AGENCY CONTRACT TO SELL REAL ESTATE Leaders Real Estate (1987) Limited trading as Leaders in Real Estate – Licensed REAA 2008

7 March 2014

BETWEEN ................................................................................................................................................ (full name/s) (“the Vendor”) of ...............................................................................................................................................................(address)

AND Leaders Real Estate (1987) Limited trading as Leaders in Real Estate - Licensed REAA 2008 (“the Agent”)

IN CONSIDERATION of the Agent listing the property and chattels described on the Property Description Sheet (“the Property”) for sale in its office and endeavouring to assist in effecting the Property’s sale at such price and on such terms as may be acceptable to the Vendor, IT IS AGREED:-

1 A SOLE & EXCLUSIVE AGENCY followed by GENERAL AGENCY 1 A.1 The Agent is appointed by the Vendor as Sole & Exclusive agent for the sale of the Property for a term of 90 days from the date of this Agency Contract, but

this appointment does not authorise the Agent to sign an agreement for the sale of the Property. 1 A.2 The Agent will be entitled to the commission specified in clause 2.1, but subject to clause 2.2, if and when the Vendor enters into a contract to sell or exchange

the Property, or any part of it, which is or becomes unconditional and which either; (i) was made during the term of this Sole & Exclusive Agency through the Agent, the Vendor or by any other person or means whatsoever; or (ii) was made after the expiry of the term of this Sole & Exclusive Agency to a purchaser introduced to the Property or to the Vendor by the Agent, whether

directly or indirectly; and/or was made through the instrumentality of the Agent; in both cases whether before or during the term of this Sole & Exclusive Agency;

1 A.3 The Vendor warrants and undertakes that: (i) The Vendor has not entered into and will not enter into any other agency appointment whether sole or general for the sale of the Property which is or will

be effective during the term of this Agency Contract; or if such an appointment has been made, acknowledge/s that the Agent has advised the Vendor: (a) Of the prior need to cancel any agency appointment for the sale of the Property effective at the date of or during this Sole & Exclusive Agency; (b) Of the consequences of failing to do so or of cancelling without legal entitlement to do so, or failing to comply with clause 4.1(vii); and (c) That if a sale is effected by the Agent to a purchaser who was introduced to the Property or to the Vendor by another agent previously appointed,

then the Vendor may be liable to pay commission to that agent also. (d) If the Vendor is in any doubt about prior agency obligations then the Vendor should seek legal advice.

(ii) For the purpose of endeavouring to induce a premium for the benefit of the Vendor through possible purchaser competition, the Vendor will not enter into any contract to sell or exchange the Property or any part of it prior to 7 days from available Access Date / / or such later date as may be specified in any Particulars, Terms and Conditions of Sale by Tender agreed with the Agent.

1 A.4 If the Property is not sold by the expiry of the term of this Sole & Exclusive Agency, then unless a renewal of the Sole & Exclusive Agency is agreed for a further term or notice of cancellation of the General Agency under clause 1 B.1 has become effective by that date, the Agent is from such expiry appointed by the Vendor as a General & Non-exclusive agent on the commission basis set out in clause 2.1, but subject to clause 2.2, and otherwise on the terms for a General Agency set out in clause 1 B.

1 A.5 The Vendor may cancel this Agency Contract by notice in writing to the Agent by 5.00pm on the 1st working day after the day on which a copy of this Agency Contract is given to the Vendor, or where applicable, by 5.00pm on the 1st working day after a copy of any renewal agreed in writing of the Sole & Exclusive Agency is given to the Vendor.

1 B GENERAL AGENCY (Delete Clause 1A if General Agency only) 1 B.1 The Agent is appointed by the Vendor as a General & Non-exclusive agent for the sale of the Property from the date of this Agency Contract, or where a Sole &

Exclusive Agency under clause 1 A has expired, then from the date of its expiry (subject to any prior cancellation effected), until this General Agency is cancelled by notice in writing by either party to the other, which notice may be given at any time from the date of this Agency Contract and may become effective not earlier than midnight on the 30th day (or such lesser number of days as was requested by the Vendor and is agreed and recorded herein by the Agent) after delivery of the notice, but this appointment does not authorise the Agent to sign an agreement for the sale of the Property.

1 B.2 The Agent will be entitled to the commission specified in clause 2.1, but subject to clause 2.2, if and when the Vendor enters into a contract to sell or exchange the Property or any part of it which is or becomes unconditional and which either; (i) was made during the term of this General Agency through the Agent; or (ii) was made after the expiry of the term of this General Agency to a purchaser introduced to the Property or to the Vendor by the Agent whether directly or

indirectly and/or was made through the instrumentality of the Agent; in both cases whether before or during the term of this General Agency.

