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3.15 3.15 AGREEMENTSTake George Land Conservancy—Property Purchase French Mountain Preserve—Conservation Easement—9-10-18 RESOLUTION AUTHORIZING AGREEMENT BETWEEN TOWN OF QUEENSBURY AND LAKE GEORGE LAND CONSERVANCY, INC. FOR PROPERTY PURCHASE AND CONSERVATION EASEMENT IN CONNECTION WITH FRENCH MOUNTAIN PRESERVE RESOLUTION NO.: ,2018 INTRODUCED BY: WHO MOVED ITS ADOPTION SECONDED BY: WHEREAS, the Lake George Land Conservancy, Inc. (LGLC) has advised that it wishes to purchase certain property in the Towns of Lake George and Queensbury currently owned by French Mountain Forest, LLC for the price of$525,000 consisting of 318± acres east of Bloody Pond Road with property bearing Tax Map No.: 265-1-28 located in the Town of Queensbury and properties bearing tax map nos. 264.16-1-27, 264.16-1-28, 265.00-2-1 located in the Town of Lake George, such properties collectively referred to as the French Mountain Preserve, and WHEREAS, in an effort to protect and preserve that portion of property in the French Mountain Preserve located in the Town of Queensbury, the Queensbury Town Board wishes to subsequently purchase from LGLC that portion of property bearing Tax Map No.: 265-1-28 for the amount of$67,000, and WHEREAS, the Town Board also wishes to grant to the LGLC a Conservation Easement restricting the use of the property to passive recreation uses by the public and/or to permit forestry management and donate $10,000 to LGLC for administration of the Conservation Easement, and WHEREAS, a proposed Agreement between the LGLC and the Town of Queensbury regarding the Town's property purchase is presented at this meeting and is in form acceptable to Town Counsel, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby authorizes the Agreement between the Lake George Land Conservancy, Inc. (LGLC) and the Town of Queensbury providing for the Town's purchase of property bearing Tax Map No.: 265-1-28 for the amount of $67,000, and an additional $10,000 for the administration of the Conservation Easement, as more specifically delineated in the preambles of this Resolution, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to execute the Agreement substantially in the form presented at this meeting, as well as a Conservation Easement with the LGLC to be in form acceptable to Town Counsel and/or the Town Supervisor, and any other needed documentation to effectuate the property purchase and Conservation Easement, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Budget Officer to take all actions needed to provide for the expenditures of $67,000 for the property purchase and $10,000 for the administration of the Conservation Easement, including amending the Town Budget by decreasing the Town's Undesignated, Unappropriated General Fund Balance 4001-0000-0909 by $77,000 and increasing Land Acquisition Appropriation Account 4001-1940-2820 by $77,000, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, Town Budget Officer and/or Town Counsel to take any other needed actions to effectuate the terms of this Resolution. Duly adopted this 1 Oth day of September, 2018, by the following vote: AYES NOES ABSENT: AGREEMENT This Agreement, entered into this day of September, 2018, by and between the Lake George Land Conservancy, Inc. ("LGLC") a not-for-profit corporation duly formed under the laws of the State of New York, having a mailing address of 4905 Lakeshore Drive, PO Box 1250, Bolton Landing, New York 12814, and the Town of Queensbury ("Queensbury" or "the Town") a municipality in the State of New York, located in Warren County, having a mailing address of 742 Bay Road Queensbury, New York 12804 sets forth the terms under which the parties have agreed to purchase ownership interests in property located in the Towns of Lake George and Queensbury. WHEREAS, LGLC and Queensbury desire to protect and preserve lands in the Town of Queensbury. These lands consist of 167.31± acres east of Bloody Pond Road (tax map no. 265-1-28 in the Town of Queensbury) currently owned by French Mountain Forest, LLC. These lands will be collectively referred to as the French Mountain Preserve. NOW, THEREFORE, in consideration of the terms, conditions, and other considerations set forth below, the sufficiency of which is hereby acknowledged, the parties, intending to be legally bound hereby, agree to the following: 1. LGLC will purchase the 318± acres from French Mountain Forest, LLC for the price of$525,000. 2. Immediately after LGLC purchases the 318± acres from French Mountain Forest, LLC, Queensbury will purchase from LGLC the lands in the Town of Queensbury (currently tax map no. 265-1-28). 3. Queensbury will pay $67,000. to LGLC for the Town's lands, and LGLC will transfer all of the rights, privileges and interests in the properties free of all encumbrances and exceptions except: a. Laws and government regulations, including but not limited to zoning and environmental protection laws; b. Normal utility distribution easements, c. Easements or restrictions of record imposed on the properties, provided they are not violated by the existing buildings or improvements (if any) erected on the properties; d. Such taxes and assessments for the current year as are not due and payable on the date of closing; and e. Any state of facts an accurate survey or inspection of the properties would disclose, provided they do not render title unmarketable. 4. Queensbury agrees that the 318± acres of land will be used solely for passive recreation by the public and/or forestry management, and that this provision shall survive the closing. In addition to the provision in this paragraph, at the closing (immediately after conveyance of the lands to the Town), the Town will grant to LGLC a conservation easement restricting the use of the land to passive recreation uses by the public, including but not limited to: trails for hiking, biking, snowshoeing and cross-country skiing, and other non-motorized activities, and a parking lot solely to be used to provide parking for such activities. The conservation easement will also permit forestry management, prohibit subdivision of the property, and exclude residential, commercial, industrial and active recreational uses, including but not limited to: motorized vehicles, sports facilities, and playgrounds. The Town agrees to convey to LGLC all of the rights, privileges and interests as set forth in the draft conservation easements annexed hereto. The final conservation easement conveyed by the Town to LGLC at the closing shall be in substantially the same form as the draft conservation easements annexed hereto. The Town further agrees to convey the 2 conservation easement free of all encumbrances and exceptions. In particular, the Town agrees to satisfy or subordinate any mortgages affecting the properties, so that the conservation easement is conveyed to LGLC free of such encumbrances, if any. The Town agrees to donate $10,000. to LGLC for the administration of the conservation easement. 5. Further, LGLC intends to submit a grant application to the NY Department of Parks and Recreation during the next possible funding cycle seeking funds to reimburse LGLC for the funds used to complete the purchase of the French Mountain Preserve. LGLC may also re-apply if the application is denied. The Town agrees that it will cooperate with LGLC in applying for said grant(s). 6. The Parties agree that they may apply for other grants related to the properties in addition to the grant referenced in paragraph 5. Each Party will cooperate with the other Party in applying for said grants. 7. LGLC shall furnish a proposed deed, TP-584, RP-5217 and copies of tax receipts for the past year to the Town's attorneys at least 14 days before closing. LGLC shall furnish at its expense, the following within 20 days from acceptance of this contract by the Town, thereby establishing proof of marketable title: a. 5 year tax search; and b. Abstract of Title covering at least 40 years and continued to within 30 days of closing, or a current "owner's" fee title insurance policy along with a "stub search" continuation (including complete copies of any exceptions, easements, covenants, restrictions and reservations set forth in such title insurance policy) to update the title to within 30 days of closing. 8. The properties shall be transferred from LGLC to the Town by means of a Bargain and Sale Deed furnished by LGLC. The conservation easements will be transferred from the Town to LGLC by means of a deed of conservation 3 easements (draft annexed hereto). The deeds will be properly prepared and signed so that they will be accepted for recording in the Warren County Clerk's Office. The Parties agree to cooperate in signing any reasonable title affidavits and any other forms requested by the title company of any other Party. 9. The Parties agree that if any Party correctly rejects the title to any of the property as unmarketable, then LGLC and/or French Mountain Forest, LLC shall have a reasonable length of time, not to exceed 60 days, to cure the title defect. LGLC and/or French Mountain Forest, LLC shall have no obligation to cure the objection, but if LGLC and/or French Mountain Forest, LLC is unable to cure the objection, then this Agreement may be terminated by any Party by written notice to the other in accordance with paragraph 15 of this Agreement. If the Agreement is terminated, the Parties shall be discharged of their obligations to the other Parties with respect to the sale and purchase of the unmarketable property. 