Common use of POST PUBLIC AUCTION Clause in Contracts

POST PUBLIC AUCTION. 10.1. The registered Online Bidders who is a Successful Purchaser in the auction sale (“successful online bidder”) shall undertake to sign the Memorandum of Contract and to pay the differential sum (if any) between the sum equivalent to 10% of the purchase price and the 10% deposit paid under Clause 5.1 above at the office of Leong Auctioneer within three (3) working days from the date of auction, failing which the 10% deposit paid shall be forfeited to the Assignee/Bank and the auction sale shall be deemed cancelled/terminated and the property may be put up for sale again without further notice to the successful online bidder. 10.2. The successful online bidder who is unable to sign the Memorandum of Contract at the office of Leong Auctioneer may do so by authorizing his/her/their agent to execute the same on his/her/their behalf by furnishing the following documents to Xxxxx Xxxxxxxxxx. 10.2.1 A copy of the agent’s Identity Card (both sides); 10.2.2 A copy of successful online bidder’s Identity Card; and 10.2.3 A copy of the Letter of Authorization (if individual) or certified true copy of the Board of Director’s Resolution (if company) authorizing such person to do so.