(1) The agricultural sending area parcel may be used only for agricultural uses, as defined and permitted in Chapter 33.07 CCC (Agricultural Retention district), except that subdivision for residential purposes, including a farm residence, as authorized by the underlying zone shall be permitted only if transferable development rights have been reserved for each dwelling to be constructed on the subject property prior to subdivision. That portion of the critical area sending area parcel protected by a TDR easement may be used only for agricultural or forestry related uses, as defined and permitted in the underlying zoning district, except that subdivision for residential purposes or other uses authorized by the underlying zone shall be permitted outside the Very Low Density/Open Space zoning district or an Open Space Overlay Corridor portion of the parcel only if transferable development rights have been reserved for each dwelling to be constructed on the subject property prior to subdivision. If subdivision is not required, a transferable development right shall be reserved prior to construction of any single-family dwelling. A reserved transferable development right may be used to construct a single-family dwelling only if it has been attached by a document of attachment to a legal lot. These reserved transferable development rights may be used only on the original sending area parcel or its legal subdivisions.

(2) All certified transferable development rights and the value of such rights shall be deemed for all other purposes to be appurtenant to the sending area parcel until such rights are transferred by a recorded deed of transfer. The value of an intermediate transferable development right shall be tracked separately from the rest of the parcel value and taxes due for this value shall be paid by the owner of the intermediate transferable development right.

(3) Nothing in such restrictions shall be construed to convey to the public a right of access or use of the property; the owner of the property, his/her heirs, successors and assigns shall retain exclusive right to such access or use subject to the terms of the TDR easement.

(4) An unused transferable development right may be shifted from one receiving area parcel to another receiving area parcel upon execution of a deed of transfer and recorded exchange of transferable development rights certificates.