10.LGLC will pay the New York State Real Property Transfer Tax. 11.The taxes and any other charges or assessments shall be divided pro-rata between LGLC and the Town as of the date of possession so LGLC and the Town are assuming the expenses of the properties as of the date of possession. 12.Subject to the permission of French Mountain Forest, LLC, the Town has the right to inspect the properties at a reasonable hour within 48 hours of the transfer of title to ascertain that there has been no material change in the condition of the properties since the execution of the Agreement. If there has been material change, the Town may terminate the Agreement by written notice in accordance with paragraph 15 below. 13.The transfer of title to the properties from LGLC to the Town, and the transfer of the conservation easement from the Town to LGLC, shall take place 4 simultaneously. The transfer will take place immediately after the transfer of title to the properties from French Mountain Forest, LLC to LGLC. The closing will be on or about October 17, 2018. The persons executing the transfer documents shall provide a government issued photo identification at the closing. 14.The Town shall be granted possession of the properties at closing. 15.All notices contemplated by this Agreement shall be in writing, delivered by (a) first class mail postage prepaid postmarked no later than the required date; (b) by electronic transmission (e-mail) by 11:59 p.m. on such required date; or (c) by personal delivery by 11:59 p.m. on such required date. Such notice shall be effective on the date it is sent. Any notices shall be sent to the other Party's attorney, as follows: Braymer Law, PLLC for LGLC Claudia Braymer, Esq. PO Box 2369 Glens Falls NY 12801 claudia@braymerlaw.com (518) 882-3252 Miller, Mannix, Schachner & Hafner for Queensbury Mark Schachner, Esq. 15 W. Notre Dame Street Glens Falls NY 12801 mschachner@mmshlaw.com (518) 793-6611 16.It is understood and agreement that all prior understandings and agreements between the Parties are merged into this Agreement. This Agreement shall not be orally amended, modified or waived, either in whole or in part, and no amendment, modification or waiver of this Agreement or any provision hereof shall be binding unless executed in writing by the Party or Parties to be bound thereby. 5 17.The Parties acknowledge that each has had the benefit and advice of independent counsel in connection with this Agreement. It is understood and agreed that the Parties shall be deemed to have drafted this Agreement in order to avoid any negative inference by any court or other adjudicator as against the drafter of this Agreement. 18.Each Party hereto shall be solely responsible for its own legal expenses and costs in connection with this matter and Agreement. 19.This Agreement shall be binding on and shall inure to the benefit of the Parties, their successors-in-interest and assignees. This Agreement cannot be assigned without the written consent of both parties. 20.Each Party covenants and represents that it is fully authorized to enter into this Agreement and to carry out the obligations provided for herein. 21.This Agreement is contingent upon the execution and completion of the contract between LGLC and French Mountain Forest, LLC for purchase and sale of the properties. IN WITNESS WHEREOF, this Agreement has been duly executed, agreed and accepted as of the day and year first above written. Lake George Land Conservancy, Inc. Town of Queensbury By: By: Jamie Brown, Executive Director John F. Strough, Supervisor 6 STATE OF NEW YORK) ) SS.: COUNTY OF WARREN) On the day of in the year of 2018, before me, the undersigned, a Notary Public in and for said State, personally appeared, Jamie Brown, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed this instrument. Notary Public (Affix stamp or seal) STATE OF NEW YORK) ) SS.: COUNTY OF WARREN) On the day of in the year of 2018, before me, the undersigned, a Notary Public in and for said State, personally appeared, John F. Strough, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed this instrument. Notary Public (Affix stamp or seal) AGREEMENTS\Lake George Land Conservancy and Town—French Mountain Preserve—September 2018-FINAL 7 August 2018 DRAFT This DEED OF CONSERVATION EASEMENT (hereinafter referred to as the "Conservation Easement" or"Easement") is made this_day of 2018. INTRODUCTION WHEREAS, the Town of (hereinafter called the "Grantor"), is the owner in fee simple title of approximately acres of real property located in the Town of , Warren County,New York, more particularly described in Exhibit"A" and as is shown on the survey map attached hereto as Exhibit"B", both of which are attached hereto and by reference incorporated herein (hereinafter called the "Protected Property"). The Protected Property is described in a deed from the Lake George Land Conservancy, Inc. to Grantor of even date herewith and intended to be recorded in the Warren County Clerk's Office immediately prior hereto. The Protected Property has significant ecological, conservation, open space, and aesthetic values, as more fully set forth below; and WHEREAS, Lake George Land Conservancy, Inc. (hereinafter called the "Grantee"), is a not-for-profit corporation incorporated under the laws of the State of New York. Grantee is a tax-exempt public charity under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder(hereinafter the "Code"), has received determination letters from the Internal Revenue Service, on file at the offices of Grantee, to the effect that Grantee is a"publicly-supported"organization under Sections 509(a)(1) and 170(b)(1)(A)(vi) of the Code, is not a"private foundation" as described in Section 509(a) of the Code, and is a"qualified organization"under Section 170(h)(3) of the Code. Grantee is qualified under Article 49, Title 3 of the New York State Environmental Conservation Law(the "ECL") to receive and hold conservation easements by purchase, gift, conveyance, grant, devise, bequest, or otherwise; and WHEREAS, Grantee has as its mission the preservation of natural areas for conservation, biological, scientific, charitable, educational, and aesthetic purposes; and WHEREAS, the grant of this Conservation Easement will serve the following "Conservation Purposes," as such term is defined in Section 170(h)(4)(A) of the Code, as amended: "The preservation of open space ... where such preservation is (i) for the scenic enjoyment of the general public, or (ii) pursuant to clearly delineated federal, state, or local govermnental conservation policy, will yield a"significant public benefit" and will also preserve and protect the "Conservation Values" of the Protected Property, as described below in this Introduction; and WHEREAS, the Protected Property is a significant natural area qualifying as a ". . . relatively natural habitat of fish, wildlife, or plants, or similar ecosystem," as that phrase is used in Section 170(h)(4)(A)(ii) of the Code, and the conservation of the Protected Property "will yield a significant public benefit under Section 170(h)(4)(A) of the Code; and WHEREAS, Article 14, Section 4 of the New York State Constitution states that "the policy of this State shall be to conserve and protect its natural resources and scenic beauty"; and WHEREAS, the Protected Property lies partially/entirely within the Adirondack Park and is primarily classified on the Adirondack Park Development and Land Use Plan Map as Rural Use, for which lands the Legislature of the State of New York has deemed it necessary and in the public interest to, inter alia, preserve open spaces and protect the area's natural resources, pursuant to Section 805(3)(f)(2) of the New York Executive Law; and WHEREAS, the Protected Property lies entirely within the Lake George Park, regarding which the Legislature of the State of New York has found, in ECL Section 43-0101, for it to be in the public interest to preserve and conserve its pure water supplies and other natural resources, and has declared to "be in the public interest to preserve, protect, conserve and enhance [its] unique natural scenic beauty"; and WHEREAS, the 2009 New York State Open Space Conservation Plan designates as priority conservation projects the protection of Lake George's undeveloped shorelines, its watershed, its viewshed and its natural communities; and WHEREAS,the 2009 New York State Open Space Conservation Plan promotes the use of conservation easements and other means to protect forest lands and other natural resources in the Adirondack Mountains and elsewhere; and WHEREAS, the Protected Property currently serves as an important watershed property for Lake George, as it is situated near the southern shore of Lake George, and drains into a stream that is a tributary of Lake George. The Protected Property harbors forested lands whose conservation and preservation help protect the water quality of Lake George, since these lands serve as "feeder water bodies" of Lake George; and