LIMITATIONS ON EXTINGUISHMENT Sample Clauses
LIMITATIONS ON EXTINGUISHMENT. If circumstances arise in the future that render the purpose of the Easement impossible to accomplish, the Easement can only be terminated or extinguished, whether with respect to all or part of the Protected Property, by judicial proceedings in a court of competent jurisdiction. Unless otherwise required by applicable law at the time, in the event of any sale of all or a portion of the Protected Property (or any other property received in connection with an exchange or involuntary conversion of the Protected Property) after such termination or extinguishment, and after the satisfaction of prior claims and net of any costs or expenses associated with such sale, Grantor and Grantee shall divide the proceeds from such sale (minus any amount attributable to the value of improvements made by Grantor after the effective date of the Easement, which amount is reserved to Grantor) in accordance with their respective percentage interests in the fair market value of the Protected Property, as such percentage interests are determined under the provisions of paragraph Section 4.12, adjusted, if necessary, to reflect a partial termination or extinguishment of the Easement. All such proceeds received by Grantee shall be used by Grantee for conservation purposes.
LIMITATIONS ON EXTINGUISHMENT. If a sudden unexpected change in the conditions surrounding the Property has made impossible or impractical the continued use of the Property for conservation purposes, this Easement can only be terminated or extinguished, whether with respect to all or part of the Property, by judicial proceedings in a court of competent jurisdiction. Unless otherwise required by applicable law at the time, in the event of any sale of all or a portion of the Property (or any other property received in connection with an exchange or involuntary conversion of the Property) after such termination or extinguishment, and prior to the payment of any costs or expenses associated with such sale, Holder shall be entitled to Holder’s proportionate share of the gross proceeds of such sale, as such proportionate share is determined under the provisions of paragraph 15, adjusted, if necessary, to reflect a partial termination or extinguishment of this Easement. All such proceeds received by Holder shall be used by Holder in a manner consistent with the conservation purposes of this Easement as of the effective date of this grant. In the event of extinguishment of this Easement in whole or in part, the provisions of these paragraphs 14, 15, and 16 shall survive such extinguishment.