1-06

ALTA Residential Title Insurance Policy (6/1/87)

7/2/90

1-10

ALTA Policy United States Form

4/2/92

1-13

Mortgage Foreclosure Policy

6/1/96

1-16

Enhanced Residential Owner’s Policy substituted 6/1/99

5-86

ALTA Endorsement Form 1-06
Street Assessment

2/15/07

5-87

ALTA Endorsement Form 3-06

2/15/07

5-88

ALTA Endorsement Form Zoning Completed Structure

2/15/07
revised 7/12/2010

5-89

ALTA Endorsement Form 4.1-06
Condominium

2/15/07
revised 9/10/07
revised 5/15/09

5-90

ALTA Endorsement Form 5.1-06
Planned Unit Development

2/15/07
revised 5/15/09

 5-91

2/15/07
revised 5/15/09

5-92

ALTA Endorsement Form 6.2-06
 Variable Rate Mortgage-Negative Amortization

2/15/07
revised 5/15/09

5-93

ALTA Endorsement Form 7-06
 Manufactured Housing Unit

2/15/07
revised 9/10/07

5-94

ALTA Endorsement Form 8.1-06
Environmental Protection Lien

2/15/07

5-95

ALTA Endorsement Form 9-06
Restrictions, Encroachments, Minerals

2/15/07
revised 5/15/09
revised 7/12/2010

5-96

ALTA Endorsement Form 9.1-06
Restrictions, Encroachments, Minerals-
Owner’s Policy - Unimproved Land

2/15/07
revised 5/15/09

5-97

ALTA Endorsement Form 9.2-06
Restrictions, Encroachments, Minerals-
Owner’s Policy - Improved Land

2/15/07
revised 5/15/09

5-98

ALTA Endorsement Form 9.3-06
Restrictions, Encroachments, Minerals-
Loan Policy

2/15/07
revised 5/15/09
revised 7/12/2010

5-99

ALTA Endorsement Form 9.4-06
Restrictions, Encroachments, Minerals-
Owner’s Policy - Unimproved Land

2/15/07
revised 5/15/09

 5-100

ALTA Endorsement Form 9.5-06
Restrictions, Encroachments, Minerals-
Owner’s Policy - Improved Land

2/15/07
revised 5/15/09

 5-101

ALTA Endorsement Form 10-06
Assignment

2/15/07
revised 5/15/09

 5-102

ALTA Endorsement Form 10.1-06
Assignment and Date Down

2/15/07
revised 5/15/09

5-103

ALTA Endorsement Form  11-06
Mortgage Modification

2/15/07

 5-104

ALTA Endorsement Form 12-06
 Aggregation

2/15/07

5-105

ALTA Endorsement Form 13-06
 Leasehold - Owner’s

5-106

ALTA Endorsement Form 13.1-06
 Leasehold-Loan

2/15/07
revised 9/10/07

5-107

ALTA Endorsement Form 14-06
 Future Advance - Priority

2/15/07
revised 9/10/07
revised 7/12/2010

5-108

ALTA Endorsement Form 14.1-06
 Future Advance - Knowledge

2/15/07
revised 9/10/07
revised 7/12/2010

 5-109

ALTA Endorsement Form 14.2-06
 Future Advance - Letter of Credit

2/15/07
revised 9/10/07

 5-110

ALTA Endorsement Form 14.3-06
Future Advance - Reverse Mortgage

2/15/07
revised 7/12/2010

5-111

ALTA Endorsement Form 15-06
 Nonimputation - Full Equity Transfer

2/15/07
revised 9/10/07

 5-112 

ALTA Endorsement Form 15.1-06
 Nonimputation - Additional Insured

2/15/07
revised 9/10/07

5-113

ALTA Endorsement Form 15.2-06
 Nonimputation - Partial Equity Transfer

2/15/07
revised 9/10/07

ALTA Endorsement Form 16-06
Mezzanine Financing

2/15/07
revised 9/10/07

5-115 

ALTA Endorsement Form 17-06 
Access and Entry

2/15/07

5-116

ALTA Endorsement Form 17.1-06
Indirect Access and Entry

2/15/07

 5-117

ALTA Endorsement Form 18-06
 Single Tax Parcel

2/15/07

5-118

ALTA Endorsement Form 18.1-06
 Multiple Tax Parcel

2/15/07
revised 9/10/07

5-119

ALTA Endorsement Form 19-06
Contiguity - Multiple Parcels

2/15/07

5-120

ALTA Endorsement Form 19.1-06
 Contiguity - Single Parcel

2/15/07
revised 9/10/07

5-121

ALTA Endorsement Form 20-06
 First Loss - Multiple Parcel Transaction

2/15/07

5-122

 ALTA Endorsement Form 21-06 
Creditors’ Rights - WITHDRAWN

2/15/07

5-123

ALTA Endorsement Form 22-06
 Location

2/15/07
revised 5/15/09

5-124

ALTA Endorsement Form 17.2-06
 Utility Access

5/15/09

5-125

ALTA Endorsement Form 25-06
 Same As Survey

5/15/09

5-126

ALTA Endorsement Form 25.1-06
 Same As Portion Of Survey

5/15/09

5-127

ALTA Endorsement Form 28-06
 Damage or Enforced Removal

5/15/09

5-128

Waiver of Arbitration Endorsement

7/12/2010

5-129

SWAP Direct Obligation Endorsement

7/14/2011

5-130

SWAP Additional Interest Endorsement

7/14/2011

OWNER’S POLICY OF TITLE INSURANCE

Issued by

BLANK TITLE INSURANCE COMPANY

This Policy insures your title to the land described in Schedule A – if that land is a one-to-four family residential lot or condominium unit.  Your insurance, as described in this Coverage Statement, is effective on the Policy Date shown in Schedule A.

American Land Title Association

OWNER’S POLICY OF TITLE INSURANCE

Issued by

BLANK TITLE INSURANCE COMPANY

Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at the address shown in Section 18 of the Conditions.

COVERED RISKS 

SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, BLANK TITLE INSURANCE COMPANY, a Blank corporation (the “Company”) insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of:

1.    Title being vested other than as stated in Schedule A.
2.    Any defect in or lien or encumbrance on the Title.  This Covered Risk includes but is not limited to insurance against loss from:
       (a)        A defect in the Title caused by
           (i)           forgery, fraud, undue influence, duress, incompetence, incapacity, or impersonation;
           (ii)        failure of any person or Entity to have authorized a transfer or conveyance;
           (iii)       a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
           (iv)       failure to perform those acts necessary to create a document by electronic means authorized by law;
           (v)        a document executed under a falsified, expired, or otherwise invalid power of attorney;
           (vi)       document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or
           (vii)      a defective judicial or administrative proceeding.
       (b)        The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
       (c)        Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land.  The term ”encroachment” includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.

3.         Unmarketable Title.
4.         No right of access to and from the Land.
5.         The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to
       (a)        the occupancy, use, or enjoyment of the Land;
       (b)        the character, dimensions, or location of any improvement erected on the Land;
       (c)        the subdivision of land; or
       (d)        environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice.
6.         An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
7.         The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.
8.         Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9.         Title being vested other than as stated in Schedule A or being defective
       (a)        as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws; or
       (b)        because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws by reason of the failure of its recording in the Public Records
              (i)         to be timely, or
              (ii)        to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10.       Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided in the Conditions. 
[Witness clause optional] 
BLANK TITLE INSURANCE COMPANY  
BY: PRESIDENT  
BY:SECRETARY  
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:
1.         (a)        Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to
              (i)         the occupancy, use, or enjoyment of the Land; 
              (ii)        the character, dimensions, or location of any improvement erected on the Land; 
              (iii)       the subdivision of land; or 
              (iv)       environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations.  This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5.
       (b)        Any governmental police power.  This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.
2.         Rights of eminent domain.  This Exclusion does not modify or limit the coverage provided under Covered Risk  or 8.
3.         Defects, liens, encumbrances, adverse claims, or other matters
       (a)        created, suffered, assumed, or agreed to by the Insured Claimant; 
       (b)        not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; 
       (c)        resulting in no loss or damage to the Insured Claimant; 
       (d)        attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risks 9 and 10); or 
       (e)        resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4.         Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction vesting the Title as shown in Schedule A, is
       (a)        a fraudulent conveyance or fraudulent transfer; or
       (b)        a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5.         Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.

SCHEDULE A

Name and Address of Title Insurance Company:
 

[File No.:      ]        Policy No.:    
Address Reference: 
Amount of Insurance: $   [Premium: $             ] 
Date of Policy:                     [at a.m./p.m.]


1.         Name of Insured: 

2.         The estate or interest in the Land that is insured by this policy is: 


3.         Title is vested in: 


4.         The Land referred to in this policy is described as follows:

SCHEDULE B

Policy No.
[File No.       ]

EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses that arise by reason of: 
1.         Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land.
2.         [Policy may include regional exceptions if so desired by the issuing
3.         Company.]
4.         [Variable exceptions such as taxes, easements, CC&R’s, etc., shown here]
5.CONDITIONS 
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
       (a)        “Amount of Insurance”:  The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b), or decreased by Sections 11 and 12 of these Conditions.
       (b)        “Date of Policy”:  The date designated as “Date of Policy” in Schedule A.
       (c)        “Entity”:  A corporation, partnership, trust, limited liability company, or other similar legal entity.
       (d)        “Insured":  The Insured named in Schedule A.
              (i)         The term "Insured" also includes
                     (A)       successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin;
                     (B)       successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization;
                     (C)       successors to an Insured by its conversion to another kind of Entity;
                     (D)       a grantee of an Insured under a deed delivered without payment of actual valuable consideration  conveying the Title
                            (1)        if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, 
                            (2)        if the grantee wholly owns the named Insured, 
                            (3)        if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity, or
                            (4)        if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes.
              (ii)        With regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor Insured.
       (e)        "Insured Claimant":  An Insured claiming loss or damage. 
       (f)         "Knowledge" or "Known":  Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title. 
       (g)        "Land":  The land described in Schedule A, and affixed improvements that by law constitute real property.  The term "Land” does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy. 
       (h)        "Mortgage":  Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law. 
       (i)         "Public Records":  Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge.  With respect to Covered Risk 5(d), "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. 
(j)         “Title”:  The estate or interest described in Schedule A. 
(k)        "Unmarketable Title”: Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.  This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured. 
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title.  If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice.
4.         PROOF OF LOSS
In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss.  The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. 
5. DEFENSE AND PROSECUTION OF ACTIONS
(a)        Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured.  This obligation is limited to only those stated causes of action alleging matters insured against by this policy.  The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those stated causes of action.  It shall not be liable for and will not pay the fees of any other counsel.  The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not insured against by this policy.
(b)        The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to the Insured.  The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the Insured.  The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy.  If the Company exercises its rights under this subsection, it must do so diligently.
(c)        Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order.
6.         DUTY OF INSURED CLAIMANT TO COOPERATE
(a)        In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose.  Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured.  If the Company is prejudiced by the failure of the Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation.
(b)        The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage.  Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the loss or damage.  All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim.  Failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that claim.
7.         OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY
In case of a claim under this policy, the Company shall have the following additional options:
(a)        To Pay or Tender Payment of the Amount of Insurance. 
To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. 
Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. 
(b)        To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant.
(i)         To pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy.  In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or
(ii)        To pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay.
Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. 

8.         DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. 
(a)        The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of
(i)         the Amount of Insurance; or
(ii)        the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy.
(b)        If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured,
(i)         the Amount of Insurance shall be increased by 10%, and
(ii)        the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. 
(c)        In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions.
9.         LIMITATION OF LIABILITY
(a)        If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured. 
(b)        In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured. 
(c)        The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company.

10.       REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY 
All payments under this policy, except payments made for costs, attorneys’ fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment.   
11.       LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy.
12.       PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days.
13.       RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a)        Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company.  If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies.  The Insured Claimant shall permit the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. 
If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its loss. 
(b)        The Company’s right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding any terms or conditions contained in those instruments that address subrogation rights.
14.       ARBITRATION
Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association (“Rules”).  Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons.  Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy.  All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured.  All arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured.  Arbitration pursuant to this policy and under the Rules shall be binding upon the parties.  Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction.
15.       LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT
(a)        This policy together with all endorsements, if any, attached to it by the Company is the entire policy and contract between the Insured and the Company.  In interpreting any provision of this policy, this policy shall be construed as a whole. 
(b)        Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim shall be restricted to this policy. 
(c)        Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. 
(d)        Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions.  Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. 
16.       SEVERABILITY
In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect. 
17.       CHOICE OF LAW; FORUM
(a)        Choice of Law:  The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefore in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the jurisdiction where the Land is located. 
Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy.  In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. 
(b)        Choice of Forum:  Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the

American Land Title Association

NJ Enhanced Coverage Residential Loan Policy 2-11

EXPANDED COVERAGE RESIDENTIAL LOAN POLCY

For a one-to-four family residence

STEWART TITLE GUARANTY COMPANY

SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, Stewart Title Guaranty Company, a Texas corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A (and, to the extent expressly stated below, after Date of Policy), against loss or damage, not exceeding one hundred twenty-five percent (125%) of the Amount of insurance stated in Schedule A, sustained or incurred by the insured by reason of any of the following Covered Risks:

1. Title to the estate or interest described in Schedule A being vested other than as stated therein;

2. Any defect in or lien or encumbrance on the title;

3. Unmarketability of the title;

4. Lack of both actual pedestrian and vehicular access to and from the land based on a legal right;

5. The invalidity or unenforceability of the lien of the insured mortgage upon the title;

6. The priority of any lien or encumbrance over the lien of the insured mortgage;

7. Real property taxes and assessments of any governmental authority due or payable at Date of Policy have not been paid.

8. Lack of priority of the lien of the insured mortgage as to each and every advance of proceeds of the loan secured by the insured mortgage, which at Date of Policy the insured has made or is legally obligated to make, over:

(a) Any defect in or lien or encumbrance on the title attaching or created before, on or after Date of Policy;

(b) Any defect in or lien or encumbrance on the title attaching or created subsequent to Date of Policy and prior to the recording of the insured mortgage in the public records;

(c) Any statutory lien for services, labor or material, arising before, on or after Date of Policy, from an improvement or work related to the land which was contracted for or commenced before, on or after Date of Policy;

(d) Any environmental protection lien that comes into existence before, on or after Date of Policy pursuant to any federal statute in effect at Date of Policy; and

(e) Any assessment for street improvements under construction or completed at Date of Policy.

9. The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown in Schedule A, and the failure of any assignment shown in Schedule A to vest title to the insured mortgage in the named assignee free and clear of all liens;

10. The failure of the land to have the street address shown in Schedule A;

11. The failure of the land to be improved with a one-to-four family residential structure or, if stated in the description of the land covered by this policy, a residential condominium unit;

12. The failure of the land to be zoned to permit a one-to-four family residential structure or, if stated in the description of the land covered by this policy, a residential condominium unit;

13. The forced removal, modification or replacement of any existing one-to-four family residential structure or residential condominium unit located on the land resulting from the violation of any of the following requirements of any applicable zoning ordinance: Area or dimensions of the land as a building site; floor space area of the structure; height of the structure; or distance of the structure from the boundary lines of the land;

14. The failure of the land to be a lawfully created one-to-four family residential parcel according to state statutes governing subdivision of land and local ordinances adopted pursuant thereto;

15. The assessment of taxation of the land by governmental authority as part of a larger parcel.

16. The failure of the existing one-to-four family residential structure or residential condominium unit or any portion thereof or a future modification or replacement thereof to have been constructed with a valid building permit from the appropriate local government issuing office or agency;

17. Any violation, variation, or adverse circumstance affecting the title that would have been disclosed by an accurate survey, not otherwise covered by the terms of this policy.

