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5. A qualifying higher bid is one that raises the existing offer by not less than <br />ten percent (io%) of the first $i,ooo.oo of that offer and five percent (5%) <br />of the remainder of that offer. <br />6. A qualifying higher bid must also be accompanied by a deposit in the <br />amount of five percent (5%) of the bid; the deposit maybe made in cash, <br />cashier's check or certified check. The County will return the deposit on <br />any bid not accepted and will return the deposit on an offer subject to <br />upset if a qualifying higher bid is received. The County will return the <br />deposit of the final high bidder at closing. <br />~. The terms of the final sale are that <br />a. The County Commissioners must approve the final high offer before <br />the sale is closed, which it will do within 3o days after the final <br />upset bid period has passed; and <br />b. The buyer must pay cash at the time of closing. <br />c. The Deed from the County to the purchaser will be one without <br />warranties of title or otherwise, including environmental, and will <br />be the N.C. Bar Association North Carolina Non-Warranty Deed <br />Form ~ (©1977, 2002), a copy of which is attached hereto as <br />Exhibit A. The Buyer will pay a112oo6 ad valorem taxes on the <br />property. <br />8. The County reserves the right to withdraw the property from sale at any <br />time before the final high bid is accepted and the right to reject at any time <br />all bids. <br />9. If no qualifying upset bid is received after the initial public notice, the offer <br />set forth above is hereby accepted as detailed in this Resolution. The <br />appropriate county officials are authorized to execute the instruments <br />necessary to convey the property to the highest bidder. <br />Adopted the 24th day of January, 2006 <br />