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Agreement For Collection Of Contract Payments
AGREEMENT FOR COLLECTION OF REAL PROPERTY CONTRACT PAYMENTS
On [date of agreement], an agreement was made between [Name of principal], of [address of principal] and [Name of agent], the undersigned, of [address of agent].
In recognizing the covenants within this agreement, [Name of principal], of [address of principal], called principal, and [Name of agent], of [address of agent], called agent, agree to the following: [Text of agreement].
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 the month to submit proceeds] 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 [Number of days for notice of termination] 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 of agreement].
[Signatures