18. The inability to use the existing one-to-four family residential structure or residential condominium unit or any portion thereof or a future modification or replacement thereof for one-to-four family residential purposes because that use violates a restriction shown in Schedule B;

19. The encroachment onto the land of an improvement constructed after Date of Policy;

20. Encroachment of improvements constructed on the land after Date of Policy onto adjoining property or over any easement or building setback line on the land.

21. Damage to improvements, lawns, shrubbery or trees constructed or planted on the land before, on or after Date of Policy resulting from the future exercise of any right to use the surface of the land for the extraction or development of minerals, water or any other substance;

22. Forgery after Date of Policy of:

(a) any instrument purporting to subordinate, assign, release or reconvey the insured mortgage; and

(b) any instrument purporting to convey or encumber the title to the estate or interest acquired by the insured;

23. The invalidity, enforceability or lack of priority of the lien of the insured mortgage as to advances made or changes in the rate of interest charged subsequent to any modification of the terms of the insured mortgage made after Date of Policy which are, by the terms of the insured mortgage as modified, secured thereby;

24. Damage to improvements, lawns, shrubbery or trees constructed or planted on the land before, on or after Date of Policy occasioned by the exercise of the right to use or maintain any easement referred to tin Schedule B.

25. Interference with the use for one-to-four family residential purposes of the improvements constructed on the land before, on or after Date of Policy occasioned by the exercise of the right to use or maintain any easement referred to in Schedule B.

26. Supplemental real estate taxes, including those caused by construction or a change of ownership or use that occurred before Date of Policy, not previously assessed against the land for any period before Date of Policy.

27. The invalidity or unenforceability of the lien of the Insured Mortgage upon the title based upon a violation of the usury laws of the state where the land is located if no other mortgage is shown as an exception in Schedule B.

28. [The failure of the map, if any, attached to this policy to show the correct location and dimensions of the land according to the Public Records.]

Unless stated to the contrary in Schedule B, the Company incorporates the following American Land Title Association endorsements into the policy by this reference as if these endorsements had been attached hereto:

(a) ALTA Form 4 (Condominium), if a condominium unit is referred to in the description of the land in Schedule A.

(b) ALTA Form 5 (Planned Unit Development);

(c) ALTA Form 6 (Variable Rate Mortgage)

(d) ALTA Form 6.2 (Variable Rate Mortgage - Negative Amortization); and

(e) ALTA Form 8.1 (Environmental Protection Lien) subject to the statutes, if any, shown in Schedule B specifically for this endorsement.

(f) ALTA Form 9 (Restrictions, Encroachments, Minerals).

The Company will also pay the costs, attorneys' fees and expenses incurred in the defense of the title or the lien of the Insured Mortgage, as insured, but only to the extent provided in the Conditions and Stipulations.

EXCLUSIONS FROM COVERAGE

The following matters are expressly excluded from the coverage of the policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of:

1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the Land; (ii) a separation in ownership or a change in the dimensions or areas of the Land or any parcel of which the Land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the Land has been recorded in the Public Records at Date of Policy. This exclusion does not limit the coverage provided under Covered Risks 12, 13, 14, and 16 of this Policy.

(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the Land has been recorded in the Public Records at Date of Policy. This exclusion does not limit the coverage provided under Covered Risks 12, 13, 14, and 16 of this policy.

2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the Public Records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without Knowledge.

3. Defects, liens, encumbrances, adverse claims or other matters;

(a) created, suffered, assumed or agreed to by the Insured Claimant;

(b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an insured under this policy;

(c) resulting in a no loss or damage to the Insured Claimant;

(d) attaching or created subsequent to Date of Policy (this paragraph does not limit the coverage provided under Covered Risks 8, 16, 18, 19, 20, 21, 22, 23, 24, 25, and 26); or

(e) resulting in loss or damage which would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage.

4. Unenforceability of the lien of the Insured Mortgage because of the inability or failure of the insured at Date of Policy, or the inability or failure of any subsequent owner of the indebtedness, to comply with applicable doing business laws of the state in which the Land is situated.

5. Invalidity or unenforceability of the lien of the Insured Mortgage, or claim thereof, which arises out of the transaction evidenced by the Insured Mortgage and is based upon usury, except as provided in Covered Risk 27, or any consumer credit protection or truth in lending law.

6. Real property taxes or assessments of any governmental authority which become a lien on the Land subsequent to Date of Policy. This exclusion does not limit the coverage provided under Covered Risks 7, 8(e) and 26.

7. Any claim of invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as to advances or modifications made after the insured has Knowledge that the vestee shown in Schedule A is no longer the owner of the estate or interest covered by this policy. This exclusion does not limit the coverage provide in Covered Risk 8.

8. Lack of priority of the lien of the Insured Mortgage as to each and every advance made after Date of Policy, and all interest charged thereon, over liens, encumbrances and other matters affecting the title, the existence of which are Known to the insured at:

(a) The time of the advance; or

(b) The time a modification is made to the terms of the Insured Mortgage which changes the rate of interest charged, if the rate of interest is greater as a result of the modification than it would have been before the modification. This exclusion does not limit the coverage provided in Covered Risk 8.

9. The failure of the residential structure, or any portion thereof to have been constructed before, on or after Date of Policy in accordance with applicable building codes. This exclusion does not apply to violations of building codes if notice of the violation appears in the Public Records at Date of Policy.

CONDITIONS AND STIPULATIONS

1 DEFINITION OF TERMS.

The following terms when used in this policy mean:

a"Insured": the insured named in Schedule A. The term "Insured" also includes:

i the owner of the indebtedness secured by the Insured Mortgage and each successor in ownership of the indebtedness except a successor who is an obligor under the provisions of Section 12(c) of these Conditions and Stipulations (reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor insured, unless the successor acquired the indebtedness as a purchaser for value without Knowledge of the asserted defect, lien, encumbrance, adverse claim or other matter insured against by this policy as affecting title to the estate or interest in the Land);

ii any governmental agency or governmental instrumentality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing the indebtedness secured by the Insured Mortgage, or any part thereof, whether named as an insured herein or not;

iii the parties designated in Section 2(a) of these Conditions and Stipulations.

1"Insured Claimant": an insured claiming loss or damage.

2 "Knowledge" or "Known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the Public Records as defined in this policy or any other records which impart constructive notice of matters affecting the Land.

3 "Land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "Land" does not include any property beyond the lines of the area described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "Land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the Land is insured by this policy.

4 "Mortgage": mortgage, deed of trust, trust deed, or other security instrument.

5 "Public Records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. With respect to Section 1(a) (iv) of the Exclusions From Coverage, "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the Land is located.

6 "Unmarketability of the title": an alleged or apparent matter affecting the title to the Land, not excluded or excepted from coverage, which would enable a purchaser of the estate or interest described in Schedule A or the Insured Mortgage to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title.

a CONTINUATION OF INSURANCE.

i After Acquisition of Title. The coverage of this policy shall continue in force as of Date of Policy in favor of (i) an insured who acquires all or any part of the estate or interest in the Land by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal manner which discharges the lien of the Insured Mortgage; (ii) a transferee of the estate or interest so acquired from an insured corporation, provided the transferee is the parent or wholly-owned subsidiary of the insured corporation, and their corporate successors by operation of law and not by purchase, subject to any rights or defenses the Company may have against any predecessor insureds; and (iii) any governmental agency or governmental instrumentality which acquires all or any part of the estate or interest pursuant to a contract of insurance or guaranty insuring or guaranteeing the indebtedness secured by the Insured Mortgage.

ii After Conveyance of Title. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the Land, or holds an indebtedness secured by a purchase money Mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the Land, or (ii) an indebtedness secured by a purchase money Mortgage given to the insured.

iii Amount of insurance. The amount of insurance after the acquisition or after the conveyance shall in neither event exceed the least of:

1 One hundred twenty-five percent (125%) of the Amount of insurance stated in Schedule A;

2 the amount of the principal of the indebtedness secured by the Insured Mortgage, at the time of acquisition of the estate or interest, interest thereon, expenses of foreclosure, amounts advanced pursuant to the Insured Mortgage to assure compliance with laws or to protect the lien of the Insured Mortgage prior to the time of acquisition of the estate or interest in the Land and secured thereby and reasonable amounts expended to prevent deterioration of improvements, but reduced by the amount of all payments made; or

3 the amount paid by any governmental agency or governmental instrumentality, if the agency or instrumentality is the Insured Claimant, in the acquisition of the estate or interest in satisfaction of its insurance contract or guaranty.

a NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.

The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case Knowledge shall come to an insured hereunder of any claim that might cause loss or damage for which the Company may be liable by virtue of this policy or (iii) if title to the estate or interest or the lien of the Insured Mortgage, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall, in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice.

1 DEFENCE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE.

a Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of the insured in litigation in which any third party asserts a claim adverse to the insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy.

b The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest or the lien of the Insured Mortgage, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently.

c Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order.

d In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest or the lien of the Insured Mortgage, as insured or to prevent or reduce loss to the insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation.

i PROOF OF LOSS OR DAMAGE.

In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof loss or damage signed and sworn to by the Insured Claimant shall be furnished to the Company within 90 days after the Insured Claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy, which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the Insured Claimant to provide the required proof of loss or damage, the Company's obligations to the insured under this policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage.

In addition, the Insured Claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss of damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of the third party, which reasonably pertain to the loss or damage. All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that claim.

1 OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS, TERMINATION OF LIABILITY.

In case of a claim under this policy, the Company shall have the following options:

a To Pay or Tender Payment of One Hundred Twenty-Five percent (125%) of the Amount of insurance or to Purchase the indebtedness.

2 to pay or tender payment of one hundred twenty-five percent (125%) of the amount of insurance under the policy together with any costs, attorneys' fees and expenses incurred by the Insured Claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay; or

3 to purchase the indebtedness secured by the Insured Mortgage for the amount owing thereon together with any costs, attorneys' fees and expenses incurred by Insured Claimant which were authorized by the Company up to the time of purchase and which the Company is obligated to pay.

If the Company offers to purchase the indebtedness as herein provided, the owner of the indebtedness shall transfer, assign, and convey he indebtedness and the Insured Mortgage, together with any collateral security, to the Company upon payment therefore. Upon the exercise by the Company of either of the options provided for in paragraphs (a)(i) or (ii), all liability and obligations to the insured under this policy, other than to make the payment required in those paragraphs, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation.

4 To pay or Otherwise Settle With Parties other than the Insured or With the Insured Claimant.

5 to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy, together with any costs, attorneys fees and expenses incurred by the Insured Claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or

6 to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the Insured Claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay.

Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation.

7 DETERMINATION AND EXTENT OF LIABILITY.

This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described.

1 The liability of the Company under this policy shall not exceed the least of:

2 One hundred twenty-five percent (125%) of the Amount of insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in Section 2(e) of these Conditions and Stipulations.

3 the amount of the unpaid principal indebtedness secured by the Insured Mortgage as limited or provided under Section 8 of these Conditions and Stipulations or as reduced under Section 9 of these Conditions and Stipulations at the time the loss or damage insured against by this policy occurs, together with interest thereon; or

4 the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien, encumbrance or other matter insured against by this policy; provided, however, that this Section 7(a)(iii) shall not apply, when the defect, lien, encumbrance or other matter insured against by this policy results in a total failure of the lien of the Insured Mortgage to attach to the insured estates or interest.

5 In the event the insured has acquired the estate or interest in the manner described in Section 2(a) of these Conditions and Stipulations or has conveyed the title, then the liability of the Company shall continue as set forth in Section 7(a) of these Conditions and Stipulations.

6 The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations.

a LIMITAION OF LIABILITY.

i If the Company establishes the title, or removes the alleged defect, lien, encumbrance, or other matter, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketability of title, or otherwise establishes the lien of the Insured Mortgage, all as insured, in a reasonably diligent manner by any method, including litigation an the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby.

ii In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title or interest of the insured or to the lien of the Insured Mortgage, as insured.

iii The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company.

iv The Company shall not be liable for: (i) any indebtedness created subsequent to Date of Policy except for advances covered under Covered Risk 23 and those made to protect the lien of the Insured Mortgage and secured thereby and reasonable amounts expended to prevent deterioration of improvements; or (ii) construction loan advances made subsequent to Date of Policy, except construction loan advances made subsequent to Date of Policy for the purpose of financing in whole or in part the construction of an improvement to the Land which at Date of Policy were secured by the Insured Mortgage and which the insured was and continued to be obligated to advance at and after Date of Policy.

1 REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY.

aAll payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of insurance pro tanto. However, any payments made prior to the acquisition of title to the estate or interest as provided in Section 2(a) of these Conditions and Stipulations shall not reduce pro tanto the amount of insurance afforded under this policy except to the extent that the payments reduce the amount of indebtedness secured by the Insured Mortgage.

i LIABILITY NONCUMULATIVE.

If the insured acquires title to the estate or interest in satisfaction of the indebtedness secured by the Insured Mortgage, or any part thereof, it is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy.

1 PAYMENT OF LOSS.

a No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company.

b When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter.

i SUBROGATION UPON PAYMENT OR SETTLEMENT.

1 The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the Insured Claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the Insured Claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the Insured Claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The Insured Claimant shall permit the Company to sue, compromise or settle in the name of the Insured Claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall be subrogated to all rights and remedies of the Insured Claimant after the Insured Claimant shall have recovered its principal, interest, and costs of collection.

2The Insured's Rights and Limitations. Notwithstanding the foregoing, the owner of the indebtedness secured by the Insured Mortgage, provided the priority of the lien of the Insured Mortgage or its enforceability is not affected, may release or substitute the personal liability of any debtor or guarantor, or extend or otherwise modify the terms of payment, or release a portion of the estate or interest from the lien of the Insured Mortgage, or release any collateral security for the indebtedness. When the permitted acts of the Insured Claimant occur and the Insured has Knowledge of any claim of title or interest adverse to the title to the estate or interest or the priority or enforceability of the lien of the Insured Mortgage, as insured, the Company shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount , if any, lost to the Company by reason of the impairment by the Insured Claimant of the Company's right of subrogation.

3 The Company's Rights Against Non-Insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy.

The Company's right of subrogation shall not be avoided by acquisition of the Insured Mortgage by an obligor (except an obligor described in Section 1 (a)(ii) of these Conditions and Stipulations) who acquires the Insured Mortgage as a result of an indemnity, guarantee other policy or insurance, or bond and the obligor will not be an Insured under this policy notwithstanding Section 1(a)(i) of these Conditions and Stipulations.

1ARBITRATION.

Unless prohibited by applicable law, either the Company or the Insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the Insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the Insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the Land is located permit a court to award attorneys fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The Law of the situs of the Land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request.

2 LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT.

a This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole.

b Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the lien of the Insured Mortgage or of any other matters insured against by this policy or by any action asserting such claim, shall be restricted to this policy.

c No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company.

i SEVERABILITY.

In the event any provision of this policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect.

1 NOTICES, WHERE SENT.

All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company, Claims Department at P.O. Box 2029, Houston, TX 77252-2029.

SCHEDULE A

File No. _________________________________

Policy No. _______________________________

Amount of Insurance: $ _____________________

Premium: $ _______________________________

Date of Policy: _______________ or the date of recording of the Insured Mortgage, whichever is later.

