4.6. SR 09-21-2020 - Laserfiche WebLink

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211840v2 IAG Commercial 222 South 9th Street • Suite 1600 • Minneapolis, Minnesota 55403 • (612) 868-7429 EXCLUSIVE REPRESENTATION AGREEMENT (LISTING AGREEMENT - SALE) THIS AGREEMENT ("Agreement") is made this 21st day of September, 2020, by and between Integrust Advisory Group, LLC, a Minnesota Limited Liability Company doing business as IAG Commercial (hereinafter referred to as "Broker"), and The City of Elk River, with a business address of 13065 Orono Parkway, Elk River, MN 55330, (hereinafter referred to as "Owner"). 1. Agency. In consideration of its efforts and expenditures, and its agreement to list in its offices the real property and improvements hereinafter described and to provide the services referred to herein, Owner hereby appoints Broker as Owner's exclusive real estate agent during the term of this Agreement and grants Broker the exclusive right to sell the real property and improvements, if any, described as follows (the "Property") or any portion thereof: ADDRESS: 413 Proctor Avenue NW CITY, STATE, ZIP: Elk River, MN 55330 COUNTY: Sherburne PARCEL SIZE: (Acres) 1.16 acres PROPERTY TYPE: Special Use Building PROPERTY ID # 75-409-0205, 75-409-0255 AND 75-409-0250 LEGAL DESCRIPTION: EXEMPT LOTS 1 & 2 BLK 2 E 50 FT OF LOT 3 BLK 2 SALE PRICE: Sale Price to be determined within 14 days of the date of this agreement based on Broker assessment of property condition. OTHER TERMS: Broker shall be entitled to a Sale Commission for any Sale transaction entered into by Owner in accordance with the provisions of this Agreement, whether such Sale transaction is negotiated directly by Owner or another broker or whether such Sale is at the price and upon the terms contained herein, or at a different price or upon other terms as may be accepted in writing by Owner. 2. Commissions. "NOTICE: THE COMMISSION RATE FOR THE SALE, LEASE, RENTAL OR MANAGEMENT OF REAL PROPERTY SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND ITS CLIENT." See attached Commission Schedule, the terms of which are incorporated herein by reference. 3. Term. Term of this Agreement shall commence on September 21, 2020 and shall expire and terminate on March 31, 2021 subject to the Protective Period provided in Section 4 of this Agreement. Unless otherwise notified in writing, the Term of this Agreement will automatically renew and extend for a period of six (6) months from April 1, 2021 through September 30, 2021 subject to the Protective Period provided in Section 4 of this Agreement. 4. Protective Period. Owner further agrees that in the event any Sale of the Property resulting from any contract or agreement entered into by Owner within six (6) months after the expiration or termination of this Agreement ("Protective Period") is consummated with any person or entity for which a Sale Commission would otherwise be payable by Owner hereunder, Owner will pay the Sale Commission to Broker. If, at the end of the six (6) month period, the property is under contract with a party on the original “protective list” as defined herein, the Protective Period shall be extended another six (6) months or to close, if sooner. Owner shall furnish Broker with all relevant information received by Owner during the Protective Period regarding any purchase offers or inquiries from such persons or entities promptly after receiving same. The Broker's Protective Period shall only be applicable to persons or entities with whom Broker has negotiated during the term of this Agreement. Broker shall identify such persons or entities by providing Owner with a written "protective list" within 72 hours of the expiration or termination of this Agreement, time being of the essence. Broker shall be conclusively deemed to have "negotiated" with a party, if Broker (or any outside broker acting at the direction of Broker) has shown the Property to such party or prepared an offer/Letter of Intent on behalf of Owner to sell the Property to such party or submitted written information to such party concerning the Property specifically at the request of such party. 5. Representations and Agreements. a. Owner represents that Owner has full legal right to sell the Property. b. Owner represents that as of the date of this Agreement, no notices, except as herein noted, pertaining to the Property have been received by Owner from any municipality or other governmental agency. Owner agrees to promptly furnish Broker with copies of any such notices received during the term of this Agreement. c. Owner agrees to comply with the terms and conditions of any Purchase Agreement or other agreement to which it is a party in a timely fashion. d. Owner agrees to permit Broker to erect a "For Sale" sign on the Property and to remove all other "For Sale" signs from the Property during the term of this Agreement. Owner further agrees to permit Broker to erect a "Sold" sign on the Property for a period of thirty (30) days following execution of a purchase agreement for the Property. e. Owner agrees to refer to Broker all inquiries regarding the Property received from prospective purchasers. f. Owner agrees that any member of Broker's sales force may immediately offer the Property for sale under the terms hereof. Owner agrees to cooperate with and assist Broker in making the Property available for inspection by prospective purchasers and their agents. Owner agrees to permit Broker to share part of its Sale Commission with other real estate brokers, including brokers only representing purchasers of the Property. g. Owner agrees to provide Broker with all material information concerning the financial, physical, legal or environmental status of the Property presently in Owner's possession or subsequently received by Owner.