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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 />offer, and a notice that within 10 days any person may raise the bid by not less than ten <br />percent (10%) of the first one thousand dollars ($1,000) and five percent (5%) of the <br />remainder. <br />3. Persons wishing to upset the offer that has been received shall submit a sealed bid <br />with their offer to the County Attorney's Office within 10 days after the notice of sale is <br />published. The upset bid should be delivered to the County Attorney's Office located at <br />408 Summit Drive, Sanford NC 27330, on or before 5:00 p.m. on or before the 10th day <br />following publication of said notice. Use of the mail or any means of delivery is at the <br />bidder's risk and any bids received after the deadline will not be considered. Any bid <br />with conditions or terms will not be accepted or considered. <br />4. At 5:00 p.m. on said date, the County Attorney/Deputy County Attorney shall open <br />the bids, if any, and the highest such bid will become the new offer. If there is more than <br />one bid in the highest amount, the first such bid received will become the new offer. <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 and accompanying $200.00 for advertising costs. This amount <br />may be made in cash, cashier's check, or certified check. <br />7. The County will return the deposit and advertising costs on any bid not accepted, and <br />will return the deposit on an offer subject to upset if a qualifying higher bid is received; <br />however, once the actual advertising costs are incurred, those become non-refundable. <br />8. 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 />9. 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 <br />time of 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 <br />nonwarranty deed. <br />d. Advertising fees are non-refundable once spent. <br />