20210348 Ver 3_Pickle Creek_Bank_DMS_RECORDED_Easement_Land_20230522

ID#* 20210348 Version* 3
Select Reviewer:
Katie Merritt
Initial Review Completed Date 05/23/2023
Mitigation Project Submittal - 5/22/2023
Is this a Prospectus, Technical Proposal or a New Site?* Yes No
Type of Mitigation Project:*
Stream Wetlands Buffer Nutrient Offset
(Select all that apply)
Project Contact Information
Contact Name: * Email Address:
Jamey McEachran [e-mail]
Project Information
ID#: * 20210348 Version:* 3
Existing ID# Existing Version
Project Type: DMS Mitigation Bank
Project Name: Pickle Creek Phase 2 Nutrient Offset Site
County: Wayne
Document Information
Mitigation Document Type:*
Mitigation Conservation Easement
File Upload: Pickle
2.26MB
Creek_Bank_DMS_RECORDED_Easement_Land....
Please upload only one PDF of the complete file that needs to be submitted...
Signature
..................................................................................................................................................................................................................................................
Print Name:* Jamey McEachran
Signature: *
c Wiry "it'tt ot'?w

This instrument prepared by, Kennon Craver, PLLC,
a licensed North Carolina attorney. Delinquent taxes,
if any, to be paid by the closing attorney to the county
tax collector upon disbursement of closing proceedings.
STATE OF NORTH CAROLINA
WAYNE COUNTY
Type: CRP
Recorded: 5/9/2023 11:48:42 AM
Fee Amt: $26.00 Page 1 of 13
WAYNE COUNTY, NC
CONSTANCE B. CORAM REGISTER OF DEEDS
BK 3818 PG 503 - 515
DEED OF CONSERVATION EASEMENT
AND RIGHT OF ACCESS PROVIDED
PURSUANT TO
FULL DELIVERY
MITIGATION CONTRACT
SPO File Number: 96-LA-179
DMS Project Number: 100184
it tcC f mac' —Fay :. -4 0 -00 (1- Xefq� per
Prepared by: Office of the Attorney General
Property Control Section
Return to: NC Department of Administration
State Property Office
1321 Mail Service Center
Raleigh, NC 27699-1321
.Zj v. 5 C> 11 q G (a))
THIS DEED OF CONSERVATION EASEMENT AND RIGHT OF ACCESS, made
this 3 day of 12023, by Douglas Allen Jernigan and spouse, Aileen K.
Jernigan, ("Grantor"), wh se mailing address is 781 Thunder Swamp Road, Mount Olive, NC
28365, to the State of North Carolina, ("Grantee"), whose mailing address is State of North
Carolina, Department of Administration, State Property Office, 1321 Mail Service Center,
Raleigh, NC 27699-1321. The designations of 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.
WITNESSETH:
WHEREAS, pursuant to the provisions of N.C. Gen. Stat. § 143-214.8 et seq., the State of
North Carolina has established the Division of Mitigation Services (formerly known as the
Ecosystem Enhancement Program and Wetlands Restoration Program) within the Department of
Environmental Quality (formerly Department of Environment and Natural Resources), for the
purposes of acquiring, maintaining, restoring, enhancing, creating and preserving wetland and
riparian resources that contribute to the protection and improvement of water quality, flood
prevention, fisheries, aquatic habitat, wildlife habitat, and recreational opportunities; and
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submitted electronically by "Kennon Craver, PLLC"
in compliance with North Carolina statutes governing recordable documents
and the terms of the submitter agreement with the Wayne County Register of Deeds.