Street Address of the Land: ____________________________________________

1Name of Insured: _______________________________________

2The estate or interest in the Land which is encumbered by the Insured Mortgage is: _____________________________________________________________________

3Title to the estate or interest in the Land is vested in: ________________________ __________________________________________________

4The Insured Mortgage and assignments thereof, if any, are described as follows: ______________________________________________________________________

5The Land referred to in this Policy is described as follows: ____________________ ___________________________________________________

SCHEDULE B - PART 1

File No. ___________________ Policy No. ______________

EXCEPTIONS FROM COVERAGE

This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: ____________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________

SCHEDULE B - PART II

File No. _______________ Policy No. ______________

In addition of the matters set forth in Part I of the Schedule , the title to the estate or interest in the land described or referred to in Schedule (A) is subject to the following matters, if any be shown, but the Company insures that these matters are subordinate to the lien or charge of the insured mortgage upon the estate or interest.

American Land Title Association

American Land Title Association

American Land Title Association

ADDENDUM

TO

SHORT FORM RESIDENTIAL LOAN POLICY

Addendum to Policy Number:  _______________ [File Number:  __________]

SCHEDULE B (Continued)

IN ADDITION TO THE MATTERS SET FORTH ON SCHEDULE B OF THE POLICY TO WHICH THIS ADDENDUM IS ATTACHED, THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE (AND THE COMPANY WILL NOT PAY COSTS, ATTORNEYS’ FEES OR EXPENSES) THAT ARISE BY REASON OF THE FOLLOWING:

LOAN POLICY OF TITLE INSURANCE

Issued by

BLANK TITLE INSURANCE COMPANY

Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at the address shown in Section 17 of the Conditions

COVERED RISKS

SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, BLANK TITLE INSURANCE COMPANY, a Blank corporation (the “Company”) insures as of Date of Policy and, to the extent stated in Covered Risks 11, 13, and 14, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of:

1.         Title being vested other than as stated in Schedule A.

2.         Any defect in or lien or encumbrance on the Title.  This Covered Risk includes but is not limited to insurance against loss from

(a)        A defect in the Title caused by

(i)         forgery, fraud, undue influence, duress, incompetence, incapacity, or impersonation;

(ii)        failure of any person or Entity to have authorized a transfer or conveyance;

(iii)       a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;

(iv)       failure to perform those acts necessary to create a document by electronic means authorized by law;

(v)        a document executed under a falsified, expired, or otherwise invalid power of attorney;

(vi)       a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or

(vii)      a defective judicial or administrative proceeding.

(b)        The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.

(c)        Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. The term “encroachment” includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.

3.         Unmarketable Title.

4.         No right of access to and from the Land.

5.         The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to

(a)        the occupancy, use, or enjoyment of the Land;

(b)        the character, dimensions, or location of any improvement erected on the Land;

(c)        the subdivision of land; or

(d)        environmental protection

if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice.

6.         An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.

7.         The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.

8.         Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.

9.         The invalidity or unenforceability of the lien of the Insured Mortgage upon the Title.  This Covered Risk includes but is not limited to insurance against loss from any of the following impairing the lien of the Insured Mortgage

(a)        forgery, fraud, undue influence, duress, incompetence, incapacity, or impersonation;

(b)        failure of any person or Entity to have authorized a transfer or conveyance;

(c)        the Insured Mortgage not being properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;

(d)        failure to perform those acts necessary to create a document by electronic means authorized by law;

(e)        a document executed under a falsified, expired, or otherwise invalid power of attorney;

(f)         a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or

(g)        a defective judicial or administrative proceeding.

10.       The lack of priority of the lien of the Insured Mortgage upon the Title over any other lien or encumbrance.

11.       The lack of priority of the lien of the Insured Mortgage upon the Title

(a)        as security for each and every advance of proceeds of the loan secured by the Insured Mortgage over any statutory lien for services, labor, or material arising from construction of an improvement or work related to the Land when the improvement or work is either

(i)         contracted for or commenced on or before Date of Policy; or

(ii)        contracted for, commenced, or continued after Date of Policy if the construction is financed, in whole or in part, by proceeds of the loan secured by the Insured Mortgage that the Insured has advanced or is obligated on Date of Policy to advance; and

(b)        over the lien of any assessments for street improvements under construction or completed at Date of Policy.

12.       The invalidity or unenforceability of any assignment of the Insured Mortgage, provided the assignment is shown in Schedule A, or the failure of the assignment shown in Schedule A to vest title to the Insured Mortgage in the named Insured assignee free and clear of all liens.

13.       The invalidity, unenforceability, lack of priority, or avoidance of the lien of the Insured Mortgage upon the Title

            (a)        resulting from the avoidance in whole or in part, or from a court order providing an alternative remedy, of any transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction creating the lien of the Insured Mortgage because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws; or

(b)        because the Insured Mortgage constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws by reason of the failure of its recording in the Public Records

(i)         to be timely, or

(ii)        to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.

14.       Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 13 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the Insured Mortgage in the Public Records.

The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided in the Conditions.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

BY: PRESIDENT

BY: SECRETARY

The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:

1.         (a)        Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting or relating to

(i)         the occupancy, use, or enjoyment of the Land;

(ii)        the character, dimensions, or location of any improvement erected on the Land;

(iii)       the subdivision of land; or

(iv)       environmental protection; 

or the effect of any violation of these laws, ordinances, or governmental regulations.  This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5.

(b)        Any governmental police power.  This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.

2.         Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.

3.         Defects, liens, encumbrances, adverse claims, or other matters

(a)        created, suffered, assumed, or agreed to by the Insured Claimant;

(b)        not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy;

(c)        resulting in no loss or damage to the Insured Claimant;

(d)        attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 11, 13, or 14); or

(e)        resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage.

4.         Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing-business laws of the state where the Land is situated.

5.         Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law.

6.         Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction creating the lien of the Insured Mortgage, is

(a)        a fraudulent conveyance or fraudulent transfer, or

(b)         a preferential transfer for any reason not stated in Covered Risk 13(b) of this policy

7.         Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the Insured Mortgage in the Public Records. This Exclusion does not modify or limit the coverage provided under Covered Risk 11(b).

SCHEDULE A

Name and Address of Title Insurance Company:

[File No.:                    ]                        Policy No.:

Loan No.: 

Address Reference:

Amount of Insurance: $  [Premium: $               ]

Date of Policy:                    [at a.m./p.m.]

1. Name of Insured:

2. The estate or interest in the Land that is encumbered by the Insured Mortgage is:

3. Title is vested in:

4. The Insured Mortgage and its assignments, if any, are described as follows: 

5. The Land referred to in this policy is described as follows:

6. This policy incorporates by reference those ALTA endorsements selected below:

□ 4.1-06          (Condominium)

□ 5.1-06          (Planned Unit Development)

□ 6-06             (Variable Rate)

□6.2-06           (Variable Rate--Negative Amortization)

□ 8.1-06          (Environmental Protection Lien)

□ 9-06 (Restrictions, Encroachments, Minerals)

□ 13.1-06        (Leasehold Loan)

□ 14-06           (Future Advance-Priority)

□ 14.1-06        (Future Advance-Knowledge)

□ 22-06           (Location) The type of improvement is a _________________, and the street address is as shown above.

SCHEDULE B

[File No.      ]   Policy No.

EXCEPTIONS FROM COVERAGE

Notwithstanding any provision of the policy to the contrary,the following matters are expressly excepted from the coverage of the policy, and the Company will not pay loss or damage, costs, attorney's fees, or expenses that arise by reason of:

[PART I

PART II

In addition to the matters set forth in Part I of this Schedule, the Title is subject to the following matters, and the Company insures against loss or damage sustained in the event that they are not subordinate to the lien of the Insured Mortgage:]

  CONDITIONS

1. DEFINITION OF TERMS

The following terms when used in this policy mean:

(a)        “Amount of Insurance”:  The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b) or decreased by Section 10 of these Conditions.

(b)        “Date of Policy”: The date designated as “Date of Policy” in Schedule A.

(c)        “Entity”:  A corporation, partnership, trust, limited liability company, or other similar legal entity.

(d)        “Indebtedness”: The obligation secured by the Insured Mortgage including one evidenced by electronic means authorized by law, and if that obligation is the payment of a debt, the Indebtedness is the sum of

(i)         the amount of the principal disbursed as of Date of Policy;

(ii)        the amount of the principal disbursed subsequent to Date of Policy;

(iii)       the construction loan advances made subsequent to Date of Policy for the purpose of financing in whole or in part the construction of an improvement to the Land or related to the Land that the Insured was and continued to be obligated to advance at Date of Policy and at the date of the advance;

(iv)       interest on the loan;

(v)        the prepayment premiums, exit fees, and other similar fees or penalties allowed by law;

(vi)       the expenses of foreclosure and any other costs of enforcement;

(vii)      the amounts advanced to assure compliance with laws or to protect the lien or the priority of the lien of the Insured Mortgage before the acquisition of the estate or interest in the Title;

(viii)      the amounts to pay taxes and insurance; and

(ix)       the reasonable amounts expended to prevent deterioration of improvements;

but the Indebtedness is reduced by the total of all payments and by any amount forgiven by an Insured.

(e)        “Insured”:  The Insured named in Schedule A.

(i)         The term "Insured" also includes

(A)       the owner of the Indebtedness and each successor in ownership of the Indebtedness, whether the owner or successor owns the Indebtedness for its own account or as a trustee or other fiduciary, except a successor who is an obligor under the provisions of Section 12(c) of these Conditions;  

(B)       the person or Entity who has “control” of the “transferable record,” if the Indebtedness is evidenced by a “transferable record,” as these terms are defined by applicable electronic transactions law;

(C)       Successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization;

(D)       successors to an Insured by its conversion to another kind of Entity;

(E)       a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title

(1)        if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured,

(2)        if the grantee wholly owns the named Insured, or

(3)        if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity; 

(F)       any government agency or instrumentality that is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing the Indebtedness secured by the Insured Mortgage, or any part of it, whether named as an Insured or not;

(ii)        With regard to (A), (B), (C), (D) , and (E) reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor Insured, unless the successor acquired the Indebtedness as a purchaser for value without Knowledge of the asserted defect, lien, encumbrance, or other matter insured against by this policy.

(f)         "Insured Claimant":  An Insured claiming loss or damage.

(g)        “Insured Mortgage”:  The Mortgage described in paragraph 4 of Schedule A.

(h)        "Knowledge" or "Known":  Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title.

(i)         "Land":  The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land” does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, r easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy.

(j)         "Mortgage":  Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law.

(k)        "Public Records":  Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge.  With respect to Covered Risk 5(d), "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located.

(l)         “Title”:  The estate or interest described in Schedule A.

(m)       "Unmarketable Title”: Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title or a prospective purchaser of the Insured Mortgage to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title.

2.  CONTINUATION OF INSURANCE

The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.  This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured.

3.  NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT

The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured of any claim of title or interest that is adverse to the Title or the lien of the Insured Mortgage, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title or the lien of the Insured Mortgage, as insured, is rejected as Unmarketable Title.  If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice.

4.  PROOF OF LOSS

In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage.

5.  DEFENSE AND PROSECUTION OF ACTIONS

(a)        Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy.  The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those stated causes of action.  It shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not insured against by this policy.

(b)        The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title or the lien of the Insured Mortgage, as insured, or to prevent or reduce loss or damage to the Insured.  The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy.  If the Company exercises its rights under this subsection, it must do so diligently.

(c)        Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order.

6.         DUTY OF INSURED CLAIMANT TO COOPERATE

(a)        In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose.  Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title, the lien of the Insured Mortgage, or any other matter as insured.  If the Company is prejudiced by the failure of the Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation.

(b)        The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the loss or damage.  All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim.  Failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that claim.

7.         OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY

In case of a claim under this policy, the Company shall have the following additional options:

(a)        To Pay or Tender Payment of the Amount of Insurance or to Purchase the Indebtedness.

(i)         To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay; or

(ii)        To purchase the Indebtedness for the amount of the Indebtedness on the date of purchase, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of purchase and that the Company is obligated to pay.

When the Company purchases the Indebtedness, the Insured shall transfer, assign, and convey to the Company the Indebtedness and the Insured Mortgage, together with any collateral security.

Upon the exercise by the Company of either of the options provided for in subsections (a)(i) or (ii), all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in those subsections, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation.

(b)        To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant.

(i)         to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or

(ii)        to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay.

Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation.

8.         DETERMINATION AND EXTENT OF LIABILITY

This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy.

(a)        The extent of liability of the Company for loss or damage under this policy shall not exceed the least of

(i)         the Amount of Insurance,

(ii)        the Indebtedness,

(iii)       the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy, or

(iv)       if a government agency or instrumentality is the Insured Claimant, the amount it paid in the acquisition of the Title or the Insured Mortgage in satisfaction of its insurance contract or guaranty.

(b)        If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title or the lien of the Insured Mortgage, as insured,

(i)         the Amount of Insurance shall be increased by 10%, and

(ii)        the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid.

(c)        In the event the Insured has acquired the Title in the manner described in Section 2 of these Conditions or has conveyed the Title, then the extent of liability of the Company shall continue as set forth in Section 8(a) of these Conditions.

(d)        In addition to the extent of liability under (a), (b), and (c), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions.

9.         LIMITATION OF LIABILITY

(a)        If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable Title, or establishes the lien of the Insured Mortgage, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured.

(b)        In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title or to the lien of the Insured Mortgage, as insured.

(c)        The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company.

10.  REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY

(a)        All payments under this policy, except payments made for costs, attorneys’ fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment. However, any payments made prior to the acquisition of Title as provided in Section 2 of these Conditions shall not reduce the Amount of Insurance afforded under this policy except to the extent that the payments reduce the Indebtedness.

(b)        The voluntary satisfaction or release of the Insured Mortgage shall terminate all liability of the Company except as provided in Section 2 of these Conditions.

11.       PAYMENT OF LOSS

When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days.

12.       RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT

(a)        The Company's Right to Recover

Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title or Insured Mortgage and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. The Insured Claimant shall permit the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies.

If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its loss.

(b)        The Insured's Rights and Limitations

(i)         The owner of the Indebtedness may release or substitute the personal liability of any debtor or guarantor, extend or otherwise modify the terms of payment, release a portion of the Title from the lien of the Insured Mortgage, or release any collateral security for the Indebtedness, if it does not affect the enforceability or priority of the lien of the Insured Mortgage. 

(ii)        If the Insured exercises a right provided in (b)(i), but has Knowledge of any claim adverse to the Title or the lien of the Insured Mortgage insured against by this policy, the Company shall be required to pay only that part of any losses insured against by this policy that shall exceed the amount, if any, lost to the Company by reason of the impairment by the Insured Claimant of the Company's right of subrogation.

(c)        The Company's Rights Against Noninsured Obligors

The Company’s right of subrogation includes the Insured’s rights against non-insured obligors including the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding any terms or conditions contained in those instruments that address subrogation rights.

The Company's right of subrogation shall not be avoided by acquisition of the Insured Mortgage by an obligor (except an obligor described in Section 1(e)(i)(F) of these Conditions) who acquires the Insured Mortgage as a result of an indemnity, guarantee, other policy of insurance, or bond, and the obligor will not be an Insured under this policy.

13. ARBITRATION

Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association (“Rules”). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons.  Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured.  All arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties.  Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction.

14.       LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT

(a)        This policy together with all endorsements, if any, attached to it by the Company is the entire policy and contract between the Insured and the Company.  In interpreting any provision of this policy, this policy shall be construed as a whole.

(b)        Any claim of loss or damage that arises out of the status of the Title or lien of the Insured Mortgage or by any action asserting such claim shall be restricted to this policy.

(c)        Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy.

(d)        Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions.  Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.

15.       SEVERABILITY

In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect.

