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City of Mounds View May 12, 1997 • <br /> Housing Replacement Program Page 7 <br /> . • . . ..• .• . • - • • . <br /> • • '. • .. <br /> this time, if not explained previously. To enable the acquisition process to <br /> continue, the interested participant must execute the purchase agreement and <br /> "waiver of relocation benefits" form. The waiver of relocation, must be clearly <br /> explained to the interested participant at this time, if not explained previously. <br /> e. The EDA Executive Director and President shall be signatories on the purchase <br /> agreement. <br /> 3- d. The acquisition and disposition of the property must be in conformance with the <br /> Mounds View Comprehensive Plan. <br /> 4 e. Following EDA authorization of these agreements, interested participants seller <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) <br /> must be furnished to the Program Staff to facilitate the rendering of a title <br /> opinion. The interested participant will bear the cost of updating the '• <br /> Abstract or RPA as part of 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. A wi itten opinion or title insurance poliL,y will <br /> • • •• • • - -. . EDA Legal Counsel will also secure title <br /> insurance. <br /> (3) If the title opinion indicates the property has marketable title, purchase <br /> procedures will continue. If the title opinion does not indicate a marketable <br /> title, the EDA, at its sole discretion, may choose not to acquire the <br /> property. The EDA may determine remedies and evaluate their resolution, <br /> including the additional time and expense to provide marketable title. The <br /> EDA may proceed to correct title deficiencies to continue the purchase of <br /> the property dependant upon the additional time and expense incurred. <br /> (4) Simultaneously with the title opinion, an environmental evaluation-Phase-I <br /> audit may be obtained from an independent environmental engineering firm <br /> or other firm performing such service. If environmental hazards are found <br /> on the site, the EDA may choose not to acquire the property. <br /> • <br /> 7 <br />