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WHEREAS, Mr. Martin submitted a second upset bid on August 31, 2018 in the amount <br />of $2,000.00 and he paid the requisite 5 percent (5%) deposit and advertising costs on his second <br />upset bid; and, <br />WHEREAS, the Lee County Board of Commissioners accepts the second upset bid offer <br />of $2,000.00 or any higher, upsetting offer, subject to the upset bid procedure and authorizes <br />staff to advertise the first upset bid in the newspaper. <br />NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners <br />as follows: <br />1. The Lee County Board of Commissioners authorizes the sale of the property described <br />above through the upset bid procedure of North Carolina General Statute § 160A-269. <br />2. The County Clerk shall cause a notice of the proposed sale to be published. The <br />notice shall contain a general description of the property, the amount and terms of the <br />first upset bid offer, and a notice that within 10 days any person may raise the bid by not <br />less than ten percent (10%) of the first one thousand dollars ($1,000) and five percent <br />(5%) of the remainder plus advertising costs. <br />3. Persons wishing to upset the first upset bid offer that has been received shall submit a <br />sealed bid with their offer to the County Attorney's Office within 10 days after the notice <br />of sale is published. At the conclusion of the 10 -day period, the County Attorney shall <br />open the bids, if any, and the highest such bid will become the new offer. If there is more <br />than one bid in the highest amount, the first such bid received will become the new offer. <br />4. If a qualifying higher bid is received, the County Clerk shall cause a new notice of <br />upset bid to be published, and shall continue to do so until a 10 -day period has passed <br />without any qualifying upset bid having been received. <br />5. A qualifying higher bid is one that raises the existing offer by not less than 10 percent <br />(10%) of the first $ 1,000 of that offer and 5 percent (5%) of the remainder of that offer. <br />6. A qualifying higher bid must also be accompanied by a deposit in the amount of 5 <br />percent (5%) of the bid in addition to advertising costs; the deposit may be made in cash, <br />cashier's check, or certified check. The County will return the deposit on any bid not <br />accepted, and will return the deposit on an offer subject to upset if a qualifying higher bid <br />is received. The County will return the deposit of the final high bidder at closing. <br />7. The terms of the final sale are as follows: <br />a. The buyer must pay with cash, cashier's check or certified check at the time of <br />closing. <br />b. The property is sold "as is" with no conditions placed on the bid. <br />c. Title to the subject property shall be transferred to the buyer by a non -warranty <br />deed. <br />d. Advertising costs are non-refundable. <br />