Laserfiche WebLink
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 closing; <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 /> Developer may not contribute a property to the NSP project. <br /> VI . Relocation of Occupants and Tenant Protections <br /> Developer will not acquire properties that are occupied . _ In the event that Developer <br /> inadvertently acquires an occupied property . Federal Uniform Relocation Act requirements <br /> must be followed . In such an event, Developer will be required to conduct a survey of <br /> occupant ( s ) , create a relocation plan , provide a relocation notice and — if the occupant is <br /> qualified — give financial assistance in accordance with URA and HUD rules . In addition , <br /> Developer must observe all requirements of federal laws protecting tenants who reside in <br /> properties foreclosed on or after Feb . 17 , 2009, including without exception allowing a bona <br /> fide tenant to remain in residence for the term of the lease or 90 days , whichever is longer . <br /> VII . Rehabilitation and Reconstruction <br /> A . General Responsibilities <br /> 8 <br />