WHEREAS, this Conservation Easement from Grantor to Grantee has been negotiated,
arranged and provided for as a condition of a full delivery contract between Environmental Banc
& Exchange, LLC, c/o Stephen C. Colomb, 6575 West Loop South, Suite 300, Bellaire, TX 77401
and the North Carolina Department of Environmental Quality, to provide stream, wetland and/or
buffer mitigation pursuant to the North Carolina Department of Environmental Quality Purchase
and Services Contract Number 0402-08.
WHEREAS, The State of North Carolina is qualified to be the Grantee of a Conservation
Easement pursuant to N.C. Gen. Stat. § 121-35; and
WHEREAS, the Department of Environment and Natural Resources and the United States
Army Corps of Engineers, Wilmington District entered into a Memorandum of Understanding,
(MOU) duly executed by all parties on November 4, 1998. This MOU recognized that the
Wetlands Restoration Program was to provide effective compensatory mitigation for authorized
impacts to wetlands, streams and other aquatic resources by restoring, enhancing and preserving
the wetland and riparian areas of the State; and
WHEREAS, the Department of Environment and Natural Resources, the North Carolina
Department of Transportation and the United States Army Corps of Engineers, Wilmington
District entered into a Memorandum of Agreement, (MOA) duly executed by all parties in
Greensboro, NC on July 22, 2003, which recognizes that the Division of Mitigation Services
(formerly Ecosystem Enhancement Program) is to provide for compensatory mitigation by
effective protection of the land, water and natural resources of the State by restoring, enhancing
and preserving ecosystem functions; and
WHEREAS, the Department of Environment and Natural Resources, the U.S. Army Corps
of Engineers, the U.S. Environmental Protection Agency, the U.S. Fish and Wildlife Service, the
North Carolina Wildlife Resources Commission, the North Carolina Division of Water Quality,
the North Carolina Division of Coastal Management, and the National Marine Fisheries Service
entered into an agreement to continue the In -Lieu Fee operations of the North Carolina Department
of Natural Resources' Division of Mitigation Services (formerly Ecosystem Enhancement
Program) with an effective date of 28 July, 2010, which supersedes and replaces the previously
effective MOA and MOU referenced above; and
WHEREAS, the acceptance of this instrument for and on behalf of the State of North
Carolina was granted to the Department of Administration by resolution as approved by the
Governor and Council of State adopted at a meeting held in the City of Raleigh, North Carolina,
on the 8th day of February 2000; and
WHEREAS, the Division of Mitigation Services in the Department of Environmental
Quality (formerly Department of Environment and Natural Resources), which has been delegated
the authority authorized by the Governor and Council of State to the Department of
Administration, has approved acceptance of this instrument; and
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WHEREAS, Grantor owns in fee simple certain real property situated, lying, and being in
Wayne County, North Carolina (the "Property"), and being more particularly described as that
certain parcel of land containing approximately 455.50 acres and being conveyed to the Grantor
by deed as recorded in Deed Book 2832 at Page 255 of the Wayne County Registry, North
Carolina; and
WHEREAS, Grantor is willing to grant a Conservation Easement and Right of Access
over the herein described areas of the Property, thereby restricting and limiting the use of the areas
of the Property subject to the Conservation Easement to the terms and conditions and purposes
hereinafter set forth, and Grantee is willing to accept said Easement and Access Rights. The
Conservation Easement shall be for the protection and benefit of the waters of the Neuse River
Basin, Cataloging Unit 03 02020 1.
NOW, THEREFORE, in consideration of the mutual covenants, terms, conditions, and
restrictions hereinafter set forth, Grantor unconditionally and irrevocably hereby grants and
conveys unto Grantee, its successors and assigns, forever and in perpetuity, a Conservation
Easement and Right of Access together with an access easement to and from the Conservation
Easement Area described below.
The Conservation Easement Area consists of the following:
BEING THAT 18.064 ACRE AREA, AS SHOWN ON PLAT OF SURVEY ENTITLED
"CONSERVATION EASEMENT SURVEY, DOUGLAS ALLEN JERNIGAN AND AILEEN
K JERNIGAN, PIN 2564-31-9379, PREPARED FOR THE STATE OF NORTH CAROLINA,
DIVISION OF MITIGATION SERVICES, "PICKLE CREEK", DMS: 100184, SPO: 96-LA-
179, DATED 6/6/2022, PROJECT 21-02-11, PREPARED BY CHRISTOPHER L COLE, PLS
NUMBER L-5008, AND RECORDED IN THE WAYNE COUNTY REGISTER OF DEEDS
OFFICE AT PLAT BOOK P , AT PAGE 83- ,L (THE "SURVEY"), AND BEING
FURTHER DESCRIBED AS FOLLOWS:
See attached "EXHIBIT A", Legal Description of area of the Property hereinafter referred to as
the "Conservation Easement Area"
The purposes of this Conservation Easement are to maintain, restore, enhance, construct,
create and preserve wetland and/or riparian resources in the Conservation Easement Area that
contribute to the protection and improvement of water quality, flood prevention, fisheries, aquatic
habitat, wildlife habitat, and recreational opportunities; to maintain permanently the Conservation
Easement Area in its natural condition, consistent with these purposes; and to prevent any use of
the Easement Area that will significantly impair or interfere with these purposes. To achieve these
purposes, the following conditions and restrictions are set forth:
I. DURATION OF EASEMENT
Pursuant to law, including the above referenced statutes, this Conservation Easement and
Right of Access shall be perpetual and it shall run with, and be a continuing restriction upon the
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use of, the Property, and it shall be enforceable by the Grantee against the Grantor and against
Grantor's heirs, successors and assigns, personal representatives, agents, lessees, and licensees.
II. ACCESS EASEMENT
Grantor hereby grants and conveys unto Grantee, its employees, agents, successors and
assigns, a perpetual, non-exclusive easement, 30 feet in width, for ingress and egress over and
upon the Property at all reasonable times and at the location more particularly described on the
Survey and labeled as (i) "Access to Conservation Easement Area from Thunder Swamp Road"
and (ii) "30' Wide Access Area" to access the Conservation Easement Area for the purposes set
forth herein ("Access Easement"). This grant of easement shall not vest any rights in the public
and shall not be construed as a public dedication of the Access Easement. Grantor covenants,
represents and warrants that it is the sole owner of and is seized of the Property in fee simple
and has the right to grant and convey this Access Easement.
III. GRANTOR RESERVED USES AND RESTRICTED ACTIVITIES
The Conservation Easement Area shall be restricted from any development or usage that
would impair or interfere with the purposes of this Conservation Easement. Unless expressly
reserved as a compatible use herein, any activity in, or use of, the Conservation Easement Area by
the Grantor is prohibited as inconsistent with the purposes of this Conservation Easement. Any
rights not expressly reserved hereunder by the Grantor have been acquired by the Grantee. Any
rights not expressly reserved hereunder by the Grantor, including the rights to all mitigation
credits, including, but not limited to, stream, wetland, and riparian buffer mitigation units, derived
from each site within the area of the Conservation Easement, are conveyed to and belong to the
Grantee. Without limiting the generality of the foregoing, the following specific uses are
prohibited, restricted, or reserved as indicated:
A. Recreational Uses. Grantor expressly reserves the right to undeveloped recreational uses,
including hiking, bird watching, hunting and fishing, and access to the Conservation Easement
Area for the purposes thereof.
B. Motorized Vehicle Use. Motorized vehicle use in the Conservation Easement Area is
prohibited except within a Crossing Area(s) or Road or Trail as shown on the recorded survey plat.
C. Educational Uses. The Grantor reserves the right to engage in and permit others to engage
in educational uses in the Conservation Easement Area not inconsistent with this Conservation
Easement, and the right of access to the Conservation Easement Area for such purposes including
organized educational activities such as site visits and observations. Educational uses of the
property shall not alter vegetation, hydrology or topography of the site.
D. Damage to Vegetation. Except within Crossing Area(s) as shown on the recorded survey
plat and as related to the removal of non-native plants, diseased or damaged trees, or vegetation
that destabilizes or renders unsafe the Conservation Easement Area to persons or natural habitat,
all cutting, removal, mowing, harming, or destruction of any trees and vegetation in the
Conservation Easement Area is prohibited.
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E. Industrial, Residential and Commercial Uses. All industrial, residential and commercial
uses are prohibited in the Conservation Easement Area.
F. Agricultural Use. All agricultural uses are prohibited within the Conservation Easement
Area including any use for cropland, waste lagoons, or pastureland.
G. New Construction. There shall be no building, facility, mobile home, antenna, utility
pole, tower, or other structure constructed or placed in the Conservation Easement Area.
H. Roads and Trails. There shall be no construction or maintenance of new roads, trails,
walkways, or paving in the Conservation Easement.
All existing roads, trails and crossings within the Conservation Easement Area shall be shown on
the recorded survey plat.
I. Signs. No signs shall be permitted in the Conservation Easement Area except interpretive
signs describing restoration activities and the conservation values of the Conservation Easement
Area, signs identifying the owner of the Property and the holder of the Conservation Easement,
signs giving directions, or signs prescribing rules and regulations for the use of the Conservation
Easement Area.
J. Dumping or Storing. Dumping or storage of soil, trash, ashes, garbage, waste, abandoned
vehicles, appliances, machinery, or any other material in the Conservation Easement Area is
prohibited.
K. Grading, Mineral Use, Excavation, Dredging. There shall be no grading, filling,
excavation, dredging, mining, drilling, hydraulic fracturing; removal of topsoil, sand, gravel, rock,
peat, minerals, or other materials.
L. Water Quality and Drainage Patterns. There shall be no diking, draining, dredging,
channeling, filling, leveling, pumping, impounding or diverting, causing, allowing or permitting
the diversion of surface or underground water in the Conservation Easement Area. No altering or
tampering with water control structures or devices, or disruption or alteration of the restored,
enhanced, or created drainage patterns is allowed. All removal of wetlands, polluting or
discharging into waters, springs, seeps, or wetlands, or use of pesticide or biocides in the
Conservation Easement Area is prohibited. In the event of an emergency interruption or shortage
of all other water sources, water from within the Conservation Easement Area may temporarily be
withdrawn for good cause shown as needed for the survival of livestock on the Property.
M. Subdivision and Conveyance. Grantor voluntarily agrees that no further subdivision,
partitioning, or dividing of the ConservationEasement Area portion of the Property owned by the
Grantor in fee simple ("fee") that is subject to this Conservation Easement is allowed. Any future
transfer of the Property shall be subject to this Conservation Easement and Right of Access and to the
Grantee's right of unlimited and repeated ingress and egress over and across the Property to the
Conservation Easement Area for the purposes set forth herein.
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E. Industrial, Residential and Commercial Uses. All industrial, residential and commercial
uses are prohibited in the Conservation Easement Area.
F. Agricultural Use. All agricultural uses are prohibited within the Conservation Easement
Area including any use for cropland, waste lagoons, or pastureland.
G. New Construction. There shall be no building, facility, mobile home, antenna, utility
pole, tower, or other structure constructed or placed in the Conservation Easement Area.
H. Roads and Trails. There shall be no construction or maintenance of new roads, trails,
walkways, or paving in the Conservation Easement.
All existing roads, trails and crossings within the Conservation Easement Area shall be shown on
the recorded survey plat.
I. Signs. No signs shall be permitted in the Conservation Easement Area except interpretive
signs describing restoration activities and the conservation values of the Conservation Easement
Area, signs identifying the owner of the Property and the holder of the Conservation Easement,
signs giving directions, or signs prescribing rules and regulations for the use of the Conservation
Easement Area.
J. Dumping or Storing. Dumping or storage of soil, trash, ashes, garbage, waste, abandoned
vehicles, appliances, machinery, or any other material in the Conservation Easement Area is
prohibited.
K. Grading, Mineral Use, Excavation, Dredging. There shall be no grading, filling,
excavation, dredging, mining, drilling, hydraulic fracturing; removal of topsoil, sand, gravel, rock,
peat, minerals, or other materials.
L. Water Quality and Drainage Patterns. There shall be no diking, draining, dredging,
channeling, filling, leveling, pumping, impounding or diverting, causing, allowing or permitting
the diversion of surface or underground water in the Conservation Easement Area. No altering or
tampering with water control structures or devices, or disruption or alteration of the restored,
enhanced, or created drainage patterns is allowed. All removal of wetlands, polluting or
discharging into waters, springs, seeps, or wetlands, or use of pesticide or biocides in the
Conservation Easement Area is prohibited. In the event of an emergency interruption or shortage
of all other water sources, water from within the Conservation Easement Area may temporarily be
withdrawn for good cause shown as needed for the survival of livestock on the Property.
M. Subdivision and Conveyance. Grantor voluntarily agrees that no further subdivision,
partitioning, or dividing of the ConservationEasement Area portion of the Property owned by the
Grantor in fee simple ("fee") that is subject to this Conservation Easement is allowed. Any future
transfer of the Property shall be subject to this Conservation Easement and Right of Access and to the
Grantee's right of unlimited and repeated ingress and egress over and across the Property to the
Conservation Easement Area for the purposes set forth herein.
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N. Development Rights. All development rights are permanently removed from the
Conservation Easement Area and are non-transferrable.
O. Disturbance of Natural Features. Any change, disturbance, alteration or impairment of
the natural features of the Conservation Easement Area or any intentional introduction of non-
native plants, trees and/or animal species by Grantor is prohibited.
The Grantor may request permission to vary from the above restrictions for good cause
shown, provided that any such request is not inconsistent with the purposes of this Conservation
Easement, and the Grantor obtains advance written approval from the Division of Mitigation
Services, 1652 Mail Services Center, Raleigh, NC 27699-1652.
IV. GRANTEE RESERVED USES
A. Right of Access, Construction, and Inspection. The Grantee, its employees, agents,
successors and assigns, shall have a perpetual Right of Access over and upon the Conservation
Easement Area to undertake or engage in any activities necessary to construct, maintain, manage,
enhance, repair, restore, protect, monitor and inspect the stream, wetland and any other riparian
resources in the Conservation Easement Area for the purposes set forth herein or any long-term
management plan for the Conservation Easement Area developed pursuant to this Conservation
Easement.
B. Restoration Activities. These activities include planting of trees, shrubs and herbaceous
vegetation, installation of monitoring wells, utilization of heavy equipment to grade, fill, and
prepare the soil, modification of the hydrology of the site, and installation of natural and manmade
materials as needed to direct in -stream, above ground, and subterraneous water flow.
C. Signs. The Grantee, its employees and agents, successors or assigns, shall be permitted to
place signs and witness posts on the Property to include any or all of the following: describe the
project, prohibited activities within the Conservation Easement, or identify the project boundaries
and the holder of the Conservation Easement.
D. Fences. Conservation Easements are purchased to protect the investments by the State
(Grantee) in natural resources. Livestock within conservations easements damages the investment
and can result in reductions in natural resource value and mitigation credits which would cause
financial harm to the State. Therefore, Landowners (Grantor) with livestock are required to restrict
livestock access to the Conservation Easement area. Repeated failure to do so may result in the
State (Grantee) repairing or installing livestock exclusion devices (fences) within the conservation
area for the purpose of restricting livestock access. In such cases, the landowner (Grantor) must
provide access to the State (Grantee) to make repairs.
E. Crossing Area(s). The Grantee is not responsible for maintenance of crossing area(s),
however, the Grantee, its employees and agents, successors or assigns, reserve the right to repair
crossing area(s), at its sole discretion and to recover the cost of such repairs from the Grantor if
such repairs are needed as a result of activities of the Grantor, his successors or assigns.
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V. ENFORCEMENT AND REMEDIES
A. Enforcement. To accomplish the purposes of this Conservation Easement, Grantee is
allowed to prevent any activity within the Conservation Easement Area that is inconsistent with
the purposes of this Conservation Easement and to require the restoration of such areas or features
in the Conservation Easement Area that may have been damaged by such unauthorized activity or
use. Upon any breach of the terms of this Conservation Easement by Grantor, the Grantee shall,
except as provided below, notify the Grantor in writing of such breach and the Grantor shall have
ninety (90) days after receipt of such notice to correct the damage caused by such breach. If the
breach and damage remains uncured after ninety (90) days, the Grantee may enforce this
Conservation Easement by bringing appropriate legal proceedings including an action to recover
damages, as well as injunctive and other relief. The Grantee shall also have the power and
authority, consistent with its statutory authority: (a) to prevent any impairment of the Conservation
Easement Area by acts which may be unlawful or in violation of this Conservation Easement; (b)
to otherwise preserve or protect its interest in the Property; or (c) to seek damages from any
appropriate person or entity. Notwithstanding the foregoing, the Grantee reserves the immediate
right, without notice, to obtain a temporary restraining order, injunctive or other appropriate relief,
if the breach is or would irreversibly or otherwise materially impair the benefits to be derived from
this Conservation Easement, and the Grantor and Grantee acknowledge that the damage would be
irreparable and remedies at law inadequate. The rights and remedies of the Grantee provided
hereunder shall be in addition to, and not in lieu of, all other rights and remedies available to
Grantee in connection with this Conservation Easement.
B. Inspection. The Grantee, its employees and agents, successors and assigns, have the right,
with reasonable notice, to enter the Conservation Easement Area over the Property at reasonable
times for the purpose of inspection to determine whether the Grantor is complying with the terms,
conditions and restrictions of this Conservation Easement.
C. Acts Beyond Grantor's Control. Nothing contained in this Conservation Easement shall
be construed to entitle Grantee to bring any action against Grantor for any injury or change in the
Conservation Easement Area caused by third parties, resulting from causes beyond the Grantor's
control, including, without limitation, fire, flood, storm, and earth movement, or from any prudent
action taken in good faith by the Grantor under emergency conditions to prevent, abate, or mitigate
significant injury to life or damage to the Property resulting from such causes.
D. Costs of Enforcement. Beyond regular and typical monitoring expenses, any costs
incurred by Grantee in enforcing the terms of this Conservation Easement against Grantor,
including, without limitation, any costs of restoration necessitated by Grantor's acts or omissions
in violation of the terms of this Conservation Easement, shall be borne by Grantor.
E. No Waiver. Enforcement of this Easement shall be at the discretion of the Grantee and
any forbearance, delay or omission by Grantee to exercise its rights hereunder in the event of any
breach of any term set forth herein shall not be construed to be a waiver by Grantee.
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VI. MISCELLANEOUS
A. 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 Easement. If any provision is found to be invalid, the
remainder of the provisions of the Conservation Easement, and the application of such provision
to persons or circumstances other than those as to which it is found to be invalid, shall not be
affected thereby.
B. Grantor is responsible for any real estate taxes, assessments, fees, or charges levied upon
the Property. Grantee shall not be responsible for any costs or liability of any kind related to the
ownership, operation, insurance, upkeep, or maintenance of the Property, except as expressly
provided herein. Upkeep of any constructed bridges, fences, or other amenities on the Property are
the sole responsibility of the Grantor. Nothing herein shall relieve the Grantor of the obligation to
comply with federal, state or local laws, regulations and permits that may apply to the exercise of
the Reserved Rights.
C. Any notices shall be sent by registered or certified mail, return receipt requested to the
parties at their addresses shown herein or to other addresses as either party establishes in writing
upon notification to the other.
D. Grantor shall notify Grantee in writing of the name and address and any parry to whom the
Property or any part thereof is to be transferred at or prior to the time said transfer is made. Grantor
further agrees that any subsequent lease, deed, or other legal instrument by which any interest in
the Property is conveyed is subject to the Conservation Easement herein created.
E. The Grantor and Grantee agree that the terms of this Conservation Easement shall survive
any merger of the fee and easement interests in the Property or any portion thereof.
F. This Conservation Easement and Right of Access may be amended, but only in writing
signed by all parties hereto, or their successors or assigns, if 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 purposes of the Conservation Easement. The owner of the Property shall
notify the State Property Office and the U.S. Army Corps of Engineers in writing sixty (60) days
prior to the initiation of any transfer of all or any part of the Property or of any request to void or
modify this Conservation Easement. Such notifications and modification requests shall be
addressed to:
Division of Mitigation Services Program Manager
NC State Property Office
1321 Mail Service Center
Raleigh, NC 27699-1321
and
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General Counsel
US Army Corps of Engineers
69 Darlington Avenue
Wilmington, NC 28403
G. The parties recognize and agree that the benefits of this Conservation Easement are in gross
and assignable provided, 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 under 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 terms of the transfer or assignment will be
such that the transferee or assignee will be required to continue in perpetuity the conservation
purposes described in this document.
VII. QUIET ENJOYMENT
Grantor reserves all remaining rights accruing from ownership of the Property, including
the right to engage in or permit or invite others to engage in only those uses of the Conservation
Easement Area that are expressly reserved herein, not prohibited or restricted herein, and are not
inconsistent with the purposes of this Conservation Easement. Without limiting the generality of
the foregoing, the Grantor expressly reserves to the Grantor, and the Grantor's invitees and
licensees, the right of access to the Conservation Easement Area, and the right of quiet enjoyment
of the Conservation Easement Area,
TO HAVE AND TO HOLD, the said rights and easements perpetually unto the State of
North Carolina for the aforesaid purposes,
AND Grantor covenants that Grantor is seized of the Property in fee and has the right to
convey the permanent Conservation Easement herein granted; that the same is free from
encumbrances and that Grantor will warrant and defend title to the same against the claims of all
persons whomsoever.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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IN TESTIMONY, WHEREOF, the Grantor has hereunto set his hand and seal, the day
and year first above written.
Do^ A-llen Je
NORTH CAROLI
MCzCOUNTY OF r
I, C)�,,i (­r) , a Notary Public in and for the County and State aforesaid,
do hereby certify that Douglas Allen Jernigan, Grantor, personally appeared before me this day
and acknowledged the execution of the foregoing instrument.
IN WITNESS, WHEREOF, I have hereunto set my hand and Notary Seal this the
day of M a. 4 2023.
j
ML
. S4iregnaof Notary P , lic
[SEAL] (�f ��.
Vj{ G_2.1.4Vt ` Q1u 0
Printed Name of Notary Public
My commission expires:°
,� ...........,,,iO �.
cO (1d`�
2 Ems;
-
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IN TESTIMONY, WHEREOF, the Grantor has hereunto set his hand and seal, the day
and year first above written.
(SEAL)
Aile6 K. Jernigan
NORTH CAROLI A
COUNTY OF Sf-pn
I, i 12.t Cry! &I qu Lo a Notary Public in and for the County and State aforesaid,
do her6y certify that AileeA K. Jernigan, Grantor, personally appeared before me this day and
acknowledged the execution of the foregoing instrument.
IN WITNESS, WHEREOF, I have hereunto set my hand and Notary Seal this the
day of � , 2023.
[SEAL]
NCDMS Full Delivery Conservation Easement Template
1 �^
Signatu ,e of Notary Publ c
-4
Printed Name of Notary Publi
My commission expires: Cf- & -Lc(
AG reviewed 11 May 2017
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EXHIBIT A
(Description of Conservation Easement Area)
BEING THAT 18.064 ACRE AREA, AS SHOWN ON PLAT OF SURVEY ENTITLED
"CONSERVATION EASEMENT SURVEY, OWNERS DOUGLAS ALLEN JERNIGAN AND
AILEEN K JERNIGAN, PIN 2564-31-9379, PREPARED FOR THE STATE OF NORTH
CAROLINA, DIVISION OF MITIGATION SERVICES, "PICKLE CREEK", DMS: 100184,
SPO: 96-LA-179, DATED 6/6/2022, PROJECT 21-02-11, PREPARED BY CHRISTOPHER L
COLE, PLS NUMBER L-5008, AND RECORDED IN THE WAYNE COUNTY REGISTER OF
DEEDS OFFICE AT PLAT BOOK * , AT PAGE $, (THE "SURVEY"), AND
BEING FURTHER DESCRIBED AS FOLLOWS:
CONSERVATION EASEMENT "A"
53,056 S.F. +/-1.218 AC.
BEGINNING AT A 5/8" REBAR AND CAP BEING THE MOST NORTHWESTERN
CORNER OF THE EASEMENT DESCRIBED HEREIN AND HAVING NC GRID
COORDINATES OF N: 541,081.82 E: 2,264,458.15'; THENCE S-57-58-32-E 153.54' TO A 5/8"
REBAR AND CAP; THENCE N-84-47-14-E 38.65' TO A 5/8" REBAR AND CAP; THENCE
S-03-24-54-W 217.09' TO A 5/8" REBAR AND CAP; THENCE S-88-54-20-W 88.61' TO A
5/8" REBAR AND CAP; THENCE N-58-19-47-W 217.17' TO A 5/8" REBAR AND CAP;
THENCE N-32-50-53-E 216.98' TO THE POINT AND PLACE OF BEGINNING.
CONSERVATION EASEMENT KB"
19,943 S.F. +/- OA58 AC.
BEGINNING AT A 5/8" REBAR AND CAP BEING THE MOST NORTEASTERN CORNER
OF THE EASEMENT DESCRIBED HEREIN AND HAVING NC GRID COORDINATES OF
N: 541,101.81 E: 2,264,791.28; THENCE S-07-29-24-W 79.44' TO A 5/8" REBAR AND CAP;
THENCE S-07-32-57-E 49.05' TO A 5/8" REBAR AND CAP; THENCE S-3647-16-E 102.69'
TO A 5/8" REBAR AND CAP; THENCE S-56-50-26-W 159.78' TO A 5/8" REBAR AND CAP;
THENCE N-03-24-54-E 274.68' TO A 5/8" REBAR AND CAP; THENCE N-69-06-22-E 64.02'
TO THE POINT AND PLACE OF BEGINNING.
CONSERVATION EASEMENT "C"
540,733 S.F. +/-12.414 AC.
BEGINNING AT A 5/8" REBAR AND CAP BEING THE MOST NORTHWESTERN
CORNER OF THE EASEMENT DESCRIBED HEREIN HAVING NC GRID COORDINATES
OF N: 541,100.78 E: 2,264,868.80; THENCE S-81-40-00-E 109.89' TO A 5/8" REBAR AND
CAP; THENCE S-71-51-37-E 61.97' TO A 5/8" REBAR AND CAP; THENCE S-30-21-04-E
132.56' TO A 5/8" REBAR AND CAP; THENCE S-13-41-29-W 128.55' TO A 5/8" REBAR
AND CAP; THENCE S-74-12-01-E 667.61' TO A 5/8" REBAR AND CAP; THENCE N-37-40-
13-E 399.63' TO A 5/8" REBAR AND CAP; THENCE N-71-31-16-E 110.67' TO A 5/8" REBAR
AND CAP; THENCE S-51-06-23-E 92.58' TO A 5/8" REBAR AND CAP; THENCE S-00-09-
NCDMS Full Delivery Conservation Easement Template AG reviewed 11 May 2017
Page 12 of 13

