STG Example Commitment 5 - Insure Existing Recorded Lease

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 Leasehold Estate.

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

Peppermint Patti

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

"The leasehold estate created by the lease executed by Charlie Brown, as lessor, to Peppermint Patti, as lessee, dated October 31, 1987, recorded November 1, 1987 in Book XX, Page YY, demising and leasing for a term of 12 years, beginning October 31, 1987, and ending October 31, 1999, the following described premises, to-wit:

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.

4. Special Exceptions Affecting The Fee Simple
______________________________________
______________________________________
______________________________________

5. Special Exceptions (if any) Affecting The Leasehold Estate
______________________________________
______________________________________
______________________________________

6. Furnish a written statement executed by the owner of the fee title of subject property stating that no default has occurred under the terms of the aforesaid lease; and that the leasehold estate created thereby is now in full force and effect and that it has not been further modified, except as herein shown.

NOTE: Said owner, at the date hereof, is Charlie Brown.

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

(h) "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.