5324 Password recovery

I have purchased a used 5324 switch, need to configure it for our network however I don't have password for it and cannot login to console to configure it. I can login using hypreterminal using IP address it is not connecting to COM port either. Please help.

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RE: 5324 Password recovery

Erase FLASH File
In some cases, the device configuration must be erased. If the configuration is erased, all
parameters configured via CLI, EWS or SNMP must be reconfigured.
Erasing the Device Configuration
1 From the Startup menu, press [2] within two seconds to erase flash file. The following
message is displayed:
Warning! About to erase a Flash file.
Are you sure (Y/N)? y
2 Press Y. The following message is displayed.
Write Flash file name (Up to 8 characters, Enter for none.):config
File config (if present) will be erased after system
======== Press Enter To Continue ========
3 Enter config as the name of the flash file. The configuration is erased and the device
4 Repeat the device initial configuration.