CA - STG Modified 110.5 Extension Modification

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  • California
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CA - STG Modified 110.5 Extension Modification

Form Document




File No:_______________                                                          Charge:_________________________    

Based on the representation of the Insured that by an agreement dated ________________ (Agreement), the Insured Mortgage has been modified as of the date hereof only in respect to extending the date of maturity, the Company insures against loss or damage sustained by reason of: 

  1. The failure of the Agreement to modify the Insured Mortgage or the obligation secured therein by extending the date of maturity; and

  2. The priority of any lien or encumbrance over the lien of the Insured Mortgage as modified, except for those matters shown in Schedule B as prior to the Insured Mortgage, and the following matters:

No coverage is provided hereby in the event the Agreement modifies the insured mortgage to any greater extent or in any different way from that represented above.

This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses, by reason of any claim that arises out of the transaction creating the modification of the Insured Mortgage (Modification) by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws that is based on:

  1. the Modification being deemed a fraudulent conveyance or fraudulent transfer; or 

  2. the Modification being deemed a preferential transfer except where the preferential transfer results from the failure: 

    (a)     to timely record the instrument of transfer; or

    (b)     of such recordation to impart notice to a purchaser for value or to a judgment or lien creditor.

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.

Dated: ____________________

No guidelines are available for this form at this time.