Report, Colton Dunes Conservation Bank Agreement

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restored, then the USFWS may, at its discretion, either reduce the number of Conservation Credits allocated to the Conservation Bank in proportion to the damaged area or, if the USFWS determines that habitat values on the Property have been so impaired as to render the Property unsuitable for use as a Conservation Bank, the USFWS may terminate this Agreement as to the right of Vulcan to sell Conservation Credits. All Conservation Credit transactions prior to the date of the termination shall be considered valid. Following termination of the right to sell Conservation Credits, future activities on the Property or the continuing obligation of Vulcan will be governed by Section 11.4 of this Agreement. 1.3. Notwithstanding anything to the contrary in this Agreement, in the event that the Conservation Easement consistent with either, Option 1, or Option 2 of Section 3.1 of this Agreement has not been recorded within one year of signing this Agreement and the USFWS finds that the Owner has not made a good faith effort to record the Conservation Basement then the USFWS may terminate this Agreement as to the right of Vulcan to sell Conservation Credits. Following termination of the right to sell Conservation Credits, future activities on the Property or the continuing obligation of Vulcan will be governed by Section 11.4 of this Agreement. 1.4. Should CPC indicate that it plans to exercise its rights under the License and provides Vulcan with all necessary approvals, including documentation of compliance with the ESA, Vulcan shall provide the USFWS with a Restoration Bond sufficient to cover the restoration of that portion of the site to be used to spoil waste rock or to cover the purchase of similar quality habitat within the Service. Area to be managed according to terms that equal the level of protection to Covered Species provided by this Agreement, should restoration not be possible, unless such bond/restoration requirement is provided by the required CPC approvals. The bond shall be based on estimated costs of restoring the habitat on-site or, buying, similar quality habitat within the Service Area to be managed according to terms that equal the level of protection to Covered Species provided by this Agreement, whichever is greater. The estimate for the purchase of similar quality of habitat within the Service Area to be managed according to terms that equal the level of protection to Covered Species provided by this Agreement, shall be based on the then current estimated costs of land in the Service Area as provided by a land 05/19/2005 9