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• 1. . NOW, THEREFORE, in consideration of the above and the mutual covenants, terms, conditions, and restrictions contained herein and in payment of$248,900.00 by the Town, and of$1.00 by Gathering Waters, the receipt and sufficiency of which is hereby acknowledged, and pursuant to the laws of the State of Wisconsin, including section 700.40 of the Wisconsin Statutes, Grantor hereby voluntarily grants and conveys to the Town a holder's interest and to Gathering Waters a holder's interest in a conservation easement in perpetuity over the Property of the nature and character and to the extent hereinafter set forth herein. The development rights conveyed by this Grant shall include all development rights except those specifically reserved by the Grantor herein and those reasonably required to carry out the permitted uses of the Property as herein described. The conservation easement and restrictions hereby conveyed consist of covenants on the part of the Grantor to do or refrain from doing, severally and collectively, the various acts set forth below. It is hereby acknowledged that these covenants shall constitute a servitude upon the land and shall run with the land. 1. PURPOSE. It is the purpose of this Grant to conserve productive agricultural land in order to facilitate active and economically viable farm use of the Property now and in the future and to conserve scenic, open spaces in order to maintain, for the benefit of future generations, the essential characteristics of the Town of Dunn and to prevent any use of the Property that will significantly impair or interfere with these purposes. The Property shall be used only for agriculture, silviculture, open space, noncommercial recreation and limited residential and commercial purposes. These objectives will be advanced by conserving the Property because it possesses agriculturally valuable soils and other features, provides valuable open space in the developing urban fringe of metropolitan Madison, includes scenic vistas of Lake Waubesa from public roads and waterways, is located in close proximity to Lake Farm Park and the Dane County Nine Springs E-Way. The continued maintenance of the existing structures and the construction and maintenance of additional permitted buildings is limited to the portion of the Property shown and delineated as the "Farmstead Area" on Exhibit A, and as described in section 2(c)(3). Grantor and Grantees recognize these agricultural, open space and scenic values of the Property, and share the common purpose of conserving these values by this Grant to prevent the use or development of the Property for any purpose or in any manner which would conflict with the maintenance of these values. Grantees accept such conservation restrictions and development rights in order to conserve these values for present and future generations. H:\W IP\1126\155\EA S EMEN2.MPD 0415971138 3