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BID PROCEDURE
The 34 properties owned by
SMP are offered for sale on a competitive bid basis, without asking
prices. The following describes the
requirements for submitting bids, and the process by which bids will
be evaluated.
Bid Requirements:
Bidders are encouraged to submit
sealed bids on the SMP Initial Bid Form or the SMP Purchase and Sale
Agreement form. Bidders may submit bids on individual properties,
groups of properties selected by the bidder, or the entire
portfolio. Bids for individual properties should be submitted on
separate bid forms or separate SMP Purchase and Sale Agreement
forms. Bids for a group of properties or the entire portfolio
should be submitted as one bid with one aggregate price.
Bidder Broker Representation:
Bidders may elect to have a licensed
State of Washington real estate broker or agent act as Bidder's
Agent. Bidders or Bidder's Agents are encouraged to notify Rick
Osterhout, Curt Ghan or Stan Snow (the "Listing Agents") at GVA
Kidder Mathews via email or by calling (206) 398-2280, as early as
possible prior to March 17th to indicate their interest
and intent to place a bid. Bidders must register a Bidder's Agent
by entering in the appropriate information on the SMP Bid Form or
the SMP Purchase and Sale Agreement. Bidders or Bidder's Agents may
contact the Listing Agents at GVAKM for details of the real estate
sales commission that will be paid by Seller.
Receipt of Bids:
Bids must be submitted in a sealed
envelope no later than 5:00 p.m., Friday, March 17, 2006
to:
SMP Property Sale
c/o GVA Kidder Mathews
601 Union Street, Suite 4720
Seattle, WA 98101
All bids will be time and date
stamped and a receipt provided to the delivering party. Bids will
remain confidential until a bid on the property is accepted by the
SMP Board.
Bid Evaluation
The bids will be evaluated based on
price, terms, conditions and compliance with bidding procedures.
SMP reserves the right to: (i) reject any or all bids for any reason
in SMP’s sole discretion; and (ii) to withdraw properties from sale
at any time for any reason.
Call for Final Bids:
SMP may conduct a second round of
best and final bidding for any or all of the properties, in which
case bidders selected from the first round by SMP, in its sole
discretion, will have the opportunity to modify their original bids
if they so choose. Bidders will be notified by telephone and in
writing if SMP determines that they will have an opportunity to
submit a modified bid by a specified date.
Receipt and
Evaluation of Final Bids:
Final bids, using the SMP Purchase
and Sale Agreement, must be submitted to:
SMP Property Sale
c/o GVA Kidder Mathews
601 Union Street, Suite 4720
Seattle, WA 98101
on or before the due date determined
by SMP. The bids will be time and date stamped.
Final
bidders may not withdraw their bids until April 17, 2006.
Following bid submittals, SMP shall have the right to accept or
reject any bid received. The SMP shall not be obligated to sell any
property until a resolution accepting a bid is adopted by the SMP
Board of Directors. It is presently anticipated that the SMP will
consider and either accept or reject a bid for each property at a
meeting to be held within thirty days of receipt of final bids.
Final Bid Acceptance:
Upon SMP Board approval, SMP will
acknowledge its acceptance by delivering the fully executed SMP
Purchase and Sale Agreements to the selected bidders. GVA Kidder
Mathews will notify those bidders whose bids were not selected. The
successful bidder must deposit earnest money in cash within one
business day of mutual execution of the SMP Purchase and Sale
Agreement as specified therein.
Modifications of the Bid Procedure
and Other Matters
SMP reserves the right, in its sole
discretion, to modify the bid procedure outlined herein. In
addition, SMP encourages bidders who have questions to contact the
Listing Agents. Answers to any questions which SMP, in its sole
discretion, feels have relevance to all bidders will be posted on
this website. Prospective bidders are notified that any such
modifications or answers will be posted on this website and they are
encouraged to check regularly for any periodic updates related
thereto. |
