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HomeMy WebLinkAboutPK14-182 - Original - Raven Commercial Real Estate - Exclusive Agency Sale Listing Agreement - 07/09/2014 a� cordse aF KENT Document W/.9 HINGTON CONTRACT COVER SHEET This is to be completed by the Contract Manager prior to submission to City Clerks Office. All portions are to be completed. If you have questions, please contact City Clerk's Office. Vendor Name: Raven Commercial Real Estate Vendor Number: 753606 JD Edwards Number Contract Number: This is assigned by City Clerk's Office Project Name: Exclusive Agency Sale Listing Agreement Description: ❑ Interlocal Agreement ❑ Change Order ❑ Amendment ® Contract ❑ Other: Contract Effective Date: 7/9/2014 Termination Date: 2/8/2015 Contract Renewal Notice (Days): Number of days required notice for termination or renewal or amendment Contract Manager: Brian Levenhagen Department: Parks Planning & Dev. Detail: (i.e. address, location, parcel number, tax id, etc.): Exclusive listing agent for sale of Old Fire Station Park Parcel #222204-9111; listing at $72K, commission 6% of net sale price a,dr Division Contract # PPD14-19 Cil , ldT CITY CLE iK S:Publlc\RecordsManagement\Forms\ContractCover\adcc7832 1 11/08 ©Commercial Brokers Association ,✓ 2011 ALL RIGHTS RESERVED CBA Form xA Exclusive Agency Rev.112011 Page 1 of 4 EXCLUSIVE AGENCY SALE LISTING AGREEMENT I This Agreement is made by and between The City of Kent.A Municipal Corporation ("Seller") and Raven Commercial Real Estate ("Firm"). Seller hereby grants to Firm the exclusive and irrevocable right to sell and to receipt for deposit in connection therewith Seller's commercial real estate legally described as set forth on attached Exhibit A and commonly described as Parcel#222204-9111 City o f Kent King County, Washington (the "Property") 1. DURATION OF AGREEMENT.This Agreement shall commence on 0710912014 and shall expire at 11:59 p-m. on 0210812015 2. PRICE AND TERMS. Seller agrees to list the Property at a price of$ 72,000.00 and shall consider offers that include the following terms: Possession: Upon Closing Terms: Cash or Conventional Financing 3. DEFINITIONS.As used in this Agreement, (a) "CBA"shall mean the Commercial Brokers Association; and (b) "sell" shall mean sell, contract to sell, enter into a contract to sell, exchange, lease for over 5 years, and/or enter into an option to purchase the Property. The phrases "this Agreement" and "during the term hereof" include separate, written extensions or renewals of this Agreement. 4. AGENCY I DUAL AGENCY. Seller authorizes Firm to appoint Jason Wilcox. CClM as Seller's Listing Broker. This Agreement creates an agency relationship with Listing Broker and any of Firm's brokers who supervise Listing Broker's performance as Seller's agent ("Supervising Broker"). No other brokers affiliated with Firm are agents of Seller, except to the extent that Firm, in its discretion, appoints other brokers to act on Seller's behalf as and when needed. If the Property is sold to a buyer represented by one of Firm's brokers other than Listing Broker ("Buyer's Broker'), Seller consents to any Supervising Broker who also supervises Buyer's Broker acting as a dual agent. If the Property is sold to a buyer who Listing Broker also represents, Seller consents to Listing Broker and Supervising Broker acting as dual agents. Seller has received from Listing Broker the pamphlet entitled "The Law of Real Estate Agency." If any of Firm's brokers act as a dual agent, Firm shall be entitled to the entire commission payable under this Agreement plus any additional compensation Firm may have negotiated with the buyer. I S. PROPERTY OWNERSHIP AND INFORMATION. Seller warrants that Seller has the right to sell the Property on the terms set forth in this Agreement and agrees to furnish and pay for a buyer's policy of title insurance showing marketable title to the Property. Seller also warrants that the Property information on the Property Information pages of this Agreement is correct. Seller understands that Firm and other members of CBA will make representations to prospective buyers based solely on the Property information in this Agreement and agrees to indemnify and hold Firm and other members of CBA harmless in the event the foregoing warranties are incorrect. Seller acknowledges that following closing, the amount of the purchase price and any other terms of the sale of the Property shall not be deemed confidential information, and Seller authorizes disclosure of the same. Seller acknowledges receipt of a copy of this Agreement, with the Property Information pages of this Agreement fully