Agenda - 12-03-2007-3d - Laserfiche WebLink

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NORTH CAROLINA ORANGE COUNTY AGREEMENT THIS AGREEMENT is made and entered into as of this the day of December, 2007, by and between the ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER VALLEY, INC., hereinafter referred to as "the Association," and ORANGE COUNTY, NORTH CAROLINA, hereinafter referred to as "the County." RECITALS The Association has contracted to purchase a tract of land located in Cheeks Township at the confluence of the East and West Forks of the Eno River consisting of approximately 110 acres of mixed wetlands, woodlands, and fields, which it intends to use in perpetuity for conservation and education purposes, including the preservation of native plant and animal species and habitats, water quality protection, and low impact recreation such as hiking, bird watching and other recreation and education uses not inconsistent with protection of the conservation values of the property. Reference is hereby made to that deed recorded in Book 1796, Page 466 of the Orange County Registry for a more particular description of the property, Orange County PIN 9856-36-2947. Closing on the purchase of the property by the Association is anticipated to occur prior to December 31, 2007. The Association and the County jointly submitted an application to the Clean Water Management Trust Fund for grant funding to assist in purchasing the property, and have been awarded grant funds in the amount of $685,000.00. In exchange for receipt of these grant funds the Association will convey to the State of North Carolina a Conservation Easement on those portions of the property lying within 300 feet of all streams located on or adjacent to the property. Transfer of funds from the Clean Water Management Trust Fund to the Association and recordation of the Conservation Easement to the State is anticipated to occur in mid to late 2008. Pending receipt of grant funds from the Clean Water Management Trust Fund, and in order to close on the purchase of the property prior to December 31, 2007, the Association has obtained a loan from The Conservation Fund in the amount of $656,400.00, which is the portion of the aforesaid grant from the Clean Water Management Trust Fund dedicated to the purchase cost. In exchange for receipt of the loan funds the Association will execute a Promissory Note in favor of The Conservation Fund obligating the Association to repay The Conservation Fund upon receipt of the Clean Water Management Trust Fund grant funding. The Promissory Note will be secured by a first lien Deed of Trust recorded contemporaneously with the recordation of the Association's Deed from its Seller.