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--� . .._. . — _ _ _ � _ �--�_ _ - _ �-- ---_ <br />If the EDA chooses to continue with the acquisition, a fee appraisal will be ordered <br />to determine the purchase price of the property (to present to the seller), the reuse <br />value as a vacant lot, and a finished price range for new single family construction <br />(to present to the developer). <br />The independent fee appraiser will be carefully instructed to document in specific <br />terms the conditions of the property; details regarding structural condition and <br />floor plan. The acceptance of these conditions in the market place should be <br />discussed in the report. The appraisers value judgement should reflect these <br />conditions. <br />6. If the seller agrees to the purchase price and signs a purchase agreement, the <br />property will be included in the EDA marketing program. The purchase agreernent <br />will be contingent on the completion of an environmental evaluation suggesting no <br />evidence of hazardous waste on the property. � <br />7. Sellers will be asked to provide the Abstract or RPA (as applicable) to the EDA, to <br />facilitate the rendering of a title opinion. The cost of updating the Abstract or <br />RPA will be the seller's if a sale occurs. <br />8. Legal Counsel will be responsible for having the Abstract or RPA updated and will <br />contact staff as quickly as possible with an oral opinion of title. A written opinion <br />or title insurance policy will follow shortly thereafter. <br />9. If the title opinion indicates the property has marketable title, purchase procedures <br />will continue. If the title opinion does not indicate a marlcetable title, the EDA,, at <br />its sole discretion, may choose not to acquire the property. The EDA may <br />determine remedies and evaluate their resolution, including the additional time and <br />expense to provide marketable title. The EDA may proceed to correct title <br />deficiencies once a Purchase Agreement is executed by the seller. <br />10. Simultaneously with the title opinion, an environmental Phase I audit may be <br />obtained from an independent environmental engineering firm or other firm <br />performing such service. If environmental hazards are found on the site, the EDA <br />may choose not to acquire the property. <br />Acquisition Process <br />When a purchase price has been determined, the seller will be informed of: <br />a. The purchase price <br />b. How the purchase price was determined. <br />c. If negotiations fail, and the offer is not accepted, the EDA will not acquire <br />0 <br />