Agenda - 09-12-2006-6c - Laserfiche WebLink

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McKee Agricultural Conservation Easement Draft #4 (BOCC) j~ this Conservation Easement on all or part of the Property, the Conservation Easement maybe terminated or modified accordingly through condemnation proceedings. Grantors and Grantee agree that the Conservation Easement is a currently vested real property right with a value equal to the proportionate value the Conservation Easement has to the unencumbered value of the fee, as of the date of this grant If the Conservation Easement is terminated or modified and any or all of the Property is sold or taken for public use, then, as required by Section 1170A-14(g)(6) of the IRS regulations, Grantee shall be entitled to the proportionate value of the Conservation Easement, which has been predetermined at seventy-tluee percent (7.3%) of the Property's unrestricted value, subject to any applicable law which expressly requires for a different disposition of the proceeds. If this Conservation Easement is terminated or modified by condemnation action or eminent domain, the Grantee and the United States shall share, _% to Grantee and _% to the United States, the Grantee's proportional value ofthe Conservation Easement. If, however, after the condemnation or eminent domain proceedings, a court of jurisdiction does not include, in the,just compensation awarded as a result of the taking, the amount of the Conservation Easement value, then the Grantors shall not be responsible to share any proceeds awarded. All condemnation-related expenses incurred by the Grantors and Grantee shall be paid out of any recovered proceeds prior to distribution of the net proceeds as described herein.. 1.5 bzterpretation This Conservation Easement shall be interpreted under the laws of the State of North Carolina and the laws of the United States, resolving any ambiguities and questions of the validity of specific provisions so as to give maximum effect to its conservation purposes. 26, Perpetual Duration; Sever•ability The Conservation Easement created by this Deed shall be a servitude running with the land in perpetuity. Every provision of this Deed that applies to the Grantors or Grantee shall also apply to their respective agents, heirs, executors, administrators, assigns, and all other successors as their interests may appear. Invalidity of any of the covenants, terms or conditions of this Conservation Easement, or any part thereof by court order or,judgment shall in no way, affect the validity of any of the other provisions hereof which shall remain in full force and effect. Z7. Merger The Parties agree that the terms of this Conservation Easement shall survive any merger of the fee and easement interest in the Property. Page 14 of IS