STG Insuring Interest of Incoming Partner 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.
Insuring Interest of Incoming Partner
STEWART TITLE GUARANTY COMPANY
Attached to and forming a part of
Policy of Title Insurance No. __________
Section 7(a) of the Conditions and Stipulations is amended to read as follows:
The liability of the Company under this policy shall not exceed the least of:
|(i) ________ % of the actual loss of ______ (of which the insured claimant is a partner), or if the interest of the insured in said partnership is reduced below _____ %, such lessor proportion of the actual loss of said partnership; or
|(ii) The amount of insurance stated in Schedule A; or
|(iii) _____ % of the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy.|
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
This endorsement when countersigned below by a Validating Signatory, is made a part of the Policy and subject to all of the terms and provisions thereof and of any prior endorsements thereto, except that the insurance afforded by this endorsement is not subject to paragraph 3(d) of the Exclusions from Coverage.
The total liability of the Company under said policy, binder or commitment and under this and any prior endorsements thereto shall not exceed, in the aggregate, the face amount of liability stated on the face of said policy, binder or commitment, as the same may be specifically amended in dollar amount by this or any prior endorsements, and the costs which the Company is obligated under the Conditions and Stipulations of the policy.
This endorsement is made a part of said policy, binder or commitment and is subject to all the terms and provisions thereof, except as modified by the provisions hereof. Nothing herein contained shall be construed as extending or changing the effective date of the aforesaid policy, binder or commitment unless otherwise expressly stated.
IN WITNESS WHEREOF, the Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers and in accordance with its by-laws.
For issuing guidelines on this form, see Guidelines