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AGREEMENT
AGREEMENT made this 22nd day of January, 2009 by and between the
EastCarolina Oevelopment Company, Inc., hereafter referred to as
"ECOC" andStephen A. LaRoque, his successors and assigns, are
hereinafter referred to as"Contractor". This contract shall revoke
any previous dated contracts betweenthe ECOC and Contractor.
WITNESSETH
WHEREAS, ECOC has a long standing relationship with Contractor
for theadministration of its business affairs; andWHEREAS,
Contractor has served as the primary person to perform the
servicesfor ECOC; andWHEREAS, Contractor is not an employee of
ECOC; andWHEREAS, ECOC desires to maintain their relationship while
utilizing the uniqueskills developed by Contractor in his role with
ECOC while performing servicesfor ECOC.NOW, THEREFORE, in
consideration of the above recitals and the obligationsstated
herein the parties agree as follows:1. This Agreement shall be in
effect as of October 1, 1999 and continuing untilcanceled by both
parties. Provided that ECOC may terminate payment ascalled for in
this Agreement if Contractor fails to perform as speci'fled in
thisAgreement through his gross negligence. Termination for
non-performanceshall be upon thirty (30) days notice and shall not
entitle ECOC to the return
of any compensation already paid.2. The parties agree that for
the purposes of services provided under thisAgreement, said
services may be broken down into four (4) generalcategories. These
four (4) categories are Administration, Marketing, LoanPackaging
and Loan Servicing.
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ADMINISTRATIONFor purposes of providing administrative services,
the Contractor shall serve asan advisor and his administrative
services shall include:
Maintain the financial records of ECDC including monthly reports
andannual budgets. Oversee the preparation of reports to the US
Department of Agricultureand other funding sources as required.
MARKETINGThe Contractor shall have the lead responsibility for
the marketing activities forthe benefit of ECDC. These marketing
services shall include:
Market the services of ECDC in its specified service area.
Provide information about ECDC to financial institutions and
grantororganizations. Accept and process inquiries about ECDC.
Develop and distribute promotional materials about ECDC. Develop
specialized marketing procedures for financial institutions.
LOAN PACKAGINGThe Contractor shall have the responsibility for
loan packaging. These servicesare broadly described as all services
necessary to take a loan candidate frominitial interest through the
loan approval, loan closing and collection of the entireloan
fee.
SERVICINGContractor shall have the lead responsibility for this
area of services. Theseservices are broadly defined as the
maintenance of ECOC files on all existingloans. This will include
making contact with borrowers as necessary for theservicing of the
loans.
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Throughout the period of this agreement, Contractor's
compensation shall bepaid monthly and based upon the annual rate of
Three per cent (3%) of ECOC'sassets. Administration fees shall be
payable on the first day of the month serviceis provided. ECOC
shall pay contractor one half (1/2) of all loan fees collected.ECOC
shall pay contractor ten per cent (10%) of annual profit payable in
themonth following the fiscal year end and is effective as of
October 1, 1999.Beginning October 1, 1999, and throughout the
period of this agreement,Contractor shall be reimbursed for all
expenses.The parties to this Agreement acknowledge that this
Agreement is a good faithattempt to deal with the business affairs
of ECOC. The parties furtheracknowledge that adjustment of
responsibilities, duties and compensation maybe appropriate
depending upon the extent of the funding, marketing activities
andthe number of loans processed.
IN WITNESS WHEREOF. The parties have set their hands and
seals.
CONTRACTOR
d / ~ f b : (SEAL)Stephen LaRoquECOC
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