CASH FREEHOLDS.
Cash Freehold Lots are sold at auction to the highest qualified bidder, at appraised value as upset price.
The qualification of applicants for Cash Freeholds and the areas of land which may be acquired are the same as those under Right of Purchase lease system.
APPLICATIONS.
Applications must be made to Sub-Agent of District in writing with sworn declaration as to qualifications, and a fee of ten per cent. of appraised value of lot, which fee is forfeited if applicant declines to take the premises at the appraised value, and is credited to him if he becomes the purchaser of the lot. If such applicant, however, is outbid, his fee is returned to him.
If two or more applications are made and there is no bid above the upset price, the first application takes precedence.
The purchaser at auction sale must pay immediately thereafter one-fourth of purchase price and thereupon receive a "Freehold Agreement."
CONDITIONS OF FREEHOLD AGREEMENT.
The freeholder shall pay the balance of purchase price in equal installments in one, two and three years, with interest at 6 per cent., but may pay any installment before it is due and stop corresponding interest.