10-24-11 Regular Meeting of La Porte City Council

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d. To advise Firm of any prepaid court costs and/or expenses so that Firm may seek recovery of said prepayments. e. To advance necessary court cost, filing fees, and any publication fees (for notices of sale, etc.) relating to litigation. a. Existing Judgments. The collection of accounts where a judgment has already been entered would be compensated to the Firm at the rate of twenty percent (20 %) of any moneys received (20% commission), provided that the City would be reimbursed 100% for any prepaid litigation expenses (court costs, publication expenses etc.). However, the Firm recognizes that the City Attorney may have been awarded attorney fees as a part of the judgments obtained and the Firm is willing to accept an assignment of these attorney fees rather than receive a commission of collections. The Firm further agrees to treat such attorney fees awarded through the judgment as full satisfaction of any amounts owning and no additional fee income would be due once the Court ordered attorney fees has been paid. b. Pre Judgment Accounts. For collection of accounts where a judgment has not been entered, the fee is twenty percent (20 %) of any moneys received (20% commission). � ' , , This Contract shall commence on NOVEAME121, 2011 and continue in force and effect until OCTOBER 31, 2014 provided, however, that City shall have the right to terminate this agreement by giving the Firm thirty (30) days written notice of their desire and intention to terminate this agreement; and further provided that the Firm shall have an additional six (6) months to collect or reduce to judgment all tax suits and/or claims filed prior to the date this agreement becomes terminated. On Ocotober 31, 2014 this contract, and all of the terms and conditions, shall automatically renew for an additional two (2) year term unless terminated pursuant to this provision by the City in writing delivered to the Firm not less than 60 days prior to the expiration date of the intitial 3 year term. After the renewal this contract, and all of its terms and conditions, shall automatically renew and be effective on a month to month basis until terminated by the other parties hereunder. City and Firm acknowledge and agree that Firm shall have six (6) months to receive compensation on collections resulting from litigation or bankruptcy proceedings initiated prior to written notice of intent to terminate this contract; such six (6) month extension begins at the effective date of the termination of the contract. 0