CLTA Modification of Policy to Insure Two Liens on One Policy Endorsement (06-03-05) 105

ENDORSEMENT

Attached to Policy No.

Issued by

STEWART TITLE GUARANTY COMPANY


Paragraph 6 of the insuring provisions of the policy which reads:

"The priority of any lien or encumbrance over the lien of the insured mortgage"

is hereby deleted, and there is substituted in lieu thereof the following:

"6. (1) The priority of any lien or encumbrance over the lien of the insured mortgage referred to in subparagraph (a) of paragraph 4 of Schedule A, or

(2) the priority of any lien or encumbrance over the lien of the insured mortgage referred to in subparagraph (b) of paragraph 4 of Schedule A, except the mortgage referred to in subparagraph (a) of paragraph 4 of Schedule A."

Except where used in this endorsement, the term "insured mortgage" wherever used in the policy shall be construed as referring to both of the mortgages described in Schedule A.

The Company insures the owner of the indebtedness secured by the insured mortgage that, except as stated in Part I of Schedule B , there are no matters affecting the priority of the insured mortgage shown in subparagraph (b) of paragraph 4 of Schedule A which have intervened between the time of the recording of the mortgage shown in subparagraph (a) of paragraph 4 of Schedule A and the mortgage shown in subparagraph (b) of paragraph 4 of Schedule A.


There is hereby added to the Conditions and Stipulations as Section 11(c) the following:


"(c) Loss under this policy shall be payable first to the insured owner of the indebtedness secured by the mortgage referred to in subparagraph (a) of paragraph 4 of Schedule A, and if such ownership vests in more than one, payment shall be made ratably as their respective interests may appear, and thereafter, any loss shall be payable to the owner of the indebtedness secured by the mortgage referred to in subparagraph (b) of paragraph 4 of Schedule A, and if more than one, then to such insured ratably as their respective interests may appear.

If this endorsement is attached to an ALTA Loan Policy - 1970, then the foregoing reference to Section 11(c) shall be deemed to refer to paragraph 6(d)."

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.


STEWART TITLE GUARANTY COMPANY

For issuing guidelines on this form, see Guidelines