OTIRO Endorsement No. 98 Successor Insured (Fairway) Endorsement
ATTACHED TO POLICY NO.
STEWART TITLE GUARANTY COMPANY
The company hereby agrees with the insured partnership that this Policy and the coverage provided to the insured partnership hereunder shall not be deemed to have lapsed, or to have been forfeited, or to have terminated because of the occurrence, subsequent to the Date of Policy, of either of the following events (provided that, subject to the next paragraph, the insured partnership has not been dissolved or discontinued by reason of the following events pursuant to applicable state law):
1. the admission or withdrawal of any individual or Entity as a partner in the insured partnership, or
2. a change in any partner's interest in capital or profits of, or as limited or general partner in, the insured partnership.
The Company hereby further agrees that the definition of Insured contained in paragraph 1(a) of the Conditions and Stipulations of the Policy shall include the following successors in interest to the named insured of the estate or interest described in Schedule A (reserving, however, all rights and defenses as to any successor that the Company would have had against the named insured):
a. any grantee of the named Insured which is an owner of a partnership interest (a "Grantee Partner") in the named insured partnership which receives Title to the Land described in Schedule A of the Policy as a result of the dissolution of the named insured partnership; or
b. any corporate successor to a Grantee Partner who becomes a successor by operation of law (as opposed to purchase) by reason of dissolution, merger, consolidation or corporate reorganization; or
c. any corporate grantee of a Grantee Partner, or of a corporate successor covered under (b) above which receives Title to the Land described in Schedule A of the Policy, provided the corporate grantee is either a wholly owned subsidiary of the corporate successor or of its parent corporation.
This endorsement is not to be construed as extending the coverage of the policy to any later date than the Date of Policy shown in Schedule A, nor does it impose any liability on the Company for loss or damage resulting from (i) failure of a successor referred to above to acquire an insurable estate or interest in the Land, or (ii) any defect, lien or encumbrance attaching by reason of the acquisition of an estate or interest in the Land by the successor.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
STEWART TITLE GUARANTY COMPANY
No guidelines are available for this form at this time.