Report, Colton Dunes Conservation Bank Agreement

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IL • Agreement (Exhibit K), and which declaration shall be attached to this Agreement as Exhibit L upon approval of the USFWS. (13) "Easement owner" means the entity that owns the Conservation Easement. The Easement owner, which cannot be the Owner of the Property, may, but need not, in the future be the same entity as the Management Entity. (14) "ESA" means the Federal Endangered Species Act, 16 U.S.G. §§ 1531, et seq., including all regulations promulgated pursuant to that Act. (15) "Endowment Bond" means a bond to be acquired by Vulcan payable to an entity approved by the USFWS to cover the Target Amount for the Endowment Fund should Vulcan default on its obligation under this Agreement, a copy of an example of the format of such an Endowment Bond is attached hereto as Exhibit M. The Endowment Bond can be revised every five years to account for both inflation and experience on the Property regarding actual maintenance costs. The Endowment Bond shall be released once the Endowment Fund is fully funded. (16) "Endowment Fund" means a dedicated, non -wasting, interest-bearing account to be established and funded by Owner as provided for in this Agreement, and the interest of which is to be used exclusively by the Management Entity for management of the Conservation Bank for rng HEMP. (17) Habitat Enhancement and Management Plan ("HEMP") means the operation and management plan approved by the Parties for the purpose of governing implementation of the terms and conditions of this Agreement, which is attached hereto as Exhibit F. (18) "Interim Management Period" means the period of time when the Owner shall be responsible for all costs and any management obligations that the Parties agree are to be performed in accordance with this Agreement, any Conservation Easement, and the HEMP. This 05/19/2005 5