58-W 90.38' TO A 5/8" REBAR AND CAP; THENCE S-37-23-21-W 386.66' TO A 5/8" REBAR
AND CAP; THENCE S-49-00-41-E 862.38' TO A 5/8" REBAR AND CAP; THENCE S-75-49-
46-E 45.90' TO A 5/8" REBAR AND CAP; THENCE S-87-03-32-E 240.05' TO A 5/8" REBAR
AND CAP; THENCE N-54-12-15-E 173.07' TO A 5/8" REBAR AND CAP; THENCE N-78-29-
43-E 139.01' TO A 5/8" REBAR AND CAP; THENCE S-12-05-14-W 216.82' TO A 5/8"
REBAR AND CAP; THENCE S-79-29-45-W 176.99' TO A 5/8" REBAR AND CAP; THENCE
S-88-37-52-W 214.8070 A 5/8" REBAR AND CAP; THENCE N-82-31-09-W 190.73' TO A
5/8" REBAR AND CAP; THENCE N-49-16-01-W 995.65' TO A 5/8" REBAR AND CAP;
THENCE N-72-50-45-W 538.23' TO A 5/8" REBAR AND CAP; THENCE S-05-21-35-E 98.56'
TO A 5/8" REBAR AND CAP; THENCE N-80-49-12-W 94.72' TO A 5/8" REBAR AND CAP;
THENCE S-10-42-03-E 466.21' TO A 5/8" REBAR AND CAP; THENCE S-77-48-14-W 110.13'
TO A 5/8" REBAR AND CAP; THENCE N-10-40-05-W 648.10' TO A 5/8" REBAR AND CAP;
THENCE N-62-59-49-W 28.48' TO A 5/8" REBAR AND CAP; THENCE N-25-20-29-W 30.73'
TO A 5/8" REBAR AND CAP; THENCE N-17-03-38-W 40.56' TO A 5/8" REBAR AND CAP;
THENCE N-32-11-18-W 103.68' TO A 5/8" REBAR AND CAP; THENCE N-36-47-16-W
108.98' TO A 5/8" REBAR AND CAP; THENCE N-08-53-54-W 19.99' TO A 5/8" REBAR
AND CAP; THENCE N-22-18-41-E 48.50' TO A 5/8" REBAR AND CAP; THENCE N-32-04-
32-E 53.52' TO THE POINT AND PLACE OF BEGINNING.
CONSERVATION. EASEMENT "D"
173,152 S.F. +/- 3.975 AC.
BEGINNING AT A 5/8" REBAR AND CAP BEING THE MOST NORTHWESTERN
CORNER OF THE EASEMENT DESCRIBED HEREIN HAVING NC GRID COORDINATES
OF N 540,078.11 E: 2,267,128.30; THENCE S-86-46-06-E 341.99' TO A 5/8" REBAR AND
CAP; THENCE N-11-00-49-E 385.26' TO A 5/8" REBAR AND CAP; THENCE N-66-29-03-E
273.78' TO A 5/8" REBAR AND CAP; THENCE S-89-04-06-E 54.69' TO A 5/8" REBAR AND
CAP; THENCE S-26-06-45-E 61.87' TO A 5/8" REBAR AND CAP; THENCE S-38-05-22-W
57.60' TO A 5/8" REBAR AND CAP; THENCE S-66-40-53-W 218.70' TO A 5/8" REBAR AND
CAP; THENCE S-10-59-32-W 346.88' TO A 5/8" REBAR AND CAP; THENCE S-27-36-30-E
78.26' TO A 5/8" REBAR AND CAP; THENCE S-14-41-51-W 78.85' TO A 5/8" REBAR AND
CAP; THENCE S-63-22-30-W 68.32' TO A 5/8" REBAR AND CAP; THENCE N-86-39-51-W
446.62' TO A 5/8" REBAR AND CAP; THENCE N-12-05-14-E 215.78' TO THE POINT AND
PLACE OF BEGINNING.
TOGETHER WITH NON-EXCLUSIVE ACCESS OVER, ACROSS AND THORUGH (I) THAT
CERTAIN 30 FOOT WIDE ROAD LEADING FROM THUNDER SWAMP ROAD (SR 1117)
LABELED "ACCESS TO CONSERVATION EASEMENT AREA FROM THUNDER SWAMP
ROAD" AND (1I) THOSE CERTAIN AREAS LABELED "30' WIDE ACCESS AREA", ALL
AS SHOWN ON THE PREVIOUSLY REFERENCED PLAT OF SURVEY BY CHRISTOPHER
L. COLE, PLS.
NCDMS Full Delivery Conservation Easement Template AG reviewed 11 May 2017
Page 13 of 13

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Type: CRP
Recorded: 5/9/2023 11:50:20 AM
Fee Amt: $26.00 Page 1 of 15
WAYNE COUNTY, NC
CONSTANCE B. CORAM REGISTER OF DEEDS
BK 3818 PG 516 - 530
This instrument prepared by, Kennon Craver, PLLC,
a licensed North Carolina attorney. Delinquent taxes,
if any, to be paid by the closing attorney to the county
tax collector upon disbursement of closing proceedings.
PERMANENT CONSERVATION EASEMENT
Excise Tax: $ CS a' (45-Aeft ff per i1 0. SkC., ti 4 to (0'))
Parcel Identifier No.: 2564-31-9379
Prepared by and return after recording to: EBX, c/o Stephen Colomb, 6575 West Loop
South, Suite 300, Bellaire, TX 77401
Brief description for the Index: 10.589 (+/-) acre Conservation Easement in
Wayne County, NC
THIS CONSERVATION EASEMENT ("Conservation Easement") made this
S- day of _ W 22 by and between Douglas Allen Jernigan and
spouse, Aileen K. Jernigan, whose mailing address is 781 Thunder Swamp Road, Mount
Olive, NC 28365 ("Grantor") and Colonel Land LLC, a Delaware limited liability
company, whose mailing address is 6575 West Loop South, Suite 300, Bellaire, TX
77401 ("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.
RECITALS
WHEREAS, Grantor owns in fee simple certain real property situated, lying and
being in Wayne County, North Carolina, more particularly described in Exhibit A
attached hereto and incorporated herein (the "Property");
WHEREAS, Grantee is a charitable, not -for -profit or educational corporation,
submitted electronically by "Kennon Craver, PLLC"
in compliance with North Carolina statutes governing recordable documents
and the terms of the submitter agreement with the Wayne County Register of Deeds.

