Common use of WHEN PAYABLE Clause in Contracts

WHEN PAYABLE. A commission shall be earned and payable under any of the following conditions: (a) If the LISTING BROKER or cooperating broker produces a buyer/tenant ready, willing and able to purchase/lease/exchange the PROPERTY on such terms and conditions acceptable to the OWNER; (b) If through the LISTING BROKER's or cooperating broker's efforts a buyer/tenant and the OWNER reach an agreement upon all the essential terms of a transaction; (c) If the PROPERTY is sold/leased/exchanged or transferred during the term of this AGREEMENT whether or not the sale/lease/exchange or transfer is a result of the LISTING BROKER's efforts and even if the PROPERTY is sold/leased/exchanged or transferred as a result of the efforts of the OWNER or any other broker or agent not acting under this AGREEMENT; (d) If the LISTING BROKER or cooperating broker is the procuring cause of a transaction. If within days after the expiration or termination of the Agreement, OWNER accepts a purchase/lease/exchange offer on the PROPERTY from any person to whom the PROPERTY has been shown during the term of this Agreement, OWNER will pay LISTING BROKER the aforementioned commission/fee as if LISTING BROKER had made the sale/lease/exchange provided the PROPERTY goes to closing. The preceding sentence shall not apply if OWNER in good faith enters into a valid listing agreement for the PROPERTY with another New York State licensed real estate broker after the expiration or termination of this AGREEMENT.