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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(the " BDR") , which was required under the Grant Contract and is on file and available for public inspection in the offices of ASSOCIATION FOR THE PRESERVATION OF THE ENO RIVER VALLY , INC . , ORANGE COUNTY , ] and Fund . The Parties acknowledge that the BDR is the appropriate basis for monitoring compliance with the objectives of preserving the Conservation Values and that it is not intended to preclude the use of other evidence (e . g . surveys , appraisals) to establish the condition of the Property at the time of the execution of this Conservation Easement if there is a controversy over such condition . NOW, THEREFORE , in consideration of the premises and the mutual benefits recited herein, together with other good and valuable consideration , the receipt and sufficiency of which are hereby acknowledged by the Parties , Grantor hereby unconditionally and irrevocably gives , grants , and conveys forever and in perpetuity to Grantee , its successors and assigns , and Grantee hereby accepts , this Conservation Easement of the nature and character and to the extent hereinafter set forth in, on, over, under, through, above , and across the Property , together with the right and easement to preserve and protect the Conservation Values . The purpose of this Conservation Easement is to protect and preserve the Conservation Values as outlined above in Section E of the Recitals including the conservation purposes and it shall be so held , maintained, and used therefor. Grantor hereby conveys to Grantee all development rights that are now or hereafter allocated to , or are implied or inherent in , the Property , and the Parties agree that such rights are terminated and extinguished , and may not be used on or transmitted to any other property . It is the further purpose of this Conservation Easement to prevent any use of the Property that will impair or interfere with the preservation of the Conservation Values . Grantor intends that this Conservation Easement will restrict the use of the Property to such activities as are consistent with the Conservation Values . ARTICLE I . DURATION OF EASEMENT This Conservation Easement shall be perpetual . It is an easement in gross , runs with the land, and is enforceable by Grantee , its successors and assigns, against Grantor, its representatives , successors, assigns , lessees , agents, and licensees . ARTICLE II . RIGHTS RESERVED TO GRANTOR Grantor reserves the right accruing from the fee simple ownership of the Property to engage in or permit others to engage in the uses of the Property that are not inconsistent with this Conservation Easement or the Conservation Values . All rights reserved by Grantor are reserved for Grantor and its successors and assigns . The specific reserved rights listed below in this Article II are considered to be consistent with this Conservation Easement and the Conservation Values . Grantor shall continue to own and may use the Property in any lawful manner that is consistent with this Conservation Easement and the Conservation Values . The Parties acknowledge and agree that they have no right to agree to any activity that would result in the NCLWI' Property CE Template _ rev . Oct 2023 4of18