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201100671 b. It holds sufficient fee title to the Property to grant the rights and interests described in this Environmental Covenant free of any conflicting legal and equitable claims; and c. It has identified all other persons holding legal or equitable interests, including but not limited to contract buyers, mortgage holders, other consensual lien holders, and lessees and secured their consent. 2. Pu ose. The purpose of this Environmental Covenant is to ensure protection of human health and the environment by minimizing the potential for exposure to the contamination that remains on the Property and to ensure th�t the Property is not developed, used, maintained or operated in a manner which may result in unacceptable exposures to residual contamination. 3. Running, the Land. This Environmental Covenant is per�etual and conveys to the Grantee/Holder real property rights that run with the land, and gives to each of the Agencies the right to enforce the activity and use limitations set forth in Paragraph 4 below. The terms, conditions, obligations, and limitations in this Environmental Covenant are binding on Grantor, its successors, assigns, and transferees, and all persons, corporations or other entities obtaining or succeeding to any right, title or interest in the Property. Acceptance of any canveyance, transfer, lease or sublease of the Property, or any part thereof, will bind each transferee, and it successors, transferees, heirs, and assigns to the terms, conditions, obligations, and limitations set forkh herein during their respective period of ownership or occupancy, as applicable. Notice of any transfer of any interest in the Property rnust be promptly provided to the Agencies by the transferor. Grantor is bound by the terms, conditions, obligations and limitations in this Environmental Covenant only during its period of ownership or occupancy after the effective date. This Environmental Covenant in no way amends, modifies, limits, or releases Grantor from its duties and obligations under the approved environmental response project. 4. Activity and Use Limitations. T'he Property is subject to the following activity and use limitaxions: a. The Property shall not be used for residential, child care or school use. b. Extraction and use of the ground water underlying the Property, except for investigation or remediation approved by EPA or NDEQ, is prohibited. c. Any digging, drilling, excavating, constructing, earth moving, or other land disturbing activities that extend beyond the depth of ten feet below ground surface, including any repair, renovation or demolition of existing structures on the Property that extend beyond such depth, aze prohibited without the prior written approval of EPA or NDEQ in order to protect remedial systems and prevent exposure. 5. Reserved Rights of Grantor. Grantor hereby reserves unto itself and its successors a11 rights and privileges in and to the use of the Property which are not incompatible with the activity and limitations set forth above. 3