Document:

Exhibit 10.12

 

CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. (*****) INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

 

AMENDMENT TO SERVICES AGREEMENT

 

This Amendment to the Services Agreement (this “Amendment”) is being entered into on this 30th day of March, 2007, by and between Morris, Schneider & Prior, L.L.C., a Georgia limited liability company (“MSP”), and MR Default Services, LLC, a Delaware limited liability company (“MR Default”).  MSP and MR Default are sometimes referred to herein collectively as the “Parties”.  Capitalized terms used herein but not otherwise defined shall have the meaning set forth in the Services Agreement (as defined below).

 

WHEREAS, MR Default and MSP are parties to that certain Services Agreement, dated as of February 9, 2007 (the “Services Agreement”);

 

WHEREAS, MR Default and MSP are also parties to that certain Letter Agreement dated as of February 8, 2007, as amended by that certain amendment thereto dated March 8, 2007 (as amended, the “SC Letter Agreement”), which, among other things, required MR Default and MSP to conduct analysis to confirm that MR Default’s provision of Support Services under the Services Agreement in the State of South Carolina complies with all laws, rules and regulations applicable to MSP in its performance of Legal Services;

 

WHEREAS, the Parties have completed the analysis required by the SC Letter Agreement and now wish to amend the Services Agreement as set forth herein;

 

WHEREAS, this Amendment is the SC Amendment contemplated by the SC Letter Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and the respective agreements hereinafter set forth, and intending to be legally bound hereby, the Parties agree as follows:

 

1.             The Pricing Grid attached to the Services Agreement shall be deleted in its entirety and replaced with the Pricing Grid attached hereto as Exhibit A:

 

2.             The following language is inserted into the Services Agreement as a new Section 8.13:

 

“8.13.      Publishing Fee. MSP will endeavor in good faith to charge clients of MSP a publishing fee of $20 per file and shall present such fee as a standard fee to new clients of MSP from and after the date hereof, and, with respect to South Carolina only, from and after April 2, 2007.  Additionally, MSP shall, in the ordinary course, invoice clients of MSP for such publishing fee.  To the extent that a client of MSP elects not to pay such publishing fee, MSP shall not be required to pay Service Provider for such publishing fee notwithstanding any provision of this Services Agreement to the contrary.”

 

3.             As of April 2, 2007, the four (4) employees of MSP set forth on Exhibit B attached hereto, who, pursuant to the SC Letter Agreement, remained employees of MSP during the Interim Period (as defined in the SC Letter Agreement), shall be offered employment with MR Default pursuant to the terms of the Contribution Agreement.

 

 

4.             As of April 2, 2007, the SC Letter Agreement shall terminate and be of no further force and effect and the Parties shall have no further obligations to each other thereunder.  From and after April 2, 2007, the relationship of the Parties with regard to the provision by MR Default of Support Services to MSP for foreclosure cases and matters in the State of South Carolina shall be governed exclusively by the Services Agreement, as amended by this Amendment.

 

5.             Except as expressly set forth in this Amendment, all other terms and conditions of the Services Agreement shall remain in full force and effect as contemplated by the Services Agreement.

 

6.             This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be a single agreement.

 

[Signature Page to Follow]

 

* ---* ---*---*

 

 

IN WITNESS WHEREOF, this Amendment to the Service Agreement is entered into as of the date first written above.

 

	     
    	    Morris, Schneider &   Prior L.L.C.
    
