NM Restrictions, Encroachments, and Mineral Endorsement (Owner's Policy - Unimproved Land) Guideline 56

Explanation:

This endorsement to the Owner's policy insures against violations of restrictions, encroachments on the land from adjoining land, and damage by reason of mineral development. It is similar to other owner's comprehensive endorsements. It is issued on unimproved land.

Underwriting Requirements:

(1) Restrictions:

(2) Survey and Encroachments:
This Endorsement may be issued only if you provide survey coverage on the Owner's Policy and if you amend Standard Exception 7 (the patent exception). Except in Schedule B to any encroachments over building lines, property lines, or easements.

(3) Minerals:

In order to provide the coverage of paragraph 2 because of development of minerals, verify that there are no outstanding minerals (other than royalties) or that surface rights have been waived. Please call our underwriting personnel if you have any questions relating to adequacy of surface waivers. If you cannot comply with these guidelines, delete paragraph 2.

(4) Notices of Violation of Environmental Covenants

If a notice of violation of an environmental covenant has been recorded, except to it in Schedule B.

(5) Rates:

You must charge the regular rate for Survey Coverage on the Owner's Policy (15% of the full Basic Premium Rate) and for modification of Standard Exception 7 ($25). The Charge for this Endorsement is an additional 10% of the Basic Premium Rate.

The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.

Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.