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BROKER
FEE AGREEMENT
This form is to be completed and signed to by both parties
for each loan originated, so we have no misunderstandings at
closing. This form will be passed along to the closing attorney or
title company if broker is to be paid from that side.
This
agreement entered into this ______day of ______________20____ by and
between____________________________________ as the lead broker and
Magnolia Financial Consultants (MFC).
Whereas; lead broker has obtained certain information
pertaining to the origination of a mortgage which lead broker has
released to (MFC) in the form of and Executive Summary or other
documents up to this point. Based on supplied information as of
today, an offer has been made and accepted subject to further
investigation and due diligence by lender supplied through MFC.
Whereas; lead broker is responsible for paying commissions
due to any other broker or third party that my have referred this
mortgage proposal to him-her. Lead broker will hold harmless MFC for
any commission due to any other parties that MFC has not been made
aware of.
Now therefore, for and in consideration of this agreement by
MFC to pay lead broker an amount of
__________________________________________percent of the final loan
amount at the time of closing. Said fee shall be deemed earned, due,
and payable at closing and in no other event.
This agreement only applies to the pending loan for
_______________________ borrower on the project known as or located
at ____________________________.
MFC will not be responsible for withholding any
federal-state, income tax from lead brokers commission. Lead broker
will receive this under a 1099 contract labor basis with a year-end
statement mailed to all applicable taxing authorities.
MFC agrees to in no way attempt to circumvent lead broker to
avoid paying any or all of the above described broker fees due
him-her.
This agreement shall be governed by the laws of the state of
Mississippi. Any controversy or claim arising out of or related to this
agreement or the breach thereof, and which is not settled between
the signatures themselves, shall be settled first by arbitration in
accordance with the rules of the American Arbitration Association,
with hearings to take place in Alabama at a mutually agreed time and
place. Any judgment rendered by the Arbitrators may be entered in
any court having jurisdiction thereof including the award to the
aggrieved signatories, and/or their designees, such award being
related to the remuneration received as a result of business
conducted with the parties covered by this agreement, plus all court
costs, attorney fees, and other charges and damages deemed fair by
the Arbitrator(s).
When fully executed by all parties, a facsimile thereof shall
serve in every respect as an original.
Magnolia Financial Consultants
______________________________
Michael Raybourn, President
______________________________
Date: |
______________________
Company
Name
_________________________
Print Name and title after signing above
________________________________
Date: |
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