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DRAFT <br /> City of Mounds View <br /> Housing Replacement Program <br /> • <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. 11111 <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 />