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Breeze Agricultural Conservation Easement (I) 12/21/07 draft (clean) ~ ~ <br />The Grantee and the United States of America shall divide the resulting proceeds in accordance <br />with the percentage of the purchase price of the Conservation Easement that each party <br />contributed. The percentages are 53% for Grantee and 47% for the United States of America. <br />Ali termination related expenses incurred by the Grantor and Grantee shall be paid out of <br />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 />Grantor and Grantee recognize that the sale of this Conservation Easement gives rise to a <br />property right, immediately vested in Grantee, with a fair market value equal to the proportionate <br />value that the Conservation Easement bears to the value of the Properly prior to the restrictions <br />imposed by the Conservation Easement. Accordingly, if any condemnation or eminent domain <br />action shall be taken, on all or part of the Property, by any authorized public authority, said <br />authority shall be liable to Grantee for the value of the property right vested in Grantee at the <br />time of the signing of this Conservation Easement. Due to the federal interest in this Deed, the <br />United States must consent to any condemnation action. <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. Grantor and Grantee <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 1.170A-14(g)(6) of <br />the IRS regulations, Grantee shall be entitled to the proportionate value of the Conservation <br />Easement, which has been predetermined at forty-five percent (45%) of the Property's <br />unrestricted value, subject to any applicable law which expressly requires for a different <br />disposition of the proceeds. <br />If this Conservation Easement is terminated or modified by condemnation action or <br />eminent domain, Grantee and the United States shall share, 53% to Grantee and 47% to the <br />United States, Grantee's proportional value of the Conservation Easement. <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 />with Grantee any proceeds awarded. <br />All condemnation-related expenses incurred by the Grantor and Grantee shall be paid out <br />of any recovered proceeds prior to distribution of the net proceeds as described herein. <br />24. Interpretation <br />