An agreement required to be entered into by a determination under section 162—
(a) must be in writing under seal; and
(b) if its terms are not specified in the determination—
(i) must provide that the owner agrees to be bound by the covenants in the agreement; and
(ii) may prohibit, restrict or regulate the use or development of land or a building or any matter or thing related to that land or building; and
(iii) may provide that the agreement lapses at the end of a specified period, on the happening of a specified event, or when the land ceases to be used or developed for a specified purpose; and
(iv) is subject to the provisions of this Act concerning termination and variation of agreements; and
(c) may apply to land even though it was not the subject of the application for the determination.