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Trinity School Conservation Easement <br />Draft 8/28/03 17 <br />Grantors), equal to the ratio of the appraised value of this easement to the unrestricted fair market <br />value of the Easement Area, as these values are determined on the date of this Conservation <br />Easement. The Grantee shall use the proceeds consistently with the conservation purposes of this <br />Conservation Easement. <br />12. INTERPRETATION. This Conservation Easement shall be interpreted under <br />the laws of North Carolina, resolving any ambiguities and questions of the validity of specific <br />provisions as to give maximum effect to its conservation purposes. <br />13. TITLE. The Grantors covenant and represent that they are the sole owners and <br />are seized of the Easement Area in fee simple and have good right to grant and convey this <br />Conservation Easement; that the Easement Area is free and clear of any mortgages not <br />subordinated to this Conservation Easement, and that the Grantee shall have the use of and enjoy <br />all the benefits derived from and arising out of this Conservation Easement, subject to any <br />easements or encumbrances of record. <br />14. NOTICES. Any notices required by this Conservation Easement shall be in <br />writing and shall be personally delivered or sent by first class mail, to Grantors and Grantee, <br />respectively, at the following addresses, unless a party has been notified by the other of a change <br />of address. <br />To the Grantors: To the Grantee: <br />Trinity School of Durham and Chapel Hill Orange County Environment and <br />4721 Erwin Road Resource Conservation Department <br />Durham, NC 27705 Orange County, North Carolina <br />P.O. Box 8181 <br />Hillsborough, NC 27278 <br />15. ENVIRONMENTAL CONDITION. The Grantors warrant that it has no actual <br />knowledge of a release or threatened release of hazardous substances or wastes on the Easement <br />Area. <br />16. SEVERABILITY. If any provision of this Conservation Easement is found to be <br />invalid, the remaining provisions shall not be altered thereby. <br />17. PARTIES. Every provision of this Conservation Easement that applies to the <br />Grantors or Grantee shall also apply to their respective heirs, executors, administrators, assigns, <br />and all other successors as their interest may appear. This Conservation Easement shall not be <br />construed to benefit or to create any rights in any third parties, including but not limited to the <br />general public. <br />