RELATIONSHIP:
The relationship of the parties to this Agreement shall be that of principal and agent, and all duties to be performed by BROKER under this Agreement shall be on behalf of OWNER, in OWNER'S name and for OWNER'S account. In taking any action under this Agreement, BROKER shall be acting only as an agent for OWNER, and nothing in this Agreement shall be construed as creating a partnership, joint venture or any other relationship between the parties or as requiring BROKER to bear any portion of losses arising out of or in connection with the ownership of the Property. BROKER shall not at any time during the period of this Agreement be considered a direct employee of the OWNER. Neither party shall have the power to bind or obligate the other except as expressly set forth in this Agreement, except that BROKER is authorized to act with such additional power as may be necessary to carry out the spirit and intent of this Agreement.

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