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• No liens For each property acquired with NSP funds, the purchase prices will not exceed 99 % of the current appraised market value of the property . Once an offer is accepted by a seller, the following activities will be carried out : • A property survey will be completed . If the property is located in a 100 year flood zone, the survey will include information on existing floor elevations . • A Phase 1 Environmental Assessment will be prepared for the property , if the property is located in or in close proximity a known Brownfield area. • A title search will be performed , and the feasibility to obtain title insurance on the property will be determined . • The current zoning of the property will be researched to verify that the property is properly zoned for the intended use . The property closing will take place at a title company or attorney ' s office . For each property acquired with NSP funds and sold to a qualifying household, a promissory note and mortgage will be placed on the property . The mortgage will be for fifteen ( 15 ) years at a zeroep rcent interest rate . If the term of the mortgage has not been completed at time of sale of the property , the mortgage will be due and payable to the County when title to the property transfers from the parties on the mortgage . For each property acquired with NSP funds and rented to a qualifying household, a deed restriction will be placed on the property requiring that the property remain affordable and rented to a household in the specified Area Median Income (AMI) group for a minimum of fifteen ( 15 ) years . If the local government decides not to purchase a property after the local government has entered into a contract to purchase the property , a letter or e-mail notifying the property owner or property owner' s agent or representative of the local government' s decision not to purchase the property will be sent with verifiable evidence of delivery to the property owner. 4 . RESALE PROPERTY DISPOSITION The disposition of properties acquired in the resale strategy will be as follows : 1 . The County , the County ' s Sub -recipient or the County ' s Developer will advertise for applicants . 2 . Applicants will complete a NSP CDBG home purchase application and submit that complete application to die--County staff, the County ' s Sub-recipient or the County ' s Developer (as applicable) . That application shall include an acceptable first mortgage pre-qualification letter from an eligible first mortgage lender and any other required information. 11