Orange County NC Website
Browse       Search
20 <br />Breeze Farm Conservation Easement (Phase II) Draft #3 CLEAN <br />imposed by the Conservation Easement. Accordingly, if any condemnation or eminent domain <br />action shall be taken, on all or part of the Property, by any authorized public authority, said <br />authority shall be liable to Grantee for the value of the property right vested in Grantee at the <br />time of the signing of this Conservation Easement. Due to the federal interest in this Deed, the <br />United States must consent to any condemnation action. <br />If-condemnation or a taking by eminent domain of a part of the Property or the entire <br />Property by a public authority renders it impossible to fulfill any of the conservation purposes of <br />this Conservation Easement on all or part of the Property, the Conservation Easement may be <br />terminated or modified accordingly through condemnation proceedings. Grantor and Grantee <br />agree that the Conservation Easement is a currently vested real property right with a value equal <br />to the proportionate value the Conservation Easement has. to the unencumbered value of the fee, <br />as of the date of this grant. If the Conservation Easement is terminated or modified and any or all <br />of the Property is sold or taken for public use, then, as required by Section 1.170A-14(g)(6) of <br />the IRS regulations, Grantee shall be entitled to the proportionate value of the Conservation <br />Easement, v~hich has been predetermined at sixty-four percent (64%) of the Property's <br />unrestricted value, subject to any applicable law which expressly requires for a different <br />disposition of the proceeds. <br />If this Conservation Easement is terminated or modified by condemnation action or <br />eminent domain, Grantee, the NCDACS, and the United States shall share, 32% to Grantee, 32% <br />to NCDACS, and 36% to the United States, Grantee's proportional value of the Conservation <br />Easement. <br />All condemnation-relat-ed 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 s-hall 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 running 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 />Page 15 of 20 <br />