This form should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.
RECONVEYANCE FEE ENDORSEMENT
ATTACHED TO AND MADE A PART OF ___________________________
The Company hereby insures the Insured against loss or damage that may be sustained by the insured by reason of a final decree entered by a court of competent jurisdiction finding that the lien of the mortgage as security for the reconveyance fee as described in paragraph _______ of the mortgage:
|(a) is invalid or unenforceable, or
|(b) does not share the same priority in relation to any other claims or liens against the land and is afforded the principal of the loan secured by the mortgage.|
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
In the event of a loss compensable under this Endorsement, the coverage afforded hereunder is in addition to and not included in the Amount of Insurance stated in Schedule A of the Policy. Such additional insurance shall not exceed the sum of $ ______________ .
Nothing contained in this Endorsement shall be considered as insuring against loss or damage sustained or incurred by reason of:
|(a) usury, or
|(b) any consumer credit protection of truth-in-lending law, or
|(c) costs, expenses or attorney's fees required to obtain a determination, by judicial proceedings or otherwise, of the amount of the reconveyance fee due, or
|(d) any equitable or statutory prohibition or limitation on enforceability of a reconveyance fee.|
This Endorsement is made a part of the Policy. It is subject to all the terms of the Commitment or Policy and prior endorsements. Except as expressly stated on this Endorsement, dates and amount of the Commitment or Policy and prior endorsements are not changed.
For issuing guidelines on this form, see Guidelines.