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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 @ferrelltirm.com <br />June 11, 2012 <br />John Roberts, Esquire <br />Orange County Attorney <br />P.O. Box 8181 <br />Hillsborough, North Carolina 27278 <br />VIA Electronic Delivery <br />RE: Engagement for Legal Services: Orange County Property Purchase and Exchange with <br />Eno River Parking Deck, LLC Pursuant to Mediated Settlement Agreement <br />Dear John: <br />Thank you for contacting me regarding Orange County's need for legal assistance in the closing <br />of the above referenced transaction. I am pleased to assist the County with this matter. If agreeable to the <br />County, this letter establishes the terms of our engagement. I propose to perform the following legal <br />services on behalf of the County. <br />Title Search & Title Insurance <br />We will conduct a title update search on the parcel of land currently owned by Eno River Parking <br />Deck, LLC (the "Company ") having Orange County PIN 9874 -05 -2667 (the "Eno Deck Property"). The <br />effective date of the last title insurance policy issued to the Company is April 22, 2008, and our title <br />opinion will relate back only to that prior policy's effective date. However, due to the significant number <br />of recorded instruments that relate to the Eno Deck Property, we will extend our title search back to <br />March 18, 1985 to provide further information regarding the status of title. I will prepare a title opinion <br />regarding the Eno Deck Property and procure a title insurance commitment from Investors Title Insurance <br />Company in the amount of $1,450,000.00 based on the same. The title commitment will secure owner's <br />coverage in the amount stated above. I understand this will be a "cash" transaction and there is no lender <br />associated with the purchase. Please advise as soon as possible if there is a lender involved. <br />The County will be responsible for the payment of the title insurance premium estimated by <br />Investors Title Insurance Company. The premium amount will be determined by the title company based <br />on the coverage amount. <br />Please also be aware that matters of zoning and environmental hazards are not included in <br />a standard title search; hence, if you require additional information from me concerning these <br />issues, please so advise immediately. Zoning laws affect setback and use requirements to name a few. <br />We have requested a letter from the Town of Hillsborough related to the current Zoning Compliance <br />Permit issued for the Eno Deck Property. We will not obtain any further information related to zoning <br />compliance other than the letter from the Town unless you make a written request we do so. <br />Environmental hazards include, but are not limited to, the existence of radon gas, lead -based <br />paint, underground storage tanks and asbestos. I understand the County will conduct any and all <br />