	     
    	     
    
	     
    	     
    
	     
    	    By:
    	    /s/Joel Freedman 
    
	     
    	    Name: Joel Freedman   
    
	     
    	    Title: Partner
    
	     
    	     
    
	     
    	     
    
	     
    	    MR Default Services LLC
    
	     
    	     
    
	     
    	     
    
	     
    	    By:
    	    /s/Jennifer Dorris
    
	     
    	    Name: Jennifer   Dorris
    
	     
    	    Title: CFO
    

 

[Signature Page to Amendment to MSP Services Agreement]

 

 

Exhibit A

 

Pricing Grid

 

 

Services
Agreement

 

	
   

  	
   

  	
   

  	
   

  	
  GA

  	
   

  	
  GA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  TH

  	
   

  	
   

  	
   

  
	
  Bankruptcy

  	
   

  	
  AL

  	
   

  	
  Atlanta

  	
   

  	
  Non-AB

  	
   

  	
  R&S

  	
   

  	
  NC

  	
   

  	
  BC

  	
   

  	
  [Illegible]

  	
   

  	
  Non-Hush

  	
   

  	
  VA

  	
   

  
	
  MR Processing Outsourcing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chapter 7

  	
   

  	
  (*****)

  	
   

  	
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  Chapter 7 Other Services

  	
   

  	
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  Chapter 13 POC

  	
   

  	
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  Chapter 13 MFR

  	
   

  	
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  Chapter 13 Motion to Reimpose Stay

  	
   

  	
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  Chapter 13 Motion to Validate FR
  Sale

  	
   

  	
  (*****)

  	
   

  	
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  Chapter 13 Default Letter

  	
   

  	
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  Chapter 13 Default Motion

  	
   

  	
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  Chapter 13 OTC

  	
   

  	
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  Chapter 13 Other Services

  	
   

  	
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  Chapter 11

  	
   

  	
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  Chapter 12

  	
   

  	
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  (*****)

  	
   

  

 

	
  Foreclosure

  	
   

  	
  AL

  	
   

  	
  GA

  	
   

  	
  MS

  	
   

  	
  NC

  	
   

  	
  SC

  	
   

  	
  TN

  	
   

  	
  VA

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MR Processing Outsourcing Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Amend Notice of Hearing

  	
   

  	
  (*****)

  	
   

  	
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  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Breach Letter

  	
   

  	
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  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Continuance Fee

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
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  Draft Documents

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
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  (*****)

  	
   

  	
  (*****)

  	
   

  	
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  Final Title Opinion

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
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  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Foreclosure

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
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  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title Claim

  	
   

  	
  (*****)

  	
   

  	
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  (*****)

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Forebearance Agreement

  	
   

  	
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  File Review

  	
   

  	
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  Miscellaneous

  	
   

  	
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  (*****)

  	
   

  	
  (*****)

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Postponement Fee

  	
   

  	
  (*****)

  	
   

  	
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  (*****)

  	
   

  	
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  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mobile Home

  	
   

  	
  (*****)

  	
   

  	
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  MR Processing Other Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FC Owner’s Title Fee to MRP

  	
   

  	
   

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FC Excess Proceeds Processing Fee

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FC Sales Commission/Trustee Fees-NC

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2nd Mortgage [Illegible] and Monitoring

  	
   

  	
   

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mobile Home Title curative

  	
   

  	
   

  	
   

  	
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  Eviction

  	
   

  	
  AL

  	
   

  	
  GA

  	
   

  	
  MS

  	
   

  	
  NC

  	
   

  	
  SC

  	
   

  	
  TN

  	
   

  	
  VA

  	
   

  	
  MO

  	
   

  	
  WV

  	
   

  
	
  MR Processing Outsourcing Fee

  	
   

  	
  (*****)

  	
   

  	
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  Eviction Outsourcing

  	
   

  	
   

  	
   

  	
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Statewide Records

 

	
   

  	
  Pass-through HUD expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Real estate closing warehousing

  	
   

  	
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  Shipping of completed warehouse packages

  	
   

  	
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  Other

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Rush Deed Recording

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Storage Containers

  	
   

  	
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  New box pickup - per box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Postage fees

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Retrieval

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Same day or rush - per box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Same day or rush - per file

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Next day - per box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Next day - per file

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Trips

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Next day - per trip

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Same day - per trip

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Rush within 3 hours - per trip

  	
   

  	
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  Emergency - per trip

  	
   

  	
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  Daily bank run

  	
   

  	
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  Refile

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per box

  	
   

