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DORS EY & WHITNEY L L P <br /> • <br /> MINNEAPOLIS PILLSBURY CENTER SOUTH NEW YORK <br /> WASHINGTON,D.C. 220 SOUTH SIXTH STREET DENVER <br /> LONDON MINNEAPOLIS, MINNESOTA 55402-1498 <br /> SEATTLE .. <br /> BP.USSELS TELEPHONE: (612) 340-2600 <br /> HONG KONG FAX: (612) 340-2868 FARGO <br /> DES MOINES BILLINGS <br /> JAMES E. SCHMECKPEPER <br /> ROCHESTER (612)343-7995 MISSOULA <br /> COSTA MESA <br /> GREAT FALLS <br /> May 8, 1996 <br /> Mr. Michael Mornson <br /> City Of St. Anthony <br /> 3301 Silver Lake.Road <br /> St. Anthony, MN 55418 <br /> Re: Forms and Procedures for HRA Acquisition of Residential Property <br /> Dear Mike: <br /> Pursuant to your request, I have prepared a form of Purchase Agreement <br /> • which can be used in connection with the HRA's acquisition of residential <br /> properties. The enclosed form would need to be completed for any specific <br /> transaction by inserting into the Agreement the following information: <br /> 1. Section 1: The date of the Agreement and the names of the Seller(s). <br /> 2. Section 2: The legal description and address of the property. <br /> 3. Section 3: The purchase price and the cash portion thereof to be paid at <br /> closing, and the date of closing. <br /> 4. Section 11: The disclosure of any environmental problems by the <br /> Seller(s). <br /> 5. Signature of the HRA and Seller(s). <br /> When the terms of the Agreement have been finalized and a Purchase <br /> Agreement prepared, the HRA should sign the Agreement and deliver it to the <br /> Seller along with a check in the amount of the earnest money. Seller should then <br /> be asked to sign and return a fully executed copy to the HRA. <br /> Ideally, the earnest money should be held by an independent third party. In- <br /> these circumstances, if the HRA intends to obtain an Owner's Policy of Title <br />