| | | TERMS OF SALE:__(State the deposit amount to be | | paid by the purchaser at the time and place of the | | sale and the times for payment of the balance or | | the whole, as the case may be. The time-share | | estates, if more than one, must be sold in | | individual lots unless there are no individual | | bidders, in which case they may be sold as a | | group. |
|
| | | Other terms to be announced at the sale. |
|
| | | Signed ........................ |
|
| | | Holder of Mortgage or authorized agent. |
|
| | | (f)__The notice of sale in the forms described in | | divisions (d) and (e), published in accordance | | with the provisions of this section, together with | | such other or further notice, if any, constitutes | | sufficient notice of the sale. |
|
| | | (2)__The foreclosure sale must be conducted pursuant to | | this subparagraph. |
|
| | | (a)__The foreclosure sale must take place on the | | time-share property or some other location within | | the same town as the time-share property. |
|
| | | (b)__The foreclosure sale must be by public | | auction, conducted by an auctioneer or attorney | | licensed to practice in the State.__At the | | discretion of the auctioneer or attorney, the | | reading of the names of the time-share owners, if | | more than one, the description of time-share | | estates, if more than one, and the recording | | information, if more than one instrument, may be | | dispensed with. |
|
| | | (c)__All rights of redemption of the time-share | | owner are extinguished upon sale of a time-share | | estate. |
|
| | | (d)__The managing entity, the foreclosing person or any time- | | share owner may bid at the foreclosure sale.__The successful | | buyer at the foreclosure sale takes title to the time-share | | estate free and clear of any outstanding assessments owed by the | | prior time-share owner to the managing entity.__A purchaser at a | | sale is not required to complete the purchase if there are liens | | and encumbrances, other than those included in the notice of | | sale, that are not stated at the sale and included in |
|
|