ANY MISUSE OF THE INFORMATION CONTAINED HEREIN, INCLUDING UNAUTHORIZED CONTACT OR HARASSING THE UNDERLYING BORROWER OR SELLER OF THE NOTE OR OTHERWISE MAY SUBJECT YOU TO PERSONAL LIABILITY BY THE UNDERLYING BORROWER, THE SELLER OF THE NOTE, AND Watermark Trading Exchange. DATA IS BEING MONITORED AND WILL BE PROVIDED TO LAW ENFORCEMENT UPON ANY INDICATION OF MISUSE.
This Agreement is effective on May 20, 2014, for current users, and upon acceptance for new users.
1. Purpose and Confidentiality.
By using Watermark Trading Exchange, you are agreeing that you are a prospective Note purchaser or seller or are an agent for either a purchaser or seller who wishes to enter into secondary market transactions through the purchase or sale of Notes.
You agree that any information provided by Watermark Trading Exchange, through watermarkexchange.com, its officers, employees, affiliates, agents or other representatives of the Notes and all information and documentation in connection with the Notes, including personal information and the Note itself ("Non-Public Information") is for Your confidential, personal use to evaluate the Notes. At no time may the Non-Public Information be disclosed, used, or otherwise except for the purpose of evaluating any potential Offer or Active Transaction and Non-Public Information can only be disclosed for the sole purpose of evaluating Notes for potential Offers or Active Transactions to those who have knowledge of this Agreement and are strictly limited to Your officers, agents, employees, or representatives including attorney, accountant, and investment advisor ("Approved Associates"), or otherwise required by law. You shall not, and shall also direct all Approved Associates who may be shown Non-Public Information not to disclose that information to anyone. You agree that you will not contact borrowers, property owners, or tenants/residents of the Notes listed on the Site directly, or indirectly, by yourself or through an affiliate or agent of yours. You agree that all contact will be facilitated through Watermark Trading Exchange website or directly with the Seller and/or Buyer as permitted and directed by Watermark Trading Exchange. Not Withstanding the above paragraph or any other part to this Agreement You shall (a) comply with all federal and state laws and regulations governing or relating to privacy rights in relation to such information, including the Gramm-Leach-Bliley Act, (b) not disclose any of such information to any person other than those of its personnel, agents, or to meet regulatory requirements, who need to know the information for the sole purpose of evaluating the potential purchase of the Note and (c) implement and observe procedures and measures as necessary to ensure the security and confidentiality of such information.
You shall indemnify, defend and hold harmless Watermark Trading Exchange and officers, agents, employees, or representatives including attorney, accountant, and investment advisor ("Indemnified Associates") from and against all suits, liabilities, losses, damages or expenses of any kind (including attorney's fees and expenses) incurred or suffered by any Indemnified Associate arising out of or in connection with this Agreement, including without limitation the unauthorized use or disclosure of the Non-Public Information in violation of this Agreement, and any negligent or intentional acts or omissions in relation to this Agreement by You or Approved Associate. Your obligations shall survive the expiration or termination of this Agreement.
3. Purchase and Sale of Notes
Subject to the terms and conditions of this Agreement, we will provide you the opportunity through the Site:
To review Note packages that Sellers have posted on its Site, including all Note packages and all documents pertaining thereto; and To advertise your Notes for sale to prospective Buyers and create a medium through which you can communicate with the prospective Buyer.
Watermark Trading Exchange will provide the medium through which each Note can be posted on its Site. While Watermark Trading Exchange will attempt to verify the accuracy of the information provided by Sellers, Watermark Trading Exchange cannot guarantee that any of the information provided by Sellers will be true, accurate or correct. By using this site, Buyer or Seller acknowledge that it is the Seller's sole responsibility for the accuracy and validity of the Note and Buyers should due a complete due diligence on all information provided by the Seller prior to purchasing the Note.
4. Limitation of Liability
You will not hold Watermark Trading Exchange responsible for other users' content, actions, or inactions, or Notes they list. You acknowledge that we are not a traditional auctioneer. Instead, our Sites are venues to allow anyone to offer, sell, and buy Notes at anytime from anywhere. We are not involved in the actual transaction between buyers and sellers. While we may help facilitate the resolution of disputes through various programs, we have no control over and do not guarantee the quality, safety, or legality of items advertised, the truth or accuracy of users' content or listings, including any statements included in the documents Sellers post on or through the Site, the ability of sellers to sell items, the ability of buyers to pay for items, or that a buyer or seller will actually complete a transaction or return an item.
Further, we cannot guarantee continuous or secure access to our sites, services, or tools, and operation of our sites, services, or tools may be interfered with by numerous factors outside of our control. Accordingly, to the extent legally permitted, we exclude all implied warranties, terms and conditions. We are not liable for any loss of money, potential finance opportunity, financial gain or loss, goodwill or reputation, or any special, indirect or consequential damages arising, directly or indirectly, out of your use of or your inability to use our sites, services, and tools.
Some jurisdictions do not allow the disclaimer of warranties or exclusion of damages, so such disclaimers and exclusions may not apply to you.
