MI Last Dollar Endorsement 1

ENDORSEMENT ATTACHED TO AND MADE A PART

OF THE POLICY OF TITLE INSURANCE

SERIAL NUMBER ____________

ISSUED BY

STEWART TITLE GUARANTY COMPANY

HEREIN CALLED THE COMPANY

File Number: ________________

Charge: ________________

By the issuance of this loan policy in an amount which is less than the face amount of the mortgage referred to in Schedule A, the Company agrees that if the insured applies all payments by the mortgagor toward the release of security other than that on the land described in Schedule A, the amount of coverage afforded under this policy will not be reduced by such payments until such time as the aggregate principal indebtedness outstanding is reduced to the amount of this policy. 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 one dollar for each one dollar of principal reduction thereafter made.

 

This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof.

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.


Countersigned:


_________________________________
Authorized Countersignature

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