VA 1st Draw Affidavit & Agreement

1ST DRAW AFFIDAVIT & AGREEMENT

 

STATE OF _______________________________,

COUNTY/CITY OF ________________________; TO-WIT:

On this ________ day of _____________________, 201__, before me personally appeared

__________________________________________________________________________________,

(a) Owner and developer of the property hereinafter described, the

(b) Owner and general contractor in connection with the development or improvements of the property hereinafter described, or the

(c) Owner and a contractor or subcontractor furnishing labor or material in connection with the development or improvement of the property hereinafter described;

to me personally known, or satisfactorily proven, who, being duly worn on his/her oath, did say that all of the persons, firms and corporations, including the general contractor and all subcontractors who have furnished services, labor or materials according to plans and specifications, or extra items, used in the construction  or repair of buildings and improvements on the real estate hereinafter described, will be paid in full from the first draw of the construction loan, and that such work has been performed to satisfaction and accepted by owner as of date herein.  

Affiant further says that no claims have been made to affiant by, nor is any suit pending against affiant by any contractor, subcontractor, laborer or materialmen, and further that no chattel mortgages, conditional bills of sale, retention of title agreements, security agreements, financing statements, or personal property leases have been given or are outstanding as to any fixtures, appliances, equipment which are now installed in or upon said real property or on the improvements thereon.

Affiant on behalf of said Owner of the Property and General Contractor does for a valuable consideration hereby agree and guarantee to hold Stewart Title Guaranty Company (in consideration of its issuance of a draw endorsement to the construction lender), harmless against any lien, claim or suit of or by any general contractor, contractor, subcontractor, laborer or materialmen, and against any chattel mortgages, conditional bills of sale, retention of title agreements, security agreements, financing statements, or personal property leases in connection with  the construction or repairs of such building or improvements on the real estate.

The real estate and improvements referred to herein are situated in the State of ____________________, County/City of ___________________________ and described as follows:    

____________________________________________________________________________________

____________________________________________________________________________________

____________________________________________________________________________________

____________________________________________________________________________________

___________________________________________________________________________________.

WITNESS the following signatures and seals:

___________________________________              ___________________________________

OWNER OF PROPERTY                                         OWNER OF PROPERTY

                                                                                    ___________________________________

GENERAL CONTRACTOR

Final Affidavit and Agreement and Builder/Developer Statutory Payment Affidavit were subscribed and sworn to before me this _________ day of _____________________, 201___ by __________________

___________________________________________________________________________________.

                                                                              _________________________________________

                                                                              Notary Public

                                                                              My commission expires:  ____________________.

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