A power of appointment is exercised only to the extent that the appointment is a permissible exercise of the power, and only if all of the following apply:
(1) The instrument exercising the power is valid under applicable law.
(2) The terms of the instrument exercising the power manifest the power holder's intent to exercise the power.
(3) Subject to the provisions of G.S. 31D-3-304, the terms of the instrument exercising the power satisfy the requirements of exercise, if any, imposed by the donor.