OTIRO Endorsement No. 211.1 (Mortgage Modification with Subordination) (07-01-21)

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  • Oregon
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OTIRO Endorsement No. 211.1 (Mortgage Modification with Subordination) (07-01-21)

Form Document

This endorsement is issued as part of
Policy Number __________
issued by
Stewart Title Guaranty Company

[Date                : [Fill In] ]
[Premium          : [Fill In] ]

1.      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 upon the Title at the Date of Endorsement as a result of the agreement dated ______________________________, recorded ___________________ (“Modification”); and

b.      The lack of priority of the lien of the Insured Mortgage, at the Date of Endorsement, over defects in or liens or encumbrances on the Title, except for those shown in the policy or any prior endorsement and except:

2.      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 by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights law that is based on the Modification being a:

a.       fraudulent conveyance or fraudulent transfer;

b.      voidable transfer under the Uniform Voidable Transactions Act; or

c.       preferential transfer to the extent the Modification is not a transfer made as a contemporaneous exchange for new value or for any other reason unless the preferential transfer results solely from the failure:

i.       to timely record the Modification in the Public Records after execution and delivery of the Modification to the Insured; or

ii.      of the recording of the Modification in the Public Records to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.



Stewart Title Guaranty Company

By: _____________________________
Authorized Signatory

For issuing guidelines on this form, see Guidelines.