VRG Corp. v. GKN Realty Corp.

VRG Corporation (VRG), the exclusive broker for the Heather Croft Square shopping center, successfully leased substantially all of the shopping-center space to commercial tenants, earning a $663,934 commission representing six percent of gross rents for the initial terms of the various leases. Golden Reef Corporation (Golden Reef), the shopping center’s owner, insisted on a commission-payment agreement that, except for a $250,000 advance, restricted VRG’s compensation to six percent of each monthly rental payment, commencing after the $250,000 advance had been “earned,” the monthly commission…