Agenda - 09-20-2022; 8-b - Acceptance of NC Agriculture Development and Farmland Preservation Trust Fund Grant

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57 N.C. Department of Agriculture & Consumer Services " N.C. ADFP Trust Fund Closing Agent Requirements for Easement Programs Eligible Entity/Grantee(name& address below): The closing agent must: 1. Acknowledge that he or she has up-to-date knowledge of the General Statutes of North Carolina pertaining to conducting real estate transactions and obtaining title clearance. 2. Certify that he or she is an attorney duly licensed to practice law in the State of North Carolina. 3. Certify that the title insurance company issuing the title commitment and final policy of title insurance is approved by the North Carolina Insurance Commissioner. 4. Provide all Parties evidence of liability insurance coverage or indemnification in an amount equal to or greater than the easement purchase value paid from State Funds for each NCADFPTF easement. Further,closing agent agrees to provide reimbursement to NCAD&CS for any loss of State funds caused by errors, omissions, fraud, dishonest,negligence, or failure by the attorneys, agents or closing agent employees to comply with written closing instructions. a. The American Land Title Association(ALTA)closing protection letter revised 4/2/2014 is satisfactory to meet this condition of responsibility. 5. Certify that he or she will not close on an easement purchase for his or her spouse,children, partners, or business associates, and that he or she does not have a financial interest in the real estate to be covered by the proposed easement. 6. Upon approval of the Grantee's submission of a Request for Payment form and an Easement Closing Check Request form,the NCADFPTF will submit the required documentation to the Grants and Contracts office to transmit the NCADFPTF portion of the purchase price for the acquisition(i.e.; State funds). The Request for Payment form,Easement Closing Check Request form, and all required documents must be submitted in one complete package to the NCADFPTF no later than 30 days before the proposed closing dates. The funds will be sent by electronic fund transfer(EFT)to closing agent's escrow account. a. Errors in the Grantee's forms and documents, or outdated State of North Carolina Substitute W-9 Form and State of North Carolina Vendor Electronic Payment Form for the Grantee or Closing Agent may cause delays in the EFT. 7. Agree to close the easement transaction within 30 calendar days of receipt of the State funds. 8. Acknowledge that costs to clear title defects are the responsibility of the landowner. 9. Return the easement funds and any accrued interest in accordance with NCADFPTF instructions if the conservation easement is not closed within 30 calendar days of receipt of the State funds.