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23 <br /> Grantee shall have the right in its sole discretion to approve the establishment and conduct <br /> of non-agricultural commercial and industrial uses or activities that Grantee determines in <br /> its sole discretion (a) are compatible with the purposes of this Conservation Easement, (b) <br /> will not substantially diminish or impair the agricultural productivity of the Property, and <br /> (c) can be reasonably accommodated with only a de minimis adverse impact on the <br /> Conservation Values of the Property. <br /> (M) Development Rights <br /> With the exception of buildings permitted in Section 2(D), all housing, commercial and <br /> industrial development rights that are now or hereafter allocated to, implied, reserved or <br /> inherent in the Property, are terminated and extinguished, and may not be used on or <br /> transmitted to any portion of the Property,as it now or hereafter may be bound or described, <br /> or to any other property. <br /> (N) Subdivision <br /> The subdivision of the Property, whether by physical or legal processes, is prohibited. <br /> Notwithstanding the foregoing,Grantor shall be allowed to subdivide the Property one time <br /> into not more than three parcels, provided that this subdivision may take place in whole or <br /> in part as a recombination of a portion or portions of the Property into adjacent lands owned <br /> by TLC. In no event shall the Farmstead Envelope be subdivided. Prior to recording any <br /> subdivision or recombination map to exercise this one time right, Grantor shall provide <br /> Grantee a draft of the proposed map for Grantee's approval and consent, not to be <br /> unreasonably withheld so long the proposed subdivision or recombination does not permit <br /> the destruction of any "significant conservation interest" as that phrase is used in Treas. <br /> Reg. § 1.170A-14(e)(2), or would otherwise undermine the conservation purposes of this <br /> Conservation Easement. After the exercise of this one time right to subdivide or recombine <br /> in accordance with this Section 2(N), further subdivision of the Property shall be <br /> prohibited. <br /> In all cases, the entirety of the Property, whether or not subdivided, will remain subject to <br /> this Conservation Easement. <br /> 3. ADDITIONAL RIGHTS RETAINED BY GRANTORS <br /> Grantor retains the following rights: <br /> (A) Existing Uses <br /> The right to undertake or continue any activity or use of the Property not prohibited by this <br /> Conservation Easement so long as it does not detract or impair the Conservation Values of <br /> the Property. <br /> 17 <br />