Section 12.02 - Condition Precedent to Petitioning for CompensationAs a condition precedent to the filing of a petition for compensation, the chief executive officer shall agree in writing on a form prescribed by the Council:
(1) that if a siting agreement is declared operative, his city or town shall accept the compensation to be established by the Council or by arbitration in full settlement of any claims for demonstrably adverse impacts imposed by the current proposed project; and(2) that if a siting agreement is declared operative, the chief executive officer will sign an agreement with the developer accepting the compensation established by the Council or by arbitration, which agreement shall be a nonassignable contract binding on the abutting community and the developer, and enforceable as such in any court of competent jurisdiction.