  	
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  Per file

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per interfile

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Destruction

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Non Certified - stored in Statewide
  Records Center -

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Certified - stored in Statewide Records
  Center - per 1

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Certified - picked up at Client’s
  office - per box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Secure paper destruction (per bag)

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Permanent Removal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Modification of Data

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per [ILLEGIBLE]

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Search

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per file

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [ILLEGIBLE] or Packing - Labor
  only

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [ILLEGIBLE] Labor

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Regular time (8:00 am-5:00 pm. Mon-Fri)
  - per hour

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  All other time - per hour

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fax Copy and Scanning -
  Retrieval & Refile fees apply

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scanning - per page or side

  	
   

  	
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  Fax transmission - per page or side

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Copy - per page or side

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Storage

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per cubic foot

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Check box - all sizes

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Letter Legal box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Letter Transfile Box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Legal Transfile Box

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Drawing Bag - All sizes

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																		

 

(*****)

 

Statewide
Tax Service - a (*****) bad debt allowance will be included on each summary
will for these services

 

	
  Document Retrieval

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bkcy check

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DMV Title investigation

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Certified Document Request

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mobile Tex Search

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tax Request

  	
   

  	
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  Tax Lien Payoff

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Statewide
Title Service - a (*****) bad debt allowance will be included on each summary
will for these services

 

	
  FC Title not Freddie Mac

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Full

  	
   

  	
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  Limited

  	
   

  	
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  Update

  	
   

  	
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  FC Title Freddie Mac

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Full

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Update

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

Statewide Publishing - a (*****)
bad debt allowance will be included on each summary will for these services

 

	
  Ad
  Cost

  	
   

  	
  (*****)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

General Payment terms for
outsourced services

 

Unless otherwise
specified, payment for outsourced services due within (*****) days of invoice
date.

 

 

Exhibit B

 

Sbervon Hogsett

Catherine Davis

Latoya Hill

Lisa DanielExhibit 10.13

 

CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. (*****) INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

 

Execution Version

 

Morris, Schneider and Prior
 1587 Northeast Expressway
 Atlanta, Georgia 30329

 

February 8, 2007

 

Ladies and Gentlemen:

 

This agreement is made in connection with the Contribution Agreement, dated as of February 2, 2007, between Morris, Schneider & Prior L.L.C. (“MSP”), MR Default Services LLC (“MRDS”) and MR Processing Holding Corp., and the transactions related thereto (the “Transactions”) whereby MSP will contribute to MRDS its Business (as defined in the Contribution Agreement).  All capitalized terms used but not otherwise defined herein shall have the meaning for purposes of this letter as such terms have in the Contribution Agreement.

 

1.             (a)           The parties acknowledge that the structuring of the provision of Support Services (as defined in the Services Agreement) to MSP for foreclosure cases and matters in the State of South Carolina (the “SC Structure”) requires additional analysis to ensure that the provision of Support Services complies with all laws, rules and regulations applicable to MSP in its performance of Legal Services (as defined in the Services Agreement) and/or MRDS in its performance and delivery of the Support Services (as defined in the Services Agreement).  The parties acknowledge that such further structuring and analysis shall occur as soon as possible following Closing, and the parties agree (i) to direct their counsel to begin further analyzing the SC Structure as soon as practicable following Closing, and (ii) to use commercially reasonable efforts to finalize and execute a written amendment (the “SC Amendment”) to the Services Agreement outlining the SC Structure and the pricing related thereto within thirty (30) days from the Closing Date.  The parties agree that the aggregate fee charged by MRDS to MSP for all of the Support Services under the SC Structure shall be (*****), which is based on the parties’ current understanding of the steps and processes constituting each of the various Support Services performed in South Carolina for foreclosure cases. The parties further agree that Exhibit A reflects the parties’ current understanding as to the Legal Services required to be performed in South Carolina for foreclosure cases.  To the extent that the South Carolina ethics counsel of the respective parties advises the parties that the Support Services in the SC Structure as currently contemplated by the parties or the Legal Services set forth on Exhibit A require modification in order to comply with applicable South Carolina ethics laws, rules and regulations, then the parties agree to determine in good faith an appropriate revision to the (*****) aggregate fee for Support Services..

