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Home My WebLink About2016-2709J.H. Callahan and Associates, Inc. (dba: CORE Commercial Real Estate) EXCLUSIVE LISTING AGREEMENT This Agreement is made this 5th day of April, 2016, by and between City of Columbia Heights, MN and J.H. Callahan and Associates, Inc a Minnesota Corporation. For the purpose of this Agreement, the following meanings shall be used for the terms as listed or abbreviated: "OWNER" shall mean City of Columbia Heights, MN, located at 590 40th Ashland Avenue NE, Columbia Heights, MN 55421. "CORE Commercial Real Estate" shall mean J.H. Callahan and Associates, Inc. located at 1549 Livingston Avenue Suite 109 in West St. Paul, Minnesota 55118. "Property" shall mean approximately .43 acres of land and the Columbia Heights Library Building at 820 40th Avenue NE, Columbia Heights, MN outlined on Exhibit A "Cooperating Broker" shall mean a firm or person recognized by CORE Commercial Real Estate on behalf of the OWNER for the purpose of negotiating a specific offer to buy the Property as long as such person or firm is working within the scope of authority set forth in an applicable cooperating brokerage arrangement negotiated by CORE Commercial Real Estate with approval by OWNER. A Cooperating broker is any broker or agents other than the follow salespersons assigned to this listing: Sean Coatney or Michael Dolan. "Buyer" shall mean potential purchaser of the Property that closes on a purchase agreement. J.H. Callahan and Associates, Inc (dba CORE Commercial Real Estate) is in the business of providing professional services in connection with the sale of buildings and land and represents that it is a broker duly licensed by and in good standing with the State of Minnesota. The OWNER desires to engage the services of CORE Commercial Real Estate in the sale of the Property. With the above in mind, the OWNER agrees to hire CORE Commercial Real Estate as exclusive agent, and CORE Commercial Real Estate accepts the assignment for the term hereafter set forth and OWNER, and CORE Commercial Real Estate agree as follows: 1. For the consideration herein set forth, CORE Commercial Real Estate agrees to use all best efforts as exclusive agent of OWNER and on behalf of OWNER to: a) Negotiate all offers to purchase the Property from prospective Buyers on behalf of OWNER. b) Give advice as to the terms, rates and /or prices of the Property to be reviewed from time to time during the term of this Agreement. _ ,_,. :m, An .'o _, 1Icnis < ":u W r: i_r .t, X-0 0d) A-- M ('OR :J, Page 1 of 4 c) After the execution of purchase agreement of the Property to coordinate each Buyer's preliminary plans and specifications of improvements with OWNER until final approval of such preliminary plans by Buyer and OWNER. d) Advise OWNER as to promotion, advertising and marketing in connection with the promotion of the Property. OWNER's prior approval shall be obtained for all newspaper advertising, promotional brochures and other marketing materials. 2. OWNER agrees to advise CORE Commercial Real Estate as to all inquiries during the term of this Exclusive Listing Agreement, except no such referrals need to be made after notice of termination is given by terms of Article 8 hereof. 3. OWNER agrees to pay CORE Commercial Real Estate a commission for the services rendered under this Agreement, if a purchase of any part of Property is executed and closed by OWNER with a Buyer, as follows: Commission of 5% of the gross sales price of the Property to be paid at closing. In the event that CORE Commercial Real Estate and OWNER recognize and engage the services of a Cooperating Broker, the OWNER will pay CORE Commercial Real Estate a fee equal to 7% of the gross sales price to be paid at closing. 4. In the event that a Cooperating Broker is involved in the purchase of Property, it is understood by both parties hereto, that CORE Commercial Real Estate shall handle all Cooperating Brokers including the negotiating and payment of fees. 5. It is understood and agreed that neither CORE Commercial Real Estate nor any Cooperating Broker has any right to bind the OWNER in any manner relative to the purchase of the Property nor do they have the right to make any unauthorized statements as to any intentions of OWNER relating to the Property or otherwise; and CORE Commercial Real Estate and any Cooperating Broker agree to act in compliance with reasonable directions from OWNER. It is understood and agreed that CORE Commercial Real Estate will submit to OWNER offers to purchase the Property by prospective Buyers and whether or not OWNER accepts such offers will be in OWNER'S sole discretion. 6. CORE Commercial Real Estate agrees to submit to OWNER, periodic written reports in a form acceptable to OWNER indicating contacts made by CORE Commercial Real Estate and /or by a Cooperating Broker for purchasing the Property for the preceding month. The report shall include; {a) new prospects listed, {b} status of current prospects, {c} no interest prospects and pertinent facts and {d} present marketing program. 7. CORE Commercial Real Estate agrees that it will incur no expense without the prior written approval of OWNER, which approval shall not be unduly delayed or withheld. Subject to the prior written approval of OWNER, OWNER will pay for advertising and marketing materials related to the Property. All advertising and copies of leases and other documents shall be the property of OWNER. OWNER will be responsible for the Page 2 of 4 Dated: payment of all costs incurred for signage and mailings related to the Property. 8. This Agreement shall commence April 5, 2016 and continue for One (1) year, and month -to -month thereafter. This Agreement may be terminated by either party on the first day of any month by the terminating party giving notice in writing to the non - terminating party that the Agreement shall be terminated on the first day of the following month, it being understood that it is the intention of the parties of this Agreement to give the non - terminating party at least one month's notice of termination, except in the case of a sale or transfer of title, in which case Agent shall be given no less than 10 days advance notice. Written notice shall be deemed given when personally served on the non - terminating party or when sent to the non - terminating party by certified or registered mail, return receipt requested, first class postage prepaid or when received by facsimile by the non - terminating party. 9. For any purchase agreement executed by the OWNER within ninety (90) days after the effective date of termination or expiration of the Agreement, the OWNER will pay a commission to CORE Commercial Real Estate according to the terms and conditions set forth in Article 3 herein if the name of the prospective Buyer appeared on a monthly report indicating that CORE Commercial Real Estate has made contact with the prospective Buyer prior to notice of termination or expiration of this Agreement and discussions with those contacts have been "on- going" in some reasonable meaning of the term. If CORE Commercial Real Estate demonstrates active continuing negotiations with prospective Buyer beyond 90 days, OWNER will remain obligated for commission for an additional 90 -day period. The obligation of OWNER to pay CORE Commercial Real Estate according to such schedule is dependent upon those events as provided in Article 3 hereof. The commission earned by CORE Commercial Real Estate under this Article will be equal to commission CORE Commercial Real Estate would have been entitled to if it has caused the purchase of the Property to be made. Address: 590 40th Avenue NE Columbia Heights, MN 55421 J. 9 llj an and Ass i tes, Inc. Dated: B` i "s ',' „�4�r.�i' . __;,i�' >C „t'a'4�!�!1.' <,�ar°,�;(t��, Ct,�•��,ii a,llei it�� a. 3 of 4 Sign f at _ Its: . gJ y '- J T Address: 1549 Livingston Avenue Suite 109 West St. Paul, MN 55118 Exhibit A Situs_Address 820 40TH AVE NE, COLUMBIA HEIGHTS, MN 55421-0000 Property m COLUMBIA HEIGHTS ANNEX TO MINNEAPOLIS,ANOKA COUNTY, MINNESOTA LOTS 1 THRU Description 5 BLK -64& NLY 28 FT OF LOT 6 BLK 64 COL HTS ANNEX 'di' ila.l M, D' i mcrl' ( o u v)l I lcii 'l, ',20 `(Wi A,t Ni: ( OR 1 Page 4 of 4