NJRB 5-57 – Application of Mortgage Payments (Last Dollar) Endorsement (NJ re-adopted 9/10/07)

APPLICATION OF MORTGAGE PAYMENTS (“LAST DOLLAR”)

ENDORSEMENT

For ALTA 2006 Loan Policy

Attached To Policy No.

Issued by

STEWART TITLE GUARANTY 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 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 OF ENDORSEMENT:                           

                                                                                         

                                                                                     STEWART TITLE GUARANTY COMPANY

No guidelines are available for this form at this time.