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i~- <br />Volpe Consen~ation Gasenrent <br />11-24-03 draft (clean) <br />purposes of this Conservation Easement and shall comply with Sec, 170(h) of the Internal <br />Revenue Code, or any regulations promulgated in accordance with that section. Any such <br />amendment shall also be consistent with the Uniform Conservation and Historic Preservation <br />Agreements Act, N.C, Gen, Stat, § 121-.34 et seq,, or any regulations promulgated pursuant to <br />that law, The Grantors urd Grantee have no right or power to agree to any amendment that <br />would affect the enforceability of this Conservation Easement. <br />11. TERMINATION OF EASEMENT. If it is determined by a court with <br />,jurisdiction that conditions on or surrounding the Easement Area have changed se much that it is <br />impossible to fulfill the conservation purposes set forth above, a court with jurisdiction may, at <br />the,joint request ofboth the Grantors and Grantee, terminate this Conservation Easement. <br />If condenmation of a part of the Easement Area or of the entire Easement Area by public <br />authority renders it impossible to fulfill any of these conservation purposes, the Conservation <br />Easement may be terminated by a court with,jurisdiction. <br />At the time of the conveyance of the Conservation Easement to the Grantee, this <br />Conservation Easement gives rise to a real Easement Area right, inunediately vested in the <br />Grantee. If the easement is terminated and the Easement Area is sold or taken for public use, <br />then, as required by Sec, 1.170A-14(g)(6) of the IRS regulations, the Grantee shall be entitled to <br />a percentage of the gross sale proceeds or condenmation award (minus any amount attributed to <br />new improvements made after the date of the conveyance, which amount shall be reserved to the <br />Grantors), equal to the ratio of the appraised value of this easement to the unrestricted fair market <br />value of the Easement Area, as these values are deternrined on the date of this Conservation <br />Easement. The Grantee shall use the proceeds consistently with the conservation purposes of this <br />Conservation Easement. <br />12. INTERPRETATION. This Conservation Easement shall be interpreted under <br />the laws of North Carolina, resolving any ambiguities and questions of the validity of specific <br />provisions as to give maxinmm effect to its conservation purposes. <br />13. TITLE, The Grantors coveuarrt and represent that they are the sole owners and <br />are seized of the Easement Area in fee simple and have good right to grant and convey this <br />Conservation Easement; that the Easement Area is free and clear of any mortgages not <br />subordinated to this Conservation Easement, and that the Grantee shall have the use of and enjoy <br />all the benefits derived from and arising out of this Conservation Easement, subject to any <br />easements or eneumbrauces of record. <br />14. NOTICES. Any notices requit°ed by this Conservation Easement shall be in <br />writing and shall be personally delivered or sent by first class mail, to Grantors and Grantee, <br />respectively, at the following addresses, unless a party has been notified by the other of a change <br />of address. <br />Page 9 of 14 <br />