ALTA Single Transaction Indemnity With Performance Letter (02/03/10)
Indemnitor's Policy Number:
Amount of Indemnitor's Policy: [Policy Issuing Agent/Office]:
[Indemnification File Number]:
Indemnitee's Proposed Insured(s):
Indemnitee's Commitment: [Insert Commitment or File Number]
Indemnitee has been requested to issue its policy or policies on land described in Indemnitee's Commitment (Indemnitee's Policy).
In consideration of Indemnitee issuing its policy without exception for the Indemnified Matter, Indemnitor agrees to hold harmless and indemnify Indemnitee for policy liability that it may suffer under Indemnitee's Policy for coverage of the Indemnified Matter.
Indemnitor additionally agrees to undertake reasonable efforts to eliminate of record the Indemnified Matter within a reasonable time. Upon the successful completion of this undertaking, the obligations under this Indemnity will cease.
Indemnitor's liability under this indemnity shall not exceed the lesser of the following:
1) The Amount of Insurance under Indemnitor's Policy; or
2) The Amount of Insurance under Indemnitee's Policy.
This Indemnity extends to the policy liability of the Indemnitee under the Indemnitee's Policy and policies subsequently issued by Indemnitee and under substantially similar indemnities given by Indemnitee to subsequent title insurers for the Indemnified Matter.
In the event Indemnitee is notified of a claim as a result of an Indemnified Matter, Indemnitee shall give Indemnitor prompt and reasonable written notice of that claim. If Indemnitee takes action that is prejudicial to Indemnitor in connection with such claim without prior written approval from Indemnitor, Indemnitor's obligations under this Indemnity shall be reduced to the extent of such prejudice. Notice of a claim under this Indemnity shall be sent by certified mail, return receipt requested at ___________________________ (or to the address at the top of this letter) This letter supersedes any indemnification treaty entered into by Indemnitor and Indemnitee relating to the Indemnified Matter.
This Indemnity shall not extend to liability of Indemnitee for any punitive, exemplary, consequential, tort, or other non-contractual damages.
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