AG 2011 01 18 - Laserfiche WebLink

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EXHIBIT I CONSERVATION EASEMENTS 1. As used in this exhibit, "Conservation Easement" refers to the more general term "Conservation Agreement" as defined in NCGS Chapter 121, Article 4. 2. Conservation Easements obtained and recorded in connection with this Project shall be patterned after the Fund's template Deed of Conservation Easement for Stormwater Purposes ( "Stormwater Easement "). 3. Conservation Easements obtained and recorded in connection with this Project shall be held by a party satisfactory to the Fund, as provided in paragraph 6 of this Grant Contract. 4. Before disbursement of any construction funds under this Grant Contract, the Fund must review and approve the Conservation Easements, and said Conservation Easements must be recorded in the official land records of the appropriate county. 5. The acquisition of the Conservation Easements may herein also be referred to as the "Closing." 6. "Donated Conservation Easements" are Conservation Easements for which neither the Fund nor the Grant Recipient has expended or will expend any funds to obtain property interest. 7. The following requirements apply to all Conservation Easements obtained and recorded in connection with this Project: (a) Conservation Easements shall have good and marketable title. (b) The terms of Conservation Easements shall provide a third party right of enforcement to the State of North Carolina, such that in the event the easement holder satisfactory to the Fund fails to enforce any of the terms of Conservation Easements, the State shall have the independent right to enforce the terms of Conservation Easements through any and all authorities available under state law; (c) Donated Conservation Easements shall be conveyed as an absolute gift to the easement holder satisfactory to the Fund subject to an executory interest in the State such that in the event that the easement holder satisfactory to the Fund attempts to terminate, transfer or otherwise divest itself of any rights, title or interests in a Conservation Easement without the prior written consent of the State, then all rights, title or interest in the Conservation Easement shall automatically vest in the State; (d) Conservation Easements shall provide that, in the event the easement holder satisfactory to the Fund transfers or assigns the Conservation Easement to a third party, the organization receiving the interest will be a qualified organization as that term is defined in Section 170(h)(3) of the Internal Revenue Code, which is organized or operated primarily for one of the conservation purposes specified in Section 170 (h)(4)(A) of the Internal Revenue Code, and that the transferee or assignee will further covenant and agree that the terms of the transfer or assignment will require it to continue to carry out in perpetuity the conservation purposes that the contribution was originally intended to advance. Specifically, Conservation Cabarrus Soil and Water Conservation District 34 CWMTF 2010 -703; Cox Mill School Stormwater BMPs AO" number 1 F -7