20090858 Ver 3_Conservation Easements_20130118

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Preficv,rd b.1 and return to EBB, LLC
909 CapabilaN Dr- Suite 3 100
Raleigh, NC 27606
NOR,rj-j CAROLINA
ORANGE COUNTY
I�IJIPUp� ��til',';II{IIII NII Ili Ilk
20130110000007030 S/INS
Sk:RB5522 Pg:317
01/10/2013 10.11:08 AM 1110
FILED Deborah B Brooks
Register of Deeds 6range Co 14C
klecordirl? P I ee, $26 00
IZ Real s tate 7X: $.00 CAI
P�b 1 3 � - O'a - 4& 3 -7
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AMENDED AND RESTATED
PERMANENT CON SERVATION EASEMENT`F
THIS CONSERVATiON EASEMENT ( "Conservation Easement") made this 3rd day of
January, 2013 by and between NJ 1.h :Mus
jyu
Ogni -Le Ex hgi&�, 1LC_L- _dALcss
_dI ("Grantor") and Environmental Banc and
Grantee: 10055 Red Run. Blvd. Ste ...]..'.O.,.C),A,i 5 111s, ]\1D 211, 7
L� ("Grantee").
The designation Grantor and Grantee as used herein shall include said parties, their heirs,
successors and assigns, and shall include singular, plural., masculine, feminine or neuter
as required by context.
R,EcT,rA[,S
WHEREAS. Grantor owns in fee simple certain real property situated, lying and being in
Orange Courity, North Carolina, more particularly described in Exhibit A attached hereto
and incorporated herein ("Property")-.
WHEREAS, Grantor and Grantee recognize the conservation, scenic, natural, or- aesthetic
value of the property in its natural state, which includes the following nawral
communities: riparian buffer areas adjacent to streams and drainage-ways. The purpose
of this Conservation Easement is to maintain wetland and/or riparian resources and other
natural values of the Property, and prevent the use or development of the Property for any
purpose or in any manner that would conflict with the maintenance of the Property in its
natural condition.
NOW, THEREFORE, for and iii consideration of the covenants and representations
contained herein and for other good and valuable consideration, the receipt and legal
sufficiency of which is hereby acknowledged, Grantor hereby unconditionally and
irrevocably grants and conveys unto Grantee, its heirs, successors and assigns, fiorcver

N 1 II I II II II I11
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and in perpetuity a Conservation Easement of the nature and cliaracter and to the extent
hereinafter set forth, over the Property described on Exhibit A, together with the right to
preserve and protect the consetwation values thereof,, as follows:
ARTICLE I.
DURATION OF EASEMENT
This Consciwation Easement shall be perpetual. This conservation Easerrient is an
casement in gross, runs with the land and is enforceable by Grantee against Grantor,
Grantor's personal representatives, heirs, successors and assig
lis, lessees, agents and
liccllsccs.
ARTICLE 11.
PROHIBITED AND RESTRICTED ACTIVITIES
Any activity on, or use of. the Property inconsistent with the purpose of this Conservation
Easement is prohibited. The Property shall be preserved in its natural condition and
rests -icted from any development that would impair or interfere with the conseiwation
values, of the Property.
Without limiting the generality of the f6regoing, the following activities arid uses are
cxpressly prohibited, restricted or reserved as indicated hereunder:
A. D'StUrbance of Natural Features. Any change disturbance, alteration or impaimient of
the natural features of the Property or any introduction of'non--native plants and/or animal
species is prohibited.
B. Construction. There shall be no construction or placing of any building, mobile
home, asphalt or concrete pavement, billboard or other advertising display, antenna.,
utility pole, tower. condult, line, pier. landing, dock or- any other temporary or permanent
structure or facility on or above the Property.
C. Industrial. Commercial and Residential Use. Industrial, residential and/or commercial
activities, including any right of passage for such purposes are prohibited.
D. zNj� j(aiIjLirAL Grazing and Horticultural I T se, Agricultural, grazing, animal
husbandry, and horticultural use of the Property are prohibited.
E. Vc�etation. There shall be no removal, burrii ig,'. destruction, harming, cutting or
rnowing of trees, shrubs, or other vegetation on the Property.
F. Roads and Trails. There shall be no construction of roads, trails or Walkways on the
property, nor enlargement or modification to existing roads, trails or walkways.
G. S
igna e. _ No signs shall be permitted on or over the Property, except the posting of
no trespassing signs, signs identifying the conservation values of the Property. signs

