MAXIMUM LOSS ENDORSEMENT

MAXIMUM LOSS ENDORSEMENT

ATTACHED TO POLICY NUMBER ____________________

ISSUED BY

STEWART TITLE GUARANTY COMPANY

The following items of loss shall be included, without duplication, in computing loss or damage incurred by the Insured, but not to the extent that the same are included in the valuation of the Title determined pursuant to any other endorsement to the policy, or Section 8(a)(ii) of the Conditions if the improvements are not substantially completed at the time of the claim under this policy: the actual cost incurred by the Insured, less the salvage value, for the improvements.  Those costs include costs incurred to obtain land use, zoning, building and occupancy permits, architectural and engineering services, construction management services, environmental testing and reviews, landscaping, and other soft costs.

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.