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Title Insurance Indemnity Agreement
"I need a Title Insurance Indemnity Agreement for a mixed-use development property in Ontario, with specific coverage for potential indigenous land claims and historical environmental contamination risks, to be effective from March 1, 2025."
1. Parties: Identifies and defines the parties to the agreement - typically the title insurance company (Insurer) and the indemnitor
2. Background: Explains the context and purpose of the indemnity agreement, including reference to the underlying title insurance policy
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Scope of Indemnification: Details the specific risks, defects, or title issues covered by the indemnity
5. Indemnification Obligations: Specifies the indemnitor's obligations, including financial responsibilities and duty to defend
6. Term and Termination: Specifies the duration of the agreement and conditions for termination
7. Representations and Warranties: States the parties' representations regarding their authority and the subject matter
8. Notice Requirements: Outlines procedures for providing notice of claims or other communications
9. Payment Terms: Details the financial arrangements, including any premiums or fees
10. Governing Law and Jurisdiction: Specifies applicable law and jurisdiction for dispute resolution
11. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Security Requirements: Used when additional security or collateral is required from the indemnitor
2. Insurance Requirements: Included when the indemnitor must maintain specific insurance coverage
3. Assignment and Delegation: Added when transfer rights need to be specifically addressed
4. Dispute Resolution: Included when specific arbitration or mediation procedures are required
5. Confidentiality: Added when sensitive information needs protection
6. Survival Provisions: Used when certain obligations need to survive termination
7. Third Party Rights: Included when third party beneficiaries need to be addressed
1. Schedule A - Property Description: Detailed legal description of the insured property
2. Schedule B - Title Defects: Specific list of title defects or issues covered by the indemnity
3. Schedule C - Financial Terms: Detailed breakdown of any financial obligations, including premium calculations
4. Schedule D - Claims Procedures: Detailed procedures for handling claims under the indemnity
5. Appendix 1 - Supporting Documents: Copies of relevant title documents, surveys, or other supporting materials
6. Appendix 2 - Form of Notice: Template forms for required notices under the agreement
Authors
Real Estate
Insurance
Banking and Financial Services
Construction and Development
Legal Services
Property Management
Mortgage Lending
Urban Development
Legal
Risk Management
Real Estate Operations
Insurance Underwriting
Compliance
Property Development
Transaction Processing
Title Operations
Real Estate Lawyer
Title Insurance Underwriter
Property Developer
Real Estate Manager
Risk Manager
Legal Counsel
Mortgage Officer
Property Attorney
Insurance Compliance Officer
Real Estate Transaction Specialist
Title Officer
Construction Project Manager
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