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S. 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 market place should be <br /> discussed in the report. The appraisers value judgement should reflect these <br /> conditions. <br /> 6. If the seller agrees to the purchase price and signs a purchase agreement, the <br /> property will be included in the EDA marketing program. The purchase agreement <br /> will be contingent on the completion of an environmental evaluation suggesting no <br /> evidence of hazardous waste on the property. <br /> 7. Sellers will be asked to provide the Abstract or RPA(as applicable) to the EDA, to <br /> facilitate the rendering of a title opinion. The cost of updating the Abstract or <br /> RPA will be the seller's if a sale occurs. <br /> 8. Legal Counsel will be responsible for having the Abstract or RPA updated and will <br /> contact staff as quickly as possible with an oral opinion of title. A written opinion 41, <br /> or title insurance policy will follow shortly thereafter. <br /> 9. If the title opinion indicates the property has marketable title, purchase procedures <br /> will continue. If the title opinion does not indicate a marketable title, the EDA, at <br /> its sole discretion, may choose not to acquire the property. The EDA may <br /> determine remedies and evaluate their resolution, including the additional time and <br /> expense to provide marketable title. The EDA may proceed to correct title <br /> deficiencies once a Purchase Agreement is executed by the seller. <br /> 10. Simultaneously with the title opinion, an environmental Phase I audit may be <br /> obtained from an independent environmental engineering firm or other firm <br /> performing such service. If environmental hazards are found on the site, the EDA <br /> may choose not to acquire the property. <br /> Acquisition Process <br /> When a purchase price has been determined, the seller will be informed 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 /> 4 <br />