STG Value of Leasehold Endorsement Guideline 2
Explanation:There are a variety of leasehold endorsements: They relate to recognition that leasehold improvements will be considered in calculation of loss, insurance against termination of a sublease by termination or merger of a lease (and fee), insurance that a mortgage complies with the lease, insurance that the lease is valid, insurance against rights of a lessee in the land described in the policy, insurance that nothing in the public records is a breach of lease, insurance that there are no superior rights in the fee, insurance of enforceability of assignment of rents, and insurance of priority over subsequent mortgages by the lessor (entailing review of subordination provisions).
Underwriting Requirements:Secure Senior Underwriter approval to issue any of these endorsements.
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):