filled in. Form generated cy:TrueForms' w .TrueFormsxom 800-499-9512 ©Commercial Brokers AssouaN 2011 C !p�y ALL RIGHTS RESERVED CBA Form XA Exclusive Agency '.. Rev.1/2011 Page 2 of 4 EXCLUSIVE AGENCY SALE LISTING AGREEMENT (continued) 6. CLOSING COSTS. In addition to purchasing a buyer's policy of title insurance, Seller agrees to pay one-half of any escrow fees. Rents, insurance, taxes, interest and reserves on assumed encumbrances are to be prorated between Seller and buyer as of the date of closing.A sale on real estate contract shall be op-F,erm 7. COMMISSION. Firm shall be entitled to a Commission if: (a) Firm sells or procures a buyer on the rerAof or on other terms acceptable to Seller b Seller sells the Property through an other real this Agreement p O p Y 9 y estate Firm during the term of this Agreement; (c) Seller sells the Property within six months after the expiration or sooner termination of this Agreement to a person or entity that submitted an offer to purchase the Property during the term of this Agreement or that appears on any registration list provided by Firm pursuant to this Agreement or to an "Affiliate" of such a person or entity that submitted an offer or that appears on the registration list; (d) the Property is made unmarketable by Seller's voluntary act; or (e) Seller withdraws the Property from sale, or otherwise prevents Firm from selling it. The commission shall be calculated as follows: Six percent of net sales price Firm shall submit any registration list to Seller within 15 days after the expiration or sooner termination of this Agreement and shall only include on the registration list persons or entities to whose attention the Property was brought through the signs, advertising or other action of Firm, or who received information secured directly or indirectly from or through Firm during the term of this Agreement. Seller shall provide the registration list to any other brokers that assist the Seller with this Property. "Affiliate" means, with respect to any person or entity that submitted an offer during the term of this Agreement or that appears on the registration list, any buyer which has more than a 10% ownership or voting interest in Such an entity or any buyer in which more than 10% of the ownership or voting interests are owned or controlled by such a person or entity. 8. FIRMIMULTIPLE LISTING. Firm shall cause this listing to be published by CBA for distribution to all CBA members through CBA's listing distribution systems. Firm shall cooperate with all other members of CBA in working toward the sale of the Property. Seller understands and agrees that all Property information contained in this Agreement or otherwise given to CBA becomes the Property of CBA, is not confidential, and will be given to third parties, including prospective buyers, other cooperating members of CBA who do not represent the Seller and, in some instances, may represent the buyer and other parties granted access to CBA's listing systems. Seller agrees that Firm may record this Agreement. Regardless of whether a cooperating member is the broker of the buyer, the Seller, neither or both, the member shall be entitled to receive the selling office's share of the commission as designated by the listing office. IT IS UNDERSTOOD THAT CBA IS NOT A PARTY TO THIS AGREEMENT, AND ITS SOLE FUNCTION IS TO FURNISH THE DESCRIPTIVE INFORMATION SET FORTH IN THIS LISTING TO ITS MEMBERS, WITHOUT VERIFICATION AND WITHOUT ASSUMING ANY RESPONSIBILITY FOR SUCH INFORMATION OR IN RESPECT TO THIS AGREEMENT. I Form generated by.True Forms'" w .TrueForms.com 000-499-9612 i C Commercial Brokers Association 2011 l_xl_Y=1(t7�p ALL RIGHTS RESERVED CBA Form XA Exclusive Agency Rev.112011 Page 3 0f 4 EXCLUSIVE AGENCY SALE LISTING AGREEMENT (continued) 9. 10. ADDITIONAL TERMS. In addition to the Property Information pages of this Agreement and Exhibit A (legal description),the following amendments or addenda(which are also attached hereto)are part of this Agreement: SELLER t Seller/Authorized Signature Seller/Authorized Signature Name: Name: Title: Title: Date: Date: FIRM Raven Commercial Real Estate Firm (Company) (Offic By --- — — (Authoriz6d Representative) Date' i Form generateb by:True Forms'" www.TrueForms.com 800-499-9612 0 Commercial Brokers Association 2011 I.UJ`tf ALL RIGHTS RESERVED CBA Form%A Exclusive Agency Rev,112011 Page 4 of 4 EXCLUSIVE AGENCY SALE LISTING AGREEMENT (continued) EXHIBIT A [Legal Description] BEG ON S LN OF NW 114 OF SW 114 200 FT WOF WMGN OF 36THAVE S TH W 70 FT TH N PLWWRD MGN 130 FT TH E 70 FT TH S TO BEG I� Form generated by:True Forms'" v .TrucPorms.eom 90GA99-9612