STG Value Endorsement 1

This form should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.

VALUE ENDORSEMENT

Attached to and Made a Part of
Policy No. __________
Issued By

STEWART TITLE GUARANTY COMPANY

This Company will not interpose as a defense under Exclusions from Coverage, Paragraph 3(e) of the within policy the fact that the fee owner did not directly receive any of the loan proceeds in connection with the insured mortgage.

THIS ENDORSEMENT MAY NOT BE ISSUED WITHOUT APPROVAL FROM STEWART TITLE GUARANTY UNDERWRITING PERSONNEL.

The total liability of the Company under said policy and any endorsement thereto shall not exceed, in the aggregate, the face amount of said policy and costs which the Company is obligated under the Conditions and Stipulations thereof to pay.

This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof.

[Witness clause optional]