MI Usury I Endorsement 1
ENDORSEMENT ATTACHED TO AND MADE A PART
OF THE POLICY OF TITLE INSURANCE
STEWART TITLE GUARANTY COMPANY
HEREIN CALLED THE COMPANY
File Number: ___________________
The Company hereby insures the Insured against loss or damage sustained by the Insured as a result of a final judgment of a court of competent jurisdiction adjudging that the lien of the insured mortgage, in whole or in part, is invalid or unenforceable on the grounds that the mortgage loan evidenced by the note secured thereby is usurious under Michigan law at the date hereof; except that, the Company shall not be liable for any loss or damage sustained by the Insured relative hereto resulting from the charging of a rate of interest in excess of twenty-five percent (25%) on the principal balance of the loan, nor shall the Company be liable for any loss or damage resulting from the charging of a rate of interest in excess of ten percent (10%) on accrued interest.
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.
No guidelines are available for this form at this time.