CLTA Assignment of Oil and Gas Lease Endorsement Guideline 109
Explanation:This endorsement provides assurances to a CLTA owner or lender of property in an area subject to community oil and gas leases that there are no record assignments of the lessor's interest in said oil and gas leases other than those set forth in the policy.
Underwriting Requirements:(1) This endorsement is issued at the same time as it's corresponding owner or lender policy.
(2) The requirements for issuance of this endorsement are:
(a) a search of the record title of the land being purchased from the lessor for any transfers of the lessor's interest in the community lease which may have been posted to the land;
(b) a search of the grantor indices from the date of the lease to the issuance of the policy for any transfers by the lessor of his interest in the community lease; and
(c) any transfers disclosed by the record must be shown in Part II of Schedule B of the owner or lender policy immediately following the lease reference.
The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.
Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.
This guideline applies to the following form(s):