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October 15, 1998 <br /> <br />Mr. Paul Steinman <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />Re: Commission Agreement <br /> <br />Dear Paul: <br /> <br />This letter shall serve as our Agreement for the payment of a real estate commission if a sale of <br />the property, known as the Holt & Jackson Site, is completed with my client, James C. Block. The <br />City of Elk River agrees to pay Mark A. Davis & Associates, Inc., a real estate commission of 8% <br />of the gross sales price paid by my client. The commission shall be paid at the closing of the sale <br />out of the sale proceeds. <br /> <br />Example: If the gross sales price agreed to between the parties is $300,000, the commission <br />payable to Mark A. Davis & Associates, Inc. at closing would be: $300,000 x 8% = $24,000. <br /> <br />If this Agreement is acceptable, please signify by having an authorized person from the City of Elk <br />River sign below and return one copy to my attention. <br /> <br />Sincerely, <br /> <br /> / <br /> <br />Mark A. Davis <br /> <br />AGREED TO AND ACCEPTED: <br /> <br />City of Elk River <br /> <br />By: <br /> <br />Its: <br /> <br />Dated: <br /> <br />CorI;m'ate Real Es[ate Services <br /> <br /> <br />