PA 500 (ALTA Endorsement 11-06, as modified by TIRBOP) - Mortgage Modification TIRBOP

STEWART TITLE INSURANCE COMPANY

ENDORSEMENT

 

Attached to and made a part of Policy Number                                                           File Number

 

Schedule A of the above policy is amended as follows:

 

        1.     Item 4 is amended to add the following as an insured document: 

[Identify Agreement] between  _________________________________ and ____________________________________

dated ________ and recorded on ________________ in  [Insert Recording Info].

 

        2.     The Date of Policy is changed to _____________________________.

 

3.       The Amount of Insurance is changed to __________________________.

 

Schedule B of the above policy is amended as follows:

 

        [Specify additional exceptions or items that may no longer apply, if any]

 

 

 

 

This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses, by reason of any claim that arises out of the transaction creating the Modification by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws that is based on:

 

1.     the Modification being deemed a fraudulent conveyance or fraudulent transfer; or

2.     the Modification being deemed a preferential transfer except where the preferential transfer results from the failure

a.     to timely record the instrument of transfer; or

b.     of such recordation to impart notice to a purchaser for value or to a judgment or lien creditor.

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.

 

Date of Endorsement: _______________________

 

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.

 

STEWART TITLE INSURANCE COMPANY

By:                                                                 

Authorized Officer or Licensed Agent

 

STEWART TITLE INSURANCE COMPANY

 

ENDORSEMENT

 

Attached to and made a part of Policy Number                                                           File Number

 

1.     The insurance for Advances added by Sections 2 of this endorsement is subject to the exclusions in Section 3 of this endorsement and the Exclusions from Coverage in the Policy, except Exclusion 3(d), the provisions of the Conditions, and the exceptions contained in Schedule B.

 

a.       “Agreement,” as used in this endorsement, shall mean the letter of credit, surety agreement, or reimbursement agreement, the repayment of Advances under which are secured by the Insured Mortgage.

 

b.     “Advances,” as used in this endorsement, shall mean only those advances of principal indebtedness made after the Date of Policy as provided in the Agreement, including expenses of foreclosure, amounts advanced pursuant to the Insured Mortgage to pay taxes and insurance, assure compliance with laws, or to protect the lien of the Insured Mortgage before the time of acquisition of the Title,  and reasonable amounts expended to prevent deterioration of improvements, together with interest on those advances.

 

2.     The Company insures against loss or damage sustained by the Insured by reason of:

 

a.     The invalidity or unenforceability of the lien of the Insured Mortgage as security for each Advance.

 

b.     The lack of priority of the lien of the Insured Mortgage as security for each Advance over any lien or encumbrance on the Title.

 

c.     The invalidity or unenforceability or loss of priority of the lien of the Insured Mortgage as security for the Indebtedness, Advances and unpaid interest resulting from (i) re-Advances and repayments of Indebtedness, (ii) earlier periods of no indebtedness owing during the term of the Insured Mortgage, or (iii) the Insured Mortgage not complying with the requirements of state law of the state in which the Land is located to secure Advances.

 

3.     This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys’ fees, or expenses) resulting from:

 

a.    The lien of real estate taxes or assessments on the Title imposed by governmental authority arising after Date of Policy, or

 

b.       Any federal or state environmental protection lien.

 

4.      The Amount of Insurance shall include Advances.

 

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 to it.

 

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.

 

STEWART TITLE INSURANCE COMPANY

By:                                                                 

Authorized Officer or Licensed Agent

No guidelines are available for this form at this time.