RB5522 319 3/10
giving directions or proscribing rules and regulation for the use of the Property and/or
signs identifying the Grantor as owner of the property,
14, QuElPiM,or Storggg, Dumping or storage of soil, trash, ashes, garbage., waste,
abandoned vehicles, appliances, machinery or hazardous substances, or toxic or
hazardous waste, or any placement of underp
,mund or aboveground storage tanks or other
materials on the, Property is prohibited.
1. " Ex " cavation. Dredgin or Mineral Use. There shall be no grading„ filling, excavation,
dredging, mining or drilling:, no removal of topsoil., sand, gravel, rock, peat, minerals or
other -materials, and no change in the topography of the land in any manner on the
Property, except to restore natural topography or drainage patterns.
_ Prl , n T r shall be o diking, drainage. dredging,
channeling, filling, leveling, pumping, impounding or related activities, or altering or
tampering with water control structures or devices, or disruption or alteration of the
restored, enhanced., or created drainage pat-terns. In addition, diverting or causing, or
permitting the diversion of'surface or underground water into, within or out of the
easement area by any means, removal of'wetlands, polluting or discharging into waters,
springs, seeps, or wetlands, or use of'pesticide or biocides is proh.ibited.
K. D.e t LopiLignt,E s.. No development rights that have been encumbered or
�L - — -ighL
extinguished by this Conservation Easement shall be transferred pursuant to a
transferable development rights scheme or cluster development arrangement or
otherwise.
L Vehicles. The operation ofmcchanized vehicles, including, but not limited to,
rnotorcycles., dirt bikes, all-terrain vehicles, cars and trucks is prohibited.
M. (.)tl)cj.- Prohibitions, Any other use of. or activity on. the Property which is or may
becorne inconsistent with the purposes of this grant. the preservation of the Property
substantially in its natural condition, or the protection of its environmental systems, is
prohibited.
ARTICLE III
GRANTOR'S RESERVERED RIGHTS
The Grantor expressly reserves for herself', her personal representatives, heirs,
successors or assigns, the right to continue the use of the property for all purposes not
inconsistent with this Conservation Easement, including, but not limited to, the right to
quiet enjoyinent of the Property, the rights of ingress and egress, the light to hunt, fish,
and hike on the Property, the right to sell, transfer, gift or otheiivise convey the Property,
in whole or in part, provided such sale, transfer or cyifft conveyance is subject to the terms
of', and shall specifically reference, this Conservation Easement.

