CLTA 122.2 (ARCHIVED)Construction Loan Advance (06-03-05)

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  • Idaho
  • Nevada
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CLTA 122.2 (ARCHIVED)Construction Loan Advance (06-03-05)

Form Document
V 6

Attached to Policy No. ___________
Issued by

Based upon the representation of the insured that the insured has made an advance to  _____________in the sum of $ _________, which is a portion of the indebtedness evidenced by the note or notes secured by the insured mortgage, the Company hereby insures the owner of the indebtedness secured by the insured mortgage against loss or damage which the insured shall sustain by reason of:

(1) The existence of any lien, encumbrance or other matter affecting the estate or interest referred to in Schedule A, recorded in the public records subsequent to Date of Policy, except:

(2) The existence of any subsisting tax or assessment lien which is prior to the insured mortgage, except:

(3) Title to the estate or interest referred to in Schedule A being vested other than as shown in Schedule A according to the public records;

(4) The failure of the advance identified above to be secured by the insured mortgage;

(5) Lack of priority of the insured mortgage with respect to such advance over any liens, encumbrances or other matters shown by the public records, affecting the estate or interest referred to in Schedule A, other than those shown in Schedule B as prior to the insured mortgage and in paragraph (2) herein, except:

(6) Lack of priority of the lien of the insured mortgage over any statutory lien for services, labor or material arising out of the work of improvement under construction or completed at the date hereof.

The total liability of the Company under the policy and any endorsements therein shall not exceed, in the aggregate, the amount set forth in this endorsement and similar endorsements previously issued and attached to the policy and the face amount of the policy and costs which the Company is obligated under the Conditions and Stipulations thereof to pay.




For issuing guidelines on this form, see Guidelines.