Agenda - 09-15-2009 - 6a - Laserfiche WebLink

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27 .. .,. iwAi~u~n B. Subsequent Transfers of the Fee. Grantor agrees for itself, its successors and assigns, that in the event it transfers the Property, or any portion thereof including the Easement Area described herein, to notify the State in writing of the names and addresses of any party to whom the Property is to be transferred at or prior to the time said transfer is consummated. Grantor, for itself, its successors and assigns, further agrees to make specific reference to this Conservation Easement in a separate paragraph of any subsequent lease, deed, or other legal instrument by which any interest in the Property or Easement Area is conveyed. The Property owner shall not convey the Property or any interest therein, and shall not incur, assume, or suffer to exist any lien upon or with respect to the Property without disclosing to the prospective buyer the Conservation Easement and the obligations of the Property owner and limitations on use of the Property. C. Subsequent Transfers of the Conservation Easement. The Parties hereto recognize and agree that the benefits of this Conservation Easement are in gross and assignable with any such assignee having all the rights and remedies of the State hereunder. The Parties hereby covenant and agree, that in the event this Conservation Easement is transferred or assigned, the transferee or assignee of the Conservation Easement will be a qualified organization as that term is defined in Section 170(h)(3) of the Internal Revenue Code of 1986, as amended, or any successor section, and the regulations promulgated there under (the "Code") which is organized or operated primarily for one of the conservation purposes specified in Section 170(h}(4)(A) of the Code, and a qualified holder as that term is defined in NCGS 8121- 35 (2) or any successor statute. The Parties further covenant and agree that the terms of the transfer or the assignment will be such that the transferee or assignee will be required to continue to carry out in perpetuity the conservation purposes that the contribution was originally, intended to advance as set forth in the Recitals herein. The State, its successors or assigns, hereby covenants and agrees that subsequent to any transfer as provided for herein, it will continue to monitor and observe the Easement Area in perpetuity for such purposes set forth by this Conservation Easement and Grant Agreement, and to report to the Fund any observed violations on the Easement Area. D. Existing Responsibilities of Grantor and State Not Affected. Other than as specified herein, this Conservation Easement is not intended to impose any legal or other responsibility on the State, or in any way to affect any existing obligation to the Grantor as owner of the Property, which includes the Easement Area. Among other things, this shall apply to: Taxes. The Grantor shall continue to be solely responsible for payment of all taxes and assessments levied against the Property. ]f the State is ever required to pay any taxes or assessments on its interest in the Easement Area, the Grantor will reimburse the State for the same. 2. Upkeep and Maintenance. The Grantor shall continue to be solely responsible for the upkeep and maintenance of the Easement Area, to the extent it may be required by law. The State shall have no obligation for the upkeep or maintenance of the Easement Area.