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Walters Conservation Easement draft 05/1 S/01 <br />failure of the Grantee to discover a violation or to take immediate legal action shall not bar it <br />from doing so at a later time. In any case where a court fords no such violation has occurred, <br />each party shall bear its own casts. <br />1$. Transfer of Easement <br />'The Grantee shall have the ri8ht to transfer the Easement created by this Deed to any <br />public agency ox private nonprofit organization that, at the time of transfer, is a qualified <br />organization under Section 170(h) of the U.S. Internal Revenue Cade, as amended and under <br />NCGS .'121-34 et seq., provided the agency ar organization expressly agrees to assume the <br />responsibility imposed on the Grantee by this Deed. If the Grantee ever ceases to exist or no <br />longer qualifies under Sectian 170(h) of the U.S. Internal Revenue Code, or applicable state <br />law, a court with jurisdiction shall transfer this Easement to another qualified organization <br />having similar purposes that agrees to assume the responsibility imposed by this Easement. <br />19. Transfer of Property <br />The Grantors agree to incorporate by reference the terms of this Easement in any <br />deed or other legal instrument by which they transfer or divest themselves of any interests, <br />including leasehold interests, in all or a portion of the Property. The Grantors shall notify the <br />Grantee in writing at least thirty (30) days before conveying the Property, or any part thereof <br />or interest therein. Failure of Grantors to do so shall not impair the validity of this Easement <br />ar limit its enforceability in any way. <br />20. Amendment of Easement <br />This Easement may be amended only with the written consent of the Grantee and <br />the Grantors. Any such amendment shall be consistent with. the Statement of Purposes of this <br />Easement and with the Grantee's Easement amendment policies, and shall comply with Section <br />170(h) 'of the Internal Revenue Code or any regulations promulgated in accordance with that <br />Sectian. Any such amendment shall be duly recorded. <br />21. Procedure in the Event of Termination of Easement <br />If it determines that conditions on or surrounding the Property change so much that it <br />becomes impossible to fulfill the conservation purposes of this Easement, a court with <br />jurisdiction may, at the joint request of both the Grantors and the Grantee, ,terminate ar modify <br />the Easement created by this Deed in accordance with applicable state law. If the Easement is <br />terminated and the Property is sold then as required by Section 1.1 7DA-14(8)(6) of the IRS <br />regulations, the Grantee shall be entitled to a percentage of the gross sale proceeds equal to the <br />ratio of the appraised value of this Easement to the unrestricted fair market value of the <br />Property, as these values are determined on the date of this Easement, subject to any applicable <br />law which expressly provides for a different disposition of the proceeds. The Grantee shall use <br />its proceeds consistently with the 8eneral conservation purposes of this Easement. <br />14 <br />