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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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4940.sam
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1993-08-01
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72 lines
MORTGAGE BROKERAGE AGREEMENT
Fealty Realty, Inc., referred to as BROKER, and the estate of
Marvin Himmel, referred to as CLIENT, agree:
Client is desirous of obtaining a mortgage loan on the following
terms:
Loan to be secured by the following described real property: see
attached exhibit 1
Minimum amount of loan: $ 65,000 ( sixty five thousand & no/100
dollars)
Maximum amount of loan: $ 65,000 ( one hundred thousand & no/100
dollars)
Maximum interest rate as an APR under regulation Z: 8%
Repayment terms: 120 months 8% interest no more than 2 points
Personal guarantees: None
Other terms: None
BROKER shall act as the exclusive broker for CLIENT in obtaining
the mortgage described above for a period of 30 days from the date
of execution of this agreement.
Upon obtaining a loan conforming to the specifications set forth,
BROKER shall be entitled to a commission of 10% of the the
principal amount of the loan of the loan.
During the term of this agreement, CLIENT agrees that it will:
keep the property insured for a minimum amount of $ 115,000.00 (
one hundred fifteen thousand & no/100 dollars);
to keep the premises in good repair;
to inform the BROKER immediately of any change in rent rolls (if
the premises are rented);
to provide all reasonable cooperation requested by BROKER.
CLIENT agrees to provide upon BROKER's request:
financial statements or information regarding CLIENT and any
co-signors proposed;
bona fide loan processing fees requested by entities seeking to
provide loans to CLIENT, not exceeding $ 115,000.00 ( one hundred
fifteen thousand & no/100 dollars) without the prior permission of
the CLIENT.
BROKER shall give reasonable and regular status reports to CLIENT
regarding all relevant developments during the period of this
agreement to CLIENT.
BROKER and CLIENT shall mutually non-disclose any information
provided by one another and shall take all reasonable steps to
non-disclose the information provided to one another.
Dated: _______________________________
____________________________________________________
Fealty Realty, Inc.
___________________________________________________
the estate of Marvin Himmel