Fill and Sign the Business Broker Engagement Agreement Form Template Priori

Brokerage Agreement Regarding Negotiating Loan and Receiving Placement FeeBrokerage Agreement made on the _______________________________ (date), between ______________________________________ (Name of Mortgage Broker), a corporation organized and existing under the laws of the state of ___________________, with its principal office located at ____________________________________________ ___________________________________ (street address, city, county, state, zip code), referred to herein as _____________________________________ Broker, and _____________________________________ (Name of Borrower) of _______________ ________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Client. For and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Exclusive Right to Negotiate Mortgage Loan Client grants to Broker the exclusive right to negotiate for Client a mortgage loan secured by property located at _______________________________________________ ___________________________________ (street address, city, county, state, zip code), said property being more particularly described as follows: (Insert Legal Description) ________________________________________________________________________________________________________________________________________________________________________________________________________________________ 2. Amount of Mortgage Loan The above-stated mortgage loan is to be in the amount of $_____________and is to bear interest not to exceed the rate of ______% per annum and amortized over a period not to exceed ______ (number) years. 3. Earned Placement Fee A. Client agrees to accept a loan in the above-stated amount and does now deliver to Broker Client's check of $_______________ as evidence of good faith. Such amount of $______________will be an earned placement fee to Broker when a commitment is issued in this amount. B. If the commitment is issued for an acceptable amount, but less than the requested amount, it is agreed that broker's fee will be ______% of the accepted amount. C. If Broker is not successful in obtaining a mortgage loan according to these conditions, the $_______________ placement fee is to be returned to Client. 4. Period of Agreement Broker is granted the exclusive right to negotiate the above-stated mortgage loan for a period of ______ (number) (e.g., weeks or months) _________________ beginning on the above-stated effective date of this agreement. 5. Finder’s Fee By the execution of this agreement, Client acknowledges that in connection with a loan commitment obtained in accordance with the terms set forth in this agreement, Broker may receive a finder's fee or other form of remuneration from the lender upon the closing of such loan and/or a fee from such lender as compensation for the servicing of such loan after closing, and client consents to any such contractual arrangement between Broker and the lender. 6. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ___________________. 7. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 8. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 9. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 10. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 11. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. WITNESS our signatures as of the day and date first above stated. ____________________________________ (Name of Broker) By: _________________________________ ________________________________ (Printed or typed name) (Printed or typed name of Client) __________________________________________________________________________ (Name and Office in Corporation)