Regardless of the previous paragraphs, if we are found to be liable, our liability to you or to any third party is limited to the greater of (a) the total fees you paid to us in the 12 months prior to the action giving rise to the liability, and (b) $100.
If you have a dispute with one or more users, you release us (and our officers, directors, agents, subsidiaries, joint ventures, and employees) from claims, demands, and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes.
If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced. Headings are for reference purposes only and do not limit the scope or extent of such section. Our failure to act with respect to a breach by you or others doesn't waive our right to act with respect to subsequent or similar breaches. We do not guarantee we will take action against all breaches of this Agreement.
We may amend this Agreement at any time by posting the amended terms on this Site. Except as stated elsewhere, all amended terms shall automatically be effective 30 days after they are initially posted. This Agreement sets forth the entire understanding and agreement between us with respect to the subject matter hereof. The following Sections survive any termination of this Agreement: Fees and Services (with respect to fees owed for our services), Release, Content, Liability, Indemnity and Resolution of Disputes.
If a dispute arises between you and Watermark Trading Exchange, our goal is to provide you with a neutral and cost effective means of resolving the dispute quickly. Accordingly, you and Watermark Trading Exchange agree that we will resolve any claim or controversy at law or equity that arises out of this Agreement or our services (a "Claim") in accordance with one of the subsections below or as we and you otherwise agree in writing. Before resorting to these alternatives, we strongly encourage you to first contact us directly to seek a resolution by going to the Contact Us help page. We will consider reasonable requests to resolve the dispute through alternative dispute resolution procedures, such as mediation or arbitration, as alternatives to litigation.
Law and Forum for Disputes - This Agreement shall be governed in all respects by the laws of the State of Delaware as they apply to agreements entered into and to be performed entirely within Delaware without regard to conflict of law provisions. You agree that any claim or dispute you may have against Watermark Trading Exchange must be resolved exclusively by a state or federal court located in Delaware except as otherwise agreed by the parties or as described in the Arbitration Option paragraph below. You agree to submit to the personal jurisdiction of the courts located within Delaware for the purpose of litigating all such claims or disputes.
Arbitration Option - For any claim (excluding claims for injunctive or other equitable relief) where the total amount of the award sought is less than $10,000, the party requesting relief may elect to resolve the dispute in a cost effective manner through binding non-appearance-based arbitration. In the event a party elects arbitration, they shall initiate such arbitration through an established alternative dispute resolution ("ADR") provider mutually agreed upon by the parties. The ADR provider and the parties must comply with the following rules: (a) the arbitration shall be conducted by telephone, online and/or be solely based on written submissions, the specific manner shall be chosen by the party initiating the arbitration; (b) the arbitration shall not involve any personal appearance by the parties or witnesses unless otherwise mutually agreed by the parties; and (c) any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
Improperly Filed Claims - All claims you bring against Watermark Trading Exchange must be resolved in accordance with this Resolution of Disputes Section. All claims filed or brought contrary to the Resolution of Disputes Section shall be considered improperly filed. Should you file a claim contrary to the Resolution of Disputes Section, Watermark Trading Exchange may recover attorneys' fees and costs up to $1,000, provided that Watermark Trading Exchange has notified you in writing of the improperly filed claim, and you have failed to promptly withdraw the claim.
Contact of Property Owners, Borrowers, etc. Prohibited - You agree that you will not contact borrowers, property owners, or tenants/residents of the notes listed on the Site directly, or indirectly, by yourself or through an affiliate or agent of yours. You agree that all contact will be facilitated through Watermark Trading Exchange's website or directly with the Seller and/or Buyer.
7. Note Purchaser / Investor Suitability
Users of the Watermark Trading Exchange Website fully understand that investments in Performing or Non-Performing Notes is appropriate only for investors who have no need for immediate liquidity in their investments and who have adequate means of providing for their current financial needs, obligations, and contingencies, even if such investment results in a total loss. Investment in Notes involves a degree of risk and is suitable only for an investor whose business and investment experience, either alone or together with a purchaser representative, renders the investor capable of valuating each and every risk of their investment.
8. Warranties and Representations
Buyer - All transactions performed on the Watermark Trading Exchange Website, by purchaser hereby referred to as "Buyer," represents and warrants that they have the full authority to complete that transaction. Buyer is duly and legally authorized to enter into a transaction for the sale of a note on this site and has the power and licenses, permits, authorizations and approvals (governmental, corporate or otherwise) necessary to complete transactions and perform the obligations of the transaction.
Seller - All transactions performed on the Watermark Trading Exchange Website by "Seller" must be the owner of promissory note(s) and is duly organized, validly existing, and legally authorized to enter into an Agreement for the sale of any note listed. Seller warrants that for any note, in which Seller engages in a transaction on the Watermark Trading Exchange Website, he is in possession of collateral file consisting of at a minimum, Original Promissory Note, Original Deed/ Mortgage, Original Chain of Assignments and Original Allonge(s), if applicable.
