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13 <br />lease, deed, or other legal instrument by which any interest in the Property or Easement Area <br />is conveyed according to Article IH.H. herein. <br />B. Subsequent Transfers of the Conservation Easement. The Parties hereto <br />recognize and agree that the benefits of this Conservation Easement are in gross and <br />assignable. The Parties hereby covenant and agree, that in the event this Conservation <br />Easement is transferred or assigned, the transferee or assignee of the Conservation Easement <br />will be a qualified organization as that term is defined in Section 170(h)(3) of the Internal <br />Revenue Code of 1986, as amended, or any successor section, and the regulations <br />promulgated thereunder (the "Internal Revenue Code ") which is organized or operated <br />primarily for one of the conservation purposes specified in Section 170(h)(4)(A) of the <br />Internal Revenue Code. The Parties further covenant and agree that the terms of the transfer <br />or the assignment will be such that the transferee or assignee will be required to continue to <br />cant' out in perpetuity the conservation purposes that the contribution was originally intended <br />to advance as set forth in the Recitals herein. Grantee, its successors or assigns, hereby <br />covenants and agrees to monitor and observe the Easement Area in perpetuity for such <br />purposes set forth by this Conservation Easement and Grant Agreement, and to report to the <br />Fund and the State any observed violations on the Easement Area. <br />C. Existing ReWoonsibilities of Grantor and Grantee Not Affected. Other than as <br />specified herein, this Conservation Easement is not intended to impose any legal or other <br />responsibility on the Grantee, or in any way to affect any existing obligation to the Grantor as <br />owner of the Property, which includes the Easement Area. Among other things, this shall <br />apply to: <br />(1) Taxes. The Grantor shall continue to be solely responsible for payment of <br />all taxes and assessments levied against the Property. If the Grantee is <br />ever required to pay any taxes or assessments on its interest in the <br />Easement Area, the Grantor will reimburse the Grantee for the same. <br />(2) Upkeep and Maintenance. The Grantor shall continue to be solely <br />responsible for the upkeep and maintenance of the Easement Area, to the <br />extent it may be required by law, except for that certain area defined as the <br />New Hope Creek trail and that portion of the property located between the <br />top of the bank of New Hope Creek and the New Hope Creek trail, which <br />is constructed, maintained and operated under the said Master Plan. The <br />Grantee shall have no other obligation for the upkeep or maintenance of <br />the Easement Area. <br />(3) Liability and Indemnification. Grantee shall, to the extent permitted by <br />law, indemnify and hold Grantors harmless from any liability, damage, <br />loss, cost or expense, including reasonable attorney fees, for personal <br />injury or property damage (including damage to the Easement Area) to <br />Grantors or any third party, resulting in any manner from Grantee's <br />exercise of any of its rights hereunder, except to the extent the liability, <br />damage, loss, cost or expense arises from the negligence or willful <br />misconduct of Grantor. However, the State of North Carolina as an <br />assignee of Grantee's interest in this Conservation Easement shall; tp the <br />13 <br />