Orange County NC Website
Browse       Search
DocuSign Envelope ID: E0811058 -AED1- 4162- 819E- 35039B7DAF23 <br />KENNON <br />William A Anderron, III <br />Gwendolyn C. Brooks' <br />Joel M Craig <br />G Nuidei Crater <br />James R kasthom <br />Brian M Ferrell <br />William T Hutchms, Jr,,. <br />Deborah A McDermott <br />Candace B Minjares <br />Henry W Sappenfield <br />Leigh P Vancil <br />"Boa+d Ctrufird Specialist in <br />Estate Pdrnning p Probare Lain <br />" °Baard Cerrif :td Specialist in Real Property Lain, <br />B.rointss, Contnterrial and lnduxntal Tramactiom <br />Jeffrey E. Thompson <br />Director, Asset Management Services <br />Orange County Government <br />131 West Margaret Lane, Suite 300 <br />PO Box 8181 <br />Hillsborough, NC 27278 <br />VIA EMAIL DELIVERY <br />ATTORNEYS AT LAS+! <br />May 14, 2018 <br />3 <br />P/Ic <br />19 <br />RE: Engagement For Legal Services: North Campus Land Exchange & Easements <br />Dear Mr. Thompson: <br />We are pleased to represent Orange County in conjunction with the above referenced matter (the <br />"Transaction "). If agreeable to the County, this letter establishes the terms of our engagement. <br />Exchange Agreement <br />We will prepare an exchange agreement (the "Exchange Agreement ") whereby a certain portion of <br />the County's property having PIN 9864398253 will be exchanged for a portion of the adjacent property <br />having PIN 9864490515 (the "Adjacent Property "). The Exchange Agreement will include the transaction <br />terms outlined in your memorandum dated May 1, 2018 addressed to the owners of the Adjacent Property <br />(the "Memo "). <br />Title Search & Title ] nsurance <br />We will perform a title search on the Adjacent Property. The nature of that search may take on one <br />of two forms, depending upon whether the title has previously been insured. If the title has not been <br />previously insured, a search of the public records for a period satisfactory to the title insurance company <br />will be required. If the title has previously been insured, we can obtain coverage for the County by having <br />the title examined from the effective date of that covera{,c to the present. The process of performing only a <br />limited title search is what is known as "tacking ". If we tack to an existing title insurance policy, the County <br />will be relying on its policy of title insurance and not our having examined the public records for any matter <br />affecting title prior to the date of the existing policy of title insurance to which we tacked. Therefore, absent . <br />your timely objection, we will determine if title insurance coverage exists on the Adjacent Property and, if <br />so, have the public records examined only from the date of that coverage to the present, In other words, <br />absent your timely objection, we will "tack" to that existing policy of title insurance. This procedure will <br />enable us to keep the County's costs to a minimum while, at the same time, providing full title insurance <br />4011 univer ft: drive, suite 300, durhanz, ne 271707 frost q#ice box 51579, durham, nc 27717 -1579 <br />T E L E P H 0 N E 919 4,90 0500 PAX 919 490 0873 • www. ken noncraver; corn <br />