Contract giving broker discretion as to price at which property to be sold.

 

Agreement made _________[date] between _________, of _________, company, and _________, of _________, agent.

Recitals:

Company is owner in fee of the following-described lands in the County of _________, State of _________, shown by schedule annexed to this agreement and marked Exhibit A.

Company has this day given the exclusive sale and management of the lands to agent.

Therefore, the parties agree as follows:

1. Agent has caused to be made a careful examination of the lands and an appraisement of them, which appraisement is marked opposite each tract upon Exhibit A and is accepted by company.

2. Agent shall have authority to sell the land, or any part of it, at such a price as he may deem best, provided that no tract shall be sold for less than the appraised value named in Exhibit A, and provided that before any sale shall be binding upon the company the contract shall be approved and terms of payment accepted by company.

3. Agent agrees to give a reasonable amount of time and attention to the management and sale of the lands, and agrees to give to the benefit of company the highest price for the sale of such lands which he can obtain, and to faithfully account to company for all the proceeds which may be derived from such sales and make quarterly return of such sales and payment of such funds as may then be in h possession.

4. Agent agrees that to use all faithful and reasonable effort to have the land sold under this contract put under cultivation as rapidly as possible by its purchasers, and it is agreed that in case of agent advancing money for the purchase of seed, grain, or any other necessary improvements on premises sold under this contract, that he may take as security the seed lien on crops, or take any other form of security which he deems expedient or desirable, and the money so advanced by agent shall be first returned with interest from the purchaser before any application of payment is made under the contract of sale, any balance remaining, or paid in by the purchaser after the money so advanced has been returned to be applied in the usual way under the contract of sale.

5. The proceeds derived from the sale of the lands shall be applied as follows:

First. to the payment to company of the sum of $_____ per acre, together with interest at _____% percent per annum, from the date of this contract, and also of all taxes accruing or becoming due upon the lands from and after the date of this contract, including the tax of _________[year], paid by the company, together with interest at the rate of _____% per annum from date of payment.

Second. The remainder of the proceeds shall be divided equally and one-half of them shall be paid to company, its successors or assigns, and the remaining one-half shall be paid to agent, h heirs, executors, administrators or assigns.

6. Agent shall retain no profit under the contract until the whole amount of $_____ per acre with interest and taxes, with interest, as provided in paragraph 5 of this instrument, has been returned to company.

7. This contract shall remain in force and be mutually binding upon the parties hereto for a period of _________ years from this date, unless sooner dissolved by written mutual consent or by the death of agent.

8. This contract is personal to agent, and no interest of any kind whatever in the lands, or any part of them, is conveyed by this instrument or intended to be conveyed by company to agent, and the same shall terminate upon the death of agent, provided, however, that in the event of the death of agent before the expiration of this contract, h executors, administrators or assigns are to be entitled to h interest in the proceeds of all lands which have been sold, either for cash or on credit, and shall receive for them the same amount as he hself would have done had he continued to live.

9. Agent shall have no right or claim against company or on the lands, or any part of them, for commissions, expenses, or otherwise, except only for h one-half share of the surplus arising from sales, to be ascertained and divided as mentioned above in paragraph 5 of this agreement.

In witness, etc.

 

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