Agenda - 05-03-2011 - 8a - Laserfiche WebLink

Browse Search

Sykes Agricultural Conservation Easement Draft #3 CLEAN 21 proceedings. Grantor and Grantee agree that the Conservation Easement is a currently vested real properly right with a value equal to the proportionate value the Conservation Easement has to the unencumbered value of the fee, as of the date of this grant. If the Conservation Easement is terminated or modified and any or all of the Protected Property is sold or taken for public use, then, as required by Section 1.17~A-14~g}~6~ of the IRS regulations, Grantee shall be entitled to the proportionate value of the Conservation Easement, which has been predetermined at sixty percent X50 %} of the Protected Property's unrestricted value, subject to any applicable law which expressly requires for a different disposition of the proceeds. If this Conservation Easement is terminated or modified by condemnation action or eminent domain, Grantee and the United States shall share, 47 % to Grantee and 53 % to the United States, Grantee's proportional value of the Conservation Easement. All condemnation-related expenses incurred by the Grantor and Grantee shall be paid out of any recovered proceeds prior to distribution of the net proceeds as described herein. 24. Interpretation This Conservation Easement shall be interpreted under the laws of the State of North Carolina and the laws of the United States, resolving any ambiguities and questions of the validity of specif c provisions so as to give maximum effect to its conservation purposes. 25. Perpetual Duration; Severabi~ity The Conservation Easement created by this Deed shall be a servitude running with the land in perpetuity. Every provision of this Deed that applies to the Grantor or Grantee shall also apply to their respective agents, heirs, executors, administrators, assigns, and all other successors as their interests may appear. Invalidity of any of the covenants, terms or conditions of this Conservation Easement, or any part thereof by court order or judgment shall in no way, affect the validity of any of the other provisions hereof which shall remain in full force and effect. 26. ~Vlerger The Parties agree that the terms of this Conservation Easement shall survive any merger of the fee and easement interest in the Protected Property. 2 7. Notices .Any notices required by this Deed sha11 be in writing and shall be personally delivered or sent by f rst class mail to the Grantor and Grantee respectively at the following addresses, unless a party has been notif ed in writing by the other of a change of address: To the Crrantor: To the Grantee: To the United States NRC S Page 15 0~ 20