Fillable Construction Loan Disbursement Agreement (Page 6 of 8) in pdf

Construction Loan Disbursement Agreement Page 6

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16. Escrowee is to deliver the mortgage policy and all mortgage papers when available to the Lender

and bill all title and escrow charges to: _____________________________________________________.

17. Escrowee is to pay all title and escrow charges as they are determined. These items are not to be

considered as a cost of construction for purposes of paragraph 1 (i) above;

18. General Conditions: At any time prior to its commencement of disbursement of funds hereunder

Escrowee reserves the right to decline any risk offered for insurance hereunder, whereupon it shall

return to the Lender any documents in its possession relating to such loan and the funds received by it.

Commencement of disbursements makes this agreement effective as to all funds received and disbursed

on the construction in question;

19. Where, after the first disbursement, a further title search reveals a subsequently arising exception

over which Escrowee is unwilling to insure, it will notify the Lender and may discontinue disbursement,

until the exception has been disposed of to Escrowee's satisfaction;

20. Escrowee has no liability for loss caused by an error in the certification furnished it hereunder as

to work in place;

21. Escrowee shall not be liable for loss or impairment of funds in the course of collection or on

deposit of disbursement, due to bank failure, insolvency or suspension, except such as shall result from

failure of the Escrowee to comply with written instructions to deposit the funds in a bank specified by

the lender. Documents or funds deposited in the U. S. Mail shall not be construed as being in the

custody of the Escrowee;

22. Contractor's Indemnification: In consideration of, among other things, Fidelity National Title

Insurance Company's entering into this Escrow Agreement, contractor, for himself and for his heirs,

successors, assigns and administrators, indemnifies and saves Fidelity National Title Insurance Company

harmless from any and all losses, costs, damages, expenses and liabilities including attorney's fees which

Fidelity National Title Insurance Company may incur under the aforementioned commitment or policy

and the endorsements thereto or under this Escrow Agreement, arising from any mechanic's and

materialmen's liens for services, labor or material pursuant to contractor's construction contract with

owner or from any erroneous information which contractor, or any person claiming by, through or

under him, may have provided Fidelity National Title Insurance Company, or from the breach of any

warranty or covenant made by contractor to Fidelity National Title Insurance Company;

Construction Loan Disbursement Agreement

Page 6

Construction Loan Disbursement Agreement Page 6

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