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Home My WebLink AboutURA RES 2020-48 RESOLUTION NO. 2-0— Lj A RESOLUTION OF THE CALDWELL URBAN RENEWAL AGENCY AUTHORIZING ORIZING THE EXECUTION OF A RE-15 COMPENSATION AGREEMENT WITH MARK BOTTLES REAL ESTATE SERVICES, LLC (NORM BROWN, AGENT) CONCERNING THE ACQUISITION OF THE BENNETT MACHINE SHOP LOCATED AT 516 MAIN STREET, CALDWELL. BE IT HEREEI; Y RESOLVED by the Caldwell Urban Renewal Agency authorizes the acceptance of the agreement made hart hereof and set forth in Ball. PASSED BY THE CALDWELL URBAN RENEWAL AGENCY this 10 day of December, 2020. APPROVED BY THE CHAIRMAN OF THE URBAN RENEWAL AGENCY OF THE CITY OF CALDWELL on this 1.41h day of December, 2020. A7;ED: ,, C I R E HOPPER ATTEST: 4111 RE-15 COMPENSATION AGREEMENT WITH BUYER ge I oft THIS IS A LEGALLY BINDING CONTRACT,READ THE ENTIRE DOCUMENT,INCLUDING,ANY ATTACHMENTS. if YOU HAVE ANY QUESTIONS,CONSULT YOUR ATTORNEY AND/OR ACCOUNTANT BEFORE SIGNING. 1 1.BUYER Names) The Urban Renewal Agency of the City of Caldwell., Idaho 2 3 BUYER desires to Ipurchase,lease„or option the followings real estate:Type of property: a ( Residential DResidentiall )" Residential Income ECommeroial OVacant Lanni I' Custom Build,lob 00ther, s s Applicable area,City(s),County(s),etc. 515 Main St. C-1 dwell IdSho T s Other Description (ie,geographical area,price,etc. w and, whereas the undersigned parties desire to enter into this formal' agreement expressing their agreement as to the paymenb'reoelpt of 10 any real estate commission resulting from the purchase andlor lease of the above described type of properly.THIS IS I A BROKER 11 REPRESENTATION AGREEMENT.This is an agreement for compensation for services to a"customers°ass defined byr daho law.A Buyer 12 or seller is not represented by a brokerage In a regulated real estate transaction unless the buyer or seller and the brokerage agree In a 13 separate written document,to such representation. No type of agency representation may be assumed by a brokerage, buyer or seller or 14 created orally or by Implication. 1s 16 2. AGENCY DISCLOSURE CONFIRMATION: The (BUYER has received, has read, and understands the AGENCY DISCLOSURE 17 BROCHURE prepared by the Idaho Real)Estate Commission. 118 19 3.TERM OF AGREEMENT:The term of this Agreement shall commence on 12/03/2020 and will expire at 20 11:69 p.m,on date 01/11✓ 'e21 ,or upon closing of escrow of such property purchased through this agreement 21 whichever Is sooner. If the BUYER accepts an offer to purchase or exchange,the terms of this Agreement shall)be extended through the 22 closing orfthis transaction. 23 24 4.COMPENSATION OF BROKER: Broker shall be compensated In the following ways:QIA 28 28 13 A.ff Jbq gE2RgEW JA gghled to,11 1111no Agnao with jhj arokef. SgMMU or With M coggSUMS BE through the Multiple 27 Listing Service (MLS)or otherwise,the Brokerage fee shall be the amount paid by the seller to the aforementioned' Brokers but not 28 less than %of the gross selling price or$ N A dollars. BUYER agrees to pay to the Broker any 29 difference between the amount received from the aforementioned Brokers and the stated!minimum. 30 31 V S.11 the grogejU Is got gublect to g Listing MgMA,such as a For Sale By Owner or a Custom Build,fob,the BUYER agrees 32 that the Broker will be paid a fee of not less than_5 %of selling price or n � dollars.The 33 Broker shall first seek to obtain this fee through the transaction paid by the Seller. If the fee cannot be obtained through the Seller,the 34 BUYER will be responsible for such fee stated above. 3s 38 C. f The propgMI, by BUYER,then BUYER agrees to pay a total brokerage fee of the greater of: A %of the 37 total Base (Rent OR month's rent OR a one-time flat fee of$ o/. . The Broker shall first seek to obtain this fee through 38 the transaction paid by the lessor.If the fee cannot be obtained through the lessor,then BUYER will be responsible for the fee, "Base 39 Rent'is defined as the specific minimum rent owed by BUYER to lessor each year. In addition,If the lease Is a."lease to own'contract, do or If the BUYER exercises an option to purchase under the lease,then In addition to the compensation for lease procurement specified 41 In this paragraph C,Broker shall also be entitled to arty compensation for sale as enumerated in paragraphs A or B above. 42 43 01 D.Retalner.Fee. BUYER will pay Broker a non-refundable retainer fee of$ NIA due and payable upon signing of this as Agreement.Retainer fee Dshall ( shall not be credited against any,compensation set foft In paragraph A or B above. 