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Sykes Agricultural Conservation basement Draft #3 CLEAN 21 <br />proceedings. Grantor and Grantee agree that the Conservation Easement is a currently vested <br />real properly right with a value equal to the proportionate value the Conservation Easement has <br />to the unencumbered value of the fee, as of the date of this grant. If the Conservation Easement <br />is terminated or modified and any or all of the Protected Property is sold or taken for public use, <br />then, as required by Section 1.170A-14(g)(~ of the IRS regulations, Grantee shall be entitled to <br />the proportionate value of the Conservation Easement, which has been predetermined at sixty <br />percent (60 %) of the Protected Property's unrestricted value, subject to any applicable law which <br />expressly requires for a different disposition of the proceeds. <br />If this Conservation Easement is terminated or modified by condemnation action or <br />eminent domain, Grantee and the United States shall share, 47 % to Grantee and 53 % to the <br />United States, Grantee's proportional value of the Conservation Easement. <br />All condemnation-related expenses incurred by the Grantor and Grantee shall be paid out <br />of any recovered proceeds prior to distribution of the net proceeds as described herein. <br />24. Interpretation <br />This Conservation Easement shall be interpreted under the laws of the State of North <br />Carolina and the laws of the United States, resolving any ambiguities and questions of the <br />validity of specific provisions so as to give maximum effect to its conservation purposes. <br />25. Perpetual Duration; Severability <br />The Conservation Easement created by this Deed shall be a servitude rnnn;ng with the <br />land in perpetuity. Every provision of this Deed that applies to the Grantor or Grantee shall also <br />apply to their respective agents, heirs, executors, administrators, assigns, and all other successors <br />as their interests may appear. Invalidity of any of the covenants, terms or conditions of this <br />Conservation Easement, or any part thereof by court order or judgment shall in no way, affect the <br />validity of any of the other provisions hereof which shall remain in full force and effect. <br />26. Merger <br />The Parties agree that the terms of this Conservation Easement shall survive any merger <br />of the fee and easement interest in the Protected Property. <br />27. Notices <br />Any notices required by this Deed shall be in writing and shall be personally delivered or <br />sent by first class mail to the Grantor and Grantee respectively at the following addresses, unless <br />a party has been notified in writing by the other of a change of address: <br />To the Grantor: To the Grantee: To the United States NRCS: <br />Page 15 of 20 <br />