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AG 2014 09 15
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AG 2014 09 15
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Last modified
10/21/2014 3:05:30 PM
Creation date
11/27/2017 10:50:44 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/15/2014
Board
Board of Commissioners
Meeting Type
Regular
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Attachment E <br />Agriculture, all right, title, and interest in this Conservation Easement shall become vested in the State <br />of North Carolina. <br />T. Amendment <br />This Conservation Easement may be amended by a written instrument executed by the Grantee and <br />the Grantor(s) and approved by the Commissioner of Agriculture. Any such amendment shall be <br />consistent with the Statement of Purpose of this Conservation Easement and with the Grantee's <br />Conservation Easement amendment policies, and shall comply with 26 U.S.C. §170(h) of the Internal <br />Revenue Code or any regulations promulgated in accordance with that section. Any such amendment <br />shall be duly recorded. Grantee shall give notice of any amendment to and secure approval from, the <br />North Carolina Department of Agriculture and Consumer Services. <br />U. Procedure in the Event of Condemnation or Eminent Domain <br />Grantor(s) and Grantee recognize that the partial donation and partial sale of this Conservation <br />Easement gives rise to a property right, immediately vested in the Grantee, with a fair market value <br />equal to the proportionate value that the Conservation Easement bears to the value of the Property <br />prior to the 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 public authority, <br />said authority shall be liable to the Grantee for the value of the property right vested in the 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 Property by a <br />public authority renders it impossible to fulfill any of the conservation purposes of this Conservation <br />Easement on all or part of the Property, the Conservation Easement may be terminated or modified <br />accordingly through condemnation proceedings. If the Conservation Easement is terminated or <br />modified and any or all of the Property is sold or taken for public use, then, as required by Treas. Reg. <br />1.170A- 14(g)(6), the Grantee shall be entitled to the proportionate value of the Conservation Easement. <br />The Grantee shall use its proceeds consistently with the general conservation purposes of this <br />Conservation Easement. If this Conservation Easement is extinguished or terminated, the North <br />Carolina Department of Agriculture and Consumer Services, and Grantee shall receive its proportional <br />share of the Conservation Easement value at the time of termination. The proportional share of the <br />Conservation Easement value is percent to the North Carolina Department of Agriculture and <br />Consumer Services. <br />V. Procedure in the Event of Termination of Conservation Easement <br />If it determines that conditions on or surrounding the Property change so much that it becomes <br />impossible to fulfill the conservation purposes of this Conservation Easement, a court with jurisdiction <br />may, at the joint request of both the Grantor(s) and the Grantee and with prior consent of North <br />Carolina Department of Agriculture and Consumer Services as provided herein, terminate or modify this <br />Conservation Easement in accordance with applicable state law. If the Conservation Easement is <br />terminated and the Property is sold then as required by Treas. Reg. 1.170A- 14(g)(6), the Grantee shall <br />be entitled to an amount equal to the ratio of the appraised value of this Conservation Easement to the <br />unrestricted fair market value of the Property, as these values are determined on the date of this <br />Conservation Easement. The Grantee and the North Carolina Department of Agriculture and <br />Consumer Services shall divide the resulting proceeds in accordance with the percentage of the <br />purchase price of the Conservation Easement that each party contributed. The percentage is <br />percent for the North Carolina Department of Agriculture and Consumer Services. The Grantee shall <br />use its proceeds consistently with the general conservation purposes of this Conservation Easement. <br />Attachment number 2 <br />F -7 Page 238 <br />
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