Agenda - Council Work Session - 02/15/2011

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COMMERCIAL EXCLUSIVE LISTING AGREEMENT SALE This form approved by the Minnesota Association of REALTORS° and the Minnesota Commercial Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. © 2008 Minnesota Association of REALTORS®, Edina, MN 1. Date February 8, 2011 2. Page 1 3. IN CONSIDERATION OF the Agreement of Integrust Advisory Group, LLC 4. (hereinafter referred to as "BROKER ") to undertake to sell the property hereinafter described, the City of Ramsey, 5 Minnesota (hereinafter referred to as "SELLER ") grants to BROKER the exclusive 6. right to sell or contract to sell the property at and within the City of Ramsey, MN for the exclusive use by or assigns 7 Metal Matic 8. and legally described as legal to govern 9. 10. (hereinafter referred to as the "PROPERTY ") for the period from the date hereof through and including 11 February 28 , 20 12 , for the sum of fair market value before public subsidies or discotj 12. upon the following terms cash at closing or with an option to purchase at a defined date 13. 14. or at any other price, terms or exchange to which SELLER may consent. 15. SELLER understands that BROKER may list other properties during the term of this Agreement which may compete 16. with SELLER'S PROPERTY for potential buyers. 17. SELLER'S OBLIGATIONS 18. It is agreed that SELLER shall promptly furnish BROKER with complete information concerning any person who 19. during the period of this Agreement makes inquiry to SELLER regarding the sale, exchange or lease of the PROPERTY. 20. If the PROPERTY is sold, SELLER hereby agrees to furnish to buyer an Abstract of Title, a Registered Property Abstract 21. or a Title Insurance Commitment, certified to date, to include proper searches covering bankruptcies and state and 22. federal judgments and liens, and to execute or cause to be executed a deed conveying title to the PROPERTY to the 23. buyer and any further documents as may be required to consummate the sale in accordance with the terms above 24. designated or with the terms to which SELLER may hereafter consent. 25. SELLER further agrees to promptly notify BROKER of any notices pertaining to the PROPERTYwhich are hereafter 26. received during the term of this Agreement. 27. It is further agreed that SELLER shall permit BROKER to erect a "For Sale" sign on the PROPERTY and to remove 28. all other "For Sale" signs from the PROPERTY during the period of this Agreement. It is further agreed that SELLER 29. shall permit BROKER to erect a "Sold" sign on the PROPERTY for a period of thirty (30) days following the sale or 30. exchange of the PROPERTY by BROKER. SELLER shall permit BROKER to place information on the Minnesota 31. Commercial Property Exchange (MCPE) and the Internet concerning the PROPERTY. Broker may notify the MCPE 32. and member REALTORS° of the price and terms of the sale. 33. NOTICE: THE COMPENSATION RATE FOR THE SALE, LEASE, RENTAL OR MANAGEMENT OF REAL PROPERTY 34. SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND ITS CLIENT. 35. COMPENSATION 36. It is further agreed that SELLER shall pay BROKER a brokerage fee of 5/8 co -op percent ( %) of the price for which 37. the PROPERTY is sold or exchanged; or $ N/ , whichever is greater, upon occurrence of any of 38. the following conditions: 39. 1. The sale, contract for sale, exchange or conveyance of the PROPERTY during the period of this Agreement by 40. BROKER or any other person, including, but not limited to, SELLER, or any other agent or broker not a party to this 41. Agreement, in accordance with the price, terms or exchange as set forth herein or as otherwise consented to by 42. SELLER. MNC:ELAS -1 (2/08)