Margolis

This is an appeal from a judgment against the plaintiff in an action upon an assigned contract for the payment of broker’s commissions for the sale of real estate.

The defendant owned 312 lots in tracts 5320 and 5344 of Los Angeles. O. B. Smith was a duly licensed real estate agent. He was employed to sell these lots at specified prices.' The contract provides for the payment of broker’s commissions in the following language: “Said Smith shall receive as his sole commission that portion of the price obtained for each lot which is in excess of the list price, ... (in the following amounts and manner) : Fifty per cent (50%) of the down payment received from each purchaser of lots, and fifty per cent (50%) of each installment payment on the principal due from each purchaser, until the full commission of said Smith has been paid.” The contract authorizes the payment of purchase price of the lots as follows: “One-fourth (14) of the total price payable in cash as the down payment, and . . . the balance due under each of such sales shall be secured by a trust deed under which the principal shall be payable in equal quarterly, semi-annual or annual installments, all to mature within…