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17 <br /> Conservation Easement. The following are permitted exceptions to the above covenants, <br /> representations, and warranties: <br /> ARTICLE VI. MISCELLANEOUS <br /> A. Stewardship of the Conservation Easement. Pursuant to the terms of the Grant <br /> Contract and any contract for stewardship of the Property entered into pursuant to the Grant <br /> Contract,ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER VALLY, INC <br /> will monitor and observe the Property in perpetuity to assure compliance with the purposes and <br /> provisions of this Conservation Easement and the provisions of the Grant Contract, and that it <br /> will report on the condition of the Property, or provide for such reporting,to State and Fund no <br /> less frequently than once a year,and further will report immediately to State and Fund any <br /> observed and/or known violations of this Conservation Easement or the Grant Contract. The <br /> Parties acknowledge that the associated stewardship monies awarded under the Grant Contract <br /> are administered pursuant to N.C.G.S. §143B-135.236 which establishes the North Carolina <br /> Conservation Easement Endowment Fund,or any successor law, and Fund's internal policies and <br /> procedures, and that ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER <br /> VALLY, INC's obligation to monitor the Property at any given time is contingent on the <br /> availability of said stewardship funds. Further,the Parties acknowledge that this obligation to <br /> monitor the Property is assignable provided such assignment is made with the prior written <br /> approval of Fund and evidenced by a written instrument signed by the Parties thereto and <br /> recorded in the Office of the Register of Deeds of Orange County. Provided further,that any <br /> such assignment of ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER <br /> VALLY, INC's obligation to monitor the Property shall include a right of entry onto the Property <br /> for the assignee of said monitoring obligation, and shall require the monitoring to be carried out <br /> in accordance with and subject to N.C.G.S. §I43B-135.236 or any successor law, and Fund's <br /> internal stewardship policies and procedures. The Parties specifically acknowledge that neither <br /> ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER VALLY,INC]'s <br /> obligation to monitor the Property,nor its assignment of said obligation, shall have any effect on <br /> the rights and obligations of Grantee of this Conservation Easement. Further, the Parties <br /> covenant that the obligation to provide monitoring of the Property will survive any transfer of <br /> Grantor's fee interest in the Property. <br /> B. Subsequent Transfers of the Fee or Other Interests; Licenses. Grantor agrees for <br /> itself,its successors and assigns,that in the event it intends to transfer the Property,any interest <br /> in the Property,or any license to use the Property,to notify Grantee and Fund in writing of the <br /> names and addresses of any party to whom the Property, any interest in the Property, or any <br /> license to use the Property, is to be transferred,the nature of the interest or license to be <br /> transferred, and the terms and conditions of the intended transfer, at least sixty(60)days before <br /> the transfer is intended to be consummated. Grantor, for itself, its successors and assigns,further <br /> agrees to make specific reference to this Conservation Easement in a separate paragraph of any <br /> subsequent lease, deed, license, or other legal instrument by which any interest or license in the <br /> Property is conveyed. The Property owner shall not convey the Property or any interest or license <br /> therein,and shall not incur,assume,or suffer to exist any lien,upon or with respect to the Property, <br /> without disclosing to the prospective transferee the Conservation Easement,the obligations of the <br /> NCLW F Property CE Template—rev.Oct 2023 <br /> 12 of 18 <br />