WA Seafirst (Seattle, Intervening Lien) Endorsement 1
Attached To and Made a Part of
Policy No. __________
STEWART TITLE GUARANTY COMPANY
Paragraph 3(a) of the Exclusions from Coverage shall not be applied to any statutory lien for labor or material which, by reason of:
(a) The failure by the holder of the ______________________ as defined in and secured by the insured mortgage (herein "Holder") to consent to disbursement of the full amount of the loan proceeds; or
(b) The fact that the loan proceeds are insufficient to complete the improvements financed by the insured mortgage,
shall hereafter gain priority over the lien of the insured mortgage, except that Paragraph 3(a) may be applied:
(a) To any lien arising from the Holder's failure to comply with the provisions of the following statute(s) RCW 60.04.221; or
(b) To any lien arising from an improvement to the land financed in whole or in part by proceeds of the indebtedness secured by the insured mortgage, the advance of which the Holder is obligated to consent to.
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]
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