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• - 2 - WHEREAS, Grantee has applied to rezone 1.5 acres of their 37.2 acre property from A-1 Exclusive to R-1A to permit construction of a home; and WHEREAS,the Town Board of the Town of Deerfield approved the proposed rezoning on April 14, 1997; and WHEREAS, Grantee's Property is a portion of the former Hommen Farm,out of which several parcels have been previously rezoned to districts permitting residential development, such that the County of Dane has determined that no further rezonings to districts permitting residential development may occur without exceeding the density formula of one residence per 35 acres owned of lands zoned A-1 Exclusive under the Dane County Zoning Ordinance; and WHEREAS, Grantor's Property is a portion of a 362 acre farm, out of which no previous rezonings to districts permitting residential development have occurred; and WHEREAS, the area surrounding Grantee's Property on Hommen Road has acquired the character of a residential area, with at least 17 homes or homesites already in existence within 1,320 feet of Grantee's Property; and WHEREAS, Grantor is willing to relinquish the right to develop one residence on its property attributable to Grantor's Property and transfer that right to Grantee; and WHEREAS,Grantor is willing to place restrictions on Grantor's Property to implement the transfer of this development right to bind Grantor and those who may acquire title thereafter; NOW, THEREFORE, in consideration of the mutual benefits passing to and from the parties and those who may hereafter purchase their properties and the parties named as beneficiaries hereunder, the parties hereto do hereby agree as follows: 1. The right to develop and use Grantor's Property for residential development, either on Grantor's Property itself or for purposes of calculating the maximum number of residential units available on other portions of Grantor's adjacent property, is hereby severed from Grantor's Property to which it is appurtenant and transferred to Grantee's Property for development and use to permit one residence to be built upon Grantee's Property in accordance with the Dane County Zoning Ordinance. 2. Grantor shall have the right to continue all other uses of Grantor's Property which are permitted under Section 10.123(2)of the Dane County Zoning Code. 3. These restrictions shall constitute covenants running with the land, and shall be binding upon all parties now owning any part of Grantor's or Grantee's Properties, their successors, heirs and assigns, and all parties holding under them unless, pursuant to paragraphs 5 and 6, said restrictions are amended or terminated. 971244-3Ieb-090398kkm DevelRgtagr