Agenda - 10-05-2004-6d - Laserfiche WebLink

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Draft 8/l6/04 2 5 proportionate value that the Conservation Easement bears to the value of the Property prior to the restrictions imposed by the Conservation Easement. Accordingly, if any condemnation or eminent domain action shall be taken, on all or part of the Property, by any authorized public authority, said authority shall be liable to Grantee for the value of the property right vested in Grantee at the time of the signing ofthis Conservation Easement. If condemnation or a taking by eminent domain of a part of the Property or the entire Property by a public authority renders it impossible to fulfill any of the conservation purposes of 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 1.170A-14(g)(6) of the IRS regulations, Grantee shall be entitled to the proportionate value of the Conservation Easement, which has been predetermined at percent (___%) of the Property's unrestricted value, subject to any applicable law which expressly requires for a different disposition of the proceeds. 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 termination-related orcondemnation-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, 2.5, hrterpretatiou This Conservation Easement shall be interpreted under the laws of the State ofNorth 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 Duratiwr; Sever°ability The Conservation Easement created by this Deed shall be a servitude running with the land in perpetuity. Every provision ofthis 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 ofthis Conservation Easement, or any part thereofby 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..