2 COMMISSION 2.1 Subject to clause 2.2, the Vendor agrees to pay the Agent upon a contract to sell or exchange the Property, or any part of it, becoming unconditional, a

commission of $650.00 + GST pIus 4.0% + GST of the sale price or exchange value (inclusive of GST if any), provided that the minimum commission payable shall be $4,950.00 + GST and provided further that where the leasehold interest only in the Property or any part of it is sold or exchanged, the commission payable shall be increased by 33.3% + GST.

(If the Property is sold for the appraised base market price of $ , the total commission payable would be $______________ including GST. The actual commission payable will be calculated on the actual sale price or exchange value).

2.2 The Agent indemnifies the Vendor for the amount of commission payable, on the sale or exchange of the Property, to any prior or co-existing agent who has a valid and enforceable claim against the Vendor as a consequence of a previous proper introduction to the Property or to the Vendor, except where the Vendor has failed to notify the Agent of the name of the purchaser in accordance with the Vendor’s warranty in clause 4.1(vii) prior to such contract being entered into.

3 AUTHORITY OF AGENT 3.1 The Agent is irrevocably authorised by the Vendor if the Agent so elects in its reasonable discretion:

(i) To market the Property for sale during the term of this Agency Contract by any means including obtaining and displaying such photographs as agreed with the Vendor, putting details on any website, and the erection of a “FOR SALE” sign on the Property.

(ii) To receive any deposit on the Vendor’s behalf by way of personal cheque or electronic transaction unless expressly instructed otherwise, and to deduct from any deposit received, any expenditure authorised by the Vendor and the commission plus GST determined in clause 2.

(iii) To enter the Property during the term of this Agency Contract to arrange inspection by interested persons at all reasonable times unless specifically instructed otherwise by the Vendor at any time for any particular period/s.

(iv) To obtain at the Vendor’s cost a search copy of the Title to the property and any registered documents and plans affecting such Title, and to also obtain at the Vendor’s cost written confirmation or explanation from the lawyer acting for the Vendor of any matters contained therein or any resource management matters or local authority requirements which should be brought to the attention of any purchaser or potential purchaser, and accordingly, to disclose any such information obtained.

(v) To pass on particulars of the sale of the Property to REINZ for statistics compiled and distributed by it and to use such particulars in the compilation and publication of the Agent’s sales performance over any particulars area or period.

(vi) To disclose to any purchaser or potential purchaser of the Property, any actual, or in the Agent’s opinion likely, defects, hazards, requisitions or notices from any local or government authority or other statutory body or tenant, or other information (whether official or unofficial) affecting the Property that the Agent is or becomes aware of at any time and considers should by law or fairness be disclosed, including those disclosures in the Property Description Sheet (if any).

(vii) Unless expressly instructed otherwise: (a) to facilitate payment of a deposit by way of personal cheque or electronic transaction by using the escrow service provided by New Zealand Real

Estate Trust and Public Trust for payment, holding and disbursement of the deposit payable under any Sale and Purchase Agreement for the Property entered into by the Vendor, in respect of which the Vendor will be bound by the Terms of Use located on website: www.realestatetrust.co.nz/termsofuse_vendor.

7 March 2014

(b) to be paid the commission plus GST determined in clause 2.1, but subject to clause 2.2, and any expenditure authorised by the Vendor directly from the deposit held in Public Trust o/a New Zealand Real Estate Trust as soon as such deposit may be released from its Escrow Account under the terms of the relevant Sale and Purchase Agreement.

4 WARRANTIES UNDERTAKINGS & INDEMNITY BY VENDOR TO AGENT 4.1 The person/s signing this Agency Contract as or on behalf of the Vendor, warrant/s and undertake/s:

(i) To be the sole Vendor/s of the Property, or if not, to have the authority of all the Vendors of the Property to enter into this Agency Contract. (ii) To have read the Property Description Sheet and that:

(a) The information in it is correct and complete in all respects and not misleading by omission; and (b) The Property is not subject to any defects, hazards or requisitions or notices from any local or government authority or other statutory body or tenant

and there are no other matters or information affecting the Property which are required by law to be disclosed or should by fairness be disclosed to potential purchasers, other than all those notified to the Agent (if any) which are specified in the Property Description Sheet.

(c) To immediately notify the Agent in writing should any of the warranties in subclauses (a) and (b) above change materially prior to the unconditional sale of the Property.

(iii) To contribute when required by the Agent the amount specified towards marketing and other expenses (as detailed on the agreed Marketing Programme) for the Property, which the Agent has explained the Vendor is not obliged to agree to. Any Vendor contribution not used or committed when an unconditional sale is achieved will be refunded.

