CCP 09-24-2013 - Laserfiche WebLink

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6. Insurance. Agent shall maintain general public liability insurance against claims for bodily injury, death or property damage occurring in, on or about the Property and the adjoining streets, sidewalks and passageways in the amounts of at least One Million Dollars ($1,500,000.00) for injury or death to one person, Three Million Dollars ($3,000,000.00) for the injury or death to more than one person, and Five Hundred Thousand Dollars ($500,000.00) for damage to property. Agent shall maintain worker's compensation insurance covering servants and employees engaged in the performance of this Agreement. Evidence of said insurance satisfactory to City must be provided within ten (10) days after execution of this Agreement. The City shall be named as an additional insured on said policies and policies may not be cancelled without 10 days notice to the City. 7. Compensation of Agent. Subject to paragraph 9 hereof, and so long as Agent is properly licensed, if and only if the closing of the sale of the Property occurs by City during the term hereof or during the period of time referenced in paragraph 12 hereof, at the closing of the sale of the Property, City shall pay to Agent a fee in accordance to the schedule in Exhibit B. Any compensation earned by Agent as a result of a sale shall be paid upon the closing of escrow and out of the escrow proceeds unless the parties otherwise mutually agree in writing. City reserves the absolute right to reject any proposed purchaser or offer and to refuse to enter into any agreement with respect to the Property , and in such event, no commission or other compensation of any type shall be payable to Agent with respect thereto, and Agent shall make no claim therefore. In addition, in the event that City enters into a written binding sales agreement to sell the Property with a purchaser, and thereafter such written binding sales agreement is terminated and City has received nonrefundable earnest money which is not subject to any claim from the purchaser, within fifteen days after verification that no claim will be asserted, the City shall pay to Agent one-fourth of such nonrefundable earnest money actually received which is not subject to any claim by such purchaser. Notwithstanding any other provision of this agreement, no commissions shall be due Agent as a result of any transfer of the Property to one or more affiliates of City or any entity which controls, is controlled by or is under common control of City. In addition, no commission or other compensation shall be due or payable to Agent with respect to any options to purchase any portion of the Property. Agent is entitled only to the Direct Commission amount listed on Exhibit B; unless another agent or broker (hereinafter Non-Listing Agent) is responsible, in whole or part, for the buyer/s entering into a binding purchase agreement with the City, in which event, the Agent shall be entitled to the Co-Broker Commission, instead of and not in addition to the Direct Commission, as set forth on Exhibit B. In order to be entitled to the Co-Broker Commission, the Agent shall present written evidence deemed sufficient by the City to establish Non-Listing Agent's participation in the sale. A Non-Listing Agent is limited to licensed real estate agents and brokers in the State of Minnesota who are not affiliated with the Agent or those agents or brokers affiliated with the Agent other than Craig Lien, Louis Suarez, Ted Gonsior, Andy Heieie, 4