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49 <br />Conservation Easement in a separate paragraph of any subsequent lease, deed or other legal <br />instrument by which any interest in the Property is conveyed. <br />B. Conservation Pur ose. <br />(1) Grantee, for itself, its successors and assigns, agrees that this <br />Conservation Easement shall be held exclusively for conservation purposes. <br />(2) The parties hereto recognize and agree that the benefits of this <br />Canservation Easement are in gross and assignable, provided, however that the Grantee <br />hereby covenants and agrees, that in the event it transfers ar assigns this .Conservation <br />Easement, the organization receiving the interest will be a qualified organization as that term <br />is defined in Section 17U(h)(3) of the Internal Revenue Code, which is organized or operated <br />primarily for one of the conservation .purposes specified in Section 170 (h)(4xA) of the <br />Internal Revenue Code, and Grantee further covenants and agrees that the terms of the transfer <br />or assignment. will be such that the transferee or assignee will be required to continue to carry <br />out in Perpetuity the conservation Purposes that the contribution was originally intended to <br />advance, set forth in the Recitals herein, <br />(3) Unless otherwise specifically set forth in this Conservation Easement, <br />nothing herein shall convey to or establish for the public a right of access over the Property. <br />G Construction bf Terms. This Conservation Easement shall be constru~l to <br />promote the purposes of the North Carolina enabling statute set forth in N.C.G.S. 121-34 et. <br />se~C .which authorizes the creation of Conservvation Easements for purposes including those set <br />forth in the Recitals herein, and the conservation purposes of this Conservation Easement, <br />including such purposes a5 are defined in Section 170(h)(4)(A) ofthe Internal Revenue Code. <br />D. R.ecordina. State shall record this instrument and any amendment hereto in <br />timely fashion in the official records of Orange County, North Carolina, and may re-record it <br />at any time as maybe required to preserve its rights. <br />E. Notices. All notices, requests or other communications permitted or required <br />by this Agreement shall be sent by registered or certified mail, return receipt requested, <br />addressed to the parties as set forth above, or to such other addresses such party may establish <br />in writing to the other. All such items shall be deemed given or made three (3) days after <br />being placed in the United States mail as herein provided. In any case where the terms of this <br />Conservation Easement require the consent of any Party, such consent shall be requested by <br />written notice. Such consent shall be deemed denied unless, within ninety (90) days after <br />receipt of notice, a written notice of approval and the reason therefore has been mailed to the <br />party requesting consent. <br />F. Amendments. Grantor and Grantee are free to jointly amend this <br />Conservation Easement to meet changing conditions, provided tbat no amendment will be <br />allowed that is inconsistent with the purposes of this Conservation Easement or affects the <br />ORANGE COUNTY 99A-017 EASEMENT.DOC 92In719911:15 AM <br />