← 5541 S Peoria St, Chicago, IL 60621 · All properties

Indemnity Agreement - 5541 S Peoria St, Chicago, IL 60621.pdf

This page is a searchable text preview. Use the Dropbox link for the full original file.

Open full file in Dropbox

What This File Appears To Be

DocuSign Envelope ID: F2F609E4-174A-4F2A-975E-B3417D2057EE Zoning Certification Indemnity Agreement OC21039367 / 5541 S Peoria Street, 11/18/2021 Chicago Date:__________________________________ Fidelity order number:_____________________________________ 5541 S Peoria Street, Chicago, IL 60621 Property Address:_________________________________________________________________________________________ Seller(s):_________________________________________________________________________________________

Text Preview

DocuSign Envelope ID: F2F609E4-174A-4F2A-975E-B3417D2057EE

Zoning Certification Indemnity Agreement
OC21039367 / 5541 S Peoria Street,
11/18/2021
Chicago
Date:__________________________________
Fidelity order
number:_____________________________________
5541 S Peoria Street, Chicago, IL 60621
Property Address:_________________________________________________________________________________________
Seller(s):_________________________________________________________________________________________________

Lofty Holding 5541 S Peoria Street LLC
Purchaser(s):_____________________________________________________________________________________________
Whereas Fidelity National Title has been requested to perform an escrow closing and to issue title insurance policies on the
above file involving property located at the address stated above by and between the above seller(s) and purchaser(s); and
Whereas, the subject property is located in the City of Chicago and appears to contain two or more dwelling units; and
Whereas, any deed conveying real property located within the City of Chicago is required to include transfer stamps evidencing
payment of the City of Chicago transfer tax; and
Whereas, the transaction between the seller and purchaser is not exempt from the City of Chicago transfer tax; and
Whereas, the City of Chicago requires that a zoning certification be obtained as a condition precedent to obtaining City of
Chicago transfer stamps for any property located within the City that includes up to and including six (6) residential units; and
Whereas, there is typically a delay of at least seven (7) days before a zoning certification can be obtained from the City of
Chicago on any property that is not classified as single family residential; and
Whereas, a current zoning certification is not yet available for the subject property; and
Whereas, the parties have agreed to proceed with closing this transaction despite the fact the zoning certification is not
available on the day of closing; and
Whereas, the parties agree and acknowledge that neither the deed nor mortgage will be recorded until the zoning certificate is
received. Furthermore, once said zoning certificate is received, all parties will accept the property as disclosed by said zoning
certificate and both documents will be recorded regardless of how many legal dwelling units are disclosed by the Chicago
zoning certification and the parties agree to indemnify and hold Fidelity National Title harmless with respect to any issues or
consequences related to the number of unit of dwelling units disclosed by said zoning certification.
Sellers:
___________________________________
Buyer:

11/18/2021
___________________________________
Lender:
___________________________________

Accepted:
Fidelity National Title Insurance Company