Within one year after the death of the claimant, the claimant's heir, devisee, or estate must either:
(1) notify the commissioner of election to terminate enrollment in the sustainable forest incentive program; or
(2) make an application under this chapter to continue enrollment of the land in the program.
Upon notification under clause (1), the commissioner shall terminate the enrollment and issue a document releasing the land from the covenant as provided in section 290C.04 , paragraph (d). Penalties under section 290C.11 shall not apply. If the application under clause (2) is approved, the land is enrolled in the program without a break. If the commissioner does not receive notification within one year after the date of death, enrollment in the program shall be terminated and penalties under section 290C.11 shall not apply.