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West OrangeRed Risk

ClosedPublic Works & Infrastructure

Township Owned Property Auction

BID #: 77

ISSUED: 9/23/2016

DUE: 11/3/2016

VALUE: TBD

Rating

Risk Rank

Red Risk

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Executive Summary

The Township of West Orange is conducting an auction for a property located at 55-57 Ridgeway Avenue (Block 158, Lot 39). The property, which was previously acquired by the Township and is no longer needed for public use, is in poor condition and requires significant renovation. The property will be sold "AS IS" at public auction to the highest bidder. The successful bidder will be responsible for subdividing the property, maintaining its historical facade, submitting plans for approval within six months, and commencing rehabilitation within six months of plan approval. A 25% deposit is required within three business days of bid acceptance, with title closing within 60 days of Township Council approval. The auction date has been rescheduled to November 3, 2016, at 10:00 AM.

Detailed Risk Breakdown

local preference

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performance bond

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liquidated damages

Evidence Detected

1 CLAUSES FOUND

"...In the event that the purchaser has not fully complied with the terms, conditions, requirements, and regulations of sale as herein contained, such non-compliance or default shall be considered at the option of the Township a material breach of the conditions of the sale, whereupon the Township may declare said contract of purchase terminated and at an end, and all the monies paid on behalf of the purchase price by way of deposits or otherwise, may be retained by the Township as its liquidated damages and it may thereafter resell the Property and/or pursue such other and further legal equitable remedies as it may have and the defaulting purchaser shall continue to remain liable for all damages and losses sustained by the Township by reason of any such non-compliance or default...."

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