MI Conversion, Homeowner's Policy Endorsement 1
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MI Conversion, Homeowner's Policy Endorsement 1
ENDORSEMENT ATTACHED TO AND MADE A PART
OF THE POLICY OF TITLE INSURANCE
SERIAL NUMBER
ISSUED BY
STEWART TITLE GUARANTY COMPANY
HEREIN CALLED THE COMPANY
File Number:
The Company hereby declares that Schedule A, Schedule B-Section I, and Schedule B-Section II of the attached Commitment, copies of which schedules are attached hereto, are hereby collectively converted to a ALTA Homeowner's Policy of Title Insurance (01-01-08), replete with all of the provisions contained in the ALTA Homeowner's Policy of Title Insurance (01-01-08) form, a copy of which is attached hereto, including, but not limited to, those provisions entitled Covered Risks, Exclusions, Owner's Coverage Statement, and Conditions.
SCHEDULE A IS HEREBY AMENDED TO READ IN ITS ENTIRETY AS FOLLOWS:
Policy No.:
Date of Policy: The date of recording of the vesting deed, a copy of which is attached hereto.
Name of Insured: Name of proposed insured as same is set forth in Schedule A, Paragraph 2. (a) of the attached Commitment.
Amount of Insurance: Amount set forth in Schedule A of the attached Commitment, subject to the Deductible Amounts and Maximum Dollar Limits of Liability set forth below relative to Covered Risks 14, 15, 16 and 18:
|
|
Your Deductible Amount
|
Our Maximum Dollar Limit of Liability
| |
|
Covered Risk 16: |
1% of Policy Amount or $2,500.00 (whichever is less) |
$10,000.00 | |
|
Covered Risk 18: |
1% of Policy Amount or $5,000.00 (whichever is less) |
$25,000.00 | |
|
Covered Risk 19: |
1% of Policy Amount or $5,000.00 (whichever is less) |
$25,000.00 | |
|
Covered Risk 21: |
1% of Policy Amount or $2,500.00 (whichever is less) |
$ 5,000.00 | |
1. The estate or interest in the land described or referred to in this schedule covered by this Policy is fee simple.
2. Title to the estate or interest covered by this Policy at the date hereof is vested in the Insured.
3. The land referred to in this Policy is the land described in Schedule A, Paragraph 4 of the attached Commitment.
SCHEDULE B-SECTION I IS HEREBY DELETED.
SCHEDULE B-SECTION II SHALL HEREINAFTER BE REFERRED TO AS SCHEDULE B WHICH SCHEDULE B SHALL READ IN ITS ENTIRETY AS FOLLOWS:
EXCEPTIONS FROM COVERAGE
This Policy does not insure against loss or damage (and the Company will not pay costs, attorney fees or expenses) which arises by reason of:
1. Any of the matters referred to in any of the six Standard Exceptions set forth in the cover of the attached Commitment.
2. Any of the matters set forth in Schedule B-Section II of the attached Commitment, except those set forth in Paragraph 2 thereof.
3. Any matters created, allowed, or agreed to by the Insured, including, but not limited to, any mortgage given by the Insured on or after date of policy.
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.
Signed under seal for the Company, but this Endorsement is to be valid only when it bears an authorized countersignature.
Countersigned:
_____________________________________
Authorized Countersignature
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