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Nom,ithstanding the foregoing Restrictions, Grantor reserves for Grantee, its
successors and assigns, the right to construct a nutrient offset mitigation bank on the
Property, in accordance with the "Agreement to Establish the Cape Fear Riparian Buffer
and Nutrient Mitigation Umbrella Banking Instrument HUC 030300" and the Ivey-
Fer&nu,,on Bank Parcel-Batik Parcel Development Package" both submitted August, 2009.
AR.-I"ICLE"," IV
GRANTEE'S RIGHTS
']'be Grantee or its authorized representatives, successors and assigns, and the North
Carolina Division of Water Quality (the '*DWQ") shall have the right to enter the
Property at all reasonable tin.ics for the purpose of inspecting said property to deter:i-nine if'
the Grantor, or his personal representatives, heirs., successors, or assigns, gns, is complying
with the terms. conditions, restrictions, and purposes of this Conservation Easement, TI-te
Grantee shall also have the right to enter and oo upon the Property for Purposes of
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making scientific or educational observations and Studies, and taking samples. The
easement rights granted herein do not inchide public access rights.
ARTICLE V
ENFORCEMENT" AND REMEDIES
A. To accomplish the purposes of this Easement, Grantee is allowed to prevent any
activity on or use of the property that is inconsistent with the purposes of this Easement
and to require the restoration of such areas or features of the Property that may be
damaged by such activity or use. Upon any breach of the terms of this Conservation
Easement by Grantor that comes to the attention of the Grantee, the Grantee shall notify
the Grantor in writing of'such breach. The Grantor shall have 30 days after receipt of'
such notice to correct the conditions constiruting such breach, If the breach remains
uncured after 30 days, the Grantee may enforce this Conservation Easement by
appropriate legal proceedings including damages, injunctive and other relief.
Notwithstanding the foregoing, the Grantee reserves the immediate rigjit, without notice,
to obtain a temporary restraining order, injunctive or other appropriate relief ifthe breach
of the term of this Conservation. Easement is or would irre\,ersibly or otherwise
n.iaterially impair the benefits to be derived from this Conservation Easement. The
Grantor and Grantee acknowledge that under sLich circumstances damage to the Grantee
would be irreparable and remedies at law will be inadequate. The rights and remedies of
the Grantee provided hereunder shall be In addition to, and not in lieu of, all other rights
and rernedies available to Grantee in connection with this Conservation Easement, The
costs of a breach, correction or restoration, including the Grantee's expenses, court costs,
and attorneys' fees, shall be paid by Grantor,, provided Grantor is determined to be
responsible for the breach. The Corps shall have the same right to enforce the terms and
conditions of this casement as the Grantee. The DWQ shall have the same right to
enforce the terrns and conditions of this easement as the Grantee,

I�IJII�III�I ��Vij'J hll IIII VII I'III
RMS522 S21 5/1C
13, No failure on the part of the Grantee to enforce orce any covenant or provision hereof shall
discharge or invalidate such covenant or any other covenant, condition, or provision
hereof or affect the right to Grantee to enforce the sarne in the event of a subsequent
breach or default.
C. Nothing contained in this Conservation Easernent shall be construed to entitle Grantee
to bring any action against Grantor for any, injury, or change the Property resulting
from causes beyond the Grantor's control, including, without limitation, fire, flood,
storm, war, acts of God or third parties, except Grantor's lessees oi- invitees-, or from an),
prudent action taken in good faith by Grantor under emergency conditions to prevent,
abate, or triltigate significant ii1jury to life, damage to property or harin to tl-)e Proper%v
resulting fi-om such causes.
ARTICLE VI
M 7
ISCELL-k-NEOL, S
A, 'W-arrantv. Grantor Warrants, covenants and represents that it owns Property in fee
simple, and that Grantor either owns all interests in the Property which may be Impaired
by the granting of this Conservation Easement or that there are no outstanding mortgage.,
tax liens, encumbrances, or other interests in the Property which have not been expressly
subordinated to this Conservation Easement. Grantor further warrants that Grantee shall
have the use of and enjoy all the benefits derived from and arising out of this
Conservation Easement, and that Grantor will warrant and defend title to the Property
against the claims of all persons.
B. Su so
b kiLent '[i:LansfLr. 'rhe Grantor agrees to incor-porate the terms of this
Conservation Easement in any deed or other legal instrument that transfers any interest in
all or Ei portion of the Property, The Grantor agrees to provide written notice of'such
transfer at least thirty (30) (lays prior to the date of the transfer. The Grantor and Grantee
agree that the terms of this Conservation Easement shall survive any merger of the f'ec
and casement interests in the Property or any portion thereof and shall not be amended,
modified or terminated without the prior written consent and approval of the Corps.
C. A i1jetLt... 'Flie parties recognize and agree that the benefits of this Consenatioll
C. _ "si gLiL C�
Easement are in gross and assignable provide, however that the Grantee hereby covenants
and agrees., that in the event it transfers or assigns this Conservation Easement, the
organization receiving the interest will be a qualified holder tinder N.C. Gen. Stat. § 121-
34 et seq. and § 170(h) of the Internal Revenue Code, and the Grantee further covenants
and agrees that the terins of the transfer or assignment will be such that the transferee or
assignee III be I I I I
ss gnee �v -equi -ed to continue in perpetuity the conservation purposes described in
this document.
D, Entire r^� nent and Severability. This instrument sets forth the entire agreement of'
the parties with respect to the Conservation Easement and supersedes all prior
discussions, negotiations, understandings or agreements relating to the Conservation

