Gap Indemnity Agreement
Utah County, Utah
File / Commitment No.: _______________________ (“Commitment”)
Premises Address / Location: _______________________________________________________(“Premises”)
WHEREAS, Stewart Title Guaranty Company ("Stewart") has been asked to issue its policy(ies) of title insurance to the proposed insured(s) named in the Commitment covering the Premises without taking exception in such policy to matters which may have arisen within one hundred twenty (120) days prior to the recording date of the deed and/or trust deed or other insured instruments (“Closing Documents”). This one hundred twenty (120) day period is referred to herein as the gap period ("Gap Period"). Such matters may be an encumbrance on or affect title to the Premises.
Other than as set forth in the Commitment, during the Gap Period the undersigned did not create or cause to be recorded nor is/are aware of any debts, liens (including but not limited to federal or state liens or judgment liens), loans (including but not limited to mortgages or deeds of trust), lawsuits, unpaid judgments, proceedings or legal obligations of any kind against me/us or encumbering or potentially affecting title to the Premises.
NOW, THEREFORE, in consideration of Stewart issuing its policy(ies) of title insurance as of the date of recording of the Closing Documents without taking exception to matters which may arise during the Gap Period, the undersigned agrees to: (1) promptly remove, release, bond or otherwise dispose of, to the satisfaction of Stewart, in its sole discretion, all liens, encumbrances or other objectionable matters filed or recorded against the Premises during the Gap Period, and (2) indemnify, defend and hold Stewart harmless against all claims, costs, losses, liabilities, damages and expenses, including without limitation, attorney's fees and expenses, arising out of or relating to all such matters and the failure to promptly remove, release, bond or otherwise dispose of them, to the satisfaction of Stewart, in its sole discretion.
Executed this _____ day of _____________ 20 ____
State of Utah )
County of _________)
Sworn to before me this ___ day of ___________, 20 ___.
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