NJRB 5-23 Convertible Adjustable Rate Mortgage Loan Endorsement

                                                      OWNERS ☐

                                                      LOAN   ☐

ENDORSEMENT

Attached to and forming a part of

Loan Policy No. ___________________

STEWART TITLE GUARANTY COMPANY

The Company hereby insured against loss or damage by reason of:

1.   The invalidity or unenforceability of the line of the insured Mortgage resulting from provisions therein which provide for changes in the rate of interest or the right of borrower to convert to a fixed rate Mortgage.

2.   Loss of priority of the lien of the insured Mortgage as security for the unpaid principal balance of the loan not exceeding the Amount of Insurance shown in Schedule A, together with interest as changed in accordance with the provisions of the insured Mortgage which loss of priority is caused by said changes in the rate of interest, or exercise of the right to convert to a fixed rate Mortgage.

“Changes in the rate of interest,” as used in this endorsement, shall mean only those changes in the rate of interest calculated pursuant to the formula provided in the insured Mortgage at Date of Policy.

This endorsement does not insure against loss or damage upon (a) usury, or (b) any consumer credit protection or truth-in-lending law.

This endorsement is made a part of the commitment or policy.  It is subject to all the terms or the commitment or policy and prior endorsements.  Except as expressly stated on this endorsement, the terms, dates and amount of the commitment or policy and prior endorsements are not changed.

                                  STEWART TITLE GUARANTY COMPANY