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322 6/10
Easement. if arty provision is f6und to be void or unenforceable by a court of competent
jurisdiction, the remainder shall continue in [Lill lorce and effect.
E. 0 Ulions of OAyt
-- b-li Grantor is responsible for any real estate taxes,
assessments, fees, or charges levied upon Property, Grantor shall keep the property free
of any liens or other encumbrances ft)r obligations incurred by Grantor. Grantee shall not
be responsible for any costs or liability of any kind related to the Ownership, operation.,
I I nsurance, upkeep, or maintenance of the property, except as expressly provided herein.
Northing herein shall relieve the Grantor ofthe obligation to comply with federal, state or
local laws, regulations and peri-nits that may apply to the exercise ofthe Reserved Rights.
F Extimmishnient. III the event that elianged conditions render impossible the continuccl
use of the Property for the conservation purposes, this Conservation Easernent rnay only
be extingi.ii slier, in whole or in part, by judicial proceeding,
G. Eni,in )LL)Q,1iIa'n. Whenever all or part of the Property is taken in the exercise of
gL EL1
erninent domain so as to substantially abrogate the Restrictions imposed rnposed by this
Conservation Easement, Grantor and Grantee shall join in appropriate actions at the time
of such taking to recover the full value Of the taking, and all incidental and direct
damages clue to the taking.
11. Proceeds. This Conservation Easernent constitutes a real property interest
im-mediately vested in Grantee. In the event that all Or a portion of this Property is sold,
exchanged, or involuntarily conversed following an extinguishment or the exercise of
eminent domain, Grantee shall be entitled to the lair market value of this Conservation
Easeirtent, The parties stipulate that the fair market value of this Conservation Easement
shall be (Icteniiiiied by multiplying the fair market value of the Property unencumbered
by this Conservation Easement (minus any increase in value after the date of this grant
attributable to improvements) by the ratio of the value of this easement at the tinie of this
gi-ant to the value of the Property (without deduction for the value of this Conservation
I gI I shall C I
Easeii.ient) at the time of this grant, The values at the time of this -ai t s a b the
values used, or which would have been used, to calculate a deduction for federal income
tax J)Urposes,
pursuant to Section l70(h) of the Internal Revenue Code (whether eligible
or ineligible for such a deduction). Grantee shall use its share of the proceeds in a matter
consistent with the purposes ofthis Conservation Easement,
I. notification ioq. Anynotice, request for approval, or other communication required under -
this Conservation Easement shall be sent by registered or certified mail, postage prepaid,
to the f'ollowi.ng address (or such address as may be hereafter specified by notice pursuant
to this paragraph):
Grantor: Virginia 1, Ferguson
1616 Carl Durham Road
Chapel Hill, NC 2775, 16
Grantee: Environmental Bane and Exchange, LLC
10055 Red Run Blvd, Ste 130