(iv) To require a purchaser to pay any deposit/s to Public Trust o/a NZ Real Estate Trust Account, unless otherwise agreed in writing by the Agent. (v) To pay to the Agent all commission, marketing and other expenses payable when due, and in the event of default, to also pay all the actual costs and

expenses incurred by the Agent in any recovery action taken. (vi) Not to hinder the Agent during the term of this Agency Contract in the performance of its appointment. (vii) Where there is or has been a prior or co-existing agent of the Vendor for the sale of the Property, to immediately notify the Agent in writing of the names

of each potential purchaser (if any) known or which become known to the Vendor in respect of whom that agent would claim a commission were any such person to conclude a transaction with the Vendor.

4.2 The Vendor indemnifies the Agent against all costs, claims, damages expenses, liabilities or proceedings whatsoever which may arise from any breach of the Vendor’s warranties and undertakings as set out in clause 1 A.3 (if applicable), and clause 4.1.

5 ACKNOWLEDGEMENTS BY VENDOR TO AGENT 5.1 The person/s signing this Agency Contract as or on behalf of the Vendor acknowledge/s to have prior to signing it:

(i) Been recommended the Vendor seek legal advice and made aware the Vendor can and may need to, and to have had a reasonable opportunity to, seek technical and other advice or information as well as such legal advice and the Vendor to have either obtained that advice or information or decided not to do so of their own accord.

(ii) Been given a copy of the Approved Guides published by the Real Estate Agents Authority for agency agreements and sale and purchase agreements for residential property and advised further information on agency agreements and contractual documents can be accessed at www.reaa.govt.nz.

(iii) Been given a copy of the Agent’s in-house complaints and dispute resolution procedures and also to have been advised that the Vendor may access the Real Estate Agents Authority’s complaints process without first using the in-house procedures and that any use of the in-house procedures does not preclude the Vendor making a complaint to the Authority.

(iv) Been provided with a written appraisal of the Property for current market conditions supported, where it exists, by comparable information on sales of similar properties in similar locations.

(v) Been made aware of the various possible methods of sale and how the Vendor’s chosen method could impact on the individual benefits that the Agent’s licensees may receive.

(vi) Been made aware that where the Agent or its licensees believe that in their opinion the Property may be subject to hidden or underlying defects or hazards and the Vendor confirms that there are no such defects or hazards, the Vendor is to provide evidence or expert advice confirming the same and in the event that no evidence or expert advice is provided in support of such confirmation, then the Agent is required by law to ensure that all potential purchasers are informed of any significant potential risk associated with such suspected or hidden defects.

(vii) Been made aware of and to have read, understood and agreed to the terms of this Agency Contract, including the rights of cancellation. 5.2 All acknowledgements and warranties in this Agency Contract by the Vendor or signatory/ies are joint and several if there is more than one of them.

6 AGENT’S STATEMENT RELATING TO REBATES, DISCOUNTS AND COMMISSIONS 6.1 The Agent confirms that, in relation to any expenses for or in connection with any real estate agency work carried out by it for the Vendor in connection with

the transaction covered by this Agency Contract, it will not receive, and is not entitled to receive, any rebates, discounts or commissions.

Note: Expenses means any sum or reimbursement for expenses or charges incurred in connection with services provided by an agent in the capacity of agent.

7 CANCELLATION 7.1 In addition to the Vendor’s rights of cancellation in clauses 1 A.5 and 1 B.1, either party (“the notifying party”) may cancel this Agency Contract immediately by

notice to the other (“the defaulting party”) if the defaulting party is in breach of this Agency Contract and has failed to remedy the breach (if it is capable of being remedied) within 5 working days of being notified by the notifying party to do so.

7.2 Notwithstanding clause 7.1, if at any time prior to the expiry of this Agency Contract the Vendor requests that the Agent or its licensees not disclose any matter encompassed by clause 3.1(iv) and/or (vi), or refuses or is unable to provide evidence or expert advice that the Property is not subject to defects or hazards contrary to clause 5.1(vi) and directs them not to disclose any suspected or hidden defect or hazard; or the Agent or its licensees have reasonable grounds to believe that the Vendor may have failed to disclose to them a defect or hazard known to the Vendor, the Agent may immediately cancel this Agency Contract by notice to the Vendor.

7.3 Any cancellation is without prejudice to any other rights, powers, authorities or remedies which the party cancelling may have, including in the case of the Agent, its right to retain and obtain any commissions and other payments or benefits due under this Agency Contract, all of which (if quantifiable at the time) shall become due and payable on cancellation even though the due date may not have arrived.

7.4 On cancellation by either party, the Agent will give written notice to the Vendor of the name of each potential purchaser (if any) in respect of whom the Agent would be entitled to claim a commission in accordance with clause 1 A.2 or 1 B.2, if the potential purchaser should unconditionally purchase the Property from the Vendor.

