Resolution No. 2481 - To Sell City Owned Property in the City of Colton

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it 1 4. That at the aforesaid time and place of said sale oral bids will be 2 heard and considered by the legislative body of said City; provided however, 3 the first oral bid shall exceed the highest sealed bid by at least 5%. 4 5. The purchase price for said real property shall be payable in 5 cash, or lawful money of the United States. Ten per cent (10%) of the pur- 6 chase price bid shall be deposited at the time of making the bid and shall be 7 in the form of a certified or otherwise acceptable check payable to the City of 8 Colton, or a bond in a like amount so payable, signed by the bidder of a Surety 91 Company to assure compliance with said bid if accepted by the City. Said 10 deposit shall be forfeited should the successful bidder fail to comply with 11 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 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 the 18 premium charged therefor and documentary stamp tax if required. 19 9. The City Council reserves the right to reject any and all bids and 20 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, 24 Dated: July 1, 1964, 25 26 se 27 EL Z1Bt [Ff 6AVIS City Clerk 28 29 30 31 32