VA Disbursement Endorsement RESTDRAWEND (Restricted Disbursement Draw Endorsement)

ENDORSEMENT TO TITLE POLICY

FILE NO: ____________
ISSUED BY

STEWART TITLE GUARANTY COMPANY

HEREIN CALLED THE COMPANY


IT IS HEREBY AGREED AND UNDERSTOOD THAT THE ABOVE TITLE POLICY IS AMENDED TO READ AS FOLLOWS:

Upon disbursement of the amount shown at (b) below in connection with subject property, we hereby extend the date of our title insurance policy to the date below increasing the coverage to the amount stated in (c) below; and further, we insure against loss or damage which may result from the claims of mechanic's liens arising from non-payment of bills for labor performed or materials furnished prior to ______________, but said coverage is limited to mechanic's liens relating to those amounts actually paid and only to mechanic's liens by those persons or entities receiving said payments directly pursuant to written disbursement authorization by Insured to Company and approved by the Insured herein, except any such liens or notices thereof recited under Schedule B of the subject policy, and except such liens arising from "retention" funds withheld from contractors, subcontractors or supplies out of mortgage loan proceeds or failure of the assured to advance sufficient funds to cover the cost of all of the construction completed prior to the date of assureds disbursement as set out in (b) below.

(a) Total Disbursed Previously : $

(b) Present Disbursement : $

(c) Total Disbursement to date : $

The following exceptions are hereby added to Schedule B, of said Policy:

Note: Taxes are not further examined.

Nothing herein contained nor in the policy previously issued shall subject Stewart Title Guaranty Company to liability for the completion of the improvements presently under construction of the insured premises or to liability for non-compliance with plans and specifications in connection with the construction, and Stewart Title Guaranty Company in no way guarantees the sufficiency of the mortgage proceeds as adequate to the complete said improvements. This endorsement is made a part of the policy referred to above and is subject to schedules, conditions and stipulations therein, except as modified by the provisions hereof.

Policy Extended To:

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, this Endorsement 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 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, this the ________ day of _____________ 201___.

 

No guidelines are available for this form at this time.