CLTA Assignment Endorsement Guideline 104.6
Explanation:Provides an ALTA lender with assurances concerning defects in the execution of an assignment of a lessor's interest in a particular lease or leases and as to earlier assignments disclosed by the public records.
DO NOT ISSUE THIS ENDORSEMENT(S) IF THERE ARE MULTIPLE BENEFICIARIES UNLESS YOU SECURE THE APPROVAL OF A STEWART SENIOR UNDERWRITER.
(1) This endorsement is used where a lender making a loan on income producing property requires an assignment of his borrower-lessor's interest in leases on the land that are prior to the lien of the deed of trust or mortgage.
(2) This endorsement must not be confused with an assignment of liens under a mortgage or deed of trust.
(3) The requirements for issuance of this endorsement are that:
(a) A search of the title discloses no prior assignments of the lessor's interest in any lease or leases; and
(b) The search discloses no prior assignments of rents whether contained in a prior existing deed of trust or mortgage or in a separate instrument.
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):