16.       CHOICE OF LAW; FORUM

(a)        Choice of Law:  The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the jurisdiction where the Land is located.

Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the Title or the lien of the Insured Mortgage that are adverse to the Insured and to interpret and enforce the terms of this policy.  In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law.

            (b)        Choice of Forum:  Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the United States of America or its territories having appropriate jurisdiction.

17.       NOTICES, WHERE SENT

Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at [fill in].

NOTE: Bracketed [ ] material optional

American Land Title Association

IMPORTANT NOTICE AND DISCLOSURE

American Land Title Association

COMMITMENT FOR TITLE INSURANCE

Issued by

BLANK Title Insurance Company, a _______ corporation (“Company”), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment.

This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company.

All liability and obligation under this Commitment shall cease and terminate 180 days after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company.

The Company will provide a sample of the policy form upon request.

IN WITNESS WHEREOF, Blank Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A.**

BLANK TITLE INSURANCE COMPANY

BLANK TITLE INSURANCE COMPANY

BY:_________________________________________

       PRESIDENT

Attest:_______________________________________

          SECRETARY

Note:

**If the Commitment is to be executed by a validating officer, then prior to the "In Witness Whereof" there should be inserted: "This Commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory." the manner of execution will conform to the company's practice and will of necessity require some modification in the language identifying the manner of execution. This is deemed a matter of format.

                                                                  SCHEDULE A

1.         Effective Date:

2.         Policy or Policies to be issued: Amount

a.  _____ Owner's Policy (Identify form used): $_____________

            Proposed Insured:

                        b. _____ Loan Policy (Identify form used): $______________

Proposed Insured:

(Note: The Company, in printing, should set forth and identify the form or forms of policies of title insurance to be used.  If Commitment is printed showing more than one type of policy, the amount of the policy or policies should be completed and the box checked as to all forms proposed to be issued.  The manner of setting up and identifying the policy or policies to be issued is a matter of format.)

3.         The estate or interest in the land described or referred to in this Commitment is _____________________________

(Identify estate covered, i.e. Fee, Leasehold, etc.)

4.         Title to the ___________________________ estate or interest in the land is at the Effective Date vested in:

5.         The land referred to in this Commitment is described as follows:

*Items 3 and 4 may be combined or item 3 eliminated completely in instances where the estate to be covered has already been created and is the same as the estate reported on as of the Effective Date of the Commitment.  If, however, the estate to be covered is less than a fee and has not yet been created and the estate reported on at the Effective Date of the Commitment is the fee, then it would be more appropriate to set forth both items 3 and 4 in the language suggested or in appropriate language, these being matters of format rather than substance.

SCHEDULE B*

1.         Requirements:

(Note: Appropriate language should be inserted to set forth the requirements of the Company.  In many areas, a subcaption may be used such as: "Instruments in insurable form which must be executed, delivered, and duly filed for record:")

In the event that the proceeds of the loan to be secured by the mortgage to be insured are not to be fully disbursed at Closing, the Company must be notified and this Commitment will then be modified accordingly.

2.         Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company:

Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment.

Notwithstanding any provision of the policy to the contrary, the following matters are expressly excluded from the coverage of the policy, and the Company will not pay loss or damage, costs, attorney’s fees or expenses that arise by reason of any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the land.

Note: There should be set forth in paragraph numbered II of Schedule B all matters that would be shown in Schedule B of an Owner's Policy issued on the effective date of the Commitment, including those general exceptions such as rights of parties in possession, survey matters, etc., which in many instances are printed as part of Schedule B of the Policy. It is proper to note that an exception shown may be omitted from the Policy as outside of the coverage of the Policy to be issued, or for some other reason.

* In areas where it is not the custom for title companies to state requirements for insurance, the Commitment would be printed without paragraph numbered I of Schedule B and only paragraph numbered II would be shown as a caption for Schedule B.

                                                                 CONDITIONS

1.         The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument.

2.         If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions.

3.         Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein.

4.         This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title.  Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment.

5.         The policy to be issued contains an arbitration clause.  All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties.  You may review a copy of the arbitration rules at http://www.alta.org/.

ALTA Plain Language Commitment Form

INFORMATION

The Title Insurance Commitment is a legal contract between you and the Company. It is issued to show the basis on which we will issue a Title Insurance Policy to you. The Policy will insure you against certain risks to the land title, subject to the limitations shown in the Policy.

The Company will give you a sample of the Policy form, if you ask.

The Policy contains an arbitration clause.  All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or you as the exclusive remedy of the parties.  You may review a copy of the arbitration rules at <http://www.alta.org/>.

The Commitment is based on the land title as of the Commitment Date. Any changes in the land title or the transaction may affect the Commitment and the Policy.

The Commitment is subject to its Requirements, Exceptions and Conditions.

THIS INFORMATION IS NOT PART OF THE TITLE INSURANCE COMMITMENT. YOU SHOULD READ THE COMMITMENT VERY CAREFULLY.

If you have any questions about the Commitment, contact _______________________________

 _________________________________________________________________.

TABLE OF CONTENTS

Page

AGREEMENT TO ISSUE POLICY

SCHEDULE A

            1.         Commitment Date

            2.         Policies to be Issued, Amounts and Proposed Insureds

            3.         Interest in the Land and Owner

            4.         Description of the Land

SCHEDULE B-I -- REQUIREMENTS

SCHEDULE B-II -- EXCEPTIONS

CONDITIONS

TITLE INSURANCE COMMITMENT

BY

BLANK TITLE INSURANCE COMPANY

AGREEMENT TO ISSUE POLICY

We agree to issue policy to you according to the terms of the Commitment. When we show the policy amount and your name as the proposed insured in Schedule A, this Commitment becomes effective as of the Commitment Date shown in Schedule A.

If the Requirements shown in this Commitment have not been met within ________________ insert time period ________________ after the Commitment Date, our obligation under this Commitment will end. Also, our obligation under this Commitment will end when the Policy is issued and then our obligation to you will be under the Policy.

Our obligation under this Commitment is limited by the following:

The Provisions in Schedule A.

The Requirements in Schedule B-I.

The Exceptions in Schedule B-II.

The Conditions on Page ______.

This Commitment is not valid without SCHEDULE A and Sections I and II of SCHEDULE B.

(The countersignature clause is optional.)

                                                                  SCHEDULE A

1.         Commitment Date:

2.         Policy (or Policies) to be issued:

a.         Owner's Policy Policy Amount $________

Proposed Insured:

b.         Loan Policy Policy Amount $________

Proposed Insured:

c.         Proposed Insured: Policy Amount $________

3          _______________ interest in the land described in this Commitment is owned, at the Commitment Date, by _____________________.

3.The land referred to in the Commitment is described as follows:

SCHEDULE B - SECTION I

                                                               REQUIREMENTS

The following requirements must be met:

a.         Pay the agreed amounts for the interest in the land and/or the mortgage to be insured.

b.         Pay us the premiums, fees and charges for the policy.

c.         Documents satisfactory to us creating the interest in the land and/or the mortgage to be insured must be signed, delivered and recorded.

(A period may be added to the above or a colon may be added and specific documents typed in.)

d.         You must tell us in writing the name of anyone not referred to in this Commitment who will get an interest in the land or who will make a loan on the land. We may then make additional requirements or exceptions.

e.         In the event that the proceeds of the loan to be secured by the mortgage to be insured are not to be fully disbursed at Closing, the Company must be notified and this Commitment will then be modified accordingly.

(Additional requirements may be listed here.)

SCHEDULE B - SECTION II

EXCEPTIONS

Any policy we issue will have the following exceptions unless they are taken care of to our satisfaction.

1.         Notwithstanding any provision of the policy to the contrary, the following matters are expressly excluded from the coverage of the policy, and the Company will not pay loss or damage, costs, attorney’s fees or expenses that arise by reason of any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the land. [PERMIT RENUMBERING on all exceptions]

CONDITIONS

1.         DEFINITIONS

(a)  "Mortgage" means mortgage, deed of trust or other security instrument. (b) "Public Records" means title records that give constructive notice of matters affecting your title according to the state statutes where your land is located.

2.         LATER DEFECTS

The Exceptions in Schedule B - Section II may be amended to show any defects, liens or encumbrances that appear for the first time in the public records or are created or attach between the Commitment Date and the date on which all of the Requirements (a) and (c) of Schedule B - Section I are met. We shall have no liability to you because of this amendment.

EXISTING DEFECTS

If any defects, liens or encumbrances existing at Commitment Date are not shown in Schedule B, we may amend Schedule B to show them. If we do amend Schedule B to show these defects, liens or encumbrances, we shall be liable to you according to Paragraph 4 below unless you knew of this information and did not tell us about it in writing.

4.         LIMITATION OF OUR LIABILITY

Our only obligation is to issue to you the Policy referred to in this Commitment, when you have met its Requirements. If we have any liability to you for any loss you incur because of an error in this Commitment, our liability will be limited to your actual loss caused by your relying on this Commitment when you acted in good faith to:

Comply with the Requirements shown in Schedule B - Section I

3.        

Eliminate with our written consent any Exceptions shown in Schedule B - Section II.

We shall not be liable for more than the Policy Amount shown in Schedule A of this Commitment and our liability is subject to the terms of the Policy form to be issued to you.

5.         CLAIMS MUST BE BASED ON THIS COMMITMENT

or

Any claim, whether or not based on negligence, which you may have against us concerning the title to the land must be based on this Commitment and is subject to its terms.

NJ Attorney's Final Certificate 4-02

American Land Title Association 

NJRB  5-01 Survey Endorsement

Adopted 6/17/06

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SURVEY ENDORSEMENT

ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

Exception No.                             is removed.  is removed. Notwithstanding any provision in the policy to the contrary, unless an exception is taken in Schedule B, the policy insures against loss arising from any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title. The following matters shown on a survey made by by                                         , dated                              , are added to Schedule B:

            This policy does not insure against errors or inaccuracies in the survey with respect to matters which do not affect title.

            This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-10 Construction Loan

Adopted 8/7/00

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This policy is a term policy issued at a special rate for construction loans, and coverage hereunder will expire three years from its effective date.  All claims under this policy must be made before the expiration of this three year period.  This term policy will not be extended or renewed beyond said expiration date.  A permanent loan policy may be obtained by paying the balance of the applicable underwriting rate on or before the expiration date.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-11 ALTA 6.1 Variable Rate Mortgage

Adopted 6/1/87

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company hereby insures against loss or damage by reason of:

1.         The invalidity or unenforceability of the lien of the insured mortgage resulting from the provisions therein which provide for changes in the rate of interest or the right of borrower to convert to a fixed rate mortgage.

2.         Loss of priority of the lien of the insured mortgage as security for the unpaid principal balance of the loan not exceeding the Amount of Insurance shown in Schedule A, together with interest as changed in accordance with the provisions of the insured mortgage which loss of priority is caused by said changes in the rate of interest, or exercise of the right to convert to a fixed rate mortgage.

“Changes in the rate of interest, “ as used in this endorsement, shall mean only those changes in the rate of interest calculated pursuant to the formula provided in the insured mortgage at Date of Policy.

This endorsement does not insure against loss or damage based upon (a) usury, or (b) any consumer credit protection or truth-in-lending law.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-18 Arbitration

Adopted 7/2/90

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

File No.:

Paragraph 8 of the Conditions in your policy is amended by this endorsement.  This paragraph allows arbitration and is amended to read:

You and the Company may together agree to arbitration.  The arbitration shall be binding on both you and the Company.  The arbitration shall decide any matter in dispute between you and the Company.

The arbitration award may:

a)    include attorney’s fees if allowed by state law

b)    be entered as a judgment in the proper court

The arbitration shall be under the Title Insurance Arbitration Rules of the American Arbitration Association.  You may choose current Rules or Rules in existence on Policy Date.

The law used in the arbitration is the law of New Jersey.

You can get a copy of the Rules from the Company.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-23 Convertible Adjustable Rate

Adopted 11/1/91

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company hereby insures against loss or damage by reason of:

1.         The invalidity or unenforceability of the lien of the insured mortgage resulting from the provisions therein which provide for changes in the rate of interest or the right of borrower to convert to a fixed rate mortgage.

Indent2>2.   Loss of priority of the lien of the insured mortgage as security for the unpaid principal balance of the loan not exceeding the Amount of Insurance shown in Schedule A, together with interest as changed in accordance with the provisions of the insured mortgage which loss of priority is caused by said changes in the rate of interest, or exercise of the right to convert to a fixed rate mortgage.

“Changes in the rate of interest, “ as used in this endorsement, shall mean only those changes in the rate of interest calculated pursuant to the formula provided in the insured mortgage at Date of Policy.

This endorsement does not insure against loss or damage based upon (a) usury, or (b) any consumer credit protection or truth-in-lending law.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-31 FNMA Balloon Mortgage

Adopted 11/1/936

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures the insured mortgagee against loss or damage by reason of:

(1)     The invalidity or unenforceability of the lien of the insured mortgage resulting from provisions therein which provide for a Conditional Right to Refinance and a change in the rate of interest as set forth in the Mortgage Rider.

(2)     Loss of priority of the lien of the insured mortgage as security for the unpaid principal balance of the loan, together with interest thereon, which loss of priority is caused by the exercise of the Conditional Right to Refinance and the extension of the loan term to the New Maturity Date set forth on the Rider and a change in the rate of interest, provided that all the conditions set forth in paragraphs 2 and 5 of the Balloon Mortgage Rider have been met, and there are no other liens, defects, encumbrances, or other adverse matters affecting title arising subsequent to Date of Policy.

This endorsement does not insure against loss or damage based upon (a) usury or (b) any consumer credit protection or truth in lending law or (c) bankruptcy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-32 Secondary Mortgage Market

Adopted 11/1/93

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

This policy insures against loss occasioned by any inaccuracies in the following Statements:

   1.      Easements set forth in Schedule B, Part I, if any, do not substantially affect the use and enjoyment of the           land, as currently improved, for residential purposes.

   2.      Restrictions, covenants and conditions set forth in Schedule B, Part I, if any, have not been violated, and a violation thereof will not cause a forfeiture or reversion of title.

   3.      Real estate taxes, assessments, and water and sewer rents set forth in Schedule B, Part I, if any, are not yet

The total liability of the Company under said policy or certificate and under this and any prior endorsements thereto shall not exceed, in the aggregate, the amount of liability stated on the face of said policy or certificate, as the same may be specifically amended in dollar amount by this or any prior endorsements, and the costs which the Company is obligated to pay under the Conditions and Stipulations of the policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-33 Reverse Annuity Mortgage

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company hereby insures the insured against loss or damage sustained by reason of:

The invalidity, unenforceability or loss of priority of the lien of the insured mortgage as security for the payment of the advances made for Principal, or amounts payable as Contingent or Noncontingent Interest as set forth and defined in the Mortgage, Loan Agreement or Note; provided, however, that such invalidity, unenforceability or loss of priority is caused or created by the provisions of the Loan Documents.

1.   This endorsement does not insure loss or damage based upon  (a) usury, or  (b) any consumer credit protection or truth-in-lending law.

2.   This endorsement does not insure that advances made after Date of Policy pursuant to the Mortgage, Loan Agreement or Note have priority over the following matters, arising after Date of Policy:

A.     Real Estate Taxes, Special Assessments, or Municipal Liens.

B.      Federal Tax Liens.

C.      Bankruptcies affecting the estate or interest of the owner of the land.

D.      Environmental Protection Liens.

3.   This endorsement does not insure that advances made after Date of Policy pursuant to the Mortgage, Loan Agreement or Note have priority over Liens, encumbrances or other matters if an event, entitling the insured to declare the loan to be in default under the terms of the Loan Documents, the existence of which event of default is actually known to the Insured, occurs before the date of any such advance.

