MI Extended Construction Loan Disbursement Endorsement 1

ENDORSEMENT ATTACHED TO AND MADE A PART

OF THE POLICY OF TITLE INSURANCE

SERIAL NUMBER________________

ISSUED BY

STEWART TITLE GUARANTY COMPANY

HEREIN CALLED THE COMPANY

File Number: ______________________ 

The Company hereby insures the Insured that there are no liens, encumbrances or other matters shown by the public records that affect the insured estate, except those shown in the policy and any prior endorsements, and except the following: _______________________________________________________________________________________

Upon disbursement to or on behalf of the mortgagor of an advance in the sum of $ _____________ , which is a portion of the indebtedness evidenced by the note or notes secured by the insured mortgage, the Company hereby insures against loss or damage which the Insured shall sustain by reason of the establishment of priority over the lien of the said mortgage upon said estate of any statutory lien for labor or material arising out of a work improvement under construction or completed by _________. Notwithstanding anything contained herein to the contrary the Company assumes no liability for work performed or materials supplied subsequent to the last extended date of policy.

The total liability of the Company under the policy and any endorsement thereto shall not exceed, in the aggregate, the sum of $ ______________, which is the total represented by this endorsement and similar endorsements previously issued, and costs which the Company is obligated to pay pursuant to the Conditions section of the policy.

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

Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.

Dated: _____________________________

Countersigned:

_______________________________________
Authorized Countersignature