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Latta Conservation Easement Draft #3 (March 12, 2007) ~~ <br />All termination related expenses incurred by the Grantors and Grantee shall be paid out <br />of 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 />Grantors and Grantee recognize that the partial sale of this Conservation Easement gives <br />rise to a property right, immediately vested in Grantee, with a fair market value equal to the <br />proportionate value that the Conservation Easement bears to the value of the Property prior to <br />the restrictions imposed by the Conservation Easement. Accordingly, if any condemnation or <br />eminent domain action shall be taken, on all or part of the Property, by any authorized authority, <br />said authority shall be liable to Grantee for the value of the property right vested in Grantee at <br />the time of the signing of this Conservation Easement. Due to the federal interest in this Deed, <br />the 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. Grantors 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 <br />all 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 sixty-two percent (62 %) 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, the Grantee and the United States shall share, _% to Grantee and _% to the <br />United States, the 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 Grantors shall not be responsible to share <br />any proceeds awarded. <br />All condemnation-related expenses incurred by the Grantors and Grantee shall be paid <br />out of any recovered proceeds prior to distribution of the net proceeds as described herein. <br />24. Interpretation <br />This Conservation Easement shall be interpreted under the laws of the State of North <br />Carolina and the laws of the United States, resolving any ambiguities and questions of the <br />validity of specific provisions so as to give maximum effect to its conservation purposes. <br />25. Perpetual Duration; Severability <br />Page 13 of 18 <br />