Vacant Land Listing Agreement

Vacant Land Listing Agreement ft111 Florida Realtors. I This Exclusive Right of Sale Listing Agreement (-Agreement') is between 2 • HANS LOLLICK LAND COMPANY, LLLP and Little Hans Lollick Holdings, LLP 3 • ONE SOTHEBY'S INTERNATIONAL REALTY (-Seller ) and (-Broker) 4 1 AUTHORITY TO SELL PROPERTY: Seller gives Broker the EXCUSIVE RIGHT TO SELL the real and personal 5 • property (collectively Property') described below. at the price and terms described below, beginning the 20TH 6 • day of OCTOBER , 2011 . and terminating at 11:59E. the 20th day of APRIL 7 • 2012 (-Termination Dale") Elfreti4eifereetthen-ef-ereentreet•fer-seleend-perehese-efthe-Pnsperfre3/4-tniMS -end of this Ag.eel.tent e.t.metn.elly ceet...4 thflargh the date th... —Stet efine-seles-eentfeet- g Seller and Broker acknowledge that this Agreement does not guarantee a sale. This Property will be offered to any 10 person without regard to race, color, religion. sex. handicap, familial status. national origin or any other factor I I protected by federal, state or local law. Seller certifies and represents that he/she/it is legally entitled to convey the 12 Property and all improvements. 13 2. DESCRIPTION OF PROPERTY: It • IS • 16 17 • ill • 19 20 21 22 • 23 • 24 • 25 • 26 • (a) Real Property Street Address: Great Hans Loll/k Island and Little Hans LoIllk Island Legal Description (include plat information, property identification number, deed book and page) NO. 10 Great Northslde Quarter. St Thomas. U.S. Virgin Islands See Attachment (b) Personal Property, including storage sheds, electncal (including pedestal), plumbing, septic systems, water tanks. pumps. solar systems/panels, irrigation systems, gates, domestic water systems, gate openers and controls fencing, timers. mailbox, utility meters (including gas and water), windmills, cattle guards. existing landscaping. trees. shrubs and lighting: See Attachment (e) Occupancy Property is xis not currently occupied by a tenant. If occupied, the lease term expires 27 3. PRICE AND TERMS: The property is offered for sale on the following terms, or on other terms acceptable to 20 Seller: 29 • (a) Price: $29,500,000 see addendum no 1 30 • (b) Financing Terms: Cash Conventional VA FHA USDA Other m • TBD 32 • Seller Financing: Seller will hold a purchase money mortgage in the amount of S TBD 33 • with the following terms: TBD M • Assumption of Existing Mortgage: Buyer may assume existing mortgage for $ TBD 36 • plus an assumption fee of S TBD The mortgage is for a term of TBD years beginning in 36 • TBD at an interest rate of TBD % fixed variable (describe) TBD 37 • Lender approval of assumption . is required is not required unknown. Notice to Seller: You may remain 31 liable for an assumed mortgage for a number of years after the Property is sold Check with your lender to 39 determine the extent of your liability. Seller will ensure that all mortgage payments and required escrow deposits 40 are current at the time of closing and will convey the escrow deposit to the buyer at closing. 11 • (c) Seller Expenses: Seller will pay mortgage discount or other closing costs not to exceed TBD % of the 42 purchase price- and any other expenses Seller agrees to pay in connection with a transaction 3 Senor (haat i*3ai) and Broker/Salos Associate f Y1/4k f ) acknowledge tempt of a copy of this page which is Page 1 of 4 Pages VISA•1 Rev 03 11 '2011 Ronda Realtors% AX Rights Reserved Fong owsravra by TnIeFeeme 64:O467.0612 EFTA01123518 BEST- 44 4. BROKER OBLIGATIONS AND AUTHORITY: Broker agrees to make eistreelete•eetilieeee efforts to sell the 4$ Property Lothian/es contract la pending on the Property. Buller authorizes Broker to: 46 (a) Advertise the Property as Broker deems advisable indicting advertising the Property on the Internet unless 47 limited In (4)(a)(I) or (4KaXII) below. 