HomeMy WebLinkAboutReso SPA 4-1983RESOLUTION NO. SPA-4-83
SURPLUS PROPERTY COMMISSION, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING AN "OFFER TO PURCHASE!'
REAL PROPERTY BELONGING TO THE UNITED STATES OF
AMERICA AND AUTHORIZING CERTAIN OTHER ACTS IN
CONNECTION~WITH SAID PURCHASE ' '
WHEREAS, the Municipal Federal Surplus Property Authority Law (commencing
with Government Code Section 40500) (hereinafter "The Act") authorizes properly
established and organized Surplus Property Commissions to purchase Federal surplus
real property; and
WHEREAS, this Surplus Property Commission is now organized and lawfully
able to function; and
WHEREAS, this Surplus Property Commission finds that it is in the public
interest that it purchase certain real property belonging to the United States of
America, which real property has been declared surplus by the General Services
Administration of the United States Government;
NOW, THEREFORE, BE IT RESOLVED by the Surplus Property Commission of the
City of South San Francisco that:
1. The "Offer to Purchase" attached hereto as Exhibit "A" and incorporated
herein by reference as though set forth verbatim is hereby approved and the President
of the Surplus Property Commission is authorized to execute and submit said "Offer to
Purchase" to the General Services Administration of the United States Government, and
the Clerk of the Surplus Property Authority shall attest the President's signature
thereto.
2. Upon the acceptance by the United States Government of the "Offer to
Purchase" on the terms and conditions contained in Exhibit "A," the President of
the Surplus Property Commission is hereby authorized to execute any contracts or
other documents necessary for the purchase of said real property, and the Clerk
of the Surplus Property Authority is hereby directed to attest the President's
signature thereto.
-1-
3. Resolution No, SPA-2-83 entitled "A Resolution Authorizing an
"Offer to Purchase" Real Property Belonging to the United States of America
and Authorizing Certain Other Acts in Connection With Said Purchase" adopted
May 11, 1983, is hereby rescinded,
at a
vote:
AYES:
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the Surplus Property Authority of the City of South San Francisco
regular meeting held on the 15th day of June- · , by the following
NOES:
ABSENT:
Commissioners AdOsta, Addiego, Damonte, Nicolopulos and
Teglia
None
None
ATTEST:
Clerk-
-2-
EXHIBIT "A" TO RESOEUTION NO.
OFFER TO PURCHASE
SPA-4-83
The Surplus Property Authority of the City of South San Francisco, hereinafter
called the "OFFEROR," hereby offers to purchas~ from the United States of~erica,
acting by and through the Administrator of General'Services Administration, here-
inafter called'the "GOVERNMENT," for the sum of One Million Four Hundred Seventy
Five Thousand Dollars '($1,475,000) plus a Deed of Trust to secure all other
obligations hereunder, the property described in Exhibit "A" attached hereto
made a part hereof. This offer is subject to the following terms and condit~ons-
A. GSA Form 2041, "General Terms Applicable to Negotiated Sales"
is attached hereto as Exhibit "B" and made a part hereof.
Paragraph 6a thereof is deleted in its entirety.
B. The OFFEROR shall pay the. GOVERNMENT ten percent (10%) of the
total purchase price as an earnest money deposit'on submission
of this offer. Within ten (10) days of acceptance of this offer,
an additional ten percent (10%) shall be deposited in an escrow
account to complete the down payment of twenty percent (20%) of
the purchase price. Upon conveyance of title by Deed of Trust,
the balance of the purchase price shall be pa~able in equal quarterly
installments together with interest on the unpaid balance set at
the ten-year published Treasury Constant Maturity rate as of the
date of acceptance plus .one and one-half percent (1~-~%) adjusted to
the nearest~one eighth of one percent (I/8%).
C. The OFFEROR has legal authority to acquire the real property described
in Exhibit "A" and funds are available for its purchase. The OFFEROR-
shall use a portion of the property for widening Oyster Point Boulevard,
may use another'portion to enable construction of an Oyster Point
Boulevard/Highway 101 Interchange, and may retain or sell the remainder.
