Agenda - 12-01-2003-5a - Laserfiche WebLink

Browse Search

Draft 12/1/0.3 (clean) 15 20. Trmtsfer of Property The Grantors agree to incorporate by reference the terms of this Easement in any deed or other legal instrument by which they transfer or divest themselves of any interests, including leasehold interests, in all or a portion of the Property. The Grantors shall notify the Grantee in writing at least thirty (30) days before conveying the Property, or any part thereof or interest therein.. Failure of Grantors to do so shall not impair the validity of this Easement or limit its enforceability in any way. 21. Amendment of Easement This Easement may be amended only with the written consent of'the Grantee and the Grantors. Any such amendment shall be consistent with the Statement of Purposes of this Easement and with the Grantee's Easement amendment policies, and shall comply with Section 170(h) of the Internal Revenue Code or any regulations promulgated in accordance with that section. Any such amendment shall be duly recorded. Grantee shall give notice of any amendment to and secure approval from the United States Department of Agriculture, Natural Resources Conservation Service. 22. Procedure in the Event of Termination of Easement If it determines that conditions on or surrounding the 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 Grantors and the Grantee and with prior consent of the United States Department of Agriculture as provided herein, terminate or modify the Easement created by this Deed in accordance with applicable state law. If the Easement is terminated and the Property is sold then as required by Section 1.1 70A-14(g)(6) of the IRS regulations, the Grantee shall be entitled to percent ( %) of the gross sale proceeds equal to the ratio of the appraised value of this Easement to the unrestricted fair market value of the Property, as these values are determined on the date of this Easement, subject to any applicable law which expressly provides for a different disposition of the proceeds. The Grantee and the United States of America shall divide the resulting proceeds in accordance with the percentage of the purchase price of the Conservation Easement that each party contributed The percentages are _% for the Grantee and _% for the United States',of America. The Grantee shall use its proceeds consistently with the general conservation purposes of this Easement. All termination related expenses incurred by the Grantors and the Grantee shall be paid out of any recovered proceeds prior to distribution of the net proceeds as described herein. 2.3. Procednre in the Event of Condemnation or Eminent Domain Grantors and Grantee recognize that the partial sale of this Easement gives rise to a property right, immediately vested in the Grantee, with a fair market value equal to the