STG Partnership Endorsement 1
This form should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.
Attached to and Forming a Part of
Policy of Title Insurance No. ___________
STEWART TITLE GUARANTY COMPANY
Wherever in this endorsement any or all the words "covenants, conditions or restrictions" appear, they shall not be deemed to refer to or to include the terms, covenants, conditions or limitations contained in any lease or declaration of condominium referred to in Schedule A or relating to environmental protection.
*Section 7(a) of the Conditions and Stipulations is amended to read as follows:
|"The liability of the Company under this Policy shall not exceed the least of:
|(i) ____ % of the actual loss of ___________________, (of which the insured claimant is a partner), or if the interest of the insured in said partnership is reduced below ____ %, such lesser proportion of the actual loss of said partnership; or
|(ii) The amount of insurance stated in Schedule A; or
|(iii) ____ % of 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 or encumbrance insured against this Policy."|
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
The total liability of the Company under said Policy, including this Endorsement, shall not exceed, in the aggregate, the face amount of said Policy and costs which the Company is obligated to pay under the Conditions and Stipulations.
This Endorsement is made a part of said Policy and subject to the Schedules, Exclusions from Coverage, and Conditions and Stipulations therein except as expressly modified by the provisions of the endorsement.
IN WITNESS WHEREOF, the Company has caused its corporate name and seal to be affixed hereto by its duly authorized officers.
* Section 7(a) if 1992 Policy; Section 6(a) if 10-17-70 Policy.
Section 11** of the Conditions and Stipulations is amended to read as follows:
|"It is expressly understood that the amount of insurance under this policy shall be reduced by ____% of 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 ___% of the amount so paid shall be deemed a payment under this policy to the insured owner."
**Section 11 if 1992 Policy and Paragraph 9 if 1970 Policy.
For issuing guidelines on this form, see Guidelines