Resolution - 1/07 -Lots in Santa-Lee Subdivision

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advertising and administrative services in connection with this offer. Failure to make such deposit within thirteen (13) days following mailing of notice of such requirement by the Clerk to the Board will negate any further proceeding under this resolution. If made, the deposit will be used for the purposes specified and there will be no refund of said sum to the offeror regardless of the outcome of the sale in this procedure. 5. The offeror shall deposit with the Lee County Finance Office a sum equal to five percent (5 %) of his offer. A failure to make such deposit within thirteen (13) days following the mailing of the notice of such requirement by the Clerk to the Board will negate any further proceedings under this resolution. If made, the deposit will be retained until an upset bid (with appropriate deposit) is made, the offer is accepted and the sale is executed, or the offer is rejected. If the offeror fails to complete the sale within thirteen (13) days following the notice of acceptance of the offer by the Clerk to the Board, the deposit shall be forfeited and become the property of Lee County. 6. After the qualifying deposits have been made, the Clerk to the Board shall cause a notice of such offer to be published in accordance with the requirements of N.C. General Statute § 160A -269. 7. Within ten (10) days following the publication of the notice of such • offer, any person may upset the bid by a sealed written offer to purchase the property at a sum which is greater than the original offer by ten percent (10 %) of the first One Thousand Dollars ($1,000.00) and five percent (5 %) of the remainder, accompanied by a deposit of five percent (5 %) of the increased bid and the sum of One Hundred and Twenty -Five Dollars ($125.00) to defray advertising and administrative services. Said sum is to be paid either in cash, certified check, cashier's check or bank money order. The increased or upset bid should be delivered to the County Finance Office at the Lee County Government Center, 106 Hillcrest Drive, Sanford, North Carolina, on or before 5:00 p.m. on or before the 10' day following publication of said notice. Use of the mail or any other means of delivery is at the bidder's risk and any bids received after the deadline will not be considered. At 5:00 p.m. on said date, the Finance Officer shall open and read all qualifying bids. Bids with conditions or terms not contained in the original offer will not be accepted or considered. The higher qualifying bid becomes the new offer under consideration. In the case of identical bids, the one submitted earliest will be accepted as the high bid. 8. The Clerk to the Board is directed, should a qualifying upset bid as herein before described, be received within the time allowed by law, to re- advertise the offer at the increased bid amount as often as is