This Master Residential Loan Policy (Master Policy) is effective __________, 20__, between the Company and the Insured. With respect to each mortgage insured by this Master Policy, the Date of Policy under this Master Policy shall be the Date shown on the Certificate issued.
The coverage afforded by this Master Policy and each Certificate issued which makes reference to this Master Policy insures the insured in accordance with and subject to the terms, exclusions, conditions, and stipulations set forth in the American Land Title Association Loan Policy (10/17/92).
1. Amount: The amount of insurance stated in each Certificate which makes reference to this Master Policy as it applies to the land described in the mortgage identified in the Certificate.
2. Name of Insured: ________________ its successors and/or assigns of the insured mortgage as their interests may appear.
3. The title to the fee simple estate in the land is at the Date of each Certificate vested in those borrowers named in the Certificate.
4. The mortgages insured by this Master Policy are identified in the Certificates issued by the Company by the borrower's name, loan number, amount of mortgage and the town and state where the land is located.
5. The land referred to in this Policy is the land described in the insured mortgage identified in the Certificates.
EXCEPTIONS FROM COVERAGE AND
Except to the extent of the affirmative insurance set forth below, this Master Policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of:
1. Those taxes and special assessments which become due and payable subsequent to Date of Certificate.
2. Covenants, conditions and restrictions, if any, appearing in the public records; however, this policy insures against loss or damage arising from:
a. the violation of any covenants, conditions and restrictions on or prior to Date of Certificate, except that this affirmative insurance does not extend to covenants, conditions and restrictions relating to environmental protection, unless a notice of a violation thereof has been recorded or filed in the public records and is not referenced in an addendum attached to this Master Policy;
b. a forfeiture or reversion of title from a future violation of any covenants, conditions and restrictions appearing in the public records, including any relating to environmental protection; and
c. any provisions in any covenants, conditions and restrictions under which the lien of the insured mortgage can be extinguished, subordinated or impaired.
3. Any easements or servitudes appearing in the public records; however, this Master Policy insures against loss or damage arising from: (a) the encroachment, at Date of Certificate, of the improvements on any easement; and (b) any interference with or damage to existing improvements, including lawns, shrubbery and trees, resulting from the use of the easements for the purposes granted or reserved.
4. Any lease, grant, exception or reservation of minerals or mineral rights appearing in the public records; however, this Master Policy insures against loss or damage arising from: (a) any affect on or impairment of the use of the land for residential one‑to‑four family dwelling purposes by reason of such lease, grant, exception or reservation of minerals or mineral rights; and (b) any damage to existing improvements, including lawns, shrubbery and trees, resulting from the future exercise of any right to use the surface of the land for the extraction or development of the minerals or mineral rights so leased, granted, excepted or reserved. Nothing herein shall insure against loss or damage resulting from subsidence.
5. This Master Policy insures against loss or damage by reason of any violation, variation, encroachment or adverse circumstance affecting the title that would have been disclosed by an accurate survey. The term "encroachment" includes encroachments of existing improvements located on the land onto adjoining land, and encroachments onto the land of existing improvements located on adjoining land.
For issuing guidelines on this form, see Guidelines.