43 @eller opt-out) (Check one if applicable) 49 • () Display the Property on the Internet except the street address of the Property shall not be displayed on the so Internet 61 ' 0 CI) Seller doss not authorize Broker to display the Property on the tntemet er Salter understands end acknowledges that If Seller selects option (I), consumers who conduct searches for 83 Ratings on the Internet will not see Information about the listed property In response to their search. 54 • / Initiate of Buller, 55 (b) Place appropriate transaction signs on the Property, Including 'For Sale' signs and "Sok!' signs (once Sutler 55 signs a sales contract) and use Beller% name in connection with marketing or advertising the Properly. (c) Obtain Information relating to the present mortgage(s) on the Property. 56 (d) Place the Property in a multiple listing service (`ML-T). Seiler authorizes Broker to report to the MLS this kiting 52 information and price, terms and financing Information on any resulting sale for use by authorized Board/ so g) Association members, MIS partidpanta and subsaibena sag Ito Cu A tionsibe N WO I al (e) Provide objective market analysis Information to potential buyers: 52 • (f) (Check If applicable) I Use a ion box system and/or gate code to show and arse the Property. A look box 8O or gate don not ensure the Propertys security, Seller N advised to secure or remove valuables. Seiler agrees that 54 the lock box or gate Is for Seller's benefit end releases Broker, persons working through Broker and Brokers 85 local Realtor Board / Association from all liability and responsbity In connection with any Ion or damage that 88 oceans ar • (g) (Check if applicable) DA4thhold verbal offers K Weibel(' all offers once Beller accepts a sales contract for te the Property. to (h) Ad as a transactbn broker of Seller unitise a different agency relationship has been estabined In writing. 70 (I) Virtual Office Winne*: Some real estate brokerages offer real estate brokerage services online. These 21 meddles are referred to as Virtual Office Webanes (VOW'). An automated estimate of market vine or reviews and 72 comments about a property may be displayed In conjunction with a property on some VOWS. Anyone who register, 73 on a Virtual Office Virebste may gain access to such automated valuations or comments and reviews about any 74 property displayed on a VOW. Unless limited below, a VOW may display automated valuations or 25 CCatrnents/revIews (dogs) about this Property. m • X Seller does not authortze an automated estmate of the market value of the fisting (or hypenink to such m estimate) to be displayed In immediate conjunction with the listing of this Property. 75 • .0 Sager does not authorize third parties to write comments or reviews about the listing of the Property (or display 73 a hyperfink to such comments or reviews) In Immediate conjunction with the listing of this Property so & BELLER OBUGATIONS/BELLER REPRESENTATIONS: In consideration of Broker's obligations, Seller agrees to: SI (a) Cooperate with Broker in carrying out the purpose of this Agreement, Including referring immediatety to Broker 52 all Inquiries regarding the Property's Wander, whether by purchase or any other means of transfer. (b) Provide Broker accurate Information about the Property of which Seller may be aware Including but not limited 54 to utility availability, presence of or access to water supply, sew or septic system, problems with drainage, 55 grading or soil stablity, environmental hazards, COrrirneiclal or Industrial nuisances (noise, odor, smoke etc.), utility 58 or other easements, shared driveways, encroachments from or on adjacent property, zoning, wetland, flood hazard, 82 tenancies, cemetery/grave sites, abandoned well, underground storage tanks, presence of protected species or sa nests of protected spines se (c) Provide Broker access to the Property and make the Property available for Broker to show during reasonable 20 times) AT Site NEIL 6it?G.1b£. 