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LISTING CONTRACT TO: Grubb & EllislCressy & Everett DATE: February 25, 2011 Broker: Tim Mehall, George Cressy and Ed Bradley PROPERTY ADDRESS: 213 -217 South Main Street, South Bend, IN LEGAL DESCRIPTION: Lot 206 A Original Town of South Bend Jefferson and Main Replat ;Key #18- 3007 -0231 Township / St. Joseph County SALE PRICE: $258,093 ($7.50 PSF ) Approximately 141' x 245' or .79 Acres. The Owner agrees the price stated herein includes all mortgages, unpaid special assessments and any balances due for any fixtures, improvements, alterations or miscellaneous equipment now on or attached to premises. TERMS: ® Cash ® Conventional Financing ❑ Seller Financing ❑ Land Contract ❑Other EXCLUSIVE LISTING: In consideration of the Broker listing for sale and undertaking to find a purchaser for the real estate described above, the Owner hereby grants and gives the Broker the exclusive right and authority to sell or exchange the same for a period from March 22, 2011 to March 21, 2012 , inclusive and represents that no other agreement is now in force with any other broker. This Listing Agreement will expire on March 21, 2012. The Broker is authorized to permit other licensed brokers and sales persons to show this property. If the property is not presently rented, the Owner agrees not to rent or lease the subject property while listed with the undersigned Broker without Broker's consent. The Broker is further authorized to accept Buyer- Broker /Limited Agency notification on behalf of Owner. BROKER'S FEE: In the event the Broker finds a purchaser ready, willing and able to buy said real estate, or should said real estate be sold by or through the Broker, the Owner or otherwise, during said time for the price and upon the terms named herein, or should the entity which currently owns the real estate be transferred by means of a stock transfer or any other transfer of interest during the term of this Agreement for any other price or terms, or consideration acceptable to the Owner, the Owner agrees to pay the Broker as commission a sum equal to Seven (7 %) percent or the greater of $17,500 of sale price at the closing of the transaction if a co- broker is the procuring cause and a commission equal to Five (5 %) percent or the greater of $12,500 of sale price at the closing of the transaction if the listing team of Tim Mehall Ed Bradley and /or George Cressy are the procuring cause. Broker may offer to share Broker's commission with subagents and Buyer- Brokers. The fee to be paid by the Owner to the Broker for services rendered with respect to any listing and the compensation to be paid by the Broker to a subagent or Buyer- Broker are not fixed, controlled, suggested, recommended or maintained. If the property is sold or exchanged, the commission is due and payable at the time of closing (for a land contract when the land contract is signed; for a purchase money mortgage when the deed and purchase money mortgage are exchanged.) For leases, the commission shall be paid at the execution of the lease for the primary term. 1=t-is any renewals, 3ansions by the Tenant at the subjeet pr-epeft-y. The leasing eenffnissle for the mnewals, opti is shall be paid by the Owner-hen ext-weised by the Tenant. The Q�A%er- agrees to inelude any fu' 'ion payable to IN--, R—raki-'r- in the er4ginal lease dooumeat so that eenfliots do no a *^ '411, 4 the subject pFepe4*y. Broker shall be entitled to recovery of reasonable attorney fees for the collection of commission due. The Owner also agrees to do and to perform all that may be necessary to enforce the contract with the purchaser for the property described herein and the collection of any money due. Commissions not paid within thirty (30) days of execution of a lease shall be considered past due and Broker shall charge interest at the rate of Twelve (12 %) percent on any past due commissions. In the event of any transfer of an interest in said real estate within 365 days after the expiration of this Listing Contract and its extensions, to any person, firm or corporation who has been introduced, interested, or shown the