S.B. 367

VETOES

3. 3 lots if the size of the easement property is 120 acres or
more.

(ii) The resulting density on the property may not exceed the
density allowed under zoning of the property before the Foundation purchased the
easement.

(iii) The landowner shall pay the State for any acre or portion
released at the price per acre that the State paid the owner for the easement.

(iv) Before any conveyance or release, the landowner and the child,
if there is a conveyance to a child, shall agree not to subdivide further for residential
purposes any acreage allowed to be released. The agreement shall be recorded among
the land records where the land is located and shall bind all future owners.

(v) After certifying that the landowner or child of the landowner
has met the conditions provided in subparagraphs (i) through (iv) of this paragraph,
the Foundation shall issue a preliminary release which shall:

1.       Become final when the Foundation receives and certifies a
nontransferable building permit in the name of the landowner or child of the
landowner for construction of a dwelling house; or

2.       Become void upon the death of the person for whose
benefit the release was intended if the Foundation has not yet received a building
permit as provided in this subparagraph.

(vi) Any release or preliminary release issued under this paragraph
shall include a statement of the conditions under which it was issued, a certification
by the Foundation that all necessary conditions for release or preliminary release
have been met, and copies of any pertinent documents.

(vii) Any release, preliminary release, building permit, or other
document issued or submitted in accordance with this paragraph shall be recorded
among the land records where the land is located and shall bind all future owners.

(viii) The Foundation may not restrict the ability of a landowner who
originally sold an easement to acquire a release under this paragraph beyond the
requirements provided in this section.

(3) A landowner may reserve the right to exclude 1 unrestricted lot from
an easement in lieu of all owner's and children's lots to which the landowner would
otherwise be entitled under paragraph (2) of this subsection, subject to the following
conditions:

(i) The resulting density on the property shall be less than the
density allowed under zoning of the property before the Foundation purchased the
easement;

(ii) An unrestricted lot may be subdivided by the landowner from
the easement and sold to anyone to construct one residential dwelling;

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