Consulting agents compensation agreement

Consulting agent's compensation agreement. This agreement, entered into _________ by and between _________ Corporation, a corporation organized and existing under the laws of the State of _________ having its principal place of business in the Town of _________ County of _________ State of _________ referred to as the owner, and _________ of the Town and County of _________ State of _________ referred to as the agent: In view of mutual considerations and covenants exchanged, it is hereby agreed as follows: 1. The owner presently has record title to certain property located in the Town of _________ described on Exhibit A which is attached to this agreement, on which property it is proposed that 400 condominium units be constructed. 2. The agent has from time to time discussed with the owner the possibility of acting as the broker for the sale of the property described in Exhibit A and/or the leasing or sale of the 400 condominium units. 3. The agent represents that as the result of the various discussions relating to the above, he [she] has expended both time and money in investigating the possibility of acting as agent, and in fact has relied on the owner's statement that he [she] would be given an exclusive agency. 4. The parties, in order to avoid any controversy relative to the foregoing, hereby agree as follows: a. The agent will not in fact act in any way or in any capacity as the agent for the owner relative to the property described in Exhibit A. b. The owner will pay to the agent in full settlement of any claim alleged by the agent, the total sum of $30,000, payable on the basis of $75 for each of the 400 condominium units to be constructed on the subject premises at the time each unit is conveyed by the owner to a bonafiid purchaser. In the event that the owner should sell the subject premises in whole or in part as undeveloped land, then the balance then due the agent shall be payable in full. In any event, the sum of $30,000 shall be payable to the agent notwithstanding the foregoing within a period of no more than five years from the date of this agreement. 5. This agreement represents the complete understanding of the parties, and shall inure to the benefit of and bind the heirs, administrators, executors, representatives, successors and assigns of the respective parties to this agreement. In witness whereof, etc.