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4554 BSP Mortgagee Sale Property Popua 22 Aug - 1 Oct 2018

BANK OF SOUTH PACIFIC - TONGA

MORTGAGEE SALE

Leasehold Land and Property 

Residential Property Located at Popua, Tongatapu

INTERESTED PARTIES are invited to tender for the lease of land (and the buildings and improvements thereon) as more particularly described below, (hereinafter referred to as “the Property”) by Bank of South Pacific Tonga Limited ("the Bank") as mortgagee in possession. The Property is located in Popua, and comprises the land and an incomplete 4 bedroom residential dwelling house, and is available on a lease deed basis.

Details of the lease offered are as follows:

Property to be Leased: Deed of Grant of Allotment 395/Folio 60
Expiry Date: 09 March 2046
Purpose: Residential
Area: 759.4 square metres
Rent: $100.00 per annum

Property is offered on an "as is where is" basis.

The disposition of the land and buildings will be by way of lease for the term stated above and is subject to approval from the Minister of Lands, Survey and Natural Resources and the Cabinet of the Government of Tonga.

The highest or any tender need not necessarily be accepted.

Each tender bid is be accompanied by a bank cheque for the amount of 10% of the bid lodged, such cheque being payable to Stephenson Associates Trust Account (Stephenson Associates being the law firm nominated by the Bank to act as escrow agent in respect of the sale).

Deposits will be returned to the unsuccessful tenderers within fourteen days of the successful tenderer being determined.

The successful tenderer will be notified in writing and will be required, as a condition precedent, to pay a further 10% of the purchase price by bank cheque within five working days of being notified of the acceptance of their offer), and to enter into a formal agreement for the purchase of the property reflecting the terms of this tender and otherwise acceptable to the Bank.

The balance of the purchase price will be payable within five working days of the date that the parties are notified of the granting of cabinet approval to the transfer of the lease.

All costs required for the completion of the issuing of the lease such as registration fees etc. shall be borne by the successful tenderer.

All bids will be deemed to be exclusive of consumption tax (if any), and any such tax will be payable by the successful the tenderer in addition to the purchase price. It is the bank’s understanding that as the use of the property is residential the transfer will not be subject to imposition of consumption tax, but tenderers should independently verify this position.

The Bank will not be liable for any costs associated with the property after the leasing of the Property to the successful tenderer has been completed, except for any outstanding utilities cost incurred while the property was in the Bank's possession.

In the event that the necessary consents to the granting of the issuing of the lease to the successful tenderer are refused then all monies paid by the successful tenderer to the Escrow Agent or to the Bank will be refunded within 14 days from the date the Bank is notified of the refusal of such consents.

All enquiries regarding inspection of the property should be directed to Paul Schaumkel, Tonga Real Estate, (phone no.887-0040).

Tenders close at 4.00pm. on the 01st day of October 2018 and should be delivered in a sealed envelope marked “Popua – Allotment 395/60 Tender” and addressed to: -

Tender-
Popua – Allotment 395/60 Tender
Bank of South Tonga Limited
BSP House
Taufa’ahau Road
Nuku’alofa
TONGA
Attn. Viliami Hia 

No tenders will be received or considered after this date.