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AGRICULTURAL CONSERVATION EASEMENT PROGRAM - AGRICULTURAL LAND EASEMENT <br />20 <br /> <br />hereinafter the “Proportionate Share” of the fair market value of the land unencumbered by <br />this ALE. The Proportionate Share will remain constant over time. <br /> <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 />determined at the time all or a part of this ALE is terminated, extinguished or condemned by <br />an appraisal that meets the Uniform Standards of Professional Appraisal Practices (USPAP) or <br />Uniform Acquisition Standards or Federal Land Acquisition (UASFLA). The appraisal must <br />be completed by a certified general appraiser and be approved by the Grantee and the United <br />States. <br /> The United States shall receive, at the time the Easement is extinguished or terminated, its <br />share of the Agricultural Land Easement based on the appraised fair market value of the <br />Agricultural Land Easement. The United States’ share shall be proportionate to its percentage <br />of its original investment. <br />The allocation of the Proportionate Share between between The the Grantee, the United States <br />of America, and NC ADFP Trust Fund shall divide their proportionatewill be share as follows: <br />25% to Grantee, 50% to the United States, 25% to the NCDA&CS. Until such time as the <br />Grantee, the United States and the NCDA&CS receive the Proportionate Share from the <br />Grantor or the Grantor’s successor or assign, the Grantee, the United States and NCDA&CS <br />each have a lien against the Protected Property for the amount of the Proportionate Share due <br />each of them. If the proceeds from termination, extinguishment, or condemnation are paid <br />directly to Grantee, the Grantee must reimburse the United States for the amount of the <br />Proportionate Share due to the United States, NCDA&CS and Grantor. <br /> <br />6.6 Procedure in the Event of Condemnation or Eminent Domain. Grantor and Grantee recognize <br />that the sale of this Agricultural Land Easement, or any part thereof, gives rise to a property <br />right, immediately vested in the Grantee and the United States, with a fair market value equal <br />to the proportionate value that the Agricultural Land Easement bears to the value of the <br />Protected Property prior to the restrictions imposed by the Easement. Accordingly, if any <br />condemnation or eminent domain action shall be taken, on all or part of the Protected <br />Property, by any authorized public authority, said authority shall be liable to the Grantee for <br />the value of the property right vested in the Grantee at the time of the signing of this <br />Agricultural Land Easement. Due to the federal interest in this Agricultural Land Easement, <br />the United States must consent to any such condemnation action. Due to the State’s interest in <br />this Easement, NCDA&CS must consent to any such condemnation action. <br /> <br />If condemnation or a taking by eminent domain of a part of the Protected Property or the entire <br />Protected Property by a public authority renders it impossible to fulfill any of the conservation <br />purposes of this Agricultural Land Easement on all or part of the Protected Property, the <br />Agricultural Land Easement may be terminated through condemnation proceedings. If the <br />Easement is terminated and any or all of the Protected Property is sold or taken for public use, <br />then, as required by Section 1 of 170A-14(g) (6) of the IRS regulations, the Grantee shall be <br />entitled to the proportionate value of the ALE, which has been predetermined as the Protected <br />Property’s unrestricted value, subject to any applicable law which expressly provides for a <br />different disposition of the proceeds. The Grantee shall use its proceeds consistently with the <br />general conservation purposes of this Agricultural Land Easement. <br /> <br />If this ALE is extinguished or terminated, the United States and the Grantee shall receive their <br />proportional share of the Easement value at the time of termination. Those proportional shares