Common Contracts
1 similar Mutual Indemnification Agreement contracts
MUTUAL INDEMNIFICATION – A DIFFERENT WAY OF CLEARING TITLE ISSUESMutual Indemnification Agreement • October 7th, 2020
Through the years in the ever-crazed process of clearing title issues for closing, it has always taken time and much angst to obtain clearance for defects in title. In July 2003 an initial agreement was executed whereby several underwriters agreed to clear some title issues by accepting prior policies issued by agents or branch departments located within this underwriting network. On April 1, 2005 a First Amended and Restated Mutual Indemnification Agreement was effectuated, and on July 27, 2005 a First Amendment to First Amended and Restated Memorandum on Mutual Indemnification Agreement was originated. The purpose of this Agreement is to streamline the process of obtaining clearance for certain types of title exceptions that should have been resolved by the prior title company/agent. This would limit the need to obtain individual Letters of Indemnity or Letters of Performance from the underwriters to allow us to dispose of the title defects. These underwriters have agreed to particip
