PA 1400 (ALTA 31-06) ENDORSEMENT- Severable Improvements - Owners and/or Loan Policy (04/01/13)
STEWART TITLE GUARANTY COMPANY
Attached to and made a part of Policy Number ___________________________________
1. As used in this endorsement, "Severable Improvement" means property affixed to the Land on or after Date of Policy that by law does not constitute real property because:
a. of its character and manner of attachment to the Land; and
b. it can be severed from the Land without causing material damage to it or to the Land.
2. In the event of a loss by reason of a defect, lien, encumbrance, or other matter covered by this Policy (“Defect”), the calculation of the loss shall include (but not to the extent that these items of loss are included in the valuation of the Title determined pursuant to Section 8 of the Conditions or any other endorsement to the Policy):
a. the diminution in value of the Insured’s interest in any Severable Improvement resulting from the Defect, reduced by the salvage value of the Severable Improvement; and
b. the reasonable cost actually incurred by the Insured in connection with the removal or relocation of the Severable Improvement resulting from the Defect and the cost of transportation of that Severable Improvement for the initial one hundred miles incurred in connection with the relocation.
3. This endorsement relates solely to the calculation of the Insured’s loss resulting from a claim based on a defect, lien, encumbrance or other matter otherwise insured against by the Policy. This Policy does not insure against loss or damage (and the Company will not pay any costs, attorneys’ fees or expenses) relating to:
a. the attachment, perfection or priority of any security interest in the Severable Improvement;
b. the vesting or ownership of title to or rights in any Severable Improvement;
c. any defect in or lien or encumbrance on the title to any Severable Improvement; or
d. the determination of whether any specific property is real or personal in nature.
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.
IN WITNESS WHEREOF, the Company has caused this endorsement to be issued and become valid when signed by an authorized officer or licensed agent of the Company.
TIRBOP - PA ENDORSEMENT 1400 (ALTA Endorsement 31-06) (Severable Improvements – Owner’s and/or Loan Policy) (04/01/13)
OWNER’S AND/OR LOAN POLICY
Copyright 2012 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use.
No guidelines are available for this form at this time.