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2013-229 Finance - Ferrell Firm PC for Engagement for Legal Services: Title Opinion for SHSC Parcel and AMS North Campus $15,000
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2013-229 Finance - Ferrell Firm PC for Engagement for Legal Services: Title Opinion for SHSC Parcel and AMS North Campus $15,000
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7/8/2013
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R 2013-229 Finance - Ferrell Firm PC for Engagement for Legal Services: Title Opinion for SHSC Parcel and AMS North Campus $15,000
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` aot3 - � a4 <br /> F A-7 C, � <br /> Ferrell Firm, P.C. <br /> P.O.Box 16564 <br /> Chapel Hill,North Carolina 27516 <br /> Telephone(919)883-4%0 <br /> Fax(866)941-6233 <br /> BRIAN M.FERRELL <br /> E-MAIL: brian aAferrelifirm.com <br /> July 1,2013 <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 Southern Human Services <br /> Center Parcel(PIN 9880-00-8527)&AMS North Campus Parcel(PIN 9865-83- <br /> 3029) in Furtherance of$9,975,000.00 Financing(the"Project") <br /> Dear John: <br /> I am pleased to assist the County with the preparation and delivery of a title opinion for the <br /> Project upon the following terms and conditions. If agreeable to the County, please have this <br /> letter of agreement countersigned as indicated below and return the same to my attention. <br /> Title Search &Title Insurance <br /> I will conduct title searches as described more fully in this letter on the parcels of land currently <br /> owned by Orange County listed above. I will perform a title search of no less than 30 years on <br /> both parcels. Following the title searches described above, I will prepare a title opinion for the <br /> three parcels and procure a title insurance commitment from Investors Title Insurance Company <br /> in the amount of$9,975,000.00 based on the same. The title commitment will secure issuance of <br /> both lender's coverage and owner's coverage in the amount stated above. <br /> Please be aware that matters of zoning and environmental hazards are not included in a <br /> 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 am proceeding under the assumption no new survey will be drawn for either of these parcels <br /> specifically for the Project. The County's owner's policy will make exception to matters of <br /> survey unless a new plat is available. I recommend current surveys be prepared,specifically for <br /> the AMS North Campus tract, given the number of combinations of parcels related to this tract <br /> over the years. A new survey will reveal driveways, boundary overlaps, building overlaps, or <br /> 1 <br />
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