association, or trust qualified under § 501(c)(3) and § 170 (h) of the Internal Revenue
Code, and N.C. Gen. Stat. § 121-34 et seq., the purposes or powers of which include
one or more of the purposes (a) — (d) listed below;
(a) retaining or protecting natural, scenic, or open -space aspects of real
property;
(b) ensuring the availability of real property for recreational, educational,
or open -space use;
(c) protecting natural resources;
(d) maintaining or enhancing air or water quality.
WHEREAS, Grantor and Grantee recognize the conservation, scenic, natural, or
aesthetic value of the property in its natural state, which includes the following
natural communities: riparian buffers. The purpose of this Conservation Easement is
to maintain streams, wetlandsand riparian resources and other natural values of
approximately 10.589 acres, more or less, and being more particularly described in
Exhibit B attached hereto and incorporated fully herein by reference (the
"Conservation Easement Area"), and prevent the use or development of the
Conservation Easement Area for any purposeor in any manner that would conflict
with the maintenance of its natural condition.
WHEREAS, the restoration, enhancement and preservation of the Conservation
Easement Area is a condition of the approval of the RES Pickle Creek Phase II Nutrient
Offset Mitigation Banking Instrument ("MBI"), North Carolina Division of Water
Resources ("NCDWR") Project ID# 2021-03480, and Bank Parcel Development
Package ("BPDP") for the RES Pickle Creek Phase II Nutrient Offset Project, which was
approved by the NCDWR, and will be made and entered into by and between
Environmental Banc & Exchange, LLC ("EBX"), acting as the Bank Sponsor ("Bank
Sponsor"), and the NCDWR. The RES Pickle Creek Phase II Nutrient Offset Project is
intended to be used tocompensate for nutrient impacts to surface waters.
WHEREAS, Grantor and Grantee agree that third -party rights of enforcement
shall be held by the Bank Sponsor and the NCDWR ("Third -Parties") and may be
exercised through the appropriate enforcement agency of the State of North Carolina,
and that these rights are in addition to, and do not limit, the rights of enforcement
under the NCDWR Project ID# 2021-0348v3 or any permit or certification issued by the
Third -Parties.
NOW, THEREFORE, for and in 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, forever
and in perpetuity a Conservation Easement of the nature and character and to the
extent hereinafter set forth, over the Conservation Easement Area described on Exhibit
B, together with the right to preserve and protect the conservationvalues thereof, as
follows:

ARTICLE I.
DURATION OF EASEMENT
This Conservation Easement shall be perpetual. This Conservation Easement is
an easement in gross, runs with the land and is enforceable by Grantee against Grantor,
Grantor's personal representatives, heirs, successors and assigns, lessees, agents and
licensees.
ARTICLE II.
PROHIBITED AND RESTRICTED ACTIVITIES
Any activity on, or use of, the Conservation Easement Area inconsistent with
the purpose of this Conservation Easement is prohibited. The Conservation
Easement Area shall be preserved in its natural condition and restricted from any
development that would impair or interfere with the conservation values of the
Conservation Easement Area.
Without limiting the generality of the foregoing, the following activities and
uses are expressly prohibited, restricted or reserved as indicated hereunder:
A. Disturbance of Natural Features. Any change disturbance, alteration or
impairment of the natural features of the Conservation Easement Area or any
introduction of non-native plants and/or animal species is prohibited.
B. Construction. There shall be no constructing or placing of any building,
mobile home, asphalt or concrete pavement, billboard or other advertising
display, antenna, utility pole, tower, conduit, line, pier, landing, dock or any other
temporary or permanent structure or facility on or above the Conservation
Easement Area.
C. Industrial, Commercial and Residential Use. Industrial, residential and/or
commercial activities, including any rights of passage for such purposes are
prohibited.
D. Agricultural, Grazing and Horticultural Use. Agricultural, grazing, animal
husbandry, and horticultural use of the Conservation Easement Area are prohibited.
E. Vegetation. There shall be no removal, burning, destruction, harming,
cutting or mowing of trees, shrubs, or other vegetation in the Conservation
EasementArea except as provided in the BPDP. Mowing of invasive and herbaceous
vegetation for purposes of enhancing planted or volunteer trees and shrubs
approved in the BPDP is allowable oncea year for no more than five consecutive
years from the date on page 1 of this Conservation Easement, except where
mowing will negatively impact vegetation or disturb soils. Mowing activities shall
only be performed by the Bank Sponsor and shall not violate any part of Item L of
Article II.

F. Roads and Trails. There shall be no construction of roads, trails or walkways
on the Conservation Easement Area; nor enlargement or modification to existing
roads, trails or walkways.
G. Signage. No signs shall be permitted on or over the Conservation Easement
Area, except the posting of no trespassing signs, signs identifying the conservation
values of the Conservation Easement Area, signs giving directions or proscribing rules
and regulations for the use of the Conservation Easement Area and/or signs identifying
the Grantor as owner of the Conservation Easement Area.
H. Dumping or Storage. 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 underground or aboveground storage tanks or
other materials on the Conservation Easement Area is prohibited.
I. Excavation, Dredging 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 Conservation Easement Area, except to restore natural topography or
drainage patterns.
J. Water Quality and Drainage Pattern. There shall be no diking, draining,
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 patterns. 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
prohibited.
K. Development Rights. No development rights that have been encumbered
or 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 of mechanized vehicles, including, but not limited to,
motorcycles, dirt bikes, all -terrain vehicles, cars and trucks is prohibited other than for
temporary or occasional access by the Grantee and the Third -Parties, and their
employees and agents, successors, and assigns for purposes of constructing, maintaining,
and monitoring the restoration, enhancement and preservation of riparian areas within
the Conservation Easement Area.
M. Other Prohibitions. Any other use of, or activity on, the Conservation
Easement Area which is or may become inconsistent with the purposes of this grant,
the preservation of the Conservation Easement Area substantially in its natural

condition, or the protection of its environmental systems, is prohibited.
ARTICLE III
GRANTOR'S RESERVED RIGHTS
The Grantor expressly reserves for himself, his personal representatives, heirs,
successors or assigns, the right to continue the use of the Conservation Easement Area
for all purposes not inconsistent with this Conservation Easement, including, but not
limited to, the right to quiet enjoyment of the Conservation Easement Area, the rights
of ingress and egress, the right to hunt, fish, and hike on the Conservation Easement
Area, the right to sell, transfer, gift or otherwise convey the Conservation Easement
Area, in whole or in part, provided such sale, transfer or gift conveyance is subject to
the terms of, and shall specifically reference, this Conservation Easement.
Notwithstanding the foregoing Restrictions, Grantor reserves for Grantor, its
successors and assigns, including EBX acting as the Bank Sponsor, the right to
construct and perform activities related to the restoration, enhancement, and
preservation of riparian areas within the Conservation Easement Area in
accordance with the approved BPDP, and the MBI described in the Recitals of this
Conservation Easement.
ARTICLE IV.
GRANTEE'S RIGHTS
The Grantee or its authorized representatives, successors and assigns and the
Third -Parties, shall have the right to enter the Property in the locations labeled "Access to
Conservation Easement Area from Thunder Swamp Road" and "3(Y Wide Access Area" on that
certain plat recorded in Plat Book? , Page $3 - � and in the location labeled "Conservation
Easement'C' on that certain plat recorded in Plat Book J , Page gJand the right to enter
the Conservation Easement Area at all reasonable times for the purpose of inspecting the
Conservation Easement Area todetermine if the Grantor, or his personal
representatives, heirs, successors, or assigns, is complying with the terms, conditions,
restrictions, and purposes of this Conservation Easement. The Grantee and its
authorized representatives, successors and assigns and the Third -Parties shall also have
the right to enter and go upon the Conservation Easement Area for purposes of making
scientific or educational observations and studies, and taking samples. The easement
rights granted herein do not include public access rights.
ARTICLE V
ENFORCEMENTAND REMEDIES
A. To accomplish the purposes of this Easement, Grantee, and the Third -
Parties are allowed to prevent any activity on or use of the Conservation Easement
Area that is inconsistent with the purposes of this Easement and to require the
restoration of such areas or features of the Conservation Easement Area 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 constituting 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 right, without
notice, to obtain a temporary restraining order, injunctive or other appropriate relief if
the breach of the terms of this Conservation Easement is or would irreversibly or
otherwise materially impair the benefits to be derived from this Conservation
Easement. The Grantor and Grantee acknowledge that under such 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 remedies 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 Third -
Parties shall have the same rights and privileges as the said Grantee to enforce the
terms and conditions of this Conservation easement.
B. No failure on the part of the Grantee to enforce 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 same in the event of
a subsequent breach or default.
C. Nothing contained in this Conservation Easement shall be construed to
entitle Grantee to bring any action against Grantor for any injury or change in the
Conservation Easement Area 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 or invitees; or from any prudent action taken in good faith by Grantor
under emergency conditions to prevent, abate, or mitigate significant injury to life,
damage to property or harm to the Conservation Easement Area resulting from such
causes.
ARTICLE VI
MISCELLANEOUS
A. Warranty. Grantor warrants, covenants and represents that it owns the
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 mortgages, tax liens, encumbrances, or other interests in the Property
which h.ave 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. Subsequent Transfers. The Grantor agrees to incorporate the terms of this
Conservation Easement in any deed or other legal instrument that transfers any
interest in all or a portion of the Conservation Easement Area. The Grantor agrees to

provide written notice of such transfer at least sixty (60) days 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 fee and easement interests in the Conservation
Easement Area or any portion thereof and shall not be amended, modified or
terminated without the prior written consent and approval of the NCDWR.
C. Assignment. The parties recognize and agree that the benefits of this
Conservation Easement are in gross and assignable provided, 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 pursuant to 33 CFR 332.7 (a)(1), N.C. Gen. Stat. § 121-34 et seq. and § 501(c)(3)
and § 170 (h) of the Internal Revenue Code, and the Grantee further covenants and
agrees that the terms of the transfer or assignment will be such that the transferee or
assignee will be required to continue in perpetuity the conservation purposes
described in this document.
D. Entire Agreement and Severability. The MBI with corresponding BPDP, and
this Conservation Easement 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 Easement. If
any provision is found to be void or unenforceable by a court of competent jurisdiction,
the remainder shall continue in full force and effect.
E. Obligations of Ownership. Grantor is responsible for any real estate taxes,
assessments, fees, or charges levied upon the Property. Grantor shall keep the
Property free of any liens or other encumbrances for obligations incurred by Grantor.
Grantee shall not be responsible for any costs or liability of any kind related to the
ownership, operation, insurance, upkeep, or maintenance of the Property, except as
expressly provided herein. Nothing herein shall relieve the Grantor of the obligation to
comply with federal, state or local laws, regulations and permits that may apply to the
exercise of the Reserved Rights.
F. Long -Term Management. If livestock operations will be maintained on the
property, Grantor is responsible for all long-term management activities associated
with fencing, if and where applicable, to ensure livestock do not have access to the
Conservation Easement Area. These activities include the maintenance and/or
replacement of fence structures, as deemednecessary by the Grantee, to ensure the
aquatic resource functions within the boundaries of the Protected Property are
sustained.
G. Extinguishment. In the event that changed conditions render impossible the
continued use of the Conservation Easement Area for the conservation purposes, this
Conservation Easement may only be extinguished, in whole or in part, by judicial
proceeding.
H. Eminent Domain. Whenever all or part of the Conservation Easement Area

is taken in the exercise of eminent domain so as to substantially abrogate the
Restrictions imposed 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 due to the taking.
I. Proceeds. This Conservation Easement constitutes a real property interest
immediately vested in Grantee. In the event that all or a portion of the Conservation
Easement Area is sold, exchanged, or involuntarily converted following an
extinguishment or the exercise of eminent domain, Grantee shall be entitled to the fair
market value of this Conservation Easement as determined at the time of the
extinguishment or condemnation.
J. Notification. Any notice, request for approval, or other communication
required under this Conservation Easement shall be sent by registered or certified mail,
postage prepaid, to the following addresses (or such address as may be hereafter
specified by notice pursuant to this paragraph):
To Grantor:
Douglas Allen Jernigan
Aileen K. Jernigan
781 Thunder Swamp Road
Mount Olive, NC 28365
To Grantee:
Colonel Land, LLC
6575 West Loop South, Suite 300
Bellaire, TX 77401
To Sponsor:
Environmental Banc & Exchange, LLC
c/o Stephen Colomb
6575 West Loop South, Suite 300
Bellaire, TX 77401
To NCDEQ-DWR:
NCDEQ— Division of Water Resources
401 & Buffer Permitting Branch
1617 Mail Service Center
Raleigh, NC27699-1601
K. Failure of Grantee. If at any time Grantee is unable or fails to enforce this
Conservation Easement, or if Grantee ceases to be a qualified grantee, and if within a
reasonable period of time 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 court of competent jurisdiction.

