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HomeMy WebLinkAboutbocc.con.059.1978 N. i�.1{�;� ' . a .r� , �v s ,,� q:. � . . ... � ' � .,.. . .. �-.�,. _ .�... . . . . . . ... SZ .: � ' . .. � .. . .'. . •_ ." . - . . . . . ... . .. . �F''. . � N; . ��. �.r , s �x�+. .;.y,� . . 's • �I � % � � '� AGRE�MENT -t ���7�� t� � " THIS AGREEMENT, made and entered into this?� day of �������� ' i 197 �, between the PITKIN COUNTY HOUSING AUTHORITY, A Colorado s — jCorporation, organized pursuant to the Colorado County Housing -'� Authorit•y �aw, C.R.S. 1473, Section 29-4-501, et. seq., (herein- r after called "Authority"). Party of the First Part, and CENTRAL t BANK OF DENVER, a banking corporation, organized and existing , � i � under the laws oE the State of Colorado, having its nlace of ;: 1 � business in the City of Denver. Colorado, (hereinafter called the I. ,: � y "Servicer"), Party of the Second Part. >' � � 6I I T N E S S E T H� � � THAT WHEREAS the Authority is the owner of the Midland Park � Condominium Pro7ect located in the City of Aspen, Pitkin County, �f Colorado, and will be selling the individual condominium nnits � � and taking back a purchase money mortgage for the financing of these units and desires to have an independent contractor service and administer the purchase money mortgage for the dura- tion of their term, and �dHEREAS; the Servicer, as a part of its commercial banking �- operation, is engaged in the business of servicing mortgage 2oans, NOW, THEREFORE, in consideration of the promises and mutual ; covenants and agreements hereinafter contained, and for other good and valuable considerations, the parties hereto agree as * follows: EIRST: The Authority assur.ies full responsibility for the � legality, completeness and enforceability o£ all loan documents, � SECOND: The Servicer agrees that it will, from the date of � i transfer of servicing, of any mortgage to it by the Authority, � f a` diligently attempt to collect all payr.�ents due by the terms of � such mortgage as they become due. All such sums so collected � shall be deposited in a special account or accounts, properly ; ; designated, and the Servicer shall remit to the Authority once � � each month, on or before the 20th day of the month, that part � of the moneys so collected by it as is allocable to interest and principal payments on account of the mortgages in question, _ , � '� i ,,.j°�m� .,;�; ..;,;�+ t Ttr, ` �5�''��1:� rd _ p+- --i`�.=1 _ . _ . _ .. .. ..._�.. . . . . .. .. . �J��'�. , t ;i ;fi.:.. ( �;. � t.i. . .. t '�::,,. �`�n: and such remittances shall be accompanied by itemized statements showing the amounts received on each loan and the a2location thereof. � THIRD: The Servicer will deliver to the Authority with each mortgage being serviced the Certificate of Hazard Insurance showing type of coverage acceptable to Authority which may be in an amount equal to the full insurable value of the mortgage premises, or shall, in all cases, be in an a[nount equal at least to the unpaid amount of the mortgage indebtedness, wfiichever is less. The original policy will be purchased by the Homeowners Association but the Servicer shall obtain individual certificates of insurance � which reflect the interest of the Authority as mortgagee. As such �� policies of insurance expire, the Servicer will use its best ; I efforts to obtain evidence of a renewal of said insurance, through ! the Homeowners Association. The Servicer will extend its best efforts in an attempt to collect any loss arising under any policies ;� of insurance covering any of such mortgages premises. The Servicer ; is authorized to adjust loss claims and to endorse loss drafts of � $1,000.00 or less, as agent for the Authority. • ( FOUI2TH: The Servicer shall keep complete and accurate j � account of and properly apply all sums paid to it by any mortgagor + for taxes, assessments, premiums accrui.ng on policies of fire and � windstorm insurance, and mortgage insurance premiums. Such sums shall be held by the Servicer and deposited, at "0" interest, in a special account. The Servicer will see that such sums are I disbursed for the purpose intended. The Servicer shall not be � � � x bound to make payetent of any of such items unless the moneys are 1 in haad for such purposes. In the event any mortgagor fails to � make payment to the Servicer of the moneys necessary to pay taxes, � assessments, fire or windstorm insurance premiums, or mortgage � insurance premiums, or any of them, the Servicer agrees to notify the Authority of such fact within thirty (30) days after any such defau2t and upon receipt of the necessary fur.ds from the Authority, j 1 the Servicer will, thereupon, pay such items. None of these �� provisions will relieve the Servicez of the duty to exercise R dilligence in seeing to the collection and payment of the items . in question. :i - 2 - ?axn>'��. :-.: :.�`;d+:�':,4t�:i I ..___.. .._ .__° ..�..Wr rrr� .__._. . �f � ' , +;...,..,�..�. � . Yll`�� ' �a _ . > __ . ._ ., . _ . . . . . _. . . - �.r��rif� ' ���:.. •''! � • +.i£;�'�,. FIFTH: The Servicer agrees to render to the Authority at such `? 