STG Last Dollar Endorsement 2
LAST DOLLAR ENDORSEMENT
Attached To and Made a Part of
Policy No. __________
STEWART TITLE GUARANTY COMPANY
The Company hereby insures the Insured that, provided the Insured has not released or substituted the personal liability of any debtor or guarantor, or extended or otherwise modified the terms of payment or released any portion of the land from the lien of the insured mortgage, paragraph 9b of the Conditions and Stipulations notwithstanding, the Company agrees that until such time as the indebtedness is paid down to an amount equal to the amount of insurance shown in Schedule A of the policy, there shall not be any reduction in the amount of insurance by reason of a partial payment by any party of the indebtedness secured by the insured mortgage.
Payment in part by any party of the principal of the indebtedness, or any other obligation secured by the insured mortgage to an amount less than the amount of insurance stated in Schedule A of the Policy, or any voluntary or partial satisfaction of the insured mortgage, shall to the extent of the payment or satisfaction reduce the amount of insurance pro tanto. The amount of insurance shall thereafter be increased by accruing interest and advances made to protect the lien of the insured mortgage and secured thereby, with interest thereon, provided in no event shall the amount of insurance be greater than the amount of insurance stated in Schedule A of the Policy.
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
In the event a defect, lien or encumbrance or other matter insured against by this policy creates a loss, the amount for which the Company shall be liable shall be determined without requiring the Insured to pursue its remedies against any other collateral securing the indebtedness which is also secured by the insured mortgage.
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