L. Amendment. This Conservation Easement maybe amended, but only ina
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 this grant.
M. Present Condition of the Conservation Easement Area. The wetlands, scenic,
resource, environmental, and other natural characteristics of the Conservation
Easement Area, and its current use and state of improvement, are described in Section
2 of the BPDP, prepared by Bank Sponsor and acknowledged by the Grantor and
Grantee to be complete and accurate as of the date hereof. Both Grantor and
Grantee have copies of this report. It will be used by the parties to assure that any
future changes in the use of the Conservation Easement Area will be consistent with
the terms of this Conservation Easement. However, this report is not intended to
preclude the use of other evidence to establish the present condition of the
Conservation Easement Area if there is a controversy over its use.
TO HAVE AND TO HOLD the said rights and easements perpetually unto Grantee for
the aforesaid purposes.
[SIGNATURE PAGES TO FOLLOW]

IN TESTIMONY WHEREOF, the Grantor has hereunto set his hand and seal, the
dayand year first above written.
NORTH CAROLINA
COUNTY OF ;_4�rtis
I, `v 6v--k-Q,A�j (-1 ! 1 , a Notary Public in and for the County and State
aforesaid, do hereby certify that Douglas Allen Jernigan, Grantor, each personally
appeared before me this day and acknowledged the execution of the foregoing
instrument.
f- A
IN WITNESS, WHEREOF, I have hereunto set my hand and Notary Seal this the day of
ZOZ3
Signature of Notary Pu lic �.�
[SEAL] Poa-LU \ A\-J C-U r)-(/
Printed Name of Notary Pu `lic
My commission expires-

IN TESTIMONY WHEREOF, the Grantor has hereunto set his hand and seal, the
dayand year first above written.
GRANTOR:
(SEAL)
Aileen K. Jernigan fr
NORTH CAROLINA
COUNTY OF • -c:,
I,a Notary Public in and for the County and State
aforesaid, do hereby certify that Aileen K. Jernigan, Grantor, each personally appeared
before me this day and acknowledged the execution of the foregoing instrument.
IN WITNESS, WHEREOF, I have hereunto set my hand and Notary Seal this the day of
23
Signat re of Notary Pubhic i
[SEAL] t"f ��i��0Y1 cLL-L t C
Printed Name of Notary Public
My commission expires: q - (,_ Z.q

IN TESTIMONY WHEREOF, the Grantee has hereunto set his hand and seal, the
day and year first above written.
GRANTEE:
Colonel Land, LLC
a Delaware limited liability company
I3yR
a
�I h Na
Title:
STATE OF `
COUNTY OF C,;)4 a -y'; c-�k
I, a Notary Public in and for the County and State aforesaid, do hereby certify that
Sean;� �ch� personally appeared before me this day and
acknowledged that he/she is the (��s1„or,er� Stc�nykcT of Colonel Land, LLC, a
Delaware limited liability company, and that by authority duly given, and as the act of
the Grantee, he/she signed the foregoing instrument in its name, on its behalf and as its
act and deed for the purposes stated herein.
IN WITNESS WHEREOF, I have hereunto set my hand and Notary Seal this the a. day of
,02023.
[SEAL].%*,S% S j l,l
it.
r per#
17:0*
��gtrHoFa .
CA
Signature of Not ry Public
�C11 Or* vs
Printed Name of Notary Public
My commission expires: 61131 I a5

EXHIBIT A
Legal Description of the Property
BEING that 455.5 acres, more or less, tract or parcel of real property situated in Wayne
County, North Carolina, located at Thunder Swamp Rd, Mount Olive, NC 28365, being
identified by the PIN number 2564319379, and more particularly described in a deed
recorded in Book 2832, Page 255 of the Wayne County Register of Deeds.

EXHIBIT B
Conservation Easement Area
BEING THAT 10.589 ACRE AREA, AS SHOWN ON PLAT OF SURVEY ENTITLED "CONSERVATION EASEMENT
SURVEY, OWNERS DOUGLAS ALLEN JERNIGAN AND AILEEN K JERNIGAN, PIN 2564-31-9379, PREPARED
FOR ENVIRONMENTAL BANC & EXCHANGE, LLC, "PROJECT NAME: PICKLE CREEK PHASE 2 NUTRIENT
OFFSET PROJECT", PROJECT: 21-02-11, MAP: 6/6/2022, PREPARED BY CHRISTOPHER L COLE, PLS
NUMBER L-5008, AND RECORDED IN THE WAYNE COUNTY REGISTER OF DEEDS OFFICE AT PLAT BOOK
. AT PAGE�3 - J_ (THE "SURVEY"), AND BEING FURTHER DESCRIBED AS FOLLOWS:
CONSERVATION EASEMENT "1"
82,276 S.F. +/-1.866 AC.
BEGINNING AT AN EXISTING 5/8" REBAR AND CAP BEING THE MOST NORTHWESTERN CORNER OF THE
EASEMENT DESCRIBED HEREIN HAVING NC GRID COORDINATES OF N: 541,065.55 E: 2,265,036.43;
THENCE S-71-56-40-E 137.18' TO A REBAR; THENCE S-12-57-24-E 130.76' TO A REBAR; THENCE S-74-10-
59-E 499.99' TO A REBAR; THENCE S-70-13-18-E 105.47' TO AN EXISTING 5/8" REBAR AND CAP; THENCE
S-37-40-15-W 99.99' TO AN EXISTING 5/8" REBAR AND CAP; THENCE N-74-12-01-W 667.61' TO AN
EXISTING 5/8" REBAR AND CAP; THENCE N-13-41-29-E 128.55' TO AN EXISTING 5/8" REBAR AND CAP, -
THENCE N-30-21-04-W 132.56' TO THE POINT AND PLACE OF BEGINNING.
CONSERVATION EASEMENT "2"
42,166 S.F. +/- 0.968 AC.
BEGINNING AT AN EXISTING 5/8" REBAR AND CAP BEING THE MOST NORTHEASTERN CORNER OF THE
EASEMENT DESCRIBED HEREIN HAVING NC GRID COORDINATES OF N: 540,565.66 E: 2,265,230.54;
THENCE S-11-54-11-E 436.07' TO A REBAR; THENCE S-80-26-57-W 98.24' TO AN EXISTING 5/8" REBAR
AND CAP; THENCE N-10-42-03-W 466.21' TO AN EXISTING 5/8" REBAR AND CAP; THENCE S-80-49-12-E
94.72' TO THE POINT AND PLACE OF BEGINNING.
CONSERVATION EASEMENT "3"
337,844 S.F. +/- 7.756 AC.
BEGINNING AT A REBAR BEING THE MOST NORTHEASTERN CORNER OF THE EASEEMENT DESCRIBED
HEREIN HAVING NC GRID COORDINATES OF 540,974.35 E: 2,267,149.52; THENCE S-01-11-26-E 667.40'
TO A REBAR; THENCE S-12-25-16-W 232.61' TO AN EXISTING 5/8" REBAR AND CAP; THENCE S-78-29-43-
W 139.01' TO AN EXISTING 5/8" REBAR AND CAP; THENCE S-54-12-15-W 173.07' TO AN EXISTING 5/8"
REBAR AND CAP; THENCE N-87-03-32-W 240.05' TO AN EXISTING 5/8" REBAR AND CAP; THENCE N-75-
49-46-W 45.90' TO AN EXISTING 5/8" REBAR AND CAP; THENCE N-49-00-41-W 862.38' TO AN EXISTING
5/8" REBAR AND CAP; THENCE N-37-23-21-E 100.75' TO AN EXISTING 5/8" REBAR AND CAP; THENCE S-
48-58-20-E 845.68' TO A REBAR; THENCE S-86-12-18-E 204.96'; TO A REBAR; THENCE N-54-19-29-E
130.17' TO A REBAR; THENCE N-01-41-42-E 907.38' TO A REBAR; THENCE S-74-09-36-E 220.08' TO THE
POINT AND PLACE OF BEGINNING.
TOGETHER WITH NON-EXCLUSIVE ACCESS OVER, ACROSS AND THROUGH (1) THAT CERTAIN 30 FOOT
WIDE ROAD LEADING FROM THUNDER SWAMP ROAD (SR 1117) LABELED "ACCESS TO CONSERVATION
EASEMENT AREA FROM THUNDER SWAMP ROAD" AND (II) THOSE CERTAIN AREAS LABELED "30' WIDE
ACCESS AREA", ALL AS SHOWN ON THE PREVIOUSLY REFERENCE PLAT OF SURVEY BY CHRISTOPHER L.
COLE, PLS, FOR THE PURPOSES OF GRANTEE AND THE THIRD -PARTIES ACCESSING THE CONSERVATION

EASEMENT AREA AND FULFILLING THEIR RIGHTS AND OBLIGATIONS UNDER THIS CONSERVATION
EASEMENT.

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Type: CRP
Recorded: 5/9/2023 11:52:26 AM
Fee Amt: $26.00 Page 1 of 9
WAYNE COUNTY, NC
CONSTANCE B. CORAM REGISTER OF DEEDS
This instrument prepared by, Kennon Craver, PLLC, BK 3818 PG 531 - 539
a licensed North Carolina attorney. Delinquent taxes,
if any, to be paid by the closing attorney to the county
tax collector upon disbursement of closing proceedings.
WATER QUALITY PROJECT EASEMENT AND AGREEMENT
Excise Tax: $0 , 4 )
Parcel Identifier No.: 2564319379
Prepared by and return to: Environmental Banc & Exchange, LLC (Stephen Colomb), 6575 West Loop South, Suite
300, Bellaire, TX 77401
Brief description for the Index: 28.653 (+/-) acre Temporary Easement in Wayne County, NC
THIS WATER QUALITY PROJECT EASEMENT AND AGREEMENT (this
"Agreement ') is made this '9 day of MG 2023, by and between Douglas Allen
Jernigan and spouse, Aileen K. Jernigan who e mailing address is 781 Thunder Swamp Road,
Mount Olive, NC 28365 ("Grantor'), and Environmental Banc & Exchange, LLC, a Maryland
limited liability company, whose mailing address is 6575 West Loop South, Suite 300, Bellaire,
TX 77401 ("Grantee" and collectively with Grantor, the "Parties"), for the purpose of conveying
an easement on certain real property owned by Grantor to Grantee in accordance with the terms
and conditions set forth below.
WHEREAS, Grantor owns certain real property situated, lying and being in Wayne
County, North Carolina, more particularly described in Exhibit A, attached hereto and incorporated
herein (the "Pro e "); and
WHEREAS, Grantee intends to establish a water quality improvement project (the
"Project") on a portion of the Property identified in Exhibit B, attached hereto and incorporated
herein (the "Conservation Area"), in accordance with applicable federal, state, and local laws and
regulations.
NOW, THEREFORE, for and in 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 does hereby give, grant and convey to Grantee an
easement upon, across and over the Access Easements (hereinafter defined), for the purposes of
submitted electronically by "Kennon Craver, PLLC"
in compliance with North Carolina statutes governing recordable documents
and the terms of the submitter agreement with the Wayne County Register of Deeds.

