VA Disbursement Endorsement Example 1 1995
Upon disbursement of the amount shown at (b) below in connection with subject property, we hereby extend the date of our title insurance policy to the date below increasing the coverage to the amount stated in (c) below; and further, we insure against loss or damage which may result from the claims of Mechanic's Liens arising from non-payment of bills for labor performed or materials furnished prior to _______________________, but said coverage is limited to mechanic's liens relating to those amounts actually paid and only to mechanic's liens by those persons or entities receiving said payments directly from the Insured pursuant to written disbursement authorization approved by the Insured herein, except any such liens or notices thereof recited under Schedule B of the subject policy, and except such liens arising from "retention" funds withheld from contractors, subcontractors or suppliers out of mortgage loan proceeds or failure of the assured to advance sufficient funds to cover the cost of all of the construction completed prior to the date of assured's disbursement as set out in (b) below.
(a) Total Disbursed Previously : $
(b) Present Disbursement : $
(c) Total Disbursement to date : $
The following exceptions are hereby added to Schedule B, of said Policy:
Note: Taxes are not further examined.
Nothing herein contained nor in the policy previously issued shall subject Stewart Title Guaranty Company to liability for the completion of the improvements presently under construction of the insured premises or to liability for non-compliance with plans and specifications in connection with the construction, and Stewart Title Guaranty Company in no way guarantees the sufficiency of the mortgage proceeds as adequate to complete said improvements. This endorsement is made a part of the policy referred to above and is subject to schedules, conditions, and stipulations therein, except as modified by the provisions hereof.
Policy Extended To:
This endorsement is made a part of the commitment or policy. It is subject to all the terms of the commitment or policy and prior endorsements. Except as expressly stated on this endorsement, the terms, dates, and amount of the commitment or policy and prior endorsements are not changed.
No guidelines are available for this form at this time.