CLTA Value of Lessee's Interest Endorsement Guideline 107.5

Explanation:

This endorsement is designed for either the ALTA or CLTA leasehold policies. It provides that the value of leasehold improvements, even though not a part of the lease, will be included as an element of any loss payable under a leasehold policy.

Underwriting Requirements:

This endorsement is only available when specifically requested by the lessee or the lender and the policy liability is sufficient to cover the value of the improvements.

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):

CLTA Leasehold Improvements (06-03-05) 107.5