2018-219-E AMS - Kennon CraverNorth campus land exchange

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DocuSign Envelope ID: E0811058 -AED1- 4162- 819E- 35039B7DAF23 coverage for the County. You should he advised that title insurance, while a valuable insurance coverage, does not cover all damage that may arise from a title defect. Title insurance also does not necessarily provide immediate relief in the form of the payment of a claim given title insurers have a reasonable time to correct defects in title which the insurer reasonably believes can be corrected. What constitutes a "reasonable time" depends upon the nature of the defect. Assuming title is insurable, we will obtain a title insurance policy in favor of the County in the amount of the purchase price for the Adjacent Property. The County will be responsible for the payment of the title insurance premium at closing. Please be aware that matters of zoning_ and environmental matters are not included in a standard title search. We do not provide any opinion as to the environmental condition of the Adjacent Property or permitted uses under current zoning regulations. Please notify me immediately if the County requires additional information or assistance concerning these two issues. Zoning laws affect setbacks and use requirements to name a few. Environmental hazards include, but are not limited to, the existence of radon gas, lead -based paint, underground storage tanks, and asbestos. I understand the County will engage a surveyor to prepare a recordable recombination plat showing the newly constituted parcels following recombination. We will use this recombination plat to prepare the necessary legal descriptions related to the property exchange, casements, and other documents related to the Transaction. I understand the County does not require our assistance with negotiating the "Transaction with the Adjacent Property owners. Easements and Closing We will prepare the sewer easements (temporary construction and permanent) and vegetative buffer easement outlined in the Memo. We will prepare deeds for the properties to be exchanged. We will work with the owner of the Adjacent Property to obtain subordination agreements from their lender for the property exchange and the sewer easements. We will prepare any necessary post- closing agreements to document post - closing items as outlined in the Memo. We will prepare a settlement statement and conduct the closing on the Transaction. The closing can occur in our offices or another location that works better for the parties. The County agrees to wire the closing funds into my trust account prior to the closing. We will make every effort to provide the County with a draft of the settlement statement no less than 24 hours prior to the closing date. Following the closing, we will update title and record all necessary documents in the office of the Register of Deeds and prepare a final title opinion and deliver the same to Investors Title for issuance of the title insurance policy. Wire Instructions BEFORE SENDING ANY WIRE, CALL OUR OFFICE AT (919) 490 -0500 TO VERIFY THE INSTRUCTIONS. WE WILL NOT CHANCE WIRING INSTRUCTIONS. IF YOU RECEIVE WIRING INSTRUCTIONS FOR A DIFFERENT BANK, BRANCH LOCATION, ACCOUNT NAME OR ACCOUNT NUMBER OTHER THAN THE INSTRUCTIONS YOU HAVE ON FILE, THEY SHOULD BE PRESUMED FRAUDULENT. DO NOT SEND ANY FUNDS AND CONTACT OUR OFFICE IMMEDIATELY. FAILURE TO FOLLOW THIS PROCEDURE ENDANGERS YOUR FUNDS. Legal Fees & Expenses This engagement is specifically limited to the work outlined herein. Please be aware that additional work necessary to complete the closing, such as attempting to resolve significant title defects, significant work related to locating heirs or resolving estate issues related to the Adjacent Property in the chain of title, kennon crraver, pllc 1011 w7h miry drii r, suit, 300, durham, tac 27707 • posr o yce box 51579, durfirrm, ne 27717 -15%9 TELEPHONE 91 9 490 0500 FAX 919 490 0873 • wim.. ken noncravva ram