CONTRACT TO LOCATE AND RECOVERUNCLAIMED ASSETS
SERVICE FEE AGREEMENT
This Agreement (hereinafter “Agreement”) is by and between the “Client” and Gap Recovery, LLC (hereinafter “Company”) and is effective when signed by both parties.
BACKGROUND
Company is in the business of locating unclaimed assets for people, estates, and companies or other legal entities who are entitled to certain funds. These assets consist of unclaimed funds held by the government or surplus funds resulting in a property sold at public auction. Client wishes for Company to verify that funds are due to Client and for Company to then recover those funds for Client in exchange for Company receiving a portion of the monies recovered. These funds were or will be generated as a result of the sale of the property in foreclosure because your home sold for more than what you owed on your mortgage and taxes.
CLIENT AND COMPANY ARE AGREEING TO THE FOLLOWING
Client desires the Company to use its best efforts to locate any claims that the client is aware of and/or unaware of. Company will advance all costs and will not receive any reimbursement for incurred costs. Company will perform all reasonable duties necessary to obtain the funds. Company agrees to provide all forms and documents required to process the claim for the funds. Client authorizes the Company to act as their exclusive agent to process a claim for the funds. Client understands and acknowledges that any attorney retained by the Company to assist the Company in recovering the surplus funds permanently assigned/sold/transferred/conveyed to the Company. Client acknowledges and agrees that the Company is not required to challenge any claims made by anyother person or party in any circumstance, but that the Organization may do so if such a challenge is desirable in the Organization’s sole discretion. Client also acknowledges and agrees that the Company and its attorney(s) are fully empowered without limitation to negotiate agreed/unopposed orders and/or settle any and all claims made by other persons or entities without further consent from Client, and that this Agreement shall operate as written express proof of Client’s full agreement to any such agreed order or settlement. In no event shall the Company or its attorneys provide assistance to Client in attempting to cancel, vacate and/or delay the sale of the Property and/or to otherwise stop the sale of the Property. Both parties agree to cooperate promptly and fully with all reasonable requests from the other in performance of this Agreement.
COMPENSATION
Client and Company agree that payment to Company is contingent upon Company successfully recovering the funds. Client agrees that “Company” will receive a gross contingency fee based on the amount that is recovered. The agreed structure is as follows: $150,000.00 or more = 19% fee, $40,000.00 - $80,000.00 = 30% fee, $120,000.00 - $150,000.00 = 22% fee, $20,000.00 - $40,000.00 = 34% fee, $80,000.00 - $120,000.00 = 25% fee, Less than $20,000.00 = 38% fee. If no funds are recovered, for any reason other than the Client breaching this agreement, then there are absolutely no fees owed by the client. Company does not provide any legal advice or representation. In most cases Company will engage a licensed attorney to provide legal advice and/or to represent Company to assist recovering funds. Company will cover all legal costs to recover the funds.
LIABILITY
Client agrees to indemnify and hold Company harmless from all claims arising from work performed under this agreement. Client further agrees to indemnify and hold harmless any law firm(s) we hire to handle your matter. Client agrees that Company has invested time and effort in locating funds and agrees that the compensation being paid to Company is just and fair.
RIGHT TO REVIEW WITH COUNSEL
Client acknowledges that Client has had time to understand the binding nature of the terms in this agreement before signing. Client has had the opportunity to discuss the terms of this agreement by independent counsel at Clients expense. Client has read and understands all of the terms of this agreement.
SIGNATORIES
This Agreement is binding upon all heirs, successors in interest, and assigns. This Agreement may be signed by counterparts. A signed copy of this Agreement received by fax, scan, hard copy or email shall be deemed an original. Signor Represents They Have Authority to Sign this Agreement – If this Agreement is being signed on behalf of an Estate, LLC, Corporation, Trust, LP, or other non-natural entity 9jointly “Non-Natural Party”) the signatories hereto represent that they are authorized to sign this Agreement and have obtained all authority needed to sign this Agreement on behalf of the Non-Natural Party for whom they are signing this Agreement.
Acknowledgement of Veracity of Digital Electronic Signatures (e-sign) - Client hereby acknowledges and agrees that the parties may sign this Agreement in counterpart and/or electronically for convenience, and therefore agrees that their signature in electronic/digital form carries the same legal effect of their physical signature and waives any right to challenge their digital signature.
I HAVE READ THIS AGREEMENT AND CONSENT TO ALL THE TERMS OF THIS AGREEMENT. CLIENT CERTIFIES THAT CLIENT, CLIENT’S FAMILY (ESTATE) OR COMPANY WAS THE PREVIOUS OWNER OF THE PROPERTY.
