Report, Colton Dunes Conservation Bank Agreement

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3.3. If a Conservation Easement is laced on an additional land for P Y purposes of adding land to this Agreement, Owner shall provide the USFWS with an updated Property Assessment of the acres potentially and actually available in the Conservation Bank for conservation purposes in accordance with this Agreement and the USFWS shall acknowledge, in writing to Owner, the revised Property Assessment. 4.0. CONSERVATION CREDITS 4.1. Upon establishment of the Conservation Bank in accordance with Section 2.0 of this Agreement, Owner may sell and convey Conservation Credits to any project proponent.- The project proponent may only use the Conservation Credits if the USFWS furnishes that project proponent with a Credit Sales Approval authorizing use of Conservation Credits from the Conservation Bank as mitigation or compensatory conservation for Activities within the Service Area on, a project-by-project basis consistent with this Agreement. The Owner shall have the exclusive right to determine the price for any and all Conservation Credits. 4.2. The value of each Conservation Credit in relation to the acreage on a Conservation Basement recorded on the Property shall be determined in accordance with the Credit Evaluation or proportionate credit formula (where, for instance, one acre of habitat on a recorded Conservation Easement equals one Conservation Credit), attached hereto as Exhibit H. 4.3. Owner shall issue a "Credit Receipt," (including information set forth in the form attached hereto as Attachment B to Exhibit J), executed by Owner to each purchaser and shall provide a copy of the Credit Receipt to the USFWS within thirty (30) days of issuance. If Owner conveys any Conservation Credit to mitigate Activities undertaken on its own property, Owner shall produce a Credit Receipt for the conveyance and shall provide a copy of the Credit Receipt to the USFWS. 4.4. Upon approval of the Parties, the total number of available Conservation Credits may be increased due to a change in methodology used by the USFWS to determine habitat 05/19/2005 12