3 b times that the Authority may in writing request the same, a complete accounting of the application of the funds received and disbursed by it in accordance with the provisions contained herein. SIXTH: The Servicer agrees that a representative o£ the Authority may at any time during ordinary business hours examine all books and records relating to any loan or loans serviced by the Servicer for the account of the Authority. SEVENTH: Said Servicer further agrees that in case of flefault I ` under any mortgage, when directed in writing by said Authority so to do, to supervise the institution, through its attorney, or � such other attorney as may be designated by said Authority, II ii foreclosure proceedings or proceed to acquire the property by other means� according to the laws of the State of Colorado governing foreclosure of mortgages and said Authority shall deliver to said Servicer the notes, mortgages, and other docu- ments necessary to the proper prosectuion of such proceedings and shall pay to the said Servicer all proper costs and expenses incurred by it in such proceedings, including a reasonable fee charged by its attorney, if said Servicer's attorney is retained. In the event of rental and/or management of properties prior to disposition, the Servicer will be allowed to retain 58 of gross rentals." EIGH?'H: The S�ervicer shall service said mortgages continuously from the date hereof until the principal and interest of the mortgages are paid in full, or until said mortgages are discharged by fore- closure or otherwise. The Servicer further agrees that, at the request of the Authority, �. 1J12,�y' I the Servicer Wi�i service such other loans as the Authority may acquire from other sources upon the same terms and conditions. I The Authority shall have the right to terminate this agreement i at any time, without cause, on 60 davs erritten notice to the i Servicer whereupon the rights to compensation hereunder shall f immediately terminate, subject to adjustments as follows: The � I Servicer shall forthwith deliver to the Authority a statement ' , showing monthly payments collected and a statement of all monies i held in trust by it for the payment of maintenance and other charges - 3 - .„�,.�ix1-_ I , tS �.tr�'� - . . . „£� ''=dv=i:<�;"��: ,� , :r'�% `::_-;, ;i> - __. .. . . .. . '=�e+2i�: • ' - ��;.';_� .-t and shall immediately pay over to the Authority all monies so held, '.�`� �S provided, however, that in the event of such cancellation by the � Authority without cause the Authority shall pay to the Servicer � a sum which is equal to i8 of the aggregate outstanding principal amount of mortgages being serviced hrerunder at the time of cancellation. Adjustment of the compensation provided for in this agreement will be made to the date of cancellation. This agreement shall inure to the benefit of and be binding upon the parties hereto and their resoective successors and assigns. The Servicer wi.11 not assign its interest under this - � contract except with the written consent of the Authority first had and obtained. This contract may be assigned by the Authority ? without consent of the Servicer, but no such assignment shall be considered or construed as an assignment of the servicing rights of the Servicer thereunder. NINTH: With respect to each lnan which shall be serviced by the Servicer, the Servicer shall be paid, for the servicing thereof, a sum "paid" by the Authority to the "Servicer" to be agreed upon at the time of each transfer, said amounts to be deducted from monthly payments as herein mentioned, not to exceed one quarter a£ one percent (1/4�) per annum of the unpaid principal balance of the individual unit purchaser's unpaid principal balance, to be deducted from the interest thereon � as collected, The Servicer shall also retain any "late charges" collected in accordance with the provisions of the notes in question. a • fihe Servicer will be also entitled to a fee for processing . any conveyance approved by the Authority. Such fee will not exceed fees allowed by FHA for similar transactions. TENTH: In the event of the insolvency of the Servicer or of � its failure to account for funds coming into its hands as the � servicing agent hereunder, or of its failure to perform any i duties a reed b it to be i q Y performed hereun8er� then, in any of said events, but not otherwise, the Authority shall have the right � s i . upon ten (10) days written notice to the Servicer to take over i � and perform the duties which the Servicer agrees to perform under j � 4 - o.•j,`x{'gs�" i � t iS, ,x�.,,�+z'•,i:F' _ . S���. - � ' . �'+ . � . ... . ... _. ._. .. ._. ...... . , I. � ' , • .�:I!,. ' � � the provisions of this agreement. Zn such event, the right of �'� the Servicer to retain the compensation and "late charges" as provided hrerunder shall be terminated. In the event of consolidation, reoraanization or merger of the Servicer, the company resulting from such consolidation, reorganization or merger shall succeed to the rights and.duties df,s.aid.3ervicer hereunder and shall continue to enjoy the benefits of and perform the provisions o£ this instrument. ELEVENTH: In the event of termination, the Servicer shall fuznish an accounting of and remit all sums held or subsequently � � , received in connection with loans serviced for the Authority or affected by said termination, other than fees received for servicing which the Servicer is entitled to retain as compensa- tion under the provisions herein. Upon receipt by the Authority of a final and complete accounting and of such funds held by the Servicer, the Servicer shall be relieved of all duties and obligations imposed upon the Servicer by this agreement as to ' loans covered by the termination. The Servicer agrees to deliver , to the Authority a12 papers, documents and other information that may be required and available in its files pertaining to the loans affected by the ternlinatioa. � ° IN WITNESS FdHEREOF, the parties and first and second parts f have caused this agreement to be signed and attested by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed on the day and year first above written. �'��� BY:--����'�Q������� Y ``;`�'�.