19. In order to study the admissible tenders, the applicant shall(1) determine the lowest tender by comparing the updated rent in each tender;
(2) study the conformity of the lowest tender with the requirements prescribed in Division II of Schedule I to this Regulation;
(3) refuse the lowest tender if it is found to be non-conformable and state in the record the reasons for refusal and the supporting documents establishing the non-conformity; and
(4) study the second lowest tender, where the lowest tender is refused, and so forth, until the applicant determines a conformable tender.