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DocuSign Envelope ID:CD169865-6COD-4DOE-83C1-88ACC925BFB8 <br /> K E N N 0 N <br /> pllc <br /> bferrell@kennoncraver.com <br /> ENGAGEMENT MEMORANDUM& CONFLICT WAIVER <br /> To: Orange County,North Carolina <br /> Attn: Christian Hirni,Land Conservation Manager <br /> Via Email: chirni@orangecountync.gov <br /> From: Brian M.Ferrell,Attorney,Kennon Craver,PLLC <br /> Date: June 6,2022 <br /> Thank you for considering engaging Kennon Craver, PLLC to assist with the purchase of <br /> conservation easement interests in certain real property located in Orange County, North Carolina <br /> commonly referred to as Moorefields(the"Property"). <br /> This letter summarizes the basis on which our firm will provide legal services and how we will be <br /> paid for our services. I will be primarily responsible for the matter. I may use other attorneys and/or <br /> paralegals in the best exercise of my professional judgment. If,at any time,you have questions or concerns, <br /> please contact me at once. <br /> 1. Title Search/Due Diligence <br /> One of the key components in an easement purchase is the title examination or title search. The <br /> nature of that search may take on one of two forms, depending upon whether the title to the Property has <br /> previously been insured. If the title has not been previously insured, a search of the public records for a <br /> period satisfactory to the title insurance company will be required. If the title has previously been insured, <br /> we can obtain coverage for the buyer by having the title examined from the effective date of that coverage <br /> to the present. The process of performing only a limited title search is what is known as "tacking". If we <br /> tack to an existing title insurance policy, the buyer will be relying on its policy of title insurance and not <br /> our having examined the public records for any matter affecting title prior to the date of the existing policy <br /> of title insurance to which we tacked. Therefore, absent your timely objection, we will determine if title <br /> insurance coverage exists on the Property and, if so, have the public records examined only from the date <br /> of that coverage to the present. In other words,absent your timely objection, we will"tack"to that existing <br /> policy of title insurance. <br /> This procedure will enable us to keep the buyer's costs to a minimum while, at the same time, <br /> providing full title insurance coverage. You should be advised that title insurance, while a valuable <br /> insurance coverage, does not cover all damage that may arise from a title defect, Title insurance also does <br /> not necessarily provide immediate relief in the form of the payment of a claim given title insurers have a <br /> reasonable time to correct defects in title which the insurer reasonably believes can be corrected. What <br /> constitutes a"reasonable time"depends upon the nature of the defect. Assuming title is insurable,we will <br /> 4011 university drive,suite 300,durhani,nc 27707 -post office box 51579,durhani,tic 27717-1579 <br /> TELEPHONE 919 490 0500 FAX 919 490 0873 •rvivw.kennortcraver.coni <br />