Agenda - 11-18-2003-8g - Laserfiche WebLink

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11 and not in lieu of, all other right: and remedies available to Grantee in connection with this Conservation Easement, includvig, without limitation, those set forth in the Grant Agreement under which this Conservation F asement was obtained. B. Right of Entry and Inspection. Grantee, its employees and agents and its successors and assigns, have the right, with reas enable notice, to enter the Property and Easement Area at reasonable times for the purpose of inspecting the Easement Area to determine whether the Grantor, Grantor's representatives, or assigns are complying with the terms, conditions and restrictions of this Conservation Easement. Grantor permits Grantee access to the Easement Area over the Grantee's existing owned property from Pickett Road (PIN 0801-03-10-4100), further described in Deed Book i )02488 Page 000813 Plat Book 000140 Page 000152, recorded in the Durham County Registry) and over the portions of the Property, further described in Book 1852, Page 237, recorded in the Orange County Registry, not covered by this Conservation Easement for the purposes of constructing, operating and maintaining the aforesaid New Hope Creek trail. C. Changed Conditions. The grant or donation of this Conservation Easement gives rise to a property right immediatel.,~ vested in Grantee, with a fair market value equal to the proportionate value that the Conservation Easement bears to the value of the Property as a whole. That proportionate value of Grantee's property rights shall remain constant. If a change in conditions occurs, which makes impossible or impractical any continued protection of the Property for conservatic>n purposes, the restrictions contained herein may only be extinguished by judicial proceeding. Upon such proceedings, such portion shall be equal to the proportionate value that Grantees', its successors' and assigns', interest in the Easement Area bears to the value of the Property as a whole as of the date of the recording of this Conservation Easement. "Proceeds of Sale" shall mean the cash value of all money and property paid, tr~.nsfen:ed or contributed in consideration for, or as otherwise required as a condition to the sale, exchange or involuntary conversion of the Conservation Area, or any damages otherwise awarded as a result of judicial proceeding, minus the Grantor's expenses from such transaction or proceeding. Grantee, its successors and assigns, shall use its share of the proceeds of sale in a manner consistent with the conservation purposes set forth herein. D. Condemnation. Whenever all or part of the Property is taken by exercise of eminent domain by public, corporate or other authority, or by negotiated sale in lieu of condemnation, so as to abrogate the restrictions imposed by this Conservation Easement, the Grantor shall immediately give notice to Grantee, State and the Fund, and shall take all appropriate actions at the time of such taking or sa e to recover the full value of the taking and all incidental or direct damages resulting from tl~e taking, which any proceeds recovered in such actions shall be divided in accordance with the proportionate value of Grantor's and Grantee's interests as specified herein; all expenses including attorneys' fees incurred by Grantor and Grantee in such action shall be paid our of the recovered proceeds to the extent not paid by the condemning authority. The Grantee, its successors and assigns, shall be entitled to a portion of the proceeds of such sale, exchange, involuntary conversion of the Property, or any damage award with respect to any jwiicial proceeding. Such portion shall be equal to the 11