OTIRO No. PLO-01 Balloon Loan Modification Limited Policy

BALLOON LOAN MODIFICATION LIMITED POLICY

Issued by

STEWART TITLE GUARANTY COMPANY

Order Number

Date of Policy

Amount of Insurance

Premium

Policy Number

     

     

     

     

     

Loan Number                     :      

Insured                              :      

Borrower                           :      

Original Policy Insurer        :      

Original Policy Number      :      

Original Policy Date           :      

Property Address                :      

County                              :      

State                                  :      

SUBJECT TO THE EXCEPTIONS FROM COVERAGE CONTAINED IN THE ORIGINAL POLICY, AND TO THE EXCLUSIONS FROM COVERAGE AND CONDITIONS AND STIPULATIONS SET FORTH IN THE AMERICAN LAND TITLE ASSOCIATION LOAN POLICY (10-17-92) ALL OF WHICH ARE INCORPORATED BY REFERENCE INTO THIS POLICY, BLANK TITLE INSURANCE COMPANY (THE “COMPANY”), A BLANK CORPORATION, INSURES AS OF THE DATE OF POLICY SHOWN ABOVE, AGAINST LOSS OR DAMAGE, NOT EXCEEDING THE AMOUNT OF INSURANCE STATED ABOVE, SUSTAINED AND INCURRED BY THE INSURED BY REASON OF:

1. The invalidity or unenforceability of the lien of the insured mortgage on the title as a result of the Balloon Loan Modification of even date herewith (the “Balloon Loan Modification”) which modifies the insured mortgage;

2. The loss of priority of the insured mortgage over any lien or encumbrance (except real estate taxes and assessments) as a result of the Balloon Loan Modification.

The Company will also pay the costs, attorneys’ fees and expenses incurred in defense of the lien of the insured mortgage by reason of matters insured against by this Policy, but only to the extent provided in the Conditions and Stipulations.

This Policy does not incorporate the insuring provisions of either the Original Policy or the ALTA Loan Policy (10-17-92).  The estate or interest in the land which is encumbered by the insured mortgage, the insured mortgage and the land are as described in Schedule A of the Original Policy.

[Witness clause optional]

STEWART TITLE GUARANTY COMPANY

BY:______________________________
PRESIDENT

BY:_____________________________
SECRETARY

No guidelines are available for this form at this time.