The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-05

along the northerly side OF s5th Street 70 I.
thence northerly parallel with Madison s; Az
thence easterly along said center line OF
the block 75'. thence southerly and parallel
with Madison Avenue lo2' z to the place
and viii note the highest bid therefor.
Po The Special Master viii next 9fi 81
Parcel p, all OF the real property IN Parcels
and NJ OF Article XII OF the said decree
and viii note the highest bid therefor
(O The Special Master will next offer
Tor sale separately and as an entirety rs
Parcel o. all OF the real property In Parcels
X and L OF Article XII OF the said decree
and 10 Parcels X and L hereof descpibsd'
and shall note the highest bid therefor.
(R) Tho Special Master VIII next offer
Tor sale separately and as an entirety as
Parcel r. 81 Of the real property n Lot .
OF Article vi OF the said decree and In Lot
OF the descriptive clauses hereof described.
and VIII note the highest bid therefor
(S) The Special Master win next offer
Parcel S, oil OF the real property In Lot
Of Article vi of the said decree and in Lot Q
OF the descriptive clauses hereof described.
and VIII note the highest bid therefor
The present tenants of the property II
the O. q ana sbs s IN Ari,ci num-
bered lots Of the descriptive clauses hereof
described shall be entitled to remove tnere-
from such trade-fixtures as this Court may
hereafter determine within thirty days after
confirmation by this Court OF the sale OF
said lots respectively.
by intending bidders at the sale. subject
70 such reasonable regulations as the Special
AMOUNTS OF DEPOSIT REQUIRED TO
QUALIFY BIDDERS. UPSET PRICES.
AT the conclusion OF the bidding on each
parcel the highest bidder shall deposit Win
the Special Master IN respect OF Parcel
/ $4,000 and In respect of all other parcels
an amount equal to five per cent OF MS Sid.
der on any parcel containing real property
an OF which Is included in another parcel.
In the event he Is the highest bidder Tor
such other parcel. may be applied on ac-
parcel.
At the conclusion of the bidding on Par
GELS IL, c and d, the Special Master win
cancel all the bids noted for such parcels
except the bid or bids which give the high
est amount for the property in Lots 2 and
3 Of the descriptive clauses hereof and OF
Article vi Of the said decree described;
At the conclusion of the bidding for Par
cells f TO G inclusive the Special Master
win cancel all the bids noted for such par
highest amount for the pre- property in Lots
to inclusive. OF the descriptive clauses
hereof and Of Article vi of the said de-
AZ the conclusion OF the bidding on Par
GELS J to r inclusive. the Special Master
except the bid or bids which gives the high
est amount for the property In Lot 8 OF
the descriptive clauses hereof and Of Ar
! ticle VI of the said decree described
In case any bid noted as aforesaid for q
parcel which includes all of two or moro
p'tTGcis small equal the sum OF tine DiuS nOLed
for such included parcels the bid noted on
such inclusive parcel shall be deemed tbs
higher.
The Special Master will Professionally ac-
oept ell the bids noted which have not been
Cancelled as hereinbefore provided. and will
report the bids so professionally accepted to
the court (the bidders making the Same
being hereinafter referred TO as successful
( bidders); except that In respect to the
property included in Parcel A. u the bid
OF 81 500 600 the Special Master will adjourn
the sale of the property included In such
parcel and viii apply TO the Court for fur
Their instructions in respect thereto.
Any deposit received from unsuccessful
bidder Will be returned to him upon tho
conclusion of the bidding. The deposit re-
ceived from the successful bidder bid
ders VIII upon confirmation by the Court
the purchase price Of the property
In case any successful bidder upon tho
acceptance Of his bid shall fail to comply,
within the period OF twenty days after tho
entry thereof. with any order OF this Court
recurring OF relating TO the payment Of tho
moneys moneys deposited BY such Succession bidder
shall be forfeited as a penalty for such fall
ure, and shall be applied to the payment OF
the expenses of a resale. and toward making
good any deficiency or loss I'm case the prop:
erty in respect of which such successful
bidder ehan make default shall be sold at a
less price on such resale, and to such other
purposes as this Court may direct
The Court reserves the right 20 confirm or
reject any or all bids proviHionally accepted
by the Special Master, and upon the coming
| IN OF the Masters report will confirm or
reject such bids In respect TO each parcel
offered for sale hereunder.
n the Court shall deny an application 10
confirm any sale, the deposit made by any
successful bidder at such sale VIII thereupon
be returned 10 such bidder.
PAYMENT BY PURCHASER.
Upon the confirmation OF any sale, the
purchaser shall make such payment or pay
ments in cash and for In such other manner
and by the use OF such purchase money
| the purchase price as the Court may from
time to time direct upon notice to the partie.;
10 this foreclosure cause. provided, however,
that as to each Parcel the Purchaser shall
not be required to pay more than 50 per cent
OF the purchase price IN cash ana may sivs
a purchase money mortgage running for not
to exceed three years at per cent per an
mum for the balance.
resell. upon such notice as the Court may
direct any property sold to any purchaser IN
case such purchaser shall ran or oinle 20
nna Ike any payment on account OF the unpaid
balance Of the purchase price within twenty
DAYS after the entry OF the order requiring
a pnrchnser shall not be required TO see
20 the application OF she purchase money
nor be answerabie In any manner wha.so-
a nnlication OF any such purchase money or
OF any part thereof
DlsAvowAL OF CONTRACTS AND AM RE-
PURCHASER.
Any purchaser OF the property hereinoefors
described. or of any parcel tnsreoi' an, snd
sny rights Hereunder, shall have tho right.
r,ifhln stx months after the delivery OF
che deed or other Instruments OF convey
ance or transfer by the Special Master OF
nc properfy purchased by him. or within
such additional period as he Court may
Hereafter by Its order OF decree permit, TO
elec, not TO assume or adopt any lease
or contract made by the defendant Railways
Comnahy which II part OF che property
embraced IN such deed or Instruments q
conveyance or transfer. Such election shrii
be made by instrument " writing, slgncd
! general description OF the cy~trncts or leases
! vyl,ich he elects not 20 assuIns y adopt, ana
! .hau he filed With the Clerk of the District
1 Cnur. Of the United States for the Southern
I r,st,tct az New York within the aforesaid
neriod No user OF rights. prior 20 the ex-
I firation OF said period shall be deemed %
Conclude the purchaser In respect OF such
: election. and upon the filing % such election
yala pt,rchaser shall he deemed not 10
I baye aaaumed or adopted the said contracts
o. leases or rights therein described nor Go
be hound BY the obligations or said coz
I tracts or leases; provided. however. mat
such election shall not enutle the said pur-
chaser 10 any reduction IN the amount OF
are bid made Of said sale or In amounts 20
10 maid ns IN this decree provided.
Any purchaser OF the property described
IN this decree, or OF any parcel thereof.
shall have the right 20 elect not 10 take
or accept any part Of tho property so solf
81 s,,ch purchaser. BY written notice OF his
election given 10 the Special Master ~
any time prior 10 the execution and delivery
~ che deed or other instruments OF convey
ance or transfer by the Special Master. No
such election by purchaser. his successors
az assigns, shall diminish or affect the pur-
,rbr deede or instruments OF conveyance or
srarafer 10 be given BY the Special Master.