Common use of Extinguishment and Condemnation Clause in Contracts

Extinguishment and Condemnation. This Agricultural Land Easement vests a right of enforcement in the United States and additional real property interests in the Grantee. These rights may only be extinguished with the necessary approval of the Grantee and the United States, as specified in this Agricultural Land Easement. Due to the Federal interest in this Agricultural Land Easement, the United States must consent to any condemnation action affecting the [Insert Defined Term for Parcel]. If any entity with condemnation authority (condemning agency) proposes to condemn the [Insert Defined Term for Parcel], NRCS must be notified immediately by the condemning agency and grantee, and the consent of the United States must be received by the condemning agency before any condemnation action may proceed with respect to the federal interest in this Agricultural Land Easement. The Grantee and the United States stipulate to have a fair market value of percent ( %), hereinafter the “Proportionate Share,” of the fair market value of the Property unencumbered by this Agricultural Land Easement. The Proportionate Share has been determined at the time of conveyance of this Agricultural Land Easement by dividing the fair market value of this Agricultural Land Easement ($ ) by the fair market value of the Property without this Agricultural Land Easement ($ ). The Proportionate Share will remain constant over time. If this Agricultural Land Easement is extinguished, terminated, or condemned, in whole or in part, then the Grantor must reimburse Grantee and the United States an amount equal to the Proportionate Share of the fair market value of the Property unencumbered by this Agricultural Land Easement. The fair market value of the Agricultural Land Easement will be determined at the time this Agricultural Land Easement is terminated, extinguished, or condemned by an appraisal that meets the Uniform Standards of Professional Appraisal Practice (USPAP) or Uniform Acquisition Standards or Federal Land Acquisition (UASFLA) that is completed by a certified general appraiser and approved by the Grantee and the United States.