OTIRO No. PL-08 Short Form Residential Loan Policy - Current Assessments (08-15-22)

OTIRO SHORT FORM RESIDENTIAL LOAN POLICY—CURRENT ASSESSMENTS
ONE-TO-FOUR FAMILY
issued by
Stewart Title Guaranty Company

[Transaction Identification Data, for which the Company assumes no liability as set forth in Condition 9.e.:

Issuing Agent:
Issuing Office:
Issuing Office’s ALTA^® Registry ID:
Loan ID Number:
Issuing Office File Number:
Property Address:]

SCHEDULE A

Name and Address of Title Insurance Company:
Policy Number:
Amount of Insurance: $                                       Premium: $                         
Mortgage Amount: $                                           Mortgage Date:
Date of Policy:
Property Address:

1.         Name of Insured:

2.         Name of Borrower(s):

3.         The estate or interest in the Land identified in this Schedule A and which is encumbered by the Insured Mortgage is fee simple and is, at the Date of Policy, vested in the Borrower(s) identified in the Insured Mortgage and named above.

4.         The Land referred to in this policy is described as set forth in the Insured Mortgage.

5.         This policy consists of ____ page(s), including its reverse side, unless an addendum is attached and indicated below:

______ Addendum attached

[6.       This policy incorporates by reference the endorsements selected below, if any, adopted by the American Land Title Association as of the Date of Policy:

______ ALTA 4.1 Condominium - Current Assessments endorsement, if the Land or estate or interest is referred to in the Insured Mortgage as a condominium (OTIRO End. 204.1)

______ ALTA 5.1 Planned Unit Development - Current Assessments endorsement (OTIRO End. 205.1-06)

______ ALTA 6 Variable Rate Mortgage endorsement, if the Insured Mortgage contains provisions which provide for an adjustable interest rate (OTIRO End. 206)

______ ALTA 6.2 Variable Rate Mortgage - Negative Amortization endorsement, if the Insured Mortgage contains provisions which provide for both an adjustable interest rate and negative amortization (OTIRO End. 206.2)

______ ALTA 7 Manufactured Housing Unit endorsement, if a manufactured housing unit is located on the Land at the Date of Policy (OTIRO End. 207-06)

______ ALTA 7.1 Manufactured Housing - Conversion - Loan Policy endorsement (OTIRO End. 207.1)

______ ALTA 8.1 Environmental Protection Lien endorsement - Paragraph b refers to the following State statute(s): [None] (OTIRO End. 208.1)

______ ALTA 9.3 Covenants, Conditions and Restrictions - Loan Policy endorsement (OTIRO End. 209.3-06)

______ ALTA 9.6.1 Private Rights - Current Assessments - Loan Policy endorsement (OTIRO End. 209.6.1-06)

______ ALTA 9.10 Restrictions, Encroachments, Minerals - Current Violations - Loan Policy endorsement (OTIRO End. 209.10-06)

______ ALTA 14 Future Advance - Priority endorsement (OTIRO End. 214)

______ ALTA 14.3 Future Advance - Reverse Mortgage endorsement (OTIRO End. 214.3)

______ ALTA 22 Location endorsement, if the type of improvement is a one-to-four family residential structure and the Property Address is as shown above (OTIRO End. 222-06)

Stewart Title Guaranty Company

By: ___________________________
Authorized Signatory

By: ___________________________
Authorized Signatory

SUBJECT TO THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B BELOW, AND ANY ADDENDUM ATTACHED HERETO, [BLANK TITLE INSURANCE COMPANY], A [BLANK] CORPORATION, (THE “COMPANY”), HEREBY INSURES THE INSURED IN ACCORDANCE WITH AND SUBJECT TO THE TERMS, EXCLUSIONS, AND CONDITIONS SET FORTH IN THE AMERICAN LAND TITLE ASSOCIATION (ALTA) LOAN POLICY (07-01-2021) – OTIRO Form No. PL-07, ALL OF WHICH ARE INCORPORATED HEREIN. ALL REFERENCES TO SCHEDULES A AND B REFER TO SCHEDULES A AND B OF THIS POLICY.

SCHEDULE B

EXCEPTIONS FROM COVERAGE

Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This policy treats any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document are excepted from coverage.

Except to the extent set forth below, this policy does not insure against loss or damage and the Company will not pay costs, attorneys’ fees, or expenses arising by reason of:

1.         Those taxes and assessments that become due or payable subsequent to the Date of Policy. Exception 1 does not modify or limit the coverage provided in Covered Risk 11.b.

2.         Covenants, conditions, restrictions, or limitations, if any, appearing in the Public Records; however, this policy insures against loss or damage arising from:

a.         the violation of those covenants, conditions, restrictions, or limitations on or prior to the Date of Policy;

b.         a forfeiture or reversion of Title from a violation at the Date of Policy of those covenants, conditions, restrictions, or limitations, including those relating to environmental protection; and

c.         the invalidation, subordination, or other impairment of the lien of the Insured Mortgage because of a violation at the Date of Policy of any provisions in those covenants, conditions, restrictions, or limitations, including those relating to environmental protection.

As used in Exception 2.a., the words “covenants, conditions, restrictions, or limitations” do not refer to or include any covenant, condition, restriction, or limitation (i) relating to obligations of any type to perform maintenance, repair, or remediation on the Land; or (ii) pertaining to environmental protection of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that an Enforcement Notice as of the Date of Policy identifies a violation or alleged violation affecting the Land and is not referenced in an Addendum attached to this policy.

3.         Any easements or servitudes appearing in the Public Records; however, this policy insures against loss or damage arising from:

a.         the encroachment, at the Date of Policy, of the improvements on any easement; and

b.         any interference with or damage to existing improvements, including lawns, shrubbery, and trees, resulting from the use of the easements for the purposes granted or reserved.

4.         Any lease, grant, exception, or reservation of minerals or mineral rights or other subsurface substances appearing in the Public Records; however, this policy insures against loss or damage arising from:

a.         any effect on or impairment of the use of the Land for one-to-four family residential purposes by reason of such lease, grant, exception, or reservation of minerals or mineral rights or other subsurface substances; and

b.         any damage to existing improvements, including lawns, shrubbery, and trees, resulting from the future exercise of any right to use the surface of the Land for the extraction or development of the minerals or mineral rights or other subsurface substances so leased, granted, excepted, or reserved.

Nothing herein insures against loss or damage resulting from contamination, explosion, fire, flooding, vibration, fracturing, earthquake, or subsidence.

NOTICES, WHERE SENT: Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at:                          (fill in)                    .

ADDENDUM

SHORT FORM RESIDENTIAL LOAN POLICY—CURRENT ASSESSMENTS

ONE-TO-FOUR FAMILY

Policy Number:                                   

SCHEDULE B
(Continued)

In addition to the matters set forth in Schedule B of the policy to which this Addendum is attached, this policy does not insure against loss or damage and the Company will not pay costs, attorneys’ fees, or expenses that arise by reason of the following: