OTIRO Endorsement No. 90.2 - Substitute Assured Endorsement for Trustee Sale or Foreclosure Guarantee

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OTIRO Endorsement No. 90.2 - Substitute Assured Endorsement for Trustee Sale or Foreclosure Guarantee

Form Document
12/11/2013
V 4

ENDORSEMENT

ATTACHED TO POLICY NO. [FILL IN]

ISSUED BY

STEWART TITLE GUARANTY COMPANY

[Date          : [FILL IN] ]                                                                     

[Premium   : [FILL IN] ]

The Company hereby amends the Guarantee by changing the Assured previously named in the Guarantee to the following substitute Assured:

[FILL IN]

This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses, by reason of any claim arising or resulting from

(i) the failure of the above substitute Assured to acquire an insurable estate or interest in said land;

(ii) any defect, lien or encumbrance attaching by reason of the acquisition of an estate or interest in the land by the above substitute Assured; or

(iii) the transaction by which the substitute Assured acquired an estate or interest in the land being deemed, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights laws,

1. a fraudulent conveyance or fraudulent transfer or

2. a preferential transfer.

This endorsement is not effective if, at Date of Endorsement, (a) the note or notes secured by the lien of the trust deed identified in the Guarantee as the trust deed to be foreclosed are not properly endorsed and delivered to the substitute Assured beneficiary of the trust deed, or (b) said substitute Assured beneficiary, when the note or notes are transferable records, does not have "control" of the single authoritative copy of each "transferable record" as these terms are defined by applicable electronic transactions laws.

[Witness clause optional]

[Order Reference: [FILL IN] ]

 

[STEWART TITLE GUARANTY COMPANY]

 

[BY: _______________________________]

[Authorized Signatory]

No guidelines are available for this form at this time.