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1 . As- is appraisal of foreclosed properties : For any foreclosed <br /> property being acquired by Developer pursuant to an NSP3 Agreement, obtain a <br /> full URA compliant appraisal of as- is market value in order to determine if the <br /> contract price is at least 1% lower than appraisal . If the appraisal was completed <br /> prior to making the offer, it may not be more than 60 days old at the time that <br /> the purchase agreement is executed . This appraisal is in addition to any <br /> preliminary appraisal completed during the initial property investigation, unless <br /> a full appraisal was performed at that time and the full appraisal is not more <br /> than 60 days old at the time that the purchase agreement is executed . <br /> 2 . After-construction/rehab appraisal : For any NSP3 property that <br /> will be developed and sold to owner-occupants, Developer will obtain an after- <br /> rehab or after-construction appraisal of market value . This appraisal will be used <br /> to establish the sales price of the home, as described in Section IX . A. below, and <br /> may be completed at any time prior to the home being priced and offered for <br /> sale . <br /> I . Closings <br /> The following procedures will be followed for closings on properties acquired by <br /> Developer . <br /> 1 . Obtain a title policy binder for the property . <br /> 2 . Complete legal review and approval of the closing documents . <br /> 3 . Transmit to Grantee an electronic copy of the property appraisal . <br /> 4 . Confirm that Grantee has wired or otherwise paid the required <br /> funds into an escrow account for the closings <br /> 5 . Execute a promissory note and mortgage in favor of Grantee for <br /> an open -ended amount, with the maximum amount equal to the projected NSP3 <br /> funding described in the Project Budget or other amount approved by Grantee . <br /> When the closing is completed , Developer shall assure that grantee receives copies of <br /> the deed and settlement sheet . If Grantee has agreed in advance to a purchase, subject <br /> to Developer' s payment for liens or other encumbrances, copies of all documents <br /> justifying those payments must be transmitted as well . <br /> V . Properties Contributed by Developer <br /> 8 <br />