NY Hold Harmless Agreement (Mortgage)

HOLD HARMLESS AGREEMENT (Mortgage)

State of New York                                                                 Title No._______________
                                        ss:                                                   
County of ________                                                              

This Agreement is made by and between _____________________________ (hereinafter called Indemnitors) and __________________________, as agent for Stewart Title Insurance Company (hereinafter called Company)

WHEREAS, a mortgage was made by __________________________ (mortgagor) with ___________________ (mortgagee), in the amount of $________________________ on the _______ day of ______________ in the year ______________.

WHEREAS said mortgage has been paid and fully satisfied and no demand for payment has been made by the mortgagee or assignees.  Indemnitors agree that within 60 days of closing they will obtain and submit for recording a fully executed Satisfaction of Mortgage or commence a Bar Claim Action.

WHEREAS, the Indemnitor has requested the Company to issue its policy of title insurance insuring an interest in, or title to the real estate in ____________________ County, described in Title No. ___________________, issued by the Company and commonly knows as __________________________________________ And

WHEREAS, the Company is unwilling to issue such policies unless exception is made for the following matters (hereinafter referred to as exceptions)

And

WHEREAS, the Indemnitor has offered to indemnify the Company if the Company will insure against loss which may result from the exceptions.

NOW, THEREFORE, to induce the Company to issue its policies insuring an interest in, or title to, the real estate referred to above, which policies will, in consideration of this Agreement and at the request of the Indemnitor, indemnify the named insured against loss which may result from the Exceptions.

The Indemnitor hereby indemnifies and agrees to hold the Company harmless from all liability, loss, or damage of any nature, including attorneys’ fees and expenses incurred in enforcing this Agreement, which the Company may sustain resulting from the issuance, either now or in the future, of policies of title insurance, which indemnify the named insured in the policies against loss that may result from the Exceptions, and the Indemnitor further agrees to do whatever is required by the Company to remove said Exceptions on or before ___________________, at no cost to the company.

_________________________________

State of New York           )
                                          ) ss:
County of ____________ )

On the __________ day of ____________________ in the year ____________ before me, the undersigned, personally appeared _______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledge to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

                                                                                                ________________________
                                                                                                             Notary Public