March 1, 2018 Abel Pomar President and Chief Executive Officer Evangelical Christian Credit Union
Xxxx Xxxxx
President and Chief Executive Officer
Evangelical Christian Credit Union
000 X. Xxxxxxxx Xxxxxxx
Xxxx, XX 00000
RE: Addendum to Master Services Agreement dated April 1, 2016
Dear Xxxx,
The purpose of this letter is to formalize agreed upon changes of the aforementioned Master Services Agreement between Evangelical Christian Credit Union and Ministry Partners Investment Company, originally executed on April 1, 2016.
As consideration “for the performance of the Services set forth in Exhibit 1, Credit Union (ECCU) shall continue to pay the Company (MPIC) the amount of four thousand five hundred dollars ($4,500) per month to be invoiced to Credit Union by Company at the end of each month in which the services are performed. In addition, Credit Union shall pay to the Company the reasonable and necessary travel, marketing and business development costs associated with performing the Services provided, however, that any travel costs exceeding $1,000 shall require prior approval of the credit union.” In addition, the above referenced “Exhibit 1”, item 2, is amended as follows: “Company (MPIC) will visit each of the 21 ECCU specified churches/members in the 12 months following the execution of this agreement.
Furthermore, the Company will pay the Credit Union a 0.50% basis point referral fee on all loans successfully closed and funded that were formally referred to the Company by Credit Union personnel. Conversely, the Credit Union will pay the Company a 0.50% basis point referral fee on all loans successfully closed and funded that were formally referred to the Credit Union by Company personnel. In both cases, the referral fee will be paid within 15 days of the closing date of the loan. Formal referrals will be reported on a monthly basis for monitoring, with actual production results reported upon each quarter.
By signing below, both Evangelical Christian Credit Union and Ministry Partners Investment Company hereby agree to the terms outlined in the Addendum to the Master Services Agreement dated April 1, 2016.
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/s/Xxxxxx Xxxxxx Xxxxxx Xxxxxx President and Chief Executive Officer Ministry Partners Investment Company |
/s/Xxxx Xxxxx Xxxx Xxxxx President & Chief Executive Officer Evangelical Christian Credit Union |
000 X. Xxxxxxxx Xxx Xxxxx 000, Xxxx, XX 00000
Tel: (000) 000-0000 | Fax: (000) 000-000-0000
Email:xxxx@xxxxxxxxxxxxxxxx.xxx
Toll Free Nationwide (000) 000-0000
