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Home My WebLink About5.605 Original Contract 5. Coo 6' (Page 1 of 2 pages) ,y o Ql LIMITED EXCLUSIVE TRANSACTION AND COMMISSION AGREEMENT er Port Angeles, Washington February 26, 2002 Reference CITY OF PA RE MORSE CRK This is a LIMITED EXCLUSIVE TRANSACTION AND COMMISSION AGREEMENT "Agreement whereby the undersigned Seller "Seller hereby grants to Carroll Realty "Broker from date hereof and expiring midnight one year subsequent, the sole and exclusive right to introduce to, receipt deposits for, and to submit options or offers to purchase from a government entity (Government Buyer) to the Seller for the purchase of the real property "the property commonly known as one or more parcels of land with or without improvements along or near Morse Creek, Port Angeles, Washington. It is agreed by Broker and Seller that this listing is restricted to a the single purchaser to be identified by Broker upon authorization of Sellers signing of this agreement, and valid if Buyer is not already excepted. The Seller is the current legal title holder, and the specific legal description of the real property offered for sale shall be determined and attached as Exhibit "A" within 20 business days of Broker's confirming signature. 1. DEFINITIONS. For the purposes of this agreement: (a) "MLS" means the Port Angeles Association of Realtors Multiple Listing Service; (b) "breach" means the unexcused failure to cooperate or perform according to the terms of this Agreement: (c) "good faith" means that there is no misuse, intentional deceit, or misrepresentation, in order to receive services or benefit under this Agreement; (d) "fair market value" means an estimated price which is included in a Statement of Just Compensation presented to the Seller prior to receiving an Option to Purchase, and which is based on the findings and conclusions of a licensed appraiser, certified in the State of Washington, and listed as a common vendor with the Government Buyer making the offer; and (e) "sell" includes a contract received from a Government Buyer, usually tendered by its authorized representative, that includes a compensation price, terms, and conditions which are customary, appropriate, ordinary, and common practice in similar transactions, which are determined to be mutually acceptable to the Seller at the Seller's sole discretion, and which results in the sale, exchange, option, and/or lease with option to purchase. 2. AGENCY. Seller authorizes Broker to appoint Rita Erdman to act as Seller's Agent. It is understood and agreed that this Agreement creates an agency relation with the Agent and Broker only, not with any other Sales Associate of the Broker, and that Broker is not affiliated with, a representative for, or an agent of the Government Buyer. Seller acknowledges receipt of the pamphlet entitled "The Law of Real Estate Agency" and declares that there are no other current listing or sales agreements involving the property which would conflict with such agency representation. 3. LIST PRICE. The list price of the property is "F WV" As an alternative to the Seller entering a dollar amount in the blank provided for list price, the Seller, at Seller's option, may enter "F -M -V" in the blank provided to indicate Seller's willingness to consider an offer at "fair market value 4. COMMISSION BASED ON SALE PRICE. If through the introduction of the Seller's property to the Government Buyer, the Seller agrees to sell the property to the Government Buyer on terms acceptable to the Seller; Seller will pay Broker a commission of 5% percent of the agreed sale price. The commission is due and payable after the sale is recorded and funds are available at which time Seller authorizes the Closing Agent to disburse the agreed commission directly to the Broker. 5. PROTECTION PERIOD. If Seller sells the property to the Government Buyer within 1 year of the expiration of this Agreement or within 2 years of breach, Seller will pay the Broker the above commission. Further, if the Seller subsequently lists the property with another Broker, Seller agrees to incorporate this Agreement into such subsequent agreements holding the Government Buyer as an exception to such listing agreement for the remainder of the protection period under this Agreement. 6. SELLERS WARRANTIES AND REPRESENTATIONS. Seller warrants that (s)he has the right to sell the property. Seller further warrants the property information and legal description in subsequent exhibits, once ratified and confirmed by the Seller, are correct to the Sellers best knowledge. Seller represents to the best of the Seller's knowledge none of the Sellers structures or boundary indicators (Page 2 of 2 pages) encroach on any adjacent property, and that none of the structures or boundary indicators of an adjacent property encroach on the Seller's property. araraiiMitkaRateDUIVECONOWNECildtaX 'ft \,11A11:0,01 it. iT:1; ;.t.i:1) i.tt n r r! 1 ��Y�a't. 1�C ai.. Ifa residential improvement is included in the transaction, Seller agrees to complete both a Real perry Transfer Disclosure Statement and Lead Paint Disclosure Statement, to be supplied by the Broker, after receiving a Statement of Just Compensation but prior to receiving an Option to Purchase. Seller agrees to indemnify and hold Broker and MLS harmless in the event the foregoing warranties and representations are incorrect. 7. CLOSING COSTS. Rents, taxes, interest, reserves, assumed encumbrances, homeowner fees and insurance are to be pro -rated between Seller and Buyer as of date of closing. Seller agrees to share escrow fee equally with the Government Buyer. All other closing costs not related to commission shall be paid as negotiated in the agreement to sell. 8. MULTIPLE LISTING. This Agreement is solely for the purposes of effecting a sale between the Seller and Government Buyer. As such, the agreement will not be published by the MLS, except for statistical purposes at the close of sale between Seller and Buyer. No multiple listing lock box or realty signs will be placed on the property. 9. DISCLAIMER/SELLER'S INSURANCE. Neither Broker, Agents, or MLS shall be responsible for loss, theft, or damage of any nature or kind whatsoever to the property and/or to any personal property thereon. Seller is advised to notify Seller's insurance company that the property is for sale and ascertain that the Seller has adequate insurance coverage 10. BROKER'S RIGHT TO MARKET THE PROPERTY /SELLER'S BREACH. Seller acknowledges this Agreement is made in good faith with the expectation and intent to sell, and that Seller shall not commit any act which materially impairs Broker's ability to market and sell the property under the terms of this Agreement. Broker shall be entitled to show the property at all reasonable times. In the event of breach of the foregoing prior to being presented a Statement of Just Compensation, Seller agrees to pay Broker a sum of $50 for each full calendar month this Agreement was active prior to being declared in breach. A Seller's breach after receipt of a Statement of Just Compensation shall entitle Broker to the commission based on the fair market value. 11. ATTORNEYS FEES. In the event either party employ's an attorney to enforce any terms of this Agreement and is successful, the other party agrees to pay reasonable attorneys fees. In the event of trial, the successful party shall be entitled to an award of attorneys fees and expenses; the amount of attorneys fees and expenses shall be fixed by the court. The venue of any suit shall be in Clallam County. 12. DAMAGES IN THE EVENT OF BUYER'S BREACH. In the event Seller retains option or earnest money as liquidated damages on Buyer's breach, any costs advanced or committed by Broker on Seller's behalf shall be paid therefrom and the balance divided equally between Seller and Broker. Authorized Signature Date Printed Name Title .�•C J ‘•-*l /6rrA--' /0174ee Sellers Mailing Address P. ?So K 115 PnR LE f, W Sellers phone &p p {4 4 150() Sellers fax 3 (0Q c 1 SI� Broker f L, Date v 7, 2-'94 2r