If not paid for in full at the time of purchase, up to two (2) lots may be sold upon the following terms: one-third cash on day of sale, one-third within one year thereafter, and the remaining one-third within two years from the date of purchase. Such deferred payments shall be secured by the promissory note of the purchaser, and such payments shall not bear interest until due. No deed shall be delivered until the entire purchase price has been paid, nor shall a burial permit authorizing burial on such lot be issued until the full purchase price has been paid. Upon default in the payment of the purchase price of any lot purchased after July 1, 1954, the City shall have the right, upon first giving thirty days written notice by registered mail addressed to the purchaser of record, or, if the name and/or address of such purchaser cannot be ascertained, by publication for one time in a newspaper published in the City, to declare the sale of such lot cancelled; and thereupon all rights of such purchaser of such lot shall be terminated, and any payments thereon shall stand forfeit to the City as liquidated damages for failure to purchase such lot. No more than two (2) lots may be purchased on payments.
(Ord. 67-10. Passed 8-10-10.)