accessing the Conservation Area, and upon, across and over the Conservation Area, for Grantee to
use the Conservation Area in the manner and for the purposes described herein.
AGREEMENTS
1. Easement Grant. Grantor hereby grants to Grantee, it agents, employees, contractors,
successors and assigns (the "Grantee Parties") the following easements: (a) an easement (the
"Easement") over, across and through the Conservation Area for purposes related to the
entitlement, design, development, construction, operation, monitoring and maintenance of the
Project, including the activities specified in Section 3 hereof (collectively, "Project Activities"),
and (b) an access easement over, across and through that certain soil road on the Property shown
as "Access to Conservation Easement Area From Thunder Swamp Road" on that certain plat
recorded in Plat Book ? , Page &3- Wayne County Registry (the "Plat") and over, across
and through those certain areas labeled "30' Wide Access Arca" on the Plat (collectively, the
"Access Easements") for the purpose of accessing the Conservation Area. In connection with the
foregoing easements, Grantor hereby grants to Grantee the sole and exclusive right to conduct the
Project Activities, and all activities related thereto, within the Conservation Area and carry out any
and all activities on or relating to the Conservation Area that are consistent with the creation, use,
management, operation, monitoring, preservation and care of the Project within the Conservation
Area. Each of the Grantee Parties shall have the full right of ingress, egress, and regress over the
Access Easements for the full and complete use by it of the Easement granted herein, and shall be
permitted to allow regulatory authorities and personnel access to the Conservation Area for
purposes of evaluating the Project or Project Activities and reviewing compliance with applicable
requirements.
2. Term of Agreement. The rights granted to, and created in favor of, Grantee under this
Agreement shall terminate on December 31, 2040, unless sooner terminated or modified as
provided herein. This Agreement runs with the land and binds the parties hereto and their
successors and assigns.
3. Permitted Project Activities. During the term of this Agreement, and subject to
compliance with the provisions hereof, Grantee, its successors and assigns, shall have the
following rights, which shall not be impeded, restricted or diminished in any way, directly or
indirectly, by Grantor or by Grantor's heirs, successors or assigns:
(a) To apply for, obtain, amend, renew, transfer and surrender such plans, permits,
licenses, approvals, permissions or other instruments from governmental entities that may become
necessary to the purposes authorized by this Agreement. Upon request of Grantee, Grantor shall
promptly and without delay, and without cost to Grantor, provide any authorization, consent,
information or reasonable assistance that may be necessary to obtain any of the foregoing and shall
not oppose, or assist anyone else in opposing, any application by Grantee for any permit, approval
or license necessary to accomplish the purposes authorized by this Agreement;
(b) To conduct activities on or relating to the Conservation Area as necessary to
ensure the successful establishment, operation and maintenance of the Project;
(c) To have, hold and sell and to record the sale of credits from the Project and
Project Activities for such consideration and upon such terms as may be agreed upon between
Grantee and the purchasers of such credits (and, Grantor acknowledges and agrees that such credits
and all benefits and proceeds therefrom are the sole property of Grantee and Grantor has no

economic or ownership interest in the same or claim thereto by virtue of this Agreement); and
(d) To use, without charge, all public and private roads located on the Property for
the purpose of accessing the Conservation Area to conduct the Project Activities, and to the extent
Grantee is unable to reasonably access any portion of the Conservation Area by way of a public or
private road, Grantee, its successors or assigns, has the right of ingress and egress over the Access
Easements.
4. Restrictions. Grantor may not take any action that would have a material, adverse
impact on Grantee's ability to obtain the approval of the Project from the applicable governmental
entities. Grantor shall not execute or subject the Property or consent to any mortgages, liens,
encumbrances, covenants, conditions, restrictions, easements, or rights -of -way, or seek any zoning
changes or take any other action which may affect or modify the status of title or otherwise affect
the Conservation Area without Grantee's prior written consent, which shall not be unreasonably
withheld.
5. Assignment. This Agreement may be transferred or assigned, in whole or in part, by
Grantee, with Grantor's prior written consent, which shall not be unreasonably withheld.
6. Amendment and Termination of Agreement. This Agreement may be terminated or
modified only by written agreement of the Parties, except as otherwise provided herein. In the
event the Project is terminated, Grantee shall retain an easement in, on, over, across and through
such other portions of the Conservation Area and Access Easements, should such retention be
necessary for any of Grantee's continuing requirements of the Project. However, Grantee, at any
time in its sole and absolute discretion, may voluntarily terminate this Agreement by executing
and recording a termination of the same.
7. Miscellaneous. Any general rule of construction to the contrary notwithstanding, this
Agreement shall be liberally construed in favor of the Grantee to effect the purposes of this
Agreement. If any provision of this Agreement, or its application to any person or circumstance,
is determined by a court of competent jurisdiction to be invalid, the remaining provisions of this
Agreement shall not be affected thereby. This Agreement, including any attachments hereto as
referenced herein, sets forth the entire Agreement of the Parties with respect to the matters herein
and supersedes all prior discussions, negotiations, understandings or agreements relating hereto.
The interpretation and performance of this Agreement shall be governed by the laws of the state
of North Carolina. This Agreement is intended solely for the purpose of conveying a property
interest to Grantee upon the terms and conditions set forth herein, and creates no joint venture or
other business relationship between the Parties. This Agreement is solely for the benefit of the
Parties and no third party beneficiary is or is intended to be created hereby. This Agreement may
be executed by the Parties in any combination, in one or more counterparts, all of which together
shall constitute one and the same instrument.
8. Notices. Any notices, demands, requests, consents, approvals, or communications
between the Parties that are required pursuant to this Agreement shall be in writing and shall be
deemed to have been duly given (i) upon receipt, if delivered by hand, or (ii) upon posting, if
mailed, postage prepaid, by certified mail, return receipt requested, or (iii) the business day
following sending if sent by Federal Express or other nationally recognized overnight courier
service or Express Mail, or (iv) upon receipt if sent by facsimile against machine confirmation,
and addressed as follows:
3

To Grantor:
Douglas Allen Jernigan
Aileen K. Jernigan
781 Thunder Swamp Road
Mount Olive, NC 28365
To Grantee:
Environmental Banc & Exchange, LLC
6575 West Loop South
Suite 300
Bellaire, TX 77401
Attn: Stephen Colomb
With copies to:
Resource Environmental Solutions, LLC
3600 Glenwood Avenue
Suite 100
Raleigh, NC 27612
Attn: Chris Santelle
[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK;
SIGNATURES APPEAR ON THE FOLLOWING PAGE]
0

IN TESTIMONY, WHEREOF, the Grantor has hereunto set his hand and seal, the day
and year first above written.
f_R A NT"R -
(SEAL)
Dou�s Allen Jerni
NORTH CAROL_ NA
COUNTY OF
I, �/jcLR\,Q A�I,C-..r\-01 , a Notary Public in and for the County and State aforesaid,
do hereby certify that Douglas Men Jernigan, Grantor, personally appeared before me this day
and acknowledged the execution of the foregoing instrument.
IN WITNESS, WHEREOF, I have hereunto set my hand and Notary Seal this the
day of , 2023.
�Not��Pub�ic�
e
[SEAL]
'
VAo '��,��''
Name of Notary P li
o!
�y
commission expires:
r a �p
=C)1 o z=
Signat
Printed
My comma
5

