To be eligible for participation in an agreement or grant pursuant to Section 4598.5, the following conditions shall be met:
(a) The application requirements established by the board are satisfied.
(b) The landowner is a smaller nonindustrial landowner, as defined in Section 4598.3. Where the timberland is owned jointly by more than one individual, group, association, or corporation, as joint tenants, tenants in common, tenants by the entirety, or otherwise, the joint owners shall be considered, for the purposes of this article, as one landowner.
(c) The parcel or parcels of timberland to which the PTEIR shall apply is either:
(1) Within a timber preserve zone established pursuant to Article 6.7 (commencing with Section 51100) of Part 1 of Division 1 of Title 5 of the Government Code and not the subject of an application for rezoning or immediate rezoning pursuant to Section 51120 of, or Article 4 (commencing with Section 51130) of Chapter 6.7 of Part 1 of Division 1 of Title 5, of the Government Code.
(2) Subject to a contract signed by the landowner in which the landowner agrees not to develop the parcel of timberland for uses incompatible with the PTEIR within 20 years following the execution of an agreement or the making of a grant pursuant to Section 4598.5. The director shall record the contract in the office of the county recorder in the county in which the parcel of timberland is located and, upon recordation, the contract shall be binding upon any person to whom the parcel of timberland is sold, assigned, devised, or otherwise transferred by agreement or operation of law.