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2017-652 DEAPR - Conservation easement for High Rock Road.pdf
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2017-652 DEAPR - Conservation easement for High Rock Road.pdf
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Last modified
12/17/2019 1:58:46 PM
Creation date
1/29/2018 1:57:29 PM
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Contract
Date
12/19/2017
Contract Starting Date
12/19/2017
Agenda Item
8-d
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I 1111111111111111 11111 <br /> RB6404 101 13 / 20 <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- 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 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 /> the date of this grant . If the Conservation Easement is terminated or modified and any or all of <br /> the Property is sold or taken for public use , then, as required by Section 1 . 170A - 14 (g) (6) of the <br /> Page 13 of 18 <br />
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