2021-078-E AMS - Kennon Craver PLLC property sale

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DocuSign Envelope ID:54069D80-59AD-476A-ADF8-03D352860B20 KENNON ' A PlIc Engagement Memorandum To: Orange County Asset Management Services From: Brian M. Ferrell, Attorney, Kennon Craver, PLLC Thank you for considering retaining Kennon Craver, PLLC on behalf of Orange County, North Carolina to assist with the sale of 401 Valley Forge Road in Hillsborough(the "Property"). This memorandum summarizes the basis on which our firm will provide legal services to the County and how we will be paid for our services. I will be primarily responsible for the matter, and I may use other attorneys and legal assistants in the best exercise of my professional judgment. If, at any time, you have questions, concerns or criticisms, please contact me at once. We consider many factors in billing for services rendered, and I will review all statements before they are issued to ensure that the amount charged is appropriate. The principal factor is usually our schedule of hourly rates; most statements are simply the product of the hours worked multiplied by the hourly rates for the attorneys and legal assistants who did the work. Our schedule of hourly rates for attorneys and other members of the professional staff are based on years of experience, specialization in training and practice, and level of professional attainment. My hourly rate for 2021 is $315. However, I will perform services for the County at a discounted rate of $250 per hour for this engagement. We will manage this matter as cost efficiently as possible. To the extent that other paralegals and attorneys are involved, their rates vary from $125 to $400 an hour. I will notify you before involving any attorney with a rate hire than$250 per hour. We reserve the right to adjust our rates for subsequent years. In addition,we will bill and require payment for out-of-pocket expenses such as photocopies, courier expenses, travel, filing fees, and the like. Any extraordinary expenses, such as third-party printing costs,will be billed directly to you. Our services for this engagement include contract drafting, corresponding with the broker engaged by the County to assist with the sale regarding legal aspects of the transaction, reviewing title issues and other legal due diligence items that arise, and preparing the customary seller-side transaction documents for closing. Our fees for this engagement will not exceed $5,000.00. This not to exceed fee is based on the assumptions that negotiations will proceed in a commercially reasonable fashion,negotiations will only be required with as single buyer,and the Property is free of title objections and defects. 4011 university drive,suite 300,durham,nc 27707 •post office box 51579,durham,nc 2 7 71 7-15 79 TELEPHONE 919 490 0500 FAX 919 490 0873 •www.kennoneraver.com