CONVEYANCE OF INTEREST IN LAND UNTIL FULL MITIGATION REACHED Sample Clauses

CONVEYANCE OF INTEREST IN LAND UNTIL FULL MITIGATION REACHED. Upon a determination pursuant to Sections 8.5.1 and 8.5.2 of this Agreement that PALCO must restrict and/or carry out activities on the Covered Lands for a term of years in order to satisfy the full mitigation obligation, PALCO, prior to the effective date of such relinquishment and within 15 days following a final administrative determination by USFWS to revoke the USFWS Federal Permit, NMFS to revoke the NMFS Federal Permit or CDFG to revoke the State Permit, shall execute and record a binding covenant running with the land, in form and content acceptable to the Wildlife Agencies that shall commit PALCO, its successors and assigns, to restrict and/or carry out, as appropriate, those activities on those Covered Lands required to mitigate fully for the impacts of the Take of Covered Species that occurred under the Federal Permit and State Permit. The covenant shall specify the duration of PALCO's full mitigation obligation, if any, which in no event shall extend beyond the termination date of the original 50- year Federal Permit and State permit for all Covered Lands owned by PALCO as of the Effective Date, and for the Additional Lands described in Section 5.2, a period no longer than 50 years from the date the Additional Lands become Covered Lands. The covenant shall name USFWS, NMFS and CDFG as parties with a right to enforce the terms of the covenant.