NM Form 23 Pending Improvements Endorsement

Pending Improvements Endorsement

Attached to Policy No. _________________

Issued by

STEWART TITLE GUARANTY COMPANY

Liability hereunder at date hereof is limited to $ _______________, (insert either "the purchase price paid by the Insured for the land and existing improvements" or "the value of the land and existing improvements").Liability hereunder shall increase to the amount of insurance set forth on Schedule A as contemplated improvements are made, so that any loss payable hereunder shall be limited to said sum, plus the amount expended by or on behalf of the insured for additional improvements located upon the land at the time the loss occurs. Any such expenditures made for such addition improvements subsequent to the date of this policy shall be deemed made as of the date of this policy.

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