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Home My WebLink About20052995.tiff RESOLUTION RE: APPROVE ELECTRONIC RECORDING MEMORANDUM OF UNDERSTANDING AND AUTHORIZE CHAIR TO SIGN - MERCURY TRANSACTION SERVICES WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS,the Board has been presented with an Electronic Recording Memorandum of Understanding between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Clerk and Recorder, and Mercury Transaction Services, with terms and conditions being as stated in said memorandum, and WHEREAS, after review, the Board deems it advisable to approve said memorandum, a copy of which is attached hereto and incorporated herein by reference. NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Electronic Recording Memorandum of Understanding between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,on behalf of the Clerk and Recorder,and Mercury Transaction Services be, and hereby is, approved. The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 10th day of October, A.D., 2005. BOARD OF COUNTY COMMISSIONERS Eft,, % WELD COUNTY, COLORADO ATTEST: 1:414/1 , ,!q ,..1 ♦y CUSED � 1112 H. ke, Chair Weld County Clerk to the M. eile, Pro-Tem BY: 1 ` D uty Cler to o t the Board � � �,, n � �-tQn David E. Long APP AST EXCUSED Robert . Masden ounty Attorney Date of signature: IDIi`NI05 Glenn Vaad 2005-2995 CR0022 Cn . C 4ic /D- tq o� • ELECTRONIC RECORDING MEMORANDUM OF UNDERSTANDING THIS MEMORANDUM OF UNDERSTANDING ("MOU"), dated August 5_ 9005, is between the County of Weld, a political subdivision of the State of Colorado, by and through the Board of County Commissioners of the County of Weld, on behalf of the Weld County Clerk and Recorder, whose address is P.O. Box 758, 915 10th Street, Greeley, Colorado 80632, and Mercury Transaction Serviccs2ompany"), whose address is: 6080 Greenwood Plaza Blvd. Greenwood Village, CO 80111 The County desires to offer recording of real property documents by electronically receiving and transmitting documents electronically in substitution for conventional paper based documents and to assure that transactions are not legally invalid or unenforceable as a result of the use of available electronic technologies for the mutual benefit of the parties of the transactions. - For purposes of this Memorandum of Understanding, Electronic Recording is defined based on the level of automation and structure of the transaction. The four levels of automation are as follows: Level 1 Submitting organizations transmit scanned image copies of ink signed documents to the county. The county completes the recording process in the same way as paper using the imaged copy as the source document. An electronic recording endorsement is returned to the organization in the form of a label or printing process in order for the submitting organization to append that information to the original paper document. Level 2 Submitting organizations transmit scanned images of ink signed documents along with electronic indexing information to the county. The county performs an electronic examination of the imaged documents and indexing data, and then completes the recording process using the imaged copy and electronic indexing information. The electronic version of the recorded document is returned electronically to the submitting organization along with the electronic recording data. Level 3 Submitting organizations transmit documents which have been created, signed and notarized electronically along with the electronic indexing information. Electronic signatures must comply with UETA and E-Sign specifications. The county performs an electronic examination of the electronic documents and indexing information then completes the recording process using the electronic documents. The electronic version of the recorded document and electronic recording data is returned to the submitting organization. Level 4 Submitting organizations transmit"Smart" documents which are a single object containing the electronic version of the document in such a way that enables 2005-2995 the electronic extraction of data from the object. Smart documents are required to be signed and notarized electronically. The Smart document is endorsed electronically by the county and returned in Smart document format to the submitting organization. Program Eligibility Title Insurance Companies, Mortgage Bankers, Full Service Banks and other trusted entities may directly or through a trusted third party provider submit real property records for electronic recording. Electronic Recording mandates a close working relationship as well as mutual trust between the County and the submitting entity. All parties of the Electronic Recording transaction desire to operate and maintain a secure recording system that safeguards parties to recordation from deceit, fraud and forgery. This Memorandum of Understanding outlines the procedures and rules for the trusted relationship between the County and Company to facilitate a safe and secure Electronic Recording relationship. Participation in the Electronic Recording program is voluntary and the decision to do so is a business judgment. There will be no added fees or costs of any kind charged by the County for Electronic Recording. No costs incurred by the Company for Electronic Recording shall be paid by the County. County Requirements The Electronic Recording Program of Weld County is defined by the requirements attached to this Memorandum of Understanding. Attachment A defines the technical specifications including format, levels of recording supported, transmission protocols, and security requirements of the electronic records required by County. Company agrees to provide the transmission to the County following the specifications outlined. Company understands that the specifications may change from time to time. In the event changes to the specification are required, the County will provide a written