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rfl ' Fad WA <br />City of Mounds View <br />Housing Replacement Program <br />b. To enable the acquisition process to continue, the interested participant must <br />execute the purchase agreement and "waiver of relocation benefits" form. The <br />waiver of relocation must be clearly explained to the interested participant at <br />this time, if not explained previously. <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 <br />and/or Program Staff will be requested to assemble and supply all required <br />documentation 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 <br />of the closing procedures. <br />(2) EDA Legal Counsel will be responsible for having the Abstract or <br />RPA updated and will provide Program Staff and interested participant <br />with a written opinion of title. EDA Legal Counsel will also secure <br />title insurance. <br />(3) If the title opinion indicates the property has a marketable title, <br />purchase procedures will continue. If the title opinion does not <br />indicate a marketable title, the EDA, at its sole discretion, may choose <br />not to acquire the property. The EDA may determine remedies and <br />evaluate their resolution, including the additional time and expense to <br />provide a marketable title. The EDA may proceed to correct title <br />deficiencies to continue the purchase of the property dependant upon <br />the additional time and expense incurred. <br />(4) Simultaneously with the title opinion, an environmental evaluation may <br />be obtained from an independent environmental engineering firm or <br />other firm performing such service. If environmental hazards are <br />found on the 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 />Page 5 <br />