ALL
OPERATIONS; (B) COMPREHENSIVE VEHICLE LIABILITY INSURANCE, INCLUDING OWNED,
HIRED AND NON-OWNED VEHICLES; AND (C) COMPREHENSIVE GENERAL LIABILITY
INSURANCE.
PRIOR TO THE BEGINNING OF ANY HARVESTING OPERATIONS HEREUNDER,
EVIDENCE OF ALL SUCH INSURANCE SHALL BE FURNISHED TO SELLER, AND SUCH INSURANCE
SHALL PROVIDE FOR AT LEAST THIRTY (30) DAYS NOTICE TO SELLER OF CANCELLATION OF
SUCH INSURANCE POLICIES.
ALL SUCH INSURANCE POLICIES SHALL NAME SELLER AS AN
ADDITIONAL INSURED.
25.
SUSTAINABLE FORESTRY INITIATIVE.
SELLER SHALL CONTINUE TO MANAGE
THE TIMBERLANDS IN ACCORDANCE WITH THE SUSTAINABLE FORESTRY INITIATIVE DURING
THE TERM OF THIS AGREEMENT.
FROM TIME TO TIME IT MAY BE NECESSARY TO AGREE UPON
A RECOGNIZED SUCCESSOR OR ALTERNATIVE STANDARD TO THE SUSTAINABLE FORESTRY
INITIATIVE, WHICH SHALL BE NEGOTIATED IN GOOD FAITH TO REFLECT CHANGES OR
DEVELOPMENTS IN THE EVOLUTION OF WIDELY ACCEPTED INDUSTRY STANDARDS.
IN THE
FUTURE, SELLER AGREES TO PROVIDE FROM TIME TO TIME AT BUYER'S REQUEST
THIRD-PARTY VERIFICATION OF ITS COMPLIANCE WITH SUCH A STANDARD ON THE PORTION
OF THE ACTUAL DESIGNATED TRACTS FROM WHICH TIMBER IS THEN BEING HARVESTED.
26.
RACCOON ECOLOGICAL MANAGEMENT AREA.
26.1
THE PORTION OF THE TIMBERLANDS IDENTIFIED ON SCHEDULE 26.1 ATTACHED
HERETO IS COMMONLY REFERRED TO AS THE RACCOON ECOLOGICAL MANAGEMENT AREA (THE
"REMA TRACT").
SELLER AGREES THAT PROMPTLY AFTER THE DATE OF THIS AGREEMENT IT
SHALL NEGOTIATE IN GOOD FAITH THE SALE OF THE REMA TRACT TO THE OHIO DEPARTMENT
OF NATURAL RESOURCES (THE "ODNR") ON A PRICE REASONABLY ACCEPTABLE TO BUYER AND
ODNR.
UNTIL SUCH TIME, IF ANY, THAT A SALE OF THE REMA TRACT IS MADE, SELLER
AGREES TO MANAGE THE REMA TRACT IN SUBSTANTIALLY THE SAME MANNER AS THE REMA
TRACT HAD BEEN MANAGED BY ESCANABA TIMBER LLC AND UNDER ITS PRIOR OWNERSHIP BY
MEADWESTVACO CORPORATION (OR ONE OF ITS AFFILIATES) AND SHALL CONTINUE TO MAKE
AVAILABLE TIMBER FOR HARVESTING UNDER THIS AGREEMENT AS NECESSARY TO FULFILL
SELLER'S VOLUME REQUIREMENTS UNDER THIS AGREEMENT.
26.2
IF AFTER GOOD FAITH NEGOTIATIONS WITH THE ODNR FAIL TO RESULT IN A
SALE OF THE REMA TRACT TO THE ODNR, SELLER MAY NOT SELL, TRANSFER OR CONVEY,
EITHER DIRECTLY OR INDIRECTLY, BY OPERATION OF LAW OR OTHERWISE, ANY INTEREST TO
ALL OR ANY PORTION OF THE REMA TRACT (THE "TIMBERLANDS INTEREST"), UNLESS THE
ACQUIRING PARTY THAT WILL OWN THE TIMBERLAND INTEREST AGREES
IN A WRITTEN INSTRUMENT SATISFACTORY TO BUYER TO BE BOUND BY THE PROVISIONS OF
SECTIONS 26.3 AND 26.4 HEREOF (BUT NOT SECTION 26.1).
26.3
USE OF CORE REMA TRACT.
NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, UNLESS AND UNTIL THE REMA TRACT IS SOLD TO THE ODNR AS CONTEMPLATED
HEREBY, SELLER AGREES THAT IT SHALL PERMIT SELLER TO CONTINUE TO USE AND HAVE
ACCESS TO THE FACILITIES ON THE PORTION OF THE REMA TRACT DESCRIBED ON
SCHEDULE 26.3 (THE "CORE REMA TRACT") FOR THE SAME PURPOSES AS SUCH FACILITIES
HAVE BEEN USED PRIOR TO THE DATE HEREOF AND SELLER SHALL USE REASONABLE BEST
EFFORTS TO ENSURE THAT ANY SUBSEQUENT OWNER OF THE REMA TRACT (OTHER THAN THE
ODNR) PERMITS SUCH