N.J. Admin. Code § 19:31C-2.16

Current through Register Vol. 56, No. 17, September 3, 2024

Section 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.

N.J. Admin. Code § 19:31C-2.16