Endorsement Guide
102.4
Foundation Endorsement - Provides lender with assurance that the foundations of structures under construction are within the boundaries of the security land, and that their location does not violate particular covenants, conditions and restrictions.
102.5
Foundation Endorsement - Provides lender with assurance that the foundations of structures under construction are within the easement boundaries of the security land, and that their location does not violate particular covenants, conditions and restrictions. Also ensures the foundation encroaching as the date thereof, onto any of the easements referred to in Schedule B of the commitment.
9-06
Encroachments & Restrictions - Provides lender with affirmative insurance concerning covenants, conditions and restrictions, encroachments, easements, and mineral development.
22-06
Address Endrosements - Provides lender with assurances as to designation and street address of improvements located on the security land.
104.3
Assignment of Mortgage or Beneficial interest - Provides assignee of mortgage or deed of trust insured under ALTA loan policy with assurance concerning validity of assignment, matters which may affect validity or priority of mortgage lien, tax and assessment liens, federal tax liens and bankruptcy proceedings.
108.8
Additional Advances - Provides extended coverage lender with assurance concerning additional advance made under insured mortgage or deed of trust.
110.5
Modification of Deed of Trust and Guarantee of Priority - Provides extended coverage insured lender with assurance concerning proper modification of the insured mortgage, including express priority coverage.
6.1
Adjustable Rate Mortgage (ARM) - Provides adjustable rate mortgage lender with coverage as to:
-
* validity and enforceability of mortgage lien despite terms therein providing for changes in the rate of interest; and
- * a later loss of priority caused by said changes in the rate of interest, which coverage is conditioned upon compliance with the applicable statutes or regulations concerning such mortgages.
6.2-06
Variable Rate - Negative Amortization - Provides adjustable rate mortgage lender with coverage as to:
- * validity and enforceability of mortgage lien despite terms therein providing for changes in the rate of interest, the addition of unpaid interest to principal, and/or interest on interest; and
- *
a later loss of priority caused by said changes in the rate of interest, unpaid interest added to principal and/or interest on interest.
TI-43
Revolving Credit (Deed of Trust Form or Rider must be approved by underwriter)
8.1-06
Environmental Endorsement - Provides lender with coverage against loss by reason of lack of priority of the insured mortgage over
- * any federal or state environmental protection lien which is recorded in the public records, except as set forth in Schedule B of the policy, and
- * any state environmental protection lien provided for by any state statute in effect at Date of Policy, except as provided for by state statutes specified in the Endorsement.
4-06 (ALTA 4)
Condominium - Provides owner or lender with affirmative insurance that the subject property is a condominium, concerning CC&R’s, association assessments, separate taxation, encroachments and the exercise of rights of first refusal with respect to a condominium.
5-06/PUD
(ALTA 5)
P.U.D. (Planned Unit Development) - Provides owner or lender with affirmative insurance concerning CC&R’s, homeowners’ association assessments, encroachments and the exercise of rights of first refusal, with respect to a unit/parcel in a planned unit development.
