2011-125 AMS - Ferrell Firm, PC for SW Library Title Opnion & Closing Services $5,000

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Please be aware that matters of zoning and environmental hazards are not included in a standard title search; hence, if you require additional information from me concerning these issues, please so advise immediately. Zoning laws affect setback and use requirements to name a few. Environmental hazards include, but are not limited to, the existence of radon gas, lead-based paint, underground storage tanks and asbestos. I understand the County has, or is in the process of, obtaining changes in the permitted uses of the Property from the Town of Carrboro. I have not been involved in this effort. This engagement specifically excludes any work or advice relating to any rezoning or permitting of the Property that may be necessary for its intended use as a library facility. I recommend the County engage a surveyor to conduct a new survey of the Property to be recorded at closing if it has not already done so. If a new survey has been drawn please forward a copy of the same to me. A survey will reveal driveways, fences or other encroachments onto property lines that may impact the County's decision to proceed to closing. These types of encumbrances are generally not discoverable without a survey and will not be located through my title examination or a review of the above referenced plat which was drawn in 2007. Closing I will review the deed that will be drafted by the Seller pursuant to the "Agreement for Purchase and Sale of Real Property" by and between Orange County, NC as Buyer and NCLA Properties, LLC, as Seller (the "Purchase Agreement"). The Purchase Agreement was drafted, negotiated and executed prior to my involvement in this matter. I note that the Purchase Agreement requires ad valorem taxes for the current year to be prorated among the parties at closing. Typically, the County would be exempt from the payment of any such taxes, but it appears to have agreed to pay a prorated portion of the same at closing. I request the County notify me in advance of closing if it has any objection to the payment of a prorated portion of the 2011 tax bill for the Property. I will prepare a closing statement to be executed by the parties. I am willing to conduct the closing in my office located at 209 N. Columbia Street in Chapel Hill, or at another office in Orange County at your convenience. The County agrees to wire all closing funds (including outstanding attorney's fees, if any) into my trust account prior to the closing. I will make every effort to provide the County with a draft of the settlement statement no less than 24 hours prior to the closing date. Following the closing, 1 will update title and record the deed in the office of the Register of Deeds and prepare a final title opinion. The final title opinion will be submitted to Investors Title Insurance Company for the issuance of an owner's title insurance policy. Fees My fee for all work done pursuant to this agreement is as follows: (1) $7~A0 dollars per hour for the services of the title abstractor/paralegal to collect the necessary title documents from the office of the Register of Deeds; and (2) $200.00 per hour for the time it takes me to review the title abstract documents and prepare the preliminary and final title opinion, review the deed and related closing documents, prepare the closing statement, conduct the closing and record the deed. There will be an additional flat fee charge of $50.00 that will cover all out of pocket expenses for items such as copy fees, courier fees, mileage costs and mailing costs. The County will pay all fees due under this Agreement pursuant to Section 1 of the Contract. The County agrees to pay all fees due on a monthly basis following its receipt from this Firm of an acceptable invoice for work performed during the preceding month. 2