NJRB 5-65 Modifiable Mortgage Option Endorsement (11-1-23)

NJRB 5-65 MODIFIABLE MORTGAGE OPTION ENDORSEMENT 
THIS ENDORSEMENT IS ISSUED AS PART OF POLICY NUMBER ______________________

ISSUED BY
STEWART TITLE GUARANTY COMPANY

The Company hereby insures the Insured against loss or damage sustained or incurred by the Insured by reason of:

1.     The invalidity or unenforceability of the lien of the Insured Mortgage upon the Title resulting from the provisions contained in the [Modifiable Mortgage Option Rider or other name which this product is marketed] ("Agreement") attached thereto which provide for changes in the rate of interest and extension of the maturity date of the loan;

2.     Loss of priority of the lien of the Insured Mortgage upon the Title as security for the unpaid principal balance of the loan together with interest as changed in accordance with the provisions of the Agreement, which loss of priority is caused by the changes in the rate of interest and extension of the maturity date of the loan; and

3.     The invalidity, unenforceability, or loss of priority of the lien of the Insured Mortgage upon the Title as to Future Advances (as defined in the Agreement) which the Insured makes pursuant to the provisions of the Agreement; provided, however, that no coverage is given by this paragraph 3 as to any Future Advances made after the Insured has Knowledge of any sale or transfer of all or any portion of the estate or interest encumbered by the Insured Mortgage.

This policy shall provide insurance coverage for the amount of all Future Advances that are outstanding and unpaid at any given time (up to the Amount of Insurance) notwithstanding the fact that prior Future Advances may have been made and previously repaid.

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: ____________