In order to qualify as a bidder, the prospective bidder shall deposit with the commissioner:

1. A. A deposit to cover the cost of sale, as set forth in the notice of sale.
2. B. Ten percent of the appraised value of the lands.

3. C. The appraised value of the improvements, a waiver of payment of such amount signed by the owner of the improvements, or a bond sufficient to cover the appraised value if an appeal is to be taken, unless the prospective bidder is the owner of the improvements.

   [12/31/1999; 19.2.14.12 NMAC - Rn, 19 NMAC 3. SLO 14.12, 9/30/2002; A, 6/30/2016]