NJRB 5-33 Reverse Annuity Mortgage Endorsement (NJ adopted 2/1/94)
REVERSE ANNUITY MORTGAGE ENDORSEMENT
ATTACHED TO POLICY NO. ______
STEWART TITLE GUARANTY COMPANY
The Company 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, occurred 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 made a part of the policy and is subject to the schedules, exclusions, conditions and stipulations therein except as modified by the provisions hereof.
No guidelines are available for this form at this time.