WHEREAS, Grantee has identified the Protected Property as one that is important to protect and conserve due to its important ground and surface water resources, its open space qualities, the scenic vistas that it is a part of, the impact that insensitive development of the Protected Property would have on Lake George and the surrounding community, its forested qualities, and its function as natural wildlife and plant habitat; and WHEREAS, the Protected Property includes approximately feet of frontage on Bloody Pond Road, is prominently visible from Lake George and from the top of French Mountain, and is visually accessible to the public from other locations, thus providing a significant public benefit as defined under Section 170(h)(4)(A) of the Code; and WHEREAS, the Legislature of the State of New York has declared conservation, preservation, and protection of its environmental assets and natural and man-made resources to be the public policy of the State, and in furtherance thereof has enacted Article 49, Title 3, of the ECL to provide for and encourage the limitation and restriction of development and use of real property through conservation easements; and WHEREAS, the Grantor intends that this Conservation Easement shall comply with the provisions of Section 2031(c) of the Code relating to the federal estate tax treatment of lands 2 subject to a qualified conservation easement, and intends, by granting this Conservation Easement to Grantee, for the Protected Property to qualify for the benefits of Section 2031(c) of the Code upon the effective date of this Conservation Easement; and WHEREAS, Grantor and Grantee desire to provide for the preservation and conservation of the Protected Property in perpetuity, and desire to limit the uses of and activities on the Protected Property to those that are compatible with the preservation and conservation goals set forth herein; and WHEREAS, as set forth in Section 10.6 below, the specific Conservation Values of the Protected Property are documented in a Conservation Easement Baseline Documentation Report (the "BDR"),prepared by Grantee and signed and acknowledged by Grantor and Grantee, establishing the baseline condition of the Protected Property at the time of the conveyance of this Conservation Easement. The BDR includes a written report, maps,photographs and other documentation pertaining to the Protected Property; and WHEREAS, Grantor has received independent legal and financial advice regarding this Conservation Easement to the extent that Grantor has deemed necessary, and Grantor freely signs this Conservation Easement in order to achieve its Conservation Purposes. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, the parties agree as follows: ARTICLE ONE PURPOSE OF CONSERVATION EASEMENT It is the "Purpose" of this Conservation Easement to ensure that the Protected Property will be retained forever predominantly in its natural, scenic, forested, and open space condition; to protect plants, animals, natural communities, lands, the watershed, wetlands, and other water resources on the Protected Property; and to prevent any use of the Protected Property that will significantly impair or interfere with the Conservation Values or interests of the Protected Property described in the Introduction above. Grantor intends that this Conservation Easement will confine the use of the Protected Property to such activities as are consistent with the Purpose of this Conservation Easement. The prohibited acts and uses of the Protected Property as set forth in Article Four below, and Grantor's reserved rights as set forth in Articles Five and Six below, are built around the Purpose of this Conservation Easement and Grantor and Grantee's mutual goals and objectives to continue the private use and enjoyment of the Protected Property while ensuring that the Protected Property's important Conservation Values are protected and preserved in perpetuity. The approach taken in this Conservation Easement is to articulate generally and broadly in Article Four acts and uses of the Protected Property that could, without the conditions imposed upon them hereunder, impair the Protected Property's important Conservation Values, and in Article Fives and Six to designate where and to what extent certain uses and activities that would not impair these important Conservation Values may be permitted. ARTICLE TWO GIFT In consideration of the recited facts set forth above, and in consideration of the mutual promises, undertakings, and forbearances contained in this Conservation Easement, Grantor, as an absolute, unconditional gift, hereby grants, releases, demises and conveys to Grantee this Conservation Easement over the Protected Property, it being Grantor's intent to encumber the Protected Property in perpetuity with this Conservation Easement and to grant to Grantee all rights necessary to enforce it. Grantee hereby accepts this Conservation Easement, agrees to abide by its terms and conditions, and agrees to monitor and enforce its terms and conditions. ARTICLE THREE WARRANTIES Grantor warrants and represents to Grantee that Grantor has good and sufficient fee title ownership of the Protected Property, and that any mortgage or life estate encumbering the Protected Property is subordinated to the terms and provisions of this Conservation Easement. Grantor hereby promises to defend and indemnify Grantee against all claims that may be made against the title hereto. Grantee warrants and represents that it possesses the intent, ability, commitment, and resources to enforce the terms and conditions of this Conservation Easement, and that the Protected Property meets the criteria adopted by Grantee relating to the properties over which Grantee should accept the responsibility of holding a conservation easement. ARTICLE FOUR PROHIBITED ACTS AND USES OF PROTECTED PROPERTY Except as otherwise provided for and reserved to Grantor in Articles Five and Six of this Conservation Easement, from and after the date of conveyance of this Conservation Easement, the following acts, uses, and practices are prohibited on, over, or within the Protected Property. 4.1 Buildings and Improvements. The construction or placement of residential, commercial, or industrial buildings or improvements of any kind or nature is prohibited (except pursuant to Sections 5.6 and 7.5 below). For the purposes of this Conservation Easement, the terms "building" and "improvement" shall be defined as broadly as possible, and shall include the construction or placement of any 4 building, structure, facility, road, trail, device, edifice, or man-made development of any kind or nature upon, above, or below the Protected Property, whether of a permanent or temporary nature, including, but not limited to, houses, cabins, leantos, tent platforms, sheds, docks and moorings in the adjacent waters, airstrips, pipes, wires or cables, gazebos, tennis courts, athletic fields,portable buildings, swimming pools, basketball courts, cabanas,play equipment, stairs, patios or decks, driveways,parking areas, gardens, ponds, wells, septic systems,porta-potties, outhouses, drainage ways, utility lines, towers, windmills, dams, solar panels, fences, stone walls, paths, carriage paths, walkways, trails, and signs. For the purposes of this Conservation Easement, the terns "commercial use" or "commercial activity" shall mean an activity or use that is generally undertaken with the expectation of securing an economic benefit or for which money is charged or goods, services or other compensation exchanged, whether or not the activity or use actually generates a profit. 4.2 Excavation and Removal of Materials; Mining. Excavating, dredging, ditching, filling, draining, diking, mining, drilling, removal of topsoil, sand, gravel, rock, minerals or other materials, and the building or alteration of roads or trails that cause, in the opinion of Grantee, a material change in the topography of the land, are prohibited. Exploration for, or development, storage and extraction of, minerals and hydrocarbons on, under, or from the Protected Property by any method is prohibited. 4.3 Subdivision. The division, subdivision, or partitioning of the Protected Property is prohibited. No part of the Protected Property may be sold separately from any other part. Mortgages or other non-possessory interests in land do not constitute subdivisions for the purposes of this Conservation Easement,provided that such interests encompass the whole Protected Property. Minor lot line adjustments to correct surveying deficiencies or inaccuracies may be made, upon notice to Grantee, with Grantee's consent, pursuant to Section 5.3 and Article Nine hereof. 4.4 Dumping. The placing, filling, storing, dumping, or accumulation of trash, garbage, sawdust, ashes, hazardous substances, toxic waste, chemical waste, petroleum products, vehicle bodies or parts, rubbish, debris,junk, waste or other unsightly, offensive or environmentally harmful materials is prohibited. 4.5 Signs. The display of signs, billboards and advertisements anywhere on the Protected Property is prohibited, except that the erection, maintenance and replacement of signs with respect to hunting, trespass, trail access, identity and address of the occupants, sale of the property, the Grantee's interest in the property, and the protected Conservation Values are permitted, upon notice to Grantee pursuant to Article Nine hereof. 