NM Environmental Protection Lien Endorsement Guideline 29
Explanation:This endorsement provides affirmative insurance that the lien of the insured mortgage is prior to federal or state environmental protection liens.
Paragraph (a) insures that there are no environmental protection liens filed in the public records which have priority over the lien of the insured mortgage unless excepted in Schedule B.
Paragraph (b) insures that there are no state statutes which provide that liens filed after the Date of Policy would have priority over the lien of the insured mortgage, except for those specifically excepted under paragraph (b).
It may not be attached to an Owners Policy. Issue it only if the property is residential, or if insuring a construction loan to add residential improvements. Residential property includes apartment projects and condominiums as well as single family residences.
The New Mexico Form 29 is similar, but not identical, to the ALTA Endorsement Form 8.1 - Environmental Protection Lien.
Rate: See Regulation 13 NMAC 14.10.22.
Underwriting Requirements:(1) No environmental liens are recorded or filed in the county records which affect the land described in the policy; or
(2) An exception to environmental liens which do appear of record is included in Schedule B, Part I.
(3) It is not a requirement to check federal district court records.
(4) Include an environmental protection lien as an exception even though there was a foreclosure of a prior Mortgage.
(5) If there is a release of an environmental protection lien of record, take exception to the lien, and then refer to any release of the lien (by saying "to the extent released by") after the exception to the lien.
(6) As of February 1, 1997, the following statutory references must be added to paragraph (b):
Sections 3-48-7 and 69-25B-8, New Mexico Statutes Annotated 1978.
Any revision to this form requires approval of a Stewart Title Guaranty Company underwriter. The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.
Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.
This guideline applies to the following form(s):