LEGAL - SURPLUS PROPERTY - Resolution Approving Upset Bid for the Sale of Surplus Property Located at 109 S. Third Street 8-21-17

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WHEREAS, within the 10 day time period, Mr. Lawrence, on behalf of WITS Remodeling submitted a second upset bid in the amount of $13,000.00 and paid his deposit and advertising costs; and, WHEREAS, the Lee County Board of Commissioners accepts the second upset bid offer of $13,000.00 or any higher, upsetting offer, subject to the upset bid procedure. NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners as follows: 1. The Lee County Board of Commissioners authorizes the sale of the property described above through the upset bid procedure of North Carolina General Statute § 160A-269. 2. The County Clerk shall cause a notice of the proposed sale to be published. The notice shall contain a general description of the property, the amount and terms of the first upset bid offer, and a notice that within 10 days any person may raise the bid by not less than ten percent (10%) of the first one thousand dollars ($1,000) and five percent (5%) of the remainder plus advertising costs. 3. Persons wishing to upset the first upset bid 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 in addition to advertising costs; 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. b. The property will be sold "as is" with no conditions placed on the bid. c. Title to the subject property shall be transferred to the buyer by a non -warranty deed.