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5. If the EDA chooses to continue with the acquisition, a fee appraisal will be ordered <br /> to determine the purchase price of the property(to present to the seller), the reuse <br /> value as a vacant lot, and a finished price range for new single family construction <br /> (to present to the developer). <br /> The independent fee appraiser will be carefully instructed to document in specific <br /> terms the conditions of the property; details regarding structural condition and <br /> floor plan. The acceptance of these conditions in the mar ..placshould be <br /> discussed in the report. The appraisers value judgement h d reflect these <br /> conditions. <br /> 6. If the seller agrees to the purchase price Off signs a .:r ehase <br /> property will be included in the EDAmarketing program. The pu04* geement <br /> will be contingent on the completion of amental evaluation no <br /> evidence of hazardous waste on the property;:::::;: ..:: <br /> 7. Sellers will be asked to provide the Abstract or Rplicable)to the EDA, to <br /> facilitate the rendering of a title opinioThe cost o ` pd :_the Abstract or <br /> RPA will be the seller's if a sale occs '<>'>''< ::::. <br /> 8. Legal Counsel will be responsible for.:fling: tr act or RPA updated and will <br /> contact staff as quickly as possible:w th an o o on of title. A written opinion <br /> or title insurance polieill followshortly thereafter. <br /> 9. If the title opuuowdicates tiliroperty_ls marketable title, purchase procedures <br /> :::.. will continue;::::If title opinion<dt esx of indicate a marketable title, the EDA, at <br /> 1 it ther TheEDA may <br /> <��<its sole disc� €tt"`>�>�na chooeao#�o'ac tri e property. <br /> .>::.:?�:.::.>: Y qP p rtY <br /> mdvluate theit resolution, i1uding the additionaltima <br /> and> < ; iea <br /> "7i . to ro ' ` table title. The EDA mayproceed to correct title <br /> once'610*-Wie Agreement is executed by the seller. <br /> 10.;:: inult ? ts"`>: vith the title opinion, an environmental Phase I audit may be <br /> obtained` r >itdependent environmental engineering firm or other firm <br /> performin service. If environmental hazards are found on the site, the EDA <br /> may choose not to acquire the property. <br /> uisition Process <br /> `l' + < .< <:a n a purchase price has been determined, the sellerwill beinformed of <br /> a. The purchase price <br /> b. How the purchase price was determined. <br /> c. If negotiations fail, and the offer is not accepted, the EDA will not acquire <br /> O 4 <br />