The boulder group walgreens - uniondale ny


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The boulder group walgreens - uniondale ny

  1. 1. Dated: 9/24/2013 EXCLUSIVE AUTHORIZATION TO SELL / COMMISSION AGREEMENT This Agreement authorizes The Boulder Group (“Broker”), a real estate investment brokerage company located at 666 Dundee Road Suite 1801, Northbrook, Illinois, to secure a buyer for the property and improvements known as Walgreens located at 603 Uniondale Avenue in Uniondale, New York (“The Property”). The undersigned principal (“Principal”) hereby grants Broker the exclusive right to sell The Property under the following terms: 1. PRICE - Principal agrees that the asking price for The Property shall be $12,562,612 based on a Net Operating Income of $697,225. 2. REGISTRATION/PROCURING BROKER - Principal recognizes Broker as the Procuring Broker of Record for Buyers introduced by Broker and acknowledged by Principal and as instrumental in effecting a sale, joint venture, or other form of transaction (jointly to be called "sale") between Principal and Buyer. This Agreement authorizes Broker to solicit Buyers on Principal's behalf. 3. COMMISSION – Principal reserves the exclusive right to accept or reject any offer presented by Broker. Should a sale occur to a Buyer procured by Broker, in consideration for the brokerage services performed by Broker, Principal agrees to pay a commission to Broker the sum of one percent (1%) of the final gross selling price for a direct transaction or one and one-half percent (1.5%) of the final gross selling price if an outside broker is involved. Principal agrees that the commission is earned and payable should Principal accept an offer, and after it is made, due diligence is completed and deposit monies tendered by Buyer become non-refundable and Principal willfully defaults on the agreement of sale with Buyer. Broker shall not be compensated for such services if any of the Principals listed on Exhibit A (“Exclusion List”) purchase the property. 4. MARKETING - Broker agrees to present the Property to prospective buyers and to use its best efforts during the term of this agreement to obtain the highest offer for The Property from a ready, willing and able buyer. 5. TYPE OF AGREEMENT - It is understood that this agreement is exclusive. If during the term of this agreement, The Property is sold, exchanged, joint ventured, or otherwise disposed of in its entirety by or through Broker, or Principal, or any other person, Principal agrees to pay Broker, or Broker may retain from any proceeds, deposits, payments or other funds paid by buyer arising from such sale, a commission as stipulated in this agreement. It is further agreed that in the event the Principal enters into a contract for the sale, transfer or conveyance of The Property within 90 days from the expiration date of this Agreement with a party identified on the Prospect List, then in such event Principal agrees to pay Broker a commission upon closing as stipulated within this agreement.
  2. 2. 6. TERM - This agreement has an initial term of 150 days from the date the Principal approves the Offering Memorandum, which Broker shall prepare at its own cost. This agreement will also extend should Principal sign an agreement of sale to sell the property to a Buyer procured by Broker. In such case, Principal is obligated to pay Broker the amount referred to in Paragraph Three regardless of when closing on The Property occurs. 7. JURISDICTION AND ARBITRATION-This Agreement shall be governed by the laws of the State of New York without regard to the principles of conflict of laws. All disputes arising in connection with this agreement shall be settled by arbitration to be held in the Nassau County, State of New York in accordance with the then applicable rules of the American Arbitration Association ("AAA"). If the Parties to such disagreement have not agreed on a mutually satisfactory arbitrator within ten days of the request of any party to the arbitration, the President of the AAA shall forthwith appoint an arbitrator. The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the parties. Judgment may be entered on the arbitrator's decision in any court having jurisdiction, and the parties irrevocably consent to the jurisdiction of the courts of the State of Illinois for this purpose. 7. HOLD HARMLESS - Broker holds Principal harmless and will indemnify Principal from any claim brought by a Broker with whom Broker may cooperate and/or deal with concerning a Buyer procured by Broker for The Property identified above. Principal holds Broker harmless and will fully indemnify Broker against any claims brought by another party relating to the condition of The Property, environmental claims of any kind, and title to The Property. 8. AUTHORITY - The authority conferred upon Broker shall be binding upon the heirs, executors, administrators and assigns of Principal. NOW THEREFORE, Principal acknowledges he has read this Agreement, understands its contents, and has received a copy thereof, and no terms or conditions exist other than those contained herein. (“Broker”): (“Principal”): Randy Blankstein Marc Kemp The Boulder Group Uniondale Wg LLC 666 Dundee Road Suite 1801 151 Irving Place Northbrook, IL 60062 Woodmere, NY 11598 By: ________________________ By: _______________________ Name: ________________________ Name: _______________________ Title: ________________________ Title: _______________________ Date: ________________________ Date: _______________________
  3. 3. EXHIBIT A Exclusion List 1. American Realty Capital 2. Cole Capital 3. Dan Zhao 4. DePasquale Brothers 5. Harbor Group 6. Inland 7. Joe Paloka 8. Josh Roth 9. Menlo 10. Moses Mizrahi 11. Sal Sadek 12. SJM Management - Susan Jarchow 13. William Katz 14. Zucker