Resolution No. 2448 - Intention to Sell City Owned Property in the City of Colton

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I I 11 1 5. The purchase price for said real property shall be payable in 2 cash, lawful money of the United States, or part cash and the balance in the 3 form of a promissory note in the usual form, executed by the buyer in favor 4 of the City of Colton and secured by a purchase money deed of trust on said 5 real property, payable in terms suitable to the City. Ten per cent 4,10%) of 6 the purchase price bid shall be deposited at the time of making the bid and 7 shall be in the form of a certified or otherwise acceptable check, payable to 8 the City of Colton, or a bond in a like amount so payable, signed by the bidder 9 and a Surety Company to assure compliance with said bid if accepted by the 10 City. Said deposit shall be forfeited should the successful bidder fail to corn-. 11 ply with terms of his bid if accepted by the City. 12 6, All bids shall designate amount of the bids in words and figures 13 with the words considered as controlling in case of discrepancy. 14 j 7. Bid requirements herein set forth shall apply to oral and sealed 15 bids alike. 16 8. The purchaser shall pay all escrow and recording fees incurred 17 in the sale and if title insurance is desired by the purchaser, he shall pay 18 the premium charged therefor and documentary stamp tax if required, 19 9. The City Council reserves the right to reject any and all bids 20 and re-advertise or accept the highest and best bid made, at its discretion. 21 10. It is ordered that this resolution be published pursuant to 22 Section 6064 of the Government Code of the State of California. 23 BY ORDER OF THE CITY COUNCIL OF THE CITY OF COLTON on 24 the 16th day of March, 1964. 25 26 CftSl'er'k 27 28 29 30 31 32