AGREEMENT FOR COLLECTION OF REAL PROPERTY CONTRACT PAYMENTS
In recognizing the covenants within this agreement,
____________________________, of ______________________________________________
(Address), called principal, and __________________, of
_________________________________________ (Address), called agent, agree to the
following:
PART I.
EMPLOYMENT
The agent is given the authority by the principal to
receive any and all payments due under the terms of property agreements under
which the principal is the seller.
These contracts, and the status of each as of this date are fully
described in the Schedule of Land Contracts, which is a part of this agreement.
PART II.
RECEIPT FOR PAYMENTS; ACCOUNTING
The agent can receive and receipt any payments which
are due under the contracts. On a
regular basis, the agent must furnish reports of all receipts and disbursements
on a regular basis.
PART III.
ADDITIONAL CONTRACTS
The principal may turnover any additional contracts
to the agent for the purpose of collecting payments. Any of these additional contracts will be treated as any that are
currently in the agents possession.
When any contract is turned over to the agent, they will follow the same
terms as contained in this agreement.
PART IV.
REMITTANCE OF NET PROCEEDS
On the __________ day of each month the agent shall
submit to the principal any net proceeds received from the purchasers.
PART V.
TERMINATION
Both parties can terminate this agreement by giving
written notice __________ days prior to the effective date of the notice, and
submitting with any such notice any amount due to the other party.
In witness whereof, the parties have executed this
agreement on ______________ (Date).
____________________
Signature
