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22 <br />5.2. Conservation,,EaSement. Grantee she'll grant ~a Conservation Easement over the <br />Property to the State or, at the Fund's discretion, a third party that would otherwise be eligible to <br />receive grant money from the Fund. The Conservation Easement shall convey such rights and <br />establish such restrictions on use as may be deemed by the Fund, the State, or any third party <br />designee necessary to accomplish the purposes set out in Exhibit A and indemnities satisfactory to <br />the Fund; therefore Grantee covenants that it will manage the Property pursuant to the restrintians <br />of use contained in the Conservation Easement and to be bound by the teens thereof during the <br />time prior to recordation. <br />5.3 Tax Exempt Status,. If the Grantee is a nonprofit corporation, it shall maintain tax- <br />exempt status under Section 501(c)(3) of the lntemal Revenue Code of 1986, as amended (or any <br />successor section) and the regulations promulgated thereunder (the "laaternal Revenue Code's and <br />shall notify .the Fund upon any change in its status under the Internal Revenue Code prior to all <br />Grant funds being disbursed to Grantee. <br />5.4. No Miti atian. , Grantee shall not use the Property or any portion thereof to satisfy <br />compensation mitigation requirements under 33 U.S.C. § 1344 or N.C.G.S.143-214.11. <br />5.5 ections. The Grantee shall pemut representatives of the Fund to visit the <br />Property and any ether premises of the Grantee to examine any property purchased with the Grant <br />funds and to review the activities of the Grantee pursuant to the Giant, including books and records <br />in any way related to the Giant or the Property. <br />5.6. Retention O eratio Maintenance and Use. <br />(a) Grantee agrees to carry out acquisition of the Property as approved by the <br />Fund. The Property descriptions, purpose, schedules, scope of work and budgets set out in Exhibit <br />A and accompanying or related plans, specifications, estimates, procedures and maps submitted to <br />the Fund by the Grantee are the foundation of this Grant Agreement. Only changes deemed non- <br />material in type at the discretion of the Executive Director of the Clean Water Management Trust <br />-~ ~ Fund may be made without the consent of the Clean Water Management Trust Fund Board of <br />Trustees. ~ - ~ . <br />(b) Property acquired, developed or improved with grant assistance from the <br />Fund shall be used for the purposes identified in the Conservation Easement and Grantee hereby <br />agrees to file or record such restrictions as may be required to assure such continued. use. <br />(c) The Grantee shall not sell or transfer the Property or any interest therein, and <br />shall not incur, assume, or suffer to exist any lien upon or with respect to the Property without <br />disclosing to the prospective buyer the Conservation Easement and the obligations of Grantee and <br />limitations on use of the Property. <br />(d) Property, acquired, developed or improved for public use with Grant <br />assistance that is open for entry and use by the public shall be open to entry and use equally by all <br />Orange Country 99A-017 Contract.doc 12/07/99 9:32 AM 5 <br />