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Section 2. Conveyance, Consideration and Perpetual Duration <br />1. The foregoing recitals are hereby incorporated into and made a substantive part of this Agreement as if <br />fully set forth herein. <br />2. This agreement establishes a Transfer of Development Rights Easement (“TDRE”), as provided for in KCC <br />17.13. over and on the Property. <br />3. In consideration of the mutual covenants, terms, conditions, and restrictions contained in this Transfer of <br />Development Rights Easement (“TDRE”), Grantor hereby voluntarily grants, conveys and warrants to <br />Grantee a TDRE, as provided for in KCC 17.13, on an d over the Property subject only to the terms and <br />restrictions contained in this TDRE. <br />4. This TDRE is a conveyance of an interest in real property under the provisions of RCW 64.04.130. <br />5. Grantor expressly intends that this TDRE runs with the land and that this Easement be perpetually binding <br />upon Grantor, Grantor’s successors and assigns unless terminated due to changed circumstances as <br />provided in Section 8 herein. <br />Section 3. Purpose. <br />The purpose of this TDRE is to remove the possibly of residential development on qualifying farmland, forest <br />land, land containing critical areas and/or frequently flooded areas, as provided for in KCC 17.13, by <br />transferring residential development rights from those lands, designated as "sending sites," to other eligible <br />locations, known as "receiving sites". This is achieved by acquiring and extinguishing the residential <br />development rights on sending sites and converting them into TDR Density Credits. The program allows for the <br />transfer of these credits to receiving sites to increase density beyond the underlying zoning limitations. Uses of <br />the sending site(s) after extinguishment of the residential development rights are allowed pursuant to KCC <br />17.13 and the underlying zoning code. <br />Section 4. Rights Conveyed to Grantee. <br />To accomplish the Purpose, the following rights are provided to Grantee by this Easement: <br />1. The right to enter the Property at reasonable times in order to monitor Grantor’s compliance with and to <br />enforce the terms of this Easement, provided that such entry shall be conducted with a minimum of 24 <br />calendar-day written notice. Such visit shall not in any case unreasonably interfere with Grantor’s use and <br />quiet enjoyment of the Property. No right of access by the general public to the Property is authorized by <br />this Easement without the Grantor’s prior consent. <br />2. The right to enforce the terms of this Easement, as provided for in Section 7, including the right to require <br />the restoration of the Property to its condition prior to any violation of the terms of this Easement. <br />3. No other rights are granted to Grantee other than those listed in Subsections 1. and 2. of this section. <br />Section 5. Prohibited Uses and Activities. <br />1. Grantor is prohibited from engaging in or permitting any of the following uses or activities on the Property: <br />2. Grantor shall not use the Residential Development Rights now or hereafter associated with the Property for <br />Residential Development as the Residential Development Rights are permanently removed and <br />extinguished from the Property. <br />3. Grantor shall not undertake any division, subdivision or partitioning of the Property, whether by physical or <br />legal process, which includes, but is not limited to, any subdivision, short subdivision, platting, binding site <br />plan, administrative segregations, boundary line adjustments, intervening ownership, one-time lot split, or <br />other process by which the Property is divided into lots or in which title to different portions of the Property <br />are not held in unified ownership (“Land Division”), unless such Lan d Division allocates the Reserved <br />Development Rights, if any, between the divided parcels of Property in a manner consistent with the terms