CLTA Exercise of Surface Rights Endorsement Guideline 100.23
Explanation:Provides the ALTA lender with insurance against loss or damage to improvements which are in existence on the subject property and which resulted from the exercise of any right to utilize the surface of the land under an oil and gas lease which is shown as an exception on Schedule B.
Underwriting Requirements:(1) The oil and gas lease must be reviewed prior to issuance of this endorsement to make sure that the lessee has no right of surface entry.
(2) If the lease is not determinative, title personnel must make sure that zoning or other local ordinances prohibit mineral development.
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):