Lee & Associates Commercial Real Estate 10/18/2018

G. presentation of offers from pre-qualified buyers to the city for review, initiate and facilitate with all escrow closings H. working within the guidelines and regulations established by the State of Washington, City of Everett, or other jurisdictions that may apply in the selling of real estate 2. intellectual Property Rights. Reports, drawings, plans, specifications and any other intangible property created in furtherance of the Work are property of the City for all purposes, whether the project for which they are made is executed or not, and may be used by the City for any purpose. Unless otherwise expressly agreed in writing, all intellectual property rights in such documents or intangible property created pursuant to this Agreement, or for the City of Everett, belong to the City of Everett. Service Provider retains any intellectual property rights in documents and intangible property created by Service Provider prior to engagement,or not created by Service Provider for its performance of this Agreement. 3. Time of Beginning and Completion of Performance. This Agreement shall commence as of the Effective Date and shall have an initial two year term. The City has an option to extend the term of the Agreement by three extension terms of one year each. The City exercises its option to each extension term by written notice to Service Provider prior to expiration of the preceding term. Accordingly, if the City exercises all three extension terms, the total term of this Agreement will be five years. 4. Listing Agreement/Designated Properties/Commissions. A. Designated Property. For each property for which the City desires Service Provider's services, the City's Real Property Manager will deliver a written designation notice in a form substantially as attached as Exhibit A to this Agreement (each such property, a "Designated Property"). The designation notice will state length of time that the City desires the listing to occur for the Designated Property, which unless stated otherwise in the notice will be six months from the date of the City's receipt of the Property Analysis Report(defined below) and the City's written approval for Service Provider to proceed with the listing of the Designated Property (the "Listing Period"). Prior to the expiration of any Listing Period,the City shall have the option,in its sole discretion,to extend the Listing Period with written notice to Service Provider. Service Provider will not perform Work (and will not be compensated for) any services for the City's real property that is not Designated Property. The City may at any time terminate the Listing Period effective upon written notice to the Service Provider and thereby withdraw the Designated Property from the market. All Listing Periods terminate upon termination or expiration of this Agreement regardless of any Listing Period contained in a designation notice. B. Property Analysis Report. For each Designated Property, Service Provider will prepare and deliver to the City a detailed"Property Analysis Report." The detailed report will include the determination of HABU, estimated valuation, and a specific marketing plan. For each such Property Analysis Report completed and delivered, the City will pay Service Provider a report preparation fee of $3,000. However, regardless of the number of Designated Properties and Property Analysis Reports, the total of such report preparation fees under this Agreement will not exceed $50,000. Page 2 Lee&Associates(2018)