(a)Following the hearing and order of the court in accordance with Section 11-40-66, the court shall cause a sale of the real property to be advertised and conducted by the court in a manner similar to that procedure contemplated by Section 40-10-15. The sale shall not occur earlier than 45 days following the date of the order of the court.
(b)Except as otherwise authorized by law, the minimum bid price for the sale of the real property shall be the redemption amount.
(1)In the absence of any bid higher than the minimum bid price, the court or its designee shall bid in for the real property on behalf of the Class 2 municipality or its designee in an amount equal to the minimum bid price, thereby causing the Class 2 municipality to become the purchaser at the sale pursuant to Section 11-
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(a) Following the hearing and order of the court in accordance with Section 11-40-66, the court shall cause a sale of the real property to be advertised and conducted by the court in a manner similar to that procedure contemplated by Section 40-10-15. The sale shall not occur earlier than 45 days following the date of the order of the court.
(b) Except as otherwise authorized by law, the minimum bid price for the sale of the real property shall be the redemption amount.
(1) In the absence of any bid higher than the minimum bid price, the court or its designee shall bid in for the real property on behalf of the Class 2 municipality or its designee in an amount equal to the minimum bid price, thereby causing the Class 2 municipality to become the purchaser at the sale pursuant to Section 11-40-66.
(2) A bid in on behalf of the Class 2 municipality or its designee shall be tendered as a credit bid for that part of the minimum bid price equal to the municipal code lien payoff as defined in this article. If the minimum bid price bid in by the Class 2 municipality includes a tax payoff amount as defined in this article, the Class 2 municipality shall tender the amount of the tax payoff to the court, which, together with the municipal code lien payoff, shall satisfy the full amount of the minimum bid price.
(c) Payment of the winning bid shall be due immediately after the sale is conducted. The proceeds of the foreclosure sale shall be distributed in the following manner:
(1) If the purchaser is a party other than the Class 2 municipality, the court or its designee shall deposit with the Class 2 municipality the amount of the proceeds equal to the municipal code lien payoff, less any costs incurred or fees charged by the office of the judge of probate.
(2) If the purchaser is the Class 2 municipality, then the Class 2 municipality shall tender to the court an amount equal to any costs incurred by the court that are included in the amount of the municipal code lien payoff.
(3) If the minimum bid price includes a tax payoff amount, the court shall deposit the amounts paid with the appropriate parties in accordance with the following Sections 40-5-10, 40-10-128, 40-10-129, and 40-10-193, and any applicable local acts.
(4) In the event that the foreclosure sale price exceeds the minimum bid price at the foreclosure sale, the surplus shall be distributed by the court to the interested parties, including the owner, as their interests appear and in the order of priority in which their interests exist.
(d) Upon deposit with the appropriate parties by the court of the tax payoff amounts, if any, described in subsection (c)(3), any and all rights of redemption accorded to interested parties under Title 40, Chapter 10 or under this title, Chapter 51, are extinguished.
(e) From and after the moment of the sale, the sale shall be final and binding.
(f) Within 90 days following the date of the sale, the court shall cause to be executed a deed to the real property identified in the petition. Upon execution, the court shall cause the deed to be recorded with the office of the judge of probate.
(g) Within 90 days following the date of the sale, the Class 2 municipality shall file a report of the sale with the clerk of the circuit court, which report shall identify whether a sale took place, the foreclosure sale price, and the identity of the purchaser.
(h) The form of the deed provided for in subsection (e) shall be substantially as follows:
When recorded please return to: Cross-reference:
_________________________ Deed Book ____, Page
_________________________ _______ County, Alabama Records
STATE OF ALABAMA
COUNTY OF __________
JUDICIAL IN REM FORECLOSURE DEED
This indenture (the “deed”) made this _____ day of _____, _____, by and between _____, a _____ (“grantor”) and _____, a _____ (“grantee”).
WITNESSETH
WHEREAS, on the _____ day of _____, _____, during the legal hours of sale, grantor did expose for sale at public outcry to the highest bidder for cash before the courthouse door in _____ County, Alabama, the property (as hereinafter defined) at which sale grantee was the highest and best bidder for the sum of $_____ and the property was then and there sold to grantee for the sum. The sale was made by grantor pursuant to and by virtue of the power and authority granted to it in that certain order of the court granted _____, _____, Case No. _____, Circuit Court of _____ County, Alabama, (the “order”). Said sale was made after advertising the time, place, and terms thereof in the _____, published in _____, Alabama, in the aforesaid county, and being the publication in which the [Class 2 municipality’s] advertisements for the county are now published, once a week for three consecutive weeks prior to the sale on the _____, _____, _____, and _____ of _____, _____, and the advertisement in all respects complied with the requirements of Section _____ of the Code of Alabama 1975. Notice of the time, place, and terms of the sale of the property was given pursuant to Section _____ , Code of Alabama 1975. Sale was made for the purpose of paying the municipal code lien(s) owed to _____, the interest and penalties on the indebtedness, the expenses of the sale including attorneys’ fees, all of which were mature and payable because of failure of the owner to pay the amount owed and reflected in the municipal code lien.
NOW, THEREFORE, grantor, acting under and by virtue of the order and pursuant to Section _____, Code of Alabama 1975, for and in consideration of the facts hereinbefore recited, has bargained, sold, and conveyed and does hereby bargain, sell, and convey unto grantee, its successors and assigns, the following described property (herein referred to as the “property”); to wit:
All that tract or parcel of land lying and being in Land Lot _____ of the _____ District, _____ County, Alabama, and being more particularly described on Exhibit “A” attached hereto and by this reference made a party hereof.
This deed is given subject to all restrictions, easements, rights-of-way, declarations, and covenants, if any, to which the deed is junior and inferior in terms of priority.
TO HAVE AND TO HOLD, the property unto grantee, its successors and assigns in fee simple.
IN TESTIMONY WHEREOF, I have hereunto set my hand and seal, this ______ day of _____________________, 20_____.
____________________________
Judge of the Circuit Court of ______ County
THE STATE OF ALABAMA,
__________________________ COUNTY.
I, _______________________________, a ____________________ in and for the County, in the State of Alabama, hereby certify that _________________________ whose name as Judge of the Circuit Court of ________ County is signed to the foregoing conveyance and who is known to me, acknowledged before me, on this day, that, being informed of the contents of this conveyance, he or she, in his or her capacity as Judge of the Circuit Court of ___________ County, executed the same voluntarily, on this day.
Given under my hand, this _______ day of _________________________, 20______.
_____________________
EXHIBIT
Description of the Property
Together with all right, title, and interest running with the above-described property but not taxed under a separate tax reference number as delineated on the tax maps of the petitioner for the year(s) for the municipal code lien being foreclosed.