Create new terrain at runtime from a sample of another terrain

I am not exactly sure how to word my question but this is what I'd like to do:

During runtime, take any random bounding box of a terrain in one scene, grab the heightmap and texture information about the terrain and then create a replica terrain (for another scene) of just the area inside the bounding box. I need to do this at runtime because the terrains are dynamically generated.

Original Terrain:


Pseudo Bounding Box:


New Terrain:


Is this even possible?

Thanks!