(1 of 3)
If at any time within a three-year period from the date of this
sale the OFFEROR resells or enters into an agreement to resell any
portion.of the acreage of. the subject property in whole or in parts,
all profits received by or to be received at any time by the OFFEROR
'pursuant to such sale{s) or agreement{s} will be payable to the
Government as additional consideration for this sale. Profits'~re
defined as that portion of the total consideration payable to the
OFFEROR under any and all such subsequent sale{s} or agreement{s),
which exceeds the sum of the follow, lng costs: the purchase price
paid by the OFFEROR {allocated onthe basis of.acreage) for the
land so sold; plus la~dacquiSition costs; plus property maintenance
and insurance; plus financing; plus marketing and promotign; plus
project administration; plus physical development' {including ~oad
~c6nstruction,.storm and sanitary sewer construction, other public'
facilities Orutility construction, building rehabilitation and
demolition, landscaping, grading and other site or public improvements);
plus planning, design, and engineering services. The foregoing sum
of'costs shall not include brokerage.fees or ~ny expenditures that
are defrayed by Federal Government grants, lhe O~ERO~ agrees that
as a condition for allowances of any deductions claimed hereunder,
the Government shall, until the expiration of three {3) years-
after the three {3} year period set forth in this paragraph, have
access to and the right to examine any directly pertinent books~
documents, papers and records'of the OFFEROR and those of its
contractors and agents involving transactions related to this
contract.
(2 of 3)
'E. The OFFEROR understands that the conveyance document will contain
a covenant substantially as follows:
"The Grantee convenants for itself, its heirs, successors,
and assigns and every successor interest to the property hereby
conveyed, or any part thereof, that the said Grantee and such heirs
successors and assigns shall not discriminate upon the basis of race,
color, religion, or national origin in the use, occupancy, sale,
or lease of the property, or in their employement practices conducted
thereon. The United States of America shall be deemed a beneficiary
of this covenant without regard to whether it remains the owner of
any land or interest therein in the locality of the property hereby
conveyed and shall have the sole right to enforce this covenant
in any court of competent jurisdiction." The date of.assumption
of possession will be the date of conveyance.
IN WITNESS WHEREOF, THE OFFEROR has executed this offer thisl7th
June , 1983.
day of
Surplus Property Authority of the
City of South San Francisco
ATTEST:
By:
/s/ Mark N. Addiego
'P'r~es i den-t-,--~-urpl us' P-r~per't~~-- -
Authority
~/.s/ Barbara A. Batta~,a
O-e-fk, 'Surp'l'u-s'-PiXo-pYrt'y A-uthbr~-t]y .... *
(3 of 3)
· Gener.~.! ?,ervicc:s D. clininistration
· /~egion D
· 525 ?.,az-]~et Sire:et ~I/S 30
San ~rar:cisco, Ca!ifoxnia
.IHen:{on: Car! :~. Snyder
Your No. 03603255
Our No. J30737
H .S .T.
Daledasof July 2fl
75
19 .... at 7:30 A.M.
In response to the above referenced application for a policy of title insurance,
.; i . .}
SAF. ECO TITLE. I~SURA~CE COMPANY
]-:ercby reports ~hat {t is prepared to issue, as of the date hereof, a California Land TitI¢
.qssoc{ation Slandard Coverage Form Policy of Title 'Insurance describing the land and
th'e est,ate or interest therein hereinafter set forth in Schedule A, insuring against loss
whlcb may be sustained by rea.~on of any defect, Hen or encumbrance not shown or
ferred to as an £xception in Schedule B or not excluded f~'om coverage pmrsuant to the
printed Sc}'~edules, Conditions and Stipulations of said policy form.
This report (and any supplements or amendnmntsAhereto) is issued solely for the pur-
pose of facilitating the issuance of a policy of title insurance and no liabilily is assumed
hereby. If it is desired that liability be assumed prior to'the issuance olr a policy of
title insurance, a Binder or Commitment should be ,'equested.
Hir JO:bar tie O:'lic,.- r
'(
Californ,a. Cmmtv of .,an t,ateo.
The land referred to in lhls report is .,.,~,,l~d in the State of ' ' e .
and is described as follows: City Of South San Franci:
Description Continued ......
( (
.... ~---~ ......~ · Eas 492.990 ~ from .
