NJRB 5-161 - NJ ALTA Endorsement 43-06 Anti-Taint (NJ adopted 10/01/2014)
Attached to Policy No. __________
1. The insurance provided by this endorsement is subject to the Exclusions from Coverage, the Exceptions from Coverage contained in Schedule B, and the Conditions in the policy.
2. For the purposes of this endorsement only:
a. “Loan Agreement” means [a document governing the terms of the loan or loans secured by the Insured Mortgage at Date of Policy] [the __________ Agreement dated ____________, by and between the Insured and _________________________].
b. “Revolving Credit Loan” means the portion of the Indebtedness that is a revolving credit facility as more particularly defined in the Loan Agreement.
c. “Term Loan” means the portion of the Indebtedness that is a term loan facility as more particularly defined in the Loan Agreement.
3. The Company insures against loss or damage sustained by the Insured by reason of the loss of priority of the lien of the Insured Mortgage, as security for the amount of the Indebtedness advanced as the Term Loan, resulting from reductions and subsequent increases of the outstanding principal amount of the Indebtedness payable as the Revolving Credit Loan.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
[Witness clause optional]
No guidelines are available for this form at this time.