STG Amendment to Definition of Insured Endorsement 5
This form should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.
Attached To and Made a Part of
Policy No. __________
STEWART TITLE GUARANTY COMPANY
The Company hereby agrees that it will consent to the assignment of this policy to any of the following:
(a) Successor(s) by change of name;
(b) Successor(s) by dissolution, merger, consolidation or reorganization;
(c) Statutory trustee(s) of the Insured in the event it forfeits its charter;
(d) Any corporate grantee or assignee of the insured under a deed or assignment conveying the land described in Schedule A, the stock of which is wholly-owned by the insured, or any such corporate grantee or assignee which wholly owns the stock of the Insured, or any affiliated company of the Insured provided the stock of such affiliated company and the stock of the Insured are both wholly-owned by the same corporation;
(e) The stockholders of the Insured in the event it distributed the property described in Schedule A of the policy to such stockholders.
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
This agreement is subject to the following:
(1) The customary charge for the assignment of a policy.
(2) Such term successor(s) shall include no other grantees of the Insured whether voluntary or involuntary.
(3) Nothing herein contained shall be construed as an agreement to extend the effective date of the policy, nor shall any consent by this Company to any of such assignments be construed as extending such date.
(4) No liability is assumed hereunder or under any consent by the Company to any of such assignments for defects or encumbrances attaching or created subsequent to the date of the policy.
(5) The rights of any assignee aforesaid under said policy shall be subject to the defenses, if any, which the Company may have against the original insured.
(6) No liability will be assumed under any consent to any such assignments for loss or damage resulting from any failure to record the instrument or instruments necessary to evidence of record the assignee's estate or interest in the land described in Schedule A of the policy.
This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof.
[Witness clause optional]
For issuing guidelines on this form, see Guidelines