Laserfiche WebLink
Apr-30-02 04:16pm From-LEONARD, STREET AND DEINARD + T-423 P.007/013 F-587 <br /> • <br /> COVENANT OF INDEMNITY <br /> This Covenant of Indemnity is made by <br /> SIDNEY REBERS AND BARBARA REBERS <br /> (hereinafter referred to as"Indemnitor(s)")for the benefit and protection of First American Title <br /> Insurance Company,a California corporation(hereinafter referred to as"The Company"); <br /> WHEREAS, The Company is being requested to issue its policy(ies)of title insurance insuring an <br /> interest in or title to the real property in the County of Hennepin, State of Minnesota, described in <br /> Commitment No. 85-04638 issued by The Company on the_day of ,2001, or <br /> described herein as: <br /> Lot 1,Block 1, Orono Ambar <br /> and <br /> WHEREAS,The Company is unwilling to issue said policy(ies)without an exception(s)as to the <br /> following items,among others,which affect or may affect the title hereto (hereinafter called "Items"); <br /> Sewer Relocation of Lot 2,Block 1,Orono Ambar <br /> and <br /> WHEREAS,the Indemnitor recognizes that The Company, in the normal course of its business, <br /> would not issue its policy(ies) free and clear of said Items unless the Indemnitor indemnifies The <br /> Company as hereafter agreed. <br /> NOW,THEREFORE,THE INDEMNITOR COVENANTS that in consideration of the issuance <br /> of a policy(ies) of title insurance without showing therein said Items as they may affect the title to real <br /> property or as exceptions from the insurance given thereby or which gives affirmative coverage against <br /> the effectiveness,enforcement or consequences of said Items,the Indemnitor will hold harmless,protect <br /> and indemnify The Company from and against any and all liabilities,losses, damage, expenses and <br /> charges,including but not limited to attorney's fees and expenses of litigation,which may be sustained or <br /> incurred by The Company under, or arising directly or indirectly out of the issuance of, any policy(ies) <br /> covering said land issued in manner so desired by Indemnitor;or under, or arising directly or indirectly <br /> out of the issuance of, any policy(ies)of title insurance or title report or reports covering said land or any <br /> portion thereof,which The Company or its agents may at any time thereafter issue; and resulting directly <br /> or indirectly from any of the Items indemnified against,or from any claim, action,proceeding,judgment, <br /> order or process arising from or based upon or growing out of any of said Items or the omission to show <br /> any of the same in any policy of title insurance or title report. <br /> AND THE INDEMNITOR FURTHER COVENANTS that Indemnitor will diligently provide for <br /> the defense of any action based upon any of the Items and will promptly do all things necessary or <br /> appropriate to cause the title to said land to be cleared of the effect of all of the Items and any other items <br /> based thereon or arising directly or indirectly therefrom, and of any cloud on title created by or growing <br /> out of any of the foregoing;all of which shall be done at the sole expense of Indemnitor. If Indemnitor <br /> shall fail so to do,then The Company may do the same,and may pay,compromise or settle any such <br /> Items or any claim or demand based thereon if The Company deems such action necessary for the <br /> protection of any of its insureds under any policy or of itself; and Indemnitor shall promptly reimburse <br /> The Company for payment, expense or expenditure made or incurred in so doing. If The Company holds <br /> any funds or security for the obligations of Indemnitor hereunder, it shall not be obligated to resort to <br />