^1:.-,'/I,,•i+�`��r: f i ATT�''�k..,. ;fi . I Vy�Tr( � � � � . `I f f ��yt��<-�' k !' y �Y �ry. . i =,�n�.��,,� �-�.t1,, � � .�. , E� <- � �, . �j� /�/Q�' �r>, t.: n�"/ "'" CENTRAL BANK OF DENVER � j �� ?', l ;._��,r_.�� A Sanking Corporation ' " 1 - !'.;�+; sY: �I��CU��� � ATTE T: CI,� G�i�' �� % 1' . ,i f,- �;�c5% ./L� - s - _;:�,,�,_,.;°�. ,-fi:::�',i%::: �r.: . � . . ryt�s4{ ` _ � �j:,'4I..'�?^..�d . . �. �.{.�:fy.'!.:..4 . . �.�,�.. e��... . : "__—... . _ .. : . : . �,y(yt,��l� _. •_..... . �'^�N,J .�' . . .� ? �t�: !:'. and shall immediately pay over to the Authority all monies so held, `' ��F�` i provided, however, that in the event of such cancellation by the � _ Authority without cause the Authority shall pay to the Servicer a sum which is equal to 1$ of the aggregate outstanding principal amount of mortgages being serviced hrerunder at the time of cancellation. Adjustment of the compensation provided for in this agreement will be made to the date of cancellation. This agreement shall inure to the benefit of and be binding upon the parties hereto and their resnective successors and assigns. The Servicer will not assign its interest under this - contract except with the written consent of the Authority first � had and obtained. This contract may be assigned by the Authority ; without consent of the Servicer, but no such assignment shall be considered or construed as an assignment of the servicing rights of the Servicer thereunder. NINTH: With respect to each laan whicli shall be serviced by the Servicer, the Servicer shall be paid, for the servicing thereof, a sum "paid" by the Authority to the "Servicer" to be agreed upon at the time of each transfer, said amounts to be deducted from monthly payments as herein mentioned, not to exceed one quarter of one percent (1/4�) per annum of the unpaid principal balance of the individual unit purchaser's unpaid principal balance, to be deducted from the interest thereon , � as collected, The Servicer shall also retain any "late charges" collected in accordance with the provisions of the notes in question. ; • The Servicer will be also entitled to a fee for processing . any conveyance approved by the Authority. Such fee will not exceed fees allowed by FHA for similar transactions. TENTH: In the event of the insolvency of the Servicer or of its failure to account for funds coming into its hands as the � servicing agent hereunder, or of its failure to perform any 1 duties agreed by it to be performed hereunder� then, in any of � , said events, but not otherwise, the Authority shall have the right ; i upon ten (10) days written notice to the Servicer to take over i and perform the duties which the4Servicer agrees to perform under i - 4 - !�:i: ., o„.,"�g:�`,=^ '��. ` . .. _.,.._._�__,�_.m...m.__. � ___._ .. �- `" ���.�'+�y _ .�('4i -�u:�5?.F_ . .RnYrSd'{l�'?��?,,'s''� . . - ...•+T;#�...( . � �.•. ,. . ... . ... ,. .__.. ... ....._ .. . , �..,�'. .• '�. the provisfons of this agreement. In such event, the right of '� the Servicer to retain the compensation and "late charges" as provided hrerunder shall be terminated. In the event of cottsolidation, reoraanization or merger of the Servicer, the company resulting from such consolidation, reorganization or mezqer sha1Z succeed to the rights and.duties dE,s.asd�&esvicer hereunder and shall continue to enjoy the benefits of and perform the provisions of this instrument. ELEVENTA: In the event of termination, the Servicer shall furnish an accounting of and remit all sums held or subsequently � ) received in connection with loans serviced for the Authority or affected by said terr.eination, other than fees received for servicing which f.he Servicer is entitied to retain as compensa- tion under the provisions herein. Upon receipt by the Authority of a final and complete accounting and of such funds held by the Servicer, the Servicer sha11 be relieved of all duties and obligations imposed upon the Servicer by this agreement as to ' Zoans covered by the terminatian. The Servicer agrees to deliver to the Authosity all papers, documents and other information that may be required and available in its files pertaining to the loans a£fected by the terriinatioa. IN L4ITNESS WHEREOF, the parties and first and second parts I have caused this agreement to be signed and attested by their respective officers thereunto duly authorized and their respective corporate seals fo be hereunto affixed on the day and year first above written. � {i BY:__����i,lf'��/L`� fC./ •���. �.1�� � . + , y \,� A`a,�-, �,r�r� �'' . ( �'" � '1Klt. r . ATT��'/� . .t � . �'�,-! Y ..iJ�„�Jx.: � �`�',` ��`:� r � i► r;f�; „�`� "�;�����. � F`��,J, LE�(rnty ��/'' � � . "' CENTRAL BANK OF DENVER I `'�`:;?�'�`� A Banking Corporation ? ' ''• � i.: i j BY: 7l��cu�,-� � ATTE T: �I,,� G�i 0�1i// ./� j / % .I l:cc:% �IL•� - 5 - iy'�k` �:fi"�`:;�v: