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return $95,569 of the total claimed charitable contributions and
carried over the $13,388 balance to 1993.
VI. Easement on the Property Contributed by Petitioners in 1993
On December 28, 1993, petitioners signed a document (deed 2)
entitled “Lakefront Conservation Easement #2”. Deed 2 was
recorded in the Emmet County Register of Deeds on December 30,
1993, and re-recorded there on November 24, 1994. LTC prepared
deed 2 contemporaneously with petitioners’ contribution to the
trust of conservation easement 2 in perpetuity. At the time of
that contribution, petitioners also contributed $2,000 to the
trust. On December 30, 1993, a mortgagee of the property agreed
to subordinate its mortgage on the property to the extent
necessary to permit LTC to enforce the purpose of conservation
easement 2 in perpetuity.
Conservation easement 2 covers the part of the property
consisting of the southernmost 260 feet of shoreline and all
portions landward for 120 feet from the ordinary high water mark
(encumbered shoreline 2). Deed 2 states verbatim with deed 1
that encumbered shoreline 2 “contains a relatively intact
forested ecosystem, providing wildlife habitat, as well as
habitat for old growth white pine trees”, that “the lake front
property in and around the area of the Property is under intense
development pressure, thereby causing or at least exacerbating
the impact on rare and protected flora and fauna of the area such
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