I Agree I HAVE READ AND AGREE TO THE SERVICE AGREEMENT
SERVICE AGREEMENT: I. You,Your Firm,and/or Title Company ("Client") hereby agree(s) to the following: A. Final Trac will act as Client's authorized agent to perform Client's release tracking obligations. 1. For each release for which Client requests tracking services, Client shall deliver to Final Trac: a. copies of: (i) the mortgagee's payoff statement; (ii) the payoff transmittal letter to the mortgagee containing accurate recording information for the encumbrance to be released and/or copy of title commitment ("transmittal"); (iii) the check payable to the mortgagee in payment of the mortgage loan ("payoff check"); and (iv) overnight courier tracking information for payoff; b. original Borrower/Seller Authorization signed by borrower/seller (if applicable.); c. a check payable to Final Trac in an amount equal to the total of: (i) for tracking services, $35 for each release; and (ii) for recording fees, as required by statute for the state in which the property is located, per release. If the fee to record any release exceeds the above recording amounts or if Final Trac incurs any additional recording or recording-related fees (e.g., certified copies, etc.), Client shall reimburse to Final Trac such additional fees upon Client's receipt of an invoice from Final Trac. 2. Final Trac makes no warranties or representations, express or implied, nor shall Final Trac have any liability whatsoever, with respect to: a. the payoff statement, transmittal or payoff check, including, without limitation, the accuracy of any thereof; the calculation of the amount necessary to satisfy the mortgage loan; the timely delivery of the payoff check to the mortgagee; the mortgagee's failure to receive the payoff check; the mortgagee's failure to deliver a correct release in form suitable for recording in the State in which the property is located; or fraud, forgery, willful misconduct or negligence on the part the mortgagor, mortgagee, Client or any party to the closing or their respective counsel; or b. usury or any consumer credit protection or truth-in-lending law or regulation. 3. Limited to the functions of Final Trac as a release tracking service provider, as well as the above referenced limitations, Final Trac agrees to assume any and all Client liability pursuant to statute for its failure to obtain and record a release or acceptable statutory affidavit within any period promulgated by statute. Additionally, Final Trac shall indemnify and hold harmless Client against any loss stemming from Final Trac's function as a release tracking provider, subject to the same limitations referenced above. Lastly, Client may waive in writing before a loss, all rights of recovery against any person. If not waived, Final Trac may require an assignment of rights of recovery for a loss to the extent that payment is made by Final Trac. If an assignment is sought, Client must sign and deliver all related papers and cooperate with Final Trac. Subrogation does not apply to any limitations of liability referenced above. 4. If a state in which the release tracking services are to be performed has a statute providing for liability for the party responsible for recording the release, Final Trac shall assume no liability, not hold harmless and indemnify, and not provide subrogation if the Client fails to forward the following within ten business days of receipt: a. an original release sent for recording; b. an original recorded release; c. a copy of a release that has been sent for recording by the mortgagee; d. recording information for a recorded release; e. any correspondence indicating that the payoff funds were insufficient to payoff the note and mortgage. B. Client agrees to permit Final Trac to pursue actions against mortgagees that are in violation of any state statute governing the time and manner in which a release must be delivered and/or recorded. This includes, but is not limited to reimbursement for any costs expended by Final Trac in its attempt to comply with its release tracking obligations. C. Final Trac agrees to provide "Indemnification Letters" for any file which it has accepted responsibility for, subject to the limitations above. Said indemnification letters shall not include any assumption of liability with regard to the proper payoff of the note and mortgage at issue. D. In addition to standard release tracking services, Final Trac provides a service known as "Curative Tracking." Curative Tracking is when a document is missing in the "chain of title" of a property, thereby creating a cloud on title. In order to clear this title defect, the missing document(s) needs to be obtained and recorded. 1. The Client agrees to provide Final Trac with as much information/documentation as possible in order to assist Final Trac in its undertaking of clearing the title defect. 2. The fee for this service is $250 per document to be obtained. In addition, the Client agrees to be responsible for any additional costs or fees attributable to the file. Examples of such costs and fees include but are not limited to: recording fees, overnight courier service costs, notary services fees, various mortgagee fees, attorney's fees, etc; Final Trac will contact the Client and obtain prior approval before assuming any such costs or fees on behalf of the Client. 3. Final Trac will not assume any liability, or indemnify and hold the Client harmless with regard to any "curative tracking" file. Both parties acknowledge that any applicable liability has already attached prior to the file being opened by Final Trac, and therefore, shall not be assumed by Final Trac. E. Either party may terminate this Agreement with 30 days notice to the other party for any reason or no reason. Either party may terminate this Agreement immediately for cause. "Cause" shall have the meaning, "willful misconduct or material breach." A material breach shall include, without limitation, (a) Client's failure to pay any sum to Final Trac when due and payable; and (b) a RESPA or truth-in-lending violation on the part of Client; and (c) Final Trac's failure to perform its duties above, in a timely manner according to the customs and practice in the area. Upon termination, Final Trac shall promptly return to Client all documents and recording fees in Final Trac's possession and repay to Client fees for tracking services as to which Final Trac has not performed any services. F. This Agreement shall be interpreted and enforced under the laws of the United States and the State of Connecticut; the location of Final Trac's principal place of business and where the release tracking services shall be performed; without regard, however, to the conflicts laws of such state. If any term or provision of this Agreement is to any extent or for any reason held invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be valid and enforceable to the fullest extent permitted by law, subject to such reasonable modification as may be necessitated by such invalidity, illegality or unenforceability. * Applicable to Massachusetts Release Tracking Only Due to the potential liability being assumed by Final Trac with regard to M.G.L. Ch.183, §55, and the possibility that documentation and/or information will be sent to the Client directly, the Client agrees that if it receives any of the following, from whatever source, for a file in which Final Trac is performing the release tracking, that Client will provide said documentation and/or information to Final Trac within 15 calendar days of receipt. Said documentation and/or information shall include but not be limited to: any original mortgage/lien discharge prior to or after recording; any copy of mortgage/lien discharge prior to or after recording; and any recording information for a mortgage/lien discharge. If the Client fails to provide the above referenced information / documentation within the time frame provided, Final Trac shall not accept any liability, or indemnify and hold harmless the Client for the subject file.