NM Form 44 Revolving Credit-Increased Credit Limit Endorsement

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  • New Mexico
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NM Form 44 Revolving Credit-Increased Credit Limit Endorsement

Form Document
V 1

Revolving Credit - Increased Credit Limit Endorsement

Attached to Policy No. _____________

Issued By


The provisions of said Policy are hereby modified and amended as of the date hereof as to the following matters and none other:

The insurance afforded by this endorsement is only effective if the land is used or is to be used primarily for one to four family residential purposes.

A. Upon the representation and assurance by the Insured, that the Insured has increased the borrower's credit limit under the _________________ ("Agreement") in the sum of $___________________, and that this sum is secured by the mortgage referred to in Schedule A, the Company hereby insures the Insured against loss which the Insured shall sustain by reason of:

(1) Title to the estate or interest being vested at date of this endorsement, in other than the vestee(s) shown in Paragraph 3 of Schedule A, except as affected by the following matters:

(2) Priority over the mortgage, insofar as the same secures the increased credit limit, of any lien or encumbrance existing at the date of this endorsement which is not shown or referred to in Schedule B as prior to the mortgage nor excluded from coverage in the Conditions and Stipulations or Schedule of Exclusions from Coverage, except as affected by the following matters:

(3) Any release, full or partial, or modification or subordination of the mortgage shown by the public records at the date of this endorsement, except for the following instruments:

B. The assurances, terms and exceptions contained in the previously issued revolving credit endorsement attached to the policy shall apply to subsequent advances made under the increased credit limit above, except that no coverage is afforded as to matters referred to in Paragraph A above.

The total liability of the Company under said Policy and any endorsements therein shall not exceed, in the aggregate, the face amount of said Policy, plus the amount of the increased credit limit (which together now constitute the new "face amount" of the policy) and costs which the Company is obligated under the conditions and stipulations thereof to pay.

This endorsement is made a part of the Policy and is subject to all the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the Policy or commitment and prior endorsements, if any, nor does it extend the effective date of the Policy or commitment and prior endorsements.

Dated: ________________________


By _________________________________, Authorized Signature


For issuing guidelines on this form, see Guidelines.