1. An environmental covenant must: a. State the instrument is an environmental covenant executed pursuant to chapter 47-37; b. Contain a legally sufficient description of the real property subject to the covenant; c. Describe the activity and use limitations on the real property; d. Identify every holder; e. Be signed by the agency, every holder, and unless waived by the agency every owner of the fee simple of the real property subject to the covenant; and f. Identify the name and location of any administrative record for the environmental response project reflected in the environmental covenant. 2. In addition to the information required by subsection 1, an environmental covenant may contain other information, restrictions, and requirements agreed to by the persons who signed it, including: a. Requirements for notice following transfer of a specified interest in, or concerning proposed changes in use of, applications for building permits for, or proposals for any site work affecting the contamination on, the property subject to the covenant; b. Requirements for periodic reporting describing compliance with the covenant; c. Rights of access to the property granted in connection with implementation or enforcement of the covenant; d. A brief narrative description of the contamination and remedy, including the contaminants of concern, the pathways of exposure, limits on exposure, and the location and extent of the contamination; e. Limitation on amendment or termination of the covenant in addition to those contained in sections 47-37-08 and 47-37-09; and f. Rights of the holder in addition to its right to enforce the covenant pursuant to section 47-37-10. 3. In addition to other conditions for its approval of an environmental covenant, the agency may require those persons specified by the agency which have interests in the real property to sign the covenant.
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