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Owings -Mill s, MD 21117 R85522 32� 7110
.1. F ' ailure ' o ' f - Grantee. If at any time Grantee is unable or fails to enforce flais
Conservation I " �asernent, or if Grantee ceases to be a qualified grantee, and if within a
reasonable period of tirric after the occurrence of one of these events Grantee fails to
make an assignment pursuant to this Conservation Easement, then the Grantee's interest
shall become vested in another qualified grantee in accordance with an appropriate
proceeding in a coLirt of coirril)c,,tentjuri.sdicti(,)ii.
K. Amendrnent.. This C,onservation Easement may be amended. but only in writing
signed by all parties hereto, and provided such amendment does not affect the
qualification of this Conservation Easement or the status of the Grantee under any
applicable laws, and is consistent with the conservation purposes of tbis grant.
TO l­-IAA, E A_ND TO HOLD the said rights and casement perpetually/ unto Grantee for the
aforesaid purposes.
IN TESTIMONY NVI-I.EREOF, the Grantor has hereunto set his hand and seal, the day
and year first above written.
_.(SEAL)
iz'abeth M. Ivey "
/ J2
(SEAL)
Ferguson
Statc of'North C.arohna
County Of
I '4_ a -Notary Public of the County and State aforesaid do
hereby certify that Virginia I. Ferguson personally appeared before jue this day and
acknow'Icdged the due execution of Ibreg r the purposes therein
Omg instrument fo
expressed.
Witness my hand and notarial seal this .3. day of Z �_L ��jj 201:3
Notary Public
�o_
My comi.u. cxpir(--,,s': _��n
-D
(SEAL)
\�v
,9 � C'F Y 1
cn Z
State of North Carolina
County of 1 j)c
a Notary Public
ilxfM
do hereby r M. Ivey personally al
0
4H State aforesaid
me this day and

RB5B22. 324 Giro
acknowledged the clue execti:(tion of the foregoing ixlStz °Lzzllciit for the purposes therein)
expressed.
Writness my hand and notarial sea] this day of c'� � �_ -- .. - - -.., 201
I'otaryl uhhc
My comm. expires:
(SEAL)
NO' AF�y

I�Vlllplyl Vlpll.l!WII I II IIIIII!II
P85522 325 9/10
TRACT I
Being all of Conservation Easement I containing 273,427 square feet as shown on
plat and survey thereof entitled " Conservation Easement Elizabeth M. Ivey and Virginia
1. Ferguson Property" by The John R, McAdams Company, Inc. dated 3/17/11 and
recorded in flat Book 109, pages 180 -183, Orange County Registry.
TRACT II
Being all of Conservation Easement 2 containing 138,922 sglaare feet as shovn on
plat and survey thereof entitled " Conservation Easement, Elizabeth M. Ivey and Virginia
1. Ferguson Property" by The John R. McAdams Company, Inc. dated 3 /17/11 and
recorded in Plat :nook 109, pages 180 -183, Orange County Registry.
TRACT I11
Being all of Conservation/Buffer Restoration Area 3 Easement containing 2,730
square feet as shown on plat and survey thereof entitled " Conservation Easement
Elizabeth M. Ivey and Virginia I. Ferguson Property" by The John R, McAdams
Company, Inc. dated 3/17/11 and recorded in Plat Book 109, pages 180 -183, Grange
County Registry.
TRACT IV
Being all of Conservation Easement 4 containing 71,344 square feet as shown on
plat and survey thereof entitled " Conservation Easement Elizabeth M, Ivey and Virginia
1. Ferguson Property" by The John R. McAdams Company, Inc. dated 3/17/11 and
recorded in Plat Book 109, pages 180 -183, grange County Registry.
TRACT V
Being all of Conservation/Buffer Restoration Area 5 Easement containing 31,600
square feet as shown on plat and survey thereof entitled " Conservation Easement
Elizabeth M. Ivey and Virginia 1. Ferguson Property" by The John R. McAdams
Company, Inc, dated 3/17/11 and recorded in Plat Book 109, pages 180 -183, Or-, ge
County Registry.
TRACT VI
Being all of Conservation/Buffer Restoration Area 6 Easement containing 19,251
square feet as shown on plat and. survey thereof entitled " Conservation Easement
Elizabeth M. Ivey and Virginia I. Ferguson Property" by The John R, McAdams
Company, Inc. dated 3/17/11 and recorded in Plat Book 109, pages 180 -183, Orange
County :Registry.

TRACTVM
Being all of Conservation/Buff6r Restoration Area 9 Easement containing 24,784
square feet as shown on plat and surrey thereof entitled " Conservation Easement
Elizabeth M, Ivey and Virginia L Ferguson Property„ by The John R. McAdanis
Company, Inc. dated 3/17/11 and recorded in Plat Book 109, pages 180-183, Orange
County Registry,