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AG 2018 09 17
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AG 2018 09 17
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Last modified
5/8/2019 7:18:45 PM
Creation date
5/2/2019 12:14:31 PM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/17/2018
Board
Board of Commissioners
Meeting Type
Regular
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amendment shall be consistent with Section 1. L, "Statement of Purpose" and with the <br />Grantee's easement amendment policies, and shall comply with Section 170(h) of the Internal <br />Revenue Code or any regulations promulgated in accordance with that section. Any such <br />amendment shall be duly recorded in the County Registry. Grantee most <br />provide to NRCS and the North Carolina Commissioner of Agriculture timely notice in <br />writing of the proposed amendment prior to signing and recordation. No substantive <br />amendment shall be made and recorded without the express written approval of NRCS. <br />Due to the State's interest in the Agricultural Land Easement, the Grantee most provide <br />NCDA&CS timely notice in writing of the proposed amendment prior to signing and <br />recordation and, must receive written consent prior to awarding the Agricultural La <br />Easement. <br />6.4. Boundary Line Adjustments. Boundary line adjustments are permitted onl in hecaseof <br />technical errors made in the survey or legal description. In such cases undo me <br />adjustments cannot exceed two (2) acres for the entire Protected Prop y correction deed <br />containing the revised legal description shall be properly executed a'rtix d i recorded after <br />approval of the amendment in accordance with Section 6.3. _ <br />6.5. Procedure in the Event of Extinguishment, Termination and Condemnation. The interests and <br />rights under this Agricultural Land Easement may only, bxjinguished or terminated with <br />written approval of the Grantee and the United States ti9dly o the Federal interest in this <br />Agricultural Land Easement, the United States t ibw and approve any proposed <br />extinguishment, termination, or conden nation al may affect its Federal interest in the <br />Protected Property.^/�' <br />If it determines that conditions on or a& dtng the Protected Property change so much that <br />it becomes impossible to fulfill tly�coion purposes of this Agricultural Land Easement, <br />a court with jurisdiction may, at thelynt request of both the Grantor and the Grantee and with <br />prior written consent of the ted States, as provided herein, terminate or modify the <br />Agricultural Land EasemeN,#ordance with applicable state law. <br />Due to the State's ' tereAt'ip4is Agricultural Land Easement, prior written consent must be <br />Provided to NCDAprior to termination or modification of this Agricultural Land <br />Easement, in cotd ce with applicable state law. <br />If the Agricultural Land Easement is terminated and the Protected Property is sold then as <br />required by Section 1.1 7OA-14(g) (6) of the IRS regulations, the Grantee, NC ADFP Trust <br />Fund shall be entitled to recover the proceeds of the Agricultural Land Easement based on the <br />appraised fair market value of the Agricultural Land Easement at the time the easement is <br />extinguished or terminated, subject to any applicable law which expressly provides for a <br />different disposition of the proceeds. <br />With respect to a proposed extinguishment, termination, or condemnation action, the Grantee <br />and the United States stipulate that the fair market value of the ALE is _50%_ percent, <br />hereinafter the `Proportionate Share," of the fav market value of the land unencumbered by <br />this ALE. The Proportionate Share will remain constant over time. <br />If this ALE is extinguished, terminated, or condemned, in whole or in part, then the Grantor <br />must reimburse Grantee and the United States an amount equal to the Proportionate Share of <br />the fair market value of the land unencumbered by this ALE. The fair market value will be <br />F-7 Page 158 <br />
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