6.B.(2) Listing Agreement with CB Richard Ellis

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~-'~.CL~ LISTING AGREEMENT FOR SALE OR LEASE ('OMMERCIAL REAL ESTATE DATE: September 18. 2009 BROKER: Robert Bradley Associates, LLC d/b/a CB Richard Ellis Bradley (`Broker") SELLER: The City of South Bend. Department of Redevelopment,actinQ by and through its South Bend Redevelopment Commission. PROPERTY ADDRESS: "Colfax & Hill" and "LaSalle Hotel" DESCRIPTION: See Exhibit B for additional Details In consideration of the mutual covenants herein and services to be performed, Seller appoints Broker as Seller's agent with an irrevocable and exclusive right to sell. exchange, option or lease the property, during the Tenn for the stated price and terms and Broker, in return, promises to use its diligent efforts to find a Buyer (or tenant) for said Property under the teens and conditions of this Contract- Where the word "Seller" appears. it shall also mean "Lessor," "Landlord" or "Optionor;" "Sale" or "Purchase'- shall also mean "Lease," "Exchange" or "Option; ' "Buyer" shall also mean "Lessee," "Tenant" or "Optionee; -and "Broker'- shall include any licensed salesperson associated ~~~ith the Broker's firm. '`Property" shall mean all property offered for sale or lease pursuant to this Contract as defined in Sections D and E below. A. TERM: This Contract begins on the 1st day of September. 2009, and shall continue until midnight on the 31st day of August, 2010, provided, however, that if Seller enters into a purchase agreement, exchange agreement, option or lease during the term of this Contract, then this Contract shall be extended to coincide with the closing date. B. PRICE: See Attached Schedule. Seller offers the Property for sale, exchange, option or lease upon any other price and terms acceptable to Seller as evidenced by Seller's execution and delivery of a written contract with respect to the property. C. MARKETING: Seller authorizes Broker to place and remove "For Sale' or "For Lease" and other signs on the Property. Seller further authorizes Broker or cooperating brokers to conduct showings of the Property. Seller represents that adequate insurance will be kept in force to protect Seller in the event of any dama~~e, loss or claim arising from entry to the Property, and holds harmless Broker and its agents, employees and independent contractors from any damage, loss or claim resulting therefrom. Broker is also authorized to advertise the Property on the Internet and in the local newspaper or other media, as deemed advisable, and to take and use photographs and video of the Property. Seller agrees to provide Broker with a marketing allowance/retainer ("Allowance/Retainer'') of Two Thousand Five Hundred Dollars ($2.500.00) to be applied toward a customized marketing campaign, which efforts shall be mutually agreed by the parties. The Allowance is due and payable upon commencement of this Listing Contract and shall be reimbursed to the Seller upon first commissions earned. D. BROKER'S COMMISSION: Seller agrees to pay Broker a commission. which shall be determined and paid as follows: SALE OR EaCHANGE: Seller shall pay Broker a commission of Six percent (6%) of the gross sales price or consideration received by Seller for the Property, or as otherwise noted in Exhibit B, or a minimum fee of Five Thousand Dollars ($5.000.00). This amount shall be paid at the time of the closing of the transaction, when Buyer receives the title to or an interest in the Property or when title to or an interest in the Property is exchanged for other property. When the consideration is not set forth as a monetary value in an exchange agreement, or any related purchase agreement, the consideration for the Property shall be deemed to be the listing price set forth in this Contract If the Property is sold on a land contract, the commission shall be paid at the time the land contract is signed. ~ If a combination of efforts between Broker and Seller is the cause for identifying a Buyer and Broker has limited involvement through the process to closing- the fee paid to Broker in consideration of disposition services shall he two percent (2%)of the gross sales price; 2. LEASE: Intentionally Omitted. 3. OPTION: Seller shall pay Broker $2,000.00 or Ten percent (10%) of each payment, whichever is greater, when made to Seller to obtain, renew or extend the option. In the case that an option to purchase accompanying a lease is exercised, the