CLTA Exercise of Surface Rights for Extraction of Water Endorsement Guideline 103.8
Explanation:Insures the ALTA lender against loss by reason of damage to an existing or future improvement resulting from the extraction or development of water.
Underwriting Requirements:(1) This endorsement is designed to be utilized with the lender's policy that is issued in conjunction with a specific FHA project. Title to the land is subject to a water exception.
(2) Although this endorsement is similar to the CLTA 103.5, damage under this endorsement is not limited to the existing improvement but includes improvements that are to be constructed at a later date in accordance with specific FHA project plans and specifications.
(3) Approval to issue this endorsement must be obtained from the appropriate Stewart Title Guaranty underwriting personnel.
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.
This guideline applies to the following form(s):