NY Affidavit and Hold Harmless Agreement

AFFIDAVIT AND HOLD HARMLESS AGREEMENT

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

I, _____________, being duly sworn, depose and state the following to be true under the penalty of perjury:

I am the ____________________________ (title) of ______________________ (Bank),

This Agreement is made by and between _____________________________ (hereinafter called Indemnitors) and _______________________, as policy issuing agents 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 is being paid off internally by and through ______________.  Indemnitors agree that within 60 days of closing they will obtain and submit for recording a fully executed Satisfaction of Mortgage.

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 said credit line mortgage.

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.

_________________________________

Sworn to before me this
____ day of _________, 20___

_________________________