The total liability of the Company under the Policy and any endorsements thereto shall not exceed, in the aggregate, the face amount of the policy and costs which the Company is obligated under the conditions and stipulations thereof to pay.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-37 Lenders Survey Endorsement (Without Survey)

Adopted 2/20/95

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

Attached to and forming a part of Loan Policy No. __________

If this endorsement is attached to an Owner’s Policy, this endorsement is void.

This endorsement is made a part of the policy and is subject to all the terms and provisions thereof and of any prior endoresements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsemtns, nor does it extend the effective date of the policy and any prior endoresements, nor does it increase the face amount thereof

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-46 Creditors’ Rights Exclusion Endorsement – Owners’ Policy

American Land Title Association 

NJRB 5-47 Creditors’ Rights Exclusion Endorsement– Loan Policy

American Land Title Association 

NJRB 5-48 Assignment of Mortgage – Policy Update

Adopted 1/6/97 Updated 7/14/11

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.                  The effective date of the captioned policy is changed to:

2.         Schedule A, No. 4 of the captioned policy is amended to add:

Which said mortgage was assigned to ____________________by Assignment of Mortgage dated _________. ____________________. in the Clerk’s/ Register’s Office of ____________________. County in Book ____________________ page ____________________.

3.         The following exceptions are added to Schedule B of the captioned policy:

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-51 Fairway Endorsement - Partnership

Adopted 3/2/98

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

           The Company hereby assures the insured partnership that this Policy and the Coverage provided to the insured partnership hereunder shall not be deemed to have lapsed, or to have been forfeited, or to have terminated because of the occurrence, subsequent to the Date of the Policy, of either of the following events (provided that the insured partnership has not been dissolved or discontinued by reason of the following events pursuant to applicable state law):

            (a)  the admission or withdrawal of any individual or entity as a partner in the insured partnership

or

            (b)  a change in any partner’s interest in capital or profits or, or as limited or general partner in, the insured partnership.

            Nothing contained herein shall be deemed to be a waiver of any rights the Company may otherwise have under this Policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-52 Fairway Endorsement - LLC

Adopted 3/2/98

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company hereby assures the insured that this Policy and the Coverage provided to the insured hereunder shall not be deemed to have lapsed, or to have been forfeited, or to have terminated because of the occurrence, subsequent to the Date of the Policy, of either of the following events (provided that the insured has not been dissolved or discontinued by reason of the following events pursuant to applicable state law):

(a)     the admission or withdrawal of any individual or entity as a member in the insured

or

(b)    a change in any member’s interest in capital or profits of the insured

Nothing contained herein shall be deemed to be a waiver of any rights the Company may otherwise have under this Policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-57 Last Dollar

Adopted 3/2/98
Withdrawn: 2/15/07
Re-Adpopted and Modified: 9/10/07

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Application of Mortgage Payments (“Last Dollar”) ENDORSEMENT

For ALTA 2006 Loan Policy ISSUED BY

BLANK TITLE INSURANCE COMPANY

Paragraph 10(a) of the Conditions of the Policy is supplemented to provide that the Company, by the issuance of the policy in an amount which is less than the face amount of the mortgage insured and described in Schedule A, agrees that, if the insured applies all payments by the mortgagor to the release of security other than the land described in Schedule A, until such time as the aggregate principal indebtedness outstanding is reduced to the amount of this policy, the amount of coverage afforded under this policy will not be reduced by such payments. Any subsequent payments which would have the effect of reducing the indebtedness below the amount of this policy will concurrently reduce the coverage under this policy by $1.00 for each $1.00 of principal reduction hereafter made.

This endorsement is made a part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of the Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
[Witness clause optional]
DATE OF ENDORSEMENT ______________________________
BLANK TITLE INSURANCE COMPANY BY:________________________________

American Land Title Association 

NJRB 5-59 Interest Rate Exchange WITHDRAWN

Adopted 3/2/98

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Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

This policy insures against loss or damage which the insured may sustain by reason of the entry of a final, non-appealable judgment by a court of competent jurisdiction, adjudging that the mortgage described in and insured by Schedule A of the policy, as it secures amount advanced by the insured under the said mortgage to pay sums due pursuant to that certain Interest Rate Exchange Agreement dated

(a) is invalid or unenforceable; or

(b)               does not, as of the Date of Policy, share the same priority in relation to any other claims or liens against the land as is afforded the principal of the loan secured by the mortgage as of the Date of Policy:

Nothing contained in this Endorsement shall be construed as insuring a determination by a court of competent jurisdiction of the amount due under the Interest Rate Exchange Agreement referred to above.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-61  Subdivision Endorsement

Adopted 5/12/99

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

Title No.:

The Company hereby insures the insured against loss or damage sustained by reason of the entry of a final and unappealable judgment or order by a court of competent jurisdiction setting aside or invalidating the estate or interest insured for failure to obtain final subdivision approval.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Authorized Signatory

American Land Title Association 

NJRB 5-65  Modifiable Mortgage Option

Adopted 7/2/02

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company hereby insures the owner of the indebtedness secured by the insured mortgage against loss or damage sustained or incurred by the insured by reason of:

1.                  The invalidity or unenforceability of the lien of the insured mortgage resulting from the provisions contained in the (Modifiable Mortgage Option Rider or other name which this product is marketed) (“Agreement”) attached thereto which provide for changes in the rate of interest and extension of the maturity date of the loan;

2.                  Loss of priority of the lien of the insured mortgage as security for the unpaid principal balance of the loan together with interest as changed in accordance with the provisions of the Agreement, which loss of priority is caused by said changes in the rate of interest and extension of the maturity date of the loan; and

3.                  The invalidity, unenforceability, or loss of priority of the lien of the insured mortgage as to Future Advances (as defined in the Agreement) which the insured makes pursuant to the provisions of the Agreement; provided, however, that no coverage is given by this paragraph 3 as to any Future Advances made after the insured has actual knowledge of any sale or transfer of all or any portion of the estate or interest encumbered by the insured mortgage.

Indent>This policy shall provide insurance coverage for the amount of all Future Advances that are outstanding and unpaid at any given time (up to the Amount of Insurance) notwithstanding the fact that prior Future Advances may have been made and previously repaid.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature. countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-66 Successors and Transferees

Adopted 9/17/01

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ENDORSEMENT ATTACHED TO AND
MADE A PART OF POLICY OF TITLE INSURANCE
SERIAL NUMBER: ISSUED BY
STEWART TITLE
GUARANTY COMPANY

File No.:

Paragraph 1(a) of the Conditions and Stipulations of the ALTA Owners Policy is amended by deleting the same in its entirety and substituting the following definition of “insured”; with respect to the ALTA Residential Policy and the ALTA Enhanced Coverage Policy, subparagraphs (i), (ii) , and (iii) below are added to the identification of the insured for whom coverage continues under Section 2 of the CONDITIONS.

(a) “Insured”: the insured named in Schedule A and, subject to any rights or defenses the Company would have against the named insured, ,

(i) those who succeed to the interest of the named insured by operation of law, as distinguished from voluntary conveyance or transfer, including, but not limited to, heirs, distributes, devisees, survivors, personal representatives, next of kin, corporate or fiduciary successors (including successors by merger, consolidation or change of name) or distributes;

(ii) trustees or beneficiaries under inter vivos or testamentary trusts, provided that the named insured is the settlor or testator thereof, and that said transfer is for no or nominal state consideration;

(iii) transferees for no or nominal stated consideration, provided that the named insured and the transferee are related by blood or marriage, or (if the transferee is other than a natural person) the transferor is the owner of all or substantially all of the stock or other interests in the transferee or vice versa, or all or substantially all of the stock or other interest in both the transferor and transferee are owned by the same person(s) or entity(ies).

The phrase “stated consideration” as used in this endorsement refers to the consideration set forth on the face of the deed, but excludes other forms thereof which may be deemed “consideration” within the meaning of the Realty Transfer Tax Act, N.J.S.A. 46:15-5, et seq.

This endorsement is issued as part of the policy. Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

Dated:
Countersigned by:

Authorized Countersignature

Company

City, State

American Land Title Association 

NJRB 5-70 Going Concern

Adopted 8/11/03

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company hereby agrees that for the purposes of Paragraph 8(a) (ii) of the Conditions and Stipulations, the determination of the value of the insured estate or interest in the land shall include consideration of the use or uses to which the land is being put at the time of the loss.

Note: This endorsement is void unless it is atached to an ALTA Owner's Policy (2006)

This endorsement is issued as part of the policy.  Except as it expressly states, it does not(i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-86 ALTA 1-06 (Street Assessments)

Adopted 6/17/06

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ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

Issued by

BLANK TITLE INSURANCE COMPANY

         The Company insures against loss or damage sustained by the Insured by reason of the lack of priority of the lien of the Insured Mortgage over the lien of any assessments for street improvements under construction or completed at Date of Policy and not excepted in Schedule B.

         This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

Authorized Signatory

American Land Title Association 

NJRB 5-87 ALTA 3-06 (Zoning)

Adopted 6/17/06

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ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

Issued by

BLANK TITLE INSURANCE COMPANY

1.      The Company insures against loss or damage sustained by the Insured in the event that, at Date of Policy:

         a.         According to the applicable zoning ordinances and amendments the Land is not classified Zone _________________________;

         b.         The following use or uses are not allowed under that classification:

2.      There shall be no liability under this endorsement based on:

       a.         Lack of compliance with any conditions, restrictions, or requirements contained in the zoning ordinances and amendments, including but not limited to the failure to secure necessary consents or authorizations as a prerequisite to the use or uses.  This paragraph 2.a does not modify or limit the coverage provided in Covered Risk 5.

         b.         The invalidity of the zoning ordinances and amendments until after a final decree of a court of competent jurisdiction adjudicating the invalidity, the effect of which is to prohibit the use or uses.

         c.         The refusal of any person to purchase, lease or lend money on the estate or interest covered by this policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

Date: ________________________

BLANK TITLE INSURANCE COMPANY

         Authorized Signatory

American Land Title Association 

NJRB 5-88 ALTA 3.1-06 (Zoning-Completed Structure)

Adopted 6/17/06

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ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

1.   The Company insures against loss or damage sustained by the Insured in the event that, at Date of Policy,

a.   according to applicable zoning ordinances and amendments, the Land is not classified Zone _____________________;

b.   the following use or uses are not allowed under that classification:

c.   There shall be no liability under paragraph 1.b. if the use or uses are not allowed as the result of any lack of compliance with any conditions, restrictions, or requirements contained in the zoning ordinances and amendments, including but not limited to the failure to secure necessary consents or authorizations as a perquisite to the use or uses.  This paragraph 1.c. does not modify or limit the coverage provided in Covered Risk 5.

2.  The Company further insures against loss or damage sustained by the Insured by reason of a final decree of a court of competent jurisdiction

a.   prohibiting the use of the Land, with any existing structure, as insured in paragraph 1.b.; or

b.   requiring the removal or alteration of the structure on the basis that, at Date of Policy, the zoning ordinances and amendments have been violated with respect to any of the following matters:

i.    Area, width, or depth of the Land as a building site for the structure

ii.    Floor space area of the structure

iii.   Setback of the structure from the property lines of the Land

iv.   Height of the structure, or

v.   Number of parking spaces.

3.   There shall be no liability under this endorsement based on

a.   the invalidity of the zoning ordinances and amendments until after a final decree of a court of competent jurisdiction adjudicating the invalidity, the effect of which is to prohibit the use or uses;

b.   the refusal of any person to purchase, lease or lend money on the Title covered by this policy.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-89 ALTA 4.1-06 (Condominium)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

The Company insures against loss or damage sustained by the Insured by reason of:

1.         The failure of the unit identified in Schedule A and its common elements to be part of a condominium within the meaning of the condominium statutes of the jurisdiction in which the unit and its common elements are located.

2.         The failure of the documents required by the condominium statutes to comply with the requirements of the statutes to the extent that such failure affects the Title to the unit and its common elements.

3.         Present violations of any restrictive covenants that restrict the use of the unit and its common elements and that are contained in the condominium documents.  The restrictive covenants do not contain any provisions that will cause a forfeiture or reversion of the Title.  As used in this paragraph 3, the words “restrictive covenants” do not refer to or include any covenant, condition, or restriction (a) relating to obligations of any type to perform maintenance, repair, or remediation on the Land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a violation or alleged violation affecting the Land has been recorded in the Public Records at Date of Policy and is not excepted in Schedule B.

4.         Any charges or assessments provided for in the condominium statutes and condominium documents due and unpaid at Date of Policy.

5.         The failure of the unit and its common elements to be entitled by law to be assessed for real property taxes as a separate parcel.

6.        Any obligation to remove any improvements that exist at Date of Policy because of any present encroachments or because of any future unintentional encroachment of the common elements upon any unit or of any unit upon the common elements or another unit.

7.        The failure of the Title by reason of a right of first refusal to purchase the unit and its common elements which was exercised or could have been exercised at Date of Policy.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]                                              

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-90 ALTA  5.1-06 (Planned Unit Development)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of:

1.       Present violations of any restrictive covenants referred to in Schedule B that restrict the use of the Land. The restrictive covenants do not contain any provisions that will cause a forfeiture or reversion of the Title.  As used in this paragraph 1, the words “restrictive covenants” do not refer to or include any covenant, condition, or restriction (a) relating to obligations of any type to perform maintenance, repair, or remediation on the Land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a violation or alleged violation affecting the Land has been recorded in the Public Records at Date of Policy and is not excepted in Schedule B.

2.       Any charges or assessments in favor of any association of homeowners, that are provided for in any document referred to in Schedule B, due and unpaid at Date of Policy.

3.       The enforced removal of any existing structure on the Land (other than a boundary wall or fence) because it encroaches onto adjoining land or onto any easements.

4.       The failure of the Title by reason of a right of first refusal to purchase the Land that was exercised or could have been exercised at Date of Policy.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]                                              

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-91 ALTA  6-06 (Variable Rate Mortgage)

Adopted 6/17/06

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 ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of:

1.       The invalidity or unenforceability of the lien of the Insured Mortgage resulting from its provisions that provide for changes in the rate of interest.

2.       Loss of priority of the lien of the Insured Mortgage as security for the unpaid principal balance of the loan, together with interest as changed in accordance with the provisions of the Insured Mortgage, which loss of priority is caused by the changes in the rate of interest.

“Changes in the rate of interest”, as used in this endorsement, shall mean only those changes in the rate of interest calculated pursuant to the formula provided in the Insured Mortgage at Date of Policy.

This endorsement does not insure against loss or damage based upon:

1.                     usury, or

2.                     any consumer credit protection or truth in lending law.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]                                              

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-92 ALTA 6.2-06 (Variable Rate Negative Amortization)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of:

            1.         The invalidity or unenforceability of the lien of the Insured Mortgage resulting from its provisions that provide for (a) interest on interest, (b) changes in the rate of interest, or (c) the addition of unpaid interest to the principal balance of the loan

            2.         Loss or priority of the lien of the Insured Mortgage as security for the principal balance of the loan, including any unpaid interest which was added to principal in accordance with the provisions of the insured mortgage, interest on interest, or interest as changed in accordance with the provisions of the insured mortgage, which loss of priority is caused by (a) changes in the rate of interest, (b) interest on interest, or (c) increases in the unpaid principal balance of the loan resulting from the addition of unpaid interest.

"Changes in the rate of interest", as used in this endorsement shall mean only those changes in the rate of interest calculated pursuant to the formula provided in the Insured Mortgage at Date of Policy.

