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(1) An owner may request in writing that the executive director approve termination or modification of the environmental institutional control.
(2) An environmental institutional control may be terminated or modified, in whole or in part, if the executive director determines an unacceptable risk is not posed to public health, safety, or welfare, or the environment.
(3)
(a) The executive director shall review the request and provide to the owner a written decision approving or denying the request within 120 days from the executive director's receipt of the request.
(b) If the executive director denies the request, the executive director shall send the owner a written explanation for the denial.
(c) If the executive director approves an owner's request to terminate or modify all or a portion of the environmental institutional controls, the owner shall file the approval with the county recorder in the county in which the real property is located.