We had a total burn down of our family home in the Eaton Fire, and I’m looking to deposit my initial Coverage A payment with Chase Mortgage so they can distribute rebuild funds as needed. After three hours on the phone, and being tossed around between mortgage assistance, loss draft, insurance claims, etc I finally got them to admit that the funds in this “restricted escrow account” were subject to 2% interest as mandated in CA. However, they informed me that they require me to sign a repair affidavit that seems to go beyond the scope of maintaining my intention to rebuild (see below), and absolves them of any liability for any dispute or lien on the property by another party (ie contractors), even one that they might cause by dragging their feet and not releasing funds in a timely manner……. Should I be signing this?
I/We, Paul J Mcconnell Jr, attest that I/we intend to restore the property listed above to good or marketable condition that is similar to what it was before damage occurred, and shall indemnify and hold harmless Chase or any of its officers and employees from and against any actual or threatened action, suit or proceeding and against any and all claims, expenses, losses or damages (including reasonable attorney’s fees) arising out of or as a result of an actual and/or alleged breach of the repair contract with any contractors. I/We will be responsible for paying any liens that may arise from repairing the property. In addition, I/we understand that Chase may require an inspection to confirm the status of the repairs.