BOSTON, MASSACHUSETTS

SCHEDULE OF BROKER's COMMISSIONS

(In the absence of special agreement.) Adopted by the Board of Directors, February 27, 1920. In effect April 1, 1920.

BOSTON PROPER

(as defined below)

SALES

Minimum

2 1/2% up to $40,000 and 1% on the balance...................................

$100

Vacant land west of Massachusetts Ave. and vacant land in that part of South Boston included in "Boston Proper," 3%.....................

100

EXCHANGES

Commissions as above paid by both parties.

MORTGAGES

2% up to $10,000 and 1% on the balance..........................

$25

Second Mortgages, 2 %.................................

25

Construction Mortgages, 2%............................

25

LEASES

Business Premises, 3% on rent for a year and 1% on rent for balance of term..........................

$25

Less than one year or tenant-at-will

Over $50 a month, 35% of a month's rent.................

25

At $50 a month or less, 50% of a month's rent..........

10

Residences and Apartments, 4% on rent for a year (or a season) and

1% on rent for balance of term...................

25

Tenant-at-will, same as Business Premises.

MANAGEMENT

On Amounts Collected by Agent

Tenements and Apartment Houses..........................

6%

Other Properties....................................................

5%

ON COST OF IMPROVEMENTS SUPERVISED BY AGENT................

5%

"Boston Proper" extends to the southerly lines of estates abutting on the southerly side of Massachusetts Avenue from the Roxbury Canal to the N. Y., N. H. & H. railroad location, and then to the centre line of Ruggles Street and the Fenway from said railroad location to Brookline Avenue, and across the Riverway to the centre line of St. Mary's and Ashby Streets to the Charles River, and includes also that part of South Boston bounded by Boston Harbor, the Reserved Channel, E Street, West 1st Street, Dorchester Avenue and Fort Point Channel.

SUBURBS

(as defined below)

SALES

Minimum

Improved Property, 3 1/2% up to $15,000 and 2 1/2% on next $185,000 and 1% on the balance........................

$100

Unimproved Property, 5% up to $50,000 and 2 1/2% on next $150,000 and 1% on the balance.................

25

FARMS, 6% up to $10,000 and 5% on the balance..........................

200

FACTORY PROPERTY, 6%................................

200

EXCHANGES. Commissions as above paid by both parties.

MORTGAGES

2% up to $100,000 and 1% on the balance.....................................

$25

Second Mortgages, 2%........................................

25

Construction Mortgages, 2%.............................

25

LEASES

Business Premises, 4% on rent for a year and 1% on rent for balance of term.............................

$25

Less than one year or tenant-at-will

Over $30 a month, 45% of a month's rent...............................

15

At $30 a month or less, 50% of a month's rent....................

10

Residences and Apartments, 5% on rent for a year (or a season) and

1% on rent for balance of term..........................

15

Tenant-at-will, same as Business Premises.

Entire Factory Property, also Land and Wharves, 5% on rent for a year and 2 1/2% on rent for balance of term.........................

25

MANAGEMENT

On Amounts Collected by Agent

Tenements and Apartment Houses..............

6%

Other Properties ................

5%

Monthly rents under $15 and weekly rents........................

10%

ON COST OF REPAIRS AND IMPROVEMENTS SUPERVISED BY AGENT.........

5%

"Suburbs" include all districts of Boston outside "Boston Proper," and the following: Arlington, Belmont, Brookline, Cambridge, Chelsea, Dedham, Everett, Maiden, Medford, Melrose, Milton, Newton, Quincy, Revere, Somer-vile, Waltham, Watertown, Winchester and Winthrop.

OUTSIDE OF SUBURBS

SALES

Minimum

6% up to $10,000 and 5% on the balance...........................

$200

North Shore, 5% up to $25,000 and 2 1/2% on the balance.............

100

South shore, 5%.........................

100

Factory Property, 6%....................

200

EXCHANGES. Commissions as above paid by both parties.

MORTGAGES

3% up to $20,000 and 2% on next $80,000 and 1% on the balance......

$25

LEASES

5% on rent for a year (or a season) and 2 1/2% on rent for balance of term...................

$25

Tenant-at-will

Over $30 a month, 45% of a month's rent...................

15

At $30 a month or less, 50% of a month's rent............

10

TAXES PAID BY LESSEES

Taxes on leased premises to be paid by Lessees shall be treated as part of the rent on which broker's commissions are chargeable, using the taxes for the current year when ascertainable, otherwise those for the previous year, as a basis. In case of leased premises not previously assessed, the taxes may be estimated or the assessment thereof awaited.

LONG TERM LEASES

On a lease for a term of more than 21 years, the commission shall be computed on the first 21 years of the term only.

SALES OPTIONS IN LEASES

In case of a lease containing an option to purchase, the broker is entitled in any event to a commission, as herein provided, for negotiating the lease. If the option to purchase is exercised, the broker is then entitled to receive from the original lessor an additional commission, if any be necessary, to make the total commissions equal a commission on the sale plus a commission on the lease up to the time of the transfer of title.

RENEWALS OF LEASES

When a broker is employed to renew a lease, he is entitled to a full commission if the lease is renewed with an increase of rent, or to a half commission if renewed without increase of rent.

EXTENSIONS OF LEASES

When a right to extend a lease, as provided therein, is exercised, the broker who negotiated the lease is entitled to receive from the original lessor a commission on such extension; but the total commissions on lease and extensions shall not exceed the amount chargeable for both considered as one term.

SALE OF LEASE, GOOD-WILL OR PERSONAL PROPERTY

The broker is entitled to a commission of 5% of the amount paid therefor, in addition to a regular commission on the lease.

PAYMENTS FOR OPTIONS

In case of options not availed of, the broker is entitled to receive one-half of the amount paid for the option, or one-half of a regular commission on the proposed transaction, whichever is the lessor.