TMS

Time-shares

When insuring a time-share, you must comply with the Company’s condominium guidelines as well as its time-share guidelines. The time-share exception should be used when insuring the time-share unit and the appropriate exceptions for condominiums also must be used.

Exception

TMSX01 STG

Time-share Exception

This Policy does not insure against any loss or damage by reason of the hold over or unauthorized occupancy by other owners of an interest in the unit(s) and week(s) described in Schedule A, or by the association, the developer, its lessees or other third parties. The land insured hereby is an undivided interest and there is excepted from this property any rights, title or interest of the other tenants in common or those persons claiming by, through, or under them, including rights of ownership, possession, reimbursement and partition, and right of the United States to sell the land.
Comment: When insuring a time-share, you must comply with the Company’s condominium guidelines as well as its time-share guidelines. This exception should be used when insuring the time-share unit and the appropriate exceptions for condominiums also must be used.

1. Any instrument of transfer or mortgage must show the addresses of the parties thereto.

2. All the instruments taken at closing must contain a statement or reference setting forth the source of title of the party or parties of the first part and must contain a statement or reference setting forth the original Registration Number.

3. All instruments must contain a full and complete description of the premises involved.

4. All instruments must be filed with the Registrar of the County in which the premises herein are located.

5. Present owner must surrender the owner’s duplicate certificate of title to be canceled or endorsed.

6. New certificate of title must be issued to transferee or new owner and be duly registered by the Registrar.

7. Upon the filing of any mortgage, the Registrar issues a certified or “Registration Copy” of such mortgage and will require a fee therefor.