notice to the Company within a reasonable timeframe. Attachment B contains the document and indexing specifications for the Electronic Recording program. For each document, the County specific document code is provided along with the required indexing information. Any County specific editing rules will also be described in this attachment. Attachment C contains the processing schedules and hours of operation for the Electronic Recording Program. Neither party shall be liable for any failure to perform processing of the transactions and documents where such failure results from any act of Nature or other cause beyond the party's reasonable control (including, without limitation, any mechanical, electronic or communications failure which prevents the parties from transmitting or receiving the electronic recording transactions). If the County system causes delays or power failures interfere with the normal course of business, the County will notify the affected Company with a choice of using a courier service or waiting until the problem has been remedied. Attachment D provides the payment options supported for the Electronic Recording program. Company Responsibilities Company acknowledges that Electronic Recording permits them to prepare, sign and/or transmit in electronic formats documents and business records and the document or records shall be considered as the"original" record of the transaction in substitution for, and with the same intended effect as, paper documents and, in the case that such documents bear a digital or electronic signature, paper documents bearing handwritten signatures. By use of electronic or digital certificates to sign documents Company intends to be bound to those documents for all purposes as fully as if paper versions of the documents had been manually signed. By use of electronic or digital certificates to sign documents, Company intends to be bound by those electronic signatures affixed to any documents and such electronic signature shall have the same legal effect as if that signature was manually affixed to a paper version of the document. By use of digital certificates to seal electronic files containing images of original paper documents or documents bearing manual signatures, Company shall recognize such sealed images for all purposes as fully as the original paper documents and shall be responsible for any failure by Users to comply with quality control procedures for assuring the accuracy and completeness of the electronic files. The Company and or its' employees attest to the accuracy and completeness of the electronic records and acknowledge responsibility for the content of the documents submitted through the Electronic Recording Program. Should a dispute or legal action arise concerning an electronic transaction,the County shall be held harmless and indemnified by the Company, and shall not be liable for any damages incurred by the Company or any third party. Company is responsible for the costs of the system or services provided by a third party that enables Company to meet the Electronic Recording Program requirements. General Understanding The County will not incur any liability for the information electronically transmitted by the Company. The County will not incur any liability for any breach of security, fraud or deceit as a result of Electronic Recording. • Neither the County nor Company shall be liable to the other for any special, incidental, exemplary or consequential damages arising from or as a result of any delay, omission or error in the Electronic Recording transmission or receipt. This MOU constitutes the entire understanding between the parties with respect to the promises and covenants made therein. No modification of the terms of this MOU shall be valid unless made in writing and agreed to by both parties. No portion of this MOU shall be deemed to create an obligation on the part of County Department to expend funds not otherwise appropriated in each succeeding year. No portion of this MOU shall be deemed to constitute a waiver of any immunities of County Department or its officers or employees may possess, nor shall any portion of this MOU be deemed to have created a duty of care with respect to any persons other than County Department and not a party to this MOU. It is expressly understood and agreed that the enforcement of the terms and conditions of this MOU, and all rights of action relating to such enforcement, shall be strictly reserved to the undersigned parties and nothing in this MOU shall give or allow any claim or right of action whatsoever by any other person not included in this MOU. It is the express intention of the undersigned parties that any entity other than the undersigned parties receiving services or benefits under this MOU shall be an incidental beneficiary only. The County and Company will attempt in good faith to resolve any controversy or claim arising out of or relating to Electronic Recording through either negotiation or mediation prior to initiating litigation. Either party may terminate this Memorandum of Understanding for any reason by providing 30 days written notice of termination. The County and Company acknowledge that the electronic recording process is an emerging technology and that State and National standards will continue to evolve. To further the technology and the electronic recording process, the County and Company will meet once a month to discuss changes and additions to this Memorandum of Understanding. Agreed and Acce ted•7 By: M \ ompa Name Donn Wiese Date: 5 —� ATTEST: ry ,_/,{�aaa/,//,t ,�({r_ COUNTY OF WELD, a political Weld County C er "f ifs/ �r��"��( subdivision of the SE OF COLORADO: BY: ' AAA 11 el BY: ./�C C t•T'': to he Boa c M. J. Geile, Chairman Frotem ♦�\� ' • / �. � Board of County Commissioners of OCT 1 0 2005 the County of Weld, on behalf of the 0; I` Weld County Clerk and Recorder 1 1161 :�, r %` \ \ Hello