Real property: environmental fee covenants.

Existing law provides for the recording of an instrument containing an Environmental Restriction covenant made by an owner of land or by the grantee of land to do or refrain from doing an act that is reasonably necessary to protect present or future human health or safety or the environment as a result of the presence on the land of hazardous materials. This bill would also provide for the recording of an Environmental Fee Covenant, as specified, that is, among other things, imposed for no more than 50 years in connection with the installation on the property of equipment or improvements that are intended to promote, among other things, energy efficiency and the reduction of the consumption of water or other natural resources. The bill would require the instrument containing the covenant to include specified information including a legal description of the property subject to the covenant, the dates for commencement and expiration of the covenant, and a specified notice relating to the terms and conditions of the covenant. The bill would require the covenant to be subject to and subordinate to the lien and encumbrance of any first mortgage or any other mortgage against the property subject to certain requirements. The bill would require the covenantee, within a specified period following receipt of written notice from the covenantor, to provide the covenantor with written confirmation of specified matters relating to information about any outstanding obligation under the terms of the covenant. The bill would make findings and declarations in this regard.