Equity Experts Contract 2020
This Agreement, effective , by and between EQUITYEXPERTS.ORG, MIDWEST LLC, [hereafter “Collection Agent”] located at 6632 Telegraph Rd #339, Bloomfield Hills, MI 48301 and [hereafter “Association”].
Association is owed assessments, together with other fees and costs, which may be secured by their interest in the Unit. Association and Collection Agent agree that for any unit address referred to collection, Collection Agent will attempt to collect all amounts due and all amounts that become due, including the fees and cost incurred to collect on any account until the full balance is paid, pursuant to the following terms and conditions:
Confidentiality: Both parties agree to treat all information provided by each other as strictly confidential and shall not disclose proprietary information to any third party.
Succession: This Agreement is binding on and inures to the benefit of the parties and their respective successors and assigns.
Integration: This Agreement constitutes the entire agreement between the parties and supersedes any prior oral or written representation(s) and agreement(s), if any.
Termination & Damages: (1) Either party may terminate this agreement for any reason; (2) except as indicated in the other sections above in this agreement, a termination is permitted only upon 30 days prior written notice by either party, which terminates and release the parties with no further obligation to each other, except Association’s Obligation to pay all fees and costs owed to Collection Agent. Collection agent may require direct notification of termination from the a board contact to ensure they are aware of consequences of termination, as outlined in this section. (3) If either party commences legal action against the other pursuant to this Agreement, the action will constitute a termination and each party shall be solely responsible for their own legal fees and court costs incurred in such an action, regardless of whether any party is considered to be a prevailing party. Neither Association nor Collection Agent will be entitled to an award of its attorney's fees and other costs against the other, notwithstanding any contrary agreement or authorization of law, which are waived.
Severability: If any provision of this Agreement is deemed invalid or unenforceable, such provision shall not affect or make this agreement unenforceable and shall be interpreted as valid to the extent permitted by law.
Governing Law: This Agreement shall be construed in accordance with, and be governed by, the laws of the state in which Association is located.
IN WITNESS, WHEREOF the parties have executed this agreement.
EQUITYEXPERTS.ORG CALIFORNIA, LLC ASSOCIATION:
By: Michael Novak, By:
President Board Member
AUTHORIZATION OF COLLECTION FEES AND COSTS
Association authorizes Equity Experts to charge the fee(s) listed in Schedule A and Schedule B, below, together with all costs advanced or incurred by Equity Experts to Association who will add these amounts to the account of the delinquent Unit and to the Unit Owner(s). Interest may accrue on all unpaid fees below, up to the maximum statutory rate.
STANDARD EQUITY EXPERTS COLLECTIONS FEES
*Interest may be charged on any unpaid fees and cost, up to the maximum rate authorized by law as a cost of collection. This is separate and distinct from any interest charged on Association assessments, pursuant to their governing documents, to the delinquent owner account, which Equity Experts may collect for Association, pursuant to their authorization.
Set-up & Compliance Package
$270.00, or 30% of principal balance
at referral, whichever is greater.
Pre – Lien Notification
Prepare Certificate of Lien, Draft to Unit Owner and Record the Lien.
$395.00 + actual costs
Prepare Release of Lien, Draft to Unit Owner and Record the Release of Lien.
$100.00 + actual costs
Property Analysis Review
Chain of Title Verification
Stage 1 Outreach and Skip Tracing
Stage 2-4 Outreach
$100.00 per stage
Enforcement Evaluation and Analysis
Varies by installments: $0 - $100
Varies: $1,500.00-$4,500.00 (Est.)
Post Foreclosure Set-Up / Compliance
Post Foreclosure Lien Preparation, Recording and Release
Post Foreclosure Account Payoff Statement
Post Foreclosure Monitoring and Outreach
Bankruptcy: Chapter 13 Plan Review and Monitoring (fee charged 2x annually)
Bankruptcy: Prepare & File Proofs of Claim
Bankruptcy: Notice of Payment Change
Bankruptcy: Response to Notice of Final Cure
$100.00 + attorney fees
FEES CHARGED BY EQUITY EXPERTS DURING LEGAL ACTION, OR BY OUR ATTORNEY PARTNERS FOR LEGAL ACTION
Pre-Legal Audit, Referral and Authorization
$500.00 + all direct costs
Tenant Rent Interference Letter
Utility Suspension Letter(s)
Utility Suspension Servicing
$350.00 + direct costs
In my capacity as the of
Association hereby appoints EQUITYEXPERTS.ORG MIDWEST, LLC, through its Officers and Managers, to be the duly authorized Collections Agent of the Association and to act as its Attorney in fact (herein titled "my attorney"), being the true and lawful agent and attorney of the Association in any action taken by them on behalf of the Association.
EQUITYEXPERTS.ORG MIDWEST, LLC is authorized to collect the Delinquent Association Assessments, interest, late fees, costs of collection, attorney’s fees and costs, and any other debts relating to any Delinquent Unit Owners Association Assessment files forwarded to Collection Agent and to take any lawful action, whatsoever, which the Association might take in regard thereto, including drafting and recording liens against property within the Association, contacting debtors having delinquent Association Assessments, filing claims with any Court, collecting such accounts, selecting and retaining legal representation for the Association in any action to collect a debt or to enforce any lien, and managing, directing and communicating with such legal representatives, alone or in cooperation with the Association.
This power of attorney shall be governed by the laws of the state where Association is located and shall be effective from and after the date of execution hereof.
Reproductions of this executed original (with reproduced signatures and the certificate of acknowledgment) shall be deemed to be original counterparts of this limited power of attorney.
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Document Name: Equity Experts Contract 2020
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