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.
SHOPPING CENTER ENDORSEMENT
STEWART TITLE GUARANTY COMPANY
Attached to and forming a part of
Policy of Title Insurance No. __________
The Company hereby assures the Insured:
|That, as shown by the public records, the covenants of _______________________ , as covenantor, in favor of ___________________ , as covenantee, set out in Section(s) _____ , _____ , and _____ of the instrument recorded _________________________ to do or refrain from doing some act relating to the use, repair, maintenance or improvement of, or payment of taxes and assessments on the real property, or some part thereof, described as (description of burdened land of covenantor) are binding upon the covenantor and each successive owner, during his ownership, of any portion of such real property, and upon each person having any interest therein derived from the covenantor or through any such successive owner thereof, except a mortgagee, or trustee or beneficiary of a deed of trust, while not in possession in such capacity.
|Provided, however, that no assurance is hereby given that such covenants shall bind a successive owner who derives his title through; (a) tax deed; (b) a foreclosure of a bond or assessment; (c) enforcement of a federal tax lien; (d) bankruptcy, as trustee or otherwise; (e) a right or lien existing prior to the date of recording of the instrument containing said covenants.|
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
The Company hereby insures the Insured against loss which said Insured shall sustain in the event that the assurance herein shall prove to be incorrect; provided, however, that this endorsement does not insure (1) the performance of any of said covenants, nor (2) against any judgment or order of court invalidating any of said covenants as being in restraint upon fair trade or in restraint upon fair competition.
Provided, further, that the Company shall not be liable for costs, attorneys' fees and expenses that may be incurred in connection with litigation to the extent it is founded upon allegations that such covenants are in restraint upon fair trade or in restraint upon fair competition.
The total liability of the Company under said Policy and any endorsement therein shall not exceed, in the aggregate, the face amount of said Policy and costs which the Company is obligated to pay under the Conditions and Stipulations.
This endorsement is made a part of said policy and is subject to the Schedules, Exclusions from Coverage and Conditions and Stipulations therein, except as expressly modified by the provisions of this endorsement.
IN WITNESS WHEREOF, the Company has caused its corporate name and seal to be hereto affixed by its duly authorized officers.
For issuing guidelines on this form, see Guidelines.