(1)  An agreement may include a condition that the owner is to deposit with the planning authority –

(a) a sum of money fixed by or determined in accordance with the agreement; or

(b) an undertaking to pay that sum together with security in a form determined by or in accordance with the agreement.

(2)  The agreement may provide that the sum or part of the sum is forfeited if there is any failure by the owner to carry out the agreement to the satisfaction of the planning authority.

(3)  Any money paid must be returned to the owner on a date or dates specified in the agreement to the extent that it has not been forfeited.

(4)  Any money payable under this section is a charge on any land which is the subject of the agreement.