STG Gap Indemnity Agreement 1991
Form of Indemnity Agreement
Commitment No. __________
HOLD HARMLESS INDEMNITY
WHEREAS, Stewart Title Guaranty Company (Stewart Title) has been asked to issue its _________________________ policy(ies) of title insurance in the aggregate amount of $ _______________ in favor of ____________________________________________ covering premises being acquired from ______________________________________ as more particularly described in Schedule A attached hereto;
AND WHEREAS, Stewart Title is unwilling to give insurance coverage until the instruments under which ______________________________________ acquire(s) the title are filed for record in the appropriate registry;
AND WHEREAS the parties to the transaction have requested Stewart Title to furnish a so-called "New York Style Closing" which provides for the unconditional delivery of the deed by the seller to the purchaser and payment of the purchase price by the purchaser to the seller;
NOW, THEREFORE, it is agreed that in consideration of Stewart Title issuing its policy effective as of the date closing occurs without making exception therein to matters which may arise between said date of closing and the date the documents creating the interest being insured have been filed for record and which matters may constitute an encumbrance on or affect said title, (I)/(we) agree to promptly defend, remove, bond or otherwise dispose of any encumbrance, lien or objectionable matter to title which may arise or to be filed, as the case may be, against the captioned premises during the period of time between date of closing and date of recording of all closing instruments, and to hold harmless, and indemnify Stewart Title against all expenses, costs, and attorneys' fees, which may arise out of our failure to so remove, bond or otherwise dispose of any said liens, encumbrances or objectionable matters.
Dated this _____ day of _____________ 20 _____ .
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