S Easement - William H Breeze Sr. for Deed of Agricultural Conservation Easement

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20. Transfer ofPrQperty ~ ~~~I ~~~~~ ~ r The Gra~tor agre~s to incocporate by reference the terms of this Conaerv~tion Easemcnt in any deed or other leg~l instrument by which they transfer or divest themmseelv~.s of any interests, incliuiing leasehold interests, in all or a partion of the Praperty. Grantar aha11 notify Gracttee in writing at least thirty (30) days before conveying the Property, or any part thereof or interest thcrein. Failure of Gr~ntar to incorporate by reference the terms of this Conservation F.asement in ~n instrument of transfer or eonveyance or to notify Grantee of a transfer ar conveyance shall not impair the validity of this Conservatian Easement or limit it~ enfarceahility in any way. 2J. Amertdment of Conservation Easement This Conservation Easement m~y be amended anly with the written consent of Gr~ntee, Grantor, and approved by the North Carotina Commissianer of Agriculture and Secretary of the United States Department of Agriculture. Any such amondmtnt shall be consistent with the Statement of Purpose~ of this Conservation Easement and with Grantee's Conserv~tion F.asemec~t amendment policics, and sh~ll comgly with Section 170(h) of the Intemal Revenue Code or any regulations promulgated in accordance with that scction. Any such ~mcridment shalt be duly recorded. Gc~ntee shall give notice of any amendment to, and secure apgroval from, the NCDACS and the United States. 22. Proeedure fn the Event of Terminatior~ of Conaervation Ertsem~nt If it deterrnines th~t conditions on or surrounding the Propcrty change so much that it becomes impa~sible to feilfill the conservation purposes of this Conaervation Eas~ment, a cot~t with jwisdiction may, at the jaint rcq~st of both the Grantor and Grantee sixi with prior consent of NCDACS ~nd the United States, terminste or modify the Canservation Eaaement created by this Deed in accordance with ~pplicable law. If the Conservation Easement is tenninated ac~d the Property is sold then as requircd by Section l.1 70A-14(gx6} of the IRS regulations, Grantee shall be entitled to sixty-four percent (64%) of the net s~lc proceeds (equal to t~c ratio of the appraised value of this Conserv~tion F.~ement to thc unrestricted f~ir m~rrket val~ of the Property, as these values are deternuned on the date of this Canserv~tion Easement), subjeet to any appiicable law which expressly provides for a dif~erent disposition of the proceeds. The Grantee, NCDACS, and the United States, shall divide the resulting proceeds in accordance with the percentage of the purchase price of the Conservation Easement that c~ch party contributcd. The gercentages are 34.9% for Grantee, 28.7% for NCDACS, ~rrtd 36.4~. for th~ United St~tes. All termination related expenses incuned by the Grantor and Grantee shall be paid out of any recovered proceeds priar to distribution of the net proceeds as described herEin. 23. Procedure in the Event of Cortdemnation or Eminent Damain Grantor ~nd Grantee reccagniu t~at the sale of this Conserv~tion Eascm~nt gives rise to a property right, im~nediately vested in Grantee, with a fair market value equ~ll to the pmportionate value that the Conservation Easement bears to the value of tlie Property ~or to the restrictians Psge 1 S of 22