Agenda - Council - 08/26/2014 - Laserfiche WebLink

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CONIlVIERCIAL-INDUSTRIAL EXCLUSIVE LISTING AGREEMENT LEASE This form approved by the Minnesota Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. Date: July 31, 2014 IN CONSIDERATION OF the Agreement of Premier Commercial Properties, Inc. (hereinafter referred to as "BROKER") to undertake to lease the premises hereinafter described, City of Ramsey, Minnesota (hereinafter referred to as "LESSOR") grants to BROKER the exclusive right to lease or contract to lease the property known as Ramsey Municipal Center and legally described as 7550 Sunwood Drive NW Ramsey, MN 55303 (hereinafter referred to as the "Property") for the period from the date hereof through and including January 31 20 15 , for the sum of $18.50 Gross / rentable square foot based on 2.200 rentable sauare feet upon the following terms first months gross rent and one month's gross rent for security deposit due upon lease execution or on such other terms and conditions to which LESSOR may consent. LESSOR understands that BROKER may list other properties during the term of this Agreement which may compete with LESSOR'S property for potential lessees. NOTICE: THE COMMISSION RATE FOR THE SALE, LEASE, RENTAL OR MANAGEMENT OF REALPROPERTY SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND BROKER'S CLIENT. LESSOR'S OBLIGATIONS It is agreed that LESSOR shall promptly furnish BROKER with complete information concerning any person who during the period of this Agreement makes inquiry to LESSOR regarding the lease or sale of the Property. LESSOR further agrees to promptly notify BROKER of any notices pertaining to the Property which are hereafter received during the term of this Agreement. It is further agreed that LESSOR shall permit BROKER to erect a "For Lease" sign on the Property and to remove all other "For Lease" signs from the Property during the period of this Agreement. COMMISSION It is further agreed that LESSOR shall pay BROKER a brokerage fee of $1.00 / rsf for 1 year lease. $2.00 / rsf for 2 year lease. $3.00 / rsf for 3 year or longer lease: due upon Lease Commencement In the event a co -broker (any agent other than the Listing agent) is involved in any Lease transaction entitling the Broker to a Lease commission under this agreement, the amount of the Lease commission shall be one hundred fiftv percent (150%) of the amount otherwise payable to broker and Broker shall be responsible for the payment of any amount due to the co -broker which payment shall be due upon receipt of Lease commission by Broker. A Broker fee shall be due and payable upon occurrence of any of the following conditions: 1. The lease or contract for lease of the Property during the period of this Agreement by BROKER or any other person, including but not limited to LESSOR, or any other agent or broker not a party to this Agreement, in accordance with the terms as set forth herein or as otherwise consented to by LESSOR. 2. If a LESSEE is procured, whether by BROKER, LESSOR or anyone else, who is ready, willing, and able to lease the Property at the terms set forth above and LESSOR refuses to lease. 3. LESSOR removes Property from the market before expiration of this Listing Agreement. 4. If a lease entered into by LESSOR and a LESSEE procured by BROKER grants to the LESSEE an option to purchase the LESSOR's interest in the Property, and said option is exercised at any time by the LESSEE, LESSOR agrees to pay BROKER, at the time of closing of the purchase, an additional fee equal to N/A percent of the purchase price less the unearned portion of the fee paid under the terms of this Agreement. 5. If a lease entered into by LESSOR and a LESSEE procured by BROKER grants to the LESSEE an option or successive options to renew or extend the term thereof, upon the exercise of said option and each successive option the LESSOR agrees to pay BROKER, a fee equal to percent N/A of the rent reserved for each period of extension or renewal which fee shall be due and payable in full at the time of such exercise. 6. LESSOR contributes or conveys the Property or any interest therein to a partnership, joint venture or other business entity during the term of this Agreement in lieu of leasing the Property during the term of this Agreement. 7. LESSOR is a partnership or other business entity and an interest in the partnership or other business entity is transferred, whether by merger, outright purchase or otherwise in lieu of leasing the Property during the term of this Agreement. MNCI:ELAL-1 (11/93)