This endorsement does not insure against loss or damage based upon:

            1.         usury, or

            2.         any consumer credit protection or truth in lending law.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

Date: _________________________

 Blank Title Insurance Company

  _____________________________

  Authorized Signatory

American Land Title Association 

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The term "Land" includes the manufactured housing unit located on the land described in Schedule A at Date of Policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK  TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-94 ALTA  8.1-Environmental  Protection Lien

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The insurance afforded by this endorsement is only effective if the Land is used or is to be used primarily for residential purposes.

The Company insures against loss or damage sustained by the Insured by reason of lack of priority of the lien of the Insured Mortgage over

            (a)        any environmental protection lien that, at Date of Policy, is recorded in those records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge, or is filed in the records of the clerk of the United States district court for the district in which the Land is located, except as set forth in Schedule B; or

            (b)        any environmental protection lien provided by any state statute in effect at Date of Policy, except environmental protection liens provided by the following state statutes:

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

    Authorized Signatory

American Land Title Association 

NJRB 5-95 ALTA 9-06 Restrictions, Encroachments, Minerals

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures the owner of the indebtedness secured by the insured mortgage against loss or damage sustained by reason of:

1.         The existence, at Date of Policy, of any of the following:

            a.         Covenants, conditions, or restrictions under which the lien of the insured mortgage can be divested, subordinated, or extinguished, or its validity, priority, or enforceability impaired.

            b.         Unless expressly excepted in Schedule B

            i.          Present violations on the land of any enforceable covenants, conditions, or restrictions, or existing improvements on the land that violate any building setback lines shown on a plat of subdivision recorded or filed in the public records.

            ii.          Any instrument referred to in Schedule B as containing covenants, conditions, or restrictions on the land that, in addition, (A) establishes an easement on the land, (B) provides a lien for liquidated damages, (C) provides for a private charge or assessment, (D) provides for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant.

            iii.         Any encroachment of existing improvements located on the land onto adjoining land, or any encroachment onto the land of existing improvements located on adjoining land.

            iv.         Any encroachment of existing improvements located on the land onto that portion of the land subject to any easement excepted in Schedule B.

            v.         Any notices of violation of covenants, conditions, or restrictions relating to environmental protection recorded or filed in the public records.

2.         Any future violation on the land of any existing covenants, conditions, or restrictions occurring prior to the acquisition of title to the estate or interest in the land by the insured, provided the violation results in:

a.         invalidity, loss of priority, or unenforceability of the lien of the insured mortgage; or

b.         loss of title if the insured shall acquire title in satisfaction of the indebtedness secured by the insured mortgage.

3.         Damage to existing improvements, including lawns, shrubbery, or trees:

            a.         which are located on or encroach upon that portion of the land subject to any easement excepted in Schedule B, which damage results from the exercise of the right to maintain the easement for the purpose for which it was granted or reserved;

b.         resulting from the future exercise of any right to use the surface of the land for the extraction or development of minerals excepted from the description of the land or excepted in Schedule B.

4.         Any final court order or judgment requiring the removal from any land adjoining the land of any encroachment excepted in Schedule B.

5.         Any final court order or judgment denying the right to maintain any existing improvements on the land because of any violation of covenants, conditions, or restrictions, or building setback lines shown on a plat of subdivision recorded or filed in the public records.

Wherever in this endorsement the words "covenants, conditions, or restrictions" appear, they shall not be deemed to refer to or include the terms, covenants, conditions, or limitations contained in an instrument creating a lease.

As used in paragraphs 1.b.i. and 5, the words “covenants, conditions, or restrictions” do not include any covenants, conditions, or restrictions (a) relating to obligations of any type to perform maintenance, repair, or remediation on the land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a violation or alleged violation affecting the land has been recorded or filed in the public records at Date of Policy and is not excepted in Schedule B.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-96 ALTA 9.1-06 Restrictions, Encroachments, Minerals

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the insured by reason of:

1.         The existence, at Date of Policy, of any of the following unless expressly excepted in Schedule B:

            a.         Present violations on the land of any enforceable covenants, conditions, or restrictions.

            b.         Any instrument referred to in Schedule B as containing covenants, conditions, or restrictions on the land that, in addition, (i) establishes an easement on the land, (ii) provides for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant, or (iii) provides a right of reentry, possibility of reverter, or right of forfeiture because of violations on the land of any enforceable covenants, conditions, or restrictions.

            c.         Any encroachment onto the land of existing improvements located on adjoining land.

            d.         Any notices of violation of covenants, conditions, or restrictions relating to environmental protection recorded or filed in the public records.

2.         Damage to buildings constructed on the land after Date of Policy resulting from the future exercise of any right existing at Date of Policy to use the surface of the land for the extraction or development of minerals excepted from the description of the land or excepted in Schedule B.

Wherever in this endorsement the words "covenants, conditions, or restrictions" appear, they shall not be deemed to refer to or include the terms, covenants, conditions, or limitations contained in an instrument creating a lease.

As used in paragraph 1.a., the words “covenants, conditions, or restrictions” do not include any covenants, conditions, or restrictions (a) relating to obligations of any type to perform maintenance, repair, or remediation on the land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a violation or alleged violation affecting the land has been recorded or filed in the public records at Date of Policy and is not excepted in Schedule B.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained the insured by reason of:

1.         The existence, at Date of Policy, of any of the following unless expressly excepted in Schedule B:

            a.         Present violations on the land of any enforceable covenants, conditions, or restrictions, or any existing improvements on the land that violate any building setback lines shown on a plat of subdivision recorded or filed in the public records.

b.         Any instrument referred to in Schedule B as containing covenants, conditions, or restrictions on the land that, in addition, (i) establishes an easement on the land; (ii) provides for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant; or (iii) provides a right of reentry, possibility of reverter, or right of forfeiture because of violations on the land of any enforceable covenants, conditions, or restrictions.

c.         Any encroachment of existing improvements located on the land onto adjoining land, or any encroachment onto the land of existing improvements located on adjoining land.

d.         Any encroachment of existing improvements located on the land onto that portion of the land subject to any easement excepted in Schedule B.

e.         Any notices of violation of covenants, conditions, or restrictions relating to environmental protection recorded or filed in the public records.

2.         Damage to existing buildings

            a.         That are located on or encroach upon that portion of the land subject to any easement  excepted in Schedule B, which damage results from the exercise of the right to maintain the easement for the purpose for which it was granted or reserved;

b.         Resulting from the future exercise of any right existing at Date of Policy to use the surface of the land for the extraction or development of minerals excepted from the description of the land or excepted in Schedule B.

3.         Any final court order or judgment requiring the removal from any land adjoining the land of any encroachment, other than fences, landscaping, or driveways, excepted in Schedule B.

4.         Any final court order or judgment denying the right to maintain any existing building on the land because of any violation of covenants, conditions, or restrictions, or building setback lines shown on a plat of subdivision recorded or filed in the public records.

Wherever in this endorsement the words "covenants, conditions, or restrictions" appear, they shall not be deemed to refer to or include the terms, covenants, conditions, or limitations contained in an instrument creating a lease.

As used in paragraphs 1.a. and 4, the words “covenants, conditions, or restrictions” do not include any covenants, conditions, or restrictions (a) relating to obligations of any type to perform maintenance, repair, or remediation on the land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions or substances, except to the extent that a notice of a violation or alleged violation affecting the land has been recorded or filed in the public records at Date of Policy and is not excepted in Schedule B.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-98 ALTA 9.3-06 Restrictions, Encroachments, Minerals-Loan Policy

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures the owner of the Indebtedness secured by the Insured Mortgage against loss or damage sustained by reason of:

1.         The existence at Date of Policy of any of the following:

a.         Covenants, conditions, or restrictions under which the lien of the Insured Mortgage can be divested, subordinated, or extinguished or its validity, priority, or enforceability impaired.

b.         Unless expressly excepted in Schedule B,

i.          Present violations on the Land of any enforceable covenants, conditions, or restrictions, or existing improvements on the Land that violate any building setback lines shown on a plat of subdivision recorded or filed in the Public Records.

ii.          Any instrument referred to in Schedule B as containing covenants, conditions, or restrictions on the Land that, in addition, (A) establishes an easement on the Land, (B) provides a lien for liquidated damages, (C) provides for a private charge or assessment, (D) provides for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant.

iii.         Any encroachment of existing improvements located on the Land onto adjoining land or any encroachment onto the Land of existing improvements located on adjoining land.

iv.         Any encroachment of existing improvements located on the Land onto that portion of the Land subject to any easement excepted in Schedule B.

v.         Any notices of violation of covenants, conditions, or restrictions relating to environmental protection recorded or filed in the Public Records.

2.         Any future violation on the Land of any existing covenants, conditions, or restrictions occurring prior to the acquisition of Title by the Insured, provided the violation results in:

a.         invalidity, loss of priority, or unenforceability of the lien of the Insured Mortgage; or

b.         loss of Title if the Insured shall acquire Title in satisfaction of the Indebtedness.

3.         Damage to existing improvements, including lawns, shrubbery, or trees, located or encroaching on that portion of the Land subject to any easement excepted in Schedule B, which damage results from the exercise of the right to maintain the easement for the purpose for which it was granted or reserved.

4.         Damage to improvements, including lawns, shrubbery, or trees, located on the Land on or after Date of Policy resulting from the future exercise of any right to use the surface of the Land for the extraction or development of minerals excepted from the description of the Land or excepted in Schedule B.

5.         Any final court order or judgment requiring the removal from any land adjoining the Land of any encroachment excepted in Schedule B.

6.         Any final court order or judgment denying the right to maintain any existing improvements on the Land because of any violation of covenants, conditions, or restrictions, or building setback lines shown on a plat of subdivision recorded or filed in the Public Records.

Wherever in this endorsement the words "covenants, conditions, or restrictions" appear, they do not include the terms, covenants, conditions, or limitations contained in an instrument creating a lease.

As used in paragraphs 1.b.i. and 6, the words “covenants, conditions, or restrictions” do not include any covenants, conditions, or restrictions (a) relating to obligations of any type to perform maintenance, repair, or remediation on the Land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a violation or alleged violation affecting the Land has been recorded or filed in the Public Records at Date of Policy and is not excepted in Schedule B.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-99 ALTA 9.4-06 (Restrictions, Encroachments, Minerals - Owner’s  Policy - Unimproved Land)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the insured by reason of:

1.         The existence, at Date of Policy, of any of the following unless expressly excepted in Schedule B:

a.         Present violations on the land of any enforceable covenants, conditions, or restrictions.

b.         Any instrument referred to in Schedule B as containing covenants, conditions, or restrictions on the land that, in addition, (i) establishes an easement on the land, (ii) provides for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant, or (iii) provides a right of reentry, possibility of reverter, or right of forfeiture because of violations on the land of any enforceable covenants, conditions, or restrictions.

c.         Any encroachment onto the land of existing improvements located on adjoining land.

d.         Any notices of violation of covenants, conditions, or restrictions relating to environmental protection recorded or filed in the public records.

2.         Damage to improvements (excluding lawn, shrubbery, or trees) constructed on the land after Date of Policy resulting from the future exercise of any right existing at Date of Policy to use the surface of the land for the extraction or development of minerals excepted from the description of the land or excepted in Schedule B.

Wherever in this endorsement the words "covenants, conditions, or restrictions" appear, they do not include the terms, covenants, conditions, or limitations contained in an instrument creating a lease.

As used in paragraphs 1.a., the words “covenants, conditions, or restrictions” do not include any covenants, conditions, or restrictions (a) relating to obligations of any type to perform maintenance, repair, or remediation on the land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a violation or alleged violation affecting the land has been recorded or filed in the public records at Date of Policy and is not excepted in Schedule B.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-100 ALTA 9.5-06 (Restrictions, Encroachments, Minerals - Owner’s  Policy - Improved Land)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of:

1.         The existence, at Date of Policy, of any of the following unless expressly excepted in Schedule B:

a.         Present violations on the Land of any enforceable covenants, conditions, or restrictions, or any existing improvements on the Land that violate any building setback lines shown on a plat of subdivision recorded or filed in the Public Records.

b.         Any instrument referred to in Schedule B as containing covenants, conditions, or restrictions on the Land that, in addition, (i) establishes an easement on the Land, (ii) provides for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant, or (iii) provides a right of reentry, possibility of reverter, or right of forfeiture because of violations on the Land of any enforceable covenants, conditions, or restrictions.

c.         Any encroachment of existing improvements located on the Land onto adjoining land, or any encroachment onto the Land of existing improvements located on adjoining land.

d.         Any encroachment of existing improvements located on the Land onto that portion of the Land subject to any easement excepted in Schedule B.

e.         Any notices of violation of covenants, conditions, or restrictions relating to environmental protection recorded or filed in the Public Records.

2.         Damage to existing buildings that are located on or encroach upon that portion of the Land subject to any easement excepted in Schedule B, which damage results from the exercise of the right to maintain the easement for the purpose for which it was granted or reserved.

3.         Damage to improvements (excluding lawns, shrubbery, or trees) located on the Land on or after Date of Policy resulting from the future exercise of any right existing at Date of Policy to use the surface of the Land for the extraction or development of minerals excepted from the description of the Land or excepted in Schedule B.

4.         Any final court order or judgment requiring the removal from any land adjoining the Land of any encroachment, other than fences, landscaping, or driveways, excepted in Schedule B.

5.         Any final court order or judgment denying the right to maintain any existing building on the Land because of any violation of covenants, conditions, or restrictions, or building setback lines shown on a plat of subdivision recorded or filed in the Public Records.

Wherever in this endorsement the words "covenants, conditions, or restrictions" appear, they do not include the terms, covenants, conditions, or limitations contained in an instrument creating a lease.

As used in paragraphs 1.a. and 5, the words “covenants, conditions, or restrictions” do not include any covenants, conditions, or restrictions (a) relating to obligations of any type to perform maintenance, repair, or remediation on the Land, or (b) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a violation or alleged violation affecting the Land has been recorded or filed in the Public Records at Date of Policy and is not excepted in Schedule B.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-101 ALTA 10-06 (Assignment)

Adopted 6/17/06 UPdated 7/14/11

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.         The name of the Insured is amended to read:_______________.

2.         The Company insures against loss or damage sustained by the Insured by reason of:

a.         The failure of the following assignment to vest title to the Insured Mortgage in the Insured:__________________________________________________________;

b.         Any modification, partial or full reconveyance, release, or discharge of the lien of the Insured Mortgage recorded on or prior to Date of Endorsement in the Public Records other than those shown in the policy or a prior endorsement, except:

 _____________________________________________________________________________;

This endorsement shall be effective provided that the note or notes secured by the lien of the Insured Mortgage have been properly endorsed and delivered to the Insured at Date of Endorsement.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Date of Endorsement:_______________________

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-102 ALTA 10.1-06 (Assignment and Date Down)

Adopted 6/17/06 Updated 7/14/11

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.         The name of the Insured is amended to read:_______________.

a.         The failure of the following assignment to vest title to the Insured Mortgage in the Insured:__________________________________________;

b.         Any liens for taxes or assessments that are due and payable on Date of Endorsement, except:___________________________________________;

c.         Lack of priority of the lien of the Insured Mortgage over defects, liens, or encumbrances other than those shown in the policy or a prior endorsement, except:___________________________________________;

d.         Notices of federal tax liens or notices of pending bankruptcy proceedings affecting the title to the estate or interest in the Land and recorded subsequent to the Date of Policy in the Public Records and on or prior to Date of Endorsement except:___________________________________________;

e.         Any modification, partial or full reconveyance, release or discharge of the lien of the Insured Mortgage recorded on or prior to Date of Endorsement in the Public Records other than those shown in the policy or a prior endorsement, except:__________________________;

2.         The Company insures against loss or damage sustained by the Insured by reason of:

a.         The failure of the following assignment to vest title to the Insured Mortgage in the Insured:__________________________________________;

b.         Any liens for taxes or assessments that are due and payable on Date or Endorsement, except:___________________________________________;

c.         Lack of priority of the lien of the Insured Mortgage over defects, liens, or encumbrances other than those shown in the policy or a prior endorsement, except:___________________________________________;

d.         Notices of federal tax liens or notices of pending bankruptcy proceedings affecting the Title and recorded subsequent to Date of Policy in the Public Records and on or prior to Date of Endorsement, except:_____________________________;

e.         Any modification, partial or full reconveyance, release or discharge of the lien of the Insured Mortgage recorded on or prior to Date of Endorsement in the Public Records other than those shown in the policy or a prior endorsement, except:___________________________.

