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Ferrell Firm, P.C. <br />P. O. Box 16564 <br />Chapel Hill, North Carolina 27516 <br />Telephone (919) 883-4960 <br />Fax (866) 941-6233 <br />BRIAN M. FERRELL <br />E-MAIL: brian@ferrellfirm.com <br />January 19, 2011 <br />John Roberts, Esquire <br />Orange County Attorney <br />P.O. Box 8181 <br />Hillsborough, North Carolina 27278 <br />RE: Engagement For Legal Services: Title Opinion For Stanford Middle School Bond <br />Financing (the "Project") <br />Dear John: <br />iF <br />As you have requested, I am ,pleased to assist the County with the preparation and <br />delivery of a title opinion for the Project. upon the following terms and conditions. If agreeable to <br />the County, please have this letter of agreement countersigned as indicated below and return the <br />same to my attention. <br />Title Search & Title Insurance <br />I will conduct a title search on two parcels of land currently owned by the Orange County <br />Board of Education having Orange County PIN 9875-11-5526 ("Tract 1") and 9875-21-0552 <br />("Tract 2"). The beginning date of the title search will be July 23, 1960. As we have discussed, <br />most, if not all, of the Stanford Middle School buildings are located on Tract 2. You have <br />informed me that the County desires only to pledge Tract 2 as collateral for the financing of the <br />Project. Therefore, I will prepare a title opinion exclusively regarding Tract 2 and procure a title <br />insurance commitment from Investors Title Insurance Company in the amount of $9,899,439 <br />based on the same. The title commitment will secure issuance of both lender's coverage and <br />owner's coverage in the amount stated above. I understand that the Project lender, BB&T, may <br />require the County to pledge Tract 1 as additional collateral for the Project. If it becomes <br />necessary to add Tract 1 to the title opinion I will prepare a revised title opinion and commitment <br />to include Tractl at no additional fee other than as described herein below. <br />Please be aware that matters of zoning and environmental hazards are not <br />included in a standard title search; hence, if you require additional information from me <br />concerning these issues, please so advise immediately. Zoning laws affect setback and use <br />1 <br />