45 e8 T E. tigUrly Irate% BUYER will pay Broker at the rate of$ N/A per hour for the time spent by Broker pursuant to this 47 Agreement to be paid when billed whether or not BUYER acquires or leases property.The fee Ctshall Elshall not be credited'against 48 any compensation as set forth in paragraph A,B,or above. as w This compensation shall apply to transactions made for which BUYER enters into a contract during the original term of this 81 Agreement or during any extension of such original or extended term,, and shall also apply to transactions for which BUYER enters 82 into a contract within calendar days (ninety (gt"l] If left blank) after this Agreement expires or Is terminated', If the property s3 acquirer) or leased by the BUYER was submitted in writing to the BUYER by the Broker pursuant to Section One hereof during the sa original term or extension of the term of this Agreement. The fee shall be paid at closing unless otherwise designated by the Broker 55 In writing.The closing agent for this transaction is hereby authorized to pay the above mentioned compensation at closing. so sx ss sw BUYER'S Initials )Date: i" This/+arm is printed and!distributed by the Idaho Association of REALTORSe,Ina.This form has been daslgned and Is provided for use by the real estate professionals who are members of the Idaho Association of REALTORS&USE BY ANY OTHER PERSON Is PROHIBITED.00opyright Idaho Assodallon of REALTORSO,Ins.All rights ressrve& m� I RE-15 COMPENSATION AGREEMENT WITH BUYER Page 1 of 2 This form was prepared by brark K. Bottles j Mark aottlea Real 9state J3erv. I abottlea askbottlee,corm [ 2e8-866•2222 InstaretF'ORMS" JULX 2919 gOIJON RE-15 COMPENSATION AGREEMENT WITH BUYER Page 2 of 2 BUYER'S NAME(S) The Urban Renewal Agency o1 the City of Caldwell, Idaho 69 5.OTHER TERMS AND CONDITIONS: None. 61 62' 63 5.GENERAL PROVISIONS: In the event either party shall initiate any suit or action or appeal on any matter relating to this Agreement the 64 defaulting party shall pay the prevailing party all damages and expenses resulting from the default, including all reasonable attorneys'fees 65 and all court costs„ including fees and cost upon appeal, and rather expenses incurred by the prevailing party.This Agreement is made In ss accordance with and shall be interpreted and governed by the lays of the Mate of ldaho.All rights and obligations of the parties hereunder 67 shall be binding upon and inure to the benefit of their heirs,personal representatives„successors and assigns. 68 89 7.WIRE.TRANSFER WARNING: Electronic means of transferring money(i.e.ETF,awe transfer,electronic check,direct deposit,etc...) 7o are subject to sophisticated cyber fraud attacks. These attacks are even more prevalent in real estate transactions due to,the large sums 71 of money being exchanged. BUYER Is advised that Brokerage nrorlll not provide electronic transfer Instructions by e-mail, Following money 72 transfer Instructions contained In an email from any party is Inherently dangerous and should be avoided. BUYER agree that If BUYER 73 use,or authorize the use of,electronic transfer of funds In a transaction they hereby hold the Brokerages,their agents,and the designated 74 title and escrow company harmless from any and all claims arising out of Inaccurate transfer Instructions„fraudulent interception of said 75 funds andlor any other damage relating to the conduct of third parties Influencing the transfer process or stealing funds. 76 77 78 8. MERGER AND TIME:.TIME IS OF THE ESSENCE IN THIS AGREEMENT The terms hereof,and any addendalms or exhibits constitute 79 the entire agreement and supersede all prior agreements, negotiations and discussions between parties.This agreement may be modified ea AuyerSrqA6a4tu itten agreement signed by each of the parties. 81 82 OKERAGE:. Mark Bottles Real Estate Services LLC 83 ®a as ate Agent or Broker(on behalf of Brokerage)Signature Date Be Norm Brown 87 §35 B. Brid eras 1, Ea le ID 83616 oa Buyer Signature Date Brokerage Address 90 ao - aa- aoo 91 Address J Brokerage Phone Brokerage Fax 92 93 94 P Ile Fax Brokerage Email gg RiL it r MGnbrown@markbottles.com go Eng J Agent/Broker Email 97 98 99 100 101 102 103 1ta4 105 106 107 108 109 110 111 112 113 114 115 This farm is printed and distributed by the Idaho Association of RMTORSO,Inc.This form has been designed'.and is provided for use by the rest estate profassionats who are,Members of the Nationale Assocision of REALTorn9O.USE BY ANY OTHER PERSON IS PROHIRIM. GCopyright Idaho Association df REA1LTOR381,Inc.All rights reserved. 'TM RiI;-15 COMPENSATION AGREEMENT WITH BUYER Pagie 2 of 2 This Eosm.was prepared by Mask X Bottles I. mark Bottles Real Estate Sorv. y mbottlea®markbottles.,coar 1 208-066-2222 Instranefral °