Regulations Governing The Recognition Of An Impartial Third Party And Its Public Auction Procedure Article 23

The winning bid should be considered null and void if the bidder has failed to make the full payment prior to the deadline as set out in the proclamation or has not made the down payment in full under the installment plan. Should the above-mentioned situation occur, an impartial third party should inquire all bidders whose bids exceeded the floor price whether they would be willing to purchase the real estate based on the original prices they had offered and to make responses within seven days after receiving the inquiry. The bidder who had offered the highest price and is willing to buy wins the bid. The provision set out in Article 21, Paragraph 2 above is also applicable in this case.