This will confirm the agreement entered into this ____________ day of __________, 20____
By and between______________________________________________________________________________ hereinafter referred to as "APPLICANT" ("SELLER") and ________________________________________________ hereinafter referred to as "BROKER", wherein BROKER, for a fee, has agreed to assist APPLICANT in Purchase/Payment in full of the following described Mortgage, Trust Deed or Contract.
____________________________________________________________________________________________
As secured by:___________________________________________________________________________________
____________________________________________________________________________________________
NOW, THEREFORE, it is agreed as follows:
A)
APPLICANT agrees to accept: $_______________
Less Broker's fee of: $_______________
Less closing costs of approximately: $_______________
Net to APPLICANT: $_______________
B) APPLICANT agrees that BROKER shall be granted the _____exclusive _____non-exclusive right for a period of __________________,(______)% days to arrange the Purchase of the Note for the amount specified above.
C) In consideration of services rendered, APPLICANT agrees to pay BROKER a fee equal to $__________________________,(________)% of the gross amount of the Purchase price. APPLICANT agrees this agreement shall be a demand against proceeds generated out of a Purchase arranged by BROKER, and APPLICANT shall execute any and all documents necessary to effect said demand.
Said fee shall be paid as follows:
1. In full at the time said loan is closed by the Lender, Closing Agent, or Escrow Agent, and this agreement is instruction to said lender, Closing Agent, or Escrow Agent to pat the fee from the proceeds of the Purchase directly to Broker without further instruction from APPLICANT.
2. If the loan is not closed due to refusal or failure on the part of APPLICANT to go forward, the fee is immediately due and payable in full.
D) In the event it becomes necessary to file a lawsuit to enforce any provision of this agreement, the prevailing party shall receive reasonable attorney fees and all costs of collection.
E) This agreement shall be governed by the laws of the State of ___________________________________
F) This agreement shall not be binding or become effective until and unless accepted by Broker at BROKER'S home office at _______________________________________________.
TIME IS OF THE ESSENCE and this agreement shall be binding on the APPLICANT, HIS/HER heirs, personal representatives, or assignees.
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