Bankruptcy Auction

Remaining Development Rights within the Park Place Condominiums, Groton CT.  

Survey shows approvals for 17 additional units.  More Specifically; the condominium declaration of Park Place Condominiums dated December 23, 2005, as recorded in Volume 933 at Pages 227-295 of the Groton Land Records.

Auction Format:  Online Only
Qualified Bidders will be able to enter competitive bids online up until Monday, July 8th 11AM.

Click Here to Bid Online

Bankruptcy Auction

Auction Format:  Online Only
Qualified Bidders will be able to enter competitive bids online up until Monday, July 8th 11AM.

Remaining Development Rights within the Park Place Condominiums, Groton CT.  Survey shows approvals for 17 additional units.

More Specifically; the condominium declaration of Park Place Condominiums dated December 23, 2005, as recorded in Volume 933 at Pages 227-295 of the Groton Land Records.

Deed & Legal Description

Click Here to download a copy of the deed and legal description.

Site Survey

Click Here to download a copy of the site survey.

QUALIFICATIONS TO BID.
All bidders must be pre-qualified by auctioneer.  Once a bidder has registered online.  A member of the AJ Willner Auctions staff will contact you by phone to determine proof of funds.  We will need to see immediate availability of funds available in excess of $200,000 in order to participate.  Only after that determination will the bidder's registration be approved.

BUYER PREMIUM.
No Buyer Premium applies at this auction.

10% DEPOSIT. 
Immediately following the close of the auction the high bidder will be required to enter into a sale contract and wire a deposit equivelant to 10% of the purchase price.  

CLOSING.
Closing must take place within 30 days of auction (time is of the essence).

ATTORNEY REVIEW & CONTINGENCIES.  
The high bidder shall promptly sign an Asset Purchase Agreement at conclusion of bidding.   There is no attorney review period.  Bids may not be subject to financing, due diligence, zoning, environmental or any other contingency of any kind except the entry of an order approving the Sale pursuant to sections 363(b), (f) and (m) of the Bankruptcy Code and the delivery of insurable title to the buyer free and clear on any liens or encumbrances.  Auction is subject to court confirmation.

DEFAULT OR BREACH OF CONTRACT.
Seller reserves the right to resell (buyer forfeiting deposit) the property should the high bidder not post the balance of the 10% deposit within 24 hours of auction or close within 30 days.  In the event of a resale, the original high bidder will be responsible for any deficiency in sale price together with any incurred marketing and administrative costs.

ALL BIDS ARE BINDING. 
In the event the high bidder does not post the required balance of a 10% deposit within 24 hours of the auction, the second highest bidder being bound to their bid, will be obligated to close at their bid price.

CONDITION OF TITLE.  
This property is being sold “As-Is, Where- Is” with no contingencies (including but not limited to environmental & obtaining financing.   The property is being sold “Free & Clear” of all liens & taxes.  The auctioneer, trustee and attorneys make no representations of any kind regarding the subject property.  All bidders are bidding based upon their own due diligence.  It is recommended that bidders consult with an attorney in advance of auction to review these bidding procedures and the Asset Purchase Agreement.

PLEASE NOTE: WHILE INFORMATION PUBLISHED IN BROCHURE, NEWSPAPER ADS & OTHER PRINTED HANDOUTS WAS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE THE AUCTIONEERS, TRUSTEE & ATTORNEYS ARE NOT GUARANTEEING THIS INFORMATION. SALE IS BASED SOLELY ON BIDDERS RESEARCH, INSPECTION & DUE DILEGENCE. AUCTIONEER IS NOT BOUND FOR ANY ACTIONS OR STATEMENTS MADE BY ANY PERSON OTHER THAN HIMSELF.

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