CLTA 104-06 Assignment of Mortgage (09-10-10)

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  • California
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CLTA 104-06 Assignment of Mortgage (09-10-10)

Form Document

Attached to Policy No. __________
Issued by

The Company insures _______________________ against loss or damage sustained by said Insured by reason of any of the following:

(a) The failure of the beneficial interest under the Insured Mortgage to have been transferred to said Insured by a valid assignment or assignments;

(b) The existence of any subsisting tax or assessment lien that is prior to the Insured Mortgage except:

(c) The existence of other matters affecting the validity or priority of the lien of the Insured Mortgage, other than those shown in the policy, except:

(d) The existence of any federal tax lien or bankruptcy proceeding affecting the Title shown by the Public Records, other than those shown in the policy, except:

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 assignment by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws that is based on:

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

2. the assignment being deemed a preferential transfer.

This endorsement shall be effective provided that, at Date of Endorsement, (1) the note or notes secured by the lien of the Insured Mortgage have been properly endorsed and delivered to the Assignee, or (2) if the note or notes are transferable records, the Assignee has "control" of the single authoritative copy of each "transferable record" as these terms are defined by applicable electronic transactions laws.

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.




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