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requirements to name a few. Environmental hazards include, but are not limited to, the existence <br />of radon gas, lead-based paint, underground storage tanks and asbestos. <br />I am informed the County does not intend to order a new survey of the relevant property <br />unless required by BB&T. Preliminary discussions with Investors Title indicate that the lender's <br />title insurance policy will not make exception to matters of survey. The County's owner's policy <br />will make exception to matters of survey. My typical recommendation is that purchaser's of <br />property commission a new survey. I reiterate this recommendation to you. Anew survey will <br />reveal driveway or other encroachments that'may affect title and will allow the survey coverage <br />exception to be removed from the title~nsurance policy. Certain encumbrances are generally not <br />discoverable without a survey and will not be located through my title examination or a review <br />of the existing recorded plats. <br />Closing <br />I will attend the closing on the Project which I understand will be conducted by the <br />County's Bond Counsel, Bob Jessup. The sole purpose of my attendance will be to obtain the <br />new deed from the Orange County Board of Education into the County and the Deed of Trust <br />from the County to BB&T. Following the closing, I will update title and record the deed of <br />easement at the office of the Register of Deeds and prepare a final title opinion. <br />This engagement is specifically limited to: (1) performing the title search described <br />above; (2) preparing the title opinion discussed above; (3) procuring title insurance as described <br />above; and (4) recording the documents listed above. I have not and will not participate in any <br />other matters relating to the Project, including preparing deeds, leases, closing statements, etc., <br />or providing any legal advice to the County as to the Project whatsoever. <br />My fee for all work done pu}~suant to this agreement is $5,750. I will engage a title <br />r <br />abstractor to collect the necessary documents from the office of the Register of Deeds. The fee <br />quoted above includes any and all charges for the title abstract services, document reproduction, <br />travel, etc., other than as discussed below. The County will pay all fees due my firm on the day <br />of closing. The County will also arrange to deliver the recording fees and tax stamps necessary <br />to record any and all transaction documents in the Orange County Registry to me on the day of <br />closing. <br />Please note that costs of the .survey (if any), environmental reports, insurance premiums, <br />tax stamps, recording fees, etc., are NOT included in the legal fee quoted above. The title <br />insurance premium is estimated to be $8,105.00. <br />In the event the County requires additional representation prior to closing or additional <br />legal work not referenced in this letter becomes necessary, then I will perform such work at your <br />request at my normal hourly rate of $200 per hour. Any such request will be documented with <br />an amendment to this letter of agreement. <br />Please understand that I must charge for all work performed even if this transaction fails <br />for any reason. <br />2 <br />