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19 <br /> the date of this Conservation Easement), subject to any applicable law which expressly provides <br /> for a different disposition of the proceeds. <br /> All termination related expenses incurred by the Grantors and Grantee shall be paid out <br /> of any recovered proceeds prior to distribution of the net proceeds as described herein. <br /> 24. Procedure in the Event of Condemnation or Eminent Domain <br /> Grantors and Grantee recognize that the partial sale of this Conservation Easement gives <br /> rise to a property right, immediately vested in Grantee, with a fair market value equal to the <br /> proportionate value that the Conservation Easement bears to the value of the Property prior to the <br /> restrictions imposed by the Conservation Easement. Accordingly, if any condemnation or <br /> eminent domain action shall be taken, on all or part of the Property,by any authorized authority, <br /> said authority shall be liable to Grantee for the value of the property right vested in Grantee at <br /> the time of the signing of this Conservation Easement. <br /> If condemnation or a taking by eminent domain of a part of the Property or the entire <br /> Property by a public authority renders it impossible to fulfill any of the conservation purposes of <br /> this Conservation Easement on all or part of the Property, the Conservation Easement may be <br /> terminated or modified accordingly through condemnation proceedings. Grantors and Grantee <br /> agree that the Conservation Easement is a currently vested real property right with a value equal <br /> to the proportionate value the Conservation Easement has to the unencumbered value of the fee, <br /> as of the date of this grant. If the Conservation Easement is terminated or modified and any or <br /> all of the Property is sold or taken for public use, then, as required by Section 1.170A-14(g)(6) of <br /> the IRS regulations, Grantee shall be entitled to the proportionate value of the Conservation <br /> Easement, which has been predetermined at fifty percent (50%) of the Property's unrestricted <br /> value, subject to any applicable law which expressly requires for a different disposition of the <br /> proceeds. <br /> If, however, after the condemnation or eminent domain proceedings, a court of <br /> jurisdiction does not include, in the just compensation awarded as a result of the taking, the <br /> amount of the Conservation Easement value, then the Grantors shall not be responsible to share <br /> any proceeds awarded. <br /> All condemnation-related expenses incurred by the Grantors and Grantee shall be paid <br /> out of any recovered proceeds prior to distribution of the net proceeds as described herein. <br /> 25. Interpretation <br /> This Conservation Easement shall be interpreted under the laws of the State of North <br /> Carolina and the laws of the United States, resolving any ambiguities and questions of the <br /> validity of specific provisions so as to give maximum effect to its conservation purposes. <br /> 26. Perpetual Duration; Severability <br /> Page 14 of 21 <br />