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check or certified check in a sum equal to at least ten per cent <br /> of the bid price, which cash or check will be forfeited to the <br /> City of Redwood City for failure to pay the balance of �he <br /> purchase price in accordance with the terms of the bid documents . <br /> At the Council' s discretion, the Council may waive receipt <br /> of such bid security at the time of tentative award of the bid <br /> and upon an auction bid; provided, however, that such security <br /> shall be deposited with the City Treasurer prior to 5 :00 o' clock <br /> p.m. the next working day following the auction. In the event <br /> such waiver of security is made and deposit thereof i.s made <br /> within the time allowed, the Council shall confirm award of the <br /> bid at its next succeeding regular legislative m�eting. In the <br /> event of such waiver, and failure of the apparent successful <br /> auction bidder to deposit the security as aforesaid, the Council <br /> may, at its next succeeding regular legislative meeting following <br /> the auction, in its discretion award the bid to the next highest <br /> qualifying bidder who has deposited the requisite bid security, <br /> or reject all bids . <br /> 4 . That the Assessor of the City of Redwood City has <br /> appraised the hereinafter described real property and determined <br /> the current market value thereof to be One Thousand Seven Hundred <br /> and Forty Dollars ($1, 740.OQ) . <br /> 5 . That the descri.ption of the real property authorized <br /> to be sold hereunder is described as follows : <br /> A portion of Lots 3 and 4, Block l, as shown on that certain <br /> map entitled, "Homestead Addition to Redwood City, " filed in the <br /> Office of the Recorder of San Mateo County, State of California, <br /> on M:�y 26, 1910, in Volume 7 of Maps at Page 19, being more parti- <br /> cularly described as follows : <br /> ^ 3 - <br />