STG Affidavit Relating to Academic Facility Guideline 1

Explanation:

This Affidavit can be used to omit or insure over an exception for recovery rights of the United States of America in connection with grants made to institutions of higher education under the Higher Education Act of 1965, as amended (the "Act"), to aid in the construction, reconstruction and renovation of academic facilities.

See: Underwriting Manual, Section 18.04: Schools - Higher Education Act

Underwriting Requirements:

(1) This Affidavit can be executed only by the academic institution that was in title when the facility was completed. The institution must not be liquidating or otherwise ceasing its existence.

(2) The Affiant should review the definitions of "academic facility" in prior versions of the Act.

(3) The Affidavit must contain the specific language of Section A and/or B, exactly as set forth in the form. Any changes to the Affidavit must be approved by a Senior Underwriter.

(4) If you are unable to obtain an acceptable affidavit from the academic institution, it may be necessary to obtain independent verification from the United States government regarding grants under the Act.

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):

STG Affidavit - Academic Facility