...... =~,. ~,:~=,~ U7~ 04' 30" ' ~ fee ...... ' ~ '
sectie:~ of sa~d t~or~herly line of B,~ler Road wztr~ the Sou=h~:a~nerly
line o= the So~thern Pacific Com?a~y rig}~t of way, said l,oint of
ce~,e[~.zem~~..~ also being a~_ the poi~,~,,~ of intersection of said line of
Butler Road with the ~
oou~,,easterty boundary line of that certain
!2.426-acre parcel of land described in Deed from Schav-Batcher
Company Pipe ' "~ Lesu_.. Pipe and Steel Company of Cal;fornia,
dated june 15, 1925, recorded August 24, 1925, in Volt,me 180 of
Official Records, Page 228, San l-~a%eo County Records; running t]~ence
along the Southeasterly boundary line of said parcel of land described
Be~ above referred to North 37° 32 40:' East 6~0 750 feeh to
~n~le point therein; thence continuin~ alon~ the Southea~terly
bounaary line o~ the parcel o~ land ~eScriBe~ in sai~ Peed above
~e~er~ ~-_d to ~nd a!o~ the Northeasterly production of said South-
easterly boundary line North 58" 52' 2~" East 135~.695 feet to its
intersection with the Westerly boundary line of t]:~t certain ~.105-
acre parce~ o~ ~ana aese=iBea in t~e peea ~rom south san ~r~nctsco
Land & Improvement Co. to Thomas Butler, dated April 4, 1898, recorded
.~ril 15, 1898 in VoluDe 78 of Deeds, Page 225, San I4ateo County
~cords; running thence along said ~4esterly boundary line of said
2.10S-acre parcel of land South 5~ 59' East 145.940 feet to an angle
point;therein; thence continuing along said Westerly boundary line the
following courses and distances: South 13~ 16' East 160.100 feet,
South.55% 05' West 110.300 feet, South 0~ 45' West 156 feet, South
15[ 20' East 179.600 feet and South 51~ 53' West 289.311 feet to the
true [~oint of beginning of the parcel of land to be described; running
thence South 2~ 55' 30" East 241.314 feet to the Northerly line of
Butler Road; thence South 87~ '04' 30" West along said ~lortherly line
of Butler Road 979.212 feet to an' angle point in said l;ortherly line
of Butler Road; thence continUing along said Northerly line of Butler
Road South 83° 00' 20" West 173.34B feet; thence North 38" 03' 15"
East 419.141 feet; thence South 61~ 55' 15" East 110.520 feet to
l, oint pe~endicularly distant 247.200 feet Northerly from said
Northerly line of Butler Road; thence North-g7~ 04' 30" East parallel
with said Northerly line of Butler Road 7~2.526 feet; thence South 2
55' 30" East 5.886 feet to the point of beginning.
!. 'An ee.s~ment for ma~_nta[n[~g po'~er .t~o!~s a.~:d ti~e~ cver a strip of
iar,~] t:~enty feet in '~!dth as %,ranted to Con~o!~da[~_~d Uester~ Steel
Cor?c.~ation, a cot?oration, in t]'~e Deed recorded June 14, 1949, in --
Boo): !675, Page 435, Official Records.
~ T]~e exact locatEon of said eascr, ent cannot be establqshed of record
.. ~,:_ effect of t]~e following agree~,~e~ts entered ~nto by and bet~;een
Un~ed~ States of 7~-.erica and ,.est~rn Pil~e & Steel Coral>any of California
a corporation:
(a) dated i.~arch 5, 1941 and recorded November 27, 1941 ~n Boo]: 998 of
Official Records, San t.~ateo County at Page 64 and re-recorded January
22, 1946 in Book 1231 of Official Recor'ds of San ~:ateo County at Page
24.
(b) dated July 24, 1941, and recorded September 4, 1941, in Book 979
of Official Records of San !4ateo County at Page 305.
(c) dated October 15, 1943, and recorded January 31, 1944 in Book 1100
of Official Records of San Hateo County at Page 297.
NO~E: This report do~$ not contain any r~atters that. may be disclosed
by in. spection and/or by a survey of said land and/or by inquiry of the
. parties in possession. '
;4OTE -
· TIlE FOLLOWIi4G IS FURNISHED FOR INFOFC-D~TION ONLY:
The only conveyances affecting said land recorded six
months prior to the date of this report ,are as follows:
(" (..,HIBIT "B" TO OFFER TO
i. CONDITION OF PROPERTY. The ,n-opcrty is offered "As
',V .1~ J<~ qOIIIIIJy. ~o;IJily. clmracler, condition, size, Or
~. or [l~ll Ifil' ~lnll, Js in condition or fit Io be used [or the
~,s,- h,r ~lnvh intended, and no claim lot uny allowance or
...JuClion u~mn such ~rounds will be considered.
