NJRB 5-134 ALTA Endorsement 33-06 (Disbursement) (Revised 5/15/14)

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NJRB 5-134 ALTA Endorsement 33-06 (Disbursement) (Revised 5/15/14)

Form Document
09/12/2019
V 1

ENDORSEMENT

Attached to Policy No. __________

Issued by

STEWART TITLE GUARANTY COMPANY

1.     The Date of Disbursement Coverage is amended to _______________________.

[a.  The current disbursement is: $ ________________________ ]

[b.  The aggregate amount, including the current disbursement, recognized by the Company as disbursed by the Insured is: $______________________]

2.   Schedule A is amended as follows:

3.   Schedule B is amended as follows:

      [Part I]

      [Part II]

4.   Covered Risk 11(a) of this policy is deleted.

5.   The insurance [for Construction Loan Advances] added by this endorsement is subject to the Exclusions from Coverage in the Policy, the provisions of the Conditions, and the exceptions contained in Schedule B. For the purposes of this endorsement and each subsequent ALTA 33-06 Disbursement Endorsement (NJ Variation):

a.   “Date of Disbursement Coverage”, is Date of Policy unless the Company sets a different Date of Disbursement Coverage by an ALTA 33-06 Disbursement Endorsement (NJ Variation) issued at the discretion of the Company.

b.   “Construction Loan Advance,” shall mean an advance that constitutes Indebtedness made on or before Date of Disbursement Coverage for the purpose of financing in whole or in part the construction of improvements on the Land.

6.   The Company insures against loss or damage sustained by the Insured by reason of:

a.   The invalidity or unenforceability of the lien of the Insured Mortgage as security for each Construction Loan Advance made on or before the Date of Disbursement Coverage;

b.   The lack of priority of the lien of the Insured Mortgage as security for each Construction Loan Advance made on or before the Date of Disbursement Coverage, over any lien or encumbrance on the Title recorded in the Public Records and not shown in Schedule B.

This endorsement is issued as part of the policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

[Witness clause optional]

 

STEWART TITLE GUARANTY COMPANY

 

 

By: _______________________________________

No guidelines are available for this form at this time.