CONTRACT FOR SERVICES THIS AGREEMENT (“Agreement”) is entered into this __________________ day of ______________________, 2004, by and between Cornerstone Mortgage LLC the “Company”, a Kansas Limited Liability Company and _______________________________________________________________________, an __individual __Corporation __Partnership __LLC __State Bank __National Bank residing at ______________________________________________________________________________________________________________________________________________ (“Contractor”).

RECITALS: In consideration of the mutual covenants herein contained, the parties agree as follows:

(1) Product Sales

    (a) Products that Contractor is authorized to promote and sell the following on behalf of Company:

        1. Any Fannie Mae or Freddie Mac quality real estate loan/mortgages in all 50 states. Any other loans require special permission.

        2. Commercial Loans of a loan value of $500K or greater.

        3.

    (b) Customers that Contractors is authorized to solicit the following customers:

        1. Any borrower that is of Fannie Mae/Freddie Mac quality. or credit scores of average 620 or more and to complete and collect any and all documents required to complete a standard application for a mortgage (a first lien) loan. Applications for a 2nd mortgage will be considered on a proprietary basis.

    (a) Contractor must do the following;

        1. Make initial contact with applicant.

        2. Complete a mortgage loan application as stated above or direct a borrower to the web site for a web application. Contractor must notify company of the web application to get credit for same.

        3. Help with locking the appropriate interest rate for borrower. Contractor cannot guarantee interests rates to borrower. A rate lock is not a lock until a confirmation is received in writing from Lender, investor or 2 secondary market buyer.

        4. If application is take that it is complete and with all supporting document that maybe be require for any Freddie Mac/Fannie Mae loan, underwriting, investor and Lender.

        5. Monitoring and assisting when required for the processing, underwriting and closing of loan.

    (c) Contractor shall receive and accept proposals for products only as permitted within the classes and lines of business listed in Section 1(a) within the limits fixed by Company and in accordance with specific directions of the Company. Contractor shall assist in the creation and presentation of all proposals to its client in behalf of and in concert with the Company. Customers shall be considered clients of Company.

(2) Compensation. As sole compensation for Contractor’s services, Company shall pay Contractor a commission according to the following for all 50 states of the United States: Compensation amount will be paid as per the following schedule for 1-4 family Investor and owner occupied FNMA/FHLMC/Investor loans only, no other compensation is implied for the same:  FNMA/FHLMC ONLY Contractor pay in basis points; Take Application 20.  Refer to Web 15. Compensation for any other type of loan will be determined on a case-by-case basis

(3) Confidential Information. The Company may provide Contractor with customer records, computer equipment, and necessary forms, all of which are and shall remain the property of the Company. All materials, documents, and information provided by the Company to Contractor are confidential information of the Company, and shall not be disclosed at any time during the term, or following termination hereof, to anyone other that a duly authorized representative of the Company, and shall be used only in the performance of Contractor’s duties hereunder. Immediately upon termination or expiration of this Agreement, Contractor, at his own expense, shall return in good condition, allowing for normal depletion, depreciation, wear, and tear, to the Company headquarters in Wichita, Kansas, all of such property and all copies thereof in the possession of Contractor. We follow the Privacy Act.

(4) State and Federal requirements. Contractor is required to follow all state (in the state of origination) and federal laws for loan applications and origination’s. Additionally, bear the expense for any losses incurred by Company due to any negligence or the failure to comply with all laws for the same.

(5) All Contractors will provide this signed contract and if required by the state they reside in a copy of the current state license and if a bank a copy of state and/or federal charter. Note: Company will reserve the right execute do-diligence on any contractor including but not limited to credit, criminal, state, federal and personal background checks.

(6) Authority. Contractor shall have no authority to collect money due the Company, or to accept services of summons or process, or to exercise any authority for or on behalf of the Company in connection with the loan applications.

(7)Territory. The Contractor is limited to the 50 states of the United States.

(8) Termination.

    (a) Either party may terminate this Agreement at any time, with or without cause, by Delivering written notification of termination to the other party at that party’s last address of record.

    (b) In the event of termination or expiration of this Agreement, Contractor hereby authorizes Company to withhold from Commissions due Contractor all monies which are due and payable to Company by Contractor.

    (c) In the event of termination or expiration of this Agreement, (I) Contractor shall not thereafter solicit Customers and no commission will be earned or paid on orders taken by Contractor after the date of such termination or expiration; (ii) no commission will be earned or paid on orders, which are incomplete or subject to countermand on the date of such termination or expiration; and (iii) final settlement with Contractor will be made on or about ninety (90) days following termination or expiration of this Agreement.

