Section 3
SEC. 3. The cottages and lots including furniture and equipment shall be sold at public auction to the highest bidder under such rules and regulations as the President may prescribe: Provided, That no cottage and lot including furniture and equipment may be sold for less than the appraised actual value of each cottage and lot including furniture and equipment as found by the Committee on Appraisal: Provided, further, That no person or family shall buy more than one cottage and the lot including furniture and equipment in which it is built: Provided, furthermore, That no person who already owns residential property in Baguio shall be allowed to participate in the public auction to sell these cottages and lots including furniture and equipment: Provided furthermore, That every cottage and the lot including furniture and equipment in which it is built in Jungle Town shall be sold, at a price to be fixed by the Committee on Appraisal payable in ten yearly installments, to the present lessee thereof who has continuously leased them for not less than three years prior to the date of the approval of this Act, unless such lessee refuses to exercise the right herein granted within a period of six months from the date he is notified in writing that such cottage and lot including furniture and equipment are ready for sale to him as well as of the price thereof, in which case the same shall be sold in like manner as the cottages and lots including furniture and equipment not located in Jungle Town: And provided, finally, That if a lot and/or cottage is excluded from the sale because the lot is needed as provided in section two hereof, the occupant shall be assigned another lot in Jungle Town which shall be sold to him as herein provided.