Report, Colton Dunes Conservation Bank Agreement

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2.2. The Property subject to this Agreement may be expanded in accordance with and by amendment to this Agreement upon approval of the Parties, with any expansion of the Property described in a general and site location map, legal parcel map, legal description, and title report to be incorporated in Exhibit A, Exhibit B, Exhibit' C, and Exhibit D of this Agreement. Such. expansion shall also require all Bonds and Exhibits, as appropriate, to be updated. 2.3. Owner shall pay any taxes and charges associated with the Property, obtaining a valid title report, and establishing, recording, selling, and conveying any Conservation Credit, Easement, or the Conservation Bank. 3.0. EASEMENT OR OTHER TITLE RESTRICTION 3.1. To initiate this Agreement, the Owner must commit in writing to either: Option 1: Place a Conservation Easement on the entire Property on which Conservation Credits are awarded. Option 2: Phase in the placement of a Conservation easement(s) in perpetuity on. the Property. The initial phase shall be at least sixty (60) acres. The Conservation Easement for remaining phases shall be recorded prior to selling' mitigation credits in the respective phase. The size of each subsequent phase may_ vary, but in no case be less than ten (10) acres per phase. 3.2. The Owner shall inform the USFWS as to which Option is selected and initiate the appropriate recordation of the Conservation Easement or Easements in a timely manner following both signing of this Agreement and sale of Conservation Credits for the initial phase. The Conservation Easement for the applicable phase must be recorded with the San Bernardino County Recorder's Office within ten days of the close of the sale of any Conservation Credit for that phase. In all cases, the initial Conservation Easement must be recorded within one year as provided for in Section 1.3 above. 05/19/2005 11