EX-1(i) FORM S-11 INVESTORS REAL ESTATE
TRUST
SECURITY SALES AGREEMENT
THIS AGREEMENT, made this _____ day of August, 1999, between INVESTORS REAL
ESTATE TRUST, A North Dakota Business Trust, 00 Xxxxx Xxxx, Xxxxx, Xxxxx Xxxxxx
00000 (hereinafter ("IRET"), and NAME AND ADDRESS OF
BROKER, (hereinafter "BROKER").
WHEREAS, IRET intends to file a Form S-11 with the Securities and Exchange
Commission to register for sale to the public 1,000,000 shares of its shares of
Beneficial Interest; and,
WHEREAS, BROKER is a broker registered with the National Association of
Securities Dealers and is also registered in states in which said shares of
Beneficial Interest will also be registered for sale by IRET;
NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is
agreed as follows:
1. IRET hereby employs BROKER as a Broker to offer said shares of
Beneficial Interest for sale for $8.25 per share with a minimum purchase of 100
shares. BROKER agrees to use its best efforts to conduct the sales effort
necessary to market said securities subject to the terms and conditions of this
agreement. This agreement shall become effective only upon the effectiveness of
the registration of said securities by the Securities and Exchange Commission
and the applicable state Securities Commissioners and shall terminate
contemporaneously with the termination or completion of said registration.
2. IRET shall be responsible for paying all costs and expenses relating to
the registration of said securities, including the preparation, printing and
filing of the Prospectus and Registration Statements and all amendments and
exhibits, all filing and registration fees and costs, and all legal, accounting,
printing and filing fee expenses in connection therewith.
3. All solicitation expenses including travel, telephone and other expenses
incurred by BROKER and its salesmen shall be the responsibility of BROKER and
its salesmen. In the event the offering is terminated, BROKER will NOT be
reimbursed for any out-of-pocket expenses.
4. As compensation for its services hereunder, BROKER shall receive 8% of
the proceeds of all of the securities sold by it and paid for.
5. IRET represents and warrants to BROKER as follows:
- IRET is a North Dakota Business Trust duly organized and in good
standing under the laws of the State of North Dakota and duly
authorized to conduct its business in the states in which it
operates.
- The shares of Beneficial Interest described in the Prospectus
filed in connection with the above described Offering have the
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characteristics set forth in said Prospectus and IRET is
authorized to issue an unlimited number of its shares of
Beneficial Interest under its trust powers.
- The Financial Statements contained in the Prospectus and by
reference incorporated herein are true, correct and complete, and
no material, adverse changes have occurred since the issuance of
such statement.
IRET hereby indemnifies and will hold BROKER harmless from all claims, demands,
liabilities and expenses (including legal expenses) arising out of or based on
any of the representations or warranties made by IRET herein.
This agreement shall be binding upon and shall inure to the benefit of the
parties, their successors and assigns.
INVESTORS REAL ESTATE TRUST
BY /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Xxxxxx X. Xxxxx, Xx., Vice
President
BROKER
BY (NAME OF BROKER)
-----------------------------------
Its
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