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<br />Walters Conservation Easement draft Q5/18/01 <br />All termination related expenses incurred by the Grantors and the Grantee shall be paid <br />out of any recovered proceeds prior to distribution of the net proceeds as described herein. <br />22. Procedure in the Event of Condemnation or Eminent Domain <br />If condemnation or a taking by eminent domain of a part of the Property or the entire <br />Property by a public authority renders it impossible to fulfill any of the conservation purposes <br />of this Easement, the Easement may be terminated or modified through condemnation <br />proceedings. If the Easement is terminated and the Property is sold or taken for public use, <br />then, as required by Section 1.170A-14(g)(6) of the IRS regulations, the Grantee shall be <br />entitled to a percentage of the gross sale proceeds or condemnation award equal to the ratio of <br />the appraised value of this Easement to the unrestricted fair market value of the Property, as <br />these values are determined on the date of this Easement, subject to any applicable law which <br />expressly requires for a different disposition of the proceeds. The Grantee shall use its <br />proceeds consistently with the general conservation purposes of this Easement. <br />All termination-related or condemnation-related expenses incurred by the Grantors and <br />the Grantee shall be paid out of any recovered proceeds prior to distribution of the net <br />proceeds as described herein. <br />23. Interpretation <br />This Easement shall be interpreted under the laws of the State of North Carolina, <br />resolving any ambiguities and questions of the validity of specific provisions so as to give <br />maximum effect to its conservation purposes. <br />24. Perpetual Duration; Severability <br />The Easement created by this Deed shall be a servitude running with the land in <br />perpetuity. Every provision of this Deed that applies to the Grantors or the Grantee shall also <br />apply to their respective agents, heirs, Executors, administrators, assigns, and all other <br />successors as their interests may appear. Invalidity of any of the covenants, terms or <br />conditions of this Easement, or any part thereof by court order or judgment shall in no way, <br />affect the validity of any of the other provisions hereof which shall remain in full force and <br />effect. <br />25. Notices <br />Any notices required by this Deed shall be in writing and shall be personally delivered <br />or sent by fn-st class mail to the Grantors and the Grantee respectively at the following <br />addresses, unless a party has been notified in writing by the other of a change of address: <br />15 <br />io <br />