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4 . Verify and document in a property file that the property is vacant <br /> and has no personal possessions onsite . Documentation should include a signed <br /> and dated inspection report, photos, and notes from interviews with neighbors <br /> ( if available ) indicating the approximate last date of occupancy . If information <br /> from neighbors is not available, documentation should include data from a utility <br /> company or the Post Office indicating the date of terminating service . The seller <br /> must complete a form stating that the property meets all requirements of the <br /> URA . ; and <br /> 5 . Comply with federal Recovery Act protections for bona-fide <br /> tenants of residential properties foreclosed upon on or after February 17, 2009 . <br /> These requirements directly affect initial successors in interest ( ISII ) who take <br /> title to the property through foreclosure ( including lenders and others who <br /> purchase property at foreclosure sales ) . If Developer or Grantee knows that the <br /> ISII did not comply with the NSP3 tenant protections and vacated the property <br /> contrary to Recovery Act requirements, developer must abandon the transaction <br /> or find an alternative source of funds . NSP3 funds cannot be used for such <br /> properties . <br /> D . Grantee Approval of Property Acquisitions or Contributions of <br /> Developer-Owned Properties <br /> Developer will follow these procedures in order to obtain Grantee' s approval prior to <br /> acquiring properties for this program or contributing properties to this program . <br /> 1 . Transmit electronically a property information package to Grantee <br /> that includes the following; <br /> a ) A detailed rehab work write- up and cost estimate, <br /> material specifications and cost estimate . Rehab estimates will include a <br /> 15 % contingency line item . <br /> b ) An appraisal indicating the as- is property value . <br /> C ) A complete copy of the draft Purchase Agreement with the <br /> NSP3- required conditional purchase agreement addendum . See <br /> Appendix A for the approved language, which makes the offer conditional <br /> upon an approved environmental review and the contract price being at <br /> least 1% less than market value as indicated by an appraisal to be <br /> obtained by Developer. If the agreement calls for Developer to pay for <br /> taxes or other liens or assessments in arrears, those amounts must be <br /> added to the contract price for purposes of calculating the discount from <br /> market value . <br /> 6 <br />