4.6 Soil and Water. Any use of or activity on the Protected Property that causes, or in the sole good faith opinion of Grantee is likely to cause, significant soil degradation or erosion or significant pollution of any surface or subsurface waters is prohibited. Grantor shall not allow or cause the pollution of any waterways located on or adjacent to the Protected Property by sedimentation, siltation, run-off, or otherwise by any actions conducted on the Protected 5 Property. 4.7 Wetlands, Springs, and Other Water Bodies. The draining, filling, dredging or diking of lakes,ponds, wetlands, streams, creeks and intermittent watercourses, and other water bodies located on or contiguous to the Protected Property, including the construction of any seawalls or ponds or the enlargement of any watercourse, is prohibited, except where such action is necessary in the good faith opinion of Grantee and Grantor to protect, preserve or maintain the Conservation Values of the Protected Property and such actions are approved by Grantee in advance under Section 7.6 and Article Nine below. 4.8 Landscaping Activities. Landscaping activities are prohibited, except pursuant to a Habitat Management Plan under Section 6.1 or a Forest Management Plan under Section 6.2. 4.9 Utilities. The creation or placement of overhead utility transmission lines, utility poles, wires, pipes, wells, or drainage and septic systems is prohibited. 4.10 Uses. The use of the Protected Property for any residential, commercial (including commercial recreational), industrial, or agricultural purpose is prohibited. 4.11 Drainage. The use of the Protected Property for a drainage basin, stormwater control facility, leaching field, septic disposal field or sump is prohibited. 4.12 Development Rights. The use of the acreage of the Protected Property for purposes of calculating lot yield on any property other than the Protected Property is prohibited. Grantor hereby grants and donates to Grantee any and all development rights (and any further development rights allocable to the Protected Property that may be created through a rezoning of the Protected Property), that are not otherwise reserved hereunder by Grantor and those required to carry out the permitted uses of and activities on the Protected Property as specified herein, which development rights the parties agree are herewith terminated and extinguished by Grantee and may therefore not be used or transferred by Grantee to any other party or properties. 4.13 Pesticides and Herbicides. The use of pesticides and biocides, including, but not limited to insecticides, fungicides, rodenticides, and herbicides, is prohibited, except as may be necessary pursuant to a Habitat Management Plan under Section 6.1 or a Forest Management Plan under Section 6.2 4.14 Motorized Vehicles. The use of automobiles, trucks, and other motor vehicles, snowmobiles, dune buggies, motorcycles, motorized bicycles (mopeds), all-terrain vehicles and all other types of land-based motorized recreational vehicles, except for emergency vehicles, is prohibited on the Protected Property. Automobiles, including trucks and jeeps, may not be used for recreational purposes. Motorized vehicles may be used by Grantee, and by Grantor with approval from Grantee pursuant to Article Nine below, for management purposes, as long as the use, as determined in Grantee's sole discretion, does not diminish the Conservation Value of the Protected Property. 4.15 Non-native Species. The introduction to the Protected Property of any species of plant, 6 animal or other living thing that is not indigenous to the northeastern region of the United States is prohibited. 4.16 Recreational Activities. Commercial recreational activities are prohibited on the Protected Property, other than de minimus commercial activities which do not exceed the limit set forth in Internal Revenue Code Section 2031(c)(8)(B). For allowed recreational activities, see Section 5.5. 4.17 Other Uses. Any other use of or activity on the Protected Property which would permit destruction of the Conservation Values of the Protected Property or of other significant conservation interests is prohibited unless such use or activity is deemed necessary by Grantor and Grantee for the protection of the Conservation Values that are the subject of this Conservation Easement, in which case such use or activity shall be subject to notice to and approval of Grantee as provided in Article Nine below. ARTICLE FIVE GRANTOR'S RESERVED RIGHTS AND RESPONSIBILITIES In general, Grantor reserves: (i)those customary rights of ownership to the Protected Property and those exclusive rights to possession of the Protected Property which are not expressly prohibited herein and that are not inconsistent with the protection of the Conservation Values of the Protected Property and the Purpose of this Conservation Easement, and (ii)the right to engage in all acts and uses which are not expressly prohibited herein and that are not inconsistent with the protection of the Conservation Values of the Protected Property and the Purpose of this Conservation Easement. 5.1 Maintenance, Insurance, and Taxes. Grantor retains all responsibilities and shall bear all costs and liabilities of any kind related to the ownership, operation, upkeep and maintenance of the Protected Property, including the maintenance of adequate comprehensive general liability insurance coverage. (i) Grantor shall keep the Grantee's interest in the Protected Property free of any liens arising out of any work performed for, materials furnished to, or obligations incurred by Grantor. (ii) Grantor shall pay any real estate taxes or other assessments levied on the Protected Property. If the Grantor becomes delinquent in payment of said taxes or assessments, such that a lien is or may be created, Grantee shall have, at its option, after written notice to the Grantor, the right to pay such taxes or assessments, including any interest and penalties due thereon, or to take such other actions as may be necessary to protect the Grantee's interest in the Protected Property and to assure the continued enforceability of this Conservation Easement, and to recoup the costs of doing so from Grantor. That payment, if made by Grantee, shall, to the extent permitted by law, become a lien on the Protected Property of the same priority as the item if not paid would have become, and until paid by Grantor shall bear interest at two (2)percentage points over the prime rate of interest from time to time charged by Citibank,N.A., or its corporate successor. (iii) Grantor shall be solely responsible for the upkeep and maintenance of the Protected Property,to the extent required by law. Grantee shall have no obligation for the upkeep or maintenance of the Protected Property. (iv) Grantor's use and occupancy of the Protected Property shall comply with all applicable federal, state and local laws and regulations. 5.2 Grantor's Additional Rights. Grantor shall have the right to undertake or continue any activity or use of the Protected Property not prohibited by this Conservation Easement. Grantor shall have the right to sell, give,mortgage, lease, or otherwise convey the Protected Property in its entirety provided that all such transactions are subject to the terms of this Conservation Easement, that the instrument of conveyance complies with Section 10.11 hereof, and that advance written notice is provided to the Grantee in accordance with Article Nine. 5.3 Boundary Line Adjustments. Notwithstanding the prohibition on subdivision set forth above, portions of the Protected Property may be conveyed to abutters to the extent necessary to resolve bona fide boundary disputes, which conveyances shall not constitute a subdivision for purposes of this Conservation Easement, provided that: (i) any conveyance for the purpose of resolving a bona fide boundary dispute shall require the approval of the Grantee, in accordance with Section 7.6 and Article Nine below, which approval shall not be unreasonably withheld; and (ii) any real property received by the Grantor to resolve a boundary dispute shall be merged into the Protected Property and shall become subject to this Conservation Easement unless Grantee agrees otherwise. Notwithstanding the prohibition on subdivision set forth above, subject to the approval of the Grantee in accordance with Section 7.6 and Article Nine below, which approval shall not be unreasonably withheld, portions of the Protected Property may be merged with adjoining lots by conveyance by the owner of the adjoining lot to the Grantor, and any such merger with an adjoining lot shall not be deemed to create a separate parcel or lot. The real property acquired by merger shall become part of the Protected Property and shall be subject to the terms of this Conservation Easement. 5.4 Indemnification and Insurance by Grantee. Grantee agrees to release, hold harmless, defend, and indemnify Grantor from any and all liabilities, including but not limited to injury, losses, damages,judgments, costs, expenses, and fees that the Grantor may suffer or incur as a result of or arising out of the activities of the Grantee on the Protected Property. Grantee shall also maintain adequate comprehensive general liability insurance coverage for its activities on the Protected Property. 