A. The Foundation may offer to buy an easement from a landowner through an IPA either:
(1) In an eligible county where the land will be subjected to easement restrictions; or
(2) Through MARBIDCO, if the offer is not for less than $100,000.
B. At the time of escrow closing on an IPA, the landowner and the Foundation shall agree to the terms of an IPA, including the following:
(1) Payment from MARBIDCO shall be made in cash for not less than:
(a) The maximum value, based on the Foundation's per-acre purchase price, of any easements on an unrestricted lot or family lots reserved by the landowner at escrow closing for future purchase from the Foundation; and
(b) Any additional amounts, as required by the Foundation;
(2) Payment from MARBIDCO shall be made in one or more IPAs, each in a principal amount not less than $100,000;
(3) An IPA shall be with the appropriate eligible county or MARBIDCO; and
(4) If the IPA is with MARBIDCO, the maturity date shall be at least 10 years from settlement for each IPA.
C. A landowner's designation of the appropriate eligible county for an IPA shall be approved by the eligible county before escrow closing.