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Penny Conservation Easement Draft Nov. 27, 2006 BOCC 7 This instrument prepared by and return to: Geoffrey E. Gledhill, Coleman, Gledhill, Hargrave & Peek, P.C., P.O. Drawer 1529, Hillsborough, NC 27278 NORTH CAROLINA COUNTY OF ORANGE WARRANTY DEED OF CONSERVATION EASEMENT This Deed of Conservation Easement (hereinafter "Conservation Easement") is made on this day of , 2006 by WADE H. PENNY, JR. and CAROLNN K. PENNY, husband and wife, 4105 Pickett Road, Durham, NC 27705 (hereinafter "Grantors") and ORANGE COUNTY, NORTH CAROLINA, having an address of Post Office Box 8181, Hillsborough, NC 27278 (hereinafter "Grantee" or "the Grantee"). The designation Grantor and Grantee as used herein shall include said parties, their heirs, successors and assigns, and shall include singular, plural, masculine, feminine or neuter pronouns as required by context. RECITALS A. The Grantors are the sole owners in fee simple of certain real property located in Chapel Hill Township, Orange County, North Carolina, and described on Exhibit A hereto, which is incorporated herein by reference. The tracts together, comprising approximately 6.86 acres, are hereinafter collectively referred to either as "the Property." The Property includes improvements, which are shown on Exhibit C, attached hereto and incorporated herein. To the extent practicable, the Grantors wish to maintain the Property as a combination of woodland and open space suitable as habitat for the native flora and fauna of the North Carolina Piedmont, and to protect the water quality of headwater streams running off from this land and into New Hope Creek. B. The Grantee is a body politic and corporate, a political subdivision of the State of North Carolina, with powers prescribed in Chapter 153A of the North Carolina General Statutes. C. The Property includes contains a natural area that has not been subject to significant development, which provides a "...relatively natural habitat of fish, wildlife, or plants,