IN TESTIMONY, WHEREOF, the Grantor has hereunto set his hand and seal, the day
and year first above written.
GRANTOR:
• - (SEAL)
Ail n K. Jernig F
NORTH CAROLINA
COUNTY OF (j0%h5{
I, aa\,[ LI A\q , a Notary Public in and for the County and State aforesaid,
do hereby certify that Aileen 1 . Jernigan, Grantor, personally appeared before me this day and
acknowledged the execution of the foregoing instrument.
IN WITNESS, WHEREOF, I have hereunto set my hand and Notary Seal this the
day of C�� , 2023.
Signa a of Notary Publi
[SEAL]
```,`�;,�,a��ar►p,,Printed Name of Notary Publi
N01 SASA""""'My commission expires:
L` , �t1d
2? - D-
IV
ire A d"d or
71

IN TESTIMONY WHEREOF, the Grantee has hereunto set his hand and seal, the day
and year first above written.
GRANTEE:
Environmental Banc & Exchange, LLC
a Maryland limited liability company
By: Resource Environmental Solutions, LLC, a
Louisiana limited liability company, its manager
By:
Name: , W.
Title: (f:�k (-in
STATE OF:rtai
COUNTY OF Cca-� n� 'p.:Glney oaA
I, a Notary Public of the State and County aforesaid, do hereby certify that
7SB[1 [1 J, *,r personally appeared before me this day and acknowledged that he/she is
the Crcn -afc.\ +i un"A e r of Resource Environmental Solutions, LLC, a Louisiana limited
liability company, manager of Environmental Banc & Exchange, LLC, a Maryland limited liability
company, and that by authority duly given, and as the act of the Grantee, he/she signed the
foregoing Easement in its name, on its behalf and as its act and deed for the purposes stated herein.
Witness my hand and official stamp or seal, this the day of M, 20xt,
[SE.K"XS't Y Cqp
YpVB: s
:$ REG#
77
ci COMMEVIRES
01
—
r'
81/31/�0�
•........••'�X .
ILTH�
I
Signature of Notary Public
Printed Name of Notary Public
My commission expires: at 13t
7

EXHIBIT A
Legal Description of the Property
BEING 455.50 acres, more or less, tract or parcel of real property situated in Wayne County,
North Carolina, located at or near Thunder Swamp Road, being identified as 2564319379, and
more particularly described in a deed recorded in Book 2832 at page 255 of the Wayne County
Registry, North Carolina.
8

EXHIBIT B
Legal Description of the Conservation Area
Tract 1
BEING THAT 18.064 ACRE AREA, CONSISTING OF CONSERVATION EASEMENT "A",
CONSERVATION EASEMENT `B", CONSERVATION EASEMENT "C" AND
CONSERVATION EASEMENT "D", ALL AS SHOWN ON PLAT OF SURVEY ENTITLED
"CONSERVATION EASEMENT SURVEY, OWNERS DOUGLAS ALLEN JERNIGAN AND
AILEEN K JERNIGAN, PIN 2564-31-9379, PREPARED FOR THE STATE OF NORTH
CAROLINA, DIVISION OF MITIGATION SERVICES, "PICKLE CREEK", DMS: 100184,
SPO: 96-LA-179, DATED 6/6/2022, PROJECT 21-02-11, PREPARED BY CHRISTOPHER L
COLE, PLS NUMBER L-5008, AND RECORDED IN THE WAYNE COUNTY REGISTER
OF DEEDS OFFICE AT PLAT BOOK ? , PAGE -i -
Tract 2
BEING THAT 10.589 ACRE AREA, CONSISTING OF CONSERVATION EASEMENT "1",
CONSERVATION EASEMENT "2" AND CONSERVATION EASEMENT "3", ALL AS
SHOWN ON PLAT OF SURVEY ENTITLED "CONSERVATION EASEMENT SURVEY,
OWNERS DOUGLAS ALLEN JERNIGAN AND AILEEN K JERNIGAN, PIN 2564-31-9379,
PREPARED FOR ENVIRONMENTAL BANC & EXCHANGE, LLC, "PROJECT NAME:
PICKLE CREEK PHASE 2 NUTRIENT OFFSET PROJECT", PROJECT: 21-02-11, MAP:
6/6/2022, PREPARED BY CHRISTOPHER L COLE, PLS NUMBER L-5008, AND
RECORDED IN THE WAYNE COUNTY REGISTER OF DEEDS OFFICE AT PLAT BOOK
1P , PAGE ` .3 - J.
w

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
ALTA COMMITMENT FOR TITLE INSURANCE
Issued by
CHICAGO TITLE INSURANCE COMPANY
NOTICE
IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE
INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE
CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT.
THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION,
OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY
THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION,
ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY,
AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED.
THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED
IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT.
THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY
OTHER PERSON.
COMMITMENT TO ISSUE POLICY
Subject to the Notice; Schedule B, Part I -Requirements; Schedule B, Part II -Exceptions; and the Commitment Conditions,
Chicago Title Insurance Company, a Florida corporation (the "Company"), commits to issue the Policy according to the
terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A
for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar
amount as the Proposed Policy Amount and the name of the Proposed Insured.
If all of the Schedule B, Part I -Requirements have not been met within six (6) months after the Commitment Date, this
Commitment terminates and the Company's liability and obligation end.
Countersigned By:
M06A&_101K
Minette Van Goethem, Authorized Signatory
Authorized Officer or Agent
Chicago Title Insurance Company
By:
Attest:
Michael J. Nolan, President
Marjorie Nemzura, Secretary
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part 1-Requirements; Schedule B, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM Ii ICAN
Copyright American Land Title Association. All rights reserved. LAND TITIF
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 1 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
Transaction Identification Data for reference only:
Issuing Office: Chicago Title Company, LLC, 300 Blackwell Street, Suite 103, Durham, NC 27701
Phone: [phone]
Fax: [phone]
Commitment Number: 20-12609DU
Property Address: Thunder Swamp Road, Mount Olive, NC 28365
SCHEDULE A
1. Commitment Date: July 29, 2022 at 08:00 AM
2. Policy to be issued:
(a) ALTA Owner's Policy (06-17-06)
Proposed Insured: Environmental Banc & Exchange, LLC, a Maryland LLC
Proposed Policy Amount: $605,400.00
3. The estate or interest in the Land described or referred to in this Commitment is:
Conservation Easement
4. Title to the Fee Simple estate or interest in Land is at the Commitment Date vested in:
Doualas Allen Jerniaan and Aileen K. Jern
5. The Land is described as follows:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
END OF SCHEDULE A
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND T,T,F
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 2 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
EXHIBIT "A"
Legal Description
Lying and being situate in Wayne County, North Carolina, and being more particularly described as follows:
TRACT 1:
1afm0tNMNGroastaaUrmamfrelie Ana_tlai ningoc )mcru,4m0'na°�ll�
abw an I aal �+ ) 3 aallh uai itlaaF E. Wa.aatlm*k Ida tlir4 divWan aNk dw bn& KN mmnim K I ltw°wwvs°
a,ia t ;aaa ek, Irec.tarrJed in Di.,'i'sions aaro;t;,l [)morn Hm rak 2:, Paps a a :182 ar Mc ollo e o'l"`Ow Oa
of Cowl oki"%*, nc Can, and tons gttr= hem sWd beynAng earn so kmala d ;Swool'i
71 degr a u s, Fn.,, 213, k,rolcs tea im stake on ,a alai & Ikw1'ta`e am, D si; id ditch �' ulh 97 degrees East. 19
lnaalew to damn said UK; Me.ncir , moh 5 avl.egi a n 140 4,a, ,err ( lba rks tlaw aYr Make; mlmawwsa;
sokal4a 16 alegaa.m I.asa I f)':f.5 pots ta:, as Oak on Te old, mad HgN of aa s.a, non ,almantComaaa said
aualk;.e being on the %T.,mu^rl a kil:me matllis 702 auty ml,ad auk Il;lautl yt�almr, qa'd 11 mteecIJ zccorde(l in I000k
3, Page 22;,, a.a1 to %a"x f marammly Ian p6t:ry ; Once 540h 4 1 i2 & gree,.mt 1 ra st 10 km es U) ,n
aotk,g:o 1hrivtai'C<t Sarah J mlaw d co mml thence Nvimhu the a,laso ieOhma°„ now l'+ IV "a= tl dlm, F ast aboua:l
0 par.d a w a t,t,ake mite Me AmM Qt of Me Hird t rm road; tftcncc as the Su°utti, Bird
farm rcud Itio)ul,b 7k akmp r. !� °s 45 o7iOnCS East 15CS kta,la.°s tam a sWU an Me a5 d U157rgan mull
1-N4wkels bores reao,,td (now Secirrdary Utaad °~~lam. p I p 7) nlmc.rmcc wN lh Secoudw y Road Na:a. k k 17 sel,.mlh
kt degroes 30 rtihtu'los "aw M '121 -1.lumoles ul of stake, [lie lairinn,-,r Mmmmd )J ljsa k:,a k m rauer, norvk .L�.
'~rotalhia, lilu,fttJc w dtt, ' It uh Im1'tt Mist 71 rudest to a stake in dic plkacv rof .a kota,ad� m;'akalC, tlg� �d�rmtlac���;l
coirnner uiF nine, t60 ,ocxe lnict „ailottt.ad to h1h, l al FIowcls in u,hu divmiaotli r,",-rk r u2 Narcane P.
k Vd wns p mWs as ali:owa;alid On known n as he sAalow I Lather 4`wbl"alep Iiaa,nce TtiaroM K7 c1egr°etsata
Wem 156 5 poles kcal lIaack tt°,tlan`a,ao di while oak, 1 % .'k,aminryg ay n, ctonw uari the SOal4)'tlglc, of
Poplar firdrma°1r dmcnce ehr. n lime Sok.,iHj twfxmtog of Imphr I:n mwh ,as le smw Ima artd ow in a
Vkleslel by alirecdc'!on.rachord about 128 faaa cs, to the Aak of sail branch; LlmamimrtO d°w'uamrn 10(,-ai tleoaa n
Meg rama,arm eis oftkmc rams aa1' l"upnl,aa Br;nn6 oao ,d wa�'�aa4�el)° (La,ectian, a chord, ,alrooua 101 IrM: ing tto drat;,
in oulh amf1-pr,gd r Branch 5 1:1m,oimaler Smwlq dwixe &rw.wlm Me alaaaancler, c, (he run rof 1l i n6r,
Suamrrip in a NaamlNment &Ia°ahn In Ilmt° kr0n[ of (IregirnOlg. And lacoreagtloa lrirtlrt'1Va iCt time Data,
i%a Dolgwlas,% kiori lemnigan.n and,Aiken KAermla amIm as wtawos in a;m umon, dated 1,onacamanlmaT 10,
20 , 0 arid rec(aaaled bi Book '218 a, flag ,5 t.:if lme �Vx t:ne. (.. ounmrM' 110-aga slr),.
TRACT 2:
00mg all Mat una4m Wad of limmmd Ic4a,n0fied xs 'TKA(� T 1, Cai�Y4,..AINKU 1iML287 A IlRf..S,
anu r; or ins, as Aawn an a mn.a p eaniMed ' ^ way,q for Il)wnnmgl;as Jernigan, ffa�r+ad�wrr "1Cam� araalle�ila,
%,Vorwrn* t,ounl, , r'w'."' draaed.,daaare° -1.2tlL laennmiread by ftmmlalu;aRai IRaaairn;°4amy 1109±sda.^mW
5utr"n-umtor,and redarefedlimPLAT t.,",,KI ETL, SLARE 62-0, in theM!ayne Ownly Registry,
MW dbul % d^,ka "d"uwn in the ,;'deed apt t'aarlvelPon m.am dmaanag6 ;Maness Jmnnii;l„aa,m, au d vM& Atdwfs It
K,,derriigavij, dated .dome ;rat&, 20011 and, ewer(-d in Book 11362, m's' gu e 74 oftime Wayne "t aatntly,
Ra Wnt Maad 174°iimg mdnaYAedW,"l mc' 6 dine dpt,altd to dllngthi diem Ai rruii8"uamcl wihY Ueeot
K-1a°ror6pan,aa%lononoAineonini n, datedDecenjibor14,2ilitlmrairevoa^deAnauBook PAge.
255 in tole Wa',4mne 4"rieiaau y'RegiAtr %
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part ARequirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM MOAN
Copyright American Land Title Association. All rights reserved. MND VnF
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 0&1712 @ 06:37 PIVI
101046D0102Aoc / Updated: 03.28.22 Page 3 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
SCHEDULE B, PART I
Requirements
All of the following Requirements must be met:
The Proposed Insured must notify the Company in writing of the name of any party not referred to in this
Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then
make additional Requirements or Exceptions.
2. Pay the agreed amount for the estate or interest to be insured.
Pay the premiums, fees, and charges for the Policy to the Company.
4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must
be properly authorized, executed, delivered, and recorded in the Public Records.
(A deed of trust securing a one -to -four -family residential property must be recorded prior to disbursement of funds.
A deed of trust securing non one -to -four family residential property that will be recorded more than 30 days
following funding of the loan requires PRIOR approval of Company's underwriting counsel.)
a. Conservation Easement from Douglas Allen Jernigan and Aileen K. Jernigan and spouse/their respective
spouses, if any, to Environmental Banc & Exchange, LLC, a Maryland LLC.
Cancellation, release, termination, discharge, or satisfaction of record of the following: (In the event the lien to be
cancelled or satisfied is a line of credit such as a home equity line or future advance loan secured by a deed of
trust, attorney to verify as applicable under North Carolina law: (i) delivery of borrower's written request and notice
to lender to terminate borrower's account, (ii) payoff in full of all outstanding sums secured by the deed of trust,
and (iii) release of the Land from or cancellation of public record of the deed of trust.)
a. Deed of Trust to John P. Edwards, Jr., Trustee for CBC National Bank, filed for record March 18, 2016, in
Book 3214, page 679, securing $4,850,000.00. [1st position lien]
b. Request for Copy of Notice of Sale dated March 18, 2016, recorded in Book 3214, page 761, Wayne
County Registry
C. Request for Copy of Notice of Sale dated March 18, 2016, recorded in Book 3214, page 762, Wayne
County Registry
d. Assignment of Leases and Rents in favor of CBC National Bank, recorded in Book 3214, page 737.
e. UCC Fixture Filing Financing Statement, recorded in Book 3214, page 756; and UCC Financing
Statement Amendment recorded in Book 3563, Page 197, Wayne County Registry.
Deed of Trust to William H. Weatherspoon, Jr., Trustee for Yadkin Bank, filed for record March 20, 2015,
in Book 3145, page 65, securing $3,250,000.00; as affected by that Subordination Agreement dated
February 16, 2016, recorded in Book 3214, page 758; ; as affected by that Assignment of Deed of Trust,
Assignment of Rents and Security Agreement recorded in Book 3584, Page 758, [2nd position lien]
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND T,T,F
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 4 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
Deed of Trust to Scott C. Gayle, Tuggle, Duggins P.A., Trustee for Clean Blue Blo Farms, LLC, filed for
record March 31, 2015, in Book 3147, page 50, securing $789,375.00; as affected by that Subordination
Agreement dated March 31, 2015, recorded in Book 3215, page 104, Wayne County Registry. [3rd
position lien]
Federal Tax Liens filed in 17 M 261, 19 M 86, and 21 M 91, all filed in Wayne County Clerk of Courts.
6. Payment of all taxes (including deferred taxes) and assessments (pending or confirmed) which are or may
become a lien on the Land and are due OR payable at time of recording of the instrument creating the interest to
be insured.
DEFERRED TAXES TO BE PAID
2022 TAXES DUE AND PAYABLE AT CLOSING
Payment of any owners' association dues, charges, or assessments claimed or due and payable at time of
recording of the instrument creating the interest to be insured, whether or not a claim of lien has been filed, if
same are or may become a lien superior to the interest to be insured.
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND T,T,F
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 5 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
Receipt of applicable NCLTA form below (or substantially similar form approved by Company), completed,
executed and notarized, as follows:
NO RECENT (last 120 days) OR CONTEMPLATED CONSTRUCTION:
NCLTA FORM 1 (Owner Affidavit) from every seller (on sale) or borrower (on refinance) who has not contracted
for recent or contemplated improvements on the Land or for a construction loan.
NOTE: If a contract purchaser has contracted for or is contemplating improvements, see "CONSTRUCTION
CONTEMPLATED OR IN PROCESS" below.
RECENTLY COMPLETED IMPROVEMENTS:
Non -MLA project: NCLTA FORM 2 (Owner/Contractor Affidavit, Lien Waiver, and Indemnity) from every Owner
and every Contractor.
MLA project:
(1) Receipt of proof satisfactory to the Company that prior to closing or prior to first contracting for construction
(whichever occurs first),
(a) A Lien Agent was designated on the LiensNC.com website, AND
