By a conservation restriction, easement, or other covenant remaining
with the land and enforceable in the court of law, executed and duly
recorded by the owner of record, to the Town and members of the public,
whereby permit conditions shall be performed and observed before any
lot may be conveyed other than by mortgage deed. Upon completion of
site alterations required in the permit, security for the performance
of which was given by bond, deposit, or covenant, or upon the complete
performance of the covenants with respect to the site, the applicant
may request and agree to terms of release which the Commission shall
determine. If the Commission determines that said alterations have
been completed in compliance with the conditions of the permit, it
shall release the interest of the Town in such bond and return the
bond or deposit to the person who furnished same, or release the covenant,
if appropriate.