Orange County NC Website
Browse       Search
19 <br /> Hill CE Draft 11/16/2017 <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 Grantor. Any such amendment shall be consistent with the Statement of Purposes of <br /> this Conservation Easement and with the Grantee Conservation Easement amendment policies, <br /> 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 Grantor 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-14(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 Grantor), equal to the ratio of the <br /> appraised value of this Conservation Easement to the unrestricted fair market value of the <br /> Property, as these values are determined on the date of this Conservation Easement), subject to <br /> any applicable law which expressly provides for a different disposition of the proceeds. <br /> All termination related expenses, including reasonable attorney fees, incurred by the <br /> Grantor and the Grantee shall be paid out of any recovered proceeds prior to distribution of the <br /> net proceeds as described herein. <br /> 23. Procedure in the Event of Condemnation or Eminent Domain <br /> Grantor and Grantee recognize that the partial sale of this Conservation Easement gives <br /> rise to a property right, immediately vested in the 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 the <br /> 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 public <br /> authority, said authority shall be liable to the Grantee for the value of the property right vested in <br /> the Grantee at the time of the signing of this Conservation Easement. <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, this Conservation Easement may be <br /> terminated or modified accordingly through condemnation proceedings. Grantor 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 to the unencumbered value of the fee, as of <br /> Page 13 of 18 <br />