Illinois § 70

§ 70.

Form of hold-harmless agreement. A hold-harmless agreement in substantially the following form, allowing for alterations to reflect the facts of the transaction and identity of the title insurance companies, complies with this Act. Hold-harmless Agreement TO: .................... (Presently insuring title insurance company) Re: Policy No.: ...... (Previously insuring title insurance company) Policy amount: $.............. Policy/Commitment No.: ............... (Presently insuring title insurance company) You show as exception number(s) .................. in your above referenced commitment for title insurance dated .........., the following exception(s): Mortgage dated ........., recorded as Document No. ....... made by ................................. (borrow) to ................................. (lender) to secure an indebtedness in the amount of $......... For and in consideration of your deleting said exception(s), we agree to indemnify you against loss that you may sustain as a result of said deletion. In no event may said indemnity exceed the face amount of our policy as noted above. In the event any claim is made against you as a result of your deletion, you agree to notify us within 30 days of the date the claim is made. Any action you take with respect to the claim will not obligate us under this letter unless the aforesaid notice has been furnished us and we have adequate time to consider our approval or disapproval of the action. .......................................... Title Insurance Company (Previously insuring) (Source: P.A. 93-428, eff. 12-31-03.)