2014.01.14 EDA Agenda Packet - Laserfiche WebLink

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EXCLUSIVE LISTING AGREEMENT Hugo, Minnesota THIS EXCLUSIVE LISTING AGREEMENT (the "Agreement"), dated XXXXX, 2013, is by and between Northco Real Estate Services, LLC, a Minnesota limited liability company ("Northco") and The City of Hugo, Mn. ("Owner"). Owner is desirous that Northco act as the exclusive listing broker to sell Owner's property ("Property") PID # XX -XX -XXX located in Downtown Hugo, MN. The Property consists of approximately 4.14 acres of land. Owner hereby hires Northco as Owner's exclusive listing agent, to market the Property for sale and Northco hereby accepts such appointment. The Term of this Agreement shall be for a period of twelve (12) months commencing on XXXXX, 2013 (the "Commencement Date") and terminating twelve (12) months from the Commencement Date ("Term"). Northco hereby agrees to immediately commence and diligently pursue the execution of marketing programs towards the sale of the Property. Northco shall use reasonable commercial efforts to procure a buyer for the Property and to assist Owner in the negotiation ofthe sale ofthe Property. Northco shall keep Owner advised as to the status of the marketing program. The Property shall be offered for sale without an initial list price and upon the minimum sale terms and conditions of an all cash transaction. Such terms shall be subject to modification at any time or from time to time as Owner shall agree to, in writing. It is further agreed as follows: Owner will refer all inquiries pertaining to the Property to Dick Allendorf and Chris Kubesh (the "Selling Brokers") Northco during the term of this Agreement and Northco will diligently market, promote and make proposals to all such referrals as deemed appropriate by Northco in furtherance of its duties hereunder. In the event of a sale of all or a portion of the Property during the Term of this Agreement, or any override period, Owner shall pay Northco a commission of $.50 per square foot of Property sold. 3. The parties specifically agree that Owner is not obligated to pay, nor is Northco entitled to receive, any commission unless and until the sale of all or any portion of the Property is closed. Further, Owner shall have the discretion to accept or reject any and all offers received during the term of this Agreement, and shall be under no obligation to Northco to accept any offer presented or any offer which would entitle Northco to a commission. 4. Owner shall pay Northco its commission for any transaction, if within one hundred eighty (180) days after the termination or expiration of this Agreement, Owner sells or agrees to sell all or any portion of the Property, or commences and thereafter continues discussions leading to a sale of all or any portion ofthe Property, to any third person who previously made an affirmative showing of interest in the Property during the Term of this Agreement by responding to advertising, by contacting Northco or who had been physically shown the Property by Northco, its salesperson, or a cooperating broker. It is understood that Northco shall not seek to enforce collection of a commission under this Paragraph 5 unless the name of such third person is on a written list given to Owner within 72 hours after the termination or expiration of this Agreement. 5. The terms of this Agreement shall survive and be enforceable after termination of the Agreement. b. This Agreement constitutes the complete agreement between the parties and supersedes any prior oral or written agreements between the parties. No amendment, modification or extension of this Agreement shall be valid or binding unless made in writing and signed by both Owner and Northco. This contract shall be governed by the laws of the State of Minnesota.