THIS COMMITMENT IS ISSUED IN THE UNITED STATES OF AMERICA. STEWART TITLE GUARANTY COMPANY IS NOT A MEXICAN CORPORATION, IS NOT QUALIFIED IN MEXICO, DOES NOT DO BUSINESS IN MEXICO AND THIS COMMITMENT IS NOT AN INSURANCE AGREEMENT ON MEXICO LAND UNDER MEXICAN LAW OR REGULATION. THIS COMMITMENT IS A CONTRACT CONTROLLED BY UNITED STATES LAW. IT IS NOT A TITLE OPINION, ABSTRACT OF TITLE, OR REPRESENTATION OF TITLE. THIS COMMITMENT IS NOT EFFECTIVE UNTIL THE PROPOSED INSURED ACKNOWLEDGES AND AGREES IN WRITING TO THE TERMS OF THE COMMITMENT AND POLICY TO BE ISSUED.
COMMITMENT FOR TITLE INSURANCE
ON MEXICO LAND
ISSUED BY
STEWART TITLE
GUARANTY COMPANY
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STEWART TITLE GUARANTY COMPANY, a Texas Corporation, herein called “the Company”, hereby commits for thirty (30) days from the Effective Date hereof to issue its Policy or Policies of Title Insurance, as identified in Schedule A, in the form attached, in favor of the proposed Insured(s) named in Schedule A, as owner or mortgagee of the estate or interest described in Schedule A in the land described in Schedule A, upon payment of the premium and charges therefor and compliance with and subject to the provisions of Schedules A, B and C and the Conditions and Stipulations hereof. |
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This Commitment shall be effective only when the identity of the proposed Insured(s) and the amount of the Policy or Policies committed for have been inserted in Schedule A hereof by the Company. |
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This Commitment is solely preliminary to the issuance of such Policy or Policies of Title Insurance. The liability and obligation of the Company to the proposed Insured(s) shall be limited to the obligation to issue a Policy, pursuant to the express terms of this Commitment, provided that the proposed Insured: (a) complies with all terms of the Commitment within thirty (30) days after the Effective Date hereof, and (b) tenders the premium and all charges due to Company in said time. All liability and obligations hereunder to issue a Policy shall cease and terminate thirty (30) days after the Effective Date hereof, or when the Policy committed for shall issue, whichever occurs first. |
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IN WITNESS WHEREOF, the Company has caused this Commitment to be signed as of the Effective Date of Commitment as shown in Schedule A, the Commitment to become valid and binding only when countersigned by an authorized signatory. |
SCHEDULE A
GF No. or File No.
Effective Date: ______________
Commitment No. (Use of Commitment No. Optional) ____________, 20___, __. m.
1. Policy or Policies to be issued:
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(a) OWNER’S POLICY OF TITLE INSURANCE ON MEXICO LAND |
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$ ____________________________ |
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(b) LOAN POLICY OF TITLE INSURANCE ON MEXICO LAND |
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$ ____________________________ |
2. Subject to the other terms of this Commitment, Company requires a transfer of the title to the surface estate in satisfactory form from:
3. The land referred to in this Commitment is described as the title to the surface estate in:
SCHEDULE B
EXCEPTIONS FROM COVERAGE
The Policy to be issued will be subject to the Exclusions from Coverage of the Policy, the Conditions and Stipulations thereof, the terms and conditions of the instrument creating the estate insured, if any, shown in Schedule A, and to the following matters that will be additional exceptions from the coverage of the Policy:
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1. Any discrepancies, conflicts, overlaps, or shortages in area or boundary lines, or any encroachments, or protrusions or any overlapping of improvements. |
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2. Taxes or other charges or assessments of any kind for the year 20___ and subsequent years, and subsequent taxes, charges, or assessments for prior years. |
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3. Taxes or other charges or assessments that are not shown by receipts and statements secured by the notary public in connection with the transactions that will vest the title or interest to be insured. |
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4. Matters that are not recorded in the public records of property. |
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5. Liens and leases that affect the title to the estate or interest, but that are subordinate to the lien of the insured mortgage. (Loan Policy only.) |
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6. The following matters and all terms, provisions and conditions of the instruments creating or evidencing said matters (insert specific exceptions or delete this exception):
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SCHEDULE C
The Policy to be issued will be subject to the Exclusions from Coverage of the Policy, the Conditions and Stipulations thereof, the terms and conditions of the instrument creating the estate insured, if any, shown in Schedule A, and to the following matters that will be additional exceptions from the coverage of the Policy:
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1. Instrument(s) creating the estate or interest to be insured must be approved by the Company, executed and promptly recorded (and an appropriate preventive notice must be recorded). |
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2. Satisfactory evidence that the seller and/or borrower is in good standing with applicable governmental authorities, where applicable, and complies with existing laws, is duly recorded with applicable governmental authorities and/or registries, where applicable, and that the signatories are authorized to execute the instruments creating the estate or interest to be insured. |
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3. Satisfactory evidence that no person occupying the property or any portion thereof owns or claims any interest therein, either personally or by right of another, adverse to the person shown in Schedule A, paragraph 3. |
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4. Payment of the full consideration to, or for the account of, the grantors or mortgagors. |
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5. Payment of all fees, taxes, charges and assessments levied against the subject estate or interest, which are currently due and payable or which will be due in connection with the transfer to the proposed Insured and copies of all tax receipts for the last five (5) years are furnished to the Company. |
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6. Satisfactory evidence that all improvements and/or alterations thereto are completed and accepted by the owner and that no mechanic’s, laborer’s or materialmen’s liens have or will be attached. |
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7. Any defect, lien, encumbrance or other matter affecting or that may affect title to the estate or interest to be insured, which may be filed or recorded or which may arise subsequent to the effective date hereof. |
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8. Acceptable survey of the land for review by Company and possible additional requirements or exceptions based upon such survey. |
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9. Written confirmation satisfactory to Company that the land is not ejido land. |
CONDITIONS AND STIPULATIONS
1. If the proposed Insured has or acquires actual notice of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon (regardless of whether in the Public Records of Property) covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such information to the Company in writing, the Company shall be relieved from liability for any loss or damage and Company may add said matter as an Exception to an Amended Commitment and any Policy to be issued. If the proposed Insured does disclose such matter, Company may add said matter as an Exception to an Amended Commitment and any Policy to be issued. If Company discovers any matter after issuance of the Commitment and during its effective period and the proposed Insured does not have actual notice of said matter, Company may issue an Amended Commitment provided that the proposed Insured (a) has not complied with the terms of this Commitment prior to the earlier of such time of discovery or thirty (30) days after the Effective Date of This Commitment, and (b) has not tendered the premium and all charges due the Company prior to the earlier of such time of discovery or thirty (30) days after the Effective Date of this Commitment.
2. The limitations and definitions of the Conditions and Stipulations and the Exclusions from Coverage of the form of Policy or Policies committed for in favor of the proposed Insured, are hereby incorporated by reference and are made a part of this Commitment, except as expressly modified herein.
3. No action or actions or rights of action by the proposed Insured relating to the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment arises under this Commitment: it neither insures nor represents the title. The sole obligations of the Company shall be to issue a Policy in accordance with the terms of the Commitment, and that obligation shall exist only if the proposed Insured complies with the terms of the Commitment and tenders all premium and charges within thirty (30) days after the Effective Date hereof.
4. No action or actions or rights of action or commitment to insure any other persons not named herein arises under this Commitment.
