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ADVERTISEMENT FOR SEALED BIDS SALE OF COUNTY PROPERTY 607 J Avenue PIN 5613 -46- 2983 -0000 Publish Date: October 20th, 2015 Bid Due Date: October 29th, 2015 at 4:00 p.m. The Board of Commissioners of Cabarrus County has authorized the sale by upset bid of the parcel of real estate (the "Property ") attached as Exhibit A. Persons wishing to upset the $1,000 offer that has been received shall submit a sealed bid with their offer to the office of the county manager within 10 days after the notice of sale is published. During the 10 day bidding period, the clerk shall open any bids received, if any, and the highest such bid will become the new offer. If there is more than one bid in the highest amount, the first such bid received will become the new offer. If a qualifying higher bid is received, the county clerk shall cause a new notice of upset bid to be published, and shall continue to do so until a 10 -day period has passed without any qualifying upset bids having been received. At that time, the amount of the final high bid shall be reported to the County Commission. A qualifying higher bid is one that raises the existing offer by not less than ten percent (100) of the first $1,000.00 of that offer and five percent (50) of the remainder of that offer. The Board of Commissioners will determine the highest responsible bidder for the Property and may award the bid by its next regular meeting. The Property is being sold "as is, where is ". Bids will remain open and subject to acceptance until the Board of Commissioners awards the bid. For a bid to be considered, it must be in a minimum amount of $1,100. Each bid must be accompanied by a bid deposit of five percent (50) of the amount of the bid. A bid deposit may take the form of cash, a cashier's check, a certified check, or a surety bond. The deposit of the bidder to whom the award is made will be held until sale of the Property is closed; if that bidder refuses at any time to close the sale, the deposit will be forfeited to the County. The deposits of other bidders will be returned at the time the Board of Commissioners awards the Property to the highest responsible bidder. In order for a bid to be considered, the bidder must be current on payment of all property taxes owed to the County. The County reserves the right to withdraw the Property from sale at any time and the right to reject all bids and the right to treat the high bid as an offer to purchase the Property and advertise the Property for upset bids. Inquiries about sale of the Property may be made to the County Manager's Office, Second Floor, Cabarrus County Governmental Center, 65 Church Street SE, Concord, North Carolina 28025. Inquiries related to the Property should be addressed to Jonathan Marshall, Deputy County Manager, at 704 - 920 -2145. Attachment number 4 \n E -1 Page 36