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024 <br />2012- 08- 14.THOMPSON.Conservation Easement Deed DRAFT <br />substantive amendment shall be made and recorded without the express written approval <br />of NRCS. <br />Due to the State's interest in the Conservation Easement, the Grantee must provide <br />NCDA &CS timely notice in writing of the proposed amendment prior to signing and <br />recordation and, must receive written consent prior to awarding the easement. <br />6.4. Procedure in the Event of Termination of Conservation Easement. If it determines <br />that conditions on or surrounding the Protected Property change so much that it becomes <br />impossible to fulfill the conservation purposes of this Easement, a court with jurisdiction <br />may, at the joint request of both the Grantor and the Grantee and with prior written <br />consent of the United States as provided herein, terminate or modify the Easement <br />created by this Easement in accordance with applicable state law. <br />Due to the State's interest in the Conservation Easement, prior written consent <br />must be provided to NCDA &CS prior to termination or modification of the Easement <br />created by this Easement in accordance with applicable state law. <br />If the Easement is terminated and the Protected Property is sold then as <br />required by Section 1.1 70A -14(g) (6) of the IRS regulations, the Grantee and the <br />NC ADFPT Trust Fund shall be entitled to recover the proceeds of the conservation <br />easement based on the appraised fair market value of the conservation easement at <br />the time the easement is extinguished or terminated, subject to any applicable law <br />which expressly provides for a different disposition of the proceeds. The United <br />States shall receive, at the time the Conservation Easement is extinguished or <br />terminated, its share of the Conservation Easement based on the appraised fair <br />market value of the Conservation Easement at the time the Conservation Easement <br />is extinguished or terminated. The United States' share shall be proportionate to its <br />percentage of its original investment. The Grantee, the United States of America, <br />and the NC ADFP Trust Fund shall divide their proportionate share as follows: <br />20.5% to the United States, 20.7% to North Carolina Department of Agriculture <br />and Consumer Services (NC ADFP Trust Fund), and 13.6% to Orange County, <br />North Carolina. <br />6.5. Procedure in the Event of Condemnation or Eminent Domain. Grantors and <br />Grantee recognize that the sale of this Easement, or any part thereof, gives rise to a <br />property right, immediately vested in the Grantee and the United States, with a fair <br />market value equal to the proportionate value that the Easement bears to the value of the <br />Protected Property prior to the restrictions imposed by the Easement. Accordingly, if any <br />condemnation or eminent domain action shall be taken, on all or part of the Protected <br />Property, by any authorized public authority, said authority shall be liable to the Grantee <br />for the value of the property right vested in the Grantee at the time of the signing of this <br />Easement. Due to the federal interest in this Deed, the United States must consent to any <br />such condemnation action. Due to the states' interest in this conservation easement, <br />NCDA &CS must consent to any such condemnation action. <br />19 <br />