22 tet- Mettewily-fireker-elvd-Iveld-Orelatt 4ieffefeet-frele- terser denaseer eeete-end-erpenseref -eny-rreester 93 inekelierellemeyiegenr sid4reei• fiebilltrtrerry-eereeek-Weriereker•Ineeretecesseef +1+ileffesIestegilgenser 94 es ars trt as sae wisterieHeeneben•thefireeertyreete-c enter eibieelierreenent•thet teener sitissies-nekeempearseted4ri eeneedien-viith-e-teseeestien-is-entithed-ie-eseepentsetieltilfelirr eveievrTilis-eisesereerir Bleiewie peplemenerreptettlestertafereftilier (f) To perform any act reasonably necessary to comply with FIRPTA (internal Revenue Code Section 1445). (g) Make ail legally required disclosures, including ell facts that matariety affect the Propertys value and are not ready observable or known by the buyer. Seller certifies and represents that Seller knows of no such wenn 101 lieu (IA) (Qt( Ml ere Broker:43as AlleaCiatil LE( I acka04.44494 to eta copy of 1N3 Pea loNcil Is PIP 2 404 Papa. ALM Rim 03111 02011 Florida Raton* A11 RIO T% Pasermid Sea "Waled OF Thatorste warmest:ea 1O54994e12 EFTA01123519 102 103 • 104 105 100 107 'OS 109 110 11I 112 facts (local government bulking code violations, unobservable defects, etc.) other than the rola:twine: Seller will Immediately Worm Broker of any material facts that arias sear signing thisAgreement requiremerewlielherepeekdiceaseivieer emeteibretteentiereer leerreeeteetHoy-tiretherebtigatierreffeetting-the-Feeperte:-enrtankrepteerfereeieserer iessiverereethreerpreeeedingaffeetingfflwePtipertyreerleigebeereptiketiereemetereiebetiveweelieergevecentere ineestireen-enther eeker-Wet-effeelser reey-effeetstleer fiellerie-ebily-te-ibesete9.4he-Preoertreeretereet. peinfrearprepesed-epeelektesessetentir effeekrog-the-Prepertsr eny-pieneed-publie-ireprevetnefterwhieennee reeelt4e,opeeiel-eeeeeerneraereitheneeveePiesieeLliever reMeried•stoselieraeneiegeifteHherAaperte.• 113 6. COMPENSATION: Seller vral compensate Broker as specified below 40r-resselii-e-beyer erke•leffeedyrierifirig 114 enrebie-terttereiretee-the-Prepeft-ererrintereet-in-the-Propertrelhe-terrne-134-10tie-Agreerneet-er-erriely- ediet 116 teffneeeeeptetileees4S. Seller wil pay Broker as follows (plus applicable sales tax); 116 • (a) 0% 96 of the total purchase price plus $ NIA ORS WA no later than the 117 date of closing specified In the sales contract /VA tie • (b)- 119 eteefebeekslielier-es91—pey—Breleer the—peretreph-6(04ser lese-itie—entetret—Orelser—teeeived—reter 120 13112Pefearerr 121 122 42-leesere4tieheverierseeneet—Thie•fee4e-netikte4F4he-Prepenr ftterbeserneelte stesieeksfereeelreettrendry 123 nekteivel0194.4ease•therPreperly, 124 1t 5 teierktoser esehartgergeverteeeetekeetieer beeletteter teeny etherverartseef•treeeferr regereless-efrether the I% teryeriieeeeeford•br BrakerrIleVer ererietffierpereere.(B)4Hiefiereefueetrer•frefertetigivertaffersei4heretteereed tereweeteted-itio-thie-tereemeek-defentliteeerlifresaiseted-tielee- etwersel-er-egreerevelir e-beyet-tr•-eeneseweer Its A-- 126 eseentrtietkieles-eeramet18).4frwithin-_-eeye-eker-iTerreinetierreete-efIreteeberepenee-ryr Seer tenefenrer eerieeete-ertreneferthe-Preperty-erietrintereet4rehei Creperlyie•earefeepeete-with-wherives0ereerekeree 130 erreek3ebakrlitienteemeefferneeleetetlegmeling-the-Preperly-priee te-Tef.n4nelterreeter Hersevetreet4easii•be 131 due•Beeirerifithe•Prepeerieffelistethefiteriseekteeseeetereekieleiteetsgli-eftelliterionsleon 132 6— for Retelnee/SepeefferAeleoesidefeben•ferereiterlareerrieeerOveker Wenteleel-te•reeeive- 