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17 <br /> Fern Creek Conservation Easement OEM= <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 Easement <br /> Area prior to the restrictions imposed by the Conservation Easement. Accordingly, if any <br /> condemnation or eminent domain action shall be taken, on all or part of the Easement Area, by <br /> any authorized authority, said authority shall be liable to the Grantee for the value of the property <br /> right vested in the 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 Easement Area or the <br /> entire Easement Area by a public authority renders it impossible to fulfill any of the conservation <br /> purposes of this Conservation Easement on all or part of the Easement Area, this Conservation <br /> Easement may be terminated or modified accordingly through condemnation proceedings. <br /> Grantor and Grantee agree that this Conservation Easement is a currently vested real property <br /> right with a value equal to the proportionate value of the Conservation Easement to the <br /> unencumbered value of the fee, as of the date of this Conservation Easement. If the <br /> Conservation Easement is terminated or modified and any or all of the Easement Area is sold or <br /> taken for public use, then, as required by Section 1.170A-14(g)(6) of the IRS regulations, the <br /> Grantee shall be entitled to a percentage of gross sale proceeds or condemnation award (minus <br /> any amount attributed to new improvements made after the date of the conveyance, which <br /> amount shall be reserved to Grantor), equal to the ratio of the appraised value of this <br /> Conservation Easement to the unrestricted fair market value of the Easement Area, as these <br /> values are determined on the date of this Conservation Easement, subject to any applicable law <br /> which expressly provides 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 Easement Area in fee simple and have good right to grant and convey this Conservation <br /> Easement; that the Easement Area 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 />