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DRAFT <br />City of Mounds View <br />Housing Replacement Program <br />c. The EDA Executive Director and President shall be signatories on the purchase <br />agreement. <br />d. The acquisition and disposition of the property must be in conformance with the <br />Mounds View Comprehensive Plan. <br />e. Following EDA authorization of these agreements, interested participants and/or <br />Program Staff will be requested to assemble and supply all required documentation <br />prior to closing as outlined below. <br />(1) An Abstract or RPA (as applicable) must be furnished to the Program <br />Staff to facilitate the rendering of a title opinion. The interested <br />participant will bear the cost of updating the Abstract or RPA as part of <br />the closing procedures. <br />(2) EDA Legal Counsel will be responsible for having the Abstract or RPA <br />updated and will provide Program Staff and interested participant with a <br />written opinion of title. EDA Legal Counsel will also secure title <br />insurance. <br />(3) If the title opinion indicates the property has a marketable title, purchase <br />procedures will continue. If the title opinion does not indicate a <br />marketable title, the EDA, at its sole discretion, may choose not to <br />acquire the property. The EDA may determine remedies and evaluate <br />their resolution, including the additional time and expense to provide a <br />marketable title. The EDA may proceed to correct title deficiencies to <br />continue the purchase of the property dependant upon the additional time <br />and expense incurred. <br />(4) Simultaneously with the title opinion, an environmental evaluation may be <br />obtained from an independent environmental engineering firm or other <br />firm performing such service. If environmental hazards are found on the <br />site, the EDA may choose not to acquire the property. <br />f. The seller must be prepared to vacate the property on the day of closing unless <br />other arrangements have been made with Program Staff. <br />g. If the interested participant decides not to sell the property after execution of the <br />purchase agreement then the interested participant must provide the EDA with the <br />following: <br />(1) A letter expressing their desire not to proceed with selling the property. <br />Page 5 <br />