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Brooks Farm - Conservation Easement Draft #2 BOCC 20 <br />This Conservation Easement may be amended only with the written consent of Grantee <br />and Grantors. Any such amendment shall be consistent with the Statement of Purposes of this <br />Conservation Easement and with Grantee's Conservation Easement amendment policies, and <br />shall comply with Section 170(h) of the Internal Revenue Code or any regulations promulgated <br />in accordance with that section. Any such amendment shall be duly recorded. <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 Grantors and Grantee, terminate or modify <br />the Conservation Easement created by this Deed in accordance with applicable law. If the <br />Conservation Easement is terminated and the Property is sold then as required by Section 1.1 <br />70A- 14(g)(6) of the IRS regulations, Grantee shall be entitled to fifty -five percent (55 %) of the <br />net sale proceeds (equal to the ratio of the appraised value of this Conservation Easement to the <br />unrestricted fair market value of the Property, as these values are determined on the date of this <br />Conservation Easement), subject to any applicable law which expressly provides for a different <br />disposition of the proceeds. The Grantee 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 _ % for Grantee and _ % for the <br />All termination related expenses incurred by the Grantors 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 />Grantors 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 />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. <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. Grantors 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, which has been predetermined at fifty -five percent (55 %) of the Property's <br />Page 14 of 20 <br />