THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
STG Option Endorsement
ATTACHED TO POLICY SERIAL NUMBER__________________
STEWART TITLE GUARANTY COMPANY
The Company hereby insures the insured that the Option Agreement referred to in paragraph _____ of Schedule _____ is at the date hereof valid, and that the rights of the optionee under said option are vested in the insured subject to the terms and provisions thereof.
Said option is shown in Schedule B in its order of priority of record.
The Company hereby insures the Insured against loss which said Insured shall sustain in the event the insurance herein shall prove to be incorrect.
The insurance contained herein and in the policy of which this Endorsement is a part shall cease and terminate upon the exercise of said option or on ________________, whichever occurs first.
Nothing herein contained nor in the policy previously issued shall subject Stewart Title Guaranty Company to liability for the completion of the improvements presently under construction on the insured land or to liability for non-compliance with plans and specifications in connection with the construction. Stewart Title Guaranty Company in no way guarantees the sufficiency of the mortgage proceeds as adequate to complete said improvements.
This endorsement is made a part of the Policy and is subject to all of 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 and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof.
Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.
No guidelines are available for this form at this time.