Brokers and Referrals
All fees, payments or monies, pertaining to any Broker or Referrer, which are owed by Skyline Executive Suites Ltd. (“Licensor”) shall be handled based on the following Terms and Conditions:
As a policy of how Licensor handles payments to Brokers, Licensor shall pay the Broker for a successfully executed Office Service Agreement provided that (i) Licensor receives written confirmation directly from the Client or Prospective Client confirming that Broker represents Client or Prospective Client, and (ii) Broker is a licensed Real Estate Agent in the state of Texas and has maintained such license during the time Client or Prospective Client has interacted with Licensor, and (iii) Client or Prospective Client has provided Licensor with all necessary rental and deposits due under the Office Service Agreement, then, Licensor shall agree to pay the Broker a seven percent (7%) brokerage fee on the gross rental of the Initial Term of the Office Service Agreement.
“Initial Term” shall mean the Term as described under the Office Service Agreement that has been executed by and between Licensor and Client or Prospective Client excluding renewal periods. “Initial Term” shall not mean any renewals granted under the agreement, modifications or concurrent agreements between Licensor and the same Client or Prospective Client which in part, or in whole, act a as a renewal, extension or expansion of offices within the Facility.
Any Referral shall be paid in accordance with Section 535.20 of the TREC rules. Under this rule, Licensor shall give an unlicensed person a nominal gift valuing the maximum of $50.00 provided that, (i) Licensor receives written confirmation directly from the Client or Prospective Client confirming that the Referrer did in fact refer Client or Prospective Client to Licensor, and (ii) Client or Prospective Client has executed an Office Service Agreement and provided Licensor with all necessary rental and deposits due under the Office Service Agreement.
Any Brokers and Referrals understand and acknowledge that Licensor is under no obligation to provide any additional compensation or payment under any agreement issued by Licensor to any Client or Prospective Client than the items otherwise described herein and made a part hereof.
Brokerage Fees and Referral Fees shall be paid within thirty (30) days from the date the Client or Prospective Client occupies the premises and has paid to Licensor all deposits, fees and charges which are due under the agreement.