(b) The Appointment of Lien Agent was posted at the Land.
(2) NCLTA FORM 5 (Owner Affidavit) from every Owner; AND
(3) NCLTA FORM 6 (MLA Lien Waiver) from every PLC -MLA.
CONSTRUCTION CONTEMPLATED OR IN PROCESS:
Non -MLA project: NCLTA FORM 3 (Owner/Contractor Affidavit, Indemnity and Lien Subordination) (for lender
coverage only) from every Owner and every Contractor.
MLA project:
(1) Receipt of proof satisfactory to the Company that prior to closing or prior to first contracting for construction
(whichever occurs first):
(a) A Lien Agent was designated on the LiensNC.com website, AND
(b) The Appointment of Lien Agent was posted at the Land;
(2) NCLTA FORM 5 (Owner Affidavit) from every Owner; AND;
(3) NCLTA FORM 6 (MLA Lien Waiver) or NCLTA FORM 7 (MLA Subordination of Liens) from every PLC -MLA.
NOTE: If a contract purchaser has contracted for or is contemplating improvements prior to closing, see "NO
RECENT IMPROVEMENTS" above regarding seller lien affidavits as well.
MLA Project - MLA NOT Appointed Prior to Contracting for Labor Services or Materials:
In all cases in which an MLA was required but not (timely) appointed, prior approval and terms of coverage (if any)
by Company underwriting counsel is required.
Applicable Definitions:
"Non -MLA Projects": Improvements are (1) first contracted before April 1, 2013, (2) for a value less than $30,000
OR (3) solely for improvements to owner's existing residence. All other projects (other than public projects) are
"MLA projects".
"Owner" is holder of any interest in the Land, including leasehold owner or contract purchaser.
"Potential Lien Claimant" (or "PLC - MLA") is any person (or entity) entitled to file a claim of lien on real property
(herein "Liens"), for providing labor, services, (including design professionals such as surveyors, architects,
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM Ii ICAN
Copyright American Land Title Association. All rights reserved. LAND TITIF
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 6 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
engineers and landscape engineers), materials or rental equipment provided for improvements to the Land (herein
"Improvements"), pursuant to Article 2 of Chapter 44A of the North Carolina General Statutes AND who either
has filed a Notice to Lien Agent, OR was identified in the original Appointment, OR is a Design Professional OR is
a PLC whose first furnishing was within 15 days prior to closing OR (for waivers) delivered a claim of lien upon
funds on the Owner.
"Contractor" Any person or entity who has performed or furnished or has contracted to perform or furnish Labor,
Services or Materials pursuant to a contract, either express or implied, with the Owner of real property for the
making of an Improvement thereon OR who has delivered a claim of lien upon funds to the Owner.
If the transaction involves the purchase of property at foreclosure, the purchase of real estate owned (REO) by a
lender/servicer, or the subsequent resale or mortgage of property where the grantor or mortgagor was a purchaser
of REO property; verification that the defaulted borrower in the foreclosure proceeding, or anyone claiming by,
through or under him, is not occupying or in possession of the foreclosed property.
10. IN THE EVENT THAT, AT TIME OF CLOSING, THE REGISTER OF DEEDS HAS DISCONTINUED ALL
RECORDING OR THE ABILITY TO EXAMINE OR UPDATE PUBLIC RECORDS IS PREVENTED BY
CORONAVIRUS STATE OF EMERGENCY OFFICE CLOSURES, BUT ALL PARTIES DESIRE TO CLOSE
BEFORE DELAYED RECORDING WHEN REGISTER RESUMES RECORDING, CONTACT THE COMPANY
FOR FURTHER REQUIREMENTS.
11. For issuance of survey coverage: Company must be provided with a current surveyor's report and survey of the
Land bearing the signature and seal of a licensed North Carolina surveyor and prepared in accordance with North
Carolina standards for surveys of land or the Minimum Standard Detail Requirements for ALTA/ACSM Land Title
Surveys.
12. SATISFIED
nswFed, and any additional pFemium must be paid at th.at time 4 A GWROF'S PEAGY ShO611d F@f'@Gt th@ P6IFGha&G
n remi61mc shorn ert nnncictent therewithwhen the final omni-Ints ore onnrnvert
13. Verification as of closing of (1) the due organization and good standing of Environmental Banc & Exchange, LLC,
a Maryland LLC (herein "Entity") in its state or country of organization and (2) authority of individual(s) executing
documents on behalf of Entity to enter into the transaction to be insured on its behalf.
END OF SCHEDULE B, PART I
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND T,T,F
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 7 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
SCHEDULE B, PART II
Exceptions
THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION
CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC
COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE,
COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR
NATIONAL ORIGIN.
The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement
identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company:
1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records
or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B,
Part I - Requirements are met.
2. Taxes or assessments for the year 2022, and subsequent years, not yet due or payable
3. All deferred taxes.
4. Any discrepancy, conflict, matters regarding access, shortage in area or boundary lines, encroachment,
encumbrance, violation, variation, overlap, setback, easement or claims of easement, riparian right, and title to
land within roads, ways, railroads, watercourses, burial grounds, marshes, dredged or filled areas or land below
the mean highwater mark or within the bounds of any adjoining body of water, or other adverse circumstance
affecting the Title that would be disclosed by a current inspection and accurate and complete land survey of the
Land.
5. Rights of others in and to the continuous and uninterrupted flow of the waters bounding or crossing the Land and
riparian and/or littoral rights incident to the Land and claims to Land created or lost by accretion, reliction or
avulsion resulting from movement of the creeks forming the boundary of the insured Land.
6. [INTENTIONALLY DELETED] AAemorandiim of Corm Onreaoe Lease Agreement dated Cehnlar\/ 3, 2016
EXPIRED BY ITS TERMS
7. Rights of tenants in possession, as tenants only, under unrecorded leases.
8. The correctness of the square footage/acreage computation contained in the description of the Land is not
insured.
9. Terms and provisions set forth in that Conservation Easement recorded in Book , page
10. Any right, easement, setback, interest, claim, encroachment, encumbrance, violation, variations or other adverse
circumstance affecting the Title disclosed by plat(s) recorded in and Plat Book P, Page 63-B, Wayne County
Registry.
THE FOLLOWING EXCEPTIONS APPLY TO TRACT 1:
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND T,T,F
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 8 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
11. Memorandum of Agreement dated July 7, 2020, by and between Douglas Allen Jernigan and wife, Aileen K.
Jernigan and Environmental Banc & Exchange, LLC, recorded in Book 3534, page 501, Wayne County Registry
12. Easement dated December 20, 1991, to Carolina Power and Light Company recorded in Book 1317, page 284,
Wayne County Registry.
13. Easement dated July 31, 2003, to Progress Energy Carolinas, Inc. recorded in Book 2125, page 849, Wayne
County Registry.
14. Easement dated December 17, 2002, to Carolina Power and Light Company recorded in Book 2260, page 718,
Wayne County Registry.
15. Easement dated May 19, 2010, to Carolina Power and Light Company recorded in Book 2784, page 371, Wayne
County Registry.
16. THE FOLLOWING EXCEPTIONS APPLY TO TRACT 2:
17. Any right, easement, setback, interest, claim, encroachment, encumbrance, violation, variations or other adverse
circumstance affecting the Title disclosed by plat(s) recorded in Plat Cabinet L, Slide 62-D,Wayne County
Registry.
18. Memorandum of Agreement dated July 7, 2020, by and between Douglas Allen Jernigan and wife, Aileen K.
Jernigan and Environmental Banc & Exchange, LLC, recorded in Book 3534, page 508, Wayne County Registry
19. Easement dated April 4, 1988, to Carolina Power & Light Company recorded in Book 1202, page 492, Wayne
County Registry.
20. Easement dated October 23, 1988, to Carolina Power & Light Company recorded in Book 1218, page 594,
Wayne County Registry.
21. Easement dated June 21, 2001, to Carolina Power & Light Company recorded in Book 1865, page 463, Wayne
County Registry.
22. Easement dated December 17, 2002, to Carolina Power & Light Company recorded in Book 2260, page 714,
Wayne County Registry.
23. Easement dated April 25, 2007, to Carolina Power & Light Company recorded in Book 2543, page 204, Wayne
County Registry.
24. Boundary Line Agreement recorded in Book 3739, Page 51, Wayne County Registry.
END OF SCHEDULE B, PART II
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND T,T,F
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 9 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
REMARKS
NO CLOSING SERVICES INSURANCE: As to the transaction for which this Commitment is issued, the Company
does not afford insured closing protection/closing services insurance absent revision of this Commitment to
include a statement that coverage is afforded to those parties identified in a separate closing protection letter
issued simultaneously with revision of the Commitment. Any closing protection coverage or letter which heretofore
may have been issued is hereby rescinded and shall not be effective as to this transaction. Any closing protection
letter subsequently issued shall not be effective as to this transaction absent the accompanying requisite revision
of this Commitment.
END OF REMARKS
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND T,T,F
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 10 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
COMMITMENT CONDITIONS
DEFINITIONS
(a) "Knowledge" or "Known": Actual or imputed knowledge, but not constructive notice imparted by the Public Records.
(b) "Land": The land described in Schedule A and affixed improvements that by law constitute real property. The term "Land" does not include
any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads,
avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be
insured by the Policy.
(c) "Mortgage": A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law.
(d) "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company
pursuant to this Commitment.
(e) "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment.
(f) "Proposed Policy Amount": Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant
to this Commitment.
(g) "Public Records": Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of
matters relating to real property to purchasers for value and without Knowledge.
(h) "Title": The estate or interest described in Schedule A.
2. If all of the Schedule B, Part I -Requirements have not been met within the time period specified in the Commitment to Issue Policy, this
Commitment terminates and the Company's liability and obligation end.
3. The Company's liability and obligation is limited by and this Commitment is not valid without:
(a) the Notice;
(b)
the Commitment to Issue Policy;
(c)
the Commitment Conditions;
(d)
Schedule A;
(e)
Schedule B, Part I -Requirements;
(f) Schedule B, Part II -Exceptions; and
(g) a counter -signature by the Company or its issuing agent that may be in electronic form.
4. COMPANY'S RIGHT TO AMEND
The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse
claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment
Condition 5. The Company shall not be liable for any other amendment to this Commitment.
5. LIMITATIONS OF LIABILITY
(a) The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between
the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the
Proposed Insured's good faith reliance to:
(i) comply with the Schedule B, Part I -Requirements;
(ii) eliminate, with the Company's written consent, any Schedule B, Part II -Exceptions; or
(iii) acquire the Title or create the Mortgage covered by this Commitment.
(b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of
the matter and did not notify the Company about it in writing.
(c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the
Commitment included the added matter when the Commitment was first delivered to the Proposed Insured.
(d) The Company's liability shall not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in
Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount.
(e) The Company shall not be liable for the content of the Transaction Identification Data, if any.
(f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B,
Part I -Requirements have been met to the satisfaction of the Company.
(g) In any event, the Company's liability is limited by the terms and provisions of the Policy.
6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT
(a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.
(b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment.
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND TITIF
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 11 NC-CT-FSAC-01080.365396-20-12609DU

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 20-12609DU Revision 4 AUGUST 17, 2022
(c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the
subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether
written or oral, express or implied, relating to the subject matter of this Commitment.
(d) The deletion or modification of any Schedule B, Part II -Exception does not constitute an agreement or obligation to provide coverage beyond
the terms and provisions of this Commitment or the Policy.
(e) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company.
(f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy.
7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT
The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is
not the Company's agent for the purpose of providing closing or settlement services.
8. PRO -FORMA POLICY
The Company may provide, at the request of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide. A
pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is it a commitment
to insure.
9. ARBITRATION
The Policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is Two Million And No/100 Dollars
($2,000,000.00) or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A
Proposed Insured may review a copy of the arbitration rules at http://www.alta.ora/arbitration.
END OF CONDITIONS
This page is only a part of a 2016 ALTA@ Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule 8, Part 1-Requirements; Schedule 8, Part 11-Exceptions; and a counter -signature by the
Company or its issuing agent that may be in electronic form.
AM RICAN
Copyright American Land Title Association. All rights reserved. LAND TITIF
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r
ALTA Commitment for Title Insurance (08-01-16) Printed: 08-17-22 @ 06:37 PM
101046D0102.doc / Updated: 03.28.22 Page 12 NC-CT-FSAC-01080.365396-20-12609DU