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Terms_of_Service_Agreement.142122007

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Terms_of_Service_Agreement.142122007 Powered By Docstoc
					                                                            Terms of Service Agreement
Use of the services provided by Right Trac, LLC constitute your and your agent’s and employee’s agreement to these terms of service.
By using our (hereinafter “Our” or “Right Trac”) services you (hereinafter “You” or “Settlement Agent”) hereby represent and warrant that You are
a settlement agent and have agreed upon the specific terms and conditions of service.
You agree to provide Right Trac the following title and payoff information for each real estate loan payoff (“payoff”) for which You order Our lien
release tracking service. Right Trac is not required to provide any lien release tracking service until Right Trac receives full payment for each lien
release and the following required information:
          Settlement Agent’s name and address
          Settlement Agent’s employee contact information
          Settlement Agent’s file or escrow number
          Property address and/or legal description encumbered by the lien
          City or County Clerk’s instrument record identifier (Deed Book, Page, Instrument Number, etc.) for the recorded lien to be tracked
          Original Lender’s full name
          Date of the recorded lien
          Full name of Trustee
          Amount of original lien
          Obligor’s/Grantor’s name
          Name, address and loan number of Lender currently holding lien Note being paid off
          Date and instrument record identifier for any applicable assignments of lien
          Exact payoff amount disbursed by Settlement Agent
          Disbursement date
          Procedure used for disbursement (e.g. check number, wire transfer no., overnight tracking no.)
Settlement agent agrees to provide accurate and complete information requested by Right Trac to facilitate fast and accurate lien release tracking
procedures.
Settlement Agent agrees to present to the Obligor(s) Our Borrower/Seller Authorization for execution and return same to Right Trac. Settlement
Agent acknowledges that Right Trac is acting as an independent Designee/Assignee/Subrogee of the Obligor(s) under the subject notes and Deeds
of Trust or Mortgages. Nothing herein contained shall create an Employer/Employee relationship between the parties.
Settlement Agent shall pay all costs for the recording of any instrument of payoff release, Deed of Release or Certificate of Satisfaction obtained by
or through Right Trac.
Settlement Agent agrees to forward any fully executed releases received, recorded or unrecorded, from lender to Right Trac.
Settlement Agent agrees to comply with any statutory release documents or procedures.
Right Trac and Settlement Agent mutually agree not to disclose the content of any documents related to Right Trac’s services or Settlement Agent’s
escrow files to any third parties except as required to obtain lien release(s) or to enforce the rights of Borrowers/Obligors and Sellers and Right Trac
as Assignee of Obligors in a court of law.
Our fees are subject to change without notice.
The parties agree that our fee imposed by Right Trac for lien release tracking services will automatically increase in the event any governmental
authority imposes a charge on Right Trac in connection with Right Trac’s rendering or Our services.
INDEMNIFICATION:
INDEMNITY: You hereby agree to indemnify, defend and hold Right Trac harmless from and against any damages to You or Your agents, clients, or
employees due to Your actions or omissions under this Agreement, including, but not limited to, failure to properly payoff the complete obligation
on behalf of the obligors, providing incorrect or incomplete title and/or payoff information or Your negligence in the use of Our services.
LIMITATION OF LIABILITY: To the maximum extent permitted by applicable law, in no event will Right Trac be liable to You for any compensatory,
consequential, incidental, direct, indirect, special or punitive damages, whatsoever, including, without limitation, any lost profits, lost savings,
business profits, business interruption, or any other loss, arising out of the use or inability to use Our services (collectively “Losses”). Even if a
representative of Right Trac has been advised of the possibility of such damages, and regardless of whether Losses are suffered by You or any other
third party, You agree that the foregoing represents a fair allocation of risk hereunder and is a material inducement for Right Trac to enter into this
agreement. In any jurisdiction where the exclusion of limitations on the type and/or amount of Losses does not apply, Right Trac’s liability for
Losses shall be limited to the maximum extent permitted by that jurisdiction’s applicable law.
MISCELLANEOUS: You may not assign Your rights or obligations under this agreement without the prior written consent of Right Trac. No
amendment, modification or waiver of any provision of this agreement shall be effective unless in writing and signed by duly authorized signatories
of both parties. This agreement shall be governed by and construed in accordance with the laws of the State of Mississippi without reference to its
conflicts of laws provisions. The parties expressly agree that any action arising out of or relating to this agreement shall be filed and maintained
only in the courts of the State of Mississippi. This agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and permitted assigns. In the event that any of the provisions of this agreement shall be held by a court of competent jurisdiction to be
invalid or unenforceable, the remaining portions hereof shall remain in full force and effect.

				
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