OTIRO Endorsement No. 235.3-06 Minerals and Other Subsurface Substances - Land under Development Endorsement

ENDORSEMENT
ATTACHED TO POLICY NO. [FILL IN]
ISSUED BY
STEWART TITLE INSURANCE COMPANY

[Date           : [FILL IN] ]
[Premium    : [FILL IN] ]

1.       The insurance provided by this endorsement is subject to the exclusion in Section 4 of this endorsement; and the Exclusions from Coverage, the Exceptions from Coverage contained in Schedule B, and the Conditions in the policy.

2.       For purposes of this endorsement only:

a.       “Improvement” means a building, structure located on the surface of the Land, and any paved road, walkway, parking area, driveway, or curb, affixed to the Land at Date of Policy and that by law constitutes real property, but excluding any crops, landscaping, lawn, shrubbery, or trees.

b.       “Future Improvement” means a building, structure, and any paved road, walkway, parking area, driveway, or curb to be constructed on or affixed to the Land in the locations according to the Plans and that by law will constitute real property, but excluding any crops, landscaping, lawn, shrubbery, or trees.

c.       “Plans” means the survey, site and elevation plans or other depictions or drawings prepared by (insert name of architect or engineer)  dated ____, last revised ________, designated as  (insert name of project or project number)  consisting of ___ sheets.

3.   The Company insures against loss or damage sustained by the Insured by reason of the enforced removal or alteration of an Improvement or a Future Improvement, resulting from the future exercise of any right existing at Date of Policy to use the surface of the Land for the extraction or development of minerals or any other subsurface substances excepted from the description of the Land or excepted in Schedule B.

4.   This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys' fees, or expenses) resulting from:

      a.    contamination, explosion, fire, flooding, vibration, fracturing, earthquake or subsidence; [or]

      b.   negligence by a person or an Entity exercising a right to extract or develop minerals or other subsurface substances[; or

      c.    the exercise of the rights described in (                        )]. *

            * Instructional note:  identify the interest excepted from the description of the Land in Schedule A or excepted in Schedule B that you intend to exclude from this coverage.

[Order Reference: [FILL IN] ]

[Witness clause optional]

[STEWART TITLE INSURANCE COMPANY]

[BY: _______________________________]

            [Authorized Signatory]