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court, This procedure is used typically where the possession of your property is necessary to <br />accomplish timely construction of the project for which your property is being acquired. <br />To obtain an order of possession, the City must deposit with the court an amount not less than its <br />appraisal of the fair market value of the property. Ordinarily, the owner or lessees are then <br />permitted to withdraw their share of this amount, LESS any amounts necessary to pay off any <br />mortgage or other liens on the property and sums necessary to resolve any special ownership <br />problems. A withdrawal of the deposit by the property owner results in a waiver by the owner of <br />the right to challenge the City's authority to take the property, but does not waive the owners <br />right to seek additional compensation. Early withdrawal of your share of the money will not <br />affect your right to seek additional compensation for your property. Should the negotiated <br />settlement or court award exceed the amount deposited by the City, you will be paid the <br />difference plus any interest and costs as provided by law. <br />WILL I HAVE TO PAY ANY SETTLEMENT COSTS? <br />If you and the City enter into an agreement for the City's purchase of your property, you will not <br />be responsible for the reasonable and necessary costs of: <br />Escrow fees and fees for other services typical in a real estate transaction, recording fees, <br />transfer taxes and any similar expenses that are incidental to 4'ansfer ownership to the <br />City. <br />Penalty costs and other charges necessary to permit prepayment of an earlier recorded <br />mortgage on the property that was entered into in good faith. <br />Real property taxes covering the period after the City acquires your property, <br />Escrow or the City will identify these items in a Preliminary Closing Statement or equivalent to <br />be given to you at the time of settlement. Ordinarily, if you have paid any of these expenses <br />yourself, you will be repaid at tbat time. If you later discover other costs for which you should be <br />repaid, you should request repayment from the City within six months after the acquisition. City <br />will assist you in processing your claim for these costs. <br />If there are loans or other liens and encumbrances against the property, you will he responsible <br />for paying them from the purchase price being paid to you by the Ci ty. <br />MAY I KEEP ANY OF THE BUILDINGS OR OTHER IMPROVEMENTS ON MY <br />PROPERTY? <br />Sometimes improvements may exist on a property, which are not required by the City. If you <br />wish to keep any of the improvements, please let your Acquisition Agent know. If you do arrange <br />to keep any improvement(s), the City will deduct its salvage value from the purchase price you <br />would otherwise receive, (The salvage value of an item is its probable selling price if offered for <br />sale on the condition that the buyer will remove it at his or her own expense.) If you arrange to <br />keep any improvement pertaining to the property, you will not be entitled to receive a relocation <br />payment for the cost of proving it to a new location. <br />75N-36 <br />