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2016-694 DEAPR - Warranty Deed of Agricultural Conservation Easement for Vann Bennett and Bernadette Pelissier
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2016-694 DEAPR - Warranty Deed of Agricultural Conservation Easement for Vann Bennett and Bernadette Pelissier
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12/7/2016 8:17:46 AM
Creation date
12/7/2016 8:14:15 AM
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BOCC
Date
12/5/2016
Meeting Type
Regular Meeting
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Others
Agenda Item
4a
Document Relationships
Agenda - 12-05-2016 - 4-a - Resolution of Approval – Conservation Easement for Persimmon Hill Farm
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\Board of County Commissioners\BOCC Agendas\2010's\2016\Agenda - 12-05-2016 - Regular Mtg.
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complete absence of a justiciable issue of either law or fact raised by the losing party, the court <br /> may award a reasonable attorney's fee to the prevailing party as provided by applicable law. <br /> 19. Transfer of Conservation Easement <br /> Either of the Grantee shall have the right to transfer, assign, convey, or otherwise to co- <br /> hold the Conservation Easement created by this Deed to any public agency or private nonprofit <br /> organization that, at the time of transfer, is a qualified organization under Section 170(h) of the <br /> U.S. Internal Revenue Code, as amended and under NCGS 121-34 et seq., provided the agency <br /> or organization expressly agrees to assume the responsibility imposed on the Grantee by this <br /> Deed. If Grantee ever ceases to exist or no longer qualify under Section 170(h) of the U.S. <br /> Internal Revenue Code, or applicable state law, a court with jurisdiction shall transfer this <br /> Conservation Easement to another qualified organization having similar purposes that agrees to <br /> assume the responsibility imposed by this Conservation Easement. <br /> 20. Transfer of Property <br /> The Grantors agree to incorporate by reference the terms of this Conservation Easement <br /> in any deed or other legal instrument by which they transfer or divest themselves of any interests, <br /> including leasehold interests, in all or a portion of the Property. Grantors shall notify the Grantee <br /> in writing at least thirty(30) days before conveying the Property, or any part thereof or interest <br /> therein. Failure of Grantors to incorporate by reference the terms of this Conservation Easement <br /> in an instrument of transfer or conveyance or to notify the Grantee of a transfer or conveyance <br /> shall not impair the validity of this Conservation Easement or limit its enforceability in any way. <br /> 21. Amendment of Conservation Easement <br /> This Conservation Easement may be amended only with the written consent of the <br /> Grantee and Grantors. Any such amendment shall be consistent with the Statement of Purposes <br /> of this Conservation Easement and with the Grantee Conservation Easement amendment <br /> policies, and shall comply with Section 170(h) of the Internal Revenue Code or any regulations <br /> promulgated in accordance with that section. Any such amendment shall be duly recorded. <br /> 22. Procedure in the Event of Termination of Conservation Easement <br /> If it determines that conditions on or surrounding the Property change so much that it <br /> becomes impossible to fulfill the conservation purposes of this Conservation Easement, a court <br /> with jurisdiction may, at the joint request of both the Grantors and Grantee, terminate or modify <br /> the Conservation Easement created by this Deed in accordance with applicable law. If the <br /> Conservation Easement is terminated and the Property is sold, then as required by Section 1.1 <br /> 70A-I4(g)(6) of the IRS regulations, the Grantee shall be entitled a percentage of gross sale <br /> proceeds or condemnation award (minus any amount attributed to new improvements made after <br /> the date of the conveyance, which amount shall be reserved to Grantors), equal to the ratio of the <br /> appraised value of this Conservation Easement to the unrestricted fair market value of the <br /> Page 13 of 18 <br />
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