HomeMy WebLinkAboutOld Republic National Title Insurance Co - Hold Harmless Agmnt - 8/12/19HOLD HARMLESS AGREEMENT
This Hold Harmless Agreement (the "Agreement") is entered into between the City of
Waterloo, Iowa (the "City") and Old Republic National Title Insurance Company (the "Company") as
of August j 2_ , 2019.
RECITALS
A. Company is title insurer under a policy issued to SFN Real Estate, LLC (the "Buyer"),
which has entered an agreement with City for the purchase of real property as described on Exhibit
"A" attached hereto (the "Property"). The Property is subject to a lien of judgment against City of
Waterloo, Iowa in favor of Daniel James Nickey and Andrew James Nickey, Case No. SCSC171773,
in the original amount of $4,902.00 (the "Lien"), which the City has appealed.
B. The parties desire to enter this Agreement to induce Buyer to complete its proposed
purchase of the Property. The City believes that Buyer's further improvement and use of the Property
is in the best interests of the public.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows:
1. City agrees to indemnify Company and to hold it harmless from and against any and
all claims, demands, judgments, costs, or expenses (including reasonable attorney's fees) arising out
of or in any way connected with the Lien. Based on the City's promise, Company agrees that it will
not consider the Lien to be an impediment to closing on the proposed purchase of the Property.
2. This Agreement shall inure to the benefit of and be binding upon the parties and their
respective successors and assigns. Buyer is intended as a third -party beneficiary of this Agreement.
3. This Agreement may be signed in one or more counterparts, each of which shall be
deemed an original and all of which, taken together, shall constitute one instrument.
IN WITNESS WHEREOF, the parties have executed this Hold Harmless Agreement by their
duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA OLD REPUBLIC NATIONAL TITLE
INSURANCE COMPANY
By:
Quentin Hart, Mayor
Attest:
elley Felchle ( — Jerk
By:
Title: T1 t(e PCO Au_c j (,, 9 c} r\
EXHIBIT "A"
Lot 1 and Lot 2 in Block 58 in Anthony Baker's Addition to the Village of Waterloo in Black Hawk
County, Iowa (now in the City of Waterloo, Iowa).