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0 <br />4. If a qualifying higher bid is received, the clerk to the Board shall <br />cause a new notice of upset bid to be published, and shall continue <br />to do so until a 10-day period has passed without any qualifying <br />upset bid having been received. At that time, the amount of the final <br />high bid shall be reported to the County Commissioners. <br />5. A qualifying higher bid is one that raises the existing offer by not less <br />than ten percent (101yo) of the first $1,000.00 of that offer and five <br />percent (5%) 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 may be made in <br />cash, cashier's check or certified check. The County will return the <br />deposit on any bid not accepted and will return the deposit on an <br />offer subject to upset if a qualifying higher bid is received. The <br />County will return the deposit of the final high bidder at closing. <br />7. The terms of the final sale are that <br />a. The County Commissioners must approve the final high offer <br />before the sale is closed, which it will do within 30 days after <br />the final 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 <br />will be the N.C. Bar Association North Carolina Non-Warranty <br />Deed Form 7 (© 1977, 2002), a copy of which is attached <br />hereto as Exhibit A. The Buyer will pay all 2006 ad valorem <br />taxes on the property, <br />& The County reserves the right to withdraw the property from sale at <br />any time before the final high bid is accepted and the right to reject <br />at anytime all bids. <br />9. If no qualifying upset bid is received after the initial public notice, <br />the offer set forth above is hereby accepted as detailed in this <br />Resolution. The appropriate county officials are authorized to <br />execute the instruments necessary to convey the property to the <br />highest bidder. <br />Adopted the 24th day of January, 2006