STG Marketability Endorsement 2
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STG Marketability Endorsement 2
This form should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.
ENDORSEMENT
Attached To and Made a Part of
Policy No. __________
Issued By
STEWART TITLE GUARANTY COMPANY
LETTER AGREEMENT
Re: Sale by _________________________ to _________________________
_____________ Acres of Land; Stewart GF __________ .
In consideration of the issuance by Stewart Title Guaranty Company of its owner policy in the amount of _____________________________________ ($ ____________________ ) to __________________ without an exception as to the lack of marketability of that ____ acre tract of land __________________________________ (description), Stewart Title Guaranty Company and _____________________________________ agree as follows:
| 1. Stewart Title Guaranty Company shall have no obligation to initiate litigation or other action to clear the title to said tract of land pursuant to the terms of its policy unless preexisting adverse ownership is asserted by third parties by suit after date of policy; |
| 2. Stewart Title Guaranty Company shall be obligated to defend and indemnify ______________________________ in accordance with the terms of the policy in the event of adverse litigation initiated by third parties claiming preexisting ownership to said tract of land (or part thereof) after date of policy; |
THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL
| 3. Provided that no claim is then pending in connection with the tract of land and provided that all matters arising after date of policy as set forth in any future commitment by Stewart Title Guaranty Company are satisfied, Stewart Title Guaranty Company will issue future owner's policies and loan policies on sales to purchasers from ________________________________ of lots of any future platted subdivision lying within the tract without exception as to the lack of marketability of title as to such tract by reason of matters arising before date of policy and not excepted or excluded from coverage. |
This endorsement is issued as part of the policy. Except as this endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy, (iv) insure against loss or damage exceeding the Amount of Insurance, or (v) increase the Amount of Insurance. To the extent a provision of the policy or any prior 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 any prior endorsement.
[Witness clause]
[Date]
STEWART TITLE GUARANTY COMPANY
By: ______________________________
[Authorized Signatory]
Copyright 1970-2024 Stewart Title Guaranty Company. All rights reserved. The use of this form (or any derivative thereof) is restricted to Stewart Title Guaranty Company, its issuing agents, and affiliates in good standing as of the date of use. All other uses are prohibited.
For issuing guidelines on this form, see Guidelines.