STG Example Commitment 7 - Insure Lease To Be Created

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.

SCHEDULE A

Commitment No.         Effective Date of Commitment:
(To be filled out.)        (Month-Day-Year-Hour)

Your No.:
(To be filled out.)

Prepared for:
(To be filled out.)


Inquiries should be directed to:
(To be filled out.)

1. Policy or Policies to be issued:         Amount

(a) ALTA Owner's Policy 1987 (ALTA Leasehold Owner's Policy-1987)
$ _______________
Proposed Insured:         Peppermint Patti

(b) ALTA Loan Policy 1987 (ALTA Leasehold Loan Policy-1987)
$ _______________
Proposed Insured:         ABC Corporation

2. The estate or interest in the land described or referred to in this Commitment and covered herein is a Fee Simple.

3. Title to said estate or interest in said land is at the effective date hereof vested in:

Charlie Brown

4. The land referred to in this Commitment is located in the County of __________________ , State of [Comics] and described as follows:

Lot 1, Block 1, ROYAL ACRES, a subdivision of land in Peanutsville City, Schultz County, State of Comics, according to the recorded plat thereof.

 

SCHEDULE B

Commitment Number

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:

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

2. Standard Exceptions:

(a) Rights or claims of parties in possession not shown by the public records.

(b) Easements, or claims of easements, not shown by the public records.

(c) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey and inspection of the premises.

(d) Any lien, or right to a lien, for services, labor, or material hereto or hereafter furnished, imposed by law and not shown by the public records.

(e) Taxes or special assessments which are not shown as existing liens by the public records.

3. Special Exceptions:

(a) Taxes.

_______________ )

_______________ )

_______________ )         Other Exceptions

_______________ )

4. The application for title insurance states that our policy will cover a leasehold estate not yet in final form; however, this commitment covers only the fee simple title.

Before the Company can issue a commitment, covering the estate which is to be the subject of our leasehold policy, it is necessary that a fully-executed copy of the lease and of any agreement affecting the same by produced for examination purposes and, if approved by the Company, be recorded in the Office of the (Recorded) (Register) of Deeds for __________________ County.

In lieu of such recording, it shall be permissible to record a short form lease only, but such short form lease must, standing alone, constitute an enforceable lease and must refer to the full lease. In such event, we will retain a fully-executed coy of the lease in our file.

This commitment is subject to such further exceptions, if any, as then may be necessary.

5. NOTE: Paragraph 1(h) of the Conditions and Stipulations of the ALTA Owner's and Loan Leasehold Policies - 1987 define leasehold estate as follows:

(g) "Leasehold Estate": The right of possession for the term or terms described in Schedule A hereof subject to any provision contained in the lease, which limit such right of possession.

 

No guidelines are available for this form at this time.