2. EARNEST MONEY DEPOSIT. Ti~e offer must be accom-
,xmtt. d b;' .~n ~.'.trllvSt IllOltey deposit in such un amount and
s'~ch form as may bo required by the Government. U~n
cepLtncr el the offer, the del~sit shall be applied toward pay-
mc;~[ el Ihe nileror's ob]i~at}on to the Government. In the
[ ~n[ tJw ott~.t' is rejected; th~ de,sit will be returned. ~ith-
out ioh'l'r~l. .Is prompdy as possible after rejection of the
oiler.
3. CONTINUING OFFER. The offer sl~tll be deemed to be a
IIrmand vo-.~mmi,lgoffcr [rom the date of receipt until accepted
or rcjrcl,d I)y the Govermnent: provided, however, that after
90 day~ i~sx'c t'L~pscd [rom the d~te o[ receipt, the offeror not
~x~n7 rs.calved notice of rejection may consider his offer
rcjcch.d. ;h~d if the Government desires to accep~ the offer
~lter such 90-day period, the consent of the of{ever thereto
s~ll be obtained.
4. NOTICE OF ACCEPTANCE OR REJECTION. Notice by
the Govt. rnment of acceptance or rejection o£ the offer shall
be deemed to h'~ve been sulficiently given when tele§raphed or
rc,~;lud to thc offeror or his duly authorized representative at
the ~ddress indicated tn the offer.
5. CONTHACT. These General Terms Applicable to Nego-
tiated Sales. the offer, and the acceptance thereof, shall con-
statute un a~rcement between the offeror and the Government..
.r . a[rermcnt shall constitute the whole contract to ~ suc-
ed only by the iormal instruments of transfer, unless
, died in writing and signed by ~th p~rties. No oralst~te-
men:s or rct,resentations made by~ or for. or on be~li o~
either party shall be a ~rt of such contract. Nor shall the
con~rac[, or any interest therein~ be transferred or assigned
by the oifcror without consent o[ the ~vernment~ and any
assignment tran~ctioa without such consent shall be void.
6. RESCISSION.
a. The contract made by the acceptance of the offer by the
Government may be transmitted to the Attorney General of
Lhe United States for his advice as to whether the sale
~ould tend to create or mainiaina sltu~.tion inconsistent
with the antitrust laws. The acceptance of the offer by the
Government may be rescinded by .the Government. in case'
~n!a,'orable advice is received from thc Attorney General.
b. An explan~-tory statement of the circumstances of the
propnsed disposal will be submitted to the appropriate
Commit:cas of the Congress because of its negotiated
ct. aracter and theoffer probably will not be accepted by the
Gov,rnmcnt until after the pro~sed disposal has beth con-
s;dcrcd by such committees. However, in any event, the
Cr.vernmcnt may rescind its ~cceptance at any time during
Ih~- 90-cia7 peri~ following such acceptance, if it is
r~asnnably determined by the Government that such action
is justified m the light o{ the circumstances then prevai~ng.
Any recission, pursuant to a or b, above, will be with
tilab;hty on the part of the Government other thanto re-
:n th~. ca:nest ,honey deposit without interest.
2. REVOCATION OF OFFER AND DEFAULT. In the event
of re~oc;,tion of il~e oficr prior to acceptance, or in the event
e! arO' defa'-lt by the offeror in the performance of the con-
GEI;ER~L TER~ ~PPLIC~BL£ 1'01~60IIA'[ED
shall be relieved /rom [urther l~a-bihl~, or w~h~ lorl.
the ~aid de, sit a~,t l~yments, thc ~ermn~t n~-
self o[ any le~ul or ~i~btc rights w~ch
the offer or contract.
OTHER TERMS APPLICABLE TeA SALE.
a. As of thc datco~ =~ssumption o[ i,~ssess,ono!
perry, or the date oi conveyance. ~ch~ver ~crurs first.
