NJRB 5-48 Assignment of Mortgage - Policy Update Endorsement (11-1-23)

THIS ENDORSEMENT IS ISSUED AS PART OF POLICY NUMBER ______________________

ISSUED BY
STEWART TITLE GUARANTY COMPANY

1.         The Date of Policy is changed to: _____ [date of recording of assignment]

2.         The name of the Insured at the date set forth in Paragraph 1 above and referred to in this endorsement as the “Assignee” is amended to read: _______________.

3.         Schedule A, No. 4 of the captioned policy is amended to add:

Which mortgage was assigned to _______ by Assignment of Mortgage dated _____ recorded _____ in the Clerk’s/Register’s Office of ________ County in Book _____ page _____ or Instrument Number _______.

4.         The following exceptions are added to Schedule B-I of the captioned policy:

This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses, that arise by reason of the assignment being deemed:

a.     a fraudulent conveyance, fraudulent transfer, or preferential transfer under federal bankruptcy, state insolvency, or similar state or federal creditors’ rights law; or

b.     a voidable transfer under the Uniform Voidable Transactions Act.

This endorsement shall be effective provided that, at Date of Endorsement, (1) the note or notes secured by the lien of the insured Mortgage have been properly endorsed and delivered to the Assignee, or (2) if the note or notes are transferable records, the Assignee has “control” of the single authoritative copy of each “transferrable record” as these terms are defined by applicable electronic transactions laws.

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.

THIS ENDORSEMENT IS VOID IF THE LAND IS OTHER THAN A ONE-TO-FOUR FAMILY RESIDENCE.

Date: _____________