This endorsement shall be effective provided that the note or notes secured by the lien of the Insured Mortgage have been properly endorsed and delivered to the Insured at Date of Endorsement.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Date of Endorsement:_______________________

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-103 ALTA 11-06 (Mortgage Modification)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of:

1.         The invalidity or unenforceability of the lien of the Insured Mortgage upon the Title at Date of Endorsement as a result of the agreement dated ________________________, recorded ________________________

 ("Modification"); and

2.         The lack of priority of the lien of the Insured Mortgage, at Date of Endorsement, over defects in or liens or encumbrances on the Title, except for those shown in the policy or any prior endorsement and except: [Specify exceptions, if any]

This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses, by reason of any claim that arises out of the transaction creating the Modification by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws that is based on:

1.         the Modification being deemed a fraudulent conveyance or fraudulent transfer; or

2.         the Modification being deemed a preferential transfer except where the preferential transfer results from the failure

a.         to timely record the instrument of transfer; or

b.         of such recordation to impart notice to a purchaser for value or to a judgment or lien creditor.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Date of Endorsement: _______________________

[Witness clause optional]                                              BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-104 ALTA12-06 (Aggregation)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The following policies are issued in conjunction with one another:

POLICY NUMBER:                COUNTY:                    STATE:            AMOUNT:

________________                _______                      ______            ________

________________                _______                      ______            ________

________________                _______                      ______            ________

________________                _______                      ______            ________

Notwithstanding the provisions of Section 8(a)(i) of the Conditions of this policy, the Amount of Insurance available to cover the Company's liability for loss or damage under this policy at the time of payment of loss hereunder shall be the aggregate of the Amount of Insurance under this policy and the other policies identified above. At no time shall the Amount of Insurance under this policy and the other policies identified above exceed in the aggregate $______________. Subject to the provisions of Section 10(a) of the Conditions of the policies, all payments made by the Company under this policy or any of the other policies identified above, except the payments made for costs, attorney's fees, and expenses, shall reduce the aggregate Amount of Insurance by the amount of the payment.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

Date of Endorsement: _______________________

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-105 ALTA13-06 (Leasehold-Owner’s)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.         As used in this endorsement, the following terms shall mean:

a.         "Evicted" or "Eviction": (a) the lawful deprivation, in whole or in part, of the right of possession insured by this policy, contrary to the terms of the Lease or (b) the lawful prevention of the use of the Land or the Tenant Leasehold Improvements for the purposes permitted by the Lease, in either case as a result of a matter covered by this policy.

b.         "Lease": the lease agreement described in Schedule A.

c.         "Leasehold Estate": the right of possession for the Lease Term.

d.         "Lease Term": the duration of the Leasehold Estate, including any renewal or extended term if a valid option to renew or extend is contained in the Lease.

e.         "Personal Property": chattels located on the Land and property that, because of their character and manner of affixation to the Land, can be severed from the Land without causing appreciable damage to themselves or to the Land to which they are affixed.

f.          "Remaining Lease Term": the portion of the Lease Term remaining after the Insured has been Evicted as a result of a matter covered by this policy.

g.         "Tenant Leasehold Improvements": Those improvements, including landscaping, required or permitted to be built on the Land by the Lease that have been built at the Insured's expense or in which the Insured has an interest greater than the right to possession during the Lease Term.

2.         Valuation of Estate or Interest Insured:

If in computing loss or damage it becomes necessary to value the Title as the result of a covered matter that results in an Eviction of the Tenant, then that value shall consist of the value for the Remaining Lease Term of the Leasehold Estate and any Tenant Leasehold Improvements existing on the date of the Eviction.  The Insured Claimant shall have the right to have the Leasehold Estate and the Tenant Leasehold Improvements valued either as a whole or separately. In either event, this determination of value shall take into account rent no longer required to be paid for the Remaining Lease Term.

3.         Additional items of loss covered by this endorsement:

If the Insured is Evicted, the following items of loss, if applicable, shall be included in computing loss or damage incurred by the Insured, but not to the extent that the same are included in the valuation of the Title.

a.         The reasonable cost of removing and relocating any Personal Property that the Insured has the right to remove and relocate, situated on the Land at the time of Eviction, the cost of transportation of that Personal Property for the initial one hundred miles incurred in connection with the relocation, and the reasonable cost of repairing the Personal Property damaged by reason of the removal and relocation.

b.         Rent or damages for use and occupancy of the Land prior to the Eviction that the Insured as owner of the Leasehold Estate may be obligated to pay to any person having paramount title to that of the lessor in the Lease.

c.         The amount of rent that, by the terms of the Lease, the Insured must continue to pay to the lessor after Eviction with respect to the portion of the Leasehold Estate and Tenant Leasehold Improvements from which the Insured has been Evicted.

d.         The fair market value, at the time of the Eviction, of the estate or interest of the Insured in any lease or sublease made by Tenant as lessor of all or part of the Leasehold Estate or the Tenant Leasehold Improvements.

e.         Damages that the Insured is obligated to pay to lessees or sublessees on account of the breach of any lease or sublease made by the Tenant as lessor of all or part of the Leasehold Estate or the Tenant Leasehold Improvements caused by the Eviction.

f.          Reasonable costs incurred by the Insured to secure a replacement leasehold equivalent to the Leasehold Estate.

g.         If Tenant Leasehold Improvements are not substantially completed at the time of Eviction, the actual cost incurred by the Insured, less the salvage value, for the Tenant Leasehold Improvements up to the time of Eviction.  Those costs include costs incurred to obtain land use, zoning, building and occupancy permits, architectural and engineering fees, construction management fees, costs of environmental testing and reviews, and landscaping costs.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements to it.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-106 ALTA13.1-06 (Leasehold-Loan)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.         As used in this endorsement, the following terms shall mean:

a.         "Evicted" or "Eviction": (a) the lawful deprivation, in whole or in part, of the right of possession insured by this policy, contrary to the terms of the Lease or (b) the lawful prevention of the use of the Land or the Tenant Leasehold Improvements for the purposes permitted by the Lease, in either case, as a result of a matter covered by this policy.

b.         "Lease": the lease agreement described in Schedule A.

            c.         "Leasehold Estate": the right of possession for the Lease Term.

d.         "Lease Term": the duration of the Leasehold Estate, including any renewal or extended term if a valid option to renew or extend is contained in the Lease.

e.         "Personal Property": chattels located on the Land and property that, because of their character and manner of affixation to the Land, can be severed from the Land without causing appreciable damage to themselves or to the Land to which they are affixed.

f.          “Remaining Lease Term": the portion of the Lease Term remaining after the Insured has been Evicted as a result of a matter covered by this policy.

g.         "Tenant": the tenant under the Lease and, after acquisition of all or any part of the Title in accordance with the provisions of Section 2 of the Conditions of this policy, the Insured Claimant.

h.         "Tenant Leasehold Improvements": Those improvements, including landscaping, required or permitted to be built on the Land by the Lease that have been built at the Insured's expense or in which the Insured has an interest greater than the right to possession during the Lease Term.

2.         Valuation of Estate or Interest Insured:

If in computing loss or damage it becomes necessary to value the Title as the result of a covered matter that results in an Eviction of the Tenant, then that value shall consist of the value for the Remaining Lease Term of the Leasehold Estate and any Tenant Leasehold Improvements existing on the date of the Eviction.  The Insured Claimant shall have the right to have the Leasehold Estate and the Tenant Leasehold Improvements valued either as a whole or separately.  In either event, this determination of value shall take into account rent no longer required to be paid for the Remaining Lease Term.

3.         Additional items of loss covered by this endorsement:

If the Insured acquires all or any part of the Title in accordance with the provisions of Section 2 of the Conditions of this policy and thereafter is Evicted, the following items of loss, if applicable, shall be included in computing loss or damage incurred by the Insured, but not to the extent that the same are included in the valuation of the Title.

a.         The reasonable cost of removing and relocating any Personal Property that the Insured has the right to remove and relocate, situated on the Land at the time of Eviction the cost of transportation of that Personal Property for the initial one hundred miles incurred in connection with the relocation, and the reasonable cost of repairing the Personal Property damaged by reason of the removal and relocation.

b.         Rent or damages for use and occupancy of the Land prior to the Eviction that the Insured as owner of the Leasehold Estate may be obligated to pay to any person having paramount title to that of the lessor in the Lease.

c.         The amount of rent that, by the terms of the Lease, the Insured must continue to pay to the lessor after Eviction with respect to the portion of the Leasehold Estate and Tenant Leasehold Improvements from which the Insured has been Evicted.

d.         The fair market value, at the time of the Eviction, of the estate or interest of the Insured in any lease or sublease made by Tenant as lessor of all or part of the Leasehold Estate or the Tenant Leasehold Improvements.

e.         Damages that the Insured is obligated to pay to lessees or sublessees on account of the breach of any lease or sublease made by the Tenant as lessor of all or part of the Leasehold Estate or the Tenant Leasehold Improvements caused by the Eviction

f.          Reasonable costs incurred by the Insured to secure a replacement leasehold equivalent to the Leasehold Estate.

g.         If Tenant Leasehold Improvements are not substantially completed at the time of Eviction, the actual cost incurred by the Insured, less the salvage value, for the Tenant Leasehold Improvements up to the time of Eviction.  Those costs include costs incurred to obtain land use, zoning, building and occupancy permits, architectural and engineering fees, construction management fees, costs of environmental testing and reviews, and landscaping costs.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-107 ALTA14-06 (Future Advance - Priority)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.         The insurance for Advances added by Sections 2 & 3 of this endorsement is subject to the exclusions in Section 4 of this endorsement and the Exclusions from Coverage in the Policy, except Exclusion 3(d), the provisions of the Conditions, and the exceptions contained in Schedule B.

            a.         “Agreement,” as used in this endorsement, shall mean the note or loan agreement secured by the Insured Mortgage or the Insured Mortgage.

b.         “Advances,” as used in this endorsement, shall mean only those advances of principal indebtedness made after the Date of Policy as provided in the Agreement, including expenses of foreclosure, amounts advanced pursuant to the Insured Mortgage to pay taxes and insurance, assure compliance with laws, or to protect the lien of the Insured Mortgage before the time of acquisition of the Title, and reasonable amounts expended to prevent deterioration of improvements, together with interest on those advances.

2.         The Company insures against loss or damage sustained by the Insured by reason of:

a.         The invalidity or unenforceability of the lien of the Insured Mortgage as security for each Advance.

b.         The lack of priority of the lien of the Insured Mortgage as security for each Advance over any lien or encumbrance on the Title.

c.         The invalidity or unenforceability or loss of priority of the lien of the Insured Mortgage as security for the Indebtedness and Advances resulting from (i) re-Advances and repayments of Indebtedness, (ii) lack of outstanding Indebtedness before an Advance, or (iii) the failure of the Insured Mortgage to comply with the requirements of state law of the state in which the Land is located to secure Advances.

3.         The Company also insures against loss or damage sustained by the Insured by reason of:

a.         The invalidity or unenforceability of the lien of the Insured Mortgage resulting from any provisions of the Agreement that provide for (i) interest on interest, (ii) changes in the rate of interest, or (iii) the addition of unpaid interest to the Indebtedness.

b.         Loss of priority of the lien of the Insured Mortgage as security for the Indebtedness, interest on interest, or interest as changed in accordance with the provisions of the Insured Mortgage, which loss of priority is caused by (i) changes in the rate of interest, (ii) interest on interest, or (iii) increases in the Indebtedness resulting from the addition of unpaid interest.

“Changes in the rate of interest,” as used in this endorsement, shall mean only those changes in the rate of interest calculated pursuant to a formula provided in the Insured Mortgage at Date of Policy.

4.         This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys’ fees, or expenses) resulting from:

a.         Advances made after a Petition for Relief under the Bankruptcy Code (11 U.S.C.) has been filed by or on behalf of the mortgagor.

b.         The loss of priority of  the lien of the Insured Mortgage, as security for Advances, to the lien of real estate taxes or assessments on the Title imposed by governmental authority arising after Date of Policy.

c.         The loss of priority of the lien of the Insured Mortgage as security for any Advance, to a federal tax lien, which Advance is made after the earlier of (i) actual knowledge of the Insured that a federal tax lien was filed against the mortgagor, or (ii) the expiration of more than forty-five days after notice of a federal tax lien filed against the mortgagor.

d.         The loss of priority of the lien of the Insured Mortgage as security for Advances to any federal or state environmental protection lien.

e.         Usury, or any consumer credit protection or truth-in-lending law.

[f.          The loss of priority of the lien of the Insured Mortgage as security for any Advance to a mechanic’s or materialmen’s lien.]

5.         The Amount of Insurance shall include Advances.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-108 ALTA14.1-06 (Future Advance - Knowledge)

Adopted 6/17/06

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ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

1.         The insurance for Advances added by Sections 2 & 3 of this endorsement is subject to the exclusions in Section 4 of this endorsement and the Exclusions from Coverage in the Policy, except Exclusion 3(d), the provisions of the Conditions; and the exceptions contained in Schedule B.

a.         “Agreement,” as used in this endorsement, shall mean the note or loan agreement secured by the Insured Mortgage or the Insured Mortgage.

b.         “Advances,” as used in this endorsement, shall mean only those advances of principal indebtedness made after the Date of Policy as provided in the Agreement, including expenses of foreclosure, amounts advanced pursuant to the Insured Mortgage to pay taxes and insurance, assure compliance with laws, or to protect the lien of the Insured Mortgage before the time of acquisition of the Title, and reasonable amounts expended to prevent deterioration of improvements, together with interest on those advances.

2.         The Company insures against loss or damage sustained by the Insured by reason of:

a.         The invalidity or unenforceability of the lien of the Insured Mortgage as security for each Advance.

b.         The lack of priority of the lien of the Insured Mortgage as security for each Advance over any lien or encumbrance on the Title.

c.         The invalidity or unenforceability or loss of priority of the lien of the Insured Mortgage as security for the Indebtedness and Advances resulting from (i) re-Advances and repayments of Indebtedness, (ii) lack of outstanding Indebtedness before an Advance, or (iii) the failure of the Insured Mortgage to comply with the requirements of state law of the state in which the Land is located to secure Advances.

3.         The Company also insures against loss or damage sustained by the Insured by reason of:

a.         The invalidity or unenforceability of the lien of the Insured Mortgage resulting from any provisions of the Agreement that provide for (i) interest on interest, (ii) changes in the rate of interest, or (iii) the addition of unpaid interest to the Indebtedness.

b.         Loss of priority of the lien of the Insured Mortgage as security for the Indebtedness, interest on interest, or interest as changed in accordance with the provisions of the Insured Mortgage, which loss of priority is caused by (i) changes in the rate of interest, (ii) interest on interest, or (iii) increases in the Indebtedness resulting from the addition of unpaid interest.

