The Council may determine, in the ordinance ordering the sale, whether the sale shall be for cash or whether payments may be made in installments.
In the event the sale is to be for cash, the Notice of Sale shall provide, and the City shall require, that the full balance of the purchase price shall be paid to the City by the successful bidder on or before a date three months after that successful bidder has been notified by the Department of General Services that the sale has been confirmed. Provided, that if payment is deferred for more than two months after the notice confirming the sale, interest at one percent (1%) per month or fraction thereof shall be charged for each month or fraction thereof in excess of two months.
In the event the sale price is to be paid in installments, the Notice of Sale shall provide, and the City shall require, that payment in full shall be completed no later than five (5) years from the date of the note and the deed of trust which are required to be delivered to the Department of General Services. The Notice of Sale shall call for the successful bidder to, and that bidder shall, complete a down payment which includes the ten percent (10%) bid deposit, in a sum not less than one-third of the total successful bid purchase price. The Notice of Sale shall also establish when the down payment is to be completed and shall provide that the bidder will thereafter deliver to the Department of General Services, within thirty (30) days of notification by the Department of General Services that the sale has been confirmed, a note and deed of trust in a form acceptable to the General Manager of the Department of General Services to secure the payment of the balance of the purchase price and the successful bidder shall comply therewith. The note shall provide for interest at a rate specified in the ordinance and the Notice of Sale to be paid periodically and shall further provide that payment of the purchase price in full shall be made not more than five (5) years from the date of the note and deed of trust, which purchase price payment may be payable in installments or may be payable in a lump sum.
Payments may be made to the City or to an independent escrow, whichever the Notice of Sale shall designate, and in the manner provided in that Notice, the cash payment or down payment, whichever is applicable, shall be made prior to the delivery of the deed, or as a condition of the delivery of the deed, provided, however, that a bid deposit made to the City may be held by the City and need not be delivered to an escrow.
SECTION HISTORY
Based on Ord. No. 56,887.
Amended by: Ord. No. 91,648; Ord. No. 150,946, Eff. 7-17-78; Ord. No. 152,427, Eff. 6-29-79; Ord. No. 153,104, Eff. 12-9-79; Ord. No. 158,025, Eff. 8-14-83; Second and Third Unnumbered Paras., Ord. No. 171,496, Eff. 3-7-97.
Readopted by Ord. No. 173,281, Eff. 6-26-00, Oper-7-1-00.