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General Provisions - 2 <br />months from the date of the City’s receipt of the Property Analysis Report (defined below) <br />and the City’s written approval for Service Provider to proceed with the listing of the <br />Designated Property (the “Listing Period”). Prior to the expiration of any Listing Period, the <br />City shall have the option, in its sole discretion, to extend the Listing Period with written <br />notice to Service Provider. Service Provider will not perform Work (and will not be <br />compensated for) any services for the City’s real property that is not Designated Property. <br />The City may at any time terminate the Listing Period effective upon written notice to the <br />Service Provider and thereby withdraw the Designated Property from the market. All Listing <br />Periods terminate upon termination or expiration of this Agreement regardless of any Listing <br />Period contained in a designation notice. <br />B. Property Analysis Report. For each Designated Property, Service Provider will prepare and <br />deliver to the City a detailed “Property Analysis Report.” The detailed report will include the <br />determination of HABU, estimated valuation, and a specific marketing plan. For each such <br />Property Analysis Report completed and delivered, the City will pay Service Provider a report <br />preparation fee of $3,000. However, regardless of the number of Designated Properties and <br />Property Analysis Reports, the total of such report preparation fees under this Agreement <br />will not exceed $50,000. <br />C. Purchase Agreement Execution/Commissions. <br />1. Purchase Agreement Executed During Listing Period. Service Provider will earn a <br />commission as set forth in Section 2.C.3 below for services rendered if, during the Listing <br />Period, the City executes a purchase agreement for the sale of Designated Property to a <br />purchaser procured by Service Provider, the City, or anyone else. However, no <br />commission shall be earned on a sale that fails to close and the City will be exclusively <br />entitled to receive any forfeited deposits. <br />2. Purchase Agreement Executed After Listing Period. <br />a. Within ten (10) days after the expiration or termination of the Listing Period <br />for a Designated Property, Service Provider for such Designated Property will <br />deliver a list to the City’s Real Property Manager containing the names all <br />persons that Service Provider either (1) presented such Designated Property <br />(however, the parties agree that a Designated Property is not "presented" to <br />a person by a mass mailing or mass email or similar large-scale <br />communication), or (2) has engaged in negotiations with concerning a sale of <br />such Designated Property (each such persons in (1) and (2), a “Noticed <br />Buyer”). Failure to provide such a list for a Designated Property within such <br />10 days means that there are deemed to be no Noticed Buyers for that <br />Designated Property. <br />b. Service Provider will earn a commission as set forth in Section 2.C.3 below for <br />services rendered if, within one hundred eighty (180) days after the expiration <br />of a Designated Property’s Listing Period, the City executes an agreement for <br />sale of the Designated Property to a Noticed Buyer for such Designated <br />Property. The commission earned under this subsection b. is not affected by <br />the termination or expiration of this Agreement prior to the end of such 180 <br />days. No commission will be earned on a sale that fails to close and the City <br />will be exclusively entitled to receive any forfeited deposits. <br />3. Commissions. The commission due to Service Provider under Sections 2.C.1 and 2.C.2 <br />above will be equal to three percent (3.00%) of either, (i) the gross selling price of the <br />Designated Property as defined in the Washington State Real Estate Excise Tax affidavit <br />filed for the transaction, or (ii) the Required Appraised Value of the Designated Property,