Law Offices of Richard J. Kozel, Esq.
1200 Route 46 West, Suite 130
Clifton, New Jersey 07013
Tel. (973) 778-9800
This Retention Agreement ("Agreement") is entered into by and between the “Client” and the Law Offices of Richard J. Kozel, Esq. (the Law Firm).
This letter will serve as the retention agreement between Client and the Law Firm. If you agree with the terms of this letter, please indicate so by signing below and returning it to me.
SCOPE OF REPRESENTATION: The Law Firm agrees to represent Client in obtaining excess or surplus proceeds resulting from the foreclosure sale of the real estate. The scope of this representation is strictly limited to legal services provided in connection with: Recovery of surplus / excess funds for Client. Client authorizes the Law Firm to negotiate on their behalf with creditors if needed. If Client represents an estate, the only services covered with this agreement are obtaining the surplus money. If probate is needed, Client will be referred to a probate Law Firm that will charge their own fees separately for that matter. Client will not hire any other person or firm to represent them while the Law Firm is representing them in this matter unless the Client terminates the Law Firm. This representation agreement is only for the services outlined above. Any other legal matter for which You wish to retain the services of the Law Firm would be subject to a separate representation agreement.
OTHER ATTORNEYS & STAFF: In the event of a conflict of interest by The Law Firm, Client agrees that their case may be transferred by The Law Firm to another law firm of similar size and stature, according to the terms of this agreement. Also, the Client grants consent to all lawyers, law clerks, paralegals, legal assistants and interns who are now working for or with the Law Firm as employees or independent contractors or individuals who are hired in the future, to work on this case.
PARTIES: In connection with this representation, the Law Firm will be representing the interests of Client only.
OUTCOME NOT GUARANTEED: The Law Firm agrees to competently and diligently represent the interests of Client. Client understands that the Law Firm has not made to Client any representations or statements concerning the favorable outcome of this matter.
LEGAL FEES: The fees being paid to the Law Firm for its work on this matter are being paid by Gap Recovery, LLC with whom you have retained to assist you in recovering the surplus/excess funds from the foreclosure sale. While Gap Recovery, LLC is responsible for the Firm’s fee, you are my client and the firm is ethically obligated to represent you. If we are successful in recovering the surplus funds, you agree to have the funds deposited into my IOLTA Account which is a bank account that exclusively holds clients funds. Once the funds are in my IOLTA account, I will distribute the funds to you and to Gap Recovery, LLC pursuant to your agreement. Gap Recovery, LLC will then pay the firm’s flat fee out of its portion of proceeds. If we are unsuccessful for any reason, there are absolutely no fees owed by the Client.
COMMUNICATION WITH THE FIRM: The Law Firm will endeavor to keep Client fully advised with respect to the significant events occurring during the course of the representation. Should you have any questions or concerns at all, please communicate them to us. The process to recover funds can take months or in extreme cases even over a year. The Law Firm has no control over the time frame for recovery and makes no guarantees about the same.
RETENTION OF FILES: At the conclusion of the representation, should Client desire a copy of those portions of the file that are considered the Client’s, please let us know and the Law Firm will have a copy made for Client at Client’s expense. Otherwise, the Law Firm retains the copies of the files in electronic version and can email a copy of the same.
DISPUTE RESOLUTION: Should a dispute arise between Client and the Law Firm, Client consents to jurisdiction and venue being the state and federal courts within the County in which the foreclosure action against the client was filed.
TERMINATION OF RELATIONSHIP: Our representation Client will continue through the conclusion of this matter or until otherwise agreed in writing. The Law Firm reserves the right to withdraw from this representation, subject, of course, to the requirements of the Code of Professional Responsibility and the rules of the tribunal in question.
BINDING CONTRACT: This agreement contains the entire agreement of the parties. No other agreement, statement, or promise made on or before the effective date of this agreement will be binding on the parties. This agreement may be modified by subsequent agreement of the parties only by an instrument in writing signed by The Law Firm and Client.
This agreement is a binding contract. As a result, if any of the information in this letter is not consistent with your understanding of our agreement, please bring it to our attention before signing this agreement. On behalf of the Law Firm, we are pleased to represent the Client in this matter. Should you have any questions, please feel free to contact us.
I HAVE READ THIS RETENTION AGREEMENT AND CONSENT TO THE TERMS OF THIS AGREEMENT. CLIENT CERTIFIES THAT CLIENT OR CLIENT’S FAMILY WAS THE PREVIOUS OWNER OF THE PROPERTY.