OTHER-2024-042-Approval to Purchase Real Property – Kittrell-McAdoo Tract, and Grant of Conservation Easement to North Carolina Land and Water Fund

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if Grantor is complying with this Conservation Easement and its purposes, (2) enforcing the terms of this Conservation Easement , (3 ) taking any and all actions with respect to the Property as may be necessary or appropriate with or without order of the Court, to remedy or abate violations hereof, and (4) making scientific and educational observations and studies and taking samples in such a manner as will not disturb the quiet enjoyment of the Property by Grantor . C . Termination and Proceeds of Property Rights Created . This Conservation Easement gives rise to a property right that is immediately vested in Grantee at the time of recordation , with a fair market value that is at least equal to the proportionate value that the Conservation Easement bears to the full value of the whole Property , as if unencumbered by the Conservation Easement, on the date of the recording of this Conservation Easement . This proportionate value shall remain constant . For the purposes of determining any distribution of proceeds pursuant to this Paragraph, Grantor ' s proportionate contribution to the purchase price shall be deemed to be % , and Grantee ' s proportionate contribution to the purchase price shall be deemed to be % . " Proceeds of Sale" shall include, but not be limited to , the cash value of all money and property paid, transferred , or contributed in consideration for, or as otherwise required as a condition to , the taking of, sale of, exchange of, involuntary conversion of, or severance damages to the Property or part thereof, and any money , damages , or just compensation otherwise awarded as a result of judicial proceedings . If any Proceeds of Sale are due, payable , or otherwise obligated to the United States government or any department or agency thereof related to funding provided to Grantor, then any such obligation shall be paid or satisfied solely from Grantor ' s portion of the Proceeds of Sale . 1 . Eminent Domain . The Conservation Easement may only be extinguished due to Eminent Domain, in whole or in part, by judicial proceeding . Whenever all or part of the Property is taken by eminent domain, threatened to be taken by an entity with the power of eminent domain, or acquired , or sought to be acquired , by negotiated sale in lieu of condemnation, whether by public, corporate, or other authority , Grantor shall immediately give notice to Grantee and Fund , and shall take all appropriate actions related to such taking or negotiated sale in coordination with and with the prior written approval of Grantee and Fund, to recover the full fair market value (without regard to any diminution in value attributable to the Conservation Easement) of the taking or acquisition and all incidental , direct, and severance damages resulting from the taking or acquisition . Grantee , its successors and assigns , shall be entitled to its proportionate share of the Proceeds of Sale according to Grantee ' s proportional interest in the value of the Property as determined under Treasury Regulations § 1 . 170A.44 (g) (6) (ii) or any successor regulation . As such designation is allowed by N . C . G . S . § 146 - 30 (a) , Grantee shall use its share of the Proceeds of Sale in a manner consistent with the purpose (s) of the Conservation Easement as set forth herein . Notwithstanding the foregoing, all Proceeds of Sale shall be distributed among the Parties according to each Party ' s respective contribution to the purchase price of the Property and this Conservation Easement as specified above . Nothing herein limits Grantee ' s right to be included as a named party in any eminent domain action or its right to just compensation for the taking of its property interest . NCLWP Property CE Template � rev . Oct 2023 10 of 18