The owner will not be required to surrender the right to possession of his property until the City pays or causes to be paid to the owner the agreed purchase price arrived at by negotiation.
In any case where only the amount of payment to the owner is in dispute, payment will be made by a deposit in court of at least seventy-five percent of the appraised fair value, provided the deposit is withdrawable by the owner without prejudice to his right to obtain a subsequent determination of the value of the property by the court.
The seventy-five percent payment shall be applied to the ultimate price for the property established by the eminent domain proceedings.
Once judgment has been rendered in the eminent domain proceedings with respect to the property which the City has not previously taken possession of, the above requirements will be regarded as met either by direct payment of the award to the owner or by deposit in court of the amount of the award.
A tender of payment to the owner, whether or not accepted by the owner, will be regarded as payment. (Ord. 1966-41. Passed 2-15-66.)