ALTA Short Form Commitment for Title Insurance (for an ALTA Short Form Residential Loan Policy) (7-1-21)

ALTA SHORT FORM COMMITMENT FOR TITLE INSURANCE

FOR A SHORT FORM RESIDENTIAL LOAN POLICY

issued by

STEWART TITLE GUARANTY COMPANY

[NOTICE

IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE A SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT.

THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED.

THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON.]
 

COMMITMENT TO ISSUE POLICY

Subject to the Notice; Schedule B, Part I - Requirements; Schedule B, Part II - Exceptions; and the Commitment Conditions of the American Land Title Association (ALTA) Commitment for Title Insurance (07-01-2021) incorporated herein by reference STEWART TITLE GUARANTY COMPANY, a Texas corporation (the “Company”), commits to issue the Policy described in Schedule A.  This Commitment is effective as of the Commitment Date shown in Schedule A only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured.

If all of the Schedule B, Part I - Requirements have not been met within six months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end.

All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at:  Stewart Title Guaranty Company, P.O. Box 2029, Houston, Texas 77252-2029.

STEWART TITLE GUARANTY COMPANY

By:                                                      
       [Authorized Signatory]

[Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.:

Issuing Agent:

Issuing Office:

Issuing Office’s ALTA^® Registry ID:

Loan ID Number:

Commitment Number:

Issuing Office File Number:

Property Address:]

[Revision Number:]

SCHEDULE A

1.      Commitment Date:

2.      Short Form Policy to be issued:

         [_____ ALTA^® __________ Policy]

Proposed Insured: ________________

Proposed Amount of Insurance: $________________

3.      The estate or interest in the Land at the Commitment Date is fee simple.

4.      The Title is, at the Commitment Date, vested in[:] (Insert name)[ and, as disclosed in the Public Records, has been since (Insert date)]

5.      The Land is described as follows:

6.      The following State statutes will be set forth on any ALTA 8.1 Environmental Protection Lien endorsement to be incorporated into the Policy:

SCHEDULE B, PART I—Requirements

All of the following Requirements must be met:

1.         The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions.

2.         Pay all taxes, charges, and assessments affecting the Land that are due and payable.

3.         Pay the agreed amount for the estate or interest to be insured.

4.         Pay the premiums, fees, and charges for the Policy to the Company.

5.         Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records.

            (Documents to be listed here)

(Additional Requirements may be listed here by number)

SCHEDULE B, PART II—Exceptions

Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage.

In addition to the Exceptions from Coverage contained in the form of Short Form Residential Loan Policy identified in Item 2 of Schedule A, the Policy will not insure against loss or damage resulting from the terms and conditions of any easement included in the description of the Land as set forth in the Insured Mortgage, and will include the following Exceptions unless cleared to the satisfaction of the Company:

[1.        Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I—Requirements are met.]

(Additional Exceptions may be listed here by number)