2019-213-E Housing - Kennon Craver Central Avenue closing

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DocuSign Envelope ID:49A6A196-6A44-4A46-B485-DEE51AODFBEA Therefore, absent your timely objection, we will determine if title insurance coverage exists on the Property and, if so, have the public records examined only from the date of that coverage to the present. In other words absent your timely objection, we will "tack"to that existing policy of title insurance. This procedure will enable us to keep the County's costs to a minimum while, at the same time, providing full title insurance coverage for the County. You should be advised that title insurance, while a valuable insurance coverage, does not cover any and 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 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, as closing attorneys, do not provide any opinion as to the environmental condition of the Property. 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. We will either use the survey commissioned by the County for this transaction, if any, or the description of the Property included in the current vesting deeds as the legal description for the Property. We recommend the County obtain a new survey of the Property during its due diligence if it has not already done so. A survey may show title encumbrances and defects such as existing encroachments onto or from neighboring properties, legal description gaps and overlaps, and other matters "on the ground" that would not otherwise be discovered during our title search of the public records. The legal description will be used to describe the boundaries of the Property in the deed conveying the Property to the County (the "Deed"). I understand the County does not require our assistance with negotiating or drafting any portion of the purchase agreement for the Property. Closing We will 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 the new plat, if any, and Deed 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 THE COUNTY HAS OUR TRUST ACCOUNT WIRING INSTRUCTIONS ON FILE. BEFORE SENDING ANY WIRE, CALL OUR OFFICE AT (919) 490-0500 TO VERIFY THE INSTRUCTIONS. WE WILL NOT CHANGE 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. 2