Terms and Conditions (Midwest)
EQUITYEXPERTS.ORG MIDWEST, LLC, And
This Agreement is effective on , between EQUITYEXPERTS.ORG MIDWEST, LLC, and [hereafter “Association”].
Association and Equity Experts agree that Equity Experts 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.
It is important to us that you understand your role in this agreement and how you will work with us. If you do adhere to the below terms, it will be considered a breach and you may be required to immediately pay all our deferred fees and costs. Please review these terms and conditions, which we have summarized under sub-headings for your convenience. Note: The sub-headings are intended for clarity. The language below the sub-headings are the legally binding terms.
We get amazing results through a limited power of attorney.
We know your lingo and will communicate directly with the board.
Our fees are part of the full balance owed to the association.
You must review our fees and process to make sure this is a good fit.
Accuracy matters, so verify your records and respond promptly to our requests.
Mistakes in your records are your problem.
Accounts are “hands off” once you send them to us.
All payments must be forwarded to our office.
If you slow us down or stop us, you need to pay us.
We only defer our fees if we are allowed to follow the path from our data science, but we offer affordable options if you want to do your own thing.
The Other Stuff – Important Standard Legal Provisions
Indemnification: Association will hold Collection Agent harmless against any obligations, damages and settlement costs arising out of any complaints or claims made by a Unit Owner, mortgagee, city, state, or federal regulatory body or agency that are based, in whole or in part, upon any actions, inaction, errors, omissions or unlawful acts taken by Association or their designated management agents, including any violation of this agreement. Collection Agent will hold Association harmless and indemnify Association for any damages that are incurred by Association that arise from a Court’s determination that Collection Agent’s collection activities were unlawful. If legal action is taken against both Collection Agent and the Association or its management agents, Collection Agent is authorized to, but is not required to, select and retain legal counsel of their choosing to represent all parties, unless Association or its Management Agent notify Collection Agent in writing of their intention to select separate counsel.
Updates: Collection Agent may, at any time, update the terms and conditions of this agreement, including, but not limited to, the fees and costs it charges, Collection Agent will notify Association of any changes to this agreement. Notification will be by any means that provide the reasonable expectation that Association, or its Management Agent, has received such notice, including but not limited to, by email, or posting the information to our website. Any changes will become effective within (30) days of the notification. If Association does not agree with any of the changes, they must notify Collection Agent within (30) days, of their intention to terminate the, and the Termination and Damages provisions will apply.
Termination and Breach: Either party may terminate this agreement upon 30 days written notice for any reason. 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 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. If either party does not abide by the terms of this agreement, the non-breaching party must notify the breaching party of the breach and allow (15) days for the opportunity to cure. If the breaching party does not cure, the agreement will be terminated, with no obligations from either party other than payment of any deferred fees currently owed to Equity Experts.
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.
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 MIDWEST, LLC ASSOCIATION:
By: Michael Novak, By:
AUTHORIZATION OF COLLECTION FEES
The service package fees listed below are the rates for actions recommend by Collection Agent and will be deferred pursuant to this agreement. Rates for legal actions were determined using Fannie Mae guidelines.
$295.00 + costs
Property Lien Release
$100.00 + costs
Legal Qualification and Referral
File Maintenance / Ongoing Outreach
Enforcement through Foreclosure
Varies: $1,500.00-$4,500.00 (Est.)
Enforcement through Lawsuit
Varies: rates to be provided per file
Payoff through Transaction (sale or refinance)
Bank Foreclosure Set-Up / Compliance
Bank Foreclosure Lien Preparation, Recording and Release
$500.00 + costs
Bank Foreclosure Account Payoff through transaction (sale or refinance)
Bank Foreclosure Property Monitoring and Inspection
Bankruptcy: Prepare & File Proofs of Claim
The alternative option fees listed below are the rates for actions not recommend by Collection Agent, or for non-standard collection actions and will be payable by the association at the time the requested action is completed. Rates for legal actions were determined using Fannie Mae guidelines and may be exclusive of costs.
$50.00 / monthly
Non-Standard Hourly Service
$200.00 / hour – (Est)
Additional Services outside of the scope of traditional collections, available at discounted up-front rates. The below are estimates, which may vary. This list is not exhaustive, and other actions not listed here may be available upon request. Rates for legal actions were determined using Fannie Mae guidelines and may be exclusive of costs.
$195.00 / annually
Bankruptcy Plan and Petition Review
$500.00 - $750.00
Bankruptcy Motion for Relief from Automatic Stay
$750.00 - $1000.00
Bankruptcy Objection to Final Cure
$500.00 - $750.00
$175.00 - $375.00
DURABLE LIMITED SPECIAL POWER OF ATTORNEY
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: Terms and Conditions (Midwest)
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