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--~U~~~~~~~~Udl~~~l1w~~-~~~~ ~ ~~~~~~~~~~~~~ ~-- <br />RB5339 6~ 15124 <br />the net proceeds attributable to the sale of land (equal to the ratio of the appraised value of this <br />Conservation Easement to the unrestricted fair market value of the Property, as these values are <br />determined on the date of this Conservation Easement), subject to any applicable law which <br />expressly provides for a different disposition of the proceeds. The Grantees shall divide the <br />resulting proceeds in accordance with the percentage of the purchase price of the Conservation <br />Easement that each party contributed. The percentages are 50% for Orange County and 50% for <br />the Eno River Association. <br />All termination related expenses incurred by the Grantors and Grantees shall be paid out <br />of 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 Grantees recognize that the sale of this Conservation Easement gives rise to <br />a property right, immediately vested in the Grantees, with a fair market value equal to the <br />proportionate value that the Conservation Easement bears to the value of the Property prior to the <br />restrictions imposed by the Conservation Easement. Accordingly, if any condemnation or <br />eminent domain action shall be taken, on all or part of the Property, by any authorized public <br />authority, said authority shall be liable to the Grantees for the value of the properiy right vested <br />in the Grantees at the 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 Grantees <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 I.170A-14(g)(6) of <br />the IRS regulations, Grantees shall be entitled to the proportionate value of the Conservation <br />Easement, which has been predetermined at fifty-three percent (53%) of the Property's <br />unrestricted land value (exclusive of improvements), subject to any applicable law which <br />expressly requires for a different disposition of the proceeds. <br />If this Conservation Easement is terminated or modified by condemnation action or <br />eminent domain, Grantees shall share, 50% to Orange County and 50% to the Eno River <br />Association, the Grantees proportional value of the Conservation Easement. <br />All condemnation-related expenses incurred by the Grantors and Grantees shall be paid <br />out of any recovered proceeds prior to distribution of the net proceeds as described herein. <br />Page 15 of 21 <br />