NJRB 5-32 Secondary Mortgage Market Endorsement (11-1-23)

NJRB 5-32 SECONDARY MORTGAGE MARKET ENDORSEMENT
THIS ENDORSEMENT IS ISSUED AS PART OF POLICY NUMBER __________

ISSUED BY
STEWART TITLE GUARANTY COMPANY

The insurance afforded by this endorsement is only effective if the Land is a one to four family residence.

1.     For the purposes of this endorsement only, “Covenant” means a covenant, condition, limitation or restriction in a document or instrument in effect at Date of Policy.

2.     This Company insures against loss or damage sustained by the Insured by reason of:

a.   easements set forth in Schedule B, Part I, if any, substantially interfering with the use of the Land, as currently improved, for residential purposes.

b.   a violation on the Land at Date of Policy of an enforceable Covenant set forth in Schedule B, Part I, if any, unless an exception in Schedule B, Part I of the Policy identifies the violation.

c.   a violation of an enforceable Covenant set forth in Schedule B, Part I, if any, that results in a forfeiture or reversion of Title.

d.   real estate taxes, assessments, and water and sewer rents set forth in Schedule B, Part I, if any, due or payable at Date of Policy.

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

a.   any Covenant contained in an instrument creating a lease;

b.   any Covenant relating to obligations of any type to perform maintenance, repair, or remediation on the Land;

c.   any Covenant relating to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances; or

d.   any Covenant excepted in Schedule B, Part I related to, or rules or regulations promulgated by, the Department of Community Affairs (“DCA”) or Council on Affordable Housing (“COAH”) or any other federal, state or local governmental body or agency or any federal or state laws with regard to affordable housing or matters related thereto.

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.

Date: ___________