~e offeror shall assume rest~nstbtht~ ~r care ~r~ ~tt~lh~
a~all risks of loss or ~lamage to t~ propert$ ~md Irate ali
~ii~aflons and liabilities of owner~
~ Any ti~e evide~e w~ch may ~- ~-sir.,d br th,-
~11 be procur~ by ~m at his sole ~ and axle-nsc. ~-
~vernment will, ~wever, c~le with tho off~ror or
~s authorizedagentin this comtqcti~ and walt permit
amination and inspection of sac h de~ abstracts. ,Il f:-L,~
Of title, judgments in condemnation ~oc~-rdmc-. oI ,,th- r
~ocuments relatingm the title o{ thc ~,-nus,-s th,- Or.,?,
involved, as it ~y~ave available. It is und.-rst,.-d
the Government will not he obli~at~ ~ ~v [,)r any e~:~.
incurred lit connectio~ with title ~tlers or s. rw'x ,.t
property.
e. Upon assumption of possessio~ ~ tbepro~erty, or con-
veyance of the property, whicheveroct'nrslirst, the oll cror
s~llassume res~nsibitity for all ~l and special r~'al
mud personal proper~ taxes which ~
assessedonthu properJy, and sums ~, or duelo
bythe~vernment in lieu of taxes ~t to st~tut~r~-
~rity shall be proratc~.
d. In the event anoffer to purctLtae ~r ca~ rs
and possession of the property is ~med by the oltcto~
prior to the,date of conveyance, t~ieror shall
and main~i~i insurance at his c~e. eflcchYe loc the
~onveyance, for thebe~efit of the ~ent m ~ucn
and amounts as mx~ be required I~ ~- ~vernn.:rrt.
~om~nies acCeptab!~ to the
e. Conveyance o[ Ihe property Jill Je accomptishrd
quitclaim deed or deed without warranty and where
priate a bill oi sale, in conformityW~th local
practice.
L In the event the offer to purchase is made o;~ cr~.d~r
terms, financial data, referenceszmts~ch other inlor m.~tto,a
2smaybe request~ by the ~vernn~ shall be pro~,h:tl~'
furnished by the offeror und the h,ll~mg condtttolis shall
be applicable.
(1) The Government's a¢¢e&)t.lncr o! Iht Oiler tt~pur-
c~se on treditterms may l)o re~i~e3 by th~
ment, in the event of an adverseJ~ing by the
ment as to the offeror's financial responsibility, wrth-
out liability on the p.trt of the ~rernmcnt other
return the earnest money deposit ~thout ~nterest.
{2) TheoIlcror shall procure a~ ~tn~tin insurance
~sexpenseduring the term cre~! is e~ended effective
as of the date of assumption of ~$ession of the pro-
perty or the date of conve~nce, w~chcver occurs fi;st.
[or the benefit of the ~vernmeat in such kin~s
amounts as may be required by t~ ~vernment.
{3) Contem~ran~sly ~ith the ~x-ery ~ the orietoz
Of documents coaveying the pr~y purc~$ed,
s~11 execute and deliver to the ~vernme~t:
fa) A L~nd or ~ote, in form and subst',nce
factory to the Government, evidencing his obligation
lot p;~ymentof Ihe balance of the ~rc~se price; and
~b) A purc~se money mortgage, vendor's lien and
mortgage, or deed of trust, in conformity with the
~ractice of the g~te in w~ch the property is
~ated; the document In any case, F~wever, to be In
Iormand substance ~tis~actory to the ~vetnment,
and In any event to include:
i. A restric~onagainst ~le, lease (unless the
property ~s offer~ without leasing restric-
tions), or other dis~si~on o[ the ~rt~g~
property or any ~t thereof wit~t prior written
con. sent ot the ~vernment;
ii. A requirement for provisions ot insurance
coverage ~tis[actory to the ~vernment 2s
types or. risk% amours, a~d insurers;
..~'
iii. A provision t~t the princi~l obli~Uoa
. m~y be pre,id In ~ull~ or In ~rt. on any
~llment due ~t% ~i~u~ pe~lty~
Iv. A' provision t~t partial payments made in
advance of the re,far schedule of ~ymen:s
' sh~ll be applied a~inst the princi~l obU~tion
in inverse order o[ n~turity;
v. Agreement on the part o[ ~e mort~gor to
allog~nce of reaso~bleattorneys' fees a~ cos~
~ the Government In the event o[ forbclosure,
and to a deficiency judgment (where not pro-
~bited by State law) ~fter foreclosure ~le or
exercise o[ ~wer o[ sale in ~e mort~ge;
vi. A requirement to provide financial dat~
during the period of the mortg'age as rn2y be re-
quested by the~Oovernment.
