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We are proceeding under the assumption no new survey will be drawn for the Property <br /> specifically for the pending purchase. The County's owner's policy will make exception to <br /> matters of survey unless a new plat is available. I recommend a current survey be prepared prior <br /> to the closing. A new survey will reveal driveways, boundary overlaps, building overlaps, or <br /> other encroachments that may negatively impact title. These encumbrances, as well as others <br /> that may be identified by a current survey which may have a significant impact on title, are <br /> generally not discoverable without a survey and will.not be located through a title examination or <br /> a review of the existing recorded plats. <br /> Closing <br /> We will conduct the closing on the purchase here in our offices or at another location <br /> within Orange County that is convenient for you and the County. We anticipate having title <br /> work completed in time to close this transaction no later than May 15, 2014. Following the <br /> closing we will update title and record the deed along with any other necessary documents at the <br /> office of the Register of Deeds. Thereafter, we will prepare a final title opinion and make <br /> application for a title insurance policy on behalf of the County. <br /> This engagement is specifically limited to, (I) performing the title search described <br /> above; (2) preparing the title opinion discussed above; (3) procuring title insurance as described <br /> above; (4) disusing any title issues discovered during the title search m th you; (5) recording the <br /> documents listed above; and (6) conducting the closing. . Please be aware that additional work <br /> necessary to complete the closing, such as attempting to resolve significant title defects, may <br /> require work beyond the scope of this letter and in excess of the "not to exceed" amount listed <br /> below. <br /> Fees <br /> We will bill the County on an hourly basis for the work described in this letter. We have <br /> a dedicated real estate paralegal that will be responsible for obtaining all necessary title <br /> documents from the Orange County Registry and other public sources. All work performed by <br /> our paralegal will be charged at her hourly rate of$85 per hour. I will be the primary attorney <br /> responsible for this matter. I will charge the County for all work done at my hourly rate of <br /> $235 per hour. Please understand that I must charge for all work performed even if this <br /> transaction fails for any reason. The total amount charged to the County for the work described <br /> herein will not exceed Three Thousand Five Hundred and 00/100 Dollars $3 500.00). <br /> Please do not hesitate to contact me with any questions o ncerns regarding this letter. <br /> I look forward to working with you on this transaction on beh f the County. <br /> cerely, <br /> riarr e ell <br /> THfi IRM <br /> 2 <br /> kennon craver,pile <br /> 4011 university drive,suite 300,durham,ne 27707 post office box 51579,durham,ne 27717-1579 <br /> TELEPkONF 9194900500. FAX 919490087.3 m:uw.kt—o—raver,com <br />