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Penny Conservation Easement Draft Nov. 27, 2006 BOCC 17 <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 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. <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 Grantors shall not be responsible to share <br />any proceeds awarded. <br />All condemnation related expenses, including reasonable attorney fees, incurred by the <br />Grantors 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 it is the sole owner and seized <br />of Grantors' Property in fee simple and has 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 />derived from and arising out of this Conservation Easement, subject to any easements or <br />encumbrances of record. <br />15. NOTICES. Any notices required by this Conservation Easement shall be in <br />writing and shall be personally delivered or sent by first class mail, to Grantors and Grantee, <br />respectively, at the following addresses, unless a party has been notified by the other of a change <br />of address. <br />To the Grantors: <br />Wade and Carolyn Penny <br />4105 Pickett Road <br />Durham, NC 27705 <br />To the Grantee: <br />Orange County Environment and <br />Resource Conservation Department <br />Orange County, North Carolina <br />P.O. Box 8181 <br />Hillsborough, NC 27278 <br />16. ENVIRONMENTAL CONDITION. The Grantors warrant that it has no actual <br />knowledge of a release or threatened release of hazardous substances or wastes on the Property. <br />Page 17 of 15