STG Improvements Endorsement (Modified CLTA 107.5 for Owner's Policy) 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.
(MODIFIED CLTA 107.5)
Attached To and Made a Part of
Owner’s Policy No. __________
STEWART TITLE GUARANTY COMPANY
|This policy insures the insured:
|(a) That in the event of a loss otherwise insured against by this policy, such loss shall include the interest of the insured in any improvements (including fixtures and equipment related to improvements and the power-generation facility) located on the land hereunder, regardless of the fact that the parties may have characterized some or all of such improvements as personal property.
|(b) Notwithstanding the amount of insurance shown on Schedule A of this policy, that at such time when the erection of improvements contemplated upon the land herein shall be commenced, the amount of insurance under this policy shall increase, as the improvements progress, in the amount equal to the greatest of (i) the cost of improvements, (ii) the value of the improvements, or (iii) the sum of the amounts advanced by the lenders under the mortgages referred to in Schedule A Item 4 hereof, but in each case only up to the face amount of the policy.|
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