AZ Horizontal Property Regime Endorsement 22

ENDORSEMENT

Attached to Policy No. _____

Issued By

STEWART TITLE GUARANTY COMPANY

Dated as of the date of the policy to which this endorsement is attached.

The Company hereby insures against loss or damage by reason of:

1. The failure of the unit identified in Schedule A and its common elements to be part of a Horizontal Property Regime within the meaning of ARS 33-551 et seq.

2. The failure of the documents required by said Horizontal Property Regime statutes to comply with the requirements of said statutes to the extent that such failure affects the title to the unit and its common elements.

3. Present violations of any restrictive covenants which restrict the use of the unit and its common elements and which are contained in the Horizontal Property Regime documents. Said restrictive covenants do not contain any express provisions which will cause a forfeiture or reversion of title.

4. The priority of any lien for charges and assessments provided for in the Horizontal Property Regime statutes and the Horizontal Property Regime documents over the lien of any insured mortgage identified in Schedule A.

5. The failure of the unit and its common elements to be entitled by law to be assessed for real property taxes as a separate parcel.

6. Any obligation to remove any improvements which exist at date of policy because of any present encroachments or because of any future unintentional encroachment of the common elements upon any unit or of any unit upon the common elements or another unit.

7. The failure of title by reason of a right of first refusal to purchase the unit and its common elements contained in the Horizontal Property Regime documents, which was exercised or could have been exercised at date of policy.

This endorsement is made a part of said policy and is subject to all the terms and provisions thereof and of any prior endorsement s thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of said policy and prior endorsements, if any, nor does it extend the effective date of said policy and prior endorsements or increase the face amount thereof.