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City of Mounds View <br /> Housing Replacement Program <br /> • (1) The purchase price <br /> (2) How the purchase price was determined <br /> (3) The amount of earnest money <br /> (4) A date to sign the Purchase Agreement <br /> (5) A closing date <br /> b. To enable the acquisition process to continue, the interested participant must execute <br /> the purchase agreement and a "waiver of relocation benefits" form. The waiver of <br /> relocation must be clearly explained by City staff to the interested participant at this time, <br /> if not explained previously. <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 prior to <br /> closing as outlined below. <br /> (1) Title documentation acceptable to City staff must be furnished to the <br /> • Program 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 shall review the submitted title documentation and <br /> will provide Program Staff and interested participant with a written <br /> opinion of title. EDA Legal Counsel will also secure title insurance. <br /> (3) If the title opinion indicates the property has marketable title, purchase <br /> procedures may continue. If the title opinion does not indicate <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 <br /> marketable title. It shall be the seller's responsibility to correct title <br /> deficiencies to effectuate the sale of the property dependant upon the <br /> additional time and expense incurred. <br /> (4) Simultaneously with the title opinion, an environmental evaluation will <br /> be obtained from an independent environmental engineering firm or <br /> 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 /> Page 6 <br />