280 STATE LAND LAWS 



SEC. 439 AGRICULTURAL COLLEGE LANDS. 



lot or valuable material. If the successful bidder shall refuse to 

 comply with the terms and conditions of sale as hereinafter set 

 forth, said ten per cent, deposited shall be forfeited to the State 

 of Washington for the use of the agricultural college and school 

 of science, and shall be, by the president of the board of regents, 

 paid to the state treasurer, who shall place the same in the 

 scientific school fund as hereinafter provided. The successful 

 bidder must pay to the state treasurer at least one-third cash 

 within thirty days after the bid is awarded to him, and upon 

 such payment shall be entitled to a certificate of purchase to be 

 issued by the board of regents stating the amount bid, the 

 amount paid, and the balance remaining due and when payable. 

 The balance due shall be paid in two equal semi-annual install- 

 ments, with interest at six per cent, per annum, the first install- 

 ment to be paid in six months after the date of said certificate, 

 and the second installment one year after said date. Upon full 

 payment the purchaser shall receive a deed to the property, to be 

 executed by the Governor, attested by the secretary of state, 

 with the seal of the state thereto affixed, which deed shall convey 

 to him the title of the state to the property described in the deed. 

 The purchaser may at any time prior to maturity pay said bal- 

 ance remaining due, or any part thereof, with interest to date of 

 payment, whereupon interest on the amount paid shall cease. 

 The state retains a lien on the property sold for all unpaid bal- 

 ance of the purchase price, and upon any default by the pur- 

 chaser the whole of the balance of the purchase price and interest 

 thereon shall be due and a lien may be foreclosed and the equity 

 of the purchase in the land barred and sold, as in suit upon fore- 

 closure of mortgage. In case any one making the highest bid 

 fails to deposit with the board of regents on the date of sale ten 

 per cent, of the price bid, the board of regents may recognize 

 the next highest bidder for such lot or parcel, upon his deposit- 

 ing with the board of regents ten per cent, of the amount of his 

 bid, or they may readvertise and resell said lot or parcel or valu- 

 able material, as to them may seem best, such decision to be de- 

 termined by a majority vote of the board. Any purchaser at 