8 5.5 Recreational Activities. Notwithstanding Article Four above, Grantor retains the right to use the Protected Property for otherwise lawful noncommercial non-motorized recreational activities, including, but not limited to, hunting, fishing, hiking, walking, camping, bicycling (non-motorized), snowshoeing, and cross-country skiing, provided that these activities do not impair or interfere with the Purpose or Conservation Values of this Easement. Under no circumstances shall athletic fields, golf courses, driving ranges, racing tracks or stunt courses for vehicles, or other recreational structures or improvements that impair or interfere with the Purpose or Conservation Values of this Easement, be allowed on the Protected Property. 5.6 Recreational and Educational Improvements. Notwithstanding Article Four above, subject to the prior approval of the Grantee in accordance with Section 7.6 and Article Nine below, trails or paths for hiking, walking, bicycling (non-motorized), snowshoeing, and cross- country skiing, and an educational pavilion/outdoor classroom, educational signage, wooden bridges, benches, kiosks, signs, and erosion control measures incidental thereto, may be constructed and maintained by the Grantor on the Protected Property, provided that these improvements do not impair or interfere with the Purpose or Conservation Values of this Easement. Such trails shall include existing trails, if any, as indicated in the BDR. Trailheads, parking areas, sanitary facilities (such as porta-potties) at parking areas, and other such improvements related to such trails, paths, and the educational pavilion/outdoor classroom may be located on the Protected Property. Specifically, Grantor shall also have the right, but not obligation, to construct one parking area (as shown on the BDR) off of Bloody Pond Road, subject to the prior approval of the Grantee in accordance with Section 7.6 and Article Nine below. ARTICLE SIX VEGETATION REMOVAL AND FORESTRY ACTIVITIES 6.1 General Vegetation Removal. In accordance with a Habitat Management Plan prepared by Grantee, or by Grantor with prior approval by Grantee, and pursuant to Section 7.6 and Article Nine hereof, Grantor and Grantee shall have the right, but not the obligation,throughout the Protected Property, to remove and replace trees, shrubs or other vegetation for the purpose of managing habitat of the Protected Property. Such Habitat Management Plan must be prepared and signed by a qualified forester in good standing (see definition in Section 6.2 below) or by a person holding a degree in forest ecology or equivalent or by a person having credentials mutually agreed upon Grantor and Grantee. In any case, the planting of trees, shrubs or plants that are not indigenous to the northeastern region of the United States, is prohibited. Grantee, or Grantor with prior approval by Grantee, shall have the right, but not the obligation, to remove any invasive non-native species by mechanical, biological or chemical means, following the guidelines of the Adirondack Park Invasive Plant Program or comparable program. Notwithstanding any other language in this section, Grantor may cut down, but not remove, dangerous trees, with prior notification to Grantee. 9 6.2 Forestry Activities. Without prior approval from Grantee, Grantor may harvest five standard cords of firewood annually for use on the Protected Property or any adjoining property owned by Grantee, and, with prior approval from Grantee, may cut down, but not remove, trees that are dangerous, so long as these forestry practices will not significantly impair the Conservation Values of the Protected Property or the Purpose of this Conservation Easement. With prior written approval from Grantee pursuant to Section 7.6 and Article Nine hereof, Grantor may commercially harvest timber and other wood products and construct, maintain, remove, and repair unpaved access roads and "staging areas" (those areas where logs are temporarily stored for transport) necessary for such activities, in accordance with a Forest Management Plan(FMP). At least one-hundred twenty (120) days prior to expected commencement of timber harvesting, Grantor shall provide Grantee with a copy of the FMP, which shall be reviewed and approved by the Grantee. In order to uphold the conservation values of the Protected Property, Grantee, in its sole discretion, may require measures more stringent than "Best Management Practices", including, but not limited to, restricting harvesting to when the ground is frozen and expanding the no-disturbance zone around streams and other water bodies. In addition to timber assessment, at a minimum the FMP should include provisions for forestry health, recreation, protected species and wildlife habitat. The FMP must be prepared and signed by, and its execution must be supervised by, a qualified forester in good standing. A qualified forester is defined as a graduate of a four-year forestry education program that is certified by the Society of American Foresters or such successor organization as is later created, or a person who has attained other professional credentials mutually agreed to by Grantee and Grantor. ARTICLE SEVEN GRANTEE'S RIGHTS AND OBLIGATIONS To accomplish the Purpose of this Conservation Easement, the following rights are conveyed to Grantee under this Conservation Easement: 7.1 General. The right to preserve and protect the Conservation Values of the Protected Property and the Purpose of this Conservation Easement. 7.2 Right of Entry. The right to enter the Protected Property at all reasonable times with twenty-four(24) hours prior notice to Grantor for the purposes of. (a) inspecting the Protected Property to determine if the Grantor is complying with the covenants and Purpose of this Conservation Easement; (b) enforcing the terms of this Conservation Easement; (c) taking any and all actions with respect to the Protected Property as may be necessary or appropriate, with or without order of court, to remedy or abate violations hereof, (d) making scientific and educational observations and studies and taking samples in such a manner as will not disturb the quiet enjoyment of the Protected Property by the Grantor; and (e) monitoring and management as set forth in this Article Seven. 10 7.3. Species Monitoring and Management. The right, but not the obligation, to monitor the condition of any rare plant and animal populations, plant communities, and natural habitat on the Protected Property, and to manage them, if necessary, to ensure their continued presence and viability on the Protected Property, and to remove invasive species. Such activities shall be in accordance with the customary management practices of Grantee, and any such management activities shall be set forth in a written management plan prepared by Grantee in consultation with Grantor, which may not be amended thereafter without consultation with Grantor. 7.4. Prevention and Restoration Rights. The right to prevent any activity on or use of the Protected Property that is inconsistent with the Purpose of this Conservation Easement and to require the restoration of such areas or features of the Protected Property that may be damaged by any inconsistent activity or use. 7.5 Recreational and Educational Improvements. Notwithstanding Article Four above, the right, but not the obligation, to construct or maintain trails or paths, for hiking, walking, bicycling (non-motorized), snowshoeing, and cross-country skiing, and outdoor educational classrooms, educational signage, wooden bridges, benches, kiosks, signs, and erosion control measures incidental thereto, may be constructed and maintained on the Protected Property, provided that these improvements do not impair or interfere with the Purpose or Conservation Values of this Easement. Such trails shall include existing trails, if any, as indicated in the BDR. Trailheads, parking areas, sanitary facilities (such as porta-potties) at parking areas, and other such improvements related to such trails and paths may be located on the Protected Property. Specifically, Grantee shall also have the right, but not obligation, to construct one parking area (as shown on the BDR) off of Bloody Pond Road. 7.6 Consent. Grantee's consent for any activities requiring Grantee's consent under Article Five or Article Six above, or elsewhere in this Conservation Easement, may be given under the following conditions and circumstances, subject to the limitations set forth in this Section 7.6 and the process and requirements set forth in Article Nine. Such requests for permission, for activities requiring Grantee's consent under Articles Five or Six above or elsewhere in this Conservation Easement, shall be made in writing pursuant to Article Nine below and shall describe the proposed activity in sufficient detail to allow Grantee to judge the consistency of the proposed activity with the terms and Purpose of this Conservation Easement. Grantee may give its permission only if it determines, in its sole discretion,that such activities: (1) do not violate the terms and Purpose of this Conservation Easement and (2) either enhance or do not impair any significant Conservation Values associated with the Protected Property. Notwithstanding the foregoing, the Grantor shall have no right to request consent for, and Grantee have no right or power to agree to, any activities that would result in the termination of this Conservation Easement, adversely affect the qualification of this Conservation Easement or the status of Grantee under any applicable federal or state laws, including Section 170(h) or Section 2031(c) of the Code, or Article 49 Title 3 of the ECL, or that would constitute an "impermissible private benefit" or a"private inurement", as defined in the regulations 11 implementing Section 501(c)(3) of the Code. Nor may Grantee consent to any subdivision of the Protected Property, or any residential, commercial or industrial buildings or improvements, or any residential, commercial or industrial activities not expressly provided for in this Conservation Easement. 