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pertaining to the subject property prior to the issuance of the exisring title insurance policy. I, `' <br />therefore, do not certify the status of the title prior to this date, so I will not be able to detect any <br />title defects, clouds on title, encumbrances and the like which may later give rise to a claim <br />against title prior to the seazch dates of my opinion. Nonetheless, the County's title insurance <br />company should cover it against all claims that are not excepted from the policy even if such <br />claims arise out of defects or encumbrances, which occurred prior to the search period. <br />Following the title searches described above, I will prepare a title opinion for the three <br />parcels and procure a title insurance commitment from Investors Title Insurance Company in the <br />amount of $75,000,004.00 based on the same. Please he aware that due to the size of this title <br />insurance policy Investors Title will be working with another title insurance company, (which I <br />believe to be Stewart Title), in order to underwrite and issue the policy. Regardless, the tide <br />commitment will secure issuance of both lender's coverage and owner's coverage in the amount <br />stated above. <br />Please be aware that matters of zoning and environmental hazards are not included <br />in a standard title search; hence, if you require additional information from me concerning <br />these issues, please so advise immediately. Zoning laws affect setback and use requirements to <br />name a few. Environmental hazards include, but are not limited to, the existence of radon gas, <br />lead-based paint, underground storage tanks and asbestos. <br />I have asked the County's Bond Counsel, Bob Jessup, to let me know if a new survey has <br />been prepared for the School Parcei so I can examine the plat during my tide search I am <br />proceeding as of now under the assumption no new survey will be drawn for the School Parcel <br />prior to closing. Preliminary discussions with Investors Title indicate that the lender's title <br />insurance policy will not make exception to matters of survey as to the School Parcel. The <br />County's owner's policy will make exception to matters of survey unless a new plat is available. <br />I strongly recommend a new survey be created for the School Parcel prior to closing. A new <br />survey will reveal driveways, boundary overlaps, building overlaps, or other encroachments that <br />may affect title. These encumbrances, as well as others that may be identified by a modem and <br />accurate survey which may have a significant impact on title, are generally not discoverable <br />without a survey and will not be located through my title examination or a review of the existing <br />recorded plats. <br />Closin <br />I will not attend the closing on the Project conducted by the County's Bond Counsel, Bob <br />Jessup. However, immediately following the closing I will obtain the Deed of Trust from the <br />County to Orange County Public Facilities Company. Foilowing the closing, I will update title <br />and record the deed of trust and any related documents at the office of the Register of Deeds. <br />Thereafter, I will prepare a final title opinion to Investors Title. <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 />2 <br />