Whenever any land has been bid in by the director of budget and fiscal services at any sale for default of the owner thereof, the director of budget and fiscal services, in making such sale thereof as may by law be authorized, may sell the same upon the following terms and conditions:
(1) At the time of sale, a down payment of 20 percent of the sale price shall be provided;
(2) The balance shall be payable in monthly installments of not less than 1-1/3 percent of the total sale price, plus interest at the prevailing rate established by the council for payment of the unpaid balance of the property owner’s share of the cost of assessments within an improvement created and established under § 14-10.1;
(3) Failure for 30 days to pay any installment due shall effect an entire forfeiture of the purchaser’s right, title and interest in such land and in any payments previously made by the purchaser on account thereof;
(4) Such building restrictions as the director of budget and fiscal services may prescribe and shall be complied with; and
(5) Such land when sold shall be subject to real property taxes.
(Sec. 24-4.12, R.O. 1978 (1987 Supp. to 1983 Ed.)) (1990 Code, Ch. 14, Art. 26, § 14-26.12) (Am. Ord. 90-91)