How Will UECA Impact Real Estate Transactions?
In this brave new world, the rules affecting environmentally impaired properties are changing. Environmental and real estate lawyers need to be aware of these changes and to work together to implement environmental covenants that work from both an environmental and a real estate perspective. Some of the proposed changes of particular note include the following: • The holders of all property interests whose interests would be subordinated to the covenant would need to be a signatory to the environmental covenant. Depending upon the nature of the restriction, these interest holders could include the property owner, lessees, utilities, holders of mineral interests and lenders. • The regulatory agency would be authorized to require each party to a covenant to incorporate the terms of the covenant into all leases, licenses and similar agreements. • The regulatory agency must provide copies of the covenant to any affected local governmental agency. • The regulatory agency is authorized to re
