MI Future Policy Endorsement 1
ENDORSEMENT ATTACHED TO AND MADE A PART
OF THE POLICY OF TITLE INSURANCE
SERIAL NUMBER ______________
STEWART TITLE GUARANTY COMPANY
HEREIN CALLED THE COMPANY
File Number: ______________
The Company hereby agrees that in the event the Insured, in a proper legal manner, acquires all or any part of the estate or interest in the land by foreclosure, conveyance in lieu of foreclosure, or other legal manner which discharges the lien of the insured mortgage, the Company will issue its ALTA Owner's Policy at the request of said owner, which policy shall be issued subject to any and all defects, liens, encumbrances, adverse claims or other matters, if any, arising on or after the date of the Loan Policy as well as containing any exceptions the Company deems necessary relative to creditor's rights and/or the manner in which title was acquired. Provided, however, the Company shall not be obligated to so issue its policy or provide additional amounts of insurance if the Company or the Insured has knowledge of any matter which would give rise to a claim against the Company under the Loan Policy, whether or not notice of such matter has been given to the Company.
The Company further agrees that in the event it issues said Owner's Policy, it will charge only for such additional amount of coverage beyond the amount of the Loan Policy, at the then, current prevailing rates for such coverage. If the amount of insurance requested after the acquisition does not exceed the amount stated in Schedule A of the Loan Policy, there will be no additional charge, other than a work fee for such additional time expended in researching title.
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.
Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.
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