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WHEREAS, Grantor and Grantee further recognize the conservation and open space <br />value of the Property in its present state, the preservation of which (a) is pursuant to local, state <br />and federal government policy and will provide for scenic enjoyment of the general public and <br />(b) will yield significant public benefit; <br /> <br /> WHEREAS, the United States Army Corps of Engineers, Wilmington District Engineer <br />(the "Corps") has approved the use of the Property to mitigate unavoidable stream and wetlands <br />impacts detailed in the Department of the Army Permit No. 199830189, issuing office CESAW- <br />RG-A (the "Permit") issued to Concord Mills Limited Partnership, a Delaware limited <br />partnership ("Concord Mills"); and <br /> <br /> WHEREAS, Grantor, in fulfillment of certain of the obligations of Concord Mills related <br />to the Pemfit, has agreed to grant and convey a perpetual conservation easement over the <br />Property, thereby restricting and limiting the use of the Property on the terms and conditions and <br />for the purposes hereinafter set forth; <br /> <br /> NOW, THEREFORE, for and in consideration of the covenants and representations <br />contained herein for other good and valuable consideration, the receipt and legal sufficiency of <br />which is hereby acknowledged, Grantor hereby unconditionally and irrevocably grants and <br />conveys unto Grantee, its successors and assigns, forever and in perpetuity a Conservation <br />Easement of the nature and character and to the extent hereinafter set forth, over the Property <br />together with the right to preserve and protect the conservation values thereof, as follows: <br /> <br />ARTICLE I. <br />PURPOSES <br /> <br /> The purposes of this Conservation Easement are to preserve and protect the conservation <br />values of the Property and the natural character of the Property. To achieve these purposes, the <br />parties hereto agree to the conditions and restrictions set forth hereunder. <br /> <br /> ARTICLE II. <br />DURATION OF EASEMENT <br /> <br /> This Conservation Easement shall be perpetual. This Conservation Easement is an <br />easement in gross, runs with the land and is enforceable by Grantee against Grantor, Grantor's <br />successors and assigns, lessees, agents and licensees. <br /> <br />2 1659265.01 <br /> LIB: CH <br /> <br /> <br />