owner of the interest consents to the amendment or has waived in asigned record the right to consent to amendments.

C. Except for an assignment undertaken pursuant to a governmentalreorganization, assignment of an environmental covenant to a new holder is anamendment.

D. Except as otherwise provided in an environmental covenant:

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

2. A holder may be removed and replaced by agreement of the other partiesspecified in subsection A; and

3. A court of competent jurisdiction may fill a vacancy in the position ofholder.

(2010, c. 691.)