Get Renovation Loan Indemnity Agreement Form

RENOVATION LOAN INDEMNITY AGREEMENT Contractor Borrower s Loan Number Property Address City State Zip Lender Loan Disbursement Administrator National Capital Funding Ltd. This agreement is made for the purpose of providing certain indemnifications to the Loan Disbursement Administrator and Lender their agents successors and/or assigns hereinafter collectively referred to as Indemnities. WHEREAS Contractor and Borrower have entered into an agreement for Contractor to construct certain improvements on the Property and WHEREAS Indemnities underwriting requirements necessitate that the Contractor carry General Liability Insurance in amounts acceptable to Indemnities and WHEREAS Borrower acknowledges that Borrower understands that Contractor has no such General Liability Insurance coverage and WHEREAS as an inducement to Indemnities to make a loan on said Property and waive their policy that generally requires a General Liability Insurance Policy covering the Contractor. NOW THEREFORE FOR VALUE RECEIVED the undersigned jointly and severally agree to indemnify save and hold harmless Indemnities their agents successors and/or assigns from any and all claims actions damages liabilities or litigation arising out of the construction that would generally be covered by a general liability policy. In the event of any cause of action or claim asserted by a party to this Agreement or any third party shall at its own expense faithfully and completely defend and protect the Indemnities against any and all If the undersigned should fail to so successfully defend the Indemnities may defend pay or settle the claim with full rights of recourse against the undersigned for any and all fees costs expenses and payments including but not limited to attorney fees and settlement payments made or agreed to be paid in order to discharge the claim cause of action dispute or litigation* personal representatives. Contractor s Signature Date Printed Name Title Borrower s Signature Date Co-Borrower s Signature Date Correspondent / Renovation Loan Borrower s Disclosure/ Standard 203 k /Revised 08/06/2013 Page 1 of 1. This agreement is made for the purpose of providing certain indemnifications to the Loan Disbursement Administrator and Lender their agents successors and/or assigns hereinafter collectively referred to as Indemnities. WHEREAS Contractor and Borrower have entered into an agreement for Contractor to construct certain improvements on the Property and WHEREAS Indemnities underwriting requirements necessitate that the Contractor carry General Liability Insurance in amounts acceptable to Indemnities and WHEREAS Borrower acknowledges that Borrower understands that Contractor has no such General Liability Insurance coverage and WHEREAS as an inducement to Indemnities to make a loan on said Property and waive their policy that generally requires a General Liability Insurance Policy covering the Contractor. WHEREAS Contractor and Borrower have entered into an agreement for Contractor to construct certain improvements on the Property and WHEREAS Indemnities underwriting requirements necessitate that the Contractor carry General Liability Insurance in amounts acceptable to Indemnities and WHEREAS Borrower acknowledges that Borrower understands that Contractor has no such General Liability Insurance coverage and WHEREAS as an inducement to Indemnities to make a loan on said Property and waive their policy that generally requires a General Liability Insurance Policy covering the Contractor. NOW THEREFORE FOR VALUE RECEIVED the undersigned jointly and severally agree to indemnify save and hold harmless Indemnities their agents successors and/or assigns from any and all claims actions damages liabilities or litigation arising out of the construction that would generally be covered by a general liability policy.