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City of Mounds View <br />Housing Replacement Program <br /> <br />Page 6 <br /> <br />a. When both parties have verbally agreed upon a purchase price, Program Staff and <br />Legal Counsel shall prepare a Purchase Agreement to be presented to the interested <br />participant. The purchase price contained in the Purchase Agreement shall be within the <br />range authorized by the EDA. The purchase agreement shall be contingent on the <br />completion of an environmental evaluation suggesting no evidence of hazardous waste on <br />the property. The interested participant shall receive a copy of the purchase agreement <br />including the following information: <br /> <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 /> <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 /> <br />c. The EDA Executive Director and President shall be signatories on the purchase <br />agreement. <br /> <br />d. The acquisition and disposition of the property must be in conformance with the <br />Mounds View Comprehensive Plan. <br /> <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 <br />to closing as outlined below. <br /> <br />(1) Title documentation acceptable to City staff An Abstract or RPA (as <br />applicable) must be furnished to the Program Staff to facilitate the <br />rendering of a title opinion. The interested participant will bear the cost <br />of updating the Abstract or RPA as part of the closing procedures. <br /> <br />(2) EDA Legal Counsel shall review the submitted title documentation <br />will be responsible for having the Abstract or RPA updated and will <br />provide Program Staff and interested participant with a written opinion <br />of title. EDA Legal Counsel will also secure title insurance. <br /> <br />(3) If the title opinion indicates the property has marketable title, purchase <br />procedures may will 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 The EDA may