(1)Where—
(a)a local authority have sold or excambed land acquired by them under this Act, and the purchaser of the land or the person taking the land in exchange has entered into an agreement with the authority concerning the land; or
(b)an owner of any land has entered into an agreement with the local authority concerning the land for the purposes of any of the provisions of this Act;
then, if the agreement has been recorded in the General Register of Sasines, or, as the case may be, registered in the Land Register for Scotland, it shall, subject to subsection (2), be enforceable at the instance of the local authority against persons deriving title from the person who entered into the agreement.
(2)No such agreement shall at any time be enforceable against any party who has in good faith onerously acquired right (whether completed by infeftment or not) to the land prior to the recording of the agreement or against any person deriving title from such party.