Orange County NC Website
Browse       Search
15 <br /> if Grantor is complying with this Conservation Easement and its purposes, (2)enforcing the <br /> terms of this Conservation Easement, (3) taking any and all actions with respect to the Property <br /> as may be necessary or appropriate with or without order of the Court,to remedy or abate <br /> violations hereof, and(4) making scientific and educational observations and studies and taking <br /> samples in such a manner as will not disturb the quiet enjoyment of the Property by Grantor.. <br /> C. Termination and Proceeds of Property Rights Created. This Conservation <br /> Easement gives rise to a property right that is immediately vested in Grantee at the time of <br /> recordation,with a fair market value that is at least equal to the proportionate value that the <br /> Conservation Easement bears to the full value of the whole Property, as if unencumbered by the <br /> Conservation Easement,on the date of the recording of this Conservation Easement. This <br /> proportionate value shall remain constant. For the purposes of determining any distribution of <br /> proceeds pursuant to this Paragraph, Grantor's proportionate contribution to the purchase price <br /> shall be deemed to be %, and Grantee's proportionate contribution to the purchase price shall <br /> be deemed to be_%. "Proceeds of Sale"shall include,but not be limited to,the cash value of <br /> all money and property paid,transferred, or contributed in consideration for,or as otherwise <br /> required as a condition to,the taking of, sale of,exchange of,involuntary conversion of, or <br /> severance damages to the Property or part thereof,and any money, damages, or just <br /> compensation otherwise awarded as a result of judicial proceedings. if any Proceeds of Sale are <br /> due,payable, or otherwise obligated to the United States government or any department or <br /> agency thereof related to funding provided to Grantor,then any such obligation shall be paid or <br /> satisfied solely from Grantor's portion of the Proceeds of Sale. <br /> 1. Eminent Domain. The Conservation Easement may only be extinguished due to <br /> Eminent Domain, in whole or in part, by judicial proceeding. Whenever all or part of the <br /> Property is taken by eminent domain,threatened to be taken by an entity with the power of <br /> eminent domain, or acquired, or sought to be acquired, by negotiated sale in lieu of <br /> condemnation,whether by public,corporate,or other authority,Grantor shall immediately <br /> give notice to Grantee and Fund,and shall take all appropriate actions related to such taking <br /> or negotiated sale in coordination with and with the prior written approval of Grantee and <br /> Fund, to recover the full fair market value (without regard to any diminution in value <br /> attributable to the Conservation Easement) of the taking or acquisition and all incidental, <br /> direct, and severance damages resulting from the taking or acquisition. Grantee, its <br /> successors and assigns, shall be entitled to its proportionate share of the Proceeds of Sale <br /> according to Grantee's proportional interest in the value of the Property as determined <br /> under Treasury Regulations §1.170A-14(g)(6)(ii) or any successor regulation. As such <br /> designation is allowed by N.C.G.S. §146-30(a), Grantee shall use its share of the Proceeds <br /> of Sale in a manner consistent with the purpose(s) of the Conservation Easement as set <br /> forth herein.Notwithstanding the foregoing,all Proceeds of Sale shall be distributed among <br /> the Parties according to each Party's respective contribution to the purchase price of the <br /> Property and this Conservation Easement as specified above. Nothing herein limits <br /> Grantee's right to be included as a named party in any eminent domain action or its right <br /> to just compensation for the taking of its property interest. <br /> NCLWF Property CE Template—rev.Oct 2023 <br /> 10 of 18 <br />