STG Recharacterization of Synthetic Lease Endorsement 2

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.

ENDORSEMENT

RECHARACTERIZATION OF SYNTHETIC LEASE NO. 2

In the event the Insured's interest in the estate or interest shown in Schedule A is recharacterized by a court of competent jurisdiction as being an equitable mortgage against the Leasehold estates shown in Schedule B, Part II of this policy, as of Date of Policy with a priority dates as of Date of Policy, the Company hereby insures the insured against loss which said Insured shall sustain if said equitable mortgage is not enforceable through a judicial foreclosure action with a priority date as of date of Policy.

This endorsement does not insure against loss or damage based upon any Statute of Limitations.

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 increase the face amount thereof. 


 STEWART TITLE GUARANTY COMPANY

Special recharacterization