This Agreement is made effective , by and between EQUITYEXPERTS.ORG, LLC, [hereafter “Collection Agent”] located at 6632 Telegraph Rd #339, Bloomfield Hills, MI 48301 and [hereafter “Association”].
Association is owed assessments, together with interest, late fees, fines, and other costs, which are secured by their interest in the Unit. Association and Collection Agent agree that Collection Agent will take action on all amounts due and all amounts that become due on any account until the full balance is paid, pursuant to the following terms and conditions:
1. ACCURACY: Association represents that it has maintained true and accurate records, ledgers and notes concerning each account. Within 30 days of signing this agreement, Association must provide collection agent a list of all unit addresses within the community, and provide access to this information periodically, as requested by Collection Agent. Association shall promptly reply to requests for verification, validation or clarification of such records and/or for additional documentation or supporting information. If for any file, Association is unable to validate any charge after request from Collection Agent for validation, Collection Agent will have the authority to settle the account without payment of any un-validated amounts, or return the file to Association as uncollectable, at which point, the Termination and Damages provisions will apply. In addition, both parties will provide monthly reports and updates to the other, including regular account status reports from Collection Agent to Association and their Managing agent.
Option (1) – US30 – Equity Experts will be compensated for their services by retaining 30% of the association assessment balance, in addition to any collection fees and costs. Association will be responsible for paying the direct costs of lawsuit, including filing and service fees.
Option (2) – US50 - Equity Experts will be compensated for their services by retaining 50% of the assessment balance, in addition to any collection fees and costs. Equity Experts will be responsible for paying direct costs of the lawsuit, including filing and service fees.
Option (3) – Termination – Association would like Equity Experts to return the unsecured file and will remit payment of the outstanding invoices within thirty (30) days.
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 elect to cease all further collection activities on any collection account and to return the account to Association or may terminate Collection Agent’s representation of Association (a termination”) for any reason; (2) except as stated in sections one (1), three (3), and eight, (8), above, a termination is permitted only upon 30 days prior written notice by either party to the other, which terminates and release the parties with no further obligation to each other with respect to the accounts returned, except Association’s obligation to pay all fees and costs owed to Collection Agent(3) If either party commences legal action against the other pursuant to this Agreement, the action will constitute a termination of the accounts involved in the legal action 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.
Further, this Agreement may be terminated by the Association for cause, without penalty, upon sixty (60) days' written notice to Collection Agent (Notice of Termination) of a breach of this agreement by Collection Agent. and said breach continues, or is not cured within sixty (60) days after receipt of written notice from the Association, specifically stating the nature of the breach and the Association’s intent to terminate this Agreement. If the breach is cured by Collection Agent, the Agreement will remain in full force and effect. For the purposes, hereof, "breach" is defined as a failure to perform a material provision of this Agreement or a habitual failure to perform provisions of this Agreement, whether material or not. A “material provision of this Agreement” is defined as charging for a task listed in Schedule A that was not performed, or a failure to respond to Association’s specific request for information within a reasonable time. For the purposes, hereof, a “habitual failure to perform” is defined as three or more documented incidences of a breach of this agreement within a 90-day period. A Collection Agent shall be deemed to have “cured” a breach of this Agreement when they do any of the following 1) acknowledge receipt of the Association’s notice of termination, 2) perform the task alleged to have not been performed, 3) provide Association with a written response to the Association’s request for information, 4) correct any inaccurate account information, and/or provide Association with a written explanation why, in its opinion, the alleged breach, default, act or omission is not a breach of this agreement. Association shall give Collection Agent prior written notice of a habitual failure and Collection Agent has sixty (60) days to cure the habitual failure, prior to the Association terminating the Agreement for cause. For the purposes, hereof, “without penalty” is defined as the Association’s right to terminate the agreement without having any obligation to pay Collection Agent any fees and costs not already recovered by Collection Agent as of the date of the termination.
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, LLC ASSOCIATION:
By: Michael Novak, By:
President Board Member
AUTHORIZATION OF EQUITY EXPERTS COLLECTION FEES
The Association hereby 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 may 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 collection balance, 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
Pre – Lien Notification
$ Included in Lien Package Below
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
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 FOR DOCUMENT PREPARATION, OR OUR ATTORNEY PARTNERS FOR LEGAL ACTION, AS APPLICABLE
Lawsuit Document Preparation
Notice of Intent to Evict/Recover Possession of Premises
$500.00 + all direct costs
Tenant Rent Interference Letter
Utility Suspension Letter(s)
Utility Suspension Servicing
$350.00 + direct costs
REDUCED COLLECTION FEES IF ENTIRE AGREEMENT IS TERMINATED WITHIN 90 DAYS OF FIRST FILE REFERRAL
Account Set -Up / Intent to Record Lien
Preparation of Lien & Draft to Unit Owner
$100.00 plus costs
Escalated Debtor Outreach
Post Outreach Lien Enforcement
Mortgage Foreclosure Files
$ Full amount of costs
Foreclosure Proceedings/Other Post-Lien action
In my capacity as the of (the “Association”),
Association hereby appoints EQUITYEXPERTS.ORG 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, 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: EquityExperts.org Contract
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