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REV: 06-11-25 LF 4. Approval: Once a loan modification has been approved, Consultant shall prepare and forward the required documents to the borrower for signature and recording, unless the City retains these functions. If the Client retains approval authority, the Client agrees to provide a response as to the status of the loan modification approval, and whenever possible, return the decisioned application within 5 business days of receipt. If no response has been received in 5 days, the modification will be denied. The City agrees to maintain regular communication with Consultant in cases where loan modification approvals take longer than 5 business days to approve. Consultant understands that loan modifications that require City Council approval may take up to 60 days to approve. If no response has been received in 5 days, the modification will be denied. After the documents have been executed, originals will be retained by the City and copies will be promptly sent to Consultant along with funds required for escrow, legal fees, etc. After receipt of executed modification documents and required funds, Consultant will make the appropriate modifications to the loan, send the borrower new payment coupons or billing statements, and electronically notate the account. Respective modification documentation will be retained in the electronic loan file. Loan Foreclosure The mortgage transaction and collections efforts are predicated on the assumption that the borrower is motivated and able to meet the mortgage obligation. A decision to foreclose is based on an analysis of an individual loan. Consultant will look at the borrower with particular emphasis on basic motivation, ability to pay, and attitude or level of cooperation. If a borrower remains delinquent and has been uncooperative, non- responsive, or unwilling to cure the existing default by reasonable means, Consultant will recommend foreclosure. This step is generally not taken until a loan becomes over 120 days delinquent. Upon the City’s approval, and in accordance with respective local, state and federal statutes, Consultant will send the borrower a notice of intent to foreclose/demand letter, with a copy to the City. If no response is received within 30 days, Consultant will advise the City of the non-response and will proceed to foreclosure. Consultant will properly document the steps taken to affect a cure. If the loan is not reinstated (brought current) or paid off, Consultant will continue foreclosure up to and including the sale of the property. If the City desires Consultant to perform property management, a third-party property management vendor will be engaged. Consultant can identify, track and pay bills related to property preservation, the costs of which remain the responsibility of the City. Upon sale of the property, Consultant will return the proceeds of the sale to the City less foreclosure fees and previously un- reimbursed costs incurred. ATTY/AGR.2025.144/AmeriNational Community Services, LLC d/b/a AmeriNat (Page 21 of 31)