TERMS AND CONDITIONS

  1. BI-WEEKLY SAVINGS SYSTEM: Client has appointed Avalon Financial Corp. or assigns, to administer this program and authorizes them to make all the necessary bank transactions to facilitate this program.
  2. TRANSFER & TERM: Avalon Financial Corp. agrees that upon Client’s enrollment and the payment of all fees required, Avalon Financial Corp. shall commence and continue to transfer payment as specified in section 3 from Client’s Bank Account for such a period of time until notified by Client to discontinue or terminate according to section 6. Upon refinance or sale of said property, Client may transfer the BiWeekly Savings System to any loan with no new enrollment fees. Client may terminate this Agreement upon Notification to Avalon Financial Corp. as described in section 9. Avalon Financial Corp. may terminate this Agreement as set forth below in section 6.
  3. FUND TRANSFER AND PAYMENT GUARANTEE: Funds are transferred via the Federal Reserve System Automated Clearing House (ACH) into an Account held by the assigned bank on behalf of Avalon Financial Corp. The account into which funds are so transferred is protected by insurance from the Federal Deposit Insurance Corporation (FDIC), subject to limitations of the (FDIC). If funds are withdrawn through electronic transfer from the client’s account in error, client will have the rights provided under US Federal Reserve Regulation “E”. Monies may be invested at the discretion of Avalon FInancial Corp. Client’s funds are remitted to Client’s Lender once per month in either check form or electronic transfer. Interest is not credited to Client on Client’s money in the account while waiting to be transferred to Client’s Lender. Avalon Financial Corp. guarantees to make Client’s mortgage payment with funds collected from Client. Client acknowledges responsibility for maintaining adequate funds in the authorized Account for the amount to be debited. If funds are not in the account to complete the auto-draft, Avalon Financial Corp. will assess an auto-draft reject fee. If Client’s account is insufficient in funds when Avalon Financial Corp. drafts for the mortgage payment, Avalon Financial Corp. will not be held responsible for making payment or any late fees. If notification of insufficient funds is received by Avalon Financial Corp. after the payment has been submitted to the lender, a fee will be charged to process the hold placed upon the payment. All money transfers will take place in the State of Ohio, and will be subject to the applicable laws and regulations of the State of Ohio.
  4. APPROVAL TO CHANGE DEBIT AND DISBURSEMENT INFORMATION. If client’s lender notifies Avalon Financial Corp. of a change to the client’s mortgage terms, including but not limited to payment, mortgage lender, or account number, we authorize Avalon Financial Corp. to make any changes needed to process the account.
  5. CLIENT’S RESPONSIBILITY TO MAKE MORTGAGE PAYMENTS: Client understands that client will be responsible for their mortgage payment in full until the date specified by Avalon Financial Corp.
  6. TERMINATION AND REINSTATEMENT: Avalon Financial Corp. may terminate this Agreement immediately, without refund of fees paid, in the event debit transfer from Client’s Bank Account cannot be made due to (a) insufficient funds; (b) closing of Account or (c) any other reason within Client’s control which impairs or prevents the automatic transfer of funds as contemplated by this Agreement. Client may request reinstatement by submitting a request to Avalon Financial Corp. for reinstatement at anytime. Reinstatement shall be at the sole discretion of Avalon Financial Corp. A close out fee of $95.00 may be assessed upon termination of this Agreement by either Avalon Financial Corp. or the Client. If this Agreement is terminated by either the Client or Avalon Financial Corp. for any reason, all processing, transfer, or other fees paid by Client will be considered non refundable.
  7. GUARANTEE: Agent Company guarantees that the BiWeekly Savings System payment plan shall not violate any provision of Client’s underlying loan agreement. In the event that the Client’s use of the BiWeekly Savings System is found by Lender to be in violation of any of the agreements between Client and Lender within the first year of this agreement, Agent Company will be responsible to refund all fees paid to it by Client within ten (10) days of written demand, after verification of the alleged violation. Avalon Financial Corp. will refund only the portion of the processing fee it received.
  8. DEFERRED ENROLLMENT: The client understands that every enrollment fee for the Bi Weekly Guarantee Program is different and is based on each particular Bi-weekly program. The Client understands and agrees that the deferred enrollment fee is equal to Two (2) of Client’s Bi-weekly payments. The Client understands and agrees that the Biweekly Payment Program savings will be reduced by using the deferred enrollment option.
  9. NOTICES: All notices required or permitted hereunder shall be made by 1.) Writing, 2.) Email, 3.) Fax, 4.) Website submission, 5.) Telephone. Mailed notice shall be deemed delivered when personally received or five (5) days after the mailing thereof. Client must notify Avalon Financial Corp. by a method above within three (3) business days, of any changes in Client’s loan, including but not limited to, payment amounts, closure, and transfer or change of Client’s bank account or mortgage lender. Avalon Financial Corp. will not be held liable for any fees incurred by client as a result of changes to clients’ mortgage that Avalon Financial Corp. has not received.
  10. ACCOUNT DELINQUENCIES: Client agrees that client will not revoke or cancel any debits that Avalon Financial Corp. initiates on Client’s behalf for any reason regardless of circumstances. Client acknowledges that Avalon Financial Corp. will incur substantial costs in the event a debit is revoked or cancelled and Client acknowledges that $250.00 is a reasonable amount that will be incurred by Client in the event the above occurs. This amount will be paid to Avalon Financial Corp. The Client agrees to pay for any and all collection costs and expenses, attorney fees, or litigation expenses associated with Client’s failure to make any payments required under the agreement. Notwithstanding anything to the contrary in this agreement, such costs and expenses shall include Client’s revocation of any drafts made by Avalon Financial Corp. on behalf of the Client. This provision shall survive the termination of this agreement.
  11. PROCESSING FEE: Only affiliated, authorized Agent Companies of Avalon Financial Corp. are allowed to enroll Client’s into the Bi-Weekly Savings System. The Agent Company will forward application and Avalon Financial Corp. enrollment fee to company within 72 hours per Agent Company’s agreement with Avalon Financial Corp. Please have Agent note the date on Client’s copy of this agreement, and sign as proof of receipt of payment. This assures Client’s enrollment into the BiWeekly Savings System.
  12. ACCURACY OF COMPUTER PROPOSAL: Client acknowledges that all calculations made by the BiWeekly Savings System software are based on information supplied by Client and Client accepts sole responsibility for the accuracy of information provided to the Agent Company. Client acknowledges any changes in interest rate, escrow amounts, etc. of mortgage loan on the BiWeekly Savings System will have a significant bearing on the numbers illustrated in the computer proposal.
  13. CHOICE OF LAW AND ENFORCEABLILITY: This agreement is governed by the laws in the State of Ohio. If any term of this agreement is found to be invalid or unenforceable, then the balance of the agreement shall be enforced without the invalid or unenforceable term.
  14. Services in Pennsylvania not provided by Avalon Financial Corp.

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