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I am proceeding under the assumption no new survey will be drawn for this parcel specifically <br /> for the Project. The County's owner's policy will make exception to matters of survey unless a <br /> new plat is available. I recommend current surveys be prepared. A new survey will reveal <br /> driveways, boundary overlaps, building overlaps, or other encroachments that may affect title. <br /> These encumbrances, as well as others that may be identified by a modern and accurate survey <br /> which may have a significant impact on title, are generally not discoverable without a survey and <br /> will not be located through my title examination or a review of the existing recorded plats. <br /> Closing <br /> The closing on the Project will be conducted by the County's Bond Counsel, Bob Jessup. <br /> Following the closing I will obtain the original Deed of Trust from the County to the lender and <br /> record the same. Following the closing, I will update title and record the deed of trust and any <br /> related documents at the office of the Register of Deeds. Thereafter, I will prepare a final title <br /> opinion to Investors Title. <br /> This engagement is specifically limited to: (1) performing the title search described above on <br /> behalf of Orange County; (2) preparing the title opinion discussed above on behalf of Orange <br /> County; (3) procuring title insurance as described above; (4) disusing any issues lender's counsel <br /> may have related to the title opinion; and(5)recording the documents listed above. <br /> Fees ' <br /> The County agrees to pay my firm a flat fee of$5,500.00 for the legal work described herein <br /> payable on or before closing on the Project. Should the Project not close for any reason, then I <br /> will bill the County at my normally hourly rate of$225.00 for all work done up and through the <br /> r <br /> date of the termination of the Project. In such event, the County also agrees to pay$85 per hour € <br /> for the services of our firm's real estate paralegal who will collect the necessary documents from <br /> the office of the Register of Deeds and otherwise assist me with the Project. The County is <br /> responsible for any and all costs associated with the Project for title insurance premiums, survey <br /> costs, recording costs, etc. The flat fee quoted above includes all charges for mileage <br /> reimbursement, copy charges, and long distance telephone calls. The County will pay all fees <br /> due my firm on the day of recording via wire transfer into my trust account. The County will <br /> also arrange to deliver the recording fees, title insurance premium, and tax stamps (if any) <br /> necessary to record any and all transaction documents in the Orange County Registry and <br /> procure title insurance to my trust account via wire transfer on the day of recording. <br /> Please understand that I must charge for all work performed even if this transaction fails for any <br /> reason. The total amount charged to the County for the work described herein will not exceed <br /> Five Thousand and 00/100 Dollars ($5,500,00). <br /> Please do not hesitate to contact me with any questions or concerns regarding this letter. I look <br /> forward to working with you on this transaction on behalf of the County. <br /> kennon craver,pllc <br /> 4011 universit y drive,srtire 300,durbam,nc 27,-07 putt office box 515.79 durbant,nr 2"W 15.-9 <br /> TELEPHONE 9194900500,FAX 9194900873 www.knrnencraver.com <br />