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Page 14 of 19 <br />real property right with a value equal to the proportionate value the Conservation Easement to <br />the unencumbered value of the fee, as of the date of this grant. If the Conservation Easement is <br />terminated or modified and any or all of the Protected Property is sold or taken for public use, <br />then, as required by Section 1.170A-14(g)(6) of the IRS regulations, Grantees shall be entitled to <br />the percentage of gross sale proceeds or condemnation award (minus any amount attributed to <br />new improvements made after the date of the conveyance, which amount shall be reserved to <br />Grantor), equal to the ratio of the appraised value of this Conservation Easement to the <br />unrestricted fair market value of the Protected Property, as these values are determined on the <br />date of this Conservation Easement, subject to any applicable law which expressly requires for a <br />different disposition of the proceeds. <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 Grantor shall not be responsible to share <br />any proceeds awarded. <br /> All condemnation-related expenses, including reasonable attorney fees, incurred by the <br />Grantor and Grantees shall be paid out of any recovered proceeds prior to distribution of the net <br />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 />The Conservation Easement created by this Deed shall be a servitude running with the <br />land in perpetuity. Every provision of this Deed that applies to the Grantor or Grantees shall also <br />apply to their respective agents, heirs, executors, administrators, assigns, and all other successors <br />as their interests may appear. Invalidity of any of the covenants, terms or conditions of this <br />Conservation Easement, or any part thereof, by court order or judgment shall in no way affect the <br />validity of any of the other provisions hereof which shall remain in full force and effect. <br />26. Merger <br />The Parties agree that the terms of this Conservation Easement shall survive any merger <br />of the fee and easement interests in the Protected Property. <br />27. Notices <br />Any notices required by this Deed shall be in writing and shall be personally delivered or <br />sent by first class mail to the Grantor and Grantees respectively at the following addresses, <br />unless a party has been notified in writing by the other of a change of address: <br />20