Orange County NC Website
Browse       Search
19 <br />Breeze Farm Conservation Easement (Phase II) Draft #3 CLEAN <br />20. Transfer of Property <br />The Grantor agrees to incorporate by reference the terms of this Conservation Easement <br />in any deed or other legal instrument by which they transfer or divest themselves of any interests, <br />including leasehold interests, in all or a portion of the Property. Grantor shall notify Grantee in <br />writing at least thirty (30) days before conveying the Property, or any part thereof or interest <br />therein. Failure of Grantor to incorporate by reference the terms of this Conservation Easement <br />in an instrument of transfer or conveyance or to notify Grantee of a transfer or conveyance shall <br />not impair the validity of this Conservation Easement or limit its enforceability in any way. <br />21. Amendment of Conservation Easement <br />This Conservation Easement may be amended only with the written consent of Grantee, <br />Grantor, and approved by the North Carolina Commissioner of Agriculture and Secretary of the <br />United States Department of Agriculture. Any such amendment shall be consistent with the <br />Statement of Purposes of this Conservation Easement and with Grantee's Conservation Easement <br />amendment policies, and-shall comply with Section 170(h) of the Internal Revenue Code or any <br />regulations promulgated in accordance with that section. Any such amendment shall be duly <br />recorded. Grantee shall give notice of any amendment to, and secure approval from, the <br />NCDACS and the United States. <br />22. Procedure in the Event of Termination of Conservation Easement <br />If it-determines that conditions on or surrounding the Property change so much that it <br />becomes impossible to fulfill the conservation purposes of this Conservation Easement, a court <br />with jurisdiction may, at the joint request of both the Grantor and Grantee and with prior consent <br />of NCDACS and the United States, terminate or modify the Conservation Easement created by <br />this Deed in accordance with applicable law. If the Conservation Easement is terminated and- the <br />Property is sold then as required by Section 1.1 70A-14(g)(-6) of the IRS regulations, Grantee <br />shall be entitled to sixty-four percent (64%) of the net sale proceeds (equal to the ratio of the <br />appraised value of this Conservation Easement to the unrestricted fair market value of the <br />Property, as these values are determined on the date of this Conservation Easement), subject to <br />any applicable law which expressly provides for a different disposition of the proceeds. The <br />Grantee, NCDACS, and-the United States, shall divide the resulting proceeds in accordance with <br />the percentage of the purchase price of the Conservation Easement that each party contributed. <br />The percentages are 32% for Grantee, 32% for NCDACS, and 36% for the United States. <br />All termination related expenses incurred by the Grantor and Grantee shall be paid out of <br />any recovered proceeds prior to distribution of the net proceeds as described herein. <br />23. Procedure in the Event of Condemnation or Eminent Domain <br />Grantor and Grantee recognize that the sale of this Conservation Easement gives rise to a <br />property right, immediately vested in Grantee, with a fair market value equal to the proportionate <br />value that the Conservation Easement bears to the value of the Property prior to the restrictions <br />Page 14 of 20 <br />