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HomeMy WebLinkAboutContract 1919 EXCLUSIVE REPRESENTATION AGREEMENT (Revised) The undersigned, City of Columbia Heights, hereinafter known as "Principal" hereby appoints Welsh Companies, LLC., a licensed real estate broker, hereinafter known as "Welsh," as its "Agent" with the exclusive and irrevocable right to represent the undersigned in negotiating and consummating a transaction to acquire property for the construction of a new municipal liquor store. Principal presently is located at 590 40th Avenue N.E., Columbia Heights, MN, 55421. 1. Time The period of this agency agreement shall begin March 1st. 2006 for as long as negotiations continue, but will not extend past March 1st. 2007 unless agreed to in writing by both parties. 2. Prooertv and Authoritv Welsh is authorized to: a. Negotiate for the purchase property, but not to commit Principal to a purchase of any property with Principle's signature, or to sign any instruments on behalf of Principal or to incur any costs for the above services. b. Make available to Principal all information needed in the decision-making process concerning various alternatives. c. Initiate and coordinate the appraisal of the property. Obtain at least three bids from commercial appraisers from which Principle can select preferred appraiser. 3. Purooses a. To manage the acquisition process to ensure adherence to the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 made by the Uniform Relocation Act Amendments of 1987 Title IV of the Surface Transportation and Uniform Relocation Assistance Act of 1987. b. To negotiate in collaboration with Principal the purchase of property at the best terms and conditions for Principal. c. To be assured the final decision is consistent with prevailing market conditions. d. To save valuable time of Principal by maximizing the quantity and quality of necessary information required to obtain the property. e. To co-ordinate in conjunction with Principle the closing on the acquisition of the property . 4. ComDensation Principal agrees to pay Welsh a fee of three percent (3%) of the purchase price of the Properties. 5. Disclosure of Representation Principal agrees to appraise all interested owners, developers, landlords, brokers and agents, of Welsh's appointment as exclusive agent. Welsh agrees to exercise reasonable effort and due diligence to achieve the purpose of this Agreement. Further inquiry and all proposed properties are to be referred to Welsh. AGENT: PRINCIPAL: WELSH COMPANIES, LLC. By: LL 110- U...--- ary . terson ~~ 1:'\ v Mayor ~/~yf()l:: 4;{pff~ vTa 1 ter R. Fe 5 By: Its: ~J6^ t/.f). ~~<.~I"""".s ~ A~/.. , Its: Date: Date: BY: Its: Date: 952.897.7700 FAA 952.842.7700 URL wwvv welsheD com I WELSH COMMERCIAL REAL ESTATE SEI\VICES, WORLDWIDE co, 7807 Creekndge Circle Minneapolis, MN 55439 ~"j {\ '" / 111 ouer 340 Markt'ls Worldwide: NAI America NAI Asia NAl Cal1ada NAI NAI Latil1 Americaal1d the CaribbCl111