Service Agreement Between TimeShareLoans.com and National Mortgage Lending, Inc.
Between
XxxxXxxxxXxxxx.xxx and National Mortgage Lending, Inc.
Effective
as of February 1, 2006 (the “Effective Date”) National Mortgage Lending, Inc.
(NMLI) agrees to assist XxxxXxxxxXxxxx.xxx (TSL) in resolving any serious
delinquency or default on a time share loan originated by TSL. NMLI also
agrees
to assist Liberty Bank in resolving any serious delinquency or default on
a
timeshare loan originated by TSL and assigned to Liberty Bank.
NMLI
will
contact the borrower and assist the borrower in refinancing any property
owned
by the borrower. The services will include arranging for the appraisal, title
report, establishing escrow, processing and preparing the loan file for
underwriting and creating a demand for the cure of the timeshare delinquency
or
default.
NMLI
shall derive a direct and substantial benefit for the performance of such
services on behalf of TSL and Liberty Bank (as applicable), including without
limitation, the collection of fees for such services from each borrower to
whom
NMLI provides refinancing assistance.
The
initial term (the “Initial Term”) of this Agreement shall be five (5) years from
the Effective Date. Thereafter the term shall be automatically renewed for
successive one year periods (each a “Renewal Term”) unless either party provides
written notice to the other party of its intention not to renew this Agreement
not less than thirty (30) days before the expiration of the then current
term.
In the event that either party elects not to renew this Agreement pursuant
hereto, this Agreement shall expire at the end of the Initial Term or the
then
current Renewal Term.
This
agreement is assignable to Liberty Bank, its successors and/or assigns. This
Agreement shall not be amended, modified or terminated without Liberty Bank’s
prior written consent.
IN
WITNESS WHEREOF, the undersigned have executed and delivered this Agreement
effective as of the date first set forth above.
| By: XxxxXxxxxXxxxx.xxx, Inc |
By:
National
Mortgage Lending, Inc.
|
||
| /s/ Xxxxxxx X Xxxx | /s/ Xxxx X. Xxxxxxxx | ||
|
Xxxxxxx X Xxxx |
Xxxx X. Xxxxxxxx |
||
|
Executive Vice President
February 1, 2006
|
President
February 1,
2006
|
