(a) An environmental covenant is perpetual unless it is:

(1) By its terms limited to a specific duration or terminated by the occurrence of a specific event;

(2) Terminated by consent pursuant to Section 89-23-19;

(3) Terminated by foreclosure of an interest that has priority over the environmental covenant;

(4) Terminated or modified in an eminent domain proceeding, but only if:

(A) The commission and the agency that signed the covenant are parties to the proceeding;

(B) All persons identified in Section 89-23-19(a) and (b) are given notice of the pendency of the proceeding; and

(C) The court determines, after hearing, that the termination or modification will not adversely affect human health or the environment; or

(5) Terminated or modified by the commission pursuant to the following:

(A) If the agency that signed an environmental covenant has determined that the intended benefits of the covenant can no longer be realized, the commission, by an order in which all persons identified in Section 89-23-19(a) and (b) have been given notice, may terminate the covenant or reduce its burden on the real property subject to the covenant.

(B) The commission’s order shall be subject to review as provided in Section 49-17-41. Failure by the commission to make a determination within one hundred twenty (120) days of a request to terminate the covenant or reduce its burden on the real property subject to the covenant shall be deemed a decision that the environmental covenant should not be terminated or modified and parties listed in Section 89-23-21 may request a hearing before the commission in accordance with Section 49-17-41.

(b) Except as otherwise provided in subsection (a), an environmental covenant may not be extinguished, limited, or impaired through issuance of a tax deed, foreclosure of a tax lien, or application of the doctrine of adverse possession, prescription, abandonment, waiver, lack of enforcement, or acquiescence, or a similar doctrine.