REVOLVING CREDIT LOAN AFFIDAVIT
AND PERSONAL UNDERTAKING
(Title Company or Closing Office ("Closing Office")
___________________________________________________ , hereinafter referred to jointly and severally as Borrower/Seller, being first duly sworn, states that Borrower is the owner of the following-described real estate:
and commonly known as: _______________________________________________ (the "Land"). A Revolving Credit Loan (RCL) secured by a mortgage or other security instrument recorded ________________________________________ , as Document Number __________ , in the Office of the Recorder Clerk of _____________________ County, ___________________ in favor of _____ (Lender), encumbers the land.
The Closing Office has obtained a payoff statement of said RCL as evidenced by a copy attached herewith.
Borrower jointly and severally for themselves, their heirs, personal representatives and assigns, do hereby swear and covenant with and certify to the Closing Office and Stewart Title Guaranty Company that the pay-off statement of the aforementioned RCL is accurate and represent a complete pay-off of their account to a zero balance.
Borrower has received no advances on nor written or made any drafts, checks or credit card payments against the aforementioned RCL either (1) increasing the balance due over what is shown on the settlement statement as of this date, or (2) occurring after the date of the Request to Cancel Revolving Credit Loan dated ____________________ .
Borrower will not draw down any advances nor write any drafts or checks against the RCL, subsequent to this date.
Borrower will fully protect, defend, indemnify, hold and save the Closing Office and Stewart Title Guaranty Company harmless from and against any and all additional sums claimed to be due on the RCL in the event the pay-off statement or settlement statement is inaccurate.
This Affidavit and Undertaking is made to induce the Closing Office and Stewart Title Guaranty Company to issue its policy of title insurance on the Land, free and clear of and without exception to the mortgage or other security instrument securing the RCL.
Sworn to and subscribed before me on this ______ day of __________ , 20 ______ .
Notary Public in and for
_____________________________ County, _________________________
My Commission Expires:
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