7.7 Hold Harmless By Grantor. Grantor shall hold harmless, indemnify and defend Grantee, and its members, directors, officers, employees, agents and contractors, and the heirs, successors and assigns of each of them (hereinafter referred to collectively as the"Indemnified Parties"), from and against all liabilities, injuries, penalties, costs, losses, damages, expenses, causes of action, claims, demands or judgments, including attorneys' fees, arising from or in any way connected with: (a) injury to or death of any person, physical damage to any property, resulting from any act, omission, condition or other matter related to or occurring on or about the Protected Property, regardless of cause, unless due solely to the gross negligence or willful misconduct of any of the Indemnified Parties; (b) any release of hazardous substances on the Protected Property or any violation of federal, state or local law; (c) the obligations specified in the section hereof entitled "Maintenance, Insurance, and Taxes"; and (d) the existence or administration of this Conservation Easement, including any actions taken by Grantee pursuant to the section hereof entitled "Grantee's Remedies", and including Grantee being made a party to any court action by reason of it holding this Conservation Easement. 7.8 Lien for Sums Due Grantee. If any sum is due to Grantee pursuant to the provisions of this Conservation Easement, then Grantee shall have, and is hereby given as security for such sum due it, a valid and enforceable lien upon the Protected Property, and Grantee shall have the right to foreclose its lien in the manner provided by law, it being understood and agreed that Grantee's lien shall be superior to any other lien or encumbrance on the Protected Property created or arising after the date of this Conservation Easement, except that any such lien of Grantee is and shall be subject and subordinate to the lien of any mortgages hereafter encumbering the Protected Property. Any such lien, until paid by Grantor, shall bear interest at two (2) percentage points over the prime rate of interest from time to time charged by Citibank,N.A., or its corporate successor. ARTICLE EIGHT PUBLIC ACCESS The public shall have the right to enter upon and use the Protected Property, or any portion thereof, for any uses allowed under Section 5.5 of this Conservation Easement. ARTICLE NINE NOTICE AND APPROVAL 12 9.1 Grantee's Approval.•oval. When Grantee's approval.for any action on the Protected Property is required by this Conservation Easement, Grantee shall give notice of its granting or withholding of its approval in writing to Grantor within thirty (30) days of Grantee's receipt of Grantor's written request therefor and any supplemental information reasonably requested by Grantee. Grantor's request shall include information identifying the proposed activity and the reasons for the proposed activity with reasonable specificity. The request for approval shall describe the nature, scope, location, timetable and any other material aspect of the proposed activity in sufficient detail to permit Grantee to evaluate such activity. The request shall also include information evidencing the conformity of such activity with the requirements of the applicable paragraphs of this Conservation Easement under which approval is requested. In reviewing such requests, Grantee shall also consider the requirements of Section 7.6 above. Grantee agrees to evaluate Grantor's requests under this Conservation Easement based on its good faith exercise of professional judgment. In the case of Grantee's withholding of its approval, Grantee shall notify Grantor in writing with reasonable specificity of the reasons for withholding of approval, and the conditions, if any, on which approval might otherwise be given. Failure of Grantee to send a response to Grantor within such thirty (30) days shall entitle Grantor to resubmit Grantor's written request for approval. Any resubmission shall include written notification to Grantee that the request for approval is a resubmission of the prior request for approval. Failure of Grantee to send a written response to Grantor within ten (10) days of Grantee's receipt of the resubmission of Grantor's request for approval shall be deemed to constitute written approval by Grantee of any request submitted for approval that is not contrary to the express restrictions hereof. 9.2 Notice. Any notices sent pursuant to this Conservation Easement shall be sent by personal delivery, by an overnight delivery service which provides verification of delivery, or by registered or certified mail to the following addresses or such addresses as may be hereafter specified by notice in writing: Grantor: Town of With a copy to: Grantee: Lake George Land Conservancy, Inc. P.O. Box 1250 4905 Lake Shore Drive Bolton Landing, New York 12814 With a copy to: Braymer Law, PLLC PO Box 2369 Glens Falls,NY 12801 Unless otherwise provided herein, any such notice shall be effective as of the date of its 13 sending. If any new Grantor of the Protected Property fails to provide Grantee with an address for such notice, Grantee may send any such notice to said Grantor's address which is on file with the Assessor of the Town in which the Protected Property is located. ARTICLE TEN MISCELLANEOUS 10.1 Grantor's Title. The Grantor covenants and represents that, at the time of the conveyance of this Conservation Easement, the Grantor is the sole owner and is seized of the Protected Property in fee simple and has good right to grant and convey this Conservation Easement; that the Protected Property is free and clear of any and all encumbrances except those of record as of the date hereof, and that the Grantee shall have the use of and enjoy all of the benefits derived from and arising out of this Conservation Easement. All future mortgages encumbering the Protected Property or any portion thereof shall be subject and subordinate to this Conservation Easement. In addition to the land described on page 1 of this Conservation Easement and in Exhibits A and B hereto, the Protected Property includes all of Grantor's right,title, and interest, if any, in and to: (a) any land lying within or under any public road or street adjoining the Protected Property, subject to the rights of the public and the government, if any, to use and maintain such roads or streets; (b) any land, including land under water, below the mean high water mark of any lake,pond, river, or stream adjoining the Protected Property, subject to the public's rights, if any, of navigation on any such lake, river, or stream that is navigable in law or fact; and (c) any land which may be added to the Protected Property by accretion. 10.2 Grantee's Remedies. Grantor acknowledges and agrees that Grantee's remedies at law for any violations of this Conservation Easement are inadequate. Therefore, in addition to, and not in limitation of, any other rights of Grantee hereunder at law or in equity, in the event any breach, default or violation of any term,provision, covenant or obligation on Grantor's part to be observed or performed pursuant to this Conservation Easement is not cured by Grantor within fifteen (15) days of, or within a reasonable time after, notice thereof by Grantee to Grantor (which notice requirement is expressly waived by Grantor with respect to any breach, default or violation which, in Grantee's reasonable judgment that irreversible harm will occur, which requires immediate action to preserve and protect any of the open space values of the Property or the Purpose of this Conservation Easement, as defined in Article One hereof), Grantee shall have the right, at Grantee's election: (i) to institute a suit to enjoin or cure such breach, default or violation by temporary and/or permanent injunction, and, if deemed necessary by Grantee, to enjoin such non-compliance by an ex parte temporary restraining order, (ii) when necessary to prevent irreversible harm to the Conservation Values of the Protected Property and the Purpose of this Conservation Easement, as defined in Article One, or in the event that a court of competent jurisdiction orders Grantor 14 to undertake any action on the Protected Property and Grantor fails to do so, to enter upon the Protected Property