Before entering into an agreement, a person having a legal or equitable interest in real property or the person’s representative shall petition the public principal of the local jurisdiction in which the property is located. After receiving a petition and before entering into an agreement, the public principal shall conduct a public hearing. A public hearing that is required for approval of the development satisfies the public hearing requirement. The public principal of a local jurisdiction may not enter into an agreement unless the planning commission of the local jurisdiction determines whether the proposed agreement is consistent with the comprehensive plan of the local jurisdiction. If an agreement is not recorded in the land records of the local jurisdiction within 20 days after the date on which the parties execute the agreement, the agreement is void. The parties to an agreement and their successors in interest are bound to the agreement after the agreement is recorded. An agreement shall be void 5 years after the date on which the parties execute the agreement unless: otherwise established under § 7–303 of this subtitle; or extended by amendment under subsection (f) of this section. Subject to paragraph (2) of this subsection and after a public hearing, the parties to an agreement may amend the agreement by mutual consent. Unless the planning commission of the local jurisdiction determines whether the proposed amendment is consistent with the comprehensive plan of the local jurisdiction, the parties may not amend an agreement. The parties to an agreement may terminate the agreement by mutual consent. If the public principal or the local governing body determines that suspension or termination is essential to ensure the public health, safety, or welfare, the public principal or the local governing body may suspend or terminate an agreement after a public hearing. Unless the agreement is terminated under subsection (g) of this section, the parties to an agreement or their successors in interest may enforce the agreement.