(9) Term. The term of this Agreement shall commence on the date hereof and end on ______________________________________, 20____. unless earlier terminated as specified in Section 7. This Agreement shall automatically renew annually, unless either party determines not to renew and gives at least ten (10) days’ prior notice thereof to the other party.

(10) Part-Time Efforts. Nothing in this Agreement shall impose upon Contractor the obligation of accepting applications on a full-time basis. All applications shall remain the property of Company; nothing in this Agreement shall prohibit the Company or other Contractors from soliciting Customers in the Territories during the term of, or subsequent to the termination of, this Agreement.

(11) Limitation. Contractor’s authority is strictly limited to the terms of this Agreement. Contractor shall have no authority to act for or make any commitment on behalf of the Company, except as set forth herein. Contractor agrees that he will not represent himself directly or indirectly as possessing any such authority except as expressly conferred herein, and then only to the extent defined and limited. Contractor shall have no authority to employ any person on behalf of the Company

(12) Representations and Warranties. Contractor agrees that he represents and warrants that each loan application that is taken or loan file originated by the contractor is true and accurate as required by law, CMLLC, purchasing lender, Fannie Mae or Freddie Mac and that the contractor has not made, taken or offered any false or misleading information. The contractor additionally will hold CMLLC harmless for any legal action taken against the company or a loan buy back required by the company because of any false, inaccurate or misleading information on a application taken or loan originated. The contractor will at the request of the company provide any additional information or document that is necessary for the processing, underwriting, closing, after the close quality control, or fraud determination.  Representations and warranties will out live this contract for any loan referred or originated by contractor.

(13) Trademarks and Patents. Contractor is granted no right in the use trademarks, patents, or other proprietary business information. Whatever use Contractor makes thereof shall be for the sole benefit of the Company. Should Contractor acquire any claim or right to any trademark used to identify the Company, Contractor shall, upon the Company written request, assign to the Company without consideration all of his right, title, and interest in such trademark, together with the goodwill of the business symbolized by such trademark. Upon termination of this Agreement of any reason, Contractor shall immediately cease any and all use of the Company’s name and trademark, and will thereafter refrain form using any other name or trademark confusingly similar thereto.

(14) Expenses. Contractor shall be responsible for all personal expenses related to his performance hereunder and shall not be reimbursed by the Company for any such expenses.

(15) Indemnification. Contractor shall indemnify, defend, and hold harmless the Company and its shareholders, officers, directors, agents, and employees from and against any and all claims or damages directly or indirectly arising out of, resulting from, or related to any breach of the terms of this Agreement by Contractor. Indemnification will out live this contract for any loan that was referred or originated by contractor.

(16) No Compete. Contractor will not attempt to do business with any lender, investor or bank that we have contracted to originate mortgage (real estate) loans on a national basis and for two years after said contract. This will include the following lenders, investors or institutions: Generations Bank

(17) Arbitration. At any time company and contractor are unable to resolve a controversy arising under this agreement, with the exception of a demand to buy back of mortgage because of fraud, then such controversy shall be submitted to binding arbitration. Arbitration with be conducted by JAMS.

(18) Miscellaneous. This Agreement supersedes all previous agreements between the parties hereto. It is understood and agreed that no suit nor action shall be brought against the Company for a claim of a breach of this Agreement, unless a complete statement of such claim is submitted to the Company within sixty (60) days after such claim or cause of action arises. Final acceptance of this Agreement shall be make by the Company at its office in Wichita, Kansas. All causes of action with respect hereto shall be governed by applicable Kansas law, and all action against the Company shall be instituted in Sedgwick County, Kansas. Only the Company’s General Partner/Manager has authority to sign, modify, or waive any of the provisions of this agreement or make any other agreement other than as printed herein. Neither this agreement nor any of the rights, interests, or obligations hereunder shall be assigned by Contractor.

IN WITNESSETH WHEREOF, the parties hereto have caused this written instrument to be executed in duplicate as of the day and year first above written.

Cornerstone Mortgage LLC

By_______________________________ Manager

Steve Townsend, Manager

 

CONTRACTOR

NAME: _____________________________________

By: _________________________________________

Printed name: _____________________________________

Title: ____________________________

 

 

Fax to: 316-315-0219 or email to cornerstone-mortgage-1.com, send original in mail.