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COMMERCIAL CLIENT
AGREEMENT FOR FINANCIAL SERVICES
The Undersigned, _______________________________, (hereinafter “Client”) hereby authorizes Brett Swearingen, d/b/a Commercial Capital of Oklahoma and/or CCOFOK (hereinafter “Broker”), upon receipt of a specific referral from Client (hereinafter “Client Request”), to contact, negotiate with, receive financial information from, and/or otherwise assist any Franchisee of Client in obtaining financing for the operation of a franchise or purchase of equipment related thereto pursuant to the terms and conditions of said Client Request. Hereinafter, Client and Broker may individually or collectively be referred to as the “Party” or the “Parties.”
In exchange for the above authorization, Broker hereby agrees to pay Client a referral fee of 0.50% (hereinafter the “Referral Fee”) of the full principal amount of any financing obtained by any Franchisee with the assistance of Broker. Such Referral Fee shall be due and payable to Client upon Broker’s receipt of his compensation at the completion of funding and not at the time of closing. Per this Agreement, Broker shall pay such Referral Fee from the proceeds of the loan without further instruction from Broker. However, for SBA Loans whose fee exceeds $2,500.00, Client shall be required to complete an SBA Form 509, or such other substituting form, documenting the amount of time expended and/or hours earned on such transaction. Further, Client shall not be entitled to a Referral Fee for those loans contemplated herein which fail to close solely due to the refusal and/or failure on the part of the Franchisee after said Franchisee has already accepted loan approval from a designated bank and/or lender through the services of Broker.
This Agreement constitutes an exclusive agreement between Client and Broker with regard to brokerage services for the securing of franchise loans on behalf of Franchisees of Client, it shall endure for a term of Twenty Four (24) Months from the date of last execution listed below unless otherwise terminated, and it shall supersede any and all other such agreements from the date thereof forward. Each Party recognizes that Broker is an Independent Financial Consultant, is not authorized to make any financial commitment on behalf of any bank/lender/investor, and so there exists herein no guarantee that any loan application filed by Broker on behalf of any Franchisee will be successfully concluded or that any commitment shall issue therefrom on behalf of any bank/lender/investor. During the term of this agreement and for six (6) months thereafter, Broker agrees that he will not participate in any financing or lending transactions involving any other frozen yogurt business with a Franchisee or potential Franchisee that is referred to Broker under this Agreement as a Client Request.
Each Party herein shall maintain without waiver the right to terminate this Agreement upon delivery of written notice to the other effective immediately; at which time each Party shall resolve any and all balances owed or due between them and this Agreement shall terminate. Further, any breach of this Agreement shall cause all above-listed fees to become immediately due and payable. Finally, Broker hereby agrees to indemnify and hold harmless Client against any and all expenses, liabilities, and/or losses incurred or suffered by Client by reason of any negligent or intentional act or omission on the part of Broker that may result in damages being suffered by any Franchisee as contemplated herein.
This agreement shall not be binding or become effective until and unless accepted and signed by Client and Broker.
Client Name: _______________________________________________________________
By: Date: ______________________
Client Email: _______________________________________________
Client Address: _____________________________________________
Client: Phone Number: ________________________________________
Broker:
Brett Swearingen d/b/a
CCOFOK, div of Nexus Financial Group, Inc. / Commercial Capital Ltd.
320 South Boston Ave. Suite 2010
Tulsa, OK. 74103
Date: _____________
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