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Excel Conditional Formatting

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I have a conditionallly formatted cell and want to add one more rule.  I want to know if I can turn all conditional formatting off (stop if true) when another cell has a specific TEXT value.  I was just given an issues log to maintain that turns a cell green, yellow or red based on the date in reference to "today" - however, once the action item is closed (text value in a different cell) I want the conditional formatting to turn off and the cell to have no color. 

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