FL Revolving Credit Endorsement 1
ENDORSEMENT ATTACHED TO AND MADE
A PART OF POLICY OF TITLE INSURANCE
STEWART TITLE GUARANTY COMPANY
HEREIN CALLED THE COMPANY
Notwithstanding any terms or provisions in this policy to the contrary, the Company hereby insures the insured that advances made subsequent to the Date of Policy, but within 20 years of the Date of Policy, pursuant to the terms of the mortgage described in Schedule A of this policy, shall be included within the coverage of this policy, even though the principal indebtedness may have been reduced from time to time preceding any such subsequent advances. The Company's liability under this policy shall be reduced hereafter by the filing for record by the mortgagor or his successors in title of a notice pursuant to Section 697.04 (1), F.S., limiting the maximum principal amount that may be so secured to an amount not less than the amount actually advanced at the time of such filing.
The Company further assures the insured that such subsequent advances shall have the same priority over liens, encumbrances and other matters disclosed by the Public Records, as do advances secured by the insured mortgage as of the Date of Policy, except for the following matters, if any, arising subsequent to the Date of Policy:
a. Federal tax liens which may be recorded against the mortgagor(s) or their successor in title more than forty-five days prior to the making of any such subsequent advances.
b. Federal tax liens which may be recorded against the mortgagor(s) or their successors in title within forty-five days of making any such subsequent advances, the existence of which are actually known to the insured prior to the making of any such subsequent advances.
c. Ad valorem real estate taxes and assessments which are on a parity with ad valorem real estate taxes pursuant to Florida Statutes.
d. Bankruptcies of the mortgagor(s) prior to the making of any such subsequent advances.
e. Defects, liens, encumbrances or other matters, the existence of which are actually known to the insured prior to the making of any such subsequent advances.
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL.
The total liability of the Company under the policy and any endorsements therein shall not exceed, in the aggregate, the face amount of the policy and sums which the Company is obligated under the conditions and stipulations thereof to pay.
This endorsement is made a part of the policy. It is subject to all the terms of the policy and prior endorsements. Except as expressly stated on this endorsement, the terms, dates and amount of the policy and prior endorsements are not changed.
Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.
For issuing guidelines on this form, see Guidelines