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262.918 Legal action by grantor for termination of easement.
(1)
(a)
(b)
(2)
(a)
(b)
A grantor may terminate an easement, in whole or in part, only by filing
an action in the Franklin Circuit Court, and demonstrating by clear and
convincing evidence that conditions on or surrounding the land subject to
an agricultural conservation easement have changed so much that
agriculture is no longer viable and it has become impossible to fulfill any
of the easement's conservation purposes. The grantor shall name the
PACE Corporation as the defendant in the action.
In the event that a finding is made by the court that a portion of the land
subject to the agricultural conservation easement is no longer suitable for
agricultural purposes, the owner shall, at the owner's expense, provide a
survey of the land area on which the agricultural conservation easement
is to be terminated.
No agricultural conservation easement or portion thereof which has been
purchased with Commonwealth funds shall be terminated by the court
except upon payment by the grantor to the PACE Corporation of its then
fair value. The value of the easement shall be established by one of the
following two methods, as determined by the court:
1.
The owner shall pay the PACE Corporation an amount equal in
current dollars to the full cost of acquiring and monitoring the
easement during its full duration, plus reasonable interest as
determined by court; or
2.
The owner shall pay the PACE Corporation an amount equal to the
easement's current market value as determined by independent
appraisal, performed at the owner's expense and satisfactory to the
Commonwealth.
The PACE Corporation shall place the proceeds from the termination of
the easement in the agricultural enhancement fund and use the proceeds
consistent with the purposes of KRS 262.900 to 262.920.
Effective:July 15, 1994
History: Created 1994 Ky. Acts ch. 390, sec. 28, effective July 15, 1994.
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