Whenever the sale of real property or an interest therein is
required by this code or any other city ordinance to be subject to
competitive bidding, the council may determine that the competitive
bidding shall be by public auction. The terms and conditions of a
sale by public auction shall be as set forth in this chapter and in
the notice of sale of such real property or interest.
(Prior code § 5-65)
A deposit of 10% of the minimum price established by the council
shall be required by the notice of sale to qualify the bidder. Such
deposit shall be in cash or by a cashier's or certified check, payable
to the city and drawn or certified by a bank acceptable to the city
clerk, and shall be delivered to the auctioneer at the time of the
sale or to the city clerk prior to such time. The deposit made by
the successful bidder will be applied upon the purchase price, except
as provided by this chapter, and deposits made by others will be refunded
after acceptance of the successful bid.
(Prior code § 5-66)
Failure by the successful cash bidder to pay the balance of the purchase price, or failure by the successful bidder to pay the balance of the down payment, and to execute a satisfactory note and deed of trust in case of an installment purchase, in either case within five business days after the date of sale, will result in forfeiture of the bidder's deposit required by Section 4.52.200; provided, however, that for good cause shown, the council may extend such time limitation.
(Prior code § 5-67)
Any sale regulated by this chapter shall be held at such time and place as the council may designate in the notice of sale and shall be conducted by the city clerk as auctioneer. If any bid is made through a licensed real estate broker or a licensed real estate salesperson and is to be subject to the payment of a five percent commission by the city, the bidder shall so state at the time of making his or her bid. After the first bid has been made, any increased bids made thereafter shall be ignored by the auctioneer unless the increase is in an amount equal to one percent or more of the minimum price established by the council and set forth in the notice of the sale. Upon receipt of the highest net bid obtainable, exclusive of any real estate commission, receipt of the deposit required by Section 4.52.200 from the bidder making such bid, and thereafter the affirmative vote of four-fifths of the members of the council accepting such bid, the auctioneer shall declare the property to be sold to such bidder.
(Prior code § 5-68)
A.
The
sale shall be on the terms set forth in the notice of sale and as
provided by this section.
B.
In case
of an installment sale, the successful bidder shall pay not less than
one-third cash and the balance in installments with interest from
the date of sale on the unpaid principal at the rate of seven percent
per annum. Principal and interest shall be payable in monthly installments
for the period of time shown on the following table, commencing one
month after the date of sale and continuing until principal and interest
have been paid:
|
If the balance of purchase price after deduction of down payment
is over:
|
But not over:
|
The balance shall be paid off by equal installments in the following
number of months:
|
|---|---|---|
|
$ 0.00
|
$ 500.00
|
12
|
|
500.00
|
1,000.00
|
24
|
|
1,000.00
|
2,000.00
|
36
|
|
2,000.00
|
4,000.00
|
60
|
|
4,000.00
|
6,000.00
|
84
|
|
6,000.00
|
8,000.00
|
96
|
|
8,000.00
|
10,000.00
|
108
|
|
10,000.00
|
|
120
|
C.
Each
payment shall be credited first on interest then due and the remainder
on the principal and interest shall thereupon cease upon the principal
so credited. Should default be made in payment of any installment
when due, the whole sum of principal and interest shall immediately
become due at the option of the city or its assignee. The privilege
is reserved to the successful bidder to pay with any installment the
debt in whole or in an amount equal to one or more principal payments
next due, and the final maturity date shall be correspondingly accelerated.
The successful installment bidder shall execute a satisfactory note
and deed of trust incorporating these terms and conditions.
(Prior code § 5-69)
In the event of a cash sale, upon receipt of full payment, the
city will furnish at its expense a standard owner's policy of title
insurance in the amount of the successful bid, showing title vested
in the person designated by the successful bidder, subject to any
general or special taxes unpaid, and to covenants, conditions, restrictions,
reservations, rights, rights-of-way and easements, if any. In the
event of a sale by installments, the city will furnish, upon receipt
of the down payment and a satisfactory note and deed of trust, an
owner's joint protection policy of title insurance in favor of the
city and the person designated by the successful bidder, showing title
vested in such person, subject to the above exemptions, if any, and
the deed of trust on the property sold. In either case, the city will
execute a grant deed following the adoption of the appropriate ordinance.
The city will not be responsible for recording fees nor the cost of
United States Internal Revenue stamps to be affixed to the deed.
(Prior code § 5-70)
Requests for the purchase of city-owned real property or interests
therein shall be directed to the director of finance and administrative
services by anyone willing to make a bid. The director of finance
and administrative services shall fix an estimated market value, and
submit the request, together with the director's recommendation as
to whether or not a sale shall be conducted, to the city manager for
further action. Whenever such real property or interest shall be offered
for sale by the city upon request, the person so requesting shall
make a deposit of the amount estimated by the director of finance
and administrative services as advertising costs before publication
of the notice of sale. Such deposit shall be returned to the depositor
if the property or interest is not offered for sale, or is sold; otherwise,
it shall be forfeited to the city.
(Prior code § 5-71)
If any real property cannot legally be sold by the city, or
if the city is unable to convey marketable title thereto within a
reasonable time after the date of sale, the sale shall be void and
deemed mutually canceled, and the purchase price or any part thereof
deposited with the city shall be refunded and no liability will be
assumed or incurred by the city.
(Prior code § 5-72)
The council reserves the right to reject any and all bids or
to withdraw any real property or interest therein from sale at any
time.
(Prior code § 5-73)
No statement in the notice of sale in respect to the location,
size or zone of any real property or interest therein shall be considered
a warranty.
(Prior code § 5-74)
