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Draft #4 clean (9/14/04) ~ ~3 <br />the IRS regulations, Grantee shall be entitled to the proportionate value of the Conservation <br />Easement, which has been predetermined at f fty-seven percent (57 %) of the Property's <br />unrestricted value, subject to any applicable law which expressly requires for a different <br />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 Grantors shall not be responsible to share <br />any proceeds awarded.. <br />All termination-related orcondemnation-related expenses incurred by the Grantors and <br />Grantee shall be paid out of any recovered proceeds prior to distribution of the net proceeds as <br />described herein. <br />2.5, 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 />26. Perpetual Duration, Severability <br />The Conservation Easement created by this Deed shall be a servitude running with the <br />]and in perpetuity. Every provision of this Deed that applies to the Grantors or Grantee 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 or'der' or judgment shall in noway, affect the <br />validity of any of the other provisions hereof which shall remain in full force and effect. <br />27. Notices <br />Arty notices required by this Deed shall be in writing and shall be personally delivered or <br />sent by first class mail to the Grantors and Grantee respectively at the following addresses, unless <br />a party has been notified in writing by the other of a change of address: <br />To the Grantors: <br />William E, McPherson, Jr. <br />and William McPherson III <br />3602 Mebane Oaks Road <br />Mebane, NC 27.302 <br />To the Grantee: <br />Orange County ERCD <br />PO Box 8181 <br />Hillsborough, NC 27278 <br />AND <br />Orange Water and Sewer Authority <br />400 .Tones Ferry Road <br />Carrboro, NC 27510 <br />