At the time of sale or auction, the purchaser shall pay to the borough not less than 10 percent of the minimum appraised value established for the sale parcel. The difference between the 10 percent minimum appraised value and 10 percent of the total price bid for the parcel shall be paid to the borough at the time the purchase contract is executed. The balance of the purchase price shall be paid, and its payment secured, in accordance with the terms of the sale approved by the assembly. [Ord. 80-28-O §1, 1980].