OTIRO Endorsement No. 209.6.1-06 (Private Rights - Current Assessments - Loan Policy) (04-02-15)

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OTIRO Endorsement No. 209.6.1-06 (Private Rights - Current Assessments - Loan Policy) (04-02-15)

Form Document
05/28/2020
V 4

ENDORSEMENT

ATTACHED TO POLICY NO. [FILL IN]

ISSUED BY

STEWART TITLE GUARANTY COMPANY

[Date           : [FILL IN] ]

[Premium    : [FILL IN] ]

1.   The insurance provided by this endorsement is subject to the exclusions in Section 4 of this endorsement; and the Exclusions from Coverage, the Exceptions from Coverage contained in Schedule B, and the Conditions in the policy.

2.    For purposes of this endorsement only:

(a)   “Covenant” means a covenant, condition, limitation, or restriction in a document or instrument recorded in the Public Records at Date of Policy.

(b)                “Private Right” means:

(i)         a private charge or assessment due and payable at Date of Policy;

(ii)        an option to purchase;

(iii)       a right of first refusal; or

(iv)       a right of prior approval of a future purchaser or occupant.

3.         The Company insures against loss or damage sustained by the Insured under the policy if enforcement of a Private Right in a Covenant affecting the Title at Date of Policy:

(a)        Results in the invalidity, unenforceability, or lack of priority of the lien of the Insured Mortgage; or

(b)        Causes a loss of the Insured’s Title acquired in satisfaction or partial satisfaction of the Indebtedness.

4.         This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys’ fees, or expenses) resulting from:

(a)                Any Covenant contained in an instrument creating a lease;

(b)                Any Covenant relating to obligations of any type to perform maintenance, repair, or remediation on the Land; [or]

(c)                Any Covenant relating to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances[; or

(d)                Any Private Right in an instrument identified in Exception(s) ______ in Schedule B].

[Witness clause optional]

[STEWART TITLE GUARANTY COMPANY]

[BY: _______________________________]

            [Authorized Signatory]

For issuing guidelines on this form, see Guidelines.