NS Conservation Easement - Latta Dairy Farm

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Latta Conservation Easement Draft #3 (March 12, 2007) 8 (4) The Uniform North Carolina Conservation and Historic Preservation Agreements Act, North Carolina General Statute 121-34 et seq., which provides that conservation agreements are "interests in land" which may be effective "perpetually;" which provides for the enforceability of restrictions, easements, covenants or conditions "...appropriate to retaining land or water areas predominantly in their natural, scenic, or open condition or in agricultural, horticultural, farming or forest use...;" and which provides for tax assessment of lands subject to such agreements "on the basis of the true value of the land and improvement less any reduction in value caused by the agreement;" (5) The North Carolina Conservation Tax Credit Program, North Carolina General Statute 105-130.34 and 105-151.12 et seq., which provides for state income tax credits for donations of land that are useful for fish and wildlife conservation and other similar land conservation purposes; (6) The establishment of the North Carolina Farmland Preservation Trust Fund established in 1986 (N.C.G.S. 106-744(c)) to preserve important farmland in North Carolina; (7) The special use assessment of farm and forestland as set forth in North Carolina General Statute 105-277.2 et seq.; and (8) The zoning of the Property by Orange County as Agricultural Residential. Grantors and Grantee have the common purpose of protecting the above-described conservation values and current condition of the Property and preventing conversion of the Property to nonagricultural uses and Grantors agree to create and implement a conservation plan (hereinafter the "Conservation Plan") that is developed utilizing the standards and specification of the NRCS field office technical guide and 7 CFR part 12, and is approved by the Orange County Soil and Water Conservation District; The Grantee is a body politic existing under Chapter 153A of the North Carolina General Statutes, and is qualified to hold Conservation Easements under the applicable laws of the State of North Carolina; NOW, THEREFORE, for the reasons given and other good and valuable consideration, and in consideration of the mutual covenants, terms, conditions and restrictions contained herein, the Grantors hereby grant and convey unto Grantee a Conservation Easement, of the nature and character and to the extent hereinafter set forth, in respect to the Property as described in Exhibit A; The terms, conditions and restrictions of the Conservation Easement are as hereinafter set forth: 1. Grant of Agricultural Conservation Easement; Extinguishment of Development Rights • • • Page 3 of 18