Laserfiche WebLink
City of Mounds View <br /> 11111 Housing Replacement Program Page 6 <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 <br /> participant with a written opinion of title. EDA Legal Counsel will <br /> also secure 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 <br /> may be obtained from an independent environmental engineering firm <br /> or 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 /> g. If the interested participant decides not to sell the property after execution of <br /> the purchase agreement then the interested participant must provide the EDA <br /> with the following: <br /> (1) A letter expressing their desire not to proceed with selling the <br /> property. <br /> (2) The full amount of earnest money received upon execution of the <br /> • purchase agreement. <br /> 6 <br />