and exercise reasonable efforts to terminate or cure such breach, default or violation and/or cause the restoration of that portion of the Protected Property affected by such breach, default or violation to the condition that existed prior thereto; or (iii) to seek or enforce such other legal and/or equitable relief or remedies as Grantee deems necessary or desirable to ensure compliance with the terms, conditions, covenants, obligations and Purpose of this Conservation Easement; provided, however, that any failure, delay or election to so act by Grantee shall not be deemed to be a waiver or a forfeiture of any right or available remedy on Grantee's part with respect to such breach, default, or violation or with respect to any other breach, default, or violation of any term, condition, covenant or obligations under this Conservation Easement. If such court determines that the Grantor has failed to comply with this Conservation Easement, Grantor shall reimburse Grantee for any reasonable costs of restoration incurred by Grantee. Any damages, when recovered, may be applied by Grantee, in its sole discretion, to corrective action on the Protected Property. If such court determines that a violation of this Conservation Easement has occurred, Grantor shall pay, either directly or by reimbursement to Grantee, all reasonable attorney's fees, court costs and other expenses incurred by Grantee in connection with any proceedings under this section, together with any costs incurred by Grantee in restoring damage to the Protected Property and its Conservation Values. 103 Emergency Enforcement. If Grantee, in its sole discretion, determines that circumstances require immediate action to prevent or mitigate significant damage to the Conservation Values of the Protected Property, Grantee may pursue its remedies under Section 10.2 without prior notice to Grantor or without waiting for the period for cure to expire. In such a case, Grantee shall provide Grantor with notice as soon as reasonably possible after taking such action. 10.4. Failure to Act or Delay. Grantee will not waive or forfeit the right to take any action as may be necessary to ensure compliance with this Conservation Easement by any failure to act or delay in acting, and Grantor hereby waives any defenses of estoppel or laches with respect to any delay by the Grantee, its successors or assigns, in acting to enforce any restriction or exercise any of its rights under this Conservation Easement. 10.5 Violations Due to Causes Beyond Grantor's Control. Nothing herein shall be construed to entitle the Grantee to institute any enforcement proceedings against the Grantor for any changes to the Protected Property due to causes beyond the Grantor's control, such as changes caused by fire, flood, storm, earthquake or the unauthorized wrongful acts of third persons. In the event of a violation of this Conservation Easement caused by the unauthorized wrongful act of a third person, Grantor hereby appoints Grantee its attorney-in-fact for the purposes of pursuing enforcement action, and, at Grantee's option, Grantor agrees to assign its right of action to Grantee, or to join in any such suit. 15 10.6 Existing Conditions; Baseline Data Report. By its execution of this Conservation Easement, Grantee acknowledges that the present condition, uses and structures and improvements of the Protected Property are compatible with the Purpose, terms and conditions of this Conservation Easement. In order to evidence the present condition of the Protected Property so as to facilitate future monitoring and enforcement of this Conservation Easement, the BDR, describing such condition at the date hereof, has been prepared and subscribed by both parties, and copies thereof will be kept on file with Grantee and Grantor. Notwithstanding the foregoing, Grantor and Grantee may use information other than that found in the BDR to evidence the present condition of the Property. 10.7 Successors. The covenants, terms, conditions and restrictions of this Conservation Easement shall be binding upon and inure to the benefit of the parties hereto and their respective personal representatives, heirs, successors, and assigns and shall continue as a servitude running in perpetuity with the Protected Property,provided that (i) a person who has not, or an entity which has not, caused a violation of this Conservation Easement to occur on such person's or entity's land after that person or entity ceases to be an owner or to have any interest therein shall not be deemed responsible for such violation; and (ii) a person who has not, or an entity which has not, caused a violation of this Conservation Easement to occur on another person's or entity's land which is a part of the Property shall not be deemed responsible for such violation. The term "Grantor" shall include the Grantor and the Grantor's heirs, executors, administrators, successors and assigns and shall also mean the masculine, feminine, corporate, singular or plural form of the word as needed in the context of its use. The term "Grantee" shall include Lake George Land Conservancy, Inc. and its successors and assigns. 10.8 Alienability. Grantor reserves the right to convey all or any part of its remaining interest in the Protected Property, but only in accordance with, and subject to the terms and conditions of, this Conservation Easement. Grantor shall promptly notify Grantee of any conveyance of any interest in the Protected Property, including the full name, mailing address and telephone number of any transferee, and the individual principals thereof, under any such conveyance. 10.9 Termination of Rights and Obligations. A party's rights and obligations under this Conservation Easement shall terminate upon transfer of such party's interest in this Conservation Easement or the Protected Property, except that liability for acts or omissions occurring prior to transfer shall survive transfer. 10.10 Grantee's Assignment Rights. The parties hereto recognize and agree that the benefits of this Conservation Easement are in gross and assignable, and the Grantee hereby covenants and agrees that in the event it transfers or assigns this Conservation Easement it holds under this indenture, the organization receiving the interest will be a"qualified organization" as that term is defined in Section 170(h)(3) of the Code, and will be qualified to hold interests in conservation easements under Article 49, Title 3 of the ECL. 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 to carry out in perpetuity the Conservation Purposes which the contribution was originally intended to advance. 16 10.11 Encumbrance by Conservation Easement. Any subsequent conveyance of the Protected Property, including, without limitation, any transfer, lease or mortgage, shall be subject to this Conservation Easement, and any deed or other instrument evidencing or effecting such conveyance shall contain language substantially as follows: "This [conveyance, lease, mortgage, easement, etc.] is subject to a Conservation Easement which runs with the land and which was granted to Lake George Land Conservancy, Inc. by instrument dated XXXX, 2018, and recorded on XXXX, 2018, in the Office of the Clerk of Warren County in Book XXX at Page XXX." The failure to include such language in any deed or instrument shall not affect the validity or applicability of this Conservation Easement to such property. 10.12 Perpetual Nature of Conservation Easement. This Conservation Easement shall be of perpetual duration, and no merger of title, estate or interest shall be deemed effected by any previous, contemporaneous, or subsequent deed, grant, or assignment of an interest or estate in the Protected Property, or any portion thereof, to Grantee, it being the express intent of the parties that this Conservation Easement not be extinguished by, or merged into, any other interest or estate in the Protected Property now or hereafter held by Grantee, including that Grantor and Grantee agree and intend that the terms of this Conservation Easement shall survive any merger of the fee title and conservation easement interest in the Protected Property or any portion thereof. Furthermore, the fact that any use of the Protected Property that is expressly prohibited by the terms of this Conservation Easement may become greatly more economically valuable than uses permitted by the terms of the Conservation Easement, or that neighboring properties may, in the future, be put entirely to uses that are not permitted by this Conservation Easement, has been considered by Grantor in'granting this Conservation Easement and by Grantee in accepting it. Grantor believes that any such changes in the use of neighboring properties will increase the benefit to the public of the continuation of this Conservation Easement, and Grantor and Grantee intend that any such changes shall not be deemed to be circumstances justifying the termination or extinguishment of this Conservation Easement. In addition, the inability of Grantor, Grantor's successors and assigns, to conduct or implement any or all of the uses permitted under the terms of this Conservation Easement, or the unprofitability of doing so, shall not impair the validity of this Conservation Easement or be considered grounds for its termination or extinguishment. 