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- 'eo 'GrubhtIEllis~ Property Solutions Worldwide EXCLUSIVE AUTHORIZATION OF SALE OWNER hereby grants to GRUBB & ELLIS COMPANY ("Broker") the exclusive right to negotiate the sale of the real property described below (the .Property') for a period commencing on November 01 , 19~and ending at midnight on May 01 ,2000 (the "Listing Period") unless this Authorization is extended in writing and signed by both Owner and Broker. The Property is located at 885b Arlington Avenue in lhe City of R~ vers~de , County of R~ vers~de , State of California, and further described as 2.42 ;!;Acres of improved land more commonly known as APN 151-061-003, 006 per p~r arra~hpn R~hihir A The price and terms of the sale shall be as follows: S301.R70.00 IS? 7r:., p!';fl, all ~n!';h If, during the Listing Period an option or right of refusal to purchase the Property or any interest therein is granted or an escrow is opened or negotiations involving the sale, transfer or conveyance of the Property have commenced and are continuing, then the term of the Listing Period shall be extended with respect to such transaction(s) and negotiations for a period through the exercise of such option or right of first refusal, the closing of such escrow, the final termination of all efforts to complete a transaction or the consummation of such transaction. The term of Listing Period shall be extended one day for each day the Property is off the market during the Listing Period, not to exceed six months. The Property shall be considered off the market for any time period after a purchase and sale agreement, letter of intent or other agreement is executed by Owner and a buyer and before the transaction contemplated by such agreement is terminated by the parties thereto. In consideration of this Authorization and Broker's agreement diligenUy to pursue the procurement of a purchaser for the Property, Owner agrees to pay Broker a commission in cash as follows: 1. Unimproved Property: 10% of the gross sales price. 2. Improved Property: 6% of the gross sales price. (jJ ~ 3. Joint Venture/Exchange: If an exchange or joint venture is effected in lieu of a sale, a full sales commission shall be paid, computed on the basis of tile type and fair market value of the property contributed to the joint venture or properties exchanged. The listing price stated herein shall be prima facie evidence of the fair market value of the Property, 4. Business Opportunity: 10% of lhe gross sales price. O'...ner shall pay said commission to Broker if during the Listing Period: (a) the Property or any interest therein is sold, transferred or conveyed by or through Broker, OMler or any other person or entity; or (b) a purchaser is procured by or through Broker, Owner or any other person or entity who is ready, willing and able to purchase the Property or any interest therein on the terms above stated or other terms acceptable to the owner of the Property; or (c) any contract for the sale, transfer or conveyance of the Property or any interest therein, including without limitation the granting of an option or right of first refusal, is made directly or indirectly by the owner of the Property; or (d) this Authorization is terminated or the Property is withdrawn from sale without the written consent of Broker or the Property is made unmarketable by Owner's voluntary act Owner shall also pay said commission 10 Broker if within one hundred eighty (180) days after the expiration of the Listing Period: (1) the owner of the Property enters into a contract for the sale, transfer or conveyance of the Property or any interest therein, including without limitation the granting of an option or right of first refusal, to any person or entity which during the term of lhe Listing Period or any extension thereof made a written offer to purchase the Property, or any interest therein, whether or not such transaction is consummated on the same or different terms and conditions contained in such offer; or (2) the owner of the Property enters into a contract for the sale, transfer or conveyance of the Property or any interest therein, including without limilation the granting of an option or right of first refusal, to any person or entity with whom Broker has negotiated or to whom Broker has submitted the Property in an effort to effect a transaction during the Listing Period and whose name appears on any list of such persons or entities (the 'Registration List"), which Broker shall have mailed to Owner at the address below staled within thirty (30) days following the expiration of lhe Listing Period. Where the Property is owned by a partnership or a corporation, not publicly traded, the transfer of a parlflership interest in or any of the capital stock of such entity during the Listing Period shall be deemed to be a sale of the Property or of an interest in the Property. Commissions shall be paid through escrow upon the closing of sales or exchange transactions; absent an escrow, commissions shall be paid upon recordation of a deed or upon delivery of such deed or other instrument of conveyance if recordation is deferred more than one month thereafter.. In the event of a contract or agreement of sale, joint venture agreement, business opportuni~ or other transaction not inVOlving the delivery of a deed, commissions shall be paid upon the mutual execution of the agreement evidencing the transaction. O\'mer agrees to cooperate with Broker in effecting a sale of the Property and immediately to refer to Broker all inquiries of any person or entity interested in purchasing the Property, All negotiations are to be through Broker. Owner agrees to pay all customary escrow, title and revenue charges and to execute such documents as may be necessary to effect a sale of the Property. Broker is authorized to accept a deposit from any prospective purchaser, and upon the opening of escrow, to transfer such deposit to the escrow agent for the account of the purchaser. In lhe event a transaction is not consummated, any deposits, payments, including payments for options, liquidated damages and other amounts retained by Owner shall be equally divided between Owner and Broker, except that Broker's portion thereof shall not exceed the amount of the commission otherwise payable upon the consummation of s-uch ransaction by the terms of this Authorization. Broker is further authorized to advertise the Property and shall have the exclusive right to place a sign or signs on the Property if, in Broker's opinion, such would facilitate the sale thereof. 't is understood that it is illegal for either Owner or Broker to refuse to present or sell real property to any person because of race, color, religion, national xigin, sex, marital status, age or physical disability. :A101 11/98 Page 1 of 3 f!J1) - 01 A-