N.J. Admin. Code § 19:31C-2.16 - Exclusive negotiating period
(a) When the
offer to purchase process is used to sell property and upon the request of a
party who has made an offer to purchase a particular parcel of real property
and accompanying personal property, FMERA may agree that it will not negotiate
with any other party for that particular property provided that the following
conditions are met:
1. The time for
submitting offers to purchase that particular property has expired;
2. FMERA determines there is a reasonable
likelihood that the exclusive negotiating period will lead to an offer to
purchase that will be acceptable to the Authority;
3. Subject to extensions pursuant to (b) and
(c) below, an exclusive negotiating period shall not exceed 45 days;
4. The prospective purchaser makes an
addition deposit of 10 percent of the purchase price; and
5. The prospective purchaser agrees in
writing to negotiate exclusively with FMERA during the exclusive negotiating
period and terminate negotiations and discussions with other parties who seek
to sell or lease competing real property.
(b) The Director may extend an exclusive
negotiating period for an additional 30 days.
(c) The Board may extend an exclusive
negotiating period for such period of time and upon such terms and conditions
as the Board determines to be in the best interests of the Authority and the
redevelopment plans for Fort Monmouth considering price and other factors.
Notes
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