OTIRO Endorsement No. 62.2 (9-4-23)

OTIRO 62.2 STANDARD BONDHOLDER’S ENDORSEMENT

ATTACHED TO POLICY NUMBER ______________

ISSUED BY

STEWART TITLE GUARANTY COMPANY

1.   [Condition 1(e) – if issuing ALTA Loan Policy (6-17-06; Rev. 02/15/18)] [Condition 1.j. -  if issuing ALTA Loan Policy (07-01-2021)] is hereby amended by deleting therefrom subparagraph [(i)(A) -if issuing ALTA Loan Policy (6-17-06; Rev. 02/15/18)] [i.(a) – if issuing ALTA Loan Policy (07-01-2021)] and substituting in lieu thereof the following:

The Insured named in Item 1 in Schedule A together with (i) each owner or legal holder of any of the bonds secured by the Insured Mortgage, (ii) each successor of the named Insured, as trustee under said Mortgage, or as successor in ownership of any of said bonds, (iii) any governmental agency or instrumentality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing the Indebtedness evidenced by said bonds, or any part thereof, whether named as an insured herein or not, and (iv) the parties designated in Condition 2.

2.   The Company reserves all rights and defenses as to any successor of the named Insured, as trustee under said Mortgage, or as successor in ownership of any of said bonds, including any successor who acquires the bonds or the interest of said trustee by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin or corporate or fiduciary successors that the Company would have had against the successor’s transferor.

3.     Condition 7.a. is hereby amended by adding the following:

If loss or damage is claimed under this policy by an insured owner or legal holder of any of the bonds secured by the Insured Mortgage, the Company shall have the option to purchase such bond or bonds for the amount owing thereon together with all costs, attorney’s fees and expenses which the Company is obligated hereunder to pay.  If the Company offers to purchase such bond or bonds as herein provided, the Insured shall transfer, assign and deliver said bond or bonds and the Mortgage, and any collateral securing the same to the Company upon payment as herein provided.

Any such loss under this policy shall be payable to the Insured as their respective interest may appear.  If the payment is made to any owner or legal holder of any said bonds, the payment shall be made ratably with other bondholders.  Payment by the Company to any owner or legal holder of any said bonds shall reduce pro tanto the liability of the Company under this policy.

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.