CCR

Covenants, Conditions, and Restrictions

Review all covenants, conditions, and restrictions for easements, assessment liens, rights of first refusal, and rights of reverter or reentry.

Requirement

CCRR01 STG

Proof of Payment of Assessments

The Company requires a satisfactory statement from the Association or its agent stating the amount, if any, of the unpaid common or maintenance charges against the land to the date of closing. At that time, the Company may make additional requirements or exceptions.
Comment: Verify any assessments set forth in the covenants are paid current.

CCRR02 STG

Recorded Assessment Lien – Secure Release

Notice of assessment pursuant to the Declaration of restrictions in the amount of $_________, recorded _______________. The Company requires a satisfactory release for its review. At that time, the Company may make additional requirements or exceptions.
Comment: Use this requirement to secure a release of a recorded assessment lien.

CCRR03 STG

First Refusal

The covenants, conditions, and restrictions contain a provision requiring prior approval of the sale by the Association or a right of first refusal. The Company requires satisfactory proof that this provision has been complied with.
Comment: If the covenants contain a right of first refusal, secure approval of the proposed transaction. If the first refusal is not subordinate to a future mortgage foreclosure, modify any affirmative coverage or endorsement so that the Company does not insure against that right.

Exception

CCRX01 ALTA

Covenants Exception (With Option or First Refus

Terms, provisions, options, rights of first refusal, covenants, conditions, restrictions, easements, charges, assessments and liens provided in the Covenants, Conditions and Restrictions recorded __________________, but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons.
Comment: Except to the terms of the covenants. This exception expressly refers to possible right of first refusal, easements, and assessment liens.

CCRX03 ALTA

Covenants Exception (With Option or First Refus

Terms, provisions, options, rights of first refusal, covenants, conditions, restrictions, easements, charges, assessments and liens provided in the Covenants, Conditions and Restrictions recorded __________________, but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons. As this instrument has been amended or modified by the instrument recorded _______________.
Comment: Use this exception if the covenants have apparently been amended.

CCRX04 ALTA

Covenants Exception (No Option or First Refusal

Terms, provisions, covenants, conditions, restrictions, easements, charges, assessments and liens provided in the Covenants, Conditions and Restrictions recorded __________________, but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons.
Comment: Except to the terms of the covenants. This exception expressly refers to easements and assessment liens (but not to possible rights of first refusal).

CCRX06 ALTA

Covenants Exception (No Option or First Refusal

Terms, provisions, covenants, conditions, restrictions, easements, charges, assessments and liens provided in the Covenants, Conditions and Restrictions recorded __________________, but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons. As this instrument has been amended or modified by the instrument recorded _______________.
Comment: Use this exception if the covenants have apparently been amended.

CCRX08 ALTA

Amendment of Separate Covenants Exception

As the Covenants, Conditions and Restrictions recorded __________________ have been amended or modified by the instrument recorded _______________.
Comment: Use this exception if the covenants have apparently been amended.

CCRX09 ALTA

Restrictions Common to Subdivision

Covenants, conditions, and restrictions as set forth in instrument recorded ___________________, but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons.
Comment: You may use this exception if a specific instrument in the subdivision apparently creates a common scheme, even though the instrument does not describe the land.

See Underwriting Manual

CCRX14 STG

Restrictions Based on Race, Color, Religion Sex

Provisions, if any, based on race, color, religion, sex, handicap, familial status or national origin are omitted.
Comment: Add this language to any exception to covenants if this language does not otherwise appear in the exception and if the restrictions contain racial or similar provisions. If the restrictions contain only racial or similar provisions, do not except to the instrument.

See Underwriting Manual

CCRX15 STG

Amendment of Restrictions

As said covenants, conditions, and restrictions have been amended or modified by the instrument recorded _______________.
Comment: Add this reference if the covenants have apparently been amended.

Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.