[§667-99] Successful bidder's failure to comply; forfeiture of downpayment. If the successful bidder later fails to comply with the terms and conditions of the public sale or fails to complete the purchase within forty-five days after the public sale is held, the downpayment shall be forfeited by that bidder. The forfeited downpayment shall be credited by the association first towards the association's attorney's fees and costs, then towards the fees and costs of the power of sale foreclosure, and any balance towards the moneys owed to the association. The association, in its discretion, may then accept the bid of the next highest bidder who meets the requirements of the terms and conditions of the public sale or may begin the public sale process again. [L 2012, c 182, pt of §3(2)]
Section: Previous 667-92 667-93 667-94 667-95 667-96 667-97 667-98 667-99 667-100 667-101 667-102 667-103 667-104 NextLast modified: October 27, 2016