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17 <br /> BOCC Draft 6/10/16 <br /> becomes owner of the Protected Property, or any portion thereof, Grantee shall transfer any right title and interest in <br /> this Easement to a third party in accordance with sections 4.4. <br /> 6.3. Amendment of Easement. This easement may be amended by a written instrument executed by the Grantee and the <br /> Grantor and approved by the Commissioner of Agriculture. Any such amendment shall be consistent with the <br /> Statement of Purpose of this Conservation Easement and with the Grantee's Conservation Easement amendment <br /> policies, and shall comply with 26 U.S.C.§ of the Internal Revenue Code or any regulations promulgated in <br /> accordance with that section. Any such amendment shall be recorded. Grantee shall give notice of any amendment <br /> to and secure approval from, the North Carolina Department of Agriculture and Consumer Services prior <br /> to signing and recordation and,must receive written consent prior to awarding the easement. <br /> 6.4. Procedure in the Event of Termination of Easement. If it is determined that conditions on or surrounding the <br /> Protected Property change so much that it becomes impossible to fulfill the conservation purposes of this Easement, <br /> a court with jurisdiction may, at the joint request of both the Grantor and the Grantee and with prior written consent <br /> of the State of North Carolina, as provided herein, terminate or modify the Easement created by this Easement in <br /> accordance with applicable State law. <br /> If the Easement is terminated and the Protected Property is sold then as required by Section 1 of 170A-14(g) (6) of <br /> the IRS regulations the Grantee and the NC ADFP Trust Fund shall be entitled to recover fifty percent(50%) of the <br /> net proceeds (equal to the ratio of the appraised value of this Easement to the unrestricted fair market value of the <br /> Protected Property, as these values are determined on the date of this Easement), subject to any applicable law <br /> which expressly provides for a different disposition of the proceeds. The Grantee and NC ADFP Trust Fund shall <br /> divide the resulting proceeds in accordance with the percentage of the purchase price of the Easement that each <br /> party contributed. The respective shares of the Grantor, the Grantee, and NC ADFP Trust Fund shall be <br /> proportionate to the percentage of their original investment. The Orange County Grantee's percent is 47% and NC <br /> ADFP Trust fund's percent is 28%. <br /> 6.5. Procedure in the Event of Condemnation or Eminent Domain. Grantor and Grantee recognize that the sale of this <br /> Easement, or any part thereof, gives rise to a property right, immediately vested in the Grantee with a fair market <br /> value equal to the proportionate value that the Easement bears to the value of the Protected Property prior to the <br /> restrictions imposed by the Easement. Accordingly, if any condemnation or eminent domain action shall be taken, <br /> on all or part of the Protected Property,by any authorized public authority, said authority shall be liable to the <br /> Grantee for the value of the property right vested in the Grantee at the time of the signing of this Easement. <br /> NCDA&CS must consent to any such condemnation action. <br /> If condemnation or a taking by eminent domain of a part of the Protected Property or the entire Protected Property <br /> by a public authority renders it impossible to fulfill any of the conservation purposes of this Easement on all or part <br /> of the Protected Property, the Easement may be terminated or modified accordingly through condemnation <br /> proceedings. Grantor and Grantee agree that the Easement is a currently vested real property right with a value <br /> equal to the proportionate value of the Easement has to the unencumbered value of the fee, as of the date of this <br /> grant. If the Easement is terminated and any or all of the Protected Property is sold or taken for public use,then, as <br /> required by Section 1 of 170A-14(g) (6) of the IRS regulations, the Grantee and the NC ADFP Trust Fund shall be <br /> entitled to the proportionate value of the Easement,which has been predetermined at fifty percent of the Protected <br /> Property's unrestricted value, subject to any applicable law which expressly requires for a different disposition of <br /> 11 <br />