(4) Interest shall be computed ~t the rate prescribed
in the offer. Accrued interest shall be paid with each
principal in~t,211ment..
g. The offeror s?~ll on a znutually agreeable~ate not
later th~n 90 days utter acceptance of the offer, or such
longer peri~ a~ m~y be agreed u~n in writing, tender
the ~vernment ~e balance o[ the ~rchase price (ifa
c.~sh sale), or (Ha cr~it sale) the offeror sh:~ll roy the
~lance or the down ~yment. and ~MII execute and~eliv~r
to the ~vernment ~e fast,meats described In f(3).
and ~urnish evidencg of insurance coverage. U~n such
te~er being ~de by ~e olferor, the ~ve~ment
deliver to t~e otleror the instrument, or lns~m~ls,
conveyance. In any event, il ~ssession ~s as~m~ b~
the offeror prior to the date of conveyance~ ~e
s~ll pay. in a~i~on to the purchase money Cue. an
amount req~red ~der the provisions of U~e offer.
h. ~e offeror ~I1 ~y all 'taxes im~se8 on this
acRon a~ s~ll ob~in at his own expense and a[iix to all
lnst~ments ut convince and security documenIs ~uch
revenue and do~men~ry slamps as ~y ~ required
F~e~l and local l~w. ~1 instrument~ of conveyance
security do,meats s~R be placed on record in the man-
ner pre~rib~ by lo~l recor~ing statutes at the oUeror'~
e~ense.
9. OFFICES ~OT BE BE~T. Ho member o[ or del~te
~ the Congress, or resident com~ssioner, s~ll be admitt~
to any s~re or p~ ut the contract of sate or ~o any benefit
~t mgy arise therefrom, but this provision shall ~t be con-
strum to extend to the contract o! sale ii ~de ~th a
~tion for its gene~l benefit.
10. COVENANT AGAI~ CONTINGENT FgES. ~ae offeror
~rrants t~t he ~s not employed or re~ined any person
agency to ~licit or secure t~s contract u~n any a~eement
or under~nding for a commi~ion~ percen~ge, brokerage,
or contingent fee. Breach of t~s ~arranty ~R ~ve the
Government the right to annul the contract ~t~ut liability or
tn its discretion to rearer lrom tne otieror th~-;~ount
~uch co~i~s[o% percen~ge, brokerage, or coalingent.[e~
in addition to t~ consideration herewith set forl~ ~his ~,ar-
ranty s~lI not apply to commissions p~yable by lheotferor.
~n the contract secur~ or m~de through ~m fide
lish~ commercial age,ties ~in~in~ bythe otferor $or
~ur~seot doing business. "~na fidees~b!ish~commercial.
agencies" ~s been constru~ to include licensed rral
brokers en~ged in the busir, ess generally.
S?ECIAL 'TET2':S 0.--
i. Bid~ to purchase maY'be cash or credit. In th't event ~ credit sale is
proposed, no bid will be ronsidercd that proposes an t×ten~ion of credit on
terms less than:
PURCHASE PRICE
'Less than $2,500
$2,500 but less
than ~10,000.
Cash
25~ cash down pa)merit, balance ~ years
or less, payable in equal quarter-
annual ~nstallments, together with
interest on unpaid balance ~t an ~nnual
rate. ~
$10,000 or more
or ]ess, payable in equal e. uarter-
%,'~' interest on unpaid ]~alance at
Pa)~ents nade in advance of the ragu!a/ schsdule of pa}~eZts shall" be applied
pr~ncipa! or ~n~erest nol be pa~d in full on the da~}- i~ ~s due, the
outstanding principal, .during the period ef such. delinquency, shall bear in-
terest at z rate one percent h~gher than the rates lis~ed above. Also,
ghe period of any delinquency of ~nterest pa)~ent, the a:.~unt of much delinquency
during the per~od of its existence ~hal! itself bear interest at the m~e
as the principal during such period of delinquency.
2.. Pazagrmph 5 ef I~{SIKUC!iONS TO BIDDERS ~s here~y deleted', and the
substituted in !~eu thereof:
20~ cash down p'a.x~nent, balance i0 )'ears
5. B!b DEPOSZY: Each bid must be accompanSed by a bid deposit of not less
than ten percent (10~) of the bid price, in the form of a certified check,
~=~v'~ ~h~rk. nmstal or express money order made payable to General