STG Management Agreement Endorsement 1
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 insures the Insured against loss which said Insured shall sustain by reason of:
|(a) any defect in the execution of the document entitled "Assignment of Management Agreement" referred to in Paragraph 2 of Part II of Schedule B.
|(b) the existence, as shown by the public records, of any prior assignment of the interest of ______________________ in the Management Agreement specified in such document, other than:
|i) as set forth in the insured mortgage; and
|ii) the obligation of the Insured set forth in Section _____ of the lease, as amended, described in Exhibit A of Schedule A, to remit to the landlord under the lease, if the lease terminates by reason of an event of default thereunder, the net income collected from the manager under the Management Agreement pursuant to an assignment thereof to the extent necessary to pay the landlord any and all rents due under the lease through the date of such lease termination.
The total liability of the Company under said policy and any endorsements therein shall not exceed, in the aggregate, the face amount of said policy and costs which the Company is obligated under the Conditions and Stipulations thereof to pay.
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
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