COMMERCIAL PROPERTY LISTING AGREEMENT - CBOR

1 Page 1 of 7. DISCLAIMER. These forms are not intended to be a substitute for the legal advice of competent counsel. The user has the responsibility to determine whether the forms are appropriate or effective in a particular situation. The user should make certain that the form complies with current law, both state and federal. The authors and CBOR and its employees disclaim any liability arising from the use of the forms. Any user of the form waives and releases all possible claims against the authors and CBOR. and its employees. The authors and CBOR wish to acknowledge the prior contribution of H. William Freeman in creating this form.

2 Gregg A. Nathanson, Esq. Couzens, Lansky, Fealk, Ellis, Roeder & Lazar, 39395 W. Twelve Mile, Suite 200. Farmington Hills, MI 48331. Ph. 248-489-8600. Fax 248-324-3087. CBOR Form COMMERCIAL PROPERTY LISTING AGREEMENT COMMERCIAL Board of Realtors (CBOR) - Last Revised: 3/7/2017. Page 2 of 7. COMMERCIAL PROPERTY LISTING AGREEMENT . Exclusive Agency THIS EXCLUSIVE LISTING AGREEMENT is made and entered into this the _____ day of _____, 201 ____, by and between _____, a _____ [type of entity], whose address is _____, _____ [municipality], Michigan, _____ [zip] ( Broker ), and _____, a _____ [type of entity or individual name], whose address is _____, _____ [municipality], _____.

3 [State], _____ [zip code] ( Owner ), in the manner following: 1. CONTRACT DURATION AND PROPERTY DESCRIPTION. In consideration of Broker's efforts to market Owner's PROPERTY , negotiate with prospective tenants and/or purchasers, and facilitate the details of a transaction, Owner hereby grants Broker until 11:59 _____, 201___ (" LISTING Period"), the exclusive right and appoints Broker, its exclusive agent, to lease, sell, or lease and sell the real estate located in the City or Township of _____, County of _____, Michigan, commonly known as _____, tax parcel identification number(s) _____, and further described as: _____ (" PROPERTY ").

4 If during the LISTING Period negotiations involving the sale or lease of the PROPERTY have commenced and are continuing, then the LISTING Period shall be extended automatically for a period through the termination of such negotiations or the consummation of such transaction. 2. PRICE AND TERMS. Broker is hereby authorized to offer the PROPERTY under the following prices and terms: For lease at a price of $_____ per square foot (PSF), on an annual basis, a minimum term of __. years; or for sale at a price of $_____, in cash, or such other price and terms to which Owner may hereafter consent. 3. FIXTURES AND IMPROVEMENTS INCLUDED.

5 All attached fixtures, equipment and other improvements affixed to the PROPERTY are included in the offering of the PROPERTY and the lease or purchase price stipulated in Section 2 above, except the following items: _____. 4. COMMISSION. For either a lease or sale transaction of the PROPERTY , either pursuant to the terms of this AGREEMENT , or under such other terms acceptable to Owner, Broker's commission will be deemed earned and payable by Owner as follows: for a lease transaction, a commission equivalent to _____ percent (___%) of the gross aggregate lease amount, limited to _____ (____) years, paid in full at the time of lease execution, or.

6 With _____ (____) percent paid at the time of lease execution and the balance paid within _____ (____) months afterwards or at occupancy. for a lease transaction, Broker shall also earn a commission equal to _____ (___%) percent of the gross aggregate lease amount, for any additional lease years beyond _____; plus _____ (___%). percent of the gross aggregate lease amount for the duration of any option, extension or renewal terms, and for any additional space leased in the same building any time after execution of the initial lease. CBOR Form COMMERCIAL PROPERTY LISTING AGREEMENT COMMERCIAL Board of Realtors (CBOR) - Last Revised: 3/7/2017.

7 Page 3 of 7. for a sale transaction, a commission equivalent to _____ percent (___%) of the purchase price for the PROPERTY , paid in full at the time of closing. for an option transaction, a commission equivalent to ____ percent (___%) of the option price, paid when the option is exercised. If the option is contained in a lease negotiated by Broker and for which Broker previously received a lease commission, then the amount of the option commission shall be reduced by a portion of the previously paid lease commission, amortized over the unexpired portion of the lease term; provided, however, in no event shall the total commission to be received by the Broker under this AGREEMENT be less than the commission for negotiating the Lease.

8 A minimum commission shall be deemed earned and payable by Owner as provided for above in an amount not less than $_____, due under the same terms as provided for above. The forgoing fee arrangement shall be deemed earned and payable, provided that, if during the LISTING Period, the PROPERTY is leased or sold by anyone, including Owner; or if, during the LISTING Period, anyone, including Owner, produces a tenant or buyer that is ready, willing and able to lease or purchase the PROPERTY ; or provided the PROPERTY is leased or sold within twelve (12) months after the expiration date of this AGREEMENT (the "Protection Period") to any person or persons with whom Owner or Broker has had negotiations or communications for the lease or sale thereof during the LISTING Period.

9 In the event an option is granted during the LISTING Period or the Protection Period to a proposed tenant or buyer with whom Owner or Broker has had negotiations or communications for the lease or sale thereof, during the LISTING Period, the commission shall be deemed earned and payable even if the option is exercised after the expiration of the Protection Period. Owner hereby grants Broker the right and consents to the recording of a consensual lien against the PROPERTY and appurtenances thereon, in the amount of the maximum commission to which Broker is entitled, anytime after the effective date of this AGREEMENT , in order to secure payment for the services rendered by Broker.

10 Said lien shall remain valid and enforceable as between Owner and Broker and against the PROPERTY until the compensation owed Broker has been paid in full. Further, this lien right expressly provides for and grants Broker the power of foreclosure and sale under the Foreclosure of Mortgages and Land Contracts provisions of the Michigan Revised Judicature Act, MCLA et seq. Owner further agrees that Broker has the right to record a lien against the PROPERTY to secure payment of Broker's commission pursuant to the Michigan COMMERCIAL Real Estate Broker Lien Act, and pursue any and all rights and remedies under such Act. 5. INFORMATION EXCHANGE/MLS POSTINGS, COMMISSION SHARING & AGENCY.