Broker 's Authorization To Exchange Property

I hereby employ and authorize....................................real estate broker(s) to exchange for me, premises known as No..........1 for such other premises as shall be acceptable to me, (or for premises of the following nature: state same).

Such exchange shall be made upon the following terms and conditions:2 For the purposes of such exchange my said premises shall be valued at

$................

The premises hereby authorized to be exchanged are subject to:

Mortgages......................................................

Covenants and restrictions........................................

Encroachments..................................................

Fence variations.................................................

Railroad consents................................................

Warranty deeds to be exchanged 30 days after date of contract of exchange.

For bringing about such exchange on above terms and conditions, or on any other terms and conditions to which I shall assent, I hereby agree to pay said broker(s) $............commissions, (or a sum equal to......% on the gross price fixed for my said premises, as his (their) commissions), and I also agree that said broker (s) may charge, collect and receive commissions from the other party or parties to such exchange; commissions to be due and payable when a customer is produced upon above terms and conditions.3 Dated..............................

1 Insert particulars as in Form 36.

2 See Form 36.

3 See Form 36 for additional provisions, if desired.

The following contract may be used where salesmen are employed on commission, this commission to be paid as purchase price is paid to the principal.

Form 39. - Salesman's Contract.

Contract

Memorandum of Agreement, made this......................day of .......................19.........., between Executive Realty Company, a corporation incorporated under the laws of the State of New York, party of the first part, and............................................party of the second part;

Witnesseth: That the party of the second part for and in consideration of the sum of One Dollar, to him in hand paid by the party of the first part, the receipt whereof is hereby acknowledged, and of the premises and agreements hereinafter contained, hereby agrees to act as the agent of the party of the first part in the sale of lands, upon and only upon the following terms and conditions, and to devote his entire time, attention and talents to the exercise of such agency in strict conformity with the rules and regulations established by the party of the first part and the terms and conditions herein contained, and such additions, amendments or modifications of the same as may be made from time to time by the party of the first part.

And it is Expressly Understood and Agreed by and between the parties hereto, that the party hereto of the second part is hereby vested with and has only the powers hereinafter specifically granted, and has and is to have no implied powers, and is not to act or assume to act for or represent the party of the first part, except as herein directed and authorized, and is not, nor shall not be entitled to receive any other or different or additional compensation than that herein expressed.

It is Hereby Expressly Agreed by and between the parties hereto as follows:

First. - That the party of the second part shall be entitled to receive a commission at the rate of............per cent, (on installment sales and ............on cash sales) the same to be payable as follows: It Being

Expressly Understood and Agreed that commissions hereunder are to be paid only at the times, in the manner and as hereinafter mentioned.

(1) The party of the second part shall be entitled to receive commissions only after the regular agreement papers and physician's certificate (when required) have been signed and delivered to the party of the first part, and such commissions are payable only from one-half of the cash receipts from the respective sales, and should a customer default in payments before the said party of the second part has received his full commission on a sale on which there has been default in payments, then and in that case the party of the second part shall have no claim for further commissions on such sale; and it is further provided that when the said party of the second part ceases to be actively engaged in the sale of lands for the party of the first part as hereinafter provided, that then and thereafter commissions hereunder shall be payable only from one-quarter of the actual cash receipts from such sale.

(2) Commissions on cash sales or any sale where a discount is allowed to the purchaser on the whole or any portion of the purchase price shall be computed and paid only on the purchase price, less the discount for cash, unless the agent desires to have his commission paid by installments in the same manner as if the purchase price had been paid in installments, then the commission is to be computed and paid on the full purchase price of the lots sold and as herein provided.

Second. - The party of the second part hereby agrees that he will report daily at the office of the party of the first part to which he may be attached, and in case he shall fail to do so for three consecutive days, he shall be deemed to be no longer actively engaged in the sale of lands for the party of the first part, and shall thereafter be entitled to receive on account of commissions only one-quarter of the receipts from lots sold by him as hereinabove provided.

Third. - That the said party of the second part shall have no authority whatsoever to alter, modify or change in any manner any of the agreements, contracts, deeds or other instruments under which the party of the first part offers lands for sale and that said party of the first part will not recognize any alteration, modification or other change of any agreement, contract, deed or other instrument nor any claim for commissions on sales made otherwise than upon its regular terms.

Fourth. - That the party hereto of the second part is positively prohibited from publishing or circulating, or causing to be published or circulated any documents or advertising matter of any kind whatsoever relating to the lands which the party of the first part offer for sale unless duly authorized in writing by the party of the first part, except that the foregoing provision shall not apply to any matter furnished and used under direction of the party of the first part.

Fifth. - That the party of the second part shall incur no indebtedness of any kind whatsoever for which the party of the first part shall be in any way liable.

Sixth. - All moneys received or collected by the party of the second part are to be securely held by him as a fiduciary trust, and shall be in no case used for any personal purpose whatsoever, but shall immediately be paid over to the party of the first part.

Seventh. - The party of the second part must report all business to the party of the first part at its office in New York City to which he is attached or as may be directed, and must settle all accounts as often as required.

Eighth. - The ledger accounts of the party of the first part shall be competent and conclusive evidence of the state of accounts between the parties to this contract.

Ninth. - If in any case the party of the first part shall deem it wise to return the amounts paid in on account of any contract or agreement for sale of lands and cancel the same by reason of any misrepresentations on the part of the party of the second part or for any other cause, then the party of the second part shall be bound to repay to the party of the first part on demand, the amount of commission received on account of the contract or agreement so canceled.

Tenth. - Either party hereto may rescind the foregoing contract on ten days' notice in writing to that effect, and upon the mailing of such notice by said party of the first part to the party of the second part to the address hereinabove contained, all the rights and interests of said party of the second part hereunder shall cease and determine, except as herein provided, but it is expressly understood and agreed that the party hereto of the second part shall not have the right to terminate this contract unless all indebtedness due from him to the party of the first part shall have been settled to its satisfaction; and after such settlement the party of the second part shall be entitled to receive the balance of his commission on lots sold prior to the termination of this contract at the rate of one-quarter of the cash receipts from such sales, subject, however, to all the conditions and agreements in respect to commissions herein contained.

Eleventh. - The rights of the party of the second part in the foregoing contract shall not be sold or assigned.

Twelfth. - This contract shall bo construed, interpreted and enforced according to the laws of the State of New York.

Thirteenth. - Any rules of the party of the first part or any additions, amendments or modifications of this agreement made by the party of the first part hereto as herein provided shall be as effective as if herein written and contained when the same are posted on the bulletin board at the main office of the party hereto of the first part in the City of New York or the office to which the party of the second part may be attached. And this shall apply as well to the rate of commissions or salary payable hereunder as to other terms, conditions and agreements herein contained.

In Witness Whereof, the parties hereto have set their hands and seals the day and year first above mentioned.

.............................[seal]

.............................[seal]

Sealed and Delivered in the Presence of,

..................................................................................................

Form 40. - Application for Loan. New York City.