ORDER NO
ORDER NO.
GAP INDEMNITY AGREEMENT
WITNESSETH:
WHEREAS, the Indemnitor has requested THE TITLE GROUP, INC and First America Title Insurance Company (hereinafter called “Title Company”) to issue its policies of title insurance insuring an interest or title to that certain real property in the County of , State of Alabama, described as follows:
and,
WHEREAS, Title Company is unwilling to commit to issue such policies unless exception is made in its commitment for the following matters (hereinafter called the Exception):
Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment.
and,
WHEREAS, the Indemnitor has offered to indemnify Title Company if Title Company will agree to insure against loss which may result from said intervening matters,
NOW, THEREFORE, to induce Title Company to issue its policies insuring an interest in or title to the real property referred to above, which policies will, in consideration of this agreement and at the request of the Indemnitor, indemnify the named insureds against loss which may result from the Exception, the Indemnitor hereby indemnifies and agrees to hold Title company harmless from all liability, loss or damages of any nature, including reasonable attorneys' fees and expenses incurred in enforcing this agreement, which Title company may sustain resulting from the issuance, either now or in the future, of policies of title insurance which indemnify the named insureds in the policies against loss that may result from the Exception.
Indemnitor further agrees to do whatever is required by Title Company to remove said Exception at no cost to Title Company.
IN WITNESS WHEREOF, the parties have executed this agreement.
INDEMNITOR: DATE:
______________________________
sign
______________________________
print
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