8 NOTICES 8.1 This Agency Contract and any notices under it may be given by hand or by fax or by email, as specified in clause 8.3 for the Agent and in the Property

Description Sheet for the Vendor. If there is more than one set of contact details for the Vendor, then this Agency Contract and any notices may be given to any of them and notice to any person or entity that is listed as Vendor shall be notice to all of them. Notices to the Vendor may alternatively be given to any lawyer of the Vendor noted in the Property Description Sheet or subsequently notified to the Agent.

8.2 This Agency Contract and notices under it shall be deemed to be delivered: (i) When handed over in person, or (ii) If sent by fax, when transmitted from the sender’s machine, or (iii) If sent by email, in accordance with the default rules in the Electronic Transactions Act 2002.

8.3 Notices may be delivered to the Agent at Wellington: At 15 Brandon Street, Wellington or Fax (04) 494 5477 or email leaderws@leaders.co.nz. Signed by the Vendor/s _____________________________ Signed by the Agent ___________________________ or Vendor’s authorised signatory or Agent’s authorised signatory Authorised Signatory’s Full Name: ____________________ Authorised Signatory’s Full Name:___________________ Date: / / Date: / /

7 March 2014

LEADERS PROPERTY DESCRIPTION SHEET FOR AGENCY CONTRACT

Ref# Branch Listed By

Date Appraisal/ Listing

Market Type

Priced Auction Tender Range

Low Range

High Range Appraised Base Market Price: $

Property Address Suburb

Vendor/s

Vendor/s Address (if different from P.A.)

Vendor/s Home phone

Vendor/s Work Phone

Vendor/s Fax

Vendor’s Email

Tenants Term Expiry

Rental Payments

Bond Held

$

Tenant Home Phone Tenant Work Phone Right of Renewal Y / N

All exterior door keys & electronic door openers

Access Alarm Code/Key

Property Type

Home / Home & Income / Unit / Apartment / Investment Flats / Rural Lifestyle / Section

Agency Type

Exclusive General

Expiry Date

Estate

Fee Simple / Leasehold / Crosslease / Unit Title Possession Date

Legal Description Encroachments (if any)

Vacant lot Checked boundary pegged Y / N A cross-lease staged development Y / N

Capital Value (G.V.) Land Value Improvement Value

Rates $ Body Corp Levies $ Land Area m² Floor Area (approx) sqm

Bedroom Number

Bedroom Type

Storeys Dining Separate Formal Open Plan

Lounge

Kitchen Bath Y / N WC’s Ensuite Y / N Shower Separate None Shower Over

Vanity/Pool/ Spa

Laundry Separate Hideaway in Bathroom in Kitchen

Rumpus Y / N Other Rooms

Piles Concrete Wood Slab

Garaging None Onsite Park C/Port Double Tandem Single

Cladding Weatherboard Hardiplank Brick Concrete Insulclad Weatherside Iron

Roof Iron L/Run Decramastic Tile Concrete Tile Butynol

General Property Condition

Excellent Very Good Good Fair

Age (Approx)

Insulation Batts Insulfluff Insulclad none

Heating None Electrical Gas Wood Fire View

Fencing Section Contour Flat Steep Sloping Lawyer

All disclosures affecting the Property (if any)

* (use additional page if necessary)

Structures Are there any structures or alterations to structures not shown on Unit Plan or Cross-Lease Plan? Y / N

GST The Vendor is registered under the GST Act in respect of the sale of this Property and/or will be so registered at settlement: Y / N

The purchase price to be agreed for the Property is “Inclusive of GST (if any)” Y / N or “Plus GST (if any)” Y / N

Prior or co-existing agent(s) of the Property: Name(s) of known person(s) (if any) introduced by prior or co-existing agent(s) who would claim a commission: * * (Use additional page where necessary)

Sale Reason

Referral (Company/Agent)

Commission Rates:

- Sole Agency:

- General Agency:

Chattels Stove, TV Aerials, Fixed Floor Coverings, Blinds, Curtains, Drapes, Light Fittings, Telephones

Excluded Chattels

Extra Chattels

Comments

Teaser

Text 1

Text 2

Text 3

Auction/Tender Details

Open Day Open Date Open Time Agent

The person/s signing this Property Description Sheet as or on behalf of the Vendor warrant/s and undertake/s (and if more than one jointly and severally) that he/she/they/it has/have read and understood this Property Description Sheet and the Agency Contract on the reverse side and

certify/ies that the information is correct and complete in all respects and acknowledge/s receipt of a copy.

Signed by the Vendor Signed by the Agent OR Vendor’s authorised signatory OR Agent’s authorised signatory

Authorised signatory’s Authorised signatory’s full name: full name: (if applicable) (if applicable) DATE / / DATE / /