Should the seller not be able to furnish any of the said documents there must be a written letter indicating the missing documents of which transacting parties may mutually agree upon substitute documents, (including Lost Note Affidavit and Certified Copies of Deed and Assignments, or any other documents that is required to complete the transaction) prior to acceptance of a Final Offer.
9. Agency Relationships
If you are acting as an agent for the holder(s) of Notes or acting as an agent for the Buyer of Notes and want to utilize WatermarkExchange.com, you may only use the website if you are authorized by the current beneficiaries who are the holder(s) to act on their behalf. By using the Watermark Trading Exchange services you are personally and expressly representing to Watermark Trading Exchange that you have such authority and you further agree to indemnify, defend and hold harmless all Indemnified Associates on any claims made by the holder(s) of the note or notes. You agree to be personally liable to the Indemnified Associates, regardless of whether you are also acting or claiming to act on behalf of an entity or other third party.
10. Transaction Summary and Binding Obligation
The Transaction Summary is a 10 Step Process developed by Watermark Trading Exchange Inc. to facilitate transactions between Buyers and Sellers. Each Step will give instruction for Buyer and Seller in regard to the progress of the Transaction.
Indicative Offer and Transaction Summary:
Offer amounts, even at the Buy Now Price, are nonbinding until a Purchase and Sale Agreement has been signed.
Following acceptance of an Indicative Offer by the Seller, Buyer is given a Due Diligence Period, and still has the right to respond to any other Offer.
Following Due Diligence and Final Offer acceptance, the transaction will be a binding obligation when the Purchase and Sale Agreement has been executed by both parties. Buyer and Seller have the right to cancel the transaction at any time prior to the execution of the Purchase and Sale Agreement by both parties.
11. Schedule of Fees.
Non-Circumvention Because of this Agreement, You may learn from Watermark Trading Exchange, or from Indemnified Associates of Watermark Trading Exchange, the names and telephone numbers of businesses, entities, and any other entity, as well as their employees, agents, managers, representatives, investors, borrowers, lenders,, banks, lending corporations, individuals, trusts, or buyers and sellers, and as applies any Principle of the aforementioned ("Contacts"). You acknowledge, accept and agree that the identities of the Contacts will be recognized by You as exclusive and valuable Contacts of Watermark Trading Exchange, unless can be reasonably shown to be an existing contact and not previously introduced by Watermark Trading Exchange, directly or indirectly, and will remain so for the duration of this agreement. You shall, and shall also direct all Approved Associates who may be introduced to Contacts, not to disclose that information to anyone.
In the event of a transaction or agreement between You and any Contact, Watermark Trading Exchange is due its fees and charges upon an agreement between the Buyer and Seller, and is to be paid at the closing of the transaction, either on or within 2 days of the Sale or Closing Date of the transaction per the Fee Structure outlined below. If a transaction is cancelled after an agreement is made between a Buyer and Seller, Watermark Trading Exchange has the right to be paid all fees and charges as well. This Agreement is effective both for any transaction that is facilitated by Watermark Trading Exchange or is completed by any other service, method or means between you and any Contact.
In any event of circumvention, disclosure, breach, and damage by You: You agree and guarantee that You will pay a legal monetary penalty that is equal to the contract price the circumvented or breached Party should have realized in such transactions or damage of any kind by the person engaged in the circumvention, disclosure, breach, or damage for each occurrence. If either party commences legal proceedings to interpret or enforce the terms of this Agreement, the prevailing Party will be entitled to recover court costs and reasonable attorney fees. Furthermore, this Agreement shall be governed by the law of the State of Delaware with without regard to the conflicts of law provisions thereof.
By Clicking "Agree", Parties agree that they will receive nonpublic personal information relating to the borrowers under mortgage loans. Parties agree (a) to comply with all federal and state laws and regulations governing or relating to privacy rights in relation to such information, including the Gramm-Leach-Bliley Act, (b) not to disclose any of such information to any person other than those of its personnel, agents, or to meet regulatory requirements, who need to know the information for the sole purpose of evaluating the potential purchase of the loan and (c) implement and observe procedures and measures as necessary to ensure the security and confidentiality of such information. Each Party agrees to indemnify, defend and hold harmless the other Parties, and the employees and affiliates of each, from and against all suits, liabilities, damages of expenses (including attorney's fees) arising out of or in connection with the unauthorized use or disclosure of such information in violation of this agreement.
Upon Clicking "Agree", the Parties agree that any individual, firm, company, associates, corporations, joint ventures, partnerships, divisions, subsidiaries, employees, agents, heirs, assigns, designees or consultants of which the signee is an agent, officer, heir, successor, assign or designee is bound by the terms of THIS AGREEMENT.
By Clicking "Agree" You agree to be personally liable to the Indemnified Parties, regardless of whether you are also acting or claiming to act on behalf of an entity or other third party. Your liability under this warranty and guaranty shall include, but not be limited to, all attorney fees and costs incurred by the Indemnified Parties of any kind or nature concerning, involving or related to in any way the listing and/or sale of any promissory note or notes for which you claim to hold an agency to act on behalf of the holder(s) of the note or notes.
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