The successful bidder will be required to execute an option agreement which includes the following terms and conditions:

1. The successful bidder will be required to make an option deposit equal to 10% of the successful bid at the time of bid submittal in the form of a cashier's check, certified check or money order payable to the City of Redding. Said deposit will be the consideration for a 30-day option from the date of the bid. In the event the high bidder fails to exercise the option within the prescribed period for any reason, or fails to comply with any or all terms of the option, the option deposit shall be retained by the City. Upon exercise of the option within the 30-day period, the deposit shall be applied toward payment of the purchase price.

   If notice of exercise of the option and deposit of the funds with the City or into an escrow at the option of the Optionee has not occurred within 30 days of the date of written notice of award of the bid, the City may retain the entire deposit as liquidated damages pursuant to the liquidated damages provision contained in the option agreement.

   The balance of the purchase price must be paid to the City of Redding at 760 Parkview Avenue, Redding, California 96001 on or before 30 days following the date of written notice of award of bid. The form of payment must be in the form of a certified or cashier's check. If payment is to be made into an escrow established at the option of the successful bidder, payment shall be made by certified or cashier's check payable to the escrow company within the 30-day period.

2. The right, title and interest in the property to be sold shall not exceed that vested in the City of Redding, and this sale is subject to all title exceptions and reservations whether or not of record. The successful purchaser may obtain a policy of title insurance at purchaser's own expense.

3. The successful bidder shall pay all recording fees, documentary transfer taxes, or other real estate transaction taxes or fees by whatever name known, including escrow fees or broker's commission, if any.

4. In the event of a default by the highest bidder, the second highest bidder may be notified and awarded an option to purchase at purchaser's bid.

5. The successful bidder shall be responsible for complying with all City of Redding building codes and ordinances. All properties are sold in an "as-is" condition.

6. Should the successful purchaser desire a survey of the property, this may be accomplished by an independent survey at the purchaser's expense. No warranty is made by the City relative to the ground locations of property lines.