1990 AGN JAN 02 I06 - Laserfiche WebLink

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EXCLUSIVE AUTHORIZATION AND RIGHT TO BUY 1. EXCLUSIVE RIGHT TO BUY: The City of Colton, San Bernardino County, State of California hereby employs and grants Management Sciences Applications, Inc., hereinafter called "Broker", the exclusive and irrevocable right to act as agent for the City of Colton on January 1, 1990, and expiring at midnight on December 31, 1991, to negotiate the purchase or lease of the real property situated in the City of Colton, Cali- fornia, described as follows: That parcel of land now owned by the Atchison, Topeka and Santa Fe Railroad Company. Said parcel is bordered on the west by the railroad right-of-way, on the south by "H" Street, on the east by 6th Street and on the north by "E" Street. It is further identified as San Bernardino County assessor parcel numbers 0162-091-01 and 0162-091-02. (a) "It shall be Management Science Applications, Incorporated's mission to concurrently seek the sale or lease of said property, and to locate prospec- tive users of said property in an effort to develop the property for histor- ical and economic advantage to the City of Colton." 2. TERMS OF PURCHASE: The purchase price, and any conditions shall be negotiated by the broker between the Atchison, Topeka and Santa Fe Railroad Company and the City of Colton to arrive at mutually acceptable terms between buyer and seller. 3. COMPENSATION TO BROKER: The City of Colton hereby agrees to com- pensate Broker as follows: (a) Six (6) percent of the selling price if the property is purchased by the City or their assigns during the term hereof, or any extension thereof, or if the City or their assigns shall decide to lease the subject property, then Broker shall be entitled to a commission equal to one (1) year of the lease amount. (b) The City further agrees to pay compensation provided for in sub -paragraph (a) above if property is sold, conveyed or otherwise transferred or leased within 180 calendar days after the termination of this authority or any ex- tension thereof to the City of Colton or to their assigns. (c) The City further authorizes Broker to cooperate with other brokers, to appoint sub -agents and to divide with other brokers such compensation in any manner acceptable to brokers. (d) In the event of an exchange, permission is hereby given Broker to represent all parties and collect compensation or commission or commissions from them, provided there is full disclosure to all principals of such agency. Broker is authorized to divide with other brokers such compensation or commissions in any manner acceptable to brokers. Page 117—LI //,,, /� 31�e Broker:Date / City Date; oRft;rntAr- �NTRAL RECORDS , t'