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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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I. OPTION PERIOD, This option shall remain in effect through four years from the date of the <br />signatures in this contract. <br />2. EXERCISE. All rights granted by this Option shall be exercised upon posting, by certified <br />mail, a written notice to the Seller at the first address stated in the Recitals above. Exercise shall <br />be deemed timely if such written notice is mailed on or before the date set forth in Paragraph I <br />above. <br />3. CONSERVATION EASEMENTS. The Conservation Easement on the Property to be <br />conveyed by Seller to Buyer, should Buyer exercise the Option granted herein, shall be in a form <br />similar to the form of the draft conservation easement of the ADFP Trust Fund Model <br />Conservation Easement or other applicable partnering conservation easements as described <br />in this contract and at www.neadfm.ora with such additional changes or modifications requested <br />by Seller or Buyer, and agreed to by both parties with confirmation approval by the North Carolina <br />Department of Agriculture ADFP Trust Fund and applicable funding conservation partners. <br />4. PURCHASE PRICE. The total purchase price of the Conservation Easement +/. 59.26 acres <br />shall be payable in cash at closing. The fair market value of the Conservation Easement shall be <br />determined by an appraisal performed to the Uniform Standards of Professional Appraisals <br />Practice (USPAP) with confirmation approval by the North Carolina Department of Agriculture <br />ADFP Trust Fund and applicable funding conservation partners. The Conservation Easement <br />shall be fixed as noted on the attached land map. <br />5. CLOSING. Closing will take place at the offices of the Buyer's closing attorney or at such <br />other place as the parties may mutually agree when the conditions for closing set out in this Option <br />have been met. <br />6. TITLE. <br />(a) At closing, the Seller will convey the Conservation Easements to the Buyer. At the <br />time of conveyance, the Property shall be free and clear of all liens, encumbrances, restrictions, <br />rights or exceptions except for exceptions of record approved by Buyer. <br />(b) During the period of time between execution of this Option and the recordation of the <br />Conservation Easements, should Buyer exercise the Option granted herein, Seller shall not encumber <br />the Property nor shall they grant any interest in the Property to a third party without the prior written <br />consent of Buyer. <br />7. TITLE DEFECTS. Buyer, at its expense, will have the title to the Properties examined. If <br />for any reason the Seller cannot deliver the Conservation Easements at closing with title to the <br />Properties in the condition required by Section 6 of this Option, Buyer may elect to: (a) accept the <br />Conservation Easements with title to the Property as it is; (b) refuse to accept the Conservation <br />Easements in which case the consideration paid for this Option shall be refunded; or (c) allow the <br />Seller additional time to pursue all reasonable efforts to correct the problem, including bringing <br />any necessary quiet title actions or other lawsuits. If Buyer elects to refuse to accept the <br />Conservation Easements, or Seller desires to not pursue reasonable efforts to correct the problem, <br />the rights pursuant to the Option granted herein shall be null and void and the rights of the parties <br />hereto shall terminate, with neither party hereto having any further right or obligation one against <br />the other pursuant to the terns hereof. <br />F-7 Page 169 <br />
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