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Home My WebLink AboutEC16-055 - Original - Pendergaft & Associates - Exclusive Agency Sale Listing for Tree Park - 10/30/2014 i 91 KTRecords V anws zrap it ':,. N u WASHINGTON Document 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 Ty Pendergraft Vendor Number: JD Edwards Number Contract Number: 66IU c- 05 This is assigned by City Clerk's Office Project Name: Pine Tree Park / Oakpointe Description: ❑ Interlocal Agreement ❑ Change Order ❑ Amendment ❑ Contract ® Other: Exclusive Agency Sale Listing Agreement Contract Effective Date 10/30/14 Termination Date: 12/31/15 Contract Renewal Notice (Days): Number of days required notice for termination or renewal or amendment Contract Manager: Kurt Hanson Department: Econ & Comm. Dev. Contract Amount: Approval Authority) (CIRCLE ONE) Department Director Mayer City Geuncil Detail: (i.e. address, location, parcel number, tax id, etc.): As of: 08/27/14 Pendergraft&Associates oCamwcwlBroksrs , PO Box 826 ALL RIG MS RESER ED (. Maple Valley,WA 98033 CBA Form xA Phone:(206)391-6883 E"WeApemy Fax:425.432-1812 Raw.112e1/ Peye 104 EXCLUSIVE AGENCY SALE LISTING AGREEMENT CBA Text Disdalmer Text deleted by licenses Indlceled by stake, New text inserted by licensee indicated by smell cepltW letters. This Agreement is made by and between City of Kent ("Seller") and Pendergraft & Associates ("Firm"). Seller hereby grants to Firm the exclusive and irrevocable right to sell and to receipt for deposit in connection therewith Sellers commercial real estate legally described as set forth on attached Exhibit A and commonly described as Pine Tree Park, City of Kent, Kina County, Washington (the "Property"). 1. DURATION OF AGREEMENT. This Agreement shall commence on October 30, 2014 and shall expire at 11:59 p.m.on October 30,2o15. 2, PRICE AND TERMS, Seller agrees to list the Property at a price of $2,200,000 and shall consider offers that include the following terms: Possession: Closino Terms: Negotiable - Final Terms subject to prior approval by the Kent City Council. 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,tease 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. AGENCYIDUAL AGENCY. Seller authorizes Firm to appoint TV Penderaraft as Seller's Listing Broker. This Agreement creates an agency relationship with Listing Broker and any of Firm's brokers who supervise Listing Brokers performance as Seller's agent ("Supervising Broker"). No other brokers affiliated with Firm are agents of Seller, except to the extent that Finn, in its discretion, appoints other brokers to act on Sellers behalf as and when needed. If the Property is sold to a buyer represented by one of Firm's brokers other than Listing Broker("Buyers 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. 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 buyers policy of title insurance showing marketable title to the Property. Seller also warrants that the Property information an 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 Properly Information in this Agreement and agrees to Indemnity 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. 6. CLOSING COSTS. In addition to purchasing a buyers 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 on Form LPB45,currently distributed by title insurance companies. 7. COMMISSION. Finn shall be entitled to a commission If: (a) Finn sells or procures a buyer on the terms of this Agreement or on other terms acceptable to Seiler, (b) Seller sells the Property through Pendergraft&AssociatesAUOCI PO Box 626 raL RIGHtS R¢sERVEc Maple Valley,WA 98038 CeA Fm XA Phone:(206)391-6883 sa R ewe Fax:425+132.1812 Papi2a 4 EXCLUSIVE AGENCY SALE LISTING AGREEMENT any other real estate Finn 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"Affillate"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 Finn from selling IL The commission shall be calculated as follows:2% Of gross sales Ddce. 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 Finn 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. Finn 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 officers 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, 9. ATTORNEY'S FEES. In the event either party employs an attorney to enforce any terms of this Agreement and is successful, the other party agrees to pay a reasonable attomey's fee and any costs and expenses incurred. In the event of trial,venue shall be In the county in which the Property is located, and the amount of the attorney's fee shall be as fixed by the court. 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: Pendergraft&AssociatesAUW,o tpre wcm a a.n PO Box826 ^u,ROMAIssER E10 Maple Valley,WA 98038 CBAFm M Phone:(206)391-6883 rxduOmAgeM Fax:425-432-im Rev U2011 Pepe 304 EXCLUSIVE AGENCY SALE LISTING AGREEMENT 1 r BEL 4` si r x, Seller zed`S gttature Seller/Authorized Signature Name: Y1/b1191 e 5 Title: M1 fsrylkrlS(.s�t l Name: Date: It ��ry pry��t �-TIUe: Date: FIRM Penderaraft&Associates, Firm (company) (office) By: (Au zed a sen Live) Date: i1 i Pendergraft&Associates 0Ca rdmWSmkbn MudaUen 2011 (,;1 PO Box 826 ALL RIGHTS RESERVED Maple Valley,WA 98038 CaAF m m Phone:(206)39"883 EuluW.AWey Fax:425432-1812 R'" 1/2011 Pspv 4 e14 EXCLUSIVE AGENCY SALE LISTING AGREEMENT EXHIBIT A (Legal Description) LOT 3 KING CO SHORT PLAT NO 276035 RECORDING NO 7704060488 BEING A PORTION OF SE QTR NE QTR STR 32-22-05 i