Extinguishment; Eminent Domain Sample Clauses

Extinguishment; Eminent Domain. The Grantor and the Grantee agree that the grant of this Restriction gives rise to a property right that vests immediately in the Grantee and which has a fair market value that is equal to the value by which the Restriction reduces, at the time of the grant, the value of the property as a whole. Should this Restriction be extinguished over all or any portion of the Premises by judicial decree or by act of public authority, the Grantee shall be entitled to a portion of the proceeds equal to the proportionate value of the Restriction, subject, however, to any applicable law which expressly provides for a different disposition of proceeds. If the conservation interests protected hereby are unaffected by the taking, and the only interest taken by public authority is the Grantor's interest, and recovered proceeds are awarded on the basis of the value of the Premises as restricted by this Restriction, then the proceeds from such taking shall be payable in their entirety to Grantor. Whenever all or any part of the Premises or any interest therein is taken by a public authority other than the Commonwealth under power of eminent domain, or if all or any part of this Restriction is extinguished by act of public authority other than the Commonwealth, then the Grantor and the Grantee shall cooperate in recovering the full value of all direct and consequential damages resulting from such action. If the public authority is the Commonwealth, the Grantor and the Grantee shall pursue their remedies separately. If circumstances arise in the future such as to render the Purposes of this Conservation Restriction impossible to accomplish, this Conservation Restriction can only be terminated or extinguished, whether in whole or in part, by judicial proceedings in a court of competent jurisdiction and with the approval of the Secretary of the Executive Office of Energy and Environmental Affairs in accordance with Massachusetts General Laws, Chapter 184, Section 32.
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