Bulletin: GM000001

Dear Associates:

Policy Forms

Issue only the 1992 ALTA policies. Do not issue the 1970 ALTA policies. Do not delete any of the policy exclusions.

Standard Exceptions

Standard exceptions must include:

Those matters reflected by the title examination.

Taxes and assessments which are not shown as existing liens by the public records of any taxing authority that levies taxes or assessments on real property or by the public records.

Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof.

Easements, claims of easements, or encumbrances which are not shown by the public records.

Discrepancies, conflicts in boundary lines, shortages in area, encroachments, or any other fact which a current survey would disclose, and which are not shown by the public records (underwriting personnel of the Company may consider deletion on a case-by-case basis with recent survey).

Unpatented mining claims; reservations or exceptions in patent, or in Acts authorizing the issuance thereof; water rights, claims or title to water.

Any lien or right to a lien for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records (underwriting personnel of the Company may consider deletion from a loan policy on a case-by-case basis).

Any claim, arising out of the transaction creating the interest of the vestee shown in Schedule A, by reason of violation or alleged violation of Guam Civil Code Section 672 (Alien Land Law).

Provisions of 21 GCA Chapter 64, Guam Territorial Seashore Protection Act (where applicable).

Provisions of 21 GCA Chapter 65, Ocean Shore Public Access Act (where applicable).

Any adverse claims to any portion of the land described in Schedule A lying below the mean high tide as it existed in its natural state prior to any artificial changes in the shoreline (where applicable).

Endorsements

You may issue endorsements only in the following cases:

You may issue the CLTA Endorsement Form 100 (Comprehensive) on a loan policy covering a single-family residence if you are satisfied as to the coverages in the particular transaction.

You may issue the CLTA Endorsement Form 116 (Location) on a loan policy covering a single-family residence if you are satisfied as to the coverages in the particular transaction.

You may not issue the CLTA 100 or CLTA 116 in other transactions or on other policies unless you secure approval of underwriting personnel of Stewart Title Guaranty Company.

You may not issue other endorsements unless you secure approval of underwriting personnel of Stewart Title Guaranty Company.

Foreclosures

Do not insure based on nonjudicial foreclosures unless you secure approval from STGC underwriting personnel. There is favorable case law (Y Aleman Corp. v. Chase Manhattan Bank, 414 F. Supp. 93 (D. Guam 1975)). We will consider the value of the land, equity, current possession, terms of mortgage, foreclosure procedure, adequacy of notice, and whether the lender is qualified in Guam.

Questions

Please contact Tom Thompson at 1 (800) 423-7834 if you have questions.