133 is• 4MB1.., S$ Cod.. 4 (,G 1u AK/54130H NE- I 135 7. COOPERATION AND COMPENSATION WITH OTHER BROKERS: Broker's office policy is to cooperate with Si 1313 • other brokers except when not in Seller's best Interest X and to offer compensation in the amount of 3 % 137 • of the purchase price or S to Buyers agents, who represent the interest of the buyers, and not the 135 • interest &mew in a transaction; ]$1 and to offer compensation In the amount of S % of the purchase price or 139 • $ tea broker who hes no brokerage relationship with the Buyer or Saar; Sand to offer 140 • compensation In the amount of 3 % of the purchase price or $ to Transaction brokers for 141 • the Buyer; 0 None of the above Of this Is checked the Property cannot be pieced In the MLS.) 162 11, BROKERAGE RELATIONSHIP: Under title Agreement Broker will be acting as a transaction broker unless a to different agency relationship has been established in writing. 144 9. CONDITIONAL TERMINATION: At Saes request Broker may agree to conditionaly terminate this Agreement 145 If Broker agrees to conditional termination. Seller must sign a withdrawal agreement reimburse Broker for al direct 146 • expenses Ina mad In marketing the Property and pay a cancellation fee of S plus appicable 147 sales tax Broker may void the conditional termination and Seller will pay the fee stated in paragraph E(s) teas the 146 canceUstice fee If Bailer transfers or contracts to transfer the Property or any interest in the Property during the time la prod from the date of conditional termination to Termination Date and Protection Period. If applicable. 150 ian 153 153 151 16. DISPUTE RESOLUTION: This Agreement will be construed under Florida law. Mf eeferevereiek•eielretreietiether fflettere-lrequestieereelweereffie-pealer erisivereet-ef-ee-peleetrfrehirAgreement-erWe-Weeeh-WereeFitigrise eettled-befeetestleteptiereteefteller ester the-ttelee-ef•the•Aniefierehleteatienesaseeleilereretheeenedieteregveet atereleyleifeeaswititeeterunieesehetedierregreerteetellepetetweel-bereetlieebrerbitiMierreeifelleweesettellredeet 156 San fel& (AIM) and Sinkannalwi Andrea adtrrowlidee row*/ at • ccpy d Ihis page, wtidt is Pao 3 at 4 Pews ALA-1 Rat 63/11 020 11 Panda Raltede M Flights Eta:served fir prorMod hT 7nze Fame *Wit Tnief ornate 45044.14612 EFTA01123520 I m • firksitieling-eptierepeetrprevidettrOette stierrateeeler=ksted-kietietEreker1=}egreeleet 157 10, iseesetHrreeeenieriernOte-the-reeee-ehele-Ateteriellir tebitretierrAseeeietien-er-other erbibreteregreed-epee-iiry-the pertlee-Eterdi-porty-te-esty-erbilvelien-fee-liegeticre-ter enceece-Ore-eselfretierr-prelaterle-ef-Wee-Agreenterrt-et -err t60 erbitrelien-reerdrwiii-pey-ite-effe-kleet-Ceetesee:Perteettrieettaiwg-efterneyle-feeereed-w144-eqtreNt-eplit-the 161 etbibelefol4erargeweefirristretive-feeetf erbitetiem le2 11. MISCELLANEOUS: This Agreement is binding on Broker's and Sellers heirs, personal representatives, 163 administrators, successors end assigns. Broker may assign this Agreement to another listing office. This Agreement 164 is the entire agreement between Broker and Seiler. No prior or present agreements or representations shall be 165 tin:ling on Broker or Seller unless included in this Agreement Signatures. initials and modifications communicated riSS by facsimile will be considered es originals. The term 'buyer as used In this Agreement includes buyers, tenants, lea eirchangors, optic:lees and other categories of potential or actual transferees. IN • 12. ADDM0NAL TERMS: IN ADDENTRIM Na I ATTACHED 3 PART OF VMS UMW AGREEMENT 170 In 172 173 174 175 177 178 179 160 181 10 183 194 • Copy returned to Customer on the day of by O personal delivery K mall O E-roil O tacaLrrdo The Flora Assoctstlan of REAL1174180 ma no