RESOLUTION - Sale of Property on Black Road - # 2016-1

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percent (10%) of the first one thousand dollars ($1,000) and five percent (5%) of the remainder. 3. Persons wishing to upset the offer that has been received shall submit a sealed bid with their offer to the County Attorney's Office within 10 days after the notice of sale is published. At the conclusion of the 10 -day period, the County Attorney shall open the bids, if any, and the highest such bid will become the new offer. If there is more than one bid in the highest amount, the first such bid received will become the new offer. 4. If a qualifying higher bid is received, the County Clerk shall cause a new notice of upset bid to be published, and shall continue to do so until a 10 -day period has passed without any qualifying upset bid having been received. 5. A qualifying higher bid is one that raises the existing offer by not less than 10 percent (10%) of the first $1,000 of that offer and 5 percent (5%) of the remainder of that offer. 6. A qualifying higher bid must also be accompanied by a deposit in the amount of 5 percent (5%) of the bid; the deposit may be made in cash, cashier's check, or certified check. The County will return the deposit on any bid not accepted, and will return the deposit on an offer subject to upset if a qualifying higher bid is received. The County will return the deposit of the final high bidder at closing. 7. The terms of the final sale are as follows: a. The buyer must pay with cash, cashier's check or certified check at the time of closing. 8. The County reserves the right to withdraw the property from sale at any time before the final high bid is accepted and reserves the right to reject at any time all bids. 9. If no qualifying upset bid is received after the initial public notice and 10 -day upset bid period has expired, the offer set forth above is hereby accepted. The appropriate County officials are authorized to execute the instruments necessary to convey the property. Dated this the day of January, 2016. Amy M. alrymple, Chair Lee County Board of Commissioners Jay TEST: IL nell M. Lee, Cler Lee County Board of Commissioners