Chapter 18.08
DISPOSAL OF LAND IN NAKNEK RIVER SUBDIVISION
Sections:
18.08.010 Disposal of land by over-the-counter sales.
18.08.060 Over-the-counter sales.
18.08.080 Limitations--Restraints.
18.08.090 No warranty implied.
18.08.140 Excused periods of absence for discount.
18.08.010 Disposal of land by over-the-counter sales.
The Bristol Bay Borough may dispose of the following described real property by over-the-counter sales: Naknek River Subdivision, consisting of one hundred eight lots, located in the Kvichak Recording District, Third Judicial District, state of Alaska. (Ord. 2010-03(part), 2010: Ord. 83-11 §2(part), 1983).
18.08.020 Purchase price.
The purchase price of each lot shall be the Bristol Bay Borough’s appraised valuation therefor as determined by the borough assessor, plus closing costs. (Ord. 2021-08, 2021; Ord. 2010-03(part), 2010: Ord. 83-11 §2(part), 1983).
18.08.050 Terms of sale.
The terms of sale are as follows:
A. Five percent of the purchase price to be paid at closing;
B. The balance shall be evidenced by a promissory note secured by a deed of trust in the lot, to be paid in equal monthly, quarterly or annual installments over a period of not more than twenty years, including interest at the rate of six points below Wells Fargo Bank’s prime rate; provided, that in any event the interest rate shall be not less than five percent nor higher than ten percent. (Ord. 2010-03(part), 2010: Ord. 83-11 §2(part), 1983).
18.08.060 Over-the-counter sales.
The over-the-counter sales will be available at the borough office on a first-come, first-served basis from eight-thirty a.m. to four p.m. (Ord. 2010-03(part), 2010: Ord. 84-11 §1, 1984: Ord. 83-11 §2(part), 1983).
18.08.080 Limitations--Restraints.
A. No lot may be sold, transferred or conveyed for a period of ten years after the date of sale and such sale, transfer or conveyance shall be void except as follows:
1. By devise or descent;
2. By a bona fide foreclosure (in which event the restraint on alienation shall become void as to the lot);
3. Between immediate family, defined as first degree of kinship;
4. If the lot is free and clear of any balance of the purchase price or lien due the borough;
5. If the assembly deems a hardship exists after a written statement is presented attesting to and confirming same. (Ord. 2010-03(part), 2010: Ord. 2009-07(part), 2009; Ord. 86-4 §1, 1986; Ord. 83-11 §2(part), 1986).
18.08.090 No warranty implied.
By selling land, the Bristol Bay Borough does not give nor imply any warranty as to the land’s fitness, use or suitability, or whether public utilities or service will be provided. It shall be the responsibility of the applicant/purchaser to determine whether the land will meet his needs. (Ord. 2010-03(part), 2010: Ord. 83-11 §2(part), 1983).
18.08.100 Title search.
Prior to sale, the borough shall obtain a title report for the property from a land title company. (Ord. 2010-03(part), 2010: Ord. 83-11 §2(part), 1983).
18.08.140 Excused periods of absence for discount.
A. The following are excused periods of absence under Section 18.08.130 in determining the one-year continuous occupancy after construction of the residence:
1. Military service;
2. College or trade school;
3. Medical illness not to exceed one hundred eighty days;
4. Other absence from the residence for a period not to exceed ninety days.
B. If a purchaser does not timely apply for a discount, the discount is waived. (Ord. 2010-03(part), 2010: Ord. 83-11 §2(part), 1983).