[§667-30]  Successful bidder's failure to
comply; forfeiture of downpayment.  If the successful bidder later fails to
comply with the terms and conditions of the public sale or fails to complete
the purchase within forty-five days after the public sale is held, the
downpayment shall be forfeited by that bidder.  The forfeited downpayment shall
be credited by the foreclosing mortgagee first towards the foreclosing
mortgagee's attorney's fees and costs, then towards the fees and costs of the
power of sale foreclosure, and any balance towards the moneys owed to the
foreclosing mortgagee.  The foreclosing mortgagee, in its discretion, may then
accept the bid of the next highest bidder who meets the requirements of the
terms and conditions of the public sale or may begin the public sale process
again. [L 1998, c 122, pt of §1]