toprosetaJon as or lie toga wallly a Wawa! d arty guottca of rts brow spook tranuaton Ina asarintkod brm shadd not t• tad In COMptin transaceetts at actrtalte rata of &Wars 77.4 brain-fatale for um by laf as teal ales rtitstay Ltd is not taart0ad b Waft the war M REALTORO. REALTOR,* a roststantl corran rmasattlp nut Inch may be Lan cnty by a na Laam a in masa of tra 140104404ANYNCIA11474 OF ft EAU.TOR11414r4 Wvartalro to Its Mao of Etta 105 8410 "174) far 1 and ototentataa Associate ( ‘k(--/(__)scfulanddise recta al a capy at Mks pact vdtItth is Pap 4 all Oseer. VISA-1 Rev 03/11 02011 Florida Realtors* NJ Rights Raters' Fa sand by True Pas' worsamsforms.a, 100-404612 EFTA01123521 ir Blank Addendum i Lon ALSCCIAT*On CI O t :4../C2S Addendum No. 1 - concerning the Property described as: GREAT HANS LOLLIK ISLAND and Little Hans Lollik Island. This addendum is part of the Exclusive Right of Sale Vacant Land Listing Agreement between Hans Lollick Land Company, LLLP and Little Hans Lollick Holdings, LLP "Seller" and ONE Sotheby's International Realty "Broker for the property address above. a. This listing will be shared on a 50/50 basis between ONE Sotheby's International Realty and Carlos M. Justo, Broker. b. A 20% referral fee on the listing side will be paid to David Jones Real Estate. c. Both islands are offered for sale at $29,500,000. Or $20,000,000 for Great Hans Lollik and $9,500,000 for Little Hans Lollik. After 1/21/2012, price will be $24,500,000 for both islands; $17,500,000 for Great Hans Lollik; $7,500,000 for Little Hans Lollik, and as directed by seller from time to time. d. William Otto must be present at all showings. e. The following buyers are exclusions to this listing agreement: Simon Piggott, LUXSAR SOPARFI SA, Ecolife Developments Limited, Ecolife Development LLC or any other entity affiliated thereto. If these buyers purchase the property(ies) during the first three months after the listing agreement with ONE Sotheby's Intl Realty, ONE Sotheby's/Carlos M. Justo, Broker shall not receive any commission and David Jones Real Estate shall receive a 5% commission pursuant to the Land Listing Agreement approved by the Bankruptcy Court on May 16, 2011. After the 3-month period, if same buyers purchase the propensi(ies), ONE Sotheby's/Carlos M. lust°, Broker shall receive 1% commission. After 6 months, ONE Sotheby's/Carlos M Justo, Broker are to receive full commission. f. If Mirce Curkoski of ONE Sotheby's Intl Realty and Carlos Justo of Carlos M. Justo, Broker terminate work on this listing, Seller shall have the right to approve the substitute broker(s)/agent(s). g. Ref. to 4 d In the event, property is to be listed in MIS, must be listed through David Jones Real Estate in the Virgin Islands, and elsewhere directly through ONE Sotheby's Intl Realty. h. Ref. 6 d - ONE Sotheby's Intl Realty's fee is due in the following circumstances: upon the closing of a transaction wherein the property is transferred, regardless of whether the buyer is secured by ONE Sotheby's Intl Realty, Seller or any other person, except as specifically set forth herein. i. Ref. 6 e - As consideration for ONE Sotheby's Intl Realty "Broker", Broker is entitled to receive 6% of all deposits retained by the Seller. If buyer makes an adverse claim upon any deposit, then Broker shall not be entitled to receive any part of that deposit if litigation and/or adversarial process ensues in connection therewith. j. Ref 7. - Seller may require that ONE Sotheby's Intl Realty cooperate with one or more specific agents/brokers on commercially reasonable terms. k. ENTIRE AGREEMENT IS CONTINGENT UPON READY, WILLING, IMMEDIATE AND CONTINUING SERVICES OF CARLOS JUSTO, AND SHALL LAPSE WITHOUT HIS PERSONAL PARTICIPATION IN THE MARKETING AND CLIENT EFTA01123522