1. Payment at closing. The Broker fee shall be disclosed on the settlement statement (HUD-1 or Closing Disclosure) and paid to the Broker from closing proceeds. The Client authorizes the closing agent to disburse the fee directly to the Broker.
2. Earned fee. The fee is deemed fully earned when a lender introduced or procured by the Broker funds a loan to the Client or to any affiliate, successor, assignee or related entity of the Client secured by the subject property.
3. Non-circumvention. For a period of twenty-four (24) months from the date of this agreement, the Client shall not, directly or indirectly, circumvent the Broker by transacting with any lender, capital source or funding partner introduced by the Broker without payment of the fee set forth herein.
4. No guarantee of funding. The Broker is not a lender and does not commit to fund any loan. All financing is subject to lender underwriting, appraisal, title and final approval. Nothing in this agreement constitutes a loan commitment.
5. Third-party costs. The Client is responsible for all third-party costs, including appraisal, title, escrow, insurance, inspection and recording fees, whether or not the loan closes.
6. Accuracy of information. The Client represents that all information and documentation provided to the Broker is true, accurate and complete, and shall promptly notify the Broker of any material change.
7. Confidentiality. Each party shall keep confidential all non-public information disclosed by the other in connection with the proposed financing, except as required by law or as necessary to place the loan.
8. Term and termination. This agreement remains in effect until the loan closes or until terminated by either party upon written notice. Sections 2, 3 and 7 survive termination.
9. Governing law. This agreement is governed by the laws of the State of Wyoming, without regard to its conflict of law provisions.
10. Entire agreement. This agreement constitutes the entire understanding between the parties regarding its subject matter and supersedes all prior discussions. It may be amended only in a writing signed by both parties. An electronic signature has the same force and effect as an original.
