Invitation For Bids: Sale Of Excess/surplus Property (Page 2 of 3) in pdf

TC 62‐6

KENTUCKY TRANSPORTATION CABINET

Rev. 09/2014

Department of Highways

Page 2 of 3

DIVISION OF RIGHT OF WAY & UTILITIES

INVITATION FOR BIDS: SALE OF EXCESS/SURPLUS PROPERTY

TERMS OF SALE

As a guarantee of good faith, each bid must be accompanied by a certified check, cashier’ check, or money order made

payable to the Kentucky State Treasurer in an amount no less than twenty percent (20%) of the total amount bid. Cash

will not be accepted.

The good faith deposit of all unsuccessful bidders will be returned by mail as soon as possible after bids have

been opened and the property has been awarded. The deposits of all bidders will be returned if all bids are rejected.

The Cabinet will retain and apply the successful bidder’s good faith deposit to the balance of the purchase price. The

successful bidder must pay the balance of the purchase price at the time of delivery of the deed. Payment of balance due

must be in the form of a certified check, cashier’s check, or money order made payable to the Kentucky State Treasurer.

The successful bidder’s good faith deposit will be forfeited to the Commonwealth of Kentucky as liquidated damages if the

successful bidder fails or refuses to purchase the property after the property has been awarded.

Prior to submitting a bid prospective bidders are responsible for inspecting and investigating this real estate to determine

pertinent factors such as access, zoning, easements, condition, etc. No refund or adjustment will be made because the

property fails to meet standards of quality or conditions. Failure to inspect the property will not be grounds for any claim

for relief.

Bidders and their representative shall have the right to enter upon the property to conduct reasonable surveys,

examinations and inspections prior to the closing, provided however, that the discovery of any objectionable condition on

or with respect to the property shall not give the bidder any right to require the Commonwealth to take any corrective

action with respect to such condition. Excluding any damage, liability, loss, cost, or expense resulting from the

examinations and inspections. In the exercise of its rights pursuant to this paragraph the bidder shall not interfere with

the conduct of the Commonwealth’s activities on or with respect to the property and shall give the Commonwealth

reasonable advance notice of any surveys, examinations and inspections the bidder intends to conduct. Such notice shall

contain the date and time the bidder intends to conduct such activities and a description of the nature of the

activities. The Commonwealth shall be entitled to have representatives present throughout such activities.

Possession of the property will be given upon payment in full of the purchase price and delivery of the deed. The property

shall be conveyed to the successful bidder on the closing date in the same physical condition as the property is on the

effective date of the executed Purchase Agreement, ordinary wear and tear excepted.

A good marketable title to the property will be conveyed by deed containing covenant of special warranty, and unless

specifically provided otherwise, subject to existing laws and regulations regarding use of the property.

After the full consideration is received for the property, the deed of conveyance will be recorded and the original deed

will be provided to the successful bidder.

The successful bidder or his successor in title will be responsible for payment of all taxes due on the property after

delivery of the deed.

Bids submitted electronically will not be accepted.

If you have a disability for which the Transportation Cabinet needs to provide accommodations, please notify us of your

requirements 48 hours before the scheduled bid opening.

A BID WILL BE CONSIDERED VALID ONLY WHEN:

1. SUBMITTED ON THE ATTACHED “FORM OF PROPOSAL”

2. PROPERLY COMPLETED AND SIGNED

3. RECEIVED IN THE SEALED ENVELOPE PROVIDED HEREIN

4. DELIVERED TO THE RECEIVER ON OR BEFORE THE DESIGNATED BID OPENING

Invitation For Bids: Sale Of Excess/surplus Property Page 2

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