Adams

This is an appeal by the defendant, Williams Resorts, Inc., a California corporation, from a judgment in favor of the plaintiffs, John H. Adams and Irene B. Adams.

The action is based on a written contract entitled “Agreement of Exclusive Agency and Sublease, ’ ’ dated January 6, 1954, between the plaintiffs, licensed real estate brokers, and the defendant, engaged in the business of subleasing lots as home sites, which lots are carved out of a tract of land around Bass Lake held by defendant under long-term leases from Pacific Gas and Electric Company.

The agreement, in material part, provides that plaintiffs shall have the exclusive right to negotiate the subleasing of lots in the area on a 10 per cent commission basis for a term of five years commencing as of January 1, 1954, and terminating December 31, 1958. It is then agreed that the defendant may, at its option, terminate the agreement in the event plaintiffs fail to negotiate and complete at least 10 subleases per year on the subdivided lots.

The contract further contains a provision of sublease of certain land for an office site for plaintiffs to assist them in carrying out their performance under the contract, at an…