En Bloc Premium on Multi-Parcel Properties
The ‘En Bloc’ segment allows bidders to bid on an entire block of land at one time. When bidding ‘En Bloc’ a bidder is bidding a ‘premium’ over the aggregate of all prior individual high bids on those Parcels making up the En Bloc. The Starting Bid for the ‘En Bloc’ segment is the minimum premium that a bidder must pay in addition to the sum of all prior individual bids. In the event, there have been no prior bids on specific Parcels, then the Starting Bid for that Parcel becomes the individual bid amount for the purposes of calculating the aggregate of all prior individual bids. Only successful bidders of the requisite minimum number of individual Parcels are eligible to bid on the En Bloc. The high bidder on the En Bloc will pay a purchase price of a) the sum of all individual bids on all Parcels making up the En Bloc plus b) the final bid premium amount for the En Bloc.