Auction Lot definition
Examples of Auction Lot in a sentence
The Residential Auction Lot sales prices, as deemed appropriate by the appraisers, and other relevant market data shall be used as comparables in the appraisal process for the Developer Lots and the JV Lots.
Auction Lot: All goods consigned to L&H Auction and auctioned at the auction.
If the auction of the Auction Lots held in accordance with the Auction Methodology does not result in a sale of the subject Auction Lot, then Developer or its Affiliates may purchase the Auction Lot at the Auction Minimum or at a lower price Approved by the Agency and Developer, each in their sole discretion.
The Auction Methodology shall: (i) include a qualification or prequalification component for bidding; (ii) include a minimum bid price (the “Auction Minimum”) that is equal to at least seventy-five percent (75%) of the Fair Market Value of the Auction Lot; and (iii) prohibit Developer and its Affiliates from submitting bids.
If Developer or its Affiliates elect not to purchase the Auction Lot, then the Lot will be available for sale to any Person in accordance with Section 17.3 or as may otherwise be agreed to by Developer and the Agency.
The Authority and Developer prior to the approval of any Major Phase Application, shall jointly determine the pool of qualified bidders for each Auction of a Residential Auction Lot based on the Auction Bidder Selection Guidelines for Residential Auction Lots (attached hereto as Exhibit W) set forth for each Product Type, as agreed upon by the Parties.
The Residential Auction Lots will be offered for sale at such time reasonably deemed appropriate by Developer in light of then-current market conditions and such sale shall be subject to Completion of Infrastructure serving the applicable Residential Auction Lot.
In such circumstances, if the Buyer who has made the highest bid on any affected Auction Lot in the original Live Auction that is being extended has already paid our fees in accordance with clause 11, we will refund you those fees paid.
We have the right to extend any Live Auction (for any period we determine) and continue to offer for sale any relevant Auction Lot, if in our absolute discretion it is in the best interests of Buyers and the Seller due to delays, interruptions or errors having affected the original Live Auction.
If we do not receive this fee within 24 hours of the auction ending, or if you as the successful Buyer fail to complete the purchase of the Auction Lot for any reason other than the default of the Seller, or lawful cancellation or termination of the purchase contract, we will assist the Seller to attempt to sell the Auction Lot to an underbidder, the fees payable to Collecting Cars will remain payable.