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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Conservation Easement . The following are permitted exceptions to the above covenants , representations , and warranties : ARTICLE VI . MISCELLANEOUS A . Stewardship of the Conservation Easement . Pursuant to the terms of the Grant Contract and any contract for stewardship of the Property entered into pursuant to the Grant Contract , ASSOCIATION FOR THE PRESERVATION OF TIIE ENO RIVER VALLY , INC will monitor and observe the Property in perpetuity to assure compliance with the purposes and provisions of this Conservation Easement and the provisions of the Grant Contract, and that it will report on the condition of the Property , or provide for such reporting, to State and Fund no less frequently than once a year, and further will report immediately to State and Fund any observed and/or known violations of this Conservation Easement or the Grant Contract . The Parties acknowledge that the associated stewardship monies awarded under the Grant Contract are administered pursuant to N . C . G . S . § 143B - 135 . 236 which establishes the North Carolina Conservation Easement Endowment Fund , or any successor law, and Fund ' s internal policies and procedures , and that ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER VALLY , INC ' s obligation to monitor the Property at any given time is contingent on the availability of said stewardship funds . Further, the Parties acknowledge that this obligation to monitor the Property is assignable provided such assignment is made with the prior written approval of Fund and evidenced by a written instrument signed by the Parties thereto and recorded in the Office of the Register of Deeds of Orange County . Provided further, that any such assignment of ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER VALLY , INC ' s obligation to monitor the Property shall include a right of entry onto the Property id monitoring obligation, and shall require the monitoring to be carried out for the assignee of sa in accordance with and subject to N . C . G. S . § 14313435 . 236 or any successor law, and Fund ' s internal stewardship policies and procedures . The Parties specifically acknowledge that neither ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER VALLY , INC] ' s obligation to monitor the Property , nor its assignment of said obligation, shall have any effect on the rights and obligations of Grantee of this Conservation Easement . Further, the Parties covenant that the obligation to provide monitoring of the Property will survive any transfer of Grantor ' s fee interest in the Property . Be Subsequent Transfers of the Fee or Other Interests ; Licenses . Grantor agrees for itself, its successors and assigns , that in the event it intends to transfer the Property , any interest in the Property , or any license to use the Property , to notify Grantee and Fund in writing of the names and addresses of any party to whom the Property , any interest in the Property , or any license to use the Property , is to be transferred , the nature of the interest or license to be transferred , and the terms and conditions of the intended transfer, at least sixty ( 60) days before the transfer is intended to be consummated . Grantor, for itself, its successors and assigns , further agrees to make specific reference to this Conservation Easement in a separate paragraph of any subsequent lease, deed , license, or other legal instrument by which any interest or license in the Property is conveyed . The Property owner shall not convey the Property or any interest or license therein , and shall not incur, assume, or suffer to exist any lien, upon or with respect to the Property , without disclosing to the prospective transferee the Conservation Easement, the obligations of the NCLWF Property CE Template — rev. Oct 2023 12of18