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HomeMy WebLinkAboutCity Council Resolutions (R-04-2342)-03/16/2004 RESOLUTION R-04-2342 A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE MAKENS COMPANY AND THE CITY OF COLLEYVILLE FOR BROKERAGE SERVICES FOR THE LEASE OF 5100 COLLEYVILLE BOULEVARD WHEREAS, the City of Colleyville solicited proposals to secure a firm to aggressively market 5100 Colleyville Boulevard for lease; and WHEREAS, The Makens Company proposal best met the City's needs for the lease of the property located at 5100 Colleyville Boulevard. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the City Council hereby approves an Agreement between The Makens Company and the City of Colleyville to provide brokerage services for the lease of 5100 Colleyville Boulevard, attached as Exhibit "A" is hereby approved. AND IT IS SO RESOLVED. PASSED BY A VOTE OF S AYES, 0 NAYS AND ABSTENTIONS ON THE /~ ~ DAY OF {lLA ~~ 2004. o COLL D ~~0p~ Cynthia Singleton, TRMC Secretary LISTING AGREEMENT Lease of Property This agreement is executed by and between THE MAKENS COMPANY, ("Broker") and City of Colleyville, Texas, ("Ownern). WITNESSETH: WHEREAS, Owner is the owner of 5100 Collewille Boulevard, more particularly described on Exhibit "A" attached hereto and incorporated herein for all purposes, and WHEREAS, Owner desires to lease the Property and Broker has offered its brokerage services to Owner for the purposes of leasing the Property. NOW, THEREFORE, for and in consideration of these presents and for the mutual covenants herein contained, the parties hereto hereby agree as follows: 1. Owner hereby grants to Broker the exclusive right to lease the Property for a period of three (3) years at $1.439.00 oer month. ($12.00 net oer square feet annually) with a security deposit equal to one month's rent, said exclusive right to lease commencing upon full execution of this document and ending six months thereafter unless sooner terminated by Owner as provided herein (the "Term"), upon the terms and conditions hereinafter set forth. The expiration date shall automatically be extended for continuing 30 -day periods unless either party gives written notice to the other party of its election to terminate this Agreement at least 10 days prior to the effective expiration date. 2. Broker agrees to use its reasonable and standard efforts to procure a tenant for the Property and to effect the lease of the Property at the lease price and upon the terms set out above, or otherwise in such amount as may be a approved by Owner, in Owner's sole and absolute discretion, or upon such other terms as may be acceptable to Owner, in Owner's sole and absolute discretion. The Owner shall have the right, in its sole discretion, to reject the tenant if the Owner deems the tenant unacceptable or not credit worthy. Broker further agrees to market the Property in such a manner and with such other parties including co-brokers, as necessary to provide reasonable market exposure to qualified buyers and attempt to obtain multiple offers for the lease of the Property. 3. In the event that the Property is leased while this Agreement is in effect to any tenant approved by Owner, whether such tenant is procured by Broker or by Owner, or any of its agents, employees or other representatives, Owner agrees to pay to Broker upon the closing of such lease by Owner an aggregate commission in the amount equal to 4.5% of the total net base rental up to a term of five (5) years if the Broker is the only broker involved, and 6 1/2% of the total net base rental up to a Listing Agreement Page 2 of 3 term of five (5) years if another real estate broker is involved in the transaction. Such commission shall be deemed earned and shall become due and payable by 4. Owner to Broker upon the execution of the lease and payment of the security deposit and first month's rent by the tenant. One-half (1/2) ofthe commission shall be due from Owner to Broker upon the payment of the security deposit and first month's rent by Tenant, and the balance shall be due within twenty (20) days after the move-in of Tenant. 5. Owner shall be entitled at its discretion, for any reason or for no reason at all, to terminate this agreement upon thirty- (30) days prior written notice to Broker. Any such written notice shall be deemed delivered by Owner if such notice is in writing and is deposited in an appropriate receptacle under the regular care and custody of the United States Postal Service, as a registered or certified item, prepaid with return receipt requested, and addressed to Broker at the address indicated below. 6. Owner further agrees that in the event of the expiration or termination of this Agreement prior to the consummation of a lease of the Property, Owner shall pay Broker a commission, determined as provided above and on the payment conditions provided above, in the event that within sixty (60) days after the expiration or termination of the term of this agreement the Property is leased by the Owner to any person or entity procured by Broker, or any of its agents, employees or other representatives, during the period that this Agreement was in effect, provided that such person or entity was previously identified by Broker to be considered a Protected Prospect for purposes of this provision. Broker shall be required to notify Owner in writing, not later than the date of termination or expiration of the term of this Agreement, of the names of each prospective purchaser with whom Broker has negotiated, inspected the Property and with whom Broker has engaged in substantive communications, specifically regarding the possible lease of the Property, and who Broker desires to include within the "Protected Prospect" category, setting forth the name, telephone number and address of such prospect or the principal party representing such prospect and with whom contact may be made by Owner. 7. Owner agrees to cooperate with Broker in bringing about a lease of the Property, without any obligation of Owner to incur any expense in so doing, and use reasonable efforts to refer to Broker during the term of this Agreement all inquires received by Owner of persons or entities speCifically indicating an interest in the lease of the Property. Broker is authorized, at Broker's expense, to advertise the Property, and a "For Leasen sign shall be placed on the Property. Listing Agreement Page 3 of 3 8. Broker acknowledges and agrees that in performing the services authorized by Owner hereunder and only with respect to the Property, Broker shall be acting as the agent and representative of Owner only, and shall not act as the agent or representative of any prospective tenant or other party with respect to the Property. EXECUTED by the parties hereto this BROKER: ? day of td ,2004. Broker's Address for Notice: THE MAKENS COMPANY By: ~. 4-.LJ Name: 5t.,~M Texas Broker's License No: D 51 :s ~. 10 ~ The Makens Company 3~ 3/ ;/ ~o D ~OO AifPort rre8'Nsy, Suite 230 Bedford , Texas 76022 7 ~o "Z..l OWNER: City of Colleyville 1 00 Main Street Colleyville, Texas 76034 Owner's Address for Notice: MAR 1 6 ,004