Laserfiche WebLink
• <br /> payment is not made within 30 days from deposit of the additional 20% <br /> deposit, the full 30% deposit shall be automatically forfeited to the City <br /> as liquidated damages. This shall not apply in the event the City Council <br /> authorizes the sale of surplus property by Real Estate Contract. The <br /> City Council also reserves the right to waive any irregularities in the <br /> bid process. <br /> b. Disposition at Auction <br /> Unless otherwise authorized, the bidding where property is disposed of <br /> at auction shall begin at the appraised value fixed for property in question. <br /> Where property is sold at auction, the prevailing bidder must immediately <br /> tender a cash deposit or certified check equal to 50% of the purchase <br /> price if such price is (less than) $1,000. When the bid amount exceeds <br /> $1,000, a bid deposit shall be 10% of the bid amount. Payment of the <br /> remaining amount due shall be made within 30 days. In the event the <br /> purchaser is unable to pay the remaining amount within the required time, <br /> the initial deposit shall be forfeited to the City. Provided however, the <br /> purchaser may deposit an additional 20% within the requested time in <br /> which case the time to make full payment shall be extended an aditional <br /> 30 days. Such additionally deposited sum shall also be automatically for- <br /> feited to the City in the event full payment is not made by the conclusion <br /> of the 30 day period. <br /> Section 8: Sale and Lease Requirements <br /> a. Sale Requirements <br /> 1. Only in special circumstances shall surplus property be transferred <br /> by a conveyance other than Quit Claim Deed. Any proposed con- <br /> veyance to a private party by real estate contract shall be authorized <br /> only by the City Council, including the maximum interest rate <br /> allowed by Statute as established at the time the City Council <br /> authorizes the Mayor to execute the contract. <br /> 2. An L.I.D. Covenant for Local Improvement District on street and alley <br /> improvements shall be retained on all properties within the City located <br /> on a street or alley with improvements less than standard and in all <br /> cases it shall be the responsibility of the grantee or the vendee, as <br /> the case may be, to pay any and all assessment costs. <br /> -5- <br />