COMMERCIAL AFFIDAVIT OF TITLE/GAP INDEMNITY



COMMERCIAL AFFIDAVIT OF TITLE/GAP INDEMNITY *

STATE OF }

COUNTY OF }SS

I, ______________________________, being the ________________________________

of ___________________________________ (the Owner) being duly sworn, do depose and

say:

a. No work has been done or materials supplied for construction or renovation in connection with any of the properties [the Property or Properties] more particularly described in the commitments for insurance set forth on Exhibit A annexed hereto [the Commitments] which has not been paid for, except for work done or materials furnished in connection therewith arising out of ordinary maintenance and repair. The owner will indemnify and hold CHICAGO TITLE INSURANCE COMPANY, (the Company) harmless from and against any claim or liability in connection with any mechanic’s lien which may arise out of such work done or materials supplied.

b. There are no tenants or parties in possession of any of the Property, except for: [see Exhibit B annexed hereto].

c. No parties have any options or other rights to purchase all or part of any of the property.

d. The Owner has not executed or permitted anyone on behalf of it to execute any conveyance, mortgage, lien, deed of trust, lease, easement or encumbrance of any kind on or upon any of the properties, nor does the owner have any knowledge of any of the foregoing, other than the matters set forth in the Commitments. The Owner has peaceably occupied the properties and has no knowledge of any adverse matters or claims affecting the title thereto not otherwise set forth in the commitments.

e. The Owner shall indemnify and hold harmless from and against any unpaid real estate taxes, corporate income taxes, settled or unsettled taxes, franchise taxes, charges, assessments, water and sewer or other similar municipal charges or any Bulk Sales Taxes which are a lien on any properties on date of closing.

f. The Owner shall indemnify and hold the Company harmless from and against any claim or liability and promptly proceed to remove, bond or otherwise dispose of record and encumbrance, lien or matter objectionable to title which may arise or be filed against any property during the period between the date of the last update of the commitment for the Property and the date of recording of the insured documents.

g. The Owner shall indemnify and hold harmless from and against any and all per diem charges that may be due in connection with the payoff of any mortgages/deeds of trust affecting the Property.

h. The Owner has not entered into any agreement with any broker for the management,

sale, purchase, lease or mortgage of the Property which could result in a lien for which said broker has not been paid.

i. The Owner is a duly authorized corporation/other __________________ and that said entity is at this time:

-Properly organized and existing under the laws of _____________ the state of its organization; and

-Authorized to transact business in the State of Connecticut.

j. The Owner has reviewed a survey Dated _______________, and entitled

“___________________________________________________________________” hereby states that there has been no change in, or additions to the improvements shown on said survey and that it is aware of no disputes concerning boundaries or of any other lawsuits concerning the Property.

This affidavit is given to induce the Company to issue owner’s and loan policies of title insurance.

BY:______________________________

SWORN TO BEFORE ME THIS

DAY OF , 1999.

NOTARY PUBLIC

* The Company reserves the right to modify this Affidavit based on the specific facts of the transaction to be insured.

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