Transferable Development Rights. By executing this Easement, Grantor hereby transfers and conveys to Grantee all of the residential development rights in the Property that are not specifically reserved to Grantor in Paragraph 1 above and in Exhibit C. Grantee agrees to hold all such development rights in perpetuity without exercising them, and without transferring them off of the Property if a transferable development right program is adopted or sanctioned at any time in Gallatin County. ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ hereby agree to execute and record any additional instruments as may be necessary or appropriate to effectuate the transfer of said development right from Grantor to Grantee.
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Sources: Conservation Easement, Conservation Easement