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than as discovered in the title search, but we can assist the County in identifying an <br /> environmental expert to review the existing Notice of Browntields and any other environmental <br /> issues upon request. We can procure title insurance for the County based on our preliminary <br /> opinion should that be necessary in the future. <br /> Letter of Intent <br /> During the initial phase of our engagement we have learned that Main Street Properties, LLC <br /> (the "Developer") has an unrecorded option to purchase the Property from the current owner. <br /> The Developer intends to include the Property in a subsequent phase of the 300 East Main Street <br /> development (the "Development"). To date, we have successfully worked with the County and E <br /> the Developer to come to a mutually acceptable Due Diligence Agreement that will serve as a f' <br /> foundation for more extensive negotiations related to the potential location of a library on the <br /> Property, We have worked with the County and the Developer to identify several potential deal <br /> structures for the Project to date. The next phase of the project involves working on a letter of <br /> intent ("LOI") that can be recommended to the County. The LOI will serve as the basis of the <br /> transaction agreement among the parties. The LOI will include specific provisions concerning <br /> property right ownership; operation of the library and surrounding Development, construction of <br /> the library and residential areas in floors above the library, and financing structures. This phase <br /> of the Project will require extensive negotiation with the Developer as well as significant <br /> document drafting and preparation. <br /> Fees <br /> We will be the County on an hourly basis for the negotiation and preparation of the LOI and <br /> documents related thereto. All work performed by our real estate paralegal will be charged at <br /> her hourly rate of$85 per hour. I will be the primary attorney responsible for this matter. My <br /> partner, William (`Bill") Hutchins, Jr., who is a NC Board Certified Specialist in Real <br /> Property Law focusing on business, commercial and industrial transactions, will assist me <br /> on as as-needed basis. Bill and I will charge the County for all work done on the Project <br /> at our normal hourly rate for 2014 of$235 per hour, <br /> It is difficult to estimate the legal fees that may be incurred during this phase of the work <br /> described in this letter given the many variables that could be encountered in this process, <br /> i <br /> However, we will work diligent and efficiently in all respects during the course of this <br /> 3 <br /> engagement. To date, we have taken the lead on drafting agreements with the Developer, <br /> and it is likely that we will continue to do so during this next phase of the project, <br /> t <br /> Please understand that I roust charge for all work performed even if this transaction fails for any <br /> reason. The County will be billed monthly for all services performed during the preceding <br /> month. The total amount charged to the County for the work described herein will not exceed s <br /> Fifteen Thousand and 00/100 Dollars ($15,000.00). E <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. r= <br /> kennon2 cmve3;pllc <br /> 4011 un(vmrtp drive,suite.300.durbem,nr 1..770.7 port n/fire box 51579,dru•baw,ne="1'/579 . <br /> TELEPHONE 9194900.500.FAX 91949008'i uvvutkreunurr.wrr.ron <br /> U' <br />