COMPENSATION AGREEMENT
BIRCH FINANCIAL, INC., a California Corporation whose registered office is
0000 X. Xxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, XX 00000 hereafter referred to as
THE COMPANY, and First Mutual Mortgage, 00000 Xxxxxxxx Xxxx., Xxxxx 000,
Xxxxxx Xxxxxxxxx, XX 00000, hereafter referred to as FMM, in consideration of
the mutual promises made herein, agree as follows:
TERM OF AGREEMENT
This agreement may be terminated by either party upon 30 days written notice.
EXCLUSIVE ENDORSEMENT
The Company through its affiliations with the California Landscape Contractors
Association (CLCA) and the Nevada Landscape Association (NLA), will provide
access and an exclusive endorsement, so long as this agreement remains in
effect, to its membership clientele. The membership list remains the
exclusive property of Golden Oak Cooperative Corporation.
SERVICES TO BE PROVIDED
FMM will arrange pre-qualification and financing in the form of construction
loans, equity credit lines, refinances and purchases, other than business
lines of credit and equipment financing, for its membership and their clients.
COMPENSATION
FMM will pay the Company a referral fee upon the successful finding of each
loan as follows:
1.0% origination fee on all 2nd trust deed transactions.
1.5% origination fee on all 2nd trust deed/sub-prime credit
transactions.
10 basis points of the loan amount on all 1st trust deed purchase and
refinance transactions.
REPORTS
FMM will provide the Company a pipeline report of transactions in process and
a funding report of loans closed each month. A referral check will be paid to
the Company by the 10th of the following month.
/s/ Xxxxx X. Xxxx E.V.P. 3/7/02 /s/ Xxxxxx Xxxxxx President/CFO 3/6/02
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Xxxxx X. Xxxx Title Date Xxxxxx Xxxxxx Title Date
First Mutual Birch Financial,
Mortgage Inc.