 

(b)           Notwithstanding any provision of the Services Agreement to the contrary, for the period between Closing and the date of execution of the SC Amendment (the “Interim Period”), MSP shall continue to provide legal and non-legal services to its clients for foreclosure cases and matters in the State of South Carolina, and shall not be required to engage MRDS for the provision of any Support Services with respect thereto.  In addition, during the Interim Period, (i) the restrictive covenants set forth in Sections 4.03(b) and (c) of the Contribution Agreement shall not apply to MSP engaging in the Business in respect of foreclosure cases in the State of South Carolina, and (ii) the restrictive covenants set forth in Sections 1 and 2 of each of the Noncompete Agreements for Thomas E. Prior, Arthur J. Morris, Randolph H. Schneider, Larry W. Johnson and Joel A. Freedman, respectively, shall not apply to such member, directly or

 

 

indirectly, engaging in the provision of non-legal foreclosure services in the State of South Carolina.

 

(c)           Each party acknowledges that three (3) employees of MSP set forth on Exhibit B attached hereto shall remain employees of MSP during the Interim Period, and that immediately following the Interim Period such employees shall be offered employment with MRDS pursuant to the terms of the Contribution Agreement.

 

2.             The parties further acknowledge that MSP will endeavor in good faith to charge MSP’s clients a publishing fee of $20 per file and shall present such fee as a standard fee to new clients on a going-forward basis.  Additionally, MSP shall in the ordinary course invoice its current clients for such fee.  To the extent that a client elects not to pay such publishing fee, MSP shall not be - required to pay MRDS for such publishing fee notwithstanding any provision of the Services Agreement to the contrary.

 

3.             This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be a single agreement.

 

[Signatures on Following Page]

 

 

IN WITNESS WHEREFORE, this Agreement is entered into as of the date first written above.

 

	     
    	    Morris,   Schneider & Prior L.L.C.
    
	     
    	     
    
	     
    	     
    
	     
    	    By:
    	    /s/Thomas   E. Prior
    
	     
    	    Name: Thomas   E. Prior
    
	     
    	    Title: Member/Manager
    
	     
    	     
    
	     
    	     
    
	     
    	    MR   Default Services LLC
    
	     
    	     
    
	     
    	     
    
	     
    	    By:
    	    /s/Daniel   D. Phelan
    
	     
    	    Name: Daniel   D. Phelan
    
	     
    	    Title: CEO
    
	     
    	     
    
	     
    	     
    
	     
    	    MR   Processing Holding Corp.
    
	     
    	     
    
	     
    	     
    
	     
    	    By:
    	    /s/Daniel   D. Phelan
    
	     
    	    Name: Daniel   D. Phelan
    
	     
    	    Title: CEO
    

 

[Signature page to MSP Side Letter Agreement regarding SC and Statewide Fees]

 

 

EXHIBIT A

 

Legal Processes to be performed by MSP in connection with foreclosure cases in South Carolina:

 

Resolution of legal issues relating to foreclosure package - title issues

Review of mortgage

Review of demand letters

Review of Lis pendens

Review of Compliant and Summons

Service of summons and complaint

Review and filing of Default and Order Of Reference

Review of Answer and Consent Order of Reference

Review of Notice of Hearing

Review of Hearing Documents

Review of Publication of Notice of Sale

Review of Bid

Review of Foreclosure Deed

Resolution of legal issues relating to foreclosure sale/final judgment

Communication with clients regarding legal issues

Appearance at Judgment Hearing and Receipt of Notice Directing Sale

Appearance at Foreclosure Sale

 

 

EXHIBIT B

 

EMPLOYEES

 

Shervon Hogsett

Catherine Davis

Larry Cartwright

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]