ORD-2019-026 Resolution of Approval – Conservation Easement on Holden-Roberts Farm and Approval of Budget Amendment #10-C

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20 6.4. Procedure in the Event of Termination of Easement. If it is determined that conditions on or surrounding the Protected Property change so much that it becomes impossible to fulfill the conservation purposes of this Easement, a court with jurisdiction may, at the joint request of both the Grantor and the Grantees and with prior written consent of the State of North Carolina, as provided herein,terminate or modify the Easement created by this Easement in accordance with applicable State law. If the Easement is terminated and the Protected Property is sold then as required by Section 1 of 170A-14(g)(6)of the IRS regulations,the Grantor,the Grantees,NC ADFP Trust Fund shall be entitled to recover the proceeds of the conservation easement based on the appraised fair market value of the conservation easement at the time the easement is extinguished or terminated, subject to any applicable law which expressly provides for a different disposition of the proceeds. The respective shares of the Grantor,the Orange County grantee,and NC ADFP Trust Fund shall be proportionate to the percentage of their original investment. The grantor's percent is 25%,the Orange County Grantee's percent is 42%and NC ADFP Trust fund's percent is 33%. 6.5. Procedure in the Event of Condemnation or Eminent Domain. Grantor and Grantees recognize that the sale of this Easement, or any part thereof, gives rise to a property right, immediately vested in the Grantees with a fair market value equal to the proportionate value that the Easement bears to the value of the Protected Property prior to the restrictions imposed by the Easement. Accordingly,if any condemnation or eminent domain action shall be taken, on all or part of the Protected Property,by any authorized public authority, said authority shall be liable to the Grantees for the value of the property right vested in the Grantees at the time of the signing of this Easement. NCDA&CS must consent to any such condemnation action. If condemnation or a taking by eminent domain of a part of the Protected Property or the entire Protected Property by a public authority renders it impossible to fulfill any of the conservation purposes of this Easement on all or part of the Protected Property,the Easement may be terminated through condemnation proceedings. If the Easement is terminated and any or all of the Protected Property is sold or taken for public use,then, as required by Section 1 of 170A-14(g) (6)of the IRS regulations,the Grantees shall be entitled to the proportionate value of the Easement, which has been predetermined as the Protected Property's unrestricted value, subject to any applicable law which expressly requires for a different disposition of the proceeds. The Grantees shall use its proceeds consistently with the general conservation purposes of this Easement. If this Easement is extinguished or terminated,the Grantor,the Grantees, and NC ADFP Trust Fund shall receive their proportional share of the Easement value at the time of termination. The respective shares of the Grantor,the Orange County grantee, and NC ADFP Trust fund shall be proportionate to the percentage of their original investment. The Grantor's percent is 25%,the Orange County grantee's percent is 42%and NC ADFP Trust fund's percent is 33%. All termination-related or condemnation-related expenses incurred by the Grantor,the Grantee,and NC ADFP Trust Fund shall be paid out of each party's respective proceeds prior to distribution of the net proceeds as described herein. 6.6 Boundary Line Adjustment. Boundary line adjustments are permitted only in the case of technical errors made in the survey or legal description. In such cases,boundary line adjustments cannot exceed two (2)acres for the entire Protected Property. The Grantor and NCDA&CS must be notified immediately of the technical errors and a 14