Purchasers may reserve lots by the payment of 25% of the purchase price, and the lots will be reserved only so long as the purchaser makes additional payments of not less than 25% each at intervals of not more than 12 months thereafter until full payment has been made. The deed will not be given and no interments or other use of the lot may be made until the balance of the purchase price has been paid, either in cash or other negotiable instrument (bearing 6% interest from date) acceptable to the Finance Officer both as to maturity dates and security covering same, which security must be ample to protect the city’s interest and must not be on any cemetery lot. The Finance Officer will give a receipt for the reservation payments, which receipt shall be surrendered when payment in full has been made, and a deed executed and the reservation receipts are also to be surrendered in case the purchaser wishes to surrender the purchaser’s reservation, in which case, and in case reservation is cancelled for failure to make payment as above provided, all payments of principal will be refunded.
(Prior Code, § 5-26)