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LISTING CONTRACT
<br />TO: Grubb & EllislCressy & Everett DATE: February 25, 2011
<br />Broker: Tim Mehall, George Cressy and Ed Bradley
<br />PROPERTY ADDRESS: 401 Bendix Drive, South Bend, IN including the 267,000 sf office /warehouse building, the 77,812 sf
<br />office building and associated 28.70 +/- acres of land.
<br />LEGAL DESCRIPTION: See attached
<br />1. SALE PRICE: $2,500,000. The Owner agrees the price stated herein includes all mortgages, unpaid special assessments and
<br />any balances due for any fixtures, improvements, alterations or miscellaneous equipment now on or attached to premises.
<br />2. TERMS: ® Cash ® Conventional Financing [] Seller Financing ❑ Land Contract ❑Other
<br />3. EXCLUSIVE LISTING: In consideration of the Broker listing for sale and undertaking to find a purchaser for the real estate
<br />described above, the Owner hereby grants and gives the Broker the exclusive right and authority to sell or exchange the same
<br />for a period from March 22. 2011 to March 21 2012 , inclusive and represents that no other agreement is now in force with
<br />any other broker. This Listing Agreement will expire on March 21, 2012. The Broker is authorized to permit other licensed
<br />brokers and sales persons to show this property. If the property is not presently rented, the Owner agrees not to rent or lease
<br />the subject property while listed with the undersigned Broker without Broker's consent. The Broker is further authorized to
<br />accept Buyer - Broker /Limited Agency notification on behalf of Owner.
<br />4. BROKER'S FEE: In the event the Broker finds a purchaser ready, willing and able to buy said real estate, or should said real
<br />estate be sold by or through the Broker, the Owner or otherwise, during said time for the price and upon the terms named
<br />herein, or should the entity which currently owns the real estate be transferred by means of a stock transfer or any other
<br />transfer of interest during the tern of this Agreement for any other price or terns, or consideration acceptable to the Owner,
<br />the Owner agrees to pay the Broker as commission a sum equal to the greater of $150,000 or 7% of sale price at the closing of
<br />the transaction if a co- broker is the procuring cause and a commission equal to the greater of $100 000 or 5% of sale price at
<br />the closing of the transaction if the listing team of Tim Mehall Ed Bradley and /or George Cressy are the procuring cause
<br />Broker may offer to share Broker's commission with subagents and Buyer - Brokers. The fee to be paid by the Owner to the
<br />Broker for services rendered with respect to any listing and the compensation to be paid by the Broker to a subagent or Buyer -
<br />Broker are not fixed, controlled, suggested, recommended or maintained. If the property is sold or exchanged, the
<br />commission is due and payable at the time of closing (for a land contract when the land contract is signed; for a purchase
<br />money mortgage when the deed and purchase money mortgage are exchanged.) For leases, the commission shall be paid at
<br />the execution of the lease for the primary term. it is further agreed the= A %er shall pay a leasing eetmnissien of
<br />pereent of the Gross,Net Lease .&-mount fer any renewals, aptions, or e�Epansiens by die Tenant at the subject prepei4y. The
<br />leasing eemmission for the refiewals, option or e*pansiens shall be paid by the Owiier when exereised by the Tenant. The
<br />Owner aggrees to inelude an), future e . . . . , '' S to the Broker in the eriginal lease docuffnentsn that V'R"fliets do He
<br />eceur due to subsequent sales Rfthe si1bjeG( y. Broker shall be entitled to recovery of reasonable attorney fees for the
<br />collection of commission due. The Owner also agrees to do and to perform all that may be necessary to enforce the contract
<br />with the purchaser for the property described herein and the collection of any money due. Commissions not paid within thirty
<br />(30) days of execution of a lease shall be considered past due and Broker shall charge interest at the rate of Twelve (12 %)
<br />percent on any past due commissions.
<br />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
<br />extensions, to any person, firm or corporation who has been introduced, interested, or shown the property during the exclusive
<br />period of this listing by the Owner or by the Broker, his Representative, or Subagent or by a Buyer- Broker, Owner agrees to
<br />pay Broker a commission as provided by this Listing Contract and its extensions. The Owner agrees to refer to the Broker all
<br />inquiries of brokers or others interested in his property during the term of this contract.
<br />CONSENT TO LIMITED AGENCY: The Owner is to sign the attached Listing Contract Addendum explaining the Brokers
<br />general company policy regarding any potential for the Broker to act as a disclosed limited agent. Unless otherwise stated
<br />below under Further Provisions, Owner hereby consents to the showing of the Owners property by the Broker or by any
<br />salespersons who are affiliated with the Broker and who are acting in the capacity of a Buyer- Broker.
<br />6. EARNEST MONEY DEPOSIT: The Broker is hereby authorized to accept an earnest money deposit with any offer to
<br />purchase said real estate. Said deposit may be retained by the Broker until closing. Should the purchaser fail to complete said
<br />purchase, said earnest money deposit shall be applied first to inspection fees and to Broker's advertising and other expenses.
<br />The balance shall be divided equally between the Broker and Owner, except that Brokers portion shall in no event exceed his
<br />regular commission. In the event of a dispute as to the release of any earnest money, the Broker may interplead all or any part
<br />of said escrow funds to the Clerk of the Circuit Court where said real estate is located.
<br />OWNERSHIP AND TITLE INSURANCE: If the property is to be sold or exchanged, Owner also agrees to furnish, within a
<br />reasonable time prior to closing, at his expense a commitment for an Owner's Title Insurance Policy equal to the purchase
<br />price insuring merchantable title subject to standard title exceptions. The Owner also agrees to execute and deliver a warranty
<br />deed or land contract for the same to whom the Broker directs. To induce the Broker to enter into this Listing Contract, the
<br />Owner hereby warrants that the undersigned is the fee simple titleholder or Land Contract purchaser of the property above
<br />described. The Owner agrees to give possession at closing of this transaction.
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