O,R&L COMMERCIAL
Sealed Bid Instructions
477 Connecticut Boulevard, East Hartford, CT
DEADLINE FOR BID SUBMISSION MARCH 22, 2012 (5:00 PM)
FOR MORE INFORMATION CONTACT:
Bob Gaucher, CCIM, SIOR or Colleen Sheridan
O,R&L Commercial
2340 Silas Deane Highway
Rocky Hill, CT 06067
(860) 721-0033
[email protected]
[email protected]
Information contained herein is believed to be accurate, but is subject to errors, omissions or withdrawal without notice.
Sealed Bid Instructions
Part 1
For proposed sale of real property located at:
477 Connecticut Boulevard, East Hartford, CT
(the “Property”)
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This is a negotiated bid process with full reserve (see Part 3).
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All bids must be submitted in a sealed envelope. Each bidder shall write the name and address of the
Property and the bidder’s return address and telephone number on the front of the envelope. All bids
shall be delivered to the attention of Robert Gaucher, CCIM, SIOR or Colleen Sheridan, O,R&L
Commercial, 2340 Silas Deane Highway, Rocky Hill, CT 06067. Please be sure that this address is
clearly marked on the mailing package to ensure prompt delivery. It is the bidder’s sole responsibility
to ensure that the bid has been received by March 22, 2012 (5:00PM). It is recommended that all bids
be sent via overnight mail or hand delivered, and that the bidder confirm delivery of the bid. Receipt
of bids will not be acknowledged.
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No minimum bid; all reasonable offers will be considered.
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All offers must be submitted on the SELLER approved Purchase and Sale Agreement.
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Tours of the existing structure and the property will be scheduled on a first come/first serve basis.
General information about the property is immediately available at www.orlcommercial.com. 477
Connecticut Boulevard is the featured property.
Upon signing and returning a confidentiality
agreement to O,R&L Commercial, access to financial information, tenant leases, environmental
assessments, utility accounts, and other pertinent information necessary to submit a bid will be made
available.
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An earnest money deposit of $10,000 is required with the bid. This deposit should be submitted to
O,R&L Commercial with two (2) COPIES OF THE SIGNED PURCHASE AND SALE
AGREEMENT AND AN INITIALED COPY OF THESE INSTRUCTIONS. The deposit should be
in the form of a cashier’s or certified check, and should be made payable to O,R&L Commercial
Escrow Account.
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All bids will be opened within three (3) business days. After review, SELLER will determine if any of
the offers are acceptable. The selected bidder will be notified no later than March 29, 2012.
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477 Connecticut Boulevard, East Hartford, CT
Sealed Bid Instructions, Part 2
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In the event that the SELLER receives duplicate acceptable bids, those bidders will be asked to resubmit their highest and best offer.
An additional earnest money deposit will be due in an amount equal to a total of ten percent (10%) of
the purchase price (bid amount) within two (2) business days of Buyer’s receipt of the executed
Purchase and Sale Agreement by the SELLER (i.e., Initial Deposit plus Additional Deposit together
shall equal 10% of the purchase price).
If the approved bidder does not provide the additional earnest money deposit (for a total of 10% of the
purchase price) within two (2) business days of Buyer’s receipt of the executed Purchase and Sale
Agreement by SELLER, then the initial contract with the winning bidder will be become null and void
and the Property will then be offered to the next bidder selected by the Seller.
The offer to purchase is contingent upon the Buyer’s satisfactory review and approval of the following
items, within 30 days of the execution date of a Purchase and Sale Agreement (contingency period):
a. The Buyer, at Buyer’s expense, shall have the right to engage a licensed contractor to perform
an environmental site assessment report for the property. If the Buyer is not satisfied with the
results of the environmental report, in its sole and absolute discretion, the Buyer may terminate
the Purchase and Sale Agreement by notifying the Seller in writing prior to the expiration of
the contingency period, at which time the Seller shall refund all deposit monies to Buyer.
b. The Buyer, at Buyer’s expense, shall have the right to engage a qualified surveyor to survey
the property. If the Buyer is not satisfied with the results of the survey, in its sole and absolute
discretion, the Buyer may terminate the Purchase and Sale Agreement by notifying the Seller
in writing prior to the expiration of the contingency period, at which time the Seller shall
refund all deposit monies to Buyer.
The sale is contingent upon Seller providing marketable title at the time of closing.
All offers must be cash. No financing contingencies will be accepted.
Deposit checks of unsuccessful bidders will be returned promptly after the winning bidder is chosen.
The property is to be sold “as is, where is” and subject to all rights, easements, covenants and
restrictions in effect and applicable to the Property. No representation or warranty has been, is
hereby, or will be made with respect to the condition of the Property.
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477 Connecticut Boulevard, East Hartford, CT
Sealed Bid Instructions, Part 3
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In the event of any inconsistency between the terms and conditions of these bid instructions and the
Purchase and Sale Agreement, the terms and conditions of the Purchase and Sale Agreement shall
govern.
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Sealed bids may be disclosed under the Freedom of Information Act.
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SELLER reserves the right to:
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Accept or reject any and all offers to purchase, bids, and proposals and remove the
Property from the market at any time.
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Negotiate any terms and conditions with the bidder(s). SELLER is not obligated to accept
an offer to purchase (bid) based on the highest price.
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Waive or modify any formalities or irregularities in bids received, in its sole discretion.
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Decide upon sale in any manner it deems necessary to serve the best interest of the
SELLER.
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Request additional information from Buyer as determined necessary.
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Discontinue or not go forward with any proposed sale.
For assistance with the preparation of your bid or for answers to any questions about the property,
please contact Robert Gaucher, CCIM, SIOR or Colleen Sheridan at O,R&L Commercial: (860) 7210033.
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477 Connecticut Boulevard, East Hartford, CT