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Current as of January 01, 2022 | Updated by FindLaw Staff
§ 70. Form of hold-harmless agreement. A hold-harmless agreement in substantially the following form, allowing for alterations to reflect the facts of the transaction and identity of the title insurance companies, complies with this Act.
Hold-harmless AgreementTO: ․․․․․․․․․․․․․․․․․․․․ (Presently insuring title insurance company)
Re: Policy No.: ․․․․․․ (Previously insuring title insurance company)
Policy amount: $․․․․․․․․․․․․․․
Policy/Commitment No.: ․․․․․․․․․․․․․․․ (Presently insuring title insurance company)
You show as exception number(s) ․․․․․․․․․․․․․․․․․․ in your above referenced commitment for title insurance dated ․․․․․․․․․․, the following exception(s):
Mortgage dated ․․․․․․, recorded as Document No. 9 made by ․․․․․․․ (borrow) to ․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ (lender) to secure an indebtedness in the amount of $․․․․․․․․․
For and in consideration of your deleting said exception(s), we agree to indemnify you against loss that you may sustain as a result of said deletion. In no event may said indemnity exceed the face amount of our policy as noted above.
In the event any claim is made against you as a result of your deletion, you agree to notify us within 30 days of the date the claim is made.
Any action you take with respect to the claim will not obligate us under this letter unless the aforesaid notice has been furnished us and we have adequate time to consider our approval or disapproval of the action.
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Title Insurance Company (Previously insuring)
Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 935/70. Form of hold-harmless agreement - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-935-70/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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