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106 W. Water Street, Ste 301 <br />Saint Paul, Minnesota 55107 <br />651.330.4286 <br />COMMERCIAL — LAND <br />EXCLUSIVE LISTING AGREEMENT <br />Date: <br />IN CONSIDERATION OF THE AGREEMENT between WAKOTA COMMERCIAL ADVISORS, LLC, hereinafter <br />referred to as (`BROKER") and THE CITY OF HUGO (hereinafter referred to as SELLER) SELLER grants to <br />BROKER the exclusive right to sell or contract to sell the property comprising of approximately 4.62 acres and <br />described as: (SEE EXHIBIT A) in the amount of $ i _ for the period from the date hereof through <br />midnight <br />NOTICE: THE COMMISSION RATE FOR THE SALE, LEASE, RENTAL OR MANAGEMENT OF REAL <br />PROPERTY SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND ITS CLIENT. <br />It is further agreed that SELLER shall pay BROKER a Brokerage Fee of Seven (7%) percent of the Purchase Price <br />(Eight (8%) in the event of a co -broker transaction) if the Property is sold, exchanged, or conveyed, upon occurrence of <br />any of the following conditions: <br />1) The sale, installment sale, exchange, or conveyance of the Property during the period of this Agreement by BROKER <br />or any other person, including but not limited to SELLER, or any other agent or broker not a party to this Agreement, <br />in accordance with the price, terms or exchanges as set forth herein or as otherwise consented to by SELLER; or <br />a) Except if the sale, installment sale, exchange, or conveyance of the Property is with such entity that <br />is listed in Exhibit B. <br />2) The sale, installment sale, exchange, or conveyance of the Property within one hundred eighty (180) days after the <br />expiration or termination of this Agreement to any prospect with whom BROKER has negotiated or to whom BROKER <br />has exhibited said Property during the period of this Agreement, and whose name was disclosed to SELLER in writing <br />by BROKER not later than ninety-six (96) hours after the expiration or termination of this Agreement; or <br />3) SELLER, at its sole and absolute discretion, may reduce the Purchase Price upon approval by the Hugo City Council, <br />Seller at its sole and absolute discretion, may offer tax increment financing or other incentives to defray development <br />costs. <br />*The above timeframes may be extended provided there are ongoing negotiations between Seller and Buyer <br />beyond the expiration date. <br />It is acknowledged that the Brokerage Fee is and shall be deemed to be a share of the purchase money received by <br />SELLER, and BROKER shall be secured by, and shall have a security interest in, such funds until the brokerage Fee is <br />paid. <br />BROKER and its partners shall effectively market the property in terms of a sign on the property, brochures, property <br />visits, real estate websites, cold calls, and mailings, as well as other means deemed necessary by the BROKER. <br />BROKER shall provide bi-monthly reports on who has been contacted and findings to the SELLER, with quarterly <br />presentations to the Hugo Economic Development Authority. <br />SELLER and BROKER shall both have the right to terminate this Agreement by giving to the other a thirty (30) day <br />written notice. Should SELLER elect to terminate this agreement, however, all remaining provisions hereunder shall <br />remain in full force and effect. <br />SELLER hereby agrees to provide Purchaser Abstract of Title, or Registered Property Abstract Or Title Insurance <br />Certificate, certified to date, to include proper searches covering bankruptcies and state and federal judgments and liens, <br />and to execute or cause to be executed a deed conveying a marketable title to the Property to the Purchaser and further <br />