“Changes in the rate of interest,” as used in this endorsement, shall mean only those changes in the rate of interest calculated pursuant to a formula provided in the Insured Mortgage at Date of Policy.

4.         This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys’ fees, or expenses) resulting from:

a.         Advances made after a Petition for Relief under the Bankruptcy Code (11 U.S.C.) has been filed by or on behalf of the mortgagor.

b.         The loss of priority of  the lien of the Insured Mortgage, as security for Advances, to the lien of real estate taxes or assessments on the Title imposed by governmental authority arising after Date of Policy.

c.         The loss of priority of the lien of the Insured Mortgage as security for any Advance, to a federal tax lien, which Advance is made after the earlier of (i) Knowledge of the Insured that a federal tax lien was filed against the mortgagor, or (ii) the expiration of more than forty-five days after notice of a federal tax lien filed against the mortgagor.

d.         The loss of priority of any Advance made after the Insured has Knowledge of the existence of liens, encumbrances or other matters affecting the Land intervening between Date of Policy and the Advance, as to the intervening lien, encumbrance or other matter.

e.         The loss of priority of the lien of the Insured Mortgage as security for Advances to any federal or state environmental protection lien.

f.          Usury, or any consumer credit protection or truth-in-lending law.

[g.         The loss of priority of the lien of the Insured Mortgage as security for any Advance to a mechanic’s or materialmen’s lien.]

5.         The Amount of Insurance shall include Advances.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-109 ALTA14.2-06 (Future Advance - Letter of Credit)

Adopted 6/17/06 Updated 7/14/11

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.         The insurance for Advances added by Section 2 of this endorsement is subject to the exclusions in Section 3 of this endorsement and the Exclusions from Coverage in the Policy, except Exclusion 3(d), the provisions of the Conditions, and the exceptions contained in Schedule B.

a.         “Agreement,” as used in this endorsement, shall mean the letter of credit, surety agreement, or reimbursement agreement, the repayment of Advances under which are secured by the Insured Mortgage.

b.         “Advances,” as used in this endorsement, shall mean only those advances of principal indebtedness made after the Date of Policy as provided in the Agreement, including expenses of foreclosure, amounts advanced pursuant to the Insured Mortgage to pay taxes and insurance, assure compliance with laws, or to protect the lien of the Insured Mortgage before the time of acquisition of the Title, and reasonable amounts expended to prevent deterioration of improvements, together with interest on those advances.

2.         The Company insures against loss or damage sustained by the Insured by reason of:

a.         The invalidity or unenforceability of the lien of the Insured Mortgage as security for each Advance.

b.         The lack of priority of the lien of the Insured Mortgage as security for each Advance over any lien or encumbrance on the Title.

c.         The invalidity or unenforceability or loss of priority of the lien of the Insured Mortgage as security for the Indebtedness, Advances and unpaid interest resulting from (i) re-Advances and repayments of Indebtedness, (ii) earlier periods of no indebtedness owing during the term of the Insured Mortgage, or (iii) the Insured Mortgage not complying with the requirements of state law of the state in which the Land is located to secure Advances.

3.         This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys’ fees, or expenses) resulting from:

a.         The lien of real estate taxes or assessments on the Title imposed by governmental authority arising after Date of Policy; or

b.         Any federal or state environmental protection lien; or

[c.         Any mechanic’s or materialmen’s lien.]

4.         The Amount of Insurance shall include Advances.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

Note: Bracketed [] material optional

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-110 ALTA 14.3-06(Future Advance - Reverse Mortgage)

Updated 7/14/11

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ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

1.       The insurance for Advances added by Sections 2 and 3 of this endorsement is subject to the exclusions in Section 4 of this endorsement and the Exclusions in the Policy, except Exclusion 3(d), the provisions of the Conditions and the Exceptions contained in Schedule B.

a.         “Agreement,” as used in this endorsement, shall mean the note or loan agreement secured by the Insured Mortgage.

b.         “Advances,” as used in this endorsement, shall mean only those advances of principal indebtedness made after the Date of Policy as provided in the Agreement, including expenses of  foreclosure, amounts advanced pursuant to the Insured Mortgage to pay taxes and insurance, assure compliance with laws, or to protect the lien of the Insured Mortgage before the time of acquisition of the Title, and reasonable amounts expended to prevent deterioration of improvements, together with interest on those advances.

2.       The Company insures against loss or damage sustained by the Insured by reason of:

a.         The invalidity or unenforceability of the lien of the Insured Mortgage as security for each Advance.

b.         The lack of priority of the lien of the Insured Mortgage as security for each Advance over any lien or encumbrance on the Title.

c.         The invalidity or unenforceability or loss of priority of the lien of the Insured Mortgage as security for the Indebtedness and Advances resulting from (i) re-Advances and repayments of Indebtedness, (ii) lack of outstanding Indebtedness before an Advance, (iii) failure to comply with the requirements of state law to secure Advances, (iv) failure of the Insured Mortgage to state the term for Advances, or (v) failure of the Insured Mortgage to state the maximum amount secured by the Insured Mortgage.

d.         The failure of the mortgagors to be at least 62 years of age at Date of Policy.

3.       The Company also insures against loss or damage sustained by the Insured by reason of:

a.         The invalidity or unenforceability of the lien of the Insured Mortgage resulting from any provisions of the Agreement that provide for (i) interest on interest, (ii) changes in the rate of interest, or (iii) the addition of unpaid interest to the principal portion of the Indebtedness.

b.         Loss of priority of the lien of the Insured Mortgage as security for the Indebtedness, including any unpaid interest that was added to principal in accordance with any provisions of the Agreement, interest on interest, or interest as changed in accordance with the provisions of the Insured Mortgage, which loss of priority is caused by (i) changes in the rate of interest, (ii) interest on interest, or (iii) increases in the Indebtedness resulting from the addition of unpaid interest.

“Changes in the rate of interest,” as used in this endorsement, shall mean only those changes in the rate of interest calculated pursuant to a formula provided in the Insured Mortgage at Date of Policy.

“Interest,” as used in this endorsement, shall include lawful additional interest based on net appreciated value.

4.       This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys’ fees, or expenses) resulting from:

a.         Advances made after a Petition for Relief under the Bankruptcy Code (11 U.S.C.) has been filed by or on behalf of the mortgagor.

b.         The loss of priority of  the lien of the Insured Mortgage, as security for Advances, to the lien of real estate taxes or assessments on the Title imposed by governmental authority arising after Date of Policy.

c.         The loss of priority of the lien of the Insured Mortgage as security for any Advance, to a federal tax lien, which Advance is made after the earlier of (i) actual knowledge of the Insured that a federal tax lien was filed against the mortgagor, or (ii) the expiration of more than forty-five days after notice of a federal tax lien filed against the mortgagor.

d.         The loss of priority of the lien of the Insured Mortgage as security for Advances to any federal or state environmental protection lien.

e.         Usury, or any consumer credit protection or truth-in-lending law.

[f.         The loss of priority of the lien of the Insured Mortgage as security for any Advance to a mechanic’s or materialmen’s lien.]

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-111 ALTA15-06 (Nonimputation - Full Equity Transfer)

Adopted 6/17/06

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[Entity as the named Insured and vestee of the insured estate or interest identified in Schedule A]

ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

The Company agrees that it will not assert the provisions of Exclusions from Coverage 3(a), (b), or (e) to deny liability for loss or damage otherwise insured against under the terms of the policy solely by reason of the action or inaction or Knowledge, as of Date of Policy, of

            [identify exiting or contributing partner(s) of the insured partnership entity, member(s) or manager(s) of the insured limited liability company entity, or officer(s) and/or director(s) of the insured corporate entity]

whether or not imputed to the Insured by operation of law, provided

[identify the “incoming” partners, members, or shareholders]

acquired the Insured as a purchaser for value without Knowledge of the asserted defect, lien, encumbrance, adverse claim, or other matter insured against by the policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-112 ALTA 15.1-06 (Nonimputation –Additional Insured)

Adopted 6/17/06

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 [Entity as the named Insured and vestee of the insured estate or interest identified in Schedule A]

ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

For purposes of the coverage provided by this endorsement,

[identify the “incoming” partner, member or shareholder]

(“Additional Insured”) is added as an Insured under the policy.  By execution below, the Insured named in Schedule A acknowledges that any payment made under this endorsement shall reduce the Amount of Insurance as provided in Section 10 of the Conditions.

The Company agrees that it will not assert the provisions of Exclusions from Coverage 3(a), (b), or (e) to deny liability for loss or damage otherwise insured against under the terms of the policy solely by reason of the action or inaction or Knowledge, as of Date of Policy, of

[identify, as applicable, the existing and/or exiting partner(s) of the insured partnership entity, member(s) or manager(s) of the insured limited liability company entity, or officer(s) and/or director(s) of the insured corporate entity]

whether or not imputed to the Additional Insured by operation of law, to the extent of the percentage interest in the Insured acquired by Additional Insured as a purchaser for value without Knowledge of the asserted defect, lien, encumbrance, adverse claim, or other matter insured against by the policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

AGREED AND CONSENTED TO:

_________________________________

            INSURED

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-113 ALTA15.2-06 (Nonimputation -Partial Equity Transfer)

Adopted 6/17/06

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[Incoming partner, member, or shareholder, as the named Insured in its own policy, where the vestee of the insured estate or interest identified in Schedule A is a partnership, limited liability company, or corporation]

ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

The Company agrees that it will not assert the provisions of Exclusions from Coverage 3(a), (b), or (e) to deny liability for loss or damage otherwise insured against under the terms of the policy solely by reason of the action or inaction or Knowledge, as of Date of Policy, of

[identify, as applicable, the existing and/or exiting partner(s) of the vestee partnership entity, member(s) or manager(s) of the vestee limited liability company entity, or officer(s) and/or director(s) of the vestee corporate entity]

wheter or not imputed to the entity identified in paragraph 3 of Schedule A or to the Insured by operation of law, but only to the extent that the Insured acquired the Insured’s interest in entity as a purchaser for value without Knowledge of the asserted defect, lien, encumbrance, adverse claim, or other matter insured against by the policy.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-114  ALTA16-06  (Mezzanine Financing)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

1.         The Mezzanine Lender is: ___________________________________________ and each successor in ownership of its loan (“Mezzanine Loan”) reserving, however, all rights and defenses as to any successor that the Company would have had against the Mezzanine Lender, unless the successor acquired the indebtedness as a purchaser for value without knowledge of the asserted defect, lien, encumbrance, adverse claim, or other matter insured against by this policy as affecting Title.

2.         The Insured

a.                     assigns to the Mezzanine Lender the right to receive any amounts otherwise payable to the Insured under this policy, not to exceed the outstanding indebtedness under the Mezzanine Loan; and

b.                     agrees that no amendment of or endorsement to this policy can be made without the written consent of the Mezzanine Lender.

3.         The Company does not waive any defenses that it may have against the Insured, except as expressly stated in this endorsement.

4.         In the event of a loss under the policy, the Company agrees that it will not assert the provisions of Exclusions from Coverage 3(a), (b) or (e) to refuse payment to the Mezzanine Lender solely by reason of the action or inaction or Knowledge, as of Date of Policy, of the Insured, provided

a.                     the Mezzanine Lender had no Knowledge of the defect, lien, encumbrance or other matter creating or causing loss on Date of Policy.

b.                     this limitation on the application of  Exclusions from Coverage 3(a), (b) and (e) shall

i.                      apply whether or not the Mezzanine Lender has acquired an interest (direct or indirect) in the Insured either on or after Date of Policy, and

ii.                      benefit the Mezzanine Lender only without benefiting any other individual or entity that holds an interest (direct or indirect) in the Insured or the Land.

5.         In the event of a loss under the Policy, the Company also agrees that it will not deny liability to the Mezzanine Lender on the ground that any or all of the ownership interests (direct or indirect) in the Insured have been transferred to or acquired by the Mezzanine Lender, either on or after the Date of Policy.

6.         The Mezzanine Lender acknowledges

a.                     that the Amount of Insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is hereafter executed by an Insured and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment under this policy; and

b.         that the Company shall have the right to insure mortgages or other conveyances of an interest in the Land, without the consent of the Mezzanine Lender.

7.         If the Insured, the Mezzanine Lender or others have conflicting claims to all or part of the loss payable under the Policy, the Company may interplead the amount of the loss into Court.  The Insured and the Mezzanine Lender shall be jointly and severally liable for the Company’s reasonable cost for the interpleader and subsequent proceedings, including attorneys’ fees. The Company shall be entitled to payment of the sums for which the Insured and Mezzanine Lender are liable under the preceding sentence from the funds deposited into Court, and it may apply to the Court for their payment.

8.         Whenever the Company has settled a claim and paid the Mezzanine Lender pursuant to this endorsement, the Company shall be subrogated and entitled to all rights and remedies that the Mezzanine Lender may have against any person or property arising from the Mezzanine Loan.  However, the Company agrees with the Mezzanine Lender that it shall only exercise these rights, or any right of the Company to indemnification, against the Insured, the Mezzanine Loan borrower, or any guarantors of the Mezzanine Loan after the Mezzanine Lender has recovered its principal, interest, and costs of collection.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

AGREED AND CONSENTED TO:

(Insert name of Insured)                                             (Insert name of Mezzanine Lender)

By:____________________________                       By:________________________________                          

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: _______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-115  ALTA17-06 (Access and Entry)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured if, at Date of Policy (i) the Land does not abut and have both actual vehicular and pedestrian access to and from [insert name of street, road, or highway] (the “Street”), (ii) the Street is not physically open and publicly maintained, or (iii) the Insured has no right to use existing curb cuts or entries along that portion of the Street abutting the Land.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-116  ALTA17.1-06 (Indirect Access and Entry)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured if, at Date of Policy (i) the easement identified [as Parcel _______________] in Schedule A (the “Easement”) does not provide that portion of the Land identified [as Parcel _____________] in Schedule A both actual vehicular and pedestrian access to and from [insert name of street, road, or highway] (the “Street”), (ii) the Street is not physically open and publicly maintained, or (iii) the Insured has no right to use existing curb cuts or entries along that portion of the Street abutting the Easement.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-117  ALTA18-06 (Single Tax Parcel)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of the Land being taxed as part of a larger parcel of land or failing to constitute a separate tax parcel for real estate taxes.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-118  ALTA18.1-06 (Multiple Tax Parcel)

Adopted 6/17/06

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ENDORSEMENT
Attached to Policy No.
Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of:

1.         those portions of the Land identified below not being assessed for real estate taxes under the listed tax identification numbers or those tax identification numbers including any additional land:

Parcel:                                                  Tax Identification Numbers:

2.         the easements, if any, described in Schedule A being cut off or disturbed by the nonpayment of real estate taxes, assessments or other charges imposed on the servient estate by a governmental authority.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association 

NJRB 5-119  ALTA19-06 (Contiguity - Multiple Parcels)

Adopted 6/17/06

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ENDORSEMENT

Attached to Policy No.

Issued by

BLANK TITLE INSURANCE COMPANY

The Company insures against loss or damage sustained by the Insured by reason of:

1.         1. the failure [of the ______ boundary line of Parcel A] of the Land to be contiguous to [the ______ boundary line of Parcel B] [for more than two parcels, continue as follows: of [the ______ boundary line of Parcel B] of the Land to be contiguous to [the ______ boundary line of Parcel C] and so on until all contiguous parcels described in the policy have been accounted for]; or

2.         the presence of any gaps, strips, or gores separating any of the contiguous boundary lines described above.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

BLANK TITLE INSURANCE COMPANY

By: ______________________________________

Authorized Signatory

American Land Title Association