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17 <br />Bliss- Dobyns Conservation Easement Draft 9125113 <br />All termination related expenses, including reasonable attorney fees, incurred by the <br />Grantor and the Grantee shall be paid out of any recovered proceeds prior to distribution of the <br />net proceeds as described herein. <br />12. PROCEDURE IN THE EVENT OF CONDEMNATION OR EMINENT <br />DOMAIN. Grantor and Grantee recognize that the partial sale of this Conservation Easement <br />gives rise to a property right, immediately vested in the Grantee, with a fair market value equal <br />to the proportionate value that the Conservation Easement bears to the value of the Property prior <br />to the 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 authority, <br />said authority shall be liable to the Grantee for the value of the property right vested in the <br />Grantee 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, this Conservation Easement may be <br />terminated or modified accordingly through condemnation proceedings. Grantor and Grantee <br />agree that this Conservation Easement is a currently vested real property right with a value equal <br />to the proportionate value of the Conservation Easement to the unencumbered value of the fee, as <br />of the date of this Conservation Easement. If the Conservation Easement is terminated or <br />modified and any or all of the Property is sold or taken for public use, then, as required by <br />Section 1.170A- 14(g)(6) of the IRS regulations, Grantee shall be entitled to the proportionate <br />value of the Conservation Easement, which has been predetermined at thirty -nine percent (39 %) <br />of the Property's unrestricted land value (exclusive of improvements), subject to any applicable <br />law which expressly requires for a different disposition of the proceeds. <br />If, however, after the condemnation or eminent domain proceedings, a court of <br />jurisdiction does not include in the just compensation awarded as a result of the taking, the <br />amount of the Conservation Easement value, then the Grantor shall not be responsible to share <br />any proceeds awarded. <br />All condemnation related expenses, including reasonable attorney fees, incurred by the <br />Grantor and the Grantee shall be paid out of any recovered proceeds prior to distribution of the <br />net proceeds as described herein. <br />13. INTERPRETATION. This Conservation Easement shall be interpreted under <br />the laws of North Carolina, resolving any ambiguities and questions of the validity of specific <br />provisions as to give maximum effect to its conservation purposes. <br />14. TITLE. The Grantor covenants and represents that she is the sole owner and <br />seized of Property in fee simple and have good right to grant and convey this Conservation <br />Easement; that the Property is free and clear of any mortgages not subordinated to this <br />Conservation Easement, and that the Grantee shall have the use of and enjoy all the benefits <br />Page 12 of 16 <br />