| Chapter III The Public Auction Procedure of an Impartial Third Party |
Section 5 Reauction |
| Article 25 |
Should any of the following occur in the auction of real estate, an impartial third party could make two more auctions after obtaining the consent of the creditor:
1.No bid has been submitted;
2.Bids have been submitted, but they have been considered invalid;
3.No winning bid has been determined after following the procedure set out in Article 23, Paragraph 2.
In case a reauction is made as indicated above, the floor price could suitably be adjusted downward, and each adjustment should not exceed 20% of the previous floor price. |
| Article 26 |
If the reauctions indicated in the above Article are not successful, an impartial third party should not proceed with any further reauction. However, with the consent of the mortgagor, another reauction could be made.
In case another reauction is made by an impartial third party in accordance with the preceding Paragraph, the floor price could suitably be adjusted downward, and the adjustment should not exceed 20% of the previous floor price. |
| Article 27 |
The date of a reauction should not be less than 15 days and more than 30 days after the previous auction (or reauction). |