10.13 Extinguishment. The Grantor hereby agrees that at the time of the conveyance of this Conservation Easement to the Grantee, this Conservation Easement gives rise to a real property right, immediately vested in the Grantee, with a fair market value of said Conservation Easement as of the date of the conveyance that is at least equal to the proportionate value that this Conservation Easement at the time of the conveyance bears to the fair market value of the property as a whole at that time. That proportionate value of the Grantee's property rights shall remain constant. When a change in conditions takes place which makes impossible or impractical any continued protection of the Protected Property for Conservation Purposes, and the restrictions contained herein are extinguished by judicial proceeding,the Grantee, upon a subsequent sale, exchange or involuntary conversion of the Protected Property, shall be entitled 17 to a portion of the proceeds at least equal to that proportionate value of the Conservation Easement. The Grantee shall use its share of the proceeds in a manner consistent with the Conservation Purposes set forth herein or for the protection of a"relatively natural habitat of fish, wildlife, or plants or similar ecosystem," as that phrase is used in and defined under Section 170(h)(4)(A)(ii) of the Code. 10.14 Eminent Domain. Whenever all or part of the Protected Property is taken by the exercise of the power of eminent domain by any public, corporate, or other authority so as to abrogate the restrictions imposed by this Conservation Easement, the Grantor and the Grantee shall join in appropriate actions at the time of such taking to recover the full value of the taking and all incidental or direct damages resulting from the taking, which proceeds shall be divided in accordance with the proportionate value of the Grantee's and Grantor's interests, and Grantee's proceeds shall be used as specified above. All expenses incurred by the Grantor and the Grantee in such action shall be paid out of the recovered proceeds. 10.15 Amendment. This Conservation Easement maybe amended only upon the written consent of Grantee and the then current Grantor of the Protected Property. Grantee, on a case-by-case basis, may agree to amend individual provisions hereof,provided,however,that any amendment must comply with the Grantee's then-current amendment policy as in effect from time to time. No amendment shall be approved unless Grantor has demonstrated,to Grantee's satisfaction,that the proposed amendment is consistent with the Purpose of this Conservation Easement,will not substantially diminish or impair the Conservation Values of the Protected Property,and will not affect the perpetual duration of this Conservation Easement. Any amendment to this Conservation Easement shall be at the discretion of the Grantee (which may establish such requirements for the submission of plans and other documentation as it deems necessary to make the determination required or permitted of it hereunder) and shall comply with Article 49, Title 3, of the ECL, and Section 170(h) of the Code. Any such amendment that does not comply with said Article 49 or said Section 170(h) shall be void and of no force or effect. No such amendment shall result in a private inurement or impermissible private benefit in violation of the Code. Grantor shall reimburse Grantee for all costs, fees and other expenses, including staff time, surveys, title costs, and reasonable attorneys' fees, incurred by Grantee in connection with the review of a request by Grantor to amend this Conservation Easement. Any amendment shall be recorded in the Office of the Warren County Clerk at Grantor's expense. 10.16 Severability. If any provision of this Conservation Easement or the application thereof to any person or circumstance is found to be invalid by a court of competent jurisdiction, the remainder of the provisions of this Conservation Easement and the application of such provisions to persons or circumstances other than those as to which it is found to be invalid shall not be affected thereby. 10.17 Re-recording. The Grantee is authorized to record or file any notices or instruments appropriate to assuring the perpetual enforceability of this Conservation Easement; for such purpose, the Grantor appoints the Grantee its attorney-in-fact to execute, acknowledge and 18 deliver any necessary instrument on its behalf. Without limiting the foregoing, the Grantor agrees to execute any such instruments upon request. 10.18 Ca Lions. The captions herein have been inserted solely for convenience of reference and are not a part of this Conservation Easement and shall have no effect upon construction or interpretation. 10.19 Interpretation. This instrument is intended to create a"qualified real property interest" for"Conservation Purposes," as defined in Section 170(h) of the Internal Revenue Code, and shall be interpreted consistently with such intention. In the event any provision has been omitted from this instrument necessary to qualify the interest hereby granted as such a"qualified real property interest"for"Conservation Purposes," such provision shall be deemed incorporated herein to the extent necessary to cause the interest hereby granted to be so qualified. If any provision of this Conservation Easement is ambiguous or shall be subject to two or more interpretations, one of which would render that provision invalid, then that provision shall be given such interpretations as would render it valid and be consistent with the Purpose of this Conservation Easement. Any rule of strict construction designed to limit the breadth of the restrictions on use of the Protected Property shall not apply in the construction or interpretation of this Conservation Easement, and this Conservation Easement shall be interpreted broadly to effect the Purpose of this Conservation Easement as intended by the parties. The parties intend that this Conservation Easement, which is by nature and character primarily negative in that Grantor has restricted and limited Grantor's right to use the Protected Property, except as recited herein, be construed at all times and by all parties to effectuate its Purpose. 10.20 Additional Rules of Interpretation. The following additional rules shall govern the interpretation of this Conservation Easement: (i) a reference to any law shall include any amendment or modification to such law, or any law superseding such law; (ii) the terms "hereby", "hereof', "herein", "hereunder" and any similar terms as used in this document refer to the entire document, and the term "heretofore" shall mean before, and the word"hereafter" shall mean after,the date of the execution and delivery of this document; (iii) the terms "include", "includes" and "including" are not limiting; (iv) words of masculine gender shall mean and include correlative words of feminine and neuter genders, and words importing the singular number shall mean and include the plural number, and vice versa; (v) words importing persons shall include firms, associations, partnerships, trusts, corporations and all other legal entities, including public bodies, as well as natural 19 persons; and (vi) a reference to any person shall include the person's successors and assigns. 10.21 Controlling Law and Venue. The interpretation and performance of this Conservation Easement shall be governed by, and construed in accordance with, the laws of the State of New York. Any legal action regarding this Conservation Easement shall be venued in Warren County, New York. 10.22 Counterparts. The parties may execute this instrument in two or more counterparts, which shall, in the aggregate, be signed by both parties; each counterpart shall be deemed an original instrument as against any party who has signed it. In the event of any disparity between the counterparts produced, the recorded counterpart shall be controlling. 10.23 Entire Agreement. This instrument sets forth the entire agreement of the parties with respect to this Conservation Easement and supersedes all prior discussions, negotiations, understandings and agreements relating to this Conservation Easement, all of which are merged herein. No alteration or variation of this instrument shall be valid or binding unless contained in an amendment that complies with Section 10.15. IN WITNESS WHEREOF, the parties have executed this document the day and year first written above. GRANTOR: TOWN OF By: Its: Supervisor Hereunto Duly Authorized GRANTEE: LAKE GEORGE LAND CONSERVANCY, INC. By: Jamie Brown Its: Executive Director Hereunto Duly Authorized 20 State of New York } County of ) ss. On the day of in the year 2018 before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity (ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Public State of New York ) County of ) ss. On the day of in the year 2018 before me, the undersigned, personally appeared JAMIE BROWN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s)whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Public Record and Return to: Braymer Law, PLLC PO Box 2369 Glens Falls,NY 12801 Exhibit"A"—Legal Description of Protected Property Exhibit`B"— Survey Map of Protected Property dated xx/xx/2018 21